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 ~~June~~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 ~~August~~November 913, 2024 was 1112,~~710~~958,~~034~~485.

CARLYLE SECURED LENDING III

INDEX

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2024 (unaudited) and December 31, 2023	2
	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 six months ended June 30, 2024 and 2023 (unaudited)	3
	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 six months ended June 30, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)	5
	Consolidated Schedules of Investments as of June 30, 2024 (unaudited) and December 31, 2023	7
	Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023	7
	Notes to Consolidated Financial Statements (unaudited)	2527
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	4952
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	6367
Item 4.	Controls and Procedures	6569
Part II.	Other Information
Item 1.	Legal Proceedings	6670
Item 1A.	Risk Factors	6670
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	6973
Item 3.	Defaults Upon Senior Securities	6973
Item 4.	Mine Safety Disclosures	6973
Item 5.	Other Information	6973
Item 6.	Exhibits	7074
	Signatures	7175

Table of Contents

CARLYLE SECURED LENDING III

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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

	June 30, 2024		December 31, 2023
	September 30, 2024		December 31, 2023
ASSETS	(unaudited)
Investments—non-controlled/non-affiliated, at fair value (amortized cost of $364,292 and $311,762, respectively)	$	368,541	$	316,342
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	3718,~~631~~397		37,131
Derivative assets, at fair value (Note 5)	17		—
Deferred offering costs	—		9
Deferred offering costs	1		9
Receivable for investments sold	29		67
Receivable for investments sold	35		67
Due from Investment Adviser	1,356		972
Due from Investment Adviser	1,415		972
Interest and other income receivable from investments	3,459		3,438
Interest and other income receivable from investments	3,728		3,438
Receivable for issuance of common shares of beneficial interest	166		3,760
Receivable for issuance of common shares of beneficial interest	1,841		3,760
Prepaid expenses and other assets	3,441		2,543
Prepaid expenses and other assets	3,590		2,543
Total assets	$	412,442	$	364,262
Total assets	$	416,799	$	364,262
LIABILITIES
Secured borrowings (Note 6)	$	~~161~~151,~~075~~000	$	152,512
Derivative liabilities, at fair value (Note 5)	15		—
Payable for investments purchased	3,247		—
Interest and credit facility fees payable (Note 6)	468		1,494
Derivative liabilities, at fair value (Note 5)	210		—
Dividend payable (Note 8)	5,990		4,464
Interest and credit facility fees payable (Note 6)	398		1,494
Incentive fees payable (Note 4)	1,431		1,167
Dividend payable (Note 8)	9,377		4,464
Administrative service fees payable (Note 4)	297		278
Incentive fees payable (Note 4)	1,539		1,167
Other accrued expenses and liabilities	956		628
Administrative service fees payable (Note 4)	401		278
Total liabilities	170,232		160,543
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; 11,587,705 and 9,666,829 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	12		10
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	~~235~~237,~~355~~958		194,681
Total distributable earnings (loss)	117,~~200~~493		9,028
Total net assets	$	~~246~~245,~~567~~463	$	203,719
NET ASSETS PER SHARE	$	2120.2896	$	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 June 30,

Six months ended June 30,

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,~~312~~802

78,~~699~~502

2133,~~502~~304

1422,~~201~~703

PIK income

~~199~~215

71119

~~363~~578

~~210~~329

Other income

~~371~~499

~~569~~288

1,~~169~~668

~~795~~1,083

Total investment income

1112,~~882~~516

8,~~339~~909

2335,~~034~~550

1524,~~206~~115

Expenses:

Organizational expenses (Note 2)

—

1217

Offering costs (Note 2)

3320

6686

Net investment income incentive fees (Note 4)

1,~~431~~540

~~993~~1,016

24,~~830~~370

12,~~762~~778

Professional fees

~~174~~164

~~268~~237

~~289~~453

~~513~~750

Administrative service fees (Note 4)

~~237~~124

~~421~~187

~~524~~648

~~561~~748

Interest expense and credit facility fees (Note 6)

3,~~595~~494

23,~~667~~055

610,~~525~~019

58,~~072~~127

Trustees’ fees and expenses

8681

6361

~~172~~253

~~130~~191

Other general and administrative

~~299~~346

~~303~~426

~~620~~966

~~463~~889

Total expenses

5,~~825~~750

45,~~750~~007

1016,~~968~~718

813,~~579~~586

Less waivers and reimbursements of expenses

(~~735~~472)

(~~1,080~~910)

(1,~~344~~816)

(12,~~654~~564)

Expenses after waivers and reimbursements of expenses

5,~~090~~278

34,~~670~~097

914,~~624~~902

611,~~925~~022

Net investment income (loss) before taxes

67,~~792~~238

4,~~669~~812

1320,~~410~~648

813,~~281~~093

Excise tax expense

64—

822

1739

Net investment income (loss)

67,~~728~~238

4,~~661~~790

1320,~~311~~549

813,~~264~~054

Net realized gain (loss) and net change in unrealized appreciation (depreciation):

Net realized gain (loss) on investments:

Non-controlled/non-affiliated investments

~~(1)~~3

1—

Net realized currency gain (loss) on non-investment assets and liabilities

17(658)

(2)

13(645)

(13)

Net change in unrealized appreciation (depreciation) on investments:

Non-controlled/non-affiliated investments

(~~1,303~~923)

13,~~317~~264

(~~331~~1,254)

25,~~345~~609

Net change in unrealized currency gains (losses) on non-investment assets and liabilities

~~112~~213

~~(309)~~459

~~432~~645

(~~467~~8)

Net change in unrealized gains (losses) on forward currency contracts

2(212)

—

2(210)

—

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and non-investment assets and liabilities

(1,~~173~~577)

13,~~011~~721

~~118~~(1,459)

15,~~887~~608

Net increase (decrease) in net assets resulting from operations

5,~~555~~661

58,~~672~~511

1319,~~429~~090

1018,~~151~~662

Basic and diluted earnings per Share (Note 8)

0.5148

01.8120

1.3077

12.6184

Weighted-average common shares of beneficial interest outstanding — Basic and Diluted (Note 8)

10,901,594

6,960,645

10,350,534

6,316,443

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)

Six months ended June 30,

Nine months ended September 30,

2024

2023

Net increase (decrease) in net assets resulting from operations:

Net investment income (loss)

1320,~~311~~549

813,~~264~~054

Net realized gain (loss) on investments and non-investment assets and liabilities

15(640)

Net change in unrealized appreciation (depreciation) on investments, non-investment assets and liabilities and forward currency contracts

~~103~~(819)

15,~~878~~601

Net increase (decrease) in net assets resulting from operations

1319,~~429~~090

1018,~~151~~662

Capital share transactions:

Common shares of beneficial interest issued

36,386

2548,~~319~~611

Dividend reinvestment

46,~~290~~893

24,~~703~~330

Dividends declared (Note 8)

(1120,~~257~~625)

(610,~~376~~114)

Net increase (decrease) in net assets resulting from capital share transactions

2922,~~419~~654

2142,~~646~~827

Net increase (decrease) in net assets

4241,~~848~~744

3161,~~797~~489

Net assets at beginning of period

203,719

109,672

Net assets at end of period

~~246~~245,~~567~~463

~~141~~171,~~469~~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)

Six months ended June 30,

Nine months ended September 30,

2024

2023

Cash flows from operating activities:

Net increase (decrease) in net assets resulting from operations

1319,~~429~~090

1018,~~151~~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

~~456~~589

~~409~~658

Amortization of deferred offering costs

6686

Net accretion of discount on investments

(12,~~299~~057)

(~~540~~876)

Paid-in-kind interest

(~~420~~637)

(~~182~~273)

Net realized (gain) loss on investments

(25)

(10)

Net realized currency (gain) loss on non-investment assets and liabilities

~~(13)~~645

Net change in unrealized (appreciation) depreciation on investments

~~331~~1,254

(25,~~345~~609)

Net change in unrealized currency (gain) loss on non-investment assets and liabilities

(~~432~~645)

