Crescent Capital BDC (CCAP) Q2 FY26 earnings call

Crescent Capital BDC reported a decline in NAV and an elevated debt-to-equity ratio in Q2 FY26, primarily driven by unrealized losses on non-accrual investments and a modest increase in watch list assets. Management is focused on rotating watch list investments and deleveraging the portfolio, supported by a recently revised fee structure and strong liquidity. The company aims to stabilize the portfolio and improve long-term shareholder returns amidst a normalizing private credit market.