Private company

Carlyle Credit Solutions, Inc.

In its 2026 annual report the company says: “Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act” or the “1940 Act”).”5 It is headquartered in New York, New York.1

Last updated Oct 20, 2026.

Overview

$109.0MNet income, fiscal 20252
  • HeadquartersNew York, New York1
  • Incorporated inDE3
  • Business addressOne Vanderbilt Avenue, Suite 3400, New York, Ny 100173
  • Filer category, Emerging growth company3
  • Legal formCorporation
  • Kind of organizationInvestment fund1

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Carlyle Credit Solutions, Inc., a Maryland corporation, is a specialty finance company that is a closed-end, externally managed, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act” or the “1940 Act”). For U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Code. We were formed on February 10, 2017, conducted our initial private offering (the “Initial Private Offering”) of our shares of common stock to investors in reliance on exemptions from the registration requirements of the Securities Act, and completed our initial closing of capital commitment on September 11, 2017 (the “Commencement,” or the “Initial Closing Date”). We held additional closings subsequent t…5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.2%Return on equity2
0.57×Debt to equity2

Financial statements

Net income672$109.0M in 2025−22% since 2021
0$50.0M$100.0M$150.0M2021: $140.1M$140.1M20212022: $78.9M$78.9M2022−44%2023: $108.1M$108.1M2023+37%2024: $103.7M$103.7M2024−4%2025: $109.0M$109.0M2025+5%
Fiscal year20212022202320242025
Net income$140.1M6$78.9M7$108.1M2$103.7M2$109.0M2
Earnings per share$2.756$1.367$1.912$1.752$1.342
Earnings per share (diluted)$2.756$1.367$1.912$1.752$1.342
Shares (weighted, basic)51.0M shares258.0M shares256.6M shares259.2M shares281.6M shares2
Shares (weighted, diluted)51.0M shares658.0M shares756.6M shares259.2M shares281.6M shares2

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Corporate structure

Carlyle Credit Solutions, Inc. sits at the top of its group. 6 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Carlyle Credit Solutions, Inc.

  • NOMURA ASSET MANAGEMENT CO LTD Filed SCHEDULE 13G/A on Carlyle Credit Solutions, Inc., latest Nov 7, 2025 (2 filings since Nov 5, 2024)
  • Carlyle Xi Fondo De Inversion Moneda Filed SC 13G/A on Carlyle Credit Solutions, Inc., latest Mar 14, 2024 (3 filings since Feb 10, 2022)
  • County Employees' Retirement Association Fresno Filed SC 13G/A on Carlyle Credit Solutions, Inc., latest Feb 14, 2023 (2 filings since Feb 10, 2022)
  • AlpInvest US Holdings, LLC Filed SC 13D on Carlyle Credit Solutions, Inc., latest May 20, 2022
  • Carlyle Investment Management LLC Filed SC 13D on Carlyle Credit Solutions, Inc., latest May 13, 2022
  • Saudi National Bank Filed SC 13D/A on Carlyle Credit Solutions, Inc., latest Dec 23, 2021 (2 filings since Dec 21, 2021)
  • Carlyle Credit Solutions, Inc. New York, New York
    • Carlyle Credit Solution SPV LLC Subsidiary · Delaware, United States
    • Carlyle Credit Solutions SPV 2 LLC Subsidiary · Delaware, United States
    • Carlyle Direct Lending CLO 2024-1, LLC Subsidiary · Delaware, United States
    • CARS Lux Finance SPV S.à.r.l Subsidiary · Luxembourg
    • CARS Lux Master S.à.r.l Subsidiary · Luxembourg

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Carlyle Credit Solutions, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

We maintain our principal executive office at One Vanderbilt Avenue, Suite 3400, New York, NY 10017. We do not own any real estate.

