Carlyle Capital Corporation Limited

Carlyle Capital Corporation Reports Third Quarter Results

    Guernsey, England, November 15 (ots/PRNewswire) -

    - Maintains focus on capital preservation and improving liquidity

    - Portfolio comprised exclusively of AAA-rated US government agency securities

    Carlyle Capital Corporation Limited (Amsterdam: CCC; GG00B1VYV826) (the "Company") today released its results for the third quarter ended  September 30, 2007.

@@start.t1@@      Third Quarter 2007 Highlights and Update
      -- Net loss for the third quarter of 2007 was US$34.2 million, compared
          to net income of US$21.8 million in the second quarter of 2007. Basic
          loss per Class B share was US$0.74 in the third quarter, compared to
          basic and diluted earnings per Class B share of US$0.73 in the second
          quarter of 2007. Net loss for the nine months ended September 30, 2007
          was US$0.8 million, or US$0.03 per Class B share.
      -- Adjusted Net Income (net income excluding non-cash share-based
          compensation expense) for the nine months ended September 30, 2007 was
          approximately US$11 million.
      -- As of the date of this announcement, the Company's US$22.2 billion
          investment portfolio is comprised exclusively of AAA-rated floating
          rate capped residential mortgage backed securities issued by Fannie
          Mae and Freddie Mac, which are considered to have the implied
          guarantee of the U.S. government and are expected to pay at par at
          maturity.
      -- During the third quarter, The Carlyle Group committed to lend the
          Company up to US$100 million in the form of a secured "bridge" loan in
          order to provide the Group with immediate access to the net proceeds
          from the Company's bank loan sales (as opposed to waiting until the
          settlement of such trades). The Company ultimately did not have a need
          for the bridge financing and it expired in October 2007.
      -- On November 13, 2007, the Company repaid US$100 million borrowed from
          The Carlyle Group pursuant to an unsecured and subordinated term loan.
          On the same date, the Company entered into a revolving credit
          Agreement with The Carlyle Group, permitting the Company to borrow,
          re-pay and re-borrow up to US$100 million. The revolving credit
          agreement expires on January 2, 2009, amounts outstanding accrue
          interest at 10% per annum, and is subject to a commitment fee of
          US$1 million payable in quarterly installments. As of the date of this
          announcement, the Company had borrowed US$20 million under the
          revolving credit agreement for cash management purposes.
      -- As of the date of this announcement, two of the Company's repurchase
          agreement counterparties had agreed to provide, or had increased their
          commitment to provide, financing of up to US$3 billion for the
          Company's investments in AAA-rated floating rate capped residential
          mortgage backed securities issued by Fannie Mae and Freddie Mac. The
          Company has begun using a portion of the US$3 billion of additional
          financing to reduce its concentration of borrowings. The Company has
          also obtained an additional US$2 billion of additional repurchase
          agreement financing for its mortgage backed securities that it expects
          to begin using later in November 2007. Finally, the Company has
          entered negotiations for a US$2 billion 364 day "term" repurchase
          agreement.
      -- As of September 30, 2007 the Company's "Liquidity Cushion" was
          US$90.8 million and was comprised of cash and cash equivalents and
          unencumbered AAA-rated mortgage backed securities. As of November 13,
          2007, our "Liquidity Cushion" was approximately US$119.9 million
          comprised of cash and cash equivalents and unencumbered AAA-rated
          mortgage backed securities and available committed borrowings from The
          Carlyle Group.
      -- The Board of Directors expects to approve a dividend payment based on
          fourth quarter earnings, which would be paid in the first quarter of
          next year. This reflects the Company's long-term focus of providing
          shareholders with a stable rate of return. However, the Board of
          Directors does not anticipate that any such dividend will meet the
          Company's previously stated dividend targets. Unforeseen market
          disruptions or other factors may affect the Board's decision to pay a
          dividend, which will be made during the Board's year-end performance
          review. Thereafter, subject to having sufficient liquidity, reasonably
          stable market conditions and profits or reserves available, and with
          approval of the Company's board of directors, the Company intends to
          pay a quarterly cash dividend on each Class B share of approximately
          90% of our Adjusted Net Income.@@end@@

    "During this quarter we were successful in our near-term focus of preserving the long term equity of our shareholders during a period of volatility," said John Stomber, President, Chief Executive Officer, and Chief Investment Officer. "Specifically, during the quarter we took actions to stabilize our investment portfolio, which is now composed exclusively of AAA-rated floating rate capped residential mortgage backed securities issued by Fannie Mae and Freddie Mac that pay at par at maturity. We are confident that these actions have preserved shareholder value."

