B. Riley keeps a Neutral rating on Crescent Capital BDC with a $13.50 price target following the "mixed" Q1 report. The biggest positive of the quarter is Crescent management permanently reducing the base management fee to 1.00% from 1.25% and the incentive fee to 15.0% from 17.5%, the analyst tells investors in a research note. The company "right-sized" the base dividend to 34c per share, providing needed support for forward net interest income coverage, the analyst tells investors in a research note. Riley believes the "shareholder friendly management fee change" brings Crescent back to the best fee structure among the peer group. However, the firm reduced estimates to reflect the company's near-term refinancings and portfolio yield compression.
