The interest rate paid by the Company for each interest period is calculated on the basis of a compounded average daily SOFR rate plus 3.139%. The interest rate swap settles quarterly on each of March 1, June 1, September 1, and December 1. Refer to Note 7, Derivative Instruments, to these unaudited consolidated financial statements for further details.

[2]

[3]

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 unaudited 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.

[4]

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 unaudited 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.

[5]

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

[6]

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

[7]

Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

[8]

Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2024, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2024, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

[9]

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.

[10]

[11]

Loan includes interest rate floor feature, which ranges from 0.50% to 3.00%.

[12]

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either 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, 2024. As of September 30, 2024, the reference rates for variable rate loans were the 30-day SOFR at 4.85%, the 90-day SOFR at 4.59%, the 180-day SOFR at 4.25%, the daily SONIA at 4.95%, the 90-day EURIBOR at 3.28%, the 180-day EURIBOR at 3.11%, and the 30-day CORRA at 4.30%.

[13]

As of September 30, 2024, 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
Accession Risk Management Group, Inc.	Revolver	0.50%	$	462	$	1
ADPD Holdings, LLC	Delayed Draw	1.00	2,528		(208)
ADPD Holdings, LLC	Revolver	0.50	284		(23)
Advanced Web Technologies Holding Company	Delayed Draw	1.00	2,371		(5)
Advanced Web Technologies Holding Company	Revolver	0.50	1,406		(3)
Alpine Acquisition Corp II	Revolver	0.50	586		(92)
Apex Companies Holdings, LLC	Delayed Draw	1.00	7,123		(34)
Applied Technical Services, LLC	Delayed Draw	1.00	512		(9)
Applied Technical Services, LLC	Revolver	0.50	61		(1)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount **		Fair Value
Appriss Health, LLC	Revolver	0.50%	$	3,051	$	(42)
Artifact Bidco, Inc.	Delayed Draw	0.50	172		(2)
Artifact Bidco, Inc.	Revolver	0.35	123		(1)
Ascend Buyer, LLC	Revolver	0.50	856		(4)
Associations, Inc.	Delayed Draw	—	1,016		7
Associations, Inc.	Revolver	0.50	814		6
Athlete Buyer, LLC	Delayed Draw	1.00	7,351		(112)
Atlas US Finco, Inc.	Revolver	0.50	268		(1)
Auditboard, Inc.	Delayed Draw	—	2,857		(30)
Auditboard, Inc.	Revolver	0.50	1,143		(12)
Avalara, Inc.	Revolver	0.50	2,250		17
Azurite Intermediate Holdings, Inc.	Delayed Draw	0.50	894		(2)
Azurite Intermediate Holdings, Inc.	Revolver	0.50	397		(1)
Bayside OPCP, LLC	Revolver	0.50	1,974		(0		)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50	1,370		(38)
Bingo Group Buyer, Inc.	Delayed Draw	0.75	1,066		(6)
Bingo Group Buyer, Inc.	Revolver	0.50	397		(2)
Birsa S.p.A. (Italy)	Delayed Draw	1.25	€	5,076	(121)
Bradyifs Holdings, LLC	Delayed Draw	1.00	263		—
CD&R Madison Parent Ltd (United Kingdom)	Delayed Draw	1.50	£	141	2
Celerion Buyer, Inc.	Delayed Draw	1.00	499		—
Celerion Buyer, Inc.	Revolver	0.50	249		—
Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—
CircusTrix Holdings, LLC	Delayed Draw	1.00	323		3
CircusTrix Holdings, LLC	Revolver	0.50	484		5
CoreWeave Compute Acquisition Co. IV, LLC	Delayed Draw	0.50	24,894		(373)
Cority Software Inc. (Canada)	Revolver	0.50	3,000		—
Coupa Holdings, LLC	Delayed Draw	1.50	771		3
Coupa Holdings, LLC	Revolver	0.50	591		3
CST Holding Company	Revolver	0.50	470		(0		)
Dwyer Instruments, Inc.	Revolver	0.50	1,178		—
Ellkay, LLC	Revolver	0.50	1,071		(134)
Essential Services Holding Corporation	Delayed Draw	1.00	149		(1)
Essential Services Holding Corporation	Revolver	0.50	93		(1)
Excel Fitness Holdings, Inc.	Delayed Draw	1.00	1,732		(6)
Excel Fitness Holdings, Inc.	Revolver	0.50	891		(11)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount **		Fair Value
Excelitas Technologies Corp.	Delayed Draw	1.00%	$	25	$	0
Excelitas Technologies Corp.	Revolver	0.50	693		4
Generator Buyer, Inc. (Canada)	Delayed Draw	0.50	C$	1,958	(42)
Generator Buyer, Inc. (Canada)	Revolver	0.50	C$	1,111	(24)
Greenhouse Software, Inc.	Revolver	0.50	2,204		(5)
GS AcquisitionCo, Inc.	Delayed Draw	0.50	37		0
GS AcquisitionCo, Inc.	Revolver	0.50	45		0
Heartland Home Services, Inc.	Revolver	0.50	619		(36)
Hercules Borrower LLC	Revolver	0.50	2,160		—
Hoosier Intermediate, LLC	Revolver	0.50	2,400		—
HS Spa Holdings Inc.	Delayed Draw	0.50	640		—
HS Spa Holdings Inc.	Revolver	0.50	856		5
Icefall Parent, Inc.	Revolver	0.50	744		(9)
iCIMS, Inc.	Delayed Draw	—	4,546		(18)
iCIMS, Inc.	Revolver	0.50	1,703		(7)
IQN Holding Corp.	Revolver	0.50	375		—
Kaseya, Inc.	Delayed Draw	1.00	853		—
Kaseya, Inc.	Revolver	0.50	1,541		—
Lifelong Learner Holdings, LLC	Revolver	0.50	106		(9)
LVF Holdings, Inc.	Revolver	0.38	2,025		—
Material Holdings, LLC	Revolver	1.00	192		—
Medical Manufacturing Technologies, LLC	Revolver	0.50	558		(9)
NEFCO Holding Company LLC	Delayed Draw	1.00	3,275		(9)
NEFCO Holding Company LLC	Revolver	0.50	758		(2)
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(3)
North Haven Fairway Buyer, LLC	Delayed Draw	1.00	8,400		(95)
North Haven Fairway Buyer, LLC	Revolver	0.50	872		—
North Haven Stallone Buyer, LLC	Delayed Draw	1.00	1,006		(8)
Oak Purchaser, Inc.	Delayed Draw	0.50	1,552		(30)
Oak Purchaser, Inc.	Revolver	0.50	584		(10)
Oranje Holdco, Inc.	Revolver	0.50	1,006		(3)
PDI TA Holdings, Inc	Delayed Draw	0.50	106		(1)
PDI TA Holdings, Inc	Revolver	0.50	46		(0		)
Pestco Intermediate, LLC	Delayed Draw	1.00	555		11
Pestco Intermediate, LLC	Revolver	0.50	238		5
PF Atlantic Holdco 2, LLC	Revolver	0.50	2,759		—


