Carlyle Secured Lending
19 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.
Suppliers
Partners and platforms
Credit Partners USA LLC (PSP Investments)
50% economic ownershipWe and Credit Partners each have 50% economic ownership of Credit Fund and have commitments to fund, from time to time, capital of up to $175.0 million each as of December 31, 2025, which was subsequently increased to $250.0 million each on February 11, 2026.Business (Item 1)
Sixth Street Partners
up to $150.0 millionWe and CARS each own 25% of the voting interest in Structured Credit Partners, with the remaining 50% ownership held by Sixth Street.Business (Item 1)
Cliffwater Corporate Lending Fund (CCLF)
$140.0 millionPursuant to the terms of the Amended Credit Fund II LLCA, Credit Fund II distributed $2.7 million to CCLF, and we contributed $140.0 million in cash to Credit Fund II.Business (Item 1)
Carlyle Global Credit Investment Management (Investment Adviser)
depends onnamed as a riskWe depend on the diligence, skill, judgment and network of business contacts of the Investment Adviser’s investment professionals and the Carlyle Direct Lending platform to source appropriate investments for us.Risk factors (Item 1A)
Nasdaq Global Select Market
subject toAs a listed company on the Nasdaq Global Select Market, we are subject to various listing standards including corporate governance listing standards.Business (Item 1)
Also named by CSWC
Other companies
Software industry
concentrated in · 12.0%named as a riskAdditionally, a downturn in any particular industry in which we are invested could also significantly impact our aggregate returns.Risk factors (Item 1A)
Healthcare & Pharmaceuticals industry
concentrated in · 19.4%named as a riskAlthough we do not intend to focus our investments in any specific industries, our portfolio may be concentrated in a limited number of portfolio companies and industries.Risk factors (Item 1A)
Carlyle Secured Lending III (CSL III) merger
On March 27, 2025, we completed our acquisition of Carlyle Secured Lending III (“CSL III”), a Maryland corporation, pursuant to the Agreement and Plan of Merger (as amended the “Merger Agreement”), dated as of August 2, 2024, by and among us, CSL III, Blue Fox Merger Sub Inc., a Maryland corporation and our wholly owned subsidiary (“Merger Sub”), and, solely for the limited purposes set forth therein, CSL III Advisor, LLC, a Delaware limited liability company and investment adviser to CSL III (“CSL III Advisor”), and the Investment Adviser (together with CSL III Advisor, the “Advisors”), pursuant to which, Merger Sub first merged with and into CSL III, with CSL III continuing as the surviving company and as our wholly owned subsidiary (the “Merger”) and immediately thereafter, CSL III merged with and into us, with us continuing as the surviving company (together with the Merger, the “CSL III Merger”).Business (Item 1)
Places
United States
concentrated in · 88.1%Our core investment strategy focuses on lending to U.S. middle market companies, which we define as companies with approximately $25.0 million or greater of earnings before interest, taxes, depreciation and amortization (“EBITDA”), supported by financial sponsors.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Commodities and inputs
Secured Overnight Financing Rate (SOFR)
exposed to its price · approximately 99.4% of our debt investments bear interest at floating ratesnamed as a riskThe Credit Facility and the 2015-1N Debt are also subject to floating interest rates and are primarily paid based on floating SOFR rates.Market risk (Item 7A)
Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more
Regulators
SEC Exemptive Relief (co-investment order)
subject tonamed as a riskCo-investments made under the Exemptive Relief are subject to compliance with the conditions and other requirements contained in the Exemptive Relief, which could limit our ability to participate in a co-investment transaction.Risk factors (Item 1A)
Laws and programs
Investment Company Act of 1940
subject to · 175.6%named as a riskAs of December 31, 2025, our asset coverage calculated in accordance with the Investment Company Act was 175.6%.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
Credit Facility
depends on · $1,543.7 millionnamed as a riskMoreover, it will be an event of default under the Credit Facility if the Investment Adviser or an affiliate of the Investment Adviser ceases to manage us, which could result in the immediate acceleration of the amounts due under the Credit Facility.Risk factors (Item 1A)
Also named by AM, AR, AROC, BSM, CLS, CVLG, CWST, MYRG and 5 more
Subchapter M of the Internal Revenue Code (RIC status)
subject to · at least 90% of our investment company taxable incomenamed as a riskWe will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes under Subchapter M of the Code.Risk factors (Item 1A)
2015-1 Debt Securitization (2015-1 Issuer)
at least 116.0% of the outstanding principal amountnamed as a riskThere is no guarantee that we will receive any distributions as the holders of the 2015-1 Issuer Preferred Interests.Risk factors (Item 1A)
SEC Rule 18f-4
subject tonamed as a riskWe currently operate as a “limited derivatives user” which may limit our ability to use derivatives and/or enter into certain other financial contracts.Risk factors (Item 1A)
U.S. tariffs on China, Canada and Mexico
subject tonamed as a riskMost recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico.Risk factors (Item 1A)