Crescent Capital BDC, Inc. Reports Third Quarter 2026 Earnings Results; Declares a Fourth Quarter Base Dividend of $0.34 Per Share and Announces a $50 Million Share Repurchase Program
Nine-month operations produced a $0.23-per-share loss, compared with income of $0.70 per share a year earlier.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Crescent Capital BDC (NASDAQ: CCAP) reported third-quarter 2026 net investment income of $0.37 per share and authorized a share repurchase program. Net investment income was $13.7 million, versus $13.1 million in the second quarter and $16.9 million a year earlier. Net income was $0.27 per share, versus a $0.09 loss sequentially and $0.19 income a year earlier. Net asset value fell to $17.72 per share from $17.82 in June and $19.28 a year earlier.
The board authorized repurchases of up to $50 million; Sun Life separately plans up to an additional $25 million in open-market purchases. A fourth-quarter regular dividend of $0.34 per share is payable January 15, 2027, to holders of record December 31, 2026. The final previously announced $0.03 special dividend is payable December 15, 2026. Third-quarter investment income was $36.9 million, versus $36.3 million sequentially and $41.4 million a year earlier.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate point. Forward-looking: it has not happened yet and may not happen.Up to $50 million in common-stock repurchases authorized by the board on November 5, 2026. 14% of market cap
- Moderate pointThird-quarter net income of $0.27 per share compares with a $0.09 sequential loss and $0.19 year-earlier income.
- Minor point. Forward-looking: it has not happened yet and may not happen.Sun Life plans up to an additional $25 million in open-market purchases of Crescent shares.
- Minor pointNet investment income of $0.37 per share rose from $0.36 sequentially but fell from $0.46 a year earlier.
- Minor pointInvestment income of $36.9 million rose from $36.3 million sequentially but fell from $41.4 million a year earlier.
4 minor points
- Minor pointThird-quarter realized losses of $2.1 million narrowed from $17.7 million sequentially and $5.0 million a year earlier.
- Minor pointThird-quarter net expenses of $22,957 thousand before taxes fell from $24,142 thousand a year earlier.
- Minor pointCash, cash equivalents and restricted cash totaled $36.2 million at September 30, 2026.
- Minor point$23.5 million invested during the third quarter across three new portfolio companies and follow-on fundings.
Negative
- Major pointNine-month realized and unrealized investment losses widened to $50,727 thousand from $24,418 thousand a year earlier. 15% of market cap
- Moderate pointNine-month operations lost $0.23 per share, versus income of $0.70 per share a year earlier.
- Moderate pointNine-month net investment income fell to $1.15 per share from $1.36 a year earlier.
- Moderate pointNAV of $17.72 per share declined from $17.82 in June and $19.28 a year earlier.
- Moderate pointThird-quarter regular distributions of $0.34 per share declined from $0.42 sequentially and a year earlier.
- Moderate pointPortfolio yield of 9.6% was unchanged sequentially but below 10.4% a year earlier.
8 minor points
- Minor pointNine-month investment income fell to $111,121 thousand from $126,473 thousand a year earlier.
- Minor pointPortfolio fair value of $1,555.2 million declined from $1,570.7 million in June and $1,580.7 million a year earlier.
- Minor pointThird-quarter unrealized losses of $1.5 million replaced $1.3 million gains sequentially; year-earlier losses were $4.8 million.
- Minor pointThird-quarter special distributions of $0.03 per share were unchanged sequentially but below $0.05 a year earlier.
- Minor pointDividend income of $0.9 million fell from $1.2 million sequentially, primarily reflecting lower Logan JV distributions.
- Minor pointDebt net of financing costs rose to $909,275 thousand from $873,761 thousand at December 31, 2025.
- Minor pointDebt cost averaged 6.26% on outstanding debt; net debt-to-equity was 1.36x at September 30, 2026.
- Minor point$210.5 million of undrawn credit capacity remains subject to borrowing-base and other limitations.
Key Figures
- Net investment income per share
- $0.37 per share
- Third quarter 2026
- Net income per share
- $0.27 per share
- Third quarter 2026
- NAV per share
- $17.72 per share
- As of September 30, 2026
- Regular cash dividend
- $0.34 per share
- Fourth quarter 2026; payable January 15, 2027
- Final special dividend
- $0.03 per share
- Previously announced; payable December 15, 2026
- Authorized share repurchases
- Up to $50 million
- Company common stock repurchase program
- Planned Sun Life stock purchases
- Up to an additional $25 million
- Open-market purchases of Company common stock
Historical Context
-
NII was $0.36/share and NAV $17.82; the company reported a $3.3 million net loss.
