Crescent Capital Announces $50 Million Share Repurchase Program and New Joint Venture
During its third-quarter 2026 earnings call, Crescent Capital (CCAP) announced several strategic initiatives aimed at enhancing shareholder value amidst a slowdown in leveraged buyout activity. The company authorized a $50 million share repurchase program, with parent company Sun Life committing an additional $25 million for open-market purchases to capitalize on the stock trading below its net asset value. To address balance sheet leverage, Crescent Capital is seeding a $150 million unconsolidated joint venture focused on performing senior loans. This move is designed to lower the firm's leverage ratio and target a low-to-mid teens return on equity (ROE). Despite a 60% year-over-year decline in direct lending for new buyouts, the company has successfully offset subdued market activity by focusing on add-on financings for existing portfolio companies.
Coverage
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