Eagle Point keeps 20 % CCIF preferred block despite June sales

Rhea-AI Filing Summary

Schedule 13D/A highlights a change in the ownership position of Eagle Point Credit Management LLC ("EPCM") in Carlyle Credit Income Fund (CCIF) Series A Preferred Shares. The amendment, dated 30 June 2025 and signed 2 July 2025, shows EPCM now beneficially owns 422,634 preferred shares, equal to 20.04 % of the class. EPCM exercises sole voting and dispositive power over the entire block through discretionary authority granted by the underlying managed accounts.

Recent trading activity: Since the prior amendment filed 2 June 2025, the managed accounts executed 29 open-market sales between 2 June and 2 July 2025. The individual trades ranged from 1 to 5,800 shares at prices of $25.57–$25.69, indicating a modest step-down in the position rather than an exit. No purchases were reported during the period.

Purpose & funding: EPCM states the shares were acquired for investment purposes using existing capital of each account and that it may adjust the position at its discretion. No arrangements, contracts or voting agreements beyond normal investment-management authority were disclosed.

• Reporting Person: Eagle Point Credit Management LLC, a Delaware-domiciled registered investment adviser.
• Ownership structure: EPCM is wholly owned, through intermediate entities, by Eagle Point Holdings LP; majority board control resides with Trident EP-II Holdings LLC.
• Threshold implications: The 20 % stake keeps EPCM above the 5 % and 10 % reporting thresholds, confirming continued status as a significant insider under Section 13(d).

While the filing signals confidence through a still-large ownership block, the series of June sales could imply portfolio rebalancing or reduced appetite. Investors should monitor future amendments for further reductions, which could affect preferred-share liquidity and market perception of sponsor support.

Positive

• EPCM retains a sizable 20.04 % holding, signalling continued strategic interest in CCIF’s preferred securities.
• No adverse intent disclosed; the position is held strictly for investment, with no governance or control campaign indicated.

Negative

• Approximately 17,000 preferred shares were sold in June 2025, suggesting a gradual reduction in support from a major holder.
• Sustained selling could weigh on limited-float preferred shares if the trend accelerates, potentially pressuring market price and liquidity.

Insights

Financial Analyst

TL;DR Modest trim but EPCM retains a 20 % stake; impact neutral unless selling continues.

EPCM remains a cornerstone holder of CCIF preferreds, yet the 29 reported sales—roughly 17,000 shares overall—show incremental distribution. At current ownership of 422,634 shares, EPCM still exceeds typical blocking thresholds, suggesting continued influence on any corporate actions affecting preferred holders. The reported sale prices (~$25.60) sit near par, implying no distress or discount-driven exit. Because the preferreds trade OTC and liquidity is limited, EPCM’s future sell-down pace could pressure pricing. However, a single adviser reducing exposure from an overweight position is routine portfolio management, not necessarily a signal of deteriorating credit quality at CCIF. Overall market impact is neutral; watch subsequent 13D/A filings for trend confirmation.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Carlyle Credit Income Fund

(Name of Issuer)

Preferred Shares

(Title of Class of Securities)

92535C500

(CUSIP Number)

Courtney Fandrick
600 Steamboat Road, Suite 202,
Greenwich, CT, 06830
203 340 8536

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/30/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 92535C500

1

Name of reporting person

Eagle Point Credit Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 422,634.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 422,634.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

