Core Insights - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment group targets high-yield, dividend growth opportunities, offering portfolios with dividend yields up to 10% [2] Investment Strategy - The investment approach emphasizes the importance of purchasing quality assets at favorable prices to mitigate risks associated with overpaying [2] - The group provides research on various investment vehicles including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions [2] Performance and Expectations - The service aims to help investors achieve dependable monthly income and portfolio diversification [2] - Past performance is highlighted as not being a guarantee of future results, indicating a focus on long-term investment strategies [5]

Core Insights - iREIT+HOYA Capital focuses on income-producing asset classes, aiming for sustainable portfolio income, diversification, and inflation hedging [1][2] - The investment group targets high-yield, dividend growth opportunities, with portfolios offering dividend yields up to 10% [2] Investment Strategy - The service emphasizes the importance of purchasing quality assets at favorable prices to mitigate risks associated with overpaying [2] - It provides research on various investment vehicles including REITs, ETFs, closed-end funds, preferred stocks, and dividend champions [2] Target Audience - The investment group caters to investors seeking dependable monthly income and portfolio diversification [2]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Financial Data and Key Metrics Changes - The company reported net investment income (NII) of $0.46 per share, unchanged from the prior quarter, resulting in an annualized NII yield of 9.5% [5][20] - Net asset value (NAV) decreased to $19.28 per share as of September 30, down from $19.55 per share as of June 30, primarily due to unrealized and realized losses from certain portfolio companies affected by tariffs [5][20] Business Line Data and Key Metrics Changes - The investment portfolio totaled approximately $1.6 billion at fair value, with 187 companies, and an average investment size of about 0.6% of the total portfolio [7] - The portfolio consists primarily of first-lien loans, representing 90% of the portfolio at fair value [7] - The weighted average yield of income-producing securities at cost remained stable at 10.4% [14] Market Data and Key Metrics Changes - The macroeconomic environment in the U.S. remains resilient, with expectations of near-term growth in loan activity due to recent Federal Reserve rate cuts and clarity on tariff policies [6] - The company has no exposure to recent bankruptcies, indicating a focus on governance by working with established private equity sponsors [6][8] Company Strategy and Development Direction - The company is focused on strong cash flow generation, tight EBITDA definitions, and enhanced monitoring rights to proactively manage the portfolio [6] - The board declared a regular dividend of $0.42 per share for the fourth quarter, representing a 9% and 12% annualized dividend yield based on NAV and stock price, respectively [8][24] - The company anticipates that a lower base rate environment may gradually reduce portfolio yields and pressure net investment income, but believes it is well-positioned to address these challenges [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term prospects of the company, citing a strong capital structure and diversified portfolio [25] - The company noted that while tariff impacts have been identified, the overall portfolio remains resilient, with most borrowers experiencing steady revenue and EBITDA growth [17][18] Other Important Information - The company ended the quarter with a net debt to equity ratio of 1.20 times, providing flexibility for portfolio growth [10] - The weighted average interest coverage of the companies in the investment portfolio was stable at 2.1 times, indicating strong earnings durability [14] Q&A Session Summary Question: What is the probability of maintaining NII coverage of the dividend at 100% or more? - Management believes that available levers will allow them to cover the base dividend with NII in the near term, with potential for increased non-interest-related income [27][28] Question: Has the ability of exposed companies to handle tariffs deteriorated? - Management indicated that overall, companies have responded well to tariff pressures, although two specific companies have shown a need for a longer recovery period [30][32] Question: What is the state of competition in the lower-middle market? - Management acknowledged spread compression in the market but emphasized that they are still able to secure high-quality transactions with appropriate risk-adjusted returns [34][36] Question: What drove the increase in spreads on new investments? - The company has maintained new origination spreads around 500 over SOFR, driven by a mix of incremental activity from existing portfolio companies and opportunities in specific market segments [41][42] Question: Are there any non-recurring items in earnings this quarter? - Management confirmed that there were no significant non-recurring items, with core interest income representing the majority of total revenue [51]

Financial Performance - Net investment income (NII) per share for Q3 2025 was $0.46, unchanged from the prior quarter[20] - Net realized and unrealized losses on investments per share for Q3 2025 were ($0.27)[20] - Net asset value (NAV) per share as of September 30, 2025, was $19.28, compared to $19.55 in the prior quarter[20] - The company declared a regular dividend of $0.42 per share for Q4 2025[20] - Total net assets were $714 million as of September 30, 2025[11] Portfolio Composition - Total portfolio investments were $1,581 million as of September 30, 2025[11, 20] - 90% of the portfolio comprised senior secured first lien and unitranche first lien investments by fair value[20, 38] - The portfolio consisted of 187 portfolio companies across 18 industries[20, 38] - Floating rate investments accounted for 97% of the portfolio[24, 38, 47] Capital Structure and Liquidity - The company had $27.8 million in cash and cash equivalents and restricted cash[20] - Undrawn debt capacity was $239.8 million as of September 30, 2025[20, 65] - The debt-to-equity ratio was 1.23x[11, 22, 26]

