Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q4 2021 Earnings Presentation
21 slides from Crescent Capital Bdc's earnings presentation, Feb 24, 2022
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation December 31, 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 $1,270 Ticker CCAP Exchange NASDAQ Total Net Assets $652 million Net Asset Value per Share $21.12 Total Assets $1.3 billion Debt-to-Equity 0.98x 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 $30.11 $8.99 $19.90 $21.12 Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16Q4'16Q1'17Q2'17Q3'17Q4'17Q1'18Q2'18Q3'18Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21 NAV Per Share Cumu
Slide 5: Summary of Financial Results
Summary of Financial Results
Slide 6: Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Highlights Fourth Quarter • Adjusted net investment income for the quarter ended December 31, 2021 was $12.7 million, or $0.43 per share, as compared to $13.5 million, or $0.48 per share, for the prior quarter(1) Performance • Net investment income for the quarter ended December
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Net investment income per share $0.47 $0.41 $0.39 $0.45 $0.42 Adjusted net investment income per share(1) $0.47 $0.46 $0.53 $0.48 $0.43 Net realized gains (losses) per share(2) ($0.49) $0.06 $0.08 $0.99
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Investments at Fair Value $1,034 $1,058 $1,095 $1,139 $1,270 Number of Portfolio Companies 132 131 130 132 134 Median Portfolio Company EBITDA $29 $29 $28 $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) 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Assets Investments, at fair value $1,034,001 $1,057,627 $1,094,980 $1,138,630 $1,270,366 Cash, cash equivalents and restricted cash 14,849 12,554 25,781 19
Slide 10: Net Asset Value per Share Bridge – Q4 & Full Year 2021
Net Asset Value per Share Bridge – Q4 & Full Year 2021 NAV per share increased 6.2% for the year, driven by net investment income and strong realization activity Q4 2021 Full Year 2021 $0.42 ($0.41) ($0.05) ($0.02) $0.02 $21.16 $21.12 $0.16 $21.12 $1.67 ($1.64) $1.10 ($0.05) $19.88 $19.86 9/30/21 Ne
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Investment Income Interest & Dividend income $20,281 $20,479 $23,567 $25,224 $23,923 Other income - 92 232 254 217 Total Investment Income $20,281 $20,571 $
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 $1,270mm 134 $29mm Investments Portfolio companies Median portfolio at fair value(1) company EBITDA(2) 99% Sponsored 85% First Debt Positions(3) Lien(1) 70% with Financial 99% Floating Cov
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry Top 10 12 Other 18% Industries Health Care 19% Equipment & LLC / LP Services Investments 30% Insurance 5% 4% ~$10mm / 0.8% Next 11-25 Diversified Average Position 21% Financials 5% Commercial & Consumer Professional Services
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 85% of portfolio in first lien loans New Investment Fundings End of Period Investments At Cost. $ in millions At Fair Value. $ in millions $279.7 $1,270.4 2% 5% 9% $1,138.6 4% $1,095.0 <1% $1,057.6 5% 6% $1,034.0 1% 8% 5% 7% <1% 7% 5% 5% 5% 5
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% 8.0% 7.9% 7.8% 8.0% 7.6
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 88% 88% 88% 89% 91% 11% 11% 11% 10% 8% 1% 1% 1% 1% 1% Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Non-Accruals (As % of Debt 1.7% / 1.3% 1.7% / 1.3% 1.6% / 1.2% 1.5% / 1.1% 1.6% / 1.2% Investments
Slide 18: Capital Structure
Capital Structure
Slide 19: Liquidity Management
Liquidity Management Short term flexibility of $197.0 million of undrawn debt capacity as of year-end with no near-term maturities Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Interest Maturity Committed Amount Rate Date Amount Outstanding L+165 $197 SPV Asset Facilit
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 12/31/2020 3/31/2021 6/30/2021 9/30/2021 12/31/2021 Net investment income $13,163 $11,438 $10,976 $12,728 $12,491 Capital gains based incentive fees - 1,577 3,816 757 173 Adjusted net investment income $13,1