Carlyle Credit Income Fund Series D Pfd 2024年度报告

Washington, D.C. 20549 FORMN-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES Investment Company Act File Number 811-22554 Carlyle Credit Income Fund (Exact Name of Registrant as Specified In Its Charter) One Vanderbilt Avenue, Suite 3400New York, New York 10017(Address of principal executive offices) (Zip Code) Joshua Lefkowitz, Esq.Chief Legal Officer, Carlyle Credit Income FundOne Vanderbilt Avenue, Suite 3400New York, New York 10017(Name and address of agent for service) Registrant’s telephone number, including area code: (212) 813-4900 Date of fiscal year end: September 30 Date of reporting period:September 30, 2025 Item 1. Reports to Stockholders The annual report to stockholders for the year ended September 30, 2025 is filed herewith pursuant to Rule 30e -1 under the InvestmentCompany Act of 1940. CARLYLE CREDIT INCOME FUNDANNUAL REPORT SEPTEMBER 30, 2025 Table of Contents Section Year End 2025 Shareholder LetterImportant Information about this Report and Carlyle Credit Income FundPerformance DataSummary of Certain Unaudited Portfolio CharacteristicsFees and ExpensesStatement of Assets and LiabilitiesSchedule of InvestmentsStatement of OperationsStatements of Changes in Net AssetsStatement of Cash FlowsFinancial HighlightsNotes to Financial StatementsResults of Shareholder MeetingReport of Independent Registered Public Accounting FirmPrice Range of Common SharesDividend Reinvestment PlanManagement of the FundApproval of Investment Advisory AgreementPortfolio Proxy Voting Policies and Proxy Voting RecordAdditional Information FUND REVIEW & DISCUSSION OF PERFORMANCE over $49 billion in AUM and $3.1 billion in third party managedCLO investments.1 On November 18, 2025, Carlyle Credit Income Fund (“we,” “us,”“our,” “CCIF” or the “Fund”) (NYSE: CCIF) announced via pressrelease the financial results for the fourth quarter endingSeptember 30, 2025. Over the past year, the Fund has successfullyimplemented the following: MARKET REVIEW Leveraged loans posted positive returns through Q3 2025 amidshifting expectations for the Federal Reserve’s (“Fed’s”) rate cuts.The LSTA U.S. Leveraged Loan Index (“LSTA Index”) returned1.7% for the Q3 2025, compared to 2.4% for high yield bonds and7.9% for the S&P 500. The year-to-date return for the LSTA Indexwas 4.6%.The Index price ended the quarter at $97.06, withnearly half of the loans trading above par.The Fed implementedits first rate cut of the cycle in September amid moderatinginflation and relatively stable economic conditions.2,3,42 •The fund currently holds a diversified portfolio consistingof 54 unique collateralized loan obligation (“CLO”)investments managed by 27 different collateral managerswith exposure to 2,032 separate loans.•The weighted average GAAP yield of the portfolio is14.44% as of September 30, 2025.•The fund completed 30 accretive CLO refinancings andresets in the underlying portfolio to either reduce theweighted average cost of debt in the CLO or to extend thereinvestment period.•We maintained a 24.14%annualized dividend based onthe share price as of November 12, 2025.•The Fund continues to incorporate an at-the-market(“ATM”) offering program to issue common shares abovenet asset value (“NAV”) when the stock price is aboveNAV. We continue to believe the implementation of theATM offering program is an efficient and accretive wayto grow the Fund. ATM issuance for the year totaled$32.3 million of net proceeds.•We continue to efficiently leverage the fund with long-term and flexible-term preferred stock and convertiblepreferred stock with limited covenants. Institutional loan issuance totaled $384.0 billion in Q3 2025,compared to $222.0 billion in Q3 2024.Refinancing andrepricing activity accounted for the majority of volume at $66.5billion and $219.2 billion, respectively, as borrowers continued tofocus on extending maturities and reducing borrowing costs.Newmoney issuance remained limited, with LBO and M&A relatedvolume relatively unchanged from the third quarter of the prioryear. Loan secondary prices held steady through the quarter amidconsistent investor demand and limited net supply.Additionally,issuance activity strengthened toward the end of the quarter drivenby steady demand and favorable technical conditions. We expectactivity will continue to increase, supported by declining baserates driving lower funding costs, normalization of tariff andregulatory policies, and resilient expectations for economicgrowth.555 As of September 30, 2025, the NAV of the Fund is $6.13 pershare. The CLO market remained active through Q3 2025, building onthe steady momentum seen earlier in the year. New issuancetotaled $52.2 billion in the quarter, up from $48.5 billion in Q22025, as managers benefited from improved market conditions andmodest tightening in liability spreads.CLOs continued torepresent the dominant source of demand for leveraged loans,helping to absorb steady primary issuance and support secondar