Crescent Capital BDC(US:CCAP)2025-11-12 21:08Investment Performance - As of September 30, 2025, the total investments at fair value amounted to $1,580.7 million, a slight decrease from $1,598.9 million as of December 31, 2024[349]. - The weighted average yield on income-producing securities (at cost) was 10.4% as of September 30, 2025, compared to 10.9% as of December 31, 2024[350]. - The company made new investments totaling $73.9 million for the three months ended September 30, 2025, compared to $72.7 million for the same period in 2024[350]. - Proceeds from investments sold or repaid totaled $86.0 million for the three months ended September 30, 2025, compared to $92.3 million for the same period in 2024[350]. - The portfolio comprised 187 companies as of September 30, 2025, an increase from 185 companies as of December 31, 2024[350]. - Total investment income for the three months ended September 30, 2025, was $41.4 million, a decrease from $51.6 million in the same period of 2024[357]. - Net investment income for the nine months ended September 30, 2025, was $50.4 million, compared to $68.5 million in 2024[357]. - For the three months ended September 30, 2025, net investment income was $16.9 million or $0.46 per share, a decrease from $23.5 million or $0.64 per share in the same period of 2024[370]. - For the nine months ended September 30, 2025, net investment income was $50.4 million or $1.36 per share, down from $68.5 million or $1.85 per share in 2024[370]. Debt and Financing - 97.4% of the debt in the portfolio bore a floating rate at fair value as of September 30, 2025[350]. - The company utilizes leverage to enhance yield, with an asset coverage ratio requirement of at least 150% after borrowing[347]. - As of September 30, 2025, total performing debt investments amounted to $1,443.9 million, representing 96.7% of the amortized cost, with a fair value of $1,433.3 million, or 98.4% of fair value[351]. - Non-accrual debt investments increased to 3.3% of total debt investments at cost and 1.6% at fair value as of September 30, 2025, compared to 2.2% and 0.9% respectively as of December 31, 2024[352]. - Interest income decreased from $47.8 million for the three months ended September 30, 2024, to $38.8 million for the same period in 2025, primarily due to a decline in benchmark rates[358]. - Total net expenses for the three months ended September 30, 2025, were $24.5 million, down from $28.1 million in 2024[362]. - Interest and other debt financing costs decreased to $13.9 million for the three months ended September 30, 2025, from $16.1 million in 2024, due to lower benchmark rates[363]. - The combined weighted average interest rate of aggregate borrowings for the nine months ended September 30, 2025, was 6.52%, down from 7.23% in 2024[379]. - Total debt as of September 30, 2025, was $1,121.6 million, an increase from $881.8 million in December 2024[377]. - The asset coverage ratio was 180% as of September 30, 2025, down from 183% as of December 31, 2024[397]. - The company had notional exposure to foreign currency forward contracts totaling £16.9 million, CHF 18.7 million, AUD $44.8 million, and SEK 11.6 million as of September 30, 2025[409]. Regulatory Compliance - The company is required to invest at least 70% of its assets in qualifying assets as per the 1940 Act[337]. - The company was in compliance with asset coverage requirements under the 1940 Act as of September 30, 2025[376]. Management and Fees - The management fees and incentive fees paid to the Adviser are significant components of the company's operating expenses[343]. - Management fees for the nine months ended September 30, 2025, were $15.3 million, slightly up from $15.0 million in the same period of 2024[364]. Losses and Dividends - The company recorded a net realized loss on investments of $5.0 million for the three months ended September 30, 2025[357]. - Net realized losses on investments for the three months ended September 30, 2025, were $(5.0) million, compared to realized gains of $3.8 million in 2024[371]. - A regular fourth quarter cash dividend of $0.42 per share was declared, payable on January 15, 2026[400]. Cash and Commitments - As of September 30, 2025, the company had $27.8 million in cash and cash equivalents and $239.8 million of undrawn capacity on credit facilities[375]. - Aggregate unfunded commitments totaled $212.5 million as of September 30, 2025, unchanged from December 31, 2024[398].