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10-Q

Crescent Capital BDC, Inc. (CCAP)

10-Q 2024-11-12 For: 2024-09-30
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission file number 814-01132

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland 47-3162282
(State or Other Jurisdiction of<br><br>Incorporation or Organization) (I.R.S. Employer<br><br>Identification No.)
11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA 90025
(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br><br>Symbol Name of each exchange on which registered
Common Stock, $0.001 par value per share CCAP The Nasdaq Stock Market LLC
5.00% Notes due 2026 FCRX The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐
Non-Accelerated filer ☒ Smaller reporting company ☐
Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at November 12, 2024 was 37,061,547

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2024

Table of Contents

Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements 4
Consolidated Statements of Assets and Liabilities as of September 30, 2024 (Unaudited) and December 31, 2023 4
Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 5
Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6
Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (Unaudited) 8
Consolidated Schedule of Investments as of September 30, 2024 (Unaudited) 9
Consolidated Schedule of Investments as of December 31, 2023 38
Notes to Consolidated Financial Statements (Unaudited) 67
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 94
Item 3. Quantitative and Qualitative Disclosures About Market Risk 106
Item 4. Controls and Procedures 107
PART II OTHER INFORMATION 107
Item 1. Legal Proceedings 107
Item 1A. Risk Factors 107
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 108
Item 3. Defaults Upon Senior Securities 108
Item 4. Mine Safety Disclosures 108
Item 5. Other Information 108
Item 6. Exhibits 109

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. We believe that it is important to communicate our future expectations to our investors. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “will,” “should,” “targets,” “projects,” and variations of these words and similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The following factors and factors listed under “Risk Factors” in this report and other documents Crescent Capital BDC, Inc. has filed with the Securities and Exchange Commission, or SEC, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operation and financial position. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

  • uncertainty surrounding the financial stability of the United States, Europe and China;
  • the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;
  • potential fluctuation in quarterly operating results;
  • potential impact of economic recessions or downturns;
  • adverse developments in the credit markets;
  • regulations governing our operation as a business development company;
  • operation in a highly competitive market for investment opportunities;
  • risks associated with inflation and the current interest rate environment;
  • changes in interest rates may affect our cost of capital and net investment income;
  • the impact of changes in Secured Overnight Financing Rate (“SOFR”), or other benchmark rate on our operating results;
  • financing investments with borrowed money;
  • potential adverse effects of price declines and illiquidity in the corporate debt markets;
  • lack of liquidity in investments;
  • the outcome and impact of any litigation;
  • the timing, form and amount of any dividend distributions;
  • risks regarding distributions;
  • potential adverse effects of new or modified laws and regulations;
  • potential resignation of the Adviser and or the Administrator;
  • uncertainty as to the value of certain portfolio investments;
  • defaults by portfolio companies;
  • our ability to successfully complete and integrate any acquisitions;
  • risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income;
  • the market price of our common stock may fluctuate significantly;

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information

contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

As of <br>December 31, 2023
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of 1,485,564 and 1,469,251, respectively) 1,492,347 $ 1,465,537
Non-controlled affiliated investments (cost of 48,703 and 56,084, respectively) 51,003 52,619
Controlled investments (cost of 66,748 and 67,353, respectively) 48,083 63,919
Cash and cash equivalents 17,086 7,780
Restricted cash and cash equivalents 20,751 16,690
Interest and dividend receivable 10,640 14,000
Receivable from unsettled transactions 131 251
Unrealized appreciation on foreign currency forward contracts 1,396 5,128
Deferred tax assets 503 114
Other assets 3,109 1,341
Total assets 1,645,049 $ 1,627,379
Liabilities
Debt (net of deferred financing costs of 7,358 and 7,138, respectively) 857,236 $ 844,783
Distributions payable 15,566 15,195
Interest and other debt financing costs payable 9,116 10,900
Management fees payable 5,089 5,026
Incentive fees payable 4,899 4,770
Deferred tax liabilities 503 578
Unrealized depreciation on foreign currency forward contracts 77 84
Accrued expenses and other liabilities 3,756 3,449
Total liabilities 896,242 884,785
Commitments and Contingencies (Note 8)
Net assets
Preferred stock, par value 0.001 per share (10,000 shares authorized, zero outstanding, respectively) - -
Common stock, par value 0.001 per share (200,000,000 shares authorized, 37,061,547 shares issued and outstanding) 37 37
Paid-in capital in excess of par value 965,895 965,895
Accumulated earnings (loss) (217,125 ) (223,338 )
Total net assets 748,807 742,594
Total liabilities and net assets 1,645,049 $ 1,627,379
Net asset value per share 20.20 $ 20.04

All values are in US Dollars.

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data) (Unaudited)

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Investment Income:
From non-controlled non-affiliated investments:
Interest income $ 42,662 $ 42,578 $ 128,201 $ 118,080
Paid-in-kind interest 3,527 703 6,742 1,971
Dividend income 102 1 496 80
Other income 780 237 2,447 466
From non-controlled affiliated investments:
Interest income 713 770 2,505 2,122
Paid-in-kind interest 708 384 1,217 619
Dividend income 520 530 808 1,709
Other income - 161 16 309
From controlled investments:
Interest income 273 148 881 468
Paid-in-kind interest - - - 192
Dividend income 2,344 2,640 7,624 8,160
Other income 3 - 8 -
Total investment income 51,632 48,152 150,945 134,176
Expenses:
Interest and other debt financing costs 16,104 15,379 47,638 43,019
Management fees 5,119 5,073 15,133 14,541
Income based incentive fees 4,976 4,593 14,518 12,634
Professional fees 585 383 1,483 1,121
Directors’ fees 151 151 459 457
Other general and administrative expenses 609 618 1,914 2,099
Total expenses 27,544 26,197 81,145 73,871
Management fees waiver (30 ) (49 ) (101 ) (145 )
Income based incentive fees waiver (77 ) (69 ) (114 ) (229 )
Net expenses 27,437 26,079 80,930 73,497
Net investment income before taxes 24,195 22,073 70,015 60,679
Provision for income and excise taxes 655 350 1,455 890
Net investment income 23,540 21,723 68,560 59,789
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments 2,095 41 (4,841 ) (6,202 )
Non-controlled affiliated investments (4,828 ) - (4,828 ) -
Controlled investments 6,443 - 6,443 -
Foreign currency transactions 59 (10 ) (460 ) (68 )
Foreign currency forward contracts - - 3,223 -
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation (3,773 ) 476 8,288 4,932
Non-controlled affiliated investments 4,571 (4,014 ) 5,765 (3,475 )
Controlled investments (11,378 ) 2,488 (15,231 ) (3,482 )
Foreign currency forward contracts (1,405 ) 1,994 (3,725 ) 755
Net realized and unrealized gains (losses) on investments (8,216 ) 975 (5,366 ) (7,540 )
Benefit (provision) for taxes on realized gain on investments - (120 ) - 132
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments (56 ) 43 464 598
Net increase (decrease) in net assets resulting from operations $ 15,268 $ 22,621 $ 63,658 $ 52,979
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted): $ 0.41 $ 0.61 $ 1.72 $ 1.49
Net investment income per share (basic and diluted): $ 0.64 $ 0.59 $ 1.85 $ 1.68
Weighted average shares outstanding (basic and diluted): 37,061,547 37,061,547 37,061,547 35,546,270

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data) (Unaudited)

Common Stock
Shares Par Amount Paid in Capital in<br>Excess of Par<br>Value Accumulated Earnings (Loss) Total Net Assets
Balance at June 30, 2024 37,061,547 $ 37 $ 965,895 $ (213,492 ) $ 752,440
Net increase (decrease) in net assets resulting from operations:
Net investment income - - - 23,540 23,540
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards - - - 3,769 3,769
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation - - - (11,985 ) (11,985 )
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments - - - (56 ) (56 )
Distributions from distributable earnings - - - (18,901 ) (18,901 )
Total increase (decrease) for the three months ended September 30, 2024 - $ - $ - $ (3,633 ) $ (3,633 )
Balance at September 30, 2024 37,061,547 $ 37 $ 965,895 $ (217,125 ) $ 748,807
Common Stock
Shares Par Amount Paid in Capital in<br>Excess of Par<br>Value Accumulated Earnings (Loss) Total Net Assets
Balance at December 31, 2023 37,061,547 $ 37 $ 965,895 $ (223,338 ) $ 742,594
Net increase (decrease) in net assets resulting from operations:
Net investment income - - - 68,560 68,560
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards - - - (463 ) (463 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation - - - (4,903 ) (4,903 )
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments - - - 464 464
Distributions from distributable earnings - - - (57,445 ) (57,445 )
Total increase (decrease) for the nine months ended September 30, 2024 - $ - $ - $ 6,213 $ 6,213
Balance at September 30, 2024 37,061,547 $ 37 $ 965,895 $ (217,125 ) $ 748,807

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data) (Unaudited)

Common Stock
Shares Par Amount Paid in Capital in<br>Excess of Par<br>Value Accumulated Earnings (Loss) Total Net Assets
Balance at June 30, 2023 37,061,547 $ 37 $ 788,299 $ (62,531 ) $ 725,805
Net increase (decrease) in net assets resulting from operations:
Net investment income - - - 21,723 21,723
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards - - - 31 31
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation - - - 944 944
Benefit (provision) for taxes on realized gain on investments - - - (120 ) (120 )
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments - - - 43 43
Distributions from distributable earnings - - - (18,160 ) (18,160 )
Total increase (decrease) for the three months ended September 30, 2023 - $ - $ - $ 4,461 $ 4,461
Balance at September 30, 2023 37,061,547 $ 37 $ 788,299 $ (58,070 ) $ 730,266
Common Stock
Shares Par Amount Paid in Capital in<br>Excess of Par<br>Value Accumulated Earnings (Loss) Total Net Assets
Balance at December 31, 2022 30,887,360 $ 31 $ 675,008 $ (62,498 ) $ 612,541
Net increase (decrease) in net assets resulting from operations:
Net investment income - - - 59,789 59,789
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards - - - (6,270 ) (6,270 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation - - - (1,270 ) (1,270 )
Benefit (provision) for taxes on realized gain on investments - - - 132 132
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments - - - 598 598
Issuance in connection with asset acquisition (Note 13) 6,174,187 6 91,251 - 91,257
Deemed contribution from Adviser (Note 13) - - 22,040 - 22,040
Distributions from distributable earnings - - - (48,551 ) (48,551 )
Total increase (decrease) for the nine months ended September 30, 2023 6,174,187 $ 6 $ 113,291 $ 4,428 $ 117,725
Balance at September 30, 2023 37,061,547 $ 37 $ 788,299 $ (58,070 ) $ 730,266

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data) (Unaudited)

For the nine months ended September 30,
2024 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 63,658 $ 52,979
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments (265,819 ) (112,184 )
Paid-in-kind interest income (8,030 ) (2,917 )
Proceeds from sales of investments and principal repayments 263,211 144,627
Net realized (gain) loss on investments and foreign currency transactions 9,067 6,451
Acquisition of First Eagle Alternative Capital BDC, Inc., net of cash acquired(2) - (14,981 )
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation 1,178 2,025
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts 3,725 (755 )
Amortization of premium and accretion of discount, net (6,841 ) (4,987 )
Amortization of deferred financing costs 1,684 1,578
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions 120 (11,563 )
(Increase) decrease in interest and dividend receivable 3,360 (4,483 )
(Increase) decrease in deferred tax asset (389 ) (382 )
(Increase) decrease in other assets (1,768 ) 3,071
Increase (decrease) in management fees payable 63 968
Increase (decrease) in incentive fees payable 129 1,412
Increase (decrease) in interest and other debt financing costs payable (1,784 ) (838 )
Increase (decrease) in deferred tax liability (75 ) 341
Increase (decrease) in payable for investment purchased - (514 )
Increase (decrease) in accrued expenses and other liabilities 307 (2,152 )
Net cash provided by (used for) operating activities $ 61,796 $ 57,696
Cash flows from financing activities:
Deferred financing and debt issuance costs paid (1,904 ) (3,867 )
Distributions paid (57,075 ) (46,019 )
Borrowings on credit facilities 239,968 385,636
Repayments on credit facilities (229,427 ) (387,750 )
Issuance of unsecured debt - 50,000
Repayment of unsecured debt - (50,000 )
Net cash provided by (used for) financing activities (48,438 ) (52,000 )
Effect of exchange rate changes on cash denominated in foreign currency 9 (8 )
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency 13,367 5,688
Cash, cash equivalents, restricted cash and foreign currency, beginning of period 24,470 17,067
Cash, cash equivalents, restricted cash and foreign currency, end of period(1) $ 37,837 $ 22,755
Supplemental and non-cash financing activities:
Cash paid during the period for interest $ 47,714 $ 43,149
Cash paid during the period for taxes $ 1,262 $ 530
Accrued but unpaid distributions $ 15,566 $ 15,195
Issuance of shares in connection with asset acquisition (Note 13) - $ 91,257
Deemed contribution from the Adviser (non-cash) (Note 13) - $ 22,040
  • As of September 30, 2024, the balance included cash and cash equivalents of $17,086 (including cash denominated in foreign currency of $2,656) and restricted cash and cash equivalents of $20,751 (including cash denominated in foreign currency of $984). As of December 31, 2023, the balance included cash and cash equivalents of $7,780 (including cash denominated in foreign currency of $1,728) and restricted cash and cash equivalents of $16,690 (including cash denominated in foreign currency of $692).
  • On March 9, 2023, in connection with the FCRD Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $129,511 which included $335,035 of investments, $1,233 cash and cash equivalents and $4,513 of other assets, net of $211,270 of assumed liabilities, for the total cash and stock consideration of $129,511, inclusive of $7,565 of the transaction costs.

