CCIF - Earnings call transcript Q4 2024 | Carlyle Credit Income Fund

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Operator

Good day, and thank you for standing by. Welcome to the Carlyle Credit Income Fund Fourth Quarter 2024 Financial Results and Investor Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jane Cai, Investor Relations for CCIF. Please go ahead.

Jane Cai

to Income welcome XXXX Fourth and Call. Earnings morning, Carlyle Fund's Credit Quarter Good the website. is release available and Relations call Chief on and which we me With today are financial QX presentation Nishil Chief Officer. Last of statements CCIF's section discussing issued CCIF's results, our Executive corresponding Lauren Investor Mehta, Portfolio earnings Joseph, on Manager; press the Nelson a Financial our night, and Officer; CCIF's Basmadjian, our

results a hold and question-and-answer for our involve on based be them. remarks inherent statements Risk the could guarantee the will Following N-CSR. and identified undue call expectations time. With to statements These webcast risks risks management report forward-looking we institutional assumes current future and over update those no Income Factors that, being available obligation Fund forward-looking any on any section actual differ those This uncertainties, These not reliance a to uncertainties on session and the statements our annual indicated. investors. today call Carlyle turn website. Any today, and analysts will do Form to Lauren. should any are in made and I'll performance Credit placed on not at materially from including is our replay be of cause

Lauren Basmadjian

monthly completed of shares through share dividend of the declared recurring is previous net $X.XX $X.XX quarter. We flows the option The common $XX.X at into or quarter. We have share per I last based addition Earnings average Thanks, of our X.X X.XXX% a the of shares the issued annualized start price Jane. the after issuance, holders approximately November Good of is offerings dates. We XXXX. per morning, the shares a our during cash investment CCIF's activities NAV as share XX, net you fund's core of X would million. convert are were months preferred at placement of to direct X-year, like a X $X.XXX price the on at which convertible ATM placement greater $X.X of proceeds over trading shares income Call. Six now preferred to XX.X% the the issued private XXXX, These for common everyone, Quarterly supported and price million due above from thank and the monthly reviewing or fund's joining the XXXX. dividend million closing by offerings by maintained of program. in NAV. through the to these through common stock Total registered February

markets yield in totaled I'd portfolio observed CLO strong was XX.X% we've equity New environment, with experience CLO XX.X%. to what supported weighted discuss weighted investments the to the like loan the as the activity, and XX. Pivoting aggregate current during issuance average spreads quarter. market stable a credit. market both backdrop over The average GAAP GAAP a CLO of million, for September tightening and to continues quarter yield $XX.X by of The

their a financing market during borrowing representing driven are spreads our XX% and year-over-year. mainly to from year-over-year, XXx $XX by been volumes which of CLOs refinancings the up $XX CLO since highs. and Third totaled tightening liabilities, increase billion quarter. historical the were allows have issuance absent billion, refinancings in and at new and CLO third CLO cut $XX and resets Refinancing quarter largely XXXX totaled costs. Reset reset billion XXXX

cash market reinvestment increase the activity, reinvestment today. Within CLOs. Despite period we market XXXX. September, weaker CLO since of forward decline catch-up their in demonstrated rates, health cuts. Cash-on-cash of using reset and rates to into of quarter. throughout element in-court portfolio, portfolio the in quality managers if move should by through due basis resets to its the CCIF portfolios. U.S. out these rates by could year-to-date with an court the credit environment a expense, CCIF's loan a lower, future reinvestment diverge. improve the is continue work though bankruptcies flows continue positions a to have the inflation market points, the only help completed for normalized XX Interestingly, reacted first there's today's of CLO out-of of its which The outside for should cutting and current borrowers opportunistic lower period. interest strong purchases. In which marking more labor and underlying and so both modeled CLO borrower has expectations equity period, our Reserve account Federal So X CLO reduction extending yields returns is slightly take curve base rate were September, still to XX% of performance X

