CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
First Lien Debt (69.8%) | |||||||||||||||||||||||||||||
222 North Miami, LLC | Term Loan, Tranche B | (4) (5) (6) (14) | Real Estate Management & Development | SOFR + 1318 | 18.56% | 9/1/2025 | $ | 3,547,322 | $ | 3,447,023 | $ | 3,547,322 | |||||||||||||||||
AAdvantage Loyalty IP Ltd. | Term Loan | (2) (3) (4) (13) (14) | Aerospace & Defense | SOFR + 475 | 10.34% | 4/20/2028 | 4,750,000 | 4,716,639 | 4,887,750 | ||||||||||||||||||||
ABG Intermediate Holdings 2, LLC | Term Loan, Tranche B1 | (3) (4) (13) (14) | Media: Advertising, Printing & Publishing | SOFR + 350 | 8.92% | 12/21/2028 | 2,000,000 | 2,000,000 | 1,995,360 | ||||||||||||||||||||
Acrisure, LLC | Term Loan, 2020 Tranche B | (2) (3) (4) (13) (14) (19) | Insurance | SOFR + 350 | 8.93% | 2/15/2027 | 1,984,576 | 1,887,003 | 1,954,093 | ||||||||||||||||||||
Acrisure, LLC | Term Loan, 2021 Tranche B | (2) (3) (4) (13) (14) (19) | Insurance | SOFR + 425 | 9.68% | 2/15/2027 | 4,507,838 | 4,477,610 | 4,488,139 | ||||||||||||||||||||
ADPD Holdings, LLC | Term Loan | (2) (4) (5) (13) (14) | Consumer Services | SOFR + 600 | 11.68% | 8/16/2028 | 10,144,153 | 9,913,260 | 9,043,985 | ||||||||||||||||||||
Advanced Web Technologies Holding Company | Delayed Draw Term Loan 2 | (4) (5) (13) (14) | Containers, Packaging & Glass | SOFR + 650 | 12.05% | 12/17/2026 | 941,945 | 929,350 | 939,701 | ||||||||||||||||||||
Advanced Web Technologies Holding Company | Incremental Term Loan, 3rd Amendment | (4) (5) (13) (14) | Containers, Packaging & Glass | SOFR + 675 | 12.30% | 12/17/2026 | 399,814 | 388,743 | 404,219 | ||||||||||||||||||||
Advanced Web Technologies Holding Company | Delayed Draw Term Loan | (4) (5) (13) (14) | Containers, Packaging & Glass | SOFR + 625 | 11.80% | 12/17/2026 | 1,130,500 | 1,117,425 | 1,127,808 | ||||||||||||||||||||
Advanced Web Technologies Holding Company | Delayed Draw Term Loan | (4) (5) (6) (13) (14) | Containers, Packaging & Glass | SOFR + 625 | 11.80% | 12/17/2026 | 651,556 | 637,378 | 648,831 | ||||||||||||||||||||
Advanced Web Technologies Holding Company | Term Loan | (2) (3) (4) (5) (13) (14) | Containers, Packaging & Glass | SOFR + 625 | 11.80% | 12/17/2026 | 2,874,070 | 2,839,896 | 2,867,224 | ||||||||||||||||||||
AI Aqua Merger Sub, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Consumer Services | SOFR + 375 | 9.08% | 7/31/2028 | 6,181,850 | 6,168,306 | 6,113,293 | ||||||||||||||||||||
Allied Universal Holdco, LLC | Incremental Term Loan, Tranche B | (2) (3) (4) (14) | Business Services | SOFR + 375 | 9.17% | 5/12/2028 | 4,942,279 | 4,887,123 | 4,766,482 | ||||||||||||||||||||
Alpine Acquisition Corp II | Revolver | (4) (5) (6) (13) (14) | Transportation | SOFR + 600 | 11.47% | 11/30/2026 | 1,378,802 | 1,330,652 | 1,218,376 | ||||||||||||||||||||
Alpine Acquisition Corp II | Term loan | (2) (3) (4) (5) (13) (14) | Transportation | SOFR + 600 | 11.47% | 11/30/2026 | 20,731,341 | 20,425,484 | 19,766,494 | ||||||||||||||||||||
Alterra Mountain Company | Term Loan, Tranche B-2 | (2) (3) (4) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 350 | 8.93% | 8/17/2028 | 3,974,658 | 3,955,695 | 3,961,422 | ||||||||||||||||||||
Altice Financing SA | Term Loan | (3) (4) (14) | Telecommunications | SOFR + 500 | 10.32% | 10/31/2027 | 2,000,000 | 1,985,000 | 1,976,660 | ||||||||||||||||||||
Altice France S.A. | Term Loan, Tranche B14 | (2) (3) (4) (14) | Telecommunications | SOFR + 550 | 10.81% | 8/15/2028 | 1,974,380 | 1,970,672 | 1,782,371 | ||||||||||||||||||||
Amentum Government Services Holdings, LLC | Term Loan | (2) (3) (4) (14) | Aerospace & Defense | SOFR + 400 | 9.33% | 2/15/2029 | 2,962,500 | 2,950,497 | 2,916,226 | ||||||||||||||||||||
American Physician Partners, LLC | Delayed Draw Term Loan | (3) (4) (5) (8) (13) (14) (15) | Health Care Providers & Services | SOFR + 10.25% PIK | 15.65% | 2/15/2023 | 494,900 | 440,550 | — | ||||||||||||||||||||
American Physician Partners, LLC | Delayed Draw Term Loan, Tranche E | (4) (5) (8) (13) (14) (15) | Health Care Providers & Services | SOFR + 10.25% PIK | 15.65% | 6/30/2023 | 250,315 | 229,444 | — | ||||||||||||||||||||
American Physician Partners, LLC | Revolver | (3) (4) (5) (8) (13) (14) (15) | Health Care Providers & Services | SOFR + 10.25% PIK | 15.65% | 2/15/2023 | 146,253 | 145,976 | — |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
American Physician Partners, LLC | Term Loan, Tranche A | (3) (4) (5) (8) (13) (14) (15) | Health Care Providers & Services | SOFR + 10.25% PIK | 15.65% | 2/15/2023 | 2,656,653 | 2,348,018 | — | ||||||||||||||||||||
Amynta Agency Borrower, Inc. | Term Loan, Tranche B | (3) (4) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 500 | 10.42% | 2/28/2028 | 1,995,000 | 1,995,000 | 1,991,948 | ||||||||||||||||||||
Anticimex International AB | Term Loan, Tranche B1 | (2) (3) (4) (14) | Commercial Services & Supplies | SOFR + 350 | 8.45% | 11/16/2028 | 2,994,937 | 2,935,385 | 2,966,874 | ||||||||||||||||||||
Apex Companies Holdings, LLC | Specified Delayed Draw Term Loan | (4) (5) (6) (14) | Environmental Industries | SOFR + 625 | 11.62% | 1/31/2028 | 147,541 | 125,516 | 141,471 | ||||||||||||||||||||
Apex Companies Holdings, LLC | Term Loan | (2) (3) (4) (5) (14) | Environmental Industries | SOFR + 625 | 11.62% | 1/31/2028 | 3,190,574 | 3,111,993 | 3,169,431 | ||||||||||||||||||||
Applied Technical Services, LLC | Delayed Draw Term Loan, 1st Amendment, Tranche A | (4) (5) (13) (14) | Business Services | SOFR + 600 | 11.54% | 12/29/2026 | 2,734,182 | 2,693,241 | 2,730,716 | ||||||||||||||||||||
Applied Technical Services, LLC | Delayed Draw Term Loan, 1st Amendment, Tranche B | (4) (5) (13) (14) | Business Services | SOFR + 600 | 11.54% | 12/29/2026 | 2,794,866 | 2,754,150 | 2,791,323 | ||||||||||||||||||||
Applied Technical Services, LLC | Term Loan, 4th Amendment | (3) (4) (5) (13) (14) | Business Services | SOFR + 600 | 11.54% | 12/29/2026 | 1,070,947 | 1,028,531 | 1,082,765 | ||||||||||||||||||||
Applied Technical Services, LLC | Delayed Draw Term Loan | (4) (5) (13) (14) | Business Services | SOFR + 600 | 11.54% | 12/29/2026 | 969,121 | 956,352 | 967,892 | ||||||||||||||||||||
Applied Technical Services, LLC | Revolver | (4) (5) (6) (13) (14) | Business Services | SOFR + 600 | 11.54% | 12/29/2026 | 158,103 | 153,070 | 157,602 | ||||||||||||||||||||
Applied Technical Services, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Business Services | SOFR + 600 | 11.54% | 12/29/2026 | 2,882,905 | 2,843,937 | 2,879,250 | ||||||||||||||||||||
Appriss Health, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 675 | 12.23% | 5/6/2027 | 13,233,333 | 13,046,308 | 13,110,556 | ||||||||||||||||||||
Armor Holding II, LLC | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Business Services | SOFR + 450 | 10.09% | 12/10/2028 | 1,965,000 | 1,948,108 | 1,970,738 | ||||||||||||||||||||
Ascend Buyer, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Containers, Packaging & Glass | SOFR + 640 | 11.94% | 9/30/2028 | 16,537,036 | 16,258,119 | 16,281,230 | ||||||||||||||||||||
Associations, Inc. | Delayed Draw Term Loan, Tranche A | (2) (3) (4) (5) (8) (13) (14) | Construction & Building | SOFR + 400, 2.50% PIK | 12.06% | 7/2/2027 | 503,108 | 499,832 | 503,108 | ||||||||||||||||||||
Associations, Inc. | Delayed Draw Term Loan, Tranche B | (2) (4) (5) (8) (13) (14) | Construction & Building | SOFR + 400, 2.50% PIK | 12.06% | 7/2/2027 | 1,047,238 | 1,040,434 | 1,047,238 | ||||||||||||||||||||
Associations, Inc. | Delayed Draw Term Loan, Tranche C | (2) (4) (5) (8) (13) (14) | Construction & Building | SOFR + 400, 2.50% PIK | 12.06% | 7/2/2027 | 1,047,355 | 1,040,556 | 1,047,355 | ||||||||||||||||||||
Associations, Inc. | Delayed Draw Term Loan, Tranche D | (2) (3) (4) (5) (8) (13) (14) | Construction & Building | SOFR + 400, 2.50% PIK | 12.06% | 7/2/2027 | 632,428 | 625,762 | 632,428 | ||||||||||||||||||||
Associations, Inc. | Delayed Draw Term Loan, Tranche E | (4) (5) (6) (8) (13) (14) | Construction & Building | SOFR + 400, 2.50% PIK | 12.06% | 7/2/2027 | 1,296,236 | 1,283,532 | 1,296,236 | ||||||||||||||||||||
Associations, Inc. | Term Loan | (3) (4) (5) (8) (13) (14) | Construction & Building | SOFR + 400, 2.50% PIK | 12.06% | 7/2/2027 | 4,253,746 | 4,228,196 | 4,253,746 | ||||||||||||||||||||
AssuredPartners, Inc. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Insurance | SOFR + 350 | 8.93% | 2/12/2027 | 3,971,636 | 3,943,678 | 3,960,476 | ||||||||||||||||||||
AssuredPartners, Inc. | Term Loan, Tranche B | (3) (4) (14) | Insurance | SOFR + 350 | 8.82% | 2/12/2027 | 1,000,000 | 998,750 | 998,750 | ||||||||||||||||||||
Astra Acquisition Corp. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 525 | 10.90% | 10/25/2028 | 5,968,427 | 5,153,655 | 4,456,923 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Asurion, LLC | Term Loan, Tranche B10 | (2) (3) (4) (13) (14) | Insurance | SOFR + 400 | 9.42% | 8/19/2028 | 980,050 | 938,183 | 949,218 | ||||||||||||||||||||
Athenahealth, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Software | SOFR + 325 | 8.57% | 2/15/2029 | 5,164,184 | 5,131,559 | 5,059,299 | ||||||||||||||||||||
Atlas AU Bidco Pty Ltd. | Term Loan | (2) (3) (4) (5) (14) | High Tech Industries | SOFR + 725 | 12.58% | 12/12/2029 | 2,890,277 | 2,803,730 | 2,919,179 | ||||||||||||||||||||
Avalara, Inc | Term Loan | (2) (4) (5) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 725 | 12.64% | 10/19/2028 | 9,000,000 | 8,782,039 | 9,135,000 | ||||||||||||||||||||
Barnes & Noble, Inc. | Term Loan | (2) (3) (4) (5) (11) (13) (14) | Specialty Retail | SOFR + 881 | 14.23% | 12/20/2026 | 2,667,330 | 2,648,407 | 2,649,137 | ||||||||||||||||||||
Barracuda Networks, Inc. | Term Loan | (3) (4) (14) | Software | SOFR + 450 | 9.87% | 8/15/2029 | 3,984,950 | 3,902,621 | 3,940,637 | ||||||||||||||||||||
Bausch & Lomb Corp. | Term Loan | (3) (4) (5) (14) | Health Care Providers & Services | SOFR + 400 | 9.32% | 9/14/2028 | 5,000,000 | 4,950,000 | 4,931,250 | ||||||||||||||||||||
Berlin Packaging LLC | Term Loan, Tranche B5 | (2) (3) (4) (13) (14) | Containers, Packaging & Glass | SOFR + 375 | 9.19% | 3/11/2028 | 2,984,772 | 2,918,941 | 2,949,074 | ||||||||||||||||||||
BlueCat Networks, Inc. | Delayed Draw Term Loan, Tranche A | (4) (5) (8) (14) | Wireless Telecommunication Services | SOFR + 400, 2.00% PIK | 11.39% | 8/8/2028 | 448,520 | 441,142 | 442,090 | ||||||||||||||||||||
BlueCat Networks, Inc. | Delayed Draw Term Loan, Tranche B | (4) (5) (6) (8) (14) | Wireless Telecommunication Services | SOFR + 400, 2.00% PIK | 11.39% | 8/8/2028 | 45,226 | 41,322 | 41,788 | ||||||||||||||||||||
BlueCat Networks, Inc. | Term Loan, Tranche A | (2) (3) (4) (5) (8) (14) | Wireless Telecommunication Services | SOFR + 400, 2.00% PIK | 11.39% | 8/8/2028 | 3,189,168 | 3,135,703 | 3,143,448 | ||||||||||||||||||||
Boxer Parent Company Inc. | Term Loan | (2) (3) (4) (14) | Software | SOFR + 375 | 9.18% | 10/2/2025 | 3,978,092 | 3,978,092 | 3,972,045 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Delayed Draw Term Loan | (2) (3) (4) (5) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2025 | 480,795 | 475,089 | 479,349 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Delayed Draw Term Loan | (4) (5) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2025 | 2,590,139 | 2,560,853 | 2,582,349 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Delayed Draw Term Loan | (4) (5) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2025 | 8,950,523 | 8,845,177 | 8,923,601 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Delayed Draw Term Loan, Tranche 2 | (4) (5) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2025 | 3,269,135 | 3,227,155 | 3,259,302 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Revolver | (2) (3) (4) (5) (6) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2024 | 43,647 | 40,554 | 42,403 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2025 | 4,851,228 | 4,795,652 | 4,836,637 | ||||||||||||||||||||
BradyIFS Holdings, LLC | Term Loan, Tranche B | (2) (3) (4) (5) (13) (14) | Distributors | SOFR + 625 | 11.68% | 11/22/2025 | 6,363,748 | 6,285,956 | 6,344,607 | ||||||||||||||||||||
Brave Parent Holdings, Inc. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 400 | 9.52% | 4/18/2025 | 6,629,063 | 6,605,717 | 6,605,596 | ||||||||||||||||||||
Broadstreet Partners, Inc. | Term Loan, Tranche B3 | (2) (3) (4) (14) | Insurance | SOFR + 400 | 9.32% | 1/27/2029 | 2,992,500 | 2,956,798 | 2,988,759 | ||||||||||||||||||||
Brown Group Holding, LLC | Term Loan, Tranche B2 | (2) (3) (4) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 375 | 9.07% | 7/2/2029 | 3,964,975 | 3,901,041 | 3,958,591 | ||||||||||||||||||||
Cambrex Corporation | Term Loan | (2) (3) (4) (13) (14) | Health Care Providers & Services | SOFR + 350 | 8.92% | 12/4/2026 | 4,915,105 | 4,915,105 | 4,884,386 | ||||||||||||||||||||
Cano Health, LLC | Term Loan | (2) (3) (4) (14) | Health Care Providers & Services | SOFR + 400 | 9.42% | 11/23/2027 | 5,175,693 | 5,165,715 | 3,298,055 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
CD&R Madison Parent Ltd. | Term Loan, Tranche B1 | (2) (3) (4) (5) (8) (14) | Commercial Services & Supplies | SONIA + 650, 2.00% PIK | 13.69% | 2/28/2030 | £ | 12,293,188 | 14,271,441 | 15,273,540 | |||||||||||||||||||
CD&R Madison Parent Ltd. | Term Loan, Tranche B2 | (2) (3) (4) (5) (8) (14) | Commercial Services & Supplies | EURIBOR + 600, 2.00% PIK | 11.78% | 2/28/2030 | € | 6,059,630 | 6,232,903 | 6,502,642 | |||||||||||||||||||
CDK Global, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Software | SOFR + 425 | 9.64% | 7/6/2029 | 5,761,475 | 5,651,134 | 5,758,364 | ||||||||||||||||||||
Celerion Buyer, Inc. | Term Loan | (2) (4) (5) (14) | Health Care Providers & Services | SOFR + 650 | 11.93% | 11/3/2028 | 1,564,139 | 1,520,414 | 1,582,274 | ||||||||||||||||||||
Chemical Computing Group | Term Loan, Tranche A | (2) (3) (4) (5) (13) (14) | Software | SOFR + 450 | 9.92% | 8/30/2024 | 1,786,415 | 1,783,900 | 1,777,394 | ||||||||||||||||||||
City Football Group Ltd. | Term Loan | (2) (3) (4) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 300 | 8.44% | 7/21/2028 | 1,965,000 | 1,961,109 | 1,952,719 | ||||||||||||||||||||
Cobham Ultra SeniorCo S.a.r.l | Term Loan, Tranche B | (2) (3) (4) (14) | Aerospace & Defense | SOFR + 350 | 9.36% | 8/4/2029 | 2,970,112 | 2,970,112 | 2,950,302 | ||||||||||||||||||||
CommerceHub, Inc. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Health Care Providers & Services | SOFR + 400 | 9.52% | 12/29/2027 | 3,902,211 | 3,903,972 | 3,763,214 | ||||||||||||||||||||
Cordstrap Holding B.V | Term Loan, Facility B | (2) (3) (4) (5) (8) (14) | Transportation | EURIBOR + 563, 2.06% PIK | 11.32% | 5/11/2028 | € | 24,118,988 | 24,592,927 | 25,691,050 | |||||||||||||||||||
CoreLogic, Inc. | Term Loan | (2) (3) (4) (13) (14) | Commercial Services & Supplies | SOFR + 350 | 8.93% | 6/2/2028 | 2,131,190 | 2,123,479 | 1,965,128 | ||||||||||||||||||||
Coreweave Compute Acquisition Co. II, LLC | Delayed Draw Term Loan | (4) (5) (6) (14) | Computers and Electronics Retail | SOFR + 875 | 14.13% | 6/30/2028 | 179,403 | 110,005 | 108,457 | ||||||||||||||||||||
Cornerstone OnDemand, Inc. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 375 | 9.18% | 10/16/2028 | 2,969,887 | 2,623,006 | 2,817,680 | ||||||||||||||||||||
Coupa Holdings, LLC | Term Loan | (2) (4) (5) (14) | Software | SOFR + 750 | 12.82% | 2/27/2030 | 6,478,637 | 6,302,956 | 6,620,498 | ||||||||||||||||||||
CP Developer S.a.r.l. | Term Loan | (2) (3) (4) (5) (8) (14) | Banking, Finance, Insurance & Real Estate | EURIBOR + 800, 2.00% PIK | 13.80% | 5/21/2026 | € | 12,498,216 | 13,759,739 | 11,495,954 | |||||||||||||||||||
CPI Intermediate Holdings Inc | Term Loan | (2) (3) (4) (5) (14) | Telecommunications | SOFR + 550 | 10.87% | 10/8/2029 | 3,852,842 | 3,778,207 | 3,788,582 | ||||||||||||||||||||
CQP Holdco LP | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Energy: Oil & Gas | SOFR + 350 | 8.99% | 6/5/2028 | 6,901,882 | 6,892,067 | 6,900,295 | ||||||||||||||||||||
CST Holding Company | Term Loan | (2) (3) (4) (5) (13) (14) | Consumer Goods: Non-Durable | SOFR + 650 | 11.92% | 11/1/2028 | 2,473,472 | 2,401,632 | 2,474,441 | ||||||||||||||||||||
DCA Investment Holdings, LLC | Delayed Draw Term Loan, 3rd Amendment | (2) (4) (5) (6) (14) | Health Care Providers & Services | SOFR + 650 | 11.89% | 4/3/2028 | 613,011 | 596,795 | 606,015 | ||||||||||||||||||||
DCA Investment Holdings, LLC | Delayed Draw Term Loan | (2) (3) (4) (5) (14) | Health Care Providers & Services | SOFR + 641 | 11.80% | 4/3/2028 | 484,888 | 481,395 | 477,826 | ||||||||||||||||||||
DCA Investment Holdings, LLC | Incremental Term Loan | (2) (3) (4) (5) (14) | Health Care Providers & Services | SOFR + 641 | 11.80% | 4/3/2028 | 1,460,898 | 1,448,954 | 1,439,621 | ||||||||||||||||||||
DCA Investment Holdings, LLC | Term Loan | (2) (3) (4) (5) (14) | Health Care Providers & Services | SOFR + 641 | 11.80% | 4/3/2028 | 3,232,193 | 3,198,436 | 3,185,120 | ||||||||||||||||||||
DCert Buyer, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Software | SOFR + 400 | 9.32% | 10/16/2026 | 4,966,554 | 4,873,209 | 4,928,759 | ||||||||||||||||||||
Delta TopCo, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Computers and Electronics Retail | SOFR + 375 | 9.07% | 12/1/2027 | 4,967,018 | 4,692,106 | 4,912,033 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Deltatre Bidco Ltd. | Term Loan, Tranche B Facility | (2) (3) (4) (5) (14) | Entertainment | EURIBOR + 775 | 11.72% | 9/14/2028 | € | 17,046,379 | 16,927,286 | 17,751,952 | |||||||||||||||||||
Deltatre Bidco Ltd. | Term Loan | (3) (4) (5) (14) | Entertainment | SOFR + 775 | 13.22% | 9/14/2028 | 4,724,846 | 4,583,778 | 4,653,973 | ||||||||||||||||||||
Denali Midco 2 LLC | Incremental Delayed Draw Term Loan, Tranche 4 | (4) (5) (13) (14) | Consumer Services | SOFR + 650 | 11.92% | 12/22/2027 | 1,333,333 | 1,300,641 | 1,300,641 | ||||||||||||||||||||
Denali Midco 2, LLC | Incremental Delayed Draw Term Loan | (4) (5) (6) (13) (14) | Consumer Services | SOFR + 650 | 11.92% | 12/22/2027 | 661,667 | 607,967 | 616,321 | ||||||||||||||||||||
Denali Midco 2, LLC | Incremental Delayed Draw Term Loan, Tranche 3 | (4) (5) (13) (14) | Consumer Services | SOFR + 650 | 11.92% | 12/22/2027 | 1,127,667 | 1,099,600 | 1,104,371 | ||||||||||||||||||||
