CCAP Collar Strategy
CCAP (Crescent Capital BDC, Inc.), in the Financial Services sector, (Asset Management industry), listed on NASDAQ.
Crescent Capital BDC, Inc. is as a business development company private equity / buyouts and loan fund. It specializes in directly investing. It specializes in middle market. The fund seeks to invest in United States.
CCAP (Crescent Capital BDC, Inc.) trades in the Financial Services sector, specifically Asset Management, with a market capitalization of approximately $483.2M, a trailing P/E of 10.47, a beta of 0.64 versus the broader market, a 52-week range of 11.8-16.4, average daily share volume of 200K, a public-listing history dating back to 2020. These structural characteristics shape how CCAP stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.64 indicates CCAP has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. The trailing P/E of 10.47 is on the value side, where IV often compresses outside event windows because forward growth expectations are already discounted into the share price. CCAP pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on CCAP?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current CCAP snapshot
As of May 15, 2026, spot at $11.20, ATM IV 157.00%, IV rank 33.15%, expected move 45.01%. The collar on CCAP below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on CCAP specifically: IV regime affects collar pricing on both sides; mid-range CCAP IV at 157.00% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 45.01% (roughly $5.04 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CCAP expiries trade a higher absolute premium for lower per-day decay. Position sizing on CCAP should anchor to the underlying notional of $11.20 per share and to the trader's directional view on CCAP stock.
CCAP collar setup
The CCAP collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CCAP near $11.20, the first option leg uses a $11.76 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CCAP chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CCAP shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $11.20 | long |
| Sell 1 | Call | $11.76 | N/A |
| Buy 1 | Put | $10.64 | N/A |
CCAP collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
CCAP collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on CCAP. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use collar on CCAP
Collars on CCAP hedge an existing long CCAP stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
CCAP thesis for this collar
The market-implied 1-standard-deviation range for CCAP extends from approximately $6.16 on the downside to $16.24 on the upside. A CCAP collar hedges an existing long CCAP position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current CCAP IV rank near 33.15% is mid-range against its 1-year distribution, so the IV signal is neutral; the collar thesis on CCAP should anchor more to the directional view and the expected-move geometry. As a Financial Services name, CCAP options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CCAP-specific events.
CCAP collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CCAP positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CCAP alongside the broader basket even when CCAP-specific fundamentals are unchanged. Always rebuild the position from current CCAP chain quotes before placing a trade.
Frequently asked questions
- What is a collar on CCAP?
- A collar on CCAP is the collar strategy applied to CCAP (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With CCAP stock trading near $11.20, the strikes shown on this page are snapped to the nearest listed CCAP chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CCAP collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the CCAP collar priced from the end-of-day chain at a 30-day expiry (ATM IV 157.00%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CCAP collar?
- The breakeven for the CCAP collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CCAP market-implied 1-standard-deviation expected move is approximately 45.01%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on CCAP?
- Collars on CCAP hedge an existing long CCAP stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current CCAP implied volatility affect this collar?
- CCAP ATM IV is at 157.00% with IV rank near 33.15%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.