Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q2 2020 Earnings Presentation
22 slides from Crescent Capital Bdc's earnings presentation, Aug 11, 2020
Slide 1: Crescent Capital BDC, Inc. Quarterly Earnings Presentation
CRESCENT Crescent Capital BDC, Inc. Quarterly Earnings Presentation For the quarter ended June 30, 2020
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: Overview of Crescent BDC and Crescent Capital Group
Overview of Crescent BDC and Crescent Capital Group (“Crescent”) 2 | CRESCENT
Slide 4: Crescent BDC Overview
Crescent BDC Overview Externally managed by Crescent Capital Group Leverages size and scale of broader Crescent platform SEC co-investment exemptive relief with Crescent Significant market reach with financial sponsors and corporate borrowers Scaled BDC with $926 million of assets C R E Ss C E N T +
Slide 5: Crescent BDC Corporate Development Update
Crescent BDC Corporate Development Update + Enhances scale with improved market presence and access to capital Acquisition of Alcentra markets v Capital & Subsequent + Increases portfolio diversification while maintaining senior secured Listing first lien focus (January 2020) + Competitive fee struc
Slide 6: Crescent Platform Overview
Crescent Platform Overview lower default rates and higher recoveries than the market average Crescent seeks to deliver attractive returns with less volatilit; Highli Founded: 1991 * Independent credit firm with complementary strategies AUM®: $28 billion + Focus on below investment grade credit Emplo
Slide 7: Leading Private Credit Platform with Unique Capabilities
Leading Private Credit Platform with Unique Capabilities * Ability to invest across capital structure Complete Financing * First lien, stretch senior, unitranche, second lien and unsecured debt Solutions * Solutions-focused approach to support sponsors and borrowers * Coverage of entire middle marke
Slide 8: Second Quarter Results
Second Quarter Results 7 | CRESCENT
Slide 9: Summary of Quarterly Results
Summary of Quarterly Results + Net investment income for the quarter ended June 30, 2020 was $13.0 million, or $0.46 per share, as compared to $11.6 million, or $0.44 per share, for the quarter ended March 31, 2020. + Net realized and unrealized gains on investments for the quarter ended June 30, 20
Slide 10: Financial Highlights
Financial Highlights $ in millions, except per share data Q2 2020 Ql 20: Q4 2019 Q3 20 Q2 2019 Net investment income per share $0.46 $0.44 $0.41 $0.49 $0.47 Net realized gains (losses) per share ($0.04) ($0.00) ($0.33) - ($0.01) Net unrealized gains (losses) per share? $1.59 ($3.14) $0.37 ($0.34) $0
Slide 11: Financial Information
Financial Information $ in millions, except per share data 6/30/20 = 3/31/: 12/31/19 9/30/19 6/30/19 Investments, at fair value $895 $883 $727 $692 $625 Number of portfolio companies 124 127 98 96 91 Median portfolio company EBITDA $29 $28 $29 $29 $28 Asset Mix of Investment Portfolio: Senior Secure
Slide 12: Financial Information (Cont'd)
Financial Information (Cont’d) $ in millions Q2 2020 Q12020' @Q420 Q3 2019 Q2 2019 Beginning Investments, at fair value $883.2 $726.5 $692.3 $624.9 $520.3 Gross Deployment, at cost 26.4 117.4 80.8 112.3 121.8 Exits, Sales & Repayments, at cost (60.4) (73.7) (48.7) (38.5) (18.7) Change in unrealized/
Slide 13: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (in thousands, except per share data) 6/30/2020 3731/2020 12/31/2019 9730/2019 6/30/2019 Interest & Dividend income Other income Total Investment Income Expenses Interest and other debt financing costs Management fees, net of waiver Income incen
Slide 14: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of in thousands, except per share data) 6/30/2020 3/31/2020 12/31/2019 9/30/2019 6/30/2019 Assets Investments, at fair value $895,234 $883,216 $726,531 $692,283 $624,905 Cash and cash equivalents. 1,557 11,528 13,427 18,083 9,040 Receivable for inves
Slide 15: Net Asset Value Per Share Bridge - Q2 2020
Net Asset Value Per Share Bridge - Q2 2020 $0.46 © 0.4) ($0.04) $16.52 March 31, 2020 NAV/share Net Investment Income Dividend Distributions Net Realized Losses on Exits Net Change in Unrealized June 30, 2020 NAV/share and Sales of Investments Appreciation Note: Net asset value per shareis based on
Slide 16: Portfolio Highlights
Portfolio Highlights 15 | CRESCENT
Slide 17: Portfolio Highlights
Portfolio Highlights CCAP Portfolio Characteristics - June 30, 20 $895mm $29mm 0.6x 5.2x 99% Investments Median portfolio company Weighted avg. portfolio Weighted avg. portfolio Sponsored debt at fair value) EBITDA® company attachment company leverage(23)(4(5) positions pointA@@ae Asset Type Portfol
Slide 18: Portfolio Highlights (Cont'd) Portfolio Companies
Portfolio Highlights (Cont’d) 124 Portfolio Companies $7mm / 0.8% Average Position High FCF & Non-Cyclical Industry Focus U.S.-Centric Investments Industry 15 Other Commercial & Industries Professional 23% Services 21% Automobiles & coma 4% Diversified Financials Software & Services Health Care 13%
Slide 19: Portfolio Net Interest Margin
Portfolio Net Interest Margin’ —< 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% 8.4% 8.1% 8.1%
Slide 20: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings $ in millions Q2 2020 Q1 2020 Q4 20 Q2 2019 Bo «8 Re BR BR BL 1 $14.9 1.7% $10.3 1.2% $19.1 2.6% $8.5 1.2% $8.5 1.4% 2 677.5 75.7% 691.8 78.3% 653.1 89.9% 624.3 90.2% 564.0 90.3% 3 183.6 20.5% 165.6 18.7% 47.8 6.6% 51.0 7.4% 45.9 7.3% 4 19.2 2.1% 15.5 1.8% 6.
Slide 21: Capital Structure
Capital Structure 20 | CRESCENT
Slide 22: Liquidity Management
Liquidity Management = Short term flexibility of $166.1 million of undrawn debt capacity as of quarter end. = On July 30, 2020, Crescent BDC agreed to issue $50 million senior unsecured notes, improving our funding mix and enhancing flexibility.2 Debt Summary Debt Maturities S in millions) S in mill