Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q4 2025 Earnings Presentation
19 slides from Crescent Capital Bdc's earnings presentation, Feb 26, 2026
Slide 1: Crescent Capital BDC, Inc. Quarterly Earnings Presentation
Crescent Capital BDC, Inc. Quarterly Earnings Presentation December 31, 2025
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 $1,569 Ticker CCAP Exchange NASDAQ Total Net Assets $706 million Net Asset Value per Share $19.10 Total Assets $1.6 billion Debt-to-Equity 1.25x 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 $35.56 $16.46 $19.90 $19.10 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: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights • Net investment income (NII) per share for the quarter ended December 31, 2025 was $0.45, as compared to $0.46 for the prior quarter Fourth Quarter • Net realized and unrealized losses on investments per share for the quarter ended December 31, 2025 of ($0.21)(1). Per
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net investment income per share $0.55 $0.45 $0.46 $0.46 $0.45 Net realized gains (losses) per share(1) ($0.09) ($0.17) ($0.08) ($0.14) $0.09 Net unrealized gains (losses) per share(1) ($0.19) ($0.17) $0
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Investments at Fair Value $1,599 $1,621 $1,601 $1,581 $1,569 Number of Portfolio Companies 185 191 187 187 184 Median Portfolio Company EBITDA $29 $29 $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) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Assets Investments, at fair value $1,598,857 $1,620,741 $1,600,692 $1,580,678 $1,569,418 Cash, cash equivalents and restricted cash 39,422 30,528 26,140 27
Slide 10: Net Asset Value per Share Bridge
Net Asset Value per Share Bridge $19.28 $0.45 ($0.42) $0.09 $19.10 ($0.30) September 30, 2025 Net Regular Net Realized Net Change in December 31, 2025 NAV/Share Investment Dividend Gains on Exits Unrealized NAV/Share Income Distribution and Sales Depreciation (1) (2) (1) of Investments Note: Figures
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Investment income Interest & dividend income $45,808 $41,256 $41,939 $40,938 $39,984 Other income 609 873 1,053 414 828 Total investment income $46,417 $42,
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 $1,569mm First Lien (1) Investments at fair value(1) 99% 91% Floating Rate (1),(3) Wtd. Avg. Portfolio Company 184 Attachment Point & Leverage (2),(3),(4),(5) Portfolio 71% 98% companies N
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry(1) Top 10 Health Care Equipment & Services 16% Next 11-25 15% Software & Services 27% 18% Logan JV 2% Commercial & Professional Services ~$9mm 6% / 0.6% Remaining Consumer Services 2% 6% Average Diversified Financials Positio
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 91% of portfolio in first lien loans New Investment Fundings End of Period Investments At Cost. $ in millions At Fair Value. $ in millions $1,598.9 $1,620.9 $1,600.1 $1,580.7 $1,569.4 4% 4% 4% 2% 2% 5% 2% 5% <1% 3% 1% 3% 2% 2% 1% 1% 1% 1% 2%
Slide 16: Portfolio Net Interest Margin
Portfolio Net Interest Margin(1) Weighted Average Yield of Income Producing Securities (at Cost) (2) Weighted Average Stated Interest Rate on Debt Outstanding Weighted Average Spread Over SOFR of Floating Rate Debt Investments 3 Month Term Secured Overnight Financing Rate ("SOFR") 14.0% 12.0% 10.9%
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 87% 87% 86% 87% 86% 12% 12% 11% 10% 11% 1% 1% 3% 3% 3% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 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 $242 million of undrawn debt capacity Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Maturity Committed Amount Interest Rate Date Amount Outstanding SPV Asset Facility $400 $330 S+195 5/31/29 SMBC Corporate 310 138 S+200 12