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount **		Fair Value
PPV Intermediate Holdings, LLC	Delayed Draw	1.00%	$	8,696	$	(87)
Prophix Software Inc. (Canada)	Delayed Draw	—	1,413		(9)
Prophix Software Inc. (Canada)	Revolver	0.50	1,736		(11)
PXO Holdings I Corp.	Revolver	0.50	920		(2)
QNNECT, LLC	Delayed Draw	1.00	1,325		13
Quantic Electronics, LLC	Revolver	0.50	690		(1)
Radwell Parent, LLC	Revolver	0.38	1,116		1
SCP Eye Care HoldCo, LLC	Delayed Draw	1.00	14		(0		)
SCP Eye Care HoldCo, LLC	Revolver	0.50	19		(0		)
Smarsh Inc.	Delayed Draw	1.00	816		—
Smarsh Inc.	Revolver	0.50	408		—
Speedstar Holding LLC	Delayed Draw	1.00	3,578		(60)
SPF Borrower, LLC	Revolver	0.50	1,544		—
Spotless Brands, LLC	Delayed Draw	1.00	18,855		(182)
Spotless Brands, LLC	Revolver	0.50	438		(1)
Summit Acquisition, Inc.	Delayed Draw	1.00	1,374		27
Summit Acquisition, Inc.	Revolver	0.50	687		14
Tank Holding Corp.	Delayed Draw	1.00	476		(5)
Tank Holding Corp.	Revolver	0.38	483		(5)
The Chartis Group, LLC	Delayed Draw	1.00	3,187		(32)
The Chartis Group, LLC	Revolver	0.50	1,593		(16)
Trader Corporation (Canada)	Revolver	0.50	C$	906	(0		)
Tufin Software North America, Inc.	Delayed Draw	—	257		(2)
Tufin Software North America, Inc.	Revolver	0.50	1,339		(10)
Turbo Buyer, Inc.	Revolver	0.50	609		(40)
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw	1.00	2,765		(30)
United Flow Technologies Intermediate Holdco II, LLC	Revolver	0.50	559		(6)
US INFRA SVCS Buyer, LLC	Revolver	0.50	1,050		(96)
U.S. Legal Support, Inc.	Delayed Draw	0.50	1,348		(10)
U.S. Legal Support, Inc.	Revolver	0.50	163		(1)
Vensure Employer Services, Inc.	Delayed Draw	0.50	4,844		(73)
Wineshipping.com LLC	Revolver	0.50	238		(27)
World 50, Inc.	Revolver	0.50	731		(11)
YLG Holdings, Inc.	Revolver	0.38	280		1
Total unfunded commitments			$	195,106	$	(2,184)

