Carlyle Secured Lending, Inc.

It listed in 2017 as TCG BDC and later rebranded to carry the Carlyle name directly. The fund is a business development company advised by Carlyle's global credit group, and it lends to US middle-market companies, most of them owned by private-equity sponsors. The book is weighted toward first-lien senior secured loans, with smaller allocations to second-lien, mezzanine and equity positions that reach for extra yield. Sponsor-backed lending is the strategy's backbone: a private-equity owner behind a borrower usually means a capital cushion and an incentive to support the company through trouble. Shareholders own it for the dividend, which the floating-rate loans support, and accept the built-in risk that a recession would raise defaults among the smaller, unrated businesses it finances.

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