Important Notice Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or their negative forms, or by references to strategy, plans, or intentions. F ...

Collateralized debt obligations got a bad rap from movies like “The Big Short.” But the story could be different for their cousin, collateralized loan obligations. Issuers are diving into the world of exchange-traded funds that invest in CLOs. Janus Henderson recently filed with the Securities and Exchange Commission to launch another CLO strategy, while Reckoner Capital Management proposed four such ETFs earlier this month. The appeal stems from their high yields relative to other bond funds and the rece ...

Core Viewpoint - Carlyle Credit Income Fund announced its financial results for the fourth quarter and full year ended September 30, 2025, highlighting a focus on long-term success and portfolio enhancement through strategic resets and refinancings [2][3]. Financial Performance - Net investment income for the fourth quarter was $0.15 per common share, with adjusted net investment income at $0.17 per common share and core net investment income at $0.32 per common share [3]. - The net asset value per common share was reported at $6.13 as of September 30, 2025, with a total fair value of investments amounting to $192.2 million [3]. Dividends - The Fund is maintaining a monthly dividend of $0.1050 per share for December 2025, January, and February 2026, which translates to an annualized dividend yield of 24.14% based on the share price as of November 12, 2025, or 20.55% based on the Fund's NAV as of September 30, 2025 [4][9]. - Additionally, dividends for the Fund's 7.375% Series D Term Preferred Shares are set at $0.1536 per share for the same months [5][6]. Investment Strategy - The Fund funded $34.9 million in new CLO investments with a weighted average GAAP yield of 13.65% as of September 30, 2025, while the aggregate portfolio weighted average GAAP yield was 14.44% [9]. - A $30 million Credit Facility was established, allowing borrowings at a rate of SOFR + 3.25%, with the potential to increase to $50 million [9]. Company Overview - Carlyle Credit Income Fund is an externally managed closed-end fund focused on investing primarily in equity and junior debt tranches of collateralized loan obligations (CLOs), which are backed by U.S. senior secured loans across various industries [11].

TORONTO, Nov. 17, 2025 (GLOBE NEWSWIRE) -- (TSX: SSF.UN) Brompton Funds Limited (“Brompton” or the “Manager”), the manager of Symphony Floating Rate Senior Loan Fund (the “Fund”) is pleased to announce that at a special meeting of unitholders of the Fund held today (the “Meeting”), unitholders approved an extraordinary resolution with 98.9% voting in favour. The Fund will: (a) merge into Brompton Wellington Square Investment Grade CLO ETF (the “ETF”), an exchange traded fund that is listed on the Toronto St ...

Eagle Point Credit Company Inc. (NYSE:ECC) reported a Q3 EPS of $0.24, beating the estimated $0.23 but showing a decrease from the previous year.The company's Q3 revenue was $52 million, surpassing estimates and indicating a year-over-year improvement.ECC's financial health is solid, with a debt-to-equity ratio of approximately 0.25 and a current ratio of about 55.48, showcasing its conservative leverage and strong liquidity.Eagle Point Credit Company Inc. (NYSE:ECC) is a prominent player in the financial s ...

Core Insights - Exchange-traded funds (ETFs) holding corporate loans experienced their first outflows since April, indicating rising investor concerns over credit quality [1][2] - The outflow amounted to approximately $516 million, contrasting with a previous average inflow of about $421 million per week over the past year [2] - Recent failures of auto lender Tricolor Holdings and car-parts supplier First Brands Group have heightened caution among credit investors [3] Fund Performance - The Janus Henderson AAA CLO ETF, with $25 billion in assets, led the outflows with $476 million withdrawn, marking the highest redemptions since April's market volatility [4] - The fund recorded an additional $10 million in outflows on the following Monday [4] Market Trends - Concerns over credit quality and underwriting standards are rising across various credit markets, with bond spreads for business development companies (BDCs) widening significantly [5][6] - JPMorgan's BDC index widened by 60 basis points to 220 basis points, raising potential risks for CLOs if this trend continues [6] - Publicly traded BDC stocks have reached multi-year lows, reflecting increased credit stress fears [7] Credit Quality - Despite the rising angst in credit markets, AAA spreads for private credit CLOs and broadly syndicated CLOs remain tighter, even with exposure to leveraged borrowers [7]

