Crescent Capital BDC (CCAP) Q2 2024 earnings summary

Executive summary

• Reported Q2 2024 net investment income of $0.59 per share and net income of $0.55 per share; net asset value per share rose to $20.30, the highest since June 2022.

• Portfolio diversified across 183 companies in 20 industries, with 90% in senior secured first lien and unitranche first lien investments by fair value.

• Portfolio remains defensively positioned with strong credit performance, stable nonaccrual levels, and high floating rate exposure.

• Declared a Q3 2024 regular dividend of $0.42 per share and a Q2 2024 supplemental dividend of $0.09 per share.

• Total assets reached $1.67 billion, with stockholders' equity at $752 million as of June 30, 2024.

Financial highlights

• Q2 2024 total investment income was $49 million, up from $46.7 million in Q2 2023, but down from $50.4 million in the prior quarter.

• Net investment income per share was $0.59, down from $0.63 in the prior quarter, but up from $0.56 year-over-year.

• Net income per share was $0.55 for Q2 2024.

• Regular and supplemental dividends declared in Q2 2024 totaled $0.53 per share.

• Debt-to-equity ratio stood at 1.18x, with asset coverage at 184%.

Outlook and guidance

• Confident in continued strong portfolio performance and ability to deliver attractive risk-adjusted returns for the remainder of 2024.

• Board declared a regular Q3 2024 dividend of $0.42 per share and plans to continue quarterly supplemental dividends.

• Management continues to focus on disciplined portfolio construction and conservative investment strategy.

• Asset coverage ratio remains strong at 184%, supporting ongoing leverage and investment activity.

• Portfolio remains defensively positioned, with strong liquidity: $36.1 million in cash and $293.8 million undrawn debt capacity.