[14]

Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

[15]

Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” 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 8, Borrowings to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”).

[16]

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, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company.

[17]

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 December 31, 2023, the aggregate fair value of these securities is $92,824, or 10.17% of the Company’s net assets.

[18]

Represents a non-income producing security as of December 31, 2023.

[19]

Denotes that all or a portion of the assets are owned by Carlyle Secured Lending, Inc. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CGBD” 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 8, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of Carlyle Direct Lending CLO 2015-1R LLC (the “2015-1 Issuer”).

[20]

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, 2024, the aggregate fair value of these securities is $109,634, or 12.09% of the Company’s net assets.

[21]

Represents a non-income producing security as of September 30, 2024.

[22]

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.

[23]

[24]

Under the Investment Company Act, the Company is deemed an “affiliated person” of this portfolio 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, 2023 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2022		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2023		Dividend and Interest Income
Direct Travel, Inc.	$	42,636	$	1,329	$	—	$	—	$	442	$	44,407	$	5,713
Direct Travel, Inc.	2,731		1,082		—		—		(41)		3,772		672
Direct Travel, Inc. (Equity)	—		—		—		—		5,203		5,203		—
Total investments—non-controlled/affiliated	$	45,367	$	2,411	$	—	$	—	$	5,604	$	53,382	$	6,385

[25]

Under the Investment Company Act, the Company is deemed an “affiliated person” of the portfolio companies because the Company owns 5% or more of the portfolio company’s outstanding voting securities. Transactions related to the portfolio companies during the nine months ended September 30, 2024 were as follows:


Investments—non-controlled/affiliated	Fair Value as of December 31, 2023		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2024		Interest and PIK Income
SPF Borrower, LLC	$	—	$	31,372	$	—	$	—	$	—	$	31,372	$	2,472
SPF Borrower, LLC	—		14,659		—				—		14,659		1,448
SPF HoldCo, LLC (Equity)	—		20,828		—				760		21,588		—
Direct Travel, Inc.	44,407		—		(43,341)		—		(1,066)		—		2,352
Direct Travel, Inc.	3,772		—		(3,696)		—		(76)		—		364
Direct Travel, Inc. (Equity)	5,203		—		(4,013)		4,013		(5,203)		—		—
Total investments—non-controlled/affiliated	$	53,382	$	66,859	$	(51,050)	$	4,013	$	(5,585)	$	67,619	$	6,636

[26]

Loan includes interest rate floor feature, which ranges from 0.50% to 3.00%.

[27]

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either 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 December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at 5.19%, the 30-day EURIBOR at 3.85%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%.

