Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter, while net asset value (NAV) per share declined to $19.10 from $19.28 due to unrealized losses from certain portfolio companies [3][16] - The company maintained a net debt to equity ratio of 1.20 times, below the upper end of its target range of 1.30 times, preserving flexibility for prudent portfolio growth [5][18] - The weighted average interest rate on total borrowings decreased to 5.83% from 5.99% quarter-over-quarter, reflecting lower base rates [18] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion, consistent with the prior quarter, and consisted primarily of first lien loans, representing 91% of the portfolio [9][16] - Gross deployment in the fourth quarter totaled $71 million, with five new platform investments totaling $29 million, while net realizations were approximately $7 million due to exits and repayments [12][16] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, leading to tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and maintaining a stable NAV profile through disciplined underwriting and diversified positioning [4][20] - Management is actively reviewing options to enhance earnings durability and align with shareholder interests, including evaluating the fee structure and base dividend level [7][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9][20] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [7][20] Other Important Information - The company has a spillover income of approximately $1.16 per share, providing support during the current rate transition [7] - The supplemental dividend policy remains in place, but no supplemental dividend will be paid related to Q4 earnings due to NAV declines [41] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual investments - One non-accrual investment was realized at close to the mark, contributing to a decrease in non-accruals [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets, and there is optimism for increased deal activity in the near term [31][32] Question: Drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily due to two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid this quarter due to NAV constraints [41][42]

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter [3][16] - Net asset value (NAV) per share declined to $19.10 as of December 31, down from $19.28 at the end of the third quarter, primarily due to unrealized losses from certain portfolio companies [3][16] - The company ended the year with a net debt to equity ratio of 1.20 times, below the upper end of the target range of 1.30 times, preserving flexibility for portfolio growth [5] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion across 184 companies, with an average investment size of about 0.6% of the total portfolio [9] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [12] - Non-accruals increased from 3.3% and 1.6% as of September 30 to 4.1% and 2% as of December 31, driven by two new non-accrual investments [14] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation and a growing number of lenders competing for high-quality transactions, resulting in tighter spreads [7][8] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [8] Company Strategy and Development Direction - The company emphasizes capital preservation and is actively managing the portfolio to maintain long-term NAV stability [4] - The focus remains on disciplined underwriting, diversified positioning, and investing in senior secured sponsor-backed companies [4][20] - The management team is evaluating options to enhance earnings durability and align with shareholder interests, including a review of the fee structure and dividend levels [26][27] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the long-term outlook for private credit, emphasizing the importance of disciplined underwriting and active portfolio management [9] - The company is navigating a dynamic environment with expectations of lower base rates impacting yields, but remains well-positioned for stability [20] - Management acknowledged the earnings headwinds facing the BDC space due to forward base rate expectations and is reviewing strategies to ensure durable earnings [7][20] Other Important Information - The company declared a quarterly cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [3][18] - The company has a buyback program in place and continues to evaluate the attractiveness of new investments relative to share repurchases [39] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of the fee structure and base dividend level [26][27] Question: Details on non-accrual exit and sale - One non-accrual investment was realized at close to the mark [29] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets and observed an increase in deal activity, indicating potential for capturing excess spread [31][32] Question: Main drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily from two investments placed on non-accrual [35][36] Question: Rationale for reinvesting proceeds instead of buybacks - The company is balancing investments in private credit with share repurchases, focusing on durable income for shareholders [39][40] Question: Status of the supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid for Q4 earnings due to NAV constraints [41][42]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net investment income of $0.45 per share, a slight decrease from $0.46 in the prior quarter [4][17] - Net asset value (NAV) per share declined to $19.10 as of December 31, 2025, down from $19.28 at the end of Q3 2025, reflecting unrealized losses from certain portfolio companies [4][17] - The company maintained a net debt to equity ratio of 1.20 times, below the upper end of its target range of 1.30 times, preserving flexibility for portfolio growth [6] Business Line Data and Key Metrics Changes - The investment portfolio at fair value totaled approximately $1.6 billion, consistent with the prior quarter, across a diversified portfolio of 184 companies [10][17] - The weighted average yield on income-producing securities at cost decreased by 40 basis points quarter-over-quarter, ending the year at 10% [13] - Non-accruals increased from 3.3% and 1.6% as of September 30 to 4.1% and 2% as of December 31, driven by two new non-accrual investments [15] Market Data and Key Metrics Changes - The private credit market remains competitive, with strong capital formation across direct lending strategies leading to tighter spreads and evolving deal structures [9] - The company noted subdued exit activity in private equity over the past three years, with sponsors favoring recapitalizations and dividend transactions [9] Company Strategy and Development Direction - The company emphasizes capital preservation and is actively managing its portfolio to maintain long-term NAV stability [5] - The focus remains on protecting capital, enhancing sustainable earnings power, and delivering attractive risk-adjusted returns for shareholders [21] - The management is reviewing options to ensure durable earnings and attractive returns across market cycles, with a more detailed update expected in May [7][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged earnings headwinds facing the BDC space due to forward base rate expectations but remains optimistic about the long-term outlook for private credit [7][10] - The company is positioned well for near-term stability, over-earning its dividend and maintaining a diversified portfolio supported by experienced sponsors [28][21] Other Important Information - The board declared a quarterly cash dividend of $0.42 per share for Q1 2026, payable on April 15, 2026 [4][19] - The company has a buyback program in place, balancing share repurchases with new investment opportunities [41] Q&A Session Summary Question: Discussion on long-term positioning and dividend structure - Management indicated that the review focuses on long-term earnings durability and alignment with shareholders, including evaluation of fee structure and base dividend level [27][28] Question: Details on non-accrual exit and sale - One non-accrual investment was realized at close to the mark [30] Question: Future earnings and spread expectations - Management noted that spreads have stabilized for high-quality assets, and there is optimism for increased deal activity as financing markets stabilize [33] Question: Main drivers of realized gains and unrealized losses - Realized gains were driven by an investment sold during the quarter, while unrealized losses were primarily from two investments placed on non-accrual [36][37] Question: Rationale for reinvesting proceeds instead of buybacks - The company is focused on durable, long-term income for shareholders and is balancing new investments with share repurchases [41][42] Question: Status of supplemental dividend policy - The supplemental dividend policy remains in place, but no supplemental dividend will be paid for Q4 earnings due to NAV constraints [43][44]