See accompanying notes

Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auveco Holdings (5) Unitranche First Lien Revolver S + 525 (100 Floor) 10.46% 05/2028 135 131 0.0 135
Auveco Holdings Unitranche First Lien Term Loan S + 525 (100 Floor) 10.46% 05/2028 3,959 3,904 0.5 3,959
Continental Battery Company Unitranche First Lien Term Loan S + 700 (100 Floor) (including 407.5 PIK) 11.75% 01/2027 7,447 7,387 0.7 5,203
Continental Battery Company Unitranche First Lien Delayed Draw Term Loan S + 700 (100 Floor) (including 407.5 PIK) 11.75% 01/2027 2,746 2,736 0.3 1,919
Sun Acquirer Corp. Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.11% 09/2028 8,965 8,879 1.2 9,033
Sun Acquirer Corp. (4)(5) Unitranche First Lien Revolver 09/2027 — (21 ) 0.0 14
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 575 (75 Floor) 11.11% 09/2028 12,685 12,523 1.7 12,779
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 575 (75 Floor) 11.11% 09/2028 2,431 2,399 0.3 2,449
38,368 37,938 4.7 35,491
Capital Goods
Envocore Holding, LLC (7)(8) Senior Secured First Lien Term Loan 750 7.50% 12/2025 6,753 6,726 0.9 6,753
Envocore Holding, LLC (7)(8)(9) Senior Secured Second Lien Term Loan 12/2026 9,146 7,053 0.2 1,194
Envocore Holding, LLC (5)(7)(8) Senior Secured First Lien Revolver 750 7.50% 12/2025 972 970 0.1 972
Eshipping Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.96% 11/2027 5,620 5,555 0.8 5,620
Eshipping Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.36% 11/2027 867 862 0.1 867
Eshipping (4)(5) Senior Secured First Lien Revolver 11/2027 — (12 ) — —
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) (including 50 PIK) 10.25% 07/2028 3,333 3,291 0.4 3,275
Oliver Packaging LLC (5) Senior Secured First Lien Revolver S + 550 (100 Floor) (including 50 PIK) 10.25% 07/2028 149 143 0.0 140
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) (including 50 PIK) 10.75% 07/2028 250 246 0.0 246
Painters Supply & Equipment Company (5) Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.85% 08/2027 889 884 0.1 889
Painters Supply & Equipment Company (5) Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.70% 04/2030 172 172 0.0 172
Painters Supply & Equipment Company (5) Unitranche First Lien Revolver S + 550 (100 Floor) 10.70% 08/2027 250 245 0.0 250
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 10.20% 08/2027 1,989 1,967 0.3 1,989
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 10.86% 04/2030 848 848 0.1 848
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
TriStrux, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (including 200 PIK) 12.75% 12/2026 2,710 2,667 0.3 2,019
TriStrux, LLC (5) Senior Secured First Lien Revolver S + 800 (100 Floor) (including 200 PIK) 12.75% 12/2026 954 938 0.1 686
TriStrux, LLC Senior Secured First Lien Delayed Draw Term Loan S + 800 (100 Floor) (including 200 PIK) 12.75% 12/2026 951 936 0.1 708
35,853 33,491 3.5 26,628
Commercial & Professional Services
American Refrigeration (5) Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.48% 04/2029 126 126 0.0 126
American Refrigeration Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.48% 02/2029 3,483 3,454 0.5 3,483
American Refrigeration Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.48% 04/2029 200 200 0.0 200
ASP MCS Acquisition Corp. (6)(12) Senior Secured Second Lien Term Loan S + 600 (100 Floor) 11.58% 10/2025 284 277 0.0 239
Automated Control Concepts, Inc. Unitranche First Lien Term Loan S + 550 (100 Floor) 10.37% 10/2026 3,578 3,491 0.5 3,578
Automated Control Concepts, Inc. (4)(5) Unitranche First Lien Revolver 10/2026 — (19 ) — —
Duraserv LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.86% 06/2031 124 115 0.0 106
Duraserv LLC (4)(5) Senior Secured First Lien Revolver 06/2030 — (8 ) (0.0 ) (9 )
Duraserv LLC Senior Secured First Lien Term Loan S + 475 (75 Floor) 9.86% 06/2031 4,821 4,774 0.6 4,772
GH Parent Holdings Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 10.20% 05/2027 12,779 12,680 1.7 12,779
GH Parent Holdings Inc. (5) Unitranche First Lien Revolver S + 525 (100 Floor) 10.20% 05/2027 264 250 0.0 264
GH Parent Holdings Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.20% 05/2027 6,159 6,159 0.8 6,159
Guardian Access Solutions (5) Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.25% 08/2029 1,071 1,050 0.1 1,054
Guardian Access Solutions (5) Senior Secured First Lien Revolver S + 600 (100 Floor) 10.60% 08/2029 338 322 0.0 331
Guardian Access Solutions Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.81% 08/2029 2,871 2,810 0.4 2,848
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.20% 12/2026 18,456 18,241 2.5 18,456
Hercules Borrower LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (21 ) — —
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.20% 12/2026 240 237 0.0 240
Hercules Borrower LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.20% 12/2026 1,432 1,422 0.2 1,432
Hsid Acquisition, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.70% 01/2026 3,703 3,685 0.5 3,703
Hsid Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.70% 01/2026 2,784 2,771 0.4 2,784
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Hsid Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 01/2026 — (3 ) — —
Infobase Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.01% 06/2028 11,046 10,892 1.5 10,882
Infobase (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.25% 06/2028 798 779 0.1 776
Iris Buyer, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 11.50% 10/2030 10,515 10,247 1.4 10,725
Iris Buyer, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.85% 10/2030 991 955 0.1 1,022
Iris Buyer, LLC (4)(5) Unitranche First Lien Revolver 10/2029 — (35 ) — —
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2026 321 320 0.0 305
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2026 965 964 0.1 915
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.40% 07/2027 608 601 0.1 608
MHS Acquisition Holdings, LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.40% 07/2027 219 217 0.0 219
MHS Acquisition Holdings, LLC (4)(5) Senior Secured First Lien Revolver 07/2027 — (1 ) — —
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.73% 07/2027 39 39 0.0 39
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.78% 07/2027 39 39 0.0 39
Minuteman Security Technologies, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.60% 02/2029 4,307 4,219 0.6 4,307
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.41% 02/2029 1,938 1,918 0.3 1,938
Minuteman Security Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 02/2029 — (20 ) — —
Minuteman Security Technologies, Inc. (5) Senior Secured First Lien Delayed Draw Term Loan 02/2029 — — — —
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.95% 02/2029 2,544 2,544 0.3 2,544
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) 9.10% 05/2031 1,141 1,141 0.2 1,137
Pye-Barker Fire & Safety, LLC (5) Unitranche First Lien Revolver S + 450 (75 Floor) 9.10% 05/2030 327 327 0.0 319
Pye-Barker Fire & Safety, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 9.10% 05/2031 26,428 26,428 3.5 26,343
Receivable Solutions, Inc. (5) Senior Secured First Lien Revolver P + 450 (100 Floor) 12.50% 10/2025 120 120 0.0 118
Receivable Solutions, Inc. Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.86% 10/2025 2,144 2,137 0.3 2,132
Seko Global Logistics Network, LLC (9)(11) Senior Secured First Lien Term Loan 07/2027 4,973 4,883 0.5 3,432
Seko Global Logistics Network, LLC (5)(9)(11) Senior Secured First Lien Revolver 07/2027 992 954 0.1 584
Service Logic Acquisition, Inc. (8) Senior Secured Second Lien Term Loan 1150 11.50% 10/2028 5,107 5,011 0.7 5,107
Service Logic Acquisition, Inc. (8) Senior Secured Second Lien Delayed Draw Term Loan 1150 11.50% 10/2028 2,359 2,310 0.3 2,359
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
SuperHero Fire Protection, LLC Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.00% 09/2026 5,465 5,442 0.7 5,430
SuperHero Fire Protection, LLC (5) Senior Secured First Lien Revolver S + 625 (100 Floor) 11.73% 09/2026 377 374 0.0 374
146,476 144,818 19.0 144,199
Consumer Services
Bandon Fitness (Texas) Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 11.40% 07/2028 4,738 4,684 0.6 4,738
Bandon Fitness (Texas) Inc. (4)(5) Unitranche First Lien Revolver 07/2028 — (4 ) — —
Bandon Fitness (Texas) Inc. Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.28% 07/2028 1,747 1,728 0.2 1,747
Effective School Solutions LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.32% 11/2027 7,556 7,482 1.0 7,556
Effective School Solutions LLC (5) Senior Secured First Lien Revolver S + 500 (100 Floor) 9.96% 11/2027 928 912 0.1 928
Everlast Parent Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.20% 10/2026 13,502 13,362 1.8 13,358
Everlast Parent Inc. (5) Unitranche First Lien Revolver S + 650 (100 Floor) 11.20% 10/2026 599 584 0.1 581
Everlast Parent Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.18% 10/2026 3,318 3,262 0.4 3,238
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.50% 12/2027 5,030 4,969 0.7 5,030
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.50% 12/2027 1,689 1,680 0.2 1,689
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.50% 12/2027 1,678 1,659 0.2 1,678
FS Whitewater Borrower, LLC (4)(5) Unitranche First Lien Revolver 12/2027 — (8 ) — —
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (75 Floor) 10.75% 12/2027 1,832 1,820 0.2 1,832
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.83% 12/2027 698 684 0.1 698
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 750 (75 Floor) (including 250 PIK) 12.40% 11/2026 3,319 3,308 0.4 3,186
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 750 (75 Floor) (including 250 PIK) 12.40% 11/2026 3,288 3,266 0.4 3,157
HGH Purchaser, Inc. (4)(5) Unitranche First Lien Revolver 11/2026 - (1 ) (0.0 ) (62 )
HGH Purchaser, Inc. Unitranche First Lien Term Loan S + 750 (75 Floor) (including 250 PIK) 12.40% 11/2026 7,822 7,783 1.0 7,510
HS Spa Holdings Inc. (Hand & Stone) (5) Unitranche First Lien Revolver S + 450 (75 Floor) 9.14% 06/2028 465 446 0.1 465
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Term Loan S + 525 (75 Floor) 10.31% 06/2029 10,187 10,056 1.4 10,187
HS Spa Holdings Inc. (Hand & Stone) (8) Unitranche First Lien - Last Out Term Loan 1237.5 PIK 12.38% 06/2030 1,678 1,651 0.2 1,630
HS Spa Holdings Inc. (Hand & Stone) (10) Unitranche First Lien Term Loan S + 525 (75 Floor) 10.60% 06/2029 883 868 0.1 890
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
HS Spa Holdings Inc. (Hand & Stone) (4)(5)(10) Unitranche First Lien Delayed Draw Term Loan 06/2029 — (4 ) 0.0 8
Ingenio, LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.17% 08/2026 4,682 4,632 0.6 4,705
Ingenio, LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.17% 08/2026 2,074 2,049 0.3 2,085
Learn-It Systems, LLC (4)(5) Senior Secured First Lien Revolver 09/2026 — (3 ) — —
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) (including 275 PIK) 10.76% 09/2026 2,627 2,603 0.4 2,627
Learn-It Systems, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) (including 275 PIK) 10.00% 09/2026 4,443 4,407 0.6 4,443
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) (including 275 PIK) 10.76% 09/2026 1,190 1,180 0.2 1,190
Mario Purchaser, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.70% 04/2029 5,159 5,125 0.7 5,159
Mario Purchaser, LLC (10) Unitranche First Lien - Last Out Term Loan S + 1075 PIK 16.10% 04/2032 4,094 4,009 0.6 4,216
Mario Purchaser, LLC (5) Unitranche First Lien Revolver S + 575 (75 Floor) 10.70% 04/2028 104 91 0.0 104
Mario Purchaser, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.70% 04/2029 9,689 9,548 1.3 9,689
Mario Purchaser, LLC Unitranche First Lien Delayed Draw Term Loan S + 575.3 (100 Floor) 10.70% 04/2029 476 389 0.1 476
Marlin DTC-LS Midco 2, LLC (4)(5) Unitranche First Lien Revolver 07/2025 — (0.0 ) (0.0 ) (2 )
Marlin DTC-LS Midco 2, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.92% 07/2025 2,994 2,991 0.4 2,955
Point Quest Acquisition, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.90% 08/2028 4,823 4,771 0.6 4,823
Point Quest Acquisition, LLC (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.29% 08/2028 214 202 0.0 214
Point Quest Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.90% 08/2028 620 617 0.1 620
PPV Intermediate Holdings LLC (Vetcor) (4)(5) Unitranche First Lien Revolver 08/2029 — (3 ) (0.0 ) (6 )
PPV Intermediate Holdings LLC (Vetcor) Unitranche First Lien Term Loan S + 575 (75 Floor) 11.10% 08/2029 3,513 3,480 0.5 3,513
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 1,170 1,149 0.2 1,129
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 293 282 0.0 280
Stepping Stones Healthcare Services, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.60% 12/2028 12,877 12,686 1.7 13,014
Stepping Stones Healthcare Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.60% 12/2028 2,890 2,872 0.4 2,921
Stepping Stones Healthcare Services, LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (23 ) — —
Stepping Stones Healthcare Services, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.60% 12/2028 376 351 0.1 417
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
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Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
The Mulch & Soil Company, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.40% 04/2026 3,626 3,586 0.5 3,626
The Mulch & Soil Company, LLC (5) Senior Secured First Lien Revolver S + 600 (100 Floor) 11.40% 04/2026 328 316 0.0 328
USA Hometown Experts, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.60% 11/2029 1,489 1,476 0.2 1,489
USA Hometown Experts, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.60% 11/2029 1,646 1,631 0.2 1,646
USA Hometown Experts, Inc. (4)(5) Senior Secured First Lien Revolver 11/2029 — (8 ) — —
Wrench Group LLC (8) Senior Secured Second Lien Term Loan 1125 11.25% 04/2027 4,833 4,769 0.6 4,858
147,187 145,362 19.5 146,563
Diversified Financials
Alera Group Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 10.10% 09/2028 9,829 9,691 1.4 9,865
Alera Group Inc. Unitranche First Lien Term Loan S + 525 (75 Floor) 10.50% 09/2028 4,900 4,830 0.7 4,918
Alera Group Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.60% 09/2028 951 899 0.1 1,013
Alpine X Unitranche First Lien Term Loan S + 600 (100 Floor) 11.59% 12/2027 1,390 1,380 0.2 1,390
Alpine X (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.59% 12/2027 169 167 0.0 169
Alpine X Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.59% 12/2027 896 889 0.1 896
Alpine X Unitranche First Lien Term Loan S + 600 (100 Floor) 11.59% 12/2027 1,470 1,459 0.2 1,470
Alpine X (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.59% 12/2027 79 79 0.0 79
Essential Services Holding Corporation (4)(5) Unitranche First Lien Delayed Draw Term Loan 06/2030 — (7 ) 0.0 4
Essential Services Holding Corporation (4)(5) Unitranche First Lien Revolver 06/2031 — (9 ) — —
Essential Services Holding Corporation Unitranche First Lien Term Loan S + 500 (75 Floor) 10.29% 06/2031 7,584 7,509 1.0 7,603
iLending LLC Senior Secured First Lien Term Loan S + 850 (100 Floor) (including 200 PIK) 13.45% 06/2026 4,371 4,371 0.5 3,395
iLending LLC (4)(5) Senior Secured First Lien Revolver 06/2026 — — (0.0 ) (160 )
King Mid LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.10% 12/2027 3,483 3,461 0.5 3,483
King Mid LLC (4)(5) Senior Secured First Lien Revolver 12/2027 — (2 ) — —
King Mid LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.10% 12/2027 3,382 3,339 0.5 3,382
King Mid LLC (5)(12) Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.35% 12/2027 1,435 1,435 0.2 1,435
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
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Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
PCS Retirement (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.81% 03/2030 179 172 0.0 179
PCS Retirement (5) Unitranche First Lien Revolver S + 575 (100 Floor) 10.81% 03/2030 123 116 0.0 123
PCS Retirement (12) Unitranche First Lien Term Loan S + 575 (100 Floor) 10.81% 03/2030 5,075 5,028 0.7 5,075
Pinnacle Purchaser, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.76% 12/2029 7,196 7,132 1.0 7,196
Pinnacle Purchaser, LLC (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.76% 12/2029 125 118 0.0 125
Soltis (4)(5) Unitranche First Lien Delayed Draw Term Loan 08/2030 — (6 ) (0.0 ) (44 )
Soltis (5) Unitranche First Lien Revolver S + 500 (100 Floor) 10.07% 08/2030 100 91 0.0 91
Soltis Unitranche First Lien Term Loan S + 500 (100 Floor) 10.07% 08/2030 1,900 1,867 0.2 1,868
54,637 54,009 7.3 53,555
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8) Senior Secured Second Lien Note 1200 12.00% 03/2031 1,250 1,250 0.2 1,173
1,250 1,250 0.2 1,173
Food & Staples Retailing
Isagenix International, LLC (6) Senior Secured First Lien Term Loan S + 660 (100 Floor) (including 410 PIK) 11.99% 04/2028 3,092 2,878 0.4 2,679
3,092 2,878 0.4 2,679
Food, Beverage & Tobacco
JTM Foods LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.73% 05/2027 4,886 4,840 0.7 4,886
JTM Foods LLC (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.68% 05/2027 747 739 0.1 747
JTM Foods LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.00% 05/2027 664 661 0.1 664
Mann Lake Ltd. (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 11.09% 10/2024 850 850 0.1 764
Mann Lake Ltd. Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.09% 10/2024 1,686 1,686 0.2 1,526
8,833 8,776 1.2 8,587
Health Care Equipment & Services
ACI Group Holdings, Inc. Unitranche First Lien Term Loan S + 550 (75 Floor) 10.85% 08/2028 6,852 6,742 0.9 6,626
ACI Group Holdings, Inc. Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.85% 08/2028 1,214 1,208 0.2 1,175
ACI Group Holdings, Inc. Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.45% 08/2028 1,315 1,297 0.2 1,272
ACI Group Holdings, Inc. (5) Unitranche First Lien Revolver S + 550 (75 Floor) 10.45% 08/2027 332 325 0.0 308
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
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Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Acu-Serve, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.35% 10/2029 3,970 3,935 0.5 3,947
Acu-Serve, LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.35% 10/2029 219 210 0.0 207
Acu-Serve, LLC (4)(5) Senior Secured First Lien Revolver 10/2029 — (6 ) (0.0 ) (4 )
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.75% 12/2027 3,414 3,398 0.5 3,414
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.75% 12/2027 4,875 4,825 0.7 4,875
Advanced Diabetes Supply (4)(5) Senior Secured First Lien Revolver 12/2027 — (3 ) — —
Annuity Health (4)(5) Senior Secured First Lien Revolver 02/2029 — (7 ) — —
Annuity Health Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.58% 02/2029 4,179 4,142 0.6 4,179
Arrow Management Acquisition, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.25% 10/2027 4,814 4,758 0.6 4,779
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.25% 10/2027 2,153 2,141 0.3 2,138
Arrow Management Acquisition, LLC (5) Senior Secured First Lien Revolver S + 500 (100 Floor) 10.20% 10/2027 490 483 0.1 485
Arrow Management Acquisition, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 10/2027 — — (0.0 ) (24 )
Avalign Technologies, Inc. (4)(5)(12) Unitranche First Lien Revolver 12/2028 — (29 ) — —
Avalign Technologies, Inc. (12) Unitranche First Lien Term Loan S +725 (75 Floor) (including 362.5 PIK) 12.31% 12/2028 12,951 12,722 1.7 12,950
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 12.00% 05/2026 4,462 4,462 0.6 4,462
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 12.00% 05/2026 1,578 1,578 0.2 1,578
Bayside Opco, LLC (5)(6) Senior Secured First Lien Revolver 05/2026 — — — —
Bayside Opco, LLC (6) Unsecured Debt S + 1000 PIK (100 Floor) 14.75% 05/2026 1,753 783 0.2 1,753
BCDI Rodeo Dental Buyer, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.46% 12/2026 5,648 5,613 0.7 5,601
BCDI Rodeo Dental Buyer, LLC (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.04% 12/2026 1,002 993 0.1 989
BCDI Rodeo Dental Buyer, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.75% 12/2026 1,259 1,252 0.2 1,249
BCDI Rodeo Dental Buyer, LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.00% 12/2026 122 121 0.0 121
CC Amulet Management, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.76% 08/2027 4,988 4,932 0.7 4,988
CC Amulet Management, LLC (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.75% 08/2027 456 447 0.1 456
CC Amulet Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.86% 08/2027 920 909 0.1 920
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Centria Subsidiary Holdings, LLC (5) Unitranche First Lien Revolver P + 475 (100 Floor) 12.75% 12/2025 237 225 0.0 237
Centria Subsidiary Holdings, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 10.80% 12/2025 11,309 11,261 1.5 11,309
ConvenientMD Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.21% 06/2029 5,651 5,585 0.8 5,621
ConvenientMD (4)(5) Senior Secured First Lien Revolver 06/2029 — (9 ) (0.0 ) (4 )
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.70% 11/2027 11,478 11,358 1.5 11,478
EMS Buyer, Inc. (5) Unitranche First Lien Revolver S + 575 (100 Floor) 10.70% 11/2027 403 398 0.1 403
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 11.10% 11/2027 978 966 0.1 978
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.70% 11/2027 2,095 2,095 0.3 2,095
Explorer Investor, Inc. Unitranche First Lien Term Loan S + 600 (50 Floor) 10.85% 06/2029 13,481 12,987 1.7 13,008
FH MD Buyer, Inc Senior Secured First Lien Term Loan S + 500 (75 Floor) 9.96% 07/2028 19,400 19,295 2.6 19,303
GrapeTree Medical Staffing, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.46% 04/2026 6,031 6,003 0.8 5,987
GrapeTree Medical Staffing, LLC (4)(5) Senior Secured First Lien Revolver 04/2026 — (7 ) (0.0 ) (4 )
GrapeTree Medical Staffing, LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.46% 04/2026 3,534 3,518 0.5 3,508
Great Lakes Dental Partners, LLC Unitranche First Lien Term Loan S + 725 (100 Floor) (including 100 PIK) 12.20% 06/2026 4,935 4,894 0.6 4,750
Great Lakes Dental Partners, LLC (5) Unitranche First Lien Revolver S + 725 (100 Floor) (including 100 PIK) 12.20% 06/2026 306 303 0.0 291
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.33% 05/2027 4,414 4,364 0.6 4,414
Homecare Partners Management, LLC (5) Senior Secured First Lien Revolver P + 475 (100 Floor) 12.75% 05/2027 704 690 0.1 704
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.50% 05/2027 3,302 3,251 0.4 3,302
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.25% 05/2027 1,075 1,061 0.1 1,075
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.50% 06/2030 805 805 0.1 805
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.99% 12/2026 14,643 14,501 1.9 14,594
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.99% 12/2026 2,674 2,635 0.4 2,666
Hospice Care Buyer, Inc. (5) Unitranche First Lien Revolver S + 650 (100 Floor) 10.99% 12/2026 591 573 0.1 586
Hospice Care Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 10.99% 12/2026 2,722 2,681 0.4 2,713
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.99% 12/2026 388 382 0.1 387
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.98% 06/2026 2,982 2,982 0.4 2,982
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.98% 06/2026 358 358 0.0 358
Integrated Pain Management Medical Group, Inc. (5) Unitranche First Lien Revolver 06/2026 — — — —
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.98% 06/2026 820 820 0.1 820
IVX Health Merger Sub, Inc. (8) Unsecured Debt 1400 PIK 14.00% 06/2031 7,445 7,268 1.0 7,668
IVX Health Merger Sub, Inc. (4)(5) Unitranche First Lien Revolver 06/2030 — (67 ) — —
IVX Health Merger Sub, Inc. Unitranche First Lien Term Loan S + 500 (100 Floor) 9.60% 06/2030 17,113 16,778 2.3 17,455
Laseraway Intermediate Holdings II, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 11.30% 10/2027 5,918 5,845 0.8 5,899
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Revolver S + 650 (100 Floor) (including 75 PIK) 11.89% 03/2028 1,153 1,149 0.1 1,053
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Delayed Draw Term Loan S + 650 (100 Floor) (including 75 PIK) 11.89% 03/2028 469 467 0.1 428
Lighthouse Behavioral Health Solutions, LLC (5) Senior Secured First Lien Term Loan S + 650 (100 Floor) (including 75 PIK) 11.89% 03/2028 2,250 2,242 0.3 2,055
Lighthouse Lab Services Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.23% 10/2027 5,550 5,486 0.7 5,415
Lighthouse Lab Services (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 11.22% 10/2027 921 907 0.1 891
Lightspeed Buyer, Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 10.20% 02/2026 9,550 9,502 1.3 9,550
Lightspeed Buyer, Inc. (4)(5) Unitranche First Lien Revolver 02/2026 — (5 ) — —
Lightspeed Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.20% 02/2026 1,730 1,725 0.2 1,730
Lightspeed Buyer, Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 10.00% 02/2026 2,176 2,160 0.3 2,176
Lightspeed Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.60% 02/2026 962 962 0.1 962
MB2 Dental (5) Unitranche First Lien Delayed Draw Term Loan S + 600 (75 Floor) 10.85% 02/2031 341 322 0.1 384
MB2 Dental (4)(5) Unitranche First Lien Delayed Draw Term Loan 02/2031 — (23 ) 0.0 26
MB2 Dental (4)(5) Unitranche First Lien Revolver 02/2031 — (4 ) — —
MB2 Dental Unitranche First Lien Term Loan S + 600 (75 Floor) 10.85% 02/2031 6,130 6,071 0.8 6,252
Medical Review Institute of America (5) Senior Secured First Lien Revolver P + 400 (100 Floor) 12.00% 07/2030 16 8 0.0 8
Medical Review Institute of America Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.33% 07/2030 5,700 5,643 0.8 5,645
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Multi Specialty Healthcare (AMM LLC) (5) Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.00% 12/2026 3,647 3,623 0.5 3,647
Multi Specialty Healthcare (AMM LLC) (5) Senior Secured First Lien Revolver S + 625 (100 Floor) 11.00% 12/2026 602 598 0.1 602
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.00% 12/2026 147 146 0.0 147
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.00% 12/2026 2,744 2,724 0.4 2,744
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.00% 12/2026 97 96 0.0 97
MWD Management LLC (United Derm) Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.95% 06/2027 4,421 4,370 0.6 4,421
MWD Management LLC (United Derm) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.95% 06/2027 5,488 5,421 0.7 5,488
MWD Management LLC (United Derm) (5) Senior Secured First Lien Revolver S + 500 (100 Floor) 9.95% 06/2027 560 546 0.1 560
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Revolver S + 700 (100 Floor) (including 75 PIK) 11.95% 09/2025 859 859 0.1 845
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 700 (100 Floor) (including 75 PIK) 11.95% 09/2025 6,689 6,691 0.9 6,581
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 700 (100 Floor) (including 75 PIK) 11.95% 09/2025 878 870 0.1 864
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 700 (100 Floor) (including 75 PIK) 11.95% 09/2025 297 297 0.0 292
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 700 (100 Floor) (including 75 PIK) 11.95% 09/2025 248 248 0.0 244
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Term Loan S + 525 (100 Floor) 10.65% 01/2028 2,848 2,806 0.4 2,848
Patriot Acquisition Topco S.A.R.L (4)(5)(11) Unitranche First Lien Revolver 01/2026 — (12 ) — —
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.65% 01/2028 11,864 11,699 1.6 11,864
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Term Loan S + 525 (100 Floor) 10.65% 01/2028 362 356 0.0 362
Patriot Acquisition Topco S.A.R.L (5)(11) Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.68% 01/2028 1,768 1,731 0.2 1,768
Patriot Acquisition Topco S.A.R.L (8)(11) Unsecured Debt 1400 PIK 14.00% 02/2030 3,764 3,701 0.5 3,847
Plasma Buyer LLC (PathGroup) (5) Unitranche First Lien Delayed Draw Term Loan S + 625 (75 Floor) 10.85% 05/2029 162 158 0.0 156
Plasma Buyer LLC (PathGroup) (5) Unitranche First Lien Revolver S + 575 (75 Floor) 10.35% 05/2029 454 443 0.1 437
Plasma Buyer LLC (PathGroup) Unitranche First Lien Term Loan S + 575 (75 Floor) 10.35% 05/2029 7,151 7,046 0.9 6,997
Premier Dental Care Management, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 10.50% 08/2028 9,262 9,148 1.2 9,171
Premier Dental Care Management, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 10.50% 08/2028 5,025 5,017 0.7 4,976
Premier Dental Care Management, LLC (5) Unitranche First Lien Revolver S + 525 (75 Floor) 10.10% 08/2027 189 167 0.0 166
Premier Dental Care Management, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 10.50% 08/2028 707 688 0.1 667
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
PromptCare Intermediate, LP Unitranche First Lien Term Loan S + 600 (100 Floor) 11.02% 09/2027 10,185 10,067 1.4 10,181
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.02% 09/2027 1,587 1,575 0.2 1,586
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.95% 04/2030 2,106 2,066 0.3 2,104
Quorum Health Resources Unitranche First Lien Term Loan S + 525 (100 Floor) 10.20% 05/2027 5,218 5,182 0.7 5,185
Quorum Health Resources (4)(5) Unitranche First Lien Revolver 05/2027 — (6 ) (0.0 ) (4 )
Safco Dental Supply, LLC (5) Unitranche First Lien Revolver S + 550 (100 Floor) 10.90% 06/2025 282 281 0.0 271
Safco Dental Supply, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.25% 06/2025 4,043 4,031 0.5 3,966
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (10 ) — —
Seniorlink Incorporated Unitranche First Lien Term Loan S + 650 (100 Floor) 11.95% 12/2027 9,582 9,480 1.3 9,774
Seniorlink Incorporated Unitranche First Lien Term Loan S + 650 (100 Floor) 11.88% 12/2027 4,737 4,662 0.6 4,832
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (7 ) — —
Smile Doctors LLC (4)(5) Unitranche First Lien Revolver 12/2027 — (16 ) (0.0 ) (12 )
Smile Doctors LLC Unitranche First Lien Delayed Draw Term Loan S + 590 (75 Floor) 10.81% 12/2028 791 791 0.1 790
Smile Doctors LLC Unitranche First Lien Term Loan S + 590 (75 Floor) 10.81% 12/2028 15,430 15,327 2.1 15,411
SolutionReach, Inc. Senior Secured First Lien Term Loan S + 700 (100 Floor) 12.40% 07/2025 4,624 4,600 0.6 4,608
SolutionReach, Inc. (4)(5) Senior Secured First Lien Revolver 07/2025 — — (0.0 ) (2 )
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 11.35% 07/2029 3,693 3,618 0.5 3,693
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Term Loan E + 600 9.35% 07/2029 3,899 3,495 0.5 3,899
Sydney US Buyer Corp. (3B Scientific) (5)(11) Unitranche First Lien Delayed Draw Term Loan S + 600 (50 Floor) 9.64% 07/2029 1,936 1,896 0.3 1,965
Sydney US Buyer Corp. (3B Scientific) (5)(11) Unitranche First Lien Delayed Draw Term Loan S + 600 (50 Floor) 11.35% 07/2029 6,040 5,798 0.8 6,040
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.45% 05/2029 6,221 6,168 0.8 6,221
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Revolver 05/2029 — (5 ) — —
Team Select (CSC TS Merger SUB, LLC) (5) Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.45% 05/2029 358 349 0.0 358
Team Select (CSC TS Merger SUB, LLC) (5) Senior Secured First Lien Delayed Draw Term Loan 06/2030 — — — —
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.71% 06/2030 2,594 2,594 0.3 2,594