Denali Midco 2, LLC | Incremental Delayed Draw Term Loan, Tranche 2 | (4) (5) (13) (14) | Consumer Services | SOFR + 650 | 11.92% | 12/22/2027 | 330,833 | 322,561 | 323,999 | ||||||||||||||||||||
Denali Midco 2, LLC | Incremental Term Loan | (2) (3) (4) (5) (13) (14) | Consumer Services | SOFR + 650 | 11.92% | 12/22/2027 | 4,950,000 | 4,824,668 | 4,847,740 | ||||||||||||||||||||
DexKo Global, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Automotive | SOFR + 375 | 9.40% | 10/4/2028 | 1,703,851 | 1,699,610 | 1,658,546 | ||||||||||||||||||||
DG Investment Intermediate Holdings 2, Inc. | Term Loan | (2) (3) (4) (14) | Software | SOFR + 375 | 9.18% | 3/31/2028 | 5,793,817 | 5,750,951 | 5,686,400 | ||||||||||||||||||||
Digital Intelligence Systems, LLC | Term Loan | (2) (3) (5) | Consumer Services | 9.00% | 9.00% | 4/2/2026 | 11,695,788 | 11,175,599 | 11,871,224 | ||||||||||||||||||||
Diligent Corporation | Delayed Draw Term Loan, Tranche B1 | (4) (5) (13) (14) | Telecommunications | SOFR + 625 | 11.77% | 8/4/2025 | 191,933 | 190,012 | 189,367 | ||||||||||||||||||||
Diligent Corporation | Revolver | (4) (5) (6) (13) (14) | Telecommunications | SOFR + 625 | 11.77% | 8/4/2025 | 48,052 | 46,931 | 46,485 | ||||||||||||||||||||
Diligent Corporation | Term Loan, Tranche B1 | (2) (3) (4) (5) (13) (14) | Telecommunications | SOFR + 625 | 11.77% | 8/4/2025 | 1,407,132 | 1,392,463 | 1,388,323 | ||||||||||||||||||||
Diligent Corporation | Term Loan, Tranche B2 | (2) (3) (4) (5) (13) (14) | Telecommunications | SOFR + 575 | 11.27% | 8/4/2025 | 1,657,500 | 1,649,915 | 1,621,477 | ||||||||||||||||||||
Diligent Corporation | Term Loan, Tranche B3 | (2) (3) (4) (5) (13) (14) | Telecommunications | SOFR + 575 | 11.27% | 8/4/2025 | 2,242,500 | 2,226,658 | 2,193,764 | ||||||||||||||||||||
Dwyer Instruments, Inc. | Delayed Draw Term Loan | (4) (5) (13) (14) | Capital Equipment | SOFR + 575 | 11.22% | 7/21/2027 | 990,882 | 955,986 | 990,882 | ||||||||||||||||||||
Dwyer Instruments, Inc. | Revolver | (4) (5) (6) (13) (14) | Capital Equipment | SOFR + 575 | 11.22% | 7/21/2027 | 511,919 | 483,737 | 511,919 | ||||||||||||||||||||
Dwyer Instruments, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Capital Equipment | SOFR + 575 | 11.22% | 7/21/2027 | 19,334,190 | 19,050,881 | 19,346,463 | ||||||||||||||||||||
EAB Global, Inc. | Term Loan | (2) (3) (4) (13) (14) (19) | Professional Services | SOFR + 350 | 8.87% | 8/16/2028 | 2,992,386 | 2,973,853 | 2,966,951 | ||||||||||||||||||||
EFS Cogen Holdings I, LLC | Term Loan, Tranche B | (2) (3) (4) (14) | Utilities | SOFR + 350 | 9.16% | 10/1/2027 | 2,869,414 | 2,860,093 | 2,850,677 | ||||||||||||||||||||
Electronics for Imaging, Inc. | Term Loan | (2) (3) (4) (13) (14) | High Tech Industries | SOFR + 500 | 10.42% | 7/23/2026 | 8,535,060 | 7,449,750 | 5,633,140 | ||||||||||||||||||||
Element Materials Technology Group US Holdings, Inc. | Delayed Draw Term Loan | (2) (3) (4) (13) (14) | Business Services | SOFR + 425 | 9.74% | 6/22/2029 | 1,598,447 | 1,597,393 | 1,576,469 | ||||||||||||||||||||
Element Materials Technology Group US Holdings, Inc. | Term Loan | (2) (3) (4) (13) (14) | Business Services | SOFR + 425 | 9.74% | 6/22/2029 | 3,463,303 | 3,451,787 | 3,415,682 | ||||||||||||||||||||
Eliassen Group, LLC | Delayed Draw Term Loan | (4) (5) (6) (14) | Business Services | SOFR + 550 | 10.84% | 4/14/2028 | 1,220,937 | 1,176,061 | 1,205,352 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Eliassen Group, LLC | Term Loan | (2) (3) (4) (5) (14) | Business Services | SOFR + 550 | 10.83% | 4/14/2028 | 20,219,662 | 19,976,169 | 20,138,628 | ||||||||||||||||||||
Ellkay, LLC | Term Loan | (3) (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 625 | 11.77% | 9/14/2027 | 13,999,500 | 13,775,425 | 12,900,874 | ||||||||||||||||||||
Engineered Machinery Holdings, Inc. | Incremental Term Loan | (2) (3) (4) (14) | Capital Equipment | SOFR + 350 | 9.15% | 5/21/2028 | 1,965,000 | 1,957,818 | 1,952,719 | ||||||||||||||||||||
Epicor Software Corporation | Incremental Term Loan | (3) (4) (14) | Software | SOFR + 375 | 9.09% | 7/30/2027 | 500,000 | 495,000 | 500,125 | ||||||||||||||||||||
Epicor Software Corporation | Term Loan | (3) (4) (13) (14) | Software | SOFR + 325 | 8.68% | 7/30/2027 | 1,994,872 | 1,979,993 | 1,990,503 | ||||||||||||||||||||
EPS Nass Parent, Inc. | Delayed Draw Term Loan | (4) (5) (13) (14) | Utilities | SOFR + 575 | 11.29% | 4/19/2028 | 46,746 | 46,105 | 45,844 | ||||||||||||||||||||
EPS Nass Parent, Inc. | Revolver | (4) (5) (6) (13) (14) | Utilities | SOFR + 575 | 11.29% | 4/19/2026 | 58,102 | 57,373 | 56,794 | ||||||||||||||||||||
EPS Nass Parent, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Utilities | SOFR + 575 | 11.29% | 4/19/2028 | 830,509 | 818,652 | 814,489 | ||||||||||||||||||||
eResearchTechnology, Inc. | Term Loan | (2) (3) (4) (13) (14) | High Tech Industries | SOFR + 450 | 9.93% | 2/4/2027 | 1,949,622 | 1,949,622 | 1,911,683 | ||||||||||||||||||||
Excel Fitness Holdings, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 525 | 10.79% | 4/27/2029 | 6,172,031 | 6,053,990 | 6,044,804 | ||||||||||||||||||||
Excel Fitness Holdings, Inc. | Term Loan | (2) (4) (5) (14) | Hotels, Restaurants & Leisure | SOFR + 550 | 10.89% | 4/27/2029 | 3,693,939 | 3,558,571 | 3,651,466 | ||||||||||||||||||||
Excelitas Technologies Corp. | Revolver | (4) (5) (6) (13) (14) | Capital Equipment | SOFR + 575 | 11.21% | 8/14/2028 | 219,240 | 213,053 | 215,162 | ||||||||||||||||||||
Excelitas Technologies Corp. | Term Loan | (2) (3) (4) (5) (13) (14) | Capital Equipment | SOFR + 575 | 11.21% | 8/13/2029 | 2,994,956 | 2,940,559 | 2,960,809 | ||||||||||||||||||||
Excelitas Technologies Corp. | Term Loan | (2) (4) (5) (13) (14) | Capital Equipment | EURIBOR + 575 | 9.54% | 8/13/2029 | € | 1,265,825 | 1,276,362 | 1,323,856 | |||||||||||||||||||
FCG Acquisitions, Inc. | Term Loan | (2) (3) (4) (14) | Commercial Services & Supplies | SOFR + 375 | 9.40% | 4/1/2028 | 4,902,322 | 4,887,646 | 4,851,780 | ||||||||||||||||||||
Fertitta Entertainment, LLC | Term Loan, Tranche B | (2) (3) (4) (14) | Hotels, Restaurants & Leisure | SOFR + 400 | 9.32% | 1/27/2029 | 4,939,962 | 4,889,062 | 4,884,387 | ||||||||||||||||||||
Finastra USA, Inc. | Revolver | (4) (5) (6) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 725 | 12.58% | 9/13/2029 | 796,020 | 721,395 | 720,832 | ||||||||||||||||||||
Finastra USA, Inc. | Term Loan | (2) (3) (4) (5) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 725 | 12.71% | 9/13/2029 | 36,240,602 | 35,519,898 | 35,515,789 | ||||||||||||||||||||
Floating Infrastructure Holdings Finance, LLC | Term Loan, Tranche A | (2) (3) (5) | Transportation | 9.00% | 9.00% | 8/13/2027 | 14,573,276 | 14,337,191 | 14,318,244 | ||||||||||||||||||||
Flynn Restaurant Group LP | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Specialty Retail | SOFR + 425 | 9.68% | 12/1/2028 | 4,937,373 | 4,880,253 | 4,911,650 | ||||||||||||||||||||
FPG Intermediate Holdco, LLC | Term Loan, 3rd Amendment | (4) (5) (6) (14) | Consumer Services | SOFR + 650 | 12.07% | 3/5/2027 | 72,179 | 57,974 | 60,685 | ||||||||||||||||||||
Gainwell Acquisition Corp. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Health Care Providers & Services | SOFR + 400 | 9.49% | 10/1/2027 | 4,402,089 | 4,390,340 | 4,287,899 | ||||||||||||||||||||
Genesys Cloud Services | Term Loan, Tranche B4 | (2) (3) (4) (13) (14) | Telecommunications | SOFR + 400 | 9.43% | 12/1/2027 | 4,750,765 | 4,723,193 | 4,750,765 | ||||||||||||||||||||
Great Canadian Gaming Corp. | Term Loan | (2) (3) (4) (14) | Hotels, Restaurants & Leisure | SOFR + 400 | 9.66% | 11/1/2026 | 1,984,925 | 1,971,346 | 1,986,691 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Greenhouse Software, Inc. | Incremental Term Loan, 2nd Amendment | (2) (3) (4) (5) (14) | Software | SOFR + 700 | 12.39% | 9/1/2028 | 1,600,000 | 1,565,407 | 1,588,496 | ||||||||||||||||||||
Greenhouse Software, Inc. | Term Loan | (2) (3) (4) (5) (14) | Software | SOFR + 700 | 12.39% | 9/1/2028 | 7,598,039 | 7,478,624 | 7,537,645 | ||||||||||||||||||||
GTCR W Merger Sub, LLC | Term Loan, Tranche B | (3) (4) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 300 | 8.34% | 9/20/2030 | 5,000,000 | 4,975,000 | 4,996,350 | ||||||||||||||||||||
Guidehouse LLP | Term Loan | (2) (3) (4) (5) (13) (14) | Sovereign & Public Finance | SOFR + 625 | 11.67% | 10/16/2028 | 78,902 | 77,523 | 79,287 | ||||||||||||||||||||
Hadrian Acquisition Ltd. | Acquisition Term Loan | (2) (3) (4) (5) (6) (8) (11) (14) | Banking, Finance, Insurance & Real Estate | SONIA + 500, 2.75% PIK | 12.94% | 2/28/2029 | £ | 4,876,747 | 5,639,371 | 5,884,423 | |||||||||||||||||||
Hadrian Acquisition Ltd. | Term Loan, Tranche B2 | (2) (3) (4) (5) (8) (11) (14) | Banking, Finance, Insurance & Real Estate | SONIA + 526, 3.47% PIK | 13.92% | 2/28/2029 | £ | 18,821,993 | 24,522,274 | 22,792,476 | |||||||||||||||||||
Heartland Home Services, Inc. | Delayed Draw Term Loan, 2nd Amendment | (4) (5) (14) | Consumer Services | SOFR + 575 | 11.07% | 12/15/2026 | 4,825,723 | 4,792,364 | 4,727,728 | ||||||||||||||||||||
Heartland Home Services, Inc. | Delayed Draw Term Loan, 1st Amendment | (4) (5) (14) | Consumer Services | SOFR + 600 | 11.32% | 12/15/2026 | 8,607,819 | 8,544,310 | 8,490,123 | ||||||||||||||||||||
Heartland Home Services, Inc. | Delayed Draw Term Loan | (2) (4) (5) (14) | Consumer Services | SOFR + 600 | 11.32% | 12/15/2026 | 2,283,664 | 2,249,434 | 2,242,936 | ||||||||||||||||||||
Heartland Home Services, Inc. | Term Loan | (2) (3) (4) (5) (14) | Consumer Services | SOFR + 600 | 11.32% | 12/15/2026 | 6,875,605 | 6,808,235 | 6,781,594 | ||||||||||||||||||||
Helios Software Holdings, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 375 | 9.29% | 3/11/2028 | 2,822,144 | 2,756,715 | 2,797,450 | ||||||||||||||||||||
Helios Software Holdings, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 425 | 9.74% | 7/12/2030 | 6,000,000 | 5,859,290 | 5,965,500 | ||||||||||||||||||||
Hercules Borrower, LLC | Delayed Draw Term Loan | (2) (4) (5) (6) (13) (14) | Environmental Industries | SOFR + 550 | 10.99% | 12/14/2026 | 2,052,193 | 2,011,923 | 1,992,826 | ||||||||||||||||||||
Hercules Borrower, LLC | Revolver | (2) (4) (5) (6) (13) (14) | Environmental Industries | SOFR + 625 | 11.74% | 12/14/2026 | 38,398 | 28,547 | 38,398 | ||||||||||||||||||||
Hercules Borrower, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Environmental Industries | SOFR + 625 | 11.74% | 12/14/2026 | 6,042,428 | 5,951,949 | 6,042,428 | ||||||||||||||||||||
Hercules Borrower, LLC | Term Loan | (3) (4) (5) (13) (14) | Environmental Industries | SOFR + 550 | 10.99% | 12/14/2026 | 343,546 | 339,019 | 337,105 | ||||||||||||||||||||
Hoosier Intermediate, LLC | Term Loan | (2) (3) (4) (5) (14) | Health Care Providers & Services | SOFR + 500 | 10.51% | 11/15/2028 | 12,174,600 | 11,957,549 | 11,088,499 | ||||||||||||||||||||
HS S.p.A Holding, Inc. | Revolver | (4) (5) (6) (14) | Consumer Services | SOFR + 575 | 11.07% | 6/2/2028 | 155,977 | 136,590 | 147,593 | ||||||||||||||||||||
HS S.p.A Holding, Inc. | Term Loan | (2) (3) (4) (5) (14) | Consumer Services | SOFR + 575 | 11.07% | 6/1/2029 | 8,540,153 | 8,393,761 | 8,482,195 | ||||||||||||||||||||
HUB International Ltd. | Term Loan, Tranche B | (2) (3) (4) (14) | Insurance | SOFR + 400 | 9.37% | 11/10/2029 | 5,964,950 | 5,941,228 | 5,969,006 | ||||||||||||||||||||
HUB International Ltd. | Term Loan, Tranche B | (2) (3) (4) (14) | Insurance | SOFR + 425 | 9.58% | 6/20/2030 | 3,000,000 | 2,970,357 | 3,005,010 | ||||||||||||||||||||
Hunter Holdco 3 Ltd. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Health Care Providers & Services | SOFR + 425 | 9.74% | 8/19/2028 | 3,719,688 | 3,707,071 | 3,705,739 | ||||||||||||||||||||
iCIMS, Inc. | Revolver | (4) (5) (6) (14) | Software | SOFR + 725 | 12.63% | 8/18/2028 | 407,214 | 372,644 | 401,672 | ||||||||||||||||||||
iCIMS, Inc. | Term Loan | (2) (3) (4) (5) (14) | Software | SOFR + 725 | 12.63% | 8/18/2028 | 26,374,280 | 26,001,680 | 26,314,339 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Imperva, Inc. | Term Loan | (3) (4) (13) (14) | Software | SOFR + 400 | 9.63% | 1/12/2026 | 2,984,416 | 2,702,855 | 2,987,072 | ||||||||||||||||||||
Infront Luxembourg Finance S.a.r.l. | Term Loan, Tranche B | (2) (3) (4) (5) (14) | Hotels, Restaurants & Leisure | EURIBOR + 900 | 12.78% | 5/28/2027 | € | 20,800,000 | 24,818,316 | 21,880,848 | |||||||||||||||||||
Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan, 4th Amendment | (2) (3) (4) (5) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 605 | 11.57% | 8/27/2026 | 5,859,059 | 5,819,221 | 5,792,269 | ||||||||||||||||||||
Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan, 6th Amendment | (4) (5) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 605 | 11.57% | 8/27/2026 | 4,412,495 | 4,379,708 | 4,362,194 | ||||||||||||||||||||
Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan, 8th Amendment | (4) (5) (6) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 602 | 11.54% | 8/27/2026 | 2,955,739 | 2,834,630 | 2,802,720 | ||||||||||||||||||||
Internap Holding, LLC | Term Loan | (3) (5) (8) | High Tech Industries | 1.00%, 7.00% PIK | 8.00% | 7/31/2028 | 197,315 | 195,015 | 190,863 | ||||||||||||||||||||
ION Trading Finance Ltd. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 475 | 10.24% | 4/1/2028 | 7,126,509 | 7,099,457 | 7,016,619 | ||||||||||||||||||||
IQN Holding Corp. | Term Loan | (2) (3) (4) (5) (14) | Business Services | SOFR + 525 | 10.67% | 5/2/2029 | 6,922,703 | 6,857,706 | 6,961,570 | ||||||||||||||||||||
IRIS Holdings, Inc. | Term Loan | (2) (3) (4) (14) | Chemicals, Plastics & Rubber | SOFR + 475 | 10.22% | 6/28/2028 | 2,970,000 | 2,778,172 | 2,759,635 | ||||||||||||||||||||
iRobot Corporation | Term Loan | (2) (3) (4) (5) (8) (13) (14) | Consumer Goods: Durable | SOFR + 650, 2.50% PIK | 14.48% | 7/24/2026 | 29,447,853 | 29,447,853 | 31,509,202 | ||||||||||||||||||||
Jeg's Automotive, LLC | Revolver | (4) (5) (6) (13) (14) | Automotive | SOFR + 600 | 11.55% | 12/22/2027 | 2,604,166 | 2,505,966 | 1,600,939 | ||||||||||||||||||||
Jeg's Automotive, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Automotive | SOFR + 600 | 11.55% | 12/22/2027 | 17,910,157 | 17,638,649 | 15,256,429 | ||||||||||||||||||||
Kaseya, Inc. | Delayed Draw Term Loan | (4) (5) (6) (8) (14) | High Tech Industries | SOFR + 375, 2.50% PIK | 11.62% | 6/25/2029 | 70,080 | 51,298 | 63,919 | ||||||||||||||||||||
Kaseya, Inc. | Revolver | (4) (5) (6) (8) (14) | High Tech Industries | SOFR + 375, 2.50% PIK | 11.62% | 6/25/2029 | 516,801 | 483,021 | 505,745 | ||||||||||||||||||||
Kaseya, Inc. | Term Loan | (2) (3) (4) (5) (8) (14) | High Tech Industries | SOFR + 375, 2.50% PIK | 11.62% | 6/25/2029 | 35,529,178 | 34,920,566 | 35,338,235 | ||||||||||||||||||||
KRE HYOD Owner, LLC | Term Loan, Tranche A1 | (4) (5) (11) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 421 | 9.65% | 9/13/2026 | 1,363,636 | 1,363,636 | 1,353,409 | ||||||||||||||||||||
KRE HYOD Owner, LLC | Term Loan, Tranche A2 | (4) (5) (11) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 1046 | 15.90% | 9/13/2024 | 3,962,943 | 3,962,943 | 3,943,128 | ||||||||||||||||||||
Legence Holdings, LLC | Term Loan | (2) (3) (4) (14) | Commercial Services & Supplies | SOFR + 375 | 9.17% | 12/16/2027 | 3,435,394 | 3,429,117 | 3,418,217 | ||||||||||||||||||||
LinQuest Corporation | Term Loan | (2) (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 575 | 11.22% | 7/28/2028 | 9,800,000 | 9,653,164 | 9,209,427 | ||||||||||||||||||||
Loyalty Ventures, Inc. | Term Loan, Tranche B | (3) (4) (5) (14) (15) | Business Services | PRIME + 550 | 14.00% | 11/3/2027 | 4,143,312 | 3,767,038 | 20,717 | ||||||||||||||||||||
LVF Holdings, Inc. | Delayed Draw Term Loan | (2) (3) (4) (5) (13) (14) | Beverage, Food & Tobacco | SOFR + 600 | 11.54% | 6/10/2027 | 5,731,809 | 5,654,355 | 5,639,543 | ||||||||||||||||||||
LVF Holdings, Inc. | Initial Term Loan | (2) (3) (4) (5) (13) (14) | Beverage, Food & Tobacco | SOFR + 600 | 11.54% | 6/10/2027 | 5,989,225 | 5,897,111 | 5,878,720 | ||||||||||||||||||||
Material Holdings, LLC | Delayed Draw Term Loan | (4) (5) (6) (13) (14) | Business Services | SOFR + 600 | 11.49% | 8/19/2027 | 768,793 | 749,689 | 696,058 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Material Holdings, LLC | Revolver | (4) (5) (6) (13) (14) | Business Services | SOFR + 600 | 11.49% | 8/19/2027 | 230,179 | 220,528 | 193,588 | ||||||||||||||||||||
Material Holdings, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Business Services | SOFR + 600 | 11.49% | 8/19/2027 | 10,855,818 | 10,703,256 | 10,303,591 | ||||||||||||||||||||
Maverick Acquisition, Inc. | Delayed Draw Term Loan | (2) (4) (5) (14) | Aerospace & Defense | SOFR + 625 | 11.64% | 6/1/2027 | 2,405,288 | 2,373,519 | 1,851,275 | ||||||||||||||||||||
Maverick Acquisition, Inc. | Initial Term Loan | (3) (4) (5) (14) | Aerospace & Defense | SOFR + 625 | 11.64% | 6/1/2027 | 10,552,155 | 10,410,627 | 8,121,663 | ||||||||||||||||||||
Mavis Tire Express Services Corp. | Term Loan, Tranche B | (2) (3) (4) (14) | Specialty Retail | SOFR + 400 | 9.43% | 5/4/2028 | 3,421,250 | 3,409,161 | 3,409,276 | ||||||||||||||||||||
McAfee, LLC | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Software | SOFR + 375 | 9.18% | 3/1/2029 | 2,947,538 | 2,839,511 | 2,874,763 | ||||||||||||||||||||
Medical Manufacturing Technologies, LLC | Delayed Draw Term Loan | (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 550 | 11.05% | 12/23/2027 | 5,112,392 | 5,037,023 | 5,072,779 | ||||||||||||||||||||
Medical Manufacturing Technologies, LLC | Revolver | (4) (5) (6) (13) (14) | Health Care Providers & Services | SOFR + 550 | 11.05% | 12/23/2027 | 1,136,317 | 1,113,767 | 1,124,310 | ||||||||||||||||||||
Medical Manufacturing Technologies, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 550 | 11.05% | 12/23/2027 | 12,686,718 | 12,494,722 | 12,588,414 | ||||||||||||||||||||
MI Windows and Doors, LLC | Term Loan | (2) (3) (4) (13) (14) | Consumer Services | SOFR + 350 | 8.92% | 12/18/2027 | 1,217,421 | 1,219,254 | 1,217,421 | ||||||||||||||||||||
Mileage Plus Holdings, LLC | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Aerospace & Defense | SOFR + 525 | 10.80% | 6/20/2027 | 1,875,000 | 1,852,487 | 1,945,519 | ||||||||||||||||||||
Mitchell International, Inc. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Software | SOFR + 375 | 9.18% | 10/15/2028 | 4,925,000 | 4,851,238 | 4,837,384 | ||||||||||||||||||||
