Crescent Capital BDC, Inc. (CCAP) is a company.

Transcript

Operator

Good morning, and welcome to Crescent Capital BDC Inc.'s second quarter ended June 30, 2026 earnings conference call. Please note that Crescent Capital BDC Inc. may be referred to as CCAP, Crescent BDC, or the company throughout the call. I will start with some important reminders. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. The company's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. The company assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results. I will now turn the call over to Dan McMahon.

Dan McMahon — SVP and Head of Public Investor Relations

Thank you. Yesterday, after the market closed, the company issued its earnings press release for the second quarter ended June 30, 2026, and posted a presentation to the investor relations section of its website at www.crescentbdc.com. The presentation should be reviewed in conjunction with the company's Form 10-Q filed yesterday with the SEC. As a reminder, this call is being recorded for replay purposes. Speaking on today's call will be CCAP's Chief Executive Officer, Jason Breaux, Chief Financial Officer, Gerhard Lombard, and President, Henry Chung. With that, I would now like to turn it over to Jason.

Jason Breaux — CEO

Thank you, Dan, and good morning, everyone. I will begin by summarizing our second quarter results, discussing our key priorities with respect to CCAP, and commenting on current market conditions. For the second quarter, we reported net investment income of $0.36 per share, which was down from $0.38 per share in the prior quarter, excluding the impact of a one-time incentive fee waiver. Our earnings exceeded our $0.34 base dividend. We also paid the first of our three previously announced special dividends of $0.03 per share during the quarter. Our net asset value was $17.82 per share as of June 30. This was down from $18.27 in the prior quarter. The reduction in net asset value was primarily driven by unrealized losses associated with non-accrual investments that we are actively managing. CCAP remains an important part of the