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Technology Partners, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 10.20% 11/2027 4,539 4,480 0.6 4,528
Technology Partners, LLC (4)(5) Unitranche First Lien Revolver 11/2027 — (11 ) (0.0 ) (2 )
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.75% 09/2025 2,954 2,940 0.4 2,918
Unifeye Vision Partners (5) Senior Secured First Lien Revolver S + 600 (100 Floor) 10.75% 09/2025 567 561 0.1 546
Unifeye Vision Partners Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.75% 09/2025 5,144 5,119 0.7 5,080
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.75% 09/2025 4,946 4,943 0.7 4,884
Vital Care Buyer, LLC (4)(5) Unitranche First Lien Revolver 07/2031 — (3 ) (0.0 ) (3 )
Vital Care Buyer, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.35% 07/2031 2,152 2,130 0.3 2,130
425,567 419,174 56.4 423,739
Household & Personal Products
Lash Opco LLC Unitranche First Lien Term Loan S + 775 (100 Floor) (including 510 PIK) 12.94% 03/2026 3,047 3,033 0.4 2,921
Lash Opco LLC (5) Unitranche First Lien Revolver S + 775 (100 Floor) (including 510 PIK) 13.18% 09/2025 379 377 0.0 363
Lash Opco LLC Unitranche First Lien Term Loan S + 775 (100 Floor) (including 510 PIK) 12.94% 03/2026 3,106 3,088 0.4 2,978
Lash Opco LLC Unitranche First Lien Term Loan S + 775 (including 510 PIK) 12.94% 03/2026 1,008 1,003 0.1 967
7,540 7,501 0.9 7,229
Insurance
Balance Partners (4)(5) Senior Secured First Lien Delayed Draw Term Loan 04/2030 — (30 ) — —
Balance Partners (4)(5) Senior Secured First Lien Revolver 04/2030 — (5 ) — —
Balance Partners Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.60% 04/2030 2,195 2,174 0.3 2,195
Evolution BuyerCo, Inc. Unitranche First Lien Term Loan S + 625 (100 Floor) 11.00% 04/2028 8,063 8,011 1.1 8,063
Evolution BuyerCo, Inc. (4)(5) Unitranche First Lien Revolver 04/2027 — (4 ) — —
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.00% 04/2028 1,415 1,403 0.2 1,415
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.73% 04/2028 1,727 1,710 0.2 1,727
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 675 (100 Floor) 11.50% 04/2028 247 244 0.0 247
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Galway Borrower, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 9.14% 09/2028 6,482 6,419 0.9 6,450
Galway Borrower, LLC (5) Unitranche First Lien Revolver S + 450 (75 Floor) 5.25% 09/2028 141 136 0.0 135
Galway Borrower, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 09/2028 — (3 ) (0.0 ) (3 )
Galway Borrower, LLC (4)(5) Unitranche First Lien Revolver 09/2028 — (1 ) (0.0 ) (7 )
Integrity Marketing Acquisition, LLC Unitranche First Lien Term Loan 08/2028 — — — —
Integrity Marketing Acquisition, LLC (5) Unitranche First Lien Revolver 08/2028 — — 0.0 7
Integrity Marketing Acquisition, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 10.08% 08/2028 20,276 20,276 2.8 20,383
Integro Parent, Inc. (11) Senior Secured First Lien Term Loan S + 1225 PIK (100 Floor) 17.60% 680 680 0.1 680
Integro Parent, Inc. (11) Senior Secured Second Lien Term Loan S + 1225 PIK (100 Floor) 17.56% 5,135 4,517 0.7 5,099
Newcleus, LLC Senior Secured First Lien Term Loan S + 800 (including 200 PIK) 12.75% 08/2026 5,212 4,962 0.6 4,850
Newcleus, LLC (4)(5) Senior Secured First Lien Revolver 08/2026 — (16 ) (0.0 ) (30 )
Newcleus, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 08/2026 — (16 ) (0.0 ) (32 )
Patriot Growth Insurance Services, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.75% 10/2028 9,111 9,031 1.2 9,042
Patriot Growth Insurance Services, LLC (5) Unitranche First Lien Revolver S + 500 (75 Floor) 9.95% 10/2028 110 102 0.0 105
Patriot Growth Insurance Services, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.75% 10/2028 2,798 2,779 0.4 2,777
Patriot Growth Insurance Services, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.35% 10/2028 433 421 0.1 426
The Hilb Group, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 10.70% 12/2026 3,467 3,434 0.5 3,467
The Hilb Group, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.70% 12/2026 981 971 0.1 981
The Hilb Group, LLC (5) Unitranche First Lien Revolver S + 575 (100 Floor) 10.70% 12/2025 121 119 0.0 121
The Hilb Group, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 11.10% 12/2026 1,029 1,018 0.1 1,029
The Hilb Group, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.70% 12/2026 1,730 1,714 0.2 1,730
The Hilb Group, LLC (5) Unitranche First Lien Revolver S + 575 (100 Floor) 10.70% 12/2025 51 50 0.0 51
The Hilb Group, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.45% 12/2026 4,085 4,065 0.5 4,085
The Hilb Group, LLC (5) Unitranche First Lien Revolver S + 575 (100 Floor) 10.70% 12/2025 40 39 0.0 40
Tricor Borrower, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 9.95% 10/2026 3,181 3,148 0.4 3,172
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Tricor Borrower, LLC (5) Unitranche First Lien Revolver S + 500 (100 Floor) 9.96% 10/2026 115 112 0.0 115
Tricor Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.40% 10/2026 1,196 1,183 0.2 1,192
Vantage Insurance Partners, Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 12/2028 — (21 ) (0.0 ) (57 )
Vantage Insurance Partners, Inc. (5) Unitranche First Lien Revolver S + 600 (100 Floor) 10.60% 12/2028 78 71 0.0 68
Vantage Insurance Partners, Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 10.60% 12/2028 4,602 4,560 0.6 4,545
84,701 83,253 11.2 84,068
Materials
A&A Global Imports, LLC (9) Senior Secured First Lien Term Loan 06/2026 1,429 992 0.1 460
A&A Global Imports, LLC (9) Senior Secured First Lien Term Loan 06/2026 1,606 — — —
A&A Global Imports, LLC (5) Senior Secured First Lien Revolver S + 650 (100 Floor) 11.46% 06/2026 451 451 0.1 451
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 06/2026 3,191 3,180 0.3 2,102
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 11/2026 498 496 0.0 328
Action Signature Acquisition, Inc. (5)(9) Unitranche First Lien Revolver 06/2026 623 620 0.0 338
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 11/2026 242 241 0.0 159
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 06/2026 827 824 0.1 545
Advanced Web Technologies Unitranche First Lien Term Loan S + 600 (100 Floor) (including 125 PIK) 11.49% 12/2026 1,976 1,958 0.3 1,976
Advanced Web Technologies (4)(5) Unitranche First Lien Revolver 12/2026 — (3 ) — —
Advanced Web Technologies (5) Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) (including 125 PIK) 10.31% 12/2026 777 770 0.1 777
Formulations Parent Corporation Unitranche First Lien Term Loan S + 575 (75 Floor) 10.87% 11/2030 9,856 9,679 1.3 9,705
Formulations Parent Corporation (4)(5) Unitranche First Lien Revolver 11/2029 — (29 ) (0.0 ) (25 )
Online Labels Group, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.85% 12/2029 4,268 4,231 0.6 4,268
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (2 ) — —
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (2 ) — —
Online Labels Group, LLC (4)(5) Senior Secured First Lien Revolver 12/2029 — (6 ) — —
25,744 23,400 2.9 21,084
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.75% 12/2027 7,208 7,127 1.0 7,208
Alcanza Clinical Research Senior Secured First Lien Revolver S + 600 (100 Floor) 10.79% 12/2027 125 124 0.0 125
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
BioAgilytix Senior Secured First Lien Term Loan S + 650 PIK (75 Floor) 11.20% 12/2028 14,638 14,466 1.6 12,203
BioAgilytix Senior Secured First Lien Delayed Draw Term Loan S + 650 PIK (75 Floor) 11.20% 12/2028 761 753 0.1 635
LSCS Holdings, Inc. (Eversana) Senior Secured Second Lien Term Loan S + 800 (50 Floor) 12.96% 12/2029 14,700 14,444 1.9 14,149
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 11.67% 09/2026 2,174 2,148 0.3 2,174
Teal Acquisition Co., Inc (5) Unitranche First Lien Revolver S + 625 (100 Floor) 11.63% 09/2026 1,018 1,005 0.1 1,018
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.96% 09/2026 1,200 1,189 0.2 1,200
WCT Group Holdings, LLC Unitranche First Lien Term Loan S + 625 (75 Floor) 11.51% 12/2029 3,350 3,275 0.5 3,417
WCT Group Holdings, LLC (5) Unitranche First Lien Revolver S + 625 (75 Floor) 11.11% 12/2029 57 47 0.0 57
45,231 44,578 5.7 42,186
Retailing
MeriCal, LLC Unitranche First Lien Term Loan S + 775 PIK (100 floor) 13.34% 11/2024 8,415 8,415 0.6 4,854
Slickdeals Holdings, LLC (4)(5)(6) Unitranche First Lien Revolver 06/2024 — (1 ) — —
Slickdeals Holdings, LLC (6) Unitranche First Lien Term Loan S + 625 (100 Floor) 11.60% 06/2024 13,911 13,860 1.9 13,911
22,326 22,274 2.5 18,765
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7)(9) Senior Secured First Lien Term Loan 09/2025 8,768 6,336 0.5 3,593
OEM Group, LLC (7)(9) Senior Secured Second Lien Term Loan 09/2025 32,125 — — —
OEM Group, LLC (7)(9) Senior Secured Second Lien Revolver 09/2025 17,887 — — —
OEM Group, LLC (7)(9) Senior Secured Second Lien Term Loan 09/2025 15,445 — — —
74,225 6,336 0.5 3,593
Software & Services
ABACUS Holdings I LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.36% 06/2028 2,790 2,772 0.4 2,790
ABACUS Holdings I LLC (5) Unitranche First Lien Revolver S + 500 (100 Floor) 10.36% 06/2028 517 501 0.1 517
ABACUS Holdings I LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 10.36% 06/2028 6,664 6,571 0.9 6,664
ABACUS Holdings I LLC (5) Unitranche First Lien Delayed Draw Term Loan 06/2028 — — — —
ABACUS Holdings I LLC (5) Unitranche First Lien Revolver 06/2028 — — — —
Affinitiv, Inc. (5) Unitranche First Lien Revolver S + 650 (100 Floor) 11.37% 01/2025 170 170 0.0 163
Affinitiv, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.37% 01/2025 6,103 6,097 0.8 6,030
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.40% 11/2027 1,351 1,332 0.2 1,351
Alpine SG, LLC (4)(5) Senior Secured First Lien Revolver 11/2027 — (1 ) — —
Alpine SG, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.90% 11/2027 967 953 0.1 967
Alpine SG, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.90% 11/2027 3,363 3,314 0.4 3,363
Alpine SG, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.90% 11/2027 536 528 0.1 536
Apps Associates LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.45% 07/2027 5,481 5,422 0.7 5,402
Apps Associates LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.45% 07/2027 1,764 1,748 0.2 1,739
Apps Associates LLC (4)(5) Unitranche First Lien Revolver 07/2027 — (8 ) (0.0 ) (11 )
Banker's Toolbox, Inc. Unitranche First Lien Term Loan S + 450 (75 Floor) 9.10% 07/2027 19,236 19,236 2.6 19,428
Banker's Toolbox, Inc. (4)(5) Unitranche First Lien Revolver 07/2027 — (23 ) — —
Belay Inc. Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.95% 06/2026 4,743 4,709 0.6 4,743
Belay Inc. (4)(5) Senior Secured First Lien Revolver 11/2025 — (4 ) — —
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.20% 10/2025 1,360 1,356 0.2 1,338
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.60% 10/2025 289 289 0.0 284
Benesys Inc. (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.20% 10/2025 125 125 0.0 123
Benesys Inc. (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.20% 10/2025 117 117 0.0 115
Blue Mantis (4)(5) Senior Secured First Lien Delayed Draw Term Loan 08/2030 — (15 ) (0.0 ) (38 )
Blue Mantis (4)(5) Senior Secured First Lien Revolver 08/2030 — (11 ) (0.0 ) (11 )
Blue Mantis Senior Secured First Lien Term Loan S + 475 (75 Floor) 9.35% 08/2030 3,525 3,481 0.5 3,481
C-4 Analytics (4)(5) Senior Secured First Lien Delayed Draw Term Loan 05/2030 — (22 ) — —
C-4 Analytics (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.56% 05/2030 555 537 0.1 555
C-4 Analytics2 Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.56% 05/2030 18,454 18,271 2.5 18,454
Claritas, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.31% 03/2026 2,426 2,415 0.3 2,426
Claritas, LLC (4)(5) Unitranche First Lien Revolver 03/2026 — (8 ) — —
Claritas, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 9.85% 03/2026 10,335 10,273 1.5 10,335
Concord III, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 11.58% 12/2028 9,403 9,314 1.2 9,215
Concord III, LLC (5) Unitranche First Lien Term Loan S + 625 (100 Floor) 11.10% 12/2028 275 270 0.0 264
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Concord III, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 11.10% 12/2028 550 539 0.1 539
DataVail Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.35% 01/2029 7,096 7,033 0.9 7,096
DataVail (4)(5) Senior Secured First Lien Delayed Draw Term Loan 01/2029 — (20 ) — —
DataVail (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 11.08% 01/2029 516 511 0.1 516
DataVail (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 11.08% 01/2029 80 77 0.0 80
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.35% 09/2030 13,399 13,086 1.8 13,265
Evergreen IX Borrower 2023, LLC (4)(5) Unitranche First Lien Revolver 09/2029 — (31 ) (0.0 ) (15 )
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.35% 09/2030 2,793 2,765 0.4 2,765
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 500 (75 Floor) 9.60% 11/2028 12,926 12,755 1.7 12,796
Lexipol (Ranger Buyer, Inc.) (4)(5) Unitranche First Lien Revolver 11/2027 — (13 ) (0.0 ) (11 )
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 500 (75 Floor) 9.60% 11/2028 1,105 1,094 0.1 1,094
List Partners, Inc. (5) Senior Secured First Lien Revolver S + 600 (100 Floor) (including 50 PIK) 11.35% 06/2025 316 314 0.0 311
List Partners, Inc. Senior Secured First Lien Term Loan S + 600 (100 Floor) (including 50 PIK) 11.35% 06/2025 3,598 3,593 0.5 3,559
MRI Software LLC (12) Unitranche First Lien Term Loan S + 475 (100 Floor) 9.35% 02/2026 17,899 17,797 2.4 17,899
MRI Software LLC (4)(5)(12) Unitranche First Lien Revolver 02/2026 — (9 ) (0.0 ) (46 )
MRI Software LLC Unitranche First Lien Term Loan S + 475 (100 Floor) 9.35% 02/2026 1,286 1,279 0.2 1,286
MRI Software LLC Unitranche First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.35% 02/2027 1,499 1,488 0.2 1,494
MRI Software LLC (5)(12) Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.35% 02/2027 342 334 0.0 337
Medicus IT (4)(5) Unitranche First Lien Delayed Draw Term Loan 07/2030 — (7 ) (0.0 ) (27 )
Medicus IT (5) Unitranche First Lien Revolver S + 525 (75 Floor) 9.85% 07/2030 165 154 0.0 154
Medicus IT Unitranche First Lien Term Loan S + 525 (75 Floor) 9.85% 07/2030 6,100 6,041 0.8 6,041
Net Health Acquisition Corp. (4)(5) Unitranche First Lien Revolver 07/2031 — (16 ) (0.0 ) (17 )
Net Health Acquisition Corp. Unitranche First Lien Term Loan S + 500 (75 Floor) 9.85% 07/2031 13,295 13,165 1.8 13,163
New Era Technology, Inc. Unitranche First Lien Term Loan S + 625 (100 Floor) 11.65% 10/2026 3,002 2,980 0.4 2,963
New Era Technology, Inc. (5) Unitranche First Lien Revolver S + 625 (100 Floor) 11.68% 10/2026 182 181 0.0 179
New Era Technology, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.00% 10/2026 1,929 1,912 0.3 1,904
New Era Technology, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.00% 10/2026 6,393 6,352 0.8 6,311
New Era Technology, Inc. (5) Unitranche First Lien Revolver S + 625 (100 Floor) 11.72% 10/2026 389 384 0.1 382
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Odessa Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 10/2027 — (26 ) — —
Odessa Technologies, Inc. Senior Secured First Lien Term Loan S + 550 (75 Floor) 10.45% 10/2027 9,402 9,297 1.3 9,402
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S +650 (100 Floor) (including 100 PIK) 11.00% 08/2025 1,083 1,082 0.1 1,035
Ontario Systems, LLC Unitranche First Lien Revolver S +650 (100 Floor) (including 100 PIK) 11.00% 08/2025 500 499 0.1 478
Ontario Systems, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) (including 100 PIK) 11.00% 08/2025 3,133 3,122 0.4 2,995
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) (including 100 PIK) 11.00% 08/2025 543 538 0.1 519
Ontario Systems, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) (including 100 PIK) 11.00% 08/2025 443 441 0.1 423
Park Place Technologies, LLC (8) Unsecured Debt 1250 PIK 12.50% 05/2029 1,097 1,097 0.1 1,048
Perforce Software, Inc. Senior Secured Second Lien Term Loan S + 800 12.95% 07/2027 5,000 5,000 0.7 5,006
Right Networks, LLC (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.02% 05/2026 163 163 0.0 163
Right Networks, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.95% 05/2026 9,279 9,239 1.2 9,279
Right Networks, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.95% 05/2026 8,078 8,013 1.1 8,078
Right Networks, LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.95% 05/2026 2,059 2,043 0.3 2,059
Ruffalo Noel Levitz, LLC Unitranche First Lien Revolver S + 650 (100 Floor) (including 425 PIK) 11.91% 12/2026 310 310 0.0 284
Ruffalo Noel Levitz, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) (including 425 PIK) 11.20% 12/2026 2,541 2,521 0.3 2,331
Saturn Borrower Inc Unitranche First Lien Term Loan S + 650 (100 Floor) 11.25% 09/2026 19,877 19,642 2.6 19,802
Saturn Borrower Inc Unitranche First Lien Term Loan S + 650 (100 Floor) 11.25% 09/2026 2,421 2,392 0.3 2,412
Saturn Borrower Inc (5) Unitranche First Lien Revolver S + 650 (100 Floor) 11.25% 09/2026 1,755 1,738 0.2 1,748
Smartronix, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.34% 11/2028 23,447 23,118 3.1 23,447
Smartronix, LLC (4)(5) Unitranche First Lien Revolver 11/2028 — (40 ) — —
SQAD Holdco, Inc. Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.35% 04/2028 2,370 2,356 0.3 2,370
SQAD Holdco, Inc. (4)(5) Unitranche First Lien Revolver 04/2028 — (13 ) — —
SQAD Holdco, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.35% 04/2028 8,749 8,633 1.2 8,749
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Summit 7 Systems, LLC (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 10.96% 05/2028 528 524 0.1 528
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.50% 05/2028 5,181 5,111 0.7 5,181
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.15% 05/2028 2,376 2,376 0.3 2,376
TMA Buyer, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.98% 09/2027 3,050 2,965 0.4 3,050
TMA Buyer, LLC (5) Unitranche First Lien Revolver S + 650 (100 Floor) 11.71% 09/2027 115 105 0.0 115
TMA Buyer, LLC Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.45% 09/2027 363 353 0.0 363
Transportation Insight, LLC Senior Secured First Lien Term Loan S + 550 (including 245 PIK) 10.20% 06/2027 4,944 4,935 0.7 4,170
Transportation Insight, LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (including 245 PIK) 10.20% 06/2027 1,229 1,226 0.1 1,036
Transportation Insight, LLC (5) Senior Secured First Lien Revolver S + 550 (including 245 PIK) 10.20% 06/2027 334 332 0.0 217
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.45% 12/2025 617 615 0.1 617
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.45% 12/2025 1,012 1,006 0.1 1,012
Winxnet Holdings LLC Unitranche First Lien Revolver S + 650 (100 Floor) 11.45% 12/2025 651 648 0.1 651
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.45% 12/2025 1,877 1,872 0.3 1,877
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.45% 12/2025 1,497 1,488 0.2 1,497
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.45% 12/2025 1,117 1,106 0.1 1,117
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.45% 12/2025 196 195 0.0 196
322,746 319,469 42.7 319,872
Technology, Hardware & Equipment
3SI Security Systems Unitranche First Lien Term Loan S + 650 (100 Floor) 11.14% 12/2026 3,560 3,470 0.5 3,556
Gener8, LLC Senior Secured First Lien Term Loan S + 800 (including 150 PIK) 12.87% 08/2025 5,726 5,726 0.5 3,852
Gener8, LLC (5) Senior Secured First Lien Revolver S + 800 (including 150 PIK) 13.60% 08/2025 1,219 1,219 0.1 723
Gener8, LLC (5) Senior Secured First Lien Term Loan S + 800 (100 Floor) (including 150 PIK) 12.87% 08/2025 246 246 0.0 166
10,751 10,661 1.1 8,297
Transportation
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 675 (including 425 PIK) 12.22% 08/2026 2,307 2,307 0.3 2,261
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 675 (including 425 PIK) 12.22% 08/2026 437 437 0.1 428
2,744 2,744 0.4 2,689
Total Debt Investments <br>United States 1,457,271 1,367,912 180.1 % 1,350,397
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
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Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Equity Investments
Automobiles & Components
Sun Acquirer Corp. Common Stock 6,148 615 0.1 810
Sun Acquirer Corp. Common Stock 428 43 0.0 56
658 0.1 866
Capital Goods
Envocore Holding, LLC (7) Common Stock 521,354 — — —
Envocore Holding, LLC (7) Preferred Stock 534,722 — — —
— — —
Commercial & Professional Services
Allied Universal Holdings, LLC Common Stock 2,805,726 1,011 0.5 3,380
Allied Universal Holdings, LLC Common Stock 684,903 685 0.1 825
ASP MCS Acquisition Corp. (6)(12) Common Stock 13,293 1,183 0.0 166
ASP MCS Acquisition Corp. (6) Common Stock 791 - 0.0 51
ASP MCS Acquisition Corp. (6) Preferred Stock 792 792 0.1 938
Hercules Borrower LLC Common Stock 1,153,075 1,153 0.2 1,791
Iris Buyer, LLC Common Stock 577 577 0.1 623
Iris Buyer, LLC (12) Common Stock 576,923 - 0.0 30
MHS Acquisition Holdings, LLC Preferred Stock 1,060 923 0.1 1,036
MHS Acquisition Holdings, LLC Common Stock 11 9 — —
Receivable Solutions, Inc. Preferred Stock 137,000 137 0.0 302
Service Logic Acquisition, Inc. Common Stock 13,132 1,313 0.4 3,341
TecoStar Holdings, Inc. Common Stock 500,000 500 0.0 3
8,283 1.5 12,486
Consumer Services
Everlast Parent Inc. Common Stock 948 948 0.1 835
FS Whitewater Borrower, LLC Common Stock 6,897 690 0.1 582
HGH Purchaser, Inc. Common Stock 4,171 417 0.1 425
HS Spa Holdings Inc. (Hand & Stone) Common Stock 1,791,160 1,791 0.2 1,458
Legalshield Common Stock 372 372 0.1 793
Mario Purchaser, LLC Common Stock 1,027 1,027 0.1 1,042
Mario Purchaser, LLC Common Stock 118 118 0.0 120
PPV Intermediate Holdings LLC (Vetcor) Common Stock 312,500 313 0.0 337
Stepping Stones Healthcare Services, LLC Common Stock 11,321 1,132 0.2 1,182
Wrench Group LLC Common Stock 2,337 235 0.1 572
Wrench Group LLC Common Stock 655 66 0.0 160
7,109 1.0 7,506
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
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Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14) Partnership Interest 266 0.0 335
First Eagle Greenway Fund II, LLC (11)(13)(14) Partnership Interest — — —
First Eagle Logan JV, LLC (2)(7)(11)(13)(14) Partnership Interest 41,413 4.2 31,397
Freeport Financial SBIC Fund LP (5)(11)(13)(14) Partnership Interest 1,312 0.2 1,227
GACP II LP (2)(6)(11)(13)(14) Partnership Interest 1,145 0.1 688
Gryphon Partners 3.5, L.P. (11)(13)(14) Partnership Interest 145 0.0 32
WhiteHawk III Onshore Fund L.P. (2)(5)(6)(11)(13)(14) Partnership Interest 6,319 0.9 6,800
50,600 5.4 40,479
Energy
Loadmaster Derrick & Equipment, Inc. (7)(12) Preferred Stock 3,000,000 3,000 0.4 3,000
Food & Staples Retailing
Isagenix International, LLC (6) Common Stock 202,844 — — —
Health Care Equipment & Services
ACI Group Holdings, Inc. Common Stock 907,499 909 0.1 850
ACI Group Holdings, Inc. Preferred Stock 3,719 3,645 0.7 4,918
Bayside Opco, LLC (6) Common Stock 1,976 — 0.0 151
Centria Subsidiary Holdings, LLC Common Stock 11,911 1,191 0.3 2,160
Hospice Care Buyer, Inc. Common Stock 13,985 1,398 0.2 1,483
Hospice Care Buyer, Inc. Common Stock 754 75 0.0 80
IVX Health Merger Sub, Inc. Common Stock 2,199 2,199 0.3 2,199
Patriot Acquisition Topco S.A.R.L (11) Common Stock 1,192 1,192 0.2 1,354
Patriot Acquisition Topco S.A.R.L (11) Common Stock 16,416 46 — —
Seniorlink Incorporated Common Stock 68,182 423 0.3 2,355
Smile Doctors LLC Common Stock 1,191 714 0.1 580
Vital Care Buyer, LLC Common Stock 649 1 0.0 1
Vital Care Buyer, LLC Common Stock 64 64 0.0 64
11,857 2.2 16,195
Insurance
Evolution BuyerCo, Inc. Common Stock 2,917 292 0.1 432
Integrity Marketing Acquisition, LLC Common Stock 287,484 533 0.1 965
Integrity Marketing Acquisition, LLC Preferred Stock 1,247 1,215 0.3 2,373
Integro Parent, Inc. (11) Common Stock 4,468 454 — —
2,494 0.5 3,770
Materials
A&A Global Imports, LLC Common Stock 69 — — —
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana) Common Stock 3,096 953 0.2 1,203
LSCS Holdings, Inc. (Eversana) Preferred Stock 447 447 0.1 543
Teal Acquisition Co., Inc Common Stock 5,555 556 0.0 265
WCT Group Holdings, LLC Common Stock 118 1,177 0.2 1,232
3,133 0.5 3,243
Retailing
MeriCal, LLC Preferred Stock 521 103 — —
MeriCal, LLC Common Stock 5,334 — — —
Palmetto Moon LLC Common Stock 61 — 0.0 340
Slickdeals Holdings, LLC (6) Common Stock 89 891 0.1 948
Vivid Seats Ltd. (6)(11) Common Stock 608,108 608 0.1 808
1,602 0.2 2,096
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7) Common Stock 20,000 — — —
Software & Services
Certify, Inc. Common Stock 841 246 0.0 169
Lexipol (Ranger Buyer, Inc.) Common Stock 638 638 0.1 797
Lexipol (Ranger Buyer, Inc.) Common Stock 638 — — —
Lexipol (Ranger Buyer, Inc.) Common Stock 5 5 0.0 6
NMN Holdings III Corp. Common Stock 11,111 1,111 0.3 1,981
Odessa Technologies, Inc. Common Stock 10,714 1,071 0.2 1,186
Park Place Technologies, LLC Common Stock 479 479 — —
Park Place Technologies, LLC Common Stock 442,203 27 0.1 439
Park Place Technologies, LLC Common Stock 685,018 — — —
Saturn Borrower Inc Common Stock 434,163 434 0.1 380
4,011 0.8 4,958
Transportation
Xpress Global Systems, LLC Common Stock 12,544 — 0.2 1,254
— 0.2 1,254
Total Equity Investments<br>United States $ 92,747 12.8 % $ 95,853
Total United States $ 1,460,659 192.9 % $ 1,446,250
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Canada
Equity Investments
Telecommunication Services
Sandvine Corporation Common Stock 81,818 — — —
Total Canada $ - - % $ -
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11) Unitranche First Lien Term Loan SN + 652.66 11.72% 12/2025 £ 6,128 7,645 1.1 % 8,193
Crusoe Bidco Limited (11) Unitranche First Lien Delayed Draw Term Loan SN + 652.66 11.72% 12/2025 £ 828 1,006 0.1 1,108
Nurture Landscapes (11) Unitranche First Lien Term Loan SN + 650 11.70% 06/2028 £ 1,416 1,960 0.3 1,894
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.70% 06/2028 £ 392 524 0.1 524
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.49% 06/2028 £ 11,000 13,364 2.0 14,707
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.45% 06/2028 £ 2,135 2,642 0.4 2,854
Nurture Landscapes Unsecured Debt SN + 650 11.49% 06/2028 £ 1,302 1,585 0.2 1,741
23,201 28,726 4.2 31,021
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
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Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Consumer Durables & Apparel
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.33% 03/2028 4,352 4,287 0.6 4,173
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.58% 03/2028 9,939 9,798 1.3 9,532
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.58% 03/2028 4,953 4,874 0.6 4,750
Lion Cashmere Bidco Limited (4)(5)(11) Unitranche First Lien Delayed Draw Term Loan 03/2028 £ - (52 ) (0.0 ) (126 )
19,244 18,907 2.5 18,329
Food, Beverage & Tobacco
APC Bidco Limited (11) Unitranche First Lien Term Loan SN + 625 11.56% 10/2030 £ 4,339 5,209 0.8 5,802
APC Bidco Limited (5)(11) Unitranche First Lien Delayed Draw Term Loan SN + 625 11.32% 10/2030 £ 1,244 1,493 0.2 1,663
5,583 6,702 1.0 7,465
Software & Services
Jordan Bidco, Ltd. (5)(11) Unitranche First Lien Delayed Draw Term Loan SN + 575 10.97% 08/2028 £ 407 522 0.1 544
Jordan Bidco, Ltd. (11) Unitranche First Lien Term Loan SN + 575 10.97% 08/2028 £ 13,234 17,867 2.4 17,694
13,641 18,389 2.5 18,238
Total Debt Investments<br>United Kingdom $ 72,724 10.2 % $ 75,053
Equity Investments
Health Care Equipment & Services
VetStrategy (11) Preferred Stock 2,126,875 968 0.3 2,195
VetStrategy (11) Common Stock 37,612 30 — —
Total Equity Investments<br>United Kingdom 998 0.3 % 2,195
Total United Kingdom $ 73,722 10.5 % $ 77,248
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
France
Debt Investments
Commercial & Professional Services
Efor Holding (11) Unitranche First Lien Term Loan E + 650 10.22% 10/2030 € 2,882 3,068 0.4 % 3,208
Efor Holding (5)(10)(11) Unitranche First Lien Delayed Draw Term Loan E + 650 10.22% 10/2030 € 993 1,045 0.1 1,105
Total Debt Investments<br>France $ 4,113 0.5 % $ 4,313
Total France $ 4,113 0.5 % $ 4,313
Netherlands
Debt Investments
Commercial & Professional Services
Pitch MidCo B.V. (4)(5)(10)(11) Unitranche First Lien Delayed Draw Term Loan 04/2031 € - (20 ) (0.0 ) (44 )
Pitch MidCo B.V. (10)(11) Unitranche First Lien Term Loan E + 625 9.60% 04/2031 € 2,864 2,984 0.4 3,101
2,864 2,964 0.4 3,057
Pharmaceuticals, Biotechnology & Life Sciences
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Term Loan E + 625 (including 175 PIK) 10.11% 07/2029 € 2,225 2,282 0.3 2,477
Eagle Midco B.V. (Avania) (5)(11) Unitranche First Lien Delayed Draw Term Loan E + 625 (including 175 PIK) 10.11% 07/2029 € 1,286 1,242 0.2 1,286
Eagle Midco B.V. (Avania) (11) Senior Secured First Lien Revolver 01/2029 € - - - -
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Term Loan S + 625 (including 175 PIK) 11.64% 07/2029 € 3,449 3,379 0.5 3,449
6,960 6,903 1.0 7,212
Total Debt Investments<br>Netherlands $ 9,867 1.4 % $ 10,269
Total Netherlands $ 9,867 1.4 % $ 10,269
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Belgium
Debt Investments
Commercial & Professional Services
Miraclon Corporation (11) Unitranche First Lien Term Loan E + 575 9.62% 04/2026 € 9,119 10,216 1.4 10,151
Miraclon Corporation (11)(12) Unitranche First Lien Term Loan S + 575 11.32% 04/2026 3,329 3,299 0.4 3,329
12,448 13,515 1.8 13,480
Total Debt Investments<br>Belgium $ 13,515 1.8 % $ 13,480
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11) Common Stock 1,025 1 — —
Miraclon Corporation (11) Preferred Stock 90,601 91 0.0 152
92 0.0 152
Total Equity Investments<br>Belgium $ 92 0.0 % $ 152
Total Belgium $ 13,607 1.8 % $ 13,632
Australia
Debt Investments
Retailing
Greencross (Vermont Aus Pty Ltd) (11) Unitranche First Lien Term Loan B + 575 10.23% 03/2028 AUD 29,250 21,463 2.7 20,219
Greencross (Vermont Aus Pty Ltd) (11) Unitranche First Lien Term Loan B + 575 (75 Floor) 10.23% 03/2028 AUD 5,310 3,656 0.5 3,671
Total Debt Investments<br>Australia $ 25,119 3.2 % $ 23,890
Total Australia $ 25,119 3.2 % $ 23,890
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11) Unitranche First Lien Term Loan E + 650 (including 150 PIK) 9.39% 08/2029 € 8,997 8,877 1.4 10,016
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11) Senior Secured First Lien Revolver 08/2029 € - (7 ) — —
AX VI INV2 Holding AB (Voff) (6)(11) Senior Secured Second Lien Term Loan E + 1000 (including 1392 PIK) 13.92% 08/2030 € 2,363 2,379 0.4 2,630
AX VI INV2 Holding AB (Voff) (6)(11) Unitranche First Lien Delayed Draw Term Loan E + 650 (including 150 PIK) 9.93% 08/2029 € 1,513 1,593 0.2 1,684
Total Debt Investments<br>Sweden $ 12,842 2.0 % $ 14,330
Crescent Capital BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2024<br>(in thousands, except share and per share data) (Unaudited)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Equity Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11) Common Stock 1,140,447 1,086 0.2 1,501
Total Equity Investments<br>Sweden $ 1,086 0.2 % $ 1,501
Total Sweden $ 13,928 2.2 % $ 15,831
Total Investments $ 1,601,015 212.5 % $ 1,591,433
Cash Equivalents
Goldman Sachs Financial Square Government Fund 4.85% $ 6,446 0.9 $ 6,446
Cash Equivalents Total $ 6,446 0.9 % $ 6,446
Investments and Cash Equivalents Total $ 1,607,461 213.4 % $ 1,597,879