~~467~~8

Net change in unrealized (gain) loss on forward currency contracts

~~(2)~~210

—

Cost of investments purchased

(79,937)

(62,337)

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

2948,~~168~~924

36,~~245~~811

Changes in operating assets:

Interest and other income receivable from investments

(~~290~~21)

(~~1,171~~985)

Prepaid expenses and other assets

(~~351~~278)

—(470)

Due from Investment Adviser

(~~443~~384)

~~182~~(192)

Changes in operating liabilities:

Interest and credit facility fees payable

(1,~~026~~096)

~~897~~1,213

Incentive fees payable

~~264~~372

~~486~~510

Administrative service fees payable

19123

~~107~~(88)

Accrued organizational expenses

—

(157)

Deferred income

—

(81)

Other accrued expenses and liabilities

~~328~~179

~~229~~698

Net cash provided by (used in) operating activities

(4047,~~212~~249)

(5057,~~583~~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

3839,~~305~~980

2540,~~418~~011

Borrowings on Credit Facilities

5060,000

5775,~~720~~020

Repayments of Credit Facilities

(4161,~~000~~437)

(2435,400)

Debt issuance costs paid

(1,~~152~~209)

(~~243~~279)

Dividends paid in cash

(58,~~441~~819)

(23,~~059~~989)

Deferred financing cost payable

—

(548)

Deferred offering costs payable

—

(~~283~~293)

Net cash provided by (used in) financing activities

4028,~~712~~515

5574,~~605~~522

Net increase (decrease) in cash, cash equivalents and restricted cash

~~500~~(18,734)

517,~~022~~139

Cash, cash equivalents and restricted cash, beginning of period

37,131

6,761

Cash, cash equivalents and restricted cash, end of period

3718,~~631~~397

1123,~~783~~900

Supplemental disclosures:

Table of Contents

Interest and credit facility fees paid during the period	$	7,097	$	3,876
Supplemental disclosures:
Taxes, including excise tax, paid during the period	$	176	$	33
Interest and credit facility fees paid during the period	$	9,174	$	6,369
Dividends declared during the period	$	11,257	$	6,376
Taxes, including excise tax, paid during the period	$	176	$	34
Dividends reinvested during the period	$	4,290	$	2,703
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 ~~June~~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)
ACR Group Borrower, LLC	^	(2)(3)(13)	Aerospace & Defense	SOFR	5.00%	10.34%	5/14/2024	3/31/2028	$	869	$	855	$	854	0.35	%
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	%
ADPD Holdings, LLC	#^	(2)(3)(9)(13)	Consumer Services	SOFR	6.00%	11.51%	8/16/2022	8/15/2028	7,606		7,337		6,000		2.43
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
AI Grace AUS Bidco Pty LTD (Australia)	^	(2)(3)(7)	Consumer Goods: Non-Durable	SOFR	6.50%	11.84%	12/5/2023	12/5/2029	2,286		2,222		2,251		0.91
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
Allied Benefit Systems Intermediate LLC	^	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.25%	10.59%	10/31/2023	10/31/2030	5,170		5,085		5,293		2.15
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
Alpine Acquisition Corp II	#^	(2)(3)(9)(13)	Transportation: Cargo	SOFR	6.00%	11.43%	4/19/2022	11/30/2026	9,784		9,668		8,912		3.61
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
Apex Companies Holdings, LLC	#^	(2)(3)	Environmental Industries	SOFR	6.25%	11.58%	1/31/2023	1/31/2028	12,314		12,057		12,409		5.03
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
Applied Technical Services, LLC	#	(2)(3)(9)	Business Services	SOFR	6.00%	11.48%	9/18/2023	12/29/2026	375		369		375		0.15
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)(911)~~(13)~~	Business Services	SOFR	56.7500%	1110.2175%	19/1618/~~2024~~2023	12/29/2026	~~520~~374		~~504~~369		~~515~~370		0.2115
Ardonagh Midco 3 PLC (United Kingdom)	^	(2)(3)(7)(13)	Diversified Financial Services	SOFR	4.75%	10.04%	3/1/2024	2/15/2031	4,395		4,326		4,321		1.75
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
Ascend Buyer, LLC	#^	(2)(3)(9)(13)	Containers, Packaging & Glass	SOFR	5.75%	11.23%	9/30/2021	9/30/2028	14,675		14,332		14,579		5.91
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
Associations, Inc.	#	(2)(3)(9)(13)	Construction & Building	SOFR	6.50%	12.09%	5/3/2024	7/2/2028	6,569		6,562		6,562		2.66
Artifact Bidco, Inc.	#	(2)(3)(13)	Software	SOFR	4.50%	9.10%	7/26/2024	7/26/2031	704		695		693		0.28
Associations, Inc.	#	(2)(3)(9)(13)	Construction & Building	SOFR	6.50%	11.82%	5/3/2024	7/2/2028	—		—		(1)		0.00
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
Athlete Buyer, LLC	#^	(2)(3)(9)(13)	Construction & Building	SOFR	6.50%	11.93%	3/29/2024	4/26/2029	3,810		3,637		3,614		1.47
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
Atlas US Finco, Inc.	#	(2)(3)(7)(13)	High Tech Industries	SOFR	5.75%	11.08%	12/15/2022	12/12/2029	723		703		729		0.30
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%	11.0803%	12/1815/~~2023~~2022	12/1012/2029	~~335~~723		~~328~~704		~~331~~719		0.1329
Avalara, Inc.	#^	(2)(3)(13)	Diversified Financial Services	SOFR	7.25%	12.58%	10/19/2022	10/19/2028	13,500		13,211		13,723		5.57
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
Azurite Intermediate Holdings, Inc.	^	(2)(3)(13)	Software	SOFR	6.50%	11.84%	3/19/2024	3/19/2031	3,220		3,151		3,186		1.29
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
Big Bus Tours Group Limited (United Kingdom)	^	(2)(7)(13)	Leisure Products & Services	SOFR	8.25%	13.57%	6/4/2024	6/4/2031	—		(14)		(14)		(0.01)
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
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	1,744		1,716		0.70
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%	13.5610%	6/4/2024	6/4/2031	~~2,671~~—		~~2,591~~(13)		~~2,591~~(13)		1(0.0501)
BlueCat Networks, Inc. (Canada)	#^	(2)(3)(7)(13)	High Tech Industries	SOFR	4.00%, 2.00% PIK	11.33%	8/8/2022	8/8/2028	7,459		7,301		7,463		3.03
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
Bradyifs Holdings, LLC	^	(2)(3)(13)	Wholesale	SOFR	6.00%	11.33%	10/31/2023	10/31/2029	4,804		4,706		4,788		1.94
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
CD&R Madison Parent Ltd (United Kingdom)	^	(2)(7)	Business Services	EURIBOR	6.00%, 2.00% PIK	11.79%	2/27/2023	2/27/2030	€	1,230	1,270		1,344		0.55
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
CD&R Madison Parent Ltd (United Kingdom)	#^	(2)(7)(13)	Business Services	SONIA	6.50%, 2.00% PIK	13.70%	2/27/2023	2/27/2030	£	2,674	3,125		3,453		1.40
Celerion Buyer, Inc.	^	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.50%	10.84%	11/3/2022	11/3/2029	3,105		3,026		3,143		1.27

