CCIF - Carlyle Credit Income Fund

What this means for you

Relative Value Partners specializes in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and has told the regulator it is not seeking changes.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 19, 2026

   The fund said it will repay some borrowed money on Nov 17, 2026.

   Original document →

2. Sept 28, 2026

   The fund said it may sell new shares.

   Original document →

3. Sept 8, 2026

   Eagle Point Credit Management LLC cut its stake to 12.9% of the fund's preferred shares (from 18.9%), not the common shares most holders own.

   Original document →

4. Aug 11, 2026

   Eagle Point Credit Management LLC cut its stake to 18.9% of the fund's preferred shares (from 19.2%), not the common shares most holders own.

   Original document →

5. May 5, 2026

   Eagle Point Credit Management LLC cut its stake to 19.2% of the fund's preferred shares (from 19.5%), not the common shares most holders own.

   Original document →

About this fund

• Run by Carlyle Global Credit Investment Management L.L.C. Part of the Carlyle fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $71 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 43% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 93% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -20%; at +10%, about +10.8%. As of Sept 30, 2024, from the fund's annual report. Original document →
• Costs: 2.8% a year in management fees; 13.8% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 85 charge a lower management fee and 87 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $165 in the first year and about $1,012 over 10 years, assuming the holdings return 5% a year. As of March 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year the fund told the regulator that part of what it paid out was not income (it came from gains or from your own money back). Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $6.13. The shares traded at $5.82, about 5.1% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 17.5% below to 18.2% above. As of Sept 30, 2024, from the fund's annual report. Original document →
• How the holdings did: down 7.9% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2011.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: -44.9%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly asset-backed bonds (96%), the rest real estate. About 2% issued in the U.S.

1. Elmwood CLO 17, Ltd. - 16.3%
2. Voya Clo - 14.5%
3. Ocp Clo - 14%
4. Aimco - 13.1%
5. Benefit Street Partners Clo - 12.8%
6. Babson Clo - 12.3%
7. Apidos Clo - 9.7%
8. Midocean Credit Clo - 7.7%
9. Riverbank Park Clo, Ltd. - 7.5%
10. CIFC Funding 2020-II, Ltd. - 7.1%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →