Dividend Declarations
The Company announced that its Board of Directors (the “Board”) declared a second quarter 2026 regular cash dividend of
Selected Financial Highlights
($ in millions, except per share amounts)
| As of and for the three months ended | ||||||||||||
2026 | 2025 | 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
Portfolio Asset Types:
| As of | |||||||||||||
| $ in millions | |||||||||||||
| 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
Results of Operations
For the quarter ended
For the quarters ended
Liquidity and Capital Resources
As of
The Company’s net debt to equity ratio was 1.32x as of
Conference Call
The Company will host a webcast/conference call on
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 |
| 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 2026 (Unaudited) | As of 2025 | |||||||
| Assets | ||||||||
| Investments, at fair value | ||||||||
| Non-controlled non-affiliated investments (cost of | $ | 1,486,650 | $ | 1,479,473 | ||||
| Non-controlled affiliated investments (cost of | 21,331 | 29,594 | ||||||
| Controlled investments (cost of | 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 | $ | 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 zero outstanding, respectively) | $ | — | $ | — | ||||
| Common stock, par value 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 | ||||||||
| 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
About
Crescent is a global credit investment manager with approximately
Contact:
daniel.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
Crescent BDC’s Annual Report on Form 10-K for the year ended
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
