Fair value is determined in good faith by or under the direction of the Investment Adviser, as the valuation designee pursuant to Rule 2a-5 under the Investment Company Act (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment funds was determined using significant unobservable inputs.

[2]

The Company has determined the indicated investments are non-qualifying assets under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company’s total assets.

[3]

Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2022, the aggregate fair value of these securities is $92,552, or 9.89% of the Company’s net assets.

[4]

^ Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 7, Borrowings, to these consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).

[5]

Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CSL” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Credit Facility”). The lenders of the Credit Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 7, Borrowings, to these consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (formerly known as Carlyle GMS Finance MM CLO 2015-1 LLC) (the “2015-1 Issuer”).

[6]

Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of December 31, 2021, the aggregate fair value of these securities is $77,093, or 8.13% of the Company’s net assets.

[7]

Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see Note 2, Significant Accounting Policies, and Note 3, Fair Value Measurements, to these consolidated financial statements), pursuant to the Company’s valuation policy. The fair value of all first lien and second lien debt investments, equity investments and the investment fund was determined using significant unobservable inputs.

[8]

[9]

Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company's outstanding voting securities. Transactions related to the portfolio company during the nine month period ended September 30, 2022 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2021		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2022		Dividend and Interest Income
Direct Travel, Inc.	$	27,555	$	7,193	$	(1,177)	$	—	$	5,561	$	39,132	$	8,059
Direct Travel, Inc.	2,731		—		—		—		—		2,731		100
Direct Travel, Inc. (Equity)	—		—		—		—		—		—		—
Total investments—non-controlled/affiliated	$	30,286	$	7,193	$	(1,177)	$	—	$	5,561	$	41,863	$	8,159

[10]

Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio company because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the portfolio company during the year ended December 31, 2021 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2021		Dividend and Interest Income
Direct Travel, Inc.	$	24,949	$	—	$	(484)	$	3	$	3,087	$	27,555	$	—
Direct Travel, Inc.	1,231		1,372		—		—		128		2,731		173
Direct Travel, Inc. (Equity)	—		—		—		—		—		—		—
Total investments—non-controlled/affiliated	$	26,180	$	1,372	$	(484)	$	3	$	3,215	$	30,286	$	173

[11]

Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Notes 5, Middle Market Credit Fund, LLC and 6, Middle Market Credit Fund II, LLC, to these consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2021, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2021		Dividend and Interest Income
Middle Market Credit Fund, LLC, Mezzanine Loan	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	205,891		—		(23,000)		—		1,250		184,141		20,000
Middle Market Credit Fund II, LLC, Member’s Interest	77,395		—		—		—		563		77,958		10,063
Total investments—controlled/affiliated	$	283,286	$	—	$	(23,000)	$	—	$	1,813	$	262,099	$	30,063


Investments—controlled/affiliated	Fair Value as of December 31, 2020		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2021		Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)	2,460		—		(189)		—		(20)		2,251		185
SolAero Technologies Corp. (A1 Term Loan)	1,214		—		—		—		1,636		2,850		—
SolAero Technologies Corp. (A2 Term Loan)	3,338		—		—		—		4,497		7,835		—
Solaero Technology Corp. (Equity)	—		—		—		—		—		—		—
Total investments—controlled/affiliated	$	7,012	$	—	$	(189)	$	—	$	6,113	$	12,936	$	185

[12]

* Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization completed by the Company on June 26, 2015 (see Note 8, Notes Payable, to these consolidated financial statements). Accordingly, such assets are not available to the creditors of the Company.