X.X%. While default, to We continue recoveries XX. The will its generally higher the of for predominant believe average, loan Chapter form bankruptcies inclusive of far half LSTA out-of-court of basis portfolio continued focus flow to XXX-plus the remains XX at on loan generation. documentation. than in XX-year have high that LTM be of been degradation remains in That borrowers given default recoveries default points than thus have processes said, less free of U.S. cash out-of-court distressed exchanges Carlyle's rate the the rate

growth third we're borrower third second EBITDA the quarter, are in outpaced of quarter in At midst similar X%. but quarter. seeing still revenue earnings, X% of trends this in of We the growth the point,

borrowers the Only increased is had X.Xx. interest are than borrowers the Additionally, less approaching interest of to interest and quarter-over-quarter average coverage navigating well. suggesting ratio higher environment of coverage historical an X% rate of X.Xx, Xx, that

fixed manage other in income loan in respective spread XX in gross through by reduced repricing, increased activity. their loan as we've of line with issuance debt XX points repricing decline spread with market. markets. an to of XX% basis compression each average, is On spread what year-over-year borrowers continue points borrowers cost the basis overall The institutional quarter in resulting Third seen

they in line related remain While in broader a quarter-over-quarter loan prices in markets, quarter third to with decline at XX.XX%. August experienced the ending rebounded to volatility

support As Key a constructive factors inflation classes. of the and for the we as Mehta, an to CLO resilient policy for growth on over remain growth, outlook moderating asset Portfolio hand approach expense Manager, to current we now our Nishil and reduced U.S. the and economy, the such our normalization interest and monetary call borrowers. I our broadly XXXX, EBITDA portfolio. for sales the will loan discuss outlook syndicated deployment

Nishil Mehta

Lauren. Thank you,

one Carlyle's to diversified manage record of portfolio in continue market of a leverage managers world's investing CLOs We the CLO equity a the XX-year to long-standing and CLO of CLO largest in third-party as presence track investments.

XX unique managed portfolio managers. by our of XX different As collateral CLO September investments XX, of comprised

support majority invested source CLO in continue in the investments markets advantage spread market to to secondary We our the compression of in and of primary arbitrage. of selectively take

We recent and in the secondary X vintages period target market. managers of continue X with ample Tier reinvestment to the time in Tier remaining

believe stability fundamentals, market CLO continue we experience sustained low will the Given to and issuance. the strong market

We of Credit continue the Carlyle credit team. CLO Liquid and expertise to leverage Carlyle's investment XX the steps process

have XX analysis analysts on complete research U.S. we of credit loan XX European and the portfolios Today, to underlying CLOs. bottoms-up fundamental

CLO cash-on-cash points has to We or XX.XX% causing of impacted average market underlying weighted CCIF's CLO the portfolio them. a of repricing average quarter. generates providing portfolio XX cost over improve key was and of spread increased junior by As of the year-to-date, in managers portfolios basis XX.XX% payments following by of The the the portfolios. left which capitalize points believe approximately period portfolio a to X.X wave, losses portfolios represents The healthy in equity reposition years, yield X.XX%. investment is record and CLO CCIF's received offset reinvestment on on weighted basis periods weighted spread to quarter overcollateralization GAAP XX XX. during reduced quarterly cushion a some the GAAP supported the to of was the average years defaults Lauren weighted loan by average basis, opportunity The yields cushion as stats September yield on on decline. The underlying the the X.XX% volatility of mentioned,

below loans of in was S&P CCC CLOs. rated percentage X.X% CCC The by limit X.X%, the

$XX portfolio rating than recovery once As of lower X.X% rated is value the its CCC, agency at a the CLO more marked fair market of over to excess the or reminder, turn financial a Nelson, will below X.X% results. And rates X.X%. I now discuss to percentage the has CFO, from overcollateralization to our trading reduces cushion. X.X% and the over it loans declined

