Overview

• US business development company's Q1 net investment income per share fell yr/yr to $0.42

• Net asset value per share declined to $18.27 from $19.62 a year ago

• Company cut management and incentive fees after quarter end, effective April 1, 2026

Outlook

• Crescent BDC declares Q2 2026 regular cash dividend of $0.34 per share

• Company to pay $0.09 per share in special dividends over next three quarters

• Crescent BDC lowers base management fee to 1.00% and incentive fee to 15.0% from April 2026

Result Drivers

• LOWER INTEREST INCOME - Co said interest income fell mainly due to restructuring of certain debt investments and a decrease in benchmark rates

• HIGHER REALIZED AND UNREALIZED LOSSES - Co reported increased realized and unrealized losses on investments, contributing to lower net asset value

Company press release: ID:nGNXb0d7dC

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the closed end funds peer group is "hold."

• Wall Street's median 12-month price target for Crescent Capital BDC Inc is $15.25, about 16.7% above its May 13 closing price of $13.07

• The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 9 three months ago

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