[13]

As of September 30, 2022, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
ADPD Holdings, LLC	Delayed Draw	—%	$	1,083	$	(22)
ADPD Holdings, LLC	Revolver	0.50	621		(12)
ADPD Holdings, LLC	Delayed Draw	—	299		(6)
ADPD Holdings, LLC	Delayed Draw	—	1,951		(39)
Advanced Web Technologies Holding Company	Revolver	0.50	854		(9)
Advanced Web Technologies Holding Company	Delayed Draw	1.00	1,602		(17)
Airnov, Inc.	Revolver	0.50	688		(3)
Alpine Acquisition Corp II	Revolver	0.50	1,034		(37)
American Physician Partners, LLC	Revolver	0.50	550		(2)
Analogic Corporation	Revolver	0.50	29		(1)
Applied Technical Services, LLC	Revolver	0.50	42		—
Appriss Health, LLC	Revolver	0.50	2,963		(69)
Apptio, Inc.	Revolver	0.50	1,420		—
Ascend Buyer, LLC	Revolver	0.50	1,113		(19)
Associations, Inc.	Revolver	0.50	723		(17)
Blackbird Purchaser, Inc.	Delayed Draw	1.00	4,597		(171)
BlueCat Networks (USA) Inc.	Delayed Draw	0.50	240		(5)
BlueCat Networks (USA) Inc.	Delayed Draw	0.50	446		(9)
BMS Holdings III Corp.	Delayed Draw	2.65	9,688		(137)
Bubbles Bidco S.P.A. (Italy)	Delayed Draw	2.80	855		(4)
Bubbles Bidco S.P.A. (Italy)	Revolver	—	526		(3)
Chartis Holding, LLC	Revolver	0.50	217		(1)
Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—
Comar Holding Company, LLC	Revolver	0.50	2,935		(127)
Cority Software Inc. (Canada)	Revolver	0.50	3,000		(26)
DCA Investment Holding LLC	Delayed Draw	1.00	618		(22)
Denali Midco 2, LLC	Delayed Draw	1.00	2,857		(86)
Diligent Corporation	Revolver	0.50	23		(1)
Direct Travel, Inc.	Delayed Draw	0.50	1,657		—
Dwyer Instruments, Inc.	Revolver	0.50	994		(14)
Dwyer Instruments, Inc.	Delayed Draw	1.00	161		(2)
Eliassen Group, LLC	Delayed Draw	1.00	3,310		(42)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Ellkay, LLC	Revolver	0.50%	$	1,786	$	(110)
EPS Nass Parent, Inc.	Revolver	0.50	40		(1)
EPS Nass Parent, Inc.	Delayed Draw	1.00	37		(1)
EvolveIP, LLC	Revolver	0.50	655		(10)
Excel Fitness Holdings, Inc.	Revolver	0.50	828		(29)
Excelitas Technologies Corp.	Revolver	0.50	217		(4)
Excelitas Technologies Corp.	Delayed Draw	—	152		(3)
FPG Intermediate Holdco, LLC	Delayed Draw	1.00	3,973		(79)
Greenhouse Software, Inc.	Revolver	0.50	1,471		(41)
Greenhouse Software, Inc.	Revolver	0.50	733		(21)
Hadrian Acquisition Limited (United Kingdom)	Delayed Draw	2.33	2,589		(57)
Harbour Benefit Holdings, Inc.	Revolver	0.50	3,180		(11)
Heartland Home Services, Inc	Delayed Draw	0.75	8,098		(130)
Heartland Home Services, Inc	Revolver	0.50	619		(5)
Hercules Borrower LLC	Revolver	0.50	1,929		(45)
Hoosier Intermediate, LLC	Revolver	0.50	1,600		(81)
HS Spa Holdings Inc.	Revolver	0.50	1,235		(35)
iCIMS, Inc.	Revolver	0.50	2,432		(43)
iCIMS, Inc.	Delayed Draw	—	6,784		(119)
Individual FoodService Holdings, LLC	Revolver	0.50	739		(8)
Individual FoodService Holdings, LLC	Delayed Draw	1.00	3,290		(36)
IQN Holding Corp.	Delayed Draw	1.00	753		(5)
