00018512772024Q312/31FALSEP6Yhttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLoss33.333.333.3xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURiso4217:GBPiso4217:CADcsl:financial_institutioncsl:daycsl:componentcsl:membercsl:extension00018512772024-01-012024-09-3000018512772024-11-1300018512772024-09-3000018512772023-12-3100018512772024-07-012024-09-3000018512772023-07-012023-09-3000018512772023-01-012023-09-3000018512772022-12-3100018512772023-09-300001851277csl:DebtSecuritiesFirstLienMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277First Lien Debt, Accession Risk Management Group, Inc., Diversified Financial Services2024-09-300001851277First Lien Debt, ACR Group Borrower, LLC, Aerospace & Defense2024-09-300001851277First Lien Debt, ADPD Holdings, LLC, Consumer Services2024-09-300001851277First Lien Debt, AI Grace AUS Bidco Pty LTD (Australia), Consumer Goods: Non-Durable2024-09-300001851277First Lien Debt, Allied Benefit Systems Intermediate LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, Alpine Acquisition Corp II, Transportation: Cargo2024-09-300001851277First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries2024-09-300001851277First Lien Debt, Applied Technical Services, LLC, Business Services 12024-09-300001851277First Lien Debt, Applied Technical Services, LLC, Business Services 22024-09-300001851277First Lien Debt, Ardonagh Midco 3 PLC (United Kingdom), Diversified Financial Services2024-09-300001851277First Lien Debt, Artifact Bidco, Inc., Software2024-09-300001851277First Lien Debt, Ascend Buyer, LLC, Containers, Packaging & Glass2024-09-300001851277First Lien Debt, Associations, Inc., Construction & Building2024-09-300001851277First Lien Debt, Athlete Buyer, LLC, Construction & Building2024-09-300001851277First Lien Debt, Atlas US Finco, Inc., High Tech Industries2024-09-300001851277First Lien Debt, Atlas US Finco, Inc., High Tech Industries 12024-09-300001851277First Lien Debt, Auditboard, Inc., Software2024-09-300001851277First Lien Debt, Avalara, Inc., Diversified Financial Services2024-09-300001851277First Lien Debt, Azurite Intermediate Holdings, Inc., Software2024-09-300001851277First Lien Debt, Big Bus Tours Group Limited (United Kingdom), Leisure Products & Services2024-09-300001851277First Lien Debt, Big Bus Tours Group Limited (United Kingdom), Leisure Products & Services 12024-09-300001851277First Lien Debt, Big Bus Tours Group Limited (United Kingdom), Leisure Products & Services 22024-09-300001851277First Lien Debt, Bingo Group Buyer, Inc., Business Services2024-09-300001851277First Lien Debt, Birsa S.p.A. (Italy), Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, BlueCat Networks, Inc. (Canada), High Tech Industries2024-09-300001851277First Lien Debt, Bradyifs Holdings, LLC, Wholesale 2024-09-300001851277First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services 12024-09-300001851277First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services2024-09-300001851277First Lien Debt, Celerion Buyer, Inc., Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, CoreWeave Compute Acquisition Co. II, LLC, High Tech Industries2024-09-300001851277First Lien Debt, CoreWeave Compute Acquisition Co. II, LLC, High Tech Industries 12024-09-300001851277First Lien Debt, Coupa Holdings, LLC, Software2024-09-300001851277First Lien Debt, CST Holding Company, Consumer Goods: Non-Durable2024-09-300001851277First Lien Debt, DCA Investment Holding LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, Denali Midco 2, LLC, Consumer Services2024-09-300001851277First Lien Debt, Diligent Corporation, Telecommunications2024-09-300001851277First Lien Debt, Dwyer Instruments, Inc., Capital Equipment2024-09-300001851277First Lien Debt, Eliassen Group, LLC, Business Services2024-09-300001851277First Lien Debt, Ellkay, LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, Essential Services Holding Corporation, Consumer Services2024-09-300001851277First Lien Debt, Excel Fitness Holdings, Inc., Leisure Products & Services 12024-09-300001851277First Lien Debt, Excel Fitness Holdings, Inc., Leisure Products & Services 22024-09-300001851277First Lien Debt, Excelitas Technologies Corp., Capital Equipment 12024-09-300001851277First Lien Debt, Excelitas Technologies Corp., Capital Equipment 22024-09-300001851277First Lien Debt, FPG Intermediate Holdco, LLC, Consumer Services2024-09-300001851277First Lien Debt, Generator Buyer, Inc. (Canada), Energy: Electricity2024-09-300001851277First Lien Debt, GS AcquisitionCo, Inc., Software2024-09-300001851277First Lien Debt, Guidehouse LLP, Sovereign & Public Finance2024-09-300001851277First Lien Debt, Hercules Borrower LLC, Environmental Industries2024-09-300001851277First Lien Debt, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, HS Spa Holdings Inc., Consumer Services 12024-09-300001851277First Lien Debt, HS Spa Holdings Inc., Consumer Services 22024-09-300001851277First Lien Debt, Icefall Parent, Inc., Software2024-09-300001851277First Lien Debt, IQN Holding Corp., Business Services2024-09-300001851277First Lien Debt, iRobot Corporation, Consumer Goods: Durable2024-09-300001851277First Lien Debt, Jeg's Automotive, LLC, Automotive2024-09-300001851277First Lien Debt, Kaseya, Inc., High Tech Industries2024-09-300001851277First Lien Debt, LVF Holdings, Inc., Beverage & Food2024-09-300001851277First Lien Debt, Material Holdings, LLC, Business Services2024-09-300001851277First Lien Debt, Material Holdings, LLC, Business Services 12024-09-300001851277First Lien Debt, Maverick Acquisition, Inc., Aerospace & Defense2024-09-300001851277First Lien Debt, Medical Manufacturing Technologies, LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, NEFCO Holding Company LLC, Construction & Building2024-09-300001851277First Lien Debt, North Haven Fairway Buyer, LLC, Consumer Services2024-09-300001851277First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services 12024-09-300001851277First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services 22024-09-300001851277First Lien Debt, Oak Purchaser, Inc., Business Services2024-09-300001851277First Lien Debt, Oak Purchaser, Inc., Business Services 12024-09-300001851277First Lien Debt, Oranje Holdco, Inc., Business Services2024-09-300001851277First Lien Debt, Oranje Holdco, Inc., Business Services 12024-09-300001851277First Lien Debt, Park County Holdings, LLC, Media: Advertising, Printing & Publishing2024-09-300001851277First Lien Debt, PDI TA Holdings, Inc, Software2024-09-300001851277First Lien Debt, Pestco Intermediate, LLC, Environmental Industries2024-09-300001851277First Lien Debt, PF Atlantic Holdco 2, LLC, Leisure Products & Services2024-09-300001851277First Lien Debt, PF Atlantic Holdco 2, LLC, Leisure Products & Services 12024-09-300001851277First Lien Debt, PPV Intermediate Holdings, LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, Project Castle, Inc., Capital Equipment2024-09-300001851277First Lien Debt, PXO Holdings I Corp., Chemicals, Plastics & Rubber2024-09-300001851277First Lien Debt, QBS Parent, Inc., Energy: Oil & Gas2024-09-300001851277First Lien Debt, QNNECT, LLC, Aerospace & Defense2024-09-300001851277First Lien Debt, Quantic Electronics, LLC, Aerospace & Defense2024-09-300001851277First Lien Debt, Radwell Parent, LLC, Wholesale2024-09-300001851277First Lien Debt, SCP Eye Care HoldCo, LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, Smarsh Inc., Software2024-09-300001851277First Lien Debt, Spotless Brands, LLC, Consumer Services2024-09-300001851277First Lien Debt, Summit Acquisition, Inc., Diversified Financial Services2024-09-300001851277First Lien Debt, The Chartis Group, LLC, Healthcare & Pharmaceuticals2024-09-300001851277First Lien Debt, Trader Corporation (Canada), Auto Aftermarket & Services2024-09-300001851277First Lien Debt, Tufin Software North America, Inc., Software2024-09-300001851277First Lien Debt, United Flow Technologies Intermediate Holdco II, LLC, Environmental Industries2024-09-300001851277First Lien Debt, USR Parent Inc., Retail2024-09-300001851277First Lien Debt, Vensure Employer Services, Inc., Business Services2024-09-300001851277First Lien Debt, Wineshipping.com LLC, Beverage & Food2024-09-300001851277First Lien Debt, Yellowstone Buyer Acquisition, LLC, Consumer Goods: Durable2024-09-300001851277csl:DebtSecuritiesFirstLienMember2024-09-300001851277csl:DebtSecuritiesSecondLienMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277Second Lien Debt, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals2024-09-300001851277Second Lien Debt, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2024-09-300001851277Second Lien Debt, Associations, Inc., Construction & Building2024-09-300001851277csl:DebtSecuritiesSecondLienMember2024-09-300001851277us-gaap:EquitySecuritiesMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277Equity Investments, Blackbird Holdco, Inc., Capital Equipment2024-09-300001851277Equity Investments, Buckeye Parent, LLC, Auto Aftermarket & Services2024-09-300001851277Equity Investments, FS NU Investors, LP, Consumer Services2024-09-300001851277Equity Investments, GB Vino Parent, L.P., Beverage & Food2024-09-300001851277Equity Investments, NearU Holdings LLC, Consumer Services2024-09-300001851277Equity Investments, NEFCO Holding Company LLC, Construction & Building2024-09-300001851277Equity Investments, Pascal Ultimate Holdings, L.P, Capital Equipment2024-09-300001851277Equity Investments, Profile Holdings I, LP, Chemicals, Plastics & Rubber2024-09-300001851277Equity Investments, Summit K2 Midco, Inc., Diversified Financial Services2024-09-300001851277Equity Investments, Talon MidCo 1 Limited, Software2024-09-300001851277Equity Investments, TW LRW Holdings, LLC, Business Services2024-09-300001851277us-gaap:EquitySecuritiesMember2024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 12024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 22024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 32024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 42024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 52024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 62024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 72024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 82024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 92024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 102024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 112024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 122024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 132024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 142024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 152024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 162024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 172024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 182024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 192024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 202024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 212024-09-300001851277Forward Currency Contract, Macquarie Bank Limited 222024-09-300001851277Forward Currency Contract, Barclays Bank PLC 12024-09-300001851277Forward Currency Contract, Barclays Bank PLC 22024-09-300001851277Forward Currency Contract, Barclays Bank PLC 32024-09-300001851277Forward Currency Contract, Barclays Bank PLC 42024-09-300001851277Forward Currency Contract, Barclays Bank PLC 52024-09-300001851277Forward Currency Contract, Barclays Bank PLC 62024-09-300001851277Forward Currency Contract, Barclays Bank PLC 72024-09-300001851277Forward Currency Contract, Barclays Bank PLC 82024-09-300001851277Forward Currency Contract, Barclays Bank PLC 92024-09-300001851277Forward Currency Contract, Barclays Bank PLC 102024-09-300001851277Forward Currency Contract, Barclays Bank PLC 112024-09-300001851277Forward Currency Contract, Barclays Bank PLC 122024-09-300001851277Forward Currency Contract, Barclays Bank PLC 132024-09-300001851277Forward Currency Contract, Barclays Bank PLC 