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Dec 31, 2025
Crescent Capital BDC Q4 2025 Earnings Report
Crescent Capital BDC Q4 2025 Earnings Report
Key Takeaways
Crescent Capital BDC reported a decrease in net investment income for the fourth quarter of 2025, primarily driven by lower benchmark interest rates affecting its floating-rate heavy portfolio. Despite the decline in income, the company maintained a stable base dividend and a high percentage of first-lien investments, though net asset value per share decreased to $19.10.
Net investment income per share for Q4 2025 was $0.45, down from $0.55 in the same period last year.
The portfolio remains heavily weighted toward senior secured debt, with 89.1% in first-lien or unitranche positions.
Net Asset Value (NAV) per share declined to $19.10 from $19.98 at the end of 2024.
The Board declared a Q1 2026 base dividend of $0.42 per share, consistent with previous regular distributions.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company maintains a focus on middle-market capital solutions while managing a portfolio sensitive to interest rate fluctuations.
Positive Outlook
- High percentage of floating rate debt (98%) allows for upside if rates rise.
- Strong liquidity with $242 million in undrawn credit capacity.
- Portfolio is predominantly first-lien/unitranche (89.1%).
- Consistent base dividend payout of $0.42 per share.
- Diversified portfolio across 184 companies.
Challenges Ahead
- Net investment income is declining due to lower benchmark rates.
- Net Asset Value (NAV) per share has decreased year-over-year.
- Net unrealized losses of $11.2 million in the current quarter.
- Dividend income from First Eagle Logan JV has decreased.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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