IQN Holding Corp.	Revolver	0.50	489		(3)
Jeg's Automotive, LLC	Revolver	0.50	677		(22)
Jeg's Automotive, LLC	Delayed Draw	1.00	4,167		(134)
K2 Insurance Services, LLC	Revolver	0.50	1,120		(4)
Kaseya, Inc.	Revolver	0.50	2,054		(46)
Kaseya, Inc.	Delayed Draw	0.50	1,146		(25)
Lifelong Learner Holdings, LLC	Revolver	0.50	2		—
Liqui-Box Holdings, Inc.	Revolver	0.50	544		(35)
LVF Holdings, Inc.	Revolver	0.50	759		(50)
LVF Holdings, Inc.	Delayed Draw	1.00	4,670		(306)
Material Holdings, LLC	Delayed Draw	—	977		(44)
Material Holdings, LLC	Revolver	1.00	499		(23)
Maverick Acquisition, Inc.	Delayed Draw	1.00	4,679		(503)
Maverick Acquisition, Inc.	Delayed Draw	1.00	1,290		(139)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Medical Manufacturing Technologies, LLC	Revolver	0.50%	$	1,446	$	(28)
Medical Manufacturing Technologies, LLC	Delayed Draw	1.00	7,107		(140)
MMIT Holdings, LLC	Revolver	0.50	808		(3)
NEFCO Holding Company LLC	Delayed Draw	1.00	380		(8)
NEFCO Holding Company LLC	Delayed Draw	1.00	553		(11)
NEFCO Holding Company LLC	Revolver	0.50	763		(15)
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(30)
North Haven Fairway Buyer, LLC	Delayed Draw	0.50	432		(9)
North Haven Fairway Buyer, LLC	Revolver	0.50	2,404		(49)
Oak Purchaser, Inc.	Delayed Draw	0.50	1,623		(8)
Oak Purchaser, Inc.	Revolver	0.50	584		(3)
PF Atlantic Holdco 2, LLC	Delayed Draw	0.75	9,517		(165)
PF Atlantic Holdco 2, LLC	Revolver	0.50	2,759		(48)
PPT Management Holdings, LLC	Revolver	0.50	587		—
Prophix Software Inc. (Canada)	Revolver	0.50	1,993		8
PXO Holdings I Corp.	Delayed Draw	1.00	885		(28)
PXO Holdings I Corp.	Revolver	0.50	1,315		(42)
Quantic Electronics, LLC	Revolver	0.50	829		(31)
Quantic Electronics, LLC	Delayed Draw	1.00	2,126		(78)
RSC Acquisition, Inc.	Revolver	0.50	462		(20)
RSC Acquisition, Inc.	Delayed Draw	0.50	1,083		(46)
Sapphire Convention, Inc.	Revolver	0.50	3,849		(206)
Smarsh Inc.	Revolver	0.50	408		(20)
Smarsh Inc.	Delayed Draw	1.00	1,633		(80)
Spotless Brands, LLC	Revolver	0.50	303		(9)
Spotless Brands, LLC	Delayed Draw	1.00	2,214		(64)
Spotless Brands, LLC	Delayed Draw	1.00	944		(27)
Tank Holding Corp.	Revolver	0.38	1,655		(53)
TCFI Aevex LLC	Delayed Draw	1.00	214		(36)
TCFI Aevex LLC	Delayed Draw	1.00	1,835		(305)
The Carlstar Group LLC	Revolver	0.50	3,657		(72)
Trafigura Trading LLC	Revolver	0.50	3,127		(23)
Tufin Software North America, Inc.	Revolver	0.50	1,339		(27)
Tufin Software North America, Inc.	Delayed Draw	—	304		(6)
Turbo Buyer, Inc.	Delayed Draw	1.00	4,681		(93)
Turbo Buyer, Inc.	Revolver	0.50	1,217		(24)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
U.S. Legal Support, Inc.	Delayed Draw	0.50%	$	2,032	$	(34)
U.S. Legal Support, Inc.	Revolver	0.50	1,061		(18)
Wineshipping.com LLC	Delayed Draw	1.00	1,609		(79)
Wineshipping.com LLC	Revolver	0.50	1,589		(78)
Total unfunded commitments			$	185,945	$	(5,119)