Core Insights - Carlyle Credit Income Fund (CCIF) will release its financial results for Q4 and full year 2025 on November 18, 2025, with a conference call scheduled for November 19, 2025 [1][2] Company Overview - Carlyle Credit Income Fund is an externally managed closed-end fund that primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs), which are backed by U.S. senior secured loans from various industry sectors [3] - The fund is managed by Carlyle Global Credit Investment Management L.L.C., a wholly owned subsidiary of Carlyle, leveraging Carlyle's extensive resources as one of the largest CLO managers globally [3] Carlyle Group Overview - Carlyle Group is a global investment firm with $465 billion in assets under management as of June 30, 2025, operating across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest [4] - The firm employs over 2,300 people across 27 offices worldwide, focusing on creating value for investors, portfolio companies, and communities [4]

Core Insights - The article discusses the evolving landscape of bond ETFs, highlighting three unique options that diverge from traditional index bond funds [1] Group 1: Janice Henderson CLA AA ETF (J AAA) - This ETF focuses on collateralized loan obligations (CLOs), which are actively managed diversified pools of non-investment grade bank loans [2] - The ETF invests at least 90% of its assets in AAA rated CLO trenches, ensuring a strong risk management approach [3] - It has achieved a trailing 12-month yield of 5.8%, outperforming the category average of 4.7% [4] Group 2: Vanguard Total International Bond ETF (BNDX) - This ETF is a passive international bond fund that limits exposure to Chinese bonds to avoid transaction costs and operational challenges [6][7] - Despite the cap on Chinese bonds, it has outperformed its category average by 24 basis points annualized since its inception in 2013 [8] - The ETF's strategy has provided superior protection during periods of credit market stress [8] Group 3: PGM Short Duration Multi-Sector Bond ETF (PSDM) - This ETF spans multiple sectors and aims to outperform its benchmark, taking on more credit risk than most peers [9][10] - It has demonstrated strong performance through its mutual fund sibling, which ranked in the top quartile of its category over the trailing 10 years ending July 2025 [11] - The ETF's higher volatility is justified by superior risk-adjusted returns, as measured by the Sharpe ratio [12]

Investment Rating - The report indicates a positive outlook on the corporate credit cycle, suggesting a shift in momentum with increased M&A and LBO activity, although it starts from a benign point [5][9]. Core Insights - US consumer spending growth is slowing but remains solid, supported by elevated net worth and asset growth outpacing liabilities [43]. - The credit cycle is gaining momentum with busy issuance in both investment-grade (IG) and high-yield (HY) markets, with September IG issuance reaching $227 billion, significantly above seasonal averages [6][43]. - Delinquencies are rising in subprime credit while stabilizing in prime credit, indicating a bifurcation in credit quality [43][23]. Summary by Sections Corporate Credit - The credit cycle is moving up a gear with significant M&A and LBO announcements, although current activity levels are below historical trends [5][9]. - High-yield issuance in September exceeded $55 billion, marking it as the third-largest month on record [7][8]. - Defaults remain elevated despite tighter spreads, with a trailing 12-month default rate for high-yield loans at 4.2% [12][11]. Securitized Credit - There is a notable divergence in delinquency rates between prime and subprime segments, with prime delinquencies stabilizing while subprime delinquencies are on the rise [43][23]. - Transition rates do not indicate further deterioration in credit quality, suggesting a potential stabilization in the market [28]. Economic Overview - Real personal consumption expenditure growth is slowing, but remains robust, particularly among high-income cohorts whose net worth is significantly higher [34][43]. - Labor income growth has decelerated, which may impact real spending in the future [38][43].

Financial Performance - GAAP Net Income was $102 million or $027 per share[11] - NAV-Based Total Return was 197% annualized[11] - Net Investment Income was $65 million or $017 per share[11] - Adjusted Net Investment Income was $66 million or $018 per share[11] - Net Asset Value was $2297 million or $612 per share as of June 30 2025[11] Investment Portfolio - The CLO portfolio grew by 27% to $3169 million as of June 30 2025 from $2499 million as of March 31 2025[11, 18] - CLO debt investments totaled $1489 million with 79% in the U S and 21% in Europe[11] - CLO equity investments totaled $1680 million with 92% in the U S and 8% in Europe[11] - The company purchased $906 million of CLO investments and sold $159 million[11] - The weighted average GAAP yield for the quarter based on amortized cost was 156% on the total CLO portfolio[11] Distributions - The company received $159 million in recurring cash distributions from the investment portfolio or $042 per share[11] - The distribution rate was 172% based on the August 18 2025 closing stock price of $559 and a monthly distribution of $008 per common share declared on August 7 2025[11]