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Crescent Capital BDC, Inc. Reports Second Quarter 2025 Earnings Results; Declares a Third Quarter Base Dividend of $0.42 Per Share

1. Crescent BDC reported a net investment income of $0.46 per share. 2. A regular dividend of $0.42 per share is declared for Q3 2025. 3. Share repurchase program authorized for up to $20 million in common stock. 4. Net asset value per share decreased to $19.55 from $19.62. 5. Investment income increased to $43 million, reflecting growth in interest income.

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$14.7508/13 04:21 PM EDTEvent Start
$15.2408/14 10:44 PM EDTLatest Updated
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Why Bullish?

The declared dividends and share repurchase program indicate strong fiscal health. Similar announcements historically boost stock prices, demonstrating investor confidence.

How important is it?

The financial results and corporate actions are direct indicators of CCAP's profitability; dividends and repurchases usually lead to stock appreciation.

Why Short Term?

Immediate positive market reactions are expected due to dividends and repurchase announcements. Historical trends show fast stock responsiveness to such events.

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CIONTCPCMAIN
LOS ANGELES, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $0.46 per share and net income of $0.41 per share for the quarter ended June 30, 2025. Second quarter net investment income includes the impact of one-time accelerated amortization of $0.02 per share related to deferred financing costs. Net asset value (NAV) per share was $19.55 at June 30, 2025. Dividend DeclarationsThe Company announced that its Board of Directors (the “Board”) declared a third quarter 2025 regular cash dividend of $0.42 per share to stockholders of record as of September 30, 2025, payable on October 15, 2025. Additionally, the third and final previously announced $0.05 per share special dividend will be paid on September 15, 2025 to stockholders of record as of August 29, 2025. Share Repurchase ProgramThe Company’s Board authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20.0 million of its common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by the Company based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors.  Selected Financial Highlights($ in millions, except per share amounts)  As of and for the three months ended June 30, 2025 March 31, 2025 June 30, 2024Investments, at fair value $1,600.7  $1,620.7  $1,610.8 Total assets $1,654.4  $1,666.5  $1,672.4 Total net assets $724.7  $727.1  $752.4 Net asset value per share $19.55  $19.62  $20.30              Investment income $43.0  $42.1  $48.9 Net investment income $16.9  $16.6  $21.7 Net realized gains (losses), net of taxes $(2.9) $(6.5) $(4.1)Net change in unrealized gains (losses), net of taxes $1.0  $(6.2) $2.8 Net increase (decrease) in net assets resulting from operations $15.0  $3.9  $20.4              Net investment income per share $0.46  $0.45  $0.59 Net realized gains (losses) per share, net of taxes $(0.08) $(0.18) $(0.11)Net change in unrealized gains (losses) per share, net of taxes $0.03  $(0.16) $0.07 Net increase (decrease) in net assets resulting from operations per share $0.41  $0.11  $0.55 Regular distributions paid per share $0.42  $0.42  $0.42 Supplemental distributions paid per share $-  $-  $0.11 Special distributions paid per share $0.05  $0.05  $-              Weighted average yield on income producing securities (at cost)1  10.4%  10.4%  12.2%Percentage of debt investments at floating rates  97.2%  97.2%  96.9% Portfolio & Investment Activity As of June 30, 2025 and December 31, 2024, the Company had investments in 187 and 185 portfolio companies with an aggregate fair value of $1,600.7 and $1,598.9 million, respectively. The portfolio at fair value was comprised of the following asset types: Portfolio Asset Types:                As of$ in millions June 30, 2025 December 31, 2024Investment Type Fair Value Percentage Fair Value PercentageSenior secured first lien $381.3  23.8% $379.7  23.7%Unitranche first lien2  1,043.6  65.2   1,044.1  65.3 Unitranche first lien - last out2  26.2  1.6   14.8  0.9 Senior secured second lien  23.4  1.5   38.5  2.4 Unsecured debt  18.9  1.2   17.5  1.1 Equity & other  69.0  4.3   64.9  4.1 LLC/LP equity interests  38.3  2.4   39.4  2.5 Total investments $1,600.7  100.0% $1,598.9  100.0% For the quarter ended June 30, 2025, the Company invested $57.5 million across 3 new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $92.7 million in aggregate exits, sales and repayments. For the quarter ended March 31, 2025, the Company invested $104.7 million across 10 new portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $78.0 million in aggregate