Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q4 2023 Earnings Presentation
22 slides from Crescent Capital Bdc's earnings presentation, Feb 22, 2024
Slide 1: Crescent Capital BDC, Inc. Quarterly Earnings Presentation
Crescent Capital BDC, Inc. Quarterly Earnings Presentation December 31, 2023
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Crescent Capital BDC, This Presentation may contain forward-looking statements that involve substantial Inc. (together with its consolidated subsidiaries, “CCAP,” “Crescent BDC” or the risks and unce
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 $1,582 Ticker CCAP Exchange NASDAQ Total Net Assets $743 million Net Asset Value per Share $20.04 Total Assets $1.6 billion Debt-to-Equity 1.15x 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 $32.63 $12.59 $19.90 $20.04 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: Fundamental and Technical Progress Since Public Listing
Progress Since Public Listing Since its listing in February 2020, CCAP has progressed on several important fundamental and technical factors $ in millions, except per share data At Listing(1) Today(2) Change Net Asset Value per Share $19.42(3) $20.04 Net Asset Value $406.9 $742.6 Investments, at Fai
Slide 6: Summary of Financial Results
Current or prospective client name Summary of Financial Results 6
Slide 7: Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Highlights • Net investment income per share for the quarter ended December 31, 2023 was $0.61. This compares to $0.59 for the prior quarter Fourth Quarter • Net realized and unrealized gains on investments per share for the quarter ended December 31, 2023 of $0.22.1 This Perform
Slide 8: Financial Highlights
Financial Highlights $ in millions, except per share data Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Net investment income per share $0.52 $0.54 $0.56 $0.59 $0.61 Adjusted net investment income per share(1) $0.49 $0.54 $0.56 $0.59 $0.61 Net realized gains (losses) per share(1) ($0.00) $0.01 ($0.18) ($0
Slide 9: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Investments at Fair Value $1,263 $1,566 $1,581 $1,565 $1,582 Number of Portfolio Companies 129 187 187 185 186 Median Portfolio Company EBITDA $30 $26 $26 $26 $28 Asset Mix of Investm
Slide 10: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Assets Investments, at fair value $1,262,956 $1,566,045 $1,581,130 $1,564,828 $1,582,075 Cash, cash equivalents and restricted cash 17,067 34,473 21,462 22
Slide 11: Net Asset Value per Share Bridge – Q4 2023
Net Asset Value per Share Bridge – Q4 2023 ($0.41) $0.61 $0.40 ($0.09) $20.04 $19.70 ($0.18) September 30, 2023 Net Regular Supplemental Net Realized Net Change in December 31, 2023 NAV/Share Investment Dividend Dividend Losses on Exits Unrealized NAV/Share Income Distribution Distribution and Sales
Slide 12: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Investment income Interest & dividend income $34,470 $39,235 $46,411 $47,754 $49,767 Other income 106 46 330 398 192 Total investment income $34,576 $39,281
Slide 13: Portfolio Highlights
Current or prospective client name Portfolio Highlights 13
Slide 14: Disciplined Portfolio Construction
Disciplined Portfolio Construction Designed to minimize losses via strong credit and non-credit risk mitigation $1,582mm First Lien (1) Investments at fair value(1) 98% 89% Floating Rate (1),(3) Wtd. Avg. Portfolio Company 186 Attachment Point & Leverage (2),(3),(4),(5) Portfolio 73% 99% companies N
Slide 15: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry(2) Health Care Equipment & Services Top 10 14% 18% Software & Services 17% 26% Next 11-25 Commercial & Professional Services ~$9mm 3% 3% 3% Consumer Services / 0.5% Logan JV Average 1% 5% Insurance Position LLC / LP Investmen
Slide 16: 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 $1,582.1 3% 3% 3% 3% 3% 4% <1% 4% 4% <1% <1% 4% 4% <1% 4% 4% <1% <1% <1% <1%
Slide 17: 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% 11.9
Slide 18: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 87% 85% 87% 89% 87% 11% 12% 11% 9% 11% 2% 3% 2% 2% 2% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Internal Performance Ratings 4 & 5 Internal Performance Rating 3 Internal Performance Ratings 1 &
Slide 19: Capital Structure
Current or prospective client name Capital Structure 19
Slide 20: Liquidity Management
Liquidity Management Short term flexibility of $329.7 million of undrawn debt capacity Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Maturity Committed Amount Interest Rate Date Amount Outstanding SPV Asset Facility $500 $330 S+275 3/7/28 $159 SMBC Corporate 385 226 S+
Slide 21: Appendix
Current or prospective client name Appendix 21
Slide 22: Reconciliation of Adjusted Net Investment Income
Reconciliation of Adjusted Net Investment Income As of ($ in thousands, except per share data) 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 Net investment income $16,103 $17,663 $20,572 $21,723 $22,757 Capital gains based incentive fees (1,072) - - - - Adjusted net investment income $15,031 $