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Crescent Capital BDC
(NASDAQ:CCAP)
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Rating:63Neutral
Price Target:
$12.50
▲(15.31% Upside)
Action:Reiterated
Date:08/11/26
CCAP’s score is held back primarily by softening fundamentals (TTM margin/return compression and weaker TTM cash-flow growth) and mixed risk signals from the earnings update (continued NAV declines and above-target leverage). Offsetting factors include moderately positive technical momentum, a high dividend yield, and earnings-call progress on liquidity/fee structure and non-accrual stabilization.
Positive Factors
Permanent fee cuts and incentive reset
Lower permanent management and incentive fees reduce structural fee drag and make distributable earnings less volatile. Over 2–6 months this improves NII resilience versus peers, narrows downside to dividends, and aligns long-term economics with a lower-fee competitive set.
Negative Factors
NAV compression and mark-to-market sensitivity
A meaningful QoQ NAV decline highlights sensitivity to spread widening and credit markdowns. Persistent NAV volatility can erode book value, constrain capital-raising, and pressure investor confidence, affecting medium-term ability to maintain distributions and grow the portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Permanent fee cuts and incentive reset
Lower permanent management and incentive fees reduce structural fee drag and make distributable earnings less volatile. Over 2–6 months this improves NII resilience versus peers, narrows downside to dividends, and aligns long-term economics with a lower-fee competitive set.
Read all positive factors
Crescent Capital BDC (CCAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$433.68M
Dividend Yield14.38%
Average Volume (3M)257.56K
Price to Earnings (P/E)420816349181499008.0
Beta (1Y)0.61
Revenue Growth-18.56%
EPS Growth-69.62%
CountryUS
Employees250
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.00
Shares Outstanding36,845,950
10 Day Avg. Volume274,206
30 Day Avg. Volume257,559
Financial Highlights & Ratios
PEG Ratio-0.28
Price to Book (P/B)0.74
Price to Sales (P/S)3.33
P/FCF Ratio6.97
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$13.75Price Target Upside26.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.55
Revenue Forecast (FY)$149.67M
Crescent Capital BDC Business Overview & Revenue Model
Company Description
Crescent Capital BDC, Inc. functions as a Business Development Company (BDC), managing a fund dedicated to private equity, leveraged buyouts, and providing loan capital. The firm's strategy centers on making direct investments, with a specific foc...
How the Company Makes Money
CCAP makes money primarily from investment income generated by its portfolio of loans and other investments. The largest revenue stream is interest income earned on its debt investments, which may include cash-pay interest and, where applicable, p...
Crescent Capital BDC Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful structural and operational progress (competitive fee structure, enhanced liquidity, strong origination pipeline, stable senior-first-lien portfolio composition, no new non-accruals and reduction in non-accruals) with persistent near-term headwinds (eight consecutive quarters of NAV declines, notable realized/unrealized QoQ losses, reduced investment income, elevated leverage and a slightly higher watch list). Management has clear priorities — rotating legacy assets and deleveraging — and has taken concrete actions, but NAV pressure and credit-specific challenges remain material near-term risks.Positive Updates
Net Investment Income Exceeds Base Dividend
NII of $0.36 per share in Q2 2026, above the $0.34 base dividend. Excluding a prior-quarter one-time $0.04 incentive fee waiver, NII declined from $0.38 to $0.36 per share (≈ -5.3% QoQ).
Negative Updates
Consecutive NAV Declines and QoQ NAV Drop
Net asset value per share was $17.82 as of 6/30/2026, down from $18.27 in the prior quarter (decline of $0.45 per share or ≈ -2.5% QoQ) and NAV has declined for eight consecutive quarters.
Read all updates
Q2-2026 Updates
Positive
Negative
Net Investment Income Exceeds Base Dividend
NII of $0.36 per share in Q2 2026, above the $0.34 base dividend. Excluding a prior-quarter one-time $0.04 incentive fee waiver, NII declined from $0.38 to $0.36 per share (≈ -5.3% QoQ).
