Crescent Capital BDC, Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 13, 2025
CCAP$9.38-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-14.
0000950170-25-071368
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0000950170-25-108024
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 123 previous paragraphs and 125 current paragraphs.
103 unchanged; 18 reworded; 1 added; 1 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Our Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20.0 million of our common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.
Removed paragraphs (1)
Previous report
On April 10, 2025, the commitment amount was reduced from $500.0 million to $400.0 million. See Recent Developments for detail.
Reworded paragraphs (18)
Previous wording
As of March 31, 2025, we had twenty two investments across nine portfolio companies on non-accrual status, which represented 3.5% and 1.8% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had seventeen investments across nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of March 31, 2025 and December 31, 2024.
Current wording
As of June 30, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.9% and 2.4% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of June 30, 2025 and December 31, 2024.
Previous wording
Interest income, which includes amortization of upfront fees, decreased from $46.2 million for the three months ended March 31, 2024, to $39.7 million for the three months ended March 31, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the three months ended March 31, 2025 and 2024 are $0.8 million and $0.9 million of accelerated accretion of OID related to paydown activity, respectively.
Current wording
Interest income, which includes amortization of upfront fees, decreased from $45.5 million for the three months ended June 30, 2024, to $40.2 million for the six months ended June 30, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the three months ended June 30, 2025 and 2024 are $0.8 million and $0.9 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income decreased from $3.3 million for the three months ended March 31, 2024 to $1.5 million for the three months ended March 31, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended March 31, 2025 and 2024, we recorded $0.9 million and $0.9 million of other income related to one-time arranger fees, respectively.
Current wording
Dividend income decreased from $2.6 million for the three months ended June 30, 2024 to $1.8 million for the three months ended June 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended June 30, 2025 and 2024, we recorded $1.0 million and $0.8 million of other income related to one-time arranger fees, respectively.
Previous wording
Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended March 31, 2025 and 2024 interest and other debt financing costs were $14.6 million and $15.6 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates offset by higher weighted average outstanding balance.
Current wording
Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended June 30, 2025 and 2024 interest and other debt financing costs were $15.1 million and $15.9 million, respectively. For the six months ended June 30, 2025 and 2024 interest and other debt financing costs were $29.8 million and $31.5 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates offset by higher weighted average outstanding balance. This decrease was partially offset by higher weighted average outstanding balances and the accelerated amortization of deferred financing costs that related to amendments to our credit facilities.
Previous wording
For the three months ended March 31, 2025 and 2024, we incurred management fees, net of waivers, of $5.0 million and $5.0 million, respectively.
Current wording
For the three months ended June 30, 2025 and 2024, we incurred management fees, net of waivers, of $5.0 million and $5.0 million, respectively. For the six months ended June 30, 2025 and 2024 we incurred management fees of $10.1 and $10.0 million, respectively.
Previous wording
For the three months ended March 31, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.5 million and $4.9 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.
Current wording
For the three months ended June 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.6 million and $4.6 million, respectively. For the six months ended June 30, 2025 and 2024, we incurred income based incentive fees of $7.0 million and $9.5 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.
Previous wording
For the three months ended March 31, 2025 and 2024, professional fees were $0.7 million and $0.4 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.
Current wording
For the three months ended June 30, 2025 and 2024, professional fees were $0.9 million and $0.5 million, respectively. For the six months ended June 30, 2025 and 2024, professional fees were $1.6 million and $0.9 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.
Previous wording
For the three months ended March 31, 2025 and 2024, other general and administrative expenses were $1.0 million and $0.5 million, respectively. The increase is related to higher costs primarily related to certain one-time administrative fees.
Current wording
For the three months ended June 30, 2025 and 2024, other general and administrative expenses were $0.9 million and $0.6 million, respectively. For the six months ended June 30, 2025 and 2024, other general and administrative expenses were $1.9 million and $1.3 million, respectively. The increase is related to higher costs primarily related to certain administrative fees.
