Crescent Capital BDC, Inc. reported its financial results for the quarter ending March 31, 2025, revealing a total investment income of $42.1 million, a decrease from $50.4 million in the same period last year. The company's net investment income was $16.6 million, or $0.45 per share, down from $23.4 million, or $0.63 per share, in the prior year. The decline in income was primarily attributed to a reduction in interest income, which fell to $39.7 million from $46.2 million, largely due to lower benchmark rates. The company also experienced net realized and unrealized losses of $12.7 million, compared to gains of $4.3 million in the previous year.
In terms of operational changes, Crescent Capital's total assets increased slightly to $1.67 billion as of March 31, 2025, from $1.66 billion at the end of 2024. The company’s liabilities also rose, with total liabilities reaching $939.4 million, up from $915.6 million. The net asset value per share decreased to $19.62 from $19.98, reflecting a decline in accumulated earnings, which fell to $(232.0 million) from $(218.5 million). The company maintained 37,061,547 shares of common stock outstanding throughout the reporting period.
Crescent Capital's investment strategy continues to focus on middle-market companies, with a portfolio that includes a mix of secured and unsecured debt, as well as equity investments. The company reported a total of $1.62 billion in investments at fair value, with a significant portion in unitranche first lien loans, which accounted for 64.7% of the total portfolio. The company also noted that 3.5% of its debt investments were on non-accrual status, indicating a slight increase in risk compared to the previous quarter.
Looking ahead, Crescent Capital's management expressed cautious optimism, highlighting the potential for future investment opportunities despite current economic uncertainties. The company has a robust liquidity position, with $30.5 million in cash and cash equivalents and $310 million in undrawn capacity on its credit facilities. However, management acknowledged the risks posed by rising interest rates and potential economic downturns, which could impact the performance of its portfolio companies and overall financial results. The company declared a regular cash dividend of $0.42 per share, set to be paid on July 15, 2025, to stockholders of record as of June 30, 2025.
About Crescent Capital BDC, Inc.
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