Crescent Capital BDC (NASDAQ: CCAP) posts lower 2025 income and NAV but maintains dividend
Rhea-AI Filing Summary
Crescent Capital BDC, Inc. reported lower results for the year ended December 31, 2025, with net investment income of $1.81 per share and net income of $0.93 per share, down from $2.40 and $1.99 per share in 2024. Investment income fell to $167.3 million from $197.4 million, mainly because benchmark interest rates declined and certain debt investments were restructured. Net asset value per share declined to $19.10 from $19.98 as credit marks and foreign currency hedges weighed on results. For the fourth quarter of 2025, net investment income was $0.45 per share and net income was $0.23 per share. The company’s board declared a regular cash dividend of $0.42 per share for the first quarter of 2026, payable April 15, 2026 to shareholders of record on March 31, 2026. At year-end, Crescent BDC held $1.57 billion of investments across 184 portfolio companies, a weighted average yield on income-producing securities of 10.0%, and a debt-to-equity ratio of 1.25x, supported by $31.5 million of cash and $242.0 million of undrawn credit capacity.
Positive
- None.
Negative
- None.
Insights
Income and NAV declined in 2025, but coverage of the regular dividend continues.
Crescent Capital BDC showed pressure on earnings as 2025 investment income dropped to $167.3 million from $197.4 million. Net investment income per share fell to $1.81 versus $2.40, while net income per share declined to $0.93.
Lower benchmark interest rates and debt restructurings reduced interest income, and net realized and unrealized losses of $32.4 million weighed on returns. Net asset value per share decreased from $19.98 to $19.10, reflecting credit marks and derivative movements rather than portfolio growth.
Despite softer results, the board maintained a regular quarterly dividend of $0.42 per share, broadly aligned with Q4 net investment income of $0.45 per share. As of December 31, 2025, liquidity stood at $31.5 million of cash plus $242.0 million of undrawn credit, with a debt-to-equity ratio of 1.25x.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact name of registrant as specified in its charter)
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(g) of the Act:
Title of each class |
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Common Stock, par value $0.001 per share |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02. Results of Operations and Financial Condition.
On February 25, 2026, Crescent Capital BDC, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended and fiscal year December 31, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibits
Number |
Description |
99.1 |
Press Release, dated February 25, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
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CRESCENT CAPITAL BDC, INC. |
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Date: February 25, 2026 |
By: |
/s/ Gerhard Lombard |
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Name: |
Gerhard Lombard |
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Title: |
Chief Financial Officer |
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Crescent Capital BDC, Inc. Reports Fourth Quarter 2025 Earnings Results;
Declares a First Quarter Base Dividend of $0.42 Per Share
LOS ANGELES, February 25, 2026 — 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)
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As of and for the three months ended |
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December 31, 2025 |
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September 30, 2025 |
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December 31, 2024 |
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Investments, at fair value |
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$ |
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1,569.4 |
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$ |
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1,580.7 |
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$ |
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1,598.9 |
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Total assets |
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$ |
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1,622.1 |
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$ |
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1,627.6 |
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$ |
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1,656.3 |
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Total net assets |
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$ |
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706.0 |
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$ |
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714.1 |
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$ |
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740.6 |
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Net asset value per share |
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$ |
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19.10 |
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$ |
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19.28 |
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$ |
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19.98 |
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Investment income |
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$ |
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40.8 |
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$ |
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41.4 |
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$ |
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46.4 |
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Net investment income |
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$ |
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16.5 |
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$ |
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16.9 |
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$ |
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20.5 |
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Net realized gains (losses), net of taxes |
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$ |
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3.2 |
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$ |
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(5.0 |
) |
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$ |
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(3.2 |
) |
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Net change in unrealized gains (losses), net of taxes |
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$ |
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(11.2 |
) |
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$ |
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(4.8 |
) |
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$ |
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(7.3 |
) |
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Net increase (decrease) in net assets resulting from operations |
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$ |
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8.5 |
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$ |
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7.1 |
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$ |
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10.0 |
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Net investment income per share |
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$ |
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0.45 |
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$ |
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0.46 |
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$ |
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0.55 |
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Net realized gains (losses) per share, net of taxes |
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$ |
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0.09 |
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$ |
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(0.14 |
) |
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$ |
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(0.09 |
) |
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Net change in unrealized gains (losses) per share, net of taxes |
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$ |
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(0.30 |
) |
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$ |
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(0.13 |
) |
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$ |
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(0.19 |
) |
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Net increase (decrease) in net assets resulting from operations per share1 |
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$ |
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0.23 |
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$ |
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0.19 |
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$ |
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0.27 |
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Regular distributions paid per share |
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$ |
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0.42 |
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$ |
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0.42 |
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$ |
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0.42 |
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Supplemental distributions paid per share |
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$ |
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- |
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$ |
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- |
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$ |
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0.07 |
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Special distributions paid per share |
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$ |
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- |
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$ |
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0.05 |
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$ |
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- |
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Weighted average yield on income producing securities (at cost)2 |
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10.0 |
% |
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10.4 |
% |
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10.9 |
% |
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Percentage of debt investments at floating rates |
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98.0 |
% |
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97.4 |
% |
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97.3 |
% |
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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 $1,598.9 million, respectively. The portfolio at fair value was comprised of the following asset types:
Portfolio Asset Types:
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As of |
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$ in millions |
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December 31, 2025 |
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December 31, 2024 |
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Investment Type |
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Fair Value |
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Percentage |
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Fair Value |
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Percentage |
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Senior secured first lien |
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$ |
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350.8 |
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22.4 |
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% |
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$ |
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379.7 |
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23.7 |
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% |
Unitranche first lien3 |
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1,047.8 |
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66.7 |
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1,044.1 |
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65.3 |
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Unitranche first lien - last out3 |
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26.2 |
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1.7 |
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14.8 |
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0.9 |
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Senior secured second lien |
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12.2 |
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0.8 |
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38.5 |
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2.4 |
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Unsecured debt |
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19.0 |
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1.2 |
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17.5 |
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1.1 |
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Equity & other |
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77.2 |
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4.9 |
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64.9 |
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4.1 |
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LLC/LP equity interests |
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36.2 |
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2.3 |
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39.4 |
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2.5 |
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Total investments |
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$ |
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1,569.4 |
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100.0 |
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% |
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$ |
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1,598.9 |
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100.0 |
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% |
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.