分组1 - Crescent Capital BDC reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.47 per share, and down from $0.64 per share a year ago, representing an earnings surprise of -2.13% [1] - The company posted revenues of $41.35 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 2.52%, and down from $51.63 million year-over-year [2] - Crescent Capital BDC shares have declined approximately 25.9% since the beginning of the year, contrasting with the S&P 500's gain of 16.4% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.46 on revenues of $41.56 million, and for the current fiscal year, it is $1.83 on revenues of $169.11 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 11% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Financial Performance - Crescent Capital BDC reported net investment income of $0.46 per share and net income of $0.19 per share for Q3 2025, with a net asset value (NAV) per share of $19.28[2] - Investment income for Q3 2025 was $41.4 million, a decrease from $43.0 million in Q2 2025, primarily due to a decline in interest income[6] - Total investment income for the three months ended September 30, 2025, was $41.352 million, a decrease of 20% from $51.632 million in the same period of 2024[15] - Net investment income for the three months ended September 30, 2025, was $16.929 million, down 28% from $23.540 million in the prior year[15] - Net investment income per share (basic and diluted) for the three months ended September 30, 2025, was $0.46, down from $0.64 in the same period of 2024[15] Dividends - The company declared a fourth quarter 2025 regular cash dividend of $0.42 per share, payable on January 15, 2026[3] Investments - Total investments at fair value decreased to $1,580.7 million as of September 30, 2025, down from $1,600.7 million as of June 30, 2025[4] - The company invested $73.9 million across 7 new portfolio companies during Q3 2025, compared to $57.5 million across 3 new portfolio companies in Q2 2025[5] - The weighted average yield on income-producing securities at cost was 10.4% for Q3 2025, unchanged from Q2 2025[4] - Net realized and unrealized losses on investments for the three months ended September 30, 2025, amounted to $9.827 million, compared to losses of $8.216 million in the same period of 2024[15] Expenses - Total net expenses for Q3 2025 were $24.5 million, down from $26.1 million in Q2 2025[7] - Total expenses for the three months ended September 30, 2025, were $24.165 million, a decrease of 12% from $27.544 million in the same period of 2024[15] Assets and Liabilities - As of September 30, 2025, the company had $27.8 million in cash and cash equivalents and $239.8 million of undrawn capacity on its credit facilities[8] - The debt to equity ratio was 1.23x as of September 30, 2025[8] Net Assets - The company had a net increase in net assets resulting from operations of $7.1 million for Q3 2025[4] - The net increase in net assets resulting from operations for the three months ended September 30, 2025, was $7.102 million, compared to $15.268 million in the same period of 2024[15] Company Overview - Crescent BDC manages over $48 billion in assets, focusing on below investment grade credit through various debt securities[17] - Crescent BDC aims to maximize total return for stockholders through capital solutions for middle market companies with strong growth prospects[16] - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent[16] - Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940[16]

Core Insights - Crescent Capital BDC reported net investment income of $0.46 per share and net income of $0.19 per share for the quarter ended September 30, 2025, with a net asset value (NAV) per share of $19.28 [1][3] Financial Performance - Total investments at fair value decreased to $1,580.7 million as of September 30, 2025, from $1,600.7 million in June 2025 and $1,591.4 million in September 2024 [3] - Total assets were $1,627.6 million, down from $1,654.4 million in June 2025 and $1,645.0 million in September 2024 [3] - Total net assets decreased to $714.1 million from $724.7 million in June 2025 and $748.8 million in September 2024 [3] - Investment income fell to $41.4 million from $43.0 million in the previous quarter, with interest income decreasing to $38.8 million [3][4] - Net realized losses were $5.0 million, compared to losses of $2.9 million in the previous quarter [3][4] Dividend Declarations - The Board declared a fourth quarter 2025 regular cash dividend of $0.42 per share, payable on January 15, 2026, to stockholders of record as of December 31, 2025 [2] Portfolio & Investment Activity - As of September 30, 2025, the company had investments in 187 portfolio companies, with an aggregate fair value of $1,580.7 million [4] - The company invested $73.9 million across 7 new portfolio companies during the quarter, with $86.0 million in exits, sales, and repayments [5][4] Liquidity and Capital Resources - As of September 30, 2025, the company had $27.8 million in cash and cash equivalents and $239.8 million of undrawn capacity on its credit facilities [7] - The weighted average cost of debt was 5.99%, with a debt to equity ratio of 1.23x [7] Conference Call - A conference call is scheduled for November 13, 2025, to discuss the financial results for the quarter ended September 30, 2025 [8]

