Crescent Capital BDC, Inc. Reports Fourth Quarter 2025 Earnings Results; Declares a First Quarter Base Dividend of $0.42 Per Share

Rhea-AI Summary

Crescent Capital BDC (NASDAQ: CCAP) reported 2025 net investment income of $1.81 per share and net income of $0.93 per share. NAV per share was $19.10 at December 31, 2025. The Board declared a $0.42 per share regular cash dividend for Q1 2026, payable April 15, 2026 to holders of record March 31, 2026.

For 2025 the firm invested $306.9M, recorded aggregate exits of $334.8M, held $1.57B of investments across 184 companies, and reported net realized and unrealized losses of $32.4M.

Positive

• Declared regular Q1 2026 cash dividend of $0.42 per share
• Maintained active investment pace: $306.9M deployed in 2025
• Liquidity position: $31.5M cash plus $242.0M undrawn credit capacity

Negative

• Net investment income per share declined to $1.81 (from $2.40) in 2025
• Net income per share fell to $0.93 (from $1.99) in 2025
• Net realized and unrealized losses totaled $32.4M for 2025
• Investment income decreased to $167.3M from $197.4M year-over-year

News Market Reaction – CCAP

+3.03%

1 alert

+3.03% News Effect

On the day this news was published, CCAP gained 3.03%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

2025 NII/share: $1.81 per share 2025 net income/share: $0.93 per share Q4 2025 NII/share: $0.45 per share +5 more

8 metrics

2025 NII/share $1.81 per share Net investment income for year ended Dec 31, 2025 (vs $2.40 in 2024)

2025 net income/share $0.93 per share Net income for year ended Dec 31, 2025

Q4 2025 NII/share $0.45 per share Net investment income per share in Q4 2025 (vs $0.55 in Q4 2024)

NAV per share $19.10 Net asset value per share at Dec 31, 2025 (vs $19.98 at Dec 31, 2024)

Base dividend $0.42 per share Q1 2026 regular cash dividend declared, payable Apr 15, 2026

Investments at fair value $1,569.4M Total investments at fair value as of Dec 31, 2025

2025 investment income $167.3M Total investment income for year ended Dec 31, 2025 (vs $197.4M in 2024)

Debt-to-equity ratio 1.25x Debt to equity ratio as of Dec 31, 2025

Market Reality Check

Price: $12.66 Vol: Volume 216,311 is 1.17x t...

normal vol

$12.66 Last Close

Volume Volume 216,311 is 1.17x the 20-day average of 185,467, showing mildly elevated trading into the release. normal

Technical Shares at 13.27 are trading below the 200-day MA of 14.62 and 28.52% under the 52-week high of 18.565.

Peers on Argus

CCAP slipped 0.62% while peers were mixed: TCPC (+1.12%), BGY (+0.54%), MSIF (+0...

1 Down

CCAP slipped 0.62% while peers were mixed: TCPC (+1.12%), BGY (+0.54%), MSIF (+0.41%), EMD (−0.72%), VVR (−0.94%). Momentum scanners only flagged GLAD moving down, supporting a stock-specific read on the earnings/dividend news.

Previous Dividends,earnings Reports

5 past events · Latest: Nov 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 12	Q3 2025 earnings	Positive	-4.5%	Reported Q3 2025 earnings with $0.46 NII and $0.42 dividend.
Aug 13	Q2 2025 earnings	Positive	+3.3%	Q2 2025 results with $0.46 NII and $0.42 dividend plus special.
May 14	Q1 2025 earnings	Positive	-4.3%	Q1 2025 earnings; $0.45 NII, lower NAV, $0.42 base dividend.
Feb 19	FY/Q4 2024 earnings	Positive	-4.7%	FY 2024 earnings with $2.40 NII and $1.99 net income per share.
Nov 12	Q3 2024 earnings	Positive	+3.2%	Q3 2024 results; $0.64 NII, $0.42 base and $0.07 supplemental.

Pattern Detected

Earnings/dividend releases often saw negative next-day moves, with 3 downside reactions versus 2 upside, despite generally stable dividends.

