Revenue volatility remains a primary concern, with top-line figures declining from $47.9 million in 2023Q4 to $25.6 million in 2026Q1, resulting in a net margin contraction to -60.6%.
| Sales/Revenue | 124.78M | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 83.47M | 121.85M | 83.5M | 92.46M | 23.17M | 84.93M | 48.6M | 25.28M | 7.54M | 11.46M | 15.11M | 245.63K |
| Gross Margin % | 66.9% | 78.02% | 58.63% | 62.75% | 44.48% | 84.01% | 78.37% | 67.68% | 50.12% | 72.68% | 88.75% | 100% |
| Gross Profit Growth % | - | 45.92% | -9.68% | 298.97% | -72.72% | 74.76% | 92.28% | 235.31% | -34.22% | -24.14% | 6050.04% | - |
| Operating Expenses | 14.74M | 2.92M | 8.76M | 8.35M | 6.67M | -2.35M | -6.8M | -4.36M | -786K | 2.16M | 3.34M | 2.4M |
| OpEx % of Revenue | - | 1.87% | 6.15% | 5.67% | 12.8% | -2.32% | -10.97% | -11.68% | -5.23% | 13.71% | 19.6% | 977.37% |
| Selling, General & Admin | 6.27B | 6.27B | 5.21M | 4.95M | 4.49M | 4.87M | 4.44M | 3.46M | 2.9M | 2.64M | 2.47M | 0 |
| SG&A % of Revenue | - | 4014.44% | 3.65% | 3.36% | 8.61% | 4.82% | 7.16% | 9.27% | 19.29% | 16.76% | 14.52% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 68.73M | 118.93M | 74.74M | 84.11M | 16.5M | 87.28M | 55.4M | 29.64M | 8.32M | 9.3M | 11.77M | -2.16M |
| Operating Margin % | 55.08% | 76.15% | 52.47% | 57.09% | 31.68% | 86.33% | 89.33% | 79.37% | 55.35% | 58.97% | 69.15% | -877.37% |
| Operating Income Growth % | - | 59.13% | -11.14% | 409.61% | -81.09% | 57.54% | 86.92% | 256.07% | -10.47% | -21.01% | 646.17% | - |
| EBITDA | 76.12M | 128.41M | 74.74M | 84.11M | 16.5M | 87.28M | 55.4M | 29.64M | 8.32M | 9.3M | 11.77M | -2.16M |
| EBITDA Margin % | 61% | 82.22% | 52.47% | 57.09% | 31.68% | 86.33% | 89.33% | 79.37% | 55.35% | 58.97% | 69.15% | -877.37% |
| EBITDA Growth % | 48.92% | 71.81% | -11.14% | 409.61% | -81.09% | 57.54% | 86.92% | 256.07% | -10.47% | -21.01% | 646.17% | - |
| D&A (Non-Cash Add-back) | 6.68M | 9.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 44.34M | 93.63M | 74.74M | 84.11M | 16.5M | 87.28M | 55.4M | 29.64M | 8.32M | 9.3M | 11.77M | -2.16M |
| Net Interest Income | 103.75M | 142.94B | 124.01M | 115M | 79.59M | 69.49M | 57.71M | 35.63M | 24.56M | 17.7M | 11.97M | 0 |
| Interest Income | 157.58M | 142.94B | 182.94M | 169.87M | 108.52M | 85.66M | 71.12M | 47.7M | 32.06M | 22M | 13.89M | 0 |
| Interest Expense | 53.83M | 57.44M | 58.93M | 54.88M | 28.93M | 16.17M | 13.42M | 12.07M | 7.5M | 4.31M | 1.92M | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 16.82M | 36.19M | 74.74M | 84.11M | 16.5M | 87.28M | 55.4M | 29.64M | 8.32M | 9.3M | 11.77M | -2.16M |
| Pretax Margin % | 13.48% | 23.17% | 52.47% | 57.09% | 31.68% | 86.33% | 89.33% | 79.37% | 55.35% | 58.97% | 69.15% | -877.37% |
| Income Tax | 1.73M | 1.68M | 1.09M | 274K | 961K | 3.65M | 730K | 360K | 209K | 242.62K | 1.6K | 0 |
| Effective Tax Rate % | 10.3% | 4.65% | 1.46% | 0.33% | 5.82% | 4.18% | 1.32% | 1.21% | 2.51% | 2.61% | 0.01% | 0% |
| Net Income | 15.09M | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.12M | 9.06M | 11.77M | -2.16M |
| Net Margin % | 12.1% | 22.09% | 51.71% | 56.9% | 29.83% | 82.72% | 88.16% | 78.4% | 53.96% | 57.43% | 69.14% | -877.37% |
| Net Income Growth % | -69.54% | -53.14% | -12.15% | 439.35% | -81.41% | 52.97% | 86.73% | 260.8% | -10.38% | -23.06% | 646.1% | - |
| Net Income (Continuing) | 15.09M | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.12M | 9.06M | 11.77M | -2.16M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 225.34M | 141.58M | 88.55M | 0 |
| EPS (Diluted) | 0.41 | 0.93 | 1.99 | 2.33 | 0.50 | 2.94 | 1.98 | 1.04 | 0.27 | 0.30 | 1.83 | -0.84 |