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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
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Note: Numbers may not sum due to rounding.
Crescent Capital BDC, Inc.
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Consolidated Statements of Assets and Liabilities
(in thousands except share and per share data)
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As of |
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As of |
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Assets |
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Investments, at fair value |
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Non-controlled non-affiliated investments (cost of $1,504,658 and $1,511,386, respectively) |
$ |
1,479,473 |
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$ |
1,504,013 |
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Non-controlled affiliated investments (cost of $26,826 and $46,104, respectively) |
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29,594 |
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46,793 |
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Controlled investments (cost of $71,985 and $66,416, respectively) |
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60,351 |
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48,051 |
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Cash and cash equivalents |
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5,043 |
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10,130 |
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Restricted cash and cash equivalents |
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26,454 |
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29,292 |
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Interest and dividend receivable |
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9,333 |
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11,008 |
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Receivable from unsettled transactions |
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8,019 |
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1,163 |
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Unrealized appreciation on foreign currency forward contracts |
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2,135 |
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4,815 |
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Deferred tax assets |
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190 |
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746 |
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Other assets |
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1,543 |
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263 |
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Total assets |
$ |
1,622,135 |
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$ |
1,656,274 |
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Liabilities |
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Debt (net of deferred financing costs of $5,841 and $8,214, respectively) |
$ |
873,761 |
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$ |
875,837 |
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Distributions payable |
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15,527 |
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15,566 |
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Interest and other debt financing costs payable |
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12,370 |
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10,408 |
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Management fees payable |
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5,037 |
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5,066 |
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Incentive fees payable |
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3,468 |
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4,305 |
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Deferred tax liabilities |
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190 |
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|
746 |
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Unrealized depreciation on foreign currency forward contracts |
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2,134 |
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— |
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Accrued expenses and other liabilities |
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3,610 |
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3,709 |
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Total liabilities |
$ |
916,097 |
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$ |
915,637 |
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Net assets |
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Preferred stock, par value $0.001 per share (10,000 shares authorized, |
$ |
— |
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$ |
— |
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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) |
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37 |
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37 |
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Paid-in capital in excess of par value |
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957,030 |
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959,098 |
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Accumulated earnings (loss) |
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(251,029 |
) |
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(218,498 |
) |
Total net assets |
$ |
706,038 |
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$ |
740,637 |
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Total liabilities and net assets |
$ |
1,622,135 |
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$ |
1,656,274 |
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Net asset value per share |
$ |
19.10 |
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$ |
19.98 |
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Crescent Capital BDC, Inc.
Consolidated Statements of Operations
(in thousands except share and per share data)
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For the years ended December 31, |
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2025 |
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2024 |
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2023 |
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Investment Income: |
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From non-controlled non-affiliated investments: |
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Interest income |
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$ |
142,935 |
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$ |
166,912 |
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$ |
162,089 |
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Paid-in-kind interest |
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8,441 |
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9,592 |
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|
3,191 |
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Dividend income |
|
|
521 |
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|
497 |
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|
438 |
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Other income |
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|
3,106 |
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|
3,056 |
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|
658 |
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From non-controlled affiliated investments: |
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Interest income |
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2,525 |
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3,834 |
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2,974 |
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Paid-in-kind interest |
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|
1,375 |
|
|
|
1,529 |
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|
|
816 |
|
Dividend income |
|
|
697 |
|
|
|
1,058 |
|
|
|
2,058 |
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Other income |
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4 |
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16 |
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|
309 |
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From controlled investments: |
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Interest income |
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1,103 |
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|
1,077 |
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|
609 |
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Paid-in-kind interest |
|
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— |
|
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— |
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|
|
192 |
|
Dividend income |
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6,520 |
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|
9,784 |
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|
10,800 |
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Other income |
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|
58 |
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|
8 |
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|
|
— |
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Total investment income |
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167,285 |
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|
|
197,363 |
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|
|
184,134 |
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Expenses: |
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Interest and other debt financing costs |
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57,438 |
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62,761 |
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|
58,742 |
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Management fees |
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20,303 |
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20,223 |
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19,613 |
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Income based incentive fees |
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|
14,174 |
|
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|
18,855 |
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|
17,451 |
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Professional fees |
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|
2,832 |
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|
|
2,027 |
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|
1,593 |
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Directors’ fees |
|
|
645 |
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|
|
618 |
|
|
|
600 |
|
Other general and administrative expenses |
|
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3,438 |
|
|
|
2,561 |
|
|
|
2,753 |
|
Total expenses |
|
|
98,830 |
|
|
|
107,045 |
|
|
|
100,752 |
|
Management fees waiver |
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(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.