142024-09-300001851277Forward Currency Contract, Barclays Bank PLC 152024-09-300001851277Forward Currency Contract, Barclays Bank PLC 162024-09-300001851277Forward Currency Contract, Barclays Bank PLC 172024-09-300001851277Forward Currency Contract, Barclays Bank PLC 182024-09-300001851277Forward Currency Contract, Barclays Bank PLC 192024-09-300001851277csl:A30DaySOFRMember2024-09-300001851277csl:A90DaySOFRMember2024-09-300001851277csl:A180DaySOFRMember2024-09-300001851277csl:DailySONIAMember2024-09-300001851277csl:A90DayEURIBORMember2024-09-300001851277csl:A30DayCORRAMember2024-09-300001851277srt:MinimumMember2024-09-300001851277srt:MaximumMember2024-09-300001851277us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2024-09-300001851277us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2024-09-300001851277First and Second Lien Debt, ACR Group Borrower, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, ADPD Holdings, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, ADPD Holdings, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Alpine Acquisition Corp II, Revolver2024-09-300001851277First and Second Lien Debt, Applied Technical Services, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Applied Technical Services, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Artifact Bidco, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Artifact Bidco, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Ascend Buyer, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Associations, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Associations, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Athlete Buyer, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Atlas US Finco, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Auditboard, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Auditboard, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Avalara, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Azurite Intermediate Holdings, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Azurite Intermediate Holdings, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Big Bus Tours Group Limited (United Kingdom), Delayed Draw2024-09-300001851277First and Second Lien Debt, Bingo Group Buyer, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Bingo Group Buyer, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Birsa S.p.A. (Italy), Delayed Draw2024-09-300001851277First and Second Lien Debt, Bradyifs Holdings, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Delayed Draw2024-09-300001851277First and Second Lien Debt, Celerion Buyer, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Celerion Buyer, Inc., Revolver2024-09-300001851277First and Second Lien Debt, CoreWeave Compute Acquisition Co. IV, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Coupa Holdings, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Coupa Holdings, LLC, Revolver2024-09-300001851277First and Second Lien Debt, CST Holding Company, Revolver2024-09-300001851277First and Second Lien Debt, Diligent Corporation, Delayed Draw2024-09-300001851277First and Second Lien Debt, Diligent Corporation, Revolver2024-09-300001851277First and Second Lien Debt, Dwyer Instruments, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Ellkay, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Essential Services Holding Corporation, Delayed Draw2024-09-300001851277First and Second Lien Debt, Essential Services Holding Corporation, Revolver2024-09-300001851277First and Second Lien Debt, Excel Fitness Holdings, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Excel Fitness Holdings, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Excelitas Technologies Corp., Delayed Draw2024-09-300001851277First and Second Lien Debt, Excelitas Technologies Corp., Revolver2024-09-300001851277First and Second Lien Debt, Generator Buyer, Inc. (Canada), Delayed Draw2024-09-300001851277First and Second Lien Debt, Generator Buyer, Inc. (Canada), Revolver2024-09-300001851277First and Second Lien Debt, GS AcquisitionCo, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, GS AcquisitionCo, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Hoosier Intermediate, LLC, Revolver2024-09-300001851277First and Second Lien Debt, HS Spa Holdings Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, HS Spa Holdings Inc., Revolver2024-09-300001851277First and Second Lien Debt, Icefall Parent, Inc., Revolver2024-09-300001851277First and Second Lien Debt, IQN Holding Corp., Revolver2024-09-300001851277First and Second Lien Debt, Kaseya, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Kaseya, Inc., Revolver2024-09-300001851277First and Second Lien Debt, LVF Holdings, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Medical Manufacturing Technologies, LLC, Revolver2024-09-300001851277First and Second Lien Debt, NEFCO Holding Company LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, NEFCO Holding Company LLC, Revolver2024-09-300001851277First and Second Lien Debt, North Haven Fairway Buyer, LLC, Revolver2024-09-300001851277First and Second Lien Debt, North Haven Stallone Buyer, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Oak Purchaser, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Oak Purchaser, Inc., Revolver2024-09-300001851277First and Second Lien Debt, Oranje Holdco, Inc., Revolver2024-09-300001851277First and Second Lien Debt, PDI TA Holdings, Inc, Delayed Draw2024-09-300001851277First and Second Lien Debt, PDI TA Holdings, Inc, Revolver2024-09-300001851277First and Second Lien Debt, Pestco Intermediate, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Pestco Intermediate, LLC, Revolver2024-09-300001851277First and Second Lien Debt, PF Atlantic Holdco 2, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, PF Atlantic Holdco 2, LLC, Revolver2024-09-300001851277First and Second Lien Debt, PPV Intermediate Holdings, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, PXO Holdings I Corp., Revolver2024-09-300001851277First and Second Lien Debt, QNNECT, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, Radwell Parent, LLC, Revolver2024-09-300001851277First and Second Lien Debt, SCP Eye Care HoldCo, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, SCP Eye Care HoldCo, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Smarsh Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Smarsh Inc., Revolver2024-09-300001851277First and Second Lien Debt, Spotless Brands, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Summit Acquisition, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Summit Acquisition, Inc., Revolver2024-09-300001851277First and Second Lien Debt, The Chartis Group, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, The Chartis Group, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Trader Corporation (Canada), Revolver2024-09-300001851277First and Second Lien Debt, Tufin Software North America, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Tufin Software North America, Inc., Revolver2024-09-300001851277First and Second Lien Debt, United Flow Technologies Intermediate Holdco II, LLC, Delayed Draw2024-09-300001851277First and Second Lien Debt, United Flow Technologies Intermediate Holdco II, LLC, Revolver2024-09-300001851277First and Second Lien Debt, Vensure Employer Services, Inc., Delayed Draw2024-09-300001851277First and Second Lien Debt, Wineshipping.com LLC, Revolver2024-09-300001851277csl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:FloatingRateMemberus-gaap:DebtSecuritiesMember2024-09-300001851277csl:FloatingRateMemberus-gaap:DebtSecuritiesMembercsl:InterestRateTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:FixedRateMemberus-gaap:DebtSecuritiesMember2024-09-300001851277csl:FixedRateMemberus-gaap:DebtSecuritiesMembercsl:InterestRateTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:DebtSecuritiesMember2024-09-300001851277us-gaap:DebtSecuritiesMembercsl:InterestRateTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:AerospaceSectorMember2024-09-300001851277us-gaap:AerospaceSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:AutomotiveSectorMember2024-09-300001851277us-gaap:AutomotiveSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:FoodAndBeverageSectorMember2024-09-300001851277us-gaap:FoodAndBeverageSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:BusinessServicesMember2024-09-300001851277csl:BusinessServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:CapitalEquipmentMember2024-09-300001851277csl:CapitalEquipmentMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:ChemicalsPlasticsAndRubberMember2024-09-300001851277csl:ChemicalsPlasticsAndRubberMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:ConstructionSectorMember2024-09-300001851277us-gaap:ConstructionSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:ConsumerGoodsDurableMember2024-09-300001851277csl:ConsumerGoodsDurableMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:ConsumerGoodsNonDurableMember2024-09-300001851277csl:ConsumerGoodsNonDurableMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:ConsumerServicesMember2024-09-300001851277csl:ConsumerServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:ContainerAndPackagingSectorMember2024-09-300001851277us-gaap:ContainerAndPackagingSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:DiversifiedFinancialServicesMember2024-09-300001851277csl:DiversifiedFinancialServicesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:EnergySectorElectricityMember2024-09-300001851277csl:EnergySectorElectricityMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:EnergySectorOilAndGasMember2024-09-300001851277csl:EnergySectorOilAndGasMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:EnvironmentalIndustriesMember2024-09-300001851277csl:EnvironmentalIndustriesMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:HealthcareSectorMember2024-09-300001851277us-gaap:HealthcareSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:TechnologySectorMember2024-09-300001851277us-gaap:TechnologySectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:LeisureProductsServicesSectorMember2024-09-300001851277csl:LeisureProductsServicesSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:AdvertisingPrintingPublishingMember2024-09-300001851277csl:AdvertisingPrintingPublishingMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:RetailSectorMember2024-09-300001851277us-gaap:RetailSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:SoftwareSectorMember2024-09-300001851277csl:SoftwareSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:SovereignAndPublicFinanceMember2024-09-300001851277csl:SovereignAndPublicFinanceMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277csl:TelecommunicationsSectorMember2024-09-300001851277csl:TelecommunicationsSectorMembercsl:IndustryConcentrationRiskMembercsl:InvestmentsAtFairValueMember2024-01-012024-09-300001851277us-gaap:TransportationSectorMember2024-09-300001851277us-gaap:TransportationSecto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Lien Debt, ADPD Holdings, LLC, Consumer Services2023-12-310001851277First Lien Debt, AI Grace AUS Bidco Pty LTD (Australia).,Consumer Goods: Non-Durable2023-12-310001851277First Lien Debt, Allied Benefit Systems Intermediate LLC, Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, Alpine Acquisition Corp II, Transportation: Cargo2023-12-310001851277First Lien Debt, Apex Companies Holdings, LLC, Environmental Industries2023-12-310001851277First Lien Debt, Applied Technical Services, LLC., Business Services2023-12-310001851277First Lien Debt, Ascend Buyer, LLC, Containers, Packaging & Glass2023-12-310001851277First Lien Debt, Associations, Inc., Construction & Building2023-12-310001851277First Lien Debt, Associations, Inc., Construction & Building 12023-12-310001851277First Lien Debt, Atlas AU Bidco Pty Ltd (Australia), High Tech Industries2023-12-310001851277First Lien Debt, Atlas US Finco, Inc., Inc., High Tech Industries2023-12-310001851277First Lien Debt, Avalara, Inc., Diversified