UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM

~~FORM~~ 8-K

CURRENT REPORT

~~Pursuant~~PURSUANT toTO ~~Section~~ SECTION 13 OR 15(d) ~~of the~~

~~Securities~~OF ~~Exchange~~THE ~~Act~~SECURITIES ofEXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 27, 2025

Carlyle Secured Lending, Inc.

(Exact ~~name~~Name of ~~registrant~~Registrant as ~~specified~~Specified in ~~its charter~~Charter)

Maryland

No. 814-00995

80-0789789

~~814-00995~~

~~80-0789789~~

(State or Other Jurisdictionof Incorporation)

(CommissionFile Number)

(IRS EmployerIdentification No.)

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One Vanderbilt Avenue, Suite 3400

New York

10017

(Address of Principal Executive Offices)

(Zip Code)

(212) 813-4900


One Vanderbilt Avenue, Suite 3400 New York, New York		10017
(Address of Principal Executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212)

~~(Registrant’s Telephone Number, Including Area Code)~~813-4900

~~Not~~(Former ~~Applicable~~name or former address, if changed since last report.)

Check the appropriate box below if the Form

~~(Former Name or Former Address, if Changed Since Last Report)~~8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):

~~Check~~☐ ~~the~~Written ~~appropriate~~communications ~~box~~pursuant ~~below if the Form 8-K filing is intended~~ to ~~simultaneously~~Rule ~~satisfy~~425 ~~the filing obligation of the registrant~~ under ~~any of~~ the ~~following~~Securities ~~provisions~~Act (~~see~~17 ~~General~~CFR ~~Instruction A~~230.~~2. below~~425):

☐ ~~Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐~~ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Title of each class:	Trading Symbol(s)		Name of each exchange on which registered:
Common Stock		CGBD		The Nasdaq Global Select Market
Common stock, $0.01 per share	CGBD		The Nasdaq Global Select Market
8.20% Notes due 2028		CGBDL		The Nasdaq Global Select Market
8.20% notes due 2028	CGBDL		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule

~~Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule~~ 12b-2 ~~of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).~~

of the Securities Exchange Act of 1934

(§240.12b-2

of this chapter).

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. ☐

Item 1.0201 ~~– Termination~~Entry ofinto a Material Definitive Agreement

On October 27, 2025, in connection with the previously announced public offering by Carlyle Secured Lending, Inc. (the “Company”), ~~fully~~the ~~repaid~~Company ~~all~~and ~~outstanding~~U.S. ~~borrowings~~Bank ~~under~~Trust ~~its~~Company, ~~senior~~National ~~secured~~Association, ~~revolving~~as ~~credit~~successor ~~facility~~trustee ~~(as~~to ~~amended~~The Bank of New York Mellon Trust Company, N.A. as trustee (the “~~CSL~~Trustee”), ~~III~~entered ~~SPV~~into ~~Credit~~a ~~Facility”).~~Third ~~The~~Supplemental ~~Company~~Indenture ~~succeeded~~(the to“Third Supplemental Indenture”, and together with the ~~obligations~~Indenture, dated as of ~~Carlyle~~November 20, ~~Secured~~2023, ~~Lending~~between ~~III~~the ~~("CSL~~Company ~~III")~~and ~~under~~the Trustee (the ~~CSL~~“Base ~~III~~Indenture”), ~~SPV~~the ~~Credit~~First ~~Facility~~Supplemental asIndenture, adated ~~result~~as of November 20, 2023 and the ~~completion~~Second Supplemental Indenture, dated as of October 18, 2024, the ~~CSL~~“Indenture”). ~~III~~The ~~Merger~~Third ~~effective~~Supplemental ~~March~~Indenture 27relates to the Company’s issuance and sale of $300,000,000 ~~2025~~aggregate principal amount of the Company’s 5.750% Notes due 2031 (the “Notes”).

