LOS ANGELES, Aug. 10, 2022 (GLOBE NEWSWIRE) — Crescent Capital BDC, Inc. (“Crescent BDC” or “Firm”) (NASDAQ: CCAP) in the present day reported internet funding revenue of $15.5 million, or $0.50 per share, and adjusted internet funding revenue of $12.7 million, or $0.41 per share,¹ for the quarter ended June 30, 2022. Reported internet asset worth per share was $20.69 at June 30, 2022.

The Firm introduced that its Board of Administrators declared a daily money dividend for the third quarter of 2022 of $0.41 per share, which might be paid on October 17, 2022 to stockholders of report as of the shut of enterprise on September 30, 2022. Moreover, the fourth and ultimate beforehand declared $0.05 per share particular money dividend might be paid on September 15, 2022 to stockholders of report as of September 2, 2022.

Chosen Monetary Highlights
($ in tens of millions, besides per share quantities)

Portfolio & Funding Exercise

As of June 30, 2022 and December 31, 2021, the Firm had investments in 137 and 134 portfolio firms with an mixture honest worth of $1,285.Three and $1,270.Four million, respectively. The portfolio at honest worth was comprised of the next asset varieties:

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For the quarter ended June 30, 2022, the Firm invested $112.Four million throughout 11 new portfolio firms, 12 current portfolio firms and several other follow-on revolver and delayed draw fundings. For this era, the Firm had $97.1 million in mixture exits, gross sales and repayments.

For the quarter ended March 31, 2022, the Firm invested $60.Zero million throughout 2 new portfolio firms, 5 current portfolio firms and several other follow-on revolver and delayed draw fundings. For this era, the Firm had $49.6 million in mixture exits, gross sales and repayments.

Outcomes of Operations

For the three months ended June 30, 2022 and 2021, funding revenue totaled $26.7 million and $23.Eight million, respectively. Curiosity revenue, which incorporates amortization of upfront charges, elevated from $21.5 million for the three months ended June 30, 2021 to $24.Four million for the three months ended June 30, 2022, attributable to an growth of the income-producing funding portfolio and an increase in benchmark charges. Included in curiosity from investments for the three months ended June 30, 2022 and 2021 are $1.5 million and $2.Three million of accelerated accretion of OID associated to paydown exercise, respectively. Dividend revenue was $2.1 million for each durations, and different revenue, which incorporates consent, waiver, modification, company, underwriting and arranger charges related to our funding actions, was $0.2 million for each durations.

For the three months ended June 30, 2022 and 2021, whole internet bills, together with revenue and excise taxes, totaled $11.2 million and $12.Eight million, respectively. The lower was primarily pushed by a $(2.8) million reversal of capital features primarily based incentive charges.

Liquidity and Capital Assets

As of June 30, 2022, the Firm had $18.9 million in money and money equivalents and restricted money and $227.5 million of undrawn capability on its credit score services, topic to borrowing base and different limitations. The weighted common rate of interest on the Firm’s debt excellent as of June 30, 2022 was 4.23%.

The Firm’s debt to fairness ratio was 1.03x as of June 30, 2022.

Non-GAAP Monetary Measures

On a supplemental foundation, the Firm is disclosing adjusted internet funding revenue and adjusted internet funding revenue per share, every of which is a monetary measure that’s calculated and introduced on a foundation of methodology apart from in accordance with U.S. GAAP (“non-GAAP”). Adjusted internet funding revenue represents internet funding revenue, excluding capital features incentive charges. We use this non-GAAP monetary measure internally to research and consider monetary outcomes and efficiency and consider that this non-GAAP monetary measure is beneficial to buyers as an extra device to judge ongoing outcomes and tendencies with out giving impact to capital features incentive charges. The Firm’s funding advisory settlement offers {that a} capital gains-based incentive charge is decided and paid yearly with respect to realized capital features (however not unrealized capital appreciation) to the extent such realized capital features exceed realized capital losses and unrealized capital depreciation on a cumulative foundation. We consider that adjusted internet funding revenue is a helpful efficiency measure as a result of it displays the online funding revenue produced on the Firm’s investments throughout a interval with out giving impact to any adjustments within the worth of such investments and any associated capital features incentive charges between durations. The presentation of adjusted internet funding revenue is just not meant to be an alternative choice to monetary outcomes ready in accordance with GAAP and shouldn’t be thought-about in isolation.

The next desk offers an unaudited reconciliation of internet funding revenue (essentially the most comparable U.S. GAAP measure) to adjusted internet funding revenue for the durations introduced:

Convention Name

The Firm will host a webcast/convention name on Thursday, August 11, 2022 at 12:00 p.m. (Japanese Time) to debate its monetary outcomes for the quarter ended June 30, 2022. Please go to Crescent BDC’s webcast hyperlink positioned on the Occasions & Shows web page of the Investor Relations part of Crescent BDC’s web site for a slide presentation that enhances the earnings convention name.

These thinking about taking part by way of webcast in listen-only mode can entry the occasion on the Investor Relations part of Crescent BDC’s web site at www.crescentbdc.com. Please go to the web site to check your connection earlier than the webcast. For contributors who wish to take part by way of phone, please register right here to obtain the dial-in quantity together with a singular PIN quantity that’s required to entry the decision.

An archived replay might be obtainable by way of a webcast hyperlink positioned on the Investor Relations part of Crescent BDC’s web site.

Endnotes

Crescent Capital BDC, Inc.
Consolidated Statements of Property and Liabilities
(in 1000’s besides share and per share knowledge)

Crescent Capital BDC, Inc.
Consolidated Statements of Operations
(in 1000’s besides share and per share knowledge)
(Unaudited)

About Crescent BDC

Crescent BDC is a enterprise growth firm that seeks to maximise the whole return of its stockholders within the type of present revenue and capital appreciation by offering capital options to center market firms with sound enterprise fundamentals and powerful development prospects. Crescent BDC makes use of the in depth expertise, origination capabilities and disciplined funding means of Crescent Capital Group LP (“Crescent”).  Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a enterprise growth firm beneath the Funding Firm Act of 1940. For extra details about Crescent BDC, go to www.crescentbdc.com. Nonetheless, the contents of such web site aren’t and shouldn’t be deemed to be included by reference herein.

About Crescent Capital Group

Crescent is a worldwide credit score funding supervisor with over $39 billion of belongings beneath administration. For over 30 years, the agency has centered on under funding grade credit score by way of methods that put money into marketable and privately originated debt securities together with senior financial institution loans, excessive yield bonds, in addition to non-public senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with workplaces in New York, Boston, Chicago and London and greater than 200 workers globally. For extra details about Crescent, go to www.crescentcap.com. Nonetheless, the contents of such web site aren’t and shouldn’t be deemed to be included by reference herein.

Contact:

Daniel McMahon
daniel.mcmahon@crescentcap.com        
212-364-0149
        
Ahead-Wanting Statements

This press launch, and different statements that Crescent BDC could make, could include forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act, with respect to Crescent BDC’s future monetary or enterprise efficiency, methods or expectations. Ahead-looking statements are usually recognized by phrases or phrases corresponding to “pattern,” “potential,” “alternative,” “pipeline,” “consider,” “snug,” “anticipate,” “anticipate,” “present,” “intention,” “estimate,” “place,” “assume,” “outlook,” “proceed,” “stay,” “keep,” “maintain,” “search,” “obtain,” and comparable expressions, or future or conditional verbs corresponding to “will,” “would,” “ought to,” “may,” “could” or comparable expressions.

Crescent BDC cautions that forward-looking statements are topic to quite a few assumptions, dangers and uncertainties, which can change over time. Ahead-looking statements converse solely as of the date they’re made, and Crescent BDC assumes no obligation to and doesn’t undertake to replace forward-looking statements. Precise outcomes may differ materially from these anticipated in forward-looking statements and future outcomes may differ materially from historic efficiency.

Along with elements beforehand disclosed in Crescent BDC’s SEC stories and people recognized elsewhere on this press launch, the next elements, amongst others, may trigger precise outcomes to vary materially from forward-looking statements or historic efficiency: (1) our future working outcomes; (2) our enterprise prospects and the prospects of our portfolio firms; (3) the impression of investments that we anticipate to make; (4) our contractual preparations and relationships with third events; (5) the dependence of our future success on the overall financial system and its impression on the industries wherein we make investments; (6) the monetary situation of and talent of our present and potential portfolio firms to realize their targets; (7) our anticipated financings and investments; (8) the adequacy of our money assets and dealing capital, together with our capability to acquire continued financing on favorable phrases; (9) the timing of money flows, if any, from the operations of our portfolio firms; (10) the impression of elevated competitors; (11) the power of our funding adviser to find appropriate investments for us and to watch and administer our investments; (12) potential conflicts of curiosity within the allocation of alternatives between us and different funding funds managed by our funding adviser or its associates; (13) the power of our funding adviser to draw and retain extremely gifted professionals; (14) adjustments in legislation and coverage accompanying the brand new administration and uncertainty pending any such adjustments; (15) elevated geopolitical unrest, terrorist assaults or acts of conflict, which can adversely have an effect on the overall financial system, home and native monetary and capital markets, or the precise industries of our portfolio firms; (16) adjustments and volatility in political, financial or business circumstances, the rate of interest atmosphere, overseas change charges or monetary and capital markets; (17) the unfavorable decision of authorized proceedings; and (18) the impression of adjustments to tax laws and, typically, our tax place.

Crescent BDC’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2021 and quarterly report on Type 10-Q for the quarter ended June 30, 2022, every filed with the SEC, determine extra elements that may have an effect on forward-looking statements.

Different Data

The data on this press launch is abstract info solely and needs to be learn together with Crescent BDC’s annual report on Type 10-Ok for the 12 months ended December 31, 2021, which Crescent BDC filed with the U.S. Securities and Trade Fee (the SEC) on February 23, 2022, Crescent BDC’s quarterly report on Type 10-Q for the quarter ended June 30, 2022, which Crescent BDC filed with the SEC on August 10, 2022, in addition to Crescent BDC’s different stories filed with the SEC. A replica of Crescent BDC’s annual report on Type 10-Ok for the 12 months ended December 31, 2021, Crescent BDC’s quarterly stories on Type 10-Q and Crescent BDC’s different stories filed with the SEC will be discovered on Crescent BDC’s web site at www.crescentbdc.com and the SEC’s web site at www.sec.gov.