-
NII was $0.42/share, but net loss was $0.42/share; NAV stood at $18.27.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
rule 10b5-1 trading plan regulatory
original issue discount (oid) financial
unitranche financial
paid-in-kind interest financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
LOS ANGELES, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of
Dividend Declarations
The Company announced that its Board of Directors (the “Board”) declared a fourth quarter 2026 regular cash dividend of
Recent Developments
On November 5, 2026, the Board authorized a share repurchase program of up to
Separately, Sun Life plans to purchase up to an additional
Selected Financial Highlights
($ in millions, except per share amounts)
| As of and for the three months ended | ||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||
| Investments, at fair value | $ | 1,555.2 | $ | 1,570.7 | $ | 1,580.7 | ||||||
| Total assets | $ | 1,601.4 | $ | 1,618.9 | $ | 1,627.6 | ||||||
| Total net assets | $ | 652.9 | $ | 656.5 | $ | 714.1 | ||||||
| Net asset value per share | $ | 17.72 | $ | 17.82 | $ | 19.28 | ||||||
| Investment income | $ | 36.9 | $ | 36.3 | $ | 41.4 | ||||||
| Net investment income | $ | 13.7 | $ | 13.1 | $ | 16.9 | ||||||
| Net realized gains (losses), net of taxes | $ | (2.1 | ) | $ | (17.7 | ) | $ | (5.0 | ) | |||
| Net change in unrealized gains (losses), net of taxes | $ | (1.5 | ) | $ | 1.3 | $ | (4.8 | ) | ||||
| Net increase (decrease) in net assets resulting from operations | $ | 10.1 | $ | (3.3 | ) | $ | 7.1 | |||||
| Net investment income per share | $ | 0.37 | $ | 0.36 | $ | 0.46 | ||||||
| Net realized gains (losses) per share, net of taxes | $ | (0.06 | ) | $ | (0.48 | ) | $ | (0.14 | ) | |||
| Net change in unrealized gains (losses) per share, net of taxes | $ | (0.04 | ) | $ | 0.03 | $ | (0.13 | ) | ||||
| Net increase (decrease) in net assets resulting from operations per share | $ | 0.27 | $ | (0.09 | ) | $ | 0.19 | |||||
| Regular distributions paid per share | $ | 0.34 | $ | 0.42 | $ | 0.42 | ||||||
| Special distributions paid per share | $ | 0.03 | $ | 0.03 | $ | 0.05 | ||||||
| Weighted average yield on income producing securities (at cost)(1) | 9.6 | % | 9.6 | % | 10.4 | % | ||||||
| Percentage of debt investments at floating rates | 98.2 | % | 98.4 | % | 97.4 | % | ||||||
Portfolio & Investment Activity
As of September 30, 2026 and December 31, 2025, the Company had investments in 190 and 184 portfolio companies with an aggregate fair value of
Portfolio Asset Types:
| As of | |||||||||||||||||
| $ in millions | September 30, 2026 | December 31, 2025 | |||||||||||||||
| Investment Type | Fair Value | Percentage | Fair Value | Percentage | |||||||||||||
| Senior secured first lien | $ | 375.8 | 24.2 | % | $ | 350.8 | 22.4 | % | |||||||||
| Unitranche first lien(2) | 1,015.8 | 65.3 | 1,047.8 | 66.7 | |||||||||||||
| Unitranche first lien - last out(2) | 18.5 | 1.2 | 26.2 | 1.7 | |||||||||||||
| Senior secured second lien | 14.4 | 0.9 | 12.2 | 0.8 | |||||||||||||
| Unsecured debt | 28.8 | 1.9 | 19.0 | 1.2 | |||||||||||||
| Equity & other | 73.5 | 4.7 | 77.2 | 4.9 | |||||||||||||
| LLC/LP equity interests | 28.4 | 1.8 | 36.2 | 2.3 | |||||||||||||
| Total investments | $ | 1,555.2 | 100.0 | % | $ | 1,569.4 | 100.0 | % | |||||||||
For the quarter ended September 30, 2026, the Company invested
Results of Operations
For the quarter ended September 30, 2026, total investment income was
Interest income, which includes the amortization of upfront fees, accelerated amortization of original issue discount (“OID”) and prepayment fees, increased modestly to
Dividend income decreased to
For the three months ended September 30, 2026 and June 30, 2026, total net expenses, including income and excise taxes, were
Liquidity and Capital Resources
As of September 30, 2026, the Company had
The Company’s net debt-to-equity ratio(3) was 1.36x as of September 30, 2026.
