Crescent Capital BDC, Inc.
- Open
- 10.48
- Day high
- 10.58
- Day low
- 10.39
- Prev close
- 10.48
- Volume
- 301K
- Mkt cap
- $386M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.6
- P/S
- 3.4
- Yield
- 15.85%
- Per share
- $1.66
- ▼Insiders net selling -$1.4M over the last 3 months (2 open-market buys, 4 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Crescent Capital BDC, Inc. (CCAP) is a Financial Services company listed on NASDAQ. The stock is down 34% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 4 sales (SEC Form 4). Drillr has 1 published research article covering CCAP.
Crescent Capital BDC, Inc. (CCAP) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CCAP earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 11, 2026 | $0.37 | $0.36 | -2.6% | $36M | -2.1% |
| May 14, 2026 | $0.41 | $0.42 | +2.4% | $38M | -4.2% |
| Feb 26, 2026 | $0.44 | $0.45 | +2.3% | $46M | +15.6% |
| Nov 12, 2025 | $0.46 | $0.46 | -0.4% | $41M | -2.4% |
| Aug 13, 2025 | $0.46 | $0.46 | +0.0% | $43M | +2.3% |
| Feb 19, 2025 | $0.56 | $0.55 | -1.8% | $27M | -41.7% |
| Feb 21, 2024 | $0.57 | $0.61 | +7.0% | $48M | +0.5% |
| Feb 22, 2023 | $0.44 | $0.49 | +11.4% | $15M | -53.3% |
| Nov 9, 2022 | $0.43 | $0.42 | -2.3% | $8M | -74.2% |
| Aug 10, 2022 | $0.42 | $0.41 | -2.4% | $7M | -74.7% |
| Feb 23, 2022 | $0.42 | $0.43 | +2.4% | $19M | -25.3% |
| Nov 10, 2021 | $0.41 | $0.48 | +17.1% | $23M | +3.6% |
CCAP insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | FIDELITY & GUARANTY LIFE INSURANCE CO10 percent owner | Sell | 27,195 | $10.60 |
| Aug 28, 2026 | FIDELITY & GUARANTY LIFE INSURANCE CO10 percent owner | Sell | 32,091 | $10.60 |
| Aug 26, 2026 | FIDELITY & GUARANTY LIFE INSURANCE CO10 percent owner | Sell | 33,457 | $10.72 |
| Aug 26, 2026 | FIDELITY & GUARANTY LIFE INSURANCE CO10 percent owner | Sell | 40,000 | $10.74 |
| Aug 21, 2026 | Chung Henrydirector, officer: President | Buy | 2,500 | $10.89 |
| Aug 20, 2026 | Lombard Gerhardofficer: Chief Financial Officer | Buy | 2,000 | $10.91 |
| May 22, 2026 | Chung Henrydirector, officer: President | Buy | 4,500 | $11.45 |
| May 21, 2026 | Breaux Jasondirector, officer: Chief Executive Officer | Buy | 5,000 | $11.19 |
| May 20, 2026 | Strandberg Steven F.director | Buy | 85,000 | $11.28 |
| May 20, 2026 | Lombard Gerhardofficer: Chief Financial Officer | Buy | 1,000 | $11.12 |
| Nov 18, 2025 | Lombard Gerhardofficer: Chief Financial Officer | Buy | 2,000 | $13.34 |
| Aug 29, 2025 | Bouek Kirillofficer: Controller | Buy | 200 | $15.67 |
| Aug 26, 2025 | Barrios Raymondofficer: Managing Director | Buy | 2,230 | $15.63 |
| Aug 26, 2025 | Barrios Raymondofficer: Managing Director | Buy | 1,015 | $15.62 |
| May 27, 2022 | Hawley Georgeofficer: Secretary | Buy | 5,900 | $17.22 |
Source: CCAP SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full CCAP insider & 13F page →CCAP research & analysis
Crescent Capital BDC, Inc. company profile
Overview
Crescent Capital BDC, Inc. (NYSE:CCAP) is a business development company that was founded and went public in February 2020. The company operates as a private equity and loan fund specializing in direct investments in middle-market companies across the United States. Since its inception, Crescent Capital BDC has grown significantly through both organic growth and strategic acquisitions, most notably the acquisition of First Eagle BDC in March 2023, which substantially expanded its investment portfolio and asset base to approximately $1.6 billion.
Business
Crescent Capital BDC operates in the business development company sector, which is a specialized type of investment vehicle regulated under the Investment Company Act of 1940. BDCs are designed to provide capital to small and medium-sized businesses that may have difficulty accessing traditional bank financing or public capital markets. The company focuses primarily on middle-market lending, targeting companies with EBITDA (earnings before interest, taxes, depreciation, and amortization) ranging from $10 million to $200 million. This market segment represents businesses that are too large for small business lending but too small to efficiently access public debt markets. The company's investment portfolio consists of approximately $1.6 billion spread across 185 portfolio companies as of the most recent quarter. Crescent Capital BDC's core investment products include: • First lien loans (90% of portfolio): These are senior secured debt instruments that have the highest priority claim on a borrower's assets in case of default. First lien loans typically offer lower risk but also lower returns compared to subordinated debt. • Unitranche loans: These are hybrid debt instruments that combine senior and subordinated debt into a single facility, offering borrowers simplified financing while providing lenders with higher yields than traditional senior debt. • Second lien and subordinated debt (remaining 10%): These are junior debt instruments that carry higher risk but offer higher potential returns. The company focuses heavily on sponsor-backed transactions, with 99% of its debt portfolio invested in companies backed by private equity sponsors. This approach provides additional oversight and support for portfolio companies, as private equity sponsors typically have significant experience in managing and improving business operations.
