Financial Performance - For the year ended December 31, 2025, Crescent Capital BDC reported net investment income of $1.81 per share and net income of $0.93 per share, with net investment income for Q4 2025 at $0.45 per share [2]. - Investment income for the year ended December 31, 2025, decreased to $167.3 million from $197.4 million in 2024, primarily due to lower interest income [7]. - Total investment income for 2025 was $167.285 million, a decrease of 15.3% from $197.363 million in 2024 [19]. - Net investment income for 2025 was $66.916 million, down 25.0% from $89.033 million in 2024 [19]. - Net increase in net assets resulting from operations per share for 2025 was $0.93, compared to $1.99 in 2024, reflecting a decline of 53.2% [19]. - Interest income from non-controlled non-affiliated investments was $142.935 million in 2025, down from $166.912 million in 2024, a decline of 14.4% [19]. Investment Activity - The company invested $306.9 million across 25 new portfolio companies in 2025, compared to $395.0 million across 33 new portfolio companies in 2024 [5]. - For Q4 2025, Crescent Capital BDC invested $70.8 million across five new portfolio companies, with aggregate exits, sales, and repayments totaling $78.1 million [6]. - Total investments at fair value decreased to $1,569.4 million as of December 31, 2025, from $1,580.7 million in the previous quarter and $1,598.9 million a year ago [3]. Expenses and Costs - Total expenses for the year ended December 31, 2025, were $100.4 million, down from $108.4 million in 2024, with interest and other debt financing costs decreasing to $57.5 million [8]. - Total expenses for 2025 were $98.830 million, a decrease of 7.4% from $107.045 million in 2024 [19]. - Management fees for 2025 were $20.303 million, a marginal increase from $20.223 million in 2024 [19]. - The provision for income and excise taxes for 2025 was $1.682 million, compared to $1.555 million in 2024, an increase of 8.2% [19]. Asset and Capital Structure - As of December 31, 2025, the net asset value (NAV) per share was $19.10, down from $19.28 in the previous quarter and $19.98 a year ago [3]. - The company's debt to equity ratio was 1.25x as of December 31, 2025 [11]. - As of December 31, 2025, the company had $31.5 million in cash and cash equivalents and $242.0 million of undrawn capacity on its credit facilities [11]. - The weighted average yield on income-producing securities at cost was 10.0% as of December 31, 2025, down from 10.4% in the previous quarter [3]. - Weighted average shares outstanding for 2025 were 37,044,305, slightly down from 37,061,547 in 2024 [19]. Losses and Challenges - Net realized and unrealized losses on investments for 2025 amounted to $32.407 million, compared to losses of $15.848 million in 2024 [19]. Strategic Goals - Crescent BDC aims to maximize total return for stockholders through capital solutions for middle market companies [20].

Core Viewpoint - Crescent Capital BDC, Inc. has rescheduled the release of its financial results for the fourth quarter and fiscal year ended December 31, 2025, to February 25, 2026, after market close, with a conference call scheduled for February 26, 2026, at 12:00 p.m. Eastern Time [1] Group 1: Financial Results Announcement - The financial results for the fourth quarter and fiscal year ended December 31, 2025, will be released on February 25, 2026 [1] - A webcast/conference call will be held on February 26, 2026, at 12:00 p.m. Eastern Time [1] Group 2: Conference Call Information - The conference call will be accessible live on the Investor Relations section of Crescent BDC's website [2] - Participants can join the call by dialing a toll-free number and using the provided Conference ID [2] Group 3: Replay Information - A replay of the earnings call will be available via a webcast link on the Investor Relations section of Crescent BDC's website [3] Group 4: Company Overview - Crescent BDC is a business development company focused on maximizing total return for stockholders through capital solutions for middle market companies [4] - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent [4] - Crescent Capital Group LP, managing approximately $50 billion in assets, specializes in below investment grade credit [5]

Core Viewpoint - Crescent Capital BDC, Inc. has rescheduled the release of its financial results for the fourth quarter and fiscal year ended December 31, 2025, to February 25, 2026, after market close, with a conference call scheduled for February 26, 2026, at 12:00 p.m. Eastern Time [1]. Group 1: Financial Results Announcement - The financial results for the fourth quarter and fiscal year ended December 31, 2025, will be released on February 25, 2026 [1]. - A webcast/conference call will be held on February 26, 2026, at 12:00 p.m. Eastern Time [1]. Group 2: Conference Call Information - The conference call will be accessible live on the Investor Relations section of Crescent BDC's website [2]. - Participants can join the call by dialing a toll-free number and using the provided Conference ID [2]. Group 3: Replay Information - A replay of the earnings call will be available via a webcast link on the Investor Relations section of Crescent BDC's website [3]. Group 4: Company Overview - Crescent BDC is a business development company focused on maximizing total return for stockholders through capital solutions for middle market companies [4]. - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent [4]. - Crescent BDC is regulated as a business development company under the Investment Company Act of 1940 [4]. Group 5: Crescent Capital Group Overview - Crescent Capital Group LP manages approximately $50 billion in assets and specializes in below investment grade credit [5]. - The firm has over 30 years of experience in investing in marketable and privately originated debt securities [5]. - Crescent has a global presence with offices in major cities and employs over 250 staff [5].

