CCIF Fact Sheet: NAV Slides to $3.05 as Shares Trade at 20.3% Discount

summarizeSummary

CCIF's September fact sheet shows NAV down 5.6% to $3.05 while the shares trade at a 20.33% discount, with a 29.63% dividend rate that looks stretched against eroding asset value.

check_boxKey Events · Earnings and Guidance · CCID

• September NAV Falls to $3.05

  Estimated NAV per common share was $3.05 as of 9/30/2026, down 5.6% from $3.23 at 8/31/2026 — the steepest monthly decline in the recent filing record.

• Shares Trade at 20.33% Discount

  Common shares closed September at $2.43 versus $3.05 NAV, a -20.33% discount; total market capitalization was $51.92 million against $65.16 million estimated net assets.

• Dividend Rate at 29.63%

  Current dividend rate is 29.63% paid monthly; at that payout level against a falling NAV, distributions are increasingly likely to include return of capital.

• Portfolio Remains CLO-Heavy

  95.53% CLO debt, 1.89% CLO equity and 2.58% legacy real estate loans; underlying exposure spans 1,405 obligors and 1,813 loans with a $16.15 billion aggregate balance and 97.06% first-lien weighting.

auto_awesomeAnalysis · CCID · Unknown

The September fact sheet puts hard numbers on a widening gap: NAV fell 5.6% month-over-month to $3.05 while the common shares closed September at $2.43 — a 20.33% discount to NAV. That is the sharpest monthly NAV decline in the recent filing record, and it comes with the market price near its 52-week high, so the discount is being driven by falling asset values rather than a collapsing share price. The 29.63% current dividend rate is only sustainable if NAV stabilizes; a fund paying out at that rate while NAV erodes is effectively returning capital. Portfolio detail shows 95.53% CLO debt exposure with a 4.65 weighted average junior OC cushion and a 0.70% trailing default rate versus a 2.08% loan-market default rate, so credit quality is holding for now — but the NAV trend is the thing to watch.