---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-065939"
form_type: "8-K"
ticker: null
cik: "0001851277"
company_name: "Carlyle Secured Lending III"
filed_at: "2025-03-28T23:59:59+00:00"
generated_at: "2026-05-24T03:19:14.150099+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# CSL III merger with CGBD completed; exchange ratio 1.2137, ~18.9M shares issued

## Summary
- Merger closed March 27, 2025; each CSL III share converted to 1.2137 CGBD shares plus cash for fractions.
- CGBD issued approximately 18,935,108 shares to former CSL III shareholders.
- 96% of voting CGBD shareholders approved the transaction at special meeting on March 26, 2025.
- Exchange ratio based on CGBD closing price ($16.68) vs. NAV; CSL III estimated NAV per share $20.22.
- CEO Justin Plouffe cited strategic benefits of increased portfolio scale and efficiency.

## SEC filing metadata
- accession: 0001193125-25-065939
- form_type: 8-K
- cik: 0001851277
- company_name: Carlyle Secured Lending III
- filed_at: 2025-03-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 3.03, 5.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1851277/000119312525065939/0001193125-25-065939-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1851277/000119312525065939/d928473d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-065939
- JSON: https://secwatch.observer/filing/0001193125-25-065939.json
- Plain text: https://secwatch.observer/filing/0001193125-25-065939.txt

## Key facts
- M&A Transactions
  Carlyle Secured Lending III underwent a change of control involving Carlyle Secured Lending, Inc. (closed 2025-03-27).
  - Action: change of control
  - Counterparty: Carlyle Secured Lending, Inc.
  - Closing: 2025-03-27
  source text: Item 2.01 – Completion of Acquisition or Disposition of Assets. On March 27, 2025, Carlyle Secured Lending, Inc., a Maryland corporation (“CGBD”), completed its previously announced acquisition of Carlyle Secured Lending III, a Delaware statutory trust (“CSL III” or the “Company”), pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 2, 2024, as amended, by and among CGBD, CSL III, Blue Fox Merger Sub, Inc., a Maryland corporation and wholly-owned subsidiary of CGBD (“Merger Sub”), and, solely for the limited purposes set forth therein, CSL III Advisor, LLC, a Delaware limited liability company and investment adviser to CSL III (“CSL III Advisor”), and Carlyle Global Credit Investment Management, L.L.C., a Delaware limited liability company and investment adviser to CGBD (“CGCIM,” together with CSL III Advisor, the “Advisors”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1851277/000119312525065939/0001193125-25-065939-index.htm
- M&A Transactions
  Carlyle Secured Lending III completed an acquisition involving Carlyle Secured Lending, Inc. (closed 2025-03-27).
  - Action: acquisition
  - Counterparty: Carlyle Secured Lending, Inc.
  - Closing: 2025-03-27
  source text: On March 27, 2025, Carlyle Secured Lending, Inc., a Maryland corporation (“CGBD”), completed its previously announced acquisition of Carlyle Secured Lending III, a Delaware statutory trust (“CSL III” or the “Company”), pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 2, 2024, as amended, by and among CGBD, CSL III, Blue Fox Merger Sub, Inc., a Maryland corporation and wholly-owned subsidiary of CGBD (“Merger Sub”), and, solely for the limited purposes set forth therein, CSL III Advisor, LLC, a Delaware limited liability company and investment adviser to CSL III (“CSL III Advisor”), and Carlyle Global Credit Investment Management, L.L.C., a Delaware limited liability company and investment adviser to CGBD (“CGCIM,” together with CSL III Advisor, the “Advisors”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1851277/000119312525065939/0001193125-25-065939-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.