10-Q · May 13, 2026
Crescent Capital BDC reported Q1 2026 results with revenues of $37.9 million and a diluted EPS of $0.42, reflecting a decline from $42.1 million and $0.45 respectively in the prior year. Key segments showed mixed…
Earnings analysis · 10-Q
CCAP earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Crescent Capital BDC's Q2 2026 results weakened materially year over year: total investment income fell to $36.323 million from $42.992 million, and net earnings declined to a $0.09-per-share loss from $0.41 of income.…
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Crescent Capital BDC's Q2 2026 results weakened materially year over year: total investment income fell to $36.323 million from $42.992 million, and net earnings declined to a $0.09-per-share loss from $0.41 of income. Credit indicators deteriorated, with non-accrual investments rising to 4.8% of debt cost, NAV per share falling to $17.82, and asset coverage declining to 169%. Liquidity and financing capacity remain adequate, including $199.6 million of undrawn facility capacity, but negative operating cash flow and increased portfolio losses offset the benefit of active investment deployment and expanded credit facilities.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
- Segment
- Single reportable segment: the Company operates as one specialty-finance/investment segment. Total investment income was $36.323 million for Q2 2026.
What stood out
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Investment income declined year over year
Total investment income was $36.323 million, down from $42.992 million in Q2 2025. Net investment income was $13.098 million, or $0.36 per share, versus $16.887 million, or $0.46 per share, a year earlier.
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Quarterly earnings turned negative
Q2 2026 net increase in net assets resulting from operations was a loss of $3.247 million, or $(0.09) per share, compared with income of $15.013 million, or $0.41 per share, in Q2 2025. The quarter included $16.145 million of net realized and unrealized investment losses.
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Lower rates pressured income
Management stated that lower interest income was primarily driven by declining benchmark rates and restructurings of certain debt investments; interest from investments fell to $34.7 million from $40.2 million. Net management fees declined to $4.0 million from $5.0 million after the fee rate reduction effective April 1, 2026.
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Liquidity exceeded unfunded commitments
Liquidity remained substantial, with $35.7 million of cash and restricted cash and $199.6 million of undrawn capacity under the senior revolving and SPV facilities as of June 30, 2026. Management stated that these resources exceeded the Company's $195.2 million of unfunded commitments.
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Credit facilities were expanded
The SPV Asset Facility was expanded from $400.0 million to $500.0 million, while its reinvestment period was extended to May 21, 2029 and stated maturity to May 21, 2031. The SMBC facility was also increased from $310.0 million to $335.0 million.
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Portfolio deployment remained active
Portfolio investment activity was positive: new investments totaled $57.0 million versus $36.1 million of proceeds from investments sold or repaid, producing a $20.9 million net portfolio increase in Q2 2026.
What to watch
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Non-accrual exposure increased
Non-accrual exposure increased to 13 portfolio companies from 11 at December 31, 2025, representing 4.8% of debt investments at cost and 2.5% at fair value, versus 4.1% and 2.0%, respectively.
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NAV and net assets declined
Net asset value per share declined to $17.82 from $19.10 at December 31, 2025, while net assets fell to $656.451 million from $706.038 million. The six-month net decrease in net assets from operations was $18.760 million.
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Higher leverage reduced coverage
Debt carrying value increased to $922.945 million from $873.761 million, while asset coverage declined to 169% from 179%. Management warned that additional realized losses, unrealized depreciation, rising rates or a recession could increase the risk of covenant breaches.
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Operating cash flow turned negative
Operating cash flow was negative $13.949 million for the six months ended June 30, 2026, compared with positive $21.308 million in the prior-year period. The Company purchased $171.852 million of investments while receiving $129.157 million from sales and principal repayments.
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Portfolio valuation losses increased
The investment portfolio carried $54.393 million of net unrealized depreciation at June 30, 2026, compared with $34.051 million at December 31, 2025. Controlled investments also generated $10.909 million of net realized losses during the first six months.
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Non-qualifying asset mix increased
The filing identifies no separately revised risk factors and directs investors to the December 31, 2025 Form 10-K; however, the current filing reports that non-qualifying assets represented 17.6% of fair value, up from 9.7% at year-end, creating additional regulatory and portfolio-composition risk.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance. The filing reports a regular third-quarter cash dividend of $0.34 per share, payable October 15, 2026.
Earlier filings 4
10-K · February 25, 2026
Crescent Capital BDC (CCAP) positions itself as a middle‑market private credit BDC that originates secured and unsecured debt (and related equity) for companies with EBITDA generally between $10 million and $250…
10-Q · August 13, 2025
Crescent Capital BDC reported Q2 (quarter ended June 30, 2025) total investment income of $42,992,000 versus $48,951,000 a year ago and delivered reported EPS of $0.46, in line with consensus. Net investment income per…
10-K · February 19, 2025
Crescent Capital BDC (CCAP) positions itself as a specialty finance BDC focused on middle‑market lending, leveraging Crescent’s origination platform and credit team. The 10‑K emphasizes a capital preservation investment…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.