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• Net Investment Income (NII): $0.55 per share, down from $0.64 in the prior quarter and $0.61 in Q4 2023.

• Annualized NII Return on Equity: 11%.

• Net Asset Value (NAV): Decreased by $0.22 to $19.98 per share.

• Total Investment Income: $46.4 million, compared to $51.6 million in the prior quarter.

• Recurring Interest Income: Declined from $40.4 million to $37.7 million quarter over quarter.

• Non-Recurring Investment Income: Decreased from $3.3 million to $1.2 million quarter over quarter.

• GAAP Earnings Per Share: $0.27, with net investment income offset by net unrealized and realized losses.

• Debt-to-Equity Ratio: Increased to 1.19 times from 1.15 times in the prior quarter.

• Dividend: Declared a regular dividend of $0.42 per share for Q1 2025.

• Special Dividends: Announced a series of $0.35 per share special cash dividends.

• Investment Portfolio: Approximately $1.6 billion at fair value across 185 companies.

• Non-Accruals: Represented 0.9% of total debt investments at fair value.

• Weighted Average Yield: 10.9% for income-producing securities at cost.

• Gross Deployment: $127 million in Q4, with 98% in first lien investments.

• Net Asset Value (NAV) Year-over-Year: Down 0.3%.

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Release Date: February 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Crescent Capital BDC Inc (NASDAQ:CCAP) reported a net investment income (NII) of $0.55 per share, translating to an annualized NII return on equity of 11%.

• The company maintained a high dividend coverage, with NII covering 131% of the base dividend in the fourth quarter.

• CCAP's investment portfolio is highly diversified, consisting of 185 companies with a focus on first lien loans, representing 90% of the portfolio at fair value.

• The portfolio is supported by well-capitalized private equity sponsors, with 99% of the debt portfolio in sponsor-backed companies.

• CCAP declared a regular dividend of $0.42 per share for the first quarter of 2025, continuing its history of stable or increasing dividends since 2015.

Negative Points

• Net asset value (NAV) per share decreased by $0.22 to $19.98 in the quarter, primarily due to changes in unrealized marks.

• The net investment income per share declined from $0.64 in the prior quarter to $0.55, impacted by lower investment portfolio yields and reduced non-recurring income.

• There was an increase in three-rated investments, indicating potential challenges within certain portfolio companies.

• The company experienced a pickup in non-accruals, with non-accruals representing 0.9% of total debt investments at fair value.

• CCAP's total investment income decreased from $51.6 million in the prior quarter to $46.4 million, reflecting the impact of Federal Reserve rate cuts.