Crescent Capital BDC, Inc. Reports Second Quarter 2025 Earnings Results; Declares a Third Quarter Base Dividend of $0.42 Per Share
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, 2024
Investments, 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, 2024
Investment Type
Fair Value
Percentage
Fair Value
Percentage
Senior 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 ...
