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Crescent Capital BDC (CCAP)

Market Price (6/19/2026): $11.195 | Market Cap: $413.4 MilSector: Financials | Industry: Asset Management & Custody Banks

Crescent Capital BDC (CCAP)

Market Price (6/19/2026): $11.195
Market Cap: $413.4 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 16%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 250%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 250%

Low stock price volatility
Vol 12M is 25%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.

Weak multi-year price returns
2Y Excs Rtn is -62%, 3Y Excs Rtn is -61%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 218%

Expensive valuation multiples
P/SPrice/Sales ratio is 16x, P/EPrice/Earnings or Price/(Net Income) is 27x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -56%, Rev Chg QQuarterly Revenue Change % is -295%

Key risks
CCAP key risks include [1] heightened default risk and potential credit losses stemming from a considerable portion of its investment portfolio being on non-accrual status.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 20%, Dividend Yield is 16%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15%, FCF Yield is 16%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 250%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 250%
2 Low stock price volatility
Vol 12M is 25%
3 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit, and Private Equity.
4 Weak multi-year price returns
2Y Excs Rtn is -62%, 3Y Excs Rtn is -61%
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 218%
6 Expensive valuation multiples
P/SPrice/Sales ratio is 16x, P/EPrice/Earnings or Price/(Net Income) is 27x
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -56%, Rev Chg QQuarterly Revenue Change % is -295%
8 Key risks
CCAP key risks include [1] heightened default risk and potential credit losses stemming from a considerable portion of its investment portfolio being on non-accrual status.

Valuation & Metrics

FYE: 12/31CCAP [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$26.4 Mil—
FY 2026 Sales$149.4 Mil—
FY 2027 Sales$146.2 Mil—
FY 2026 Sales Growth466.5%—
FY 2027 Sales Growth-2.1%7.7%
EARNINGS
LTM Net Income (GAAP) [3]$15.1 Mil—
FY 2026 Net Income (Non-GAAP)$47.2 Mil—
FY 2027 Net Income (Non-GAAP)$55.1 Mil—
FY 2027 Net Income Growth16.8%15.0%
FY 2026 EPS (Non-GAAP)$1.56—
FY 2027 EPS (Non-GAAP)$1.49—
FY 2027 EPS Growth-4.5%—
VALUATION
FY 2026 P/S2.83.2
FY 2027 P/S2.8—
FY 2026 P/E8.820.5
FY 2027 P/E7.5—

[1] CCAP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
CCAPS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)0.0
Rev Chg Q-295.2%8.8%
Rev Chg LTM-56.4%7.4%
Rev Chg 3Y Avg185.5%5.8%
PROFITABILITYVERY GOOD
Op Inc LTM ($ Bil)�
CFO LTM ($ Bil)0.1
Net Inc LTM ($ Bil)0.0
CFO/Rev LTM250.4%21.3%
Net Inc Mgn57.2%13.0%
VALUATIONVERY HIGH
P/S15.73.2
P/CFO6.315.0
P/FCF6.319.1
P/E27.423.8

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MetricValueDateSource
Number of Portfolio Companies1876302025Link
Portfolio Fair Value1.6 billion6302025Link
New and Follow-on Investments in Quarter57.5 million6302025Link
Debt-to-Equity Ratio1.23x6302025Link
Number of New Portfolio Companies in Quarter36302025Link
Aggregate Exits, Sales and Repayments in Quarter92.7 million6302025Link

Price Chart

Upcoming
6/30/2026DividendAmount: $0.34
Payment On: 7/15/2026
8/12/2026Earnings ReleaseRev: $37 Mil (E)
EPS: $0.37 (E)
8/31/2026DividendAmount: $0.03
Payment On: 9/15/2026

Why The Stock Moved

Qualitative Assessment

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Updated on 6/8/2026

Crescent Capital BDC (CCAP) stock has lost about 10% since 2/28/2026 because of the following key factors:

1. Crescent Capital BDC (CCAP) reported a decline in its net asset value (NAV) per share and a net loss for fiscal Q1 2026, ending March 31, 2026. The company's NAV per share fell to $18.27 as of March 31, 2026, down from $19.10 at December 31, 2025. Additionally, CCAP posted a net loss of $(0.42) per share for the quarter. While Net Investment Income (NII) per share was $0.42, it marginally missed analyst consensus estimates of $0.4261 by 1.43%. This performance contributed to investor concerns regarding the company's underlying financial health and portfolio valuation.

