Carlyle Credit Income Fund A · NYSE:CCIF
Carlyle Credit Income Fund A — Carlyle Credit Income Fund — Q4 2025 Earnings Presentation
22 slides from Carlyle Credit Income Fund A's earnings presentation, Nov 19, 2025
Slide 1: Carlyle Credit Income Fund Q4 2025 Quarterly Earnings Presentation
Carlyle Credit Income Fund (“CCIF”) Q4 2025 Quarterly Earnings Presentation November 2025 1
Slide 2: Important Information
Important Information This presentation (the “Presentation”) has been prepared by Carlyle Credit Income Fund. (together with its consolidated subsidiaries, “we,” “us,” “our,” “CCIF” or the “Fund”) (NYSE: CCIF) and may only be used for informational purposes only. This Presentation should be viewed i
Slide 3: Fund Overview
Fund Overview CLOs 1,479 24.14%(1) PRIMARILY INVESTING IN EQUITY AND JUNIOR DEBT TRANCHES OF COMPANIES IN UNDERLYING MONTHLY DIVIDEND THAT IS Carlyle Credit Income COLLATERALIZED LOAN EXPOSURE DECLARED QUARTERLY Fund (“CCIF”) Overview OBLIGATIONS (CLOs) Carlyle (NASDAQ:CG) $474 Billion 2,400+ EMPLOY
Slide 4: Carlyle Firm Overview
Carlyle Firm Overview(1) Firm Overview Global Credit $208 bn AUM(3) 205+ investment professionals(4) Founded: 1987 AUM: $474 bn Global $163 bn AUM 420+ investment professionals Employees: 2,400+ Private Equity Investment Professionals: 760+(2) Offices / Countries: 27 / 17 Carlyle AlpInvest $102 bn A
Slide 5: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $208BN AUM(1) LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT ASSET-BACKED FINANCE AUM: $49.4 billion AUM: $33.2 billion AUM: $19.5 billion AUM: $9.7 billion Directly originated Carlyle managed DIRECT loans, primarily first Commercial aircraft C
Slide 6: Securities Overview
Securities Overview Overview of Common and Listed Preferred Shares Current Dividend Current Dividend Payment Description NYSE Ticker Market Cap (1) Closing Price (1) Rate Rate (2) Frequency Common Shares CCIF $110.66 mm $5.22 $0.105 24.14% Monthly Closing Maturity Callable Payment Description NYSE T
Slide 7: Q4 2025 Quarterly Results
Q4 2025 (Quarter Ended 9/30/25) Quarterly Results • Net investment income was $0.15 per common share ◦ Adjusted net investment income was $0.17 per common share after adjusting for the effect of amortization on the offering costs for the Fund's preferred shares and credit facility (1) Fourth ◦ Core
Slide 8: Q4 2025 Quarterly Results (Cont'd)
Q4 2025 (Quarter Ended 9/30/25) Quarterly Results (Cont'd) • Total fair value of the portfolio excluding cash was $192.2 million • New CLO investments during the quarter were $34.9 million with a weighted average GAAP yield of 13.65% as of September 30, 2025 Portfolio & • Sales proceeds during the q
Slide 9: Financial Performance Summary
Financial Performance Summary • Net investment income per share was $0.15 in Q4 2025 ◦ Adjusted net investment income per share was $0.17 ◦ Core net investment income per share was $0.32 • The quarterly dividend of $0.315 was supported by $0.51 in recurring cash flows (Dollar amounts in thousands, e
Slide 10: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 SUMMARY INCOME STATEMENT Total investment income $ 7,901 $ 8,269 $ 8,565 $ 8,609 $ 7,736 Total expenses (3,653) (4,177) (4,537) (4,682) (4,574) Net Investment Income $ 4,24
Slide 11: Underlying Portfolio Overview
Underlying Portfolio Overview CVC Credit Partners 0.1% 1.1% Ares 9.3% Onex Credit Partners 8.5% Voya Alternative Asset Management 35.5% CLO Equity Elmwood Asset Management 7.6% Legacy Real Estate Loan Benefit Street Partners CLO Debt Allstate Investment Management Company 6.8% Barings 6.7% Blackston
