The Carlyle Group is finding out that July 4 might not have been the ideal time to take its mortgage-backed securities fund public.

The private equity firm has extended a second $100 million loan to the Carlyle Capital Corporation since the fund listed its shares on the Euronext Amsterdam last month.  The fund already had to sell $900 million in assets to cover margin calls from lenders, and it canceled its dividend payments to shareholders. The company said its realized losses from the sale of the assets would be between $30 million and $40 million.

Its shares, which were priced at $19 after being lowered from an initial range of $20 to $22, are now trading at $14.

The fund had invested mostly in AAA-rated mortgage-backed securities issued by Fannie Mae and Freddie Mac, and those securities have lost value as the credit crisis has spread beyond the subprime market.

When it announced the sale of its assets, some of the fund's investors requested information on its investment portfolio and were directed to the company's press releases.  In a statement to shareholders issued yesterday, Carlyle Capital C.E.O. John Stomber apologized for the lack of communication.