Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”)
(NASDAQ: CCAP) today reported net investment income of $20.6
million, or $0.56 per share, for the quarter ended June 30, 2023.
Reported net asset value per share was $19.58 at June 30, 2023.
The Company announced that its Board of
Directors (the “Board”) declared a regular cash dividend for
the third quarter of 2023 of $0.41 per share, which will be paid on
October 16, 2023 to stockholders of record as of the close of
business on September 29, 2023. Additionally, the Board declared a
supplemental cash dividend of $0.08 per share which will be paid on
September 15, 2023 to stockholders of record as of August 31, 2023.
Going forward, in addition to a quarterly base dividend of $0.41
per share, the Company’s Board expects to also declare, when
applicable, a formula-based quarterly supplemental dividend in an
amount to be determined each quarter.
Selected Financial Highlights($
in millions, except per share amounts)
|
As of and for the three months ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
|
Investments, at fair
value |
|
$ |
|
1,581.1 |
|
|
$ |
|
1,566.0 |
|
|
$ |
|
1,285.3 |
|
|
Total assets |
|
$ |
|
1,624.6 |
|
|
$ |
|
1,631.1 |
|
|
$ |
|
1,323.0 |
|
|
Total net assets |
|
$ |
|
725.8 |
|
|
$ |
|
718.4 |
|
|
$ |
|
639.2 |
|
|
Net asset value per share |
|
$ |
|
19.58 |
|
|
$ |
|
19.38 |
|
|
$ |
|
20.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
|
46.7 |
|
|
$ |
|
39.3 |
|
|
$ |
|
26.7 |
|
|
Net investment income |
|
$ |
|
20.6 |
|
|
$ |
|
17.5 |
|
|
$ |
|
15.5 |
|
|
Net realized gains (losses),
net of taxes |
|
$ |
|
(6.6 |
) |
|
$ |
|
0.5 |
|
|
$ |
|
(1.8 |
) |
|
Net change in unrealized gains
(losses), net of taxes |
|
$ |
|
8.6 |
|
|
$ |
|
(10.2 |
) |
|
$ |
|
(14.6 |
) |
|
Net increase (decrease) in net
assets resulting from operations |
|
$ |
|
22.6 |
|
|
$ |
|
7.8 |
|
|
$ |
|
(0.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income per
share |
|
$ |
|
0.56 |
|
|
$ |
|
0.54 |
|
|
$ |
|
0.50 |
|
|
Net realized gains (losses)
per share, net of taxes |
|
$ |
|
(0.18 |
) |
|
$ |
|
0.01 |
|
|
$ |
|
(0.06 |
) |
|
Net change in unrealized gains
(losses) per share, net of taxes |
|
$ |
|
0.23 |
|
|
$ |
|
(0.31 |
) |
|
$ |
|
(0.47 |
) |
|
Net increase (decrease) in net
assets resulting from operations per share |
|
$ |
|
0.61 |
|
|
$ |
|
0.24 |
|
|
$ |
|
(0.03 |
) |
|
Regular distributions paid per
share |
|
$ |
|
0.41 |
|
|
$ |
|
0.41 |
|
|
$ |
|
0.41 |
|
|
Special distributions paid per
share |
|
|
|
- |
|
|
|
|
- |
|
|
$ |
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net investment
income |
|
$ |
|
20.6 |
|
|
$ |
|
17.5 |
|
|
$ |
|
12.7 |
|
|
Adjusted net investment income
per share |
|
$ |
|
0.56 |
|
|
$ |
|
0.54 |
|
|
$ |
|
0.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average yield on
income producing securities (at cost)2 |
|
|
|
11.7 |
% |
|
|
|
11.4 |
% |
|
|
|
8.3 |
% |
|
Percentage of debt investments
at floating rates |
|
|
|
98.6 |
% |
|
|
|
98.6 |
% |
|
|
|
98.7 |
% |
|
Portfolio & Investment Activity
As of June 30, 2023 and December 31, 2022, the Company had
investments in 187 and 129 portfolio companies with an aggregate
fair value of $1,581.1 and $1,263.0 million, respectively. The
portfolio at fair value was comprised of the following asset