Item 2 of the 10-K filed Mar 18, 2026.5

Leadership

Who has led Carlyle Credit Solutions, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Justin Plouffe2024–2026
  2. Alex Chi2026–now

President

  1. Jeffrey Levin2017–2018
  2. Linda Pace2019
  3. Justin Plouffe2024–now

Chief financial officer

  1. Venugopal Rathi2017
  2. Thomas M. Hennigan2018–now

Chief operating officer

  1. Orit Mizrachi2017
20202025
Board members and other officers (21)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Independent DirectorWilliam H. Wright II named Jun 22, 202636

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • CARS Lux Finance SPV S.à.r.l Luxembourg4
  • CARS Lux Master S.à.r.l Luxembourg4
  • Carlyle Credit Solution SPV LLC Delaware4
  • Carlyle Credit Solutions SPV 2 LLC Delaware4
  • Carlyle Direct Lending CLO 2024-1, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • TCG BDC II, Inc.Jul 10, 2017 to Mar 29, 20223

Timeline

  1. Sep 18, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events37
  2. Sep 9, 20268-K Entered a material agreement38
  3. Aug 27, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events39
  4. Jul 28, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events40
  5. Jun 18, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events41
  6. Jun 11, 20268-K Shareholder vote42
  7. May 27, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events43
  8. Apr 27, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events44
  9. Mar 20, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events45
  10. Feb 26, 2026New chief executive Alex Chi becomes CEO10
  11. Feb 26, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events46
  12. Feb 23, 20268-K Executive or director change; Other events47
  13. Feb 13, 20268-K Regulation FD disclosure48
  14. Mar 6, 2024New chief executive Justin Plouffe becomes CEO11

Calendar

When it reported results

  1. Apr 27, 2022Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

211 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 24 insider forms, 11 large holders, 4 private raises, 93 other. The latest 20:

  1. Sep 30, 2026425 EDGAR
  2. Sep 30, 2026DEFA14A EDGAR
  3. Sep 21, 2026SC TO-I EDGAR
  4. Sep 18, 20268-K EDGAR
  5. Sep 9, 2026425 EDGAR
  6. Sep 9, 2026425 EDGAR
  7. Sep 9, 20268-K EDGAR
  8. Aug 27, 20268-K EDGAR
  9. Aug 11, 202610-Q EDGAR
  10. Jul 30, 2026SC TO-I/A EDGAR
  11. Jul 28, 20268-K EDGAR
  12. Jul 24, 2026SC TO-I/A EDGAR
  13. Jun 22, 2026SC TO-I EDGAR
  14. Jun 22, 2026D/A EDGAR
  15. Jun 18, 20268-K EDGAR
  16. Jun 11, 20268-K EDGAR
  17. Jun 2, 202640-17G EDGAR
  18. May 27, 20268-K EDGAR
  19. May 14, 202610-Q EDGAR
  20. Apr 30, 2026DEFA14A EDGAR

The 211 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 12 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 3, 2024Plouffe JustinCEO & PresidentBuy25,342$19.73$500.0KForm 4
Apr 3, 2024Hennigan Thomas MCFOBuy12,658$19.75$250.0KForm 4
Jan 6, 2023Jenkins Mark DavidDirectorBuy25,523$19.59$500.0KForm 4
Jun 30, 2022SNB Capital Co10% ownerBuy561,469$20.01$11.2MForm 4
Jun 17, 2022Pearl JonathanVP & Head of Sponsor CoverageBuy527$20.01$10.5KForm 4
Jun 17, 2022Jenkins Mark DavidDirectorBuy527$20.01$10.5KForm 4
Jun 17, 2022Hennigan Thomas MCFOBuy264$20.01$5.3KForm 4
Dec 20, 2021NCB CAPITAL CREDIT FUND I L.P.10% ownerBuy2,588,303$20.35$52.7MForm 4
Dec 20, 2021NCB CAPITAL CREDIT FUND I L.P.10% ownerSale2,588,303$20.35$52.7MForm 4
Dec 17, 2021Jenkins Mark DavidDirectorBuy507$20.90$10.6KForm 4
Dec 17, 2021Hennigan Thomas MCFOBuy254$20.90$5.3KForm 4
Dec 17, 2021Fresno County Employees' Retirement Association10% ownerBuy380,346$20.90$7.9MForm 4
Dec 17, 2021NCB Capital Credit Fund I GP Co.10% ownerBuy540,092$20.90$11.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 11, 2017Raised $1.7 billion in a private offering of equity Form D: 1,923 investors so far Form D