NEFCO Holding Company, LLC | Delayed Draw Term Loan, Tranche A | (4) (5) (13) (14) | Construction & Engineering | SOFR + 650 | 11.86% | 8/5/2028 | 594,502 | 584,594 | 594,296 | ||||||||||||||||||||
NEFCO Holding Company, LLC | Delayed Draw Term Loan, Tranche B | (4) (5) (6) (13) (14) | Construction & Engineering | SOFR + 650 | 11.86% | 8/5/2028 | 10,771 | 4,581 | 10,638 | ||||||||||||||||||||
NEFCO Holding Company, LLC | Delayed Draw Term Loan, Tranche C | (4) (5) (13) (14) | Construction & Engineering | SOFR + 650 | 11.86% | 8/5/2028 | 832,741 | 818,512 | 832,451 | ||||||||||||||||||||
NEFCO Holding Company, LLC | Revolver | (4) (5) (6) (13) (14) | Construction & Engineering | SOFR + 650 | 11.86% | 8/5/2028 | 330,796 | 318,166 | 330,530 | ||||||||||||||||||||
NEFCO Holding Company, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Construction & Engineering | SOFR + 650 | 11.86% | 8/5/2028 | 4,608,348 | 4,529,660 | 4,606,745 | ||||||||||||||||||||
North Haven Fairway Buyer, LLC | Delayed Draw Term Loan, Tranche C1 | (4) (5) (14) | Consumer Services | SOFR + 650 | 11.88% | 5/17/2028 | 96,575 | 93,921 | 94,520 | ||||||||||||||||||||
North Haven Fairway Buyer, LLC | Delayed Draw Term Loan, Tranche C2 | (4) (5) (6) (14) | Consumer Services | SOFR + 650 | 11.89% | 5/17/2028 | 3,845,048 | 3,544,715 | 3,607,575 | ||||||||||||||||||||
North Haven Fairway Buyer, LLC | Revolver | (4) (5) (6) (14) | Consumer Services | SOFR + 650 | 11.89% | 5/17/2028 | 1,250,000 | 1,209,050 | 1,196,402 | ||||||||||||||||||||
North Haven Fairway Buyer, LLC | Term Loan | (2) (3) (4) (5) (14) | Consumer Services | SOFR + 650 | 11.89% | 5/17/2028 | 10,150,078 | 9,985,467 | 9,934,097 | ||||||||||||||||||||
North Haven Stallone Buyer, LLC | Delayed Draw Term Loan, 3rd Amendment | (4) (5) (6) (13) (14) | Consumer Services | SOFR + 575 | 11.47% | 5/24/2027 | 112,079 | 108,884 | 110,747 | ||||||||||||||||||||
Oak Purchaser, Inc. | Delayed Draw Term Loan | (4) (5) (6) (14) | Business Services | SOFR + 550 | 10.97% | 4/28/2028 | 1,090,385 | 1,071,355 | 1,023,117 | ||||||||||||||||||||
Oak Purchaser, Inc. | Term Loan | (2) (3) (4) (5) (14) | Business Services | SOFR + 550 | 10.97% | 4/28/2028 | 5,030,030 | 4,984,949 | 4,875,566 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Ontario Gaming GTA LP | Term Loan, Tranche B | (2) (3) (4) (14) | Hotels, Restaurants & Leisure | SOFR + 425 | 9.57% | 7/1/2030 | 1,500,000 | 1,485,186 | 1,500,000 | ||||||||||||||||||||
Optiv Security, Inc. | Term Loan | (2) (3) (4) (14) | Business Services | SOFR + 525 | 10.34% | 8/16/2026 | 5,000,000 | 4,847,075 | 4,832,500 | ||||||||||||||||||||
Oranje Holdco, Inc. | Term Loan | (2) (3) (4) (5) (14) | Business Services | SOFR + 775 | 13.12% | 2/1/2029 | 6,038,961 | 5,882,972 | 6,059,272 | ||||||||||||||||||||
Packaging Coordinators Midco, Inc. | Term Loan | (2) (3) (4) (14) | Containers, Packaging & Glass | SOFR + 350 | 9.15% | 11/30/2027 | 4,892,142 | 4,895,414 | 4,866,165 | ||||||||||||||||||||
Pactiv Evergreen Group | Term Loan, Tranche B | (3) (4) (13) (14) | Containers, Packaging & Glass | SOFR + 350 | 8.93% | 9/24/2028 | 2,000,000 | 1,997,500 | 1,996,620 | ||||||||||||||||||||
Parkway Generation, LLC | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Energy: Oil & Gas | SOFR + 475 | 10.18% | 2/18/2029 | 1,727,647 | 1,724,075 | 1,723,052 | ||||||||||||||||||||
Parkway Generation, LLC | Term Loan, Tranche C | (2) (3) (4) (13) (14) | Energy: Oil & Gas | SOFR + 475 | 10.18% | 2/18/2029 | 228,342 | 227,870 | 227,735 | ||||||||||||||||||||
PEARLS Bidco B.V | Term Loan, Tranche B | (2) (3) (4) (14) | Transportation | SOFR + 375 | 9.12% | 2/26/2029 | 2,955,000 | 2,948,982 | 2,942,087 | ||||||||||||||||||||
Peraton Corp. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Aerospace & Defense | SOFR + 375 | 9.17% | 2/1/2028 | 3,892,543 | 3,847,905 | 3,880,398 | ||||||||||||||||||||
Performance Health Holdings, Inc. | Term Loan, Tranche B | (2) (3) (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 600 | 11.57% | 7/12/2027 | 3,222,000 | 3,177,616 | 3,184,305 | ||||||||||||||||||||
Pestco Intermediate, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Commercial Services & Supplies | SOFR + 650 | 11.92% | 2/17/2028 | 3,687,973 | 3,545,489 | 3,594,301 | ||||||||||||||||||||
PF Atlantic Holdco 2, LLC | Delayed Draw Term Loan | (2) (3) (4) (5) (6) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 550 | 11.06% | 11/12/2027 | 8,143,751 | 7,959,908 | 8,117,133 | ||||||||||||||||||||
PF Atlantic Holdco 2, LLC | Revolver | (2) (4) (5) (6) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 550 | 11.06% | 11/12/2027 | 948,251 | 924,184 | 944,665 | ||||||||||||||||||||
PF Atlantic Holdco 2, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 550 | 11.06% | 11/12/2027 | 10,163,526 | 10,013,272 | 10,142,388 | ||||||||||||||||||||
Phoenix Guarantor, Inc. | Term Loan, Tranche B3 | (2) (3) (4) (13) (14) | Health Care Providers & Services | SOFR + 350 | 8.93% | 3/5/2026 | 3,979,592 | 3,943,015 | 3,958,022 | ||||||||||||||||||||
Planview Parent, Inc. | Term Loan | (3) (4) (13) (14) | Software | SOFR + 400 | 9.65% | 12/17/2027 | 4,013,041 | 3,793,444 | 3,952,284 | ||||||||||||||||||||
Polaris Newco, LLC | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Software | SOFR + 400 | 9.43% | 6/4/2028 | 3,675,000 | 3,661,818 | 3,513,557 | ||||||||||||||||||||
Primetech Holdco S.a.r.l. | Term Loan | (3) (5) (8) | Insurance | 12.00% PIK | 12.00% | 7/28/2029 | € | 25,779,577 | 25,108,087 | 25,075,023 | |||||||||||||||||||
Proampac PG Borrower, LLC | Term Loan | (2) (3) (4) (14) | Containers, Packaging & Glass | SOFR + 375 | 8.93% | 11/3/2025 | 5,861,539 | 5,856,233 | 5,823,439 | ||||||||||||||||||||
Project Castle, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Business Services | SOFR + 550 | 10.76% | 6/1/2029 | 4,950,000 | 4,499,005 | 4,380,750 | ||||||||||||||||||||
Project Leopard Holdings, Inc. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Software | SOFR + 525 | 10.72% | 7/20/2029 | 3,989,975 | 3,707,009 | 3,511,178 | ||||||||||||||||||||
Proofpoint, Inc. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 325 | 8.68% | 8/31/2028 | 6,949,710 | 6,825,634 | 6,885,008 | ||||||||||||||||||||
Prophix Software Inc. | Incremental Term Loan | (2) (3) (4) (5) (13) (14) | Software | SOFR + 650 | 11.93% | 2/1/2026 | 6,907,722 | 6,825,916 | 6,907,722 | ||||||||||||||||||||
Prophix Software Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Software | SOFR + 650 | 11.93% | 2/1/2026 | 5,481,728 | 5,397,597 | 5,481,728 | ||||||||||||||||||||
Propulsion (BC) Finco S.a.r.l. | Term Loan | (2) (3) (4) (14) | Aerospace & Defense | SOFR + 375 | 9.14% | 9/14/2029 | 5,061,750 | 5,059,091 | 5,050,665 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Pushpay USA Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 675 | 12.27% | 5/10/2030 | 20,061,728 | 19,439,158 | 19,804,272 | ||||||||||||||||||||
PXO Holdings I Corp. | Delayed Draw Term Loan | (4) (5) (6) (13) (14) | Chemicals, Plastics & Rubber | SOFR + 550 | 11.03% | 3/8/2028 | 2,371,131 | 2,301,501 | 2,257,020 | ||||||||||||||||||||
PXO Holdings I Corp. | Term Loan | (2) (3) (4) (5) (13) (14) | Chemicals, Plastics & Rubber | SOFR + 550 | 11.03% | 3/8/2028 | 14,567,988 | 14,339,133 | 14,204,333 | ||||||||||||||||||||
QBS Parent, Inc. | Term Loan | (2) (3) (4) (5) (14) | IT Services | SOFR + 425 | 9.67% | 9/22/2025 | 5,968,668 | 5,121,254 | 5,491,175 | ||||||||||||||||||||
Qnnect, LLC | Delayed Draw Term Loan | (4) (5) (6) (14) | Aerospace & Defense | SOFR + 700 | 12.08% | 11/2/2029 | 30,349 | 12,142 | 38,274 | ||||||||||||||||||||
Qnnect, LLC | Term Loan | (2) (3) (4) (5) (14) | Aerospace & Defense | SOFR + 700 | 12.08% | 11/2/2029 | 2,627,320 | 2,555,505 | 2,657,383 | ||||||||||||||||||||
Quantic Electronics, LLC | Incremental Term Loan, 2nd Amendment | (2) (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 625 | 11.74% | 11/19/2026 | 1,985,431 | 1,961,305 | 1,933,360 | ||||||||||||||||||||
Quantic Electronics, LLC | Delayed Draw Term Loan, 3rd Amendment | (4) (5) (13) (14) | Aerospace & Defense | SOFR + 625 | 11.74% | 3/1/2027 | 1,798,632 | 1,775,780 | 1,751,461 | ||||||||||||||||||||
Quantic Electronics, LLC | Revolver, 3rd Amendment | (4) (5) (13) (14) | Aerospace & Defense | SOFR + 625 | 11.74% | 11/19/2026 | 460,282 | 454,812 | 448,211 | ||||||||||||||||||||
Quantic Electronics, LLC | Term Loan, 3rd Amendment | (2) (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 625 | 11.74% | 11/19/2026 | 2,803,582 | 2,767,113 | 2,730,055 | ||||||||||||||||||||
Quantic Electronics, LLC | Delayed Draw Term Loan | (2) (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 625 | 11.74% | 3/1/2027 | 1,451,373 | 1,433,284 | 1,413,310 | ||||||||||||||||||||
Quest Software US Holdings, Inc. | Term Loan | (2) (3) (4) (13) (14) | High Tech Industries | SOFR + 425 | 9.77% | 2/1/2029 | 6,355,201 | 5,014,836 | 5,278,820 | ||||||||||||||||||||
Rackspace Technology Global, Inc. | Term Loan, Tranche B | (2) (3) (4) (5) (13) (14) | High Tech Industries | SOFR + 275 | 8.19% | 2/15/2028 | 4,974,490 | 2,329,826 | 2,235,436 | ||||||||||||||||||||
Radwell Parent LLC | Term Loan, 1st Amendment | (2) (3) (4) (5) (14) | Distributors | SOFR + 675 | 12.14% | 4/1/2029 | 18,465,121 | 17,967,022 | 18,526,073 | ||||||||||||||||||||
Radwell Parent LLC | Revolver | (2) (4) (5) (6) (14) | Distributors | SOFR + 675 | 12.14% | 4/1/2028 | 279,069 | 243,569 | 279,069 | ||||||||||||||||||||
Redstone Holdco 2 LP | Term Loan | (2) (3) (4) (13) (14) | Computers and Electronics Retail | SOFR + 475 | 10.18% | 4/27/2028 | 9,307,959 | 7,744,833 | 7,929,264 | ||||||||||||||||||||
Rocket Software, Inc. | Term Loan | (3) (4) (14) | Software | SOFR + 475 | 10.07% | 11/28/2028 | 5,000,000 | 4,925,000 | 4,925,000 | ||||||||||||||||||||
Rocket Software, Inc. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 425 | 9.68% | 11/28/2025 | 1,989,583 | 1,977,893 | 1,987,096 | ||||||||||||||||||||
Rome Bidco Ltd. | Delayed Draw Term Loan, Capex Facility | (3) (4) (5) (6) (8) (14) | Hotels, Restaurants & Leisure | SONIA + 125, 6.50% PIK | 12.94% | 12/23/2027 | £ | 2,741,713 | 3,463,814 | 3,314,519 | |||||||||||||||||||
Rome Bidco Ltd. | Term Loan | (2) (3) (4) (5) (8) (14) | Hotels, Restaurants & Leisure | SONIA + 125, 6.50% PIK | 12.94% | 12/23/2027 | £ | 33,972,203 | 45,255,364 | 40,827,740 | |||||||||||||||||||
RSC Acquisition, Inc. | Delayed Draw Term Loan, Tranche 2 | (4) (5) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 550 | 11.03% | 11/1/2026 | 1,218,630 | 1,187,853 | 1,217,488 | ||||||||||||||||||||
RSC Acquisition, Inc. | Term Loan, Tranche C | (2) (3) (4) (5) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 550 | 11.03% | 11/1/2026 | 6,017,289 | 5,958,523 | 5,971,289 | ||||||||||||||||||||
Sapphire Convention, Inc. | Revolver | (2) (3) (4) (5) (6) (13) (14) | Telecommunications | SOFR + 600 | 11.74% | 11/20/2025 | 50,939 | 50,553 | 48,866 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Sapphire Convention, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Telecommunications | SOFR + 600 | 11.74% | 11/20/2025 | 4,124,168 | 4,095,542 | 4,111,580 | ||||||||||||||||||||
Scientific Games Lottery | Term Loan, Tranche B | (3) (4) (14) | Hotels, Restaurants & Leisure | SOFR + 350 | 8.77% | 4/4/2029 | 5,994,975 | 5,940,092 | 5,954,988 | ||||||||||||||||||||
SCP Eye Care HoldCo, LLC | Delayed Draw Term Loan | (4) (5) (6) (13) (14) | Health Care Providers & Services | SOFR + 575 | 11.18% | 10/5/2029 | 18,531 | 17,511 | 18,055 | ||||||||||||||||||||
SCP Eye Care HoldCo, LLC | Revolver | (4) (5) (6) (13) (14) | Health Care Providers & Services | SOFR + 575 | 11.18% | 10/5/2029 | 9,720 | 9,225 | 9,491 | ||||||||||||||||||||
SCP Eye Care HoldCo, LLC | Term Loan | (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 575 | 11.18% | 10/5/2029 | 119,810 | 116,579 | 118,352 | ||||||||||||||||||||
Sedgwick Claims Management Services, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Business Services | SOFR + 375 | 9.07% | 2/24/2028 | 1,990,000 | 1,946,677 | 1,984,786 | ||||||||||||||||||||
Skopima Merger Sub, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | High Tech Industries | SOFR + 400 | 9.43% | 5/17/2028 | 2,940,000 | 2,922,810 | 2,858,885 | ||||||||||||||||||||
Smarsh, Inc. | Delayed Draw Term Loan | (4) (5) (6) (14) | Software | SOFR + 650 | 11.84% | 2/16/2029 | 510,180 | 493,717 | 500,684 | ||||||||||||||||||||
Smarsh, Inc. | Term Loan | (2) (3) (4) (5) (14) | Software | SOFR + 650 | 11.84% | 2/16/2029 | 4,081,438 | 4,010,225 | 4,041,079 | ||||||||||||||||||||
SolarWinds Holdings, Inc. | Term Loan, Tranche B | (2) (3) (4) (14) | Software | SOFR + 375 | 9.07% | 2/5/2027 | 2,985,000 | 2,978,315 | 2,985,806 | ||||||||||||||||||||
SonicWall US Holdings, Inc. | Term Loan | (3) (4) (14) | Electronic Equipment, Instruments & Components | SOFR + 500 | 10.40% | 5/16/2028 | 3,000,000 | 2,910,414 | 2,937,660 | ||||||||||||||||||||
Sophia, L.P. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Software | SOFR + 350 | 8.92% | 10/7/2027 | 4,929,922 | 4,901,952 | 4,914,540 | ||||||||||||||||||||
Speedstar Holding Corp. | Delayed Draw Term Loan, 1st Amendment | (2) (4) (5) (13) (14) | Automotive | SOFR + 725 | 12.82% | 1/22/2027 | 216,827 | 211,198 | 218,646 | ||||||||||||||||||||
Speedstar Holding Corp. | Incremental Term Loan, 1st Amendment | (2) (3) (4) (5) (13) (14) | Automotive | SOFR + 725 | 12.82% | 1/22/2027 | 922,809 | 898,833 | 930,548 | ||||||||||||||||||||
Speedstar Holding Corp. | Term Loan | (2) (3) (4) (5) (13) (14) | Automotive | SOFR + 725 | 12.82% | 1/22/2027 | 6,507,478 | 6,414,389 | 6,562,058 | ||||||||||||||||||||
Spotless Brands, LLC | Delayed Draw Term Loan, Tranche A | (4) (5) (6) (13) (14) | Consumer Services | SOFR + 650 | 11.99% | 7/25/2028 | 4,155,467 | 4,067,725 | 4,140,348 | ||||||||||||||||||||
Spotless Brands, LLC | Delayed Draw Term Loan, Tranche B | (4) (5) (13) (14) | Consumer Services | SOFR + 650 | 11.99% | 7/25/2028 | 939,724 | 723,792 | 983,060 | ||||||||||||||||||||
Spotless Brands, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Consumer Services | SOFR + 650 | 11.99% | 7/25/2028 | 21,028,134 | 20,675,186 | 20,967,597 | ||||||||||||||||||||
Summit Acquisition, Inc. | Term Loan | (2) (3) (4) (5) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 675 | 12.14% | 5/1/2030 | 7,443,763 | 7,156,196 | 7,349,056 | ||||||||||||||||||||
Sunshine Luxembourg VII S.a.r.l | Term Loan, Tranche B3 | (2) (3) (4) (13) (14) | Consumer Goods: Non-Durable | SOFR + 375 | 9.24% | 10/1/2026 | 5,956,730 | 5,895,525 | 5,943,506 | ||||||||||||||||||||
Syneos Health, Inc. | Term Loan, Tranche B | (3) (4) (14) | Health Care Providers & Services | SOFR + 400 | 9.31% | 9/2/2030 | 3,000,000 | 2,955,000 | 2,929,590 | ||||||||||||||||||||
Tank Holding Corp. | Incremental Term Loan | (2) (3) (4) (5) (13) (14) | Capital Equipment | SOFR + 600 | 11.42% | 3/31/2028 | 7,301,241 | 7,006,953 | 7,079,096 | ||||||||||||||||||||
Tank Holding Corp. | Revolver | (4) (5) (6) (13) (14) | Capital Equipment | SOFR + 575 | 11.17% | 3/31/2028 | 1,296,551 | 1,271,289 | 1,247,026 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Tank Holding Corp. | Term Loan | (2) (3) (4) (5) (13) (14) | Capital Equipment | SOFR + 575 | 11.17% | 3/31/2028 | 37,456,896 | 36,859,314 | 36,336,122 | ||||||||||||||||||||
Teneo Holdings, LLC | Term Loan | (2) (3) (4) (13) (14) | Business Services | SOFR + 525 | 10.67% | 7/12/2025 | 1,229,423 | 1,216,020 | 1,227,579 | ||||||||||||||||||||
The Carlstar Group, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Automotive | SOFR + 650 | 11.92% | 7/8/2027 | 5,618,701 | 5,487,146 | 5,648,922 | ||||||||||||||||||||
TIBCO Software, Inc | Term Loan, Tranche B | (2) (3) (4) (13) (14) | High Tech Industries | SOFR + 450 | 9.99% | 3/30/2029 | 9,950,000 | 9,151,886 | 9,554,089 | ||||||||||||||||||||
Tiger Acquisition, LLC | Term Loan | (2) (3) (4) (13) (14) | High Tech Industries | SOFR + 325 | 8.67% | 6/1/2028 | 2,940,000 | 2,940,000 | 2,899,105 | ||||||||||||||||||||
TK Elevator Midco GmnH | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Capital Equipment | SOFR + 350 | 9.38% | 7/30/2027 | 5,856,479 | 5,861,493 | 5,838,909 | ||||||||||||||||||||
Trader Corporation | Term Loan | (2) (3) (4) (5) (14) | Automotive | CDOR + 675 | 12.13% | 12/22/2029 | C$ | 3,005,134 | 2,154,758 | 2,231,950 | |||||||||||||||||||
Triton Water Holdings, Inc. | Term Loan | (2) (3) (4) (13) (14) | Beverage, Food & Tobacco | SOFR + 325 | 8.90% | 3/31/2028 | 5,288,335 | 5,255,458 | 5,147,295 | ||||||||||||||||||||
Tufin Software North America, Inc. | IRA Delayed Draw Term Loan | (4) (5) (6) (13) (14) | Software | SOFR + 769 | 13.23% | 8/25/2028 | 186,259 | 165,019 | 148,541 | ||||||||||||||||||||
Tufin Software North America, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Software | SOFR + 769 | 13.23% | 8/25/2028 | 26,503,226 | 26,055,776 | 25,946,101 | ||||||||||||||||||||
UKG Inc. | Term Loan | (2) (3) (4) (14) | Software | SOFR + 325 | 8.62% | 5/4/2026 | 5,895,323 | 5,831,508 | 5,873,864 | ||||||||||||||||||||
United Airlines, Inc. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Aerospace & Defense | SOFR + 375 | 9.18% | 4/21/2028 | 3,135,756 | 3,134,086 | 3,136,477 | ||||||||||||||||||||
USALCO, LLC | Term Loan, Tranche A | (2) (3) (4) (5) (13) (14) | Chemicals, Plastics & Rubber | SOFR + 600 | 11.43% | 10/19/2027 | 4,912,500 | 4,840,690 | 4,912,500 | ||||||||||||||||||||
USI, Inc. | Term Loan | (3) (4) (14) | Insurance | SOFR + 325 | 8.57% | 9/14/2030 | 1,000,000 | 997,500 | 996,670 | ||||||||||||||||||||
USI, Inc. | Term Loan | (3) (4) (14) | Insurance | SOFR + 325 | 8.57% | 9/14/2030 | 4,000,000 | 3,990,000 | 3,988,320 | ||||||||||||||||||||
USR Parent, Inc. | Term Loan, 3rd Amendment | (2) (3) (4) (5) (14) | Specialty Retail | SOFR + 760 | 12.93% | 4/25/2027 | 3,888,889 | 3,859,223 | 3,837,816 | ||||||||||||||||||||
Verifone Systems, Inc. | Term Loan | (2) (3) (4) (14) | High Tech Industries | SOFR + 400 | 9.65% | 8/20/2025 | 2,641,564 | 2,630,708 | 2,428,997 | ||||||||||||||||||||
VGL Midco Ltd. | Term Loan, Tranche B1 | (5) (8) | Retail | 8.75%, 5.25% PIK | 14.00% | 7/17/2024 | £ | 11,516,981 | 15,632,025 | 13,419,533 | |||||||||||||||||||
VGL Midco Ltd. | Term Loan, Tranche B2 | (5) (8) | Retail | 14.00% PIK | 14.00% | 7/17/2024 | £ | 11,692,753 | 15,739,019 | 13,624,344 | |||||||||||||||||||