types:
Portfolio Asset Types: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
$ in millions |
|
June 30, 2023 |
|
|
|
December 31, 2022 |
|
|
Investment
Type |
|
Fair Value |
|
|
Percentage |
|
|
|
Fair Value |
|
|
Percentage |
|
|
Senior secured first lien |
|
$ |
|
445.5 |
|
|
|
28.1 |
|
% |
|
$ |
|
301.0 |
|
|
|
23.8 |
|
% |
Unitranche first lien3 |
|
|
|
955.0 |
|
|
|
60.4 |
|
|
|
|
|
824.1 |
|
|
|
65.2 |
|
|
Unitranche first lien - last out3 |
|
|
|
14.3 |
|
|
|
0.9 |
|
|
|
|
|
13.8 |
|
|
|
1.1 |
|
|
Senior secured second lien |
|
|
|
57.2 |
|
|
|
3.6 |
|
|
|
|
|
60.9 |
|
|
|
4.8 |
|
|
Unsecured debt |
|
|
|
5.6 |
|
|
|
0.4 |
|
|
|
|
|
4.5 |
|
|
|
0.4 |
|
|
Equity & other |
|
|
|
48.9 |
|
|
|
3.1 |
|
|
|
|
|
44.9 |
|
|
|
3.6 |
|
|
LLC/LP equity interests |
|
|
|
54.6 |
|
|
|
3.5 |
|
|
|
|
|
13.8 |
|
|
|
1.1 |
|
|
Total
investments |
|
$ |
|
1,581.1 |
|
|
|
100.0 |
|
% |
|
$ |
|
1,263.0 |
|
|
|
100.0 |
|
% |
For the quarter ended June 30, 2023, the Company
invested $38.1 million across two new portfolio companies and
several follow-on revolver and delayed draw fundings. For this
period, the Company had $27.6 million in aggregate exits, sales and
repayments.
For the quarter ended March 31, 2023, the
Company acquired $335.0 million of investments at cost across 63
new portfolio companies in connection with its acquisition of First
Eagle Alternative Capital BDC, Inc. ("FCRD"). Additionally, the
Company invested $29.0 million across three existing portfolio
companies and several follow-on revolver and delayed draw fundings.
For this period, the Company had $54.4 million in aggregate exits,
sales and repayments.
Results of Operations
For the three months ended June 30, 2023 and
2022, investment income totaled $46.7 million and $26.7 million,
respectively. Interest income, which includes amortization of
upfront fees, increased from $24.4 million for the three months
ended June 30, 2022 to $43.1 million for the three months ended
June 30, 2023. The increase was driven by a rise in benchmark
rates, the Company’s acquisition of FCRD, which closed in March
2023, and organic growth in the Company’s income producing
portfolio. Included in interest from investments for the three
months ended June 30, 2023 and 2022 are $0.1 million and $0.3
million of accelerated accretion of OID related to paydown
activity, respectively.
Dividend income increased from $2.1 million for
the three months ended June 30, 2022 to $3.4 million for the three
months ended June 30, 2023 due to higher dividend distributions
from the Company’s portfolio companies. Other income, which
includes consent, waiver, amendment, agency, underwriting and
arranger fees, was $0.2 million for the three months ended June 30,
2023 and 2022, respectively.
For the three months ended June 30, 2023 and
2022, total net expenses, including income and excise taxes,
totaled $26.1 million and $11.2 million, respectively. The increase
was primarily driven by interest and other debt financing costs,
which increased from $6.6 million for the three months ended June
30, 2022 to $15.3 million for the three months ended June 30, 2023
due to higher weighted average debt outstanding and a higher
weighted average cost of debt related to a rise in benchmark
rates.