Investment Performance - As of September 30, 2025, the total investments at fair value amounted to $1,580.7 million, a slight decrease from $1,598.9 million as of December 31, 2024[349]. - The weighted average yield on income-producing securities (at cost) was 10.4% as of September 30, 2025, compared to 10.9% as of December 31, 2024[350]. - The company made new investments totaling $73.9 million for the three months ended September 30, 2025, compared to $72.7 million for the same period in 2024[350]. - Proceeds from investments sold or repaid totaled $86.0 million for the three months ended September 30, 2025, compared to $92.3 million for the same period in 2024[350]. - The portfolio comprised 187 companies as of September 30, 2025, an increase from 185 companies as of December 31, 2024[350]. - Total investment income for the three months ended September 30, 2025, was $41.4 million, a decrease from $51.6 million in the same period of 2024[357]. - Net investment income for the nine months ended September 30, 2025, was $50.4 million, compared to $68.5 million in 2024[357]. - For the three months ended September 30, 2025, net investment income was $16.9 million or $0.46 per share, a decrease from $23.5 million or $0.64 per share in the same period of 2024[370]. - For the nine months ended September 30, 2025, net investment income was $50.4 million or $1.36 per share, down from $68.5 million or $1.85 per share in 2024[370]. Debt and Financing - 97.4% of the debt in the portfolio bore a floating rate at fair value as of September 30, 2025[350]. - The company utilizes leverage to enhance yield, with an asset coverage ratio requirement of at least 150% after borrowing[347]. - As of September 30, 2025, total performing debt investments amounted to $1,443.9 million, representing 96.7% of the amortized cost, with a fair value of $1,433.3 million, or 98.4% of fair value[351]. - Non-accrual debt investments increased to 3.3% of total debt investments at cost and 1.6% at fair value as of September 30, 2025, compared to 2.2% and 0.9% respectively as of December 31, 2024[352]. - Interest income decreased from $47.8 million for the three months ended September 30, 2024, to $38.8 million for the same period in 2025, primarily due to a decline in benchmark rates[358]. - Total net expenses for the three months ended September 30, 2025, were $24.5 million, down from $28.1 million in 2024[362]. - Interest and other debt financing costs decreased to $13.9 million for the three months ended September 30, 2025, from $16.1 million in 2024, due to lower benchmark rates[363]. - The combined weighted average interest rate of aggregate borrowings for the nine months ended September 30, 2025, was 6.52%, down from 7.23% in 2024[379]. - Total debt as of September 30, 2025, was $1,121.6 million, an increase from $881.8 million in December 2024[377]. - The asset coverage ratio was 180% as of September 30, 2025, down from 183% as of December 31, 2024[397]. - The company had notional exposure to foreign currency forward contracts totaling £16.9 million, CHF 18.7 million, AUD $44.8 million, and SEK 11.6 million as of September 30, 2025[409]. Regulatory Compliance - The company is required to invest at least 70% of its assets in qualifying assets as per the 1940 Act[337]. - The company was in compliance with asset coverage requirements under the 1940 Act as of September 30, 2025[376]. Management and Fees - The management fees and incentive fees paid to the Adviser are significant components of the company's operating expenses[343]. - Management fees for the nine months ended September 30, 2025, were $15.3 million, slightly up from $15.0 million in the same period of 2024[364]. Losses and Dividends - The company recorded a net realized loss on investments of $5.0 million for the three months ended September 30, 2025[357]. - Net realized losses on investments for the three months ended September 30, 2025, were $(5.0) million, compared to realized gains of $3.8 million in 2024[371]. - A regular fourth quarter cash dividend of $0.42 per share was declared, payable on January 15, 2026[400]. Cash and Commitments - As of September 30, 2025, the company had $27.8 million in cash and cash equivalents and $239.8 million of undrawn capacity on credit facilities[375]. - Aggregate unfunded commitments totaled $212.5 million as of September 30, 2025, unchanged from December 31, 2024[398].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Crescent Capital BDC (CCAP) due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected on November 12, with a consensus EPS estimate of $0.47, reflecting a year-over-year decrease of 26.6%. Revenues are projected at $42.42 million, down 17.8% from the previous year [3][4]. - The consensus EPS estimate has been revised down by 4.17% over the last 30 days, indicating a bearish sentiment among analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates a negative Earnings ESP of -1.43% for Crescent Capital BDC, suggesting analysts have become more pessimistic about the company's earnings prospects [12]. - The stock currently holds a Zacks Rank of 4, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Crescent Capital BDC met the expected EPS of $0.46, resulting in no surprise. Over the past four quarters, the company has only beaten consensus EPS estimates once [13][14]. Comparison with Industry Peers - Blackstone Secured Lending Fund (BXSL), another player in the same industry, is expected to report an EPS of $0.8, indicating a year-over-year decline of 12.1%. Its revenues are projected to be $351.28 million, up 2.4% from the previous year [18][19]. - Blackstone Secured Lending Fund has a positive Earnings ESP of +4.18% and a Zacks Rank of 3, suggesting a higher likelihood of beating the consensus EPS estimate [19][20].