Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q1 2022 Earnings Presentation
21 slides from Crescent Capital Bdc's earnings presentation, May 10, 2022
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation March 31, 2022
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Crescent Capital BDC, Inc. (together with its consolidated subsidiaries, “CCAP,” “Crescent BDC” or the “Company”) and may be used for informational purposes only. This Presentation contains summaries
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 $1,289 Ticker CCAP Exchange NASDAQ Total Net Assets $654 million Net Asset Value per Share $21.18 Total Assets $1.3 billion Debt-to-Equity 0.97x BBB- (KBRA) Investment
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 $30.63 $9.45 $19.90 $21.18 Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16Q4'16Q1'17Q2'17Q3'17Q4'17Q1'18Q2'18Q3'18Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22 NAV Per Share
Slide 5: Summary of Financial Results
Summary of Financial Results
Slide 6: First Quarter 2022 Highlights
First Quarter 2022 Highlights First Quarter • Adjusted net investment income for the quarter ended March 31, 2022 was $12.9 million, or $0.42 per share, as compared to $12.7 million, or $0.43 per share, for the prior quarter(1) Performance • Net investment income for the quarter ended March 31, 2022
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Net investment income per share $0.41 $0.39 $0.45 $0.42 $0.39 Adjusted net investment income per share(1) $0.46 $0.53 $0.48 $0.43 $0.42 Net realized gains (losses) per share(2) $0.06 $0.08 $0.99 ($0.01)
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Investments at Fair Value $1,058 $1,095 $1,139 $1,270 $1,289 Number of Portfolio Companies 131 130 132 134 130 Median Portfolio Company EBITDA $29 $28 $29 $29 $29 Asset Mix of Investm
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Assets Investments, at fair value $1,057,627 $1,094,980 $1,138,630 $1,270,366 $1,288,601 Cash, cash equivalents and restricted cash 12,554 25,781 19,494 23,
Slide 10: Net Asset Value per Share Bridge – Q1 2022
Net Asset Value per Share Bridge – Q1 2022 NAV per share reached its highest level since CCAP’s inception, ending the first quarter at $21.18 $0.39 ($0.41) $0.27 ($0.14) ($0.05) $21.18 $21.12 $21.05 December 31, 2021 Net Regular Special Net Realized Net Change in March 31, 2022 NAV/share Investment
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Investment Income Interest & Dividend income $20,479 $23,567 $25,224 $23,923 $26,292 Other income 92 232 254 217 89 Total Investment Income $20,571 $23,799 $
Slide 12: Portfolio Highlights
Portfolio Highlights
Slide 13: Disciplined Portfolio Construction
Disciplined Portfolio Construction Designed to minimize losses via strong credit and non-credit risk mitigation $1,289mm 130 $29mm Investments Portfolio companies Median portfolio at fair value(1) company EBITDA(2) 98% Sponsored 86% First Debt Positions(3) Lien(1) 69% with Financial 99% Floating Cov
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry Top 10 12 Other 19% Industries Health Care 20% Equipment & LLC / LP Services Investments 29% 4% Insurance 4% ~$10mm / 0.8% Next 11-25 21% Diversified Average Position Financials 5% Commercial & Consumer Professional Services
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 86% of portfolio in first lien loans New Investment Fundings End of Period Investments At Cost. $ in millions At Fair Value. $ in millions $279.7 $1,288.6 $1,270.4 2% 4% 5% 9% $1,138.6 4% 4% <1% $1,095.0 <1% 5% $1,057.6 5% 6% 1% 8% 5% 1% 7% <
Slide 16: Portfolio Net Interest Margin
Portfolio Net Interest Margin(1) Weighted Average Yield of Income Producing Securities (at Cost) Weighted Average Spread Over LIBOR of Floating Rate Debt Investments Weighted Average Stated Interest Rate on Debt Outstanding 3 Month London Interbank Offered Rate ("LIBOR") 9.0% 7.9% 7.8% 8.0% 7.6% 7.5
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 88% 88% 89% 91% 90% 11% 11% 10% 8% 9% 1% 1% 1% 1% 1% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Internal Performance Ratings 4 & 5 Internal Performance Rating 3 Internal Performance Ratings 1 & 2
Slide 18: Capital Structure
Capital Structure
Slide 19: Liquidity Management
Liquidity Management Short term flexibility of $249.2 million of undrawn debt capacity as of quarter-end Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Interest Maturity Committed Amount Rate Date Amount Outstanding SPV Asset L+165 $249 $350 $242 6/22/26 Facility L+210
Slide 20: Appendix
Appendix
Slide 21: Reconciliation of Adjusted Net Investment Income
Reconciliation of Adjusted Net Investment Income As of $ in thousands, except per share data 3/31/2021 6/30/2021 9/30/2021 12/31/2021 3/31/2022 Net investment income $11,438 $10,976 $12,728 $12,491 $12,137 Capital gains based incentive fees 1,577 3,816 757 173 721 Adjusted net investment income $13,