Crescent Capital BDC (CCAP) Q4 2025 earnings summary

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.