Crescent Capital BDC

What Crescent Capital BDC does

Crescent Capital BDC, Inc. (NASDAQ: CCAP) is an externally managed business development company that originates and invests primarily in senior secured first-lien debt of private U.S. middle market companies, with a $1.6 billion portfolio at fair value across 192 portfolio companies as of March 31, 2026. Approximately 92% of investments are first-lien and 99% of debt investments carry floating rates, producing a portfolio with a weighted-average yield of 9.8% at cost and limited interest rate mismatch. The BDC is externally advised by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group, which manages approximately $50 billion in assets under management across credit strategies and is part of SLC Management (Sun Life's institutional alternatives business). Sector exposure is concentrated in healthcare (25.9%), software & services (20.3%), and commercial & professional services (17.5%). The business is funded through a mix of equity ($674 million in net assets), secured credit facilities, and now $185 million of senior unsecured notes rated BBB by KBRA, with leverage at 1.32x debt-to-equity.

The BDC earns revenue primarily through interest income on its debt portfolio (FY2025 investment income of $167.3 million, down from $197.4 million in FY2024), supplemented by dividend income from joint venture holdings such as First Eagle Logan JV, fee income from consents, waivers, and arranging activities, and net realized/unrealized gains or losses from portfolio marks and exits. Q1 2026 reported $37.9 million in investment income and $31.0 million in net realized and unrealized losses, with NAV per share compressing to $18.27 from $19.10 at year-end 2025. Effective April 1, 2026, the external manager reduced the base management fee from 1.25% to 1.00% and the incentive fee from 17.5% to 15.0%, lifting NII-to-dividend coverage to 113.5% post-fee reduction. The company's stock trades at approximately 0.62x book value and offers a dividend yield of approximately 13-14%, reflecting market concern about NAV markdowns and rising non-accruals (3.6% of portfolio at fair value, concentrated in healthcare).

Distribution is conducted through Crescent Capital Group's relationship-based sourcing platform — management and sponsor networks — rather than traditional sales channels, while public-market investor outreach is maintained through quarterly earnings calls, the investor relations website, SEC filings, and coverage by eight sell-side analysts. The BDC has offices via Crescent Capital Group in Los Angeles, New York, Boston, Chicago, London, and Frankfurt, supporting cross-border sourcing even though portfolio deployment is principally U.S.-focused. The BDC previously acquired Alcentra Capital Corporation in August 2019 to scale the platform.

Name

Crescent Capital BDC

Legal name

Crescent Capital BDC, Inc.

Website

https://crescentbdc.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

Crescent Capital BDC (NASDAQ: CCAP) is an externally managed business development company that originates senior secured first-lien debt investments in private U.S. middle market companies, operating a $1.6 billion portfolio across 192 borrowers and earning primarily interest income at a 9.8% weighted-average yield.

Ownership category

akta.pro rank

Product category

Private Credit / Business Development Company (Middle Market Lending)

NAICS

Other Financial Investment Activities (5239), Portfolio Management and Investment Advice (52394)

SIC

Investors, Nec (6799)

akta.pro primary industry

BDC / Public Vehicle Venture Debt Providers (FSANAIAC)

Keywords

• Middle market lending
• Business development company
• Private credit investing
• Senior secured loans
• Debt financing solutions

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Interest Income from Debt Investments: The company earns interest income from its portfolio of debt investments in middle market companies. As of Q1 2026, the weighted average yield on income producing securities was 9.8% at cost. Approximately 99.2% of debt investments carry floating interest rates, making returns sensitive to benchmark rate changes. Interest income includes amortization of upfront fees and accelerated accretion of OID related to paydown activity.
2. Net Realized and Unrealized Gains/Losses: The company generates realized gains/losses from exits, sales, and repayments of portfolio investments. Unrealized gains/losses reflect mark-to-market changes in portfolio valuation. Q1 2026 reported $31.0 million in net realized and unrealized losses driven by portfolio markdowns.
3. Dividend Income: The company receives dividend income from equity investments and joint venture holdings, including its investment in First Eagle Logan JV, LLC. Q1 2026 dividend income was $3.0 million.
4. Fee Income: Other income includes consent, waiver, amendment, agency, underwriting, and arranger fees from investment activities. Q1 2026 other income was $0.4 million.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Crescent Capital BDC, Inc. is a publicly traded business development company that originates and invests in the debt of private U.S. middle market companies. It provides capital solutions including senior secured first lien loans, unitranche financing, and junior debt to companies with sound business fundamentals and strong growth prospects. The portfolio is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group, and seeks to maximize total stockholder return through current income and capital appreciation.

