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]

Company Overview - Carlyle Credit Income Fund (CCIF) is an externally managed closed-end fund focused on investing primarily in equity and junior debt tranches of collateralized loan obligations (CLOs) [3] - The CLOs are collateralized by a portfolio consisting mainly of U.S. senior secured loans with a diverse range of underlying borrowers across various industry sectors [3] - CCIF is managed by Carlyle Global Credit Investment Management L.L.C., a wholly owned subsidiary of Carlyle, leveraging Carlyle's significant scale and resources as one of the world's largest CLO managers [3] Financial Results Announcement - CCIF will release its financial results for the third quarter of 2025 after market close on August 19, 2025 [1] - A conference call to discuss the results will be held on August 20, 2025, at 10:00 a.m. EST [1] Carlyle Group Overview - Carlyle Group is a global investment firm with expertise in deploying private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest [4] - As of March 31, 2025, Carlyle has $453 billion in assets under management [4] - The firm employs over 2,300 people across 29 offices on four continents [4]

Core Points - Priority Income Fund has declared monthly cash "base" and "bonus" distributions for June, July, and August 2025, consistent with prior distributions [1][2] - The annualized total cash distribution is $1.34016 per share, with Class R at a 17.4% annualized rate and Class I at an 18.7% annualized rate [2] - Cumulative cash distributions since inception in January 2014 total $16.39 per common share through August 2025 [5] Monthly Cash "Base" Distribution - The cash "base" distribution is $0.08056 for June and July 2025, and $0.10070 for August 2025, payable monthly [3] - These distributions represent the 138th, 139th, and 140th consecutive monthly "base" distributions [3] Monthly Cash "Bonus" Distribution - The cash "bonus" distribution is $0.024167 for June, July, and August 2025, representing the 57th, 58th, and 59th monthly "bonus" distributions [4] Preferred Stock Distributions - The Fund has declared distributions on various series of preferred stock, including Series D, I, J, K, and L, with amounts ranging from $0.37500 to $0.43750 per share [6][7] Fund Overview - Priority Income Fund is a registered closed-end fund focused on acquiring and growing an investment portfolio primarily consisting of senior secured loans and collateralized loan obligations (CLOs) [9] - The Fund is managed by Priority Senior Secured Income Management, LLC, which has a team of investment professionals from Prospect Capital Management L.P. [9]

Core Insights - Mizuho Americas has been awarded the 2025 Global Markets Choice Awards for Best in CLOs and Best in Equity Research, highlighting its strong performance in these sectors [1][4]. CLO Market Performance - Launched in 2022, Mizuho Americas' CLO team has quickly established itself as a top player in the CLO market, achieving a top five ranking in broadly syndicated CLO new issues by volume [2]. - The team arranged 37 deals in 2024 and 24 deals year-to-date in 2025, receiving recognition for its strong execution from CLO managers and investors [2]. - Mizuho's connections with Japanese clients, a significant investor region for CLO AAA, have contributed to its success and innovation in the market [2]. Equity Research Advancements - Mizuho Americas' Equity Research has been recognized for its advancements, which have been crucial for the success of its Equity and Banking franchises [3]. - The award for Best in Equity Research reflects the firm's ability to generate alpha through differentiated research for investor and corporate clients [4]. - Bill Featherson's leadership has significantly elevated the US Equity Research product since joining Mizuho, enhancing its research capabilities [4]. Company Overview - Mizuho Financial Group, Inc. is one of the largest financial institutions globally, with total assets of approximately $2 trillion [5]. - The company employs around 65,000 professionals worldwide, providing comprehensive financial services across 36 countries and 850 offices [5][6]. - Mizuho Americas offers a full spectrum of client-driven solutions, including strategic advisory, capital markets, corporate banking, and fixed income and equities sales & trading [6].

Financial Performance - Net loss was $(7.9) million, or $(0.23) per share[11] - Adjusted Distributable Earnings were $9.0 million, or $0.26 per share[11] - Shareholders' equity was $228.5 million, with a book value per share of $6.08[11] Portfolio Allocation - Capital allocation to CLOs increased to 81% as of March 31, 2025, compared to 72% as of December 31, 2024[11] - The CLO portfolio grew to $249.9 million as of March 31, 2025, from $171.1 million as of December 31, 2024[11] - Agency RMBS portfolio was $503.9 million as of March 31, 2025[11] Market Conditions - The dividend rate was 17.1% based on the May 19, 2025, closing price of $5.62 and a monthly dividend of $0.08 per common share declared on May 7, 2025[11] - The weighted average constant prepayment speed on fixed-rate specified pools decreased quarter over quarter to 7.2 CPR from 9.5 CPR[11] Strategic Changes - The company completed its conversion to a CLO closed-end fund on April 1, 2025[11] - The entirety of Agency RMBS was sold and related TBA hedges were covered following the conversion in early April[11]

