Carlyle Credit Income Fund Announces Third Quarter 2024 Financial Results
August 21 2024 - 4:05PM
Carlyle Credit Income Fund (“we,” “us,” “our,” “CCIF” or the
“Fund”) (NYSE: CCIF) today announced its financial results for its
third quarter ending June 30, 2024. The full detailed presentation
of the Fund’s third quarter 2024 financial results can be viewed on
the Fund’s website carlylecreditincomefund.com/investor-dashboard.
Lauren Basmadjian, CCIF’s Chief Executive Officer
said, “We are pleased with our progress and accomplishments during
our first year as CCIF’s investment advisor, including rotating the
portfolio into CLO equity, issuing $52 million of preferred stock,
growing the Fund through our ATM program, and increasing the
dividend from 8.00% to 16.49% based on the Fund’s net asset value
as of July 31st. During the third quarter, we continued to source
compelling CLO equity investments, purchasing $12.2 million of new
investments with a yield of 19.49%. We observed near-record
activity levels in the CLO market during the first half of 2024 and
remain optimistic about market opportunity through the remainder of
the year.”
Over the past quarter, the Fund has
successfully:
- Funded $12.2 million in new CLO investments with a weighted
average GAAP yield of 19.49%. The aggregate portfolio weighted
average GAAP yield was 20.26% as of June 30, 2024.
- Maintained the monthly dividend of 10.5 cents through November
2024, equating to a 14.81% annualized dividend based on share price
as of August 20, 2024, or 16.49% based on the Fund’s NAV as of July
31, 2024.
- Sold 680,000 common shares in connection with the ATM offering
program at a premium to NAV for net proceeds of $5.5 million.
Net investment income for the third quarter of 2024
was $0.32 per common share and net asset value per common share was
$7.68 as of June 30, 2024. The total fair value of investments was
$138.0 million as of June 30, 2024.
Dividends
CCIF is maintaining a monthly dividend on shares of
the Fund’s common stock of $0.1050 per share for September,
October, and November 2024. The monthly dividend represents an
annualized yield of 14.81% based on closing share price of $8.51 on
August 20, 2024.
Security |
Amount per Share |
Record Dates |
Payable Dates |
Common Stock |
$0.1050 |
September 18, 2024 |
September 30, 2024 |
October 21, 2024 |
October 31, 2024 |
November 18, 2024 |
November 29, 2024 |
CCIF is also pleased to announce the declaration of dividends on
shares of the Fund’s 8.75% Series A Term Preferred Shares of
$0.1823 per share for September, October, and November 2024.
Security |
Amount per Share |
Record Dates |
Payable Dates |
Series A Preferred Shares |
$0.1823 |
September 18, 2024 |
September 30, 2024 |
October 21, 2024 |
October 31, 2024 |
November 18, 2024 |
November 29, 2024 |
Conference Call
The Fund will host a conference call at 10:00 a.m.
EDT on Thursday, August 22, 2024 to discuss its third quarter
financial results. Please register for the conference call here.
The conference call information will also be available via a link
on Carlyle Credit Income Fund’s website and the recording will be
available on our website soon after the call’s completion.
About Carlyle Credit Income
Fund
Carlyle Credit Income Fund (NYSE: CCIF) is an
externally managed closed-end fund focused on investing in
primarily equity and junior debt tranches of collateralized loan
obligations (“CLOs”). The CLOs are collateralized by a portfolio
consisting primarily of U.S. senior secured loans with a large
number of distinct underlying borrowers across various industry
sectors. CCIF is externally managed by Carlyle Global Credit
Investment Management L.L.C. (“CGCIM”), an SEC-registered
investment adviser and wholly owned subsidiary of Carlyle. CCIF
draws upon the significant scale and resources of Carlyle as one of
the world's largest CLO managers.
Web: www.carlylecreditincomefund.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements that involve substantial risks and uncertainties. You
can identify these statements by the use of forward-looking
terminology such as “anticipates,” “believes,” “expects,”
“intends,” “will,” “should,” “may,” “plans,” “continue,”
“believes,” “seeks,” “estimates,” “would,” “could,” “targets,”
“projects,” “outlook,” “potential,” “predicts” and variations of
these words and similar expressions to identify forward-looking
statements, although not all forward-looking statements include
these words. You should read statements that contain these words
carefully because they discuss our plans, strategies, prospects and
expectations concerning our business, operating results, financial
condition and other similar matters. We believe that it is
important to communicate our future expectations to our investors.
There may be events in the future, however, that we are not able to
predict accurately or control. You should not place undue reliance
on these forward-looking statements, which speak only as of the
date on which we make it. Factors or events that could cause our
actual results to differ, possibly materially from our
expectations, include, but are not limited to, the risks,
uncertainties and other factors we identify in the sections
entitled “Risk Factors” and “Cautionary Statement Regarding
Forward-Looking Statements” in filings we make with the Securities
and Exchange Commission, and it is not possible for us to predict
or identify all of them. We undertake no obligation to update or
revise publicly any forward-looking statements, whether as a result
of new information, future events or otherwise, except as required
by law.
Contacts:
Investors: |
Media: |
Jane Cai |
Kristen Greco Ashton |
+1 (866) 277-8243investorrelations@carlylecreditincomefund.com |
+1 (212) 813-4763kristen.ashton@carlyle.com |
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