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~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
CoreWeave Compute Acquisition Co. II, LLC	#	(2)(3)	High Tech Industries	SOFR	9.62%	14.95%	7/30/2023	7/30/2028	$	1,204	$	1,186	$	1,189	0.48	%
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	%
CoreWeave Compute Acquisition Co. IV, LLC	#	(2)(13)	High Tech Industries	SOFR	6.00%	11.34%	5/22/2024	5/22/2029	314		167		164		0.07
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
Coupa Holdings, LLC	#	(2)(3)(13)	Software	SOFR	5.50%	10.83%	2/27/2023	2/28/2030	2,160		2,106		2,151		0.87
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
CST Holding Company	^	(2)(3)(9)(13)	Consumer Goods: Non-Durable	SOFR	5.00%	10.44%	11/1/2022	11/1/2028	4,957		4,830		5,064		2.05
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
DCA Investment Holding LLC	#	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.41%	11.74%	2/25/2022	4/3/2028	2		2		2		0.00
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
Denali Midco 2, LLC	#^	(2)(3)(9)	Consumer Services	SOFR	6.50%	11.94%	9/15/2022	12/22/2027	9,892		9,683		9,892		4.01
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
Diligent Corporation	#	(2)(3)(13)	Telecommunications	SOFR	5.00%	10.34%	4/30/2024	8/4/2030	7,214		7,146		7,146		2.90
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
Dwyer Instruments, Inc.	#^	(2)(3)(9)(13)	Capital Equipment	SOFR	5.75%	11.18%	7/21/2021	7/21/2027	13,739		13,560		13,739		5.57
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
Eliassen Group, LLC	#^	(2)(3)	Business Services	SOFR	5.75%	11.08%	4/14/2022	4/14/2028	8,684		8,594		8,600		3.49
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
Ellkay, LLC	#	(2)(3)(9)(13)	Healthcare & Pharmaceuticals	SOFR	5.50%, 2.00% PIK	12.97%	9/14/2021	9/14/2027	3		3		3		0.00
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
Essential Services Holding Corporation	^	(2)(3)(13)	Consumer Services	SOFR	5.00%	10.33%	6/17/2024	6/17/2031	758		748		748		0.30
DCA Investment Holding LLC	#	(2)(3)	Healthcare & Pharmaceuticals	SOFR	6.41%	11.01%	2/25/2022	4/3/2028	2		2		2		0.00
Excel Fitness Holdings, Inc.	#^	(2)(3)(13)	Leisure Products & Services	SOFR	5.50%	10.88%	8/3/2023	4/29/2029	2,441		2,361		2,396		0.97
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
Excel Fitness Holdings, Inc.	^	(2)(3)(9)(13)	Leisure Products & Services	SOFR	5.25%	10.73%	4/29/2022	4/29/2029	4,094		4,024		4,000		1.62
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
Excelitas Technologies Corp.	^	(2)(3)(13)	Capital Equipment	SOFR	5.25%	10.58%	8/12/2022	8/12/2029	6,552		6,462		6,482		2.63
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
Excelitas Technologies Corp.	^	(2)	Capital Equipment	EURIBOR	5.25%	8.97%	8/12/2022	8/12/2029	€	1,172	1,184		1,252		0.51
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
FPG Intermediate Holdco, LLC	#	(2)(3)(9)	Consumer Services	SOFR	2.75%, 4.00% PIK	12.10%	8/5/2022	3/5/2027	37		36		34		0.01
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
GS AcquisitionCo, Inc.	^	(2)(3)(13)	Software	SOFR	5.25%	10.58%	3/26/2024	5/25/2028	4,122		4,108		4,117		1.67
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
Guidehouse LLP	#^	(2)(3)	Sovereign & Public Finance	SOFR	3.75%, 2.00% PIK	11.09%	9/30/2022	12/16/2030	5,985		5,984		6,059		2.46
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
Hercules Borrower LLC	#	(2)(3)(9)	Environmental Industries	SOFR	5.50%	10.93%	9/10/2021	12/14/2026	1		1		1		0.00
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
Hoosier Intermediate, LLC	#	(2)(3)(9)(13)	Healthcare & Pharmaceuticals	SOFR	5.00%	10.47%	11/15/2021	11/15/2028	4		4		4		0.00
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
HS Spa Holdings Inc.	^	(2)(3)(13)	Consumer Services	SOFR	5.25%	10.60%	6/2/2022	6/2/2029	876		862		877		0.36
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
HS Spa Holdings Inc.	#	(2)(3)(13)	Consumer Services	SOFR	5.25%	10.57%	3/12/2024	6/2/2029	—		(1)		—		—
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
Icefall Parent, Inc.	^	(2)(3)(13)	Software	SOFR	6.50%	11.83%	1/26/2024	1/26/2030	2,604		2,550		2,570		1.04
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
IQN Holding Corp.	^	(2)(3)(13)	Business Services	SOFR	5.25%	10.60%	5/2/2022	5/2/2029	3,082		3,056		3,082		1.25
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
iRobot Corporation	#	(2)(3)(7)(9)	Consumer Goods: Durable	SOFR	6.50%, 2.50% PIK	14.45%	7/25/2023	7/31/2026	4,348		4,348		4,163		1.69
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
Jeg's Automotive, LLC	#	(2)(3)(9)(11)	Auto Aftermarket & Services	SOFR	6.00%	11.32%	12/22/2021	12/22/2027	4		4		2		0.00

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~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
Kaseya, Inc.	#	(2)(3)(13)	High Tech Industries	SOFR	5.50%	10.83%	6/23/2022	6/23/2029	$	1,647	$	1,559	$	1,647	0.67	%
Hercules Borrower LLC	#	(2)(3)(11)	Environmental Industries	SOFR	5.50%	10.20%	9/10/2021	12/14/2026	$	1	$	1	$	1	0.00	%
LVF Holdings, Inc.	#	(2)(3)(9)(13)	Beverage & Food	SOFR	5.75%	11.23%	6/10/2021	6/10/2027	19		19		19		0.01
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
Material Holdings, LLC	#	(2)(3)(9)	Business Services	SOFR	6.00%	11.33%	8/19/2021	8/19/2027	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
Material Holdings, LLC	#	(2)(3)(9)(11)	Business Services	SOFR	6.00%	11.32%	8/19/2021	8/19/2027	1		0		0		0.00
HS Spa Holdings Inc.	#	(2)(3)(13)	Consumer Services	SOFR	5.25%	10.10%	3/12/2024	6/2/2029	—		(1)		—		—
Maverick Acquisition, Inc.	#	(2)(3)(9)	Aerospace & Defense	SOFR	6.25%	11.58%	6/1/2021	6/1/2027	21		21		18		0.01
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
Medical Manufacturing Technologies, LLC	#^	(2)(3)(9)(13)	Healthcare & Pharmaceuticals	SOFR	5.75%	11.24%	12/23/2021	12/23/2027	1,879		1,843		1,856		0.75
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
NEFCO Holding Company LLC	#^	(2)(3)(9)(13)	Construction & Building	SOFR	6.50%	12.00%	8/5/2022	8/5/2028	7,137		7,026		7,137		2.89
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
NEFCO Holding Company LLC	#	(2)(3)(9)(13)	Construction & Building	SOFR	6.50%	11.99%	12/1/2023	8/5/2028	2,845		2,765		2,924		1.19
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
North Haven Fairway Buyer, LLC	#^	(2)(3)	Consumer Services	SOFR	6.50%	11.83%	5/17/2022	5/17/2028	15,817		15,595		15,975		6.49
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
North Haven Stallone Buyer, LLC	#	(2)(3)	Consumer Services	SOFR	5.75%	11.34%	10/11/2022	5/24/2027	198		195		195		0.08
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
North Haven Stallone Buyer, LLC	#	(2)(3)(9)(13)	Consumer Services	SOFR	6.00%	11.57%	11/3/2023	5/24/2027	3,410		3,315		3,358		1.36
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
Oak Purchaser, Inc.	#^	(2)(3)(13)	Business Services	SOFR	5.50%	10.83%	4/28/2022	4/28/2028	6,725		6,676		6,607		2.68
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
Oak Purchaser, Inc.	^	(2)(3)(13)	Business Services	SOFR	5.50%	10.83%	2/1/2024	4/28/2028	758		719		719		0.29
Maverick Acquisition, Inc.	#	(2)(3)(11)	Aerospace & Defense	SOFR	6.25%	10.85%	6/1/2021	6/1/2027	21		21		17		0.01
Oranje Holdco, Inc.	#^	(2)(3)(13)	Business Services	SOFR	7.50%	12.83%	2/1/2023	2/1/2029	8,052		7,866		8,144		3.30
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
Oranje Holdco, Inc.	^	(2)(3)	Business Services	SOFR	7.25%	12.59%	6/26/2024	2/1/2029	3,374		3,307		3,306		1.34
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
Park County Holdings, LLC	^	(2)(3)(8)	Media: Advertising, Printing & Publishing	SOFR	7.28%	12.62%	11/29/2023	11/29/2029	11,503		11,284		11,388		4.62
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
PDI TA Holdings, Inc	^	(2)(3)(13)	Software	SOFR	5.25%	10.58%	2/1/2024	2/1/2031	5,493		5,423		5,423		2.20
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
Pestco Intermediate, LLC	^	(2)(3)(9)(13)	Environmental Industries	SOFR	6.00%	11.48%	2/6/2023	2/17/2028	6,023		5,840		6,135		2.49
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
PF Atlantic Holdco 2, LLC	#	(2)(3)(9)(13)	Leisure Products & Services	SOFR	5.50%	10.99%	11/12/2021	11/12/2027	5		4		5		0.00
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
PF Atlantic Holdco 2, LLC	^	(2)(3)(9)(13)	Leisure Products & Services	SOFR	6.00%	11.35%	11/21/2023	11/12/2027	318		257		346		0.14
Oak Purchaser, Inc.	^	(2)(3)(13)	Business Services	SOFR	5.50%	9.75%	2/1/2024	4/28/2028	758		721		717		0.29
Project Castle, Inc.	^	(2)(3)	Capital Equipment	SOFR	5.50%	10.80%	6/24/2022	6/1/2029	983		901		874		0.35
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
Pushpay USA Inc.	#^	(2)(3)(9)(13)	Diversified Financial Services	SOFR	6.75%	12.23%	5/10/2023	5/10/2030	11,947		11,606		12,001		4.87
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
PXO Holdings I Corp.	#	(2)(3)(9)(13)	Chemicals, Plastics & Rubber	SOFR	5.50%	10.98%	3/8/2022	3/8/2028	4		4		4		0.00
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
QNNECT, LLC	^	(2)(3)(13)	Aerospace & Defense	SOFR	6.75%	11.92%	11/2/2022	11/2/2029	5,275		5,113		5,407		2.19
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
Quantic Electronics, LLC	#	(2)(3)(9)	Aerospace & Defense	SOFR	6.25%	11.68%	8/17/2021	3/1/2027	7		7		7		0.00
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
Radwell Parent, LLC	#^	(2)(3)(13)	Wholesale	SOFR	5.50%	10.83%	12/1/2022	4/1/2029	13,988		13,631		14,038		5.70
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
RSC Acquisition, Inc.	^	(2)(3)(9)	Diversified Financial Services	SOFR	5.50%	10.98%	5/31/2022	11/1/2029	10,176		10,112		9,972		4.04
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
SCP Eye Care HoldCo, LLC	#^	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.50%	10.94%	10/7/2022	10/7/2029	9,073		8,791		8,963		3.64
Smarsh Inc.	#	(2)(3)(13)	Software	SOFR	5.75%	11.08%	2/18/2022	2/18/2029	1		1		1		0.00