Read all positive updates
Company Guidance
The company’s near‑term guidance emphasizes portfolio stabilization and deleveraging: the board declared a regular Q3 dividend of $0.34 per share (base dividend) and will pay the second previously announced special dividend of $0.03 per share on Sept. 15 (first $0.03 paid in Q2); no supplemental dividend will be paid this quarter. Key metrics called out include Q2 net investment income of $0.36 per share (vs. $0.38 ex a one‑time $0.04 waiver in Q1), NAV of $17.82 per share (down from $18.27), investment portfolio of ~$1.6 billion fair value across 192 companies (avg position ~0.5% of portfolio; 91% senior first lien), total net assets $656 million, watch list 15% (from 14%), non‑accruals 4.8% of debt at cost (from 5.7%), weighted average risk rating 2.1, and interest coverage 2.2x. Deployment and liquidity targets: Q2 gross deployment $57 million (including $28 million in 3 new platform deals at ~550 bps), exits/sales/repayments ~$36 million, net deployment ~$21 million; debt/equity 1.42x (1.37x net of cash) with $36 million cash and ~ $200 million available borrowing capacity; repaid $162 million of maturing fixed‑rate debt, upsized SPV facility by $100 million to $500 million and SMBC facility by $25 million to $335 million, and funded a $50 million tranche of 2025a notes due May 2029 (aggregate $175 million added vs. $162 million repaid), extending unsecured maturities to 2028+. Management expects near‑term realizations to reduce leverage into the target net leverage range during the second half of the year.Crescent Capital BDC Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 128.65M | 156.19M | 142.44M | 147.33M | 52.10M | 101.10M |
| Gross Profit | 64.32M | 121.85M | 83.50M | 92.46M | 23.17M | 84.93M |
| EBITDA | 35.61M | 103.11M | 74.74M | 84.11M | 16.50M | 87.28M |
| Net Income | 13.18M | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M |
Balance Sheet | ||||||
| Total Assets | 1.62B | 1.62B | 1.66B | 1.63B | 1.30B | 1.32B |
| Cash, Cash Equivalents and Short-Term Investments | 35.74M | 5.04M | 10.13M | 7.78M | 6.40M | 10.07M |
| Total Debt | 0.00 | 873.76M | 875.84M | 844.78M | 654.46M | 631.04M |
| Total Liabilities | 962.44M | 916.10M | 915.64M | 884.78M | 690.34M | 665.52M |
| Stockholders Equity | 656.45M | 706.04M | 740.64M | 742.59M | 612.54M | 652.28M |
Cash Flow | ||||||
| Free Cash Flow | 39.47M | 74.72M | 82.75M | 61.81M | 58.38M | 28.45M |
| Operating Cash Flow | 39.47M | 74.72M | 82.75M | 61.81M | 58.38M | 28.45M |
| Investing Cash Flow | -64.49M | 0.00 | -23.85M | 30.48M | -30.43M | -186.11M |
| Financing Cash Flow | -29.82M | -82.54M | -43.47M | -84.99M | -34.41M | 166.32M |
Crescent Capital BDC Technical Analysis
Positive
10.84
Price Trends
11.04
Positive
11.63
Positive
12.31
Negative
Market Momentum
0.15
Negative
60.66
Neutral
86.18
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CCAP, the sentiment is Positive. The current price of 10.84 is below the 20-day moving average (MA) of 11.17, below the 50-day MA of 11.04, and below the 200-day MA of 12.31, indicating a neutral trend. The MACD of 0.15 indicates Negative momentum. The RSI at 60.66 is Neutral, neither overbought nor oversold. The STOCH value of 86.18 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CCAP.
Crescent Capital BDC Risk Analysis
Crescent Capital BDC disclosed 2 risk factors in its most recent earnings report. Crescent Capital BDC reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Crescent Capital BDC Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $660.65M | 3.65 | 28.94% | 6.02% | -57.47% | 92.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $445.76M | 9.10 | 10.19% | 9.39% | -38.83% | -36.61% | |
63 Neutral | $433.68M | 420,816,349,181,499,000.00 | 2.14% | 15.50% | -18.56% | -69.62% | |
60 Neutral | $240.94M | 41.68 | 0.01% | 29.18% | 122.81% | 43.00% | |
60 Neutral | $344.84M | -3.10 | -17.68% | 27.85% | -141.00% | -809.18% | |
52 Neutral | $369.51M | 27.70 | 2.41% | 23.83% | 3.63% | ― |
* Financial Sector Average
CCAP
Crescent Capital BDC
11.68
-0.93
-7.40%
GLAD
Gladstone Capital
19.48
-5.19
-21.05%
GAIN
Gladstone Investment
16.35
3.00
22.44%
PNNT
Pennantpark Investment
3.71
-2.32
-38.47%
TCPC
BlackRock TCP Capital
3.94
-2.01
-33.77%
CION
CION Investment Corp
7.48
-1.65
-18.12%
Crescent Capital BDC Corporate Events
Business Operations and Strategy
Crescent Capital BDC Retires Senior Notes Early
Positive
Jul 1, 2026
On June 29, 2026, Crescent Capital BDC, Inc. prepaid $50 million in aggregate principal of its 7.54% senior unsecured notes that were originally due on July 28, 2026. The company paid approximately $51.6 million in total, covering the remaining pr...
Business Operations and StrategyPrivate Placements and Financing
Crescent Capital BDC Expands Senior Secured Credit Facility
Positive
Jun 24, 2026
On June 18, 2026, Crescent Capital BDC, Inc. expanded its senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation, boosting dollar commitments from $140 million to $165 million. The company also raised the maximum princip...
Business Operations and StrategyPrivate Placements and Financing
Crescent Capital BDC Expands and Extends Wells Fargo Facility
Positive
May 27, 2026
On May 21, 2026, Crescent Capital BDC Funding, a subsidiary of Crescent Capital BDC, Inc., amended its long-standing loan and security agreement with Wells Fargo, increasing the borrowing spread to 2.00%, expanding the credit facility from $400 mi...
Executive/Board ChangesShareholder Meetings
Crescent Capital BDC Stockholders Reelect Directors, Ratify Auditor
Positive
May 18, 2026
At its annual meeting held on May 15, 2026, Crescent Capital BDC, Inc. reported that stockholders elected Susan Yun Lee and Michael S. Segal as Class II directors to serve three-year terms expiring at the 2029 annual meeting, underscoring continui...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.