CCAP

This article first appeared on GuruFocus. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Crescent Capital BDC Inc (NASDAQ:CCAP) has reduced its base management fee from 1.25% to 1% and the incentive fee from 17.5% to 15%, effective April 1, 2026, making its fee structure more competitive. The company has implemented structural changes to position itself for consistent earnings and attractive returns across market cycles. CCAP generated $0.38 per share of net investment income for the quarter, with a reported NII of $0.42 per share after a $0.04 per share incentive fee waiver. The portfolio is well-positioned with a focus on first lien investments, non-cyclical industries, and strong sponsor backing, informed by Crescent's 35-year track record. CCAP benefits from being part of the broader Crescent platform, which is seeing an increasingly attractive opportunity set with widening spreads and reduced competition for new investments. Net investment income per share decreased from $0.45 in the prior quarter to $0.38, primarily due to an increase in non-accruals and a reduction in base rates. Net asset value declined from $19.10 per share to $18.27 per share, driven by broader market conditions and credit-specific depreciation. Non-accruals increased to 5.7% of cost and 3.6% of fair value, reflecting the addition of five new non-accruals during the quarter. The company reset its quarterly base dividend from $0.42 to $0.34 per share, reflecting a conservative level relative to its near-term earnings outlook. CCAP's leverage ended the quarter at 1.32 times, slightly above the target range of 1.1 to 1.3 times, due to the timing of realizations being pushed out of the quarter. Warning! GuruFocus has detected 4 Warning Signs with CCAP. Is CCAP fairly valued? Test your thesis with our free DCF calculator. Q: How comfortable are you with the current issues in the healthcare sector within your portfolio, and are there still developments that could catch you by surprise? A: Henry Chung, President: We have observed stress in select healthcare names, but it's not broad-based. The issues are distinct across different investments, such as labor costs or execution-related challenges. We have been monitoring these closely and feel we have a good handle on where to focus, although we recognize potent...

Interested in Crescent Capital BDC, Inc.? Here are five stocks we like better. Q1 earnings weakened as net investment income fell to $0.38 per share from $0.45, while NAV dropped to $18.27 from $19.10. Management said higher non-accruals, lower base rates, and credit-market volatility were the main pressures. Crescent raised its non-accruals to 5.7% of debt investments at cost, with five new problem loans concentrated in healthcare. Management said the issues are specific to a small number of portfolio companies rather than broad-based stress in the sector. The company cut fees and reset its dividend, lowering the base management fee to 1.00%, the incentive fee to 15.0%, and the quarterly base dividend to $0.34 per share. It also approved special dividends in 2026 to work through its spillover balance. Crescent Capital BDC (NASDAQ:CCAP) reported a more difficult first quarter as higher non-accruals, lower base rates and broader credit-market volatility weighed on earnings and net asset value, prompting management to lower fees and reset the company’s base dividend. Chief Executive Officer Jason Breaux said the quarter unfolded against a backdrop of “elevated geopolitical uncertainty, mixed consumer sentiment, and persistent inflationary pressures,” which contributed to volatility in credit markets. He said private credit is showing “pockets of pressure,” though he cautioned that the broader narrative around the asset class may overstate risk by grouping distinct issues together. → Rocket Lab Just Hit a New All-Time High—Time to Buy or Let It Breathe? “A small number of credit-specific developments within CCAP’s portfolio drove a more challenging quarter,” Breaux said. He added that the issues are concentrated and being actively managed. The company generated $0.38 per share of net investment income, or NII, for the quarter, down from $0.45 per share in the prior quarter. Management said the decline was primarily driven by an increase in non-accruals and lower base rates. → MP Materials Is Quietly Building a Rare Earth Powerhouse Chief Financial Officer Gerhard Lombard said the sequential decline in NII included approximately $0.04 per share from new non-accruals, $0.02 per share from lower base rates and about $0.01 per share from lower one-time fee income and deployment timing, partially offset by higher dividend income. Breaux said Crescent voluntarily wai...