[28]

As of December 31, 2023, 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	1.00%	$	2,878	$	(271)
ADPD Holdings, LLC	Revolver	0.50	621		(59)
Advanced Web Technologies Holding Company	Revolver	0.50	985		3
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00	1,580		(24)
Alpine Acquisition Corp II	Revolver	0.50	1,379		(64)
Apex Companies Holdings, LLC	Delayed Draw	1.00	2,305		3
Applied Technical Services, LLC	Revolver	0.50	22		—
Appriss Health, LLC	Revolver	0.50	2,963		(22)
Ascend Buyer, LLC	Revolver	0.50	856		(22)
Associations, Inc.	Revolver	0.50	468		(2)
Atlas AU Bidco Pty Ltd (Australia)	Revolver	0.50	268		3
Avalara, Inc.	Revolver	0.50	2,250		34
Bayside OPCP, LLC	Revolver	0.50	1,974		—
BlueCat Networks, Inc. (Canada)	Delayed Draw	1.00	195		(4)
Bradyifs Holdings, LLC	Delayed Draw	1.00	696		(14)
Bradyifs Holdings, LLC	Revolver	0.50	709		(14)
CD&R Madison Parent Ltd (United Kingdom)	Delayed Draw	1.50	£	214	3
Celerion Buyer, Inc.	Delayed Draw	2.00	499		5
Celerion Buyer, Inc.	Revolver	0.50	249		2
Chartis Holding, LLC	Revolver	0.50	100		—
Chemical Computing Group ULC (Canada)	Revolver	0.50	29		—
CircusTrix Holdings, LLC	Delayed Draw	1.00	1,613		4
CircusTrix Holdings, LLC	Revolver	0.50	806		2
CoreWeave Compute Acquisition Co. II, LLC	Delayed Draw	1.00	815		(14)
Cority Software Inc. (Canada)	Revolver	0.50	3,000		(10)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount **		Fair Value
Coupa Holdings, LLC	Delayed Draw	1.00%	$	771	$	15
Coupa Holdings, LLC	Revolver	0.50	591		12
CPI Intermediate Holdings, Inc.	Delayed Draw	1.00	927		(9)
CST Holding Company	Revolver	0.50	423		3
Denali Midco 2, LLC	Delayed Draw	1.00	876		—
Diligent Corporation	Revolver	0.50	22		—
Direct Travel, Inc.	Delayed Draw	0.50	615		—
Dwyer Instruments, Inc.	Revolver	0.50	1,178		—
Eliassen Group, LLC	Delayed Draw	1.00	2,668		(34)
Ellkay, LLC	Revolver	0.50	1,786		(244)
EPS Nass Parent, Inc.	Revolver	0.50	10		—
Excel Fitness Holdings, Inc.	Revolver	0.50	891		(13)
Excelitas Technologies Corp.	Delayed Draw	1.00	25		—
Excelitas Technologies Corp.	Revolver	0.50	143		(2)
FPG Intermediate Holdco, LLC	Delayed Draw	1.00	3,973		(38)
Greenhouse Software, Inc.	Revolver	0.50	2,204		(16)
Hadrian Acquisition Limited (United Kingdom)	Delayed Draw	2.33	£	1,842	(11)
Harbour Benefit Holdings, Inc.	Revolver	0.50	3,180		(24)
Heartland Home Services, Inc.	Revolver	0.50	619		(25)
Hercules Borrower LLC	Revolver	0.50	2,160		—
Hoosier Intermediate, LLC	Revolver	0.50	2,400		(76)
HS Spa Holdings Inc.	Revolver	0.50	1,141		—
iCIMS, Inc.	Delayed Draw	—	5,432		—
iCIMS, Inc.	Revolver	0.50	2,026		(5)
IQN Holding Corp.	Delayed Draw	1.00	395		1
IQN Holding Corp.	Revolver	0.50	489		2
Kaseya, Inc.	Delayed Draw	1.00	1,076		(2)
Kaseya, Inc.	Revolver	0.50	1,541		(2)
Lifelong Learner Holdings, LLC	Revolver	0.50	2		—
LVF Holdings, Inc.	Revolver	0.38	2,919		(46)
Material Holdings, LLC	Revolver	1.00	460		(18)
Medical Manufacturing Technologies, LLC	Revolver	0.50	207		—
NEFCO Holding Company LLC	Delayed Draw	1.00	3,018		7
NEFCO Holding Company LLC	Revolver	0.50	403		1
NMI AcquisitionCo, Inc.	Revolver	0.50	1,280		(9)
North Haven Fairway Buyer, LLC	Revolver	0.50	1,154		12
North Haven Stallone Buyer, LLC	Delayed Draw	1.00	4,782		(89)