Slide 12: Portfolio Overview
Portfolio Overview Summary of Underlying Portfolio Characteristics 9/30/2025 Diversified Portfolio across 54 unique CLO investments managed by 27 different CLO Managers Number of Unique Underlying Loan Obligors 1,479 Number of Underlying Loans 2,032 Aggregate Balance of Underlying Loans $22.45 Billi
Slide 13: Obligor and Industry Exposures
Obligor and Industry Exposures As of September 30, 2025, CCIF has exposure to 1,479 unique loan obligors across a range of industries Obligor and Industry Exposure Top 10 Underlying Obligors % Total Top 10 Industries of Underlying Obligors % Total TransDigm 0.60% High Tech 12.34% Calpine 0.54% Healt
Slide 14: Investment Positions as of September 30, 2025
Investment Positions as of September 30, 2025 YEARS YEARS % OF WEIGHTED WEIGHTED MARKET REMAINING IN REMAINING HOLDINGS JUNIOR OC AAA AVERAGE AVERAGE DIVERSITY CLO INVESTMENT VINTAGE VALUE (1) REINVESTMENT IN NON-CALL CCC+ OR CUSHION SPREAD PORTFOLIO RATING SCORE (3) PERIOD PERIOD LOWER SPREAD FACTO
Slide 15: Investment Positions as of September 30, 2025 (Cont'd)
Investment Positions as of September 30, 2025 (Cont'd) YEARS YEARS % OF WEIGHTED WEIGHTED MARKET REMAINING IN REMAINING HOLDINGS JUNIOR OC AAA AVERAGE AVERAGE DIVERSITY CLO INVESTMENT VINTAGE VALUE (1) REINVESTMENT IN NON-CALL CCC+ OR CUSHION SPREAD PORTFOLIO RATING SCORE (3) PERIOD PERIOD LOWER SPR
Slide 16: Investment Positions as of September 30, 2025 (Cont'd)
Investment Positions as of September 30, 2025 (Cont'd) YEARS YEARS % OF WEIGHTED WEIGHTED MARKET REMAINING IN REMAINING HOLDINGS JUNIOR OC AAA AVERAGE AVERAGE DIVERSITY CLO INVESTMENT VINTAGE VALUE (1) REINVESTMENT IN NON-CALL CCC+ OR CUSHION SPREAD PORTFOLIO RATING SCORE (3) PERIOD PERIOD LOWER SPR
Slide 17: Pro-Forma Capital Structure - 11/12/2025
Pro-Forma Capital Structure - 11/12/2025 Principal Optional Call ($ in millions) Amount Carrying Value Coupon Rate Date / Optional Maturity Outstanding Conversion Date Credit Facility $5.0 $5.0 SOFR + 3.25% N/A 7/11/2028(1) Series B Convertible Preferred Shares $3.5 $3.5 7.125% 2/27/2025 8/27/2029 S
Slide 18: Monthly Dividend Trend
Monthly Dividend Trend • In conjunction with earnings, CCIF has declared a dividend of $0.105 for the months of December 2025, and January and February 2026, equating to an annualized dividend rate of 24.14% (1) • The dividend is supported by CNII of $0.32 per share and $0.51 per share of recurring
Slide 19: Appendix
CARLYLE CREDIT INCOME FUND Appendix
Slide 20: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q4 2025 Assets Investments, at fair value $ 192,204 Cash and cash equivalents 2,466 Interest receivable from investments 6,193 Deferred financing costs 682 Receivable for investments sold 10,948 Prepaid expenses 282
Slide 21: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q4 2025 Investment Income Interest income $ 7,736 Total investment income $ 7,736 Expenses Interest expense $ 2,228 Management fee 951 Incentive fee 671 Professional fees 303 Other fees and expenses 421 Total expe
Slide 22: Non-GAAP Measures
Non-GAAP Measures We provide information relating to adjusted net investment income, a non-GAAP measure, on a supplemental basis. This measure is not provided as a substitute for GAAP net investment income ("GAAP NII'), but in addition to it. Adjusted net investment income represents GAAP NII adjust
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