Financial Services2023-12-310001851277First Lien Debt, BlueCat Networks, Inc. (Canada), High Tech Industries2023-12-310001851277First Lien Debt, Bradyifs Holdings, LLC., Wholesale2023-12-310001851277First Lien Debt, CD&R Madison Parent Ltd (United Kingdom), Business Services2023-12-310001851277First Lien Debt, CD&R Madison Parent Ltd (United Kingdom),Business Services 12023-12-310001851277First Lien Debt, Celerion Buyer, Inc., Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, CoreWeave Compute Acquisition Co. II,LL, High Tech Industries2023-12-310001851277First Lien Debt, Coupa Holdings, LLC, Software2023-12-310001851277First Lien Debt, CPI Intermediate Holdings, Inc., Telecommunications2023-12-310001851277First Lien Debt, CST Holding Company, Consumer Goods: Non-Durable2023-12-310001851277First Lien Debt, DCA Investment Holding LLC, Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, Denali Midco 2, LLC, Consumer Services2023-12-310001851277First Lien Debt, Dwyer Instruments, Inc., Capital Equipment2023-12-310001851277First Lien Debt, Eliassen Group, LLC, Business Services2023-12-310001851277First Lien Debt, Ellkay, LLC, Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, Excel Fitness Holdings, Inc.,Leisure Products & Services2023-12-310001851277First Lien Debt, Excel Fitness Holdings, Inc., Leisure Products & Services2023-12-310001851277First Lien Debt, Excelitas Technologies Corp., Capital Equipment 12023-12-310001851277First Lien Debt, Excelitas Technologies Corp., Capital Equipment 22023-12-310001851277First Lien Debt, FPG Intermediate Holdco, LLC, Consumer Services2023-12-310001851277First Lien Debt, Guidehouse LLP, Sovereign & Public Finance2023-12-310001851277First Lien Debt, Hercules Borrower LLC, Environmental Industries2023-12-310001851277First Lien Debt, Hoosier Intermediate, LLC, Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, HS Spa Holdings Inc., Consumer Services2023-12-310001851277First Lien Debt, IQN Holding Corp., Business Services2023-12-310001851277First Lien Debt, iRobot Corporation, Consumer Goods: Durable2023-12-310001851277First Lien Debt, Jeg's Automotive, LLC, Auto Aftermarket & Services2023-12-310001851277First Lien Debt, Kaseya, Inc., High Tech Industries2023-12-310001851277First Lien Debt, LVF Holdings, Inc., Beverage & Food2023-12-310001851277First Lien Debt, Material Holdings, LLC, Business Services2023-12-310001851277First Lien Debt, Maverick Acquisition, Inc., Aerospace & Defense2023-12-310001851277First Lien Debt, Medical Manufacturing Technologies, LLC, Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, NEFCO Holding Company LLC, Construction & Building2023-12-310001851277First Lien Debt,NEFCO Holding Company LLC, Construction & Building2023-12-310001851277First Lien Debt, North Haven Fairway Buyer, LLC, Consumer Services2023-12-310001851277First Lien Debt, North Haven Stallone Buyer, LLC, Consumer Services2023-12-310001851277First Lien Debt, North Haven Stallone Buyer, LLC,Consumer Services2023-12-310001851277First Lien Debt, Oak Purchaser, Inc., Business Services2023-12-310001851277First Lien Debt, Oranje Holdco, Inc., Business Services2023-12-310001851277First Lien Debt, Park County Holdings, LLC, Media: Advertising, Printing & Publishing2023-12-310001851277First Lien Debt, Pestco Intermediate, LLC, Environmental Industries2023-12-310001851277First Lien Debt, PF Atlantic Holdco 2, LLC, Leisure Products & Services2023-12-310001851277First Lien Debt, Pestco Intermediate, LLC, Leisure Products & Services2023-12-310001851277First Lien Debt, Project Castle, Inc., Capital Equipment2023-12-310001851277First Lien Debt, Pushpay USA Inc, Diversified Financial Services2023-12-310001851277First Lien Debt, PXO Holdings I Corp., Chemicals, Plastics & Rubber2023-12-310001851277First Lien Debt, QNNECT, LLC, Aerospace & Defense2023-12-310001851277First Lien Debt, Quantic Electronics, LLC, Aerospace & Defense2023-12-310001851277First Lien Debt, Radwell Parent, LLC, Wholesale2023-12-310001851277First Lien Debt, RSC Acquisition, Inc., Diversified Financial Services2023-12-310001851277First Lien Debt, SCP Eye Care HoldCo, LLC, Healthcare & Pharmaceuticals2023-12-310001851277First Lien Debt, Smarsh Inc., Software2023-12-310001851277First Lien Debt, Spotless Brands, LLC, Consumer Services2023-12-310001851277First Lien Debt, Summit Acquisition, Inc, Diversified Financial Services2023-12-310001851277First Lien Debt, TIBCO Software Inc., High Tech Industries2023-12-310001851277First Lien Debt, Trader Corporation (Canada), Auto Aftermarket & Services2023-12-310001851277First Lien Debt, Tufin Software North America, Inc., Software2023-12-310001851277First Lien Debt, USALCO, LLC, Chemicals, Plastics & Rubber2023-12-310001851277First Lien Debt, USR Parent Inc., Retail2023-12-310001851277First Lien Debt, Vensure Employee Services, Inc., Beverage & Food2023-12-310001851277First Lien Debt, Wineshipping.com LLC, Beverage & Food2023-12-310001851277First Lien Debt, Yellowstone Buyer Acquisition, LLC, Consumer Goods: Durable2023-12-310001851277csl:DebtSecuritiesFirstLienMember2023-12-310001851277csl:DebtSecuritiesSecondLienMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001851277Second Lien Debt, 11852604 Canada Inc. (Canada), Healthcare & Pharmaceuticals2023-12-310001851277Second Lien Debt, AP Plastics Acquisition Holdings, LLC, Chemicals, Plastics & Rubber2023-12-310001851277csl:DebtSecuritiesSecondLienMember2023-12-310001851277us-gaap:EquitySecuritiesMembercsl:InvestmentTypeConcentrationRiskMembercsl:InvestmentsAtFairValueMember2023-01-012023-12-310001851277Equity Investments, Blackbird Holdco, Inc., Capital Equipment2023-12-310001851277Equity Investments, Buckeye Parent, LLC, Auto Aftermarket & Services2023-12-310001851277Equity Investments, GB Vino Parent, L.P., Beverage & Food2023-12-310001851277Equity Investments, NearU Holdings LLC, Consumer Services2023-12-310001851277Equity Investments, NEFCO Holding Company LLC, Construction & Building2023-12-310001851277Equity Investments, Pascal Ultimate Holdings, L.P, Capital Equipment2023-12-310001851277Equity Investments, Picard Parent, Inc., High Tech Industries2023-12-310001851277Equity Investments, Profile Holdings I, LP, Chemicals, Plastics & Rubber2023-12-310001851277Equity Investments, Summit K2 Midco, Inc., Diversified Financial Services2023-12-310001851277Equity Investments, Talon MidCo 1 Limited, Software2023-12-310001851277us-gaap:EquitySecuritiesMember2023-12-310001851277csl:A30DaySOFRMember2023-12-310001851277csl:A90DaySOFRMember2023-12-310001851277csl:A180DaySOFRMember2023-12-310001851277csl:DailySONIAMember2023-12-310001851277csl:A90DayEURIBORMember2023-12-310001851277csl:A30DayCDORMember2023-12-310001851277srt:MinimumMember2023-12-310001851277srt:MaximumMember2023-12-310001851277us-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2023-12-310001851277us-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2023-12-310001851277First and Second Lien, ADPD Holdings, LLC, Delayed Draw2023-12-310001851277First and Second Lien, ADPD Holdings, LLC, Revolver2023-12-310001851277First and Second Lien, Allied Benefit Systems Intermediate LLC, Delayed Draw2023-12-310001851277First and Second Lien, Alpine Acquisition Corp II, Revolver2023-12-310001851277First and Second Lien, Apex Companies Holdings, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Ascend Buyer, LLC, Revolver2023-12-310001851277First and Second Lien, Associations, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Associations, Inc., Revolver2023-12-310001851277First and Second Lien, Atlas AU Bidco Pty Ltd (Australia), Revolver2023-12-310001851277First and Second Lien, Avalara, Inc., Revolver2023-12-310001851277First and Second Lien, BlueCat Networks, Inc. (Canada), Delayed Draw2023-12-310001851277First and Second Lien, Bradyifs Holdings, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Bradyifs Holdings, LLC, Revolver2023-12-310001851277First and Second Lien, CD&R Madison Parent Ltd (United Kingdom), Delayed Draw2023-12-310001851277First and Second Lien, Celerion Buyer, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Celerion Buyer, Inc., Revolver2023-12-310001851277First and Second Lien, CoreWeave Compute Acquisition Co. II, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Coupa Holdings, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Coupa Holdings, LLC, Revolver2023-12-310001851277First and Second Lien, CPI Intermediate Holdings, Inc., Delayed Draw2023-12-310001851277First and Second Lien, CST Holding Company, Revolver2023-12-310001851277First and Second Lien, Denali Midco 2, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Dwyer Instruments, Inc., Revolver2023-12-310001851277First and Second Lien, Eliassen Group, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Ellkay, LLC, Revolver2023-12-310001851277First and Second Lien, Excel Fitness Holdings, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Excel Fitness Holdings, Inc., Revolver2023-12-310001851277First and Second Lien, Excelitas Technologies Corp., Delayed Draw2023-12-310001851277First and Second Lien, Excelitas Technologies Corp., Revolver2023-12-310001851277First and Second Lien, FPG Intermediate Holdco, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Hercules Borrower LLC, Delayed Draw2023-12-310001851277First and Second Lien, Hoosier Intermediate, LLC, Revolver2023-12-310001851277First and Second Lien, HS Spa Holdings Inc., Revolver2023-12-310001851277First and Second Lien, IQN Holding Corp., Delayed Draw2023-12-310001851277First and Second Lien, IQN Holding Corp., Revolver2023-12-310001851277First and Second Lien, Kaseya, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Kaseya, Inc., Revolver2023-12-310001851277First and Second Lien, LVF Holdings, Inc., Revolver2023-12-310001851277First and Second Lien, Medical Manufacturing Technologies, LLC, Revolver2023-12-310001851277First and Second Lien, NEFCO Holding Company LLC, Delayed Draw 2023-12-310001851277First and Second Lien, NEFCO Holding Company LLC, Revolver2023-12-310001851277First and Second Lien, North Haven Fairway Buyer, LLC, Revolver2023-12-310001851277First and Second Lien, North Haven Stallone Buyer, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Oak Purchaser, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Oak Purchaser, Inc., Revolver2023-12-310001851277First and Second Lien, Oranje Holdco, Inc., Revolver2023-12-310001851277First and Second Lien, Pestco Intermediate, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Pestco Intermediate, LLC, Revolver2023-12-310001851277First and Second Lien, PF Atlantic Holdco 2, LLC, Delayed Draw2023-12-310001851277First and Second Lien, PF Atlantic Holdco 2, LLC, Revolver2023-12-310001851277First and Second Lien, Pushpay USA Inc., Revolver2023-12-310001851277First and Second Lien, PXO Holdings I Corp., Delayed Draw2023-12-310001851277First and Second Lien, PXO Holdings I Corp., Revolver2023-12-310001851277First and Second Lien, QNNECT, LLC, Delayed Draw2023-12-310001851277First and Second Lien, Radwell Parent, LLC, Revolver2023-12-310001851277First and Second Lien, SCP Eye Care HoldCo, LLC, Delayed Draw2023-12-310001851277First and Second Lien, SCP Eye Care HoldCo, LLC, Revolver2023-12-310001851277First and Second Lien, Smarsh Inc., Delayed Draw2023-12-310001851277First and Second Lien, Smarsh Inc., Revolver2023-12-310001851277First and Second Lien, Spotless Brands, LLC, Revolver2023-12-310001851277First and Second Lien, Summit Acquisition, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Summit Acquisition, Inc., Revolver2023-12-310001851277First and Second Lien, Trader Corporation (Canada), Revolver2023-12-310001851277First and Second Lien, Tufin Software North America, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Tufin Software North America, Inc., Revolver2023-12-310001851277First and Second Lien, Vensure Employee Services, Inc., Delayed Draw2023-12-310001851277First and Second Lien, Wineshipping.com LLC, 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File No. 814-01410

