Galeanu Mihai My initial piece on Crescent Capital (NASDAQ:CCAP) was delivered back in late December last year, where the conclusion was relatively bearish - i.e., the right business focus and healthy cash generation were offset by increasing concentration in below well-performing investment category and slightly elevated leverage. However, after seeing the Q4, 2023 and Q1, 2024 data points my view on CCAP changed. CCAP had managed to deliver robust results, while improving the portfolio quality and getting ...

财务数据和关键指标变化 - 净投资收益(NII)为每股0.59美元,相当于11.7%的年化净资产收益率 [11] - 公司宣布每股0.42美元的定期股息和每股0.09美元的特别股息,合计每股0.51美元的股息,相当于6月30日资产净值的10%年化股息率 [12][13] - 资产净值增加至每股20.30美元,为2022年6月以来的最高水平 [13] 各条业务线数据和关键指标变化 - 公司投资组合规模约为16亿美元,分散投资于183家公司,平均单笔投资占总投资组合的0.5% [18] - 投资组合中90%为优先担保贷款,保持高度分散,投资于20个不同行业 [19] - 投资组合加权平均评级为2.1,评级1和2的投资占比为89% [21] - 8家公司的投资列为不计息,占总债务投资的1.6%和0.9% [21] 各个市场数据和关键指标变化 - 2024年上半年中型市场贷款规模同比增长近20%,主要由再融资活动推动 [22] - 收购活动占中型市场贷款的1/3,虽然增长较缓慢,但预计下半年将进一步加快 [22][23] - 直接贷款市场仍是中型市场的首选,因其在执行速度、确定性和灵活性方面的优势 [23][24] 公司战略和发展方向及行业竞争 - 公司专注于10-150百万美元EBITDA的下游和中游中型市场,通过直接谈判获得更好的条款和保护 [15][16] - 公司投资于现金流稳定、运营历史悠久的公司,不投资年度经常性收益(ARR)贷款 [17] - 公司面临的竞争主要来自上游中型市场的参与者,但规模较大的交易更多集中在非交易市场 [89][90][91][92][93] 管理层对经营环境和未来前景的评论 - 管理层对公司的财务业绩和投资组合表现保持乐观,认为能够继续为股东提供有吸引力的风险调整收益 [42][43][44] - 管理层表示将保持谨慎和纪律的投资方法,利用母公司Crescent的三十多年周期经验来应对可能出现的不利信用环境 [43] 其他重要信息 - 公司债务杠杆率为1.18倍,处于1.1-1.3倍的目标区间,有充足的流动性支持进一步投资 [38][39] - 公司已将SPV资产融资利差降低30个基点至SOFR加2.45%,并将到期日延长至2029年5月 [40] - 公司计划继续宣布和支付季度性补充股息,以向股东提供更多分配 [41] 问答环节重要的提问和回答 问题1 **Lee Cooperman 提问** 提问当前利率水平是否过高 [46][47] **Jason Breaux 回答** 回答利率水平相对历史来说较高,但与长期平均水平相比并不算高 [48] 问题2 **Lee Cooperman 提问** 询问公司是否考虑通过股票回购返还资本 [49] **Jason Breaux 回答** 回答公司会持续评估股票回购,但需要平衡资产收益、杠杆水平等因素 [50][51] 问题3 **Robert Dodd 提问** 询问公司对2026年大量债务到期的应对计划 [53] **Gerhard Lombard 回答** 回答公司正在积极管理资本结构,包括优化再融资时间表,以降低集中到期风险 [54][55][56]

Crescent Capital BDC (CCAP) came out with quarterly earnings of $0.59 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 1.72%. A quarter ago, it was expected that this company would post earnings of $0.59 per share when it actually produced earnings of $0.63, delivering a surprise of 6.78%. Over the last four quarters, the com ...

财务业绩 - 公司在2024年第二季度实现净投资收益0.59美元/股，净收益0.55美元/股[4,5] - 公司2023年全年净投资收益为20,572万美元[21] - 公司2023年全年净资产增加2,258万美元[21] - 公司2023年第四季度净投资收益为5,572万美元[21] - 公司2023年第四季度净资产增加558万美元[21] - 公司2023年第四季度每股基本和稀释净资产增加0.55美元[21] - 公司2023年第四季度每股基本和稀释净投资收益为0.59美元[21] - 公司2023年第四季度加权平均股数为37,061,547股[21] 股息分配 - 公司宣布2024年第三季度派发0.42美元/股的基准股息，以及2024年第二季度0.09美元/股的额外股息[2] 投资组合 - 截至2024年6月30日，公司投资组合公允价值为16.11亿美元，投资于183家公司[7] - 2024年第二季度，公司新增投资1.193亿美元，收回7,340万美元[7] - 截至2024年6月30日，公司投资组合中96.9%为浮动利率债务投资[6] - 截至2024年6月30日，公司投资组合中62.4%为联贷优先级贷款[8] 财务状况 - 截至2024年6月30日，公司有3,611万美元现金及受限现金，未使用信贷额度2.938亿美元[10] - 公司债务权益比为1.18倍[10] 收益和费用 - 2024年第二季度投资收益为4,895万美元，同比增加4.7%[9] - 2024年第二季度净费用为2,720万美元，同比增加4.2%[9] 公司概况 - 公司主要从事中型企业的资本解决方案业务,力求为股东带来当期收益和资本增值[22] - 公司由Crescent Capital Group管理,Crescent Capital Group管理的资产总额超过420亿美元[23] - 公司未来的经营业绩可能受到多种因素的影响,包括宏观经济形势、投资组合公司的经营状况等[24]

8vFanICrescent Capital BDC, Inc. (NASDAQ:CCAP) is a well-managed business development company with a distinct floating-rate focus, a First Lien-centric investment portfolio and very solid dividend pay-out metrics. Crescent Capital is also distributing a steady stream of growing, supplemental dividends to passive income investors and the valuation reflects a moderate margin of safety. I think that Crescent Capital will continue to pay supplemental dividends in the latter half of 2024 and possibly beyond ...

Crescent Capital BDC (CCAP) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a chan ...

Vivek Vishwakarma Net worth is a good measure of wealth, but it shouldn’t be the sole metric that's used. That’s because, like when valuing companies, free cash flow generation is another way to measure the flexibility of household finances. When it comes to having the freedom to do what one wants without having to sell down principal, it comes down to free cash flow from truly passive investments like dividend-paying stocks and bonds that foot the bill. That’s why I like to take a balanced approach whe ...

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the 'long' context, investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Whil ...

LOS ANGELES, June 04, 2024 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC," the "Company") (NASDAQ:CCAP) today announced it will host an Analyst & Investor Day on Tuesday, June 11, 2024 via a live video stream. During the event, members of Crescent's leadership team will provide commentary on CCAP and a review of the Crescent platform and investment process. The presentation will begin at 6:00 p.m. Eastern Time. To register for the event and to access the presentation and live video stream, p ...

Crescent Capital BDC (CCAP) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The power of ...