PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for Crescent Capital BDC, Inc. as of September 30, 2024, including assets, operations, cash flows, and investment schedule with notes [Consolidated Statements of Assets and Liabilities](index=5&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets increased to $1.645 billion, with net assets growing to $748.8 million, raising NAV per share to $20.20 Consolidated Statements of Assets and Liabilities Highlights (in thousands) | Financial Metric | As of Sep 30, 2024 (Unaudited) | As of Dec 31, 2023 | | :--- | :--- | :--- | | Total Investments, at fair value | $1,591,433 | $1,582,075 | | **Total Assets** | **$1,645,049** | **$1,627,379** | | Total Debt (net) | $857,236 | $844,783 | | **Total Liabilities** | **$896,242** | **$884,785** | | **Total Net Assets** | **$748,807** | **$742,594** | | **Net Asset Value per share** | **$20.20** | **$20.04** | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2024 total investment income was $51.6 million, yielding $23.5 million ($0.64 per share) net investment income, despite unrealized losses Key Operational Data (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Investment Income | $51,632 | $48,152 | $150,945 | $134,176 | | Net Expenses | $27,437 | $26,079 | $80,930 | $73,497 | | **Net Investment Income** | **$23,540** | **$21,723** | **$68,560** | **$59,789** | | Net Realized & Unrealized Gains (Losses) | ($8,216) | $975 | ($5,366) | ($7,540) | | **Net Increase (Decrease) in Net Assets** | **$15,268** | **$22,621** | **$63,658** | **$52,979** | | Net Investment Income Per Share | $0.64 | $0.59 | $1.85 | $1.68 | | Net Increase (Decrease) in Net Assets Per Share | $0.41 | $0.61 | $1.72 | $1.49 | [Consolidated Statements of Changes in Net Assets](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets increased by $6.2 million to $748.8 million, driven by net investment income, partially offset by distributions and investment losses Reconciliation of Net Assets for the Nine Months Ended Sep 30, 2024 (in thousands) | Description | Amount | | :--- | :--- | | **Balance at December 31, 2023** | **$742,594** | | Net Investment Income | $68,560 | | Net Realized Loss on Investments | ($463) | | Net Change in Unrealized Depreciation | ($4,903) | | Distributions from Distributable Earnings | ($57,445) | | **Total Increase in Net Assets** | **$6,213** | | **Balance at September 30, 2024** | **$748,807** | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities provided $61.8 million in cash, while financing used $48.4 million, leading to a $13.4 million net increase in cash Cash Flow Summary for the Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $61,796 | $57,696 | | Net Cash from Financing Activities | ($48,438) | ($52,000) | | **Net Increase in Cash** | **$13,367** | **$5,688** | | Cash, beginning of period | $24,470 | $17,067 | | **Cash, end of period** | **$37,837** | **$22,755** | [Consolidated Schedule of Investments](index=10&type=section&id=Consolidated%20Schedule%20of%20Investments) The investment portfolio totaled **$1.591 billion** across 183 companies, primarily debt (96.3%), concentrated in senior secured and unitranche first lien loans - The total investment portfolio at fair value was **$1,591.4 million** as of September 30, 2024, compared to $1,582.1 million as of December 31, 2023[232](index=232&type=chunk) Portfolio Composition by Investment Type (at Fair Value) | Investment Type | Fair Value (in millions) | Percentage of Portfolio | | :--- | :--- | :--- | | Senior Secured First Lien | $401.7 | 25.2% | | Unitranche First Lien | $1,023.7 | 64.4% | | Senior Secured Second Lien | $41.8 | 2.6% | | Equity & Other | $99.7 | 6.2% | | Unsecured Debt | $18.7 | 1.2% | | **Total** | **$1,591.4** | **100.0%** | Top 5 Industry Concentrations (at Fair Value) | Industry | Fair Value (in millions) | Percentage of Portfolio | | :--- | :--- | :--- | | Health Care Equipment & Services | $442.1 | 27.8% | | Software & Services | $343.1 | 21.6% | | Commercial & Professional Services | $208.7 | 13.0% | | Consumer Services | $154.1 | 9.7% | | Diversified Financials | $94.0 | 5.9% | [Notes to Consolidated Financial Statements](index=69&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, BDC/RIC status, investment valuation, debt facilities, unfunded commitments, dividends, and subsequent events - The Company is an externally managed BDC that has elected to be treated as a RIC for U.S. federal income tax purposes, aiming to maximize total return through debt and related equity investments in private U.S. middle-market