Net interest income swung from $31.5M in 2024Q1 to -$14.9M in 2026Q2 with NIM inverting to -0.9%, while resumed provisions and volatile non-interest marks (a -$18.3M drag in 2026H1) pushed the company into its first back-to-back loss quarters in the ten-quarter window.
Crescent Capital BDC, Inc. (CCAP) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Net Interest Income | 62.02M | 142.94B | 124.01M | 115M | 79.59M | 69.49M | 57.71M | 35.63M | 24.56M | 17.7M | 11.97M | 0 |
| NII Growth % | -191.6% | - | 7.84% | 44.48% | 14.53% | 20.43% | 61.95% | 45.07% | 38.79% | 47.81% | - | - |
| Net Interest Margin % | 3.83% | 8811.54% | 7.49% | 7.07% | 6.11% | 5.27% | 5.47% | 4.77% | 4.86% | 5.37% | 5.31% | 0% |
| Interest Income | 117.42M | 142.94B | 182.94M | 169.87M | 108.52M | 85.66M | 71.12M | 47.7M | 32.06M | 22M | 13.89M | 0 |
| Interest Expense | 55.39M | 0 | 58.93M | 54.88M | 28.93M | 16.17M | 13.42M | 12.07M | 7.5M | 4.31M | 1.92M | 0 |
| Loan Loss Provision | -7.39M | 34.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | 9.06M | -142.78B | -40.51M | -22.54M | -56.42M | 15.44M | -9.11M | -10.36M | -17.02M | -6.24M | 3.13M | 245.63K |
| Non-Interest Income % | 12.74% | -91415.88% | -48.51% | -24.38% | -243.46% | 18.18% | -18.74% | -40.97% | -225.83% | -54.42% | 20.75% | 100% |
| Total Net Revenue | 71.08M | 156.19M | 83.5M | 92.46M | 23.17M | 84.93M | 48.6M | 25.28M | 7.54M | 11.46M | 15.11M | 245.63K |
| Revenue Growth % | 25.25% | 87.04% | -9.68% | 298.97% | -72.72% | 74.76% | 92.28% | 235.31% | -34.22% | -24.14% | 6050.04% | - |
| Non-Interest Expense | 12.61M | 2.92M | 8.76M | 8.35M | 6.67M | -2.35M | -6.8M | -4.36M | -786K | 2.16M | 3.34M | 2.4M |
| Efficiency Ratio | 17.74% | 1.87% | 10.5% | 9.03% | 28.78% | -2.76% | -14% | -17.26% | -10.43% | 18.86% | 22.08% | 977.37% |
| Operating Income | 65.86M | 118.93M | 74.74M | 84.11M | 16.5M | 87.28M | 55.4M | 29.64M | 8.32M | 9.3M | 11.77M | -2.16M |
| Operating Margin % | 92.66% | 76.15% | 89.5% | 90.97% | 71.22% | 102.76% | 114% | 117.26% | 110.43% | 81.14% | 77.92% | -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% | - |
| Pretax Income | -1.13M | 36.19M | 74.74M | 84.11M | 16.5M | 87.28M | 55.4M | 29.64M | 8.32M | 9.3M | 11.77M | -2.16M |
| Pretax Margin % | -1.59% | 23.17% | 89.5% | 90.97% | 71.22% | 102.76% | 114% | 117.26% | 110.43% | 81.14% | 77.92% | -877.37% |
| Income Tax | 2.04M | 1.68M | 1.09M | 274K | 961K | 3.65M | 730K | 360K | 209K | 242.62K | 1.6K | 0 |
| Effective Tax Rate % | -180.6% | 4.65% | 1.46% | 0.33% | 5.82% | 4.18% | 1.32% | 1.21% | 2.51% | 2.61% | 0.01% | 0% |
| Net Income | -3.17M | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.12M | 9.06M | 11.77M | -2.16M |
| Net Margin % | -4.46% | 22.09% | 88.2% | 90.68% | 67.08% | 98.47% | 112.49% | 115.84% | 107.65% | 79.02% | 77.91% | -877.37% |
| Net Income Growth % | -107.17% | -53.14% | -12.15% | 439.35% | -81.41% | 52.97% | 86.73% | 260.8% | -10.38% | -23.06% | 646.1% | - |
| Net Income (Continuing) | -3.17M | 34.51M | 73.65M | 83.84M | 15.54M | 83.63M | 54.67M | 29.28M | 8.12M | 9.06M | 11.77M | -2.16M |
| EPS (Diluted) | -0.09 | 0.93 | 1.99 | 2.33 | 0.50 | 2.94 | 1.98 | 1.04 | 0.27 | 0.30 | 1.83 | -0.84 |
| EPS Growth % | -105.08% | -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 | 36.85M | 37.04M | 37.06M | 35.93M | 30.89M | 28.48M | 27.68M | 28.13M | 30.04M | 30.04M | 6.42M | 2.58M |
Quick answers to the most common questions about buying CCAP stock.
For fiscal year 2025, Crescent Capital BDC, Inc. (CCAP) reported total revenue of $156.2M. This represents a 63487.2% increase compared to $0.2M in 2015.
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.
Key Metrics
Top Statement Risk
NII collapse into negative territory
Metrics are mathematically derived from official filings.
Net Interest Income Collapses Into Deficit
According to CCAP's reported financial statements, net interest income swung from $31.5M in 2024Q1 to a deficit of -$14.9M by 2026Q2 — a deterioration of over 147% — reflecting severe repricing pressure on the floating-rate loan book and a potential shift in credit economics across the portfolio.
