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Sep 30
Crescent Capital BDC Q3 2025 Earnings Report
Crescent Capital BDC reported lower investment income and net income compared to the prior year quarter.
Key Takeaways
Crescent Capital BDC posted net income of $7.1 million and net investment income of $16.9 million for Q3 2025, reflecting a decline in investment income year-over-year. The company continued its focus on first lien investments and maintained strong floating rate exposure.
Net income for Q3 2025 was $7.1 million, a decline from $15.3 million in Q3 2024.
Net investment income per share was $0.46, down from $0.64 in the same quarter last year.
Investment income totaled $41.4 million, significantly lower than $51.6 million in Q3 2024.
The portfolio remains heavily weighted in unitranche and senior secured first lien loans, making up nearly 88% of the portfolio.
Crescent Capital BDC
Crescent Capital BDC
Crescent Capital BDC Revenue by Segment
Crescent Capital BDC Revenue by Geographic Location
Revenue by Segment
Senior Secured 1st Lien Revenue
CapyFin.comUnitranche First Lien Revenue
CapyFin.comUnitranche 1st Lien Last Out Revenue
CapyFin.comSenior Secured 2nd Lien Revenue
CapyFin.comUnsecured Debt Revenue
CapyFin.comEquity & Other Revenue
CapyFin.comLLC/LP Equity Interests Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
Management emphasized continued focus on high-quality, senior-secured debt while acknowledging macroeconomic uncertainty and the impact of lower benchmark rates on earnings.
Positive Outlook
- High floating rate exposure (97.4%) continues to benefit interest income.
- Strong investment activity with $73.9 million deployed during the quarter.
- Unitranche and senior secured first lien make up over 88% of portfolio value.
- Dividend maintained at $0.42 per share, indicating stability.
- Robust liquidity with $239.8 million of undrawn credit facility capacity.
Challenges Ahead
- Investment income declined significantly from prior year.
- Net realized and unrealized losses of $9.8 million impacted earnings.
- Benchmark rate declines affected interest income.
- NAV per share decreased to $19.28 from $20.20 a year ago.
- Cost of debt remains elevated at 5.99%, pressuring margins.