Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q2 2022 Earnings Presentation
21 slides from Crescent Capital Bdc's earnings presentation, Aug 11, 2022
Slide 1: Quarterly Earnings Presentation
Quarterly Earnings Presentation June 30, 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 $1,285 Ticker CCAP Exchange NASDAQ Total Net Assets $639 million Net Asset Value per Share $20.69 Total Assets $1.3 billion Debt-to-Equity 1.03x 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 $30.60 $9.91 $19.90 $20.69 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 Q3'2
Slide 5: Summary of Financial Results
Summary of Financial Results
Slide 6: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights Second Quarter • Adjusted net investment income for the quarter ended June 30, 2022 was $12.7 million, or $0.41 per share, as compared to $12.9 million, or $0.42 per share, for the prior quarter(1) Performance • Net investment income for the quarter ended June 30, 2022
Slide 7: Financial Highlights
Financial Highlights $ in millions, except per share data Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Net investment income per share $0.39 $0.45 $0.42 $0.39 $0.50 Adjusted net investment income per share(1) $0.53 $0.48 $0.43 $0.42 $0.41 Net realized gains (losses) per share(2) $0.08 $0.99 ($0.01) $0.27
Slide 8: Portfolio Highlights – Selected Metrics
Portfolio Highlights – Selected Metrics $ in millions, except per share data Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Investments at Fair Value $1,095 $1,139 $1,270 $1,289 $1,285 Number of Portfolio Companies 130 132 134 130 137 Median Portfolio Company EBITDA $28 $29 $29 $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) 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 Assets Investments, at fair value $1,094,980 $1,138,630 $1,270,366 $1,288,601 $1,285,280 Cash, cash equivalents and restricted cash 25,781 19,494 23,526 18,
Slide 10: Net Asset Value per Share Bridge – Q2 2022
Net Asset Value per Share Bridge – Q2 2022 $0.50 ($0.41) ($0.05) ($0.06) $21.18 $21.22 ($0.47) $20.69 March 31, 2022 Net Regular Special Net Realized Net Change in June 30, 2022 NAV/share Investment Dividend Dividend Losses on Exits Unrealized NAV/share Income Distribution Distribution and Sales Dep
Slide 11: Operating Results Detail
Operating Results Detail For the Three Months Ended ($ in thousands, except per share data) 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 Investment Income Interest & Dividend income $23,567 $25,224 $23,923 $26,292 $26,602 Other income 232 254 217 89 172 Total Investment Income $23,799 $25,478
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 $1,285mm 137 $29mm Investments Portfolio companies Median portfolio at fair value(1) company EBITDA(2) 98% Sponsored 88% 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 12 Other 18% Industries Health Care 18% Equipment & Services LLC / LP 27% Investments Insurance 3% 4% Next 11-25 20% Diversified ~$9.5mm / 0.7% Financials Average Position 4% Commercial & Consumer Professional Services
Slide 15: Investment Activity
Investment Activity Conservative investment strategy with 88% 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 $1,288.6 $1,285.3 2% 4% 4% 5% 9% 4% 3% $1,138.6 4% <1% <1% $1,095.0 <1% 5% 5% 5% 6% 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% 8.3% 7.8% 8.0% 7.6% 7.5
Slide 17: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings Internal Performance Rating Migration % of Portfolio at Fair Value 88% 89% 91% 90% 89% 11% 10% 10% 8% 9% 1% 1% 1% 1% 1% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 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 $227.5 million of undrawn debt capacity as of quarter-end Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal Interest Maturity Committed Amount Rate Date Amount Outstanding $227 SPV Asset L+165 $350 $225 6/22/26 Facility L+210
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 6/30/2021 9/30/2021 12/31/2021 3/31/2022 6/30/2022 Net investment income $10,976 $12,728 $12,491 $12,137 $15,533 Capital gains based incentive fees 3,816 757 173 721 (2,870) Adjusted net investment income $1