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~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
Spotless Brands, LLC	#^	(2)(3)(9)(13)	Consumer Services	SOFR	6.50%	11.97%	6/21/2022	7/25/2028	$	14,108	$	13,895	$	14,252	5.79	%
PPV Intermediate Holdings, LLC	#	(2)(3)(13)	Healthcare & Pharmaceuticals	SOFR	5.25%	9.84%	8/7/2024	8/31/2029	$	—	$	(42)	$	(43)	(0.02)	%
Summit Acquisition, Inc.	^	(2)(3)(13)	Diversified Financial Services	SOFR	6.75%	12.08%	5/4/2023	5/1/2030	4,444		4,287		4,564		1.85
Project Castle, Inc.	^	(2)(3)	Capital Equipment	SOFR	5.50%	10.83%	6/24/2022	6/1/2029	980		902		892		0.36
Trader Corporation (Canada)	#^	(2)(3)(7)(13)	Auto Aftermarket & Services	CORRA	5.50%	10.48%	12/22/2022	12/22/2028	C$	16,762	12,070		12,516		5.08
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
Tufin Software North America, Inc.	^	(2)(3)(9)(13)	Software	SOFR	7.69%	13.08%	8/17/2022	8/17/2028	7,518		7,405		7,474		3.03
QBS Parent, Inc.	#	(2)	Energy: Oil & Gas	SOFR	4.25%	8.84%	8/22/2024	9/30/2025	249		249		243		0.10
United Flow Technologies Intermediate Holdco II, LLC	^	(2)(3)(13)	Environmental Industries	SOFR	5.25%	10.60%	6/21/2024	6/21/2031	3,030		2,955		2,955		1.20
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
USALCO, LLC	#	(2)(3)(9)	Chemicals, Plastics & Rubber	SOFR	6.00%	11.60%	10/19/2021	10/19/2027	5		5		5		0.00
Quantic Electronics, LLC	#	(2)(3)(11)	Aerospace & Defense	SOFR	6.25%	10.95%	8/17/2021	3/1/2027	7		7		7		0.00
USR Parent Inc.	^	(2)(3)(8)	Retail	SOFR	7.60%	12.93%	4/22/2022	4/25/2027	3,556		3,533		3,550		1.44
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
Vensure Employee Services, Inc.	#	(2)(3)(13)	Business Services	SOFR	5.25%	10.58%	12/15/2023	3/26/2027	1,688		1,657		1,679		0.68
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
Wineshipping.com LLC	#	(2)(3)(9)(13)	Beverage & Food	SOFR	5.75%	11.24%	10/29/2021	10/29/2027	4		4		3		0.00
Smarsh Inc.	#	(2)(3)(13)	Software	SOFR	5.75%	10.35%	2/18/2022	2/18/2029	1		1		1		0.00
Yellowstone Buyer Acquisition, LLC	#	(2)(3)(9)	Consumer Goods: Durable	SOFR	5.75%	11.07%	9/13/2021	9/13/2027	2		2		2		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
First Lien Debt Total											$	360,801	$	365,347	148.17	%
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) (911)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	14.9125%	9/30/2021	9/30/2028	$	5	$	5	$	5	0.00	%
AP Plastics Acquisition Holdings, LLC	#	(2)(3)(911)	Chemicals, Plastics & Rubber	SOFR	7.25%	12.6920%	8/10/2021	8/10/2029	10		10		10		0.01
Associations, Inc.	#	(129)	Construction & Building	FIXED	14.25% (100% PIK)	14.25%	5/3/2024	5/3/2030	2,~~555~~650		2,~~543~~638		2,~~543~~638		1.0307
Second Lien Debt Total											$	2,~~558~~653	$	2,~~558~~653	1.0408	%

Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	AcquisitionDate	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	0	$	2	$	2	0.00	%
Buckeye Parent, LLC	#	(6)(10)	Auto Aftermarket & Services	12/22/2021	0	0		0		0.00
GB Vino Parent, L.P.	#	(6)(10)	Beverage & Food	10/29/2021	0	0		0		0.00
NearU Holdings LLC	#	(6)(10)	Consumer Services	8/16/2022	5	494		133		0.05
NEFCO Holding Company LLC	#	(6)	Construction & Building	8/5/2022	0	152		152		0.06
Pascal Ultimate Holdings, L.P	#	(6)(10)	Capital Equipment	7/21/2021	0	0		0		0.00
Profile Holdings I, LP	#	(6)(10)	Chemicals, Plastics & Rubber	3/8/2022	0	0		0		0.00
Summit K2 Midco, Inc.	#	(6)(10)	Diversified Financial Services	4/27/2023	91	91		127		0.05
Talon MidCo 1 Limited	#	(6)(10)	Software	8/17/2022	136	194		222		0.09

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~September 30, 2024

(amounts in thousands) (unaudited)

Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	AcquisitionDate	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
TW LRW Holdings, LLC	#	(6)(10)	Business Services	6/14/2024	0	$	—	$	0	0.00	%
Equity Investments (0.2% of fair value)
Equity Investments Total						$	933	$	636	0.25	%
Blackbird Holdco, Inc.	#	(6)	Capital Equipment	12/14/2021	—	$	2	$	2	0.00	%
Total investments—non-controlled/non-affiliated						$	364,292	$	368,541	149.46	%
Buckeye Parent, LLC	#	(6)(12)	Auto Aftermarket & Services	12/22/2021	—	—		—		—
Total investments						$	364,292	$	368,541	149.46	%
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	$	5580	€C$	51110	11/155/2024	$	(1)
Forward Currency Contract	Macquarie Bank Limited	$	5377	€C$	48105	82/155/2025	0(1)
Forward Currency Contract	Macquarie Bank Limited	$	5273	€C$	4799	114/142/~~2025~~2026	0(1)
Forward Currency Contract	Macquarie Bank Limited	$	5473	€C$	4999	28/135/2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	5371	€C$	4897	11/5/~~15/~~2025	(1)
Forward Currency Contract	Macquarie Bank Limited	$	5170	€C$	4695	2/174/2026	0(1)
Forward Currency Contract	Macquarie Bank Limited	$	5166	€C$	4590	5/155/2026	0(1)
Forward Currency Contract	Macquarie Bank Limited	$	~~1,892~~68	€C$	~~1,698~~92	68/105/2026	14(1)
Forward Currency Contract	~~Barclays~~Macquarie ~~Capital~~Bank Limited	$	~~3,512~~67	C$	~~4,813~~91	911/124/~~2024~~2026	(111)
Forward Currency Contract	~~Barclays~~Macquarie ~~Capital~~Bank Limited	$	2166	€C$	1990	102/153/~~2024~~2027	0(1)
Forward Currency Contract	~~Barclays~~Macquarie ~~Capital~~Bank Limited	$	2064	€C$	1986	15/145/~~2025~~2027	0(1)
Forward Currency Contract	~~Barclays~~Macquarie ~~Capital~~Bank Limited	$	192,866	€C$	183,861	8/4/~~14/2025~~2027	0(45)
Forward Currency Contract	~~Barclays~~Macquarie ~~Capital~~Bank Limited	$	1997	€C$	17131	711/1415/~~2025~~2024	0
Forward Currency Contract	~~Barclays~~Macquarie ~~Capital~~Bank Limited	$	1898	€C$	17132	1011/15/~~2025~~2024	0
Forward Currency Contract	Barclays Capital	$	18	€	17	1/14/2026	0
Forward Currency Contract	Barclays Capital	$	18	€	16	4/14/2026	0
Forward Currency Contract	Barclays Capital	$	18	€	16	7/14/2026	0
Forward Currency Contract	Barclays Capital	$	18	€	16	10/14/2026	0
Forward Currency Contract	Barclays Capital	$	18	€	16	1/14/2027	0
Forward Currency Contract	Barclays Capital	$	18	€	16	4/14/2027	0
Forward Currency Contract	Barclays Capital	$	895	€	801	7/14/2027	(4)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~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~~Macquarie ~~Capital~~Bank Limited	$	8555	£€	6751	1011/15/2024	$	0(1)
Total Derivative Instruments							$	2
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 ~~June~~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 ~~June~~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 ~~June~~September 30, 2024. As of ~~June~~September 30, 2024, the reference rates for variable rate loans were the 30-day SOFR at 54.3485%, the 90-day SOFR at 54.3259%, the 180-day SOFR at 54.2725%, the daily SONIA at 54.2095%, the 90-day EURIBOR at 3.7128% and the 30-day CORRA at 4.8030%.

(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 ~~Company’s~~“Investment ~~investment adviser~~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 ~~June~~September 30, 2024, the aggregate fair value of these securities is $~~636~~704, or 0.2529%, 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)InLoan ~~addition~~was ~~to the interest earned based~~ on ~~the~~non-accrual ~~stated~~status ~~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 anSeptember ~~agreement among lenders~~30, ~~which has been included in the spread of each applicable investment~~2024. 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.

(9)~~Loans~~Represents ~~include~~ a ~~credit~~corporate ~~spread~~mezzanine ~~adjustment~~loan, ~~that~~which ~~ranges~~is ~~from~~subordinated ~~0.10%~~ to 0senior secured term loans of the portfolio company.~~43%.~~

(10)~~Represents~~In aaddition ~~non-income~~to ~~producing~~the ~~security~~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 ~~June~~an 30agreement among lenders, ~~2024~~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)~~Loan~~Loans ~~was~~include ona ~~non-accrual~~credit ~~status~~spread asadjustment ofthat ~~June~~typically ~~30,~~ranges ~~2024~~from 0.10% to 0.43%.

(12)Represents a ~~corporate~~non-income ~~mezzanine~~producing ~~loan,~~security ~~which~~as ~~is subordinated to senior secured term loans~~ of ~~the~~September ~~portfolio~~30, ~~company~~2024.

(13)As of ~~June~~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

~~(6)~~—

ADPD Holdings, LLC

Delayed Draw

1.00

65,~~353~~808

(~~711~~478)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of June 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	$	(42)
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00		948		19
Alpine Acquisition Corp II	Revolver	0.50		345		(30)
Applied Technical Services, LLC	Delayed Draw	1.00		387		(2)
Applied Technical Services, LLC	Revolver	0.50		34		—
Ardonagh Midco 3 PLC (United Kingdom)	Delayed Draw	1.00		405		(6)
Ascend Buyer, LLC	Revolver	0.50		0		(0		)
Associations, Inc.	Delayed Draw	—		508		(1)
Associations, Inc.	Revolver	0.50		407		—
Athlete Buyer, LLC	Delayed Draw	1.00		5,242		(113)
Atlas US Finco, Inc.	Revolver	0.50		67		1
Avalara, Inc.	Revolver	0.50		1,350		20
Azurite Intermediate Holdings, Inc.	Delayed Draw	0.50		1,073		(8)
Azurite Intermediate Holdings, Inc.	Revolver	0.50		477		(3)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	0.35		457		(14)
BlueCat Networks, Inc. (Canada)	Delayed Draw	1.00		3,699		1
Bradyifs Holdings, LLC	Delayed Draw	1.00		189		(1)
Bradyifs Holdings, LLC	Revolver	0.50		383		(1)
CD&R Madison Parent Ltd (United Kingdom)	Delayed Draw	1.50		£	365	6
Celerion Buyer, Inc.	Delayed Draw	1.00		499		5
Celerion Buyer, Inc.	Revolver	0.50		249		2
CoreWeave Compute Acquisition Co. IV, LLC	Delayed Draw	0.50		9,686		(145)
Coupa Holdings, LLC	Delayed Draw	1.50		193		(1)
Coupa Holdings, LLC	Revolver	0.50		148		—
CST Holding Company	Revolver	0.50		423		8
Diligent Corporation	Delayed Draw	0.50		1,158		(9)
Diligent Corporation	Revolver	0.50		772		(6)
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		(19)
Excel Fitness Holdings, Inc.	Revolver	0.50		594		(12)
Excelitas Technologies Corp.	Delayed Draw	1.00		1,081		(9)
Excelitas Technologies Corp.	Revolver	0.50		1,109		(9)
GS AcquisitionCo, Inc.	Delayed Draw	0.50		426		(0		)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~September 30, 2024

(amounts in thousands) (unaudited)

Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
GS AcquisitionCo, Inc.	Revolver	0.50	%	$	179	$	(0)
ADPD Holdings, LLC	Revolver	0.50	%	$	379	$	(31)
Hoosier Intermediate, LLC	Revolver	0.50		1		—
Alpine Acquisition Corp II	Revolver	0.50		293		(46)
HS Spa Holdings Inc.	Delayed Draw	0.50		116		—
Applied Technical Services, LLC	Delayed Draw	1.00		387		(7)
HS Spa Holdings Inc.	Revolver	0.50		95		0
Applied Technical Services, LLC	Revolver	0.50		31		(1)
Icefall Parent, Inc.	Revolver	0.50		248		(3)
Artifact Bidco, Inc.	Delayed Draw	0.50		172		(2)
IQN Holding Corp.	Revolver	0.50		432		—
Artifact Bidco, Inc.	Revolver	0.35		123		(1)
Kaseya, Inc.	Delayed Draw	1.00		3,987		—
Ascend Buyer, LLC	Revolver	0.50		0		(0		)
Kaseya, Inc.	Revolver	0.50		385		—
Associations, Inc.	Delayed Draw	—		508		4
LVF Holdings, Inc.	Revolver	0.38		1		(0		)
Associations, Inc.	Revolver	0.50		407		3
Medical Manufacturing Technologies, LLC	Revolver	0.50		58		(1)
Athlete Buyer, LLC	Delayed Draw	1.00		4,410		(68)
NEFCO Holding Company LLC	Delayed Draw	1.00		1,543		28
Atlas US Finco, Inc.	Revolver	0.50		67		(0		)
NEFCO Holding Company LLC	Revolver	0.50		458		—
Auditboard, Inc.	Delayed Draw	—		1,429		(15)
North Haven Stallone Buyer, LLC	Delayed Draw	1.00		1,681		(18)
Auditboard, Inc.	Revolver	0.50		571		(6)
Oak Purchaser, Inc.	Delayed Draw	0.50		1,408		(25)
Avalara, Inc.	Revolver	0.50		1,350		10
Oak Purchaser, Inc.	Revolver	0.50		584		(9)
Azurite Intermediate Holdings, Inc.	Delayed Draw	0.50		1,073		(2)
Oranje Holdco, Inc.	Revolver	0.50		1,006		10
Azurite Intermediate Holdings, Inc.	Revolver	0.50		477		(1)
PDI TA Holdings, Inc	Delayed Draw	0.50		1,268		(12)
Big Bus Tours Group Limited (United Kingdom)	Delayed Draw	1.50		457		(13)
PDI TA Holdings, Inc	Revolver	0.50		556		(5)
Bingo Group Buyer, Inc.	Delayed Draw	0.75		639		(4)
Pestco Intermediate, LLC	Delayed Draw	1.00		1,546		22
Bingo Group Buyer, Inc.	Revolver	0.50		238		(1)
Pestco Intermediate, LLC	Revolver	0.50		357		5
Birsa S.p.A. (Italy)	Delayed Draw	1.25		€	1,269	(30)
PF Atlantic Holdco 2, LLC	Delayed Draw	1.00		3,193		26
Bradyifs Holdings, LLC	Delayed Draw	1.00		142		(0		)
PF Atlantic Holdco 2, LLC	Revolver	0.50		0		(0		)
CD&R Madison Parent Ltd (United Kingdom)	Delayed Draw	1.50		£	281	4
Pushpay USA Inc.	Revolver	0.50		926		4
Celerion Buyer, Inc.	Delayed Draw	1.00		499		—
PXO Holdings I Corp.	Revolver	0.50		0		(0		)
Celerion Buyer, Inc.	Revolver	0.50		249		—
QNNECT, LLC	Delayed Draw	1.00		1,325		26
CoreWeave Compute Acquisition Co. IV, LLC	Delayed Draw	0.50		8,298		(124)
Radwell Parent, LLC	Revolver	0.38		802		3
Coupa Holdings, LLC	Delayed Draw	1.50		193		1
SCP Eye Care HoldCo, LLC	Delayed Draw	1.00		1,753		(16)
Coupa Holdings, LLC	Revolver	0.50		148		1
SCP Eye Care HoldCo, LLC	Revolver	0.50		1,129		(10)
CST Holding Company	Revolver	0.50		470		(0		)
Smarsh Inc.	Delayed Draw	1.00		0		—
Diligent Corporation	Delayed Draw	0.50		1,158		4
Smarsh Inc.	Revolver	0.50		0		—
Diligent Corporation	Revolver	0.50		772		3
Spotless Brands, LLC	Revolver	0.50		274		3
Dwyer Instruments, Inc.	Revolver	0.50		847		—
Summit Acquisition, Inc.	Delayed Draw	1.00		1,031		21
Ellkay, LLC	Revolver	0.50		0		(0		)
Summit Acquisition, Inc.	Revolver	0.50		515		10
Essential Services Holding Corporation	Delayed Draw	1.00		149		(1)
Trader Corporation (Canada)	Revolver	0.50		C$	906	25
Essential Services Holding Corporation	Revolver	0.50		93		(1)
Tufin Software North America, Inc.	Delayed Draw	—		104		(1)
Excel Fitness Holdings, Inc.	Delayed Draw	1.00		1,745		(6)
Tufin Software North America, Inc.	Revolver	0.50		357		(2)
Excel Fitness Holdings, Inc.	Revolver	0.50		594		(7)

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~September 30, 2024

(amounts in thousands) (unaudited)

Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw	1.00	%	$	1,676	$	(25)
Excelitas Technologies Corp.	Delayed Draw	1.00	%	$	1,081	$	6
United Flow Technologies Intermediate Holdco II, LLC	Revolver	0.50		322		(5)
Excelitas Technologies Corp.	Revolver	0.50		1,376		7
Vensure Employee Services, Inc.	Delayed Draw	1.00		805		(3)
Generator Buyer, Inc. (Canada)	Delayed Draw	0.50		C$	979	(21)
Wineshipping.com LLC	Revolver	0.50		0		(0		)
Generator Buyer, Inc. (Canada)	Revolver	0.50		C$	556	(12)
Total unfunded commitments				$	73,740	$	(1,040)
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		—

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

Type	Amortized Cost		Fair Value		% of Fair Value
First Lien Debt	$	360,801	$	365,347	99.1	%
Second Lien Debt	2,558		2,558		0.7
Equity Investments	933		636		0.2
Total	$	364,292	$	368,541	100.0	%

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

Rate Type	Amortized Cost		Fair Value		% of Fair Value of First and Second Lien Debt
Floating Rate	$	360,816	$	365,362	99.3	%
Fixed Rate	2,543		2,543		0.7
Total	$	363,359	$	367,905	100.0	%

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

Industry	Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	5,996	$	6,286	1.7	%
Auto Aftermarket & Services	12,074		12,518		3.4
Beverage & Food	23		22		0.0
Business Services	37,147		37,828		10.3
Capital Equipment	22,109		22,349		6.1
Chemicals, Plastics & Rubber	19		19		0.0
Construction & Building	22,685		22,931		6.2
Consumer Goods: Durable	4,350		4,165		1.1
Consumer Goods: Non-Durable	7,052		7,315		2.0
Consumer Services	52,159		51,464		14.1
Containers, Packaging & Glass	14,332		14,579		4.0
Diversified Financial Services	43,633		44,708		12.1

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of ~~June~~September 30, 2024

(amounts in thousands) (unaudited)

Environmental Industries	$	20,853	$	21,500		5.8		%
Investments—non-controlled/non-affiliated	Type		Unused Fee			Par/ Principal Amount **			Fair Value
Healthcare & Pharmaceuticals	18,759		19,269			5.2
Spotless Brands, LLC	Revolver		0.50		%	$	183		(0		)
High Tech Industries	11,244		11,523			3.1
Summit Acquisition, Inc.	Delayed Draw		1.00			1,031			21
Leisure Products & Services	10,967		11,040			3.0
Summit Acquisition, Inc.	Revolver		0.50			515			10
Media: Advertising, Printing & Publishing	11,284		11,388			3.1
The Chartis Group, LLC	Delayed Draw		1.00			1,593			(16)
Retail	3,533		3,550			1.0
The Chartis Group, LLC	Revolver		0.50			797			(8)
Software	24,938		25,144			6.8
Trader Corporation (Canada)	Revolver		0.50			C$	906		(0		)
Sovereign & Public Finance	5,984		6,059			1.6
Tufin Software North America, Inc.	Delayed Draw		—			69			(1)
Telecommunications	7,146		7,146			1.9
Tufin Software North America, Inc.	Revolver		0.50			357			(3)
Transportation: Cargo	9,668		8,912			2.4
United Flow Technologies Intermediate Holdco II, LLC	Delayed Draw		1.00			1,659			(18)
Wholesale	18,337		18,826			5.1
United Flow Technologies Intermediate Holdco II, LLC	Revolver		0.50			335			(4)
Total	$	364,292	$	368,541		100.0		%
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 ~~geographical~~type ~~composition~~ of investments as of ~~June~~September 30, 2024 ~~was~~consisted asof ~~follows~~the following:

Geography	Amortized Cost		Fair Value		% of Fair Value
Type	Amortized Cost		Fair Value		% of Fair Value
Australia	$	2,925	$	2,980	0.8	%
First Lien Debt	$	378,653	$	382,237	99.1	%
Canada	19,376		19,984		5.4
Second Lien Debt	2,653		2,653		0.7
United Kingdom	13,042		13,411		3.6
Equity Investments	962		704		0.2
United States	328,949		332,166		90.2
Total	$	382,268	$	385,594	100.0	%
Total	$	364,292	$	368,541	100.0	%

The ~~accompanying~~rate ~~notes~~type ~~are~~of andebt ~~integral~~investments ~~part~~as of ~~these~~September ~~unaudited~~30, ~~consolidated~~2024 ~~financial~~was ~~statements.~~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

1719

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	1,189		1,284		0.63
FPG Intermediate Holdco, LLC	#	(2)(3)(8)(10)	Consumer Services	SOFR	6.75%	12.29%	8/5/2022	3/5/2027	36		(137)		(72)		(0.04)
Guidehouse LLP	#^	(2)(3)	Sovereign & Public Finance	SOFR	3.75%, 2.00% PIK	11.11%	9/30/2022	12/16/2030	5,940		5,938		5,923		2.91
Hercules Borrower LLC	#	(2)(3)(8)(10)	Environmental Industries	SOFR	5.50%	10.95%	9/10/2021	12/14/2026	1		1		1		0.00
Hoosier Intermediate, LLC	#	(2)(3)(8)(10)	Healthcare & Pharmaceuticals	SOFR	5.00%	10.53%	11/15/2021	11/15/2028	4		4		4		0.00
HS Spa Holdings Inc.	^	(2)(3)(10)	Consumer Services	SOFR	5.75%	11.12%	6/2/2022	6/2/2029	861		846		862		0.42
IQN Holding Corp.	^	(2)(3)(10)	Business Services	SOFR	5.25%	10.64%	5/2/2022	5/2/2029	3,040		3,000		3,060		1.50
iRobot Corporation	#	(2)(3)(8)	Consumer Goods: Durable	SOFR	6.50%, 2.50% PIK	14.42%	7/25/2023	7/31/2026	4,939		4,939		5,125		2.52
Jeg's Automotive, LLC	#	(2)(3)(8)	Auto Aftermarket & Services	SOFR	6.00%	11.46%	12/22/2021	12/22/2027	5		5		3		0.00
Kaseya, Inc.	#	(2)(3)(10)	High Tech Industries	SOFR	3.50%, 2.50% PIK	11.38%	6/23/2022	6/23/2029	1,408		1,313		1,409		0.69
LVF Holdings, Inc.	#	(2)(3)(8)(10)	Beverage & Food	SOFR	5.75%	11.25%	6/10/2021	6/10/2027	20		19		19		0.01
Material Holdings, LLC	#	(2)(3)(8)	Business Services	SOFR	6.00%	11.45%	8/19/2021	8/19/2027	5		5		5		0.00
Maverick Acquisition, Inc.	#	(2)(3)(8)	Aerospace & Defense	SOFR	6.25%	11.60%	6/1/2021	6/1/2027	21		21		17		0.01
Medical Manufacturing Technologies, LLC	#	(2)(3)(8)(10)	Healthcare & Pharmaceuticals	SOFR	5.50%	11.01%	12/23/2021	12/23/2027	4		3		4		0.00
NEFCO Holding Company LLC	#^	(2)(3)(8)(10)	Construction & Building	SOFR	6.50%	12.14%	8/5/2022	8/5/2028	7,083		6,961		7,102		3.49
NEFCO Holding Company LLC	#	(2)(3)(8)(10)	Construction & Building	SOFR	6.50%	12.03%	12/1/2023	8/5/2028	444		389		451		0.22
North Haven Fairway Buyer, LLC	#^	(2)(3)(10)	Consumer Services	SOFR	6.50%	11.85%	5/17/2022	5/17/2028	14,965		14,719		15,124		7.42
North Haven Stallone Buyer, LLC	#	(2)(3)	Consumer Services	SOFR	5.50%	11.29%	10/11/2022	5/24/2027	199		196		194		0.10
North Haven Stallone Buyer, LLC	#	(2)(3)(8)(10)	Consumer Services	SOFR	6.00%	11.14%	11/3/2023	5/24/2027	323		213		232		0.11
Oak Purchaser, Inc.	#^	(2)(3)(10)	Business Services	SOFR	5.50%	10.87%	4/28/2022	4/28/2028	6,422		6,367		6,217		3.05
Oranje Holdco, Inc.	#^	(2)(3)(10)	Business Services	SOFR	7.50%	12.88%	2/1/2023	2/1/2029	8,052		7,852		8,123		3.99
Park County Holdings, LLC	^	(2)(3)(9)	Media: Advertising, Printing & Publishing	SOFR	7.11%	12.47%	11/29/2023	11/29/2029	12,000		11,756		11,754		5.77

1820

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
Pestco Intermediate, LLC	^	(2)(3)(8)(10)	Environmental Industries	SOFR	6.50%	12.03%	2/6/2023	2/17/2028	$	5,518	$	5,313	$	5,450	2.68	%
PF Atlantic Holdco 2, LLC	#	(2)(3)(8)(10)	Leisure Products & Services	SOFR	5.50%	11.12%	11/12/2021	11/12/2027	5		5		4		0.00
PF Atlantic Holdco 2, LLC	^	(2)(3)(8)(10)	Leisure Products & Services	SOFR	6.00%	11.37%	11/21/2023	11/12/2027	319		250		290		0.14
Project Castle, Inc.	^	(2)(3)	Capital Equipment	SOFR	5.50%	10.89%	6/24/2022	6/1/2029	988		900		871		0.43
Pushpay USA Inc.	#^	(2)(3)(8)(10)	Diversified Financial Services	SOFR	6.75%	12.28%	5/10/2023	5/10/2030	12,007		11,644		11,953		5.87
PXO Holdings I Corp.	#	(2)(3)(8)(10)	Chemicals, Plastics & Rubber	SOFR	5.50%	11.00%	3/8/2022	3/8/2028	5		5		5		0.00
QNNECT, LLC	^	(2)(3)(10)	Aerospace & Defense	SOFR	7.00%	12.38%	11/2/2022	11/2/2029	5,302		5,128		5,420		2.66
Quantic Electronics, LLC	#	(2)(3)(8)	Aerospace & Defense	SOFR	6.25%	11.70%	8/17/2021	3/1/2027	7		7		7		0.00
Radwell Parent, LLC	#^	(2)(3)(10)	Wholesale	SOFR	6.75%	12.10%	12/1/2022	4/1/2029	14,023		13,635		14,112		6.93
RSC Acquisition, Inc.	^	(2)(3)(8)	Diversified Financial Services	SOFR	5.50%	10.93%	5/31/2022	11/1/2029	10,228		10,159		10,162		4.99
SCP Eye Care HoldCo, LLC	#^	(2)(3)(8)(10)	Healthcare & Pharmaceuticals	SOFR	5.75%	11.21%	10/7/2022	10/7/2029	9,436		9,161		9,347		4.59
Smarsh Inc.	#	(2)(3)(10)	Software	SOFR	5.75%	11.10%	2/18/2022	2/18/2029	1		1		1		0.00
Spotless Brands, LLC	#^	(2)(3)(8)(10)	Consumer Services	SOFR	6.50%	12.03%	6/21/2022	7/25/2028	14,095		13,860		14,104		6.92
Summit Acquisition, Inc.	^	(2)(3)(10)	Diversified Financial Services	SOFR	6.75%	12.10%	5/4/2023	5/1/2030	4,455		4,288		4,482		2.20
TIBCO Software Inc.	#	(2)(3)	High Tech Industries	SOFR	4.50%	9.95%	9/30/2022	3/31/2029	2,481		2,287		2,419		1.19
Trader Corporation (Canada)	#^	(2)(3)(6)(10)	Auto Aftermarket & Services	CDOR	6.75%	12.19%	12/22/2022	12/22/2029	C$	11,990	8,604		9,156		4.49
Tufin Software North America, Inc.	^	(2)(3)(8)(10)	Software	SOFR	7.69%	13.20%	8/17/2022	8/17/2028	7,414		7,289		7,348		3.61
USALCO, LLC	#	(2)(3)(8)	Chemicals, Plastics & Rubber	SOFR	6.00%	11.61%	10/19/2021	10/19/2027	5		5		5		0.00
USR Parent Inc.	^	(2)(3)(9)	Retail	SOFR	7.60%	12.94%	4/22/2022	4/25/2027	3,778		3,751		3,740		1.84
Vensure Employee Services, Inc.	#	(2)(3)(10)	Business Services	SOFR	5.25%	10.63%	12/15/2023	3/26/2027	305		268		267		0.13
Wineshipping.com LLC	#	(2)(3)(8)(10)	Beverage & Food	SOFR	5.75%	11.29%	10/29/2021	10/29/2027	3		3		3		0.00
Yellowstone Buyer Acquisition, LLC	#	(2)(3)(8)	Consumer Goods: Durable	SOFR	5.75%	11.18%	9/13/2021	9/13/2027	2		2		2		0.00
First Lien Debt Total											$	310,091	$	314,802	154.54	%