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), Prime (“P”), CDOR (“C”), EURIBOR (“E”), or SONIA (“SN”) and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over SOFR or Prime and the current interest rate in effect at September 30, 2024. As of September 30, 2024, the reference rates for the Company's variable rate loans are listed in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.

*** Percentage is based on net assets of $748,807 as of September 30, 2024
Reference Rate 1 month 3 month 6 Month 12 Month
Prime (“P”) - - - -
SOFR (“S”) - 4.85% 4.59% 4.25% 3.78%
IBOR (“E”) - 3.35% 3.28% 3.11% 2.75%
SONIA (“SN”) - - - -
BBSY ("B") - - 4.48% - -

All values are in Euros.

  • All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

  • All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

  • The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 “Summary of Significant Accounting Policies”.

  • The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

  • Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 “Commitments, Contingencies and Indemnifications”.

  • As defined in the 1940 Act, the portfolio company is deemed to be a “non-controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Agreements and Related Party Transactions”.

  • As defined in the 1940 Act, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.

  • Fixed rate investment.

  • The investment is on non-accrual status as of September 30, 2024.

  • These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to “first-out” and “last-out” tranches, whereby the “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the “last-out” tranche.

  • Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 14.7% as of September 30, 2024.

  • This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.

  • This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.

  • Capital contributed to this investment is subject to restrictions on withdrawal.

Foreign Currency Exchange Contracts

Counterparty Currency Purchased Settlement Unrealized <br>Appreciation<br>(Depreciation)
Wells Fargo Bank, N.A. 1,107 8/20/2027 $ (77 )
Wells Fargo Bank, N.A. 371 6/3/2026 $ 9
Wells Fargo Bank, N.A. 20,607 3/22/2028 $ 506
Wells Fargo Bank, N.A. 1,944 6/3/2026 $ 126
Wells Fargo Bank, N.A. 170 6/3/2026 $ 9
Wells Fargo Bank, N.A. 17,790 8/24/2026 $ 651
Wells Fargo Bank, N.A. 3,074 6/3/2026 $ 95
Total Foreign Currency Exchange Contracts $ 1,319
AUD Australian Dollar ("AUD")<br>EUR Euro ("€")<br>GBP Great British Pound ("£") PIK Payment-In-Kind SEK Swedish Krona United States Dollar ("")

All values are in US Dollars.

CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auveco Holdings (4)(5) Unitranche First Lien Delayed Draw Term Loan 05/2028 — $ (6 ) — % $ —
Auveco Holdings (5) Unitranche First Lien Revolver S + 525 (100 Floor) 10.79% 05/2028 60 56 0.0 60
Auveco Holdings Unitranche First Lien Term Loan S + 525 (100 Floor) 10.79% 05/2028 3,989 3,925 0.5 3,989
Continental Battery Company Unitranche First Lien Term Loan S + 700 (100 Floor) (including 407.5 PIK) 12.50% 01/2027 7,212 7,132 0.9 6,417
Continental Battery Company Unitranche First Lien Delayed Draw Term Loan S + 700 (100 Floor) (including 407.5 PIK) 12.50% 01/2027 2,659 2,645 0.3 2,366
Sun Acquirer Corp. Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.22% 09/2028 9,033 8,935 1.2 9,033
Sun Acquirer Corp. (5) Unitranche First Lien Revolver S + 575 (75 Floor) 11.22% 09/2027 362 338 0.0 362
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 575 (75 Floor) 11.22% 09/2028 12,783 12,594 1.7 12,783
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 575 (75 Floor) 11.22% 09/2028 2,450 2,412 0.3 2,450
38,548 38,031 4.9 37,460
Capital Goods
Envocore Holding, LLC (7)(8) Senior Secured First Lien Term Loan 750 7.50% 12/2025 6,806 6,766 0.9 6,806
Envocore Holding, LLC (7)(8)(9) Senior Secured Second Lien Term Loan 12/2026 8,479 7,055 0.5 3,569
Envocore Holding, LLC (4)(5)(7)(8) Senior Secured First Lien Revolver 12/2025 — (3 ) — —
Eshipping Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.47% 11/2027 5,620 5,541 0.8 5,620
Eshipping Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.47% 11/2027 873 868 0.1 873
Eshipping (4)(5) Senior Secured First Lien Revolver 11/2027 — (15 ) — —
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.50% 07/2028 3,358 3,310 0.4 3,263
Oliver Packaging LLC (5) Senior Secured First Lien Revolver S + 500 (100 Floor) 10.54% 07/2028 350 343 0.0 336
Painters Supply & Equipment Company Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.98% 08/2027 895 890 0.1 895
Painters Supply & Equipment Company (5) Unitranche First Lien Revolver S + 550 (100 Floor) 10.97% 08/2027 172 166 0.0 172
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 10.95% 08/2027 2,004 1,977 0.3 2,004
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
TriStrux, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.50% 12/2026 2,717 2,662 0.4 2,666
TriStrux, LLC (5) Senior Secured First Lien Revolver S + 600 (100 Floor) 11.50% 12/2026 547 526 0.1 527
TriStrux, LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.50% 12/2026 953 925 0.1 926
United Flow Technologies Unitranche First Lien Term Loan S + 575 (100 Floor) 11.28% 10/2027 8,400 8,280 1.1 8,136
United Flow Technologies Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.28% 10/2027 1,179 1,162 0.2 1,142
United Flow Technologies Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.28% 10/2027 3,688 3,641 0.5 3,572
United Flow Technologies (5) Unitranche First Lien Revolver S + 575 (100 Floor) 11.21% 10/2027 984 963 0.1 934
47,025 45,057 5.6 41,441
Commercial & Professional Services
ASP MCS Acquisition Corp. (6)(12) Senior Secured Second Lien Term Loan S + 600 (100 Floor) 11.68% 10/2025 286 276 0.0 222
Automated Control Concepts, Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 11.61% 10/2026 3,606 3,492 0.5 3,606
Automated Control Concepts, Inc. (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.61% 10/2026 167 141 0.0 167
CHA Holdings, Inc. (5) Senior Secured First Lien Delayed Draw Term Loan S + 450 (100 Floor) 9.97% 04/2025 982 981 0.1 966
CHA Holdings, Inc. Senior Secured First Lien Term Loan S + 450 (100 Floor) 9.86% 04/2025 4,654 4,650 0.6 4,578
Galway Borrower, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 10.70% 09/2028 14,545 14,384 1.9 14,181
Galway Borrower, LLC (4)(5) Unitranche First Lien Revolver 09/2027 — (12 ) (0.0 ) (52 )
GH Parent Holdings Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 10.71% 05/2027 12,878 12,755 1.7 12,439
GH Parent Holdings Inc. (5) Unitranche First Lien Revolver S + 525 (100 Floor) 10.71% 05/2027 333 315 0.0 262
GH Parent Holdings Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.71% 05/2027 5,472 5,472 0.7 5,286
Guardian Access Solutions (4)(5) Senior Secured First Lien Delayed Draw Term Loan 08/2029 — (24 ) (0.0 ) (13 )
Guardian Access Solutions (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 11.14% 08/2029 38 20 0.0 33
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Guardian Access Solutions Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.14% 08/2029 2,893 2,824 0.4 2,875
Hepaco, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) (including 25 PIK) 10.46% 02/2025 4,081 4,080 0.5 4,066
Hepaco, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) (including 25 PIK) 10.28% 02/2025 5,007 5,002 0.7 4,988
Hepaco, LLC (5) Senior Secured First Lien Revolver P + 400 (100 Floor) 12.50% 02/2025 3 3 — —
Hercules Borrower LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 11.70% 12/2026 18,599 18,330 2.5 18,599
Hercules Borrower LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (28 ) — —
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.95% 12/2026 242 239 0.0 242
Hercules Borrower LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.95% 12/2026 1,443 1,424 0.2 1,443
Hsid Acquisition, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.46% 01/2026 3,736 3,706 0.5 3,682
Hsid Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.46% 01/2026 2,804 2,782 0.4 2,763
Hsid Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 01/2026 — (5 ) (0.0 ) (11 )
Hsid Acquisition, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.46% 01/2026 244 242 0.0 241
Infobase Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.93% 06/2028 11,131 10,954 1.5 11,058
Infobase (4)(5) Senior Secured First Lien Delayed Draw Term Loan 06/2028 — (14 ) (0.0 ) (12 )
Infobase (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 11.00% 06/2028 459 437 0.1 450
Iris Buyer, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 11.60% 10/2030 10,595 10,305 1.4 10,303
Iris Buyer, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.61% 10/2030 219 179 0.0 178
Iris Buyer, LLC (4)(5) Unitranche First Lien Revolver 10/2029 — (40 ) (0.0 ) (42 )
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2026 281 279 0.0 258
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2026 872 870 0.1 801
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 07/2027 993 980 0.1 993
MHS Acquisition Holdings, LLC Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.52% 07/2027 221 218 0.0 221
MHS Acquisition Holdings, LLC (4)(5) Senior Secured First Lien Revolver 07/2027 — (2 ) — —
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.77% 07/2027 63 63 0.0 64
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 12.02% 07/2027 63 63 0.0 64
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Minuteman Security Technologies, Inc. Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.23% 02/2029 4,339 4,236 0.6 4,339
Minuteman Security Technologies, Inc. (5) Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.20% 02/2029 739 716 0.1 739
Minuteman Security Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 02/2029 — (23 ) — —
Nexant Volt MergerSub, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.71% 05/2027 5,558 5,487 0.7 5,480
Nexant Volt MergerSub, Inc. (5) Senior Secured First Lien Revolver P + 425 (100 Floor) 12.75% 05/2027 763 761 0.1 750
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 11.00% 11/2027 4,868 4,779 0.7 4,847
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 11.00% 11/2027 3,621 3,546 0.5 3,605
Pye-Barker Fire & Safety, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 11.00% 11/2027 9,720 9,531 1.3 9,678
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 11.00% 11/2027 1,955 1,918 0.3 1,947
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 11.00% 11/2027 2,547 2,519 0.3 2,536
Pye-Barker Fire & Safety, LLC (4)(5) Unitranche First Lien Revolver 11/2027 — (20 ) (0.0 ) (8 )
Pye-Barker Fire & Safety, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.25% 11/2027 1,144 1,124 0.2 1,152
Pye-Barker Fire & Safety, LLC (4)(5) Unitranche First Lien Revolver 11/2024 — (2 ) (0.0 ) (1 )
Pye-Barker Fire & Safety, LLC (4)(5) Unitranche First Lien Revolver 11/2026 — (76 ) (0.0 ) (8 )
Pye-Barker Fire & Safety, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2027 — (16 ) 0.0 3
Receivable Solutions, Inc. (5) Senior Secured First Lien Revolver P + 450 (100 Floor) 13.00% 10/2025 150 149 0.0 149
Receivable Solutions, Inc. Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.65% 10/2025 2,165 2,151 0.3 2,156
Seko Global Logistics Network, LLC (11) Senior Secured First Lien Term Loan S + 500 10.72% 12/2026 4,936 4,892 0.6 4,760
Seko Global Logistics Network, LLC (5)(11) Senior Secured First Lien Revolver P + 400 (100 Floor) 12.50% 12/2026 358 344 0.0 311
Service Logic Acquisition, Inc. Senior Secured Second Lien Term Loan S + 850 (100 Floor) 14.14% 10/2028 8,755 8,569 1.2 8,755
Service Logic Acquisition, Inc. Senior Secured Second Lien Delayed Draw Term Loan S + 850 (100 Floor) 14.14% 10/2028 2,359 2,305 0.3 2,359
SuperHero Fire Protection, LLC Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.75% 09/2026 5,496 5,467 0.7 5,465
SuperHero Fire Protection, LLC (5) Senior Secured First Lien Revolver S + 625 (100 Floor) 11.75% 09/2026 371 367 0.0 368
166,754 164,065 21.8 164,281
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Consumer Services
Bandon Fitness (Texas) Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 11.53% 07/2028 4,774 4,714 0.6 4,741
Bandon Fitness (Texas) Inc. (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.53% 07/2028 242 237 0.0 239
Bandon Fitness (Texas) Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.52% 07/2028 1,459 1,431 0.2 1,444
Effective School Solutions LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.15% 11/2027 7,614 7,517 1.0 7,432
Effective School Solutions LLC (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.97% 11/2027 870 851 0.1 835
Effective School Solutions LLC Senior Secured First Lien Delayed Draw Term Loan 11/2027 — — — —
Everlast Parent Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.95% 10/2026 13,608 13,425 1.8 13,267
Everlast Parent Inc. (5) Unitranche First Lien Revolver S + 650 (100 Floor) 11.95% 10/2026 806 786 0.1 765
Everlast Parent Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.20% 10/2026 3,344 3,281 0.4 3,194
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 11.25% 12/2027 5,069 4,998 0.7 5,018
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.29% 12/2027 1,701 1,691 0.2 1,684
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.25% 12/2027 1,691 1,669 0.2 1,674
FS Whitewater Borrower, LLC (5) Unitranche First Lien Revolver S + 575 (75 Floor) 11.26% 12/2027 155 146 0.0 148
FS Whitewater Borrower, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 600 (75 Floor) 11.54% 12/2027 1,449 1,437 0.2 1,447
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (75 Floor) 12.01% 11/2025 3,302 3,290 0.4 3,178
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (75 Floor) 12.01% 11/2025 3,272 3,234 0.4 3,149
HGH Purchaser, Inc. (5) Unitranche First Lien Revolver S + 650 (75 Floor) 11.98% 11/2025 1,532 1,521 0.2 1,474
HGH Purchaser, Inc. Unitranche First Lien Term Loan S + 650 (75 Floor) 12.01% 11/2025 7,784 7,714 1.0 7,492
HS Spa Holdings Inc. (Hand & Stone) (5) Unitranche First Lien Revolver S + 575 (75 Floor) 11.11% 06/2028 115 93 0.0 108
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Term Loan S + 575 (75 Floor) 11.12% 06/2029 10,265 10,107 1.4 10,213
HS Spa Holdings Inc. (Hand & Stone) (8) Unitranche First Lien - Last Out Term Loan 1237.5 PIK 12.38% 06/2030 1,536 1,507 0.2 1,242
HS Spa Holdings Inc. (Hand & Stone) (10) Unitranche First Lien Term Loan S + 625 (75 Floor) 11.70% 06/2029 889 873 0.1 903
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Ingenio, LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.53% 08/2026 4,762 4,688 0.6 4,824
Ingenio, LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.53% 08/2026 2,108 2,074 0.3 2,136
Learn-It Systems, LLC (4)(5) Senior Secured First Lien Revolver 03/2025 — (7 ) (0.0 ) (25 )
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.68% 03/2025 2,576 2,544 0.3 2,503
Learn-It Systems, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.75% 03/2025 4,357 4,309 0.6 4,233
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.68% 03/2025 1,167 1,154 0.2 1,134
Mario Purchaser, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.21% 04/2029 2,376 2,337 0.3 2,330
Mario Purchaser, LLC (10) Unitranche First Lien - Last Out Term Loan S + 1075 PIK 16.96% 04/2032 3,619 3,522 0.5 3,619
Mario Purchaser, LLC (5) Unitranche First Lien Revolver S + 575 (75 Floor) 11.21% 04/2028 313 297 0.0 304
Mario Purchaser, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 11.21% 04/2029 9,763 9,602 1.3 9,675
Marlin DTC-LS Midco 2, LLC (4)(5) Unitranche First Lien Revolver 07/2025 — — (0.0 ) (1 )
Marlin DTC-LS Midco 2, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.99% 07/2025 3,018 3,009 0.4 2,992
Point Quest Acquisition, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 08/2028 3,496 3,454 0.5 3,531
Point Quest Acquisition, LLC (5) Senior Secured First Lien Revolver S + 600 (100 Floor) 11.55% 08/2028 643 629 0.1 654
PPV Intermediate Holdings LLC (Vetcor) (4)(5) Unitranche First Lien Revolver 08/2029 — (4 ) (0.0 ) (6 )
PPV Intermediate Holdings LLC (Vetcor) Unitranche First Lien Term Loan S + 575 (75 Floor) 11.14% 08/2029 3,522 3,479 0.5 3,513
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 1,051 1,029 0.1 1,021
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 265 262 0.0 253
smarTours, LLC (6)(9) Senior Secured First Lien Term Loan 12/2026 1,942 1,942 — —
smarTours, LLC (6)(9) Senior Secured First Lien Term Loan 12/2026 1,180 1,180 — —
Stepping Stones Healthcare Services, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 11.20% 12/2028 12,976 12,761 1.7 12,976
Stepping Stones Healthcare Services, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.20% 12/2028 2,912 2,885 0.4 2,912
Stepping Stones Healthcare Services, LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (27 ) — —
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
The Mulch & Soil Company, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 04/2026 3,654 3,596 0.5 3,650
The Mulch & Soil Company, LLC (5) Senior Secured First Lien Revolver S + 600 (100 Floor) 11.56% 04/2026 197 180 0.0 196
United Language Group, Inc. Senior Secured First Lien Revolver S + 675 (100 Floor) 12.21% 06/2024 400 400 0.1 396
United Language Group, Inc. Senior Secured First Lien Term Loan S + 675 (100 Floor) 12.21% 06/2024 4,498 4,506 0.6 4,451
USA Hometown Experts, Inc. Senior Secured First Lien Term Loan S + 550 (100 Floor) 12.00% 11/2029 1,500 1,485 0.2 1,485
USA Hometown Experts, Inc. (4)(5) Senior Secured First Lien Delayed Draw Term Loan 11/2029 — (16 ) (0.0 ) (16 )
USA Hometown Experts, Inc. (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.98% 11/2029 135 126 0.0 126
Wrench Group LLC Senior Secured Second Lien Term Loan S + 787.5 13.32% 04/2027 4,833 4,756 0.7 4,833
148,740 146,674 19.1 143,346
Diversified Financials
Alera Group Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 650 (75 Floor) 11.96% 09/2028 8,629 8,468 1.1 8,510
Alera Group Inc. Unitranche First Lien Term Loan S + 650 (75 Floor) 11.96% 09/2028 4,938 4,855 0.7 4,878
Alera Group Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 09/2028 — (61 ) (0.0 ) (31 )
Alpine X Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.66% 12/2027 1,401 1,389 0.2 1,398
Alpine X (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.66% 12/2027 91 89 0.0 91
Alpine X Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.66% 12/2027 903 895 0.1 901
Alpine X Unitranche First Lien Term Loan S + 600 (100 Floor) 11.66% 12/2027 1,481 1,468 0.2 1,481
Alpine X (5) Unitranche First Lien Revolver S + 600 (100 Floor) 11.66% 12/2027 43 42 0.0 43
iLending LLC Senior Secured First Lien Term Loan S + 850 (100 Floor) 13.96% 06/2026 4,338 4,338 0.5 3,887
iLending LLC (4)(5) Senior Secured First Lien Revolver 06/2026 — — (0.0 ) (75 )
King Mid LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.46% 12/2027 3,185 3,159 0.4 3,185
King Mid LLC (4)(5) Senior Secured First Lien Revolver 12/2027 — (2 ) — —
King Mid LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.50% 12/2027 3,423 3,372 0.5 3,423
Pinnacle Purchaser, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.93% 12/2029 7,250 7,178 1.0 7,177
Pinnacle Purchaser, LLC (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 10.93% 12/2029 175 168 0.0 167
35,857 35,358 4.7 35,035
Energy
Allied Wireline Services, LLC (8)(9) Senior Secured First Lien Term Loan 06/2025 6,590 4,588 0.5 3,923
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
BJ Services, LLC (10) Unitranche First Lien - Last Out Term Loan S + 1200 (100 Floor) 18.60% 5,090 2,853 0.1 1,054
Loadmaster Derrick & Equipment, Inc. (7)(9) Senior Secured First Lien Term Loan 17,346 — — —
Loadmaster Derrick & Equipment, Inc. (7)(9) Senior Secured First Lien Term Loan 8,536 — — —
Loadmaster Derrick & Equipment, Inc. (5)(7)(9) Senior Secured First Lien Revolver 20,878 1,557 0.8 6,287
58,440 8,998 1.4 11,264
Food & Staples Retailing
Isagenix International, LLC (6)(12) Senior Secured First Lien Term Loan S + 560 (100 Floor) 11.04% 06/2025 2,893 2,643 0.3 2,546
2,893 2,643 0.3 2,546
Food, Beverage & Tobacco
JTM Foods LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.79% 05/2027 4,924 4,869 0.7 4,890
JTM Foods LLC (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.79% 05/2027 720 711 0.1 715
JTM Foods LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.75% 05/2027 665 661 0.1 661
Mann Lake Ltd. (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 11.16% 10/2024 850 848 0.1 819
Mann Lake Ltd. Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.10% 10/2024 1,705 1,700 0.2 1,647
8,864 8,789 1.2 8,732
Health Care Equipment & Services
ACI Group Holdings, Inc. Unitranche First Lien Term Loan S + 550 (75 Floor) 10.96% 08/2028 6,904 6,776 0.9 6,829
ACI Group Holdings, Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.96% 08/2028 1,662 1,644 0.2 1,634
ACI Group Holdings, Inc. (5) Unitranche First Lien Revolver S + 550 (75 Floor) 10.96% 08/2027 111 102 0.0 103
Acu-Serve, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.10% 10/2029 4,000 3,961 0.5 3,961
Acu-Serve, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 10/2029 — (10 ) (0.0 ) (19 )
Acu-Serve, LLC (4)(5) Senior Secured First Lien Revolver 10/2029 — (7 ) (0.0 ) (7 )
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.75% 12/2027 3,441 3,422 0.5 3,441
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.75% 12/2027 4,913 4,854 0.7 4,913
Advanced Diabetes Supply (4)(5) Senior Secured First Lien Revolver 12/2027 — (4 ) — —
Arrow Management Acquisition, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.18% 10/2027 4,851 4,785 0.6 4,814
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.18% 10/2027 2,170 2,156 0.3 2,153
Arrow Management Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 10/2027 — (9 ) (0.0 ) (5 )
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Arrow Management Acquisition, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 10/2027 — (33 ) (0.0 ) (26 )
Avalign Technologies, Inc. (12) Senior Secured First Lien Term Loan S + 460 9.98% 12/2025 16,321 16,316 2.1 15,247
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 12.75% 05/2026 4,342 4,342 0.6 4,342
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 12.75% 05/2026 1,536 1,536 0.2 1,536
Bayside Opco, LLC (5)(6) Senior Secured First Lien Revolver 05/2026 — — — —
Bayside Opco, LLC (6)(9) Unsecured Debt 05/2026 1,560 474 0.1 826
BCDI Rodeo Dental Buyer, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.79% 05/2025 5,685 5,619 0.8 5,590
BCDI Rodeo Dental Buyer, LLC (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.79% 05/2025 33 14 0.0 6
BCDI Rodeo Dental Buyer, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.79% 05/2025 1,269 1,254 0.2 1,248
BCDI Rodeo Dental Buyer, LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.79% 05/2025 123 122 0.0 121
CC Amulet Management, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.89% 08/2027 5,026 4,955 0.7 4,843
CC Amulet Management, LLC (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.89% 08/2027 648 637 0.1 620
CC Amulet Management, LLC (5) Senior Secured First Lien Delayed Draw Term Loan S + 675 (100 Floor) 12.40% 08/2027 199 186 0.0 199
Centria Subsidiary Holdings, LLC (4)(5) Unitranche First Lien Revolver 12/2025 — (20 ) — —
Centria Subsidiary Holdings, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 11.22% 12/2025 11,398 11,322 1.5 11,398
ConvenientMD Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.04% 06/2027 5,363 5,276 0.6 4,799
ConvenientMD (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 11.03% 06/2027 550 539 0.1 478
ConvenientMD Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 11.02% 06/2027 1,021 1,003 0.1 914
CRA MSO, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.96% 12/2024 1,161 1,157 0.2 1,144
CRA MSO, LLC (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.96% 12/2024 108 108 0.0 105
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 11.21% 11/2027 11,566 11,420 1.5 11,474
EMS Buyer, Inc. (5) Unitranche First Lien Revolver S + 575 (100 Floor) 11.21% 11/2027 495 489 0.1 491
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 11.21% 11/2027 985 971 0.1 977
Explorer Investor, Inc. Unitranche First Lien Delayed Draw Term Loan 06/2029 — — — —
Explorer Investor, Inc. Unitranche First Lien Term Loan S + 600 (50 Floor) 11.36% 06/2029 13,584 13,030 1.7 12,837
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
FH MD Buyer, Inc Senior Secured First Lien Term Loan S + 500 (75 Floor) 10.47% 07/2028 19,550 19,419 2.4 18,084
GrapeTree Medical Staffing, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.47% 05/2024 6,125 6,082 0.8 6,084
GrapeTree Medical Staffing, LLC (4)(5) Senior Secured First Lien Revolver 05/2024 — (2 ) (0.0 ) (4 )
GrapeTree Medical Staffing, LLC Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.47% 05/2024 3,601 3,577 0.5 3,577
Great Lakes Dental Partners, LLC Unitranche First Lien Term Loan S + 725 (100 Floor) 12.71% 06/2026 4,935 4,878 0.6 4,448
Great Lakes Dental Partners, LLC (5) Unitranche First Lien Revolver S + 725 (100 Floor) 12.71% 06/2026 304 299 0.0 264
HCOS Group Intermediate III LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.00% 09/2026 11,223 11,108 1.5 11,223
HCOS Group Intermediate III LLC (5) Senior Secured First Lien Revolver S + 550 (100 Floor) 11.03% 09/2026 511 500 0.1 511
HCOS Group Intermediate III LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 11.00% 09/2026 9,261 9,152 1.2 9,261
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.89% 05/2027 4,448 4,388 0.6 4,383
Homecare Partners Management, LLC (5) Senior Secured First Lien Revolver P + 425 (100 Floor) 12.75% 05/2027 733 719 0.1 717
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.75% 05/2027 3,327 3,273 0.4 3,279
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.79% 05/2027 1,084 1,067 0.1 1,068
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 750 (100 Floor) (including 500 PIK) 12.98% 12/2026 14,385 14,184 1.8 13,700
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 750 (100 Floor) (including 500 PIK) 12.98% 12/2026 2,627 2,588 0.3 2,502
Hospice Care Buyer, Inc. (5) Unitranche First Lien Revolver S + 750 (100 Floor) (including 500 PIK) 12.98% 12/2026 369 346 0.0 292
Hospice Care Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 750 (100 Floor) (including 500 PIK) 12.99% 12/2026 2,680 2,639 0.3 2,552
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 750 (100 Floor) (including 500 PIK) 12.95% 12/2026 384 376 0.0 366
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 12.04% 06/2026 3,042 3,042 0.4 3,038
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 12.04% 06/2026 365 365 0.0 365
Integrated Pain Management Medical Group, Inc. (4)(5) Unitranche First Lien Revolver 06/2026 — — (0.0 ) (1 )
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 12.04% 06/2026 836 836 0.1 835
Laserway Intermediate Holdings II, LLC (12) Unitranche First Lien Term Loan S + 575 (75 Floor) 11.41% 10/2027 5,963 5,880 0.8 5,896
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Revolver S + 650 (100 Floor) (including 75 PIK) 12.11% 03/2028 1,149 1,144 0.1 1,001
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Delayed Draw Term Loan S + 650 (100 Floor) (including 75 PIK) 11.88% 03/2028 472 469 0.1 411
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) (including 75 PIK) 11.36% 03/2028 2,256 2,246 0.3 1,966
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Lighthouse Lab Services Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.25% 10/2027 5,287 5,208 0.7 5,155
Lighthouse Lab Services (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 11.27% 10/2027 614 605 0.1 583
Lightspeed Buyer, Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 10.71% 02/2026 9,625 9,557 1.3 9,539
Lightspeed Buyer, Inc. (4)(5) Unitranche First Lien Revolver 02/2026 — (7 ) (0.0 ) (9 )
Lightspeed Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.71% 02/2026 1,743 1,735 0.2 1,728
Lightspeed Buyer, Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 10.75% 02/2026 2,688 2,661 0.4 2,664
Lightspeed Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.71% 02/2026 969 969 0.1 961
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 650 (100 Floor) 12.00% 12/2026 3,676 3,646 0.5 3,676
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Revolver S + 650 (100 Floor) 12.05% 12/2026 711 705 0.1 711
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 650 (100 Floor) 12.00% 12/2026 148 147 0.0 148
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 650 (100 Floor) 12.04% 12/2026 2,765 2,742 0.4 2,765
Multi Specialty Healthcare (AMM LLC) Senior Secured First Lien Term Loan S + 650 (100 Floor) 12.00% 12/2026 98 97 0.0 98
MWD Management LLC (United Derm) Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.45% 06/2027 4,455 4,393 0.6 4,371
MWD Management LLC (United Derm) Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.45% 06/2027 5,530 5,449 0.7 5,426
MWD Management LLC (United Derm) (5) Senior Secured First Lien Revolver S + 500 (100 Floor) 10.45% 06/2027 560 543 0.1 537
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Revolver S + 750 (100 Floor) 12.96% 09/2025 854 851 0.1 839
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 750 (100 Floor) 12.96% 09/2025 6,697 6,629 0.9 6,581
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.96% 09/2025 879 866 0.1 864
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.96% 09/2025 298 298 0.0 292
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.96% 09/2025 248 248 0.0 243
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Term Loan S + 675 (100 Floor) 12.28% 01/2028 11,127 10,935 1.5 11,127
Patriot Acquisition Topco S.A.R.L (5)(11) Unitranche First Lien Revolver S + 675 (100 Floor) 12.29% 01/2026 379 361 0.1 379
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Delayed Draw Term Loan S + 675 (100 Floor) 12.28% 01/2028 11,924 11,731 1.6 11,924
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Term Loan S + 675 (100 Floor) 12.28% 01/2028 1,413 1,385 0.2 1,413
Plasma Buyer LLC (PathGroup) (4)(5) Unitranche First Lien Delayed Draw Term Loan 05/2029 — (29 ) (0.0 ) (75 )
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Plasma Buyer LLC (PathGroup) (5) Unitranche First Lien Revolver S + 575 (75 Floor) 11.10% 05/2029 270 258 0.0 238
Plasma Buyer LLC (PathGroup) Unitranche First Lien Term Loan S + 575 (75 Floor) 11.10% 05/2029 7,206 7,088 0.9 6,920
Premier Dental Care Management, LLC Unitranche First Lien Term Loan S + 550 (75 Floor) 10.86% 08/2028 9,333 9,201 1.2 8,974
Premier Dental Care Management, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.86% 08/2028 5,064 5,050 0.7 4,869
Premier Dental Care Management, LLC (5) Unitranche First Lien Revolver S + 550 (75 Floor) 10.86% 08/2027 206 187 0.0 147
PromptCare Intermediate, LP Unitranche First Lien Term Loan S + 600 (100 Floor) 11.46% 09/2027 10,264 10,124 1.4 10,249
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.46% 09/2027 1,599 1,586 0.2 1,596
Quorum Health Resources Unitranche First Lien Term Loan S + 575 (100 Floor) 11.50% 05/2027 5,258 5,214 0.7 5,185
Quorum Health Resources (5) Unitranche First Lien Revolver S + 575 (100 Floor) 11.50% 05/2027 152 144 0.0 142
Safco Dental Supply, LLC (5) Unitranche First Lien Revolver S + 550 (100 Floor) 10.96% 06/2025 255 252 0.0 239
Safco Dental Supply, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 11.00% 06/2025 4,043 4,022 0.5 3,932
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (13 ) (0.0 ) (21 )
Seniorlink Incorporated Unitranche First Lien Term Loan S + 650 (100 Floor) 11.99% 12/2027 9,656 9,517 1.3 9,462
Seniorlink Incorporated Unitranche First Lien Term Loan S + 650 (100 Floor) 12.01% 12/2027 4,773 4,680 0.6 4,678
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (9 ) (0.0 ) (9 )
Smile Doctors LLC (4)(5) Unitranche First Lien Revolver 12/2027 — (18 ) (0.0 ) (65 )
Smile Doctors LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 590 (75 Floor) 11.26% 12/2028 797 797 0.1 781
Smile Doctors LLC Unitranche First Lien Term Loan S + 590 (75 Floor) 11.30% 12/2028 15,547 15,420 2.1 15,235
SolutionReach, Inc. Senior Secured First Lien Term Loan S + 700 (100 Floor) 12.53% 07/2025 4,624 4,621 0.6 4,621
SolutionReach, Inc. (5) Senior Secured First Lien Revolver 07/2025 — — — —
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 11.31% 07/2029 3,693 3,611 0.5 3,693
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Term Loan E + 600 9.93% 07/2029 3,502 3,485 0.5 3,866
Sydney US Buyer Corp. (3B Scientific) (5)(11) Unitranche First Lien Delayed Draw Term Loan S + 600 (50 Floor) 11.32% 07/2029 1,863 1,818 0.3 1,890
Sydney US Buyer Corp. (3B Scientific) (4)(5)(11) Unitranche First Lien Delayed Draw Term Loan 07/2029 — (138 ) — —
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.95% 05/2029 6,269 6,207 0.8 6,269
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Revolver 05/2029 — (6 ) — —
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Delayed Draw Term Loan 05/2029 — (11 ) — —
