Crescent Capital BDC
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Crescent Capital BDC (CCAP) investor relations material

Crescent Capital BDC Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary26 Feb, 2026

Executive summary

  • Q4 2025 net investment income was $0.45 per share, down from $0.46 in Q3, with net income per share rising to $0.23; NAV per share declined to $19.10 from $19.28.

  • Portfolio remains diversified and fundamentally healthy, with 184 companies across 18 industries and a fair value of $1,569 million.

  • Board declared a Q1 2026 regular dividend of $0.42 per share, payable April 15, 2026.

  • Portfolio is defensively positioned, with 91% in senior secured or unitranche first lien investments.

Financial highlights

  • Net investment income covered the base dividend by 107% in Q4.

  • Total net assets were $706 million at year-end, with total assets of $1.62 billion.

  • Debt-to-equity ratio was 1.25x (1.2x net of cash), within the 1.1x-1.3x target range.

  • Investment portfolio at fair value totaled $1.6 billion across 184 companies at year-end.

  • Weighted average yield on income-producing securities at cost was 10.0%, with 98% of debt investments floating rate.

Outlook and guidance

  • Management is reviewing fee structure and base dividend level to ensure long-term earnings durability amid lower rate expectations.

  • Expect to provide a more detailed update on strategic actions in May 2026.

  • Portfolio positioned defensively, emphasizing disciplined underwriting and active management.

  • Sufficient liquidity with $31.5 million in cash and $242 million undrawn debt capacity.

Drivers of NAV per share decrease in 2025
Impact of portfolio shift to Unitranche last-out
Implications of net portfolio outflow in 2025
Explain dividend policy review drivers
New nonaccrual investment details
Outlook for new investment spreads and activity?
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Q1 202614 May, 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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