Carlyle Credit Income Fund A · NYSE:CCIF
Carlyle Credit Income Fund A — Carlyle Credit Income Fund — Q1 2024 Earnings Presentation
18 slides from Carlyle Credit Income Fund A's earnings presentation, Mar 1, 2024
Slide 1: Q1 2024 Quarterly Earnings Presentation
Carlyle Credit Income Fund (“CCIF”) Q1 2024 Quarterly Earnings Presentation February 2024 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 “Company”) (NYSE: CCIF) and may only be used for informational purposes only. This Presentation should be viewe
Slide 3: Fund and Adviser Overview
Fund and Adviser Overview • Carlyle Credit Income Fund (NYSE: CCIF) focuses on primarily investing in equity and junior debt tranches of collateralized loan obligations ("CLOs") • Carlyle Global Credit Investment Management ("Carlyle" or "CGCIM") took over as the CCIF investment adviser of CCIF on J
Slide 4: Carlyle Firm Overview
Carlyle Firm Overview(1) Firm Overview Global Credit $188 bn AUM(3) 200+ investment professionals(4) Founded: 1987 AUM: $426 bn Global $161 bn AUM 400+ investment professionals Employees: 2,200+ Private Equity Investment Professionals: 725(2) Global Investment $77 bn AUM 90+ investment professionals
Slide 5: Carlyle Global Credit Platform
Carlyle Global Credit Platform CARLYLE GLOBAL CREDIT – $188BN AUM(1) LIQUID CREDIT PRIVATE CREDIT REAL ASSETS CREDIT PLATFORM INITIATIVES AUM: $53.2 billion AUM: $25.4 billion AUM: $16.9 billion AUM: $92.3 billion Closed-end Carlyle managed Commercial Interval fund Directly originated CARLYLE invest
Slide 6: Securities Overview
Securities Overview Overview of Common and Preferred Shares Current Dividend Current Dividend Payment Description NYSE Ticker Market Cap (1) Closing Price (1) Rate Yield (2) Frequency Common Shares CCIF $94.89 mm $7.92 $0.105 15.91% Monthly Closing Maturity Callable Payment Description NYSE Ticker R
Slide 7: Q1 2024 (Quarter Ended 12/31/23) Quarterly Results
Q1 2024 (Quarter Ended 12/31/23) Quarterly Results • Net investment income was $0.24 per common share, an increase from net investment loss of $0.14 per common share in Q4 2023 First Quarter • NAV per share of $7.99 on December 31, 2023 Results • We paid dividends of $0.30 per common share for the q
Slide 8: Financial Performance Summary
Financial Performance Summary • The full benefit of the preferred issuance is not incorporated in Q1 2024 as we deployed the proceeds throughout November and December • After accounting for the full benefit of the preferred issuance, we expect CCIF's Net Investment Income will exceed the quarterly d
Slide 9: Quarterly Operating Results Detail
Quarterly Operating Results Detail (Dollar amounts in thousands, except per share data) Q1 2024 Q4 2023 (1) SUMMARY INCOME STATEMENT Total investment income $ 5,339 $ 2,168 Total expenses (2,494) (3,568) Net Investment Income $ 2,845 $ (1,400) Net realized and change in unrealized gains (losses) (4,
Slide 10: Underlying Portfolio Overview
Underlying Portfolio Overview Voya Alternative Asset Management 1% KKR Financial 2% 9% Neuberger Berman 7% Ares 34% CLO Equity Allstate Investment Management Company 7% CLO Debt Benefit Street Partners 7% Other Credit Suisse Elmwood Asset Management 7% 5% Invesco 5% 6% 6% 6% 97% Blackstone Liquid Cr
Slide 11: Portfolio Overview
Portfolio Overview Summary of Underlying Portfolio Characteristics Q1 2024 Diversified Portfolio across 36 unique CLO investments managed by 21 different CLO Managers Number of Unique Underlying Loan Obligors 1,531 Largest Exposure to an Individual Obligor 0.59% Average Individual Loan Obligor Expos
Slide 12: Obligor and Industry Exposures
Obligor and Industry Exposures As of December 31, 2023, CCIF has exposure to 1,531 unique loan obligors across a range of industries Obligor and Industry Exposure Top 10 Underlying Obligors % Total Top 10 Industries of Underlying Obligors % Total Altice France 0.59% High Tech 12.95% Asurion 0.55% He
Slide 13: Investment Positions as of December 31, 2023
Investment Positions as of December 31, 2023 YEARS YEARS % OF WEIGHTED WEIGHTED MARKET REMAINING IN REMAINING IN HOLDINGS JUNIOR OC SENIOR AAA AVERAGE AVERAGE DIVERSITY CLO INVESTMENT VINTAGE VALUE (1) REINVESTMENT NON-CALL CCC+ OR CUSHION SPREAD PORTFOLIO RATING SCORE (3) PERIOD PERIOD LOWER SPREAD
Slide 14: Investment Positions as of December 31, 2023 (continued)
Investment Positions as of December 31, 2023 (continued) YEARS YEARS % OF WEIGHTED WEIGHTED MARKET REMAINING IN REMAINING IN HOLDINGS JUNIOR OC SENIOR AAA AVERAGE AVERAGE DIVERSITY CLO INVESTMENT VINTAGE VALUE (1) REINVESTMENT NON-CALL CCC+ OR CUSHION SPREAD PORTFOLIO RATING SCORE (3) PERIOD PERIOD
Slide 15: Monthly Dividend Trend
Monthly Dividend Trend • Carlyle declared a monthly dividend of $0.0994 for December 2023 and January and February 2024 • In conjunction with earnings, the Fund has declared a dividend of $0.1050 for the months of March, April and May 2024 equating to a 15.91% annualized dividend based on our share
Slide 16: Appendix
CARLYLE CREDIT INCOME FUND Appendix
Slide 17: Quarterly Balance Sheet Detail
Quarterly Balance Sheet Detail (Dollar amounts in thousands, except per share data) Q1 2024 Assets Investments, at fair value $ 127,255 Cash and cash equivalents 14,269 Interest receivable from investments 4,268 Prepaid expenses 461 Other assets 26 Total assets $ 146,279 Liabilities & Net Assets Pre
Slide 18: Quarterly Income Statement Detail
Quarterly Income Statement Detail (Dollar amounts in thousands, except per share data) Q1 2024 Investment Income Interest income $ 5,339 Total investment income $ 5,339 Expenses Interest expense $ 735 Management fee 615 Incentive fee 603 Professional fees 373 Other fees and expenses 168 Total expens
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