Vision Solutions, Inc. | Incremental Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 400 | 9.61% | 4/24/2028 | 2,974,058 | 2,635,518 | 2,876,776 | ||||||||||||||||||||
Voyage Australia Pty Ltd. | Term Loan, Tranche B | (2) (3) (4) (13) (14) | Telecommunications | SOFR + 350 | 9.09% | 7/20/2028 | 5,894,930 | 5,891,673 | 5,835,981 | ||||||||||||||||||||
WCG Purchaser Corp | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 400 | 9.43% | 1/8/2027 | 1,907,381 | 1,910,885 | 1,883,539 | ||||||||||||||||||||
Windsor Holdings III, LLC | Term Loan, Tranche B | (2) (3) (4) (14) | Chemicals, Plastics & Rubber | SOFR + 450 | 9.83% | 8/1/2030 | 3,000,000 | 2,940,928 | 2,985,000 | ||||||||||||||||||||
Wineshipping.Com, LLC | Delayed Draw Term Loan | (2) (3) (4) (5) (6) (13) (14) | Beverage, Food & Tobacco | SOFR + 575 | 11.31% | 10/29/2027 | 373,601 | 346,042 | 269,366 | ||||||||||||||||||||
Wineshipping.Com, LLC | Revolver | (2) (3) (4) (5) (6) (13) (14) | Beverage, Food & Tobacco | SOFR + 575 | 11.31% | 10/29/2027 | 1,509,500 | 1,481,656 | 1,405,066 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Wineshipping.Com, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Beverage, Food & Tobacco | SOFR + 575 | 11.31% | 10/29/2027 | 13,659,981 | 13,459,289 | 12,941,737 | ||||||||||||||||||||
Yellowstone Buyer Acquisition, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Consumer Goods: Durable | SOFR + 575 | 11.20% | 9/13/2027 | 6,623,820 | 6,529,215 | 6,373,561 | ||||||||||||||||||||
YLG Holdings, Inc. | Delayed Draw Term Loan | (2) (3) (4) (5) (13) (14) | Consumer Services | SOFR + 500 | 10.32% | 11/1/2025 | 771,859 | 761,638 | 771,859 | ||||||||||||||||||||
YLG Holdings, Inc. | Incremental Term Loan | (3) (4) (5) (13) (14) | Consumer Services | SOFR + 500 | 10.32% | 11/1/2025 | 1,173,500 | 1,158,479 | 1,173,500 | ||||||||||||||||||||
Zelis Healthcare Corp. | Term Loan | (2) (3) (4) (13) (14) | Health Care Technology | SOFR + 350 | 8.93% | 9/30/2026 | 3,979,540 | 3,963,424 | 3,977,470 | ||||||||||||||||||||
First Lien Debt Total (Cost of $1,539,550,658) | $ | 1,539,550,658 | $ | 1,514,350,016 | |||||||||||||||||||||||||
Second Lien Debt (10.1%) | |||||||||||||||||||||||||||||
11852604 Canada, Inc. | Term Loan | (4) (5) (8) (13) (14) | Health Care Providers & Services | SOFR + 9.50% PIK | 15.04% | 9/30/2028 | $ | 33,839,413 | $ | 33,355,073 | $ | 33,331,821 | |||||||||||||||||
520 Mezz Owner 2, LLC | Term Loan, Mezzanine | (4) (5) (6) (8) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 12.62% PIK | 17.95% | 3/2/2026 | 7,596,054 | 7,385,585 | 7,462,632 | ||||||||||||||||||||
Aimbridge Acquisition Co., Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Hotels, Restaurants & Leisure | SOFR + 750 | 12.94% | 2/1/2027 | 1,712,000 | 1,696,322 | 1,636,678 | ||||||||||||||||||||
AP Plastics Acquisition Holdings, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Chemicals, Plastics & Rubber | SOFR + 750 | 12.92% | 8/10/2029 | 19,090,000 | 18,667,248 | 18,558,309 | ||||||||||||||||||||
Apex Group Treasury, LLC | Term Loan | (2) (3) (4) (5) (13) (14) | Banking, Finance, Insurance & Real Estate | SOFR + 675 | 12.40% | 7/27/2029 | 13,864,250 | 13,641,983 | 13,760,268 | ||||||||||||||||||||
AQA Acquisition Holding, Inc. | Incremental Term Loan | (2) (3) (4) (5) (13) (14) | High Tech Industries | SOFR + 750 | 12.97% | 3/3/2029 | 5,538,462 | 5,431,732 | 5,458,740 | ||||||||||||||||||||
ARCO BPS Holdings Ltd. | Term Loan, Mezzanine | (2) (3) (4) (5) (14) | Banking, Finance, Insurance & Real Estate | EURIBOR + 850 | 12.28% | 6/30/2026 | € | 1,876,305 | 2,114,775 | 1,983,723 | |||||||||||||||||||
Blackbird Purchaser, Inc. | Term Loan, 3rd Amendment | (2) (3) (4) (5) (13) (14) | Capital Equipment | SOFR + 750 | 12.92% | 4/8/2027 | 18,388,382 | 18,123,909 | 18,388,382 | ||||||||||||||||||||
Boxer Parent Company Inc. | Term Loan | (2) (3) (4) (13) (14) | Software | SOFR + 550 | 10.93% | 2/27/2026 | 4,000,000 | 3,952,801 | 3,976,440 | ||||||||||||||||||||
Brave Parent Holdings, Inc. | Term Loan | (2) (3) (4) (5) (14) | Software | SOFR + 750 | 12.97% | 4/19/2026 | 3,639,355 | 3,605,839 | 3,639,355 | ||||||||||||||||||||
Drilling Info Holdings, Inc. | Incremental Term Loan | (2) (3) (4) (5) (13) (14) | Energy: Oil & Gas | SOFR + 825 | 13.67% | 7/30/2026 | 4,200,000 | 4,132,800 | 4,200,000 | ||||||||||||||||||||
Fastlane Parent Co., Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Automotive | SOFR + 875 | 14.18% | 12/21/2026 | 2,500,000 | 2,439,659 | 2,425,000 | ||||||||||||||||||||
National Mentor Holdings, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Health Care Providers & Services | SOFR + 725 | 12.74% | 3/2/2029 | 2,000,000 | 1,984,929 | 1,340,000 | ||||||||||||||||||||
Neptune Bidco US, Inc. | Term Loan | (2) (3) (4) (5) (13) (14) | Professional Services | SOFR + 975 | 15.15% | 10/11/2029 | 43,000,000 | 41,808,484 | 42,355,000 | ||||||||||||||||||||
Outcomes Group Holdings, Inc. | Term Loan | (2) (3) (4) (5) (14) | Business Services | SOFR + 750 | 13.02% | 10/26/2026 | 384,615 | 384,195 | 381,604 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Loans (79.9%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
PAI Holdco, Inc. | Term Loan | (2) (3) (4) (5) (8) (13) (14) | Automotive | SOFR + 550, 2.00% PIK | 13.02% | 10/28/2028 | 3,576,064 | 3,503,907 | 3,428,263 | ||||||||||||||||||||
Peraton Corp. | Term Loan, Tranche B1 | (2) (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 775 | 13.23% | 2/1/2029 | 4,444,944 | 4,393,457 | 4,434,405 | ||||||||||||||||||||
Quartz Holding Company | Term Loan | (2) (3) (4) (5) (13) (14) | Software | SOFR + 800 | 13.42% | 4/2/2027 | 1,200,000 | 1,187,947 | 1,182,804 | ||||||||||||||||||||
Queensgate Gem UK Midco Ltd. | Term Loan | (5) (8) | Hotels, Restaurants & Leisure | 12.75% PIK | 12.75% | 3/15/2024 | £ | 2,803,399 | 3,746,531 | 3,420,427 | |||||||||||||||||||
Queensgate Gem UK Midco Ltd. | Term Loan, Mezzanine | (5) (8) | Hotels, Restaurants & Leisure | 5.31%, 5.63% PIK | 10.94% | 3/15/2024 | £ | 5,230,985 | 7,032,412 | 6,398,281 | |||||||||||||||||||
R&F International Sub 2 Ltd. | Term Loan, Mezzanine | (3) (4) (5) (6) (14) | Business Services | SONIA + 1303 | 18.23% | 6/13/2026 | £ | 25,700,920 | 30,848,017 | 30,896,010 | |||||||||||||||||||
RXR Atlas Mezz, LLC | Term Loan, Mezzanine | (4) (5) (14) | Real Estate Management & Development | SOFR + 1000 | 15.32% | 8/25/2025 | 5,000,000 | 4,950,973 | 4,987,500 | ||||||||||||||||||||
SonicWall US Holdings, Inc. | Term Loan | (2) (3) (4) (13) (14) | Electronic Equipment, Instruments & Components | SOFR + 750 | 13.04% | 5/18/2026 | 1,500,000 | 1,433,605 | 1,405,320 | ||||||||||||||||||||
TruGreen Limited Partnership | Term Loan | (2) (3) (4) (5) (13) (14) | Consumer Services | SOFR + 850 | 14.13% | 11/2/2028 | 2,000,000 | 1,970,791 | 1,897,864 | ||||||||||||||||||||
Zippy Shell Incorporated | Delayed Draw Term Loan | (5) | Commercial Services & Supplies | 13.00% | 13.00% | 11/2/2025 | 600,000 | 589,077 | 612,000 | ||||||||||||||||||||
Zippy Shell Incorporated | Term Loan | (2) (3) (5) | Commercial Services & Supplies | 13.00% | 13.00% | 11/2/2025 | 2,400,000 | 2,354,262 | 2,448,000 | ||||||||||||||||||||
Second Lien Debt Total (Cost of $220,736,313) | $ | 220,736,313 | $ | 220,008,826 | |||||||||||||||||||||||||
Corporate Loans Total (Cost of $1,760,286,971) | $ | 1,760,286,971 | $ | 1,734,358,842 |
Investments—Collateralized Loan Obligations (25.7%) | Footnotes | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | ||||||||||||||||||||||
522 Funding CLO Ltd. | Series 2019-5A, Class DR | (4) (5) (7) (14) | SOFR + 325 | 8.56% | 4/15/2035 | $ | 8,100,000 | $ | 7,301,745 | $ | 7,461,072 | ||||||||||||||||||
522 Funding CLO Ltd. | Series 2019-5A,Class ER | (4) (5) (7) (14) | SOFR + 676 | 12.07% | 4/15/2035 | 1,400,000 | 1,243,329 | 1,252,444 | |||||||||||||||||||||
720 East CLO Ltd. | Series 2023-2A, Class D | (4) (5) (7) (14) | SOFR + 515 | 10.55% | 10/15/2036 | 2,000,000 | 2,000,000 | 2,000,504 | |||||||||||||||||||||
AGL CLO 1 Ltd. | Series 2019-1A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 650 | 12.09% | 10/20/2034 | 5,500,000 | 5,154,798 | 5,003,565 | |||||||||||||||||||||
AGL CLO 19 Ltd. | Series 2022-19A, Class E | (2) (4) (5) (7) (14) | SOFR + 801 | 13.34% | 7/21/2035 | 6,050,000 | 5,883,099 | 6,038,826 | |||||||||||||||||||||
AGL CLO 5 Ltd. | Series 2020-5A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 645 | 12.04% | 7/20/2034 | 2,000,000 | 1,814,525 | 1,890,144 | |||||||||||||||||||||
AGL CLO Ltd. | Series 2020-9A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 726 | 12.85% | 1/20/2034 | 1,000,000 | 983,767 | 981,364 | |||||||||||||||||||||
AGL CLO Ltd. | Series 2022-20A, Class E | (2) (4) (5) (7) (14) | SOFR + 836 | 13.69% | 7/20/2035 | 2,700,000 | 2,606,196 | 2,709,002 | |||||||||||||||||||||
Allegany Park CLO Ltd. | Series 2019-1A, Class ER | (4) (5) (7) (14) | SOFR + 640 | 11.73% | 1/20/2035 | 1,500,000 | 1,408,611 | 1,403,565 | |||||||||||||||||||||
American Money Management Corp. | Series 2014-14A, Class B2L1 | (2) (4) (5) (7) (13) (14) | SOFR + 735 | 12.96% | 7/25/2029 | 1,503,036 | 1,448,786 | 1,432,479 | |||||||||||||||||||||
Anchorage Capital CLO Ltd. | Series 2021-18A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 646 | 12.03% | 4/15/2034 | 4,000,000 | 3,967,259 | 3,587,896 | |||||||||||||||||||||
Anchorage Capital CLO Ltd. | Series 2021-21A, Class SUB | (4) (5) (7) (12) | 10/20/2034 | 8,830,000 | 6,979,509 | 5,537,655 | |||||||||||||||||||||||
Anchorage Capital CLO Ltd. | Series 2016-8A, Class DR2 | (4) (5) (7) (13) (14) | SOFR + 360 | 9.22% | 10/27/2034 | 3,100,000 | 2,987,664 | 3,002,195 | |||||||||||||||||||||
Anchorage Capital CLO Ltd. | Series 2019-13A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 670 | 12.27% | 4/15/2034 | 6,400,000 | 6,308,028 | 5,900,045 | |||||||||||||||||||||
Antares CLO Ltd. | Series 2017-1A, Class DR | (4) (5) (7) (13) (14) | SOFR + 365 | 9.24% | 4/20/2033 | 5,000,000 | 4,673,803 | 4,691,425 | |||||||||||||||||||||
Antares CLO Ltd. | Series 2017-2A, Class DR | (4) (5) (7) (13) (14) | SOFR + 375 | 9.34% | 10/20/2033 | 2,000,000 | 1,907,742 | 1,865,710 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%) | Footnotes | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | ||||||||||||||||||||||
Apidos CLO Ltd. | Series 2012-11A, Class ER3 | (4) (5) (7) (13) (14) | SOFR + 657 | 12.14% | 4/17/2034 | 1,528,500 | 1,351,127 | 1,440,737 | |||||||||||||||||||||
Apidos CLO Ltd. | Series 2018-18A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 570 | 11.31% | 10/22/2030 | 4,100,000 | 3,968,037 | 3,799,966 | |||||||||||||||||||||
Apidos CLO Ltd. | Series 2023-45A, Class E | (4) (5) (7) (14) | SOFR + 840 | 13.56% | 4/26/2036 | 2,470,000 | 2,424,210 | 2,525,061 | |||||||||||||||||||||
Arbour CLO IX DAC | Series 9X, Class E | (4) (5) (14) (16) | EURIBOR + 579 | 9.45% | 4/15/2034 | € | 2,337,000 | 2,167,099 | 2,134,469 | ||||||||||||||||||||
Ares CLO Ltd. | Series 2021-60A, Class SUB | (4) (5) (7) (12) | 7/18/2034 | 6,500,000 | 4,873,002 | 3,390,748 | |||||||||||||||||||||||
Ares CLO Ltd. | Series 2022-66A, Class DR | (4) (5) (7) (14) | SOFR + 500 | 10.35% | 7/25/2036 | 6,750,000 | 6,750,000 | 6,749,514 | |||||||||||||||||||||
Ares CLO Ltd. | Series 2017-43A, Class ER | (4) (5) (7) (13) (14) | SOFR + 686 | 12.43% | 7/15/2034 | 7,333,334 | 6,919,150 | 6,885,971 | |||||||||||||||||||||
Avoca CLO | Series 28A, Class E | (4) (5) (7) (14) | EURIBOR + 736 | 10.70% | 4/15/2037 | € | 1,350,000 | 1,370,842 | 1,365,646 | ||||||||||||||||||||
Babson CLO Ltd. | Series 2017-1A, Class F | (2) (4) (5) (7) (13) (14) | SOFR + 745 | 13.02% | 7/18/2029 | 2,500,000 | 2,472,260 | 2,240,790 | |||||||||||||||||||||
Babson CLO Ltd. | Series 2019-2A, Class DR | (4) (5) (7) (13) (14) | SOFR + 678 | 12.35% | 4/15/2036 | 1,600,000 | 1,440,019 | 1,498,547 | |||||||||||||||||||||
Babson CLO Ltd. | Series 2020-1A, Class ER | (4) (5) (7) (13) (14) | SOFR + 665 | 12.22% | 10/15/2036 | 1,600,000 | 1,458,684 | 1,514,277 | |||||||||||||||||||||
Babson CLO Ltd. | Series 2021-3A, Class SUB | (4) (5) (7) (12) | 1/18/2035 | 14,100,000 | 10,802,159 | 8,314,686 | |||||||||||||||||||||||
Babson CLO Ltd. | Series 2022-4A, Class E | (4) (5) (7) (14) | SOFR + 840 | 13.73% | 10/20/2034 | 1,333,334 | 1,239,732 | 1,340,051 | |||||||||||||||||||||
Bain Capital Credit CLO Ltd. | Series 2022-3A, Class E | (2) (4) (5) (7) (14) | SOFR + 735 | 12.66% | 7/17/2035 | 4,250,000 | 4,146,486 | 3,915,733 | |||||||||||||||||||||
Bain Capital Euro CLO | Series 2022-1X, Class E | (2) (4) (5) (14) (16) | EURIBOR + 699 | 10.68% | 10/19/2034 | € | 2,000,000 | 2,132,821 | 1,982,143 | ||||||||||||||||||||
Ballyrock CLO Ltd. | Series 2022-20A, Class D | (4) (5) (7) (14) | SOFR + 819 | 13.50% | 7/15/2034 | 1,333,334 | 1,323,910 | 1,318,805 | |||||||||||||||||||||
Ballyrock CLO Ltd. | Series 2022-21A, Class D | (4) (5) (7) (14) | SOFR + 876 | 14.09% | 10/20/2035 | 1,000,000 | 962,364 | 1,004,222 | |||||||||||||||||||||
Ballyrock CLO Ltd. | Series 2023-24A, Class D | (4) (5) (7) (14) | SOFR + 837 | 13.63% | 7/15/2036 | 3,350,000 | 3,325,936 | 3,393,657 | |||||||||||||||||||||
Bardin Hill CLO Ltd. | Series 2021-2A, Class D | (4) (5) (7) (13) (14) | SOFR + 336 | 8.97% | 10/25/2034 | 2,000,000 | 1,798,975 | 1,836,064 | |||||||||||||||||||||
Barings Private Credit Corp. CLO Ltd. | Series 2023-1A, Class C | (4) (5) (7) (14) | SOFR + 635 | 11.76% | 7/15/2031 | 2,000,000 | 2,000,000 | 1,999,258 | |||||||||||||||||||||
Battalion CLO Ltd. | Series 2021-19A, Class D | (4) (5) (7) (13) (14) | SOFR + 325 | 8.82% | 4/15/2034 | 2,500,000 | 2,210,107 | 2,327,798 | |||||||||||||||||||||
Battalion CLO Ltd. | Series 2017-11A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 685 | 12.46% | 4/24/2034 | 3,000,000 | 2,974,835 | 2,490,495 | |||||||||||||||||||||
BCC Middle Market CLO, LLC | Series 2023-1A, Class D | (4) (5) (7) (14) | SOFR + 665 | 12.07% | 7/20/2035 | 3,350,000 | 3,350,000 | 3,348,000 | |||||||||||||||||||||
Benefit Street Partners CLO Ltd. | Series 2014-IVA, Class DRR | (2) (4) (5) (7) (13) (14) | SOFR + 720 | 12.79% | 1/20/2032 | 2,500,000 | 2,480,572 | 2,340,260 | |||||||||||||||||||||
Benefit Street Partners CLO Ltd. | Series 2016-10A, Class DRR | (2) (4) (5) (7) (13) (14) | SOFR + 675 | 12.34% | 4/20/2034 | 3,500,000 | 3,442,195 | 3,416,802 | |||||||||||||||||||||
Benefit Street Partners CLO Ltd. | Series 2019-19A, Class E | (4) (5) (7) (13) (14) | SOFR + 702 | 12.59% | 1/15/2033 | 2,690,000 | 2,503,619 | 2,612,886 | |||||||||||||||||||||
Benefit Street Partners CLO Ltd. | Series 2022-29A, Class E | (4) (5) (7) (14) | SOFR + 781 | 13.16% | 1/25/2036 | 1,666,667 | 1,650,741 | 1,664,430 | |||||||||||||||||||||
Benefit Street Partners CLO Ltd. | Series 2022-27A, Class E | (2) (4) (5) (7) (14) | SOFR + 812 | 13.45% | 7/20/2035 | 3,734,483 | 3,561,750 | 3,742,934 | |||||||||||||||||||||
Birch Grove CLO 4 Ltd. | Series 2022-4A, Class D | (4) (5) (7) (14) | SOFR + 386 | 9.17% | 4/15/2034 | 2,250,000 | 2,164,396 | 2,138,508 | |||||||||||||||||||||
Birch Grove CLO Ltd. | Series 2023-6A, Class D | (4) (5) (7) (14) | SOFR + 583 | 11.12% | 7/20/2035 | 5,000,000 | 4,951,981 | 4,971,950 | |||||||||||||||||||||
BlackRock European CLO DAC | Series 14A, Class E | (4) (5) (7) (14) | EURIBOR + 767 | 11.44% | 7/15/2036 | € | 1,150,000 | 1,195,697 | 1,187,926 | ||||||||||||||||||||
BlackRock European CLO DAC | Series 5X, Class SUB | (4) (5) (12) (16) | 7/16/2031 | € | 2,750,000 | 1,497,743 | 1,093,714 | ||||||||||||||||||||||
BlueMountain CLO Ltd. | Series 2019-24A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 684 | 12.43% | 4/20/2034 | 4,000,000 | 3,996,663 | 3,634,464 | |||||||||||||||||||||
BlueMountain CLO Ltd. | Series 2019-25A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 725 | 12.82% | 7/15/2036 | 5,725,000 | 5,705,714 | 5,132,262 | |||||||||||||||||||||
BlueMountain CLO Ltd. | Series 2021-31A, Class E | (4) (5) (7) (13) (14) | SOFR + 653 | 12.11% | 4/19/2034 | 735,000 | 638,062 | 664,567 | |||||||||||||||||||||
BlueMountain CLO Ltd. | Series 2021-33A, Class SUB | (4) (5) (7) (12) | 11/20/2034 | 5,900,000 | 4,623,239 | 3,720,893 | |||||||||||||||||||||||
Brightwood Capital MM CLO Ltd. | Series 2023-1A, Class C | (4) (5) (7) (14) | SOFR + 480 | 10.20% | 10/15/2035 | 2,900,000 | 2,842,003 | 2,842,000 | |||||||||||||||||||||
Bryant Park Funding Ltd. | Series 2023-21A, Class D | (4) (5) (7) (14) | SOFR + 545 | 10.94% | 10/18/2036 | 4,800,000 | 4,800,000 | 4,800,816 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%) | Footnotes | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | ||||||||||||||||||||||
Buckhorn Park CLO Ltd. | Series 2019-1A, Class SUB | (4) (5) (7) (12) | 7/18/2034 | 14,400,000 | 10,558,296 | 8,212,623 | |||||||||||||||||||||||
CBAM CLO Management | Series 2017-3A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 711 | 12.68% | 7/17/2034 | 4,000,000 | 3,966,003 | 3,520,628 | |||||||||||||||||||||
CBAM CLO Management | Series 2021-15A, Class SUB | (4) (5) (7) (12) | 1/15/2036 | 11,267,262 | 8,663,503 | 6,847,656 | |||||||||||||||||||||||
Cedar Funding CLO Ltd. | Series 2016-6A, Class SUB | (4) (5) (7) (12) | 4/20/2034 | 17,821,729 | 13,060,858 | 11,019,221 | |||||||||||||||||||||||
Cent CLO 29 Ltd | Series 2020-29A, Class D1R | (4) (5) (7) (13) (14) | SOFR + 360 | 9.19% | 10/20/2034 | 3,900,000 | 3,694,230 | 3,708,338 | |||||||||||||||||||||
CIFC European Funding CLO | Series 4X, Class E | (4) (5) (14) (16) | EURIBOR + 597 | 9.63% | 8/18/2035 | € | 2,845,000 | 2,738,214 | 2,703,509 | ||||||||||||||||||||
CIFC Funding Ltd. | Series 2015-4A, Class SUB | (4) (5) (7) (12) | 4/20/2034 | 5,952,500 | 2,771,578 | 2,187,759 | |||||||||||||||||||||||
CIFC Funding Ltd. | Series 2019-2A, Class ER | (4) (5) (7) (13) (14) | SOFR + 659 | 12.16% | 4/17/2034 | 2,850,000 | 2,831,902 | 2,785,376 | |||||||||||||||||||||
CIFC Funding Ltd. | Series 2020-4A, Class E | (4) (5) (7) (13) (14) | SOFR + 685 | 12.42% | 1/15/2034 | 2,250,000 | 2,230,903 | 2,189,277 | |||||||||||||||||||||
CIFC Funding Ltd. | Series 2021-3A, Class E1 | (4) (5) (7) (13) (14) | SOFR + 640 | 11.97% | 7/15/2036 | 1,500,000 | 1,473,648 | 1,447,131 | |||||||||||||||||||||
CIFC Funding Ltd. | Series 2023-1A, Class E | (4) (5) (7) (14) | SOFR + 715 | 12.52% | 10/15/2037 | 6,000,000 | 6,000,000 | 6,000,000 | |||||||||||||||||||||