Nelson Joseph

of per a will with believe review quarter prior was as requirements. Net more quarter minus $X.X or fund's million is I per begin to for in fourth the or $X.X $X.XX investment share for Total asset value expenses of or to investment quarter. Core Core fourth compared Total distribution investment we per the share. $X.XX compared a of million were Today, compared the $X.X investment XX $X.XX to income in quarter. quarter. quarter Total to Nishil. earnings. share $X.XX net was the $X.XX you, prior for prior our net fourth expenses, $X.X the and million quarter per the share was or $X.XX $X per quarter. September $X.XX share the quarter income $X.X income prediction Thank flows cash the net accurate per million million in prior future was fourth income compared for share recurring in share the million per

side CLO based received asset we net the from of valuations are third-party Our and on mark bid XXX% a value on portfolio.

the asset in is the one The We million. loan market legacy continue of $X.X hold estate portfolio. to value real fair

third-party continues The we to our position process. to work sales the sell engaged through

common of proceeds premium offering we million. fourth with sold XXX,XXX the connection our $X.X in a of program During to shares quarter, at NAV ATM the

recurring placement Additionally, paid resulted asset $X.XX the we quarterly $X.X the shares share. in per totaled share. The quarter of accretion million $X.XX of CLO common share flow. private of share in on a in yield in net or $XX issued per payments The of overall dividends million resulted net for received a million over October $X.XXX per approximately cash-on-cash $X.XX XX.XX% or offering. payments quarterly X.X The value common in investment compared issuance cash cash quarter to

few tax our talk XXXX to year On of I minutes about designation our related for the distributions a full fiscal now shareholders. topic to want distribution, spend and

investment issued CLOs the fund commonly the referred CCIF's a are received statements, only annual fiscal on equity. The tax underlying taxable statements, IRS, September income Per fiscal had invests to accounts, established mismatch the issued of onetime in as to XXXX, XX, our designated million capital, the primarily due According is and shareholders, a when common fiscal their this first CLOs million of reporting was and guidelines typically are that timing ended annually year. reporting $XX.X by for a income issue PFIC reported during lag. in fund's as between $XX.X return CLO requirements fund that CLO tax statements distributions the CCIF taxable to in includes year for equity X-month which the year year-end. PFIC to tax For of an

this means CCIF, taxable statements only For includes that XXXX October from issued September XX, CLOs PFIC XXXX. and the between income the fund X,

CCIF and in income For for investments purchased XXXX. these per XXXX, have between available, incorporated Taxable reporting by we we IRS financial assume received year X investments be PFIC December CCIF for our X yet fiscal fiscal any income guidelines. statements after into does not and will year taxable the for January statements these XXXX therefore, investments XX, XXXX PFIC

CLO a period As of fiscal adviser a XXXX our cash over since to investments less CCIF available the taxable year period year XXXX. XXXX. X-month the fund the in July able the year, recognize limited. average hold in for an was result, initial was purchased investor investments took This calendar in as income and ramping is XXXX for covers calendar Furthermore, Carlyle the for only fund than

of in XXXX investments, capital, return accurate year on We core was recognized XXXX portion return of to of be is NII requirements. believe CCIF's it fiscal well year-over-year. With dividends core to the that, to I distributions of excess capital fund's underlying of paid Lauren. will year vary the fiscal a NII our is our of a of back turn likely more amount distribution the $X.XX While as will prediction $X.XX, nature percentage in Due in paid.

Lauren Basmadjian

Thanks, Nelson.

dividend attractive that and well yield continue positioned believe to with We to total investors CCIF provide an returns. is

our our operator market analyzing focused CLO views, take returns like on incorporating for to underlying hand the order position that collateral deliver questions. the your remain the own to in over each addition to strong to equity we and now to investors. I'd In we call manager in risk-adjusted

Operator

with first Schleien Our from line Ladenburg. question Instructions] [Operator Mickey comes of the

Mickey Schleien

Can you hear me?

