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Inspired by the horse race in the 2026 Palio di Siena, I made a financial move that I hope will be just as clever as the knight's move in chess. I decided to close out two positions in my Cupolone portfolio that I wasn't entirely convinced about, raising cash to reinvest when the opportunity arises. The purpose of this move is to use this liquidity in securities with better overall NAV performance and a greater likelihood of long-term success.
Crescent Capital BDC is rated HOLD, with the stock trading at a record 0.600x NAV and an attractive 12.7% yield. The dividend was reset 19% lower to $0.34, now conservatively covered by NII at 1.06x, and management permanently cut fees. Portfolio credit quality remains pressured: NAV has declined for eight straight quarters, non-accruals are 4.8%, and the watch list is 14.7%.
LOS ANGELES--(BUSINESS WIRE)--Crescent Capital Group LP (“Crescent”), one of the leading alternative credit investment firms, announced today the final close of its second captive collateralized loan obligation (CLO) equity fund, Crescent CLO Equity Funding II, with $232 million in commitments. The fund doubled the size of its predecessor, Crescent CLO Equity Funding I, which closed in 2018 with $103 million in commitments. Sophisticated institutional investors, including global insurance compa.
CCAP cut its dividend by 19% a few months ago. But I expect another dividend cut, as I see several signals of struggling NII. NII dropped nearly 22% year-over-year to $0.36 per share, leaving only a 6% margin of safety over the current base dividend and heightening payout risk.
Crescent Capital BDC, Inc. (CCAP) Q2 2026 Earnings Call Transcript
Crescent Capital BDC NASDAQ: CCAP reported second-quarter net investment income of $0.36 per share, exceeding its $0.34 per-share base dividend but declining from $0.38 per share in the prior quarter excluding a one-time incentive-fee waiver.
Crescent Capital BDC (CCAP) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.46 per share a year ago.
WP Carey (WPC) delivered a steady dividend raise, maintaining a 5.1% yield and demonstrating resilient income performance. Four BDCs—PFLT, CCAP, CGBD, OBDC—implemented double-digit dividend cuts, reflecting sector volatility and recent price declines near 52-week lows. Despite dividend reductions, all BDCs remain in the RIG portfolio, with recommendations to hold as dividend coverage stabilizes and recovery potential emerges.
SEC filings for CCAP aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.