Carlyle Secured Lending III

(Exact name of Registrant as specified in its charter)


Delaware						86-6498423
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

One Vanderbilt Avenue, Suite 3400, New York, NY 10017						(212) 813-4900
(Address of principal executive office) (Zip Code)						(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
N/A	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of the registrant’s common shares of beneficial interest, $0.001 par value per share, outstanding at November 13, 2024 was 12,958,485.

CARLYLE SECURED LENDING III

INDEX


Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	2
	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the nine months ended S eptember 30, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)	5
	Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023	7
	Notes to Consolidated Financial Statements (unaudited)	27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	52
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	67
Item 4.	Controls and Procedures	69
Part II.	Other Information
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	73
Item 6.	Exhibits	74
	Signatures	75

Table of Contents

CARLYLE SECURED LENDING III

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(amounts in thousands, except share and per share data)


	September 30, 2024		December 31, 2023
ASSETS	(unaudited)
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $382,268 and $311,762, respectively)	$	385,594	$	316,342
Cash, cash equivalents and restricted cash	18,397		37,131


Deferred offering costs	—		9
Receivable for investments sold	29		67
Due from Investment Adviser	1,356		972
Interest and other income receivable from investments	3,459		3,438
Receivable for issuance of common shares of beneficial interest	166		3,760
Prepaid expenses and other assets	3,441		2,543
Total assets	$	412,442	$	364,262
LIABILITIES
Secured borrowings (Note 6)	$	151,000	$	152,512

Payable for investments purchased	3,247		—

Derivative liabilities, at fair value (Note 5)	210		—
Interest and credit facility fees payable (Note 6)	398		1,494
Dividend payable (Note 8)	9,377		4,464
Incentive fees payable (Note 4)	1,539		1,167
Administrative service fees payable (Note 4)	401		278







Other accrued expenses and liabilities	807		628
Total liabilities	166,979		160,543
Commitments and contingencies (Notes 4, 7 and 10)
NET ASSETS
Common shares of beneficial interest, $0.001 par value; unlimited shares authorized; 11,709,773 and 9,666,829 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	12		10
Paid-in capital in excess of par value	237,958		194,681


Total distributable earnings (loss)	7,493		9,028
Total net assets	$	245,463	$	203,719
NET ASSETS PER SHARE	$	20.96	$	21.07

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

Table of Contents

CARLYLE SECURED LENDING III

CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share data) (unaudited)


	Three months ended September 30,			Nine months ended September 30,
		2024		2023		2024		2023
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	11,802	$	8,502	$	33,304	$	22,703
PIK income		215		119		578		329
Other income		499		288		1,668		1,083

Total investment income		12,516		8,909		35,550		24,115
Expenses:
Organizational expenses (Note 2)		—		5		—		17
Offering costs (Note 2)		1		20		9		86

Net investment income incentive fees (Note 4)		1,540		1,016		4,370		2,778

Professional fees		164		237		453		750
Administrative service fees (Note 4)		124		187		648		748

Interest expense and credit facility fees (Note 6)		3,494		3,055		10,019		8,127

Trustees’ fees and expenses		81		61		253		191
Other general and administrative		346		426		966		889
Total expenses		5,750		5,007		16,718		13,586
Less waivers and reimbursements of expenses		(472)		(910)		(1,816)		(2,564)
Expenses after waivers and reimbursements of expenses		5,278		4,097		14,902		11,022
Net investment income (loss) before taxes		7,238		4,812		20,648		13,093
Excise tax expense		—		22		99		39
Net investment income (loss)		7,238		4,790		20,549		13,054
Net realized gain (loss) and net change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments		3		—		5		10
Net realized currency gain (loss) on non-investment assets and liabilities		(658)		(2)		(645)		(3)
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments		(923)		3,264		(1,254)		5,609
Net change in unrealized currency gains (losses) on non-investment assets and liabilities		213		459		645		(8)
Net change in unrealized gains (losses) on forward currency contracts		(212)		—		(210)		—
Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities		(1,577)		3,721		(1,459)		5,608
Net increase (decrease) in net assets resulting from operations		$	5,661	$	8,511	$	19,090	$	18,662
Basic and diluted earnings per Share (Note 8)		$	0.48	$	1.20	$	1.77	$	2.84
Weighted-average common shares of beneficial interest outstanding — basic and diluted (Note 8)		11,685,890		7,087,421		10,798,902		6,576,260

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

Table of Contents

CARLYLE SECURED LENDING III

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(amounts in thousands) (unaudited)


	Nine months ended September 30,
	2024		2023
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$	20,549	$	13,054
Net realized gain (loss) on investments and non-investment assets and liabilities	(640)		7
Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts	(819)		5,601


Net increase (decrease) in net assets resulting from operations	19,090		18,662
Capital share transactions:
Common shares of beneficial interest issued	36,386		48,611
Dividend reinvestment	6,893		4,330
Dividends declared (Note 8)	(20,625)		(10,114)
Net increase (decrease) in net assets resulting from capital share transactions	22,654		42,827
Net increase (decrease) in net assets	41,744		61,489
Net assets at beginning of period	203,719		109,672
Net assets at end of period	$	245,463	$	171,161

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

Table of Contents

CARLYLE SECURED LENDING III

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands) (unaudited)


	Nine months ended September 30,
	2024		2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	19,090	$	18,662
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	589		658
Amortization of deferred offering costs	9		86
Net accretion of discount on investments	(2,057)		(876)
Paid-in-kind interest	(637)		(273)
Net realized (gain) loss on investments	(5)		(10)
Net realized currency (gain) loss on non-investment assets and liabilities	645		3
Net change in unrealized (appreciation) depreciation on investments	1,254		(5,609)
Net change in unrealized currency (gain) loss on non-investment assets and liabilities	(645)		8
Net change in unrealized (gain) loss on forward currency contracts	210		—
Cost of investments purchased and change in payable for investments purchased	(113,521)		(77,291)
Proceeds from sales and repayments of investments and change in receivable for investments sold	48,924		6,811
Changes in operating assets:
Interest and other income receivable from investments	(21)		(985)
Prepaid expenses and other assets	(278)		(470)
Due from Investment Adviser	(384)		(192)
Changes in operating liabilities:

Interest and credit facility fees payable	(1,096)		1,213
Incentive fees payable	372		510
Administrative service fees payable	123		(88)

Accrued organizational expenses	—		(157)

Deferred income	—		(81)


Other accrued expenses and liabilities	179		698
Net cash provided by (used in) operating activities	(47,249)		(57,383)
Cash flows from financing activities:
Proceeds from issuance of common shares of beneficial interest, net of change in receivable for issuance of common shares of beneficial interest	39,980		40,011
Borrowings on Credit Facilities	60,000		75,020
Repayments of Credit Facilities	(61,437)		(35,400)



Debt issuance costs paid	(1,209)		(279)
Dividends paid in cash	(8,819)		(3,989)
Deferred financing cost payable	—		(548)
Deferred offering costs payable	—		(293)
Net cash provided by (used in) financing activities	28,515		74,522
Net increase (decrease) in cash, cash equivalents and restricted cash	(18,734)		17,139
Cash, cash equivalents and restricted cash, beginning of period	37,131		6,761
Cash, cash equivalents and restricted cash, end of period	$	18,397	$	23,900

