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Mar 31
Crescent Capital BDC Q1 2025 Earnings Report
Crescent Capital BDC reported a drop in both net income and NAV in Q1 2025 amid lower investment income and increased losses on investments.
Key Takeaways
Crescent Capital BDC posted $42,129,000 in revenue and $16,621,000 in net income for Q1 2025. The decline in revenue was driven by lower interest and dividend income, while unrealized and realized losses weighed on total performance. NAV per share decreased to $19.62, reflecting negative valuation adjustments across the portfolio.
Investment income totaled $42,129,000 for Q1 2025, down from the prior quarter.
Net income was $16,621,000 or $0.45 per share.
NAV per share declined to $19.62 from $19.98 in Q4 2024.
Declared a $0.42 regular dividend and a $0.05 special dividend.
Crescent Capital BDC
Crescent Capital BDC
Crescent Capital BDC Revenue by Segment
Revenue by Segment
Senior Secured First Lien Revenue
CapyFin.comUnitranche First Lien Revenue
CapyFin.comUnitranche First Lien - Last Out Revenue
CapyFin.comSenior Secured Second Lien Revenue
CapyFin.comUnsecured Debt Revenue
CapyFin.comEquity & Other Revenue
CapyFin.comLLC/LP Equity Interests Revenue
CapyFin.com Forward Guidance
Crescent Capital BDC plans to maintain disciplined investment strategies and dividend stability despite a challenging yield environment.
Positive Outlook
- Strong portfolio diversity with 191 investments.
- Significant new investments of $104.7 million during the quarter.
- Robust undrawn credit facility capacity of $310 million.
- Consistent regular dividend declaration of $0.42 per share.
- Maintained high percentage of floating rate investments.
Challenges Ahead
- Net asset value per share declined from prior quarter.
- Investment income dropped due to lower benchmark rates.
- Continued unrealized losses impacted performance.
- Reduced dividend income from controlled investments.
- Interest expense remained elevated at $14.6 million.