LOS ANGELES, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") $(CCAP)$ today reported net investment income of $0.36 per share and net income of $(0.09) per share for the quarter ended June 30, 2026. Net asset value (NAV) per share was $17.82 at June 30, 2026.
Dividend Declarations
The Company announced that its Board of Directors (the "Board") declared a third quarter 2026 regular cash dividend of $0.34 per share to stockholders of record as of September 30, 2026, payable on October 15, 2026. Additionally, the second of three previously announced $0.03 per share special dividend will be paid on September 15, 2026 to stockholders of record as of August 31, 2026.(1)
Selected Financial Highlights
($ in millions, except per share amounts)
As of and for the three months ended
---------------------------------------------------
March 31,
June 30, 2026 2026 June 30, 2025
------------- ------------- -------------
Investments, at
fair value $ 1,570.7 $ 1,562.5 $ 1,600.7
Total assets $ 1,618.9 $ 1,617.7 $ 1,654.4
Total net
assets $ 656.5 $ 674.0 $ 724.7
Net asset value
per share $ 17.82 $ 18.27 $ 19.55
Investment
income $ 36.3 $ 37.9 $ 43.0
Net investment
income $ 13.1 $ 15.5 $ 16.9
Net realized
gains
(losses), net
of taxes $ (17.7) $ (11.6) $ (2.9)
Net change in
unrealized
gains
(losses), net
of taxes $ 1.3 $ (19.4) $ 1.0
Net increase
(decrease) in
net assets
resulting from
operations $ (3.3) $ (15.5) $ 15.0
Net investment
income per
share $ 0.36 $ 0.42 $ 0.46
Net realized
gains (losses)
per share, net
of taxes $ (0.48) $ (0.31) $ (0.08)
Net change in
unrealized
gains (losses)
per share, net
of taxes $ 0.03 $ (0.53) $ 0.03
Net increase
(decrease) in
net assets
resulting from
operations per
share $ (0.09) $ (0.42) $ 0.41
Regular
distributions
paid per
share $ 0.42 $ 0.42 $ 0.42
Special
distributions
paid per
share $ 0.03 $ -- $ 0.05
Weighted
average yield
on income
producing
securities (at
cost)(2) 9.6% 9.8% 10.4%
Percentage of
debt
investments at
floating
rates 98.4% 99.2% 97.2%
Portfolio & Investment Activity
As of June 30, 2026 and December 31, 2025, the Company had investments in 192 and 184 portfolio companies with an aggregate fair value of $1,570.7 and $1,569.4 million, respectively. The portfolio at fair value was comprised of the following asset types:
Portfolio Asset Types:
As of
----------------------------------------------
$ in
millions June 30, 2026 December 31, 2025
-------------------- --------------------
Investment Fair Fair
Type Value Percentage Value Percentage
------------ -------- ---------- -------- ----------
Senior
secured
first lien $ 373.9 23.8% $ 350.8 22.4%
Unitranche
first
lien(3) 1,039.2 66.2 1,047.8 66.7
Unitranche
first lien -
last out(3) 18.6 1.2 26.2 1.7
Senior
secured
second lien 14.7 0.9 12.2 0.8
Unsecured
debt 25.2 1.6 19.0 1.2
Equity &
other 69.2 4.4 77.2 4.9
LLC/LP equity
interests 29.9 1.9 36.2 2.3
------- ---------- ------- ----------
Total
investments $1,570.7 100.0% $1,569.4 100.0%
------- ---------- ------- ----------
For the quarter ended June 30, 2026, the Company invested $57.0 million across 3 new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $36.1 million in aggregate exits, sales and repayments. For the quarter ended June 30, 2025, the Company invested $57.5 million across 3 new portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $92.7 million in aggregate exits, sales and repayments.
Results of Operations
For the quarter ended June 30, 2026, total investment income was $36.3 million, compared to $37.9 million for the quarter ended March 31, 2026. The decrease was primarily driven by lower dividend income from the Company's Logan JV investment and reduced accelerated amortization and prepayment fee income, reflecting lower repayment and refinancing activity during the quarter. These items were partially offset by higher recurring interest income from investments.
Interest income, which includes the amortization of upfront fees, accelerated amortization of original issue discount ("OID") and prepayment fees, increased modestly to $34.7 million from $34.5 million in the prior quarter. Included in interest income was $0.2 million and $0.6 million of accelerated OID amortization related to investment repayments for the quarters ended June 30, 2026 and March 31, 2026, respectively.
Dividend income decreased to $1.2 million from $3.0 million, primarily reflecting lower distributions from the Company's Logan JV investment. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $0.4 million in both periods.
For the three months ended June 30, 2026 and March 31, 2026, total net expenses, including income and excise taxes, were $23.2 million and $22.4 million, respectively.
Liquidity and Capital Resources
As of June 30, 2026, the Company had $35.7 million in cash and cash equivalents and restricted cash and $199.6 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average cost of debt on the Company's debt outstanding as of June 30, 2026 was 6.13%.
The Company's net debt-to-equity ratio(4) was 1.37x as of June 30, 2026.
Conference Call
The Company will host a webcast/conference call on Tuesday, August 11, 2026 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended June 30, 2026. Please visit Crescent BDC's webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC's website for a slide presentation that complements the earnings conference call.
All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Events & Presentations page of the Investor Resources section of Crescent BDC's website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing the following number:
Toll Free: (833) 461-5787
Conference ID: 675449280
All callers will need to reference the Conference ID once connected with the operator. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC's website.
Endnotes
Note: Numbers may not sum due to rounding.
1) The third special dividend will be paid on December
15, 2026 to stockholders of record as of November
30, 2026.
2) Yield includes performing debt and other income producing
investments (excluding investments on non-accrual).
3) Unitranche loans are first lien loans that may extend
deeper in a company's capital structure than traditional
first lien debt and may provide for a waterfall of
cash flow priority among different lenders in the
unitranche loan. In certain instances, the Company
may find another lender to provide the "first out"
portion of such loan and retain the "last out" portion
of such loan, in which case, the "first out" portion
of the loan would generally receive priority with
respect to payment of principal, interest and any
other amounts due thereunder over the "last out" portion
that the Company would continue to hold. In exchange
for the greater risk of loss, the "last out" portion
earns a higher interest rate.
4) Net debt-to-equity represents principal debt outstanding,
less cash and cash equivalents, divided by equity.
Crescent Capital BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands except share and per share data)
As of
June 30, 2026 As of
(Unaudited) December 31, 2025
---------------- --------------------
Assets
Investments, at fair value
Non-controlled
non-affiliated
investments (cost of
$1,523,372 and
$1,504,658,
respectively) $ 1,485,083 $ 1,479,473
Non-controlled affiliated
investments (cost of
$30,445 and $26,826,
respectively) 31,053 29,594
Controlled investments
(cost of $71,244 and
$71,985, respectively) 54,532 60,351
Cash and cash equivalents 15,604 5,043