Liquidity and Capital
Resources
As of June 30, 2023, the Company had $21.5 million in cash and
cash equivalents and restricted cash and $314.5 million of undrawn
capacity on its credit facilities, subject to borrowing base and
other limitations. The weighted average interest rate on the
Company’s debt outstanding as of June 30, 2023 was 6.73%.
The Company’s debt to equity ratio was 1.19x as of June 30,
2023.
Conference Call
The Company will host a webcast/conference call
on Thursday, August 10, 2023 at 12:00 p.m. (Eastern Time) to
discuss its financial results for the quarter ended June 30, 2023.
Please visit Crescent BDC’s webcast link located on the Events
& Presentations page of the Investor Relations section of
Crescent BDC’s website for a slide presentation that complements
the earnings conference call.
All interested parties are invited to
participate via telephone or the live webcast, which will be hosted
on a webcast link located on the Events & Presentations page of
the Investor Resources section of Crescent BDC’s website at
www.crescentbdc.com. Please visit the website to test your
connection before the webcast. Participants are also invited to
access the conference call by dialing the following number:
Toll Free: (888) 259-6580Conference ID: 90261204
All callers will need to enter the Conference ID followed by the
# sign and reference “Crescent BDC” once connected with the
operator. An archived replay will be available via a webcast link
located on the Investor Relations section of Crescent BDC's
website.
Endnotes
Note: Numbers may not sum due to rounding.
1) On a supplemental
basis, the Company is disclosing adjusted net investment income and
adjusted net investment income per share, each of which is a
financial measure that is calculated and presented on a basis of
methodology other than in accordance with U.S. GAAP (“non-GAAP”).
Adjusted net investment income represents net investment income,
excluding capital gains incentive fees. We use this non-GAAP
financial measure internally to analyze and evaluate financial
results and performance and believe that this non-GAAP financial
measure is useful to investors as an additional tool to evaluate
ongoing results and trends without giving effect to capital gains
incentive fees. The Company’s investment advisory agreement
provides that a capital gains-based incentive fee is determined and
paid annually with respect to realized capital gains (but not
unrealized capital appreciation) to the extent such realized
capital gains exceed realized capital losses and unrealized capital
depreciation on a cumulative basis. We believe that adjusted net
investment income is a useful performance measure because it
reflects the net investment income produced on the Company’s
investments during a period without giving effect to any changes in
the value of such investments and any related capital gains
incentive fees between periods. The presentation of adjusted net
investment income is not intended to be a substitute for financial
results prepared in accordance with GAAP and should not be
considered in isolation. The following table provides an unaudited
reconciliation of net investment income (the most comparable U.S.
GAAP measure) to adjusted net investment income for the periods
presented:
|
|
For the three months ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
$ in millions, except
per share data |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
GAAP net investment income |
|
$ |
|
20.6 |
|
|
$ |
|
0.56 |
|
|
$ |
|
17.5 |
|
|
$ |
|
0.54 |
|
|
$ |
|
15.5 |
|
|
$ |
|
0.50 |
|
Capital gains based incentive fee |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(2.8 |
) |
|
|
|
(0.09 |
) |
Adjusted net investment
income |
|
$ |
|
20.6 |
|
|
$ |
|
0.56 |
|
|
$ |
|
17.5 |
|
|
$ |
|
0.54 |
|
|
$ |
|
12.7 |
|
|
$ |
|
0.41 |
|
2) Yield excludes investments on non-accrual status.
3) Unitranche loans are first lien loans that may extend deeper
in a company’s capital structure than traditional first lien debt
and may provide for a waterfall of cash flow priority among
different lenders in the unitranche loan. In certain instances, the
Company may find another lender to provide the “first out” portion
of such loan and retain the “last out” portion of such loan, in
which case, the “first out” portion of the loan would generally
receive priority with respect to payment of principal, interest and
any other amounts due thereunder over the “last out” portion that
the Company would continue to hold. In exchange for the greater
risk of loss, the “last out” portion earns a higher interest
rate.