2. The company announced a significant reduction in its regular quarterly base dividend for fiscal Q2 2026. Effective May 14, 2026, CCAP cut its base dividend from $0.42 to $0.34 per share, representing a substantial 19% decrease. Although the Board approved three special dividends of $0.03 per share for 2026, the reduction in the recurring payout signaled a more conservative outlook on distributable income, leading to negative market sentiment.

Show more
Updated on 6/8/2026

Crescent Capital BDC (CCAP) stock has lost about 10% since 2/28/2026 because of the following key factors:

1. Crescent Capital BDC (CCAP) reported a decline in its net asset value (NAV) per share and a net loss for fiscal Q1 2026, ending March 31, 2026. The company's NAV per share fell to $18.27 as of March 31, 2026, down from $19.10 at December 31, 2025. Additionally, CCAP posted a net loss of $(0.42) per share for the quarter. While Net Investment Income (NII) per share was $0.42, it marginally missed analyst consensus estimates of $0.4261 by 1.43%. This performance contributed to investor concerns regarding the company's underlying financial health and portfolio valuation.

2. The company announced a significant reduction in its regular quarterly base dividend for fiscal Q2 2026. Effective May 14, 2026, CCAP cut its base dividend from $0.42 to $0.34 per share, representing a substantial 19% decrease. Although the Board approved three special dividends of $0.03 per share for 2026, the reduction in the recurring payout signaled a more conservative outlook on distributable income, leading to negative market sentiment.

3. Increased non-accrual investments indicated a deterioration in portfolio credit quality during fiscal Q1 2026. Crescent Capital BDC's net investment income for fiscal Q1 2026 was negatively impacted by approximately $0.04 per share due to new non-accruals. This suggests some loans in its portfolio were not generating their expected income, raising concerns about potential future write-downs and the overall health of the middle-market companies CCAP lends to.

4. Broader weakness in the Business Development Company (BDC) sector and concerns over private credit market exposure also impacted CCAP. The publicly traded BDC sector experienced a sharp sell-off in fiscal Q1 2026, with the VanEck BDC Income ETF (BIZD) declining by 10.2% in Q1 2026 and 10.9% year-to-date as of April 24, 2026. This trend was amplified by significant redemption requests from non-traded BDCs and investor apprehension regarding BDCs' substantial exposure to the software sector, which faced concerns about an "AI-driven 'SaaS-pocalypse'." Fitch Ratings also maintained a "deteriorating" sector outlook for BDCs in 2026.

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Stock Movement Drivers

Fundamental Drivers

The -8.4% change in CCAP stock from 2/28/2026 to 6/18/2026 was primarily driven by a -44.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266182026Change
Stock Price ($)12.2011.18-8.4%
Change Contribution By: 
Total Revenues ($ Mil)4726-44.4%
Net Income Margin (%)72.8%57.2%-21.4%
P/E Multiple13.127.4109.2%
Shares Outstanding (Mil)37370.2%
Cumulative Contribution-8.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/18/2026
ReturnCorrelation
CCAP-8.4% 
Market (SPY)9.2%31.4%
Sector (XLF)4.7%34.1%

Fundamental Drivers

The -16.7% change in CCAP stock from 11/30/2025 to 6/18/2026 was primarily driven by a -45.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)113020256182026Change
Stock Price ($)13.4311.18-16.7%
Change Contribution By: 
Total Revenues ($ Mil)4826-45.6%
Net Income Margin (%)74.3%57.2%-23.0%
P/E Multiple13.827.497.9%
Shares Outstanding (Mil)37370.4%
Cumulative Contribution-16.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/18/2026
ReturnCorrelation
CCAP-16.7% 
Market (SPY)9.9%29.2%
Sector (XLF)1.3%36.1%