companies[99](index=99&type=chunk)[100](index=100&type=chunk) - As of September 30, 2024, the company had fourteen investments across five portfolio companies on non-accrual status, representing **1.7% of total debt investments at cost** and **0.9% at fair value**[125](index=125&type=chunk) - The Board of Directors declared a regular Q4 2024 cash dividend of **$0.42 per share** and a supplemental cash dividend of **$0.07 per share** subsequent to the quarter's end[213](index=213&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=100&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2024 financial performance, with net investment income rising to $23.5 million, portfolio fair value at $1.59 billion, and strong liquidity Results of Operations Highlights (in millions) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Total investment income | $51.6 | $48.2 | $150.9 | $134.2 | | Total net expenses | $28.1 | $26.4 | $82.4 | $74.4 | | **Net investment income** | **$23.5** | **$21.8** | **$68.5** | **$59.8** | - As of September 30, 2024, the company had **$37.8 million in cash and cash equivalents** and **$317.0 million of undrawn capacity** on its credit facilities, exceeding its **$200.1 million in unfunded commitments**[258](index=258&type=chunk)[277](index=277&type=chunk) - The asset coverage ratio was **186%** as of September 30, 2024, compliant with the **150% minimum requirement** for BDCs[276](index=276&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=106&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces valuation, interest rate, and currency risks; a 100 bps rate hike could increase net interest income by **$9.8 million** annually - The company's primary market risks are valuation risk for illiquid private securities, interest rate risk due to its floating-rate assets and liabilities, and currency risk from foreign-denominated investments[280](index=280&type=chunk) Annualized Impact of Hypothetical Interest Rate Changes (in millions) | Basis Point Change | Interest Income | Interest Expense | Net Interest Income | | :--- | :--- | :--- | :--- | | Up 100 basis points | $15.5 | $5.7 | $9.8 | | Down 100 basis points | ($15.5) | ($5.7) | ($9.8) | [Item 4. Controls and Procedures](index=107&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2024, with no material changes to internal control - The principal executive officer and principal financial officer concluded that as of September 30, 2024, the company's disclosure controls and procedures were effective[286](index=286&type=chunk) - There were no material changes in internal control over financial reporting during the quarter ended September 30, 2024[287](index=287&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=107&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to materially affect the company's financial condition or results of operations - The company does not expect any ongoing legal proceedings to materially affect its business, financial condition, or results of operations[288](index=288&type=chunk) [Item 1A. Risk Factors](index=107&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors previously disclosed in the Annual Report on Form 10-K for FY2023 - The report refers to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2023, indicating no material updates in this filing[289](index=289&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=108&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Sun Life completed its **$20.0 million** share purchase program, acquiring 382,542 shares for **$7.4 million** during the quarter - Sun Life completed its **$20.0 million** share purchase program, buying **382,542 shares** for **$7.4 million** during the quarter ended September 30, 2024[291](index=291&type=chunk) [Item 3. Defaults Upon Senior Securities](index=108&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[292](index=292&type=chunk) [Item 4. Mine Safety Disclosures](index=108&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[292](index=292&type=chunk) [Item 5. Other Information](index=108&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the nine months ended September 30, 2024 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the nine months ended September 30, 2024[293](index=293&type=chunk) [Item 6. Exhibits](index=109&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the quarterly report, including CEO and CFO Sarbanes-Oxley certifications - The report includes a list of all exhibits filed, such as merger agreements, bylaws, advisory agreements, debt agreements, and Sarbanes-Oxley certifications[295](index=295&type=chunk)[296](index=296&type=chunk)