| EPS Growth % | -78.53% | -53.27% | -14.59% | 366% | -82.99% | 48.48% | 90.38% | 285.19% | -10% | -83.61% | 317.86% | - |
| EPS (Basic) | - | 0.93 | 1.99 | 2.33 | 0.50 | 2.94 | 1.98 | 1.04 | 0.27 | 0.30 | 1.83 | -0.84 |
| Diluted Shares Outstanding | 36.92M | 37.04M | 37.06M | 35.93M | 30.89M | 28.48M | 27.68M | 28.13M | 30.04M | 30.04M | 6.42M | 2.58M |
| Basic Shares Outstanding | 36.92M | 37.04M | 37.06M | 35.93M | 30.89M | 28.48M | 27.68M | 28.13M | 30.04M | 30.04M | 6.42M | 2.58M |
| Dividend Payout Ratio | - | 196.51% | - | - | - | - | 77.98% | - | 166.16% | 91.13% | 45.64% | - |
Portfolio Valuation Volatility
According to the provided quarterly income statements, CCAP's revenue has exhibited significant inconsistency, peaking at $47.9 million in 2023Q4 before declining to $25.6 million by 2026Q1, suggesting that the firm's ability to maintain a stable top-line trajectory remains highly sensitive to middle-market credit activity.
The revenue decline appears to reflect a contraction in origination volume or a reduction in interest-earning assets. Investors should monitor whether this trend is a result of disciplined underwriting in a challenging environment or a loss of competitive positioning within the Crescent Capital platform.
As reported in financial statements, CCAP's net margin plummeted to -60.6% in 2026Q1, a stark contrast to the 64.5% net margin observed in 2023Q4, indicating that non-operating fair value adjustments are exerting substantial downward pressure on the firm's bottom-line profitability relative to its gross profit.
The wide gap between gross and net margins suggests that the firm's profitability is heavily influenced by mark-to-market valuation changes on its loan portfolio. This volatility warrants further investigation into the underlying credit quality of the assets and the potential for future realized losses.
Based on the quarterly data, CCAP's operating income has failed to scale consistently with gross profit, as evidenced by the 2026Q1 operating loss of $1.9 million despite generating $19.1 million in gross profit, highlighting a lack of operating leverage during periods of portfolio valuation stress.
The inability to maintain positive operating income during recent quarters suggests that fixed costs and advisory fees may be disproportionately impacting the firm when portfolio performance falters. This indicates that the BDC's cost structure may not be sufficiently flexible to protect shareholder returns during downturns.
Data from the income statement indicates that CCAP's earnings per share dropped from $0.83 in 2023Q4 to a loss of $0.42 in 2026Q1, which may indicate that the current dividend policy is increasingly reliant on accounting accruals rather than sustainable cash-based net investment income.
Short-term volatility in EPS suggests that the market's focus on headline net income may be masking deeper issues regarding the quality of earnings. Investors should be cautious of the potential for future dividend adjustments if the current trend of negative net income persists.
Quick answers to the most common questions about buying CCAP stock.
Crescent Capital BDC, Inc. (CCAP) is profitable, generating $34.5M in net income for the fiscal year ending 2025 with a net profit margin of 22.1%.
Crescent Capital BDC, Inc. (CCAP) reported an operating income of $118.9M, resulting in an operating profit margin of 76.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Crescent Capital BDC, Inc. (CCAP) generated $121.9M in gross profit for the year, representing a gross profit margin of 78.0%. This demonstrates the company's core pricing power and production efficiency.