Crescent Capital BDC (CCAP)
NASDAQ:CCAP
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Crescent Capital BDC
(NASDAQ:CCAP)
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Rating:58Neutral
Price Target:
$14.50
â–²(6.77% Upside)
Action:ReiteratedDate: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.
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.
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Positive Factors
Negative 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.
Read all positive factors
Crescent Capital BDC (CCAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$503.52M
Dividend Yield13.2%
Average Volume (3M)211.02K
Price to Earnings (P/E)15.1
Beta (1Y)0.61
Revenue Growth-19.84%
EPS Growth-53.12%
CountryUS
Employees230
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.45
Shares Outstanding36,969,284
10 Day Avg. Volume207,550
30 Day Avg. Volume211,024
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-59.84
Enterprise Value/Revenue-182.06
Enterprise Value/Gross Profit-421.43
Enterprise Value/Ebitda-531.93
Forecast
1Y Price Target
$13.83Price Target Upside1.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.64
Revenue Forecast (FY)$157.24M
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
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 debt investments (e.g., first-lien and second-lien loans), which typically pay con...
Crescent Capital BDC Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call presented a balanced but constructive view: management highlighted durable portfolio fundamentals (diversified, predominantly first-lien, sponsor-backed, strong interest coverage), proactive balance-sheet actions (extended debt maturities, ample liquidity), meaningful spillover income and continued origination activity. Headwinds included modest NAV decline, a small uptick in nonaccruals (partially remediated in January), and pressure on yields and NII from lower base rates. Management is proactively reviewing dividend and fee frameworks to bolster long-term earnings durability, and expects to provide a fuller update next quarter.Positive Updates
Net Investment Income and Dividend Coverage
Reported net investment income (NII) of $0.45 per share in Q4 2025 vs $0.46 prior quarter (≈-2.2%). NII covered the base dividend by 107%; Board declared quarterly cash dividend of $0.42 per share for Q1 2026.
Negative Updates
NAV Decline Quarter-over-Quarter
Net asset value per share declined to $19.10 as of Dec 31, 2025 from $19.28 as of Sept 30, 2025 (≈-0.93%), driven by net unrealized depreciation tied to certain portfolio companies.
Read all updates
Q4-2025 Updates
Positive
Negative
Net Investment Income and Dividend Coverage
Reported net investment income (NII) of $0.45 per share in Q4 2025 vs $0.46 prior quarter (≈-2.2%). NII covered the base dividend by 107%; Board declared quarterly cash dividend of $0.42 per share for Q1 2026.
Read all positive updates
Company Guidance
Management guided that Q4 net investment income was $0.45 per share (down from $0.46 Q3) and covered the base dividend by 107%; the Board declared a $0.42/share Q1 2026 cash dividend (payable April 15, record March 31). NAV was $19.10 at 12/31 (vs. $19.28 at 9/30), total investments at fair value were ~$1.6B across 184 companies (avg position ~0.6%), with 91% first‑lien, 99% sponsor‑backed, a ~40% weighted avg LTV at origination, 71% of loans with covenants and a weighted avg portfolio risk rating of 2.1 (86% rated 1–2). Activity and credit metrics: Crescent’s private credit platform committed >$6.5B in 2025 (>$1.7B in Q4); Q4 gross deployment was $71M (5 new platforms $29M at a weighted avg spread ~490 bps; $42M add‑ons), Q4 exits/sales/repayments ~ $78M (net realizations ≈ $7M); yield at cost fell 40 bps QoQ to 10%, interest coverage improved to 2.2x, and nonaccruals rose to 4.1% of cost / 2.0% of fair value (pro forma after January actions ~3.2% cost / 1.4% FV). Capitalization and liquidity: total net assets $706M, NAV $19.10, quarter‑end debt‑to‑equity 1.25x (1.20x net of cash) within the 1.1–1.3x target, weighted avg stated borrowing rate 5.83% (down from 5.99%), $185M of senior unsecured notes priced (first $135M funded; $50M funds in May), >90% of committed debt now matures in 2028 or later, $242M undrawn capacity and >$30M cash; spillover income is ~ $1.16/share (~3x the base dividend). Management and the Board are reviewing fee structure and base dividend level to shore up long‑term earnings durability and will provide a more fulsome update in May.Crescent Capital BDC Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
58
Neutral
| 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 | 1.62B | 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 | 916.10M | 915.64M | 884.78M | 690.34M | 665.52M |
| Stockholders Equity | 706.04M | 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
Positive
13.58
Price Trends
12.78
Positive
13.29
Positive
13.36
Positive
Market Momentum
0.16
Negative
67.72
Neutral
93.05
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 13.58 is above the 20-day moving average (MA) of 12.54, above the 50-day MA of 12.78, and above the 200-day MA of 13.36, indicating a bullish trend. The MACD of 0.16 indicates Negative momentum. The RSI at 67.72 is Neutral, neither overbought nor oversold. The STOCH value of 93.05 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 1 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $661.44M | 2.10 | 24.70% | 11.02% | -19.47% | 61.85% | |
58 Neutral | $503.52M | 15.08 | 4.81% | 13.20% | -19.84% | -53.12% | |
58 Neutral | $306.89M | 10.64 | 5.42% | 16.61% | 84.11% | 56.99% | |
56 Neutral | $427.01M | 19.71 | 7.50% | 9.31% | -43.48% | -65.43% | |
53 Neutral | $363.87M | -5.23 | -12.44% | 21.13% | -139.70% | -46.02% | |
53 Neutral | $391.85M | -24.53 | -2.75% | 15.77% | -10.20% | -162.66% |
* Financial Sector Average
CCAP
Crescent Capital BDC
13.93
-0.15
-1.09%
GLAD
Gladstone Capital
19.26
-3.95
-17.00%
GAIN
Gladstone Investment
16.82
4.21
33.39%
PNNT
Pennantpark Investment
4.77
-0.80
-14.38%
TCPC
BlackRock TCP Capital
4.39
-1.29
-22.74%
CION
CION Investment Corp
7.98
-0.50
-5.91%
Crescent Capital BDC Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Crescent Capital BDC Issues New Senior Unsecured Notes
Positive
Mar 9, 2026
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%, r...
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.