Core Viewpoint - Crescent Capital BDC, Inc. will release its financial results for Q4 and the fiscal year ended December 31, 2025, on February 18, 2026, after market close, followed by a conference call on February 19, 2026, at 12:00 p.m. Eastern Time to discuss these results [1]. Group 1: Financial Results Announcement - Crescent BDC will announce its financial results for the fourth quarter and fiscal year on February 18, 2026 [1]. - A conference call will be held on February 19, 2026, at 12:00 p.m. Eastern Time to discuss the financial results [1]. Group 2: Conference Call Information - The conference call will be accessible via the Investor Relations section of Crescent BDC's website [2]. - Participants can join the call by dialing a toll-free number and using a specific Conference ID [2]. Group 3: Company Overview - Crescent BDC is a business development company focused on maximizing total returns for stockholders through capital solutions for middle market companies [4]. - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group LP [4]. - Crescent Capital Group LP manages approximately $50 billion in assets and specializes in below investment grade credit [5].

Core Viewpoint - Crescent Capital BDC, Inc. (CCAP) is viewed positively as a deep-value investment opportunity in the business development company sector [1]. Group 1: Company Overview - Crescent Capital BDC, Inc. is identified as a business development company (BDC) that presents a deep-value play for investors [1]. Group 2: Analyst Background - Roberts Berzins has over a decade of experience in financial management, focusing on corporate financial strategies and large-scale financings [1]. - Berzins has contributed to the institutionalization of the REIT framework in Latvia, aimed at enhancing liquidity in pan-Baltic capital markets [1]. - His work includes developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1]. - Berzins holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [1].

Core Viewpoint - Crescent Capital BDC, Inc. (CCAP) is viewed positively as a deep-value investment opportunity in the business development company sector [1]. Group 1: Company Overview - Crescent Capital BDC, Inc. is identified as a business development company (BDC) that presents a deep-value play for investors [1]. Group 2: Analyst Background - Roberts Berzins has over a decade of experience in financial management, focusing on corporate financial strategies and large-scale financings [1]. - Berzins has contributed to the institutionalization of the REIT framework in Latvia, aimed at enhancing liquidity in pan-Baltic capital markets [1]. - His work includes developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1]. - Berzins holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [1].

Group 1 - The article emphasizes that BDC investors are primarily yield-chasers, focusing on enhancing and diversifying current income streams, which aligns them more with value investors [1] - Roberts Berzins has over a decade of experience in financial management, aiding top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to improve liquidity in pan-Baltic capital markets and has worked on national SOE financing guidelines [1] Group 2 - The article highlights Berzins' qualifications, including being a CFA Charterholder and holding an ESG investing certificate, along with his involvement in thought-leadership activities for pan-Baltic capital market development [1]

Group 1 - The focus of recent articles on business development companies (BDCs) is on identifying durable dividend payers with strong protection against falling base rates and increased credit risk [1] - Roberts Berzins has over a decade of experience in financial management, aiding top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] Group 2 - Berzins has been involved in developing national SOE financing guidelines and frameworks to channel private capital into affordable housing [1] - He holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [1] - Berzins is actively engaged in thought-leadership activities to support the development of pan-Baltic capital markets [1]

Group 1 - Crescent Capital (CCAP) operates as a Business Development Company (BDC) and serves as a mid-market direct lender primarily focused on leveraged buyouts (LBOs) [1] - The mid-market sponsors that Crescent Capital targets have been significantly impacted by rising interest rates [1] Group 2 - The analysis emphasizes thematic investing, crisis investing, systematic options trading, and discretionary global macro strategies [1] - The analyst has extensive experience in private mergers and acquisitions, as well as in trading publicly-traded equities and equity-based derivatives [1]

Core Viewpoint - The article discusses the current state of Business Development Companies (BDCs), highlighting a seven-stock BDC portfolio with a yield of 13.5% that is expected to recover as the market stabilizes. Despite concerns over unemployment and economic slowdown, small businesses are reportedly thriving due to AI advancements [1][4]. Economic Overview - Small business profits are increasing, contradicting unemployment reports that suggest a slowdown. The Atlanta Fed's GDPNow estimates growth solidly over 3% [2]. - The current economic environment is characterized as an efficiency boom rather than a recession, driven by small businesses adopting AI to enhance operations [4]. BDC Market Dynamics - The BDC industry is competitive, with more losers than winners. Selecting individual BDCs is preferable to buying a fund that includes underperformers [6]. - Lower interest rates can reduce financing costs for small businesses, increasing demand for loans, which is beneficial for BDCs [7]. Specific BDC Analysis - **Sixth Street Specialty Lending (TSLX)**: Offers a 9.4% yield, focuses on companies with enterprise values between $50 million and $1 billion, and has a growing portfolio. It primarily deals in first-lien debt, with 96% being floating-rate [8][10][11]. - **Gladstone Investment (GAIN)**: Provides a 10.8% yield, focuses on lower-middle-market companies, and has a higher equity exposure than typical BDCs. Its supplemental distributions are variable [13][19][20]. - **Crescent Capital BDC (CCAP)**: Yields 12.3%, has a diverse portfolio of 187 companies, and is significantly affected by Fed rate changes due to its floating-rate debt [21][24]. - **Trinity Capital (TRIN)**: Offers a 13.5% yield, has a growth-focused portfolio of 178 companies, and is diversified in its investment types [25][28]. - **FS KKR Capital (FSK)**: Yields 14.5%, is one of the largest BDCs, and has a diversified portfolio but has faced challenges due to bad loans and a recent dividend cut [29][33]. - **Goldman Sachs BDC (GSBD)**: Yields 14.7%, has faced quality issues leading to a dividend cut, but is becoming more aggressive in deal-making [35][38]. - **BlackRock TCP Capital Corp. (TCPC)**: Offers a high yield of 19.6%, but has struggled with a significant loss since early 2023 and recently cut its dividend [39][42][43].