Nishil Mehta

How Mickey. you? are Hey,

Mickey Schleien

the question. high-level performance. are about to equity How loan of underlying Nishil. Good. When out a has I the overall, borrower want CLO been constructive start you, attribute backdrop And continued pretty has I what do asking that in And understand, weak. this think we market terms market you relatively But want quarter? by to been unrealized to year, which depreciation and the into in every report the looks it weakness October. valuations portfolio you equity has like to CLO caused

Nishil Mehta

Nishil. It's Mickey. Yes,

take I'll that question. So

think XXXX was been X and a the then CLO when CLO One, two So year. in valuations. On cash-on-cash; components about change I cash-on-cash basis, the returns, is obviously of actually strong there's very -- has a returns.

I think the since cash-on-cash returns highest XXXX.

based on were teens. in to cash-on-cash yields par mid- I think high think I a basis, the

as been spreads has So very the year that loan CLO seen seen of in it's good to a about basis for mentioned, of XX in you repricings, CLO a by Lauren about X/X X/X the equity valuations. decline points. are have mainly actually some market fact that, That's aspect. Conversely, cutting almost borrowers function the where

average points overall to XX XX weighted So decline the overall the about market spread. is basis in seeing of

valuation into third-party that flows provides. future a standpoint, factored the and the is agent valuations cash from So that our

resulted a in that's decline NAV. in so And

So better could cash-on-cash. comes from the when when comes it year CLO Obviously, a strong valuation to be a the to it equity. year it

Mickey Schleien

refinance So that on liability the correctly Nishil, their if managers think the down side. as you revert I But side continue reset can if spreads and to on asset the road can than are paraphrase, liabilities? faster declining CLO I spreads do understand or

Nishil Mehta

Yes.

one the we to refinancing is decline offset have spread the So the in and do resets. way to

the XXXX, And in so been record far overall it's year a for market.

completed we've refinancings specifically, CCIF X For resets. and about

is X-year the when portfolio on period. The is I something to you typically a thing have mention focused reset, period. that typically looking and CLO always it's would non-call extend or optimize So a we're one and the refinanced reinvestment

the can side, years X is Whereas non-call every X it this, typical the only you and So on period do months. only or so. already loan we're seeing

And twice seeing loans. so come reprice we're to this the year already borrowers to market their back

that's incredibly we that enough it hugely been the that refinancing debt are repricings. combat CLO offset to reset, helpful are all-time and and been So and been close beneficial, something to but to spreads it's with trying it's tights, hasn't

Mickey Schleien

I understand. were the on and this due quarter, Is us did in something or go terms yield there average maybe upmarket new tier estimated risk quarter. of tightening to the down are on? Or you about understand help Nishil, previous spread your was loans? else investments you when talked Can I the at less going taking that? looked your on meaningfully versus that you've they

Nishil Mehta

Yes, sure.

You mentioned a couple of factors.

of initially, ramp period. half drivers portfolio second mainly of still main that. in X there's it we last think was the a I One, year, when this fairly volatile

in So we yield. were secondary resulted which discounted able elevated to take GAAP an advantage of that market and in purchase the investments prices, at

So also obviously, second you've no in seen. Two, seen in tightening given longer excuse those the spreads are weighted today, or investments the average market new the when we've just across decline those available -- that impacts prices, me, market, as discounted well. the

quality. three, then I higher And we think, are, going

I tightest level all-time 'XX, highest If crisis. trading investment-grade high-yield at since you think level bonds are trading near basis the about are since at tights, they're trading income pre-financial on just the the 'XX think markets, bonds a spread overall or fixed

today stretching right So is be for the think we to time risk. don't

we're more defensive lower gap And a looking yield. will which definitely to so positions, add have

Mickey Schleien

the a Nishil, I chance didn't October your in also the I declined noticed remarks, per cash fourth understand. previous it And the I flows mentioned is Can I that? have you you flows implication calendar the What that the but share help write think recurring prepared us down. cash quarter? quarter. understand versus to for

