Financial Data and Key Metrics Changes - The company reported net investment income (NII) of $16.6 million or $0.45 per share for Q1 2025, down from $20.5 million or $0.55 per share in Q4 2024, primarily due to lower base rates, the roll-off of one-time items, and reduced dividend income from the Logan JV [5][23][24] - The increase in loans on non-accrual rose to 3.5% of debt investments at cost and fair value, with four new names added, representing less than 1.2% of the total portfolio at fair value [6][12] Business Line Data and Key Metrics Changes - Gross deployment in Q1 totaled $105 million, with 98% in first lien investments, compared to approximately $78 million in exits, resulting in a net deployment of approximately $27 million [17] - The weighted average yield of income-producing securities at cost decreased by 50 basis points quarter over quarter to 10.4% [20] Market Data and Key Metrics Changes - The company noted a slowdown in M&A activity due to tariff announcements, leading to a backlog of deal activity [8] - The overall direct material exposure of the portfolio to tariffs is modest at 4%, with a focus on service businesses with low material costs [18] Company Strategy and Development Direction - The company continues to focus on first lien loans, which represent 91% of the portfolio at fair value, and aims to invest in non-cyclical industries [11] - The management emphasized a disciplined credit underwriting approach and capital preservation, particularly in light of market volatility [30] Management's Comments on Operating Environment and Future Outlook - Management expressed that the current earnings reflect a near-term baseline, with potential tailwinds from asset-based facility repricing and rightsizing completed at the beginning of the quarter [6][7] - The company remains optimistic about its ability to weather potential volatility due to its diversified portfolio and strong relationships with private equity sponsors [20] Other Important Information - The company declared a regular dividend of $0.42 per share for Q2 2025, along with a special dividend related to undistributed taxable income [12][29] - The stockholders' equity was reported at $727 million, resulting in a net asset value per share of $19.62 [26] Q&A Session Summary Question: Regarding the new accruals this quarter, specifically New Era of Technology - Management clarified that the mark reflects the latest view on earnings outlook and that the company has not yet restructured [34][36] Question: What is Crescent's approach to resolving non-accrual situations? - Management stated that the primary goal is to preserve capital, and they consider various options including restructuring or selling the company [42][44] Question: Can you explain the significant decline in the Logan dividend? - Management explained that the decline was due to timing mismatches in cash distributions and the impact of overcollateralization tests within the CLO structure [50][56] Question: What percentage of the portfolio consists of Crescent-led deals? - Management indicated that about 8% of the total fair value consists of acquired assets, while 92% are loans originated by Crescent [46] Question: What is the sentiment towards the overall market and outlook for spreads? - Management noted significant inflows into non-traded BDCs, which are putting pressure on spreads, but they remain selective in their investment approach [78][82]

Financial Data and Key Metrics Changes - The company reported net investment income (NII) of $16.6 million or $0.45 per share for Q1 2025, down from $20.5 million or $0.55 per share in Q4 2024, primarily due to lower base rates, the roll-off of one-time items, and reduced dividend income from the Logan JV [5][23][24] - The weighted average yield of income-producing securities at cost decreased by 50 basis points quarter over quarter to 10.4% [20] - GAAP earnings per share for Q1 2025 was $0.11, with stockholders' equity at $727 million, resulting in a net asset value (NAV) per share of $19.62 [26] Business Line Data and Key Metrics Changes - Gross deployment in Q1 totaled $105 million, with 98% in first lien investments, compared to approximately $78 million in exits, resulting in a net deployment of approximately $27 million [16][17] - The investment portfolio consists primarily of first lien loans, representing 91% of the portfolio at fair value, with a focus on non-cyclical industries [11] Market Data and Key Metrics Changes - The company noted a slowdown in M&A activity due to tariff announcements, leading to a wait-and-see approach from sponsors [7] - The overall direct material exposure of the portfolio to tariffs is modest at 4%, with most businesses serving domestic markets [18] Company Strategy and Development Direction - The company emphasizes a disciplined credit underwriting approach, capital preservation, and strong free cash flow generation to navigate market volatility [30] - The focus remains on high-quality assets and maintaining a stable NAV rather than chasing yield [82] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the market, noting that while there are attractive investment opportunities, the recent tariff announcements have created uncertainty [8][78] - The company anticipates potential near-term tailwinds from asset-based facility repricing and rightsizing completed at the beginning of the quarter [6] Other Important Information - The company declared a regular dividend of $0.42 per share for Q2 2025, along with a special dividend related to undistributed taxable income [12][29] - The weighted average loan-to-value across investments is 39%, indicating a conservative approach to leverage [11] Q&A Session Summary Question: Regarding the new accruals this quarter, does it reflect the restructuring recently announced for that company? - Management clarified that the company has not yet restructured and that the mark reflects the latest view on earnings outlook [34][37] Question: What is Crescent's overall approach to working toward a resolution for non-accruals? - The company prioritizes capital preservation and may consider various options, including restructuring or selling the company, depending on the situation [42][43] Question: How much of the portfolio consists of Crescent-led or originated deals? - Approximately 8% of the total fair value consists of acquired assets, while 92% are loans originated by Crescent [45] Question: Can you explain the significant sequential decline in the Logan dividend? - Management explained that the decline was due to timing mismatches in cash flows and the nature of the equity tranche, which can be volatile during the deleveraging period [48][54] Question: Were there any warning signs for the new non-accruals? - Management indicated that the non-accruals were previously on the watch list, and developments at the respective borrowers warranted the classification [59]

