Joshua Lefkowitz
About Joshua Lefkowitz
Joshua Lefkowitz serves as Chief Legal Officer and Secretary of Carlyle Credit Income Fund (CCIF) with an indefinite term since July 2023; he is also Managing Director and Global Credit Chief Legal Officer at The Carlyle Group since 2018, and previously held senior legal roles at Ares Management (2017–2018) and American Capital (2006–2017) . His birth year is 1974; education is not disclosed in CCIF’s proxy . As an officer of a 1940 Act closed-end fund, he is not compensated by the Fund; he acts as signatory and authorized person across Carlyle Global Credit entities and CCIF in SEC exemptive and transaction filings, evidencing core legal, regulatory, and structuring responsibilities . Fund performance context during his tenure includes sustained dividends and net investment income per share, as detailed below .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Carlyle Group (Global Credit) | Managing Director; Chief Legal Officer (Global Credit) | 2018–present | Legal leadership for global credit platform; signatory authority on co-invest relief and transactions supporting CCIF and affiliated funds . |
| Ares Management, Ltd. | Principal and Associate General Counsel | Jan 2017–Mar 2018 | Senior legal counsel in alternative credit/asset management . |
| American Capital, Ltd. | Vice President and Associate General Counsel | Mar 2006–Jan 2017 | Legal counsel across investment company operations and transactions . |
| Carlyle Credit Income Fund (CCIF) | Chief Legal Officer; Secretary (Officer) | Since Jul 2023 | Indefinite officer term; board-authorized execution of exemptive applications and transaction documents for CCIF . |
External Roles
| Entity | Role/Capacity | Date/Years | Notes |
|---|---|---|---|
| Carlyle Global Credit Investment Management L.L.C. (CGCIM) | Global Credit Chief Legal Officer | Ongoing | Signatory/authorized person in 40-APP filings supporting co-investment relief and joint transactions; address One Vanderbilt Ave., Suite 3400, NY . |
| CCIF | Chief Legal Officer & Secretary | Ongoing | Officer; executes applications and certifications for SEC exemptive relief and preferred share documents . |
| CBAM CLO Management LLC | Authorized Person | 2025 | Signatory on affiliated CLO entities in exemptive application . |
| Various Carlyle SPVs (e.g., TCG Capital Markets L.L.C.; TCG Senior Funding L.L.C.) | Chief Legal Officer / Authorized Person | 2025 | Execution authority noted across platform financing entities in co-invest application . |
| Attorney-in-fact for CCIF insiders | Attorney-in-fact | Feb 2025 | Signed Section 16 Form 5 filings on behalf of insiders (Mehta, Handa) . |
Fixed Compensation
- CCIF officers do not receive compensation from the Fund (officers are not paid by CCIF; independent trustees are separately compensated) .
Performance Compensation
- No performance-based compensation (bonuses/RSUs/options) is disclosed for CCIF officers; officer compensation is not paid by the Fund and not reported in CCIF proxy filings .
Equity Ownership & Alignment
| Metric | Value | As-of Date | Notes |
|---|---|---|---|
| Beneficial Common Shares (Direct) | 1,123.64 | 12/31/2024 | Acquired via dividend reinvestment per Form 5; ownership form Direct . |
| Officers/Trustees/Group Ownership | <1% of outstanding shares | 06/30/2025 | Group beneficial ownership as of June 30, 2025 . |
| Common Shares Outstanding | 21,157,035 | Record date 07/08/2025 | Shares outstanding per proxy . |
| Ownership as % of Outstanding | ~0.0053% | Derived | Computed from 1,123.64 / 21,157,035; basis data cited above . |
| Derivative/Option Holdings | Not disclosed | 12/31/2024 | Form 5 excerpt shows only DRIP acquisitions; no derivative entries disclosed in provided content . |
| Pledged/Hedged Shares | Not disclosed | — | No pledging/hedging disclosures for officers in proxy . |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Officer Titles | Chief Legal Officer; Secretary | |
| Term Length | Indefinite; since July 2023 | |
| Address | One Vanderbilt Avenue, Suite 3400, New York, NY 10017 | |
| Employment Agreement | Not disclosed | |
| Severance / Change-of-Control (employment) | Not disclosed | |
| Non-compete / Non-solicit | Not disclosed | |
| Attorney-in-fact authority | Signed Form 5 filings for other insiders |
Fund Performance Context (during Lefkowitz’s tenure)
| Metric (per share) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Net Investment Income (GAAP) | $0.32 | $0.30 | $0.26 | $0.23 | $0.19 |
| Adjusted Net Investment Income | $0.32 | $0.31 | $0.27 | $0.26 | $0.22 |
| Core Net Investment Income (CNII) | $0.55 | $0.46 | $0.45 | $0.27 | $0.35 |
| Recurring Cash Flows | $0.81 | $0.70 | $0.70 | $0.49 | $0.55 |
| Dividends Paid | $(0.32) | — | — | — | $(0.32) |
| NAV per Common Share (quarter-end) | $7.68 | $7.64 | $7.44 | $6.98 | $6.51 |
- CCIF declared and maintained monthly common dividends of $0.105 for Sep–Nov 2025; the annualized dividend rate equated to 22.07% based on 8/15/2025 share price, supported by CNII and recurring cash flows .