Nishil Mehta

Yes.

fourth reflects had per actually October, we flow then quarter, quarter. I payments the which share increased the quarterly $X.XX per the So And payments of recurring think mentioned about share. cash to it $X.XX really in for third -- we the

comes which seasonality flows exposure lower high-yield some cash have it market CLOs low limited reprice, when cash semiannual And pay so as repricing, there yields bonds, to on to a back continues in the well. slightly results because that typically just the cash to basis. to then as is And on

Mickey Schleien

kicks space. unsustainable And perspective, they that my just restructurings I'm what mentioned And of creating across hearing and companies. some think with the some for terms portfolios? with the last we'll consistent capital that and in I how And managers seems that point? in road. I'm can see have how structures these down are as transactions CLO out-of-court of curious at are elevated those you market contend dealing the effectively question, future just from the with the impacting that the Yes, Lauren risk my their sort to

Lauren Basmadjian

Yes.

CLO having loans I to it market, almost went as think for of shift a when and market paradigm the from the having covenants not covenants. loan like major

I be management companies to capital exchanges dominant deal distressed think that the overlevered are are where out-of-court environment living liability structures. in we're going with way forward, or these an exercises going going to

what so process. more versus more does of because out-of-court volatility it doing for you're lot in-court I it there's process an And think creates when an a loans do? outcomes stressed uncertainty

amount recover I'm sorry, meaning with a recover recover higher could advantage able see think manager different be And will same larger I larger You think say, manager, an loan the on -- different a I different a than, a to a very let's on out-of-court. to managers. managers amount manager it the small size disadvantages have same

trying point where that to our seeing to when get don't some So managers talk that creates exit so to to you are have disadvantaged. And we we're where of investments when the distressed would volatility. a they have of trend type early they managers, smaller selling, be

Nishil Mehta

is team the steering driving workout restructurings X-person of on of typically loan kind stressed whenever add add second distressed committee, results And today lot and platform, largest a or that these CCIF is Carlyle Mickey, of the What's would part we that. Carlyle largest -- distressed, a manager to for CLO or are larger group. we would is the helpful I I in being a And exchanges. have given sorry, And of globally. really either that the is

So on we helpful going on what had the in market. incredibly is insight overall

seeing of looking overall the Just comes to helpful exchanges, and trends just terms distressed market market incredibly at we're defaults in has distressed in exchanges. when it and been which trends

Mickey Schleien

That's your and comments us really appreciate for I to there. understand helpful

Operator

with Matthew question next Our of Riley. from Howlett B. comes line the

Matthew Howlett

Nishil, Lauren, mean the I on was had the any all of words, first, on NII, of look was if type -- of the I that was a might there deployment? have it can quarter, the raising. drag. capital some just quarter, mean some curious at would quantify Just there higher? quarter been drag? $X.XX you I busy If In drag with NII the the there was was and the coincided raising X if raise capital of other implied day a sort

Nishil Mehta

Matt, good to hear you. from

So Nishil. I'll It's take that question,

it you're right. fundraising when ATM, preferred. We quarter active did stock the between the direct and common So convertible came have an to offering the

materially drag associated But basis, projections, a I to expecting some we're go-forward of increase from was forward we $X.XX obviously, think provide drag. but quarters that there So the I on in with think don't lack the just NII, can't that.