Earnings Performance - Crescent Capital BDC reported quarterly earnings of $0.45 per share, missing the Zacks Consensus Estimate of $0.52 per share, and down from $0.63 per share a year ago, representing an earnings surprise of -13.46% [1] - The company posted revenues of $42.13 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 5.83%, and down from $50.36 million year-over-year [2] Market Performance - Crescent Capital BDC shares have lost about 12.8% since the beginning of the year, while the S&P 500 has gained 0.1% [3] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.51 on revenues of $44.31 million, and for the current fiscal year, it is $2.06 on revenues of $176.89 million [7] - The estimate revisions trend for Crescent Capital BDC is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Financial - SBIC & Commercial Industry, to which Crescent Capital BDC belongs, is currently in the bottom 20% of the Zacks industry rankings, suggesting potential challenges ahead [8]

Financial Performance - Net investment income per share for Q1 2025 was $045, compared to $055 for the prior quarter[19] - Net realized and unrealized losses on investments per share for Q1 2025 were ($034), compared to ($028) for the prior quarter[19] - Net income per share for Q1 2025 was $011, compared to $027 for the prior quarter[19] - NAV per share as of March 31, 2025, was $1962[19] Portfolio Composition - Total portfolio investments were valued at $1621 million as of March 31, 2025[11,19] - 91% of the portfolio comprised of senior secured first lien and unitranche first lien investments by fair value[19,35] - The portfolio consists of 191 portfolio companies across 20 industries[19,35] - Floating rate investments constitute 972% of the portfolio[22] Capital Structure and Liquidity - The company has a strong liquidity profile with $305 million in cash and cash equivalents and restricted cash[19] - Undrawn debt capacity was $3100 million as of March 31, 2025[19] - Total debt outstanding was $912 million with a weighted average interest rate of 636%[21,61] - Debt-to-equity ratio was 125x[11,21]

Core Viewpoint - Crescent Capital BDC, Inc. reported a decrease in net investment income and net asset value for the quarter ended March 31, 2025, indicating potential challenges in its financial performance compared to previous periods [1][3][6]. Financial Performance - Net investment income per share was $0.45 for Q1 2025, down from $0.55 in Q4 2024 and $0.63 in Q1 2024 [3][6]. - Net income per share was reported at $0.11 for Q1 2025, a decrease from $0.27 in Q4 2024 and $0.76 in Q1 2024 [3][6]. - Total investment income decreased to $42.1 million in Q1 2025 from $46.4 million in Q4 2024 [6][7]. - The net asset value (NAV) per share was $19.62 as of March 31, 2025, down from $19.98 at the end of 2024 [1][3]. Dividend Declarations - The Board declared a regular cash dividend of $0.42 per share for Q2 2025, payable on July 15, 2025 [2]. - A special dividend of $0.05 per share will be paid on June 13, 2025, as part of three previously announced special dividends [2]. Investment Activity - As of March 31, 2025, the company had investments in 191 portfolio companies with a fair value of $1,620.7 million, an increase from $1,598.9 million as of December 31, 2024 [4][5]. - The company invested $104.7 million across 10 new portfolio companies during Q1 2025, compared to $127.1 million across 14 new companies in Q4 2024 [5]. Portfolio Composition - The portfolio's fair value included $400.3 million in senior secured first lien investments (24.8% of total) and $1,048.9 million in unitranche first lien investments (64.7% of total) as of March 31, 2025 [4][5]. Liquidity and Capital Resources - As of March 31, 2025, the company had $30.5 million in cash and cash equivalents and $310.0 million of undrawn capacity on its credit facilities [8]. - The debt to equity ratio was reported at 1.25x as of March 31, 2025 [8].