Crescent Capital BDC (CCAP) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.44%. A quarter ago, it was expected that this company would post earnings of $0.44 per share when it actually produced earnings of $0.45, delivering a surprise of +2.27%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Crescent Capital BDC, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $37.91 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 2.34%. This compares to year-ago revenues of $42.13 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Crescent Capital BDC shares have lost about 5.9% since the beginning of the year versus the S&P 500's gain of 8.1%. While Crescent Capital BDC has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Crescent Capital BDC was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see t...

LOS ANGELES, May 13, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or the “Company”) (NASDAQ: CCAP) today reported net investment income of $0.42 per share and net income of ($0.42) per share for the quarter ended March 31, 2026. Net asset value (NAV) per share was $18.27 at March 31, 2026. Subsequent to quarter end, the Company reduced its fee structure, lowering its base management fee from 1.25% to 1.00% and its incentive fee from 17.5% to 15.0%, effective April 1, 2026, further aligning interests with shareholders and supporting the durability of its earnings profile. Dividend Declarations The Company announced that its Board of Directors (the “Board”) declared a second quarter 2026 regular cash dividend of $0.34 per share to stockholders of record as of June 30, 2026, payable on July 15, 2026, and a series of special cash dividends related to undistributed taxable income in the aggregate amount of $0.09 per share, to be paid in three equal quarterly installments of $0.03 per share.1 Selected Financial Highlights ($ in millions, except per share amounts) Portfolio & Investment Activity As of March 31, 2026 and December 31, 2025, the Company had investments in 192 and 184 portfolio companies with an aggregate fair value of $1,562.5 and $1,569.4 million, respectively. The portfolio at fair value was comprised of the following asset types: Portfolio Asset Types: For the quarter ended March 31, 2026, the Company invested $114.9 million across fourteen new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $93.1 million in aggregate exits, sales and repayments. For the quarter ended December 31, 2025, the Company invested $70.8 million across five new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $78.1 million in aggregate exits, sales and repayments. Results of Operations For the quarter ended March 31, 2026, investment income decreased to $37.9 million from $40.8 million for the quarter ended December 31, 2025. Interest income, which includes amortization of upfront fees, decreased to $34.5 million for the quarter ended March 31, 2026 from $37.7 million for the quarter ended December 31, 2025, primarily due to the restructuring of certain debt investments and a decrease in benchmark rates. Included in inter...

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was impacted by a small number of credit-specific developments, primarily concentrated in four healthcare investments that have been on the watch list for over five quarters. Management attributes the 4.3% NAV decline largely to market-driven factors, with 65% of the reduction stemming from credit spread widening and market multiple changes rather than fundamental deterioration. The portfolio remains anchored in first-lien investments and noncyclical industries, a deliberate strategy informed by a 35-year track record to withstand volatile credit cycles. A permanent reduction in base management fees (1.25% to 1%) and incentive fees (17.5% to 15%) was implemented to restore the company's competitive positioning within the BDC sector. The base dividend was reset to $0.34 per share to reflect a more conservative level relative to the near-term earnings outlook and provide greater flexibility for active portfolio management. Management observes a pullback in activity from lenders reliant on retail capital, creating an attractive opportunity set with widening spreads and stronger structures for institutional platforms. The company plans to pay three special dividends of $0.03 per share throughout 2026 to address the current spillover balance and return previously earned income to shareholders. Leverage is expected to return to the target range of 1.1x to 1.3x as realizations that were delayed in the first quarter are completed. Strategic focus remains on rotating the portfolio and selectively deploying capital into attractive opportunities while maintaining smaller position sizing for increased diversification. Management expects to close a $100 million upsize to its SPV facility before the end of Q2 2026 to refinance upcoming May unsecured maturities. The earnings framework now separates core earnings power from the return of spillover income, intended to provide more consistent returns across market cycles. Nonaccruals increased to 5.7% of cost, driven by five new additions across four healthcare companies facing distinct issues like labor dynamics and execution challenges. Six of the current 13 nonaccruals were acquired through the First Eagle portfolio, which management noted included legacy chall...

