Carlyle Credit Income (CCIF) Q1 2025 earnings summary

Executive summary

• Maintained monthly dividend at $0.105 per share (16.4%–16.45% annualized), supported by core net investment income of $0.44 per share and recurring cash flows of $0.70 per share for Q1 2025.

• Net investment income for Q1 2025 was $0.26 per share; net asset value per share was $7.44 at quarter end, with total investments at fair value of $177.9 million.

• Sold 1.37 million common shares via ATM offering at a premium to NAV, generating $11 million in net proceeds and $0.03 per share NAV accretion.

• Completed private placement of $20 million in 7.5% convertible preferred shares in January 2025 to support investment activity.

• Net assets reported at $125 million as of December 31, 2024, with a portfolio heavily allocated to CLOs and ABS, mainly from Cayman Islands and Jersey issuers.

Financial highlights

• Total investment income for Q1 2025 was $8.3 million ($0.52 per share); total expenses were $4.2 million.

• Net investment income was $4.1 million ($0.26 per share); core net investment income was $0.44 per share, exceeding dividends paid.

• Portfolio weighted average GAAP yield was 17.22% as of December 31, 2024; cash yield on CLO investments was 25.15%.

• No debt outstanding at quarter end; preferred equity principal balance was $63.5 million.

• Monthly total returns for the last three months were 0.86%, -0.73%, and 0.38%, respectively.

Outlook and guidance

• Positive outlook for the loan market and CLO equity through 2025, citing borrower resilience and strong fundamentals.

• Dividend guidance maintained at $0.105 per share monthly through May 2025, supported by strong recurring cash flows.

• Estimated recurring cash flows per share for Q2 2025 expected to decrease to $0.49 due to refinancing activity.