Thu, May 15, 9:15 PM (38 days ago)
**Guggenheim Credit Income Fund 2019 (GCIF) - Q1 2025 Financial Summary** **Ticker: GCIF** **Q1 2025 Financial Health and Performance:** Guggenheim Credit Income Fund 2019 (GCIF) reported a challenging quarter, with significant declines in net asset value and operational losses. The fund's total assets decreased to $1,591,329,000 from $1,909,052,000 in the previous quarter. This decline was driven by a substantial net investment loss of $133,289,000 and a net change in unrealized depreciation from the investment in the Master Fund, amounting to $248,329,000. Consequently, the net asset value per common share dropped to $0.85 from $1.07. **Revenue and Profit Margins:** GCIF reported no investment income for Q1 2025. Operating expenses totaled $133,289,000, leading to a net investment loss of $133,289,000. The fund's primary operating expenses included administrative services, related party reimbursements, professional services fees, and transfer agent fees. **Cash Flow:** Net cash provided by (used in) operating activities was $(69,394,000) for Q1 2025, reflecting the operational losses and changes in operating liabilities. The cash position at the end of the quarter was $354,038,000, down from $423,432,000 at the end of the previous quarter. **Earnings Changes:** The fund experienced a significant decline in earnings, with a net decrease in net assets resulting from operations amounting to $381,618,000. This decline was driven by the net investment loss and the net change in unrealized depreciation. **Quarterly Performance Discussion:** GCIF's performance was negatively impacted by the net investment loss and the depreciation in the value of its investment in the Master Fund. The fund's operational expenses, particularly related party reimbursements and professional services fees, also contributed to the financial challenges. **Trends and Uncertainties:** The fund is in the process of liquidation, with a plan approved by the Board of Trustees to withdraw the election to be regulated as a Business Development Company (BDC) and to liquidate and dissolve the fund. This process is expected to continue, with proceeds from the sale of illiquid assets and other cash assets to be distributed to shareholders. **Future Operations Impact:** The liquidation plan is expected to have a significant impact on the fund's future operations. The fund will focus on completing the liquidation process, including the sale of illiquid assets and the distribution of proceeds to shareholders. The fund's investment activities will be limited as it winds down its operations. **Conclusion:** GCIF faced significant financial challenges in Q1 2025, driven by operational losses and depreciation in the value of its investment in the Master Fund. The fund's liquidation plan is expected to have a substantial impact on its future operations, with a focus on completing the liquidation process and distributing proceeds to shareholders.