Nelson Joseph
Principal Financial Officer, Principal Accounting Officer, and Treasurer at Carlyle Credit Income Fund
Executive
About Nelson Joseph
Nelson Joseph serves as Principal Financial Officer, Principal Accounting Officer, and Treasurer of Carlyle Credit Income Fund (CCIF), with an indefinite term since July 2023; he is a Principal at The Carlyle Group, and previously a Director at Apollo Global Management (2016–2022). He is listed with birth year 1979. Fund-level performance under his financial stewardship includes maintaining monthly common dividends of $0.105 in Sep–Nov 2025 supported by core net investment income and recurring cash flows, Q3 2025 net investment income per share of $0.19, core NII per share of $0.35, and NAV per share of $6.51; monthly reported NAV per share moved from $6.52 (Jul) to $5.93 (Oct) in 2025 as disclosed via periodic 8-Ks .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apollo Global Management LLC | Director | 2016–2022 | Senior finance leadership across highly regulated credit markets |
| CCIF | Principal Financial Officer, Principal Accounting Officer, Treasurer | Since July 2023 | Oversees fund financial reporting, capital activities, and dividend policy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Carlyle Group | Principal | Since 2023 | Alignment with Carlyle Global Credit platform; access to CLO expertise and resources |
Fixed Compensation
- Fund officers do not receive compensation from the Fund; proxy explicitly states Trustees who are “interested persons” and the Fund’s officers do not receive compensation from the Fund .
- No disclosures of base salary, bonus, or cash compensation for Mr. Joseph at CCIF; he is compensated by The Carlyle Group outside the Fund, with no details provided in CCIF’s proxy .
Performance Compensation
Not disclosed at the Fund level. No RSU/PSU/option awards, vesting schedules, performance metric linkages, clawback provisions, tax gross-ups, or ownership guidelines are provided for Fund officers in CCIF’s proxy. Officers receive no compensation from the Fund .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officer/Trustee group beneficial ownership | Less than 1% of outstanding shares (as of June 30, 2025) |
| Common shares outstanding (Record Date) | 21,157,035 (as of Jul 8, 2025) |
| Preferred shares outstanding | 2,103,517 (as of Jul 8, 2025) |
| 5% holders | Carlyle Group: 4,846,842 common shares (22.91%); Eagle Point Credit Management: 422,634 preferred (20.09%) |
| Pledging/Hedging by officers | Not disclosed |
| Ownership guidelines | Not disclosed; no officer compensation from Fund |
Employment Terms
| Term | Detail |
|---|---|
| Positions | Principal Financial Officer, Principal Accounting Officer, Treasurer |
| Start date | Since July 2023 (indefinite term) |
| Contract term/expiration | Indefinite; no employment agreement terms disclosed (no non-compete/non-solicit/garden leave) |
| Change-of-control/severance | Not disclosed |
| Section 16 compliance | Fund reports officers complied with Section 16(a) filing requirements in FY ended Sep 30, 2024 |
| Named as proxy | Board named Jennifer Juste and Nelson Joseph to serve as proxies for the 2025 Annual Meeting |
Fund Performance Context (operational metrics under Mr. Joseph’s financial oversight)
| Metric | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|
| Total investment income ($000) | 7,383 | 7,901 | 8,269 | 8,565 | 8,609 |
| Net investment income ($000) | 3,997 | 4,248 | 4,092 | 4,028 | 3,927 |
| NII per share ($) | 0.32 | 0.30 | 0.26 | 0.23 | 0.19 |
| Adjusted NII per share ($) | 0.32 | 0.31 | 0.27 | 0.26 | 0.22 |
| Core NII per share ($) | 0.55 | 0.46 | 0.45 | 0.27 | 0.35 |
| Recurring cash flows per share ($) | 0.81 | 0.70 | 0.70 | 0.49 | 0.55 |
| NAV per common share ($) | 7.68 | 7.64 | 7.44 | 6.98 | 6.51 |
| NAV per common share (monthly) | Jun 30, 2025 | Jul 31, 2025 | Aug 31, 2025 | Sep 30, 2025 | Oct 31, 2025 |
|---|---|---|---|---|---|
| Reported NAV ($) | 6.51 | 6.52 | 6.27 | 6.13 | 5.93 |
| Dividend and capital actions | Q3 2025 |
|---|---|
| Common dividend declared | $0.105 per share for Sep, Oct, Nov 2025 (annualized 22.07% based on Aug 15, 2025 price) |
| Dividend coverage | Supported by CNII $0.35/share and $0.55/share recurring cash flows in Q3 2025 |
| ATM issuance | Sold 1.4 million common shares at premium to NAV; net proceeds $9.2 million; NAV accretion ~$0.01/share |
| Preferred conversion | $5.0 million of 7.125% Series B convertible preferred converted to common above NAV |
| Credit facility | Entered $30 million facility at SOFR + 3.25% (upsizable to $50 million) on July 11, 2025 |
Fixed Compensation (Officer pay at Fund)
| Component | Disclosure |
|---|---|
| Base salary | Not paid by Fund (officers receive no Fund compensation) |
| Bonus | Not paid by Fund |
| Perquisites | Not disclosed at Fund level |
| Pension/SERP | Not disclosed |
Performance Compensation (Incentives)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers | — | — | — | — | — |
CCIF reports non-GAAP CNII and Adjusted NII used for performance assessment of fund results, not individual officer pay .
Investment Implications
- Pay-for-performance linkage at the Fund level is strong (dividends supported by CNII and recurring cash flows), but individual officer pay is not Fund-disclosed; compensation occurs at The Carlyle Group, reducing direct Fund-level pay alignment visibility for Mr. Joseph. This limits classic executive comp signal analysis (bonuses vs targets, vesting calendars, insider sale pressure) at the Fund level .
- Ownership alignment: Officer/Trustee group holds <1% collectively; however, The Carlyle Group owns ~22.91% of CCIF common—indicating platform-level alignment, though not specifically attributable to Mr. Joseph. No officer pledging or hedging disclosures were provided, reducing red-flag risk on that dimension .
- Retention risk appears modest at the Fund level given indefinite officer terms and integration with Carlyle’s Global Credit organization; no severance or change-of-control economics are disclosed for Fund officers. Operational execution indicators under Mr. Joseph’s financial oversight include maintaining dividends, managing ATM issuance at NAV premiums, and obtaining a SOFR-based credit facility—supportive for liquidity and distribution stability, though NAV trended down through Oct 2025, warranting continued monitoring of CLO cash flows and valuation marks .
- Trading signals: absence of Form 4 data in Fund filings and non-disclosure of officer equity awards means typical insider-selling pressure analysis is not feasible from CCIF’s documents; investors should monitor monthly NAV updates, dividend declarations, and capital actions signed by Mr. Joseph as proximate indicators of financial discipline and fund health .