Crescent Capital BDC (CCAP) AI Stock Analysis

• Market Cap: $475.20M
• Dividend Yield: 13.2%
• Average Volume (3M): 187.83K
• Price to Earnings (P/E): 15.3
• Beta (1Y): 0.52
• Revenue Growth: -20.18%
• EPS Growth: -61.90%
• Country: US
• Employees: 230
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.45
• Shares Outstanding: 36,922,690
• 10 Day Avg. Volume: 229,286
• 30 Day Avg. Volume: 187,827
• PEG Ratio: -0.28
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 3.33
• P/FCF Ratio: 6.97
• Enterprise Value/Market Cap: -63.44
• Enterprise Value/Revenue: -182.17
• Enterprise Value/Gross Profit: -421.67
• Enterprise Value/Ebitda: -532.23
• 1Y Price Target: $14.25
• Price Target Upside: 10.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 1.67
• Revenue Forecast (FY): $158.13M

• Rating: 58 Neutral
• Price Target: $13.50 ▲(4.90% Upside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held to the mid-range by financial statement comparability concerns in the latest annual data and weak technical trend signals (price below major moving averages with negative MACD). These are partly offset by supportive valuation (high dividend yield, moderate P/E) and a generally constructive earnings update with dividend coverage and meaningful spillover income, despite NAV/nonaccrual pressure and rate-driven headwinds.

Positive Factors

Portfolio credit quality

A portfolio concentrated in first‑lien, sponsor‑backed loans with moderate LTVs and covenants materially lowers long‑run loss severity and supports recoveries. The strong risk-rating mix (86% rated 1–2) indicates durable underwriting discipline that should sustain income through credit cycles and preserve distributable earnings.

Extended maturities & liquidity

Extending the debt maturity profile and holding sizable undrawn capacity reduces refinancing and liquidity risk over the medium term. This structural improvement gives management flexibility to originate, manage covenant or market stress, and smooth funding costs, supporting stable net investment income and capital management.

Scale and active origination platform

High origination activity and platform scale produce a durable pipeline and allow Crescent to act as lead/agent, capturing fees and better economics. Consistent deployment and attractive realized spreads on new platforms underpin recurring interest and fee income, helping replenish and diversify the portfolio over multiple quarters.

Negative Factors

Rising nonaccruals & NAV pressure

An uptick in nonaccruals and a quarter‑over‑quarter NAV decline reflect pockets of credit deterioration that can erode future cash returns. Persistent or widening nonaccruals increase realized loss risk and reduce distributable income, pressuring dividend sustainability and requiring longer remediation or workout timelines.

Yield compression from lower rates

With many assets tied to floating rates, a structurally lower reference rate environment compresses yields and net interest margins. Even with slightly lower funding costs, persistent spread pressure reduces NII over months, making it harder to cover base dividends absent higher deployment yields or fee changes.

Dividend/fee structure uncertainty

A formal review of dividend and fee policies signals management expects durable earnings pressure and may alter cash return mechanics. Potential fee or dividend changes introduce structural uncertainty about future shareholder income and could reflect a need to rebase payout to match lower long‑term NII.

Crescent Capital BDC Business Overview & Revenue Model

Company Description

Crescent Capital BDC, Inc. is as a business development company private equity / buyouts and loan fund. It specializes in directly investing. It specializes in middle market. The fund seeks to invest in United States.

How the Company Makes Money

Crescent Capital BDC generates revenue primarily through interest income from its investments in debt securities, as well as through dividend income from equity investments in its portfolio companies. The company earns interest on loans provided to middle-market companies, which typically offer higher yields than traditional fixed-income investments. Additionally, CCAP may charge fees for structuring and managing loans, providing further revenue streams. The company also benefits from capital appreciation in its equity investments, which can enhance overall returns. Strategic partnerships and relationships with financial institutions and investment firms can facilitate access to new investment opportunities and enhance its market positioning, contributing to its overall earnings.

Crescent Capital BDC Financial Statement Overview

Summary

Fundamentals are decent but uneven: income statement and cash flow show generally strong profitability and mostly positive cash generation in 2021–2024, while leverage is meaningful. The biggest drag is the major discontinuity/inconsistency in the 2025 annual income and balance sheet figures versus prior years, reducing confidence in trend quality and comparability.

Income Statement

Revenue has been volatile over the period (sharp decline in 2022, strong rebound in 2023, modest decline in 2024, and ~13% growth in 2025), but profitability has generally been strong in most years, with healthy profit margins in 2021–2024. A key concern is the 2025 annual net income figure and margin reading, which appears outsized versus revenue and inconsistent with prior years, reducing confidence in trend quality and comparability. Overall, earnings power looks solid, but reported volatility and data consistency issues temper the score.

