Crescent Private Credit Income Corp., a non-traded perpetual-life business development company, declared distributions for the first time last week. As of May 31, 2024, it had an aggregate net asset value of approximately $161 million, a 1.32% increase on the previous month’s $158.9 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 May 31, and reported in a recent filing with the U.S. Securities and Exchange Commission.
Class I shares were valued at $27.09, a 1.12% increase from the previous month’s $26.79. 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 marks the first time the fund has declared a distribution.
The distributions are payable to shareholders of record as of June 30, 2024, and will be paid on or about July 26. The June 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 May, the BDC said the fair value of its portfolio investments was approximately $210.1 million, and it had principal debt outstanding of $64.6 million, resulting in a debt to equity ratio of approximately 0.40x.
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 June 26, 2024, the fund issued approximately 5.9 million Class I shares and raised gross proceeds of approximately $151.8 million since inception. As of this reporting, the BDC fund had not sold any of its Class S or Class D common shares.
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