[14]

Loan includes interest rate floor feature, which is generally 1.00%.

[15]

Loans include a credit spread adjustment that ranges from 0.10% to 0.26%.

As of September 30, 2022, investments at fair value consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value


First Lien Debt	$	1,380,925	$	1,328,594	68.2	%
Second Lien Debt	270,772		263,211		13.5
Equity Investments	89,393		92,552		4.7
Investment Funds	271,097		264,600		13.6
Total	$	2,012,187	$	1,948,957	100.0	%

The rate type of debt investments at fair value as of September 30, 2022 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	1,627,527	$	1,568,730	98.6	%
Fixed Rate	24,170		23,075		1.4
Total	$	1,651,697	$	1,591,805	100.0	%

The industry composition of investments at fair value as of September 30, 2022 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	139,565	$	131,981	6.8	%
Automotive	75,568		77,159		4.0
Beverage & Food	77,073		69,532		3.6
Business Services	94,844		94,021		4.8
Capital Equipment	79,259		80,817		4.1
Chemicals, Plastics & Rubber	77,422		76,931		4.0
Construction & Building	18,513		18,310		0.9
Consumer Goods: Durable	438		427		—
Consumer Goods: Non-Durable	5,315		4,360		0.2
Consumer Services	108,064		106,868		5.5
Containers, Packaging & Glass	54,054		52,132		2.8
Diversified Financial Services	55,567		52,539		2.7
Energy: Oil & Gas	43,359		43,410		2.2
Environmental Industries	59,399		58,471		3.0
Healthcare & Pharmaceuticals	246,987		230,007		11.8
High Tech Industries	147,357		144,525		7.4
Investment Funds	271,097		264,600		13.6
Leisure Products & Services	114,526		106,387		5.5
Media: Advertising, Printing & Publishing	318		181		—

Media: Diversified & Production	19,747		19,746		1.0
Metals & Mining	6,765		6,796		0.3


Industry	Amortized Cost		Fair Value		% of Fair Value
Retail	$	31,678	$	31,616	1.6	%
Software	180,501		179,027		9.2
Sovereign & Public Finance	182		626		—
Telecommunications	72,014		66,223		3.4
Transportation: Cargo	19,668		19,292		1.0

Utilities: Electric	898		888		—
Wholesale	12,009		12,085		0.6
	$	2,012,187	$	1,948,957	100.0	%

The geographical composition of investments at fair value as of September 30, 2022 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Canada	$	35,895	$	36,502	1.9	%

Cyprus	6,567		6,137		0.2
Italy	5,315		4,360		0.2
Luxembourg	41,499		38,243		2.0
Sweden	1,168		142		—
United Kingdom	81,526		75,105		3.9
United States	1,840,217		1,788,468		91.8
Total	$	2,012,187	$	1,948,957	100.0	%

[16]

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2022. As of September 30, 2022, the reference rates for our variable rate loans were the 30-day LIBOR at 3.14%, the 90-day LIBOR at 3.75%, the 180-day LIBOR at 4.23%, the 30-day SOFR at 3.04%, and the 90-day SOFR at 3.59%.

[17]

** Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”).

[18]

Amortized cost represents original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion/amortization of discounts/premiums, as applicable, on debt investments using the effective interest method.

[19]

In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders. Pursuant to the agreement among lenders in respect of this loan, this investment represents a first lien/last out loan, which has a secondary priority behind the first lien/first out loan with respect to principal, interest and other payments.

[20]

Loan was on non-accrual status as of September 30, 2022.

[21]

The investment is secured by receivables purchased from the portfolio company, with an implied discount of 12.11%. The investment was made via a tranched participation arrangement between the purchaser of such receivables and the Company. The investment has a secondary priority behind the rights of such purchaser.

[22]

Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.

