Carlyle Credit Income Fund reported strong Q4 2024 results, maintaining dividends and increasing investment yields significantly.
Quiver AI Summary
Carlyle Credit Income Fund (NYSE: CCIF) announced its financial results for the fourth quarter and full year ending September 30, 2024, reporting positive outcomes and confirming a strategy initiated when they became the investment advisor in July 2023. The Fund nearly doubled its dividend rate from 7.8% to 15.2% since that time and plans to maintain a monthly dividend of $0.1050 through February 2025. In the fourth quarter, CCIF funded $39.6 million in new CLO investments, achieving an average GAAP yield of 16.5%. The total fair value of investments reached $173.5 million by the end of September 2024, with a reported net investment income of $0.30 per common share. The Fund will host a conference call on November 21, 2024, to discuss these results in more detail.
Potential Positives
- Dividend rate increased from 7.8% to 15.2%, demonstrating strong financial performance and shareholder returns.
- Maintained a monthly dividend of 10.5 cents through February 2025, reflecting consistent income for investors.
- Successfully funded $39.6 million in new CLO investments, indicating active investment strategy and growth potential.
- Completed several placements at a premium to NAV, raising significant capital for future investments.
Potential Negatives
- The Fund reported net investment income of $0.30 per common share, indicating a potential decline in profitability that may concern investors.
- The total fair value of investments was $173.5 million, suggesting limitations in growth and asset management effectiveness.
- The emphasis on maintaining a dividend amidst broader market risk could imply financial strain or unsustainable payout practices in the future.
FAQ
What were CCIF's financial results for Q4 2024?
Carlyle Credit Income Fund reported a net investment income of $0.30 per common share for Q4 2024.
When is the CCIF conference call scheduled?
The conference call to discuss fourth quarter financial results is at 10:00 a.m. EDT on November 21, 2024.
What is CCIF's dividend rate for December 2024?
CCIF is maintaining a monthly dividend of $0.1050 per share for December 2024.
How much did CCIF invest in new CLOs recently?
CCIF funded $39.6 million in new CLO investments with a weighted average GAAP yield of 16.5%.
What was the NAV per common share for CCIF as of September 30, 2024?
The net asset value per common share for CCIF was $7.64 as of September 30, 2024.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CCIF Insider Trading Activity
$CCIF insiders have traded $CCIF stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $CCIF stock by insiders over the last 6 months:
- JOAN Y MCCABE purchased 5,950 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CCIF Hedge Fund Activity
We have seen 8 institutional investors add shares of $CCIF stock to their portfolio, and 19 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- THOMAS J. HERZFELD ADVISORS, INC. removed 223,527 shares (-100.0%) from their portfolio in Q2 2024
- MORGAN STANLEY added 190,615 shares (+280.6%) to their portfolio in Q3 2024
- BULLDOG INVESTORS, LLP removed 103,135 shares (-100.0%) from their portfolio in Q2 2024
- VIRTUS ETF ADVISERS LLC added 99,099 shares (+inf%) to their portfolio in Q3 2024
- RIVERBRIDGE PARTNERS LLC removed 34,098 shares (-100.0%) from their portfolio in Q2 2024
- ACCESS FINANCIAL SERVICES, INC. removed 26,887 shares (-33.1%) from their portfolio in Q3 2024
- CAMBRIDGE INVESTMENT RESEARCH ADVISORS, INC. added 25,830 shares (+5.8%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Carlyle Credit Income Fund (“we,” “us,” “our,” “CCIF” or the “Fund”) (NYSE: CCIF) today announced its financial results for its fourth quarter and full year ended September 30, 2024. The full detailed presentation of the Fund’s fourth quarter and full year ended September 30, 2024, financial results can be viewed on the Fund’s website carlylecreditincomefund.com/investor-dashboard.
Lauren Basmadjian, CCIF’s Chief Executive Officer said, “We’re pleased with our 4Q and FY results and continue to execute the strategy we laid out when we first became investment advisor to CCIF in July 2023. Since becoming investment advisor, we almost doubled the dividend rate from 7.8% to 15.2%, an increase of 7.4%. As we enter 2025, we will continue to work to find attractive CLO equity opportunities for our shareholders.”
Over the past quarter, the Fund has successfully:
- Maintained the monthly dividend of 10.5 cents through February 2025, equating to a 15.16% annualized dividend based on share price as of November 19, 2024, or 16.64% based on the Fund’s NAV as of October 31, 2024.
- Funded $39.6 million in new CLO investments with a weighted average GAAP yield of 16.5%. The aggregate portfolio weighted average GAAP yield was 18.6% as of September 30, 2024.
- Completed a private placement of 5-year, 7.125% convertible preferred shares due 2029 for net proceeds of $10.7 million.
- Completed a registered direct placement of common shares at a premium to NAV for net proceeds of $11.5 million.
-
Sold 850,000 common shares in connection with the ATM offering program at a premium to NAV for net proceeds of $6.8 million.
Net investment income was $0.30 per common share and core net investment income was $0.45 per common share for the fourth quarter of 2024. Net asset value per common share was $7.64 as of September 30, 2024. The total fair value of investments was $173.5 million as of September 30, 2024.
Dividends
CCIF is maintaining a monthly dividend on shares of the Fund’s common stock of $0.1050 per share for December 2024, and January and February 2025.
Security | Amount per Share | Record Dates | Payable Dates |
Common Stock
|
$0.1050
|
December 18, 2024 | December 31, 2024 |
January 21, 2025 | January 31, 2025 | ||
February 18, 2025 | February 28, 2025 |
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 December 2024, and January and February 2025.
Security | Amount per Share | Record Dates | Payable Dates |
Series A Preferred Shares
|
$0.1823
|
December 18, 2024 | December 31, 2024 |
January 21, 2025 | January 31, 2025 | ||
February 18, 2025 | February 28, 2025 |
Conference Call
The Fund will host a conference call at 10:00 a.m. EDT on Thursday, November 21, 2024, to discuss its fourth 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) 277-8243
|
+1 (212) 813-4763
|
[email protected] | [email protected] |