Crescent Capital BDC: 13% Yield And A Discount Too Deep To Ignore

Crescent Capital BDC trades near a 52-week low, offering a 13% yield and a deep 0.61x price-to-book discount. CCAP's first-lien-heavy, diversified portfolio and recent management fee reductions support strong NII-to-dividend coverage at 113.5%. Nonaccruals rose to 3.6% of portfolio value, mainly in healthcare, but management actively manages these with meaningful control.