Second Lien Debt (0.0% of fair value)
11852604 Canada Inc. (Canada)	#	(2)(3)(6)(8)	Healthcare & Pharmaceuticals	SOFR	9.50% (100% PIK)	15.04%	9/30/2021	9/30/2028	$	4	$	4	$	4	0.00	%

1921

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
AP Plastics Acquisition Holdings, LLC	#	(2)(3)(8)	Chemicals, Plastics & Rubber	SOFR	7.50%	12.96%	8/10/2021	8/10/2029	$	10	$	10	$	10	0.00	%
Second Lien Debt Total											$	14	$	14	0.00	%


Investments—non-controlled/non-affiliated (1)		Footnotes	Industry	Acquisition Date	Shares/ Units	Cost		Fair Value (5)		% of Net Assets
Equity Investments (0.5% of fair value)
Blackbird Holdco, Inc.	#	(7)	Capital Equipment	12/14/2021	0	$	2	$	2	0.00	%
Buckeye Parent, LLC	#	(7)(11)	Auto Aftermarket & Services	12/22/2021	0	0		0		0.00
GB Vino Parent, L.P.	#	(7)(11)	Beverage & Food	10/29/2021	0	0		0		0.00
NearU Holdings LLC	#	(7)(11)	Consumer Services	8/16/2022	5	494		228		0.11
NEFCO Holding Company LLC	#	(7)	Construction & Building	8/5/2022	0	152		152		0.07
Pascal Ultimate Holdings, L.P	#	(7)(11)	Capital Equipment	7/21/2021	0	0		0		0.00
Picard Parent, Inc.	#	(7)	High Tech Industries	9/30/2022	1	724		797		0.39
Profile Holdings I, LP	#	(7)(11)	Chemicals, Plastics & Rubber	3/8/2022	0	0		0		0.00
Summit K2 Midco, Inc.	#	(7)(11)	Diversified Financial Services	4/27/2023	91	91		121		0.06
Talon MidCo 1 Limited	#	(7)(11)	Software	8/17/2022	136	194		226		0.11
Equity Investments Total						$	1,657	$	1,526	0.74	%
Total investments—non-controlled/non-affiliated						$	311,762	$	316,342	155.28	%
Total investments						$	311,762	$	316,342	155.28	%

# 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”).

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

(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 December 31, 2023, the Company does not “control” any of these portfolio companies. Under the Investment Company Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of these portfolio companies. Certain portfolio company investments are subject to contractual restrictions on sales.

(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 December 31, 2023. As of December 31, 2023, the reference rates for variable rate loans were the 30-day SOFR at 5.35%, the 90-day SOFR at 5.33%, the 180-day SOFR at 5.16%, the daily SONIA at .5.19%, the 90-day EURIBOR at 3.91% and the 30-day CDOR at 5.45%.

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

2022

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(amounts in thousands)

(5)Fair value is determined in good faith by or under the direction of ~~CSL III Advisor, LLC,~~ the ~~Company’s~~Investment ~~investment adviser~~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)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.

(7)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act, unless otherwise noted. As of December 31, 2023, the aggregate fair value of these securities is $1,526, or 0.74%, of the Company's net assets.

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

(9)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.

(10)As of December 31, 2023, the Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans:


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
First and Second Lien Debt—unfunded delayed draw and revolving term loans commitments
ADPD Holdings, LLC	Delayed Draw	1.00	%	$	6,354	$	(598)
ADPD Holdings, LLC	Revolver	0.50		828		(78)
Allied Benefit Systems Intermediate LLC	Delayed Draw	1.00		948		(14)
Alpine Acquisition Corp II	Revolver	0.50		689		(30)
Apex Companies Holdings, LLC	Delayed Draw	1.00		2,305		5
Ascend Buyer, LLC	Revolver	0.50		0		(0		)
Associations, Inc.	Delayed Draw	1.00		48		(0		)
Associations, Inc.	Revolver	0.50		0		(0		)
Atlas AU Bidco Pty Ltd (Australia)	Revolver	0.50		67		1
Avalara, Inc.	Revolver	0.50		1,350		20
BlueCat Networks, Inc. (Canada)	Delayed Draw	1.00		3,699		(79)
Bradyifs Holdings, LLC	Delayed Draw	1.00		376		(8)
Bradyifs Holdings, LLC	Revolver	0.50		383		(8)
CD&R Madison Parent Ltd (United Kingdom)	Delayed Draw	0.50		£	429	5
Celerion Buyer, Inc.	Delayed Draw	2.00		499		5
Celerion Buyer, Inc.	Revolver	0.50		249		2
CoreWeave Compute Acquisition Co. II, LLC	Delayed Draw	1.00		489		(9)
Coupa Holdings, LLC	Delayed Draw	1.00		193		4
Coupa Holdings, LLC	Revolver	0.50		148		3
CPI Intermediate Holdings, Inc.	Delayed Draw	1.00		2,783		(24)
CST Holding Company	Revolver	0.50		423		4
Denali Midco 2, LLC	Delayed Draw	1.00		2,300		—
Dwyer Instruments, Inc.	Revolver	0.50		847		—
Eliassen Group, LLC	Delayed Draw	1.00		3,015		(37)
Ellkay, LLC	Revolver	0.50		1		(0		)
Excel Fitness Holdings, Inc.	Delayed Draw	1.00		875		(3)

2123

CARLYLE SECURED LENDING III

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2023

(amounts in thousands)


Investments—non-controlled/non-affiliated	Type	Unused Fee		Par/ Principal Amount **		Fair Value
Excel Fitness Holdings, Inc.	Revolver	0.50	%	$	594	$	(8)
Excelitas Technologies Corp.	Delayed Draw	1.00		389		(6)
Excelitas Technologies Corp.	Revolver	0.50		429		(6)
FPG Intermediate Holdco, LLC	Delayed Draw	1.00		12,317		(108)
Hercules Borrower LLC	Delayed Draw	1.00		1		0
Hoosier Intermediate, LLC	Revolver	0.50		1		0
HS Spa Holdings Inc.	Revolver	0.50&nb

Filing Compare · Carlyle Secured Lending III