Crescent Capital BDC (CCAP) investor relations material

Executive summary

• Net investment income per share was $0.36 for Q2 2026, down from $0.38–$0.42 in the prior quarter, with net income per share at ($0.09) and NAV per share declining to $17.82 from $18.27, mainly due to unrealized losses on non-accrual investments.

• Portfolio remains diversified with 192 companies across 18 industries, valued at $1.57 billion, with over 90% in senior secured first lien and unitranche first lien investments.

• Regular Q3 2026 dividend of $0.34 per share and a $0.03 per share special dividend were declared, with additional special dividends scheduled for December 2026.

• Portfolio rotation and de-leveraging remain top priorities, supported by a revised fee and dividend framework effective April 1, 2026.

• Parent company Sun Life holds about 6% of shares and has invested over $1.5 billion across Crescent strategies since 2021.

Financial highlights

• Total investment income for Q2 2026 was $36.3 million, down from $37.9 million in Q1 2026, mainly due to lower dividend income and reduced realization activity.

• Net realized and unrealized losses for Q2 2026 were $(16.1)–$(16.3) million, reflecting portfolio depreciation.

• Dividend income was $1.2 million, down $1.8 million from the prior quarter due to lower Logan JV distributions.

• Investment portfolio at fair value was approximately $1.57 billion as of June 30, 2026.

• Total net assets were $656 million as of June 30, 2026.

Outlook and guidance

• Special dividends of $0.03 per share to be paid in September and December 2026, following the June payment.

• Fee structure enhancements, including permanent reductions in base management and incentive fees, are expected to improve dividend coverage and shareholder alignment.

• Expect leverage to return to target range in the second half of the year as portfolio realizations occur.

• Market conditions are improving, with better terms in the core and lower middle market and optimism for long-term opportunities.

• No supplemental dividend will be paid for the quarter under the current framework.