In a recent filing with the Securities and Exchange Commission, Carlyle Credit Income Fund (NYSE:CCIF) disclosed that as of September 30, 2024, the management’s unaudited net asset value (NAV) per common share stood at $7.64. The announcement came through a Form 8-K, which is utilized for current reports disclosing events that are of importance to investors.
The Form 8-K, filed on Tuesday, reported the NAV, which is a key financial metric used by investment funds to provide a snapshot of the company’s value. The NAV per share is calculated by dividing the total net asset value of the fund by the number of shares outstanding.
Carlyle Credit Income Fund, formerly known as Vertical Capital Income Fund, is incorporated in the state of Delaware and is listed on the New York Stock Exchange under the ticker symbol CCIF. The company also has preferred shares listed under the ticker CCIAN.
This latest financial information is indicative of the fund's performance and position as of the end of the last fiscal quarter. The NAV is an essential figure for investors as it reflects the value of their investments in the fund. It is also a tool used by the fund to measure its performance over time.
In other recent news, Carlyle Credit Income Fund (CCIF) has been active in the Collateralized Loan Obligation (CLO) market, maintaining its quarterly dividend at $0.105 per share through November 2024. The fund has also announced a private placement of its 7.125% Series B Convertible Preferred Shares due August 2029, expecting to yield net proceeds of around $10.6 million. Concurrently, CCIF has agreed to a registered direct placement of 1,444,865 Common Shares, anticipated to generate approximately $11.5 million in net proceeds.
The fund's recent developments include investments in new CLOs reaching $12.2 million, with a significant weighted average GAAP yield of 19.5%. The total investment income for the third quarter was $7.4 million, and it successfully raised $5.5 million through an At-The-Market (ATM) program. Additionally, the fund's portfolio demonstrated a GAAP yield of 20.26% on a cost basis and a weighted average junior overcollateralization cushion of 4.17%.
InvestingPro Insights
Complementing Carlyle Credit Income Fund's (NYSE:CCIF) recent NAV disclosure, InvestingPro data reveals some intriguing insights. As of the latest available data, CCIF boasts a substantial dividend yield of 15.05%, with the most recent ex-dividend date on September 18, 2024. This aligns with one of the InvestingPro Tips, which highlights that CCIF "pays a significant dividend to shareholders." Moreover, the fund has maintained dividend payments for 13 consecutive years, demonstrating a commitment to shareholder returns.
The fund's market capitalization stands at $111.86 million, with its stock price at $8.37 as of the previous close. This price represents 95.34% of its 52-week high, suggesting the stock has been performing well recently. This is further supported by the positive price total returns across various timeframes, including a 22.85% return over the past year and an 18.06% return year-to-date.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform provides a total of 11 tips for CCIF, offering a deeper understanding of the fund's financial health and market position.
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