The fee reduction supports NII durability going forward, but the NAV decline and portfolio losses warrant monitoring for credit quality trends. The maintained dividend and special dividends provide income visibility. Watch the Q2 2026 earnings for the full benefit of the fee cut and any further portfolio stress.
Price Chart
Executive Summary
Crescent Capital BDC reported Q1 2026 NII of $0.42/share, in line with the $0.42 consensus, but GAAP net income was -$0.42/share due to $31M in net realized and unrealized losses. Investment income fell to $37.9M from $42.1M YoY, NAV per share dropped to $18.27 from $19.62, and the company announced a fee reduction effective April 1, 2026. The quarter was operationally stable but marked by credit-driven portfolio losses and a shrinking asset base.
Key Financial Metrics
Key Facts
- NII of $0.42/share matched consensus of $0.42; GAAP net loss of -$0.42/share due to $31.0M net realized/unrealized losses
- Investment income fell to $37.9M from $42.1M YoY, driven by lower interest income from restructured debt and lower benchmark rates
- NAV per share declined to $18.27 from $19.62 a year ago, reflecting portfolio markdowns and realized losses
- Base management fee reduced from 1.25% to 1.00% and incentive fee from 17.5% to 15.0%, effective April 1, 2026
- Regular dividend maintained at $0.34/share; special dividends of $0.09/share announced in three installments
- Net debt-to-equity ratio of 1.32x; weighted average cost of debt 6.09%
- Portfolio yield declined to 9.8% from 10.4% YoY; 99.2% of debt investments at floating rates
Financial Impact
NII per share flat at $0.42; investment income down $4.2M YoY; NAV per share down $1.35 or 6.9% YoY
Risk Factors
- Continued net realized/unrealized losses could further erode NAV and pressure the dividend
- Floating-rate portfolio (99.2%) faces headwinds from declining benchmark rates
- Portfolio yield compression (9.8% vs 10.4% YoY) may pressure NII
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3294522 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 8w ago | Insider Cluster | $10.54 $9.50 | ▼ −9.87% | ▼ −10.13% | $8.70 (−17.46%) |
Aug 26, 2026 8w ago | Insider Cluster | $10.57 $9.58 | ▼ −9.37% | ▼ −9.59% | $8.70 (−17.69%) |
Aug 10, 2026 10w ago | 8-K | $11.44 $10.23 | ▲ +10.58% | ▲ +9.52% | $8.70 (+23.95%) |
Jun 24, 2026 17w ago | 8-K | $10.96 $10.78 | ▼ −1.64% | ▼ −2.17% | $8.70 (−20.62%) |
May 22, 2026 22w ago | Insider Cluster | $11.41 $11.21 | ▼ −1.80% | ▲ +0.15% | $8.70 (−23.75%) |
May 13, 2026 23w ago | Press Release | $11.96 $11.26 | ▼ −5.84% | ▼ −4.98% | $8.70 (−27.25%) |
Apr 27, 2026 25w ago | Press Release | $13.43 $11.44 | ▼ −14.82% | ▼ −20.29% | $8.70 (−35.22%) |
Feb 25, 2026 34w ago | 8-K | $12.82 $12.40 | ▼ −3.32% | ▲ +1.92% | $8.70 (−32.14%) |
US Market Status
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