Clover CLO Ltd. | Series 2021-1A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 660 | 12.21% | 4/22/2034 | 3,000,000 | 3,000,000 | 2,827,218 | |||||||||||||||||||||
Cordatus CLO PLC | Series 27A, Class E | (4) (5) (7) (14) | EURIBOR + 835 | 12.13% | 4/15/2035 | € | 2,125,000 | 2,214,653 | 2,249,002 | ||||||||||||||||||||
Cordatus CLO PLC | Series 22X, Class E | (4) (5) (14) (16) | EURIBOR + 616 | 10.01% | 12/15/2034 | € | 1,550,000 | 1,533,795 | 1,479,698 | ||||||||||||||||||||
Crown Point CLO Ltd. | Series 2021-10A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 685 | 12.44% | 7/20/2034 | 3,000,000 | 2,923,571 | 2,774,202 | |||||||||||||||||||||
Crown Point CLO Ltd. | Series 2019-8A, Class ER | (4) (5) (7) (13) (14) | SOFR + 713 | 12.72% | 10/20/2034 | 3,462,500 | 3,013,896 | 3,230,599 | |||||||||||||||||||||
Crown Point CLO Ltd. | Series 2020-9A, Class DR | (4) (5) (7) (13) (14) | SOFR + 375 | 9.32% | 7/14/2034 | 2,000,000 | 1,835,741 | 1,954,518 | |||||||||||||||||||||
Danby Park CLO Ltd. | Series 2022-1A, Class M1 | (4) (5) (7) (12) | 10/21/2035 | 7,190,750 | — | 122,041 | |||||||||||||||||||||||
Danby Park CLO Ltd. | Series 2022-1A, Class M2 | (4) (5) (7) (12) | 10/21/2035 | 7,190,750 | — | 274,140 | |||||||||||||||||||||||
Danby Park CLO Ltd. | Series 2022-1A, Class SUB | (4) (5) (7) (12) | 10/21/2035 | 7,190,750 | 5,836,034 | 6,596,248 | |||||||||||||||||||||||
Davis Park CLO Ltd. | Series 2022-1A, Class E | (2) (4) (5) (7) (14) | SOFR + 695 | 12.28% | 4/20/2035 | 5,000,000 | 5,000,000 | 4,850,155 | |||||||||||||||||||||
Dryden Senior Loan Fund CLO Ltd. | Series 2021-95A, Class SUB | (4) (5) (7) (12) | 8/20/2034 | 4,915,323 | 3,781,531 | 3,022,540 | |||||||||||||||||||||||
Dryden Senior Loan Fund CLO Ltd. | Series 2022-106A, Class E | (4) (5) (7) (14) | SOFR + 887 | 14.18% | 10/15/2035 | 1,333,334 | 1,283,037 | 1,353,330 | |||||||||||||||||||||
Elevation CLO Ltd. | Series 2021-13A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 695 | 12.52% | 7/15/2034 | 3,000,000 | 2,949,170 | 2,563,722 | |||||||||||||||||||||
Elmwood CLO 22 Ltd. | Series 2023-1A, Class E | (4) (5) (7) (14) | SOFR + 765 | 12.43% | 4/17/2036 | 3,350,000 | 3,350,000 | 3,384,626 | |||||||||||||||||||||
Elmwood CLO III Ltd. | Series 2019-3A, Class ER | (4) (5) (7) (13) (14) | SOFR + 650 | 12.09% | 10/20/2034 | 2,650,000 | 2,638,869 | 2,581,495 | |||||||||||||||||||||
Empower CLO Ltd. | Series 2022-1A, Class E | (4) (5) (7) (14) | SOFR + 855 | 13.88% | 10/20/2034 | 1,000,000 | 953,432 | 1,015,228 | |||||||||||||||||||||
Empower CLO Ltd. | Series 2023-1A, Class E | (4) (5) (7) (14) | SOFR + 822 | 13.29% | 4/25/2036 | 2,470,000 | 2,453,644 | 2,512,314 | |||||||||||||||||||||
Empower CLO Ltd. | Series 2023-2A, Class D | (4) (5) (7) (14) | SOFR + 540 | 10.74% | 7/15/2036 | 2,000,000 | 2,000,000 | 1,999,370 | |||||||||||||||||||||
Flatiron CLO Ltd. | Series 2021-1A, Class E | (4) (5) (7) (13) (14) | SOFR + 600 | 11.58% | 7/19/2034 | 3,750,000 | 3,643,110 | 3,601,890 | |||||||||||||||||||||
Generate CLO 8 Ltd. | Series 8A, Class ER | (4) (5) (7) (13) (14) | SOFR + 695 | 12.54% | 10/20/2034 | 2,820,000 | 2,613,954 | 2,685,545 | |||||||||||||||||||||
Glenbrook Park CLO DAC | Series 1A, Class E | (4) (5) (7) (14) | EURIBOR + 758 | 11.27% | 7/21/2036 | € | 2,750,000 | 2,783,152 | 2,762,560 | ||||||||||||||||||||
Golub Capital Partners CLO Ltd. | Series 2021-53A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 670 | 12.29% | 7/20/2034 | 4,000,000 | 3,966,222 | 3,838,196 | |||||||||||||||||||||
Golub Capital Partners CLO Ltd. | Series 2023-68A, Class D | (4) (5) (7) (14) | SOFR + 545 | 10.85% | 7/25/2036 | 6,750,000 | 6,750,000 | 6,767,570 | |||||||||||||||||||||
Golub Capital Partners CLO Ltd. | Series 2021-54A, Class D | (4) (5) (7) (13) (14) | SOFR + 385 | 9.48% | 8/5/2033 | 3,750,000 | 3,570,141 | 3,399,653 | |||||||||||||||||||||
Golub Capital Partners CLO Ltd. | Series 2013-16A, Class DR2 | (4) (5) (7) (13) (14) | SOFR + 400 | 9.61% | 7/25/2033 | 2,000,000 | 1,927,508 | 1,818,352 | |||||||||||||||||||||
Halseypoint CLO Ltd. | Series 2023-7A, Class D | (4) (5) (7) (14) | SOFR + 584 | 11.10% | 7/20/2036 | 3,100,000 | 3,070,357 | 3,124,915 | |||||||||||||||||||||
Henley Funding Ltd. | Series 7X, Class E | (2) (4) (5) (14) (16) | EURIBOR + 714 | 10.86% | 4/25/2034 | € | 2,000,000 | 2,143,283 | 2,051,255 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%) | Footnotes | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | ||||||||||||||||||||||
HPS Loan Management Ltd. | Series 2023-18A, Class D | (4) (5) (7) (14) | SOFR + 575 | 11.01% | 7/20/2036 | 3,750,000 | 3,750,000 | 3,756,041 | |||||||||||||||||||||
HPS Private Credit CLO 2023 1, LLC | Series 2023-1A, Class D | (4) (5) (7) (14) | SOFR + 675 | 12.01% | 7/15/2035 | 6,000,000 | 6,000,000 | 5,965,776 | |||||||||||||||||||||
Invesco CLO Ltd. | Series 2021-1A, Class E | (4) (5) (7) (13) (14) | SOFR + 646 | 12.03% | 4/15/2034 | 3,075,000 | 2,942,721 | 2,879,950 | |||||||||||||||||||||
Invesco CLO Ltd. | Series 2023-3A, Class D | (4) (5) (7) (14) | SOFR + 540 | 10.82% | 7/15/2036 | 3,900,000 | 3,900,000 | 3,926,618 | |||||||||||||||||||||
Invesco CLO Ltd. | Series 2023-3A, Class E | (4) (5) (7) (14) | SOFR + 816 | 13.58% | 7/15/2036 | 3,000,000 | 2,940,528 | 3,004,746 | |||||||||||||||||||||
Ivy Hill Middle Market Credit Fund Ltd. | Series 21A, Class D | (4) (5) (7) (14) | SOFR + 640 | 11.82% | 7/18/2035 | 2,000,000 | 2,000,000 | 1,999,122 | |||||||||||||||||||||
KKK Financial CLO Ltd. | Series 10, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 650 | 12.17% | 9/15/2029 | 3,000,000 | 2,970,217 | 2,936,670 | |||||||||||||||||||||
KKK Financial CLO Ltd. | Series 2021-36A, Class SUB | (4) (5) (7) (12) | 10/15/2034 | 8,600,000 | 6,631,792 | 6,255,964 | |||||||||||||||||||||||
KKK Financial CLO Ltd. | Series 2023-46A, Class E | (4) (5) (7) (14) | SOFR + 821 | 12.86% | 4/20/2035 | 2,100,000 | 2,074,551 | 2,071,497 | |||||||||||||||||||||
KKK Financial CLO Ltd. | Series 2023-52A, Class E | (4) (5) (7) (14) | SOFR + 881 | 14.09% | 7/16/2036 | 1,000,000 | 975,792 | 999,870 | |||||||||||||||||||||
KKR Financial CLO Ltd. | Series 35A, Class E | (4) (5) (7) (13) (14) | SOFR + 682 | 12.41% | 10/20/2034 | 1,500,000 | 1,377,796 | 1,394,399 | |||||||||||||||||||||
Madison Park Euro Funding | Series 9X, Class ER | (4) (5) (14) (16) | EURIBOR + 611 | 9.77% | 7/15/2035 | € | 5,725,000 | 5,486,674 | 5,268,743 | ||||||||||||||||||||
Madison Park Funding Ltd. | Series 2018-32A, Class ER | (4) (5) (7) (13) (14) | SOFR + 620 | 11.81% | 1/22/2031 | 1,800,000 | 1,667,996 | 1,714,298 | |||||||||||||||||||||
Madison Park Funding Ltd. | Series 2022-54A, Class E1 | (4) (5) (7) (14) | SOFR + 895 | 14.28% | 10/21/2034 | 750,000 | 728,946 | 763,931 | |||||||||||||||||||||
Madison Park Funding Ltd. | Series 2023-63A, Class D | (4) (5) (7) (14) | SOFR + 550 | 10.58% | 4/21/2035 | 3,500,000 | 3,500,000 | 3,560,214 | |||||||||||||||||||||
Madison Park Funding Ltd. | Series 2023-63A, Class E | (4) (5) (7) (14) | SOFR + 857 | 13.65% | 4/21/2035 | 6,000,000 | 5,864,899 | 6,041,256 | |||||||||||||||||||||
Madison Park Funding Ltd. | Series 2022-55A, Class E | (2) (4) (5) (7) (14) | SOFR + 817 | 13.48% | 7/18/2035 | 5,818,182 | 5,710,764 | 5,856,605 | |||||||||||||||||||||
Madison Park Funding Ltd. | Series 2020-47A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 746 | 13.04% | 1/19/2034 | 700,000 | 690,139 | 699,941 | |||||||||||||||||||||
Madison Park Funding Ltd. | Series 2015-17A, Class SUB | (4) (5) (7) (12) | 7/21/2030 | 24,315,250 | 8,081,807 | 4,481,396 | |||||||||||||||||||||||
Marble Point CLO XX Ltd. | Series 2021-1A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 711 | 12.72% | 4/23/2034 | 2,500,000 | 2,478,959 | 2,294,595 | |||||||||||||||||||||
Marble Point CLO XXI Ltd. | Series 2021-3A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 720 | 12.77% | 10/17/2034 | 4,000,000 | 3,930,925 | 3,576,732 | |||||||||||||||||||||
Morgan Stanley Eaton Vance CLO | Series 2022-18A, Class D | (4) (5) (7) (14) | SOFR + 500 | 10.33% | 10/20/2035 | 4,000,000 | 3,975,811 | 4,018,536 | |||||||||||||||||||||
Neuberger Berman CLO Ltd | Series 2015-20A, Class ERP | (4) (5) (7) (13) (14) | SOFR + 650 | 12.07% | 7/15/2034 | 1,000,000 | 907,737 | 922,760 | |||||||||||||||||||||
Neuberger Berman CLO Ltd | Series 2022-49A, Class E | (4) (5) (7) (14) | SOFR + 700 | 12.35% | 7/25/2034 | 480,000 | 461,733 | 472,952 | |||||||||||||||||||||
Neuberger Berman Loan Advisers | Series 2023-1A, Class D1 | (4) (5) (7) (14) | SOFR + 500 | 10.42% | 10/25/2036 | 3,850,000 | 3,811,500 | 3,811,500 | |||||||||||||||||||||
Oak Hill Credit Partners | Series 2023-15A, Class E | (4) (5) (7) (14) | SOFR + 800 | 13.12% | 4/20/2035 | 2,450,000 | 2,450,000 | 2,457,223 | |||||||||||||||||||||
Oak Hill Credit Partners | Series 2014-10RA, Class ER | (4) (5) (7) (13) (14) | SOFR + 625 | 11.84% | 4/20/2034 | 1,500,000 | 1,471,468 | 1,467,608 | |||||||||||||||||||||
OCP CLO Ltd. | Series 2023-28A, Class D | (4) (5) (7) (14) | SOFR + 535 | 10.77% | 7/16/2036 | 5,062,500 | 5,062,500 | 5,140,012 | |||||||||||||||||||||
Octagon 70 Alto Ltd. | Series 2023-1A, Class D | (4) (5) (7) (14) | SOFR + 409 | 9.50% | 10/20/2036 | 4,850,000 | 4,704,507 | 4,705,310 | |||||||||||||||||||||
Octagon 70 Alto Ltd. | Series 2023-1A, Class E | (4) (5) (7) (14) | SOFR + 666 | 12.07% | 10/20/2036 | 1,575,000 | 1,496,253 | 1,496,507 | |||||||||||||||||||||
Octagon Investment Partners 40 Ltd. | Series 2019-1A, Class SUB | (4) (5) (7) (12) | 1/20/2035 | 22,500,000 | 15,041,209 | 10,920,461 | |||||||||||||||||||||||
Octagon Investment Partners 44 Ltd. | Series 2019-1A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 675 | 12.32% | 10/15/2034 | 6,425,000 | 6,325,664 | 5,592,609 | |||||||||||||||||||||
Octagon Investment Partners 58 Ltd. | Series 2022-1A, Class E | (2) (4) (5) (7) (14) | SOFR + 720 | 12.51% | 7/15/2037 | 9,500,000 | 9,500,000 | 8,905,718 | |||||||||||||||||||||
OFSI Fund Ltd. | Series 2023-12A, Class E | (4) (5) (7) (14) | SOFR + 885 | 13.81% | 1/20/2035 | 350,000 | 344,908 | 350,638 | |||||||||||||||||||||
OHA Credit Funding 16 Ltd. | Series 2023-16A, Class E | (4) (5) (7) (14) | SOFR + 675 | 12.07% | 10/20/2036 | 8,000,000 | 8,000,000 | 8,000,000 | |||||||||||||||||||||
Palmer Square CLO Ltd. | Series 2022-4A, Class E | (4) (5) (7) (14) | SOFR + 858 | 13.91% | 10/20/2035 | 2,666,667 | 2,540,198 | 2,715,272 | |||||||||||||||||||||
Palmer Square CLO Ltd. | Series 2023-2A, Class E | (4) (5) (7) (14) | SOFR + 824 | 13.52% | 4/20/2036 | 2,820,000 | 2,780,344 | 2,865,255 | |||||||||||||||||||||
Palmer Square European CLO | Series 2023-1A, Class E | (4) (5) (7) (14) | EURIBOR + 759 | 11.44% | 7/15/2036 | € | 1,150,000 | 1,194,074 | 1,167,582 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%) | Footnotes | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | ||||||||||||||||||||||
Providus CLO DAC | Series 7X, Class E | (2) (4) (5) (14) (16) | EURIBOR + 769 | 11.35% | 7/15/2036 | € | 2,250,000 | 2,251,738 | 2,307,543 | ||||||||||||||||||||
Regatta VI Funding Ltd. | Series 2016-1A, Class ER2 | (2) (4) (5) (7) (13) (14) | SOFR + 675 | 12.34% | 4/20/2034 | 2,500,000 | 2,294,595 | 2,338,675 | |||||||||||||||||||||
Regatta XV Funding Ltd. | Series 2018-4A, Class D | (2) (4) (5) (7) (13) (14) | SOFR + 650 | 12.11% | 10/25/2031 | 3,000,000 | 2,979,839 | 2,755,686 | |||||||||||||||||||||
Regatta XXIII Funding Ltd. | Series 2021-4A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 670 | 12.29% | 1/20/2035 | 5,000,000 | 4,818,447 | 4,775,600 | |||||||||||||||||||||
Regatta XXV Funding Ltd. | Series 2023-1A, Class E | (4) (5) (7) (14) | SOFR + 841 | 13.66% | 7/15/2036 | 4,250,000 | 4,168,326 | 4,294,940 | |||||||||||||||||||||
Rockford Tower CLO Ltd. | Series 2021-3A, Class D | (4) (5) (7) (13) (14) | SOFR + 325 | 8.84% | 10/20/2034 | 5,500,000 | 5,189,068 | 5,265,557 | |||||||||||||||||||||
RR Ltd. | Series 2021-16A, Class D | (4) (5) (7) (13) (14) | SOFR + 625 | 11.82% | 7/15/2036 | 2,825,000 | 2,565,886 | 2,643,279 | |||||||||||||||||||||
RR Ltd. | Series 2023-26A, Class D | (4) (5) (7) (14) | SOFR + 825 | 12.98% | 4/15/2038 | 2,750,000 | 2,730,264 | 2,796,030 | |||||||||||||||||||||
Silver Point CLO Ltd. | Series 2023-2A, Class E | (4) (5) (7) (14) | SOFR + 899 | 14.07% | 4/20/2035 | 1,150,000 | 1,108,435 | 1,155,292 | |||||||||||||||||||||
Sixth Street CLO XXIII Ltd. | Series 2023-23A, Class E | (4) (5) (7) (14) | SOFR + 705 | 12.37% | 10/23/2036 | 4,000,000 | 4,000,000 | 4,000,000 | |||||||||||||||||||||
Sound Point CLO Ltd. | Series 2021-1A, Class D | (4) (5) (7) (13) (14) | SOFR + 350 | 9.11% | 4/25/2034 | 3,000,000 | 2,703,320 | 2,783,877 | |||||||||||||||||||||
Sound Point CLO Ltd. | Series 2023-36A, Class D | (4) (5) (7) (14) | SOFR + 570 | 11.12% | 7/26/2036 | 3,000,000 | 3,000,000 | 2,998,329 | |||||||||||||||||||||
Sound Point CLO Ltd. | Series 2019-2A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 647 | 12.04% | 7/15/2034 | 3,000,000 | 2,949,620 | 2,433,195 | |||||||||||||||||||||
Sound Point CLO Ltd. | Series 2021-1A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 685 | 12.46% | 4/25/2034 | 4,000,000 | 3,932,820 | 3,371,820 | |||||||||||||||||||||
Sound Point CLO Ltd. | Series 2021-3A, Class D | (4) (5) (7) (13) (14) | SOFR + 325 | 8.86% | 10/25/2034 | 5,000,000 | 4,469,971 | 4,513,320 | |||||||||||||||||||||
Symphony CLO Ltd. | Series 2023-30A, Class D | (4) (5) (7) (14) | SOFR + 585 | 10.92% | 4/20/2035 | 4,000,000 | 4,000,000 | 4,039,348 | |||||||||||||||||||||
Symphony CLO Ltd. | Series 2021-25A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 650 | 12.08% | 4/19/2034 | 3,458,334 | 3,073,294 | 3,188,491 | |||||||||||||||||||||
Symphony CLO Ltd. | Series 2021-26A, Class ER | (2) (4) (5) (7) (13) (14) | SOFR + 750 | 13.09% | 4/20/2033 | 3,500,000 | 3,500,000 | 3,147,585 | |||||||||||||||||||||
Symphony CLO Ltd. | Series 2022-33A, Class E | (2) (4) (5) (7) (14) | SOFR + 710 | 12.45% | 4/24/2035 | 5,000,000 | 5,000,000 | 4,749,715 | |||||||||||||||||||||
Tikehau CLO IX DAC | Series 9A, Class E | (4) (5) (7) (14) | EURIBOR + 691 | 10.27% | 4/20/2036 | € | 2,130,000 | 2,083,334 | 2,070,589 | ||||||||||||||||||||
Trimaran Cavu Ltd. | Series 2021-1A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 650 | 12.11% | 4/23/2032 | 3,000,000 | 2,930,772 | 2,798,595 | |||||||||||||||||||||
Trinitas CLO Ltd. | Series 2019-10A, Class DR | (4) (5) (7) (14) | SOFR + 360 | 8.91% | 1/15/2035 | 5,600,000 | 5,032,690 | 5,233,071 | |||||||||||||||||||||
Trinitas CLO Ltd. | Series 2020-12A, Class D | (4) (5) (7) (13) (14) | SOFR + 400 | 9.61% | 4/25/2033 | 4,150,000 | 3,974,013 | 4,039,984 | |||||||||||||||||||||
Trinitas CLO Ltd. | Series 2023-23A, Class D | (4) (5) (7) (14) | SOFR + 535 | 10.69% | 10/20/2036 | 2,000,000 | 2,000,000 | 1,999,634 | |||||||||||||||||||||
Trinitas Euro CLO | Series 4A, Class E | (4) (5) (7) (14) | EURIBOR + 711 | 10.89% | 5/15/2038 | € | 1,400,000 | 1,393,677 | 1,382,192 | ||||||||||||||||||||
Venture CLO Ltd. | Series 2022-45A, Class E | (4) (5) (7) (14) | SOFR + 770 | 13.03% | 7/20/2035 | 10,000,000 | 9,772,055 | 7,874,130 | |||||||||||||||||||||
Voya CLO Ltd. | Series 2020-3A, Class SUB | (4) (5) (7) (12) | 10/20/2031 | 5,450,000 | 4,087,126 | 4,275,167 | |||||||||||||||||||||||
Voya CLO Ltd. | Series 2021-2A, Class E | (4) (5) (7) (13) (14) | SOFR + 660 | 12.19% | 10/20/2034 | 1,000,000 | 894,244 | 918,605 | |||||||||||||||||||||
Voya Euro CLO | Series 6A, Class E | (4) (5) (7) (14) | EURIBOR + 720 | 10.75% | 4/15/2037 | € | 2,500,000 | 2,529,951 | 2,581,384 | ||||||||||||||||||||
Voya Euro CLO | Series 5X, Class E | (4) (5) (14) (16) | EURIBOR + 581 | 9.47% | 4/15/2035 | € | 1,416,000 | 1,357,751 | 1,330,622 | ||||||||||||||||||||
Wellfleet CLO Ltd. | Series 2019-1A, Class D | (2) (4) (5) (7) (13) (14) | SOFR + 690 | 12.49% | 7/20/2032 | 5,000,000 | 4,973,127 | 3,912,235 | |||||||||||||||||||||
Wellfleet CLO Ltd. | Series 2021-1A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 661 | 12.20% | 4/20/2034 | 5,000,000 | 4,939,490 | 4,277,055 | |||||||||||||||||||||
Wellfleet CLO Ltd. | Series 2021-2A, Class E | (2) (4) (5) (7) (13) (14) | SOFR + 696 | 12.53% | 7/15/2034 | 6,875,000 | 6,755,913 | 5,809,031 | |||||||||||||||||||||
Wind River CLO Ltd. | Series 2017-3A, Class DR | (4) (5) (7) (13) (14) | SOFR + 385 | 9.42% | 4/15/2035 | 4,300,000 | 4,106,743 | 3,967,821 | |||||||||||||||||||||
Wind River CLO Ltd. | Series 2019-3A, Class SUB | (4) (5) (7) (12) | 7/15/2031 | 17,900,000 | 11,943,258 | 6,719,037 | |||||||||||||||||||||||
Wind River CLO Ltd. | Series 2021-4A, Class SUB | (4) (5) (7) (12) | 1/20/2035 | 4,814,180 | 3,600,554 | 3,137,069 | |||||||||||||||||||||||
Wind River CLO Ltd. | Series 2023-1A, Class D | (4) (5) (7) (14) | SOFR + 633 | 11.40% | 4/25/2036 | 5,500,000 | 5,451,965 | 5,549,038 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Collateralized Loan Obligations (25.7%) | Footnotes | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | ||||||||||||||||||||||
Wind River CLO Ltd. | Series 2023-1A, Class E | (4) (5) (7) (14) | SOFR + 852 | 13.59% | 4/25/2036 | 1,150,000 | 1,109,222 | 1,120,564 | |||||||||||||||||||||
Collateralized Loan Obligations Total (Cost of $594,853,146) | $ | 594,853,146 | $ | 558,013,253 |
Investments—Asset Backed Securities (0.6%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Adams Outdoor Advertising LP | Series 2023-1, Class C | (5) (7) | Media: Advertising, Printing & Publishing | 11.71% | 11.71% | 7/15/2053 | $ | 10,000,000 | $ | 9,999,911 | $ | 9,939,622 | |||||||||||||||||
Craft Ltd. | Series 2023-IA, Class CLN | (4) (5) (7) (14) | Diversified Investment Vehicles | SOFR + 1175 | 17.06% | 11/28/2032 | 2,000,000 | 2,000,000 | 2,035,000 | ||||||||||||||||||||
Asset Backed Securities Total (Cost of $11,999,911) | $ | 11,999,911 | $ | 11,974,622 |
Investments—Common Stock (0.4%) | Footnotes | Industry | Acquisition Date | Units / Shares | Cost | Fair Value | |||||||||||||||||||||||
Apex Group Ltd. | (3) (5) (9) (10) | Banking, Finance, Insurance & Real Estate | 5/11/2022 | 163 | $ | 250,000 | $ | 305,124 | |||||||||||||||||||||
Avenu Holdings, LLC | (5) (9) (10) | Sovereign & Public Finance | 9/28/2018 | 21,552 | 12,954 | 68,237 | |||||||||||||||||||||||
Buckeye Parent, LLC | (5) (9) (10) | Automotive | 12/22/2021 | 221,234 | 221,234 | 8,453 | |||||||||||||||||||||||
Cobham Ultra 1 CY S.C.A. | (5) (9) (10) | Aerospace & Defense | 7/29/2022 | 4,907,800 | 49,078 | 49,078 | |||||||||||||||||||||||