Recent Company History

Over the past year, Crescent Capital BDC has repeatedly reported solid net investment income while maintaining a base dividend of $0.42 per share. NAV per share has trended down from $19.98 at Dec 31, 2024 to $19.10 at Dec 31, 2025. Prior dividends/earnings releases on Feb 19, May 14, Aug 13, and Nov 12, 2025 produced mixed but often negative price reactions, framing today’s full‑year 2025 results and dividend declaration as part of a cautious pattern.

Historical Comparison

-1.4% avg move · In the past year, five dividends/earnings releases averaged a -1.4% move the next day, indicating th...

dividends,earnings

-1.4%

Average Historical Move dividends,earnings

In the past year, five dividends/earnings releases averaged a -1.4% move the next day, indicating that the market often reacted cautiously to CCAP’s payout and results updates.

Across five successive dividends/earnings releases, CCAP kept the base dividend at $0.42 while NAV per share eased from the low $20s to $19.10, signaling stable payouts against mild book value pressure.

Market Pulse Summary

This announcement details 2025 earnings, with net investment income of $1.81 per share and NAV at $1...

Analysis

This announcement details 2025 earnings, with net investment income of $1.81 per share and NAV at $19.10, alongside a maintained base dividend of $0.42 for Q1 2026. Investment income declined to $167.3M while leverage stood at 1.25x and the portfolio remained heavily first‑lien. Historically, similar dividends/earnings updates averaged a -1.4% move, so investors may focus on NAV trends, income durability, and credit quality in future releases.

Key Terms

paid-in-kind interest, oid, unitranche loans, sofr, +3 more

7 terms

paid-in-kind interest financial

"Paid-in-kind interest | | 8,441 | | 9,592 | | 3,191"

Paid-in-kind interest is interest on a loan or bond that is paid by issuing more debt or additional securities instead of cash, so the borrower adds the unpaid interest to the principal balance. For investors, it matters because it preserves the borrower’s cash now but increases the total debt or dilutes ownership later—like taking a ballooning credit card balance instead of paying the bill—and can raise risk of higher leverage and reduced cash returns.

oid financial

"accelerated accretion of OID related to paydown activity, respectively."

Original issue discount (OID) is the difference between a debt instrument’s stated face value and the lower price at which it is first sold. It matters to investors because that discount represents part of the bond’s return and can change the effective yield and tax treatment — like buying a gift card for less than its value and receiving the full amount later, your gain is realized as the instrument approaches maturity.

unitranche loans financial

"Unitranche loans are first lien loans that may extend deeper in a company’s capital structure"

Unitranche loans combine what would normally be two layers of lending — one that gets paid first and one that is paid later — into a single loan with one interest rate and one set of documents. Think of it as putting a mortgage and a second loan into one envelope: it simplifies and speeds up borrowing while usually carrying a higher interest rate to compensate for added risk. Investors care because unitranche debt changes the balance of risk and return, recovery prospects if a borrower defaults, and how easily the debt can be traded or refinanced.

sofr financial

"facilities tied to SOFR, SONIA, EURIBOR, SARON, and BBSY, with maturities"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

sonia financial

"facilities tied to SOFR, SONIA, EURIBOR, SARON, and BBSY, with maturities"

SONIA is the Sterling Overnight Index Average, the market benchmark that reflects the average interest rate banks pay to borrow British pounds overnight. Think of it like the overnight hotel rate for cash: it shows the short‑term cost of money and is used as a reference price for loans, bonds and interest-rate contracts, so movements in SONIA affect borrowing costs, contract values and investor returns.

euribor financial

"facilities tied to SOFR, SONIA, EURIBOR, SARON, and BBSY, with maturities"

Euribor is the benchmark interest rate at which banks in the eurozone lend short-term money to one another and is published for several maturities (overnight to one year). Investors watch it because it forms the baseline for many loans, mortgages, bonds and derivatives—like the temperature reading that helps predict how hot borrowing costs and returns will be across the market.

saron financial

"facilities tied to SOFR, SONIA, EURIBOR, SARON, and BBSY, with maturities"

SARON is a widely used Swiss benchmark interest rate that reflects the cost of secured overnight borrowing in Swiss francs, based on actual short-term transactions and quotes between financial institutions. It matters to investors because SARON is used to price loans, mortgages, bonds and derivatives tied to Swiss interest rates—think of it as the overnight thermostat for CHF borrowing costs that influences returns, borrowing expenses and the value of interest-sensitive assets.

