Carlyle Credit Income Fund A · NYSE:CCIF
Carlyle Credit Income Fund A — Carlyle Credit Income Fund — Q4 2023 Earnings Presentation
13 slides from Carlyle Credit Income Fund A's earnings presentation, Nov 30, 2023
Slide 1: Carlyle Credit Income Fund Quarterly Earnings Presentation November 2023
1 Carlyle Credit Income Fund (“CCIF”) Quarterly Earnings Presentation November 2023
Slide 2: Disclaimer
2 This presentation (the “Presentation”) has been prepared by Carlyle Credit Income Fund. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CCIF” or the “Company”) (NYSE: CCIF) and may only be used for informational purposes only. This Presentation should be viewed in conjunction wit
Slide 3: Transition Overview
3 Transition Overview On July 14, 2023, Carlyle Global Credit Investment Management L.L.C. became the investment adviser and changed the strategy to investing in the debt and equity tranches of CLOs $50 million commitment by Carlyle including: (1) $10 million cash payment to shareholders, (2) $25 mi
Slide 4: Q4 2023 Quarterly Results
4 Q4 2023 (Quarter Ending 9/30/23) Quarterly Results • Net investment loss was $0.14 per common share, due to transaction related and non- recurring expenses • NAV per share increased 1.8% from $8.27 per share on July 14th (day the new investment advisory agreement with Carlyle took effect) to $8.42
Slide 5: Underlying Portfolio Overview
5 Note: As of September 30, 2023. Totals may not sum due to rounding. Underlying Portfolio Overview ASSET MIX REINVESTMENT END DATE CLO MANAGER EXPOSURE UNDERLYING INDUSTRY 2% 2% 96% CLO Debt Other CLO Equity 10% 9% 9% 9% 7% 7%6% 6% 6% 5% 27% Credit Suisse Elmwood Asset Management Benefit Street Par
Slide 6: Fund Overview
6 Fund Overview Diversified Portfolio across 24 unique CLO investments managed by 19 different CLO Managers Q4 2023 Number of Unique Underlying Loan Obligors 1,466 Largest Exposure to an Individual Obligor 0.56% Average Individual Loan Obligor Exposure 0.07% Top 10 Loan Obligors Exposure 4.99% Curre
Slide 7: Obligor and Industry Exposures
7 Obligor and Industry Exposures Top 10 Underlying Obligors % Total Asurion 0.56% Altice France 0.55% UKG 0.55% Medline 0.52% Peraton 0.50% Virgin Media 0.48% Athenahealth 0.47% TransDigm 0.46% McAfee 0.46% Citadel Securities LP 0.4% Total 4.99% As of September 30, 2023, CCIF has exposure to 1,466 d
Slide 8: Investment Positions
8 Investment Positions CLO HOLDINGS (AS OF SEPT 30, 2023) VINTAGE YEARS REMAINING IN REINVESTMENT PERIOD YEARS REMAINING IN NON-CALL PERIOD CCC+ OR LOWER JUNIOR OC CUSHION SENIOR AAA SPREAD WEIGHTED AVERAGE PORTFOLIO SPREAD WEIGHTED AVERAGE RATING FACTOR DIVERSITY SCORE OAKC 2016-13A SUB 2016 3.1 0.
Slide 9: • Negative net investment income is due to one-time expenses incurred by the prior
9 • Negative net investment income is due to one-time expenses incurred by the prior advisor in connection with the transaction • Net realized loss related to liquidation of 97% of the portfolio by the prior advisor in conjunction with the transaction Q4’23 represents quarter ending September 30, 20
Slide 10: Quarterly Balance Sheet Detail
10 Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2023 Assets Investments, at fair value $93,877 Cash and cash equivalents 2,816 Receivable for investment sold 1,450 Interest Receivable from investments 2,325 Other assets 498 Total assets $100,966 Liabilities
Slide 11: Quarterly Operating Results Detail
11 • In relation to the transaction of the change in adviser, there were significant non-recurring fees incurred by the prior adviser and charged through the Fund, including but not limited to, legal, advisory, and accounting fees • Significant additional costs associated with the transaction were p
Slide 12: Quarterly Operating Results Excluding Non-Recurring Activity
12 (Dollar amounts in thousands, except per share data) Q4 2023 Investment Income Interest income $2,495 Other income 0 Total investment income $2,495 Expenses Audit fees $165 Legal fees 129 Management fees 380 Other fees and expenses 302 Net expenses $976 Net Investment Income (Loss) $1,519 Net Rea
Slide 13: Dividends
13 Dividends CCIF Portfolio Monthly Dividends Dividends may include return of capital. • Carlyle declared a monthly dividend of $0.0994 for September, October, and November 2023 equating to a 14.2% annualized dividend based on NAV as of September 30, 2023 • In conjunction with earnings, the Fund has
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