Revenue model
Crescent Capital BDC generates revenue primarily through interest income from its loan portfolio and dividend income from equity investments. As a BDC, the company is required to distribute at least 90% of its taxable income to shareholders in the form of dividends, making it an income-focused investment vehicle. The company's revenue model is built on several key components: 1. Interest income from floating-rate loans: With 97% of its debt investments carrying floating interest rates, the company benefits from rising interest rate environments. The weighted average portfolio yield currently stands at 10.4%, with most loans having interest rate floors averaging 79 basis points to protect against declining rates. 2. Fee income: The company earns various fees including origination fees, prepayment penalties, and monitoring fees from portfolio companies. 3. Equity appreciation: While debt investments comprise the majority of the portfolio, equity stakes in portfolio companies can provide additional returns through capital appreciation when companies are sold or go public. The company's paying customers are primarily middle-market companies seeking debt financing, typically those backed by private equity sponsors who require capital for acquisitions, growth initiatives, or refinancing existing debt. Several factors influence the company's profitability margins: Positive margin drivers include rising interest rates (benefiting the floating-rate portfolio), increased deal flow during economic uncertainty (as traditional lenders retreat), and the company's focus on defensive, non-cyclical industries that maintain stable cash flows. Negative margin drivers include credit losses from portfolio company defaults, increased competition from other private credit providers potentially compressing loan spreads, rising funding costs, and economic downturns that could impact portfolio company performance and increase non-accrual rates.
Competitive moat
Crescent Capital BDC's competitive moat is moderate but not particularly strong, typical of the BDC industry. The company's primary competitive advantages stem from its established relationships and operational expertise rather than structural barriers to entry. The company's key competitive strengths include: 1. Sponsor relationships: With 99% of investments in sponsor-backed companies, Crescent Capital has developed strong relationships with private equity firms that provide a consistent deal pipeline. These relationships take time to build and can create preferential access to attractive investment opportunities. 2. Underwriting expertise: The company's focus on the lower and core middle market requires specialized knowledge and due diligence capabilities. This expertise, combined with disciplined credit standards, has resulted in relatively low non-accrual rates (currently 1.8% at fair value). 3. Scale advantages: With $1.6 billion in assets, the company has sufficient scale to compete for larger transactions while maintaining cost efficiency in operations and funding. However, the BDC industry faces significant competitive pressures. The primary threats include the massive influx of capital into private credit from institutional investors, which is compressing spreads particularly in the upper middle market. Additionally, banks returning to the lending market during favorable economic conditions, direct lending funds with lower cost of capital, and the commoditized nature of debt financing create ongoing competitive challenges. The company acknowledges that the upper middle market is experiencing "significant capital inflows, potentially pressuring spreads," while the lower middle market where they focus remains "less competitive." This suggests their moat is primarily based on market segment specialization rather than insurmountable competitive barriers.
Risks & safety
Crescent Capital BDC presents a moderate margin of safety with solid financial fundamentals but typical BDC-related risks. • Liquidity position: Strong with $30.5 million in cash and short-term investments, though negative operating cash flow of $15.1 million in Q1 2025 requires monitoring • Debt management: Debt-to-equity ratio of 1.25x is within the company's target range and below the 2.0x regulatory maximum for BDCs, providing reasonable leverage cushion • Credit quality: Non-accrual loans represent only 1.8% of portfolio at fair value, indicating strong credit management • Valuation metrics: Trading at 0.87x price-to-book ratio (discount to NAV of $19.62), P/E ratio of 9.5x appears reasonable for the sector • Dividend coverage: Net investment income of $0.45 per share covers the $0.42 quarterly dividend with modest cushion • Portfolio diversification: Well-diversified across 191 companies and 20+ industry sectors, reducing concentration risk • Interest rate sensitivity: 97% floating-rate portfolio with 79 basis point average floor provides protection against rate declines while benefiting from increases
Recent development
Over the past few years, Crescent Capital BDC has undergone significant strategic evolution focused on growth and portfolio optimization. The most transformational development was the acquisition of First Eagle BDC in March 2023, which substantially expanded the company's asset base and portfolio diversification. This merger nearly doubled the company's investment portfolio and enhanced its market position in the middle-market lending space. The company has implemented a supplemental dividend program that pays shareholders 50% of net investment income above the $0.41 base dividend, demonstrating management's commitment to returning excess capital to shareholders while maintaining financial flexibility. This policy reflects the company's confidence in its ability to generate consistent income above baseline levels. Strategically, Crescent Capital has maintained a disciplined approach to credit underwriting while focusing on non-cyclical, cash-generating businesses. The company has specifically avoided annual recurring revenue (ARR) loans and maintained tight documentation standards. Recent quarters have shown the company leading transactions and driving documentation terms, indicating strong market positioning. The investment focus has remained consistent on sponsor-backed middle-market companies with EBITDA between $10-200 million, with particular emphasis on healthcare and software sectors. The company has successfully maintained portfolio quality with 87% of investments rated 1-2 (performing at or above underwriting expectations) and minimal non-accrual rates. Recent market positioning includes anticipation of increased M&A activity in 2025 following election uncertainty resolution, while maintaining cautious optimism about deal flow recovery. The company has also been evaluating debt maturity laddering strategies and exploring both private placement and debt capital market options for funding diversification.
CCAP company profile · for informational purposes only — not investment advice.
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