AI-generated analysis. Not financial advice.

LOS ANGELES, Feb. 25, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $1.81 per share and net income of $0.93 per share for the year ended December 31, 2025. For the quarter ended December 31, 2025, net investment income and net income per share were $0.45 and $0.23, respectively. Reported net asset value (NAV) per share was $19.10 at December 31, 2025. The Company announced that its Board of Directors (the “Board”) declared a first quarter 2026 regular cash dividend of $0.42 per share to stockholders of record as of March 31, 2026, payable on April 15, 2026.

Selected Financial Highlights
($ in millions, except per share amounts)

		As of and for the three months ended
		December 31, 2025					September 30, 2025					December 31, 2024
Investments, at fair value		$		1,569.4			$		1,580.7			$		1,598.9
Total assets		$		1,622.1			$		1,627.6			$		1,656.3
Total net assets		$		706.0			$		714.1			$		740.6
Net asset value per share		$		19.10			$		19.28			$		19.98
Investment income		$		40.8			$		41.4			$		46.4
Net investment income		$		16.5			$		16.9			$		20.5
Net realized gains (losses), net of taxes		$		3.2			$		(5.0	)		$		(3.2	)
Net change in unrealized gains (losses), net of taxes		$		(11.2	)		$		(4.8	)		$		(7.3	)
Net increase (decrease) in net assets resulting from operations		$		8.5			$		7.1			$		10.0
Net investment income per share		$		0.45			$		0.46			$		0.55
Net realized gains (losses) per share, net of taxes		$		0.09			$		(0.14	)		$		(0.09	)
Net change in unrealized gains (losses) per share, net of taxes		$		(0.30	)		$		(0.13	)		$		(0.19	)
Net increase (decrease) in net assets resulting from operations per share1		$		0.23			$		0.19			$		0.27
Regular distributions paid per share		$		0.42			$		0.42			$		0.42
Supplemental distributions paid per share		$		-			$		-			$		0.07
Special distributions paid per share		$		-			$		0.05			$		-
Weighted average yield on income producing securities (at cost)2				10.0	%				10.4	%				10.9	%
Percentage of debt investments at floating rates				98.0	%				97.4	%				97.3	%

Portfolio & Investment Activity

As of December 31, 2025 and December 31, 2024, the Company had investments in 184 and 185 portfolio companies with an aggregate fair value of $1,569.4 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		December 31, 2025										December 31, 2024
Investment Type		Fair Value					Percentage					Fair Value					Percentage
Senior secured first lien		$		350.8				22.4		%		$		379.7				23.7		%
Unitranche first lien3				1,047.8				66.7						1,044.1				65.3
Unitranche first lien - last out3				26.2				1.7						14.8				0.9
Senior secured second lien				12.2				0.8						38.5				2.4
Unsecured debt				19.0				1.2						17.5				1.1
Equity & other				77.2				4.9						64.9				4.1
LLC/LP equity interests				36.2				2.3						39.4				2.5
Total investments		$		1,569.4				100.0		%		$		1,598.9				100.0		%

Full Year

For the year ended December 31, 2025, the Company invested $306.9 million across 25 new portfolio companies, 41 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $334.8 million in aggregate exits, sales and repayments. For the year ended December 31, 2024, the Company invested $395.0 million across 33 new portfolio companies, 30 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $371.1 million in aggregate exits, sales and repayments.

Fourth Quarter

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. For the quarter ended September 30, 2025, the Company invested $73.9 million across seven new portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $86.0 million in aggregate exits, sales and repayments.

