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)
March 31,
2026
December 31,
2025
March 31,
2025
Investments, at fair value$1,562.5 $1,569.4 $1,620.7 Total assets$1,617.7 $1,622.1 $1,666.5 Total net assets$674.0 $706.0 $727.1 Net asset value per share$18.27 $19.10 $19.62 Investment income$37.9 $40.8 $42.1 Net investment income$15.5 $16.5 $16.6 Net realized gains (losses), net of taxes$(11.6) $3.2 $(6.5) Net change in unrealized gains (losses), net of taxes$(19.4) $(11.2) $(6.2) Net increase (decrease) in net assets resulting from operations$(15.5) $8.5 $3.9 Net investment income per share$0.42 $0.45 $0.45 Net realized gains (losses) per share, net of taxes$(0.31) $0.09 $(0.18) Net change in unrealized gains (losses) per share, net of taxes$(0.53) $(0.30) $(0.16) Net increase (decrease) in net assets resulting from operations per share$(0.42) $0.23 $0.11 Regular distributions paid per share$0.42 $0.42 $0.42 Special distributions paid per share$- $- $0.05 Weighted average yield on income producing securities (at cost)2 9.8% 10.0% 10.4% Percentage of debt investments at floating rates 99.2% 98.0% 97.2%
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 $1,569.4 million, respectively. The portfolio at fair value was comprised of the following asset types:
Portfolio Asset Types:
As of$ in millions March 31, 2026
December 31, 2025
Investment Type Fair Value
Percentage
Fair Value Percentage
Senior secured first lien $377.0 24.2% $350.8 22.4% Unitranche first lien(3) 1,044.0 66.7 1,047.8 66.7 Unitranche first lien - last out(3) 18.8 1.2 26.2 1.7 Senior secured second lien 3.7 0.2 12.2 0.8 Unsecured debt 18.1 1.2 19.0 1.2 Equity & other 69.6 4.5 77.2 4.9 LLC/LP equity interests 31.3 2.0 36.2 2.3 Total investments $1,562.5 100.0% $1,569.4 100.0%
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 interest from investments for the quarters ended March 31, 2026 and December 31, 2025 are $0.6 million and $0.4 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income increased to $3.0 million for the quarter ended March 31, 2026 from $2.3 million for the quarter ended December 31, 2025. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $0.4 million and $0.8 million for the quarter ended March 31, 2026 and December 31, 2025, respectively.
For the quarters ended March 31, 2026 and December 31, 2025, total net expenses, including income and excise taxes, totaled $22.4 million and $24.4 million, respectively.
Liquidity and Capital Resources
As of March 31, 2026, the Company had $26.6 million in cash, cash equivalents and restricted cash and $206.2 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 March 31, 2026 was 6.09%.
The Company’s net debt to equity ratio was 1.32x as of March 31, 2026.
Conference Call
The Company will host a webcast/conference call on Thursday, May 14, 2026 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended March 31, 2026. 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: (833) 461-5787
Conference ID: 729851297
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)The first special dividend will be paid on June 15, 2026 to stockholders of record as of May 31, 2026. The second special dividend will be paid on September 15, 2026 to stockholders of record as of August 31, 2026. The third special dividend will be paid on December 15, 2026 to stockholders of record as of November 30, 2026. 2)Yield includes performing debt and other income producing investments (excluding investments on non-accrual). 3)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.Consolidated Statements of Assets and Liabilities
(in thousands except share and per share data)
As of
March 31,
2026
(Unaudited)
As of
December 31,
2025
Assets Investments, at fair value Non-controlled non-affiliated investments (cost of $1,519,835 and $1,504,658, respectively)$1,486,650 $1,479,473 Non-controlled affiliated investments (cost of $21,709 and $26,826, respectively) 21,331 29,594 Controlled investments (cost of $77,110 and $71,985, respectively) 54,489 60,351 Cash and cash equivalents 6,139 5,043 Restricted cash and cash equivalents 20,454 26,454 Interest and dividend receivable 10,944 9,333 Receivable from unsettled transactions 12,477 8,019 Unrealized appreciation on foreign currency forward contracts 1,806 2,135 Deferred tax assets 235 190 Other assets 3,129 1,543 Total assets$1,617,654 $1,622,135 Liabilities Debt (net of deferred financing costs of $6,710 and $5,841, respectively)$907,133 $873,761 Distributions payable 15,497 15,527 Interest and other debt financing costs payable 8,353 12,370 Management fees payable 4,915 5,037 Incentive fees payable 1,575 3,468 Unrealized depreciation on foreign currency forward contracts 1,880 2,134 Unrealized depreciation on interest rate swaps 1,603 - Deferred tax liabilities 235 190 Accrued expenses and other liabilities 2,435 3,610 Total liabilities$943,626 $916,097 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, 36,897,356 and
36,969,285 shares issued and outstanding, respectively) 37 37 Paid-in capital in excess of par value 956,030 957,030 Accumulated earnings (loss) (282,039) (251,029) Total net assets$674,028 $706,038 Total liabilities and net assets$1,617,654 $1,622,135 Net asset value per share$18.27 $19.10
Consolidated Statements of Operations
(in thousands except share and per share data)
(Unaudited)
For the three months ended
March 31,
2026
2025
Investment Income: From non-controlled non-affiliated investments: Interest income$32,204 $36,978 Paid-in-kind interest 1,484 1,493 Dividend income 761 — Other income 380 870 From non-controlled affiliated investments: Interest income 545 858 Paid-in-kind interest 163 264 Dividend income — 258 From controlled investments: Interest income 175 205 Dividend income 2,200 1,200 Other income - 3 Total investment income 37,912 42,129 Expenses: Interest and other debt financing costs 13,742 14,636 Management fees 4,922 5,038 Income based incentive fees 2,988 3,519 Professional fees 557 735 Directors’ fees 169 164 Other general and administrative expenses 909 967 Total expenses 23,287 25,059 Management fees waiver (7) (20) Income based incentive fees waiver (1,412) (32) Net expenses 21,868 25,007 Net investment income before taxes 16,044 17,122 Provision for income and excise taxes 552 501 Net investment income 15,492 16,621 Net realized and unrealized gains (losses) on investments: Net realized gain (loss) on: Non-controlled non-affiliated investments (10,486) (3,060) Non-controlled affiliated investments 1,598 — Controlled investments (3,427) (3,800) Foreign currency transactions 712 357 Net change in unrealized appreciation (depreciation) on: Non-controlled non-affiliated investments and foreign currency translation (12,209) (10,159) Non-controlled affiliated investments (3,146) 333 Controlled investments (3,972) 4,469 Foreign currency forward contracts (75) (857) Net realized and unrealized gains (losses) on investments (31,005) (12,717) Net increase (decrease) in net assets resulting from operations$(15,513) $3,904 Per common share data: Net increase (decrease) in net assets resulting from operations per share (basic and diluted):$(0.42) $0.11 Net investment income per share (basic and diluted):$0.42 $0.45 Weighted average shares outstanding (basic and diluted): 36,923,308 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 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 New York, Boston, Chicago, London and Frankfurt with more than 235 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 McMahon
[email protected]
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, 2025 and quarterly report on Form 10-Q for the quarter ended March 31, 2026, each filed with the SEC, identify 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, 2025, which Crescent BDC filed with the U.S. Securities and Exchange Commission (the SEC) on February 25, 2026, Crescent BDC’s quarterly report on Form 10-Q for the quarter ended March 31, 2026, which Crescent BDC filed with the SEC on May 13, 2026 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, 2025, 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.