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Crescent Capital BDC, Inc. (NASDAQ: CCAP) reported net investment income of $0.42 per share and net income of ($0.42) per share for the quarter ended March 31, 2026. Net asset value (NAV) per share was $18.27 as of March 31, 2026.
After the quarter ended, the company reduced its fee structure, lowering its base management fee from 1.25% to 1.00% and its incentive fee from 17.5% to 15.0%, effective April 1, 2026.
The company’s board declared a second quarter 2026 regular cash dividend of $0.34 per share to stockholders of record as of June 30, 2026, payable on July 15, 2026. It also declared special cash dividends related to undistributed taxable income totaling $0.09 per share, paid in three equal quarterly installments of $0.03 per share.
As of March 31, 2026, Crescent BDC held investments in 192 portfolio companies, compared with 184 portfolio companies as of December 31, 2025. The aggregate fair value of the portfolio was $1,562.5 million at March 31, 2026, versus $1,569.4 million at December 31, 2025.
During the quarter ended March 31, 2026, the company invested $114.9 million across fourteen new portfolio companies, along with follow-on revolver and delayed draw fundings. In the same period, it recorded $93.1 million in aggregate exits, sales and repayments.
For the quarter ended December 31, 2025, Crescent BDC invested $70.8 million across five new portfolio companies, along with follow-on revolver and delayed draw fundings. Aggregate exits, sales and repayments totaled $78.1 million during that quarter.
For the quarter ended March 31, 2026, investment income decreased to $37.9 million from $40.8 million for the quarter ended December 31, 2025.
Interest income, including amortization of upfront fees, fell to $34.5 million for the quarter ended March 31, 2026 from $37.7 million for the quarter ended December 31, 2025, primarily due to the restructuring of certain debt investments and a decrease in benchmark rates. Interest from investments included $0.6 million of accelerated accretion of OID related to paydown activity for the March 31, 2026 quarter, compared with $0.4 million for the December 31, 2025 quarter.
Dividend income increased to $3.0 million for the quarter ended March 31, 2026 from $2.3 million for the quarter ended December 31, 2025. Other income, including consent, waiver, amendment, agency, underwriting and arranger fees, was $0.4 million for the March 31, 2026 quarter versus $0.8 million for the December 31, 2025 quarter.
Total net expenses, including income and excise taxes, were $22.4 million for the quarter ended March 31, 2026, compared with $24.4 million for the quarter ended December 31, 2025.
As of March 31, 2026, Crescent BDC had $26.6 million in cash, cash equivalents and restricted cash, and $206.2 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average cost of debt on the company’s debt outstanding was 6.09% as of March 31, 2026.
The company reported a net debt to equity ratio of 1.32x as of March 31, 2026.
Crescent BDC will host a webcast/conference call on Thursday, May 14, 2026 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended March 31, 2026. The company provided a toll-free dial-in number of (833) 461-5787 and a conference ID of 729851297. An archived replay will be available via the company’s website.
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