Crescent Capital BDC Restores Net Income After Two Loss Quarters

The Tip Desk · November 9, 2026 · 3 min read

Net investment income was $0.37 a share, and the board authorized a $50 million share repurchase.

Crescent Capital BDC, Inc. (CCAP) reported net investment income of $0.37 a share and net income of $0.27 a share for the quarter ended September 30, 2026, reversing a $0.09 a share loss in the prior quarter.

The Los Angeles-based business development company said net investment income was $13.7 million, up from $13.1 million in the three months ended June 30, 2026. Net assets resulting from operations increased $10.1 million, after a $3.3 million decrease in the prior quarter.

Net realized losses narrowed to $2.1 million, or $0.06 a share, from $17.7 million, or $0.48 a share, in the second quarter. Unrealized results flipped to a $1.5 million net loss, or $0.04 a share, from a $1.3 million net gain in the prior quarter.

Investment income rose modestly to $36.9 million from $36.3 million. The company said the increase was primarily driven by higher recurring interest income from higher benchmark rates. Interest income, including amortization of upfront fees, accelerated amortization of original issue discount and prepayment fees, increased to $35.6 million from $34.7 million. Dividend income decreased to $0.9 million from $1.2 million, primarily reflecting lower distributions from the Logan JV investment. Other income was $0.4 million in both periods. Total net expenses, including income and excise taxes, were $23.2 million, unchanged from the prior quarter.

The weighted average yield on income producing securities at cost held at 9.6%. Ninety-eight point two percent of debt investments were at floating rates.

Investments at fair value declined to $1,555.2 million from $1,570.7 million at June 30, 2026. The company had investments in 190 portfolio companies. For the quarter, it invested $23.5 million across three new portfolio companies and several follow-on revolver and delayed draw fundings, down from $57.0 million across three new companies in the prior quarter. Aggregate exits, sales and repayments were $38.7 million.

Unitranche first lien loans remained the largest asset type at $1,015.8 million, or 65.3% of the portfolio, compared with $1,047.8 million, or 66.7%, at December 31, 2025. Senior secured first lien loans were $375.8 million, or 24.2%. Equity and other investments were $73.5 million, or 4.7%.

Net asset value per share declined to $17.72 from $17.82 at June 30, 2026.

The board declared a fourth quarter 2026 regular cash dividend of $0.34 a share, matching the third quarter regular dividend, payable on January 15, 2027 to stockholders of record as of December 31, 2026. The third and final previously announced $0.03 a share special dividend will be paid on December 15, 2026.

On November 5, 2026, the board authorized a share repurchase program of up to $50 million of common stock, to be executed by an independent third-party broker under a Rule 10b5-1 trading plan. Sun Life plans to purchase up to an additional $25 million of common stock in the open market under a separate Rule 10b5-1 plan.

As of September 30, 2026, the company had $36.2 million in cash and cash equivalents and restricted cash and $210.5 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average cost of debt on outstanding debt was 6.26%. The net debt-to-equity ratio was 1.36x.

The company will host a webcast/conference call on November 10, 2026 to discuss the results.