Crescent Capital BDC, Inc.

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'll start with some important reminders 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 second quarter ended June 30th, 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 10Q 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'd now like to turn it over to Jason.

Thank you, Dan, and good morning, everyone. I'll 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 36 cents per share, which was down from 38 cents per share in the prior quarter, excluding the impact of a one-time incentive fee waiver. Our earnings exceeded our 34-cent base dividend. We also paid the first of our three previously announced special dividends of 3 cents 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. A 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 Crescent private credit platform, and our two near-term priorities are rotating our watch list investments and deleveraging our portfolio to within our target range. We established a fee and dividend framework last quarter that provides us the flexibility to prioritize these initiatives, ensuring strong alignment between Crescent and our shareholders through this process. Our reduced management and incentive fees, together with our revised dividend framework, became effective as of April 1. We believe these actions enhance CCAP's long-term earnings power, support sustainable shareholder returns and positioned the company with one of the most competitive fee structures in the public BDC sector. Our fee structure also represents a continued meaningful economic contribution by Crescent. That alignment extends to our parent, Sun Life, which has been a long-term holder of approximately 6% of CCAP's outstanding shares and has invested or committed more than $1.5 billion across Crescent strategies since 2021. This significant and ongoing investment reflects confidence in Crescent's platform and our strategy. As demonstrated by our results during the quarter, we intentionally set the base dividend at a conservative level relative to our earnings, reflecting both our commitment to consistently earning our base dividend and a potentially volatile market outlook. Turning to the broader private credit market, sponsor-backed M&A activity continues to be below historical averages. However, competitive dynamics have improved, particularly in the upper mid-market. Ongoing redemptions and slower capital formation in the non-traded retail BDC market have improved lending conditions by reducing competitive pressure. We've started to see this drive better terms in the core and lower middle market as well, where Crescent primarily invests. We remain optimistic that the availability of private equity dry powder and sponsors looking to return capital to investors will provide a favorable opportunity set in the long term. During the second quarter, the broader Crescent platform committed more than $2.5 billion across private credit transactions and more than $8.7 billion over the last 12 months, reflecting the strength of our origination capabilities and providing CCAP with continued access to a deep pipeline of high quality investment opportunities. Given our near-term deleveraging priority, we are intentionally balancing selected new investments with preserving financial flexibility and prudently managing leverage for CCAT. With that, I'll turn it over to Gerhard to discuss our quarterly financial results in greater detail.