Crescent Capital BDC Inc (NAS:CCAP)

Q1 2026 Crescent Capital BDC Inc Earnings Call Transcript

May 14, 2026 / 04:00 PM GMT

Release Date Price: $11.99 (-8.26%)

Transcript 8-K10-Q

Key Points

Positve

Crescent Capital BDC Inc (CCAP) has reduced its base management fee from 1.25% to 1% and the incentive fee from 17.5% to 15%, effective April 1, 2026, making its fee structure more competitive.
The company has implemented structural changes to position itself for consistent earnings and attractive returns across market cycles.
CCAP generated $0.38 per share of net investment income for the quarter, with a reported NII of $0.42 per share after a $0.04 per share incentive fee waiver.
The portfolio is well-positioned with a focus on first lien investments, non-cyclical industries, and strong sponsor backing, informed by Crescent's 35-year track record.
CCAP benefits from being part of the broader Crescent platform, which is seeing an increasingly attractive opportunity set with widening spreads and reduced competition for new investments.

Negative

Net investment income per share decreased from $0.45 in the prior quarter to $0.38, primarily due to an increase in non-accruals and a reduction in base rates.
Net asset value declined from $19.10 per share to $18.27 per share, driven by broader market conditions and credit-specific depreciation.
Non-accruals increased to 5.7% of cost and 3.6% of fair value, reflecting the addition of five new non-accruals during the quarter.
The company reset its quarterly base dividend from $0.42 to $0.34 per share, reflecting a conservative level relative to its near-term earnings outlook.
CCAP's leverage ended the quarter at 1.32 times, slightly above the target range of 1.1 to 1.3 times, due to the timing of realizations being pushed out of the quarter.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CCAP.OQ - Crescent Capital BDC Inc
Q1 2026 Crescent Capital BDC Inc Earnings Call
May 14, 2026 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, and welcome to Crescent Capital BDC Inc.'s first quarter, ended March 31st, 2026, earnings conference call.

Please note that Crescent Capital BDC Inc. May be referred to as CCAP, Crescent BDC, or the company throughout the call.

I'll start with some important reminders. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. The company's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings.

The company assumes no obligation to update any such forward-looking statements.

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