Fundamental Drivers

The -18.2% change in CCAP stock from 5/31/2025 to 6/18/2026 was primarily driven by a -56.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120256182026Change
Stock Price ($)13.6611.18-18.2%
Change Contribution By: 
Total Revenues ($ Mil)6126-56.4%
Net Income Margin (%)81.9%57.2%-30.1%
P/E Multiple10.227.4167.7%
Shares Outstanding (Mil)37370.4%
Cumulative Contribution-18.2%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/18/2026
ReturnCorrelation
CCAP-18.2% 
Market (SPY)28.1%32.5%
Sector (XLF)6.7%38.1%

Fundamental Drivers

The 18.1% change in CCAP stock from 5/31/2023 to 6/18/2026 was primarily driven by a 77.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120236182026Change
Stock Price ($)9.4711.1818.1%
Change Contribution By: 
Total Revenues ($ Mil)152677.7%
Net Income Margin (%)47.9%57.2%19.4%
P/E Multiple43.227.4-36.7%
Shares Outstanding (Mil)3237-12.1%
Cumulative Contribution18.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/18/2026
ReturnCorrelation
CCAP18.1% 
Market (SPY)85.7%47.3%
Sector (XLF)77.0%50.9%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CCAP Return32%-18%53%24%-18%-17%40%
Peers Return34%-8%26%13%-7%-8%51%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
CCAP Win Rate75%42%67%75%42%33% 
Peers Win Rate73%48%67%65%45%30% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
CCAP Max Drawdown-15%-27%-15%-10%-28%-23% 
Peers Max Drawdown-9%-26%-18%-16%-23%-19% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, OBDC, GBDC, HTGC, PSEC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)

How Low Can It Go

EventCCAPS&P 500
2024 Yen Carry Trade Unwind
  % Loss-10.1%-7.8%
  % Gain to Breakeven11.2%8.5%
  Time to Breakeven101 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.1%-24.5%
  % Gain to Breakeven28.4%32.4%
  Time to Breakeven252 days427 days
2020 COVID-19 Crash
  % Loss-62.5%-33.7%
  % Gain to Breakeven166.3%50.9%
  Time to Breakeven259 days140 days

Compare to ARCC, OBDC, GBDC, HTGC, PSEC

In The Past

Crescent Capital BDC's stock fell -10.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 11.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCCAPS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.1%-24.5%
  % Gain to Breakeven28.4%32.4%
  Time to Breakeven252 days427 days
2020 COVID-19 Crash
  % Loss-62.5%-33.7%
  % Gain to Breakeven166.3%50.9%
  Time to Breakeven259 days140 days

Compare to ARCC, OBDC, GBDC, HTGC, PSEC

In The Past

Crescent Capital BDC's stock fell -10.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 11.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Crescent Capital BDC (CCAP)

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Crescent Capital BDC, Inc. (CCAP) operates as a business development company (BDC) dedicated to providing financing solutions to middle market companies. Essentially, CCAP acts as a direct lender, investing in the debt of privately held businesses to generate income for its shareholders. The company's operations are primarily concentrated within the United States.

The core business involves originating and investing in various forms of debt, such as senior secured loans, unitranche loans, and mezzanine debt. These financial products are primarily used by its target middle market companies for a range of strategic purposes, including funding acquisitions, supporting organic growth, refinancing existing debt, and executing recapitalizations. CCAP's primary customers are these U.S.-based middle market companies that typically seek capital beyond traditional bank financing or public markets.

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Here are 1-3 brief analogies to describe Crescent Capital BDC (CCAP):

  • Like JPMorgan Chase, but specializing in providing loans to mid-sized American companies instead of large corporations.
  • Similar to a private equity firm like Blackstone, but focused on lending money (debt) to growing U.S. businesses rather than taking ownership stakes.

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  • Debt Investments: Crescent Capital BDC originates and invests in various forms of debt of U.S. middle market companies.

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Crescent Capital BDC (CCAP) is a business development company (BDC) that focuses on originating and investing in the debt of middle-market companies. Therefore, its "customers" are the numerous private middle-market companies to which it provides debt financing.

