N-2 - USD ($) | | | 3 Months Ended | |
Oct. 04, 2023 | Sep. 26, 2023 | Jun. 30, 2023 | [7] | Mar. 31, 2023 | [7] | Dec. 31, 2022 | [7] | Sep. 30, 2022 | [8] | Jun. 30, 2022 | [8] | Mar. 31, 2022 | [8] | Dec. 31, 2021 | [8] | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2023 |
Cover [Abstract] | | | | | | | | | | | | | | | |
Entity Central Index Key | | 0001517767 | | | | | | | | | | | | | |
Amendment Flag | | false | | | | | | | | | | | | | |
Document Type | | 424B3 | | | | | | | | | | | | | |
Entity Registrant Name | | CARLYLE CREDIT INCOME FUND | | | | | | | | | | | | | |
Fee Table [Abstract] | | | | | | | | | | | | | | | |
Shareholder Transaction Expenses [Table Text Block] | | SHAREHOLDER TRANSACTION FEES Sales load 2.00 % (1) Offering expenses borne by the Fund 0.38 % Dividend reinvestment plan expenses 0 % (2) Total shareholder transaction fees 2.38 % (1) Represents the maximum commission with respect to the shares being sold in this offering that the Fund may pay to the Placement Agent in connection with sales of common shares effected by the Placement Agent in this offering, provided that the commission will be subject to the adjustment in the event that the sales price is less than a 2.00% premium to the NAV per share of our common shares. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of common shares pursuant to this prospectus supplement and the accompanying base prospectus. Actual sales of common shares under this prospectus supplement and the accompanying base prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the common shares at the time of any such sale. (2) You will pay brokerage charges if you direct your broker or the plan agent to sell your common shares that you acquired pursuant to a DRP. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s DRP. The expenses of administering the DRP are included in “Other Expenses.” See “Dividend Reinvestment Plan” in the accompanying base prospectus. | | | | | | | | | | | | | |
Sales Load [Percent] | [1] | 2% | | | | | | | | | | | | | |
Other Transaction Expenses [Abstract] | | | | | | | | | | | | | | | |
Other Transaction Expense 1 [Percent] | | 0.38% | | | | | | | | | | | | | |
Other Transaction Expense 2 [Percent] | [2] | 0% | | | | | | | | | | | | | |
Other Transaction Expense 3 [Percent] | | 2.38% | | | | | | | | | | | | | |
Annual Expenses [Table Text Block] | | ANNUAL FUND EXPENSES (as a percentage of net assets attributable to common shares) Management Fee 2.46 % (3) Incentive Fee payable under Investment Advisory Agreement (17.5%) 3.33 % (4) Interest payments and fees on borrowed funds 4.22 % (5) Other Expenses 3.81 % (6) Total annual fund expenses 13.82 % (3) The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.75% of the month-end (4) The Fund shall pay CGCIM an Incentive Fee calculated and payable quarterly in arrears based upon the Fund’s “pre-incentive “catch-up” “pre-incentive payment-in-kind minus the Fund’s operating expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee) for the quarter. For purposes of computing the Fund’s pre-incentive pre-incentive The calculation of the Incentive Fee for each calendar quarter is as follows: • No Incentive Fee is payable to CGCIM if the Fund’s pre-incentive • 100% of the portion of the Fund’s pre-incentive “catch-up”) pre-incentive “catch-up” • with an incentive fee of 17.5% on all of the Fund’s pre-incentive pre-incentive • 17.5% of the portion of the Fund’s pre-incentive “catch-up” pre-incentive catch-up pre-incentive (5) The Fund may issue preferred shares or debt securities. The above figure assumes an aggregate of $25 million of preferred shares with an interest rate of 8.25% per annum, and $25 million of debt securities with an interest rate of 8.00% per annum. In the event that the Fund were to issue preferred shares or debt securities, the Fund’s borrowing costs, and correspondingly its total annual expenses, including, in the case of such preferred shares, the base management fee as a percentage of the Fund’s net assets attributable to common shares, would increase. (6) “Other expenses” includes the Fund’s overhead expenses, including payments under the Administration Agreement based on the Fund’s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. “Other expenses” also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, compensation of independent directors, and cost and expenses relating to rating agencies. | | | | | | | | | | | | | |
Management Fees [Percent] | [3] | 2.46% | | | | | | | | | | | | | |
Interest Expenses on Borrowings [Percent] | [4] | 4.22% | | | | | | | | | | | | | |
Incentive Fees [Percent] | [5] | 3.33% | | | | | | | | | | | | | |
Other Annual Expenses [Abstract] | | | | | | | | | | | | | | | |
Other Annual Expenses [Percent] | [6] | 3.81% | | | | | | | | | | | | | |
