CCAP: Recap: Some Credit Challenges

研报英文原文证据摘录

CCAP: Recap: Some Credit Challenges

Equity Research

Price Target Change — May 14, 2026

BDC

Crescent Capital BDC, Inc.

Recap: Some Credit Challenges Equal Weight

Price Target: $12.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

The new Gold Standard fee for public BDCs could shine through with a turn in credit. Price Target $12.00 $13.00 -7.7%

EPS 2026 1.53 1.67 -8.3%

CCAP reported NOI of $0.42, in line with the 0.42 consensus and just inside our $0.43 EPS 2027 1.48 1.58 -6.1%

estimate. JV div income offset a decline in interest income, and the Advisor waived some Rev. (MM) 2026 146.0 148.7 -1.8%

incentive fee (~$0.04 / share) to earn the outgoing $0.42 dividend. The base dividend Rev. (MM) 2027 141.8 141.6 0.1%

was cut to $0.34, which at 7.4% of NAV is just beyond its low hurdle. The new 1/15/7 fee

structure is the new public "Gold Standard," and should help alleviate some impacts from Ticker CCAP

spreads / yields and higher-end G&A.

Upside/(Downside) to Target 0.1%

Price (05/14/2026) $11.99

Special dividends ($0.03 / quarter for the rest of '26, $0.09 total) cure the excess created

52 Week Range $11.80 - 16.40by the dividend cut, but keep CCAP near the 3x regular dividend max. The planned facility

upsize, which would bring secured commits to ~1.2x NAV, and its higher leverage position Market Cap (MM) $444

(1.32x, guided back into target next quarter), both point toward spillover being a more Enterprise Value (MM) $1,324

permanent fixture, in our view. Average Daily Value (MM) $2

Dividend Yield 11.3%

Of five new non-accruals, four were in healthcare (though different subcategories)

and deeper vintage with double-digit markdowns this Q -- ACI Group '21, Avalign '18, $ (Dec) Q1 Q2 Q3 Q4 FY

GrapeTree '17, Plasma Buyer '22.