Crescent Capital BDC,
Inc.Consolidated Statements of Assets and
Liabilities(in thousands except share and per
share data)
|
As of June 30, 2023 (Unaudited) |
|
|
As of December 31, 2022 |
|
Assets |
|
|
|
|
|
Investments, at fair
value |
|
|
|
|
|
Non-controlled non-affiliated
(cost of $1,483,590 and $1,235,778, respectively) |
$ |
1,461,735 |
|
|
$ |
1,208,501 |
|
Non-controlled affiliated
(cost of $57,257 and $42,040, respectively) |
|
58,836 |
|
|
|
43,080 |
|
Controlled (cost of $68,792
and $13,638, respectively) |
|
60,559 |
|
|
|
11,375 |
|
Cash and cash equivalents |
|
7,535 |
|
|
|
6,397 |
|
Restricted cash and cash
equivalents |
|
13,927 |
|
|
|
10,670 |
|
Interest and dividend
receivable |
|
11,766 |
|
|
|
9,945 |
|
Unrealized appreciation on
foreign currency forward contracts |
|
7,069 |
|
|
|
8,154 |
|
Deferred tax assets |
|
1,324 |
|
|
|
91 |
|
Receivable for investments
sold |
|
- |
|
|
|
5 |
|
Other assets |
|
1,872 |
|
|
|
4,660 |
|
Total assets |
$ |
1,624,623 |
|
|
$ |
1,302,878 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Debt (net of deferred
financing costs of $7,974 and $5,380) |
$ |
859,167 |
|
|
$ |
654,456 |
|
Distributions payable |
|
15,195 |
|
|
|
12,664 |
|
Interest and other debt
financing costs payable |
|
9,393 |
|
|
|
8,471 |
|
Management fees payable |
|
4,960 |
|
|
|
4,056 |
|
Incentive fees payable |
|
4,278 |
|
|
|
3,112 |
|
Deferred tax liabilities |
|
2,134 |
|
|
|
899 |
|
Payable for investment
purchased |
|
- |
|
|
|
514 |
|
Directors’ fees payable |
|
146 |
|
|
|
151 |
|
Unrealized depreciation on
foreign currency forward contracts |
|
310 |
|
|
|
157 |
|
Accrued expenses and other
liabilities |
|
3,235 |
|
|
|
5,857 |
|
Total liabilities |
$ |
898,818 |
|
|
$ |
690,337 |
|
|
|
|
|
|
|
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 |
|
|
|
31 |
|
Paid-in capital in excess of
par value |
|
788,299 |
|
|
|
675,008 |
|
Accumulated earnings
(loss) |
|
(62,531 |
) |
|
|
(62,498 |
) |
Total net assets |
$ |
725,805 |
|
|
$ |
612,541 |
|
Total liabilities and net assets |
$ |
1,624,623 |
|
|
$ |
1,302,878 |
|
Net asset value per share |
$ |
19.58 |
|
|
$ |
19.83 |
|
Crescent Capital BDC,
Inc.Consolidated Statements of
Operations(in thousands except share and per share
data)(Unaudited)
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Investment
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
41,255 |
|
|
$ |
23,492 |
|
|
$ |
75,501 |
|
|
$ |
44,443 |
|
Paid-in-kind interest |
|
|
650 |
|
|
|
374 |
|
|
|
1,268 |
|
|
|
689 |
|
Dividend income |
|
|
75 |
|
|
|
6 |
|
|
|
79 |
|
|
|
14 |
|
Other income |
|
|
181 |
|
|
|
172 |
|
|
|
228 |
|
|
|
261 |
|
From non-controlled affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
740 |
|
|
|
271 |
|
|
|
1,352 |
|
|
|
619 |
|
Paid-in-kind interest |
|
|
186 |
|
|
|
— |
|
|
|
235 |
|
|
|
2,039 |
|
Dividend income |
|
|
551 |
|
|
|
997 |
|
|
|
1,179 |
|
|
|
3,271 |
|
Other income |
|
|
149 |
|
|
|
— |
|
|
|
149 |
|
|
|
— |
|
From controlled
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
154 |
|
|
|
184 |
|
|
|
320 |
|
|
|
366 |
|
Paid-in-kind interest |
|
|
— |
|
|
|
178 |
|
|
|
192 |
|
|
|
352 |
|
Dividend income |
|
|
2,800 |
|
|
|
1,100.00 |
|
|
|
5,520 |
|
|
|
1,100 |
|
Total investment income |
|
|
46,741 |
|
|
|
26,774 |
|
|
|
86,023 |
|
|
|
53,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other debt
financing costs |
|
|
15,273 |
|
|
|
6,571 |
|
|
|
27,642 |
|
|
|
12,042 |