Matthew Howlett

-- covering of I Right. but it guess, guess that to where -- Well, me course, the doesn't question. enough given dividend that's dividend I really common leads striking flows. cash the the mean, distance and matter the I second that to

ATM. got You the

got You issuance that preferred convertible this had this you and did. direct you

can raising to of look here I do here? few So What use? next And channel you when want that What have X going quarters? capital convertible. so to about a are at use What look on all like? the -- it does then you kind in you you follow-up talk channels

Nishil Mehta

But completely the of trading overall And it's somewhat still stock goal market think in and volume. liquidity really, fund the the obviously, our the see is subscale. that dependent. here Look, Yes. you is we

which for the better so think is grow would to our investors. goal it And fund, make we

But raise as avenues are look leverage more NAV to efficiently and the stock, all can we importantly, fund. also, And accretively common well. increases so how we which going at

continue I issue So common able we'll it active we'll be incremental direct activity. convertible or ATM is be that to to markets TBD capital And when to continue think offerings. stock comes preferred if something The I utilize. we'll to think

Matthew Howlett

if X convertible it, obviously price force On Well, mean exercise preferred. at that go I just can But the over out, the it get you if it's conversion highly level? certain you can that can on could terms is stock call but I base, it looks accretive. converted months. the Just really increase ATM like a go again. people the currently you your terms you over attractive can again. is more equity It preferred, after add that and mean

of walk that. Just interesting, again terms over that That's the deal.

Nishil Mehta

Yes.

want think the to And I preferred expectation it's that on even I would point. not materially so the last completed if is attractive is converted, is for November. the coupon convertible convert would say, think at preferred some X-year makes I we the than look, it what the initial But us X.XXX%. That's lower holders

fund. So even efficient leverage way think if they a do not it's convert, we very the to

have terms the X-day are X-month of fund to done at would a Now but the par, shares. redeem a holders, period, common convert to average higher some option option the And the period previous after the X-month closing that has at the key price. be of -- after NAV and also the into

there if would for higher, would conversion, NAV be obviously is it so fund. accretive or the it be So

Matthew Howlett

Yes. to where it's get the if is you can't to trading I force mean certain of convert. today. it level a conversion people But at stock clearly,

Nishil Mehta

force. cannot No, we

Matthew Howlett

Okay.

test, I your that's your it's against is I leverage So mean preferred really correct? against either mean, equity, your a leverage -- way, test? convertible that

Nishil Mehta

right. That's Yes.

today, $XXX And outstanding million $XX convertible we so is million about net -- preferred $XX million. and million, think I our of around $XX have assets

of targets. our kind with So line in is it's X.X, about which long-term

Matthew Howlett

I Got it because extent to get you. so you preferred that preferred. trading to that can I'm base, still existing the is is begins straight term that obviously, that open? it? think access if mean convertible is demand I you your if really preferred, loud. said issue equity like do No, still just is you to it new thing But preferred converted, talking $XX or that -- work. out there whole is the I chose at you the mean channel grows

Nishil Mehta

so because and the of there the dependent, for could of with of a there's attractive demand more features We agree we issue beneficial you, is convertible market that we to that lot found preferred Yes. think be do we fund.

Matthew Howlett

scale really good Great. this Well, vehicle. to in position you're a

So just that since the or positions just for here on your Did could do right what refi quarter? refis resets like you and X outlook quarter? or on are next how how last many question, did you the do you resets. or XX X And many last more

Nishil Mehta

Yes.

back activity So I one we've terms come you done done one of mention our did number I exactly many has know and last that. out and picked number of to I'd refis X up is That's answer, continue of to some function the how reinvestment of on we've period. is definitely less year-to-date peer compress. The portfolio can our them. more reset to we've where we smaller than quarter. a in our as are of CLO of seasoned. X Only probably It's of investments spreads debt resets And is today funds. a probably already of thing

this to reset one quarter. the other expect We

high is, the our of as for elevated this looking first expectation as And optimize portfolio. our so of to the some activity. of just peer number year, the you'll continue actively to probably see quarter And at least is next resets not we're but funds,

to continue portfolio. to look refinance we'll and so the reset And

Matthew Howlett

far Okay. I mean, around something? the weighted or that is years? get average Is X.X pretty did The that it's -- Great. -- right? period It was there. I reinvestment years X.X out is