Table of Contents


Supplemental disclosures:

Interest and credit facility fees paid during the period	$	9,174	$	6,369
Taxes, including excise tax, paid during the period	$	176	$	34
Dividends declared during the period	$	20,625	$	10,114
Dividends reinvested during the period	$	6,893	$	4,330

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

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (99.1% of fair value)
Accession Risk Management Group, Inc.	^	(2)(3)	Diversified Financial Services	SOFR	4.75%	9.93%	5/31/2022	11/1/2029	$	11,970	$	11,912	$	12,012	4.89	%
ACR Group Borrower, LLC	^	(2)(3)(13)	Aerospace & Defense	SOFR	5.00%	9.67%	5/14/2024	3/31/2028	867		853		867		0.35
ADPD Holdings, LLC	#^	(2)(3)(11) (13)	Consumer Services	SOFR	6.00%	10.83%	8/16/2022	8/15/2028	8,116		7,862		6,941		2.83
AI Grace AUS Bidco Pty LTD (Australia)	^	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	6.50%	11.51%	12/5/2023	12/5/2029	2,286		2,224		2,286		0.93
Allied Benefit Systems Intermediate LLC	^	(2)(3)	Healthcare & Pharmaceuticals	SOFR	5.25%	10.15%	10/31/2023	10/31/2030	6,103		6,020		6,164		2.51
Alpine Acquisition Corp II	#^	(2)(3)(11) (13)	Transportation: Cargo	SOFR	6.00%	11.20%	4/19/2022	11/30/2026	9,815		9,710		8,230		3.35
Apex Companies Holdings, LLC	#^	(2)(3)	Environmental Industries	SOFR	5.50%	10.64%	1/31/2023	1/31/2028	12,307		12,061		12,249		4.99
Applied Technical Services, LLC	#	(2)(3)(11)	Business Services	SOFR	6.00%	10.75%	9/18/2023	12/29/2026	374		369		370		0.15
Applied Technical Services, LLC	#	(2)(3)(11) (13)	Business Services	SOFR	5.75%	10.50%	1/16/2024	12/29/2026	522		507		505		0.21
Ardonagh Midco 3 PLC (United Kingdom)	^	(2)(3)(7)	Diversified Financial Services	SOFR	4.75%	9.90%	3/1/2024	2/15/2031	2,822		2,782		2,788		1.14
Artifact Bidco, Inc.	#	(2)(3)(13)	Software	SOFR	4.50%	9.10%	7/26/2024	7/26/2031	704		695		693		0.28
Ascend Buyer, LLC	#^	(2)(3)(11) (13)	Containers, Packaging & Glass	SOFR	5.75%	10.50%	9/30/2021	9/30/2028	14,637		14,312		14,561		5.93
Associations, Inc.	#	(2)(3)(11) (13)	Construction & Building	SOFR	6.50%	12.00%	5/3/2024	7/2/2028	6,552		6,545		6,606		2.69
Athlete Buyer, LLC	#^	(2)(3)(11) (13)	Construction & Building	SOFR	6.50%	11.29%	3/29/2024	4/26/2029	4,630		4,465		4,492		1.83
Atlas US Finco, Inc.	#	(2)(3)(7) (13)	High Tech Industries	SOFR	5.75%	11.03%	12/15/2022	12/12/2029	723		704		719		0.29
Atlas US Finco, Inc.	#	(2)(3)(7)	High Tech Industries	SOFR	5.75%	11.03%	12/18/2023	12/10/2029	335		328		333		0.14
Auditboard, Inc.	^	(2)(3)(13)	Software	SOFR	4.75%	9.35%	7/12/2024	7/12/2031	3,000		2,951		2,948		1.20
Avalara, Inc.	#^	(2)(3)(13)	Diversified Financial Services	SOFR	6.25%	10.85%	10/19/2022	10/19/2028	13,500		13,224		13,611		5.55
Azurite Intermediate Holdings, Inc.	^	(2)(3)(13)	Software	SOFR	6.50%	11.35%	3/19/2024	3/19/2031	3,220		3,153		3,211		1.31
Big Bus Tours Group Limited (United Kingdom)	^	(2)(7)(13)	Leisure Products & Services	SOFR	8.25%	13.10%	6/4/2024	6/4/2031	—		(13)		(13)		(0.01)
Big Bus Tours Group Limited (United Kingdom)	^	(2)(7)	Leisure Products & Services	EURIBOR	8.25%	12.00%	6/4/2024	6/4/2031	€	1,652	1,745		1,788		0.73
Big Bus Tours Group Limited (United Kingdom)	^	(2)(7)	Leisure Products & Services	SOFR	8.25%	13.56%	6/4/2024	6/4/2031	2,671		2,593		2,597		1.06
Bingo Group Buyer, Inc.	^	(2)(3)(13)	Business Services	SOFR	5.00%	10.32%	7/10/2024	7/10/2031	2,073		2,037		2,056		0.84

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Birsa S.p.A. (Italy)	#	(2)(7)(13)	Healthcare & Pharmaceuticals	EURIBOR	6.00%	9.68%	7/2/2024	6/30/2031	€	793	$	795	$	829	0.34	%
BlueCat Networks, Inc. (Canada)	#^	(2)(3)(7)	High Tech Industries	SOFR	5.75%	10.66%	8/8/2022	8/8/2028	9,789		9,656		9,787		3.99
Bradyifs Holdings, LLC	^	(2)(3)(13)	Wholesale	SOFR	6.00%	11.22%	10/31/2023	10/31/2029	4,839		4,751		4,837		1.97
CD&R Madison Parent Ltd (United Kingdom)	#^	(2)(7)(13)	Business Services	SONIA	6.45%, 2.00% PIK	13.40%	2/27/2023	2/27/2030	£	2,771	3,262		3,783		1.54
CD&R Madison Parent Ltd (United Kingdom)	^	(2)(7)	Business Services	EURIBOR	5.95%, 2.00% PIK	11.46%	2/27/2023	2/27/2030	€	1,237	1,278		1,404		0.57
Celerion Buyer, Inc.	^	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.50%	10.73%	11/3/2022	11/3/2029	3,097		3,021		3,097		1.26
CoreWeave Compute Acquisition Co. II, LLC	#	(2)(3)	High Tech Industries	SOFR	9.62%	14.65%	7/30/2023	7/30/2028	1,155		1,139		1,167		0.48
CoreWeave Compute Acquisition Co. IV, LLC	#	(2)(13)	High Tech Industries	SOFR	6.00%	11.05%	5/22/2024	5/22/2029	1,702		1,562		1,552		0.63
Coupa Holdings, LLC	#	(2)(3)(13)	Software	SOFR	5.50%	10.75%	2/27/2023	2/28/2030	2,154		2,103		2,165		0.88
CST Holding Company	^	(2)(3)(11) (13)	Consumer Goods: Non-Durable	SOFR	5.00%	9.85%	11/1/2022	11/1/2028	4,897		4,777		4,893		1.99
DCA Investment Holding LLC	#	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.41%	11.01%	2/25/2022	4/3/2028	2		2		2		0.00
Denali Midco 2, LLC	#^	(2)(3)(11)	Consumer Services	SOFR	6.50%	11.70%	9/15/2022	12/22/2027	9,867		9,671		9,867		4.02
Diligent Corporation	#	(2)(3)(13)	Telecommunications	SOFR	5.00%	10.09%	4/30/2024	8/4/2030	7,214		7,146		7,246		2.95
Dwyer Instruments, Inc.	#^	(2)(3)(11) (13)	Capital Equipment	SOFR	5.75%	10.44%	7/21/2021	7/21/2027	13,704		13,538		13,704		5.58
Eliassen Group, LLC	#^	(2)(3)	Business Services	SOFR	5.75%	10.39%	4/14/2022	4/14/2028	8,662		8,577		8,549		3.48
Ellkay, LLC	#	(2)(3)(11) (13)	Healthcare & Pharmaceuticals	SOFR	5.50%, 2.00% PIK	12.55%	9/14/2021	9/14/2027	3		3		3		0.00
Essential Services Holding Corporation	^	(2)(3)(13)	Consumer Services	SOFR	5.00%	10.29%	6/17/2024	6/17/2031	758		749		749		0.31
Excel Fitness Holdings, Inc.	#^	(2)(3)(13)	Leisure Products & Services	SOFR	5.50%	10.10%	8/3/2023	4/29/2029	2,441		2,364		2,427		0.99
Excel Fitness Holdings, Inc.	^	(2)(3)(11) (13)	Leisure Products & Services	SOFR	5.25%	9.85%	4/29/2022	4/29/2029	4,094		4,027		4,035		1.64
Excelitas Technologies Corp.	^	(2)(3)(13)	Capital Equipment	SOFR	5.25%	9.85%	8/12/2022	8/12/2029	7,228		7,145		7,275		2.96
Excelitas Technologies Corp.	^	(2)	Capital Equipment	EURIBOR	5.25%	8.60%	8/12/2022	8/12/2029	€	1,621	1,686		1,812		0.74
FPG Intermediate Holdco, LLC	#	(2)(3)(11)	Consumer Services	SOFR	2.75%, 4.00% PIK	11.25%	8/5/2022	3/5/2027	37		37		28		0.01
Generator Buyer, Inc. (Canada)	^	(2)(3)(7) (13)	Energy: Electricity	CORRA	5.25%	9.22%	7/22/2024	7/22/2030	C$	4,021	2,855		2,894		1.18
GS AcquisitionCo, Inc.	^	(2)(3)(13)	Software	SOFR	5.25%	9.83%	3/26/2024	5/25/2028	4,388		4,374		4,403		1.79
Guidehouse LLP	#^	(2)(3)	Sovereign & Public Finance	SOFR	3.75%, 2.00% PIK	10.60%	9/30/2022	12/16/2030	6,002		6,000		6,062		2.47