The sequential decline in NII has been relentless: each quarter since 2024Q3 has shown year-over-year contraction, with the rate of decline accelerating sharply in 2026Q2 when NII went negative for the first time in the observed period. This suggests that CCAP's asset repricing, likely driven by underlying credit deterioration requiring non-accrual treatment or forgiveness, has overwhelmed any funding cost relief. For a BDC whose earnings engine is entirely interest-based, the move into negative NII territory represents not just cyclicality but potentially a fundamental impairment of the earning-asset base, and investors should closely monitor whether this is a temporary mark-related distortion or a sustained structural break.
NIM Inverts Sign Amid Funding Strain
Based on CCAP's reported figures, net interest margin contracted from 1.9% in 2024Q1 to -0.9% in 2026Q2 — the first negative reading in the series — indicating that the cost of liabilities now exceeds the yield generated on the asset portfolio, inverting the core profitability mechanism of this BDC.
The NIM compression path shows a consistent downward drift from ~1.9% through a stable 1.6% band in 2025 before breaking sharply lower to 1.5% in 2026Q1 and then to -0.9% in Q2. A negative NIM for a BDC typically reflects either heavy non-accrual situations where accrued interest is reversed, or significant increases in liability costs that cannot be passed through to floating-rate borrowers experiencing credit stress. Without favorable rate-cut tailwinds and given the severity of the inversion, the risk of further margin deterioration appears elevated, and any recovery in NIM would likely require meaningful portfolio resolution or asset repricing rather than mere rate normalization.
Provisions Resume After Six-Quarter Hiatus
According to recent SEC filings, CCAP began recording loan loss provisions of -$7.3M in 2026Q1 and -$8.6M in 2026Q2 after six consecutive quarters of zero provisions from 2024Q1 through 2025Q2, suggesting management is now formally recognizing credit deterioration that was previously unreserved.
The resumption of provisioning in 2026, combined with the simultaneous collapse of NII into negative territory, paints a picture of accelerating credit stress within the loan portfolio. The fact that provisions were zero for an extended period while NII was already declining year-over-year may suggest that the earlier credit signals were not captured in reserve builds, and the sudden recognition in 2026Q1-2026Q2 could indicate catch-up provisioning. For a BDC, provisions directly flow through to NAV and distributable earnings, so the magnitude and trajectory of these charges will be critical in determining whether the dividend is sustainable. The sequential increase from -$7.3M to -$8.6M in Q2 suggests the credit cycle is still deepening, not stabilizing.
Non-Interest Losses Mask Underlying Volatility
As reported in CCAP's financial statements, non-interest income has been predominantly negative across the ten-quarter period — totaling a loss of -$18.3M across 2026H1 alone — reflecting unrealized mark-to-market losses on the investment portfolio that have compounded the core NII shortfall and depressed total revenue.
For a BDC like CCAP, non-interest income predominantly captures unrealized gains and losses on portfolio investments, and the persistent negative readings suggest management has been marking down investments in response to weakening credit conditions or rate environments. The volatility is extreme: swings from -$18.9M (2025Q1) to +$3.1M (2025Q4) and back to +$20.4M (2026Q2) indicate that fair-value adjustments are a major driver of reported earnings, making headline net income highly unreliable as a measure of recurring earning power. Investors should separate core distributable income from mark noise, but the persistent negative marks through 2025 signal that the portfolio carries embedded losses that may not yet be fully reflected.
2026 Marks Structural Earnings Break
Based on CCAP's reported results, 2026 represents the decisive inflection point where the company posted consecutive quarterly losses of -$15.5M and -$3.2M — its first loss-making period in the ten-quarter window — as negative NII, resuming provisions, and volatile marks converged to overwhelm operating income.
Prior to 2026, CCAP maintained positive net income in every quarter, with 2024 being the strongest year (EPS of $0.55-$0.76 per quarter). The deterioration accelerated through 2025 (EPS compression to $0.19-$0.45) before breaking down entirely in 2026 with EPS of -$0.42 and -$0.09 sequentially. This pattern — gradual deceleration followed by a sharp break — is characteristic of BDCs entering a credit cycle turn, where portfolio stress accumulates invisibly before manifesting in provisions and marks simultaneously. The 2026Q2 partial recovery (loss narrowing from -$15.5M to -$3.2M) may suggest stabilization, but the underlying NII remains negative and provisions are still elevated, so the durability of any recovery warrants close scrutiny before it can be characterized as a genuine turning point.
Earnings Quality Undermined by Mark Noise
The most significant challenge to CCAP's earnings quality lies in the extreme volatility of non-interest income — which swung by nearly $33M between 2025Q1 and 2026Q2 — alongside the simultaneous collapse of core NII to negative territory, raising questions about whether reported net income reflects any stable, recurring earning capacity at all.
When NII is negative and non-income swings wildly between deeply negative and sharply positive readings, the reported net income becomes nearly impossible to extrapolate forward. The -$0.42 EPS in 2026Q1 followed by -$0.09 in Q2 could represent either a one-time credit event unwinding or the beginning of a multi-quarter stress cycle — the data alone does not distinguish between these scenarios. Furthermore, the six-quarter provision holiday followed by an abrupt return to large charges suggests that reported earnings during 2024-2025 may have been artificially inflated by under-reserving, and the 2026 charges could represent a normalization rather than the full extent of credit losses. The peer group context is also relevant: CCAP's revenue trajectory diverges sharply from peers like GBDC and MFIC showing positive growth, suggesting company-specific portfolio composition risks rather than purely sector-wide headwinds, though the structural differences between BDC mandates limit direct comparability.