Dividend DeclarationsThe Company announced that its Board of Directors (the "Board") declared a fourth quarter 2025 regular cash dividend of $0.42 per share to stockholders of record as of December 31, 2025, payable on January 15, 2026.
Selected Financial Highlights($ in millions, except per share amounts)
As of and for the three months ended
September 30, 2025
June 30, 2025
September 30, 2024
Investments, at fair value
$
1,580.7
$
1,600.7
$
1,591.4
Total assets
$
1,627.6
$
1,654.4
$
1,645.0
Total net assets
$
714.1
$
724.7
$
748.8
Net asset value per share
$
19.28
$
19.55
$
20.20
Investment income
$
41.4
$
43.0
$
51.6
Net investment income
$
16.9
$
16.9
$
23.5
Net realized gains (losses), net of taxes
$
(5.0
)
$
(2.9
)
$
3.8
Net change in unrealized gains (losses), net of taxes
$
(4.8
)
$
1.0
$
(12.0
)
Net increase (decrease) in net assets resulting from operations
$
7.1
$
15.0
$
15.3
Net investment income per share
$
0.46
$
0.46
$
0.64
Net realized gains (losses) per share, net of taxes
$
(0.14
)
$
(0.08
)
$
0.10
Net change in unrealized gains (losses) per share, net of taxes
$
(0.13
)
$
0.03
$
(0.32
)
Net increase (decrease) in net assets resulting from operations per share
$
0.19
$
0.41
$
0.41
Regular distributions paid per share
$
0.42
$
0.42
$
0.42
Supplemental distributions paid per share
$
-
$
-
$
0.07
Special distributions paid per share
$
0.05
$
0.05
$
-
Weighted average yield on income producing securities (at cost)1
10.4
%
10.4
%
11.6
%
Percentage of debt investments at floating rates
97.4
%
97.2
%
97.4
%
Portfolio & Investment Activity
As of September 30, 2025 and December 31, 2024, the Company had investments in 187 and 185 portfolio companies with an aggregate fair value of $1,580.7 and $1,598.9 million, respectively. The portfolio at fair value was comprised of the following asset types:
Portfolio Asset Types:
As of
$ in millions
September 30, 2025
December 31, 2024
Investment Type
Fair Value
Percentage
Fair Value
Percentage
Senior secured first lien
$
352.8
22.2
%
$
379.7
23.7
%
Unitranche first lien2
1,039.8
65.8
1,044.1
65.3
Unitranche first lien - last out2
26.2
1.7
14.8
0.9
Senior secured second lien
18.6
1.2
38.5
2.4
Unsecured debt
19.5
1.2
17.5
1.1
Equity & other
84.7
5.4
64.9
4.1
LLC/LP equity interests
39.0
2.5
39.4
2.5
Total investments
$
1,580.6
100.0
%
$
1,598.9
100.0
%
For the quarter ended September 30, 2025, the Company invested $73.9 million across 7 new portfolio companies and several follow-on revolver and delayed draw fundings. During this period, the Company had $86.0 million in aggregate exits, sales and repayments. For the quarter ended June 30, 2025, the Company invested $57.5 million across 3 new portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $92.7 million in aggregate exits, sales and repayments.Results of Operations
For the quarter ended September 30, 2025, investment income decreased to $41.4 million from $43.0 million for the quarter ended June 30, 2025. Interest income, which includes amortization of upfront fees, decreased to $38.8 million for the quarter ended September 30, 2025 from $40.1 million for the quarter ended June 30, 2025 due to decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the quarters ended September 30, 2025 and June 30, 2025 are $0.3 million and $0.8 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income increased to $2.2 million for the quarter ended September 30, 2025 from $1.8 million for the quarter ended June 30, 2025. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees, was $0.4 million and $1.0 million for the quarters ended September 30, 2025 and June 30, 2025, respectively.
For the three months ended September 30, 2025 and June 30, 2025, total net expenses, including income and excise taxes, totaled $24.5 million and $26.1 million, respectively.
Liquidity and Capital Resources
As of September 30, 2025, the Company had $27.8 million in cash and cash equivalents and restricted cash and $239.8 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average cost of debt on the Company's debt outstanding as of September 30, 2025 was 5.99%.
The Company's debt to equity ratio was 1.23x as of September 30, 2025.
Conference Call
The Company will host a webcast/conference call on Thursday, November 13, 2025 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended September 30, 2025. Please visit Crescent BDC's webcast link located on ...
