Crescent Capital BDC, Inc. (CCAP) Earnings Call Transcripts

Crescent Capital BDC, Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Crescent Capital BDC, Inc. (CCAP) reported a net investment income (NII) of $0.38 per share, down from $0.45 in the prior quarter, primarily due to increased nonaccruals and reduced base rates. The company waived $0.04 of incentive fees to maintain full dividend coverage, resulting in a reported NII of $0.42 per share. The net asset value (NAV) declined to $18.27 per share from $19.10, influenced by market conditions and credit-specific depreciation. Management has implemented structural changes, including a reduction in management fees and a reset of the base dividend to $0.34 per share, while also declaring special dividends to address spillover balances.

Reported metrics

Guidance from management

Management has reset the base dividend to $0.34 per share and expects leverage to return to the target range of 1.1x to 1.3x as realizations occur. They indicated a cautious outlook on net portfolio growth in the near term.

What management said

Thank you. Yesterday, after the market closed, the company issued its earnings press release for the first quarter ended March 31, 2026, and posted a presentation to the Investor Relations section of its website at www.crescentbdc.com. The presentation should be reviewed in conjunction with the company's Form 10-Q filed yesterday with the SEC. As a reminder, this call is being recorded for replay purposes. Speaking...

Thank you, Henry. In closing, this quarter reflects a continuation of challenging trends in certain segments of the portfolio, which we are actively managing. We've taken proactive steps to strengthen the durability of our earnings profile and enhance shareholder value, including reducing management and incentive fees and resetting our base dividend. Against that backdrop, CCAP benefits from being part of the broad...

What analysts pressed on

Analysts expressed concerns regarding the increasing nonaccruals, particularly in the health care sector, and questioned the potential for further deterioration due to macroeconomic factors like inflation. There was also apprehension about the ability of sponsors to support troubled investments in a challenging environment.

Main topics on the call

• Fee Structure Changes — Crescent Capital has reduced its base management fee from 1.25% to 1% and the incentive fee from 17.5% to 15%. Management stated, 'The changes we announced today brings CCAP's fee structure back towards the most competit...
• Dividend Adjustments — The quarterly base dividend has been reset from $0.42 to $0.34 per share, reflecting a conservative approach to near-term earnings outlook. Additionally, three special dividends of $0.03 per share will be paid quarterly ...
• Nonaccruals Increase — Nonaccruals rose to 5.7% of cost and 3.6% of fair value, up from 4.1% and 2% respectively, driven by five new nonaccruals in health care investments. Management noted, 'These investments have been on our watch list for o...
• NAV Decline — The net asset value (NAV) decreased to $18.27 per share, attributed to market-driven markdowns and credit-specific factors. Management indicated that 'the market-driven portion of the markdown primarily reflects a broade...

Read the full Crescent Capital BDC, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 28 Crescent Capital BDC, Inc. earnings call transcripts on record, spanning August 11, 2020 to August 11, 2026. Based on this history, Crescent Capital BDC, Inc. reports quarterly. The most recent call on file is dated August 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

CCAP

Exchange

NasdaqGM

Country

US

Sector

Financials

Industry

Capital Markets

Calls on record

28

First call

August 11, 2020

Most recent

August 11, 2026

Reporting cadence

quarterly