[23]

As of December 31, 2021, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
Advanced Web Technologies Holding Company	Delayed Draw	1.00%	$	2,723	$	27
Advanced Web Technologies Holding Company	Delayed Draw	1.00	1,051		11
Advanced Web Technologies Holding Company	Revolver	0.50	906		9
Airnov, Inc.	Revolver	0.50	875		—
American Physician Partners, LLC	Revolver	0.50	550		—
Analogic Corporation	Revolver	0.50	72		(1)
Applied Technical Services, LLC	Revolver	0.50	40		—
Appriss Health, LLC	Revolver	0.50	2,963		3
Apptio, Inc.	Revolver	0.50	1,420		—
Ascend Buyer, LLC	Revolver	0.50	1,070		(17)
Associations, Inc.	Revolver	0.50	723		2
Blackbird Purchaser, Inc.	Delayed Draw	1.00	4,597		(92)
BMS Holdings III Corp.	Delayed Draw	1.00	9,688		(149)
Bubbles Bidco S.P.A. (Italy)	Delayed Draw	2.80	€	873	(30)
Bubbles Bidco S.P.A. (Italy)	Delayed Draw	—	€	537	(9)
Captive Resources Midco, LLC	Revolver	0.50	2,143		(12)
Chartis Holding, LLC	Revolver	0.50	217		—
Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—
Chudy Group, LLC	Delayed Draw	1.00	138		2
Chudy Group, LLC	Revolver	0.50	34		1
Comar Holding Company, LLC	Revolver	0.50	2,935		(59)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Cority Software Inc. (Canada)	Revolver	0.50%	$	3,000	$	(1)
DCA Investment Holding, LLC	Delayed Draw	1.00	1,495		(8)
DermaRite Industries, LLC	Revolver	0.50	579		(103)
Diligent Corporation	Delayed Draw	1.00	110		2
Diligent Corporation	Revolver	0.50	47		1
Direct Travel, Inc.	Delayed Draw	0.50	1,657		—
Dwyer Instruments, Inc	Delayed Draw	1.00	1,003		(3)
Dwyer Instruments, Inc	Revolver	0.50	411		(1)
Ellkay, LLC	Revolver	0.50	1,786		(36)
EPS Nass Parent, Inc.	Delayed Draw	1.00	85		(1)
EPS Nass Parent, Inc.	Revolver	0.50	25		—
EvolveIP, LLC	Revolver	0.50	798		(4)
Greenhouse Software, Inc.	Revolver	0.50	1,471		(29)
Harbour Benefit Holdings, Inc.	Revolver	0.50	2,120		(21)
Heartland Home Services, Inc	Delayed Draw	1.00	6,902		27
Heartland Home Services, Inc	Revolver	0.50	598		2
Hercules Borrower LLC	Revolver	0.50	2,160		43
Hoosier Intermediate, LLC	Revolver	0.50	2,400		(48)
Individual FoodService Holdings, LLC	Delayed Draw	1.00	48		—
Individual Foodservice Holdings, LLC	Delayed Draw	1.00	890		3
Individual FoodService Holdings, LLC	Delayed Draw	1.00	188		—
Individual FoodService Holdings, LLC	Revolver	0.50	706		—
Integrity Marketing Acquisition, LLC	Delayed Draw	—	5,000		(51)
Jeg's Automotive, LLC	Delayed Draw	1.00	6,667		(133)
Jeg's Automotive, LLC	Revolver	0.50	3,333		(67)
K2 Insurance Services, LLC	Revolver	0.50	1,120		(2)
Kaseya, Inc.	Delayed Draw	1.00	585		(3)
Kaseya, Inc.	Revolver	0.50	1,543		(9)
Lifelong Learner Holdings, LLC	Revolver	0.50	2		—
Liqui-Box Holdings, Inc.	Revolver	0.50	1,140		(113)
LVF Holdings, Inc.	Delayed Draw	1.00	4,670		(116)
LVF Holdings, Inc.	Revolver	0.50	1,459		(36)
Material Holdings, LLC	Delayed Draw	—	1,916		(21)
Material Holdings, LLC	Revolver	1.00	806		(9)
Maverick Acquisition, Inc.	Delayed Draw	1.00	4,679		(101)
Maverick Acquisition, Inc.	Delayed Draw	1.00	1,290		(28)
Medical Manufacturing Technologies, LLC	Delayed Draw	1.00	8,264		(165)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Medical Manufacturing Technologies, LLC	Revolver	0.50%	$	1,859	$	(37)
MMIT Holdings, LLC	Revolver	0.50	857		(17)
National Technical Systems, Inc.	Revolver	0.50	835		—
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(16)
PF Atlantic HoldCo 2, LLC	Delayed Draw	0.75	9,517		(190)
PF Atlantic HoldCo 2, LLC	Revolver	0.50	2,759		(55)
Prophix Software Inc. (Canada)	Revolver	0.50	1,993		20
Quantic Electronics, LLC	Revolver	0.50	557		(7)
Quantic Electronics, LLC	Delayed Draw	1.00	3,164		(41)
Quantic Electronics, LLC	Revolver	0.50	824		(11)
RSC Acquisition, Inc.	Delayed Draw	0.50	2,435		9
RSC Acquisition, Inc.	Revolver	0.50	215		1
Sapphire Convention, Inc.	Revolver	0.50	2,561		(345)
SolAero Technologies Corp. (Priority Facilities)	Revolver	0.50	984		—
SolAero Technologies Corp. (Priority Facilities)	Revolver	0.50	1,084		—
Speedstar Holding, LLC	Delayed Draw	1.00	3,775		38
Superior Health Linens, LLC	Revolver	0.50	417		—
TCFI Aevex LLC	Delayed Draw	1.00	1,835		(263)
TCFI Aevex LLC	Delayed Draw	1.00	214		(31)
The Leaders Romans Bidco Limited (United Kingdom)	Delayed Draw	1.60	£	1,902	399
Trafigura Trading LLC	Revolver	0.50	7,762		(133)
Turbo Buyer, Inc.	Revolver	0.50	1,217		(24)
US INFRA SVCS Buyer, LLC	Delayed Draw	1.00	22,234		(527)
US INFRA SVCS Buyer, LLC	Revolver	0.50	263		(6)
USLS Acquisition, Inc.	Revolver	0.50	1,135		(12)
Wineshipping.com LLC	Delayed Draw	1.00	1,986		(39)
Wineshipping.com LLC	Revolver	0.50	1,430		(28)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount		Fair Value
Total unfunded commitments			$	180,498	$	(2,660)

