Crescent Capital BDC (NASDAQ:CCAP) Q1 2024 Earnings Conference Call May 9, 2024 12:00 PM ET
Company Participants
Dan McMahon - IR
Jason Breaux - CEO
Henry Chung - President
Gerhard Lombard - CFO
Conference Call Participants
Paul Johnson - KBW
Operator
Good day, everyone and welcome to today's Crescent Capital BDC, Inc. First Quarter Earnings Call. [Operator Instructions]. Please note this call is being recorded.
And it is now my pleasure to turn today's call over to Dan McMahon, Investor Relations. Please go ahead.
Dan McMahon
Good morning. And welcome to Crescent Capital BDC Inc.'s First Quarter ended March 31, 2024, Earnings Conference Call. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call.
Before we begin, I'll 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 and market information is not a guarantee of future results.
Yesterday after the market closed, the company issued its earnings press release for the first quarter ended March 31, 2024, and posted a presentation to the IR section of its website at crescentbdc.com. 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; President, Henry Chung; and Chief Financial Officer, Gerhard Lombard.
With that, I'd now like to turn it over to Jason.
Jason Breaux
Thank you, Dan. Hello, everyone, and thank you all for joining us today. We're very pleased to report another record quarter of earnings with continued strong credit performance across the portfolio. Net investment income, or NII, was $0.63 per share, up $0.02 from last quarter. Our NII has increased in each of the past 5 quarters, resulting in record NII for the fifth consecutive quarter. This quarter's earnings translated into an annualized NII return on equity of 12.6%. With our earnings well in excess of the regular dividend, our Board has declared a supplemental dividend for the first quarter of $0.11 per share which, when coupled with our previously declared regular dividend of $0.41 per share, equates to a 10.3% annualized dividend yield on March 31, 2024, NAV.