Crescent BDC Issues First Payouts, Records NAV Increase

Crescent Private Credit Income Corp. declared its first distributions, reported a 1.32% increase in NAV for May 2024, and highlighted a diversified portfolio with strong performance.

July 03, 2024

Crescent Private Credit Income Corp., a non-traded perpetual-life business development company launched by Crescent Capital Group in fall 2023, declared its first shareholder distributions last week. As of May 31, 2024, the BDC reported an aggregate net asset value (NAV) of approximately $161 million, a 1.32% increase from the previous month’s $158.9 million.

The monthly NAV per share for its Class I common stock was $27.09, a 1.12% increase from $26.79 in April. Crescent BDC declared both regular and special distributions for Class I shares, totaling $0.23 per share, payable to shareholders of record as of June 30, 2024, and disbursed on or about July 26, 2024. Shareholders can opt for cash payments or reinvest in Class I shares through the distribution reinvestment plan.

At the end of May, the fair value of Crescent BDC’s portfolio investments stood at approximately $210.1 million, with principal debt outstanding at $64.6 million, resulting in a debt-to-equity ratio of about 0.40x.

Crescent BDC aims to provide investors with a diversified portfolio of sponsor-backed, directly originated assets, including debt securities and related equity investments in U.S. middle-market companies. The BDC targets companies with annual EBITDA between $35 million and $120 million but may also invest in larger or smaller companies. Additionally, it may invest in syndicated loans and other liquid credit opportunities, including publicly traded debt instruments, for cash management and potential investment returns.

As of June 26, 2024, Crescent BDC had issued approximately 5.9 million Class I shares, raising about $151.8 million in gross proceeds since inception. The fund has not yet sold any Class S or Class D common shares.