Product overview

Crescent Capital BDC, Inc. is a single, unified business development company offering focused debt investment services to private U.S. middle market companies. The company does not operate a platform-plus-modules architecture but rather provides a consolidated investment platform that offers capital solutions including senior secured loans, unitranche financing, and other debt instruments to its portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Secured First Lien Loans
• Unitranche Financing
• Junior Debt Financing Subordinated debt investments held in the portfolio for borrowers requiring additional capital beyond senior tranches. Forms part of the diversified capital solutions menu offered to middle market companies.
• Equity and Joint Venture Investments

Quantifiable outcome

• NAV per share declined to $18.27 in Q1 2026 from $19.10 at year-end 2025 due to portfolio markdowns
• +2 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• KBRA (Kroll Bond Rating Agency)minorOthers · 4 November 2025KBRA assigned a BBB rating to Crescent Capital BDC's $185 million senior unsecured notes due in 2029 and 2031. The rating supports the company's ability to repay maturing debt and reflects the company's diversified portfolio, strong platform, and stable management.

Scale indicators11 records

Recent moves6 records

Expansion highlights2 records

Direct peers

• Golub Capital BDC: Public BDC (NASDAQ: GBDC) managed by Golub Capital focused on senior secured first-lien loans to middle market borrowers. Highly comparable portfolio construction with disciplined position sizing and one-stop/unitranche lending.
• Ares Capital Corporation: Largest publicly traded BDC (NASDAQ: ARCC) focused on first-lien senior secured loans to U.S. middle market companies. Most direct comparable by mandate, scale, and sponsor relationship model, though materially larger and more diversified.
• New Mountain Finance Corporation: Public BDC (NASDAQ: NMFC) sponsored by New Mountain Capital. Invests in senior secured loans to U.S. middle market companies in defensive growth sectors, with comparable portfolio management approach.
• Bain Capital Specialty Finance: Public BDC (NYSE: BCSF) managed by Bain Capital Credit. Provides senior secured loans to U.S. middle market companies and is closely comparable in lending strategy, sponsor backing, and fee structure.
• Oaktree Specialty Lending: Public BDC (NASDAQ: OCSL) managed by Oaktree Capital. Provides senior secured loans to U.S. middle market companies with sponsor-backed sponsor coverage, directly competing for similar private credit origination.
• SLR Investment Corp. Public BDC (NASDAQ: SLRC) sponsored by SLR Capital Partners. Focused on senior secured loans to U.S. middle market companies, providing another sponsor-backed externally-managed comparable for Crescent BDC.
• Capital Southwest Corporation: Public BDC (NASDAQ: CSWC) that provides first-lien senior secured loans to lower middle market companies. Operates with an internally-managed model, offering a structural comparison point to Crescent's externally-managed approach.
• Sixth Street Specialty Lending: Public BDC (NYSE: TSLX) focused on first-lien senior secured loans to middle market companies. Operates a similar floating-rate, sponsor-backed lending model and is covered by many of the same sell-side analysts.

Broad incumbents

• Hercules Capital: Largest specialty finance company focused on venture lending to technology and life sciences companies (NYSE: HTGC). Comparable as a public specialty lender but operates in an adjacent niche (venture debt) rather than sponsor-backed middle market lending.
• Blackstone Private Credit Fund: Non-traded BDC (BCRED) managed by Blackstone Credit. Directly comparable lending strategy to private U.S. middle market companies but accessed only through the private BDC structure rather than public equity.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Crescent Capital BDC