Crescent Capital BDC, Inc. Quarterly Earnings Presentation December 31, 2025 Disclaimer and Forward-Looking Statement This presentation (the "Presentation") has been prepared by Crescent Capital BDC, Inc. (together with its consolidated subsidiaries, "CCAP," "Crescent BDC" or the "Company") and may be used for informational purposes only. This Presentation contains summaries of certain financial and statistical information about the Company and should be viewed in conjunction with the Company's most recent ...

Dividend and Investment Policies - The company has adopted a dividend reinvestment plan allowing stockholders to reinvest dividends in additional shares of common stock[72]. - The company has elected to be treated as a Regulated Investment Company (RIC) and must distribute at least 90% of its investment company taxable income annually to avoid corporate-level U.S. federal income taxes[99]. - To maintain RIC status, the company must derive at least 90% of its gross income from specific sources, including dividends and interest[102]. Regulatory Compliance - The company is regulated as a Business Development Company (BDC) under the 1940 Act, which requires it to primarily invest in private companies and provide significant managerial assistance[75]. - The company is subject to periodic examinations by the SEC for compliance with the 1940 Act[80]. - The company must adhere to corporate governance requirements set by the Nasdaq Stock Market LLC to maintain its listing[91]. - The company has implemented written compliance policies and procedures to detect and prevent violations of federal securities laws[88]. - The company is required to disclose the effectiveness of its disclosure controls and procedures in its periodic reports[95]. - The company must provide stockholders with annual reports containing audited financial statements and quarterly reports[97]. - The company has a code of ethics that prohibits investments by its personnel in securities that may be purchased or sold by the company[86]. Asset Management and Investment Restrictions - The company must maintain an asset coverage ratio of at least 150% after borrowing, limiting its ability to use debt for investments[78]. - The company is permitted to invest up to 30% of its portfolio in "non-qualifying assets," but must ensure that qualifying assets represent at least 70% of its total assets[81]. Taxation and Financial Exposure - The company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless it meets specific distribution requirements[101]. - If the company fails to qualify as a RIC, all taxable income will be subject to corporate tax rates, and distributions will be taxed as ordinary dividends[107]. - The company may be required to recognize taxable income without receiving cash, particularly from debt obligations treated as having Original Issue Discount (OID)[104]. - The company’s investment practices may be subject to complex tax provisions that could adversely affect its income and deductions[106]. Interest Rate and Currency Risk - The company has significant exposure to interest rate risk, with potential annualized impacts on net interest income ranging from $9.5 million to $(9.4) million based on hypothetical interest rate changes[403]. - The company regularly assesses its interest rate risk and may engage in hedging transactions to mitigate exposure[401]. - As of December 31, 2025, 98.0% of the investments at fair value in the company's portfolio were at variable rates, subject to interest rate floors[402]. - The company had £16.9 million, CHF 18.7 million, AUD $44.8 million, and SEK 11.6 million notional exposure to foreign currency forward contracts as of December 31, 2025[409].