BDCs typically build diversified portfolios of loans across many companies and industries to mitigate risk. As a result, CCAP does not have "major customers" in the traditional sense of a few highly concentrated revenue-generating clients. Its investment strategy is designed to avoid over-reliance on any single borrower.

The companies it lends to are overwhelmingly private entities and do not have public stock symbols. Due to the nature of private debt investments and diversification, specific names of "major customer" companies cannot be identified in the way one would for a company selling goods or services.

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Jason A. Breaux, Chief Executive Officer

Jason A. Breaux joined Crescent Capital in 2000 and serves as Chief Executive Officer of Crescent Capital BDC, Inc.. Prior to joining Crescent, he worked in the mergers and acquisitions group at Robertson Stephens and in the investment banking division of Salomon Brothers. Since becoming CEO of CCAP in 2015, the publicly traded business development company has nearly doubled in size following its NASDAQ listing in 2020. In 2023, he played a key role in the launch of Crescent Private Credit Income Corp. (CPCI), a continuously offered non-traded BDC, and also serves as its Chairman of the Board. He also holds the position of Chairman of Crescent Cap Advisors, LLC's Investment Committee.

Gerhard Lombard, Chief Financial Officer

Gerhard Lombard serves as Chief Financial Officer of Crescent Capital BDC, Inc., having joined Crescent Capital in 2016. Before his tenure at Crescent Capital, he was Chief Financial Officer and Treasurer of Whitehorse Finance Inc., a publicly traded business development company managed by H.I.G. Capital. Prior to that, he held the positions of Group Controller and Chief Accounting Officer for Churchill Financial Group. Earlier in his career, he spent approximately 11 years at Ernst & Young LLP.

Henry Chung, President

Henry Chung is the President of Crescent Capital BDC, Inc.. He joined Crescent Capital in 2015. Prior to Crescent, he was a member of the Corporate Finance Division of Imperial Capital, where he specialized in leveraged finance. He also previously worked at Trinity Capital LLC, a boutique investment bank.

Raymond F. Barrios, Managing Director

Raymond F. Barrios serves as a Managing Director of Crescent Capital BDC, Inc.. He joined Crescent in 2008. Before joining Crescent, Mr. Barrios was a member of the Leveraged Finance Group of Jefferies & Company, Inc..

Erik Barrios, Chief Compliance Officer

Erik Barrios is the Chief Compliance Officer of Crescent Capital BDC, Inc.. He joined Crescent in 2022. Previously, he was Vice President, Legal & Compliance at The Carlyle Group, where he served as chief compliance officer and corporate secretary for the business development companies within the firm's Global Credit platform. Mr. Barrios has also held roles at Avenue Capital Group, Cohen & Steers, and J. & W. Seligman & Co..

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Key Risks to Crescent Capital BDC (CCAP)

  1. Credit Risk and Portfolio Company Default: Crescent Capital BDC primarily invests in the debt of middle-market companies, which inherently carry a higher risk of default compared to larger, more established firms. These loans are frequently non-rated or considered below investment grade. Economic downturns can amplify this risk, leading to potential unrealized losses in the portfolio and an increase in nonaccrual investments, as specifically noted for CCAP.
  2. Interest Rate Risk: As a business development company, CCAP utilizes leverage in its operations. While a significant portion of its portfolio consists of floating-rate loans, rising interest rates can increase the company's borrowing costs. This can lead to ongoing earnings headwinds and pressure on investment yields, potentially impacting net investment income despite potential offsets from lower borrowing rates.
  3. Market Volatility and Net Asset Value (NAV) Erosion: As a publicly traded entity, Crescent Capital BDC's stock price can be volatile, influenced by broader market conditions and the performance of its underlying, often illiquid, private investments. There is a risk of Net Asset Value (NAV) erosion over time, which can occur due to factors such as unrealized losses in portfolio companies, issuing new shares, or paying out more than earned, potentially offsetting otherwise attractive dividend yields.
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Crescent Capital BDC, Inc. (CCAP) primarily focuses on originating and investing in the debt of private U.S. middle-market companies. The addressable market for their main products and services, which falls under the broader U.S. private credit market, is substantial. McKinsey estimates the total addressable size of the U.S. private credit market to be over $30 trillion, a significant increase from $2.1 trillion in 2023. This market includes lending to middle-market companies, which are generally defined as those with annual revenues between $10 million and $1 billion. In 2025, the U.S. segment of the private credit market was projected to be $1.34 trillion. The U.S. middle market loan volume reached $297 billion in 2024.