Previous wording
For the three months ended March 31, 2025 and 2024, we expensed income and excise taxes of $0.5 million and $0.4 million, respectively, due to higher undistributed taxable income balance.
Current wording
For the three months ended June 30, 2025 and 2024, we expensed income and excise taxes of $0.4 million and $0.4 million, respectively. For the six months ended June 30, 2025 and 2024, we expensed income and excise taxes of $0.9 million and $0.8 million, respectively.
Previous wording
For the three months ended March 31, 2025 and 2024, net investment income was $16.6 million or $0.45 per share and $23.4 million or $0.63 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned year to date.
Current wording
For the three months ended June 30, 2025 and 2024, net investment income was $33.5 million or $0.46 per share and $21.7 million or $0.59 per share, respectively. For the six months ended June 30, 2025 and 2024, net investment income was $33.5 million or $0.90 per share and $45.0 million or $1.21 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned year to date.
Previous wording
During the three months ended March 31, 2025 and 2024, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $64.8 million and $63.2 million, respectively.
Current wording
During the six months ended June 30, 2025 and 2024, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $71.8 million and $55.0 million, respectively.
Previous wording
As of March 31, 2025, we had $30.5 million in cash and cash equivalents and restricted cash and cash equivalents and $310.0 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of March 31, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Current wording
As of June 30, 2025, we had $26.1 million in cash and cash equivalents and restricted cash and cash equivalents and $227.2 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of June 30, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Previous wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2025 and 2024 was 6.49% and 6.97%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2025 and 2024 was $902.4 million and $858.6 million, respectively. As of March 31, 2025 and December 31, 2024, the weighted average cost of debt was 6.36% and 6.38%, respectively.
Current wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was 6.63% and 7.26%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was $900.6 million and $869.3 million, respectively. As of June 30, 2025 and December 31, 2024, the weighted average cost of debt was 6.09% and 6.38%, respectively.
Previous wording
The maximum commitment amount under the SPV Asset Facility is $500.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.45% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.
Current wording
The maximum commitment amount under the SPV Asset Facility is $400.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 1.95% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.
Previous wording
On March 9, 2023, in connection with the acquisition of First Eagle Alternative Capital BDC, Inc., we assumed $111.6 million of unsecured notes ("FCRX Unsecured Notes"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on
Current wording
On March 9, 2023, in connection with the acquisition of First Eagle Alternative Capital BDC, Inc., we assumed $111.6 million of unsecured notes ("FCRX Unsecured Notes"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol “FCRX”.
Previous wording
As of March 31, 2025 and December 31, 2024, our asset coverage ratio was 179% and 183%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.
Current wording
As of June 30, 2025 and December 31, 2024, our asset coverage ratio was 180% and 183%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.
Previous wording
Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $212.4 million and $212.5 million, respectively.
Current wording
These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $213.4 million and $212.5 million, respectively.
Previous wording
On May 8, 2025, our Board of Directors declared a regular second quarter cash dividend of $0.42 per share, which will be paid on July 15, 2025 to stockholders of record as of June 30, 2025.
Current wording
On August 7, 2025, our Board of Directors declared a regular third quarter cash dividend of $0.42 per share, which will be paid on October 15, 2025 to stockholders of record as of September 30, 2025.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Interest income, which includes amortization of upfront fees, decreased from $91.6 million for the six months ended June 30, 2024, to $80.1 million for the six months ended June 30, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the six months ended June 30, 2025 and 2024 are $1.6 million and $1.8 million of accelerated accretion of OID related to paydown activity, respectively.
Current report — wording carried from elsewhere
Dividend income decreased from $6.0 million for the six months ended June 30, 2024 to $3.2 million for the six months ended June 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the six months ended June 30, 2025 and 2024, we recorded $1.9 million and $1.7 million of other income related to one-time arranger fees, respectively.
Current report — wording carried from elsewhere
Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
March 30, June 30, September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol “FCRX”.