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Hercules Borrower LLC	#	(2)(3)(11)	Environmental Industries	SOFR	5.50%	10.20%	9/10/2021	12/14/2026	$	1	$	1	$	1	0.00	%
Hoosier Intermediate, LLC	#	(2)(3)(11) (13)	Healthcare & Pharmaceuticals	SOFR	5.00%	10.12%	11/15/2021	11/15/2028	4		4		4		0.00
HS Spa Holdings Inc.	^	(2)(3)(13)	Consumer Services	SOFR	5.25%	10.30%	6/2/2022	6/2/2029	883		869		889		0.36
HS Spa Holdings Inc.	#	(2)(3)(13)	Consumer Services	SOFR	5.25%	10.10%	3/12/2024	6/2/2029	—		(1)		—		—
Icefall Parent, Inc.	^	(2)(3)(13)	Software	SOFR	6.50%	11.35%	1/26/2024	1/26/2030	2,604		2,552		2,569		1.05
IQN Holding Corp.	^	(2)(3)(13)	Business Services	SOFR	5.25%	10.31%	5/2/2022	5/2/2029	3,131		3,107		3,131		1.28
iRobot Corporation	#	(2)(3)(7) (11)	Consumer Goods: Durable	SOFR	6.50%, 2.50% PIK	14.41%	7/25/2023	7/31/2026	4,376		4,376		4,223		1.72
Jeg's Automotive, LLC	#	(2)(3)(8) (11)	Auto Aftermarket & Services	SOFR	6.00%	10.59%	12/22/2021	12/22/2027	4		4		2		0.00
Kaseya, Inc.	#	(2)(3)(13)	High Tech Industries	SOFR	5.50%	10.74%	6/23/2022	6/23/2029	2,294		2,211		2,294		0.93
LVF Holdings, Inc.	#	(2)(3)(11) (13)	Beverage & Food	SOFR	5.75%	10.42%	6/10/2021	6/10/2027	20		20		20		0.01
Material Holdings, LLC	#	(2)(3)(11)	Business Services	SOFR	1.80%, 4.20% PIK	10.70%	8/19/2021	8/19/2027	4		4		4		0.00
Material Holdings, LLC	#	(2)(3)(8) (11)	Business Services	SOFR	6.00% (100% PIK)	10.59%	8/19/2021	8/19/2027	1		0		0		0.00
Maverick Acquisition, Inc.	#	(2)(3)(11)	Aerospace & Defense	SOFR	6.25%	10.85%	6/1/2021	6/1/2027	21		21		17		0.01
Medical Manufacturing Technologies, LLC	#^	(2)(3)(11) (13)	Healthcare & Pharmaceuticals	SOFR	5.75%	10.42%	12/23/2021	12/23/2027	1,899		1,866		1,867		0.76
NEFCO Holding Company LLC	#^	(2)(3)(13)	Construction & Building	SOFR	5.75%	11.13%	8/5/2022	8/5/2028	9,680		9,499		9,645		3.93
North Haven Fairway Buyer, LLC	#^	(2)(3)(13)	Consumer Services	SOFR	6.50%	11.33%	5/17/2022	5/17/2028	15,084		14,874		15,084		6.16
North Haven Stallone Buyer, LLC	#	(2)(3)	Consumer Services	SOFR	5.75%	10.83%	10/11/2022	5/24/2027	198		195		195		0.08
North Haven Stallone Buyer, LLC	#	(2)(3)(11) (13)	Consumer Services	SOFR	6.00%	11.22%	11/3/2023	5/24/2027	4,075		3,988		4,036		1.64
Oak Purchaser, Inc.	#^	(2)(3)(13)	Business Services	SOFR	5.50%	9.75%	4/28/2022	4/28/2028	6,725		6,678		6,601		2.69
Oak Purchaser, Inc.	^	(2)(3)(13)	Business Services	SOFR	5.50%	9.75%	2/1/2024	4/28/2028	758		721		717		0.29
Oranje Holdco, Inc.	#^	(2)(3)(13)	Business Services	SOFR	7.50%	12.75%	2/1/2023	2/1/2029	8,052		7,874		8,026		3.27
Oranje Holdco, Inc.	^	(2)(3)	Business Services	SOFR	7.25%	12.50%	6/26/2024	2/1/2029	3,374		3,309		3,306		1.35
Park County Holdings, LLC	^	(2)(3)(10)	Media: Advertising, Printing & Publishing	SOFR	7.28%	12.12%	11/29/2023	11/29/2029	11,503		11,292		11,388		4.64
PDI TA Holdings, Inc	^	(2)(3)(13)	Software	SOFR	5.25%	10.35%	2/1/2024	2/1/2031	5,479		5,412		5,420		2.21
Pestco Intermediate, LLC	^	(2)(3)(11) (13)	Environmental Industries	SOFR	6.00%	11.41%	2/6/2023	2/17/2028	6,722		6,550		6,875		2.80
PF Atlantic Holdco 2, LLC	#	(2)(3)(11) (13)	Leisure Products & Services	SOFR	5.50%	10.61%	11/12/2021	11/12/2027	5		4		5		0.00
PF Atlantic Holdco 2, LLC	^	(2)(3)(11) (13)	Leisure Products & Services	SOFR	6.00%	11.13%	11/21/2023	11/12/2027	317		260		352		0.14

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
PPV Intermediate Holdings, LLC	#	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.84%	8/7/2024	8/31/2029	$	—	$	(42)	$	(43)	(0.02)	%
Project Castle, Inc.	^	(2)(3)	Capital Equipment	SOFR	5.50%	10.83%	6/24/2022	6/1/2029	980		902		892		0.36
PXO Holdings I Corp.	#	(2)(3)(11) (13)	Chemicals, Plastics & Rubber	SOFR	5.50%	10.35%	3/8/2022	3/8/2028	5		5		5		0.00
QBS Parent, Inc.	#	(2)	Energy: Oil & Gas	SOFR	4.25%	8.84%	8/22/2024	9/30/2025	249		249		243		0.10
QNNECT, LLC	^	(2)(3)(13)	Aerospace & Defense	SOFR	6.75%	11.83%	11/2/2022	11/2/2029	5,262		5,106		5,328		2.17
Quantic Electronics, LLC	#	(2)(3)(11)	Aerospace & Defense	SOFR	6.25%	10.95%	8/17/2021	3/1/2027	7		7		7		0.00
Radwell Parent, LLC	#^	(2)(3)(13)	Wholesale	SOFR	5.50%	10.10%	12/1/2022	4/1/2029	13,919		13,577		13,926		5.68
SCP Eye Care HoldCo, LLC	#^	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.50%	10.49%	10/7/2022	10/7/2029	9,050		8,779		9,034		3.68
Smarsh Inc.	#	(2)(3)(13)	Software	SOFR	5.75%	10.35%	2/18/2022	2/18/2029	1		1		1		0.00
Spotless Brands, LLC	#^	(2)(3)(13)	Consumer Services	SOFR	5.75%	10.80%	6/21/2022	7/25/2028	14,129		13,928		14,104		5.76
Summit Acquisition, Inc.	^	(2)(3)(13)	Diversified Financial Services	SOFR	6.50%	11.10%	5/4/2023	5/1/2030	4,422		4,271		4,541		1.85
The Chartis Group, LLC	^	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	4.50%	9.44%	9/17/2024	9/17/2031	5,205		5,129		5,129		2.09
Trader Corporation (Canada)	#^	(2)(3)(7) (13)	Auto Aftermarket & Services	CORRA	5.50%	10.50%	12/22/2022	12/22/2028	C$	16,720	12,047		12,361		5.04
Tufin Software North America, Inc.	^	(2)(3)(11) (13)	Software	SOFR	6.95%	11.90%	8/17/2022	8/17/2028	7,554		7,446		7,492		3.05
United Flow Technologies Intermediate Holdco II, LLC	^	(2)(3)(13)	Environmental Industries	SOFR	5.25%	9.86%	6/21/2024	6/21/2031	3,034		2,961		2,979		1.21
USR Parent Inc.	^	(2)(3)(10)	Retail	SOFR	7.60%	12.80%	4/22/2022	4/25/2027	3,444		3,425		3,419		1.39
Vensure Employer Services, Inc.	^	(2)(3)(13)	Business Services	SOFR	5.00%	9.59%	9/27/2024	9/27/2031	7,707		7,609		7,559		3.08
Wineshipping.com LLC	#	(2)(3)(11) (13)	Beverage & Food	SOFR	5.75%	10.78%	10/29/2021	10/29/2027	4		4		3		0.00
Yellowstone Buyer Acquisition, LLC	#	(2)(3)(11)	Consumer Goods: Durable	SOFR	5.75%	11.13%	9/13/2021	9/13/2027	2		2		2		0.00





























First Lien Debt Total											$	378,653	$	382,237	155.72	%
Second Lien Debt (0.7% of fair value)
11852604 Canada Inc. (Canada)	#	(2)(3)(7) (11)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	14.25%	9/30/2021	9/30/2028	$	5	$	5	$	5	0.00	%
AP Plastics Acquisition Holdings, LLC	#	(2)(3)(11)	Chemicals, Plastics & Rubber	SOFR	7.25%	12.20%	8/10/2021	8/10/2029	10		10		10		0.01
Associations, Inc.	#	(9)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	2,650		2,638		2,638		1.07
















Second Lien Debt Total											$	2,653	$	2,653	1.08	%

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (0.2% of fair value)
Blackbird Holdco, Inc.	#	(6)	Capital Equipment	12/14/2021	—	$	2	$	2	0.00	%
Buckeye Parent, LLC	#	(6)(12)	Auto Aftermarket & Services	12/22/2021	—	—		—		—
FS NU Investors, LP	#	(6)	Consumer Services	8/9/2024	—	29		29		0.01
GB Vino Parent, L.P.	#	(6)(12)	Beverage & Food	10/29/2021	—	—		—		—
NearU Holdings LLC	#	(6)(12)	Consumer Services	8/16/2022	5	494		134		0.06
NEFCO Holding Company LLC	#	(6)	Construction & Building	8/5/2022	—	152		152		0.06
Pascal Ultimate Holdings, L.P	#	(6)(12)	Capital Equipment	7/21/2021	—	—		—		—
Profile Holdings I, LP	#	(6)(12)	Chemicals, Plastics & Rubber	3/8/2022	—	—		—		—
Summit K2 Midco, Inc.	#	(6)(12)	Diversified Financial Services	4/27/2023	91	91		139		0.06
Talon MidCo 1 Limited	#	(6)(12)	Software	8/17/2022	136	194		248		0.10
TW LRW Holdings, LLC	#	(6)(12)	Business Services	6/14/2024	0	—		—		—