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Crescent Capital BDC (CCAP) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

  1. Prudent Portfolio Growth and Capital Deployment: The company emphasizes its flexibility to prudently grow its investment portfolio and deploy capital through its established origination platform. In 2025, Crescent's private credit platform committed over $6.5 billion in capital, with more than $1.7 billion deployed in the fourth quarter, indicating a continued focus on expanding its investment base in middle-market companies.
  2. Maintaining Origination Spreads and Stable Portfolio Yields: Despite a potentially lower interest rate environment, Crescent Capital BDC has demonstrated an ability to maintain attractive spreads on new investment originations. For example, in Q3 2025, new investments carried a weighted average spread of approximately 530 basis points, and the weighted average yield on income-producing securities remained stable at 10.4% at cost.
  3. Active Management of the Existing Portfolio through Add-ons and Non-Accrual Resolution: A significant portion of Crescent's origination activity comes from its existing portfolio, with add-on investments accounting for over half of its transactions. Furthermore, the company actively manages non-accrual investments, having restructured one and fully realized another in early Q1 2026, which improved the pro forma non-accrual rate to 1.4%. This proactive management helps maintain and grow income from existing assets.
  4. Optimization of Financing Sources and Lowering Funding Costs: Crescent Capital BDC is actively seeking to optimize the pricing, tenor, and diversification of its financing sources, leveraging constructive dynamics in the private placement market. This strategy, coupled with actions such as a spread reduction in its SPV asset facility, has led to a decrease in the weighted average stated interest rate on its total borrowings, thereby enhancing net investment income.
  5. Leveraging Strong Sponsor Support and a Diversified Investment Portfolio: The company's strategy of partnering with well-capitalized private equity sponsors and maintaining a highly diversified portfolio, primarily composed of senior secured first lien loans to domestic service-oriented businesses, provides a solid foundation for consistent performance and new lending opportunities. This approach helps mitigate risk and supports the stability and growth of the underlying companies, contributing to sustained revenue generation.

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Share Repurchases

  • Crescent Capital BDC authorized a $20.0 million stock repurchase program.
  • For the year ended December 31, 2025, the company repurchased 92,262 shares totaling approximately $1.333 million.
  • Active share repurchases have continued, with capital deployment balanced between buybacks and new investments.

Outbound Investments

  • The company invested $306.9 million in its portfolio companies for the year ended December 31, 2025.
  • In 2024, Crescent Capital BDC invested $395.0 million across 33 new portfolio companies and 30 existing portfolio companies.
  • For the quarter ended December 31, 2025, new investments and gross deployment totaled $71 million, including five new platform investments and incremental investments in existing companies.

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Peer Comparisons

Peers to compare with:

Financials

CCAPARCCOBDCGBDCHTGCPSECMedian
NameCrescent.Ares Cap.Blue Owl.Golub Ca.Hercules.Prospect. 
Mkt Price11.1818.0310.8712.3515.492.2111.77
Mkt Cap0.412.95.43.22.81.13.0
Rev LTM261,3624452364348335
Op Inc LTM-------
FCF LTM66-1,2342,670526-434553296
FCF 3Y Avg62-1,3411,319268-209415165
CFO LTM66-1,2342,670526-434553296
CFO 3Y Avg62-1,3411,319268-208415165

Growth & Margins

CCAPARCCOBDCGBDCHTGCPSECMedian
NameCrescent.Ares Cap.Blue Owl.Golub Ca.Hercules.Prospect. 
Rev Chg LTM-56.4%-10.3%-38.7%-20.2%39.5%104.2%-15.2%
Rev Chg 3Y Avg185.5%38.6%-10.6%51.9%20.7%92.3%45.3%
Rev Chg Q-295.2%-49.0%-100.8%-146.7%-6.8%153.6%-74.9%
QoQ Delta Rev Chg LTM-44.4%-9.6%-37.4%-34.3%-1.1%104.1%-22.0%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM250.4%-90.6%600.6%222.8%-100.1%7,258.9%236.6%
CFO/Rev 3Y Avg120.1%-89.9%250.9%97.7%-51.2%-97.7%
FCF/Rev LTM250.4%-90.6%600.6%222.8%-100.2%7,258.9%236.6%
FCF/Rev 3Y Avg120.1%-89.9%250.9%97.7%-51.4%-97.7%

