Crescent Capital BDC, Inc.

Good morning and welcome to Crescent Capital BDC Inc.' 's fourth quarter and year-ended December 31, 2025 earnings conference call. Please note that Crescent Capital BDC Inc. may be referred to as CCAP, Crescent BDC, or the companies throughout the call. 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 or market information is not guaranteed of future results. I'll now turn the call over to Dan McMahon.

Thank you. Yesterday after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31st, 2025, and posted a presentation to the IR section of its website at www.crescentbdc.com. The presentation should be reviewed in conjunction with the company's Form 10-K 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.

Thank you, Dan. Hello, everyone, and thank you all for joining us. I'll start today's call by summarizing our results and outlook and follow that up with some commentary on the current market environment. In terms of fourth quarter earnings, we reported net investment income of 45 cents per share, as compared to 46 cents for the prior quarter. Once again, our earnings over-earned the quarterly dividend. Consistent with our dividend policy and fourth quarter earnings, our Board declared a quarterly cash dividend of 42 cents per share for the first quarter of 2026, payable on April 15, 2026. to stock orders of record as of March 31, 2026. That asset value was $19.10 per share as of December 31, compared to $19.28 per share as of September 30. This decline reflects unrealized losses stemming from certain portfolio companies. While NAV per share has declined over the past several quarters, reflecting market volatility and certain credit-specific marks during 2025, we believe it is important to view our performance over a longer horizon. The broader portfolio remains fundamentally healthy with stable credit metrics, strong sponsor support, and performance in line with our underwriting expectations. Since inception, CCAP has maintained one of the more stable MAP profiles across the public BDC sector. supported by our discipline underwriting, diversified positioning, and a focus on senior secured sponsor-backed companies, which we have maintained throughout our history. Capital preservation remains core to our strategy, and we are actively managing the portfolio to maintain consistent long-term NAV stability. I'd now like to touch on our outlook for CCAS earnings power and dividend sustainability. First, While lower base rates have impacted yields across the space, DCAP remains well positioned today. For the fourth quarter, net investment income covered our base dividend by 107%. We ended the year with net debt to equity of 1.20 times, below the 1.30 times upper end of our target range, preserving flexibility to prudently grow the portfolio and to pour capital through Crescent's origination platform. Crescent's private credit platform has been active with over $6.5 billion of capital committed in 2025, including over $1.7 billion during the fourth quarter. Our existing portfolio remains one of our most active origination channels, with add-ons representing over half of our transactions over the same period. We are also encouraged by the recent increase in transaction activity in Q4 and early 2026. As origination and refinancing volumes normalize, structuring fees and accelerated amortization income can serve as incremental contributors to earnings. In addition, our spillover income of approximately $1.16 per share, which is nearly three times our base dividend, continues to provide meaningful support as we navigate the current rate transition. All of that said, We fully recognize the earnings headwinds facing the entire ADC space related to forward base rate expectations. As such, we and our board are actively reviewing a range of options to ensure CCAP is positioned to deliver durable earnings and attractive returns across market cycles. And we expect to provide a more fulsome update on our plans and any actions stemming from that review in May when we report next quarter's results. We look forward to updating you further next quarter. Let me now shift gears and discuss what we are seeing in our market. We are operating in an increasingly competitive private credit market. Capital formation across direct lending strategies has remained strong, with a growing number of lenders competing for high-quality sponsor-backed transactions. This has resulted in tighter spreads and evolving deal structures. particularly in the broadly syndicated and upper end of the middle market. In this environment, maintaining underwriting discipline and strong structural protections remains essential. Within private equity, the past three years have been characterized by subdued exit activity, with sponsors favoring recapitalizations and dividend transactions over traditional M&A to generate liquidity in a muted market. This has created a backlog of portfolio companies awaiting monetization. As rate pressures ease and financing markets stabilize, we are seeing sponsors selectively re-engage in the M&A market to deliver liquidity to their limited partners. At the same time, elevated redemption activity in the perpetual non-traded BDC space may potentially contribute to a more balanced supply-demand dynamic. Overall, we continue to view the long-term outlook for private credit favorably. Discipline underwriting, thoughtful selectivity, and active portfolio management remain essential to driving strong performance. With that, I'll turn it over to Henry to provide additional detail on our portfolio and recent investment activity. Henry.