Equity Investments Total						$	962	$	704	0.29	%
Total investments—non-controlled/non-affiliated						$	382,268	$	385,594	157.09	%
Total investments						$	382,268	$	385,594	157.09	%


Derivative Instruments***	Counterparty	Notional Amount to be Purchase		Notional Amount to be Sold		Maturity Date	Unrealized Appreciation (Depreciation)
Forward Currency Contract	Macquarie Bank Limited	$	80	C$	110	11/5/2024	$	(1)
Forward Currency Contract	Macquarie Bank Limited	$	77	C$	105	2/5/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	73	C$	99	4/2/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	73	C$	99	8/5/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	71	C$	97	11/5/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	70	C$	95	2/4/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	66	C$	90	5/5/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	68	C$	92	8/5/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	67	C$	91	11/4/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	66	C$	90	2/3/2027	(1)
Forward Currency Contract	Macquarie Bank Limited	$	64	C$	86	5/5/2027	(1)
Forward Currency Contract	Macquarie Bank Limited	$	2,866	C$	3,861	8/4/2027	(45)
Forward Currency Contract	Macquarie Bank Limited	$	97	C$	131	11/15/2024	0
Forward Currency Contract	Macquarie Bank Limited	$	98	C$	132	11/15/2024	0

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Derivative Instruments***	Counterparty	Notional Amount to be Purchase		Notional Amount to be Sold		Maturity Date	Unrealized Appreciation (Depreciation)
Forward Currency Contract	Macquarie Bank Limited	$	55	€	51	11/15/2024	$	(1)
Forward Currency Contract	Macquarie Bank Limited	$	54	€	49	2/13/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	53	€	48	5/15/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	53	€	48	8/15/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	52	€	47	11/14/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	51	€	46	2/17/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	51	€	45	5/15/2026	(1)
Forward Currency Contract	Macquarie Bank Limited	$	1,892	€	1,698	6/10/2026	(43)
Forward Currency Contract	Barclays Bank PLC	$	8,886	C$	11,960	1/7/2025	14
Forward Currency Contract	Barclays Bank PLC	$	3,576	C$	4,813	1/7/2025	6
Forward Currency Contract	Barclays Bank PLC	$	21	€	19	10/15/2024	(1)
Forward Currency Contract	Barclays Bank PLC	$	20	€	19	1/14/2025	(1)
Forward Currency Contract	Barclays Bank PLC	$	19	€	17	7/14/2025	(1)
Forward Currency Contract	Barclays Bank PLC	$	19	€	18	4/14/2025	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	17	10/15/2025	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	17	1/14/2026	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	16	4/14/2026	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	16	7/14/2026	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	16	10/14/2026	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	16	1/14/2027	(1)
Forward Currency Contract	Barclays Bank PLC	$	18	€	16	4/14/2027	(1)
Forward Currency Contract	Barclays Bank PLC	$	895	€	801	7/14/2027	(31)
Forward Currency Contract	Barclays Bank PLC	$	1,429	€	1,281	12/16/2024	(3)
Forward Currency Contract	Barclays Bank PLC	$	1,332	€	1,171	10/30/2026	(11)
Forward Currency Contract	Barclays Bank PLC	$	85	£	67	10/15/2024	(5)
Forward Currency Contract	Barclays Bank PLC	$	3,568	£	2,708	12/16/2024	(60)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Derivative Instruments***	Counterparty	Notional Amount to be Purchase		Notional Amount to be Sold		Maturity Date	Unrealized Appreciation (Depreciation)
Forward Currency Contract	Barclays Bank PLC	$	107	£	82	12/6/2024	$	(3)
Total Derivative Instruments							$	(210)

# Denotes that all or a portion of the assets are owned by Carlyle Secured Lending III (together with its consolidated subsidiary, “we,” “us,” “our,” “CSL III,” or the “Company”). The Company has entered into a senior secured revolving credit facility (as amended, the “Subscription Facility”). The lenders of the Subscription Facility have a first lien security interest in substantially all of the portfolio investments held by the Company (see Note 6, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company's wholly owned subsidiary, Carlyle Secured Lending III SPV, L.L.C. (the “SPV”).

^ Denotes that all or a portion of the assets are owned by the Company’s wholly owned subsidiary, the SPV. The SPV has entered into a senior secured revolving credit facility (the “SPV Credit Facility” and, together with the Subscription Facility, the “Credit Facilities”). The lenders of the SPV Credit Facility have a first lien security interest in substantially all of the assets of the SPV (see Note 6, Borrowings, to these unaudited consolidated financial statements). Accordingly, such assets are not available to creditors of the Company.

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

*** Refer to Note 5, Derivative Instruments, to these unaudited consolidated financial statements for further information

(1)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.

(2)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% and the 30-day CORRA at 4.30%.

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

(4)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.

(5)Fair value is determined in good faith by or under the direction of CSL III Advisor, LLC ( 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 and equity investments was determined using significant unobservable inputs.

(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. As of September 30, 2024, the aggregate fair value of these securities is $704, or 0.29%, of the Company's net assets.

(7)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.

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

(9)Represents a corporate mezzanine loan, which is subordinated to senior secured term loans of the portfolio company.

(10)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.

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

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

(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
ACR Group Borrower, LLC	Delayed Draw	0.75	%	$	621	$	—
ADPD Holdings, LLC	Delayed Draw	1.00		5,808		(478)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
ADPD Holdings, LLC	Revolver	0.50	%	$	379	$	(31)
Alpine Acquisition Corp II	Revolver	0.50		293		(46)
Applied Technical Services, LLC	Delayed Draw	1.00		387		(7)
Applied Technical Services, LLC	Revolver	0.50		31		(1)
Artifact Bidco, Inc.	Delayed Draw	0.50		172		(2)
Artifact Bidco, Inc.	Revolver	0.35		123		(1)
Ascend Buyer, LLC	Revolver	0.50		0		(0		)
Associations, Inc.	Delayed Draw	—		508		4
Associations, Inc.	Revolver	0.50		407		3
Athlete Buyer, LLC	Delayed Draw	1.00		4,410		(68)
Atlas US Finco, Inc.	Revolver	0.50		67		(0		)
Auditboard, Inc.	Delayed Draw	—		1,429		(15)
Auditboard, Inc.	Revolver	0.50		571		(6)
Avalara, Inc.	Revolver	0.50		1,350		10
Azurite Intermediate Holdings, Inc.	Delayed Draw	0.50		1,073		(2)
Azurite Intermediate Holdings, Inc.	Revolver	0.50		477		(1)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50		457		(13)
Bingo Group Buyer, Inc.	Delayed Draw	0.75		639		(4)
Bingo Group Buyer, Inc.	Revolver	0.50		238		(1)
Birsa S.p.A. (Italy)	Delayed Draw	1.25		€	1,269	(30)
Bradyifs Holdings, LLC	Delayed Draw	1.00		142		(0		)
CD&R Madison Parent Ltd (United Kingdom)	Delayed Draw	1.50		£	281	4
Celerion Buyer, Inc.	Delayed Draw	1.00		499		—
Celerion Buyer, Inc.	Revolver	0.50		249		—
CoreWeave Compute Acquisition Co. IV, LLC	Delayed Draw	0.50		8,298		(124)
Coupa Holdings, LLC	Delayed Draw	1.50		193		1
Coupa Holdings, LLC	Revolver	0.50		148		1
CST Holding Company	Revolver	0.50		470		(0		)
Diligent Corporation	Delayed Draw	0.50		1,158		4
Diligent Corporation	Revolver	0.50		772		3
Dwyer Instruments, Inc.	Revolver	0.50		847		—
Ellkay, LLC	Revolver	0.50		0		(0		)
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		1,745		(6)
Excel Fitness Holdings, Inc.	Revolver	0.50		594		(7)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Excelitas Technologies Corp.	Delayed Draw	1.00	%	$	1,081	$	6
Excelitas Technologies Corp.	Revolver	0.50		1,376		7
Generator Buyer, Inc. (Canada)	Delayed Draw	0.50		C$	979	(21)
Generator Buyer, Inc. (Canada)	Revolver	0.50		C$	556	(12)
GS AcquisitionCo, Inc.	Delayed Draw	0.50		149		0
GS AcquisitionCo, Inc.	Revolver	0.50		180		1
Hoosier Intermediate, LLC	Revolver	0.50		1		—
HS Spa Holdings Inc.	Delayed Draw	0.50		116		—
HS Spa Holdings Inc.	Revolver	0.50		86		1
Icefall Parent, Inc.	Revolver	0.50		248		(3)
IQN Holding Corp.	Revolver	0.50		375		—
Kaseya, Inc.	Delayed Draw	1.00		3,337		—
Kaseya, Inc.	Revolver	0.50		385		—
LVF Holdings, Inc.	Revolver	0.38		1		—
Medical Manufacturing Technologies, LLC	Revolver	0.50		32		(1)
NEFCO Holding Company LLC	Delayed Draw	1.00		1,543		(4)
NEFCO Holding Company LLC	Revolver	0.50		712		(2)
North Haven Fairway Buyer, LLC	Revolver	0.50		697		—
North Haven Stallone Buyer, LLC	Delayed Draw	1.00		1,006		(8)
Oak Purchaser, Inc.	Delayed Draw	0.50		1,408		(27)
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		1,268		(10)
PDI TA Holdings, Inc	Revolver	0.50		556		(5)
Pestco Intermediate, LLC	Delayed Draw	1.00		832		16
Pestco Intermediate, LLC	Revolver	0.50		357		7
PF Atlantic Holdco 2, LLC	Delayed Draw	1.00		3,193		32
PF Atlantic Holdco 2, LLC	Revolver	0.50		0		—
PPV Intermediate Holdings, LLC	Delayed Draw	1.00		4,348		(43)
PXO Holdings I Corp.	Revolver	0.50		0		(0		)
QNNECT, LLC	Delayed Draw	1.00		1,325		13
Radwell Parent, LLC	Revolver	0.38		837		0
SCP Eye Care HoldCo, LLC	Delayed Draw	1.00		1,753		(2)
SCP Eye Care HoldCo, LLC	Revolver	0.50		1,129		(1)
Smarsh Inc.	Delayed Draw	1.00		0		—
Smarsh Inc.	Revolver	0.50		0		—