SEC filer profile

How Carlyle Credit Solutions, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCarlyle Credit Solutions, Inc.1
  • CIK0001702510
  • Employer ID (EIN)81-53201465
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Business addressOne Vanderbilt Avenue, Suite 3400, New York, NY 100171
  • Phone212-813-49001
  • Shares outstanding97,121,754 Common Class I shares; 0 Common Class S shares; 0 Common Class D shares as of Mar 17, 20265
  • Public float$0 as of Jun 30, 20252
  • AuditorErnst & Young LLP, New York, New York PCAOB ID 42; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJul 10, 20171
  • Filings433 in all: 8-K (95), 4 (93), SC TO-I/A (35), 3 (30), 10-Q (26), SC TO-I (18), DEFA14A (17), 40-APP/A (16)1
    All 34 form types

    SC 13D/A (14), SC 13G/A (12), DEF 14A (10), 10-K (9), 40-17G (9), D/A (8), 40-APP (6), 4/A (5), 5 (4), SC TO-C (4), 425 (3), SC 13D (3), SC 13G (3), 10-12G (1), 10-12G/A (1), 10-K/A (1), APP WDG (1), CORRESP (1), D (1), N-54A (1), PRE 14A (1), SC 14D9 (1), SC 14D9/A (1), SC TO-T (1), SC TO-T/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 18, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 18, 2026

Risk factors and legal proceedings

The risks Carlyle Credit Solutions, Inc. names in Item 1A of its 10-K filed Mar 18, 2026: 61 risks under these headings, as written.5