Core Insights - Crescent Capital BDC, Inc. reported a net investment income of $1.81 per share and a net income of $0.93 per share for the year ended December 31, 2025, with a quarterly net investment income of $0.45 and net income of $0.23 for the quarter ended December 31, 2025 [1][7][9] - The company declared a regular cash dividend of $0.42 per share for the first quarter of 2026, payable on April 15, 2026 [1] Financial Highlights - As of December 31, 2025, total investments at fair value were $1,569.4 million, a decrease from $1,598.9 million as of December 31, 2024 [2][3] - Total assets were reported at $1,622.1 million, down from $1,656.3 million a year earlier [2] - Net asset value (NAV) per share was $19.10, compared to $19.98 as of December 31, 2024 [2][17] - Investment income for the year decreased to $167.3 million from $197.4 million in 2024, primarily due to lower interest income [7][8] - Total expenses for the year were $100.4 million, down from $108.4 million in 2024 [8] Portfolio & Investment Activity - The company invested $306.9 million across 25 new portfolio companies and 41 existing portfolio companies during the year ended December 31, 2025 [5] - For the fourth quarter of 2025, investments totaled $70.8 million across five new portfolio companies [6] - The portfolio consisted of 184 companies as of December 31, 2025, with a significant portion in unitranche first lien investments, accounting for 66.7% of the total fair value [3][4] Liquidity and Capital Resources - As of December 31, 2025, the company had $31.5 million in cash and cash equivalents, along with $242.0 million of undrawn capacity on its credit facilities [11] - The weighted average cost of debt was reported at 5.83%, with a debt to equity ratio of 1.25x [11]

Crescent Capital BDC, Inc. Reports Fourth Quarter 2025 Earnings Results; Declares a First Quarter Base Dividend of $0.42 Per Share LOS ANGELES, February 25, 2026 — Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $1.81 per share and net income of $0.93 per share for the year ended December 31, 2025. For the quarter ended December 31, 2025, net investment income and net income per share were $0.45 and $0.23, respectively. Reported net asset value ...

Core Viewpoint - Crescent Capital BDC, Inc. has rescheduled the release of its financial results for the fourth quarter and fiscal year ended December 31, 2025, to February 25, 2026, after market close, with a conference call scheduled for February 26, 2026, at 12:00 p.m. Eastern Time [1] Group 1: Financial Results Announcement - The financial results for the fourth quarter and fiscal year ended December 31, 2025, will be released on February 25, 2026 [1] - A webcast/conference call will be held on February 26, 2026, at 12:00 p.m. Eastern Time [1] Group 2: Conference Call Information - The conference call will be accessible live on the Investor Relations section of Crescent BDC's website [2] - Participants can join the call by dialing a toll-free number and using the provided Conference ID [2] Group 3: Replay Information - A replay of the earnings call will be available via a webcast link on the Investor Relations section of Crescent BDC's website [3] Group 4: Company Overview - Crescent BDC is a business development company focused on maximizing total return for stockholders through capital solutions for middle market companies [4] - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent [4] - Crescent Capital Group LP, managing approximately $50 billion in assets, specializes in below investment grade credit [5]

Core Viewpoint - Crescent Capital BDC, Inc. has rescheduled the release of its financial results for the fourth quarter and fiscal year ended December 31, 2025, to February 25, 2026, after market close, with a conference call scheduled for February 26, 2026, at 12:00 p.m. Eastern Time [1]. Group 1: Financial Results Announcement - The financial results for the fourth quarter and fiscal year ended December 31, 2025, will be released on February 25, 2026 [1]. - A webcast/conference call will be held on February 26, 2026, at 12:00 p.m. Eastern Time [1]. Group 2: Conference Call Information - The conference call will be accessible live on the Investor Relations section of Crescent BDC's website [2]. - Participants can join the call by dialing a toll-free number and using the provided Conference ID [2]. Group 3: Replay Information - A replay of the earnings call will be available via a webcast link on the Investor Relations section of Crescent BDC's website [3]. Group 4: Company Overview - Crescent BDC is a business development company focused on maximizing total return for stockholders through capital solutions for middle market companies [4]. - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent [4]. - Crescent BDC is regulated as a business development company under the Investment Company Act of 1940 [4]. Group 5: Crescent Capital Group Overview - Crescent Capital Group LP manages approximately $50 billion in assets and specializes in below investment grade credit [5]. - The firm has over 30 years of experience in investing in marketable and privately originated debt securities [5]. - Crescent has a global presence with offices in major cities and employs over 250 staff [5].

Core Viewpoint - Crescent Capital BDC, Inc. will release its financial results for Q4 and the fiscal year ended December 31, 2025, on February 18, 2026, after market close, followed by a conference call on February 19, 2026, at 12:00 p.m. Eastern Time to discuss these results [1]. Group 1: Financial Results Announcement - Crescent BDC will announce its financial results for the fourth quarter and fiscal year on February 18, 2026 [1]. - A conference call will be held on February 19, 2026, at 12:00 p.m. Eastern Time to discuss the financial results [1]. Group 2: Conference Call Information - The conference call will be accessible via the Investor Relations section of Crescent BDC's website [2]. - Participants can join the call by dialing a toll-free number and using a specific Conference ID [2]. Group 3: Company Overview - Crescent BDC is a business development company focused on maximizing total returns for stockholders through capital solutions for middle market companies [4]. - The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group LP [4]. - Crescent Capital Group LP manages approximately $50 billion in assets and specializes in below investment grade credit [5].