Technology Partners, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 10.74% 11/2027 4,574 4,500 0.6 4,542
Technology Partners, LLC (4)(5) Unitranche First Lien Revolver 11/2027 — (14 ) (0.0 ) (5 )
Technology Partners, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2027 — (19 ) (0.0 ) (7 )
TTF Holdings, LLC (Soliant) Senior Secured First Lien Term Loan S + 400 (75 Floor) 9.47% 03/2028 3,384 3,384 0.5 3,389
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.25% 09/2025 2,977 2,954 0.4 2,954
Unifeye Vision Partners (5) Senior Secured First Lien Revolver S + 575 (100 Floor) 11.27% 09/2025 567 557 0.1 554
Unifeye Vision Partners Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.25% 09/2025 5,184 5,153 0.7 5,144
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.25% 09/2025 4,984 4,981 0.7 4,945
Vital Care Buyer, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 10.86% 10/2025 5,641 5,602 0.8 5,634
Vital Care Buyer, LLC (4)(5) Unitranche First Lien Revolver 10/2025 — (14 ) (0.0 ) (3 )
405,028 398,858 52.8 394,782
Household & Personal Products
Lash Opco LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.48% 03/2026 2,939 2,918 0.4 2,939
Lash Opco LLC (5) Unitranche First Lien Revolver S + 700 (100 Floor) 12.55% 09/2025 279 276 0.0 279
Lash Opco LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.48% 03/2026 2,996 2,970 0.4 2,996
Lash Opco LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 12.48% 03/2026 973 965 0.1 972
7,187 7,129 0.9 7,186
Insurance
Comet Acquisition, Inc. Senior Secured Second Lien Term Loan S + 750 13.04% 10/2026 1,782 1,781 0.2 1,648
Evolution BuyerCo, Inc. Unitranche First Lien Term Loan S + 625 (100 Floor) 11.75% 04/2028 8,125 8,065 1.1 8,043
Evolution BuyerCo, Inc. (4)(5) Unitranche First Lien Revolver 04/2027 — (5 ) (0.0 ) (7 )
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.75% 04/2028 1,426 1,413 0.2 1,411
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.75% 04/2028 1,740 1,721 0.2 1,723
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 675 (100 Floor) 12.25% 04/2028 249 245 0.0 249
Integrity Marketing Acquisition, LLC Unitranche First Lien Delayed Draw Term Loan S + 580 (100 Floor) 11.29% 08/2025 4,915 4,865 0.7 4,915
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Integrity Marketing Acquisition, LLC Unitranche First Lien Delayed Draw Term Loan S + 580 (100 Floor) 11.29% 08/2025 2,972 2,941 0.4 2,972
Integrity Marketing Acquisition, LLC (4)(5) Unitranche First Lien Revolver 08/2025 — (14 ) — —
Integrity Marketing Acquisition, LLC Unitranche First Lien Term Loan S + 580 (100 Floor) 11.29% 08/2025 12,491 12,361 1.7 12,491
Integro Parent, Inc. (11) Senior Secured First Lien Term Loan S + 1225 PIK (100 Floor) 16.83% 706 706 0.1 706
Integro Parent, Inc. (9)(11) Senior Secured Second Lien Term Loan 4,501 3,271 0.6 4,309
Newcleus, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (including 200 PIK) 13.50% 08/2026 5,171 4,854 0.6 4,648
Newcleus, LLC (4)(5) Senior Secured First Lien Revolver 08/2026 — (22 ) (0.0 ) (44 )
Newcleus, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 08/2026 — (23 ) (0.0 ) (46 )
Patriot Growth Insurance Services, LLC Unitranche First Lien Term Loan S + 550 (75 Floor) 11.00% 10/2028 9,181 9,088 1.2 8,961
Patriot Growth Insurance Services, LLC (4)(5) Unitranche First Lien Revolver 10/2028 — (9 ) (0.0 ) (16 )
Patriot Growth Insurance Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.25% 10/2028 2,817 2,794 0.4 2,774
Patriot Growth Insurance Services, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 11.10% 10/2028 117 102 0.0 102
The Hilb Group, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 11.21% 12/2026 3,494 3,451 0.5 3,468
The Hilb Group, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.21% 12/2026 988 976 0.1 981
The Hilb Group, LLC (5) Unitranche First Lien Revolver S + 575 (100 Floor) 11.21% 12/2025 76 73 0.0 73
The Hilb Group, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 11.21% 12/2026 1,037 1,022 0.1 1,029
The Hilb Group, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.21% 12/2026 1,743 1,722 0.2 1,730
The Hilb Group, LLC (5) Unitranche First Lien Revolver S + 575 (100 Floor) 11.11% 12/2025 32 30 0.0 31
The Hilb Group, LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.86% 12/2026 3,965 3,936 0.5 3,910
The Hilb Group, LLC (5) Unitranche First Lien Revolver S + 575 (100 Floor) 11.21% 12/2025 25 24 0.0 24
Tricor Borrower, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 10.46% 10/2026 3,183 3,139 0.4 3,166
Tricor Borrower, LLC (5) Unitranche First Lien Revolver S + 500 (100 Floor) 10.46% 10/2026 231 227 0.0 229
Tricor Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.50% 10/2026 1,415 1,398 0.2 1,408
72,382 70,132 9.4 70,888
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Materials
A&A Global Imports, LLC (9) Senior Secured First Lien Term Loan 06/2026 2,203 2,036 0.1 952
A&A Global Imports, LLC (5)(9) Senior Secured First Lien Revolver 06/2026 528 471 0.0 95
Action Signature Acquisition, Inc. Unitranche First Lien Term Loan S + 700 (100 Floor) 12.45% 06/2026 3,233 3,221 0.4 3,224
Action Signature Acquisition, Inc. Unitranche First Lien Term Loan S + 700 (100 Floor) 12.45% 11/2026 504 502 0.1 503
Action Signature Acquisition, Inc. (5) Unitranche First Lien Revolver S + 700 (100 Floor) 12.45% 06/2026 183 180 0.0 181
Action Signature Acquisition, Inc. Unitranche First Lien Term Loan S + 700 (100 Floor) 12.45% 11/2026 245 244 0.0 244
Action Signature Acquisition, Inc. Unitranche First Lien Term Loan S + 700 (100 Floor) 12.45% 06/2026 837 834 0.1 835
Advanced Web Technologies Unitranche First Lien Term Loan S + 625 (100 Floor) 11.76% 12/2026 1,991 1,968 0.3 1,985
Advanced Web Technologies (4)(5) Unitranche First Lien Revolver 12/2026 — (4 ) (0.0 ) (1 )
Advanced Web Technologies Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.76% 12/2026 783 773 0.1 781
Formulations Parent Corporation Unitranche First Lien Term Loan S + 575 (75 Floor) 11.13% 11/2030 9,906 9,711 1.3 9,708
Formulations Parent Corporation (4)(5) Unitranche First Lien Revolver 11/2029 — (32 ) (0.0 ) (33 )
Online Labels Group, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.61% 12/2029 4,300 4,257 0.6 4,257
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (3 ) (0.0 ) (5 )
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (3 ) (0.0 ) (5 )
Online Labels Group, LLC (4)(5) Senior Secured First Lien Revolver 12/2029 — (6 ) (0.0 ) (6 )
USALCO, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 11.61% 10/2027 2,940 2,867 0.4 2,881
USALCO, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 11.61% 10/2027 112 110 0.0 110
27,765 27,126 3.4 25,706
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.50% 12/2027 7,264 7,169 1.0 7,192
Alcanza Clinical Research (4)(5) Senior Secured First Lien Revolver 12/2027 — (2 ) (0.0 ) (1 )
BioAgilytix Senior Secured First Lien Term Loan S + 625 (75 Floor) (including 275 PIK) 11.70% 12/2028 13,400 13,180 1.6 11,973
BioAgilytix Senior Secured First Lien Delayed Draw Term Loan S + 625 (75 Floor) (including 275 PIK) 11.70% 12/2028 696 686 0.1 622
LSCS Holdings, Inc. (Eversana) (12) Senior Secured Second Lien Term Loan S + 800 (50 Floor) 13.47% 12/2029 14,700 14,414 1.7 13,082
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 11.74% 09/2026 2,174 2,141 0.3 2,173
Teal Acquisition Co., Inc (4)(5) Unitranche First Lien Revolver 09/2026 — (18 ) — —
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 11.69% 09/2026 1,200 1,187 0.2 1,200
WCT Group Holdings, LLC Unitranche First Lien Term Loan S + 625 (75 Floor) 11.43% 12/2029 3,366 3,282 0.4 3,282
WCT Group Holdings, LLC (5) Unitranche First Lien Revolver S + 625 (75 Floor) 11.43% 12/2029 137 126 0.0 126
42,937 42,165 5.3 39,649
Retailing
Matilda Jane Holdings, Inc. (9) Senior Secured First Lien Term Loan 11,961 — 0.0 159
Matilda Jane Holdings, Inc. (9) Senior Secured First Lien Revolver 1,242 5 0.0 17
MeriCal, LLC Unitranche First Lien Term Loan S + 775 PIK 13.39% 11/2024 7,452 7,452 0.6 4,248
Savers (11)(12) Senior Secured First Lien Term Loan S + 525 (75 Floor) 10.86% 04/2028 1,464 1,464 0.2 1,472
Slickdeals Holdings, LLC (5)(6) Unitranche First Lien Revolver 06/2024 — — — —
Slickdeals Holdings, LLC (6) Unitranche First Lien Term Loan S + 625 (100 Floor) 11.67% 06/2024 14,022 13,977 1.9 14,021
36,141 22,898 2.7 19,917
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7)(9) Senior Secured First Lien Term Loan 09/2025 8,957 8,006 1.1 8,253
OEM Group, LLC (7)(9) Senior Secured Second Lien Term Loan 09/2025 27,025 — — —
OEM Group, LLC (7)(9) Senior Secured Second Lien Revolver 09/2025 15,044 — — —
OEM Group, LLC (7)(9) Senior Secured Second Lien Term Loan 09/2025 12,993 — — —
64,019 8,006 1.1 8,253
Software & Services
ABACUS Holdings I LLC (5) Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.78% 06/2028 266 245 0.0 215
ABACUS Holdings I LLC (5) Unitranche First Lien Revolver S + 550 (100 Floor) 10.78% 06/2028 900 882 0.1 878
ABACUS Holdings I LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.78% 06/2028 6,715 6,608 0.9 6,592
Affinitiv, Inc. (4)(5) Unitranche First Lien Revolver 08/2024 — (1 ) — —
Affinitiv, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.85% 08/2024 6,151 6,132 0.8 6,151
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 11/2027 1,351 1,327 0.2 1,351
Alpine SG, LLC (4)(5) Senior Secured First Lien Revolver 11/2027 — (2 ) — —
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 11/2027 967 950 0.1 967
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 11/2027 3,363 3,305 0.5 3,363
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 11.53% 11/2027 536 526 0.1 536
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Apps Associates LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 10.46% 07/2027 5,523 5,451 0.7 5,478
Apps Associates LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (100 Floor) 10.46% 07/2027 1,778 1,759 0.2 1,763
Apps Associates LLC (4)(5) Unitranche First Lien Revolver 07/2027 — (9 ) (0.0 ) (7 )
Banker's Toolbox, Inc. Unitranche First Lien Term Loan S + 525 (75 Floor) 10.73% 07/2027 15,525 15,318 2.1 15,525
Banker's Toolbox, Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 10.73% 07/2027 2,891 2,873 0.4 2,891
Banker's Toolbox, Inc. (4)(5) Unitranche First Lien Revolver 07/2027 — (29 ) — —
Belay Inc. Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.46% 06/2026 4,826 4,779 0.6 4,826
Belay Inc. (4)(5) Senior Secured First Lien Revolver 11/2025 — (6 ) — —
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.71% 10/2024 1,371 1,367 0.2 1,337
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 10.71% 10/2024 291 290 0.0 284
Benesys Inc. (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.71% 10/2024 74 74 0.0 71
Benesys Inc. (5) Senior Secured First Lien Revolver S + 525 (100 Floor) 10.71% 10/2024 18 16 0.0 16
Claritas, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 10.64% 03/2026 2,444 2,430 0.3 2,444
Claritas, LLC (5) Unitranche First Lien Revolver S + 525 (100 Floor) 10.64% 03/2026 1,170 1,159 0.2 1,170
Claritas, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 10.60% 03/2026 10,415 10,323 1.4 10,415
Concord III, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 11.62% 12/2028 9,450 9,356 1.3 9,356
Concord III, LLC (4)(5) Unitranche First Lien Revolver 12/2028 — (5 ) (0.0 ) (5 )
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 600 (75 Floor) 11.35% 09/2030 13,500 13,167 1.8 13,645
Evergreen IX Borrower 2023, LLC (4)(5) Unitranche First Lien Revolver 09/2029 — (36 ) — —
Granicus, Inc. Unitranche First Lien Term Loan S + 550 (100 Floor) 10.98% 01/2027 9,115 8,972 1.2 9,115
Granicus, Inc. (5) Unitranche First Lien Revolver S + 650 (100 Floor) 11.96% 01/2027 168 158 0.0 168
Granicus, Inc. Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.48% 01/2027 7,816 7,737 1.1 7,816
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 525 (75 Floor) 10.71% 11/2028 13,025 12,827 1.8 13,025
Lexipol (Ranger Buyer, Inc.) (4)(5) Unitranche First Lien Revolver 11/2027 — (16 ) — —
List Partners, Inc. (5) Senior Secured First Lien Revolver S + 500 (100 Floor) 10.46% 05/2024 180 180 0.0 170
List Partners, Inc. Senior Secured First Lien Term Loan S + 500 (100 Floor) 10.46% 05/2024 3,627 3,622 0.5 3,557
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
MRI Software LLC (12) Unitranche First Lien Term Loan S + 550 (100 Floor) 10.95% 02/2027 18,281 18,154 2.4 17,938
MRI Software LLC (4)(5)(12) Unitranche First Lien Revolver 02/2027 — (8 ) (0.0 ) (24 )
MRI Software LLC (12) Unitranche First Lien Term Loan S + 550 (100 Floor) 10.95% 02/2027 1,296 1,287 0.2 1,272
MRI Software LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 02/2027 — (15 ) (0.0 ) (15 )
New Era Technology, Inc. Unitranche First Lien Term Loan S + 625 (100 Floor) 11.78% 10/2026 3,025 2,993 0.4 2,934
New Era Technology, Inc. (4)(5) Unitranche First Lien Revolver 10/2026 — (2 ) (0.0 ) (7 )
New Era Technology, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.75% 10/2026 1,943 1,924 0.3 1,885
New Era Technology, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 11.75% 10/2026 6,442 6,386 0.8 6,249
New Era Technology, Inc. (4)(5) Unitranche First Lien Revolver 10/2026 — (6 ) (0.0 ) (15 )
NMN Holdings III Corp. Senior Secured Second Lien Delayed Draw Term Loan S + 775 13.22% 11/2026 1,667 1,644 0.2 1,667
NMN Holdings III Corp. Senior Secured Second Lien Term Loan S + 775 13.22% 11/2026 7,222 7,126 1.0 7,222
Odessa Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan 10/2027 — — — —
Odessa Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 10/2027 — (32 ) — —
Odessa Technologies, Inc. Senior Secured First Lien Term Loan S + 575 (75 Floor) 11.21% 10/2027 9,474 9,342 1.3 9,474
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 11.00% 08/2025 1,083 1,082 0.1 1,047
Ontario Systems, LLC Unitranche First Lien Revolver S + 650 (100 Floor) 12.00% 08/2025 500 499 0.1 483
Ontario Systems, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 11.00% 08/2025 3,135 3,122 0.4 3,030
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 11.00% 08/2025 547 539 0.1 529
Ontario Systems, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 11.00% 08/2025 443 439 0.1 428
Park Place Technologies, LLC (8) Unsecured Debt 1250 PIK 12.50% 05/2029 1,001 1,001 0.1 902
Perforce Software, Inc. Senior Secured Second Lien Term Loan S + 800 13.46% 07/2027 5,000 4,995 0.7 5,000
Right Networks, LLC (4)(5) Unitranche First Lien Revolver 05/2026 — (1 ) — —
Right Networks, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 11.46% 05/2026 9,286 9,230 1.3 9,286
Right Networks, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 11.46% 05/2026 8,140 8,050 1.1 8,140
Right Networks, LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 11.46% 05/2026 2,075 2,053 0.3 2,075
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Ruffalo Noel Levitz, LLC Unitranche First Lien Revolver S + 600 (100 Floor) (including 50 PIK) 11.47% 05/2024 303 303 0.0 295
Ruffalo Noel Levitz, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) (including 50 PIK) 11.45% 05/2024 2,512 2,517 0.3 2,442
Saturn Borrower Inc Unitranche First Lien Term Loan S + 650 (100 Floor) 12.00% 09/2026 20,031 19,701 2.7 19,836
Saturn Borrower Inc Unitranche First Lien Term Loan S + 650 (100 Floor) 12.00% 09/2026 2,440 2,399 0.3 2,416
Saturn Borrower Inc Unitranche First Lien Revolver S + 650 (100 Floor) 12.00% 09/2026 1,513 1,490 0.2 1,498
Smartronix, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 11.57% 11/2028 23,628 23,243 3.0 22,996
Smartronix, LLC (4)(5) Unitranche First Lien Revolver 11/2028 — (47 ) (0.0 ) (88 )
SQAD Holdco, Inc. (5) Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 11.10% 04/2028 2,389 2,353 0.3 2,257
SQAD Holdco, Inc. (4)(5) Unitranche First Lien Revolver 04/2028 — (15 ) (0.0 ) (29 )
SQAD Holdco, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 11.10% 04/2028 8,816 8,680 1.2 8,574
Summit 7 Systems, LLC (4)(5) Senior Secured First Lien Revolver 05/2028 — (5 ) — —
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.25% 05/2028 5,221 5,139 0.7 5,221
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 11.28% 05/2028 2,394 2,394 0.3 2,394
TMA Buyer, LLC Unitranche First Lien Term Loan S + 725 (100 Floor) 12.75% 09/2027 3,074 2,971 0.4 3,074
TMA Buyer, LLC (4)(5) Unitranche First Lien Revolver 09/2027 — (13 ) — —
TMA Buyer, LLC Unitranche First Lien Delayed Draw Term Loan S + 725 (100 Floor) 12.71% 09/2027 366 354 0.0 366
Transportation Insight, LLC Senior Secured First Lien Term Loan S + 450 9.98% 12/2024 4,997 4,992 0.7 4,897
Transportation Insight, LLC Senior Secured First Lien Delayed Draw Term Loan S + 450 9.98% 12/2024 1,242 1,240 0.2 1,217
Transportation Insight, LLC (5) Senior Secured First Lien Revolver S + 450 10.00% 12/2024 695 693 0.1 680
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.96% 12/2025 622 619 0.1 616
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.96% 12/2025 1,020 1,011 0.1 1,010
Winxnet Holdings LLC Unitranche First Lien Revolver S + 650 (100 Floor) 11.96% 12/2025 651 647 0.1 645
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.96% 12/2025 1,892 1,884 0.3 1,874
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.96% 12/2025 1,509 1,495 0.2 1,495
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.96% 12/2025 1,125 1,112 0.2 1,115
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.96% 12/2025 197 196 0.0 195
290,653 286,884 38.8 287,609
Technology, Hardware & Equipment
3SI Security Systems Unitranche First Lien Term Loan S + 600 (100 Floor) 11.52% 12/2026 3,702 3,589 0.5 3,697
Gener8, LLC Senior Secured First Lien Term Loan S + 850 (100 Floor) 14.11% 08/2024 5,692 5,692 0.6 4,553
Gener8, LLC (5) Senior Secured First Lien Revolver S + 850 (100 Floor) 14.11% 08/2024 1,203 1,203 0.1 903
Gener8, LLC Senior Secured First Lien Term Loan S + 850 (100 Floor) 14.11% 08/2024 245 245 0.0 196
10,842 10,729 1.2 9,349
Transportation
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 600 11.54% 05/2025 2,325 2,325 0.3 2,255
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 650 12.04% 05/2025 440 440 0.1 429
2,765 2,765 0.4 2,684
Total Debt Investments <br>United States 1,466,840 1,326,307 175.0 % 1,310,128
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Equity Investments
Automobiles & Components
Sun Acquirer Corp. Common Stock 6,148 615 0.1 576
Sun Acquirer Corp. Common Stock 428 43 0.0 40
658 0.1 616
Capital Goods
Envocore Holding, LLC (7) Common Stock 521,354 — — —
Envocore Holding, LLC (7) Preferred Stock 534,722 — — —
— — —
Commercial & Professional Services
Allied Universal Holdings, LLC Common Stock 2,805,726 1,011 0.4 2,873
Allied Universal Holdings, LLC Common Stock 684,903 685 0.1 701
ASP MCS Acquisition Corp. (6)(12) Common Stock 13,293 1,183 0.0 120
ASP MCS Acquisition Corp. (6) Common Stock 447 — 0.0 22
ASP MCS Acquisition Corp. (6) Preferred Stock 447 447 0.1 435
Hercules Borrower LLC Common Stock 1,153,075 1,153 0.2 1,461
IGT Holdings LLC Preferred Stock 645,730 — — —
IGT Holdings LLC Common Stock 1,000,000 — — —
Iris Buyer, LLC Common Stock 577 577 0.1 577
Iris Buyer, LLC Common Stock 576,923 — — —
MHS Acquisition Holdings, LLC Preferred Stock 1,060 923 0.2 1,490
MHS Acquisition Holdings, LLC Common Stock 11 9 0.0 38
Receivable Solutions, Inc. Preferred Stock 137,000 137 0.0 296
Service Logic Acquisition, Inc. Common Stock 13,132 1,313 0.4 2,955
TecoStar Holdings, Inc. Common Stock 500,000 500 0.0 3
7,938 1.5 10,971
Consumer Services
Everlast Parent Inc. Common Stock 948 948 0.1 970
FS Whitewater Borrower, LLC Common Stock 6,897 690 0.1 648
HGH Purchaser, Inc. Common Stock 4,171 417 0.1 625
HS Spa Holdings Inc. (Hand & Stone) Common Stock 1,804,502 1,805 0.2 1,728
Legalshield Common Stock 372 372 0.1 720
Mario Purchaser, LLC Common Stock 1,027 1,027 0.1 709
PPV Intermediate Holdings LLC (Vetcor) Common Stock 312,500 313 0.0 317
smarTours, LLC (6) Common Stock 2,403 1,682 — —
Stepping Stones Healthcare Services, LLC Common Stock 11,321 1,132 0.1 874
Wrench Group LLC Common Stock 2,337 235 0.1 611
Wrench Group LLC Common Stock 655 66 0.0 171
8,687 0.9 7,373
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14) Partnership Interest 266 0.0 344
First Eagle Greenway Fund II, LLC (11)(13)(14) Partnership Interest 0.0 — —
First Eagle Logan JV, LLC (5)(7)(11)(13)(14) Partnership Interest 43,974 5.2 39,004
Freeport Financial SBIC Fund LP (5)(11)(13)(14) Partnership Interest 1,450 0.2 1,548
GACP II LP (6)(11)(13)(14) Partnership Interest 4,000 0.5 3,927
Gryphon Partners 3.5, L.P. (11)(13)(14) Partnership Interest 145 0.0 33
WhiteHawk III Onshore Fund L.P. (5)(6)(11)(13)(14) Partnership Interest 7,872 1.1 8,278
57,707 7.0 53,134
Energy
Allied Wireline Services, LLC Common Stock 4,538 — — —
Allied Wireline Services, LLC Common Stock 2,063 — — —
Loadmaster Derrick & Equipment, Inc. (7) Preferred Stock 2,956 — — —
Loadmaster Derrick & Equipment, Inc. (7) Common Stock 12,131 — — —
— — —
Food & Staples Retailing
Isagenix International, LLC (6) Common Stock 202,884 — — —
Health Care Equipment & Services
ACI Group Holdings, Inc. Common Stock 907,499 909 0.2 1,173
ACI Group Holdings, Inc. Preferred Stock 3,719 3,645 0.6 4,684
Bayside Opco, LLC (6) Common Stock 1,976 — — —
Centria Subsidiary Holdings, LLC Common Stock 11,911 1,191 0.3 2,390
Hospice Care Buyer, Inc. Common Stock 13,895 1,398 0.1 907
Hospice Care Buyer, Inc. Common Stock 844 75 0.0 49
Patriot Acquisition Topco S.A.R.L (11) Common Stock 1,148 1,148 0.2 1,393
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Patriot Acquisition Topco S.A.R.L (11) Common Stock 15,809 42 0.0 56
Seniorlink Incorporated Common Stock 68,182 423 0.3 2,129
Smile Doctors LLC Common Stock 227 714 0.1 577
9,545 1.8 13,358
Insurance
Evolution BuyerCo, Inc. Common Stock 2,917 292 0.0 289
Integrity Marketing Acquisition, LLC Common Stock 287,484 533 0.1 1,084
Integrity Marketing Acquisition, LLC Preferred Stock 1,247 1,215 0.3 2,160
Integro Parent, Inc. (11) Common Stock 4,468 454 — —
2,494 0.4 3,533
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana) Common Stock 3,096 953 0.1 1,035
LSCS Holdings, Inc. (Eversana) Preferred Stock 447 447 0.1 512
Teal Acquisition Co., Inc Common Stock 5,555 556 0.0 153
WCT Group Holdings, LLC Common Stock 118 1,177 0.2 1,177
3,133 0.4 2,877
Retailing
Palmetto Moon LLC Common Stock 61 — — —
Matilda Jane Holdings, Inc. Preferred Stock 2,587,855 — — —
MeriCal, LLC Preferred Stock 521 103 — —
MeriCal, LLC Common Stock 5,334 — — —
Slickdeals Holdings, LLC (6) Common Stock 99 891 0.2 1,171
Vivid Seats Ltd. (6)(11)(12) Common Stock 608,109 608 0.1 1,021
1,602 0.3 2,192
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7) Common Stock 20,000 — — —
Software & Services
Certify, Inc. Common Stock 841 246 0.0 273
Lexipol (Ranger Buyer, Inc.) Common Stock 638 638 0.1 707
Lexipol (Ranger Buyer, Inc.) Common Stock 638 — — —
NMN Holdings III Corp. Common Stock 11,111 1,111 0.2 1,702
Odessa Technologies, Inc. Common Stock 10,714 1,071 0.2 1,202
Park Place Technologies, LLC Common Stock 479 479 — —
Park Place Technologies, LLC Common Stock 442,203 27 0.1 621
Park Place Technologies, LLC Common Stock 685,018 — — —
Saturn Borrower Inc Common Stock 434,163 434 0.0 365
4,006 0.6 4,870
Transportation
Xpress Global Systems, LLC Common Stock 12,544 — 0.2 1,254
— 0.2 1,254
Total Equity Investments<br>United States $ 95,770 13.2 % $ 100,178
Total United States $ 1,422,077 188.2 % $ 1,410,306
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Canada
Debt Investments
Software & Services
PDFTron Systems Inc. (11) Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.86% 07/2027 1,600 $ 1,587 0.2 $ 1,571
PDFTron Systems Inc. (5)(11) Senior Secured First Lien Revolver S + 550 (100 Floor) 10.86% 07/2026 149 147 0.0 144
PDFTron Systems Inc. (11) Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.86% 07/2027 518 514 0.1 509
PDFTron Systems Inc. (11) Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.86% 07/2027 4,913 4,871 0.6 4,824
7,180 7,119 0.9 7,048
Telecommunication Services
Sandvine Corporation (11) Senior Secured Second Lien Term Loan S + 800 13.46% 11/2026 4,500 4,420 0.4 3,330
Total Debt Investments<br>Canada $ 11,539 1.3 % $ 10,378
Total Canada $ 11,539 1.3 % $ 10,378
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11) Unitranche First Lien Term Loan SN + 652.66 11.71% 12/2025 £ 6,067 $ 7,529 1.0 % $ 7,735
Crusoe Bidco Limited (11) Unitranche First Lien Delayed Draw Term Loan SN + 652.66 11.71% 12/2025 £ 820 992 0.1 1,046
Nurture Landscapes (11) Unitranche First Lien Term Loan SN + 650 11.69% 06/2028 £ 1,416 1,954 0.2 1,805
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.69% 06/2028 £ 392 522 0.1 499
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.69% 06/2028 £ 11,000 13,320 1.9 14,023
Nurture Landscapes (5)(11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.69% 06/2028 £ 498 549 0.1 635
20,193 24,866 3.4 25,743
Consumer Durables & Apparel
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 11.72% 03/2028 $ 4,352 $ 4,276 0.6 $ 4,352
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 11.72% 03/2028 9,939 9,767 1.3 9,939
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 11.72% 03/2028 4,953 4,861 0.7 4,953
Lion Cashmere Bidco Limited (4)(5)(11) Unitranche First Lien Delayed Draw Term Loan 03/2028 — (61 ) — —
19,244 18,843 2.6 19,244
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Food, Beverage & Tobacco
APC Bidco Limited (11) Unitranche First Lien Term Loan SN + 625 11.56% 10/2030 £ 4,339 5,195 0.7 5,380
APC Bidco Limited (5)(11) Unitranche First Lien Delayed Draw Term Loan SN + 625 11.56% 10/2030 £ 1,244 1,483 0.2 1,484
APC Bidco Limited (4)(5)(11) Unitranche First Lien Revolver 04/2030 £ - (33 ) (0.0 ) (34 )
5,583 6,645 0.9 6,830
Software & Services
Jordan Bidco, Ltd. (5)(11) Unitranche First Lien Delayed Draw Term Loan SN + 600 11.19% 08/2028 £ 254 323 0.0 324
Jordan Bidco, Ltd. (11) Unitranche First Lien Term Loan SN + 600 11.19% 08/2028 £ 13,234 17,827 2.2 16,871
13,488 18,150 2.2 17,195
Total Debt Investments<br>United Kingdom $ 68,504 9.1 % $ 69,012
Equity Investments
Health Care Equipment & Services
IVC Evidenisa (11) Preferred Stock 1,503,839 894 0.2 1,785
IVC Evidenisa (11) Common Stock 26,595 30 — —
Total Equity Investments<br>United Kingdom 924 0.2 % 1,785
Total United Kingdom $ 69,428 9.3 % $ 70,797
France
Debt Investments
Commercial & Professional Services
Efor Holding (11) Unitranche First Lien Term Loan E + 650 10.35% 10/2030 € 2,882 $ 3,064 0.4 % $ 3,118
Efor Holding (5)(10)(11) Unitranche First Lien Delayed Draw Term Loan E + 650 10.35% 10/2030 € 987 1,038 0.1 1,065
Total Debt Investments<br>France $ 4,102 0.5 % $ 4,183
Total France $ 4,102 0.5 % $ 4,183
Netherlands
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
PharComp Parent B.V. (11) Unitranche First Lien Delayed Draw Term Loan E + 625 10.13% 02/2026 € 1,868 $ 2,160 0.3 % $ 2,062
PharComp Parent B.V. (10)(11) Unitranche First Lien - Last Out Term Loan E + 625 10.09% 02/2026 € 6,910 7,745 1.0 7,629
PharComp Parent B.V. (11) Unitranche First Lien Delayed Draw Term Loan E + 625 10.09% 02/2026 € 1,745 1,886 0.3 1,926
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Term Loan E + 600 9.89% 07/2029 € 1,840 1,858 0.3 2,031
Eagle Midco B.V. (Avania) (5)(11) Unitranche First Lien Delayed Draw Term Loan S + 625 11.56% 07/2029 1,216 1,206 0.2 1,281
Eagle Midco B.V. (Avania) (4)(5)(11) Senior Secured First Lien Revolver 01/2029 — (15 ) — —
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Term Loan S + 625 11.59% 07/2029 3,411 3,334 0.5 3,411
16,990 18,174 2.6 18,340
Total Debt Investments<br>Netherlands $ 18,174 2.6 % $ 18,340
Total Netherlands $ 18,174 2.6 % $ 18,340
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Belgium
Debt Investments
Commercial & Professional Services
Miraclon Corporation (11) Unitranche First Lien Term Loan E + 575 9.88% 04/2026 € 9,507 $ 10,615 1.4 $ 10,496
Miraclon Corporation (11) Unitranche First Lien Term Loan S + 575 11.08% 04/2026 4,162 4,112 0.6 4,162
13,669 14,727 2.0 14,658
Total Debt Investments<br>Belgium $ 14,727 2.0 % $ 14,658
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11) Common Stock 921 $ 1 — —
Miraclon Corporation (11) Preferred Stock 81,384 91 0.0 101
92 0.0 101
Total Equity Investments<br>Belgium $ 92 0.0 % $ 101
Total Belgium $ 14,819 2.0 % $ 14,759
Australia
Debt Investments
Retailing
Greencross (Vermont Aus Pty Ltd) (11) Unitranche First Lien Term Loan B + 575 10.16% 03/2028 AUD 29,475 $ 21,573 2.7 $ 20,079
Total Debt Investments<br>Australia $ 21,573 2.7 % $ 20,079
Total Australia $ 21,573 2.7 % $ 20,079
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11) Unitranche First Lien Term Loan E + 475 8.69% 08/2029 € 8,862 $ 8,707 1.3 $ 9,591
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11) Senior Secured First Lien Revolver 08/2029 — (8 ) (0.0 ) (8 )
AX VI INV2 Holding AB (Voff) (6)(11) Senior Secured Second Lien Term Loan E + 1000 PIK 13.94% 08/2030 € 2,062 2,047 0.3 2,216
AX VI INV2 Holding AB (Voff) (5)(6)(11) Unitranche First Lien Delayed Draw Term Loan E + 600 9.91% 08/2029 € 1,146 1,196 0.2 1,233
Total Debt Investments<br>Sweden $ 11,942 1.8 % $ 13,032
CRESCENT CAPITAL BDC, INC.<br>Consolidated Schedule of Investments<br>December 31, 2023<br>(in thousands, except share and per share data)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Country/Security/Industry/Company Investment Type Interest<br>Term * Interest<br>Rate Maturity/<br>Dissolution<br>Date Principal<br>Amount, <br>Par Value <br>or Shares ** Cost Percentage<br>of Net<br>Assets *** Fair<br>Value
Equity Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11) Common Stock 11,583,011 $ 1,086 0.2 $ 1,120
Total Equity Investments<br>Sweden $ 1,086 0.2 % $ 1,120
Total Sweden $ 13,028 2.0 % $ 14,152
New Zealand
Debt Investments
Software & Services
Pushpay USA, INC. (11) Unitranche First Lien Term Loan S + 675 (75 Floor) 12.28% 05/2030 18,525 $ 17,986 2.6 $ 19,081
Pushpay USA, INC. (4)(5)(11) Unitranche First Lien Revolver 05/2030 — (38 ) — —
Total Debt Investments<br>New Zealand $ 17,948 2.6 % $ 19,081
Total Investments $ 1,592,688 213.0 % $ 1,582,075
Cash Equivalents
Goldman Sachs Financial Square Government Fund $ 694 0.1 $ 694
Cash Equivalents Total $ 694 0.1 % $ 694
Investments and Cash Equivalents Total $ 1,593,382 213.1 % $ 1,582,769

