Cash conversion efficiency has deteriorated significantly, with the firm reporting a -$23.8 million free cash flow deficit in 2026Q1 despite maintaining $15.5 million in dividend distributions.
| Cash from Operations | 66.05M | 74.72M | 82.75M | 61.81M | 58.38M | 28.45M | -61.8M | 29.53M | -164.55M | -88.39M | -78.42M | -130.3M |
| Operating CF Margin % | - | 47.84% | 58.1% | 41.96% | 112.05% | 28.14% | -99.65% | 79.07% | -1094.11% | -560.55% | -460.73% | -53048.48% |
| Operating CF Growth % | 903.65% | -9.7% | 33.87% | 5.88% | 105.18% | 146.04% | -309.29% | 117.94% | -86.18% | -12.7% | 39.81% | - |
| Net Income | 15.09M | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.11M | 9.06M | 11.77M | -2.16M |
| Depreciation & Amortization | -8.26M | 0 | 0 | 0 | 0 | 0 | -30.52M | 0 | 6.98T | -877.27B | -5.86T | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 59K | 0 | 0 | 0 | 0 | 0 | -209K | 0 | 87.78B | 217.15B | 0 | 0 |
| Other Non-Cash Items | 93.03M | 45.68M | 6.6M | -23.02M | 33.76M | -49.61M | -87.21M | 56.44K | -1.71M | -99.92M | -79.92M | -137.86M |
| Working Capital Changes | -18.86M | -5.46M | 2.5M | 1M | 9.08M | -5.57M | 1.48M | 193.32K | 1.06M | 2.48M | -10.27M | 9.8M |
| Change in Receivables | -14.96M | -5.18M | 2.08M | -4.3M | 11.68M | -17.77M | 524K | -1.62M | -26.73K | 1.13M | -2.04M | -429.61K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -425K | 2.11M | -3.07M | 8.89M | 524K | -59.59K | 66.77K | 255.4K | 647.22K | 336.18K |
| Cash from Investing | 0 | 0 | -23.85M | 30.48M | -30.43M | -186.11M | -106.3M | -232.51M | -181.46T | -100.09M | -74.78M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - | - | 0% | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.56B | 2.13M | 1.6B | 1.59B | 1.26B | 1.27B | 1.03B | 726.53M | 493.92M | 319.13M | 217.92M | 138.07M |
| Other Investing | -35.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -70.13M | -82.54M | -43.47M | -84.99M | -34.41M | 166.32M | 63.22M | 206M | 165.7M | 92.5M | 78.78M | 135.07M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -2M | -1.33M | 0 | 0 | 0 | 52.11M | 42.09M | 145.81M | 95M | 0 | 0 | -545.46K |
| Dividends Paid | -65.92M | -67.81M | -75.23M | -64.55M | -55.29M | -47.73M | -42.63M | -24.54M | -13.48M | -8.25M | -5.37M | -149.86K |
| Share Repurchases | -2M | -1.33M | 0 | 0 | 0 | 0 | -2.21M | 0 | 0 | 0 | 0 | -545.46K |
| Other Financing | -1.81M | -1.06M | 0 | 0 | 0 | 5.39M | -2.5M | 0 | -1.82M | 44.25M | 43.53M | 135.78M |
| Net Change in Cash | -3.94M | -7.92M | 14.95M | 7.4M | -6.46M | 8.68M | 1.42M | 3.06M | 1.1M | 4.15M | 351.77K | 4.77M |
| Free Cash Flow | 66.05M | 74.72M | 82.75M | 61.81M | 58.38M | 28.45M | -61.8M | 29.53M | -164.55M | -88.39M | -78.42M | -130.3M |
| FCF Margin % | 52.94% | 47.84% | 58.1% | 41.96% | 112.05% | 28.14% | -99.65% | 79.07% | -1094.11% | -560.55% | -460.73% | -53048.48% |
| FCF Growth % | 110.02% | -9.7% | 33.87% | 5.88% | 105.18% | 146.04% | -309.29% | 117.94% | -86.18% | -12.7% | 39.81% | - |
| FCF per Share | 1.79 | 2.02 | 2.23 | 1.72 | 1.89 | 1.00 | -2.23 | 1.05 | -5.48 | -2.94 | -12.22 | -50.53 |
| FCF Conversion (FCF/Net Income) | 4.38x | 2.17x | 1.12x | 0.74x | 3.76x | 0.34x | -1.13x | 1.01x | -20.28x | -9.76x | -6.66x | 60.46x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Volatility
As reported in quarterly filings, CCAP's operating cash flow frequently decouples from net income, with the 2026Q1 period showing a net loss of $15.5 million alongside a $23.8 million operating cash outflow, suggesting that accounting accruals are failing to capture the underlying cash volatility of the portfolio.
The wide variance between net income and operating cash flow indicates that non-cash fair value adjustments are significantly distorting the firm's reported profitability. Investors should monitor whether this divergence reflects genuine credit deterioration or merely temporary mark-to-market volatility inherent in the BDC's illiquid loan book.
Based on the provided cash flow data, CCAP's free cash flow trajectory has been highly inconsistent, swinging from a peak of $36.6 million in 2023Q4 to a $23.8 million deficit in 2026Q1, which raises questions regarding the long-term sustainability of the current dividend payout policy.
The erratic nature of FCF margins, which reached -93.0% in 2026Q1, suggests that the company's cash generation is not currently aligned with its distribution obligations. This inconsistency warrants further investigation into whether the firm is relying on capital recycling or balance sheet leverage to maintain its dividend payments.
According to the historical cash flow statements, CCAP experienced a significant $14.9 million working capital outflow in 2026Q1, following a period of relative stability, which may indicate shifting dynamics in the timing of interest collections or the settlement of accrued fee obligations within the investment portfolio.
The sensitivity of working capital to quarterly fluctuations suggests that the firm's cash position is highly dependent on the timing of cash interest receipts versus accruals. Such volatility may indicate that the underlying borrowers are facing increased pressure, potentially delaying the conversion of interest income into actual cash flow.
As indicated by the financial data, CCAP has maintained consistent dividend distributions despite significant cash flow volatility, with $15.5 million paid out in 2026Q1 even as operating cash flow turned negative, suggesting a rigid capital allocation strategy that may be straining the firm's liquidity position.
The persistence of dividend payments during periods of negative operating cash flow suggests that management is prioritizing shareholder returns over cash preservation. This approach appears increasingly risky given the firm's 1.24x debt-to-equity ratio, which limits the flexibility to absorb further portfolio valuation declines without impacting liquidity.
Quick answers to the most common questions about buying CCAP stock.
Crescent Capital BDC, Inc. (CCAP) generated $74.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crescent Capital BDC, Inc. (CCAP) generated $74.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Crescent Capital BDC, Inc. (CCAP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Crescent Capital BDC, Inc. (CCAP) returned $67.8M to shareholders via cash dividends and spent $1.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.