As of December 31, 2021, investments at fair value consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value


First Lien Debt	$	1,271,794	$	1,232,084	64.4	%
Second Lien Debt	341,538		341,776		17.9
Equity Investments	73,125		77,093		4.0
Investment Funds	271,096		262,099		13.7
Total	$	1,957,553	$	1,913,052	100.0	%

The rate type of debt investments at fair value as of December 31, 2021 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	1,589,342	$	1,549,215	98.4	%
Fixed Rate	23,990		24,645		1.6
Total	$	1,613,332	$	1,573,860	100.0	%

The industry composition of investments at fair value as of December 31, 2021 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	169,068	$	166,071	8.7	%
Automotive	91,155		94,144		4.9
Beverage & Food	91,999		97,377		5.1
Business Services	85,994		83,878		4.4
Capital Equipment	102,065		102,308		5.4
Chemicals, Plastics & Rubber	64,717		66,515		3.5
Construction & Building	59,945		61,055		3.2
Consumer Goods: Durable	11,277		11,450		0.6
Consumer Goods: Non-Durable	440		440		—
Consumer Services	5,303		5,158		0.3
Containers, Packaging & Glass	25,155		25,909		1.4
Diversified Financial Services	52,154		52,113		2.7
Energy: Oil & Gas	41,991		42,900		2.2
Environmental Industries	69,194		69,185		3.6
Healthcare & Pharmaceuticals	250,294		229,555		12.0
High Tech Industries	149,185		151,430		7.9
Investment Funds	126,237		113,201		5.9
Leisure Products & Services	271,096		262,099		13.7
Media: Advertising, Printing & Publishing	7,318		7,205		0.4