Total Annual Expenses [Percent] | | 13.82% | | | | | | | | | | | | | |
Expense Example [Table Text Block] | | The following examples illustrate the hypothetical expenses that you would pay on a $1,000 investment (including an assumed total sales load or commission of 2.00% and the other Example - 1 Year 3 Years 5 Years 10 Years You would pay the following expenses on a $1,000 investment, assuming a 5% annual return $ 142 $ 387 $ 590 $ 955 | | | | | | | | | | | | | |
Expense Example, Year 01 | | $ 142 | | | | | | | | | | | | | |
Expense Example, Years 1 to 3 | | 387 | | | | | | | | | | | | | |
Expense Example, Years 1 to 5 | | 590 | | | | | | | | | | | | | |
Expense Example, Years 1 to 10 | | $ 955 | | | | | | | | | | | | | |
Purpose of Fee Table , Note [Text Block] | | The following table is intended to assist you in understanding the costs and expenses that an investor in our common shares will bear, directly or indirectly, based on the assumptions set forth below. The expenses shown in the table under “Annual Expenses” are estimated amounts based on annualizing estimates for the three-month period ending December 31, 2023. We caution you that some of the percentages indicated in the table below are estimates and may vary. Except where the context suggests otherwise, whenever this table contains a reference to our fees or expenses, we will pay such fees and expenses out of our net assets and, consequently, shareholders will indirectly bear such fees or expenses as investors in the Fund. | | | | | | | | | | | | | |
Other Expenses, Note [Text Block] | | “Other expenses” includes the Fund’s overhead expenses, including payments under the Administration Agreement based on the Fund’s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. “Other expenses” also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, compensation of independent directors, and cost and expenses relating to rating agencies. | | | | | | | | | | | | | |
Management Fee not based on Net Assets, Note [Text Block] | | The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.75% of the month-end | | | | | | | | | | | | | |
Acquired Fund Incentive Allocation, Note [Text Block] | | The Fund shall pay CGCIM an Incentive Fee calculated and payable quarterly in arrears based upon the Fund’s “pre-incentive “catch-up” “pre-incentive payment-in-kind minus the Fund’s operating expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee) for the quarter. For purposes of computing the Fund’s pre-incentive pre-incentive The calculation of the Incentive Fee for each calendar quarter is as follows: • No Incentive Fee is payable to CGCIM if the Fund’s pre-incentive • 100% of the portion of the Fund’s pre-incentive “catch-up”) pre-incentive “catch-up” • with an incentive fee of 17.5% on all of the Fund’s pre-incentive pre-incentive • 17.5% of the portion of the Fund’s pre-incentive “catch-up” pre-incentive catch-up pre-incentive | | | | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | | | | | | |
Investment Objectives and Practices [Text Block] | | The Fund is a non-diversified, closed-end RIC Code The Fund’s primary investment objective is to generate current income, with a secondary objective to generate capital appreciation. We seek to achieve our investment objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations, or “ CLOs LAFs CBOs Risk Factors — Risks Related to Our Investments — We may leverage our portfolio, which would magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us. Under normal circumstances, we invest at least 80% of the aggregate of the Fund’s net assets and borrowings for investment purposes in credit and credit-related instruments. For purposes of this policy, the Fund considers credit and credit-related instruments to include, without limitation: (i) equity and debt tranches of CLOs, LAFs and securities issued by other securitization vehicles, such as CBOs; (ii) secured and unsecured floating rate and fixed rate loans; (iii) investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligations of corporations to pay interest and repay principal; (iv) debt issued by governments, their agencies, instrumentalities, and central banks; (v) commercial paper and short-term notes; (vi) convertible debt securities; (vii) certificates of deposit, bankers’ acceptances and time deposits; and (viii) other credit-related instruments. The Fund’s investments in derivatives, other investment companies, and other instruments designed to obtain indirect exposure to credit and credit-related instruments will be counted towards its 80% investment policy to the extent such instruments have similar economic characteristics to the investments included within that policy. Our 80% policy with respect to investments in credit and credit-related instruments is not fundamental and may be changed by our board of trustees without stockholder approval. Stockholders will be provided with sixty (60) days’ notice in the manner prescribed by the SEC before making any change to this policy. These investment objectives and strategies are not fundamental policies of ours and may be changed by our board of trustees, or the “ Board Regulation as a Closed-End | | | | | | | | | | | | | |