exits, sales and repayments. Results of Operations For the quarter ended June 30, 2025, investment income increased to $43.0 million from $42.1 million for the quarter ended March 31, 2025, respectively. Interest income, which includes amortization of upfront fees, increased to $40.1 million for the quarter ended June 30, 2025 from $39.7 million for the quarter ended March 31, 2025 due to higher dividend income from our investment in Logan JV. Included in interest from investments for the quarters ended June 30, 2025 and March 31, 2025 are $0.8 million and $0.8 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income increased to $1.8 million for the quarter ended June 30, 2025 from $1.5 million for the quarter ended March 31, 2025. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $1.0 million and $0.9 million for the quarter ended June 30, 2025 and March 31, 2025, respectively. For the three months ended June 30, 2025 and March 31, 2025, total net expenses, including income and excise taxes, totaled $26.1 million and $25.5 million, respectively. Liquidity and Capital Resources As of June 30, 2025, the Company had $26.1 million in cash and cash equivalents and restricted cash and $227.2 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average cost of debt on the Company’s debt outstanding as of June 30, 2025 was 6.09%. The Company’s debt to equity ratio was 1.23x as of June 30, 2025. Conference Call The Company will host a webcast/conference call on Thursday, August 14, 2025 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended June 30, 2025. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call. All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Events & Presentations page of the Investor Resources section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing the following number: Toll Free: (800) 715-9871Conference ID: 1217499 All callers will need to reference the Conference ID once connected with the operator. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC's website. Endnotes Note: Numbers may not sum due to rounding. 1)   Yield includes performing debt and other income producing investments (excluding investments on non-accrual). 2)   Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate. Crescent Capital BDC, Inc.Consolidated Statements of Assets and Liabilities(in thousands except share and per share data)  As of June 30, 2025 (Unaudited)  As of December 31, 2024 Assets     Investments, at fair value     Non-controlled non-affiliated investments (cost of $1,513,462 and $1,511,386, respectively)$1,508,967  $1,504,013 Non-controlled affiliated investments (cost of $42,317 and $46,104, respectively) 42,595   46,793 Controlled investments (cost of $60,371 and $66,416, respectively) 49,130   48,051 Cash and cash equivalents 9,739   10,130 Restricted cash and cash equivalents 16,401   29,292 Interest and dividend receivable 9,930   11,008 Receivable from unsettled transactions 14,362   1,163 Unrealized appreciation on foreign currency forward contracts 1,444   4,815 Deferred tax assets 223   746 Other assets 1,653   263 Total assets$1,654,444  $1,656,274       Liabilities     Debt (net of deferred financing costs of $7,055 and $8,214, respectively)$887,318  $875,837 Distributions payable 15,566   15,566 Interest and other debt financing costs payable 12,479   10,408 Management fees payable 5,075   5,066 Incentive fees payable 3,557   4,305 Deferred tax liabilities 223   746 Unrealized depreciation on foreign currency forward contracts 2,606   — Accrued expenses and other liabilities 2,904   3,709 Total liabilities$929,728  $915,637       Net assets     Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)$—  $— Common stock, par value $0.001 per share (200,000,000 shares authorized, 37,061,547 shares issued and outstanding) 37   37 Paid-in capital in excess of par value 959,098   959,098 Accumulated earnings (loss) (234,419)  (218,498)Total net assets$724,716  $740,637 Total liabilities and net assets$1,654,444  $1,656,274 Net asset value per share$19.55  $19.98  Crescent Capital BDC, Inc.Consolidated Statements of Operations(in thousands except share and per share data)(Unaudited)   For the three months ended June 30,  For the six months ended June 30,   2025  2024  2025  2024 Investment Income:            From non-controlled non-affiliated investments:            Interest income $36,178  $41,973  $73,156  $85,536 Paid-in-kind interest  2,595   2,060   4,088   3,215 Dividend income  172   2   172   395 Other income  1,048   779   1,918   1,667 From non-controlled affiliated investments:            Interest income  642   1,099   1,500   1,791 Paid-in-kind interest  542   67   806   509 Dividend income  —   —   258   287 Other income  —   16   —   16 From controlled investments:            Interest income  210   312   415   611 Dividend