Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q1 2021 Earnings Presentation
22 slides from Crescent Capital Bdc's earnings presentation, May 13, 2021
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation March 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 $1,058 Ticker CCAP Exchange NASDAQ Total Net Assets $570 million Net Asset Value per Share $20.24 Total Assets $1.1 billion Debt-to-Equity 0.86x 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 $27.95 $7.71 $19.90 $19.50 $20.24 $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: First Quarter 2021 Highlights
First Quarter 2021 Highlights First Quarter • Adjusted net investment income for the quarter ended March 31, 2021 was $13.0 million, or $0.46 per share, as compared to $13.2 million, or $0.47 per share, for the prior quarter(1) Performance • Net investment income for the quarter ended March 31, 2021
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q1 2020(1) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Net investment income per share $0.44 $0.46 $0.43 $0.47 $0.41 Adjusted net investment income per share(2) $0.44 $0.46 $0.43 $0.47 $0.46 Net realized gains (losses) per share ($0.00) ($0.04) ($0.02) (
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q1 2020(1) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Investments at Fair Value $883 $895 $961 $1,034 $1,058 Number of Portfolio Companies 127 124 128 132 131 Median Portfolio Company EBITDA $28 $29 $29 $29 $29 Asset Mix of Investment
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Assets Investments, at fair value $883,216 $895,234 $961,051 $1,034,001 $1,057,627 Cash and cash equivalents 11,528 11,557 11,569 14,849 12,554 Interest rec
Slide 10: Net Asset Value per Share Bridge – Q1 2021
Net Asset Value per Share Bridge – Q1 2021 Net realized and unrealized gains on investments drove a NAV per share increase of 1.8% from December 31, 2020 $0.41 ($0.41) $0.30 $20.24 $0.06 $19.88 $19.88 December 31, 2020 Net Investment Income Dividend Distributions Net Realized Gains on Exits Net Chan
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Investment Income Interest & Dividend income $18,391 $18,707 $18,674 $20,281 $20,479 Other income 440 620 - - 92 Total Investment Income $18,831 $19,327 $18,
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 $1,058mm 131 $29mm Investments Portfolio companies Median portfolio at fair value(1) company EBITDA(2) 99% Sponsored 80% First Debt Lien(1) Positions(3) 79% with Financial 98% Floating Cov
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry Top 10 15 Other 18% Industries Health Care 18% Equipment & LLC / LP Services Investments Insurance 30% 6% 3% Diversified ~$8mm / 0.8% Next 11-25 Financials Average Position 20% 5% Software & Consumer Services Services 14% Rem
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 $1,034.0 $1,057.6 $124.1 $961.1 7% 7% $117.4 6% 5% <1% $883.2 $895.2 6% 5% <1% 7% <1% 7% 5% 6% 8% 4% <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") 9.0% 7.9% 7.9% 7.9% 8.0% 7.9
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 $247.1 million of undrawn debt capacity as of quarter-end with no near-term maturities Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Interest Maturity Committed Amount Rate Date Amount Outstanding $78 L+165 SPV Asset Facil
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 3/31/2020 6/30/2020 9/30/2020 12/31/2020 3/31/2021 Net investment income $11,553 $12,956 $12,208 $13,163 $11,438 Capital gains based incentive fees - - - - 1,577 Adjusted net investment income $11,553 $12,95
Slide 22: Contact: Daniel McMahon, Investor Relations
Contact: Daniel McMahon, Investor Relations bdcir@crescentcap.com