Financial Data and Key Metrics Changes - Net investment income (NII) was reported at $0.64 per share, translating to an annualized NII return on equity of 12.6% [6] - Total investment income increased to $51.6 million, a 5% increase from $49.0 million in the prior quarter [28] - Net asset value (NAV) per share decreased by $0.10 to $20.20, primarily due to net unrealized marks [8] Business Line Data and Key Metrics Changes - The investment portfolio totaled approximately $1.6 billion at fair value, with 90% consisting of first-lien loans, unchanged from the prior quarter [9][10] - The weighted average yield of income-producing securities at cost decreased to 11.6% [22] - Non-accrual investments represented 1.7% of total debt investments at cost and 0.9% at fair value [14] Market Data and Key Metrics Changes - Deal activity in Q3 was driven by lower borrowing costs and strong economic conditions, with refinancings and recapitalizations making up almost 50% of overall volume [15] - The weighted average interest coverage of portfolio companies improved to 1.8 times, compared to 1.7 times in the previous two quarters [24] Company Strategy and Development Direction - The company continues to focus on non-cyclical industries and maintains a diversified portfolio across 20 broad industry categories [10] - Management expressed optimism about increased deal activity in 2025, driven by recent rate cuts and a favorable market reaction to the presidential election results [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the market for M&A has been slow, they expect an acceleration in activity as sponsors seek to monetize investments [48] - The company remains confident in the strong performance of its portfolio and the ability to deliver attractive risk-adjusted returns to shareholders [40] Other Important Information - The company declared a supplemental dividend of $0.07 per share, alongside a regular dividend of $0.42 per share, resulting in an approximately 10% annualized dividend yield [7] - The debt-to-equity ratio improved from 1.18 times to 1.15 times, remaining within the target leverage range [34] Q&A Session Summary Question: Clarification on non-recurring income - Management acknowledged that approximately $3 million of non-recurring income should not be factored into future expectations [42][45] Question: Outlook for remaining First Eagle assets - Management indicated that the pace of monetization for the remaining First Eagle assets is expected to accelerate due to improved market conditions [48] Question: Expectations for 2025 activity levels - Management expressed optimism for increased activity in 2025 but noted that it may not reach the levels seen in 2021 due to different market conditions [56][57] Question: Future acquisition goals - Management stated that they are open to additional M&A opportunities but emphasized the importance of measured growth [62][66] Question: Explanation of supplemental dividend cap - Management explained that the supplemental dividend is capped based on unrealized changes in NAV, limiting it to $0.07 this quarter [69]

Crescent Capital BDC (CCAP) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 12.28%. A quarter ago, it was expected that this company would post earnings of $0.58 per share when it actually produced earnings of $0.59, delivering a surprise of 1.72%.Over the last four quarters, the comp ...

