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Crescent Capital BDC (CCAP) investor relations material
Crescent Capital BDC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Net investment income (NII) was $0.46 per share, unchanged from the prior quarter, while net income per share declined to $0.19 from $0.41 sequentially.
Net asset value (NAV) per share decreased to $19.28 from $19.55, mainly due to unrealized and realized losses from portfolio companies affected by tariffs.
Portfolio remains highly diversified with $1.6 billion in investments across 187 companies, with 90% in first-lien or unitranche first lien loans and 99% of the debt portfolio sponsor-backed.
Board declared a regular Q4 dividend of $0.42 per share, marking the 39th consecutive quarter of earning the regular dividend, and paid a final special dividend of $0.05 per share for Q3 2025.
Specialty finance company focused on U.S. middle-market debt, with $1.6 billion in total assets and $714 million in net assets as of September 30, 2025.
Financial highlights
Net income for the quarter was $0.19 per share, down from $0.41 in the prior quarter, reflecting higher net realized and unrealized losses of $(0.27) per share.
Weighted average yield of income-producing securities at cost remained stable at 10.4% quarter-over-quarter.
Non-accruals as a percentage of investments at fair value improved from 2.4% to 1.6% quarter-over-quarter.
Gross deployment in the quarter totaled $74 million, with $51 million in new platform investments and $22 million in incremental investments.
Sufficient liquidity with $27.8 million in cash and $239.8 million undrawn debt capacity at quarter end.
Outlook and guidance
Anticipates lower base rate environment may reduce portfolio yields and pressure NII, but expects to cover the base dividend with NII in the near term.
Expects increased origination and structuring fees, and higher non-interest-related income as deal activity picks up.
Sees a larger opportunity set for new investments over the next 12 months, supported by a robust origination pipeline.
Variable supplemental distribution framework remains in effect.
Board declared a Q4 2025 regular cash dividend of $0.42 per share, consistent with prior quarters.
Impact of restructurings on interest income
Rationale for increased last-out unitranche
Drivers of net realized/unrealized losses
Watch list gap vs. nonaccruals rationale
Future NII coverage without spillover?
How CCAP maintains spreads in market
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Next Crescent Capital BDC earnings date
Q4 202518 Feb, 2026
Next Crescent Capital BDC earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
Crescent Capital BDC, Inc. is a business development company (BDC) that provides debt financing solutions to private middle-market companies. The company primarily focuses on originating and investing in senior secured loans, unitranche loans, and mezzanine debt, often working with companies in sectors such as healthcare, technology, and industrials. Crescent Capital BDC aims to support the growth and expansion of its portfolio companies while generating income through interest and fees. The company is headquartered in Los Angeles, United States, and its shares are listed on the NASDAQ.
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