Crescent Capital Bdc, Inc. ( (CCAP) ) has released its Q3 earnings. Here is a breakdown of the information Crescent Capital Bdc, Inc. presented to its investors.
Crescent Capital BDC, Inc. is a business development company focused on providing capital solutions to middle market companies, aiming to maximize shareholder returns through current income and capital appreciation. The company operates within the financial sector and is managed externally by Crescent Cap Advisors, LLC.
In the third quarter of 2024, Crescent Capital BDC reported a net investment income of $0.64 per share and a net income of $0.41 per share, with a net asset value per share standing at $20.20. The Board declared a fourth quarter base dividend of $0.42 per share and a third quarter supplemental dividend of $0.07 per share, reflecting its commitment to returning value to shareholders.
Key financial highlights for the period include a total investment income of $51.6 million, an increase from the previous year due to a rise in non-recurring income. The company’s total assets were reported at $1.645 billion, with total net assets at $748.8 million. The portfolio investments were valued at $1.591 billion, consisting mainly of unitranche first lien loans, senior secured first lien, and other debt securities. Crescent’s debt to equity ratio was noted at 1.15x, with a weighted average cost of debt at 6.59%.
Crescent Capital BDC’s investment activity during the quarter included $72.7 million invested in new portfolio companies and follow-on fundings, while exits and repayments totaled $92.3 million. Despite a challenging environment, the company maintained a robust portfolio comprising 183 companies by the end of the quarter.
Looking ahead, Crescent Capital BDC remains focused on leveraging its expertise and disciplined investment process to navigate market conditions and optimize its portfolio. The management is cautiously optimistic about future prospects, driven by strategic investments and strong operational fundamentals.