    Stomber continued, "Moving forward, we plan to operate with increased liquidity and to gradually reduce leverage and to diversify our investments. We remain confident in our strategy and believe it will enable us to move towards our stated targeted returns in 2008."

    Conference Call

    Carlyle Capital Corporation will host a conference call November 15, at 10:00 a.m. (ET) to discuss the Company's quarterly results. Investors can participate in the conference call by dialing +1-877-296-2302 (U.S. and Canada) or +1-706-634-9628 (International). The call will also be broadcast live via the Internet at the Company's web site, http://www.carlylecapitalcorp.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

    For your convenience, the conference call can be replayed in its entirety beginning at 11:00 a.m. Eastern Time on November 15, 2007 through November 22, 2007. If you wish to listen to the replay of this conference call, please dial +1-973-645-9291 and enter passcode "22707788".

    About Carlyle Capital Corporation

    Carlyle Capital Corporation Limited is a Guernsey limited company that was formed on August 29, 2006. The Company's long-term objective is to achieve attractive risk-adjusted returns for shareholders through current income and, to a lesser extent, capital appreciation. In the future, the Company will seek to achieve this objective by investing in a diversified portfolio of fixed income assets consisting of mortgage products and leveraged finance assets. The Company employs leverage to finance its investments and its income is generated primarily from the difference between the interest income earned on its assets and the costs of financing those assets as well as from capital gains generated when the Company disposes of assets.

    Carlyle Investment Management L.L.C. ("CIM") manages the Company pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group.

    This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of Carlyle Capital Corporation Limited. Certain of the information contained in this press release represents or is based upon forward looking statements or information. Forward-looking statements are inherently uncertain, and changing factors, such as those affecting the markets generally, or those affecting particular industries or issuers, may cause events or results to differ from those discussed. Therefore, undue reliance should not be placed on such statements or the conclusions drawn therefrom, which in no event shall be construed as a guarantee of future performance, results or courses of action. Each of The Carlyle Group and the Company expressly disclaims any obligation or undertaking to update or revise any such forward-looking statements. No statement in this press release is intended to be nor may be construed as a profit or dividend forecast, and there can be no assurance that any assumptions described herein or any returns or targets indicated herein will be achieved.

    The Class B shares and the related restricted depository shares of the Company are subject to a number of ownership and transfer restrictions, including restrictions that limit the ability of U.S. persons to acquire or hold such securities.

@@start.t2@@      Results of Operations
            (All amounts in USD unless otherwise specified)
                                                 Three Months    Nine Months        For the Period
                                                      Ended                Ended            Ended September
                                                  September         September        16, 2006 through
                                                  30, 2007          30, 2007            30-Sep-2006
      (in thousands, except
        per share data)
      Income
      Interest income                    $343,179          $769,004                  $18
      Interest expense
        (including amortization
        and write-off of debt
        issuance costs of $4,509,
        $4,752, and $0 for the
        three months and nine
        months ended September 30,
        2007 and for the period
        ended September 30,
        2006)                                    313,667            693,962                    16
         Net interest income              29,512              75,042                      2
      Net change in fair value
        on financial instruments
        at fair value through
        profit and loss                    (45,549)          (44,797)                (307)
         Total income (loss)
          before operating
          expenses                            (16,037)            30,245                 (305)
      Operating expenses
      Management fee                          3,918                8,339                      -
      Incentive fee                                  -                4,681                      -
      Professional services                  646                1,844                      -
      Related party operating
        expenses                                      581                1,710                      -
      Other operating expenses          1,192                2,629                      -
      Share-based compensation         11,840              11,840                      -
         Total operating expenses      18,177              31,043                      -
         Net (loss)                         $(34,214)              $(798)              $(305)
      Net income attributable
        to
      Minority interest                          $-                      6                      -
      Class B shares                      $(34,214)                (804)                    -
         Total net income                $(34,214)              $(798)                  $-
      Basic (loss) per Class B
        share                                      $(0.74)            $(0.03)@@end@@

    Web site: http://www.carlylecapitalcorp.com

ots Originaltext: Carlyle Capital Corporation Limited
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
U.S., Jack Gutt, +1-212-850-5725, jack.gutt@fd.com, or Europe, Robert
Bailhache,
+44-20-7269-7200, robert.bailhache@fd.com, both of FD



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