Valuation

CCAPARCCOBDCGBDCHTGCPSECMedian
NameCrescent.Ares Cap.Blue Owl.Golub Ca.Hercules.Prospect. 
Mkt Cap0.412.95.43.22.81.13.0
P/S15.69.512.213.76.5140.313.0
P/Op Inc-------
P/EBIT-------
P/E27.411.315.015.88.5-28.313.2
P/CFO6.2-10.52.06.2-6.51.92.0
Total Yield19.6%18.9%20.8%16.4%23.4%27.1%20.2%
Dividend Yield16.0%10.0%14.2%10.1%11.7%30.6%12.9%
FCF Yield 3Y Avg11.2%-9.6%23.5%9.1%-7.4%27.1%10.1%
D/E2.21.21.61.40.91.61.5
Net D/E2.21.21.51.40.91.61.5

Returns

CCAPARCCOBDCGBDCHTGCPSECMedian
NameCrescent.Ares Cap.Blue Owl.Golub Ca.Hercules.Prospect. 
1M Rtn-0.0%-0.4%-1.6%-0.9%1.2%4.4%-0.2%
3M Rtn-11.4%1.7%-1.6%0.9%10.7%-10.3%-0.4%
6M Rtn-20.0%-5.7%-8.8%-3.4%-11.1%-4.3%-7.2%
12M Rtn-12.1%-7.6%-16.0%-6.5%-3.8%-15.7%-9.9%
3Y Rtn9.8%28.0%11.2%29.3%44.5%-44.5%19.6%
1M Excs Rtn-2.0%-2.4%-3.6%-2.9%-0.8%2.4%-2.2%
3M Excs Rtn-25.0%-11.9%-15.2%-12.6%-2.8%-23.9%-13.9%
6M Excs Rtn-29.8%-16.0%-21.0%-14.6%-22.3%-14.2%-18.5%
12M Excs Rtn-36.8%-32.2%-40.7%-30.8%-28.0%-41.1%-34.5%
3Y Excs Rtn-60.6%-43.0%-58.2%-43.7%-29.6%-116.7%-51.0%

Comparison Analyses

null

Financials

$ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
Filing Date5/13/20262/25/202611/12/20258/13/20255/14/20252/19/202511/12/20248/12/20245/8/20242/21/202411/8/20238/9/2023
Key Financials Quarterly            
Total Revenue-14111019712182330332525
Net Income-168715410152028312323
EPS-0.420.230.190.410.110.270.410.550.760.840.610.61
Key Financials TTM            
Total Revenue TTM264748576184104111113926439
Net Income TTM15353644507495102104845631
Growth Rates Quarterly            
Total Revenue Growth-295.2%-8.4%-45.8%-16.4%-76.3%-62.5%-27.8%-6.6%205.1%590.8%5187.8%3510.5%
Net Income Growth-497.4%-15.0%-53.5%-26.4%-86.1%-67.6%-32.5%-9.7%260.1%1085.9%1051.3%2637.1%
Margins Quarterly            
Net Income Margin-74.8%72.5%78.4%54.8%80.7%84.4%89.0%92.9%93.4%90.4%92.1%
Cash & Debt            
Total Cash65610121017117868
Total Debt907874875887903876857880831845857859
Net Debt / (Cash)901869870878891866840869825837851852
Cash Flows Quarterly            
FCF from Operations-24233136-15-347-2539352120
Cash Flows TTM            
FCF from Operations TTM6675496545996711169210060
Returns to Shareholders Quarterly            
Dividends161617171718191919191815
Share Repurchases11-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC-3.2%1.9%1.6%3.3%0.8%2.2%3.4%4.4%6.3%6.8%5.5%5.4%
Return on Invested Capital (ROIC) TTM            
ROIC TTM0.8%1.9%2.0%2.4%2.7%4.0%5.2%5.6%5.8%4.6%3.4%1.9%