Gladstone Investment (GAIN) came out with quarterly earnings of $0.2 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.26 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this business development company would post earnings of $0.24 per share when it actually produced earnings of $0.21, delivering a surprise of -12.5%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Gladstone Investment, which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $25.19 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $27.55 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Gladstone Investment shares have added about 18% since the beginning of the year versus the S&P 500's gain of 8.3%. While Gladstone Investment has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Gladstone Investment was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near...

Advanced Flower Capital Inc. (AFCG) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +35.48%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.12, delivering a surprise of -200%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Advanced Flower Capital Inc., which belongs to the Zacks Financial - SBIC & Commercial Industry industry, posted revenues of $9.81 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 36.39%. This compares to year-ago revenues of $6.64 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Advanced Flower Capital Inc. shares have lost about 2.8% since the beginning of the year versus the S&P 500's gain of 7.6%. While Advanced Flower Capital Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Advanced Flower Capital Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the ma...

LOS ANGELES, April 27, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC”) (NASDAQ: CCAP) today announced it will release its financial results for the first quarter ended March 31, 2026 on Wednesday, May 13, 2026 after market close. Crescent BDC invites all interested persons to attend its webcast/conference call on Thursday, May 14, 2026 at 12:00 p.m. Eastern Time to discuss its first quarter ended March 31, 2026 financial results. Conference Call Information: The conference call will be broadcast live at 12:00 p.m. Eastern Time on the Investor Relations 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: (833) 461-5787 Conference ID: 729851297 All callers will need to reference the Conference ID once connected with the operator. Replay Information: A replay of the earnings call will be available via a webcast link located on the Investor Relations section of Crescent BDC's website. 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 Capital Group LP (“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 LP Crescent is a global credit investment manager with approximately $50 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...

Dividend and earnings coverage: Q4 net investment income was $0.45 per share (down from $0.46) and the board declared a Q1‑2026 regular cash dividend of $0.42; Q4 NII covered the base dividend by 107% and management cited ~\$1.16 per share of spillover income, but no supplemental dividend will be paid for Q4 due to the measurement test. Portfolio and credit profile: NAV declined to \$19.10 at year‑end and the \$1.6 billion portfolio is concentrated in first‑lien, sponsor‑backed loans (91% and 99%, respectively) with yields at cost down to 10%, while non‑accruals rose to 4.1% of debt at cost (2.0% at fair value) before January realizations improved metrics. Balance sheet and capital strategy: Leverage is within targets (debt‑to‑equity 1.25x), liquidity includes ~\$242m of undrawn capacity and >\$30m cash, management completed a staggered \$185m unsecured note refinancing to extend maturities into 2028+, continues share repurchases, and is reviewing fee structure and base dividend durability with an update expected in May. Interested in Crescent Capital BDC, Inc.? Here are five stocks we like better. Crescent Capital BDC (NASDAQ:CCAP) reported fourth-quarter net investment income (NII) of $0.45 per share, down slightly from $0.46 in the prior quarter, as lower reference rates weighed on interest income. Management said results again exceeded the quarterly dividend, and the board declared a regular quarterly cash dividend of $0.42 per share for the first quarter of 2026, payable April 15, 2026, to stockholders of record as of March 31. Net asset value (NAV) per share was $19.10 at Dec. 31, 2025, compared with $19.28 at Sept. 30. Chief Executive Officer Jason Breaux attributed the decline to unrealized losses tied to certain portfolio companies, while emphasizing that the broader portfolio remains “fundamentally healthy,” citing stable credit metrics, sponsor support, and performance in line with underwriting expectations. → SoundHound’s New Sales Assist Agent Put Voice AI Back in the Spotlight Breaux said the company continues to prioritize capital preservation, noting that CCAP has maintained a relatively stable NAV profile since inception, supported by diversified positioning, senior secured lending, and underwriting discipline. Management discussed earnings power in the context of a shifting rate environment. Breaux said fourth-quarter NII covered the base d...