  • Risks Related to Our Business and Structure
  • Risks Related to Our Investments
  • Risks Related to an Investment in Our Common Stock
  • We are currently operating in a period of capital markets disruption and economic uncertainty, and capital markets may experience periods of disruption and instability in the future. These market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which have had and may continue to have a negative impact on our business and operations.
  • Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • We are dependent upon the Investment Adviser for our future success.
  • There are significant potential conflicts of interest, including the management of other investment funds and accounts by the Investment Adviser, which could impact our investment returns and the holders of our common stock.
  • Our financial condition, results of operations and ability to achieve our investment objective depend on our ability to source investments, access financing and manage future growth effectively.
  • We expect to raise additional capital in the near-term and may need to continue to raise additional capital to grow because we must distribute most of our income and intend to continue to conduct Quarterly Tender Offers.
  • We face risks associated with the deployment of our capital
  • Any failure on our part to maintain our status as a BDC or RIC would reduce our operating flexibility, may hinder our achievement of our investment objective, may limit our investment choices and may subject us to greater regulation.
The other 52 risks
  • Regulations governing our operation as a BDC affect our ability to, and the way in which we will, raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage.
  • We borrow money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • Our indebtedness could adversely affect our business, financial conditions or results of operations.
  • Changes in interest rates have affected, and may in the future affect, our cost of capital, reduce the ability of our portfolio companies to service their debt obligations and decrease our net investment income.
  • We may experience fluctuations in our quarterly results.
  • We may be obligated to pay the Investment Adviser incentive compensation even if we incur a loss.
  • Our fee structure may induce the Investment Adviser to pursue speculative investments and incur leverage, and investors may bear the cost of multiple levels of fees and expenses.
  • We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC for U.S. federal income tax purposes under Subchapter M of the Code.
  • A portion of our income and fees may not be qualifying income for purposes of the income source requirement.
  • If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, certain U.S. stockholders will be treated as having received a dividend from us in the amount of such U.S. stockholders’ allocable share of the management and incentive fees paid to the Investment Adviser and certain of our other expenses.
  • If we fail to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, we may not be able to timely or accurately report our financial results, which could have a material adverse effect on our business.
  • Certain investors are limited in their ability to make significant investments in us.
  • Our Board of Directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners.
  • Provisions of the MGCL and of our Charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock.
  • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice and without stockholder approval.
  • We are highly dependent on information systems, and systems failures could significantly disrupt our business.
  • Cybersecurity risks and cyber incidents may adversely affect our business or those of our portfolio companies by causing a disruption to our operations, a compromise or corruption of confidential information and/or damage to business relationships, or those of our portfolio companies, all of which could negatively impact our business, results of operations or financial condition.
  • Use of artificial intelligence technology by us could lead to the exposure of our data or other adverse effects and increase competitive, operational, legal, and regulatory risks in ways that we cannot predict.
  • Changes in laws or regulations governing our business or the businesses of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, and any failure by us or our portfolio companies to comply with these laws or regulations may adversely affect our business and the businesses of our portfolio companies.
  • Our ability to continue to operate depends on the services provided by the Investment Adviser, Administrator and sub-administrators. Each is able to resign upon 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
  • The Investment Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • We are subject to certain risks as a result of our direct interest in the 2024-1 Issuer Preferred Interests.
  • The 2024-1 Issuer Preferred Interests are subordinated obligations and therefore we may not receive cash from the 2024-1 Issuer.
  • The interests of holders of the 2024-1 Debt issued by the 2024-1 Issuer may not be aligned with our interests.
  • The 2024-1 Issuer may fail to meet certain asset coverage tests.
  • We may be required to assume liabilities of the 2024-1 Issuer and are indirectly liable for certain representations and warranties in connection with the 2024-1 Debt Securitization.
  • Our investments are risky and speculative.
  • Our portfolio securities are generally illiquid and typically do not have a readily available market price and, in such a case, we will value these securities at fair value as determined in good faith under procedures adopted by our Board of Directors or its designee, which valuation is inherently subjective and may not reflect what we may actually realize from the sale of the investment.
  • We operate in a highly competitive market for investment opportunities, and compete with investment vehicles sponsored or advised by our affiliates.
  • Our portfolio companies may be highly leveraged.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, some of our investments in such companies and if there is a default, we may experience a loss on our investment.
  • Our portfolio may be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • Declines in the prices of corporate debt securities and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our NAV through increased net unrealized depreciation.
  • To the extent we make investments in restructurings and reorganizations they may be subject to greater regulatory and legal risks than other traditional direct investments in portfolio companies.
  • The financial projections of our portfolio companies could prove inaccurate.
  • The due diligence investigation that the Investment Adviser carries out with respect to an investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity.
  • Our portfolio companies prepay loans from time to time, which may have the effect of reducing our investment income if the returned capital cannot be invested in transactions with equal or greater yields.
  • We invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly.
  • Our ability to enter into transactions with Carlyle and our other affiliates is restricted.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our investments.
  • The disposition of our investments may result in contingent liabilities.
  • Because we generally do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.
  • Our investments may be affected by force majeure events.
  • Tariffs may adversely affect us or our portfolio companies.
  • Quarterly Tender Offers are not guaranteed and, if implemented for any given quarter, will be for a limited number of our Shares. Our stockholders may not be able to sell their Shares on timely basis.
  • Our common stock is subject to transfer restrictions.
  • If current economic and market conditions continue to contribute to capital market disruption and instability, there is a risk that our stockholders may not receive distributions or that our distributions may not grow over time and a portion of our distributions to our stockholders may be a return of capital for U.S. federal income tax purposes.
  • Non-U.S. stockholders may be subject to withholding of U.S. federal income tax on dividends we pay.
  • We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income.

Legal proceedings

The Company may become party to certain lawsuits in the ordinary course of business. The Company is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also Note 12, Litigation, to the consolidated financial statements included in Part II, Item 8 of this Form 10-K.

The opening of Item 3, Legal Proceedings.5

Sources

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