Results of Operations

Full Year

For the year ended December 31, 2025, investment income decreased to $167.3 million from $197.4 million for the year ended December 31, 2024. Interest income, which includes amortization of upfront fees, decreased to $156.4 million for the year ended December 31, 2025 from $183.0 million for the year ended December 31, 2024, due to a decrease in benchmark rates and the restructuring of certain debt investments. Included in interest from investments for the years ended December 31, 2025 and 2024 are $2.3 million and $3.7 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income decreased to $7.7 million for the year ended December 31, 2025 from $11.3 million for the year ended December 31, 2024 due to lower dividend distributions from our investment in First Eagle Logan JV, LLC. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $3.2 million and $3.1 million for the years ended December 31, 2025 and 2024, respectively. The increase is attributable to higher origination-related fee income.

For the years ended December 31, 2025 and 2024, total expenses, including income and excise taxes, totaled $100.4 million and $108.4 million, respectively. Interest and other debt financing costs decreased from $62.8 million for the year ended December 31, 2024 to $57.5 million for the year ended December 31, 2025, due to lower benchmark rates.

Fourth Quarter

For the quarter ended December 31, 2025, investment income decreased to $40.8 million from $41.4 million for the quarter ended September 30, 2025. Interest income, which includes amortization of upfront fees, decreased to $37.7 million for the quarter ended December 31, 2025 from $38.8 million for the quarter ended September 30, 2025, primarily due to a decrease in benchmark rates. Included in interest from investments for the quarters ended December 31, 2025 and September 30, 2025 are $0.4 million and $0.3 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income increased to $2.3 million for the quarter ended December 31, 2025 from $2.2 million for the quarter ended September 30, 2025. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $0.8 million and $0.4 million for the quarters ended December 31, 2025 and September 30, 2025, respectively.

For the three months ended December 31, 2025 and September 30, 2025, total net expenses, including income and excise taxes, totaled $24.4 million and $24.5 million, respectively.

Liquidity and Capital Resources

As of December 31, 2025, the Company had $31.5 million in cash and cash equivalents and restricted cash and $242.0 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 December 31, 2025 was 5.83%.

The Company’s debt to equity ratio was 1.25x as of December 31, 2025.

Conference Call

The Company will host a webcast/conference call on Thursday, February 26, 2026 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter and fiscal year ended December 31, 2025. 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: (800) 715-9871
Conference ID: 1217499

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)  Figures may not sum due to rounding.

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 December 31, 2025				As of December 31, 2024
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,504,658 and $1,511,386, respectively)	$	1,479,473			$	1,504,013
Non-controlled affiliated investments (cost of $26,826 and $46,104, respectively)		29,594				46,793
Controlled investments (cost of $71,985 and $66,416, respectively)		60,351				48,051
Cash and cash equivalents		5,043				10,130
Restricted cash and cash equivalents		26,454				29,292
Interest and dividend receivable		9,333				11,008
Receivable from unsettled transactions		8,019				1,163
Unrealized appreciation on foreign currency forward contracts		2,135				4,815
Deferred tax assets		190				746
Other assets		1,543				263
Total assets	$	1,622,135			$	1,656,274
Liabilities
Debt (net of deferred financing costs of $5,841 and $8,214, respectively)	$	873,761			$	875,837
Distributions payable		15,527				15,566
Interest and other debt financing costs payable		12,370				10,408
Management fees payable		5,037				5,066
Incentive fees payable		3,468				4,305
Deferred tax liabilities		190				746
Unrealized depreciation on foreign currency forward contracts		2,134				—
Accrued expenses and other liabilities		3,610				3,709
Total liabilities	$	916,097			$	915,637
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, 36,969,285 and 37,061,547 shares issued and outstanding, respectively)		37				37
Paid-in capital in excess of par value		957,030				959,098
Accumulated earnings (loss)		(251,029	)			(218,498	)
Total net assets	$	706,038			$	740,637
Total liabilities and net assets	$	1,622,135			$	1,656,274
Net asset value per share	$	19.10			$	19.98

