Crescent Capital BDC, Inc. Reports First Quarter 2026 Earnings Results; Declares a Second Quarter Base Dividend of $0.34 Per Share and Series of Special Dividends
Rhea-AI Summary
Crescent Capital BDC (NASDAQ: CCAP) reported first quarter 2026 net investment income of $0.42 per share and net loss of $(0.42) per share. Net asset value was $18.27 per share.
The Board declared a Q2 2026 base dividend of $0.34 per share plus $0.09 per share of special dividends, paid in three $0.03 installments through December 2026. Effective April 1, 2026, the base management fee was reduced from 1.25% to 1.00% and the incentive fee from 17.5% to 15.0%. Investment income was $37.9 million, with a weighted average yield of 9.8%, and the net debt-to-equity ratio was 1.32x with $26.6 million in cash and $206.2 million of undrawn credit capacity.
AI-generated analysis. Not financial advice.
Positive
- Net investment income of $15.5 million, or $0.42 per share, in Q1 2026
- Board declared Q2 2026 base dividend of $0.34 per share
- Series of $0.09 per share special dividends in three $0.03 quarterly payments
- Base management fee cut from 1.25% to 1.00%; incentive fee to 15.0%
- Q1 2026 new investments of $114.9M versus $93.1M in exits, sales and repayments
- Liquidity at March 31, 2026 included $26.6M cash and $206.2M of undrawn credit
Negative
- Q1 2026 net loss of $15.5M, or $(0.42) per share
- Net asset value per share declined to $18.27 from $19.10 at December 31, 2025
- Investment income decreased to $37.9M from $40.8M in the prior quarter
- Net realized and unrealized losses on investments totaled $31.0M in Q1 2026
- Net debt-to-equity ratio was 1.32x as of March 31, 2026
News Market Reaction – CCAP
On the day this news was published, CCAP declined 8.26%, reflecting a notable negative market reaction. Argus tracked a trough of -3.0% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $44M from the company's valuation, bringing the market cap to $483.19M at that time. Trading volume was very high at 3.3x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers like TCPC (-1.19%) and MSIF (-1.61%) also declined, but no names appeared on the momentum scanner, suggesting moves were modest and stock-specific rather than a flagged sector-wide event.
Previous Dividends,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Earnings and dividend | Positive | +3.0% | Full-year 2025 results, NII and NAV update, Q1 2026 dividend of $0.42. |
| Nov 12 | Earnings and dividend | Positive | -4.5% | Q3 2025 NII of $0.46, NAV $19.28, declared Q4 2025 dividend. |
| Aug 13 | Earnings and dividend | Positive | +3.3% | Q2 2025 NII $0.46, NAV $19.55, Q3 dividend and $0.05 special. |
| May 14 | Earnings and dividend | Positive | -4.3% | Q1 2025 NII $0.45, NAV decline, Q2 dividend and special declared. |
| Feb 19 | Earnings and dividends | Positive | -4.7% | Q4 and 2024 results with NII $2.40, NAV $19.98, base and specials. |
Earnings/dividend releases often coincide with sizable moves, with several past quarters seeing negative reactions despite income support and regular dividends.
Recent quarters show Crescent BDC consistently reporting positive net investment income and maintaining a $0.42 base dividend, sometimes supplemented by specials. NAV per share has trended around the high teens, with prior figures of $19.62, $19.55, $19.28 and $19.10. Price reactions to similar dividends/earnings updates have been mixed, including both positive spikes above 3% and selloffs of about 4–5%, underscoring that earnings days have been important trading catalysts.
Historical Comparison
Across 5 prior dividends/earnings releases, CCAP moved on average -1.44%, with both rallies and selloffs, showing that this news type has driven meaningful but directionally mixed reactions.
Over 2024–2025, recurring dividends around $0.42 and periodic special payouts accompanied steady NII while NAV hovered near the high teens, framing today’s Q1 2026 update within a continuing income-focused pattern.
Market Pulse Summary
The stock moved -8.3% in the session following this news. A negative reaction despite positive net investment income of $0.42 per share would fit prior quarters where NAV pressure and credit losses outweighed dividends. The announced base dividend of $0.34 plus $0.09 in specials and lower management and incentive fees may support longer-term earnings, but the quarter’s net loss of ($0.42) per share and NAV at $18.27 highlight asset-level headwinds.
Key Terms
net asset value financial
unitranche loans financial
paid-in-kind interest financial
oid financial
deferred tax assets financial
foreign currency forward contracts financial
interest rate swaps financial
net debt to equity ratio financial
AI-generated analysis. Not financial advice.
LOS ANGELES, May 13, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or the “Company”) (NASDAQ: CCAP) today reported net investment income of
Dividend Declarations
The Company announced that its Board of Directors (the “Board”) declared a second quarter 2026 regular cash dividend of
Selected Financial Highlights
($ in millions, except per share amounts)
| As of and for the three months ended | ||||||||||||
| 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
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
Results of Operations
For the quarter ended March 31, 2026, investment income decreased to
For the quarters ended March 31, 2026 and December 31, 2025, total net expenses, including income and excise taxes, totaled
Liquidity and Capital Resources
As of March 31, 2026, the Company had
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. |
| Crescent Capital BDC, Inc. 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 | $ | 1,486,650 | $ | 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 | ||||
| Crescent Capital BDC, Inc. 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
Contact:
Dan McMahon
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 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.
