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Non-Tech : Income Investing -- Ignore unavailable to you. Want to Upgrade?

To: brehm233 who wrote (52041)

10/27/2025 11:47:16 AM

From: Privately

Respond to of 52046

Re: CLCIV, I think I got these right, double check before pilling in...

Hi Brehm,

I think you confused the parent company (?) . I think you mean the issuer CCIF, not CCIV.

CCIF is a closed end fund that invests in equity and junior debt tranches of collateralized loan obligations, or “CLOs”. it has been dropping in value pretty much non-stop since it started about 5 years ago (IIRC).

CCIF had an 8.75% preferred outstanding (CCIA) that was issued in 2023 and shot up nicely to almost $27, and then was called very early a few weeks ago (pays out next week @$25). Some folks took a hit because it was trading well above redemption value soon before the call. CLCIV is the preferred they are issuing to replace CCIA.

From QOL: quantumonline.com

Carlyle Credit Income Fund
Ticker Symbol: CCIF CUSIP: 92535C104 Exchange: NYSE
Security Type: Closed-End ETF --- ETF SubType: Realty Income Fund

Company's Online Profile

FUND DESCRIPTION: Carlyle Credit Income Fund formerly, Vertical Capital Income Fund is a diversified exchange-traded closed-end fund (CEF) or a closed-end ETF that is officially described as a closed-end management investment company. INVESTMENT OBJECTIVE: The Carlyle Credit Income Fund seeks current income and capital appreciation.

FUND STRATEGY: The fund seeks to achieve its investment objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations, or “CLOs,” that are collateralized by a portfolio consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. The Fund may also invest in other related securities and instruments or other securities and instruments that its Adviser believes are consistent with our investment objectives, including senior debt tranches of CLOs, loan accumulation facilities, or “LAFs,” and securities issued by other securitization vehicles, such as collateralized bond obligations, or “CBOs.”.

FUND MANAGEMENT: The Board of Trustees is responsible for the overall management of the Fund, including supervision of the duties performed by the Adviser. Carlyle Global Credit Investment Management serves as Investment Adviser to the Fund.

There is a discussion of CLCIV on tims site: innovativeincomeinvestor.com

FWIW, I had some CLO issues, but I have been exiting them. Too much shaky debt out there and too many failures cropping up. exiting the higher risk issues first. CLOs have always sounded to me like the mortgage securities that cratered in the 2008 financial crisis ("they are safe because we take garbage from lots of borrowers, swizzle it around, and sell slices of the different tranches which magically reduces risk - until they start to get a lot of defaults"), so I am chickening out.

Just me - not a recommendation. It is costing me a lot of higher yielding issues that I can't really replace with similarly high yielding issues, but I think the risk capital losses is swelling.