Risk Factors [Table Text Block] | | RISK FACTORS Investing in our securities involves a number of significant risks. In addition to the risks described below and in “ Risk Factors ” in the accompanying prospectus, you should carefully consider all other information contained in this prospectus supplement, the accompanying prospectus, any free writing prospectus and the documents incorporated by reference in this prospectus supplement and the accompanying prospectus before making a decision to purchase our securities. The risks and uncertainties described below and in the accompanying prospectus are not the only ones facing us. Additional risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance. If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, our net asset value and the trading price of our securities could decline and you may lose all or part of your investment. The risks described below specifically relate to this offering. Please see the “Risk Factors” section of the accompanying prospectus for additional risks of investing in us and our common shares. Risks Related to the Offering Management will have broad discretion as to the use of the proceeds, if any, from this offering and may not use the proceeds effectively. We cannot specify with certainty all of the particular uses of the net proceeds, if any, of this offering. Our management will have significant flexibility in applying the net proceeds from this offering, and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors may not agree with our decisions, and our use of the proceeds may not yield any return on your investment. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management may use the net proceeds for purposes that may not improve our financial condition or market value. Our failure to apply the net proceeds of this offering effectively could impair our ability to pursue our growth strategy or could require us to raise additional capital. Pending their use, we intend to invest the net proceeds from the offering in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. These investments may not yield a favorable return to our shareholders. The sale of common shares by the Fund (or the perception that such sales may occur), particularly if sold at a discount to the then-current market price of the common shares, may have an adverse effect on the market price of the common shares. | | | | | | | | | | | | | |
Share Price [Table Text Block] | | PRICE RANGE OF COMMON SHARES Our common shares began trading on May 29, 2019 and are currently traded on the NYSE under the symbol “CCIF.” Prior to July 27, 2023, the Fund’s common shares traded on NYSE under the symbol “VCIF.” The following table lists the high and low closing sale price for our common shares, the high and low closing sale price as a percentage of NAV and distributions declared per common share for each quarter since October 1, 2020. Closing Sales Price Premium Premium Distributions Period NAV High Low Fiscal year ending September 30, 2021 First quarter 12.01 10.215 9.64 (14.95 )% (19.73 )% 0.3950 Second quarter 11.70 10.49 9.84 (10.34 )% (15.90 )% 0.2395 Third quarter 11.85 10.90 10.18 (8.02 )% (14.09 )% 0.2360 Fourth quarter 11.69 10.84 10.28 (7.27 )% (12.06 )% 0.2367 Fiscal year ending September 30, 2022 (4) First quarter 11.32 10.69 9.98 (5.57 )% (11.84 )% 0.3381 Second quarter 10.97 10.33 9.77 (5.83 )% (10.94 )% 0.2271 Third quarter 10.65 10.00 9.07 (6.10 )% (14.84 )% 0.2194 Fourth quarter 10.39 9.75 8.90 (4.13 )% (12.49 )% 0.2139 Fiscal year ending September 30, 2023 (5) First quarter 10.26 9.528 8.465 (7.13 )% (17.50 )% 0.2068 Second quarter 10.15 10.10 8.61 (0.49 )% (15.17 )% 0.2050 Third quarter 9.96 10.03 9.70 0.75 % (2.61 )% 0.2022 (1) NAV per common share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per common share on the date of the high and low sales prices. The NAVs shown are based on outstanding common shares at the end of each period. (2) Calculated as of the respective high or low closing sales price divided by the quarter end NAV. (3) Represents the cash distributions (including dividends, dividends reinvested and returns of capital, if any) per common share that we have declared on our common shares in the specified quarter. Tax characteristics of distributions will vary. (4) For the fiscal year ending September 30, 2022, distributions made by us were comprised, in