Conference Call
The Company will host a webcast/conference call on Tuesday, November 10, 2026 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended September 30, 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: 609092147
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) Yield includes performing debt and other income producing investments (excluding investments on non-accrual).
2) 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.
3) Net debt-to-equity represents principal debt outstanding, less cash and cash equivalents, divided by equity.
| Crescent Capital BDC, Inc. Consolidated Statements of Assets and Liabilities (in thousands except share and per share data) | |||||||
| As of September 30, 2026 (Unaudited) | As of December 31, 2025 | ||||||
| Assets | |||||||
| Investments, at fair value | |||||||
| Non-controlled non-affiliated investments (cost of | $ | 1,465,353 | $ | 1,479,473 | |||
| Non-controlled affiliated investments (cost of | 30,884 | 29,594 | |||||
| Controlled investments (cost of | 58,915 | 60,351 | |||||
| Cash and cash equivalents | 12,081 | 5,043 | |||||
| Restricted cash and cash equivalents | 24,123 | 26,454 | |||||
| Interest and dividend receivable | 7,672 | 9,333 | |||||
| Receivable from unsettled transactions | — | 8,019 | |||||
| Unrealized appreciation on foreign currency forward contracts | 338 | 2,135 | |||||
| Deferred tax assets | 187 | 190 | |||||
| Other assets | 1,894 | 1,543 | |||||
| Total assets | $ | 1,601,447 | $ | 1,622,135 | |||
| Liabilities | |||||||
| Debt (net of deferred financing costs of | $ | 909,275 | $ | 873,761 | |||
| Distributions payable | 12,528 | 15,527 | |||||
| Interest and other debt financing costs payable | 9,633 | 12,370 | |||||
| Management fees payable | 3,988 | 5,037 | |||||
| Incentive fees payable | 2,400 | 3,468 | |||||
| Unrealized depreciation on foreign currency forward contracts | 926 | 2,134 | |||||
| Unrealized depreciation on interest rate swaps | 6,304 | — | |||||
| Deferred tax liabilities | 187 | 190 | |||||
| Accrued expenses and other liabilities | 3,274 | 3,610 | |||||
| Total liabilities | $ | 948,515 | $ | 916,097 | |||
| Net assets | |||||||
| Preferred stock, par value zero outstanding, respectively) | $ | — | $ | — | |||
| Common stock, par value | 37 | 37 | |||||
| Paid-in capital in excess of par value | 955,363 | 957,030 | |||||
| Accumulated earnings (loss) | (302,468 | ) | (251,029 | ) | |||
| Total net assets | $ | 652,932 | $ | 706,038 | |||
| Total liabilities and net assets | $ | 1,601,447 | $ | 1,622,135 | |||
| Net asset value per share | $ | 17.72 | $ | 19.10 | |||
| Crescent Capital BDC, Inc. Consolidated Statements of Operations (in thousands except share and per share data) (Unaudited) | ||||||||||||||||
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Investment Income: | ||||||||||||||||
| From non-controlled non-affiliated investments: | ||||||||||||||||
| Interest income | $ | 32,333 | $ | 35,351 | $ | 97,077 | $ | 108,507 | ||||||||
| Paid-in-kind interest | 2,126 | 2,143 | 5,241 | 6,231 | ||||||||||||
| Dividend income | 167 | 286 | 1,111 | 458 | ||||||||||||
| Other income | 419 | 407 | 1,186 | 2,325 | ||||||||||||
| From non-controlled affiliated investments: | ||||||||||||||||
| Interest income | 365 | 525 | 989 | 2,025 | ||||||||||||
| Paid-in-kind interest | 325 | 294 | 738 | 1,100 | ||||||||||||
| Dividend income | — | — | — | 258 | ||||||||||||
| Other income | — | — | 45 | — | ||||||||||||
| From controlled investments: | ||||||||||||||||
| Interest income | 340 | 379 | 611 | 794 | ||||||||||||
| Paid-in-kind interest | 91 | — | 163 | — | ||||||||||||
| Dividend income | 720 | 1,960 | 3,960 | 4,760 | ||||||||||||
| Other income | - | 7 | - | 15 | ||||||||||||
