Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q3 2024 Earnings Presentation
19 slides from Crescent Capital Bdc's earnings presentation, Nov 12, 2024
Slide 1: Crescent Capital BDC, Inc. Quarterly Earnings Presentation
Crescent Capital BDC, Inc. Quarterly Earnings Presentation September 30, 2024
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 $1,591 Ticker CCAP Exchange NASDAQ Total Net Assets $749 million Net Asset Value per Share $20.20 Total Assets $1.6 billion Debt-to-Equity 1.15x 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 $34.34 $14.14 $19.90 $20.20 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: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights • Net investment income per share for the quarter ended September 30, 2024 was $0.64. This compares to $0.59 for the prior quarter Third Quarter • Net realized and unrealized losses on investments per share for the quarter ended September 30, 2024 of ($0.22)(1). Perform
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Net investment income per share $0.59 $0.61 $0.63 $0.59 $0.64 Net realized gains (losses) per share(1) ($0.00) ($0.18) ($0.00) ($0.11) $0.10 Net unrealized gains (losses) per share(1) $0.02 $0.40 $0.13
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Investments at Fair Value $1,565 $1,582 $1,563 $1,611 $1,591 Number of Portfolio Companies 185 186 183 183 183 Median Portfolio Company EBITDA $26 $28 $27 $28 $27 Asset Mix of Investm
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Assets Investments, at fair value $1,564,828 $1,582,075 $1,563,343 $1,610,775 $1,591,433 Cash, cash equivalents and restricted cash 22,755 24,470 31,948 36,
Slide 10: Net Asset Value per Share Bridge – Q3 2024
Net Asset Value per Share Bridge – Q3 2024 $0.64 ($0.42) $0.10 $20.20 ($0.09) $20.30 ($0.32) June 30, 2024 Net Regular Supplemental Net Realized Net Change in September 30, 2024 NAV/Share Investment Dividend Dividend Losses on Exits Unrealized NAV/Share Income Distribution Distribution and Sales App
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Investment income Interest & dividend income $47,754 $49,767 $49,472 $48,153 $50,481 Other income 398 192 889 798 1,152 Total investment income $48,152 $49,9
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 $1,591mm First Lien (1) Investments at fair value(1) 99% 90% Floating Rate (1),(3) Wtd. Avg. Portfolio Company 183 Attachment Point & Leverage (2),(3),(4),(5) Portfolio 71% 97% companies N
Slide 14: Portfolio Diversity
Portfolio Diversity Diversification by Obligor Diversification by Industry(1) Health Care Equipment & Services Top 10 15% 16% Software & Services 17% Next 11-25 28% 2% Commercial & Professional Services ~$9mm 4% / 0.5% 2% Consumer Services Logan JV 5% Average 1% Insurance Position 10% Diversified Fi
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 $1,582.1 $1,610.8 $1,591.4 $1,564.5 $1,563.3 4% 4% 3% 3% 3% 3% 4% <1% 3% 4% <1% 3% <1% 3% <1% 3% 3% <1%
Slide 16: Portfolio Net Interest Margin
Portfolio Net Interest Margin(1) Weighted Average Yield of Income Producing Securities (at Cost) (2) Weighted Average Spread Over SOFR of Floating Rate Debt Investments Weighted Average Stated Interest Rate on Debt Outstanding 3 Month Term Secured Overnight Financing Rate ("SOFR") 14.0% 12.3% 12.3%
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 89% 87% 89% 89% 90% 9% 11% 10% 1% 10% 10% <1% 2% 2% 1% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 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 $317.0 million of undrawn debt capacity Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Maturity Committed Amount Interest Rate Date Amount Outstanding SPV Asset Facility $500 $329 S+245 5/31/29 $146 SMBC Corporate 385 239 S