Carlyle Credit Income Fund f/k/a Vertical Capital Income Fund
Company Name | Carlyle Credit Income Fund f/k/a Vertical Capital Income Fund |
Stock Symbol | CCIF |
On January 12, 2023, the Fund announced that its current investment manager would be replaced by Carlyle Global Credit Investment Management L.L.C., and that the Fund’s investment mandate would change from investing in residential home loans to investing in equity and debt tranches of collateralized loan obligations. The replacement was subject to approval by shareholder vote with the condition that the Fund sell at least 95% of its legacy residential portfolio.
Then, on July 11, 2023, the Fund announced that it had sold most of its legacy loan portfolio for “aggregate proceeds lower than the book value of the combined assets…,” and as a result, the Fund had revised its NAV to $8.27 per share.
On this news, the Fund’s stock fell $1.45, or 14.7%, to close at $8.45 per share on July 11, 2023, thereby injuring investors.
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