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment13518218473131
Total13518218473131


Price Behavior

Price Behavior
Market Price$11.18 
Market Cap ($ Bil)0.4 
First Trading Date02/03/2020 
Distance from 52W High-22.9% 
   50 Days200 Days
DMA Price$12.31$13.08
DMA Trenddowndown
Distance from DMA-9.2%-14.5%
 3M1YR
Volatility32.6%25.5%
Downside Capture117.2891.87
Upside Capture27.1651.79
Correlation (SPY)32.3%34.1%
CCAP Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta0.680.910.760.700.710.70
Up Beta-1.310.580.180.300.480.67
Down Beta4.994.131.561.160.980.84
Up Capture-111%12%44%35%35%28%
Bmk +ve Days13283667141432
Stock +ve Days8223258118391
Down Capture273%183%114%103%97%87%
Bmk -ve Days7132757109318
Stock -ve Days12193166130346

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CCAP
CCAP-11.5%25.5%-0.51-
Sector ETF (XLF)8.3%14.6%0.3340.1%
Equity (SPY)26.5%12.4%1.6133.9%
Gold (GLD)24.2%27.5%0.771.3%
Commodities (DBC)19.8%18.8%0.83-0.5%
Real Estate (VNQ)11.0%13.7%0.5230.1%
Bitcoin (BTCUSD)-38.3%42.4%-1.0218.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CCAP
CCAP1.2%22.3%0.00-
Sector ETF (XLF)9.3%18.6%0.3743.3%
Equity (SPY)13.5%17.1%0.6239.8%
Gold (GLD)17.1%18.3%0.765.8%
Commodities (DBC)7.5%19.4%0.2914.2%
Real Estate (VNQ)1.9%18.9%0.0036.5%
Bitcoin (BTCUSD)11.6%54.2%0.4116.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CCAP
CCAP3.5%33.9%0.24-
Sector ETF (XLF)13.0%22.2%0.5441.7%
Equity (SPY)15.3%18.0%0.7340.9%
Gold (GLD)12.3%16.1%0.635.0%
Commodities (DBC)5.9%18.0%0.2616.1%
Real Estate (VNQ)5.3%20.7%0.2243.0%
Bitcoin (BTCUSD)60.4%66.8%1.0017.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity0.7 Mil
Short Interest: % Change Since 515202666.6%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest2.9 days
Basic Shares Quantity36.9 Mil
Short % of Basic Shares1.9%