| Total investment income | 36,886 | 41,352 | 111,121 | 126,473 | ||||||||||||
| Expenses: | ||||||||||||||||
| Interest and other debt financing costs | 15,054 | 13,876 | 43,659 | 43,663 | ||||||||||||
| Management fees | 3,991 | 5,130 | 12,890 | 15,257 | ||||||||||||
| Income based incentive fees | 2,400 | 3,586 | 7,695 | 10,684 | ||||||||||||
| Professional fees | 485 | 544 | 1,645 | 2,177 | ||||||||||||
| Directors’ fees | 163 | 159 | 495 | 486 | ||||||||||||
| Other general and administrative expenses | 866 | 870 | 2,615 | 2,698 | ||||||||||||
| Total expenses | 22,959 | 24,165 | 68,999 | 74,965 | ||||||||||||
| Management fees waiver | (2 | ) | (11 | ) | (14 | ) | (44 | ) | ||||||||
| Income based incentive fees waiver | — | (12 | ) | (1,441 | ) | (67 | ) | |||||||||
| Net expenses | 22,957 | 24,142 | 67,544 | 74,854 | ||||||||||||
| Net investment income before taxes | 13,929 | 17,210 | 43,577 | 51,619 | ||||||||||||
| Provision for income and excise taxes | 238 | 281 | 1,296 | 1,182 | ||||||||||||
| Net investment income | 13,691 | 16,929 | 42,281 | 50,437 | ||||||||||||
| Net realized and unrealized gains (losses) on investments: | ||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||
| Non-controlled non-affiliated investments | (2,855 | ) | (2,908 | ) | (23,785 | ) | (8,413 | ) | ||||||||
| Non-controlled affiliated investments | — | (1,996 | ) | 1,598 | (1,996 | ) | ||||||||||
| Controlled investments | — | — | (10,909 | ) | (3,800 | ) | ||||||||||
| Foreign currency transactions | 488 | (105 | ) | 1,271 | (204 | ) | ||||||||||
| Foreign currency forward contracts | 225 | — | 428 | — | ||||||||||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
| Non-controlled non-affiliated investments and foreign currency translation | (5,206 | ) | (8,835 | ) | (22,376 | ) | (14,758 | ) | ||||||||
| Non-controlled affiliated investments | (459 | ) | 2,642 | (2,619 | ) | 2,231 | ||||||||||
| Controlled investments | 4,317 | 403 | 6,254 | 7,527 | ||||||||||||
| Foreign currency forward contracts | (87 | ) | 972 | (589 | ) | (5,005 | ) | |||||||||
| Net realized and unrealized gains (losses) on investments | (3,577 | ) | (9,827 | ) | (50,727 | ) | (24,418 | ) | ||||||||
| Benefit (provision) for taxes on realized gain on investments | — | — | (200 | ) | — | |||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 10,114 | $ | 7,102 | $ | (8,646 | ) | $ | 26,019 | |||||||
| Per common share data: | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations per share (basic and diluted): | $ | 0.27 | $ | 0.19 | $ | (0.23 | ) | $ | 0.70 | |||||||
| Net investment income per share (basic and diluted): | $ | 0.37 | $ | 0.46 | $ | 1.15 | $ | 1.36 | ||||||||
| Weighted average shares outstanding (basic and diluted): | 36,845,952 | 37,060,595 | 36,874,371 | 37,061,226 | ||||||||||||
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 reports on Form 10-Q for the quarters ended March 31, June 30, and September 30 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 September 30, 2026, which Crescent BDC filed with the SEC on November 9, 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When will Crescent Capital BDC pay its fourth-quarter 2026 dividend?
The $0.34-per-share regular dividend is payable January 15, 2027, to stockholders of record December 31, 2026. The third and final previously announced $0.03-per-share special dividend is payable December 15, 2026, to stockholders of record November 30, 2026.
How much did Crescent Capital BDC receive from investment exits in the third quarter of 2026?
Crescent recorded $38.7 million in aggregate exits, sales and repayments during the third quarter of 2026, compared with $36.1 million in the second quarter. Third-quarter investments totaled $23.5 million, compared with $57.0 million in the second quarter.