ck0001517767-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT 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 3400

New York, New York 10017

(Address of principal executive offices) (Zip Code)

Joshua Lefkowitz, Esq.

Chief Legal Officer, Carlyle Credit Income Fund

One Vanderbilt Avenue, Suite 3400

New 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: March 31, 2026

Item 1. Reports to Stockholders

The semi-annual report to stockholders for the six month period ended March 31, 2026 is filed herewith pursuant to Rule 30e -1

under the Investment Company Act of 1940.

CARLYLE CREDIT INCOME FUND

SEMI-ANNUAL REPORT

MARCH 31, 2026

IMPORTANT INFORMATION

About Carlyle Credit Income Fund

Carlyle Credit Income Fund is an externally managed closed-end fund focused on primarily investing in equity and

junior debt tranches of collateralized loan obligations ("CLOs"). The CLOs are collateralized by a portfolio consisting primarily

of U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. With Carlyle

Global Credit Investment Management L.L.C. (“Carlyle” or “CGCIM”) as its investment adviser, the Fund draws upon the

significant scale and resources of Carlyle and its affiliates as one of the world's largest CLO managers. For more information,

visit www.carlylecreditincomefund.com.

Forward Looking Statements

This report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform

Act of 1995. Statements other than statements of historical facts included in this report may constitute forward-looking

statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual

results may differ materially from those in the forward-looking statements as a result of a number of factors, including those

described in the Fund’s filings with the SEC. The Fund undertakes no duty to update any forward-looking statement made

herein. All forward-looking statements speak only as of the date of this report.

Table of Contents


Section	Page
Letter to Shareholders and Management’s Discussion of Fund Performance	1
Summary of Certain Unaudited Portfolio Characteristics	3
Fees and Expenses	5
Statement of Assets and Liabilities	7
Schedule of Investments	8
Statement of Operations	11
Statements of Changes in Net Assets	12
Statement of Cash Flows	13
Financial Highlights	14
Notes to Financial Statements	16
Dividend Reinvestment Plan	35
Portfolio Proxy Voting Policies and Proxy Voting Record	36
Additional Information	37

1 Carlyle Internal Sources as of December 31, 2025

2 Leveraged Commentary & Data (“LCD”) as of March 31, 2026

3 Bloomberg as of March 31, 2026

4 Standard & Poor’s Dow Jones Indices as of March 31, 2026

5 LCD as of March 31, 2026

6 Levfin Insights as of March 31, 2026

7 LCD as of March 31, 2026

8 Citi research as of March 31, 2026

9 Wells Fargo Research as of March 31, 2026

10 Citi research as of March 31, 2026

Letter to Shareholders and Management’s Discussion of Fund Performance

FUND REVIEW & DISCUSSION OF

PERFORMANCE

On May 19, 2026, Carlyle Credit Income Fund (“we,”

“us,” “our,” “CCIF” or the “Fund”) (NYSE: CCIF)

announced via press release the financial results for the

second quarter ending March 31, 2026. Over the past six

months, the Fund has successfully implemented the

following:

•The Fund currently holds a diversified portfolio

consisting of 44 unique collateralized loan

obligation (“CLO”) investments managed by 24

different collateral managers with exposure to

1,850 separate loans.

•The weighted average GAAP yield of the

portfolio is 11.06% as of March 31, 2026.

•The Fund completed 6 accretive CLO

refinancings and resets in the underlying portfolio

to either reduce the weighted average cost of debt

in the CLO or to extend the reinvestment period.

•CCIF is providing a 21.49% annualized dividend

based on the share price as of May 12, 2026.

•We refinanced $52 million 8.75% Series A Term

Preferred Shares with lower cost preferred shares

with a weighted average coupon of 7.33%.

◦Issued $30 million of 7.375% Series D

Term Preferred Shares (NYSE: CCID)

◦Completed a $17.5 million private

placement of 7.25% Series E Convertible

Preferred Shares

•We redeemed all $20 million 7.50% Series C

Convertible Preferred Shares

As of March 31, 2026, the NAV of the Fund is $3.34 per

share.

The Fund continues to hold one legacy real estate asset in

the portfolio that was inherited from the prior advisor of

the Fund. The fair market value of the loan is $2.2 million.

We believe Carlyle’s 15 years of CLO investment

experience and its team of over 30+ credit investment

professionals across the U.S. and Europe provide

differentiated insights into the CLO market. Carlyle

remains one of the largest CLO managers globally with

approximately $50 billion in AUM and $3.4 billion in third

party managed CLO investments.1

MARKET REVIEW

Leveraged loans posted negative returns in Q1 2026 amid

shifting market sentiment driven by geopolitical volatility,

inflationary pressures, and uncertainty surrounding AI-

driven disruption. The LSTA U.S. Leveraged Loan Index

(the “LSTA Index”) returned -0.6% for Q1 2026,

compared to -0.5% for high yield bonds and -4.3% for the

S&P 500.2,3,4 The Index price ended the quarter at $94.63,

with only 14% of loans trading above par.5 Market

conditions were characterized by increased dispersion

across sectors and issuers during the quarter.

Opportunistic loan repricing and refinancing activity was

elevated in January, with repricings totaling $105.8 billion,

but slowed materially over the remainder of Q1 2026,

reflecting increased market volatility and softer secondary

loan prices.6 As a result, gross loan issuance totaled $223.8

billion in Q1 2026, representing a 33% decrease from Q1

2025.6 However, the market saw a pickup in larger new

money transactions, including Electronic Arts, the largest

leverage buyout ever. These transactions were generally

met with strong investor demand, contributing to $51.0

billion of quarterly new money activity in the broadly

syndicated loan (“BSL”) market, the highest level in four

years.7

The CLO market was active at the start of Q1 2026, with

strong issuance in January, before activity moderated over

the remainder of the quarter following increased market

volatility.8 New issuance totaled $48.4 billion in the

quarter, up from $45.0 billion in Q1 2025, as managers

continued to access the primary market despite increased

volatility.8 CLOs remained a key source of demand for

leveraged loans, helping to support primary issuance and

secondary market liquidity. Liability spreads widened

modestly across the capital stack, with AAA spreads

widening by approximately 5 bps quarter-over-quarter and

BB spreads at approximately 150 bps, contributing to a

moderation in refinancing and reset activity during the

quarter.9 CLO resets and refinances totaled $31.8 billion

and $23.7 billion, respectively during the quarter, as

managers continued to evaluate opportunities to extend

reinvestment periods and optimize financing costs.10

11 Carlyle Internal Sources as of December 31, 2025

SEC Form N-CSRS filed by Carlyle Credit Income Fund