Business
Crescent Capital BDC, Inc. Reports First Quarter 2020 Financial Results; Declares a Second Quarter 2020 Regular Dividend of $0.41 per Share
LOS ANGELES, May 12, 2020 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of
About this update from Crescent Capital Bdc, Inc.
[{"type":"text","content":"LOS ANGELES, May 12, 2020 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $0.44 per share and a net decrease in net assets resulting from operations of $2.84 per share for the first quarter ended March 31, 2020. Reported net asset value per share was $16.52 at March 31, 2020 as compared to $19.50 at December 31, 2019.\n Declaration of Regular Dividend for Second Quarter 2020 The Company announced that its Board of Directors has declared a second quarter 2020 dividend of $0.41 per share, which will be paid on or around July 15, 2020 to stockholders of record as of the close of business on June 30, 2020. Reduced Asset Coverage The Company’s stockholders approved the reduction of the Company’s minimum asset coverage ratio to 150% at its Annual Meeting on May 4, 2020. As a result, the minimum asset coverage ratio applicable to the Company is now 150%. Acquisition of Alcentra Capital Corporation On January 31, 2020, the Company completed its previously announced acquisition of Alcentra Capital Corporation (“Alcentra Capital”) (formerly NASDAQ: ABDC). With the closing of the transaction, Crescent BDC began trading on the NASDAQ under the ticker symbol “CCAP” on February 3, 2020. Selected Financial Highlights($ in millions, except per share amounts. Unaudited.) As of March 31, 2020 December 31, 2019 March 31, 2019Investments, at fair value $883.2 $726.5 $520.3 Total assets $909.9 $747.2 $535.5 Total net assets $465.8 $406.9 $288.6 Net asset value per share $16.52 $19.50 $19.63 Weighted average yield on income producing debt securities (at cost)1 7.8% 8.2% 8.6% Percentage of debt investments at floating rates 96.0% 97.9% 95.3% (1) Yield excludes investments on non-accrual status. Three Months Ended March 31, 2020 December 31, 2019 Total Amount Per Share Total Amount Per ShareTotal investment income $18.8 $0.72 $14.7 $0.72 Net investment income $11.6 $0.44 $8.3 $0.41 Net realized gains (losses) $(0.1) $(0.00) $(6.8) $(0.33) Net unrealized gains (losses), net of taxes $(82.2) $(3.14) $7.7 $0.37 Realized loss on asset acquisition $(3.8) $(0.14) n/a n/a Net increase (decrease) in net assets resulting from operations $(74.5) $(2.84) $9.2 $0.45 Dividend distributions per share $0.41 $0.41 Portfolio & Investment Activity As of March 31, 2020 and December 31, 20...