422,634.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

20.04 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Preferred Shares
(b)	Name of Issuer: Carlyle Credit Income Fund
(c)	Address of Issuer's Principal Executive Offices: One Vanderbilt Avenue, Suite 3400, New York, NEW YORK , 10017.
Item 2.	Identity and Background
(a)	Eagle Point Credit Management LLC
(b)	600 Steamboat Road, Suite 202, Greenwich, CT 06830 United States.
(c)	This Schedule 13D is filed by Eagle Point Credit Management LLC ("EPCM"), a Delaware limited liability company (the "Reporting Person"). The principal business address for the Reporting Person is 600 Steamboat Road, Suite 202, Greenwich, CT 06830 United States. EPCM is a registered investment adviser and serves as investment adviser to certain private funds and separately managed accounts which hold the Preferred Shares described herein (collectively, the "Accounts"). EPCM is ultimately wholly owned by Eagle Point Holdings LP ("EP Holdings") through intermediary holding companies. Eagle Point Holdings GP LLC ("EP Holdings GP") is the sole general partner of EP Holdings. EP Holdings GP is managed by a board of managers (the "EP Holdings Board") of which the majority of the members are appointed by Trident EP-II Holdings LLC ("EP-II LLC"), which also owns a majority of the voting interests in EP Holdings GP. EP Holdings is a Delaware limited partnership and EP Holdings GP is a Delaware limited liability company. The principal business address of each of these entities is c/o Eagle Point Credit Management LLC, 600 Steamboat Road, Suite 202, Greenwich, CT 06830. EP-II LLC is a Delaware limited liability company. Its principal business address is c/o Stone Point Capital LLC, 20 Horseneck Lane, Greenwich, CT 06830. Set forth below is the name and principal occupation of each member of the Board of EP Holdings GP. Each of the following individuals is a United States citizen. Name Principal Occupation Principal Business Address Chris C. Stroup Managing Director, c/o Stone Point Capital LLC, Stone Point Capital LLC 20 Horseneck Lane, Greenwich, CT 06830 Thomas P. Majewski Managing Partner, c/o Eagle Point Credit Management LLC, EPCM (and certain affiliated advisers) 600 Steamboat Road, Suite 202, Greenwich, CT 06830 James R. Matthews Managing Director, Stone Point Capital LLC c/o Stone Point Capital LLC, 20 Horseneck Lane, Greenwich, CT 06830 Additional information regarding EPCM's ownership and governance structure is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-77721), under the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference.
(d)	During the past five years, none of the Disclosed Parties has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the past five years, none of the Disclosed Parties was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3.	Source and Amount of Funds or Other Consideration
	Since the Reporting Persons' previous Schedule 13D filing relating to the Preferred Shares (filed with the SEC on June 2, 2025 and available at the following hyperlink: https://www.sec.gov/Archives/edgar/data/1517767/000110465925055515/xslSCHEDULE_13D_X01/primary_doc.xml), all of the Preferred Shares reported herein were acquired over a period of time in multiple secondary transactions at various market prices. The funds used to acquire each of the Preferred Shares were from each applicable Account's available investment capital.
Item 4.	Purpose of Transaction
	EPCM caused the Accounts to acquire the Preferred Shares they hold for investment purposes and will continue to analyze such investments on an ongoing basis. EPCM, on behalf of the Accounts, reserves the right to increase or decrease the Accounts' ownership of the Preferred Shares over time.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Person may be deemed to beneficially own an aggregate of 422,634 Series A Preferred Shares, which represents approximately 20.04% of all of the Issuer's outstanding preferred shares. The number of Preferred Shares which may be deemed to be beneficially owned by the Disclosed Parties are as follows: Shares Deemed to be Beneficially Owned By: Nature of Ownership Percentage of Class Eagle Point Credit Management LLC: 422,634 Sole Voting and Sole Dispositive Power (1) 20.04% EP Holdings (2): - - - EP Holdings GP (2): - - - EP Holdings Board members (2): - - - EP-II LLC (2): - - - (1) Pursuant to an investment management agreement between EPCM and each Account, EPCM has discretionary investment authority and voting power with respect to the Preferred Shares held by the Accounts. Thus, EPCM could be deemed to have the sole power to vote and dispose or direct the disposition of such Preferred Shares. (2) EP Holdings is a holding company for EPCM. While EP Holdings, EP Holdings GP, each of the EP Holdings Board members, and EP-II LLC could be deemed to share beneficial ownership of the securities held by the Accounts and beneficially owned by EPCM, each of the foregoing fully disclaim beneficial ownership of such securities.
(b)	422,634
(c)	Subsequent to the last amendment to this Schedule 13D, filed with the SEC on June 2, 2025, the Accounts engaged in the following secondary transactions: Date Acquisition/Sale Number of Preferred Shares Price per Preferred Share 6/2/2025 Sale 1,400 $25.57 6/2/2025 Sale 600 $25.59 6/2/2025 Sale 4,100 $25.60 6/2/2025 Sale 300 $25.61 6/2/2025 Sale 281 $25.62 6/2/2025 Sale 200 $25.63 6/2/2025 Sale 267 $25.64 6/3/2025 Sale 160 $25.60 6/4/2025 Sale 1,143 $25.65 6/11/2025 Sale 100 $25.65 6/13/2025 Sale 1,115 $25.65 6/16/2025 Sale 4,175 $25.65 6/16/2025 Sale 88 $25.67 6/16/2025 Sale 52 $25.69 6/25/2025 Sale 5800 $25.60 6/25/2025 Sale 500 $25.62 6/25/2025 Sale 300 $25.63 6/25/2025 Sale 110 $25.64 6/26/2025 Sale 60 $25.60 6/27/2025 Sale 1 $25.60 6/27/2025 Sale 58 $25.62 6/30/2025 Sale 779 $25.65 7/1/2025 Sale 100 $25.65 7/2/2025 Sale 1,515 $25.62 7/2/2025 Sale 700 $25.65
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The relationships between the Disclosing Parties are described in response to Item 2.
Item 7.	Material to be Filed as Exhibits.
	All other materials which may be required to be filed as exhibits have been incorporated by reference herein.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Eagle Point Credit Management LLC

Signature:	/s/ Kenneth Onorio
Name/Title:	Kenneth Onorio, Chief Financial Officer
Date:	07/02/2025

FAQ

Why did Eagle Point Credit Management file an amended Schedule 13D for CCIF?

Because its managed accounts changed their ownership, now holding 422,634 Series A Preferred Shares (20.04 %), triggering an update to prior filings.

How many CCIF preferred shares does EPCM currently own?

The filing reports 422,634 shares under EPCM’s sole voting and dispositive power.

Did EPCM buy or sell CCIF preferred shares during June 2025?

EPCM’s accounts executed 29 open-market sales between 2 June and 2 July 2025; no purchases were reported.

At what prices were the CCIF preferred shares sold?

Sale prices ranged from $25.57 to $25.69 per share, clustered near the $25.60 level.

Does EPCM intend to take control of Carlyle Credit Income Fund?

No. The filing states the shares are held for investment purposes; EPCM reserves the right to adjust the position but discloses no control intentions.

What percentage ownership triggers a Schedule 13D filing?

Any beneficial owner acquiring more than 5 % of a class of voting securities must file; EPCM’s 20 % stake easily exceeds this threshold.