Image source: The Motley Fool. Thursday, Feb. 26, 2026 at 12 p.m. ET Chief Executive Officer — Jason A. Breaux Chief Investment Officer — Henry Sahn Chung Chief Financial Officer — Gerhard Pieter Lombard Jason A. Breaux: Thank you, Dan. Hello, everyone, and thank you all for joining us. I will start today's call by summarizing our results and outlook and follow that with some commentary on the current market environment. In terms of fourth quarter earnings, we reported net investment income of $0.45 per share, as compared to $0.46 for the prior quarter. Once again, our earnings over-earned the quarterly dividend. Consistent with our dividend policy, at fourth quarter earnings, our Board declared a quarterly cash dividend of $0.42 per share for 2026, payable on 04/15/2026 to stockholders of record as of 03/31/2026. Net asset value was $19.10 per share as of December 31, compared to $19.28 per share at September 30. This decline reflects unrealized losses stemming from certain portfolio companies. While NAV per share has declined over the past several quarters, reflecting market volatility and certain credit-specific marks during 2025, we believe it is important to view our performance over a longer horizon. The broader portfolio remains fundamentally healthy, with stable credit metrics, strong sponsor support, and performance in line with our underwriting expectations. Since inception, Crescent Capital BDC, Inc. has maintained one of the more stable NAV profiles across the public BDC sector, supported by our disciplined underwriting, diversified positioning, and a focus on senior secured sponsor-backed companies, which we have maintained throughout our history. Capital preservation remains core to our strategy, and we are actively managing the portfolio to maintain consistent long-term NAV stability. I would now like to touch on our outlook for Crescent Capital BDC, Inc.'s earnings power and dividend sustainability. First, while lower base rates have impacted yields across the space, Crescent Capital BDC, Inc. remains well-positioned today. For the fourth quarter, net investment income covered our base dividend by 107%. We ended the year with net debt to equity of 1.2x, below the 1.30x upper end of our target range, preserving flexibility to prudently grow the portfolio and deploy capital through Crescent Capital BDC, Inc.'s origination platform. Crescent Cap...

This article first appeared on GuruFocus. Release Date: February 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Crescent Capital BDC Inc (NASDAQ:CCAP) reported net investment income of $0.45 per share, covering the base dividend by 107%. The company declared a quarterly cash dividend of $0.42 per share for the first quarter of 2026. Crescent Capital BDC Inc (NASDAQ:CCAP) maintains a highly diversified portfolio with 184 companies, primarily consisting of first lien loans. The company has a strong capital position with a net debt to equity ratio of 1.20 times, below the upper target range. Crescent Capital BDC Inc (NASDAQ:CCAP) has a spillover income of approximately $1.16 per share, providing support during rate transitions. Net asset value (NAV) per share decreased from $19.28 to $19.10 due to unrealized losses from certain portfolio companies. Non-accruals increased from 3.3% to 4.1% of debt investments at cost, indicating some portfolio challenges. The weighted average yield on income-producing securities decreased by 40 basis points due to lower base rates. The company faces earnings headwinds related to forward base rate expectations, impacting the entire BDC space. Crescent Capital BDC Inc (NASDAQ:CCAP) did not declare a supplemental dividend for Q4 due to a decline in NAV. Warning! GuruFocus has detected 6 Warning Signs with CCAP. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Is CCAP fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more details on what the board will be reviewing regarding long-term positioning and dividend structure? A: Henry Chung, President: Our review focuses on long-term earnings durability and alignment with shareholders. This includes evaluating our fee structure and base dividend level relative to forward earnings expectations. We aim to adapt proactively to a potentially lower rate environment, given our predominantly floating rate asset base. Q: Was the investment sold in January realized at the mark or repaid at par? A: Henry Chung, President: The investment was realized at close to the mark. Q: How do you view the potential for spreads to widen and its impact on activity levels? A: Henry Chung, President: Spreads have be...