Carlyle Secured Lending
Inside Carlyle Secured Lending’s $3.5B private-credit portfolio — 328 portfolio holdings disclosed in SEC filings.
Filing Information
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public).
Top Portfolio Holdings
| Company | Sector | Investment | Coupon | Maturity | Cost | Fair Value |
|---|---|---|---|---|---|---|
| and Member's Interest | Subordinated Loan Subordinated | SOFR + 15.33% | $130,501,000 | $122,983,000 | ||
| and Member’s Interest | Subordinated Loan Subordinated | — | $122,983,000 | |||
| | Spotless Brands, LLC | Consumer Services 2 | First Lien Debt Senior Secured | SOFR + 5.75% | $46,252,000 | $46,757,000 | ||
| | NMI AcquisitionCo, Inc. | High Tech Industries | First Lien Debt Senior Secured | SOFR + 4.50% | $46,859,000 | $46,601,000 | ||
| | Merative L.P. | Healthcare & Pharmaceuticals | First Lien Debt Senior Secured | SOFR + 4.50% | $40,838,000 | $41,319,000 | ||
| | Tufin Software North America, Inc. | Software | First Lien Debt Senior Secured | SOFR + 4.93% | $38,154,000 | $38,327,000 | ||
| Credit Fund | Consumer Goods: Durable | First Lien Debt Senior Secured | SOFR + 5.75% | $37,976,000 | $35,276,000 | |
| Credit Fund | First Lien Debt Senior Secured | SOFR + 5.50% | $35,980,000 | $34,656,000 | ||
| | Ellkay, LLC | Healthcare & Pharmaceuticals | First Lien Debt Senior Secured | SOFR + 3.25% (PIK 3.50%) | $34,939,000 | $34,448,000 | ||
| Credit Fund | Software | First Lien Debt Senior Secured | SOFR + 4.50% | $34,202,000 | $34,205,000 | |
| | AQA Acquisition Holdings, Inc. | High Tech Industries | Second Lien Debt Subordinated | SOFR + 6.25% | $39,587,000 | $33,365,000 | ||
| | Vensure Employer Services, Inc. | Business Services | First Lien Debt Senior Secured | SOFR + 5.00% | $33,100,000 | $32,792,000 | ||
| | Greenhouse Software, Inc. | Software | First Lien Debt Senior Secured | SOFR + 5.75% | $32,434,000 | $32,589,000 | ||
| | SPF Borrower, LLC | Healthcare & Pharmaceuticals 1 | First Lien Debt Senior Secured | SOFR + 4.25% (PIK 2.00%) | $31,528,000 | $31,528,000 | ||
| | Hadrian Acquisition Limited (United Kingdom) | Diversified Financial Services | First Lien Debt Senior Secured | SOFR + 5.14% (PIK 3.14%) | $30,103,000 | $30,326,000 | ||
| | North Haven Fairway Buyer, LLC | Consumer Services | First Lien Debt Senior Secured | SOFR + 5.00% | $29,512,000 | $29,506,000 | ||
| | Einstein Parent, Inc. | Software | First Lien Debt Senior Secured | SOFR + 5.25% | $29,706,000 | $28,909,000 | ||
| | Ascend Buyer, LLC | Containers, Packaging & Glass | First Lien Debt Senior Secured | SOFR + 5.25% | $28,805,000 | $28,676,000 | ||
| | Bamboo Health Holdings, LLC | Healthcare & Pharmaceuticals | First Lien Debt Senior Secured | SOFR + 4.75% | $28,219,000 | $28,340,000 | ||
| Investment | Equity | — | $27,840,000 | |||
| Investments | Equity | $20,828,000 | $27,840,000 | |||
| Credit Fund | First Lien Debt Senior Secured | SOFR + 4.50% | $27,225,000 | $27,448,000 | ||
| | SitusAMC Holdings Corporation | Diversified Financial Services | First Lien Debt Senior Secured | SOFR + 5.50% | $27,432,000 | $27,192,000 | ||
| | Espresso Bidco Inc. | Software | First Lien Debt Senior Secured | SOFR + 2.63% (PIK 3.13%) | $27,008,000 | $26,964,000 | ||
| | iCIMS, Inc. | Software | First Lien Debt Senior Secured | SOFR + 5.75% | $27,609,000 | $26,922,000 |
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Spread and mark are shown in the units reported in the filing. Source: SEC EDGAR (public).
| Quarter | Priced Loans | Wtd-Avg Spread | Avg Mark | Debt Fair Value |
|---|---|---|---|---|
| 2022-06-30 | 22 | 9.25 | — | $5K |
| 2022-09-30 | 0 | — | — | $5K |
| 2022-12-31 | 0 | — | 94.0 | $7K |
| 2023-03-31 | 0 | — | — | None |
| 2023-06-30 | 155 | 6.12 | 95.0 | $2.4B |
| 2023-09-30 | 151 | 6.91 | 95.4 | $2.3B |
| 2023-12-31 | 151 | 6.83 | 96.3 | $2.2B |
| 2024-03-31 | 145 | 6.85 | 97.1 | $2.1B |
| 2024-06-30 | 143 | 7.08 | 96.0 | $1.9B |
| 2024-09-30 | 141 | 6.81 | 96.1 | $1.9B |
| 2024-12-31 | 151 | 6.89 | 95.7 | $1.9B |
| 2025-03-31 | 146 | 5.92 | 97.8 | $2.3B |
| 2025-06-30 | 153 | 5.88 | 98.4 | $2.5B |
| 2025-09-30 | 163 | 5.68 | 98.7 | $2.6B |
| 2025-12-31 | 171 | 5.33 | 98.7 | $2.3B |
| 2026-03-31 | 273 | 5.47 | 98.7 | $3.3B |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
About Carlyle Secured Lending
Carlyle Secured Lending (CGBD) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. By law, they must pay out at least 90% of their profits as dividends, which is why BDC yields are often 8–12%. Carlyle Secured Lending discloses its full loan portfolio through SEC filings.
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