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Spotless Brands, LLC	Revolver	0.50	%	$	183	(0		)
Summit Acquisition, Inc.	Delayed Draw	1.00		1,031		21
Summit Acquisition, Inc.	Revolver	0.50		515		10
The Chartis Group, LLC	Delayed Draw	1.00		1,593		(16)
The Chartis Group, LLC	Revolver	0.50		797		(8)
Trader Corporation (Canada)	Revolver	0.50		C$	906	(0		)
Tufin Software North America, Inc.	Delayed Draw	—		69		(1)
Tufin Software North America, Inc.	Revolver	0.50		357		(3)
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw	1.00		1,659		(18)
United Flow Technologies Intermediate Holdco II, LLC	Revolver	0.50		335		(4)
Vensure Employer Services, Inc.	Delayed Draw	0.50		2,188		(33)
Wineshipping.com LLC	Revolver	0.50		0		(0		)
Total unfunded commitments				$	76,772	$	(936)

The type of investments as of September 30, 2024 consisted of the following:


Type	Amortized Cost		Fair Value		% of Fair Value


First Lien Debt	$	378,653	$	382,237	99.1	%
Second Lien Debt	2,653		2,653		0.7
Equity Investments	962		704		0.2
Total	$	382,268	$	385,594	100.0	%

The rate type of debt investments as of September 30, 2024 was as follows:


Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	378,668	$	382,252	99.3	%
Fixed Rate	2,638		2,638		0.7
Total	$	381,306	$	384,890	100.0	%

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)

The industry composition of investments as of September 30, 2024 was as follows:


Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	5,987	$	6,219	1.6	%
Auto Aftermarket & Services	12,051		12,363		3.2
Beverage & Food	24		23		0.0
Business Services	45,332		46,011		11.8
Capital Equipment	23,273		23,685		6.1
Chemicals, Plastics & Rubber	15		15		0.0
Construction & Building	23,299		23,533		6.1
Consumer Goods: Durable	4,378		4,225		1.1
Consumer Goods: Non-Durable	7,001		7,179		1.9
Consumer Services	52,695		52,056		13.4
Containers, Packaging & Glass	14,312		14,561		3.8
Diversified Financial Services	32,280		33,091		8.6
Energy: Electricity	2,855		2,894		0.8
Energy: Oil & Gas	249		243		0.1
Environmental Industries	21,573		22,104		5.7
Healthcare & Pharmaceuticals	25,582		26,091		6.8
High Tech Industries	15,600		15,852		4.1
Leisure Products & Services	10,980		11,191		2.9


Media: Advertising, Printing & Publishing	11,292		11,388		3.0
Retail	3,425		3,419		0.9
Software	28,881		29,150		7.6
Sovereign & Public Finance	6,000		6,062		1.6
Telecommunications	7,146		7,246		1.9
Transportation: Cargo	9,710		8,230		2.1

Wholesale	18,328		18,763		4.9
Total	$	382,268	$	385,594	100.0	%

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2024

(amounts in thousands) (unaudited)

The geographical composition of investments as of September 30, 2024 was as follows:


Geography	Amortized Cost		Fair Value		% of Fair Value
Australia	$	2,928	$	3,005	0.8	%
Canada	24,563		25,047		6.5
Italy	795		829		0.2
United Kingdom	11,647		12,347		3.2
United States	342,335		344,366		89.3
Total	$	382,268	$	385,594	100.0	%

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

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
First Lien Debt (99.5% of fair value)
ADPD Holdings, LLC	#^	(2)(3)(8)(10)	Consumer Services	SOFR	6.00%	11.68%	8/16/2022	8/15/2028	$	7,151	$	6,922	$	5,802	2.85	%
AI Grace AUS Bidco Pty LTD (Australia)	^	(2)(3)(6)	Consumer Goods: Non-Durable	SOFR	6.50%	11.85%	12/5/2023	12/5/2029	2,286		2,218		2,217		1.09
Allied Benefit Systems Intermediate LLC	^	(2)(3)(10)	Healthcare & Pharmaceuticals	SOFR	5.25%	10.63%	10/31/2023	10/31/2030	5,183		5,093		5,091		2.50
Alpine Acquisition Corp II	#^	(2)(3)(8)(10)	Transportation: Cargo	SOFR	6.00%	11.46%	4/19/2022	11/30/2026	9,482		9,345		9,033		4.43
Apex Companies Holdings, LLC	#^	(2)(3)(10)	Environmental Industries	SOFR	6.25%	11.63%	1/31/2023	1/31/2028	10,015		9,726		10,040		4.93
Applied Technical Services, LLC	#	(2)(3)(8)	Business Services	SOFR	6.00%	11.43%	9/18/2023	12/29/2026	378		370		380		0.19
Ascend Buyer, LLC	#^	(2)(3)(8)(10)	Containers, Packaging & Glass	SOFR	6.40%	11.91%	9/30/2021	9/30/2028	14,749		14,374		14,380		7.06
Associations, Inc.	#^	(2)(3)(8)(10)	Construction & Building	SOFR	4.00%, 2.50% PIK	12.16%	7/2/2021	7/2/2027	5,817		5,775		5,794		2.84
Associations, Inc.	^	(2)(3)(8)	Construction & Building	SOFR	4.00%, 2.50% PIK	12.16%	10/10/2023	7/2/2027	1,259		1,247		1,254		0.62
Atlas AU Bidco Pty Ltd (Australia)	#	(2)(3)(6)(10)	High Tech Industries	SOFR	7.25%	12.58%	12/15/2022	12/12/2029	723		701		731		0.36
Atlas US Finco, Inc.	#	(2)(3)	High Tech Industries	SOFR	6.75%	12.40%	12/18/2023	12/10/2029	335		328		328		0.16
Avalara, Inc.	#^	(2)(3)(10)	Diversified Financial Services	SOFR	7.25%	12.60%	10/19/2022	10/19/2028	13,500		13,186		13,723		6.74
BlueCat Networks, Inc. (Canada)	#^	(2)(3)(6)(10)	High Tech Industries	SOFR	4.00%, 2.00% PIK	11.39%	8/8/2022	8/8/2028	7,420		7,244		7,181		3.53
Bradyifs Holdings, LLC	^	(2)(3)(10)	Wholesale	SOFR	6.00%	11.38%	10/31/2023	10/31/2029	4,641		4,536		4,533		2.23
CD&R Madison Parent Ltd (United Kingdom)	#^	(2)(6)(10)	Business Services	SONIA	6.25%, 2.00% PIK	13.44%	2/27/2023	2/27/2030	€	2,585	3,015		3,352		1.65
CD&R Madison Parent Ltd (United Kingdom)	^	(2)(6)	Business Services	EURIBOR	5.75%, 2.00% PIK	11.71%	2/27/2023	2/27/2030	£	1,218	1,254		1,365		0.67
Celerion Buyer, Inc.	^	(2)(3)(10)	Healthcare & Pharmaceuticals	SOFR	6.50%	11.93%	11/3/2022	11/3/2029	3,120		3,036		3,159		1.55
CoreWeave Compute Acquisition Co. II, LLC	#	(2)(3)(10)	High Tech Industries	SOFR	8.75%	14.13%	7/30/2023	7/30/2028	727		707		706		0.35
Coupa Holdings, LLC	#	(2)(3)(10)	Software	SOFR	7.50%	12.86%	2/27/2023	2/28/2030	2,160		2,103		2,210		1.08
CPI Intermediate Holdings, Inc.	^	(2)(3)(10)	Telecommunications	SOFR	5.50%	10.87%	10/6/2022	10/6/2029	11,529		11,313		11,408		5.60
CST Holding Company	^	(2)(3)(8)(10)	Consumer Goods: Non-Durable	SOFR	6.50%	11.86%	11/1/2022	11/1/2028	4,981		4,844		5,027		2.47
DCA Investment Holding LLC	#	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.41%	11.75%	2/25/2022	4/3/2028	2		2		2		0.00
Denali Midco 2, LLC	#^	(2)(3)(8)(10)	Consumer Services	SOFR	6.50%	11.96%	9/15/2022	12/22/2027	7,636		7,402		7,636		3.75
Dwyer Instruments, Inc.	#^	(2)(3)(8)(10)	Capital Equipment	SOFR	5.75%	11.20%	7/21/2021	7/21/2027	13,809		13,604		13,809		6.78
Eliassen Group, LLC	#^	(2)(3)(10)	Business Services	SOFR	5.50%	10.85%	4/14/2022	4/14/2028	8,728		8,595		8,584		4.21

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(amounts in thousands)


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Reference Rate (2)	Spread (2)	Interest Rate (2)	Acquisition Date	Maturity Date	Par/ Principal Amount **		Amortized Cost (4)		Fair Value (5)		% of Net Assets
Ellkay, LLC	#	(2)(3)(8)(10)	Healthcare & Pharmaceuticals	SOFR	6.00%	11.28%	9/14/2021	9/14/2027	$	3	$	3	$	3	0.00	%
Excel Fitness Holdings, Inc.	^	(2)(3)(8)(10)	Leisure Products & Services	SOFR	5.50%	10.85%	8/3/2023	4/29/2029	1,745		1,684		1,737		0.85
Excel Fitness Holdings, Inc.	^	(2)(3)(8)(10)	Leisure Products & Services	SOFR	5.25%	10.75%	4/29/2022	4/29/2029	4,104		4,028		4,041		1.98
Excelitas Technologies Corp.	^	(2)(3)(8)(10)	Capital Equipment	SOFR	5.75%	11.23%	8/12/2022	8/12/2029	5,375		5,272		5,287		2.60
Excelitas Technologies Corp.	^	(2)	Capital Equipment	EURIBOR	5.75%	9.74%	8/12/2022	8/12/2029	€	1,178

Carlyle Secured Lending III 10-Q