income  1,600   2,640   2,800   5,280 Other income  5   3   8   5 Total investment income  42,992   48,951   85,121   99,312              Expenses:            Interest and other debt financing costs  15,151   15,931   29,787   31,535 Management fees  5,089   5,034   10,127   10,014 Income based incentive fees  3,579   4,603   7,098   9,541 Professional fees  898   451   1,633   897 Directors’ fees  163   151   327   308 Other general and administrative expenses  861   678   1,828   1,305 Total expenses  25,741   26,848   50,800   53,600 Management fees waiver  (13)  (33)  (33)  (71)Income based incentive fees waiver  (23)  -   (55)  (36)Net expenses  25,705   26,815   50,712   53,493 Net investment income before taxes  17,287   22,136   34,409   45,819 (Benefit) provision for income and excise taxes  400   433   901   800 Net investment income  16,887   21,703   33,508   45,019 Net realized and unrealized gains (losses) on investments:            Net realized gain (loss) on:            Non-controlled non-affiliated investments  (2,445)  (5,332)  (5,505)  (6,935)Controlled investments  —   —   (3,800)  — Foreign currency transactions  (456)  (508)  (99)  (519)Foreign currency forward contracts  —   1,776   —   3,223 Net change in unrealized appreciation (depreciation) on:            Non-controlled non-affiliated investments and foreign currency translation  4,236   7,191   (5,923)  12,061 Non-controlled affiliated investments  (744)  966   (411)  1,194 Controlled investments  2,655   (3,628)  7,124   (3,853)Foreign currency forward contracts  (5,120)  (1,964)  (5,977)  (2,320)Net realized and unrealized gains (losses) on investments  (1,874)  (1,499)  (14,591)  2,851 Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments  —   181   -   520 Net increase (decrease) in net assets resulting from operations $15,013  $20,385  $18,917  $48,390              Per common share data:            Net increase (decrease) in net assets resulting from operations per share (basic and diluted): $0.41  $0.55  $0.51  $1.31 Net investment income per share (basic and diluted): $0.46  $0.59  $0.90  $1.21 Weighted average shares outstanding (basic and diluted):  37,061,547   37,061,547   37,061,547   37,061,547  About Crescent BDC Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent. Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein. About Crescent Capital Group Crescent is a global credit investment manager with $47 billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with more than 225 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein. Contact: Dan McMahondaniel.mcmahon@crescentcap.com        212-364-0149        Forward-Looking Statements This press release, and other statements that Crescent BDC may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to Crescent BDC’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. Crescent BDC cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Forward-looking statements speak only as of the date they are made, and Crescent BDC assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in Crescent BDC’s SEC reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the impact of increased competition; (11) the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment adviser or its affiliates; (13) the ability of our investment adviser to attract and retain highly talented professionals; (14) changes in law and policy accompanying the current administration and uncertainty pending any such changes; (15) increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies; (16) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets; (17) the unfavorable resolution of legal proceedings; and (18) the impact of changes to tax legislation and, generally, our tax position. Crescent BDC’s Annual Report on Form 10-K for the year ended December 31, 2024 and quarterly reports on Form 10-Q for the quarter ended March 31 and June 30, 2025, each filed with the SEC, identifies additional factors that can affect forward-looking statements. Other Information The information in this press release is summary information only and should be read in conjunction with Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2024, which Crescent BDC filed with the U.S. Securities and Exchange Commission (the SEC) on February 19, 2025, Crescent BDC’s quarterly report on Form 10-Q for the quarter ended June 30, 2025, which Crescent BDC filed with the SEC on August 13, 2025 as well as Crescent BDC’s other reports filed with the SEC. A copy of Crescent BDC’s annual report on Form 10-K for the year ended December 31, 2024, Crescent BDC’s quarterly reports on Form 10-Q and Crescent BDC’s other reports filed with the SEC can be found on Crescent BDC’s website at www.crescentbdc.com and the SEC’s website at www.sec.gov.

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