Returns Analyses

Earnings Returns History

Updated 6/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/2026-8.3%-13.5%-13.6%
2/25/2026-0.4%1.0%-5.0%
11/12/2025-4.5%-4.6%4.6%
8/13/20253.3%2.8%7.5%
5/14/2025-4.3%-7.3%-10.9%
2/19/2025-4.7%-9.3%-11.0%
11/12/20243.2%4.3%9.0%
8/12/2024-1.2%1.5%1.0%
...
SUMMARY STATS   
# Positive121614
# Negative12810
Median Positive2.2%2.5%5.9%
Median Negative-1.3%-5.2%-6.7%
Max Positive3.3%11.3%9.0%
Max Negative-8.3%-13.5%-13.6%
 Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/2026-8.3%-13.5%-13.6%
2/25/2026-0.4%1.0%-5.0%
11/12/2025-4.5%-4.6%4.6%
8/13/20253.3%2.8%7.5%
5/14/2025-4.3%-7.3%-10.9%
2/19/2025-4.7%-9.3%-11.0%
11/12/20243.2%4.3%9.0%
8/12/2024-1.2%1.5%1.0%
5/8/20241.8%2.7%7.2%
2/21/20242.8%1.4%7.3%
11/8/20230.7%2.8%3.0%
8/9/2023-0.2%-0.4%-0.1%
5/10/2023-0.7%1.1%2.8%
2/22/20233.3%4.5%-9.1%
11/9/2022-1.5%-2.0%-6.4%
8/10/20221.2%5.0%4.5%
5/9/2022-2.0%1.5%-0.4%
2/23/2022-1.0%2.3%3.6%
11/10/20211.9%-5.8%-6.9%
8/11/2021-0.2%-0.6%-1.6%
5/12/20210.9%7.1%5.7%
2/24/20210.9%11.3%8.5%
11/4/20202.6%0.9%7.7%
8/10/20202.5%1.6%6.1%
SUMMARY STATS   
# Positive121614
# Negative12810
Median Positive2.2%2.5%5.9%
Median Negative-1.3%-5.2%-6.7%
Max Positive3.3%11.3%9.0%
Max Negative-8.3%-13.5%-13.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202502/25/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202402/19/202510-K
09/30/202411/12/202410-Q
06/30/202408/12/202410-Q
03/31/202405/08/202410-Q
12/31/202302/21/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/22/202310-K
09/30/202211/09/202210-Q
06/30/202208/10/202210-Q
 Collapse to Preview
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202502/25/202610-K
09/30/202511/12/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202402/19/202510-K
09/30/202411/12/202410-Q
06/30/202408/12/202410-Q
03/31/202405/08/202410-Q
12/31/202302/21/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202202/22/202310-K
09/30/202211/09/202210-Q
06/30/202208/10/202210-Q
03/31/202205/09/202210-Q
12/31/202102/23/202210-K
09/30/202111/10/202110-Q
06/30/202108/11/202110-Q
03/31/202105/12/202110-Q
12/31/202002/24/202110-K
09/30/202011/04/202010-Q
06/30/202008/10/202010-Q
03/31/202005/12/202010-Q
12/31/201903/04/202010-K
09/30/201911/07/201910-Q
06/30/201908/13/201910-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 5/13/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Regular Dividend 0.34 -19.0% LoweredActual: 0.42 for Q1 2026
Q2 2026 Special Dividend 0.03   Higher NewActual: 0 for Q1 2026
Q3 2026 Special Dividend 0.03   Higher NewActual: 0 for Q2 2026
Q4 2026 Special Dividend 0.03   Higher NewActual: 0 for Q3 2026

Prior: Q4 2025 Earnings Reported 2/25/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Dividends 0.42 0 Same NewActual: 0.42 for Q4 2025

Insider Activity

Updated 5/22/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Chung, HenryPresidentDirectBuy522202611.454,50051,525237,267Form
2Strandberg, Steven F Diana and Steven Strandberg Revocable TrustBuy520202611.2885,000958,4862,268,059Form
3Lombard, GerhardChief Financial OfficerDirectBuy520202611.121,00011,120415,588Form
4Lombard, GerhardChief Financial OfficerDirectBuy1118202513.342,00026,683457,400Form
5Bouek, KirillControllerDirectBuy829202515.672003,13316,560Form
 Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Chung, HenryPresidentDirectBuy522202611.454,50051,525237,267Form
2Strandberg, Steven F Diana and Steven Strandberg Revocable TrustBuy520202611.2885,000958,4862,268,059Form
3Lombard, GerhardChief Financial OfficerDirectBuy520202611.121,00011,120415,588Form
4Lombard, GerhardChief Financial OfficerDirectBuy1118202513.342,00026,683457,400Form
5Bouek, KirillControllerDirectBuy829202515.672003,13316,560Form
6Barrios, RaymondManaging DirectorDirectBuy826202515.633,24550,713299,698Form
7Ufcw-Northern, California Employers Joint Pension Plan DirectSell818202514.7782,0001,211,14054,000,529Form
8Ufcw-Northern, California Employers Joint Pension Plan DirectSell818202514.90109,4291,630,49255,697,621Form
9Ufcw-Northern, California Employers Joint Pension Plan DirectSell818202515.1154,571824,56858,136,094Form
10Ufcw-Northern, California Employers Joint Pension Plan DirectSell818202515.31303,9804,653,93459,741,081Form
11Ufcw-Northern, California Employers Joint Pension Plan DirectSell818202515.5522,910356,25065,404,472Form

Industry Resources

External Quote Links


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Core Cache Last Updated: 6/18/2026