Cobham Ultra S.à r.l. | (5) (9) (10) | Aerospace & Defense | 7/29/2022 | 7,695 | 9,376 | 11,266 | |||||||||||||||||||||||
Cordstrap Holding B.V. | (3) (5) (9) (10) | Transportation | 5/12/2022 | 424,234 | 440,079 | 2,523,880 | |||||||||||||||||||||||
Dwyer Instruments, Inc. | (5) (9) (10) | Capital Equipment | 7/21/2021 | 5,454 | 54,543 | 128,849 | |||||||||||||||||||||||
Internap Holding, LLC | (3) (5) (9) (10) | High Tech Industries | 7/31/2023 | 352,994 | 114,299 | 114,299 | |||||||||||||||||||||||
iQOR US, Inc. | (3) (5) (9) (10) | Business Services | 11/27/2020 | 55,976 | 713,694 | 44,333 | |||||||||||||||||||||||
KRE HYOD JV, LLC | (5) (9) (10) | Banking, Finance, Insurance & Real Estate | 9/22/2021 | 103,817 | 103,817 | 109,008 | |||||||||||||||||||||||
NearU Holdings LLC | (5) (9) (10) | Consumer Services | 8/4/2022 | 9,881 | 988,143 | 632,752 | |||||||||||||||||||||||
Primetech Holdco S.a.r.l. | (5) (9) (10) | Insurance | 7/28/2022 | 330 | 1,957,394 | 1,990,736 | |||||||||||||||||||||||
PXO Holdings I Corp. | (5) (9) (10) | Chemicals, Plastics & Rubber | 3/8/2022 | 5,232 | 523,244 | 451,335 | |||||||||||||||||||||||
Sinch AB | (9) | High Tech Industries | 3/1/2022 | 5,304 | — | 9,325 | |||||||||||||||||||||||
Tank Holding Co. | (5) (9) (10) | Capital Equipment | 3/26/2019 | 200,000 | — | 556,167 | |||||||||||||||||||||||
Tufin Software North America, Inc. | (5) (9) (10) | Software | 8/25/2022 | 678,938 | 970,874 | 1,160,291 | |||||||||||||||||||||||
Wineshipping.Com, LLC | (5) (9) (10) | Beverage, Food & Tobacco | 10/29/2021 | 702 | 70,174 | 58,620 | |||||||||||||||||||||||
WP Summit Co. Invest, L.P. | (5) (9) (10) | Banking, Finance, Insurance & Real Estate | 4/27/2023 | 151,515 | 151,515 | 154,405 | |||||||||||||||||||||||
Common Stock Total (Cost of $6,630,418) | $ | 6,630,418 | $ | 8,376,158 |
Investments—Corporate Bonds (8.1%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Secured (7.1%) | |||||||||||||||||||||||||||||
Air Canada Pass Through Trust | (2) (3) (7) | Aerospace & Defense | 9.00% | 9.00% | 10/1/2025 | $ | 846,296 | $ | 846,296 | $ | 852,643 | ||||||||||||||||||
Artera Services, LLC | (2) (3) (7) | Capital Equipment | 9.03% | 9.03% | 12/4/2025 | 1,000,000 | 1,007,323 | 924,700 | |||||||||||||||||||||
Athena S.p.A | (3) (5) (8) | Entertainment | 8.75% PIK | 8.75% | 4/12/2027 | € | 28,754,989 | 30,442,569 | 30,021,200 | ||||||||||||||||||||
British Airways Pass Through Trust | (2) (3) (7) | Aerospace & Defense | 8.38% | 8.38% | 11/15/2028 | 414,916 | 414,916 | 421,005 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Corporate Bonds (8.1%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Maturity Date | Par / Principal Amount * | Amortized Cost | Fair Value | |||||||||||||||||||||
Cartiere Villa Lagarina S.p.A. | (4) (5) (8) (14) | Containers, Packaging & Glass | EURIBOR + 600, 4.75% PIK | 14.35% | 12/22/2025 | € | 2,746,668 | 3,279,887 | 2,947,474 | ||||||||||||||||||||
Cartitalia S.p.A | (4) (5) (8) (14) | Containers, Packaging & Glass | EURIBOR + 600, 4.75% PIK | 14.35% | 12/22/2025 | € | 2,224,653 | 2,647,115 | 2,428,455 | ||||||||||||||||||||
Cloud Software Group, Inc. | (7) | Software | 9.00% | 9.00% | 9/30/2029 | 11,329,000 | 9,062,796 | 9,849,580 | |||||||||||||||||||||
Cobham Ultra PikCo S.a.r.l. | (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 825 | 13.78% | 8/4/2031 | 12,242,553 | 12,000,915 | 12,150,734 | |||||||||||||||||||||
Cobham Ultra Sunco S.a.r.l | (2) (3) (4) (5) (13) (14) | Aerospace & Defense | SOFR + 725 | 12.78% | 8/4/2030 | 23,131,000 | 22,618,271 | 22,899,690 | |||||||||||||||||||||
Constellation Automotive Financing PLC | (3) (7) | Specialty Retail | 4.88% | 4.88% | 7/15/2027 | £ | 2,490,000 | 2,619,223 | 2,302,044 | ||||||||||||||||||||
Fideicomiso Fiduoccidente - Acciones TCBuen | (5) | Banking, Finance, Insurance & Real Estate | 9.45% | 9.45% | 12/30/2029 | 11,000,000 | 10,905,500 | 10,807,500 | |||||||||||||||||||||
GasLog Ltd. | (2) (3) (5) | Energy: Oil & Gas | 7.75% | 7.75% | 3/21/2029 | 23,069,968 | 22,934,078 | 22,377,869 | |||||||||||||||||||||
GoTo Group, Inc. | (2) (3) (7) | Software | 5.50% | 5.50% | 9/1/2027 | 8,000,000 | 4,589,622 | 4,424,000 | |||||||||||||||||||||
GREC II CWF LLC | (3) (5) | Independent Power and Renewable Electricity Producers | 8.25% | 8.25% | 7/28/2028 | 8,820,000 | 8,713,106 | 8,709,750 | |||||||||||||||||||||
ION Trading Technologies S.a.r.l. | (2) (3) (7) | High Tech Industries | 5.75% | 5.75% | 5/15/2028 | 3,000,000 | 2,474,338 | 2,616,000 | |||||||||||||||||||||
Rackspace Technology Global, Inc. | (2) (3) (7) | High Tech Industries | 5.38% | 5.38% | 12/1/2028 | 2,000,000 | 1,730,325 | 656,571 | |||||||||||||||||||||
Team KGK, LLC | (2) (3) (5) | Energy: Oil & Gas | 8.25% | 8.25% | 12/31/2028 | 9,252,273 | 9,183,323 | 9,136,619 | |||||||||||||||||||||
Tolentino S.p.A. | (4) (5) (8) (14) | Containers, Packaging & Glass | EURIBOR + 600, 4.75% PIK | 14.35% | 12/22/2025 | € | 1,030,000 | 1,229,958 | 1,105,303 | ||||||||||||||||||||
Windstream Holdings, Inc. | (2) (3) (7) | Telecommunications | 7.75% | 7.75% | 8/15/2028 | 7,000,000 | 6,064,262 | 5,530,000 | |||||||||||||||||||||
Zayo Group Holdings, Inc. | (2) (3) (7) | Telecommunications | 4.00% | 4.00% | 3/1/2027 | 7,000,000 | 5,729,683 | 5,188,750 | |||||||||||||||||||||
Secured Total (Cost of $158,493,506) | $ | 158,493,506 | $ | 155,349,887 | |||||||||||||||||||||||||
Unsecured (1.0%) | |||||||||||||||||||||||||||||
Aretec Escrow Issuer, Inc. | (2) (3) (7) | Banking, Finance, Insurance & Real Estate | 7.50% | 7.50% | 4/1/2029 | $ | 9,140,000 | $ | 9,239,294 | $ | 8,148,310 | ||||||||||||||||||
CCO Holdings LLC. | (2) (3) (7) | Telecommunications | 4.50% | 4.50% | 6/1/2033 | 2,000,000 | 1,622,575 | 1,530,800 | |||||||||||||||||||||
Covanta Holding Corp. | (2) (3) (7) | Environmental Industries | 4.88% | 4.88% | 12/1/2029 | 3,000,000 | 2,623,798 | 2,461,200 | |||||||||||||||||||||
Radiate Holdco, LLC | (2) (3) (7) | Telecommunications | 6.50% | 6.50% | 9/15/2028 | 1,790,000 | 1,546,272 | 939,571 | |||||||||||||||||||||
Rocket Software, Inc. | (2) (3) (7) | Software | 6.50% | 6.50% | 2/15/2029 | 4,500,000 | 3,864,628 | 3,712,500 | |||||||||||||||||||||
SPX FLOW, Inc. | (2) (3) (7) | Chemicals, Plastics & Rubber | 8.75% | 8.75% | 4/1/2030 | 2,500,000 | 2,395,743 | 2,311,500 | |||||||||||||||||||||
VistaJet Malta Finance Plc | (2) (3) (7) | Passenger Airlines | 7.88% | 7.88% | 5/1/2027 | 2,500,000 | 2,480,877 | 2,153,125 | |||||||||||||||||||||
Unsecured Total (Cost of $23,773,187) | $ | 23,773,187 | $ | 21,257,006 | |||||||||||||||||||||||||
Corporate Bonds Total (Cost of $182,266,693) | $ | 182,266,693 | $ | 176,606,893 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Preferred Stock (6.1%) | Footnotes | Industry | Reference Rate & Spread | Interest Rate | Acquisition Date | Units / Shares | Cost | Fair Value | |||||||||||||||||||||
Apex Group Ltd. | Series A5 | (3) (5) (8) | Banking, Finance, Insurance & Real Estate | 14.00% PIK | 14.00% | 1/29/2021 | 6,523 | $ | 7,517,476 | $ | 6,982,949 | ||||||||||||||||||
Apex Group Ltd. | Series A3 | (3) (5) (8) | Banking, Finance, Insurance & Real Estate | 14.00% PIK | 14.00% | 1/29/2021 | 835 | 973,180 | 893,821 | ||||||||||||||||||||
Apex Group Ltd. | Series A1 | (3) (5) (8) | Banking, Finance, Insurance & Real Estate | 14.00% PIK | 14.00% | 1/29/2021 | 1,815 | 2,114,764 | 1,937,826 | ||||||||||||||||||||
Apex Group Ltd. | Series A1 Liquidation | (3) (5) (8) | Banking, Finance, Insurance & Real Estate | 14.00% PIK | 14.00% | 1/29/2021 | 41 | 14,110 | 43,715 | ||||||||||||||||||||
Apex Group Ltd. | Series A15 | (5) (8) | Banking, Finance, Insurance & Real Estate | 11.50% PIK | 11.50% | 4/25/2022 | 23,531,002 | 23,031,002 | 23,001,555 | ||||||||||||||||||||
Appriss Health, LLC | (5) (8) | Health Care Providers & Services | 11.00% PIK | 11.00% | 5/6/2021 | 167 | 162,674 | 158,867 | |||||||||||||||||||||
Arrowhead GS Holdings, Inc. | (4) (5) (8) (13) (14) | Trading Companies & Distributors | SOFR + 10.75% PIK | 16.09% | 10/19/2022 | 7,914 | 7,742,781 | 7,577,495 | |||||||||||||||||||||
Blackbird Purchaser, Inc. | (5) (8) | Capital Equipment | 12.50% PIK | 12.50% | 12/14/2021 | 16,057 | 15,800,992 | 15,463,987 | |||||||||||||||||||||
Cordstrap Holding B.V | (3) (4) (5) (8) (14) | Transportation | EURIBOR + 9.61% PIK | 13.24% | 5/12/2022 | 2,834,721 | 2,946,971 | 3,049,456 | |||||||||||||||||||||
Drilling Info Holdings, Inc. | (5) (8) | Energy: Oil & Gas | 13.50% PIK | 13.50% | 2/11/2020 | 1,812,930 | 1,805,125 | 1,772,139 | |||||||||||||||||||||
Integrity Marketing Group, LLC | (5) (8) | Banking, Finance, Insurance & Real Estate | 10.50% PIK | 10.50% | 12/21/2021 | 9,015,130 | 8,865,130 | 8,747,281 | |||||||||||||||||||||
NEFCO Holding Company, LLC | (5) (8) | Construction & Engineering | 8.00% PIK | 8.00% | 8/5/2022 | 304 | 304,238 | 304,238 | |||||||||||||||||||||
PCF Holdco, LLC | (4) (5) (6) (8) | Banking, Finance, Insurance & Real Estate | SOFR + 15.00% PIK | 15.00% | 2/16/2023 | 7,198 | 6,061,617 | 6,323,819 | |||||||||||||||||||||
Picard Holdco, Inc. | (4) (5) (8) (13) | High Tech Industries | SOFR +12.00% PIK | 17.34% | 9/30/2022 | 19,017 | 18,490,237 | 19,017,021 | |||||||||||||||||||||
Propulsion BC Finco S.a.r.l. | (4) (5) (8) (14) | Aerospace & Defense | SOFR + 10.75% PIK | 16.16% | 9/13/2022 | 3,392,382,633 | 33,048,585 | 34,178,255 | |||||||||||||||||||||
Zippy Shell, Inc. | (5) (8) (10) | Commercial Services & Supplies | 8.00% PIK | 8.00% | 11/2/2020 | 39,191 | 1,010,534 | 1,803,042 | |||||||||||||||||||||
Preferred Stock Total (Cost of $129,889,416) | $ | 129,889,416 | $ | 131,255,466 |
Investments—Warrant (0.2%) | Footnotes | Industry | Acquisition Date | Expiration Date | Units / Shares / % of Ownership | Cost | Fair Value | ||||||||||||||||||||||
CP Developers S.a.r.l. | (5) (9) (10) | Banking, Finance, Insurance & Real Estate | 5/21/2021 | 5/24/2031 | 9.5% | $ | 2,093,085 | $ | 1,675,319 | ||||||||||||||||||||
Digital Intelligence Systems, LLC | (5) (9) (10) | Consumer Services | 4/2/2021 | 4/2/2026 | 145,025 | 579,130 | 1,878,074 | ||||||||||||||||||||||
PCF Holdco, LLC | (5) (9) (10) | Banking, Finance, Insurance & Real Estate | 2/16/2023 | 2/16/2033 | 386,981 | 814,339 | 814,340 | ||||||||||||||||||||||
PCF Holdco, LLC | (5) (9) (10) | Banking, Finance, Insurance & Real Estate | 2/16/2023 | 2/16/2033 | 386,981 | 214,516 | 251,436 | ||||||||||||||||||||||
Warrant Total (Cost of $3,701,070) | $ | 3,701,070 | $ | 4,619,169 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Investments—Short Term Investment (6.0%) | Footnotes | Reference Rate & Spread | Interest Rate | Units / Shares | Cost | Fair Value | |||||||||||||||||||||||
Fidelity Investments Money Market Government Portfolio | 5.28% | 5.28% | 40,000,000 | $ | 40,000,000 | $ | 40,000,000 | ||||||||||||||||||||||
Morgan Stanley Institutional Liquidity Funds: Government Portfolio | 5.26% | 5.26% | 34,843,862 | 34,843,862 | 34,843,862 | ||||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund | 5.30% | 5.30% | 56,268,728 | 56,268,728 | 56,268,728 | ||||||||||||||||||||||||
Short Term Investment Total (Cost of $131,112,590) | $ | 131,112,590 | $ | 131,112,590 | |||||||||||||||||||||||||
Total Investments, at Fair Value (Cost of $2,820,740,215) (1) | 127.0 | % | $ | 2,756,316,993 | |||||||||||||||||||||||||
Net Other Assets (Liabilities) | (27.0) | % | $ | (585,648,585) | |||||||||||||||||||||||||
Net Assets | 100.0 | % | $ | 2,170,668,408 |
Interest Rate Swaps as of September 30, 2023 | ||||||||||||||||||||||||||
Counterparty | Hedged Instrument | Footnotes | Fund Receives | Fund Pays | Maturity Date | Notional Amount | Fair Value | Change in Unrealized Gain/ (Loss) | ||||||||||||||||||
Macquarie Bank Limited | Series A MRP Shares | (17) | 3.55% | SOFR | 3/8/2027 | $ | 75,000,000 | $ | (2,382,825) | $ | (1,515,627) | |||||||||||||||
Macquarie Bank Limited | Series B MRP Shares | (17) | 3.29% | SOFR | 3/7/2029 | 25,000,000 | (1,289,097) | (748,074) | ||||||||||||||||||
Macquarie Bank Limited | Series C MRP Shares | (17) | 2.79% | SOFR | 9/1/2027 | 75,000,000 | (4,517,547) | (1,334,845) | ||||||||||||||||||
Macquarie Bank Limited | Series C MRP Shares | (17) | 4.07% | SOFR | 9/1/2027 | 25,000,000 | (381,676) | (660,980) | ||||||||||||||||||
Total | $ | 200,000,000 | $ | (8,571,145) | $ | (4,259,526) | ||||||||||||||||||||
Cash Collateral | — | 8,853,370 | — | |||||||||||||||||||||||
Total Interest Rate Swaps | $ | 200,000,000 | $ | 282,225 | $ | (4,259,526) |
Forward Foreign Currency Contracts as of September 30, 2023 | |||||||||||||||||
Counterparty | Settlement Date | Notional Amount to be Purchased | Notional Amount to be Sold | Fair Value | Change in Unrealized Appreciation/ (Depreciation) | ||||||||||||
Macquarie Bank Limited | 10/16/2023 | $ | 154,256 | € | 145,805 | $ | 2,441 | $ | 2,441 | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 12,406,609 | € | 11,710,933 | $ | 464,994 | $ | 464,994 | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 71,823,999 | € | 67,796,610 | $ | 3,176,001 | $ | 3,176,001 | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 8,682,682 | € | 8,195,818 | $ | 95,039 | $ | 95,039 | ||||||||
Goldman Sachs & Co. LLC | 11/17/2023 | $ | 2,052,006 | € | 1,936,944 | $ | 18,587 | $ | 18,587 | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 980,224 | € | 925,260 | $ | (4,908) | $ | (4,908) | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 244,182 | € | 230,490 | $ | (1,223) | $ | (1,223) | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 1,145,593 | € | 1,081,356 | $ | (5,736) | $ | (5,736) | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 2,219,233 | € | 2,094,794 | $ | (11,111) | $ | (11,111) | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 1,822,587 | € | 1,720,389 | $ | (9,125) | $ | (9,125) | ||||||||
Macquarie Bank Limited | 1/17/2024 | $ | 157,239 | € | 147,929 | $ | 2,584 | $ | 2,584 | ||||||||
Macquarie Bank Limited | 4/15/2024 | $ | 158,621 | € | 148,619 | $ | 3,908 | $ | 3,908 | ||||||||
Macquarie Bank Limited | 7/15/2024 | $ | 159,767 | € | 149,062 | $ | 2,457 | $ | 2,457 |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
Forward Foreign Currency Contracts as of September 30, 2023 | |||||||||||||||||
Counterparty | Settlement Date | Notional Amount to be Purchased | Notional Amount to be Sold | Fair Value | Change in Unrealized Appreciation/ (Depreciation) | ||||||||||||
Macquarie Bank Limited | 10/15/2024 | $ | 158,289 | € | 147,064 | $ | 2,232 | $ | 2,232 | ||||||||
Macquarie Bank Limited | 1/15/2025 | $ | 154,627 | € | 143,105 | $ | 1,945 | $ | 1,945 | ||||||||
Macquarie Bank Limited | 4/15/2025 | $ | 151,726 | € | 139,887 | $ | 1,660 | $ | 1,660 | ||||||||
Macquarie Bank Limited | 7/15/2025 | $ | 154,933 | € | 142,292 | $ | 1,390 | $ | 1,390 | ||||||||
Macquarie Bank Limited | 10/15/2025 | $ | 7,119,667 | € | 6,515,206 | $ | 14,483 | $ | 14,483 | ||||||||
Macquarie Bank Limited | 10/16/2023 | $ | 408,607 | £ | 334,863 | $ | (2,670) | $ | (2,670) | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 23,825,403 | £ | 19,522,050 | $ | 955,302 | $ | 955,302 | ||||||||
Goldman Sachs & Co. LLC | 11/17/2023 | $ | 71,951,155 | £ | 58,955,312 | $ | 3,048,845 | $ | 3,048,845 | ||||||||
Macquarie Bank Limited | 11/17/2023 | $ | 2,388,118 | £ | 1,956,775 | $ | 37,305 | $ | 37,305 | ||||||||
Macquarie Bank Limited | 1/17/2024 | $ | 409,605 | £ | 335,445 | $ | (2,006) | $ | (2,006) | ||||||||
Macquarie Bank Limited | 2/15/2024 | $ | 683,074 | £ | 559,324 | $ | 28,414 | $ | 28,414 | ||||||||
Macquarie Bank Limited | 4/15/2024 | $ | 408,259 | £ | 334,213 | $ | (1,522) | $ | (1,522) | ||||||||
Macquarie Bank Limited | 7/15/2024 | $ | 408,150 | £ | 334,051 | $ | (1,176) | $ | (1,176) | ||||||||
Macquarie Bank Limited | 10/15/2024 | $ | 403,686 | £ | 330,398 | $ | (964) | $ | (964) | ||||||||
Macquarie Bank Limited | 1/15/2025 | $ | 395,769 | £ | 324,054 | $ | (698) | $ | (698) | ||||||||
Macquarie Bank Limited | 4/15/2025 | $ | 389,025 | £ | 318,663 | $ | (671) | $ | (671) | ||||||||
Macquarie Bank Limited | 7/15/2025 | $ | 396,235 | £ | 324,703 | $ | (682) | $ | (682) | ||||||||
Macquarie Bank Limited | 10/15/2025 | $ | 16,159,873 | £ | 13,246,550 | $ | (104,392) | $ | (104,392) | ||||||||
Total | $ | 7,710,703 | $ | 7,710,703 | |||||||||||||
Cash Collateral (18) | (4,631,209) | — | |||||||||||||||
Total Forward Foreign Currency Contracts | $ | 3,079,494 | $ | 7,710,703 |
* Par / Principal Amount is denominated in USD (“$”) unless otherwise noted, as denominated in British Pound (“£”), Canadian Dollar (“C$”), or Euro (“€”).
(1) All of the Fund's Corporate Loans, Collateralized Loan Obligations, Asset Backed Securities, Common Stock, Corporate Bonds, Preferred Stock, Warrants and Short-Term Investments, if applicable, which as of September 30, 2023 represented 127.0% of the Fund's net assets or 82.3% of the Fund's total assets. Certain investments are subject to contractual restrictions on sales.
(2) The security position has been segregated as collateral against outstanding borrowings.
(3) All or a portion of this security is owned by OCPC Credit Facility SPV LLC (the “SPV”). See Note 1. Organization. As of September 30, 2023, the aggregate fair value of these securities is $1,676,971,220, or 60.8% of the Fund’s Total Investments, at Fair Value.
(4) Represents the interest rate for a variable or increasing rate security, determined as Reference Rate + Basis-point spread. Stated interest rate represents the “all-in” rate as of September 30, 2023. Reference Rates are defined as follows:
CDOR | Canadian Dollar Offered Rate | ||||
EURIBOR | Euro Interbank Offered Rate | ||||
LIBOR | London Interbank Offered Rate | ||||
LOC | As defined by respective Letter of Credit Agreement | ||||
PRIME | U.S. Prime Rate | ||||
SOFR | Secured Overnight Financing Rate | ||||
SONIA | Sterling Overnight Index Average |
CARLYLE TACTICAL PRIVATE CREDIT FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2023
As of September 30, 2023, the reference rates for our variable rate loans were the 30-day LIBOR at 5.43%, the 90-day LIBOR at 5.58%, the daily SOFR at 5.31%, the 30-day SOFR at 5.32%, the 90-day SOFR at 5.40%, the 180-day SOFR at 5.47%, the 30-day CDOR at 5.51%, the 90-day EURIBOR at 3.95%, the 180-day EURIBOR at 4.13%, the daily SONIA at 5.19%, and the daily PRIME rate at 8.50%.
(5) The value of this security was determined using significant unobservable inputs. See Note 3. Fair Value Measurements.
