Crescent Capital BDC, Inc. (CCAP), a specialty finance company, reported a net increase in net assets resulting from operations of $34.5 million for the year ended December 31, 2025, a significant decrease compared to $73.6 million for the year ended December 31, 2024. This translates to $0.93 per share, down from $1.99 per share in the previous year. Total investment income decreased to $167.3 million from $197.4 million, primarily due to lower interest income from investments, which fell from $183.0 million to $156.4 million, driven by a decrease in benchmark rates and restructurings of certain debt investments. Net expenses, including taxes, totaled $100.4 million, compared to $108.4 million in the prior year.
The company experienced net realized and unrealized losses of $32.4 million, a notable shift from the previous year's losses of $15.9 million. This change was primarily driven by net realized losses on investments and net unrealized depreciation on investments, forward contracts, and foreign transactions. The weighted average yield on income-producing securities at cost was 10.4% as of December 31, 2025, compared to 11.0% as of December 31, 2024. The percentage of debt bearing a floating rate at fair value was 98.0% as of December 31, 2025, while the percentage of debt bearing a fixed rate was 2.0%.
Operationally, the company's portfolio consisted of investments in 184 portfolio companies as of December 31, 2025, a slight decrease from 185 in the previous year. New investments at cost totaled $306.9 million, while proceeds from investments sold or repaid amounted to $334.8 million. As of December 31, 2025, eleven portfolio companies were on non-accrual status, representing 4.1% of total debt investments at cost and 2.0% at fair value. The company's investment performance ratings indicated that 4.3% of the portfolio was performing above expectations, 82.2% was performing as expected, and 12.5% was performing below expectations.
Looking ahead, Crescent Capital BDC's strategy involves leveraging its access to Crescent's origination channels and underwriting standards to invest in middle-market companies. The company intends to continue financing investments with borrowed money, subject to regulatory and covenant restrictions. The company's ability to achieve its investment objectives depends on the Adviser's ability to manage the business effectively and identify suitable investment opportunities. The company's Board of Directors declared a regular first quarter cash dividend of $0.42 per share, payable on April 15, 2026, to stockholders of record as of March 31, 2026.
About Crescent Capital BDC, Inc.
Crescent Capital BDC, Inc. is a Maryland-based specialty finance company that provides debt and equity financing to middle-market U.S. companies. It focuses on secured and unsecured debt, including high-yield bonds, targeting firms with strong fundamentals and growth needs. Managed by Crescent Cap Advisors, it leverages private credit origination, risk mitigation, and a diversified portfolio to generate income and capital appreciation.
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