Balance Sheet

Leverage is meaningful, with debt-to-equity around ~0.8–1.2 in 2020–2024, which is not unusual for the business model but increases sensitivity to credit cycles and funding conditions. Return on equity improved from low levels in 2022 and was healthier in 2023–2024. The 2025 annual balance sheet shows zero debt and extremely large equity/assets versus prior years, which is a major discontinuity and creates uncertainty around true leverage and capitalization. Net: acceptable balance sheet in 2020–2024, but 2025 comparability risk holds back the score.

Cash Flow

Operating cash flow and free cash flow were positive in most years and improved meaningfully from 2021 through 2024, with operating cash flow covering net income strongly in 2022–2024 (coverage above ~1.6x). However, 2020 posted negative operating and free cash flow, highlighting potential variability in cash generation. 2025 shows positive cash flow and very high free cash flow growth, but given other 2025 inconsistencies, the strength is less conclusive. Overall: generally supportive cash generation with some historical volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	156.19M	142.44M	147.33M	52.10M	101.10M
Gross Profit	121.85M	83.50M	92.46M	23.17M	84.93M
EBITDA	103.11M	74.74M	84.11M	16.50M	87.28M
Net Income	34.51M	73.65M	83.84M	15.54M	83.63M
Balance Sheet
Total Assets	1.62T	1.66B	1.63B	1.30B	1.32B
Cash, Cash Equivalents and Short-Term Investments	31.50B	10.13M	7.78M	6.40M	10.07M
Total Debt	873.76M	875.84M	844.78M	654.46M	631.04M
Total Liabilities	916.10B	915.64M	884.78M	690.34M	665.52M
Stockholders Equity	706.04B	740.64M	742.59M	612.54M	652.28M
Cash Flow
Free Cash Flow	74.72M	82.75M	61.81M	58.38M	28.45M
Operating Cash Flow	74.72M	82.75M	61.81M	58.38M	28.45M
Investing Cash Flow	27.95M	-23.85M	30.48M	-30.43M	-186.11M
Financing Cash Flow	-82.54M	-43.47M	-84.99M	-34.41M	166.32M

Crescent Capital BDC Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 12.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CCAP, the sentiment is Negative. The current price of 12.87 is below the 20-day moving average (MA) of 13.48, below the 50-day MA of 14.05, and below the 200-day MA of 14.23, indicating a bearish trend. The MACD of -0.31 indicates Positive momentum. The RSI at 36.75 is Neutral, neither overbought nor oversold. The STOCH value of 49.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CCAP.

Crescent Capital BDC Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CION	63 Neutral	$402.52M	3.44	3.34%	15.77%	-11.01%	-65.56%
GAIN	61 Neutral	$536.80M	2.10	24.70%	11.02%	-45.46%	134.73%
GLAD	59 Neutral	$404.64M	19.71	7.50%	9.31%	41.12%	-40.68%
PNNT	59 Neutral	$314.73M	10.64	5.42%	16.61%	-3.09%	200.66%
CCAP	58 Neutral	$475.20M	15.33	0.02%	13.20%	-20.18%	-61.90%
TCPC	53 Neutral	$320.46M	-5.23	-12.44%	21.13%	-91.81%	78.46%

Crescent Capital BDC Corporate Events

Crescent Capital BDC Issues New Senior Unsecured Notes

Crescent Capital BDC issued $67.5 million of Tranche A senior unsecured notes due February 13, 2029 and $67.5 million of Tranche B senior unsecured notes due February 13, 2031 on February 13, 2026, carrying fixed coupon rates of 5.87% and 6.20%, respectively. The company also plans to issue $50 million of Tranche C senior unsecured notes due May 22, 2029 on May 22, 2026, subject to customary closing conditions, further diversifying its long-term funding.

In conjunction with the February 13, 2026 issuances, Crescent Capital BDC entered into interest rate swaps that convert the fixed-rate obligations on the Tranche A and Tranche B notes into floating-rate exposures based on three-month term SOFR plus respective spreads of 2.5325% and 2.8050%. These swaps, which match the maturities of the underlying notes, are designed to manage the company’s interest rate risk profile and align its liabilities more closely with floating-rate assets.

The most recent analyst rating on (CCAP) stock is a Hold with a $14.50 price target. To see the full list of analyst forecasts on Crescent Capital BDC stock, see the CCAP Stock Forecast page.