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Crescent Capital BDC (CCAP) . This company, which is in the Zacks Financial - SBIC & Commercial Industry industry, shows potential for another earnings beat. This company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was ...

If you're an income-oriented investor, now may be a good time to start checking out the BDC ( BIZD ) sector if you haven't already. Since the start of interest rate hikes in 2022, many have seen their share Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligenc ...

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Core Viewpoint - Crescent Capital (CCAP) has shown strong performance in Q2 2024, with improved portfolio quality and reduced leverage, leading to a positive outlook despite a slight decline in net investment income per share [1][3][4] Financial Performance - Q2 2024 net investment income per share was $0.59, a decrease of $0.04 from the previous quarter but an increase of $0.03 compared to the same period last year [3] - The decline in net investment income was primarily due to the normalization of non-recurring income, which had been unusually high in Q1 2024 [3] - CCAP's net asset value per share grew to $20.30, the highest since Q2 2022, and the company paid a base dividend of $0.42 per share along with a supplemental dividend of $0.09 per share, resulting in an annualized yield of 11.1% [3][4] Portfolio Quality - The weighted average portfolio grade remained at 2.1, with 89% of investments rated one and two, indicating strong quality [3] - CCAP maintained a low non-accrual position at 0.9% of the portfolio fair value, which is considered solid within the BDC segment [3] - Approximately 90% of CCAP's portfolio investments are in first lien loans across 20 non-cyclical sectors, supported by well-capitalized private equity sponsors [3] Market Position and Outlook - CCAP is well-positioned to grow its portfolio while maintaining high-quality standards, with expectations for stable or slightly growing net investment income results [3][4] - Middle market loan volume increased nearly 20% in the first half of 2024 compared to the second half of 2023, driven by refinancing activity [3] - CCAP deployed $119 million in Q2 2024, offsetting $73 million in exits, while maintaining quality standards with a weighted average loan-to-value of 31% [3] Debt Profile - CCAP has a back-end loaded debt maturity profile, with no debt maturities due until 2026, allowing for competitive pricing of loans and accretive spreads [3]

Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q2 2024 Results Conference Call August 13, 2024 12:00 PM ET Company Participants Dan McMahon - Head of Investor Relations Jason Breaux - Chief Executive Officer Henry Chung - President Gerhard Lombard - Chief Financial Officer Conference Call Participants Robert Dodd - Raymond James Paul Johnson - KBW Finian O'Shea - Wells Fargo Derek Hewett - Bank of America Operator Good day, everyone and welcome to the Q2 2024 Crescent Capital BDC Earnings Conference Call. At this ...

Crescent Capital BDC (CCAP) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.72%. A quarter ago, it was expected that this company would post earnings of $0.59 per share when it actually produced earnings of $0.63, delivering a surprise of 6.78%. Over the last four quarters, the com ...

Crescent Capital BDC, Inc. Reports Second Quarter 2024 Earnings Results; Declares a Third Quarter Base Dividend of $0.42 Per Share, and a Second Quarter Supplemental Dividend of $0.09 Per Share LOS ANGELES, August 12, 2024 — Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $0.59 per share and net income of $0.55 per share for the quarter ended June 30, 2024. Net asset value per share increased to $20.30 compared to $20.28 as of March 31, 2024. D ...

SNDF BU ST N i Crescent Capital BDC, Inc. (NASDAQ:CCAP) is a well-managed business development company with a distinct floating-rate focus, a First Lien-centric investment portfolio and very solid dividend pay-out metrics. Crescent Capital is also distributing a steady stream of growing, supplemental dividends to passive income investors and the valuation reflects a moderate margin of safety. I think that Crescent Capital will continue to pay supplemental dividends in the latter half of 2024 and possibly be ...