LOS ANGELES, Nov. 12, 2024 (GLOBE NEWSWIRE) — Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $0.64 per share and net income of $0.41 per share for the quarter ended September 30, 2024. Reported net asset value per share was $20.20 as of September 30, 2024.
Dividend Declarations
The Company’s Board of Directors (the “Board”) declared a fourth quarter 2024 regular cash dividend of $0.42 per share to stockholders of record as of December 31, 2024, payable on January 15, 2025. The Board also announced a third quarter 2024 supplemental cash dividend of $0.07 per share to stockholders of record as of November 29, 2024, payable on December 16, 2024.
Selected Financial Highlights
($ in millions, except per share amounts) As of and for the three months ended September 30, 2024 June 30, 2024 September 30, 2023 Investments, at fair value$ 1,591.4 $ 1,610.8 $ 1,564.8 Total assets$ 1,645.0 $ 1,672.4 $ 1,624.5 Total net assets$ 748.8 $ 752.4 $ 730.3 Net asset value per share$ 20.20 $ 20.30 $ 19.70 Investment income$ 51.6 $ 48.9 $ 48.2 Net investment income$ 23.5 $ 21.7 $ 21.7 Net realized gains (losses), net of taxes$ 3.8 $ (4.1) $ (0.1)Net change in unrealized gains (losses), net of taxes$ (12.0) $ 2.8 $ 1.0 Net increase (decrease) in net assets resulting from operations$ 15.3 $ 20.4 $ 22.6 Net investment income per share$ 0.64 $ 0.59 $ 0.59 Net realized gains (losses) per share, net of taxes$ 0.10 $ (0.11) $ (0.00)Net change in unrealized gains (losses) per share, net of taxes$ (0.32) $ 0.07 $ 0.02 Net increase (decrease) in net assets resulting from operations per share$ 0.41 $ 0.55 $ 0.61 Regular distributions paid per share$ 0.42 $ 0.42 $ 0.41 Supplemental distributions paid per share$ 0.07 $ 0.11 $ 0.08 Weighted average yield on income producing securities (at cost)1 11.6% 12.2% 12.3%Percentage of debt investments at floating rates 97.4% 96.9% 98.6%
Portfolio & Investment Activity
As of September 30, 2024 and December 31, 2023, the Company had investments in 183 and 186 portfolio companies with an aggregate fair value of $1,591.4 and $1,582.1 million, respectively. The portfolio at fair value was comprised of the following asset types:
Portfolio Asset Types: As of $ in millions September 30, 2024 December 31, 2023 Investment Type Fair Value Percentage Fair Value Percentage Senior secured first lien $ 401.7 25.2 % $ 429.2 27.0 %Unitranche first lien2 1,023.7 64.4 973.9 61.5 Unitranche first lien – last out2 5.8 0.4 13.5 0.9 Senior secured second lien 41.8 2.6 58.2 3.7 Unsecured debt 18.7 1.2 4.1 0.3 Equity & other 59.2 3.7 50.1 3.2 LLC/LP equity interests 40.5 2.5 53.1 3.4 Total investments $ 1,591.4 100.0 % $ 1,582.1 100.0 %
For the quarter ended September 30, 2024, the Company invested $72.7 million across six new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $92.3 million in aggregate exits, sales and repayments. For the quarter ended June 30, 2024, the Company invested $119.3 million across six new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $73.4 million in aggregate exits, sales and repayments.
Results of Operations
For the quarter ended September 30, 2024 and 2023, investment income was $51.6 million and $48.2 million, respectively. The increase in investment income was due to a rise in one-time non-recurring income. Net expenses, including income and excise taxes, totaled $28.1 million and $26.4 million for the quarter ended September 30, 2024 and 2023, respectively. The increase in net expenses was primarily due to a higher weighted average debt outstanding.
Liquidity and Capital Resources
As of September 30, 2024, the Company had $37.8 million in cash and cash equivalents and restricted cash and $317.0 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 as of September 30, 2024 was 6.59%.
The Company’s debt to equity ratio was 1.15x as of September 30, 2024.
Conference Call
The Company will host a webcast/conference call on Tuesday, November 12, 2024 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended September 30, 2024. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call.
All interested parties are invited to participate via telephone or the live webcast, which will be hosted on a webcast link located on the Events & Presentations page of the Investor Resources section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing the following number:
Toll Free: (800) 245-3047
Conference ID: CRESCENT
All callers will need to reference the Conference ID once connected with the operator. An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC’s website.
Endnotes
Note: Numbers may not sum due to rounding. 1)Yield includes performing debt and other income producing investments (excluding investments on non-accrual). 2)Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.
Crescent Capital BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands except share and per share data)
As of
September 30, 2024 As of
December 31, 2023 Assets Investments, at fair value Non-controlled non-affiliated investments (cost of$1,485,564 and $1,469,251, respectively)$1,492,347 $1,465,537 Non-controlled affiliated investments (cost of $48,703 and $56,084, respectively) 51,003 52,619 Controlled investments (cost of $66,748 and $67,353, respectively) 48,083 63,919 Cash and cash equivalents 17,086 7,780 Restricted cash and cash equivalents 20,751 16,690 Interest and dividend receivable 10,640 14,000 Receivable from unsettled transactions 131 251 Unrealized appreciation on foreign currency forward contracts 1,396 5,128 Deferred tax assets 503 114 Other assets 3,109 1,341 Total assets$1,645,049 $1,627,379 Liabilities Debt (net of deferred financing costs of $7,358 and $7,138)$857,236 $844,783 Distributions payable 15,566 15,195 Interest and other debt financing costs payable 9,116 10,900 Management fees payable 5,089 5,026 Incentive fees payable 4,899 4,770 Deferred tax liabilities 503 578 Unrealized depreciation on foreign currency forward contracts 77 84 Accrued expenses and other liabilities 3,756 3,449 Total liabilities$896,242 $884,785 Net assets Preferred stock, par value $0.001 per share (10,000 shares authorized,
zero outstanding, respectively)$- $- Common stock, par value $0.001 per share (200,000,000 shares authorized,
37,061,547 and 30,887,360 shares issued and outstanding, respectively) 37 37 Paid-in capital in excess of par value 965,895 965,895 Accumulated earnings (loss) (217,125) (223,338)Total net assets$748,807 $742,594 Total liabilities and net assets$1,645,049 $1,627,379 Net asset value per share$20.20 $20.04
Crescent Capital BDC, Inc.
Consolidated Statements of Operations
(in thousands except share and per s