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), Prime (“P”), EURIBOR (“E”), SONIA (“SN”), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2023, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.

*** Percentage is based on net assets of $742,594 as of December 31, 2023.
Reference Rate 1 month 3 month 6 Month 12 Month
Prime (“P”) - - - -
SOFR (“S”) - 5.35% 5.33% 5.16% 4.77%
IBOR (“E”) - 3.85% 3.91% 3.86% 3.51%
SONIA (“SN”) - - - -
BBSY ("B") - - 4.41% - -

All values are in Euros.

  • All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
  • All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
  • The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 “Summary of Significant Accounting Policies”.
  • The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
  • Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 “Commitments, Contingencies and Indemnifications”.
  • As defined in the 1940 Act, the portfolio company is deemed to be a “non-controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Agreements and Related Party Transactions”.
  • As defined in the 1940 Act, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.
  • Fixed rate investment.
  • The investment is on non-accrual status as of December 31, 2023.
  • These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to “first-out” and “last-out” tranches, whereby the “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the “last-out” tranche.
  • Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 17.6% as of December 31, 2023.
  • This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.
  • This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.
  • Investment is not redeemable.

Foreign Currency Exchange Contracts

Counterparty Currency Purchased Settlement Unrealized <br>Appreciation<br>(Depreciation)
Wells Fargo Bank, N.A. 209 2/20/2024 $ 2
Wells Fargo Bank, N.A. 992 2/20/2024 $ 96
Wells Fargo Bank, N.A. 8,603 2/20/2024 $ 1,181
Wells Fargo Bank, N.A. 308 2/20/2024 $ 32
Wells Fargo Bank, N.A. 11,682 4/10/2024 $ 1,440
Wells Fargo Bank, N.A. 768 2/20/2026 $ 52
Wells Fargo Bank, N.A. 3,074 6/3/2026 $ 192
Wells Fargo Bank, N.A. 1,944 6/3/2026 $ 183
Wells Fargo Bank, N.A. 170 6/3/2026 $ 14
Wells Fargo Bank, N.A. 371 6/3/2026 $ 21
Wells Fargo Bank, N.A. 17,790 8/24/2026 $ 1,187
Wells Fargo Bank, N.A. 1,107 8/20/2027 $ (84 )
Wells Fargo Bank, N.A. 20,607 3/22/2028 $ 728
Total Foreign Currency Exchange Contracts $ 5,044
AUD Australian Dollar ("AUD")<br>EUR Euro ("€")<br>GBP Great British Pound ("£") PIK Payment In-Kind SEK Swedish Krona United States Dollar ("")

All values are in US Dollars.

CRESCENT CAPITAL BDC, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

September 30, 2024 (Unaudited)

Note 1. Organization and Basis of Presentation

Crescent Capital BDC, Inc. (the “Company”) was formed on February 5, 2015 as a Delaware corporation structured as an externally managed, closed-end management investment company. The Company commenced investment operations on June 26, 2015. On January 30, 2020, the Company changed its state of incorporation from the State of Delaware to the State of Maryland. The Company was listed and began trading on the NASDAQ stock exchange on February 3, 2020. The Company has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”) and currently operates as a diversified investment company. In addition, the Company has elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments. The Company invests primarily in secured debt (including first lien, unitranche first lien and second lien debt) and unsecured debt (including mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-market companies. Although the Company’s focus is to invest in private credit transactions, in certain circumstances it may also invest in broadly syndicated loans and bonds.

The Company is managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. CCAP Administration LLC (the “Administrator”) provides the administrative services necessary for the Company to operate. Company management consists of investment and administrative professionals from the Adviser and Administrator, along with the Company’s Board of Directors (the “Board”). The Adviser directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board, which sets the broad policies of the Company. The Board has delegated investment management of the Company’s portfolio assets to the Adviser. The Board consists of six directors, five of whom are independent.

From time to time, the Company may form wholly owned subsidiaries to facilitate the normal course of business if the Adviser determines that for legal, tax, regulatory, accounting or other similar reasons it is in the best interest of the Company to do so. The Company has formed or acquired wholly owned subsidiaries that are structured as tax blockers, to hold equity or equity-like investments in portfolio companies organized as limited liability companies or other forms of pass-through entities. These corporate subsidiaries are not consolidated for income tax purposes and may incur income tax expenses as a result of its ownership of portfolio companies. The Company has also formed a special purpose vehicle that holds certain debt investments in connection with a credit facility.

On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent Capital Group LP (“Crescent”), the majority member of the Adviser (the “Sun Life Transaction”). Consummation of the Sun Life Transaction resulted in a change of control of Crescent.

On March 9, 2023, the Company completed a transaction to acquire First Eagle Alternative Capital BDC, Inc. ("FCRD") in a cash and stock transaction (the “FCRD Acquisition”). See “Note 13. First Eagle Alternative Capital BDC, Inc. Acquisition” for more information.

Basis of Presentation

The Company’s functional currency is the United States dollar and these consolidated financial statements have been prepared in that currency. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2024.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the results for the periods presented. Although management believes that the estimates and assumptions are reasonable, changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. Cash and cash equivalents other than money market mutual funds, are carried at cost plus accrued interest, which approximates fair value. Money market mutual funds are carried at their net asset value, which approximates fair value. Cash equivalents held by the Company are deemed to be a Level 1 asset per ASC 820 Fair Value hierarchy, as defined below. Restricted cash and cash equivalents consists of deposits and cash collateral held at Wells Fargo Bank N.A. related to the Company’s credit facility. The Company holds cash and cash equivalents denominated in foreign currencies. The Company deposits its cash, cash equivalents and restricted cash with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.

Investment Transactions

Loan originations are recorded on the date of the binding commitment. Investments purchased on a secondary market are recorded on the trade date. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investment Valuation

The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

Level 1—Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Adviser utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the Adviser, as the Board’s valuation designee, determines the fair value of the investments in good faith, based on, among other things, the fair valuation recommendations from investment professionals, the input of the Company’s Audit Committee and independent third-party valuation firms.

The SEC has adopted Rule 2a-5 (the “Rule”) under the 1940 Act. The Rule establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Rule, the Board has designated the Adviser as valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations. As required by the Rule, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Company to the Board to facilitate the Board’s oversight duties.

The Adviser, as the Valuation Designee, undertakes a multi-step valuation process under the supervision of the Board, which includes, among other procedures, the following:

  • Each investment is initially valued by the investment professionals responsible for monitoring that investment.
  • The Adviser has established pricing and valuation committees, which are responsible for reviewing and approving the fair valuation recommendations from the investment professionals.
  • The valuations of certain portfolio investments are independently corroborated by third-party valuation firms based on certain criteria including investment size and risk profile.
  • Final valuation determinations and supporting materials are provided to the Board quarterly as part of the Board's oversight of the Adviser as the valuation designee.

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Company applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, in its capacity as the Valuation Designee, evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment. For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the unrealized gains or losses reflected herein.

Foreign Currency

Foreign currency amounts are translated into U.S. dollars on the following basis:

  • cash and cash equivalents, fair value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and
  • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Gains or losses on foreign currency transactions are included with net realized gain (loss) on foreign currency transactions on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency on cash, investments and borrowings are included with net change in unrealized appreciation (depreciation) on investments and foreign currency translation on the Consolidated Statements of Operations.

The Company’s approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is to borrow local currency under the Company’s credit facilities or to enter into foreign currency forward contracts.

Foreign currency forward contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. All foreign currency forward contracts are currently held with a single counterparty. Notional amounts and the gross fair value of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and sales of foreign currency forward contracts having the same notional value, settlement date and counterparty are generally settled net (which results in a net foreign currency position of zero with the counterparty) and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.

Debt Issuance Costs

The Company records costs related to the issuance of debt obligations as deferred financing costs. These costs are amortized over the life of the related debt instrument using the straight-line method. See Note 6 for details.

Equity Offering Expenses

Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings and are included in other assets on the Consolidated Statements of Assets and Liabilities. These costs are charged as a reduction of paid-in-capital upon the closing of the related offering.

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

Certain investments have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2024, we had fourteen investments across five portfolio companies on non-accrual status, which represented 1.7% and 0.9% of the total debt investments at cost and fair value, respectively. As of December 31, 2023, we had seventeen investments across nine portfolio companies on non-accrual status, which represented 2.0% and 1.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of September 30, 2024 and December 31, 2023.

Other Income

Other income may include income such as consent, waiver, amendment, agency, underwriting and arranger fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered.

Income Taxes

The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Internal Revenue Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company accounts for income taxes in conformity with ASC 740 — Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements.

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of September 30, 2024 the Company is subject to examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.

In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections), (ii) 98.2% of its net capital gains from the current year and (iii) any undistributed ordinary income and net capital gains from preceding years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.

CBDC Universal Equity, Inc. and First Eagle OEMG Investor, Inc., are wholly-owned subsidiaries of the Company, and taxable entities (“Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and continues to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements.

Dividends and Distributions to Stockholders

Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.

The Company adopted a dividend reinvestment plan that provides for reinvestment of the Company’s dividends and other distributions on behalf of the stockholders unless a stockholder elects to receive cash. As a result, if the Company’s Board authorizes, and the Company declares, a cash dividend, or other distribution then stockholders who are participating in the dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of common stock, rather than receiving cash dividends and distributions.

Acquisitions

The Company evaluates each purchase transaction to determine whether the set of acquired assets meet the definition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If the “substantially all” threshold is not met, the set of acquired assets has to include an input and a substantive process that together significantly contribute to the ability to create outputs to be considered a business. A substantive process, which is typically comprised of an organized workforce with the necessary skills, knowledge and experience, is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. For acquisitions that are not deemed to be businesses, total consideration paid, which, under certain circumstances, may also include consideration paid by affiliates on behalf of the Company, is allocated to individual assets acquired and liabilities assumed based on their relative fair values at the acquisition date and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.

New Accounting Standards

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU 2023-07, however, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Administration Agreement

On June 2, 2015, the Company entered into the administration agreement with the Administrator, as amended and restated on February 1, 2020 (the “Administration Agreement”). Under the terms of the Administration Agreement, the Administrator provides administrative services to the Company. These services include providing office space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. Certain of these services are reimbursable to the Administrator under the terms of the Administration Agreement. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator. The Administration Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

For the three and nine months ended September 30, 2024, the Company incurred administrative services expenses of $314 and $997, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2023, the Company incurred administrative services expenses of $333 and $1,121, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of September 30, 2024 and December 31, 2023, $532 and $493, respectively, was payable to the Administrator which is included in the accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s accounting professionals, legal counsel, and compliance professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the

Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings, which are included as directors’ fees on the Consolidated Statements of Operations.

