Crescent Capital BDC's Q3 Performance Highlights and Future Outlook

Crescent Capital BDC Reports Third Quarter Earnings and Dividend Updates

LOS ANGELES — Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) has recently shared its financial performance for the third quarter of 2024, revealing significant insights that stockholders and analysts find noteworthy. The Company reported a net investment income of $0.64 per share, along with a net income of $0.41 per share for the quarter ending September 30, 2024. The net asset value per share stands at $20.20 as of that date.

Dividend Announcements

The Board of Directors has declared a fourth quarter cash dividend of $0.42 per share, payable to stockholders of record as of December 31, 2024, set to be distributed on January 15, 2025. Additionally, a supplemental cash dividend of $0.07 per share will be paid to stockholders of record as of November 29, 2024, on December 16, 2024.

Financial Performance Overview

As of September 30, 2024, Crescent BDC maintained investments in 183 portfolio companies with an aggregate fair value of $1,591.4 million. This indicates a slight increase compared to 186 portfolio companies valued at $1,582.1 million as of December 31, 2023. The Company’s diverse portfolio consists of various asset types, contributing to its robust financial health.

Investment Activity

During the quarter, Crescent BDC invested $72.7 million across six new portfolio entities and several follow-on fundings. Meanwhile, it achieved approximately $92.3 million from exits and repayments. This weaves a comprehensive narrative of Crescent’s proactive investment strategy aimed at fostering growth and returns.

Operational Results

Investment income reported for the third quarter amounted to $51.6 million, up from $48.2 million in the same period last year, reflecting the Company’s continuous efforts toward profitability. However, net expenses, including taxes, totaled $28.1 million, up from $26.4 million in the prior year, attributed mainly to a rise in the average debt outstanding.

Liquidity and Financial Stability

As of September 30, 2024, the Company held $37.8 million in cash and equivalents, alongside $317.0 million of unused capacity on its credit facilities. Furthermore, the weighted average cost of debt was pegged at 6.59%, indicating prudent financial management in these volatile market conditions.

Future Outlook

Crescent BDC’s debt-to-equity ratio was stable at 1.15x as of the close of the quarter. This figure suggests a healthy capital structure capable of supporting ongoing and future investments while maintaining compliance with financial covenants.

The Company is scheduled to conduct a webcast and conference call to delve deeper into its financial results on November 12, 2024. This interactive session will enable participants to gain further clarity from Crescent BDC’s executive team regarding strategies moving forward.

Company Background

Crescent BDC is a business development organization focused on maximizing returns for its stockholders through investments in middle-market companies known for solid business fundamentals. With rigorous investment processes and vast experience, Crescent BDC aims to deliver consistent growth and profitability.

Contact Information

For inquiries, Dan McMahon can be reached at daniel.mcmahon@crescentcap.com or via phone at 212-364-0149.

Frequently Asked Questions

What are the key financial highlights for Crescent BDC in Q3 2024?

In Q3 2024, Crescent 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 of $20.20.

What dividends have been declared by Crescent BDC?

Crescent BDC declared a regular cash dividend of $0.42 per share for Q4 2024 and a supplemental cash dividend of $0.07 per share for Q3 2024.

How much did Crescent BDC invest in new portfolio companies during Q3 2024?

The Company invested $72.7 million across six new portfolio companies in Q3 2024.

What is the Company’s liquidity position as of Q3 2024?

As of Q3 2024, Crescent BDC had $37.8 million in cash and equivalents, alongside $317.0 million of unused capacity on its credit facilities.

When will Crescent BDC hold its next conference call?

A webcast and conference call to discuss the Q3 financial results will take place on November 12, 2024.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.