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CCAP

Crescent Capital BDC, Inc.

CCAP

Crescent Capital BDC, Inc. • NASDAQ
$14.35 ▲ 0.49% (+0.07)
Market Cap $531.83 M
52w High $20.19
52w Low $13.03
Dividend Yield 1.73%
P/E 14.79
Volume 72.27K
Outstanding Shares 37.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $41.352M ▼ $2.412M ▼ $7.102M ▼ 17.175% ▼ $0.46 ▲ $7.383M ▼
Q2-2025 $42.992M ▲ $3.739M ▲ $15.013M ▲ 34.92% ▲ $0.41 ▼ $15.413M ▲
Q1-2025 $42.129M ▲ $2.724M ▲ $3.904M ▼ 9.267% ▼ $0.45 ▲ $4.405M ▼
Q4-2024 $26.509M ▼ $2.295M ▲ $9.991M ▼ 37.689% ▼ $0.27 ▼ $10.091M ▼
Q3-2024 $33.321M $2.104M $15.268M 45.821% $0.64 $15.979M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.786M ▼ $1.628B ▼ $913.553M ▼ $714.075M ▼
Q2-2025 $9.739M ▼ $1.654B ▼ $929.728M ▼ $724.716M ▼
Q1-2025 $12.033M ▲ $1.666B ▲ $939.375M ▲ $727.122M ▼
Q4-2024 $10.13M ▼ $1.656B ▲ $915.637M ▲ $740.637M ▼
Q3-2024 $17.086M $1.645B $896.242M $748.807M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.102M ▲ $18.675M ▼ $12.093M ▲ $-29.051M ▲ $1.663M ▲ $18.675M ▼
Q2-2025 $0 ▼ $36.436M ▲ $0 $-40.919M ▼ $-4.388M ▲ $36.436M ▲
Q1-2025 $3.904M ▼ $-15.128M ▼ $0 $6.342M ▲ $-8.894M ▼ $-15.128M ▼
Q4-2024 $9.991M ▼ $-2.889M ▼ $0 ▼ $4.968M ▲ $1.585M ▼ $-2.889M ▼
Q3-2024 $15.268M $27.309M $19.627M $-45.263M $1.695M $27.309M

Five-Year Company Overview

Income Statement

Income Statement Crescent Capital BDC’s income statement shows a business that has grown meaningfully from its early years and has generally maintained healthy profitability. Revenue has trended upward over time, reflecting a larger investment portfolio and higher interest income, though the pace of growth has recently leveled off. Profitability looks solid for a lender, with operating and net income staying comfortably positive after an earlier soft patch. Earnings per share have been somewhat bumpy from year to year, which is common for BDCs given changes in portfolio valuations, credit costs, and one‑off items. Overall, the company looks like a mature, income-focused lender with relatively steady, if not perfectly smooth, performance.

Balance Sheet

Balance Sheet The balance sheet reflects a scaled‑up BDC with a growing portfolio funded by a mix of debt and equity. Total assets have increased steadily, showing that the firm has been able to deploy more capital into loans and investments. Debt use has risen along with assets, so leverage is higher than in the early years but still appears anchored by a solid equity base. Cash on hand is intentionally lean, which is typical for a BDC that aims to keep capital invested rather than idle. The key balance‑sheet story is a larger platform supported by meaningful, but not extreme, use of borrowing, making credit quality and funding conditions especially important to watch.

Cash Flow

Cash Flow Cash flow has moved from a more volatile, negative pattern in the early period to a more consistently positive profile in recent years. Operating cash flow now aligns better with reported earnings, which suggests the income statement is underpinned by real cash collections rather than just accounting gains. Free cash flow essentially mirrors operating cash flow, since the business does not require heavy spending on physical assets. For a BDC, this is what you would expect: cash generation driven mainly by interest receipts, offset by loan originations and repayments. The improvement from earlier negative cash flow to sustained positive levels is a constructive sign, but it remains sensitive to credit conditions and deal activity.

Competitive Edge

Competitive Edge Crescent Capital BDC’s competitive position is closely tied to its manager, Crescent Capital Group, a long‑standing credit specialist with deep relationships in the private equity and middle‑market lending ecosystem. Its focus on sponsor‑backed, first‑lien senior secured loans gives it a relatively defensive profile within the riskier world of private credit, aiming for strong collateral and priority in the capital structure. The firm benefits from a broad sourcing network, disciplined underwriting, and a diversified portfolio, all of which help it compete with other BDCs and private lenders. Scale has improved through acquisitions, enhancing visibility with sponsors and borrowers. The main vulnerabilities are industry‑wide: intense competition for quality deals, sensitivity to credit cycles, and reliance on continued access to debt markets for funding.

Innovation and R&D

Innovation and R&D Innovation here is more about investment process and structuring than technology or traditional R&D. CCAP leans on Crescent Capital Group’s proprietary deal‑sourcing platform and long‑built datasets to identify and evaluate lending opportunities. The company emphasizes deep, fundamental credit work rather than automated models, supported by institutional‑grade risk management and cybersecurity practices. On the product side, its ability to craft tailored structures—such as unitranche loans and more complex tranches—gives it flexibility to meet sponsor needs. Looking ahead, potential innovation is likely to be incremental: expanding fee‑based income, using strategic mergers to build scale, and possibly adapting structures tested in Crescent’s other private credit vehicles. This is an innovation story rooted in process refinement and platform leverage, not in flashy technology.

Summary

Overall, Crescent Capital BDC presents as a mature, income‑oriented credit platform: revenue and profits have grown over time, the balance sheet has scaled with measured use of leverage, and cash flow has become more consistently positive. Its edge comes from its affiliation with a seasoned credit manager, a conservative focus on senior secured, sponsor‑backed lending, and a disciplined underwriting culture. At the same time, the business is exposed to the usual BDC risks—credit downturns, competition for quality loans, and dependence on capital markets. Future developments are likely to emphasize steady, process‑driven improvements, modest product expansions, and selective use of acquisitions rather than radical shifts in strategy.

NEWS

November 4, 2025 · 3:01 PM UTC

KBRA Assigns Rating to Crescent Capital BDC, Inc.'s $185 Million Senior Unsecured Notes due in 2029 and 2031

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September 22, 2025 · 7:00 AM UTC

Crescent Capital Group Announces Hiring of Juan Grana as Managing Director to Lead Bank Capital Solutions

Read more