Crescent Capital Bdc, Inc. (CCAP)
NASDAQ:CCAP
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Crescent Capital BDC
(NASDAQ:CCAP)
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Rating:57Neutral
Price Target:
$11.50
▼(-15.32% Downside)
Action:Reiterated
Date:05/19/26
The score is anchored by decent underlying fundamentals with strong cash conversion but tempered by leverage and uneven growth. Technicals are a major drag as the stock sits below all key moving averages with bearish momentum despite being oversold. Valuation is mixed: a very high yield is supportive, but the negative P/E reflects elevated earnings uncertainty, and the latest earnings call highlighted credit pressure (higher nonaccruals), weaker NII, and a NAV decline alongside stabilizing strategic actions.
Positive Factors
Strong cash generation
CCAP has translated earnings into cash consistently: operating cash flow exceeded net income (~2.1–2.4x in 2023–2025) and free cash flow has equaled net income. This durable cash conversion supports dividend coverage, absorbs credit losses, and funds selective deployments without urgent external capital.
Negative Factors
Rising nonaccruals / credit stress
Nonaccruals increased materially and concentrated in healthcare, and legacy CCaaS troubles persist. Elevated credit deterioration can compress NAV, raise loss provisioning, and depress NII over multiple quarters, forcing more conservative deployment and potentially limiting dividend sustainability.
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Positive Factors
Negative Factors
Strong cash generation
CCAP has translated earnings into cash consistently: operating cash flow exceeded net income (~2.1–2.4x in 2023–2025) and free cash flow has equaled net income. This durable cash conversion supports dividend coverage, absorbs credit losses, and funds selective deployments without urgent external capital.
Read all positive factors
Crescent Capital BDC (CCAP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$421.52M
Dividend Yield13.2%
Average Volume (3M)237.38K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth-18.56%
EPS Growth-69.62%
CountryUS
Employees230
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.41
Shares Outstanding36,845,950
10 Day Avg. Volume330,932
30 Day Avg. Volume237,382
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 Cap3.08
Enterprise Value/Revenue10.41
Enterprise Value/Gross Profit15.57
Enterprise Value/Ebitda25.47
Forecast
1Y Price Target
$14.08Price Target Upside3.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.65
Revenue Forecast (FY)$156.23M
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call presented a balanced mix of proactive, constructive strategic actions and ongoing credit challenges. Positives included permanent fee reductions to improve long-term earnings resilience, a reset dividend framework with special dividends to address spillover, solid liquidity and a robust platform pipeline, and continued portfolio-level metrics that remained largely stable (86% rated 1 or 2; interest coverage 2.2x). Offsetting these were meaningful near-term headwinds: NAV declined ~4.35% QoQ, core NII declined ~15.6% from the prior quarter (to $0.38 before the waiver), nonaccruals increased (to 5.7% of cost and 3.6% of fair value) with concentration in select health care assets, and leverage sat marginally above target. Management emphasized conservative mark-to-market practices and active portfolio management. Overall, the positives (structural fee/dividend changes, liquidity, deployment opportunities and platform strength) are balanced by credit-related pressures and earnings softness, resulting in a neutral near-term outlook but with steps aimed at longer-term stabilization.Positive Updates
Fee Structure Reduction
Management permanently reduced the base management fee from 1.25% to 1.00% and the incentive fee from 17.5% to 15% effective April 1, 2026, restoring CCAP's fee structure toward the lower end of peers to improve long-term earnings consistency.
Negative Updates
NAV Decline Quarter-over-Quarter
Net asset value (NAV) declined to $18.27 per share from $19.10 per share, a drop of $0.83 or approximately -4.35% quarter-over-quarter. Management attributed ~65% of the markdown to market-driven spread and multiple repricing and ~35% to credit-specific depreciation.
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Q1-2026 Updates
Positive
Negative
Fee Structure Reduction
Management permanently reduced the base management fee from 1.25% to 1.00% and the incentive fee from 17.5% to 15% effective April 1, 2026, restoring CCAP's fee structure toward the lower end of peers to improve long-term earnings consistency.
