Crescent Capital BDC (CCAP) Q3 2026 earnings summary

Executive summary

• Q3 net investment income was $13.7m, or $0.37/share; net increase in net assets from operations was $10.1m, or $0.27/share. NAV ended at $17.72/share, down $0.10 QoQ.

• Portfolio fair value was $1,555.2m across 190 companies; 91% was invested in senior secured first-lien or unitranche first-lien investments.

Financial highlights

• Q3 investment income was $36.9m, down from $41.4m YoY; net investment income was $13.7m, down from $16.9m, or $0.37/share versus $0.46.

• Investment income rose from $36.3m QoQ, as interest income increased to $35.6m from $34.7m; net expenses, including income and excise taxes, were $23.2m in both quarters.

• Net realized and unrealized investment losses were $3.6m in Q3 versus $9.8m in Q3 2025; net increase in assets from operations was $10.1m versus $7.1m.

• NAV declined from $17.82/share in Q2 and $19.10/share at year-end 2025; portfolio fair value was $1,555.2m versus $1,569.4m at year-end.

• Q3 NII covered the $0.34/share regular dividend; a $0.03/share special dividend was also paid during the quarter.

Outlook and guidance

• Pending portfolio realizations and the planned JV are expected to bring net leverage within the target range by year-end 2026; JV proceeds are intended to reduce leverage and fund share repurchases.

• The JV is expected to close in Q4 2026; further organic realizations are expected by year-end, while originations depend on realizations and leverage relative to target.

• Management expects deal activity to pick up into 2027, supported by sponsor liquidity needs, but pipeline activity remains light and conversion uncertain.

• Q4 2026 regular dividend of $0.34/share declared, payable Jan. 15, 2027; the final previously announced $0.03/share special dividend is payable Dec. 15, 2026.