Crescent Capital BDC, Inc. Consolidated Statements of Operations (in thousands except share and per share data)
		For the years ended December 31,
		2025				2024					2023
Investment Income:
From non-controlled non-affiliated investments:
Interest income		$	142,935			$	166,912				$	162,089
Paid-in-kind interest			8,441				9,592					3,191
Dividend income			521				497					438
Other income			3,106				3,056					658
From non-controlled affiliated investments:
Interest income			2,525				3,834					2,974
Paid-in-kind interest			1,375				1,529					816
Dividend income			697				1,058					2,058
Other income			4				16					309
From controlled investments:
Interest income			1,103				1,077					609
Paid-in-kind interest			—				—			192
Dividend income			6,520				9,784					10,800
Other income			58				8					—
Total investment income			167,285				197,363					184,134
Expenses:
Interest and other debt financing costs			57,438				62,761					58,742
Management fees			20,303				20,223					19,613
Income based incentive fees			14,174				18,855					17,451
Professional fees			2,832				2,027					1,593
Directors’ fees			645				618					600
Other general and administrative expenses			3,438				2,561					2,753
Total expenses			98,830				107,045					100,752
Management fees waiver			(53	)			(125	)				(190	)
Income based incentive fees waiver			(90	)			(145	)				(276	)
Net expenses			98,687				106,775					100,286
Net investment income before taxes			68,598				90,588					83,848
Provision for income and excise taxes			1,682				1,555					1,307
Net investment income			66,916				89,033					82,541
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments			(8,647	)			(6,969	)				(12,465	)
Non-controlled affiliated investments			1,348				(5,214	)				—
Controlled investments			(3,800	)			6,443					—
Foreign currency transactions			(147	)			(1,171	)				(1,435	)
Foreign currency forward contracts			—				3,223					1,021
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation			(25,157	)			(1,154	)				21,772
Non-controlled affiliated investments			2,079				4,154					(4,505	)
Controlled investments			6,731				(14,931	)				(1,171	)
Foreign currency forward contracts			(4,814	)			(229	)				(2,954	)
Net realized and unrealized gains (losses) on investments			(32,407	)			(15,848	)				263
Benefit (provision) for taxes on realized gain on investments			—				—					132
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments			—				464					901
Net increase (decrease) in net assets resulting from operations		$	34,509			$	73,649				$	83,837
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):		$	0.93			$	1.99				$	2.33
Net investment income per share (basic and diluted):		$	1.81			$	2.40				$	2.30
Weighted average shares outstanding (basic and diluted):			37,044,305				37,061,547					35,928,203

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 over 250 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
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, filed with the SEC, identifies 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, 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.

FAQ

What did Crescent Capital BDC (CCAP) report for full-year 2025 net investment income?

Full-year 2025 net investment income was $1.81 per share. According to the company, net investment income declined versus 2024 due to lower benchmark rates and portfolio restructuring, resulting in $66.9M net investment income in dollars.

How much is Crescent Capital BDC's (CCAP) Q1 2026 dividend and when is it payable?

The Board declared a regular cash dividend of $0.42 per share for Q1 2026. According to the company, it is payable April 15, 2026 to holders of record as of March 31, 2026.

What was Crescent Capital BDC's (CCAP) net asset value per share at December 31, 2025?

Reported NAV per share was $19.10 at December 31, 2025. According to the company, NAV decreased from $19.98 at year-end 2024 due to realized and unrealized investment losses.

How much liquidity did Crescent Capital BDC (CCAP) have at December 31, 2025?

As of December 31, 2025, the company had $31.5M in cash and restricted cash and $242.0M undrawn capacity. According to the company, undrawn capacity is subject to borrowing base and other limitations.

What were Crescent Capital BDC's (CCAP) total investments and portfolio size at year-end 2025?

At December 31, 2025, the portfolio fair value was $1.569B across 184 portfolio companies. According to the company, portfolio mix included unitranche and senior secured loans and equity positions.

Why did Crescent Capital BDC (CCAP) report lower investment income in 2025?

Investment income decreased to $167.3M in 2025 largely due to lower benchmark rates and certain debt restructurings. According to the company, interest income declined from $183.0M in 2024 to $156.4M in 2025.