Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q2 2021 Earnings Presentation
21 slides from Crescent Capital Bdc's earnings presentation, Aug 12, 2021
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation June 30, 2021
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 $1,095 Ticker CCAP Exchange NASDAQ Total Net Assets $591 million Net Asset Value per Share $20.98 Total Assets $1.1 billion Debt-to-Equity 0.87x 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 $29.10 $8.12 $19.90 $19.50 $20.98 $16.52 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
Slide 5: Summary of Financial Results
Summary of Financial Results
Slide 6: Second Quarter 2021 Highlights
Second Quarter 2021 Highlights Second Quarter • Adjusted net investment income for the quarter ended June 30, 2021 was $14.8 million, or $0.53 per share, as compared to $13.0 million, or $0.46 per share, for the prior quarter(1) Performance • Net investment income for the quarter ended June 30, 2021
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Net investment income per share $0.46 $0.43 $0.47 $0.41 $0.39 Adjusted net investment income per share(1) $0.46 $0.43 $0.47 $0.46 $0.53 Net realized gains (losses) per share(2) ($0.04) ($0.02) ($0.49) $
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Investments at Fair Value $895 $961 $1,034 $1,058 $1,095 Number of Portfolio Companies 124 128 132 131 130 Median Portfolio Company EBITDA $29 $29 $29 $29 $28 Asset Mix of Investment
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 Assets Investments, at fair value $895,234 $961,051 $1,034,001 $1,057,627 $1,094,980 Cash and cash equivalents 11,557 11,569 14,849 12,554 25,781 Interest a
Slide 10: Net Asset Value per Share Bridge – Q2 2021
Net Asset Value per Share Bridge – Q2 2021 Net unrealized gains on investments drove a NAV per share increase of 3.7% from March 31, 2021 $20.98 $0.68 $0.39 ($0.41) $0.08 $20.24 $20.22 March 31, 2021 Net Investment Income Dividend Distributions Net Realized Gains on Exits Net Change in Unrealized Ju
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 Investment Income Interest & Dividend income $18,707 $18,674 $20,281 $20,479 $23,567 Other income 620 - - 92 232 Total Investment Income $19,327 $18,674 $20,
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 $1,095mm 130 $28mm Investments Portfolio companies Median portfolio at fair value(1) company EBITDA(2) 99% Sponsored 80% First Debt Lien(1) Positions(3) 78% with Financial 100% Floating Co
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry Top 10 15 Other 21% Industries Health Care 20% Equipment & Services LLC / LP 28% Investments 5% Insurance 4% ~$9mm / 0.8% Average Position Diversified Next 11-25 Financials 21% 5% Software & Consumer Services Remaining Servic
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 80% of portfolio in first lien loans New Investment Fundings End of Period Investments At Cost. $ in millions At Fair Value. $ in millions $1,095.0 $1,034.0 $1,057.6 8% $124.1 $961.1 7% $121.0 7% 6% 5% 5% <1% 2% $895.2 6% 5% <1% <1% <1% 6% 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% 7.9% 8.0% 7.9% 7.8
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Improving borrower performance, proactive portfolio management and focus on recession-resistant industries have led to an improvement in CCAP’s risk ratings since the initial onset of COVID-19 Internal Performance Rating Migration % of Portfolio at Fair Value
Slide 18: Capital Structure
Capital Structure
Slide 19: Liquidity Management
Liquidity Management Short term flexibility of $220.1 million of undrawn debt capacity as of quarter-end with no near-term maturities Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Interest Maturity Committed Amount Rate Date $105 Amount Outstanding L+165 SPV Asset Faci
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 6/30/2020 9/30/2020 12/31/2020 3/31/2021 6/30/2021 Net investment income $12,956 $12,208 $13,163 $11,438 $10,976 Capital gains based incentive fees - - - 1,577 3,816 Adjusted net investment income $12,956 $1