Media: Diversified & Production	19,700		19,666		1.0
Metals & Mining	2,237		2,086		0.1
Retail	44,644		44,992		2.4
Software	105,958		104,673		5.5
Sovereign & Public Finance	13,623		14,036		0.7
Telecommunications	87,977		76,585		4.0


Utilities: Electric	869		878		—
Wholesale	7,958		8,143		0.4
Total	$	1,957,553	$	1,913,052	100.0	%

The geographical composition of investments at fair value as of December 31, 2021 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Canada	$	46,433	$	47,543	2.5	%
Cyprus	6,389		7,097		0.4
Italy	5,303		5,158		0.3
Luxembourg	41,647		38,403		2.0
United Kingdom	92,963		96,108		5.0
United States	1,764,818		1,718,743		89.8
Total	$	1,957,553	$	1,913,052	100.0	%

The accompanying notes are an integral part of these consolidated financial statements.

[24]

Denotes that all or a portion of the assets are owned by the Company's wholly owned subsidiary, the 2015-1 Issuer, and secure the notes issued in connection with a term debt securitization completed by the Company on June 26, 2015 (see Note 8, Notes Payable, to these consolidated financial statements). Accordingly, such assets are not available to the creditors of the Company.

[25]

Loan includes interest rate floor feature, which is generally 1.00%.

[26]

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”) or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2021. As of December 31, 2021, the reference rates for our variable rate loans were the 30-day LIBOR at 0.10%, the 90-day LIBOR at 0.22% and the 180-day LIBOR at 0.33%.

[27]

Par amount is denominated in USD (“$”) unless otherwise noted, as denominated in Euro (“€”) or British Pound (“£”)

[28]

[29]

[30]

Loan was on non-accrual status as of December 31, 2021.

[31]

The investment is secured by receivables purchased from the portfolio company, with an implied discount of 8.75%. The investment was made via a tranched participation arrangement between the purchaser of such receivables and the Company. The investment has a secondary priority behind the rights of such purchaser.

[32]

Under the Investment Company Act, the Company is deemed to be an “affiliated person” of and “control” this investment fund because the Company owns more than 25% of the investment fund’s outstanding voting securities and/or has the power to exercise control over management or policies of such investment fund. See Note 5, Middle Market Credit Fund, LLC, and Note 6, Middle Market Credit Fund II, LLC, to these consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the nine month period ended September 30, 2022, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2021		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2022		Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	$	184,141	$	—	$	—	$	—	$	5,462	$	189,603	$	15,000
Middle Market Credit Fund, Mezzanine Loan	—		—		—		—		—		—		—
Middle Market Credit Fund II LLC, Member's Interest	77,958		—		—		—		(2,961)		74,997		7,572
Total investments—controlled/affiliated	$	262,099	$	—	$	—	$	—	$	2,501	$	264,600	$	22,572


Investments—controlled/affiliated	Fair Value as of December 31, 2021		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2022		Dividend and Interest Income
SolAero Technologies Corp. (Priority Term Loan)	$	2,251	$	—	$	(2,251)	$	—	$	—	$	—	$	8
SolAero Technologies Corp. (A1 Term Loan)	2,850		—		(3,166)		—		316		—		1,031
SolAero Technologies Corp. (A2 Term Loan)	7,835		—		(8,707)		—		872		—		2,834
Solaero Technology Corp. (Equity)	—		—		(4,786)		1,972		2,814		—		—
Total investments—controlled/affiliated	$	12,936	$	—	$	(18,910)	$	1,972	$	4,002	$	—	$	3,873

[33]

Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company/investment fund.