InThe ~~connection~~Notes ~~with~~will ~~such~~mature ~~repayment~~on February 15, 2031 and may be redeemed in whole or in part at the ~~CSL~~Company’s ~~III~~option ~~SPV~~at ~~Credit~~any ~~Facility~~time ~~was~~or ~~terminated,~~from ~~and~~time ~~all~~to ~~commitments~~time ~~and~~at ~~obligations~~the ofredemption prices set forth in the ~~lenders~~Indenture. ~~thereunder~~The ~~were~~Notes ~~cancelled~~bear interest at a rate of 5.750% Noper ~~early~~year, ~~termination~~commencing ~~penalties~~October 7, ~~were~~2025. ~~incurred~~The inCompany ~~connection~~will ~~with~~pay interest on the ~~repayment~~Notes on February 15 and August 15 each year, beginning on February 15, 2026.

The ~~CSL~~Company ~~III~~intends ~~SPV~~to ~~Credit~~use ~~Facility~~the ~~was~~net ~~originally~~proceeds ~~entered~~from ~~into~~the byoffering ~~Carlyle~~to ~~Secured~~repay ~~Lending~~outstanding ~~III~~debt ~~SPV,~~of ~~L.L.C.~~the (Company including the ~~"CSL~~Company’s ~~III~~Senior ~~SPV")~~Secured onRevolving ~~September~~Credit 30Agreement, ~~2022~~dated as of March 21, ~~and~~2014 (as most recently amended on March 27 12, 2025.) ~~The~~(as ~~CSL~~amended, ~~III~~modified ~~SPV~~or ~~Credit~~supplemented ~~Facility~~from ~~provided~~time ~~for secured borrowings of up~~ to ~~$250,000,000,~~time) ~~subject~~among ~~to availability under~~ the ~~facility~~Company, ~~and borrowing restrictions under~~ the ~~Investment~~Lenders ~~Company~~party ~~Act.~~thereto Itand ~~had~~JPMorgan aChase ~~revolving~~Bank, ~~period through September 30~~N.A., ~~2025~~as ~~and~~Administrative aAgent ~~stated~~(the ~~maturity~~“Credit ~~date~~Facility”) of(which ~~September~~Credit ~~30,~~Facility ~~2030,~~the ~~with~~Company aused ~~one-year~~to ~~extension~~repay ~~option~~all ~~available at the election~~ of ~~CSL~~its ~~III~~outstanding ~~SPV.~~borrowings ~~Borrowings~~ under the ~~CSL~~senior ~~III~~secured ~~SPV~~revolving ~~Credit~~credit ~~Facility~~facility ~~bore~~as ~~interest~~described atin athe ~~rate~~Company’s ~~equal~~Current toReport ~~three~~on Form 8-~~month~~K ~~SOFR~~filed ~~(or,~~with ifthe ~~applicable,~~U.S. aSecurities ~~base~~and ~~rate~~Exchange ~~comprised~~Commission of (the ~~prime~~“SEC”) ~~rate~~on orOctober 7, ~~the~~2025), ~~federal~~to ~~funds~~fund ~~rate~~new ~~plus~~investment ~~0.50%) plus 2.85%~~opportunities, and ~~undrawn~~for ~~amounts~~other ~~were~~general ~~subject~~corporate ~~to an unused commitment fee of 0~~purposes.~~30%~~ ~~per annum.~~

The Notes are the Company’s direct unsecured obligations and rank

~~The~~pari CSL III SPV Credit Facility was secured by a first lien security interest on substantially all of the assets of CSL III SPV and included customary covenants, limitations on the incurrence of additional indebtedness and liens, and other maintenance requirements, as well as standard events of default for senior secured revolving credit facilities of this nature.passu

with all existing and future unsubordinated unsecured indebtedness issued by the Company.

