Did Crescent Capital beat or miss consensus estimates last quarter?

What were the key takeaways from Crescent Capital’s earnings call?

What is Crescent Capital's latest dividend and current dividend yield?

What were the key takeaways from Crescent Capital's earnings call?

What is the market's earnings forecast for Crescent Capital next quarter?

What guidance did Crescent Capital's management provide for the next earnings period?

What is the revenue and EPS growth rate for Crescent Capital year over year?

What does Crescent Capital do and what are its main business segments?

- **Stable NII & Dividend Coverage**: $0.46 NII with 110% dividend coverage, $0.42 Q4 dividend declared.
- **Portfolio Resilience**: 90% first lien loans, 97% floating rate, 1.6% nonaccruals despite tariff impact.
- **Debt Optimization**: Extended maturity profile with $185M senior notes issuance.
- **Key Risks**: Tariff-related losses ($0.15 per share), 13% watch list exposure.
- **Growth Levers**: $6B+ origination pipeline, spillover income cushion, noninterest fee potential.

**【CEO Summary Section】**
- Reported net investment income (NII) of $0.46 per share, maintaining 110% dividend coverage for the quarter.
- NAV declined to $19.28 per share due to unrealized losses from tariffs impacting two portfolio companies.
- Emphasized resilience in the U.S. economy and focus on core/lower middle market with 90% of portfolio in first lien loans.
- Declared Q4 dividend of $0.42 per share, 9% annualized yield on NAV.

**【Portfolio Overview】**
- $1.6 billion diversified portfolio across 187 companies, avg. 0.6% per investment.
- 99% of debt backed by private equity sponsors with 40% LTV at origination.
- Weighted average yield of 10.4% (stable Q/Q), 97% floating rate with 77bp floor.
- Nonaccruals improved to 1.6% (from 2.4%), watch list at 13% of portfolio.

**【Financial Highlights】**
- Q3 net income $0.19 per share vs. $0.41 prior quarter, driven by realized/unrealized losses.
- Debt-to-equity ratio 1.20x (target 1.1-1.3x), $240M undrawn capacity.
- Issued $185M senior notes to extend maturity profile, weighted avg rate 5.99%.
- Spillover income of $1.10 per share provides cushion against rate headwinds.

**【Q&A Highlights】**
- **Dividend Sustainability**: CEO confident in maintaining dividend through portfolio growth, noninterest income, and spillover usage.
- **Tariff Impact**: Two companies (export-dependent) saw weakened outlooks, but 87% of portfolio performing at/above expectations.
- **Market Competition**: Maintaining spreads through add-on investments (33-50% of origination), no compromise on covenant quality.
- **Family Dollar Investment**: Asset-based lending focused on hard collateral, not consumer demand.
- **CECO Valuation**: Nonaccrual reflects near-term uncertainty in 3PL sector, conservative outlook.


Crescent Capital BDC, Inc. (CCAP) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CCAP

CCAP fundamentals

You can ask Aime