Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q3 2023 Earnings Presentation
21 slides from Crescent Capital Bdc's earnings presentation, Nov 9, 2023
Slide 1: Quarterly Earnings Presentation, September 30, 2023
Crescent Capital BDC, Inc. Quarterly Earnings Presentation September 30, 2023
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Crescent Capital BDC, Inc. terminology such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” (together with its consolidated subsidiaries, “CCAP,” “Crescent BDC” or the “C
Slide 3: Crescent Capital BDC, Inc. (CCAP)
Crescent Capital BDC, Inc. (CCAP) Specialty finance company focused on investing in the debt of private U.S. middle-market companies $1,565 Ticker CCAP Exchange NASDAQ Total Net Assets $730 million Net Asset Value per Share $19.70 Total Assets $1.6 billion Debt-to-Equity 1.18x Total Portfolio Invest
Slide 4: Track Record of NAV Stability and Resilience
Track Record of NAV Stability and Resilience Since its inception, CCAP has consistently delivered a stable NAV profile $31.79 $12.09 $19.90 $19.70 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'
Slide 5: Summary of Financial Results
Current or prospective client name Summary of Financial Results 5
Slide 6: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights • Net investment income for the quarter ended September 30, 2023 was $21.7 million, or $0.59 per share, as compared to $20.6 million, or $0.56 per share, for the prior quarter Third Quarter • Net realized and unrealized gains on investments for the quarter ended Septemb
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Net investment income per share $0.52 $0.52 $0.54 $0.56 $0.59 Adjusted net investment income per share(1) $0.42 $0.49 $0.54 $0.56 $0.59 Net realized gains (losses) per share(1) ($0.08) ($0.00) $0.01 ($0
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Investments at Fair Value $1,293 $1,263 $1,566 $1,581 $1,565 Number of Portfolio Companies 136 129 187 187 185 Median Portfolio Company EBITDA $30 $30 $26 $26 $26 Asset Mix of Investm
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Assets Investments, at fair value $1,292,873 $1,262,956 $1,566,045 $1,581,130 $1,564,828 Cash, cash equivalents and restricted cash 22,153 17,067 34,473 21,
Slide 10: Net Asset Value per Share Bridge – Q3 2023
Net Asset Value per Share Bridge – Q3 2023 ($0.41) $0.59 $0.02 ($0.08) $19.70 $19.58 ($0.00) June 30, 2023 Net Regular Supplemental Net Realized Net Change in September 30, 2023 NAV/Share Investment Dividend Dividend Losses on Exits Unrealized NAV/Share Income Distribution Distribution and Sales App
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Investment income Interest & dividend income $28,814 $34,470 $39,235 $46,411 $47,754 Other income 174 106 46 330 398 Total investment income $28,988 $34,576
Slide 12: Portfolio Highlights
Current or prospective client name Portfolio Highlights 12
Slide 13: Disciplined Portfolio Construction
Disciplined Portfolio Construction Designed to minimize losses via strong credit and non-credit risk mitigation $1,565mm First Lien(1) Investments at fair value(1) 98% 89% Floating Rate (1),(3) Wtd. Avg. Portfolio Company 185 Attachment Point & Leverage (2),(3),(4),(5) Portfolio 73% 99% companies No
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry(2) Health Care Equipment & Services Top 10 15% 17% Software & Services 17% Next 11-25 27% Commercial & Professional Services ~$8mm 3% 3% 3% Consumer Services / 0.5% Logan JV 5% Average Insurance Position 1% LLC / LP Investmen
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 89% of portfolio in first lien loans New Investment Fundings End of Period Investments At Cost. $ in millions At Fair Value. $ in millions $1,566.0 $1,581.0 $1,564.5 3% 3% 3% 4% <1% 4% 4% <1% 4% 4% <1% 4% <1% <1% $1,292.9 <1% $1,263.0 2% 4% <
Slide 16: Portfolio Net Interest Margin
Portfolio Net Interest Margin(1) Weighted Average Yield of Income Producing Securities (at Cost) Weighted Average Spread Over SOFR of Floating Rate Debt Investments Weighted Average Stated Interest Rate on Debt Outstanding 3 Month Term Secured Overnight Financing Rate ("SOFR") 14.0% 11.7% 11.9% 12.0
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 89% 87% 85% 87% 89% 10% 11% 12% 11% 9% 1% 2% 3% 2% 2% Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Internal Performance Ratings 4 & 5 Internal Performance Rating 3 Internal Performance Ratings 1 &
Slide 18: Capital Structure
Current or prospective client name Capital Structure 18
Slide 19: Liquidity Management
Liquidity Management Short term flexibility of $317.3 million of undrawn debt capacity Debt Summary Debt Maturities(2) ($ in millions) ($ in millions) Total Principal Committed Amount Interest Rate Maturity Date Amount Outstanding SPV Asset Facility $500 $315 S+275 3/7/28 $132 SMBC Corporate S+187.5
Slide 20: Appendix
Current or prospective client name Appendix 20
Slide 21: Reconciliation of Adjusted Net Investment Income
Reconciliation of Adjusted Net Investment Income As of ($ in thousands, except per share data) 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 Net investment income $15,953 $16,103 $17,663 $20,572 $21,723 Capital gains based incentive fees (3,103) (1,072) - - - Adjusted net investment income $12,