Crescent Capital BDC(CCAP) - 2025 Q2 - Quarterly Results

Crescent Capital BDC, Inc. Q2 2025 Earnings Release Financial and Operational Highlights Crescent BDC reported Q2 2025 net investment income of $0.46 per share and NAV of $19.55 per share, declared a $0.42 dividend, and authorized a $20 million stock repurchase program Q2 2025 Key Per-Share Metrics | Metric | Value ($ per Share) | | :--- | :--- | | Net Investment Income | $0.46 | | Net Income | $0.41 | | Net Asset Value (NAV) | $19.55 | - The Board of Directors declared a third-quarter 2025 regular cash dividend of $0.42 per share[3] - A new stock repurchase program was authorized to buy back up to $20.0 million of common stock when trading below NAV[4] Quarterly Financial Trends | Metric | June 30, 2025 | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Net asset value per share | $19.55 | $19.62 | $20.30 | | Net investment income per share | $0.46 | $0.45 | $0.59 | | Investments, at fair value | $1,600.7M | $1,620.7M | $1,610.8M | Portfolio and Investment Activity The company's Q2 2025 portfolio fair value was $1.6 billion, primarily first lien debt, with net investment outflows Portfolio Composition by Asset Type (June 30, 2025) | Investment Type | Fair Value ($M) | Percentage | | :--- | :--- | :--- | | Senior secured first lien | $381.3 | 23.8% | | Unitranche first lien | $1,043.6 | 65.2% | | Unitranche first lien - last out | $26.2 | 1.6% | | Senior secured second lien | $23.4 | 1.5% | | Other (Unsecured, Equity, etc.) | $126.2 | 7.9% | | Total investments | $1,600.7 | 100.0% | Q2 2025 Investment Activity | Activity | Amount ($M) | | :--- | :--- | | New Investments & Fundings | $57.5 | | Exits, Sales & Repayments | $92.7 | Results of Operations Q2 2025 total investment income increased to $43.0 million sequentially, driven by higher dividend income, with total net expenses also rising Investment Income Comparison (QoQ) | Income Type | Q2 2025 ($M) | Q1 2025 ($M) | | :--- | :--- | :--- | | Interest Income | $40.1 | $39.7 | | Dividend Income | $1.8 | $1.5 | | Other Income | $1.0 | $0.9 | | Total Investment Income | $43.0 | $42.1 | - Total net expenses for the three months ended June 30, 2025, were $26.1 million, compared to $25.5 million for the quarter ended March 31, 2025[9] Liquidity and Capital Resources Crescent BDC maintained $26.1 million in cash and $227.2 million undrawn credit capacity, with a stable 1.23x debt-to-equity ratio Liquidity and Leverage (June 30, 2025) | Metric | Value | | :--- | :--- | | Cash and Cash Equivalents | $26.1 million | | Undrawn Credit Facility Capacity | $227.2 million | | Weighted Average Cost of Debt | 6.09% | | Debt to Equity Ratio | 1.23x | Consolidated Financial Statements Consolidated financial statements show total net assets of $724.7 million and Q2 net investment income of $16.9 million Consolidated Statements of Assets and Liabilities The balance sheet shows total assets of $1.65 billion and total liabilities of $929.7 million, with total net assets at $724.7 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | $1,654,444 | $1,656,274 | | Total Liabilities | $929,728 | $915,637 | | Total Net Assets | $724,716 | $740,637 | Consolidated Statements of Operations Q2 2025 operations generated $43.0 million in total investment income and $16.9 million in net investment income, with a $15.0 million net increase in net assets Income Statement Summary (Three Months Ended June 30, in thousands) | Account | 2025 | 2024 | | :--- | :--- | :--- | | Total Investment Income | $42,992 | $48,951 | | Net Expenses | $25,705 | $26,815 | | Net Investment Income | $16,887 | $21,703 | | Net Realized/Unrealized Losses | $(1,874) | $(1,499) | | Net Increase in Net Assets | $15,013 | $20,385 | Corporate Information and Events Crescent BDC will host a conference call on August 14, 2025, to discuss Q2 results, managed by Crescent Capital Group with $47 billion in AUM - The company will host a conference call and webcast on Thursday, August 14, 2025, at 12:00 p.m. (Eastern Time) to discuss the quarterly results[11] - Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group, which has $47 billion of assets under management[18][19]