[Q3 2024 Earnings and Dividend Announcement](index=1&type=section&id=Crescent%20Capital%20BDC%2C%20Inc.%20Reports%20Third%20Quarter%202024%20Earnings%20Results) Crescent Capital BDC announced its Q3 2024 earnings, reporting specific per-share metrics and declaring both base and supplemental dividends [Earnings Summary](index=1&type=section&id=Earnings%20Summary) For the third quarter of 2024, Crescent Capital BDC reported a net investment income of $0.64 per share and a net income of $0.41 per share, with net asset value per share at $20.20 as of September 30, 2024 Key Earnings Metrics per Share | Metric | Value per Share | | :--- | :--- | | Net Investment Income | $0.64 | | Net Income | $0.41 | | Net Asset Value | $20.20 | [Dividend Declarations](index=1&type=section&id=Dividend%20Declarations) The Board of Directors declared a fourth-quarter 2024 base dividend of $0.42 per share and a third-quarter 2024 supplemental dividend of $0.07 per share Declared Dividends | Dividend Type | Quarter | Amount per Share | Record Date | Payment Date | | :--- | :--- | :--- | :--- | :--- | | Regular Cash Dividend | Q4 2024 | $0.42 | Dec 31, 2024 | Jan 15, 2025 | | Supplemental Cash Dividend | Q3 2024 | $0.07 | Nov 29, 2024 | Dec 16, 2024 | [Financial and Portfolio Overview](index=1&type=section&id=Financial%20and%20Portfolio%20Overview) This section provides a comprehensive overview of the company's financial performance, portfolio composition, and liquidity position [Selected Financial Highlights](index=1&type=section&id=Selected%20Financial%20Highlights) In Q3 2024, Crescent BDC's net investment income per share increased to $0.64, while net assets slightly decreased to $748.8 million and net asset value per share declined to $20.20 Selected Financial Highlights (Millions USD, except per share) | Selected Financials | Sep 30, 2024 | Jun 30, 2024 | Sep 30, 2023 | | :--- | :--- | :--- | :--- | | Total net assets | $748.8 | $752.4 | $730.3 | | Net asset value per share | $20.20 | $20.30 | $19.70 | | Investment income | $51.6 | $48.9 | $48.2 | | Net investment income | $23.5 | $21.7 | $21.7 | | Net investment income per share | $0.64 | $0.59 | $0.59 | | Net increase (decrease) in net assets from operations | $15.3 | $20.4 | $22.6 | [Portfolio & Investment Activity](index=1&type=section&id=Portfolio%20%26%20Investment%20Activity) As of September 30, 2024, the company's portfolio was valued at $1.59 billion across 183 companies, with unitranche first lien loans comprising 64.4% - In Q3 2024, the company invested **$72.7 million** and had **$92.3 million** in exits and repayments, compared to **$119.3 million** in investments and **$73.4 million** in exits in Q2 2024[2](index=2&type=chunk) Portfolio Asset Composition (Millions USD) | Portfolio Asset Types | Fair Value (Sep 30, 2024) | Percentage (Sep 30, 2024) | Fair Value (Dec 31, 2023) | Percentage (Dec 31, 2023) | | :--- | :--- | :--- | :--- | :--- | | Senior secured first lien | $401.7M | 25.2% | $429.2M | 27.0% | | Unitranche first lien | $1,023.7M | 64.4% | $973.9M | 61.5% | | Senior secured second lien | $41.8M | 2.6% | $58.2M | 3.7% | | Equity & other | $59.2M | 3.7% | $50.1M | 3.2% | | **Total investments** | **$1,591.4M** | **100.0%** | **$1,582.1M** | **100.0%** | [Results of Operations](index=2&type=section&id=Results%20of%20Operations) For the third quarter of 2024, investment income rose to $51.6 million, while net expenses increased to $28.1 million, primarily due to higher weighted average debt outstanding Key Operational Metrics (Millions USD) | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | Investment Income | $51.6 | $48.2 | +$3.4M | | Net Expenses | $28.1 | $26.4 | +$1.7M | - The increase in investment income was attributed to a rise in one-time non-recurring income[4](index=4&type=chunk) - The increase in net expenses was primarily due to a higher weighted average debt outstanding[4](index=4&type=chunk) [Liquidity and Capital Resources](index=2&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2024, the company maintained a solid liquidity position with $37.8 million in cash and $317.0 million available on its credit facilities Liquidity and Capital Metrics | Liquidity & Capital Metric | As of Sep 30, 2024 | | :--- | :--- | | Cash and cash equivalents | $37.8 million | | Undrawn credit capacity | $317.0 million | | Weighted average cost of debt | 6.59% | | Debt to equity ratio | 1.15x | [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the company's consolidated financial statements, including assets, liabilities, and operational results [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of September 30, 2024, total assets were $1.645 billion, total liabilities were $896.2 million, and total net assets grew to $748.8 million Consolidated Balance Sheet (Thousands USD) | Balance Sheet | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Investments, at fair value | $1,591,433 | $1,582,075 | | Total assets | $1,645,049 | $1,627,379 | | Total liabilities | $896,242 | $884,785 | | Total net assets | $748,807 | $742,594 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For Q3 2024, total investment income was $51.6 million, resulting in a net increase in net assets from operations of $15.3 million, and $63.7 million for the nine months ended September 30, 2024 Consolidated Statement of Operations (Three Months Ended, Thousands USD) | Operations | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Total investment income | $51,633 | $48,152 | | Net expenses | $27,437 | $26,079 | | Net investment income | $23,541 | $21,723 | | Net realized and unrealized (losses) gains | ($8,217) | $975 | | **Net increase in net assets** | **$15,268** | **$22,621** | Consolidated Statement of Operations (Nine Months Ended, Thousands USD) | Operations | Nine Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2023 | | :--- | :--- | :--- | | Total investment income | $150,944 | $134,176 | | Net expenses | $80,930 | $73,497 | | Net investment income | $68,559 | $59,789 | | Net realized and unrealized (losses) | ($5,365) | ($7,540) | | **Net increase in net assets** | **$63,658** | **$52,979** | [Corporate Information and Disclaimers](index=2&type=section&id=Corporate%20Information%20and%20Disclaimers) This section provides details on the upcoming conference call, information about Crescent BDC and its manager, and important forward-looking statements [Conference Call Information](index=2&type=section&id=Conference%20Call) The company will host a conference call and webcast on November 12, 2024, at 12:00 p.m. Eastern Time to discuss its third-quarter financial results - A conference call to discuss Q3 2024 results is scheduled for Tuesday, November 12, 2024, at 12:00 p.m. ET, with access available via telephone or webcast[6](index=6&type=chunk)[7](index=7&type=chunk) [About Crescent BDC and Crescent Capital Group](index=6&type=section&id=About%20Crescent%20BDC%20and%20Crescent%20Capital%20Group) Crescent BDC is a business development company focused on providing capital to middle-market companies, externally managed by Crescent Capital Group, a global credit investment manager with $43 billion of assets under management - Crescent BDC's objective is to maximize total return through current income and capital appreciation by investing in middle-market companies[12](index=12&type=chunk) - The external manager, Crescent Capital Group, is a global credit investment manager with **$43 billion AUM**, specializing in below-investment-grade credit for over 30 years[13](index=13&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements subject to various risks and uncertainties, with actual results potentially differing materially from those anticipated - The document includes a standard safe harbor statement, warning that forward-looking statements are not guarantees of future performance and are subject to risks such as economic conditions, competition, and geopolitical unrest[14](index=14&type=chunk)

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 ...

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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 ...