Core Viewpoint - Carlyle Credit Income Fund reported resilient financial results for Q2 2025, demonstrating strong performance in the loan and CLO market despite macroeconomic challenges [2][3]. Financial Performance - Net investment income was $0.23 per common share, adjusted net investment income was $0.26 per common share, and core net investment income was $0.27 per common share for Q2 2025 [3]. - Net asset value per common share was $6.98 as of March 31, 2025, with a total fair value of investments amounting to $197.9 million [3]. Dividends - The Fund is maintaining a monthly dividend of $0.1050 per share for June, July, and August 2025, equating to an annualized dividend yield of 18.75% based on the share price as of May 16, 2025 [4][8]. - Additionally, dividends on the Fund's 8.75% Series A Term Preferred Shares are declared at $0.1823 per share for the same months [5][6]. Investment Activities - The Fund funded $30.3 million in new CLO investments with a weighted average GAAP yield of 15.41%, while the aggregate portfolio weighted average GAAP yield was 16.48% as of March 31, 2025 [8]. - Completed 13 refinancings and resets of CLO positions during the quarter, enhancing portfolio stability [2][8]. - Successfully executed a private placement of 5-year, 7.50% convertible preferred shares for net proceeds of $18.6 million and sold 1,610,000 common shares at a premium to NAV for net proceeds of $12.2 million [8]. Company Overview - Carlyle Credit Income Fund is an externally managed closed-end fund focused on investing in equity and junior debt tranches of CLOs, primarily backed by U.S. senior secured loans [10]. - The Fund is managed by Carlyle Global Credit Investment Management L.L.C., leveraging Carlyle's extensive resources as a leading CLO manager [10].

Core Viewpoint - The Herzfeld Caribbean Basin Fund, Inc. is proposing a shift in its investment strategy to focus on a "CLO Equity Strategy," aiming for total return and high current income for stockholders [1]. Group 1: Fund's New Strategy - The Fund will redirect its investment focus to equity and junior debt tranches of collateralized loan obligations (CLOs), which consist primarily of below investment grade U.S. senior secured loans [1]. - The primary investment objective will change to maximizing risk-adjusted total returns, with a secondary objective of generating high current income [7]. Group 2: Special Meeting Details - A special meeting of stockholders is scheduled for June 17, 2025, to vote on the proposed changes, with May 5, 2025, set as the record date for stockholder eligibility [2]. - The meeting will take place at the Fund's offices in Miami Beach, Florida, at 10:00 a.m. Eastern Time [2]. Group 3: Proposals for Consideration - Proposal 1 involves the approval of an amended investment advisory agreement allowing the Adviser to receive fees based on managed assets and an incentive fee [7]. - Proposal 2 seeks to revise the Fund's investment objective and reclassify it as non-fundamental [7]. - Proposal 3 aims to amend fundamental policies related to borrowing, senior securities issuance, and other investment activities [7]. Group 4: Proxy Materials and Information Access - Preliminary proxy materials have been filed with the SEC, with a definitive Proxy Statement expected to be filed in late May 2025 [4]. - Stockholders can access these documents for free on the SEC's website and the Fund's website when available [4].