part, of a return of capital, as calculated on a per common share basis, of $0.088 per common share. (5) For the fiscal quarter ending December 31, 2022, distributions made by us were comprised, in part, of an estimated return of capital, as calculated on a per common share basis, of $0.1253 per common share. For the fiscal quarter ending March 31, 2023, distributions made by us were comprised, in part, of an estimated return of capital, as calculated on a per common share basis, of $0.0699 per common share. For the fiscal quarter ending June 30, 2023, distributions made by us were comprised, in part, of an estimated return of capital, as calculated on a per common share basis, of $0.1021 per common share. Common shares of closed-end common | | | | | | | | | | | | | |
Highest Price or Bid | | | | $ 10.03 | $ 10.1 | $ 9.528 | $ 9.75 | $ 10 | $ 10.33 | $ 10.69 | $ 10.84 | $ 10.9 | $ 10.49 | $ 10.215 | |
Lowest Price or Bid, NAV | | | | $ 9.7 | $ 8.61 | $ 8.465 | $ 8.9 | $ 9.07 | $ 9.77 | $ 9.98 | $ 10.28 | $ 10.18 | $ 9.84 | $ 9.64 | |
Highest Price or Bid, Premium (Discount) to NAV [Percent] | | | | 0.75% | (0.49%) | (7.13%) | (4.13%) | (6.10%) | (5.83%) | (5.57%) | (7.27%) | (8.02%) | (10.34%) | (14.95%) | |
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | | | | (2.61%) | (15.17%) | (17.50%) | (12.49%) | (14.84%) | (10.94%) | (11.84%) | (12.06%) | (14.09%) | (15.90%) | (19.73%) | |
Share Price | | | $ 8.21 | | | | | | | | | | | | |
NAV Per Share | | | | $ 9.96 | $ 10.15 | $ 10.26 | $ 10.39 | $ 10.65 | $ 10.97 | $ 11.32 | $ 11.69 | $ 11.85 | $ 11.7 | $ 12.01 | $ 8.52 |
Latest Premium (Discount) to NAV [Percent] | | | 3.64% | | | | | | | | | | | | |
Risks Related to the Offering [Member] | | | | | | | | | | | | | | | |
General Description of Registrant [Abstract] | | | | | | | | | | | | | | | |
Risk [Text Block] | | Risks Related to the Offering Management will have broad discretion as to the use of the proceeds, if any, from this offering and may not use the proceeds effectively. We cannot specify with certainty all of the particular uses of the net proceeds, if any, of this offering. Our management will have significant flexibility in applying the net proceeds from this offering, and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors may not agree with our decisions, and our use of the proceeds may not yield any return on your investment. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management may use the net proceeds for purposes that may not improve our financial condition or market value. Our failure to apply the net proceeds of this offering effectively could impair our ability to pursue our growth strategy or could require us to raise additional capital. Pending their use, we intend to invest the net proceeds from the offering in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. These investments may not yield a favorable return to our shareholders. The sale of common shares by the Fund (or the perception that such sales may occur), particularly if sold at a discount to the then-current market price of the common shares, may have an adverse effect on the market price of the common shares. | | | | | | | | | | | | | |
Common Shares [Member] | | | | | | | | | | | | | | | |
Other Annual Expenses [Abstract] | | | | | | | | | | | | | | | |
Basis of Transaction Fees, Note [Text Block] | | as a percentage of net assets attributable to common shares | | | | | | | | | | | | | |
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[1]Represents the maximum commission with respect to the shares being sold in this offering that the Fund may pay to the Placement Agent in connection with sales of common shares effected by the Placement Agent in this offering, provided that the commission will be subject to the adjustment in the event that the sales price is less than a 2.00% premium to the NAV per share of our common shares. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of common shares pursuant to this prospectus supplement and the accompanying base prospectus. Actual sales of common shares under this prospectus supplement and the accompanying base prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the common shares at the time of any such sale.[2]You will pay brokerage charges if you direct your broker or the plan agent to sell your common shares that you acquired pursuant to a DRP. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s DRP. The expenses of administering the DRP are included in “Other Expenses.” See “Dividend Reinvestment Plan” in the accompanying base prospectus.[3]The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.75% of the month-end value of the Fund’s Managed Assets. “Managed Assets” means the total assets of the Fund (including any assets attributable to any preferred shares or to indebtedness) minus the Fund’s liabilities other than liabilities relating to indebtedness.