Crescent Capital BDC, Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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.
Sep 30, 2026 · Filed Nov 9, 2026
CCAP$9.24-1.5%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001193125-26-342351
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001193125-26-453562
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 136 previous paragraphs and 137 current paragraphs.
116 unchanged; 20 reworded; 1 added; 0 removed; 0 previous and 0 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 $50.0 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 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. The expiration date of the repurchase program is November 30, 2027. 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.
Reworded paragraphs (20)
Previous wording
As of June 30, 2026, we had investments in thirteen portfolio companies on non-accrual status, which represented 4.8% and 2.5% of the total debt investments at cost and fair value, respectively. As of December 31, 2025, we had investments in eleven portfolio companies on non-accrual status, which represented 4.1% and 2.0% 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, 2026 and December 31, 2025.
Current wording
As of September 30, 2026, we had investments in twelve portfolio companies on non-accrual status, which represented 4.7% and 2.2% of the total debt investments at cost and fair value, respectively. As of December 31, 2025, we had investments in eleven portfolio companies on non-accrual status, which represented 4.1% and 2.0% 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 September 30, 2026 and December 31, 2025.
Previous wording
Interest income, which includes amortization of upfront fees, decreased from $40.2 million for the three months ended June 30, 2025, to $34.7 million for the three months ended June 30, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended June 30, 2026 and 2025 are $0.2 million and $0.8 million of accelerated accretion of OID related to paydown activity, respectively.
Current wording
Interest income, which includes amortization of upfront fees, decreased from $38.7 million for the three months ended September 30, 2025, to $35.6 million for the three months ended September 30, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended September 30, 2026 and 2025 are $0.5 million and $0.3 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income decreased from $1.8 million for the three months ended June 30, 2025 to $1.2 million for the three months ended June 30, 2026 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended June 30, 2026 and 2025, we recorded $0.4 million and $1.0 million of other income related to one-time arranger fees, respectively.
Current wording
Dividend income decreased from $2.2 million for the three months ended September 30, 2025 to $0.9 million for the three months ended September 30, 2026 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended September 30, 2026 and 2025, we recorded $0.4 million and $0.4 million of other income related to one-time arranger fees, respectively.
Previous wording
Interest income, which includes amortization of upfront fees, decreased from $80.0 million for the six months ended June 30, 2025, to $69.2 million for the six months ended June 30, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the six months ended June 30, 2026 and 2025 are $0.8 million and $1.6 million of accelerated accretion of OID related to paydown activity, respectively.
Current wording
Interest income, which includes amortization of upfront fees, decreased from $118.7 million for the nine months ended September 30, 2025, to $104.8 million for the nine months ended September 30, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the nine months ended September 30, 2026 and 2025 are $1.1 million and $2.0 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income increased from $3.2 million for the six months ended June 30, 2025 to $4.2 million for the six months ended June 30, 2026 due to higher dividend income from our investment in First Eagle Logan JV, LLC and other portfolio companies. For the six months ended June 30, 2026 and 2025, we recorded $0.8 million and $1.9 million of other income related to one-time arranger fees, respectively.
Current wording
Dividend income decreased from $5.5 million for the nine months ended September 30, 2025 to $5.1 million for the nine months ended September 30, 2026 due to lower dividend income from our investment in First Eagle Logan JV, LLC and other portfolio companies. For the nine months ended September 30, 2026 and 2025, we recorded $1.2 million and $2.3 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 June 30, 2026 and 2025 interest and other debt financing costs were $14.9 million and $15.1 million, respectively. For the six months ended June 30, 2026 and 2025 interest and other debt financing costs were $28.6 million and $29.8 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 net of higher weighted average debt outstanding.
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 September 30, 2026 and 2025 interest and other debt financing costs were $15.0 million and $13.9 million, respectively. For the nine months ended September 30, 2026 and 2025 interest and other debt financing costs were $43.7 million and $43.6 million, respectively. The increase in interest and other debt financing costs was due to higher weighted average cost of debt related to higher weighted average debt outstanding net of a decline in benchmark rates.
Previous wording
For the three months ended June 30, 2026 and 2025, we incurred management fees, net of waivers, of $4.0 and $5.0 million, respectively. For the six months ended June 30, 2026 and 2025 we incurred management fees of $8.9 and $10.1 million, respectively. The decrease in the management fees was due to lower fee rate which became effective April 1, 2026.
Current wording
For the three months ended September 30, 2026 and 2025, we incurred management fees, net of waivers, of $4.0 million and $5.1 million, respectively. For the nine months ended September 30, 2026 and 2025 we incurred management fees of $12.9 million and $15.3 million, respectively. The decrease in the management fees was due to lower fee rate which became effective April 1, 2026.
Previous wording
For the three months ended June 30, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $2.3 million and $3.6 million, respectively. For the six months ended June 30, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $3.9 million and $7.0 million, respectively. The decrease in net incentive fees was driven by the impact of the fee waiver applied to the income incentive fees for the three months ended March 31, 2026 and the subsequent decrease in the income incentive fee rate which became effective April 1, 2026.