Investments—non-controlled/non-affiliated	Type	Unused Fee	Par/ Principal Amount **		Fair Value
Oak Purchaser, Inc.	Delayed Draw	0.50%	$	166	$	(5)
Oak Purchaser, Inc.	Revolver	0.50	584		(16)
Oranje Holdco, Inc.	Revolver	0.50	1,006		4
Pestco Intermediate, LLC	Delayed Draw	2.00	1,387		(13)
Pestco Intermediate, LLC	Revolver	0.50	238		(2)
PF Atlantic Holdco 2, LLC	Revolver	0.50	2,759		(69)
Prophix Software Inc. (Canada)	Delayed Draw	—	379		—
Prophix Software Inc. (Canada)	Revolver	0.50	1,993		—
Pushpay USA Inc.	Revolver	0.50	1,235		(7)
PXO Holdings I Corp.	Delayed Draw	1.00	885		(19)
PXO Holdings I Corp.	Revolver	0.50	1,315		(28)
QNNECT, LLC	Delayed Draw	1.00	1,325		23
Radwell Parent, LLC	Revolver	0.38	1,116		4
RSC Acquisition, Inc.	Revolver	0.50	462		(3)
Sapphire Convention, Inc.	Revolver	0.50	4,471		—
SCP Eye Care HoldCo, LLC	Delayed Draw	1.00	14		—
SCP Eye Care HoldCo, LLC	Revolver	0.50	6		—
Smarsh Inc.	Delayed Draw	1.00	816		(9)
Smarsh Inc.	Revolver	0.50	408		(4)
Spotless Brands, LLC	Delayed Draw	1.00	15,000		136
Spotless Brands, LLC	Revolver	0.50	859		—
Summit Acquisition, Inc.	Delayed Draw	1.00	1,374		5
Summit Acquisition, Inc.	Revolver	0.50	687		2
Tank Holding Corp.	Revolver	0.38	1,214		(30)
Trader Corporation (Canada)	Revolver	0.50	C$	906	12
Tufin Software North America, Inc.	Delayed Draw	—	132		(1)
Tufin Software North America, Inc.	Revolver	0.50	1,339		(13)
Turbo Buyer, Inc.	Delayed Draw	1.00	2,967		(39)
Turbo Buyer, Inc.	Revolver	0.50	1,217		(16)
U.S. Legal Support, Inc.	Delayed Draw	0.50	1,423		(19)
U.S. Legal Support, Inc.	Revolver	0.50	653		(9)
Vensure Employee Services, Inc.	Delayed Draw	1.00	4,389		(66)
Wineshipping.com LLC	Revolver	0.50	238		(16)
Total unfunded commitments			$	134,409	$	(1,269)

[29]

Loans include a credit spread adjustment that typically ranges from 0.10% to 0.43%.

[30]

[31]

Loan was on non-accrual status as of December 31, 2023.

[32]

Loan is in forbearance as of December 31, 2023.

[33]

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, which has been included in the spread of each applicable investment. 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.

[34]

Loan was on non-accrual status as of September 30, 2024.

[35]

[36]

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 unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the year ended December 31, 2023, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2022		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of December 31, 2023		Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member's Interest	$	190,065	$	—	$	—	$	—	$	(8,105)	$	181,960	$	22,000
Middle Market Credit Fund, Mezzanine Loan	—		—		—		—		—		—		—
Middle Market Credit Fund II, LLC, Member's Interest	72,957		—		—		—		(5,538)		67,419		11,104
Total investments—controlled/affiliated	$	263,022	$	—	$	—	$	—	$	(13,643)	$	249,379	$	33,104

[37]

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 unaudited consolidated financial statements for more details. Transactions related to investments in controlled affiliates for the nine months ended September 30, 2024, were as follows:


Investments—controlled/affiliated	Fair Value as of December 31, 2023		Additions/Purchases		Reductions/Sales/ Paydowns		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2024		Dividend and Interest Income
Middle Market Credit Fund, LLC, Subordinated Loan and Member’s Interest	$	181,960	$	—	$	—	$	—	$	(5,095)	$	176,865	$	16,500
Middle Market Credit Fund, LLC, Mezzanine Loan	—		—		—		—		—		—		—
Middle Market Credit Fund II, LLC, Member’s Interest	67,419		—		—		—		(312)		67,107		8,833
Total investments—controlled/affiliated	$	249,379	$	—	$	—	$	—	$	(5,407)	$	243,972	$	25,333

[38]

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

[39]

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