Crescent Capital BDC, Inc.

Listed Company

CCAPCIK 0001633336NasdaqEmerging GrowthMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$34.51M

Total Assets

$1.62B

Equity

$706.04M

Shares Out

36.92M

Op. Cash Flow

$74.72M

Business

Crescent Capital BDC, Inc. is a specialty finance company focused on lending to middle-market companies. It offers secured and unsecured debt investments (including first‑lien, unitranche, second‑lien, mezzanine and subordinated debt), related equity securities, loan origination and structuring services, and ongoing portfolio monitoring, as well as investments in broadly syndicated loans and bonds. Its activities are managed by Crescent Cap Advisors, LLC with administrative services provided by CCAP Administration LLC and certain wholly owned subsidiaries used for tax and structuring purposes. The company primarily targets private U.S. middle‑market companies through direct private credit originations and primary or secondary market purchases in the broadly syndicated OTC market.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Paid-in-kind interest	11	11	4	4	3
Total investment income	167	197	184	117	94
Interest and other debt financing costs	57	63	59	32	20
Management fees	20	20	20	16	14
Income based incentive fees	14	19	17	11	10
Professional fees	3	2	2	1	2
Directors fees	645,000	618,000	600,000	524,000	475,000
Other general and administrative expenses	3	3	3	3	3
Total expenses	99	107	101	58	55
Management fees waiver	−53,000	−125,000	−190,000	−229,000	−3
Income based incentive fees waiver	−90,000	−145,000	−276,000	−538,000	−8
Net expenses	99	107	100	57	44
Net investment income before taxes	69	91	84	60	50
Provision for income and excise taxes	2	2	1	155,000	2
Net investment income	67	89	83	60	48
Foreign currency transactions	−147,000	−1	−1	−33,000	−311,000
Net realized and unrealized gains (losses) on investments	−32	−16	263,000	−43	37
Benefit (provision) for taxes on realized gain on investments	0	—	132,000	−911,000	−1
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments	0	464,000	901,000	105,000	−220,000
Net increase (decrease) in net assets resulting from operations	35	74	84	16	84
Net increase (decrease) in net assets resulting from operations per common share-basic	0.93	1.99	2.33	0.5	—
Net increase (decrease) in net assets resulting from operations per common share-diluted	0.93	1.99	2.33	0.5	—
Net investment income per share (basic):	1.81	2.4	2.3	1.93	1.67
Net investment income per share (diluted):	1.81	2.4	2.3	1.93	1.67
Weighted average shares outstanding (basic):	37	37	36	31	28
Weighted average shares outstanding (diluted):	37	37	36	31	28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Investments, at fair value	1,569	—	—	—	1,599
Cash and cash equivalents	5	—	—	—	10
Restricted cash and cash equivalents	26	—	—	—	29
Interest and dividend receivable	9	—	—	—	11
Receivable from unsettled transactions	8	—	—	—	1
Unrealized appreciation on foreign currency forward contracts	2	—	—	—	5
Deferred tax assets	190,000	—	—	—	746,000
Other assets	2	—	—	—	263,000
Total assets	1,622	—	—	—	1,656
Debt (net of deferred financing costs of $5,841 and $8,214, respectively)	874	—	—	—	876
Distributions payable	16	—	—	—	16
Interest and other debt financing costs payable	12	—	—	—	10
Management fees payable	5	—	—	—	5
Incentive fees payable	3	—	—	—	4
Deferred tax liabilities	190,000	—	—	—	746,000
Unrealized depreciation on foreign currency forward contracts	2	—	—	—	—
Accrued expenses and other liabilities	4	—	—	—	4
Total liabilities	916	—	—	—	916
Commitments and Contingencies (Note 8)	—	—	—	—	—
Common stock, par value $0.001 per share (200,000,000 shares authorized, 36,969,285 and 37,061,547 shares issued and outstanding, respectively)	37,000	—	—	—	37,000
Paid-in capital in excess of par value	957	—	—	—	959
Accumulated earnings (loss)	−251	—	—	—	−218
Total net assets	706	—	—	—	741
Total liabilities and net assets	1,622	—	—	—	1,656
Net asset value per share	19.1	19.28	19.55	19.62	19.98

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchases of investments	−307	−395	−201	−308	−647
Proceeds from sales of investments and principal repayments	335	371	231	278	461
Net realized (gain) loss on investments and foreign currency transactions	11	12	14	−5	—
Acquisition of First Eagle Alternative Capital BDC, Inc., net of cash acquired	—	—	−15	—	—
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation	16	12	−16	55	−3
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	5	229,000	3	−7	−2
Amortization of premium and accretion of discount, net	−7	−9	−7	−7	−11
Amortization of deferred financing costs	3	2	2	2	3
(Increase) decrease in receivable for unsettled transactions	−7	−912,000	−246,000	15	−15
(Increase) decrease in interest and dividend receivable	2	3	−4	−3	—
(Increase) decrease in deferred tax asset	556,000	−632,000	−23,000	−49,000	588,000
(Increase) decrease in other assets	−1	1	3	−5	417,000
Increase (decrease) in management fees payable	−29,000	40,000	970,000	226,000	2
Increase (decrease) in incentive fees payable	−837,000	−465,000	2	—	—
Increase (decrease) in directors' fees payable	—	0	−151,000	37,000	16,000
Increase (decrease) in interest and other debt financing costs payable	2	−492,000	2	3	2
Increase (decrease) in deferred tax liability	−556,000	168,000	−321,000	−57,000	−368,000
Increase (decrease) in payable for investment purchased	0	—	−514,000	514,000	—
Increase (decrease) in accrued expenses and other liabilities	−99,000	260,000	−2	2	1
Net cash provided by (used for) operating activities	75	59	92	28	−158
Issuance of unsecured debt	115	—	50	—	135
Repayment of unsecured debt	—	—	−50	—	—
Repurchases of common stock	−1	—	—	—	—
Deferred financing and debt issuance costs paid	−1	−3	−4	−221,000	−5
Distributions paid	−68	−75	−65	−55	−48
Borrowings on credit facilities	397	347	498	339	655
Repayments on credit facilities	−525	−312	−515	−318	−612
Net cash provided by (used for) financing activities	−83	−43	−85	−34	166
Effect of exchange rate changes on cash denominated in foreign currency	−111,000	−485,000	92,000	−5,000	10,000
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency	−8	15	7	−6	9
Cash paid during the period for interest	52	60	55	27	15
Cash paid during the period for taxes	2	1	665,000	2	2
Accrued but unpaid distributions	16	16	15	13	13
Deemed contribution from the Adviser (non-cash) (Note 13)	—	—	22	—	—

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