Current wording
For the three months ended September 30, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $2.4 million and $3.6 million, respectively. For the nine months ended September 30, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $6.3 million and $10.6 million, respectively. The decrease in net incentive fees was driven by the impact of the fee waiver applied to the income incentive fees for the three months ended March 31, 2026 and the subsequent decrease in the income incentive fee rate which became effective April 1, 2026.
Previous wording
For the three months ended June 30, 2026 and 2025, professional fees were $0.6 million and $0.9 million, respectively. For six months ended June 30, 2026 and 2025, professional fees were $1.1 million and $1.6 million, respectively.
Current wording
For the three months ended September 30, 2026 and 2025, professional fees were $0.5 million and $0.5 million, respectively. For nine months ended September 30, 2026 and 2025, professional fees were $1.5 million and $2.2 million, respectively.
Previous wording
For the three months ended June 30, 2026 and 2025, other general and administrative expenses were $0.7 million and $0.9 million, respectively. For the six months ended June 30, 2026 and 2025, other general and administrative expenses were $1.7 million and $1.9 million, respectively.
Current wording
For the three months ended September 30, 2026 and 2025, other general and administrative expenses were $0.9 million and $0.9 million, respectively. For the nine months ended September 30, 2026 and 2025, other general and administrative expenses were $2.6 million and $2.7 million, respectively.
Previous wording
For the three months ended June 30, 2026 and 2025, we expensed income and excise taxes of $0.5 million and $0.4 million, respectively. For the six months ended June 30, 2026 and 2025, we expensed income and excise taxes of $1.1 million and $0.9 million, respectively.
Current wording
For the three months ended September 30, 2026 and 2025, we expensed income and excise taxes of $0.2 million and $0.3 million, respectively. For the nine months ended September 30, 2026 and 2025, we expensed income and excise taxes of $1.3 million and $1.2 million, respectively.
Previous wording
For the three months ended June 30, 2026 and 2025, net investment income was $13.1 million or $0.36 per share and $16.9 million or $0.46 per share, respectively. For the six months ended June 30, 2026 and 2025, net investment income was $28.6 million or $0.78 per share and $33.5 million or $0.90 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned net of lower expenses.
Current wording
For the three months ended September 30, 2026 and 2025, net investment income was $13.7 million or $0.37 per share and $16.9 million or $0.46 per share, respectively. For the nine months ended September 30, 2026 and 2025, net investment income was $42.3 million or $1.15 per share and $50.4 million or $1.36 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned net of lower expenses.
Previous wording
During the six months ended June 30, 2026 and 2025, 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 $78.5 million and $71.8 million, respectively.
Current wording
During the nine months ended September 30, 2026 and 2025, 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 $74.8 million and $74.1 million, respectively.
Previous wording
As of June 30, 2026, we had $35.7 million in cash and cash equivalents and restricted cash and cash equivalents and $199.6 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, 2026, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Current wording
As of September 30, 2026, we had $36.2 million in cash and cash equivalents and restricted cash and cash equivalents and $210.5 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of September 30, 2026, 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 six months ended June 30, 2026 and 2025 was 6.18% and 6.63%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2026 and 2025 was $925.7 million and $900.6 million, respectively. As of June 30, 2026 and December 31, 2025, the weighted average cost of debt was 6.13% and 5.83%, respectively.
Current wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2026 and 2025 was 6.22% and 6.52%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2026 and 2025 was $927.8 million and $895.0 million, respectively. As of September 30, 2026 and December 31, 2025, the weighted average cost of debt was 6.26% and 5.83%, respectively.
Previous wording
Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021. The Series 2021A Unsecured Notes matured and were repaid on February 17, 2026.
Current wording
Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2021A Unsecured Notes closed on May 5, 2021. The Series 2021A Unsecured Notes matured and were repaid on February 17, 2026.
Previous wording
(1) For the three and six months ended June 30, 2026, includes $0.14 and $(0.05), and $0.14 and $(0.03) million, respectively, of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029.1 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.
Current wording
(1) For the three and nine months ended September 30, 2026, includes $0.16 and $0.05 million of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029.1 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.
Previous wording
As of June 30, 2026 and December 31, 2025, our asset coverage ratio was 169% and 179%, 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 September 30, 2026 and December 31, 2025, our asset coverage ratio was 170% and 179%, 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 June 30, 2026 and December 31, 2025, we had aggregate unfunded commitments totaling $195.2 million and $211.9 million, respectively.
Current 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 September 30, 2026 and December 31, 2025, we had aggregate unfunded commitments totaling $183.4 million and $211.9 million, respectively.
Previous wording
On August 6, 2026, the Company's Board of Directors declared a regular third quarter cash dividend of $0.34 per share, payable on October 15, 2026 to stockholders of record as of September 30, 2026.
Current wording
On November 5, 2026, our Board of Directors declared a regular fourth quarter cash dividend of $0.34 per share, payable on January 15, 2027 to stockholders of record as of December 31, 2026.