Crescent Capital BDC, Inc. (CCAP) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Crescent Capital BDC, Inc.'s second quarter ended June 30, 2026 earnings conference call. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC, or the company throughout the call. I'll start with some important reminders I'll now turn the call over to Dan McMahon. Thank you. Yesterday, after the market closed, the company issued its earnings press release for the second quarter ended June 30th, 2026, and posted a presentation to the investor relations section of its website at www.crescentbdc.com. The presentation should be reviewed in conjunction with the company's form 10Q filed yesterday with the SEC. As a reminder, this call is being recorded for replay purposes. Speaking on today's call will be CCAP's Chief Executive Officer Jason Breaux, Chief Financial Officer Gerhard Lombard, and President Henry Chung. With that, I'd now like to turn it over to Jason. Thank you, Dan, and good morning, everyone. I'll begin by summarizing our second quarter results, discussing our key priorities with respect to CCAP, and commenting on current market conditions. For the second quarter, we reported net investment income of 36 cents per share, which was down from 38 cents per share in the prior quarter, excluding the impact of a one-time incentive fee waiver. Our earnings exceeded our 34-cent base dividend. We also paid the first of our three previously announced special dividends of 3 cents per share during the quarter. Our net asset value was $17.82 per share as of June 30. This was down from $18.27 in the prior quarter. A reduction in net asset value was primarily driven by unrealized losses associated with non-accrual investments that we are actively managing. CCAP remains an important part of the Crescent private cre...