(6) The Fund has an unfunded commitment to fund delayed draw and/or revolving senior secured loans. See Note 5. Commitments and Contingencies.
(7) Represents securities sold under Rule 144A, which are exempt from registration under the Securities Act of 1933, as amended. These securities have been determined to be liquid under the guidelines established by the Board of Trustees. As of September 30, 2023, the aggregate fair value of these securities is $603,658,478 or 27.8% of the Fund's net assets.
(8) Interest or dividend is paid-in-kind, when applicable.
(9) Non-income producing security.
(10) 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, excluding 144A securities, Regulation S securities, and loans. As of September 30, 2023, the aggregate fair value of these securities is $14,789,044, or 0.7% of the Fund’s net assets.
(11) In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Fund is entitled to receive additional interest as a result of an agreement among lenders. 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.
(12) Class SUB are equity tranches of CLO issuances. These notes receive excess distributions, if any, once all other senior obligations are satisfied in the CLO structure. CLO equity tranches are generally issued at a discount and have no contractual principal and interest payments.
(13) Securities include a credit spread adjustment that ranges from 0.10% to 0.43%.
(14) Securities include an interest rate floor feature, which is generally around 1.00%.
(15) Loan was on non-accrual status as of September 30, 2023.
(16) Represents securities sold outside the U.S. and exempt from registration under the Securities Act of 1933, as amended, under Regulation S. These securities have been determined to be liquid under the guidelines established by the Board of Trustees. As of September 30, 2023, the aggregate fair value of these securities is $20,351,696 or 0.9% of the Fund's net assets.
(17) Interest rate swap contains a variable rate structure and bears interest at a rate determined by three-month term SOFR.
(18) As of September 30, 2023, there was $4,631,209 of cash collateral available to offset with Macquarie Bank Limited, and $0 available to offset with Goldman Sachs & Co. LLC.
(19) The reference rate is either using synthetic LIBOR or will transition from LIBOR to SOFR effective at the commencement of the subsequent interest rate period. As of September 30, 2023, the current reference rate was LIBOR.
See accompanying Notes to Consolidated Schedule of Investments.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
As of September 30, 2023
1. ORGANIZATION
Carlyle Tactical Private Credit Fund (together with its consolidated subsidiary, the “Fund”) is a Delaware statutory trust formed on December 13, 2017, and structured as an externally managed, diversified closed-end investment company. The Fund is managed by its Adviser, Carlyle Global Credit Investment Management L.L.C. (“CGCIM” or the “Adviser”), a wholly owned subsidiary of Carlyle Investment Management L.L.C. The Fund is registered under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”) and operates as an interval fund. In addition, the Fund has elected to be treated, and intends to continue to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (together with the rules and regulations promulgated thereunder, the “Code”). The Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value.
On June 4, 2018 (Commencement of Operations), the Fund completed its initial offering of shares of beneficial interest and subsequently commenced substantial investment operations. Effective November 4, 2019, the Fund changed its name from “OFI Carlyle Private Credit Fund” to “Carlyle Tactical Private Credit Fund.” Prior to October 24, 2019, the Fund’s Adviser was OC Private Capital, LLC, a joint venture between an affiliate of Invesco Ltd. and Carlyle Investment Management L.L.C., the parent company of CGCIM.
OCPC Credit Facility SPV LLC (the “SPV”) is a Delaware limited liability company that was formed on March 11, 2018. The SPV is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation, March 11, 2018. As of September 30, 2023, the Fund’s net assets were $2,170,668,408, of which $1,387,777,080, or 63.9%, are represented by the SPV’s net assets.
The Fund’s investment objective is to produce current income. The Fund seeks to achieve its investment objective by opportunistically allocating its assets across a wide range of credit strategies. Under normal circumstances, the Fund will invest at least 80% of its assets in private credit instruments. The Fund will opportunistically allocate its investments in private credit instruments across any number of the following credit strategies: (a) liquid credit (including broadly syndicated loans); (b) direct lending (including first lien loans, second lien loans, unitranche loans and mezzanine debt); (c) opportunistic credit; (d) structured credit (including collateralized loan obligations, or “CLOs”); and (e) real assets credit (including infrastructure, aviation and real estate). To a lesser extent, the Fund also may invest in special situations, including stressed and non-control distressed credit and opportunities arising due to market dislocation. The Fund may invest in additional strategies in the future. While some of the loans in which the Fund will invest pursuant to the foregoing may be secured, the Fund may also invest in debt securities that are either unsecured and subordinated to substantial amounts of senior indebtedness, or a significant portion of which may be unsecured. The Fund normally will invest in a number of different countries. There is no minimum or maximum limit on the amount of the Fund’s assets that may be invested in non-U.S. securities. The Fund’s portfolio composition is expected to change over time as the Adviser’s view changes on, among other things, the economic and credit environment (including with respect to interest rates) in which the Fund is operating.
The Fund may invest a substantial portion of its assets in loans to companies whose debt, if rated, is rated below investment grade, and, if not rated, would likely be rated below investment grade if it were rated (that is, below BBB- or Baa3, which is often referred to as “high yield” or “junk”). Exposure to below investment grade instruments involves certain risks, including speculation with respect to the borrower’s capacity to pay interest and repay principal.
To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. Pursuant to this election, the Fund generally does not have to pay corporate level taxes on any income that it distributes to shareholders, provided that the Fund satisfies those requirements.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Foreside Fund Services, LLC (the “Distributor”) serves as the Fund’s principal underwriter and the distributor of the Fund’s shares. The Fund offers Class A, Class I, Class L, Class M, Class N, Class U, and Class Y shares. During the reporting period, the Fund’s shares were offered for sale on a daily basis for all of its share classes. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications directly attributable to that class. Class A, L, M, U and Y have separate distribution and/or service plans under which they pay fees. Class I and Class N do not pay such fees. The sales load payable by each investor depends upon the amount invested by the investor in the Fund, but may range from 0.00% to 3.50%.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The consolidated schedule of investments have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). The consolidated schedule of investments include the accounts of the Fund and its wholly owned subsidiary, the SPV. All significant intercompany balances and transactions have been eliminated. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value.
3. FAIR VALUE MEASUREMENTS
The Fund applies fair value accounting in accordance with the terms of FASB ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the amount that would be exchanged to sell an asset or transfer a liability in an orderly transfer between market participants at the measurement date. The Fund values securities/instruments traded in active markets on the measurement date by multiplying the bid price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Fund may also obtain quotes with respect to certain of its investments, such as its securities/instruments traded in active markets and its liquid securities/instruments that are not traded in active markets, from pricing services, brokers, or counterparties (i.e., “consensus pricing”). When doing so, the Adviser determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. The Fund may use the quote obtained or alternative pricing sources may be utilized including valuation techniques typically utilized for illiquid securities/instruments.
The Board of Trustees has designated the Adviser as the Fund’s valuation designee for purposes of Rule 2a-5 under the Investment Company Act to perform the fair value determination of all of the Fund’s assets in accordance with the terms of ASC 820. Securities/instruments that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Adviser, does not represent fair value shall each be valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment and include comparable public market valuations, comparable precedent transaction valuations and/or discounted cash flow analyses. The Adviser engages third-party valuation firms to provide independent prices on securities/instruments that are illiquid or for which the pricing source does not provide a valuation. The Adviser’s Valuation Committee (the “Valuation Committee”) reviews the assessments of the third-party valuation firms and provides any recommendations with respect to changes to the fair value of each investment in the portfolio and approves the fair value of each investment in the portfolio in good faith based on the input of the third-party valuation firms. If the Adviser reasonably believes a valuation from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Valuation Committee will consider an “override” of the particular valuation. The Valuation Committee will consider all available information at its disposal prior to making a valuation determination.
All factors that might materially impact the value of an investment are considered, including, but not limited to the assessment of the following factors, as relevant:
•the nature and realizable value of any collateral;
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
•call features, put features and other relevant terms of debt;
•the portfolio company’s leverage and ability to make payments;
•the portfolio company’s public or private credit rating;
•the portfolio company’s actual and expected earnings and discounted cash flow;
•prevailing interest rates and spreads for similar securities and expected volatility in future interest rates;
•the markets in which the portfolio company does business and recent economic and/or market events; and
•comparisons to comparable transactions and publicly traded securities.
Investment performance data utilized are the most recently available financial statements and compliance certificate received from the portfolio companies as of the measurement date which in many cases may reflect a lag in information.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the realized gains or losses on investments to be different from the net change in unrealized appreciation or depreciation.
U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
Investments measured and reported at fair value are classified and disclosed based on the observability of inputs used in determination of fair values, as follows:
•Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical investments as of the reporting date. Financial instruments in this category generally include unrestricted securities, including equities and derivatives, listed in active markets. The Adviser does not adjust the quoted price for these investments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.
•Level 2—inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. Financial instruments in this category generally include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.
•Level 3—inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments in this category generally include investments in privately-held entities, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.
Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. During the nine month period ended September 30, 2023, there were transfers of $4,856,980 into Level 3 and transfers of $8,587,644 out of Level 3. Transfers into and out of Level 3 were primarily due to decreased or increased price transparency, respectively, and are based on the Fund’s policy to determine the fair value hierarchy utilizing available quoted prices in active markets, the bid-ask spread and the liquidity of the investment.
The following table summarizes the Fund’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of September 30, 2023:
As of September 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Corporate Loans | |||||||||||||||||||||||
First Lien Debt | $ | — | $ | 401,861,158 | $ | 1,112,488,858 | $ | 1,514,350,016 | |||||||||||||||
Second Lien Debt | — | 5,381,761 | 214,627,065 | 220,008,826 | |||||||||||||||||||
Collateralized Loan Obligations | — | — | 558,013,253 | 558,013,253 | |||||||||||||||||||
Asset Backed Securities | — | — | 11,974,622 | 11,974,622 | |||||||||||||||||||
Common Stock | 9,324 | — | 8,366,834 | 8,376,158 | |||||||||||||||||||
Corporate Bonds | |||||||||||||||||||||||
Secured | — | 32,765,293 | 122,584,594 | 155,349,887 | |||||||||||||||||||
Unsecured | — | 21,257,006 | — | 21,257,006 | |||||||||||||||||||
Preferred Stock | — | — | 131,255,466 | 131,255,466 | |||||||||||||||||||
Warrants | — | — | 4,619,169 | 4,619,169 | |||||||||||||||||||
Short Term Investment | 131,112,590 | 131,112,590 | |||||||||||||||||||||
Total Investments, at Fair Value | $ | 131,121,914 | $ | 461,265,218 | $ | 2,163,929,861 | $ | 2,756,316,993 | |||||||||||||||
Interest Rate Swaps | $ | — | $ | (8,571,145) | $ | — | $ | (8,571,145) | |||||||||||||||
Forward Foreign Currency Contracts | — | 7,710,703 | — | 7,710,703 | |||||||||||||||||||
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The changes in the Fund’s investments at fair value for which the Fund has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments still held are as follows:
For the nine month period ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Loans | Collateralized Loan Obligations | Asset Backed Securities | Common Stock | Secured Corporate Bonds | Preferred Stock | Warrants | Total | ||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt | Second Lien Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 964,399,904 | $ | 204,105,732 | $ | 298,919,191 | $ | — | $ | 8,903,635 | $ | 142,412,885 | $ | 116,425,719 | $ | 4,695,567 | $ | 1,739,862,633 | |||||||||||||||||||||||||||||||||||
Purchases | 276,242,884 | 15,724,055 | 287,121,464 | 11,999,911 | 265,815 | 13,298,848 | 17,672,518 | 1,028,856 | 623,354,351 | ||||||||||||||||||||||||||||||||||||||||||||
Sales | (111,783,385) | (9,044,525) | (42,999,072) | — | (125,560) | (33,722,281) | (4,354,229) | (640,874) | (202,669,926) | ||||||||||||||||||||||||||||||||||||||||||||
Paydowns | (24,173,469) | — | — | — | — | — | — | — | (24,173,469) | ||||||||||||||||||||||||||||||||||||||||||||
Accretion of discount (premium) | 4,014,368 | 545,002 | 587,573 | — | — | 954,321 | — | — | 6,101,264 | ||||||||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) | (271,028) | (2,519,738) | (3,476,015) | — | (308,345) | (1,509,927) | (46,817) | 595,069 | (7,536,801) | ||||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 7,790,248 | 5,816,539 | 17,860,112 | (25,289) | (368,711) | 1,150,748 | 1,558,275 | (1,059,449) | 32,722,473 | ||||||||||||||||||||||||||||||||||||||||||||
Transfers into Level 3 | 4,856,980 | — | — | — | — | — | — | — | 4,856,980 | ||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (8,587,644) | — | — | — | — | — | — | — | (8,587,644) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 1,112,488,858 | $ | 214,627,065 | $ | 558,013,253 | $ | 11,974,622 | $ | 8,366,834 | $ | 122,584,594 | $ | 131,255,466 | $ | 4,619,169 | $ | 2,163,929,861 | |||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to investments still held at the reporting date | $ | 10,293,977 | $ | 4,251,665 | $ | 12,730,377 | $ | (25,289) | $ | (484,613) | $ | 181,148 | $ | 1,734,383 | $ | (433,425) | $ | 40,978,600 |
The Fund generally uses the following framework when determining the fair value of investments that are categorized as Level 3:
Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Fund carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company.
Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis.
Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using market-based methodologies. Investments in debt securities may also be valued using consensus pricing.
The fair value of CLOs is estimated based on various valuation models from third-party pricing services. Those analyses consider the current trading activity, position size, liquidity, current financial condition of the CLOs, the third-party financing environment, reinvestment rates, recovery lags, discount rates, and default forecasts. The Fund corroborates quotations from pricing services either with other available pricing data and subsequent or recent trading information. These securities are classified as Level 3.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
The fair value of asset-backed securities (“ABS”) is generally valued by third-party pricing services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available.
Investments in equities are generally valued using consensus pricing, or a market approach and/or an income approach. The market approach utilizes EBITDA multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The income approach typically uses a discounted cash flow analysis of the portfolio company.
The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of September 30, 2023:
Fair Value as of September 30, 2023 | Valuation Techniques | Significant Unobservable Inputs | Range | Weighted Average | |||||||||||||||||||||||||||||||
Low | High | ||||||||||||||||||||||||||||||||||
Corporate Loans | |||||||||||||||||||||||||||||||||||
First Lien Debt | $ | 1,048,567,264 | Income Approach | Discount Rate | 9.0 | % | 43.0 | % | 13.0 | % | |||||||||||||||||||||||||
53,948,656 | Consensus Pricing | Indicative Quotes | 0.50 | 98.63 | 95.26 | ||||||||||||||||||||||||||||||
9,972,938 | Market Approach | Comparable Multiple | 12.00 | x | 12.00 | x | 12.00 | x | |||||||||||||||||||||||||||
Second Lien Debt | 213,287,065 | Income Approach | Discount Rate | 12.4 | % | 21.3 | % | 16.3 | % | ||||||||||||||||||||||||||
1,340,000 | Consensus Pricing | Indicative Quotes | 67.00 | 67.00 | 67.00 | ||||||||||||||||||||||||||||||
Secured Corporate Bonds | 122,584,594 | Income Approach | Discount Rate | 7.2 | % | 15.4 | % | 10.8 | % | ||||||||||||||||||||||||||
Asset Backed Securities | 2,035,000 | Income Approach | Discount Rate | 15.8 | % | 15.8 | % | 15.8 | % | ||||||||||||||||||||||||||
9,939,622 | Consensus Pricing | Indicative Quotes | 99.40 | 99.40 | 99.40 | ||||||||||||||||||||||||||||||
Collateralized Loan Obligations | 558,013,253 | Consensus Pricing | Indicative Quotes | 1.70 | 102.23 | 89.07 | |||||||||||||||||||||||||||||
Preferred Stock | 129,148,186 | Income Approach | Discount Rate | 12.6 | % | 21.3 | % | 15.9 | % | ||||||||||||||||||||||||||
2,107,280 | Market Approach | Comparable Multiple | 11.50 | x | 13.80 | x | 11.83 | x | |||||||||||||||||||||||||||
Common Stock | 109,008 | Income Approach | Discount Rate | 17.5 | % | 17.5 | % | 17.5 | % | ||||||||||||||||||||||||||
44,333 | Consensus Pricing | Indicative Quotes | 0.79 | 0.79 | 0.79 | ||||||||||||||||||||||||||||||
8,213,493 | Market Approach | Comparable Multiple | 5.50 | x | 20.25 | x | 10.35 | x | |||||||||||||||||||||||||||
Warrants | 4,619,169 | Market Approach | Comparable Multiple | 8.75 | x | 14.50 | x | 10.83 | x | ||||||||||||||||||||||||||
Total Level 3 Investments | $ | 2,163,929,861 |
The significant unobservable inputs used in the fair value measurement of the Fund’s investments in corporate loans, secured corporate bonds, ABS and CLOs are discount rates and indicative quotes. Significant increases in discount rates would result in a significantly lower fair value measurement. Significant decreases in indicative quotes may result in a significantly lower fair value measurement.
The significant unobservable inputs used in the fair value measurement of the Fund’s investments in equities are indicative quotes, discount rates and comparable EBITDA multiples. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in comparable EBITDA multiples in isolation would result in a significantly lower fair value measurement.
4. RISK FACTORS
Investment Risks
Portfolio Fair Value Risk
Under the Investment Company Act, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value. There is not a public market for the securities of the privately held companies in which the Fund may invest. Many of the Fund’s investments are not exchange-traded, but are, instead, traded on a privately negotiated over-the-counter (“OTC”) secondary market for institutional investors. The Adviser, as valuation designee, is responsible for the valuation of the Fund’s portfolio investments
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
and implementing the portfolio valuation process set forth in the Fund’s valuation policy. Valuations of Fund investments are disclosed quarterly in reports publicly filed with the SEC.
A high proportion of the Fund’s investments relative to its total investments are valued at fair value. Certain factors that may be considered in determining the fair value of the Fund’s investments include dealer quotes for securities traded on the OTC secondary market for institutional investors, the nature and realizable value of any collateral, the portfolio company’s earnings and its ability to make payments on its indebtedness, the markets in which the portfolio company does business, comparison to selected publicly-traded companies, discounted cash flow and other relevant factors. The factors and methodologies used for the valuation of such securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair value assigned to a security if it were to sell the security. Such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, and they often reflect only periodic information received by the Adviser about such companies' financial condition and/or business operations, which may be on a lagged basis and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed. Investments in private companies are typically governed by privately negotiated credit agreements and covenants, and reporting requirements contained in the agreements may result in a delay in reporting their financial position to lenders, which in turn may result in the Fund’s investments being valued on the basis of this reported information. Due to these various factors, the Adviser’s fair value determinations could cause the Fund’s NAV on a valuation day to materially differ from what it would have been had such information been fully incorporated. As a result, investors who purchase shares may receive more or less shares and investors who tender their shares may receive more or less cash proceeds than they otherwise would receive.
Potential Conflicts of Interest Risk—Allocation of Investment Opportunities
The Adviser has adopted allocation procedures that are intended to treat each fund they advise in a manner that, over a period of time, is fair and equitable. The Adviser and its affiliates currently provide investment advisory and administration services and may provide in the future similar services to other entities (collectively, “Advised Funds”). Certain existing Advised Funds have, and future Advised Funds may have, investment objectives similar to those of the Fund, and such Advised Funds will invest in asset classes similar to those targeted by the Fund. Certain other existing Advised Funds do not, and future Advised Funds may not, have similar investment objectives, but such funds may from time to time invest in asset classes similar to those targeted by the Fund. The Adviser will endeavor to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to the Fund and other clients and in an effort to avoid favoring one client over another and taking into account all relevant facts and circumstances, including (without limitation): (i) differences with respect to available capital, size of client, and remaining life of a client; (ii) differences with respect to investment objectives or current investment strategies, including regarding: (a) current and total return requirements, (b) emphasizing or limiting exposure to the security or type of security in question, (c) diversification, including industry or company exposure, currency and jurisdiction, or (d) rating agency ratings; (iii) differences in risk profile at the time an opportunity becomes available; (iv) the potential transaction and other costs of allocating an opportunity among various clients; (v) potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer of such security; (vi) the nature of the security or the transaction, including minimum investment amounts and the source of the opportunity; (vii) current and anticipated market and general economic conditions; (viii) existing positions in a borrower/loan/security; and (ix) prior positions in a borrower/loan/security. Nevertheless, it is possible that the Fund may not be given the opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with the Adviser.
Loans
The Fund invests in loans, either through primary issuances or in secondary transactions, including potentially on a synthetic basis. The value of the Fund’s loans may be detrimentally affected to the extent a borrower defaults on its obligations. There can be no assurance that the value assigned by the Adviser can be realized upon liquidation, nor can there be any assurance that any related collateral will retain its value. Furthermore, circumstances could arise (such as in the bankruptcy of a borrower) that could cause the Fund’s security interest in
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
the loan’s collateral to be invalidated. Also, much of the collateral will be subject to restrictions on transfer intended to satisfy securities regulations, which will limit the number of potential purchases if the Fund intends to liquidate such collateral. The amount realizable with respect to a loan may be detrimentally affected if a guarantor, if any, fails to meet its obligations under a guarantee. Finally, there may be a monetary, as well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of various types of collateral.
Collateralized Loan Obligations
The Fund invests in CLOs. CLOs are backed by a portfolio of senior secured loans. The Fund’s CLO investments may include senior/mezzanine CLO debt tranches (rated investment grade), mezzanine CLO debt tranches (rated below investment grade or unrated), subordinated CLO equity tranches (unrated), leveraged loans (including warehouse facilities that hold such loans) and vehicles that invest indirectly in CLO securities or leveraged loans. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in right of payment to subordinated/equity tranches. In light of the above, CLOs may therefore present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund’s ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund’s principal investment. CLO securities carry additional risks, including: (1) the possibility that distributions from collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) investments in CLO equity and junior debt tranches will likely be subordinate in right of payment to other senior classes of CLO debt; and (4) the complex structure of a particular security may produce disputes with the issuer or unexpected investment results, especially during times of market stress or volatility.
Securities on a When-Issued or Forward Commitment Basis
The Fund may purchase securities on a “when-issued” basis and may purchase or sell securities on a “forward commitment” basis to acquire the security or to hedge against anticipated changes in interest rates and prices. When such transactions are negotiated, the price is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. When-issued securities and forward commitments may be sold prior to the settlement date, but the Fund will enter into when-issued and forward commitments only with the intention of actually receiving or delivering the securities, as the case may be. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it might incur a gain or loss. There is always a risk that the securities may not be delivered and that the Fund may incur a loss. Settlements in the ordinary course, which may take substantially more than five business days, are not treated by the Fund as when-issued or forward commitment transactions. The settlements of secondary market purchases of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market participants are subject to delayed compensation. Furthermore, the purchase of a senior loan in the secondary market is typically negotiated and finalized pursuant to a binding trade confirmation, and therefore, the risk of non-delivery of the security to the Fund is reduced or eliminated when compared with such risk when investing in when-issued or forward commitment securities.
Covenant-Lite Loans Risk
Some of the loans in which the Fund may invest may be “covenant-lite” loans. “Covenant-lite” loans refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent the Fund invests in “covenant-lite” loans, the Fund may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Equity Security Risk
Stocks and other equity securities fluctuate in price. The value of the Fund’s portfolio may be affected by changes in the equity markets generally. Equity markets may experience significant short-term volatility and may fall sharply at times. Different markets may behave differently from each other and U.S. equity markets may move in the opposite direction from one or more foreign stock markets. Adverse events in any part of the equity or fixed-income markets may have unexpected negative effects on other market segments. The prices of individual equity securities generally do not all move in the same direction at the same time and a variety of factors can affect the price of a particular company’s securities. These factors may include, but are not limited to, poor earnings reports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector or industry, or changes in government regulations affecting the company or its industry.
Risks of Foreign Investing
The Fund may make investments in non-U.S. entities, including issuers in emerging markets. The Fund expects that its investment in non-U.S. issuers will be made primarily in U.S. dollar denominated securities, but it reserves the right to purchase securities that are foreign currency denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers.
Real Assets Investments Risk
The Fund may invest a portion of its assets in securities and credit instruments associated with real assets, including infrastructure and aviation, which have historically experienced substantial price volatility. The value of companies engaged in these industries is affected by (i) changes in general economic and market conditions; (ii) changes in environmental, governmental and other regulations; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) surplus capacity and depletion concerns; (viii) the availability of financing; and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically plays a critical role in the success of these investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of securities in these industries may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general.