Financial Data and Key Metrics Changes - For Q1 2025, the company reported investment income of $6 million or $0.89 per share, an increase of $600,000 or $0.08 per share from the prior quarter [13] - Total expenses for the quarter were $2.6 million or $0.38 per share, an increase of $600,000 or $0.08 per share, primarily due to interest expense on term preferred shares [13] - The net investment income was $3.4 million or $0.50 per share, while the net unrealized loss on investments was $9.6 million or $1.41 per share, leading to a net loss of $6.1 million or $0.90 per share [13][14] - As of March 31, 2025, total assets were $173.7 million and total net assets were $124.6 million, resulting in a net asset value per share of $18.33 [14] Business Line Data and Key Metrics Changes - The portfolio consists of 50 unique CLO positions managed by 33 distinct CLO managers, with approximately 1,700 unique loans across over 30 industry sectors [6] - The weighted average GAAP yield on the portfolio was 15.57% at March 31, an increase of 68 basis points from the prior quarter [7] - The company invested $30.8 million in primary CLOs during Q1 2025, and approximately 9% of the portfolio was refinanced or reset [9] Market Data and Key Metrics Changes - In Q1 2025, $40.56 billion in new US CLOs were issued, and $96 billion in CLOs were refinanced [9] - The LSTA indexes trailing twelve-month default rate ended the first quarter at 82 basis points, 11 basis points lower than at the end of 2024 [10] - The company noted that CLO portfolios experienced credit stresses at roughly half the default rate of the broader market [10] Company Strategy and Development Direction - The company aims to maximize total return while generating high current income through investments primarily in equity and junior debt tranches of CLOs [5] - The investment strategy focuses on maintaining a sustainable distribution policy and protecting net asset value (NAV) [5] - The company plans to utilize leverage opportunistically when attractive investment opportunities arise [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the CLO market's resilience despite tariff uncertainties and believes CLOs provide an efficient way to access senior secured corporate loans [16] - The company anticipates a slowdown in CLO primary issuance and refinancing activity but expects CLOs to capitalize on any loan market volatility [9][10] - Management noted that early signs show CLO managers have proactively reduced exposure to tariff-sensitive issuers [11] Other Important Information - The company distributed dividends of $0.22 per common share in January, February, and March, with plans to continue this distribution in April [14] - The annualized dividend yield based on the share price at the end of March was 13.9% [15] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the Q&A session concluded without detailed interactions [17][18]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported investment income of $6 million or $0.89 per share, an increase of $600,000 or $0.08 per share from the prior quarter [14] - Total expenses for the quarter were $2.6 million or $0.38 per share, an increase of $600,000 or $0.08 per share, primarily due to interest expense on term preferred shares [14] - The net investment income was $3.4 million or $0.50 per share, while the net unrealized loss on investments was $9.6 million or $1.41 per share, leading to a net loss of $6.1 million or $0.90 per share [14][15] - As of March 31, 2025, total assets were $173.7 million and total net assets were $124.6 million, resulting in a net asset value per share of $18.33 [15] Business Line Data and Key Metrics Changes - The company’s portfolio consists of 50 unique CLO positions managed by 33 distinct CLO managers, with approximately 1,700 unique loans across over 30 industry sectors [6] - The weighted average GAAP yield on the portfolio was 15.57% at March 31, an increase of 68 basis points from the prior quarter [8] - The company invested $30.8 million in primary CLOs during Q1 2025, with approximately 9% of the portfolio refinanced or reset [10] Market Data and Key Metrics Changes - In Q1 2025, $40.5 billion in new US CLOs were issued, and $96 billion in CLOs were refinanced [10] - The LSTA indexes trailing twelve-month default rate ended the first quarter at 82 basis points, 11 basis points lower than at the end of 2024 [11] - The company noted that CLO portfolios experienced credit stresses at roughly half the level of the overall market [11] Company Strategy and Development Direction - The company aims to maximize total return while generating high current income through investments primarily in equity and junior debt tranches of CLOs [5] - The strategy includes maintaining a sustainable distribution policy and protecting net asset value (NAV) while managing risks through diversification [5] - The company is positioned to capitalize on market volatility due to extended reinvestment periods of CLOs [10][12] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the CLO market's resilience despite tariff uncertainties, highlighting strong corporate fundamentals and manageable near-term maturities [11][13] - The company anticipates a slowdown in CLO primary issuance and refinancing activity but expects CLOs to absorb potential loan fund outflows [10][11] - Management believes that CLOs provide an efficient way to access senior secured corporate loans and can offer attractive risk-return profiles across various credit cycles [18] Other Important Information - The company distributed dividends of $0.22 per common share in January, February, and March, with plans for the same distribution in April [16] - The annualized dividend yield based on the share price at the end of March was 13.9% [17] Q&A Session Summary - The Q&A session did not contain specific questions or answers as the call concluded without further inquiries from participants [19][20]

Core Viewpoint - Pearl Diver Credit Company Inc. reported a net loss of $6.1 million for Q1 2025, a significant decline from a net income of $3.4 million in the previous quarter, primarily due to unrealized losses on investments resulting from increased market risk premiums affecting CLO equity valuations [6]. Financial Performance - Net asset value per share decreased to $18.33 as of March 31, 2025, down from $19.89 as of December 31, 2024, reflecting a decrease of $1.56 per share [6]. - Net investment income for Q1 2025 was $3.4 million, or $0.50 per share, consisting of $6.0 million in investment income and $2.6 million in expenses [6]. - Unrealized losses on investments totaled $9.6 million, or $1.41 per share, compared to a gain of $0.5 million, or $0.07 per share in the previous quarter [6]. - The company had leverage of $40.4 million, representing 23.2% of total assets as of March 31, 2025, an increase from $35.6 million or 19.9% of total assets at the end of 2024 [6]. Investment Portfolio - The weighted average effective yield of the company's CLO portfolio was 15.57%, an increase of 68 basis points [6]. - The company had indirect exposure to approximately 1,200 unique corporate obligors and over 1,700 underlying loans, totaling $22.7 billion [6]. - The largest look-through obligor represented 0.6% of the loans underlying the CLO equity portfolio, while the top ten largest obligors represented 4.4% [6]. Capital Raising - The company closed the over-allotment option on its public offering of 8.00% Series A Term Preferred Stock Due 2029, raising net proceeds of $33.2 million from the sale of 1,480,000 shares at $25 per share [6].