Crescent Private Credit Income Corp. Shares 0.5% Decrease on Total NAV
Crescent Private Credit Income Corp., a non-traded perpetual-life business development company, had an aggregate net asset value of approximately $160.2 million as of June 30, 2024, a nearly 0.5% decrease on the previous month’s $161 million.
The BDC, launched by alternative credit investment firm Crescent Capital Group in fall 2023, declared a monthly NAV per share for its common stock for the month ended June 30. Class I shares were valued at $26.95, a 0.52% decrease from the previous month’s $27.09.
The BDC declared regular and special distributions for its Class I common shares of common stock in the following amounts: $0.16 gross distribution and $0.07 special distributions for a net distribution of $0.23. This is the second time the fund has declared a distribution.
The distributions are payable to shareholders of record as of July 31 and will be paid on or about Aug. 27. The July 2024 distributions will be paid in cash or reinvested in Class I shares for shareholders participating in the fund’s distribution reinvestment plan.
Also, at the close of June, the BDC said the fair value of its portfolio investments was approximately $228.7 million, and it had principal debt outstanding of $79.5 million, resulting in a debt-to-equity ratio of approximately 0.50x.
According to past reporting by The DI Wire, the BDC seeks to deliver credit expertise to investors by providing access to a diversified portfolio consisting primarily of sponsor-backed, directly originated assets – including debt securities and related equity investments – made to or issued by U.S. middle-market companies. It focuses on investing in companies with annual net income before net interest expense, income tax expense, depreciation, and amortization between $35 million and $120 million, although the BDC said it may invest in larger or smaller companies.
It may also make investments in syndicated loans and other liquid credit opportunities, including in publicly traded debt instruments, for cash management purposes while also presenting an opportunity for attractive investment returns.
As of July 26, pursuant to subscription agreements entered into between the BDC and Sun Life Assurance Company of Canada, BK Canada Holdings Inc. and Scotia Private Credit Pool, the fund issued just under 6 million of its Class I Common Shares and raised gross proceeds of approximately $153.2 million since inception, including 51,948 shares sold to Scotia in July 2024.
As of this reporting, the BDC fund had not sold any of its Class S or Class D common shares.
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