Real Estate Investments Risk
The Fund may invest a portion of its assets in securities and credit instruments of companies in the real estate industry, which has historically experienced substantial price volatility. The value of companies engaged in the real estate industry is affected by (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage. In addition, the availability of attractive financing and refinancing typically plays a critical role in the success of real estate investments. As a result, such investments are subject to credit risk because borrowers may be delinquent in payment or default. Borrower delinquency and default rates may be significantly higher than estimated. The Adviser’s assessment, or a rating agency’s assessment, of borrower credit quality may prove to be overly optimistic. The value of securities in this industry may go through cycles of relative under-performance and over-performance in comparison to equity securities markets in general.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Interest Rate Swaps Risk
The Fund may enter into interest rate swap agreements with another party to receive or pay interest (e.g., an exchange of fixed rate payments for floating rate payments) to protect itself from interest rate fluctuations. This type of swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to a specified interest rate(s) for a specified amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Interest rate swap agreements are subject to general market risk, liquidity risk, counterparty risk and interest rate risk.
Market Risks
The success of the Fund’s activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund’s investments), trade barriers, currency exchange controls, disease outbreaks, pandemics, and national and international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China, an escalation in conflict between Russia and Ukraine or other systemic issuer or industry-specific economic disruptions, could lead to disruption, instability and volatility in the global markets. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us.
Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by uncertainty, volatility and instability. Serious economic disruptions may result in governmental authorities and regulators enacting significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably increasing or lowering interest rates, which, in some cases resulted in negative interest rates.
U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers it invests in. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to the Fund or an issuer fails, the Fund or the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by the Fund and issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.
Brexit Risk
The Fund may invest a portion of its capital in debt securities issued by issuers domiciled in Europe, including issuers domiciled in the United Kingdom (“UK”). The government of the UK held an in-or-out referendum on the UK’s membership in the EU on June 23, 2016. The referendum resulted in a vote in favor of the exit of the UK from the EU (“Brexit”). The UK ceased to be a member state of the EU on January 31, 2020, and the transition period provided for in the withdrawal agreement entered by the UK and the EU ended on December 31, 2020. In December 2020, the UK and the EU agreed on a trade and cooperation agreement, which was subsequently ratified by the parties. The trade and cooperation agreement covers the general objectives and framework of the
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
relationship between the UK and the EU. The impact of Brexit on the UK and EU and the broader global economy is unknown but could be significant and could result in increased volatility and illiquidity and potentially lower economic growth. Brexit also may lead to greater volatility in the global currency and financial markets, which could adversely affect the Fund. In connection with investments in non-U.S. issuers, the Fund may engage in foreign currency exchange transactions but is not required to hedge its currency exposure. As such, the Fund makes investments that are denominated in British pound sterling or Euros. The Fund’s assets are valued in U.S. dollars, and the depreciation of the British pound sterling and/or the Euro in relation to the U.S. dollar could adversely affect the Fund’s investments denominated in British pound sterling or Euros that are not fully hedged, regardless of the performance of the underlying issuer.
COVID-19 Pandemic Risk
While several countries, as well as certain states in the United States, have relaxed public health restrictions with a view to partially or fully reopening their economies, recurring COVID-19 outbreaks and any related public health restrictions may lead to or prolong a global economic downturn. Even after the COVID-19 pandemic fully subsides, the U.S. economy and most other major global economies may experience a recession, and we anticipate our business and operations could be materially adversely affected by a prolonged recession in the U.S. and other major markets.
Inflation Risk
Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use of leverage would likely increase, which would tend to further reduce returns to shareholders.
Interest Rate Risk
As of September 30, 2023, on a fair value basis, approximately 10% of the Fund’s debt investments bear interest at a fixed rate and approximately 90% of the Fund’s debt investments bear interest at a floating rate, which primarily are subject to interest rate floors. Interest rates on the investments held within the Fund’s portfolio of investments are typically based on floating SOFR, with many of these investments also having a SOFR floor. Additionally, the Fund’s credit facilities are also subject to floating interest rates and are currently paid based on floating CDOR, EURIBOR, SOFR and SONIA rates.
General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on the Fund’s investments and investment opportunities and, accordingly, may have a material adverse effect on the Fund’s rate of return on invested capital, the Fund’s net investment income and the Fund’s NAV.
The Fund is exposed to medium to long-term spread duration securities. Longer spread duration securities have a greater adverse price impact to increases in interest rates.
The Adviser regularly measures exposure to interest rate risk. Interest rate risk is assessed on an ongoing basis by comparing the Fund’s interest rate sensitive assets to its interest rate sensitive liabilities. Based on that review, the Adviser determines whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
Payment-in-Kind (“PIK”) Income Risk
The Fund may hold investments that result in PIK interest income or PIK dividends. PIK income creates the risk that incentive fees will be paid to the Adviser based on non-cash accruals that ultimately may not be realized, while the Adviser will be under no obligation to reimburse the Fund for these fees. PIK income may have a negative impact on liquidity, as it represents a non-cash component of the Fund’s taxable income that may require
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
cash distributions to shareholders in order to maintain the Fund’s ability to be subject to tax as a RIC. PIK income has the effect of generating investment income at a compounding rate, thereby further increasing the incentive fees payable to the Adviser. Similarly, all things being equal, the deferral associated with PIK income also increases the loan-to-value ratio at a compounding rate. The market prices of PIK securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality. Because PIK income results in an increase in the size of the PIK securities held, the Fund’s exposure to potential losses increases when a security pays PIK income.
Unitranche Loans
Unitranche loans provide leverage levels comparable to a combination of first lien and second lien or subordinated loans. From the perspective of a lender, in addition to making a single loan, a unitranche loan may allow the lender to choose to participate in the “first out” tranche, which will generally receive priority with respect to payments of principal, interest and any other amounts due, or to choose to participate only in the “last out” tranche, which is generally paid after the “first out” tranche is paid. The Fund intends to participate in “first out” and “last out” tranches of unitranche loans and make single unitranche loans.
Risks Associated with Changes in LIBOR
The one, three and six month U.S. Dollar LIBOR settings will continue to be published under a synthetic methodology for a temporary period until September 30, 2024. As a result, LIBOR may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on LIBOR-linked financial instruments in the Fund's portfolio. It is not possible to predict the effect of these changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be enacted in the United Kingdom or elsewhere.
To identify a successor rate for U.S. Dollar LIBOR, the Alternative Reference Rates Committee (“ARRC”), a U.S.-based group convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, was formed. Financial regulators in the United Kingdom, the European Union, Japan and Switzerland also formed working groups with the aim of recommending alternatives to LIBOR denominated in their local currencies. On July 22, 2021, the ARRC formally recommended the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. Although SOFR appears to be the preferred replacement rate for U.S. Dollar LIBOR, it is unclear if other benchmarks may emerge or if other rates will be adopted outside the U.S. The Bank of England's current nominated replacement for GBP-LIBOR is the Sterling Overnight Index Average Rate (“SONIA”). Given the inherent differences between LIBOR and SOFR, or any other alternative benchmark rate that may be established, including SONIA, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate.
In any event, LIBOR is likely to perform differently than in the past and, ultimately, cease to exist as a global benchmark going forward. The uncertainty as to the future of LIBOR, its phase-out, the transition to one or more alternate benchmark rate(s), and the implementation of such new benchmark rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund's performance and our ability to achieve its investment objective. The Adviser does not have prior experience in investing during a period of benchmark rate transition and there can be no assurance that the Adviser will be able to manage our business in a profitable manner during or after such transition.
The discontinuance of LIBOR has required and may continue to require the Fund to renegotiate credit agreements entered into prior to the discontinuation of LIBOR and extending beyond the discontinuance with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our ability to receive attractive returns.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Depending on several factors, including those set forth above, and the related costs of negotiating and documenting necessary changes to documentation, our business, financial condition and results of operations could be materially adversely impacted by the market transition or reform of certain reference rates and benchmarks. Other factors include the pace of the transition to replacement or reformed rates, the specific terms and parameters for and market acceptance of any alternative reference rates, prices and liquidity of trading markets for products based on alternative reference rates, and our ability to transition and develop appropriate systems and analytics for one or more alternative reference rates.
Regulatory Risk
Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund, affect the value of its investments and limit the Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. In addition to exposing the Fund to potential new costs and expenses, additional regulation or changes to existing regulation may also require changes to the Fund’s investment practices.
Credit Risk
Credit risk relates to the ability of the borrower under an instrument to make interest and principal payments as they become due. The Fund’s investments in loans and other debt instruments are subject to risk of missing an interest and/or principal payment.
Credit Spread Risk
Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent years, the U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, the conflict between Russia and Ukraine and other economic disruptions, which increased the spread between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Central banks and governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits of these financial institutions from the market may reintroduce temporary illiquidity. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on the Fund’s business, financial condition, results of operations and cash flows.
Prepayment Risk
Prepayment risk relates to the early repayment of principal on a loan or debt security. Loans are generally callable at any time, and certain loans may be callable at any time at no premium to par. Having the loan or other debt instrument called early may have the effect of reducing the Fund’s actual investment income below its expected investment income if the capital returned cannot be invested in transactions with equal or greater yields.
Volatility Risk
Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.
Equity Risk
Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Foreign Exchange Rate Risk
Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.
Currency Hedging Risk
The Adviser may seek to hedge all or a portion of the Fund’s foreign currency risk. For example, the Fund may enter into foreign currency forward contracts to reduce the Fund’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. There is no guarantee that it will be practical to hedge currency risks or that any efforts to do so will be successful. The use of foreign currency forward contracts is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments, and there is no guarantee that the use of foreign currency forward contracts will achieve their intended result. If the Adviser is incorrect in its expectation of the timing or level of fluctuation in securities prices, currency prices or other variables, the use of foreign currency forward contracts could result in losses, which in some cases may be significant. A lack of correlation between changes in the value of foreign currency forward contracts and the value of the portfolio assets (if any) being hedged could also result in losses.
Cybersecurity Risk
Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis, including ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to gain access to its proprietary information, destroy data or disable, degrade or sabotage its systems. These security threats could originate from a wide variety of sources, including unknown third parties outside of the Adviser. Although the Adviser is not currently aware that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these threats will be sufficient to prevent disruptions to its systems.
5. COMMITMENTS AND CONTINGENCIES
As of September 30, 2023, the Fund had unfunded commitments to fund delayed draw and revolving debt of $120,620,005 and $43,907,380, respectively, along with preferred stock of $3,500,000. The fair value of the unfunded positions is included in the investments at fair value on the Consolidated Schedule of Investments.
Investments—Corporate Loans | Footnote | Unused Rate | Par / Principal Amount | Fair Value | |||||||||||||
222 North Miami, LLC | Delayed Draw Term Loan | — | % | $ | 11,558,028 | $ | — | ||||||||||
520 Mezz Owner 2, LLC | Delayed Draw Term Loan | — | % | 19,088,436 | (95,442) | ||||||||||||
ADPD Holdings, LLC | Delayed Draw Term Loan B-1 | 1.00 | % | 1,795,122 | (144,752) | ||||||||||||
ADPD Holdings, LLC | Delayed Draw Term Loan B-2 | 1.00 | % | 1,083,032 | (87,332) | ||||||||||||
ADPD Holdings, LLC | Revolver | 0.50 | % | 621,302 | (50,099) | ||||||||||||
Advanced Web Technologies Holding Company | Revolver | 0.50 | % | 492,557 | (1,173) | ||||||||||||
Alpine Acquisition Corp II | Revolver | 0.50 | % | 2,068,203 | (96,255) | ||||||||||||
Apex Companies Holdings, LLC | Delayed Draw Term Loan | 1.00 | % | 768,443 | (5,092) | ||||||||||||
Applied Technical Services, LLC | Revolver | 0.50 | % | 237,154 | (301) | ||||||||||||
Applied Technical Services, LLC | Delayed Draw Term Loan | 1.00 | % | 1,070,947 | 5,909 | ||||||||||||
Appriss Health, LLC | Revolver | 0.50 | % | 888,889 | (7,728) |
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Investments—Corporate Loans | Footnote | Unused Rate | Par / Principal Amount | Fair Value | |||||||||||||
Ascend Buyer, LLC | Revolver | 0.50 | % | 1,711,687 | (23,994) | ||||||||||||
Associations, Inc. | Delayed Draw Term Loan | 1.00 | % | 368,136 | — | ||||||||||||
Associations, Inc. | Revolver | 0.50 | % | 413,282 | — | ||||||||||||
Atlas AU Bidco Pty Ltd. | Revolver | 0.50 | % | 267,618 | — | ||||||||||||
Avalara, Inc | Revolver | 0.50 | % | 900,000 | — | ||||||||||||
BlueCat Networks, Inc. | Delayed Draw Term Loan | 1.00 | % | 194,569 | (2,789) | ||||||||||||
BradyIFS Holdings, LLC | Revolver | 0.50 | % | 369,853 | (1,112) | ||||||||||||
CD&R Madison Parent Ltd. | Delayed Draw Term Loan | (1) | 1.50 | % | 3,309,168 | 49,638 | |||||||||||
Celerion Buyer, Inc. | Delayed Draw Term Loan | 1.00 | % | 249,361 | 2,494 | ||||||||||||
Celerion Buyer, Inc. | Revolver | 0.50 | % | 124,680 | — | ||||||||||||
Chemical Computing Group | Revolver | 0.50 | % | 135,379 | (635) | ||||||||||||
Coreweave Compute Acquisition Co. II, LLC | Delayed Draw Term Loan | 1.00 | % | 3,874,651 | (67,806) | ||||||||||||
Coupa Holdings, LLC | Delayed Draw Term Loan | 1.00 | % | 578,450 | 11,628 | ||||||||||||
Coupa Holdings, LLC | Revolver | 0.50 | % | 442,913 | — | ||||||||||||
CPI Intermediate Holdings Inc | Delayed Draw Term Loan | 1.00 | % | 927,474 | (12,468) | ||||||||||||
CST Holding Company | Revolver | 0.50 | % | 235,110 | 969 | ||||||||||||
DCA Investment Holdings, LLC | Delayed Draw Term Loan | 1.00 | % | 7,530 | (85) | ||||||||||||
Denali Midco 2, LLC | Delayed Draw Term Loan | 1.00 | % | 1,533,333 | (31,676) | ||||||||||||
Diligent Corporation | Revolver | 0.50 | % | 69,148 | (924) | ||||||||||||
Dwyer Instruments, Inc. | Delayed Draw Term Loan | 1.00 | % | 1,418,512 | — | ||||||||||||
Dwyer Instruments, Inc. | Revolver | 0.50 | % | 1,485,815 | — | ||||||||||||
Eliassen Group, LLC | Delayed Draw Term Loan | 1.00 | % | 2,667,757 | (10,691) | ||||||||||||
Ellkay, LLC | Revolver | 0.50 | % | 1,785,651 | (124,279) | ||||||||||||
EPS Nass Parent, Inc. | Revolver | 0.50 | % | 9,695 | (187) | ||||||||||||
Excel Fitness Holdings, Inc. | Delayed Draw Term Loan | 1.00 | % | 1,846,969 | (14,158) | ||||||||||||
Excel Fitness Holdings, Inc. | Revolver | 0.50 | % | 890,625 | (16,044) | ||||||||||||
Excelitas Technologies Corp. | Delayed Draw Term Loan | 1.00 | % | 98,635 | (1,089) | ||||||||||||
Excelitas Technologies Corp. | Revolver | 0.50 | % | 150,266 | (1,659) | ||||||||||||
Finastra USA, Inc. | Revolver | 0.50 | % | 2,963,379 | (59,268) | ||||||||||||
FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 1.00 | % | 866,239 | (10,609) | ||||||||||||
Greenhouse Software, Inc. | Incremental Revolver | 0.50 | % | 66,667 | (479) | ||||||||||||
Greenhouse Software, Inc. | Revolver | 0.50 | % | 735,294 | (5,287) | ||||||||||||
Hadrian Acquisition Ltd. | Delayed Draw Term Loan | (1) | 2.33 | % | 2,809,320 | (21,070) | |||||||||||
Heartland Home Services, Inc. | Revolver | 0.50 | % | 695,028 | (9,503) | ||||||||||||
Hercules Borrower, LLC | Delayed Draw Term Loan | 1.00 | % | 1,114,339 | (20,892) | ||||||||||||
Hercules Borrower, LLC | Revolver | 0.50 | % | 681,556 | — | ||||||||||||
Hoosier Intermediate, LLC | Revolver | 0.50 | % | 1,800,000 | (139,895) | ||||||||||||
HS S.p.A Holding, Inc. | Revolver | 0.50 | % | 1,079,488 | (7,326) | ||||||||||||
iCIMS, Inc. | Delayed Draw Term Loan | — | % | 6,029,629 | — | ||||||||||||
iCIMS, Inc. | Revolver | 0.50 | % | 2,031,194 | (4,616) | ||||||||||||
Integrity Marketing Acquisition, LLC | Delayed Draw Term Loan | 1.00 | % | 9,250,000 | (116,768) | ||||||||||||
Integrity Marketing Acquisition, LLC | Revolver | 1.00 | % | 750,000 | (387) | ||||||||||||
IQN Holding Corp. | Delayed Draw Term Loan | 1.00 | % | 394,938 | 2,098 | ||||||||||||
IQN Holding Corp. | Revolver | 0.50 | % | 488,923 | — | ||||||||||||
Jeg's Automotive, LLC | Delayed Draw Term Loan | 1.00 | % | 4,166,667 | (617,370) | ||||||||||||
Kaseya, Inc. | Delayed Draw Term Loan | 1.00 | % | 1,076,380 | (5,785) | ||||||||||||
Kaseya, Inc. | Revolver | 0.50 | % | 1,540,541 | (8,279) | ||||||||||||
LVF Holdings, Inc. | Revolver | 0.50 | % | 875,567 | (14,094) | ||||||||||||
Material Holdings, LLC | Delayed Draw Term Loan | — | % | 661,049 | (33,627) | ||||||||||||
Material Holdings, LLC | Revolver | 1.00 | % | 489,131 | (24,882) | ||||||||||||
Medical Manufacturing Technologies, LLC | Revolver | 0.50 | % | 413,206 | (3,202) | ||||||||||||
NEFCO Holding Company, LLC | Delayed Draw Term Loan B | 1.00 | % | 369,398 | (128) | ||||||||||||
NEFCO Holding Company, LLC | Revolver | 0.50 | % | 432,579 | (150) |
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
Investments—Corporate Loans | Footnote | Unused Rate | Par / Principal Amount | Fair Value | |||||||||||||
North Haven Fairway Buyer, LLC | Delayed Draw Term Loan | 0.50 | % | 7,315,042 | (155,655) | ||||||||||||
North Haven Fairway Buyer, LLC | Revolver | 0.50 | % | 1,268,846 | (26,999) | ||||||||||||
North Haven Stallone Buyer, LLC | Delayed Draw Term Loan | 1.00 | % | 87,467 | (584) | ||||||||||||
Oak Purchaser, Inc. | Delayed Draw Term Loan | 0.50 | % | 1,354,424 | (37,266) | ||||||||||||
Oak Purchaser, Inc. | Revolver | 0.50 | % | 583,878 | (16,065) | ||||||||||||
Oranje Holdco, Inc. | Revolver | 0.50 | % | 754,870 | — | ||||||||||||
PCF Holdco, LLC | Preferred Stock | (2) | 3.75 | % | 3,500,000 | 28,525 | |||||||||||
Pestco Intermediate, LLC | Delayed Draw Term Loan | 2.00 | % | 1,387,316 | (24,458) | ||||||||||||
Pestco Intermediate, LLC | Revolver | 0.50 | % | 238,095 | (4,197) | ||||||||||||
PF Atlantic Holdco 2, LLC | Revolver | 0.50 | % | 775,842 | (1,614) | ||||||||||||
PF Atlantic Holdco 2, LLC | Delayed Draw Term Loan | 1.00 | % | 4,655,050 | (9,681) | ||||||||||||
Prophix Software Inc. | Delayed Draw Term Loan | — | % | 391,123 | — | ||||||||||||
Prophix Software Inc. | Revolver | 0.50 | % | 996,678 | — | ||||||||||||
Pushpay USA Inc. | Revolver | 0.50 | % | 1,543,210 | (18,390) | ||||||||||||
PXO Holdings I Corp. | Delayed Draw Term Loan | 1.00 | % | 885,485 | (22,104) | ||||||||||||
PXO Holdings I Corp. | Revolver | 0.50 | % | 1,314,652 | (32,817) | ||||||||||||
Qnnect, LLC | Delayed Draw Term Loan | 1.00 | % | 662,309 | 7,579 | ||||||||||||
R&F International Sub 2 Ltd. | Delayed Draw Term Loan | (1) | — | % | 5,576,718 | (69,709) | |||||||||||
Radwell Parent LLC | Revolver | 0.38 | % | 1,116,275 | — | ||||||||||||
Rome Bidco Ltd. | Delayed Draw Term Loan | (1) | 2.71 | % | 2,783,723 | (13,919) | |||||||||||
RSC Acquisition, Inc. | Delayed Draw Term Loan | 1.00 | % | 1,529,233 | 8,173 | ||||||||||||
Sapphire Convention, Inc. | Revolver | 0.50 | % | 628,251 | (1,918) | ||||||||||||
SCP Eye Care HoldCo, LLC | Delayed Draw Term Loan | 1.00 | % | 20,600 | (251) | ||||||||||||
SCP Eye Care HoldCo, LLC | Revolver | 0.50 | % | 9,093 | (111) | ||||||||||||
Smarsh, Inc. | Delayed Draw Term Loan | 1.00 | % | 510,180 | (4,748) | ||||||||||||
Smarsh, Inc. | Revolver | 0.50 | % | 255,090 | (2,374) | ||||||||||||
Spotless Brands, LLC | Delayed Draw Term Loan | 1.00 | % | 7,500,000 | 46,041 | ||||||||||||
Spotless Brands, LLC | Revolver | 0.50 | % | 1,096,033 | (3,155) | ||||||||||||
Summit Acquisition, Inc. | Delayed Draw Term Loan | 1.00 | % | 1,717,791 | (16,235) | ||||||||||||
Summit Acquisition, Inc. | Revolver | 0.50 | % | 858,896 | (8,118) | ||||||||||||
Tank Holding Corp. | Delayed Draw Term Loan | 1.00 | % | 3,144,828 | (66,878) | ||||||||||||
Tank Holding Corp. | Revolver | 0.38 | % | 358,621 | (10,731) | ||||||||||||
The Carlstar Group, LLC | Revolver | 0.50 | % | 1,828,571 | — | ||||||||||||
Trader Corporation | Revolver | (1) | 0.50 | % | 166,772 | — | |||||||||||
Tufin Software North America, Inc. | Delayed Draw Term Loan | — | % | 313,395 | (6,588) | ||||||||||||
Tufin Software North America, Inc. | Revolver | 0.50 | % | 1,294,643 | (27,215) | ||||||||||||
Wineshipping.Com, LLC | Delayed Draw Term Loan | 1.00 | % | 1,608,809 | (84,592) | ||||||||||||
Wineshipping.Com, LLC | Revolver | 0.50 | % | 476,684 | (25,064) | ||||||||||||
Total Unfunded Commitments | $ | 168,027,385 | $ | (2,429,769) | |||||||||||||
(1) Par / Principal Amount is converted to USD using the GBP/USD of 0.82 or CAD/USD of 1.36, as applicable.
(2) Par / Principal Amount is based on the issuance price of $1,000 per share.
The Fund’s organizational documents provide current and former Trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered to be remote.
CARLYLE TACTICAL PRIVATE CREDIT FUND
NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
6. SUBSEQUENT EVENTS
Subsequent events have been evaluated through the date the consolidated schedule of investments was issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated schedule of investments was issued, except as disclosed below.
On October 2, 2023, the Fund closed on the sale of 2,000,000 Series D Mandatory Redeemable Preferred Shares and 2,000,000 Series E Mandatory Redeemable Preferred Shares, each to seven accredited investors for gross proceeds of $50,000,000 each, in an offering exempt from registration under Rule 506(c) under the Securities Act of 1933, as amended.
The Fund commenced a quarterly repurchase offer beginning on September 5, 2023 and ending on October 13, 2023 (the “Repurchase Pricing Date”). The following table summarizes the share repurchases completed following the Repurchase Pricing Date.
Repurchase Pricing Date | Shares Repurchased | Purchase Price per Share | Aggregate Consideration for Repurchased Shares | Size of Repurchase Offer | % of Outstanding Shares Offered to be Repurchased | % of Outstanding Shares Repurchased | ||||||||||||||
October 13, 2023 | 7,044,893 | $ | 8.41 | $ | 59,273,363 | 13,002,377 | 5.00 | % | 2.71 | % |