Carlyle Credit Income (CCIF) Q3 2025 earnings summary

Executive summary

• Maintained a monthly dividend of $0.105 per share (22.1% annualized), declared through November 2025, with 174% coverage from recurring cash flows and strong support from core net investment income.

• Net investment income per share was $0.19 in Q3 2025, with adjusted NII at $0.22 and core NII at $0.35; NAV per share was $6.51 at quarter end.

• New CLO investments totaled $28.1 million at a 14.56% weighted average GAAP yield; rotated out of seven CLOs for $16.2 million.

• Portfolio comprised 60 CLO holdings managed by 33 managers, with exposure to 1,491 unique loan obligors and a focus on high-quality managers and robust overcollateralization.

• Net assets as of June 30, 2025, were $137.7 million, with total investments at fair value of $200.4 million.

Financial highlights

• Total investment income for Q3 was $8.6 million ($0.43 per share); total expenses were $4.7 million.

• Net investment income for the quarter was $4 million ($0.19 per share); adjusted NII was $4.5 million ($0.22 per share); core NII was $0.35 per share.

• Net assets at quarter end were $137.7 million; NAV per share was $6.51.

• Sold 1.4 million common shares above NAV for $9.2 million in net proceeds.

• Recurring cash flows per share were $0.55, and the cash yield on CLO investments was 23.11%.

Outlook and guidance

• Expect refinancing and reset activity to increase as CLO liability spreads tighten, supporting future cash flows.

• Ongoing loan repricings are pressuring GAAP yields, but refinancing, resets, and portfolio optimization are expected to help offset declines.

• Fed rate cuts are not expected to materially impact GAAP yield due to floating-rate assets and liabilities.

• Potential for incremental European CLO investments in the next 3–6 months, hedged to dollars.

• Dividend guidance is supported by strong recurring cash flows and core net investment income.