|
Management fees |
|
|
5,010 |
|
|
|
4,073 |
|
|
|
9,468 |
|
|
|
8,090 |
|
Income based incentive
fees |
|
|
4,349 |
|
|
|
2,604 |
|
|
|
8,041 |
|
|
|
5,322 |
|
Capital gains based incentive
fees |
|
|
— |
|
|
|
(2,870 |
) |
|
|
— |
|
|
|
(2,149 |
) |
Professional fees |
|
|
427 |
|
|
|
256 |
|
|
|
737 |
|
|
|
708 |
|
Directors’ fees |
|
|
138 |
|
|
|
113 |
|
|
|
306 |
|
|
|
230 |
|
Other general and
administrative expenses |
|
|
753 |
|
|
|
677 |
|
|
|
1,478 |
|
|
|
1,370 |
|
Total expenses |
|
|
25,950 |
|
|
|
11,424 |
|
|
|
47,672 |
|
|
|
25,613 |
|
Management fees waiver |
|
|
(50 |
) |
|
|
(57 |
) |
|
|
(96 |
) |
|
|
(113 |
) |
Income based incentive fees
waiver |
|
|
(71 |
) |
|
|
(385 |
) |
|
|
(159 |
) |
|
|
(430 |
) |
Net expenses |
|
|
25,829 |
|
|
|
10,982 |
|
|
|
47,417 |
|
|
|
25,070 |
|
Net investment income before
taxes |
|
|
20,912 |
|
|
|
15,792 |
|
|
|
38,606 |
|
|
|
28,084 |
|
(Benefit) provision for income
and excise taxes |
|
|
340 |
|
|
|
259 |
|
|
|
541 |
|
|
|
414 |
|
Net investment
income |
|
|
20,572 |
|
|
|
15,533 |
|
|
|
38,065 |
|
|
|
27,670 |
|
Net realized and
unrealized gains (losses) on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled non-affiliated investments |
|
|
(6,494 |
) |
|
|
— |
|
|
|
(6,243 |
) |
|
|
1,306 |
|
Non-controlled affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,113 |
|
Controlled investments |
|
|
— |
|
|
|
(1,681 |
) |
|
|
— |
|
|
|
(1,681 |
) |
Foreign currency transactions |
|
|
(58 |
) |
|
|
(85 |
) |
|
|
(58 |
) |
|
|
68 |
|
Foreign currency forward contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24 |
|
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled non-affiliated investments and foreign currency
translation |
|
|
10,010 |
|
|
|
(17,887 |
) |
|
|
4,456 |
|
|
|
(18,740 |
) |
Non-controlled affiliated investments |
|
|
174 |
|
|
|
(1,463 |
) |
|
|
539 |
|
|
|
(4,540 |
) |
Controlled investments |
|
|
(1,641 |
) |
|
|
(775 |
) |
|
|
(5,970 |
) |
|
|
(1,443 |
) |
Foreign currency forward contracts |
|
|
(578 |
) |
|
|
5,492 |
|
|
|
(1,239 |
) |
|
|
5,587 |
|
Net realized and unrealized
gains (losses) on investments |
|
|
1,413 |
|
|
|
(16,399 |
) |
|
|
(8,515 |
) |
|
|
(12,306 |
) |
Benefit (provision) for taxes
on realized gain on investments |
|
|
- |
|
|
|
- |
|
|
|
252 |
|
|
|
(217 |
) |
Benefit (provision) for taxes
on unrealized appreciation (depreciation) on investments |
|
|
595 |
|
|
|
(24 |
) |
|
|
555 |
|
|
|
172 |
|
Net increase
(decrease) in net assets resulting from operations |
|
$ |
22,580 |
|
|
$ |
(890 |
) |
|
$ |
30,357 |
|
|
$ |
15,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share
data: |
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations
per share (basic and diluted): |
|
$ |
0.61 |
|
|
$ |
(0.03 |
) |
|
$ |
0.87 |
|
|
$ |
0.50 |
|
Net investment income per
share (basic and diluted): |
|
$ |
0.56 |
|
|
$ |
0.50 |
|
|
$ |
1.09 |
|
|
$ |
0.90 |
|
Weighted average shares
outstanding (basic and diluted): |
|
|
37,061,547 |
|
|
|
30,887,360 |
|
|
|
34,776,074 |
|
|
|
30,887,360 |
|
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 over $40 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 200
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
McMahondaniel.mcmahon@crescentcap.com
212-364-0149
Forward-Looking Statements
This press release, and other statements that
Crescent BDC may make, may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act,