- Preferred capital structure includes listed Series A Term Preferred (BBB+), and non-listed convertible preferred (Series C) with detailed preferences; these influence governance and liquidity but are not officer compensation .
Compensation Structure vs Performance Metrics
- Fund-level compensation linkages for officers are not present; CCIF officers are unpaid by the Fund, so there is no disclosed pay-for-performance alignment at the fund level for Lefkowitz (no base salary, bonus, RSUs/options from CCIF) .
- Fund performance metrics (NII, CNII, NAV, dividends) provide context for governance and legal execution under which Lefkowitz operates, but no officer payout formulas or targets are disclosed .
Vesting Schedules and Insider Selling Pressure
- No CCIF equity awards, option grants, or vesting schedules are disclosed for officers; Lefkowitz reported only DRIP acquisitions in 2024, indicating minimal insider selling pressure from award-driven vesting .
- No pledging or hedging of company stock by officers is disclosed in proxy .
Equity Ownership Alignment and Pledging
- Direct ownership of 1,123.64 common shares (as of 12/31/2024) is de minimis relative to outstanding shares; officers and trustees as a group own <1% of the Fund, suggesting low direct “skin-in-the-game” alignment at the officer level .
- Carlyle (the adviser’s parent) beneficially owns 4,846,842 common shares (22.91%), creating strong sponsor alignment and influence; Lefkowitz is a senior legal executive at Carlyle Global Credit .
Employment Contracts, Severance, and Change-of-Control Economics
- Employment contract terms, severance, change-of-control, clawbacks, tax gross-ups, deferred compensation, pensions/SERP, and perquisites for officers are not disclosed in CCIF filings .
- Governance and financing documents detail change-of-control and redemption mechanics for preferred securities, not executive employment terms .
Performance & Track Record
- Operational execution includes serving as Secretary/Chief Legal Officer across CCIF regulatory filings, including co-invest exemptive applications (Rule 17d-1) designed to expand deal flow and protect shareholder interests via formal co-invest policies .
- Lefkowitz executed officer certifications and legal opinions in connection with the Series C Convertible Preferred Shares offering; documentation evidences legal rigor and compliance in capital formation .
Compensation Committee Analysis
- CCIF proxy focuses on trustee committees; officer compensation is not addressed because officers are unpaid by the Fund; Audit Committee charter and governance duties are detailed for trustees, not officers .
Say-on-Pay & Shareholder Feedback
- No say-on-pay items are presented; shareholder votes relate to trustee elections; proxy solicitation and meeting details are disclosed .
Expertise & Qualifications
- Legal and regulatory expertise across investment company and credit platforms, with senior roles at Carlyle, Ares, and American Capital .
- Specific educational degrees are not disclosed in CCIF proxy .
Work History & Career Trajectory
- Progressive senior legal roles over ~19 years across alternative asset managers culminating in Global Credit CLO at Carlyle and Fund officer at CCIF .
Investment Implications
- Alignment: As CCIF officer, Lefkowitz has minimal direct share ownership; officer-level pay is not funded by CCIF, reducing direct pay-for-performance alignment at the fund level; sponsor (Carlyle) holds ~22.91% of common, indicating strong platform alignment and control .
- Retention and selling pressure: No CCIF equity awards, options, or vesting schedules are disclosed; insider activity reflects DRIP acquisitions only, implying low forced-selling risk from vesting events .
- Governance: His legal stewardship across co-invest relief, preferred security documentation, and Section 16 filings suggests robust compliance and transaction execution; these are positives for process reliability and deal access in CCIF’s co-invest framework .
- Risks/Red flags: Lack of officer-level compensation disclosure (common for 1940 Act funds) limits pay-performance benchmarking; large affiliated ownership (Carlyle) underscores potential conflicts to monitor, mitigated by co-invest policies and board governance stated in filings .