The Indenture contains certain covenants including certain covenants requiring the Company ~~does~~to ~~not~~comply ~~expect~~with Section 18(a)(1)(A) as modified by Section 61(a) of the ~~termination~~Investment Company Act of 1940, as amended (the ~~CSL~~“1940 ~~III~~Act”), ~~SPV~~or ~~Credit~~any ~~Facility~~successor provisions, whether or not the Company continues to ~~have~~be asubject ~~material~~to ~~adverse~~such provisions of the 1940 Act, but giving effect, onin ~~its~~either case, to any exemptive relief granted to the Company by the SEC, and to provide financial ~~condition~~information orto ~~results~~the holders of ~~operations~~the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, on the occurrence of a “change of control repurchase event,” as defined in the Indenture (which involves

~~The~~ ~~foregoing description of~~ the CSL III SPV Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the facility documents, which have been filed previously with the Securities and Exchange Commission.

occurrence of both a change of control and a below investment grade rating of the Notes by Fitch Ratings, Inc., and Moody’s Investor Service), the Company will generally be required to make an offer to repurchase the outstanding Notes at a repurchase price equal to 100% of the principal amount of such Notes plus accrued and unpaid interest to the repurchase date.

The Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to the Company’s Registration Statement on Form

~~Item 9.01 – Financial Statements and Exhibits~~N-2

(File

(dNo. 333-278993)~~Exhibits:~~,

as supplemented by the Company’s preliminary prospectus supplement, pricing term sheet and final prospectus supplement, each dated September 30, 2025. The transaction closed on October 7, 2025.

The foregoing descriptions of the Base

Exhibit Number						Description
10.1						Loan and Servicing Agreement, dated as of September 30, 2022, and conformed through Amendment No.4 dated as of March 27, 2025, among Carlyle Secured Lending Inc. (as successor to CSL III), as Holdings, Carlyle Secured Lending III SPV, L.L.C., as the Borrower, Massachusetts Mutual Life Insurance Company and the other Lenders from time to time party hereto, Wilmington Trust National Association, as the Administrative Agent, Barings Finance LLC (as successor to Massachusetts Mutual Life Insurance Company), as the Calculation Agent, Carlyle Secured Lending III, as the Portfolio Asset Servicer, Wilmington Trust, National Association, as the Collateral Custodian, and Wilmington Trust, National Association, as the Account Bank (Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2025).
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

Indenture

, the Third Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Base Indenture, the Third Supplemental Indenture and the form of global note representing the Notes, respectively, each filed as exhibits hereto and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

~~SIGNATURES~~Off-Balance

Sheet Arrangement of a Registrant.

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form

~~Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~8-K

is incorporated herein by reference.

CARLYLE SECURED LENDING, INC.

(Registrant)

Dated: October 7, 2025

By:

/s/ Thomas M. Hennigan

Name: Thomas M. Hennigan

Title: Chief Financial Officer

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:


Exhibit No.		Description

4.1		Indenture, dated November 20, 2023, between Carlyle Secured Lending, Inc., as Issuer, and U.S. Bank Trust Company, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on November 20, 2023).

4.2		First Supplemental Indenture, dated as of November 20, 2023, between Carlyle Secured Lending, Inc. and U.S. Bank Trust Company, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K, filed on November 20, 2023).

4.3		Second Supplemental Indenture, dated as of October 18, 2024, between Carlyle Secured Lending, Inc. and U.S. Bank Trust Company, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on October 18, 2024).

4.4		Third Supplemental Indenture, dated as of October 7, 2025, between Carlyle Secured Lending, Inc. and U.S. Bank Trust Company, National Association, as successor trustee to The Bank of New York Mellon Trust Company, N.A.

4.5		Form of 5.750% Notes due 2031 (Incorporated by reference to Exhibit 4.4 hereto).

5.1		Opinion of Sullivan & Cromwell LLP.

5.2		Opinion of Venable LLP.

23.1		Consent of Sullivan & Cromwell LLP (included in Exhibit 5.1 hereto).

23.2		Consent of Venable LLP (included in Exhibit 5.2 hereto).

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


CARLYLE SECURED LENDING, INC.

By:		/s/ Nelson Joseph
Name:		Nelson Joseph
Title:		Chief Accounting Officer

Date: October

, 2025

Filing Compare · Carlyle Secured Lending, Inc.