[4]The Fund may issue preferred shares or debt securities. The above figure assumes an aggregate of $25 million of preferred shares with an interest rate of 8.25% per annum, and $25 million of debt securities with an interest rate of 8.00% per annum. In the event that the Fund were to issue preferred shares or debt securities, the Fund’s borrowing costs, and correspondingly its total annual expenses, including, in the case of such preferred shares, the base management fee as a percentage of the Fund’s net assets attributable to common shares, would increase.[5]The Fund shall pay CGCIM an Incentive Fee calculated and payable quarterly in arrears based upon the Fund’s “pre-incentive fee net investment income” for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund’s net assets, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a “catch-up” feature. For this purpose, “pre-incentive fee net investment income” means interest income, dividend income, income generated from original issue discounts, payment-in-kind income, and any other income earned or accrued during the calendar quarter, minus the Fund’s operating expenses (which, for this purpose shall not include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee) for the quarter. For purposes of computing the Fund’s pre-incentive fee net investment income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. As a result, the Fund’s pre-incentive fee net investment income includes net interest, if any, associated with a derivative or swap, which is the difference between (a) the interest income and transaction fees related to the reference assets and (b) all interest and other expenses paid by the Fund to the derivative or swap counterparty. Net assets means the total assets of the Fund minus the Fund’s liabilities. For purposes of the Incentive Fee, net assets are calculated for the relevant quarter as the weighted average of the net asset value of the Fund as of the first business day of each month therein. The weighted average net asset value shall be calculated for each month by multiplying the net asset value as of the beginning of the first business day of the month times the number of days in that month, divided by the number of days in the applicable calendar quarter. The calculation of the Incentive Fee for each calendar quarter is as follows: • No Incentive Fee is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s net assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle rate of 2.00%; • 100% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate but is less than or equal to 2.4242% (the “catch-up”) is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s net assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than or equal to 2.4242% (9.6968% annualized). The “catch-up” provision is intended to provide CGCIM. • with an incentive fee of 17.5% on all of the Fund’s pre-incentive fee net investment income when the Fund’s pre-incentive fee net investment income reaches 2.4242% of net assets; and • 17.5% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the “catch-up” is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s net assets in respect of the relevant calendar quarter, exceeds 2.4242% (9.6968 annualized). As a result, once the hurdle rate is reached and the catch-up is achieved, 17.5% of all the Fund’s pre-incentive fee net investment income thereafter is allocated to CGCIM.[6]“Other expenses” includes the Fund’s overhead expenses, including payments under the Administration Agreement based on the Fund’s allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced administrative functions, and are based on estimated amounts for the current fiscal year. “Other expenses” also includes the ongoing administrative expenses to the independent accountants and legal counsel of the Fund, compensation of independent directors, and cost and expenses relating to rating agencies.[7]For the fiscal quarter ending December 31, 2022, distributions made by us were comprised, in part, of an estimated return of capital, as calculated on a per common share basis, of $0.1253 per common share. For the fiscal quarter ending March 31, 2023, distributions made by us were comprised, in part, of an estimated return of capital, as calculated on a per common share basis, of $0.0699 per common share. For the fiscal quarter ending June 30, 2023, distributions made by us were comprised, in part, of an estimated return of capital, as calculated on a per common share basis, of $0.1021 per common share.[8]For the fiscal year ending September 30, 2022, distributions made by us were comprised, in part, of a return of capital, as calculated on a per common share basis, of $0.088 per common share. | |