Financial Performance - Crescent Capital BDC reported net investment income of $0.45 per share and net income of $0.11 per share for Q1 2025, compared to $0.55 and $0.27 per share in Q4 2024, respectively[2][4]. - Investment income decreased to $42.1 million in Q1 2025 from $46.4 million in Q4 2024, primarily due to a decline in interest income[6]. - Total investment income for Q1 2025 was $42,129 million, a decrease of 16.4% from $50,361 million in Q1 2024[15]. - Net investment income for Q1 2025 was $16,621 million, down 28.7% from $23,317 million in Q1 2024[15]. - The net increase in net assets resulting from operations was $3,904 million for Q1 2025, significantly lower than $28,005 million in Q1 2024[15]. - Net investment income per share for Q1 2025 was $0.45, a decrease of 28.6% from $0.63 in Q1 2024[15]. - Total expenses for Q1 2025 were $25,059 million, down 6.3% from $26,752 million in Q1 2024[15]. Investment Activity - Total investments at fair value increased to $1,620.7 million as of March 31, 2025, from $1,598.9 million as of December 31, 2024, with investments in 191 portfolio companies[4][5]. - Crescent Capital BDC invested $104.7 million across 10 new portfolio companies in Q1 2025, compared to $127.1 million across 14 new companies in Q4 2024[5]. - The net change in unrealized losses was $(6.2) million for Q1 2025, compared to $(7.3) million in Q4 2024[4]. - Net realized and unrealized losses on investments totaled $12,717 million in Q1 2025, compared to gains of $4,349 million in Q1 2024[15]. Income and Yield - The weighted average yield on income-producing securities decreased to 10.4% in Q1 2025 from 10.9% in Q4 2024[4]. - Interest income from non-controlled non-affiliated investments decreased to $36,978 million in Q1 2025 from $43,564 million in Q1 2024, a decline of 15.1%[15]. Dividends and Cash Position - The company declared a second quarter 2025 regular cash dividend of $0.42 per share, consistent with the previous quarter[3]. - Cash and cash equivalents, along with restricted cash, totaled $30.5 million as of March 31, 2025[8]. Debt and Equity - The company's debt to equity ratio was 1.25x as of March 31, 2025, with total liabilities of $939.4 million[8][13]. - The weighted average shares outstanding remained constant at 37,061,547 for both Q1 2025 and Q1 2024[15]. Company Overview - Crescent BDC is focused on providing capital solutions to middle market companies with strong growth prospects[16]. - Crescent BDC has $46 billion in assets under management, emphasizing its significant market presence[17].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission file number 814-01132 Crescent Capital BDC, Inc. (Exact Name of Registrant as Specified in Its Charter) Registrant's Telephone Number, Including Area Code: (310) 235-5900 Securiti ...

LOS ANGELES, April 22, 2025 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC”) (NASDAQ: CCAP) today announced it will release its financial results for the first quarter ended March 31, 2025 on Wednesday, May 14, 2025 after market close. Crescent BDC invites all interested persons to attend its webcast/conference call on Thursday, May 15, 2025 at 12:00 p.m. Eastern Time to discuss its first quarter ended March 31, 2025 financial results. Conference Call Information: The conference call will be ...

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Investors in Crescent Capital BDC, Inc. (CCAP) need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 19, 2025 $10.00 Call had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It ...