Read all positive updates
Company Guidance
Management's guidance emphasized a durable, more conservative framework: permanent fee cuts effective April 1, 2026 (base management fee 1.25% → 1.00%; incentive fee 17.5% → 15%), a reset quarterly base dividend from $0.42 to $0.34 per share (Board also approved three $0.03 special quarterly dividends in 2026, first payable June 15) and a voluntary $0.04 incentive‑fee waiver this quarter; reported NII was $0.38 per share (or $0.42 including the waiver) versus $0.45 last quarter. They expect leverage to normalize to the 1.1x–1.3x target (currently 1.3x), highlighted a $1.6 billion investment portfolio at fair value, ~ $206 million of available capacity and $27 million of cash, and an expected $100 million ABL upsize to close before quarter end to help refinance upcoming maturities; near term they do not expect significant net portfolio growth, will deploy conservatively (Q1 gross deployments $115 million, including $57 million into 14 new platforms at ~500 bps average spread, net deployment ~$22 million), keep average position size small (~0.6% of portfolio) and prioritize diversification and active portfolio management.Crescent Capital BDC Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 124.78M | 156.19M | 142.44M | 147.33M | 52.10M | 101.10M |
| Gross Profit | 83.47M | 121.85M | 83.50M | 92.46M | 23.17M | 84.93M |
| EBITDA | 51.02M | 103.11M | 74.74M | 84.11M | 16.50M | 87.28M |
| Net Income | 15.09M | 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 | 54.19M | 5.04M | 10.13M | 7.78M | 6.40M | 10.07M |
| Total Debt | 907.13M | 873.76M | 875.84M | 844.78M | 654.46M | 631.04M |
| Total Liabilities | 943.63M | 916.10M | 915.64M | 884.78M | 690.34M | 665.52M |
| Stockholders Equity | 674.03M | 706.04M | 740.64M | 742.59M | 612.54M | 652.28M |
Cash Flow | ||||||
| Free Cash Flow | 66.05M | 74.72M | 82.75M | 61.81M | 58.38M | 28.45M |
| Operating Cash Flow | 66.05M | 74.72M | 82.75M | 61.81M | 58.38M | 28.45M |
| Investing Cash Flow | -21.80M | 0.00 | -23.85M | 30.48M | -30.43M | -186.11M |
| Financing Cash Flow | -70.13M | -82.54M | -43.47M | -84.99M | -34.41M | 166.32M |
Crescent Capital BDC Technical Analysis
Negative
13.58
Price Trends
12.71
Negative
13.09
Negative
13.33
Negative
Market Momentum
-0.49
Positive
29.89
Positive
17.59
Positive
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 13.58 is above the 20-day moving average (MA) of 12.76, above the 50-day MA of 12.71, and above the 200-day MA of 13.33, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 29.89 is Positive, neither overbought nor oversold. The STOCH value of 17.59 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $432.66M | 6.11 | 8.94% | 9.31% | -46.94% | -51.89% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | $654.67M | 2.98 | 34.04% | 11.02% | -54.43% | 163.70% | |
57 Neutral | $421.52M | -7.23 | 2.14% | 13.20% | -18.56% | -69.62% | |
54 Neutral | $325.54M | ― | -19.08% | 21.13% | -153.69% | -168.78% | |
52 Neutral | $328.61M | -3.77 | -0.13% | 15.77% | -11.90% | 84.61% | |
50 Neutral | $250.08M | ― | 0.01% | 16.61% | 122.81% | 43.00% |
* Financial Sector Average
CCAP
Crescent Capital BDC
11.37
-2.17
-16.01%
GLAD
Gladstone Capital
18.95
-4.88
-20.48%
GAIN
Gladstone Investment
15.90
2.66
20.12%
PNNT
Pennantpark Investment
3.80
-1.78
-31.90%
TCPC
BlackRock TCP Capital
3.73
-2.74
-42.38%
CION
CION Investment Corp
6.55
-1.50
-18.67%
Crescent Capital BDC Corporate Events
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...
Executive/Board Changes
Crescent Capital BDC Elevates Executives to Board Leadership
Neutral
May 8, 2026
On May 5, 2026, Crescent Capital BDC’s board accepted the resignation of Class III director Elizabeth Ko, noting that her departure was not due to any disagreement with management, the board, or the company’s operations, policies or pr...
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.