with respect to Crescent BDC’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
Crescent BDC cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which may change over time. Forward-looking
statements speak only as of the date they are made, and Crescent
BDC assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially
from those anticipated in forward-looking statements and future
results could differ materially from historical performance.
In addition to factors previously disclosed in
Crescent BDC’s SEC reports and those identified elsewhere in this
press release, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: (1) our future operating results; (2)
our business prospects and the prospects of our portfolio
companies; (3) the impact of investments that we expect to make;
(4) our contractual arrangements and relationships with third
parties; (5) the dependence of our future success on the general
economy and its impact on the industries in which we invest; (6)
the financial condition of and ability of our current and
prospective portfolio companies to achieve their objectives; (7)
our expected financings and investments; (8) the adequacy of our
cash resources and working capital, including our ability to obtain
continued financing on favorable terms; (9) the timing of cash
flows, if any, from the operations of our portfolio companies; (10)
the impact of increased competition; (11) the ability of our
investment adviser to locate suitable investments for us and to
monitor and administer our investments; (12) potential conflicts of
interest in the allocation of opportunities between us and other
investment funds managed by our investment adviser or its
affiliates; (13) the ability of our investment adviser to attract
and retain highly talented professionals; (14) changes in law and
policy accompanying the new administration and uncertainty pending
any such changes; (15) increased geopolitical unrest, terrorist
attacks or acts of war, which may adversely affect the general
economy, domestic and local financial and capital markets, or the
specific industries of our portfolio companies; (16) changes and
volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets; (17) the unfavorable resolution of legal
proceedings; and (18) the impact of changes to tax legislation and,
generally, our tax position.
Crescent BDC’s Annual Report on Form 10-K for
the year ended December 31, 2022 and quarterly report on Form 10-Q
for the quarter ended June 30, 2023, each filed with the SEC,
identify additional factors that can affect forward-looking
statements.
Other Information
The information in this press release is summary
information only and should be read in conjunction with Crescent
BDC’s annual report on Form 10-K for the year ended December 31,
2022, which Crescent BDC filed with the U.S. Securities and
Exchange Commission (the SEC) on February 22, 2023, Crescent BDC’s
quarterly report on Form 10-Q for the quarter ended June 30, 2023,
which Crescent BDC filed with the SEC on August 9, 2023 s on Form
10-Q as well as Crescent BDC’s other reports filed with the SEC. A
copy of Crescent BDC’s annual report on Form 10-K for the year
ended December 31, 2022, Crescent BDC’s quarterly reports on Form
10-Q and Crescent BDC’s other reports filed with the SEC can be
found on Crescent BDC’s website at www.crescentbdc.com and the
SEC’s website at www.sec.gov.
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