Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q4 2022 Earnings Presentation
21 slides from Crescent Capital Bdc's earnings presentation, Feb 23, 2023
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation December 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 $1,263 Ticker CCAP Exchange NASDAQ Total Net Assets $613 million Net Asset Value per Share $19.83 Total Assets $1.3 billion Debt-to-Equity 1.08x 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 $30.61 $10.78 $19.90 $19.83 Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16Q4'16Q1'17Q2'17Q3'17Q4'17Q1'18Q2'18Q3'18Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'
Slide 5: Summary of Financial Results
Summary of Financial Results
Slide 6: Fourth Quarter 2022 Highlights
Fourth Quarter 2022 Highlights Fourth Quarter • Adjusted net investment income for the quarter ended December 31, 2022 was $15.0 million, or $0.49 per share, as compared to $13.0 million, or $0.42 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 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Net investment income per share $0.42 $0.39 $0.50 $0.52 $0.52 Adjusted net investment income per share(1) $0.43 $0.42 $0.41 $0.42 $0.49 Net realized gains (losses) per share(2) ($0.01) $0.27 ($0.06) ($0
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Investments at Fair Value $1,270 $1,289 $1,285 $1,293 $1,263 Number of Portfolio Companies 134 130 137 136 129 Median Portfolio Company EBITDA $29 $29 $29 $30 $30 Asset Mix of Investm
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Assets Investments, at fair value $1,270,366 $1,288,601 $1,285,280 $1,292,873 $1,262,956 Cash, cash equivalents and restricted cash 23,526 18,189 18,864 22
Slide 10: Net Asset Value per Share Bridge – Q4 & Full Year 2022
Net Asset Value per Share Bridge – Q4 & Full Year 2022 Q4 2022 Full Year 2022 $1.93 ($1.64) $0.13 ($0.15) $21.26 $0.52 ($0.41) $21.12 ($1.56) ($0.00) ($0.44) $20.16 $19.83 $19.83 9/30/22 Net Regular Net Realized Net Change 12/31/22 12/31/21 Net Regular Special Net Realized Net Change 12/31/22 NAV/sh
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Investment Income Interest & Dividend income $23,923 $26,292 $26,602 $28,814 $34,470 Other income 217 89 172 174 106 Total Investment Income $24,140 $26,381
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 $1,263mm 129 $30mm Investments Portfolio companies Median portfolio at fair value(1) company EBITDA(2) 98% Sponsored 90% First Debt Positions(3) Lien(1) 68% with Financial 99% Floating Cov
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry Top 10 10 Other 18% Industries Health Care 16% Equipment & Pharmaceuticals, Services LLC / LP Biotechnology & 29% Investments Life Sciences 1% 4% Next 11-25 21% Insurance ~$10mm / 0.8% 5% Average Position Consumer Commercial
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 90% of portfolio in first lien loans New Investment Fundings End of Period Investments At Cost. $ in millions At Fair Value. $ in millions $1,270.4 $1,288.6 $1,285.3 $1,292.9 $279.7 $1,263.0 4% 4% 4% 2% 5% 2% 4% 4% 3% <1% <1% 1% 9% 4% <1% <1%
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") 3 Month Term Secured Overnig
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 90% 89% 89% 87% 91% 11% 9% 10% 10% 8% 1% 1% 1% 1% 2% Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 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 $225.2 million of undrawn debt capacity Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Interest Maturity Committed Amount Rate Date Amount Outstanding $225 SPV Asset L+165 $350 $233 6/22/26 Facility L+210 SMBC Corporate S o
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 12/31/2021 3/31/2022 6/30/2022 9/30/2022 12/31/2022 Net investment income $12,491 $12,137 $15,533 $15,953 $16,103 Capital gains based incentive fees 173 721 (2,870) (3,103) (1,072) Adjusted net investment in