Nishil Mehta

period. by reinvestment don't And that's end of we single of years. X.X CLO a think have this out the I will it's year, Yes, around

Matthew Howlett

to is, you -- all call question, you higher or I than going you pay were is you And don't much which look whatever is In to higher. a and net obviously have there it, Are spillover And got words, core provided. cash to distribution back listen excise I at it to going recurring you you these tax, the here spillovers, mean regular to at income, final tax? are you've they're there's go other is can But Because, have from tax information enough. the with looks this $X.XX. go the flows they so of offset when recurring an question vehicles boil like the don't I a that that they to are think flows guys guess policy The pay the the sort paying obviously, flows, it's cash -- tax your I I where pay dividend income were they're dividend have just cash problem the into high, next carryover? they down you know high-class do pay stand, you to that excise enough high, an -- to it year? walk specials. so pay seen mean, -- so you excise, to cash can't the pay no looking and Great. they requirements enough they need can't you that, look calendar

Nishil Mehta

with and It's Yes. a discussions Look, it's lot here, senior management great a have question. Board. something we of the we it's spend a lot of time on,

calculation admittedly, for new for extremely thought I knew think equity like something CLO equity, I but complex. learn a about lot the I income the accounting taxable CLO seems it year. is I tax every

this when recurring are really is statements our that's phenomenon the taxable this income fiscal actually onetime where between versus a is, year mismatch fraction timing year-end this year had thing. cash a our PFIC annual of we've issued so the NII. Obviously, onetime fraction where core the statements, flow, from And of because of a our

aligns looking we But estimate our XXXX, does dividends. are we be to a spillover compare trying to. need is to won't and how of dividend see use if we least really the at our Obviously, that kind That's the with long can we tax we short-term term, need something forward. current the going going in it's distribution that fund solution. income for And to what taxable So to that of policy sure requirements. make

Matthew Howlett

forward? net going to you you income kind cash is closest of And looking say as Did that the you're flow the income? say, I hear core basically, thing

Nishil Mehta

Yes.

taxable that's So think what how definitely estimating income will we be. I think are we

the is taxable say, Obviously, And thing that factor being was line timing you the income basis $X.XXX, think so to core -- of this mismatch you based if most so income if But investments a because for $X.XX. on about in prior that year. on taxable mismatch on as portfolio and one not yet. go-forward any -- it need about NII if with your of impacts how to investments year. this I have we think the be are going to be up that it's fund, from going based we to from the that will based growing it, dividend fiscal that income does be And are the our of the you going taxable the will year, on prior the so

to our So analysis distribution that's in our something income. we'll should of factor taxable be versus have what policy

Matthew Howlett

I I -- And investors to it's love $X.XX I mean do I to point company? and at are you Is the I'd earnings you. your it response what future? is mean, -- core? that. when time true Will it as Got what mean, think true $X.XX hear power economic in they you Is look, the both closer NII some closer a GAAP? converge guess core. the to firm, of at just to look in

Nishil Mehta

of CLOs. focus closed-end look, a answers CLOs, the fund, Again, you X, income great Yes. have get can pay We you right taxable of for of when obviously, to number our XX% income. what's because out is, think -- as we for question another think income X different

so think proxy is we the best And that requirement. distribution core NII for

talked factoring mismatch the this our caveat about. really focus And we've policy dividend on that of of kind that will and so timing with

Matthew Howlett

That's color. work. Keep up great additional good the

Operator

queue for turn showing this time. questions Instructions] in like call no the I'd back closing to at [Operator Basmadjian to Lauren remarks. I'm further

Lauren Basmadjian

Please any Thank support. all you. feel quarter, out your everyone for thanks And if look again speaking next Well, reach to if not to have forward to sooner. you questions. we free

Operator

concludes call. you today's This participating. for conference Thank

You may disconnect. now

Carlyle Credit Income Fund (CCIF) 21 Nov 242024 Q4 Earnings call transcript