financing costs payable 9,116 10,900
Management fees payable 5,089 5,026
Incentive fees payable 4,899 4,770
Deferred tax liabilities 503 578
Unrealized depreciation
on foreign currency
forward contracts 77 84
Accrued expenses and
other liabilities 3,756 3,449
----------------- ----------------
Total liabilities $ 896,242 $ 884,785
================= ================
Net assets
Preferred stock, par
value $0.001 per share
(10,000 shares
authorized, zero
outstanding,
respectively) $ - $ -
Common stock, par value
$0.001 per share
(200,000,000 shares
authorized, 37,061,547
and 30,887,360 shares
issued and outstanding,
respectively) 37 37
Paid-in capital in excess
of par value 965,895 965,895
Accumulated earnings
(loss) (217,125) (223,338)
----------------- ----------------
Total net assets $ 748,807 $ 742,594
----------------- ----------------
Total liabilities and
net assets $ 1,645,049 $ 1,627,379
================= ================
Net asset value per share $ 20.20 $ 20.04
Crescent Capital BDC, Inc.
Consolidated Statements of Operations
(in thousands except share and per share data)
(Unaudited)
For the three months For the nine months ended
ended September 30, September 30,
------------------------- -------------------------
2024 2023 2024 2023
---------- ---------- ---------- ----------
Investment Income:
From non-controlled
non-affiliated
investments:
Interest income $ 42,294 $ 42,578 $ 127,832 $ 118,080
Paid-in-kind
interest 3,527 703 6,742 1,971
Dividend income 102 1 496 80
Other income 1,149 237 2,815 466
From non-controlled
affiliated
investments:
Interest income 713 770 2,505 2,122
Paid-in-kind
interest 708 384 1,217 619
Dividend income 520 530 808 1,709
Other income - 161 16 309
From controlled
investments:
Interest income 273 148 881 468
Paid-in-kind
interest -- -- -- 192
Dividend income 2,344 2,640 7,624 8,160
Other income 3 -- 8 --
---------- ---------- ---------- ----------
Total investment
income 51,633 48,152 150,944 134,176
---------- ---------- ---------- ----------
Expenses:
Interest and other
debt financing
costs 16,104 15,379 47,638 43,019
Management fees 5,119 5,073 15,133 14,541
Income based
incentive fees 4,976 4,593 14,518 12,634
Professional fees 585 383 1,483 1,121
Directors' fees 151 151 459 457
Other general and
administrative
expenses 609 618 1,914 2,099
---------- ---------- ---------- ----------
Total expenses 27,544 26,197 81,145 73,871
---------- ---------- ---------- ----------
Management fees
waiver (30) (49) (101) (145)
Income based
incentive fees
waiver (77) (69) (114) (229)
---------- ---------- ---------- ----------
Net expenses 27,437 26,079 80,930 73,497
---------- ---------- ---------- ----------
Net investment income
before taxes 24,196 22,073 70,014 60,679
(Benefit) provision
for income and
excise taxes 655 350 1,455 890
---------- ---------- ---------- ----------
Net investment income 23,541 21,723 68,559 59,789
---------- ---------- ---------- ----------
Net realized and
unrealized gains
(losses) on
investments:
Net realized gain
(loss) on:
Non-controlled
non-affiliated
investments 2,095 41 (4,839) (6,202)
Non-controlled
affiliated
investments (4,828) -- (4,828) --
Controlled
investments 6,443 -- 6,443 --
Foreign currency
transactions 59 (10) (460) (68)
Foreign currency
forward contracts -- -- 3,223 --
Net change in
unrealized
appreciation
(depreciation) on:
Non-controlled
non-affiliated
investments and
foreign currency
translation (3,774) 476 8,287 4,932
Non-controlled
affiliated
investments 4,571 (4,014) 5,765 (3,475)
Controlled
investments (11,378) 2,488 (15,231) (3,482)
Foreign currency
forward
contracts (1,405) 1,994 (3,725) 755
---------- ---------- ---------- ----------
Net realized and
unrealized gains
(losses) on
investments (8,217) 975 (5,365) (7,540)
---------- ---------- ---------- ----------
Benefit (provision)
for taxes on
realized gain on
investments -- (120) -- 132
Benefit (provision)
for taxes on
unrealized
appreciation
(depreciation) on
investments (56) 43 464 598
---------- ---------- ---------- ----------
Net increase
(decrease) in net
assets resulting
from operations $ 15,268 $ 22,621 $ 63,658 $ 52,979
========== ========== ========== ==========
Per common share data:
Net increase
(decrease) in net
assets resulting
from operations per
share (basic and
diluted): $ 0.41 $ 0.61 $ 1.72 $ 1.49
Net investment income
per share (basic and
diluted): $ 0.64 $ 0.59 $ 1.85 $ 1.68
Weighted average
shares outstanding
(basic and
diluted): 37,061,547 37,061,547 37,061,547 35,546,270
About Crescent BDC
Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent. Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
About Crescent Capital Group
Crescent is a global credit investment manager with $43 billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with more than 225 employees globally. Crescent is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information about Crescent, visit www.crescentcap.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.
Contact:
Dan McMahon
daniel.mcmahon@crescentcap.com
212-364-0149
Forward-Looking Statements
(MORE TO FOLLOW) Dow Jones Newswires
November 12, 2024 06:15 ET (11:15 GMT)
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