Crescent Capital BDC, Inc. reported its financial results for the third quarter of 2025, revealing a net investment income of $16.9 million, or $0.46 per share, down from $23.5 million, or $0.64 per share, in the same period last year. For the nine months ending September 30, 2025, net investment income totaled $50.4 million, or $1.36 per share, compared to $68.5 million, or $1.85 per share, for the same period in 2024. The decline in income is attributed to lower interest income, which fell to $38.8 million from $47.8 million year-over-year, primarily due to a decrease in benchmark rates and restructurings of certain debt investments.
Total investment income for the third quarter was $41.4 million, a decrease from $51.6 million in the prior year, while total expenses also decreased to $24.2 million from $27.4 million. The company reported a net increase in net assets resulting from operations of $7.1 million for the quarter, down from $15.3 million in the same quarter of 2024. The total net assets as of September 30, 2025, were $714.1 million, a decrease from $740.6 million at the end of 2024, with a net asset value per share of $19.28, down from $19.98.
Crescent Capital's investment portfolio as of September 30, 2025, was valued at $1.58 billion, with a significant portion in senior secured first lien and unitranche loans. The company reported a total of 187 portfolio companies, with 3.3% of its debt investments on non-accrual status, compared to 2.2% at the end of 2024. The company also noted that it had $212.5 million in unfunded commitments, reflecting its ongoing investment strategy in middle-market companies.
In terms of strategic developments, Crescent Capital has been active in managing its debt facilities, with a total debt of $881.8 million as of September 30, 2025. The company has a combined weighted average interest rate of 6.52% on its borrowings, down from 7.23% in the previous year. The company has also initiated a stock repurchase program, authorizing the buyback of up to $20 million of its common stock, which reflects its commitment to enhancing shareholder value.
Looking ahead, Crescent Capital remains focused on maximizing total returns through its investment strategy, which includes a mix of secured and unsecured debt investments. The company is closely monitoring market conditions and may adjust its leverage and investment strategies accordingly. The management expressed optimism about future opportunities while acknowledging the potential risks associated with economic fluctuations and interest rate changes.
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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