Investment Advisory Agreement

On June 2, 2015, the Company entered into an investment advisory agreement with the Adviser which was most recently amended and restated on January 5, 2021 (the “Investment Advisory Agreement”). Under the terms of the Investment Advisory Agreement, the Adviser provides investment advisory services to the Company and its portfolio investments. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below.

Base Management Fee

The base management fee is calculated and payable quarterly in arrears at an annual rate of 1.25% of the Company’s gross assets, including assets acquired through the incurrence of debt but excluding any cash, cash equivalents and restricted cash. The base management fee is calculated based on the average value of gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within one year of purchase. Under the terms of the Investment Advisory Agreement, the Adviser has voluntarily waived its right to receive management fees on the Company’s investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP for any period in which these investments remain in the investment portfolio.

For the three and nine months ended September 30, 2024, the Company incurred management fees of $5,119 and $15,133, of which $30 and $101, respectively, were waived. For the three and nine months ended September 30, 2023, the Company incurred management fees of $5,073 and $14,541, of which $49 and $145, respectively, were waived. As of September 30, 2024 and December 31, 2023, management fees of $5,089 and $5,026, respectively, were unpaid.

Incentive Fee per Investment Advisory Agreement

Under the Investment Advisory Agreement, the incentive fee consists of two parts:

The first part, the income incentive fee, is calculated and payable quarterly in arrears and (a) equals 100% of the excess of the pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.75% per quarter (7.0% annualized) (the “Hurdle”), and a catch-up feature until the Adviser has received 17.5% of the pre-incentive fee net investment income for the current quarter up to 2.1212% (the “Catch-up”), and (b) 17.5% of all remaining pre-incentive fee net investment income above the “Catch-up.”

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year at a rate of 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from the Company’s inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement shall terminate as of a date that is not a fiscal year end, the termination date shall be treated as though it were a fiscal year end for purposes of calculating and paying a capital gains incentive fee.

On February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver became effective on July 31, 2021 and, pursuant to an extension of the waiver announced on October 4, 2022, continued through December 31, 2023. The Adviser has also voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company as a result of its investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus operating expenses for such quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and distributions paid on any issued and outstanding debt or preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income will be compared to a “Hurdle Amount” equal to the product of (i) the Hurdle rate of 1.75% per quarter, or 7.0% annualized, and (ii) our net assets (defined as total assets less indebtedness, before taking into account any incentive fees payable during the period), at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision incurred at the end of each calendar quarter.

For the three and nine months ended September 30, 2024, the Company incurred income incentive fees of $4,976 and $14,518, of which $77 and $114, respectively, were waived. For the three and nine months ended September 30, 2023, the Company incurred income incentive fees of $4,593 and $12,634, of which $69 and $229, respectively, were waived. As of September 30, 2024 and December 31, 2023, income incentive fees of $4,899 and $4,770, respectively, were unpaid.

GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation

The Company accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 17.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and nine months ended September 30, 2024 and 2023, the Company recorded no capital gains incentive fees on unrealized capital appreciation. As of September 30, 2024 and December 31, 2023, no capital gains incentive fees remain outstanding.

Other Related Party Transactions

From time to time, the Administrator may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Administrator for such amounts paid on its behalf. Amounts payable to the Administrator are settled in the normal course of business without formal payment terms.

A portion of the outstanding shares of the Company’s common stock is owned by Crescent, its employees and certain officers and directors of the Company. As of September 30, 2024 and December 31, 2023, Crescent, its employees and certain officers and directors of the Company owned 2.73% and 2.65%, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the Adviser and sole member of the Administrator. The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free license to use the name “Crescent Capital”. The Adviser has entered into a resource sharing agreement with Crescent. Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the Investment Advisory Agreement.

On January 5, 2021, Sun Life acquired a majority interest in Crescent. Consummation of the Sun Life Transaction resulted in a change of control of Crescent. There were no changes to the Company’s investment objective, strategies and process or to the Crescent team responsible for the investment operations of the Company as a result of the Sun Life Transaction. As of September 30, 2024 and December 31, 2023, Sun Life owned 6.01% and 4.60%, respectively, of the Company’s outstanding common stock. Sun Life is the sole lender of the Company’s Series 2023A Unsecured Notes and a $10,000 participating lender in the Company’s Series 2021A Unsecured Notes, both described further in Note 6.

As further described in Note 13 "FCRD Acquisition", the Adviser paid $35,000 of cash consideration to FCRD stockholders as part of the FCRD Acquisition, a portion of which has been included in consideration paid for the net assets acquired as a deemed capital contribution to the Company.

Investments in affiliated and controlled companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns, either directly or indirectly, 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns, either directly or indirectly, more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedule of Investments and the summary tables below.

The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2024 were as follows (in thousands):

Fair Value as of <br>December 31, 2023 Gross <br>Additions (1) Gross <br>Reductions (2) Net Realized <br>Gains/<br>(Losses) Change in <br>Unrealized <br>Gains/<br>(Losses) Fair Value as of September 30, 2024 Dividend, <br>Interest, PIK <br>and Other <br>Income
Non-Controlled Affiliates
AX VI INV2 Holding AB $ 14,152 $ 901 $ — $ — $ 778 $ 15,831 $ 1,187
ASP MCS Acquisition 799 349 (2 ) — 248 1,394 29
Bayside Opco, LLC 6,704 516 (46 ) — 770 7,944 910
GACP II, LP 3,927 — (2,855 ) — (384 ) 688 —
Isagenix International, LLC 2,546 235 — — (102 ) 2,679 301
Slickdeals Holdings, LLC 15,192 3 (123 ) — (213 ) 14,859 1,241
smarTours, LLC — 23 — (4,828 ) 4,805 — 70
Vivid Seats Ltd. 1,021 — — — (213 ) 808 —
WhiteHawk III Onshore Fund L.P. 8,278 — (1,554 ) — 76 6,800 808
Total Non-Controlled Affiliates $ 52,619 $ 2,027 $ (4,580 ) $ (4,828 ) $ 5,765 $ 51,003 $ 4,546

The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2023 were as follows (in thousands):

Fair Value as of <br>December 31, 2022 Gross <br>Additions (1) Gross <br>Reductions (2) Net Realized <br>Gains/<br>(Losses) Change in <br>Unrealized <br>Gains/<br>(Losses) Fair Value as of September 30, 2023 Dividend, <br>Interest, PIK <br>and Other <br>Income
Non-Controlled Affiliates
AX VI INV2 Holding AB $ 12,117 $ 1,579 $ — $ — $ (291 ) $ 13,405 $ 947
ASP MCS Acquisition 826 221 (2 ) — (204 ) 841 28
Bayside Opco, LLC — 6,385 (141 ) 285 6,529 247
GACP II, LP 4,889 — (1,091 ) — (53 ) 3,745 672
Isagenix International, LLC — 2,573 — — (23 ) 2,550 321
Slickdeals Holdings, LLC 15,433 67 (111 ) — (216 ) 15,173 1,410
smarTours, LLC — 4,782 — — (2,899 ) 1,883 98
Vivid Seats Ltd. 944 — — — 57 1,001 —
WhiteHawk III Onshore Fund L.P. 8,871 847 — — (131 ) 9,587 1,037
Total Non-Controlled Affiliates $ 43,080 $ 16,454 $ (1,345 ) $ — $ (3,475 ) $ 54,714 $ 4,760
  • Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
  • Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

The Company’s investments in controlled affiliates for the nine months ended September 30, 2024 were as follows (in thousands):

Fair Value as of <br>December 31, 2023 Gross <br>Additions (2) Gross <br>Reductions (3) Net Realized <br>Gains/<br>(Losses) Change in <br>Unrealized <br>Gains/<br>(Losses) Fair Value as of September 30, 2024 Dividend, <br>Interest, PIK <br>and Other <br>Income
Controlled Affiliates
Envocore LLC $ 10,375 $ 1,608 $ (677 ) $ — $ (2,387 ) $ 8,919 $ 456
First Eagle Logan JV, LLC(1) 39,004 — (2,560 ) — (5,046 ) 31,398 7,624
Loadmaster Derrick & Equipment, Inc. 6,287 — (3,750 ) 6,443 (4,807 ) 4,173 433
OEM Group, LLC 8,253 — (1,669 ) — (2,991 ) 3,593 —
Total Controlled Affiliates $ 63,919 $ 1,608 $ (8,656 ) $ 6,443 $ (15,231 ) $ 48,083 $ 8,513

The Company’s investments in controlled affiliates for the nine months ended September 30, 2023 were as follows (in thousands)

Fair Value as of <br>December 31, 2022 Gross <br>Additions (2) Gross <br>Reductions (3) Net Realized <br>Gains/<br>(Losses) Change in <br>Unrealized <br>Gains/<br>(Losses) Fair Value as of September 30, 2023 Dividend, <br>Interest, PIK <br>and Other <br>Income
Controlled Affiliates
Envocore LLC $ 11,375 $ 241 $ (52 ) $ — $ (525 ) $ 11,039 $ 660
First Eagle Logan JV, LLC(1) — 44,768 (683 ) — (5,383 ) 38,702 8,160
Loadmaster Derrick & Equipment, Inc. — 1,807 — — 1,859 3,666 —
OEM Group, LLC — 9,031 (1,025 ) — 567 8,573 —
Total Controlled Affiliates $ 11,375 $ 55,847 $ (1,760 ) $ — $ (3,482 ) $ 61,980 $ 8,820
  • Together with Perspecta Trident LLC (“Perspecta”), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company’s investment operations given shared power/voting rights with Perspecta. The Company owns 80% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.
  • Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
  • Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Note 4. Investments

The information in the following tables is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated, investments.

Investments at fair value consisted of the following (in thousands):

As of September 30, 2024 As of December 31, 2023
Investment Type Cost Fair Value Unrealized Appreciation/ (Depreciation) Cost Fair Value Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien $ 414,044 $ 401,668 $ (12,376 ) $ 436,249 $ 429,210 $ (7,039 )
Unitranche First Lien 1,022,229 1,023,718 1,489 976,366 973,864 (2,502 )
Unitranche First Lien - Last Out 5,660 5,846 186 15,627 13,544 (2,083 )
Senior Secured Second Lien 47,010 41,814 (5,196 ) 62,659 58,212 (4,447 )
Unsecured Debt 17,149 18,686 1,537 3,915 4,061 146
Equity & Other 44,323 59,222 14,899 40,165 50,050 9,885
LLC/LP Equity Interests 50,600 40,479 (10,121 ) 57,707 53,134 (4,573 )
Total investments $ 1,601,015 $ 1,591,433 $ (9,582 ) $ 1,592,688 $ 1,582,075 $ (10,613 )

The industry composition of investments at fair value is as follows (in thousands):

Industry Fair Value as of <br>September 30, 2024 Percentage of Fair Value Fair Value as of <br>December 31, 2023 Percentage of Fair Value
Health Care Equipment & Services $ 442,129 27.8 % $ 409,925 25.9 %
Software & Services 343,068 21.6 335,803 21.2
Commercial & Professional Services 208,708 13.0 219,937 14.0
Consumer Services 154,069 9.7 150,719 9.5
Diversified Financials 94,034 5.9 88,169 5.6
Insurance 87,838 5.5 74,421 4.7
Retailing 60,582 3.8 56,340 3.6
Pharmaceuticals, Biotechnology & Life Sciences 52,641 3.3 60,866 3.8
Automobiles & Components 36,357 2.3 38,076 2.4
Capital Goods 26,628 1.7 41,441 2.6
Materials 21,084 1.3 25,706 1.6
Consumer Durables & Apparel 18,329 1.2 19,244 1.2
Food, Beverage & Tobacco 16,052 1.0 15,562 1.0
Technology, Hardware & Equipment 8,297 0.5 9,349 0.6
Household & Personal Products 7,229 0.5 7,186 0.5
Energy 4,173 0.3 11,264 0.7
Transportation 3,943 0.2 3,938 0.2
Semiconductor and Semiconductor Equipment 3,593 0.2 8,253 0.5
Food & Staples Retailing 2,679 0.2 2,546 0.2
Telecommunication Services - 0.0 3,330 0.2
Total investments $ 1,591,433 100.0 % $ 1,582,075 100.0 %

The geographic composition of investments at fair value is as follows (in thousands):

Geographic Region Fair Value as of <br>September 30, 2024 Percentage of Fair Value Fair Value as of <br>December 31, 2023 Percentage of Fair Value
United States $ 1,446,250 90.8 % $ 1,410,306 89.0 %
United Kingdom 77,248 4.9 70,797 4.5
Australia 23,890 1.5 20,079 1.3
Sweden 15,831 1.0 14,152 0.9
Belgium 13,632 0.9 14,759 0.9
Netherlands 10,269 0.6 18,340 1.2
France 4,313 0.3 4,183 0.3
New Zealand - - 19,081 1.2
Canada - - 10,378 0.7
Total investments $ 1,591,433 100.0 % $ 1,582,075 100.0 %

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of September 30, 2024 (in thousands):

Fair Value Hierarchy
Level 1 Level 2 Level 3 Total
Senior Secured First Lien $ — $ — $ 401,668 $ 401,668
Unitranche First Lien — 5,899 1,017,819 1,023,718
Unitranche First Lien – Last Out — — 5,846 5,846
Senior Secured Second Lien — 14,388 27,426 41,814
Unsecured Debt — — 18,686 18,686
Equity & Other — 808 58,414 59,222
Subtotal $ — $ 21,095 $ 1,529,859 $ 1,550,954
Investments Measured at NAV (1) 40,479
Total Investments $ 1,591,433
Foreign Currency Forward Contracts - Assets — 1,396 — 1,396
Foreign Currency Forward Contracts - Liabilities — (77 ) — (77 )

The following table presents fair value measurements of investments as of December 31, 2023 (in thousands):

Fair Value Hierarchy
Level 1 Level 2 Level 3 Total
Senior Secured First Lien $ — $ 19,265 $ 409,945 $ 429,210
Unitranche First Lien — 25,083 948,781 973,864
Unitranche First Lien – Last Out — — 13,544 13,544
Senior Secured Second Lien — 13,305 44,907 58,212
Unsecured Debt — — 4,061 4,061
Equity & Other — 1,141 48,909 50,050
Subtotal $ — $ 58,794 $ 1,470,147 $ 1,528,941
Investments Measured at NAV (1) 53,134
Total Investments $ 1,582,075
Foreign Currency Forward Contracts - Assets — 5,128 — 5,128
Foreign Currency Forward Contracts - Liabilities — (84 ) — (84 )
  • In accordance with ASC 820-10, certain investments that are measured using the net asset value per shares (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2024, based off of the fair value hierarchy as of September 30, 2024 (in thousands):

Senior Secured<br>First Lien Unitranche<br>First Lien Unitranche<br>First -<br>Last Out Senior<br>Secured<br>Second Lien Unsecured<br>Debt Equity<br>&<br>Other Total
Balance as of January 1, 2024 $ 409,945 $ 948,781 $ 13,544 $ 44,907 $ 4,061 $ 48,909 $ 1,470,147
Amortized discounts/premiums 1,588 4,839 93 237 17 — 6,774
Paid in-kind interest 2,326 2,201 617 1,571 1,314 — 8,029
Net realized gain (loss) (969 ) (232 ) (2,308 ) — — (546 ) (4,055 )
Net change in unrealized appreciation (depreciation) (6,373 ) 3,929 2,269 (2,891 ) 1,390 5,226 3,550
Purchases 84,077 194,932 — 5,000 11,904 5,778 301,691
Sales/return of capital/principal repayments/paydowns (91,472 ) (155,817 ) (8,369 ) (18,068 ) — (1,073 ) (274,799 )
Transfers in 2,546 19,186 — — — 120 21,852
Transfers out — — — (3,330 ) — — (3,330 )
Balance as of September 30, 2024 $ 401,668 $ 1,017,819 $ 5,846 $ 27,426 $ 18,686 $ 58,414 $ 1,529,859
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 $ (6,373 ) $ 3,929 $ 2,269 $ (2,891 ) $ 1,390 $ 5,226 $ 3,550

During the nine months ended September 30, 2024, the Company recorded $3,330 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $21,852 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2023, based off of the fair value hierarchy as of September 30, 2023 (in thousands):

Senior<br>Secured<br>First Lien Unitranche<br>First Lien Unitranche<br>First -<br>Last Out Senior<br>Secured<br>Second Lien Unsecured<br>Debt Equity<br>&<br>Other Total
Balance as of January 1, 2023 $ 277,786 $ 771,348 $ 13,827 $ 56,586 $ 4,533 $ 43,907 $ 1,167,987
Amortized discounts/premiums 1,111 3,570 22 163 6 — 4,872
Paid in-kind interest 824 480 517 469 570 — 2,860
Net realized gain (loss) (5,459 ) (28 ) — (468 ) — 45 (5,910 )
Net change in unrealized appreciation (depreciation) 4,731 (2,771 ) (535 ) 1,106 299 1,559 4,389
Purchases 234,911 184,181 3 3,240 916 3,314 426,565
Sales/return of capital/principal repayments/paydowns (91,843 ) (70,627 ) — (7,775 ) — (622 ) (170,867 )
Transfers in 1,664 46,842 — 4,061 — — 52,567
Transfers out (18,960 ) — — (1,710 ) — (368 ) (21,038 )
Balance as of September 30, 2023 $ 404,765 $ 932,995 $ 13,834 $ 55,672 $ 6,324 $ 47,835 $ 1,461,425
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2023 $ (1,830 ) $ (2,771 ) $ (535 ) $ 216 $ 299 $ 2,599 $ (2,021 )

During the nine months ended September 30, 2023, the Company recorded $21,038 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $52,567 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of September 30, 2024 and December 31, 2023. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.

Security Type Fair Value as of <br>September 30, 2024<br>(in thousands) Valuation Technique Unobservable Input Range (Weighted Avg)
Senior Secured First Lien $ 339,918 Discounted Cash Flows Discount Rate 9.5% - 18.9% (11.3%)
33,440 Enterprise Value Comparable EBITDA Multiple 3.2x - 12.2x (8.5x)
3,594 Discounted Cash Flows Royalty Payment Discount Rate 21.2%
24,716 Broker Quoted Broker Quote N/A
$ 401,668
Unitranche First Lien $ 955,457 Discounted Cash Flows Discount Rate 8.0% - 20.6% (10.9%)
15,448 Enterprise Value Comparable Revenue Multiple 12.2x
46,914 Broker Quoted Broker Quote N/A
$ 1,017,819
Unitranche First Lien - Last Out $ 5,846 Discounted Cash Flows Discount Rate 15.2% - 15.9% (15.7%)
$ 5,846
Senior Secured Second Lien $ 16,127 Discounted Cash Flows Discount Rate 11.2% - 13.9% (11.9%)
6,293 Enterprise Value Comparable EBITDA Multiple 4.4x - 9.0x (5.3x)
5,006 Broker Quoted Broker Quote N/A
$ 27,426
Unsecured Debt $ 16,933 Discounted Cash Flows Discount Rate 11.5% - 14.1% (13.6%)
1,753 Enterprise Value Comparable EBITDA Multiple 12.2x
$ 18,686
Equity & Other $ 938 Discounted Cash Flows Discount Rate 19.4%
57,476 Enterprise Value Comparable EBITDA Multiple 0.5x - 28.0x (14.6x)
$ 58,414
Total $ 1,529,859
Security Type Fair Value as of <br>December 31, 2023 <br>(in thousands) Valuation Technique Unobservable Input Range (Weighted Avg)
--- --- --- --- --- --- --- --- ---
Senior Secured First Lien $ 337,406 Discounted Cash Flows Discount Rate 10.4% - 19.3% (12.0%)
30,299 Enterprise Value Comparable EBITDA Multiple 0.9x - 11.3x (6.5x)
176 Collateral Analysis Recovery Rate 1.3%
8,253 Discounted Cash Flows Royalty Payment Discount Rate 15.5%
33,811 Broker Quoted Broker Quote N/A
$ 409,945
Unitranche First Lien $ 898,108 Discounted Cash Flows Discount Rate 9.1% - 18.6% (11.8%)
4,248 Enterprise Value Comparable Revenue Multiple 0.6x
46,425 Broker Quoted Broker Quote N/A
$ 948,781
Unitranche First Lien - Last Out $ 12,490 Discounted Cash Flows Discount Rate 10.1% - 17.4% (12.8%)
1,054 Collateral Analysis Recovery Rate 20.7%
$ 13,544
Senior Secured Second Lien $ 32,051 Discounted Cash Flows Discount Rate 13.2% - 14.6% (13.7%)
7,878 Enterprise Value Comparable EBITDA Multiple 3.4x - 8.9x (5.9x)
4,978 Broker Quoted Broker Quote N/A
$ 44,907
Unsecured Debt $ 3,235 Discounted Cash Flows Discount Rate 14.4% - 18.1% (15.9%)
826 Enterprise Value Comparable EBITDA Multiple 11.3x
$ 4,061
Equity & Other $ 435 Discounted Cash Flows Discount Rate 18.2%
48,474 Enterprise Value Comparable EBITDA Multiple 1.8x - 28.4x (16.4x)
$ 48,909
Total $ 1,470,147

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”), revenue, comparable multiples and market discount rates. The Company typically uses comparable EBITDA or revenue multiples on its equity securities to determine the fair value of investments. The Company uses discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security.

  • The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments.
  • The significant unobservable inputs used in the market multiple approach are the multiples of similar companies’ EBITDA, revenue and comparable market transactions. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively.
  • The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment.

Note 6. Debt

Debt consisted of the following (in thousands):

September 30, 2024 December 31, 2023
Aggregate Principal <br>Amount Committed Drawn <br>Amount Amount Available (1) Carrying <br>Value(2)(3) Aggregate Principal <br>Amount Committed Drawn <br>Amount Amount Available (1) Carrying <br>Value(2)(3)
SPV Asset Facility $ 500,000 $ 328,600 $ 171,400 $ 328,600 $ 500,000 $ 329,850 $ 170,150 $ 329,850
SMBC Corporate Revolving Facility 385,000 239,394 145,606 239,394 385,000 225,471 159,529 225,471
Series 2021A Unsecured Notes(4) 135,000 135,000 — 135,000 135,000 135,000 — 135,000
FCRX Unsecured Notes(5) 111,600 111,600 — 111,600 111,600 111,600 — 111,600
Series 2023A Unsecured Notes(6) 50,000 50,000 — 50,000 50,000 50,000 — 50,000
Total Debt $ 1,181,600 $ 864,594 $ 317,006 $ 864,594 $ 1,181,600 $ 851,921 $ 329,679 $ 851,921
  • The amount available is subject to any limitations related to the respective debt facilities’ borrowing bases and foreign currency translation adjustments.
  • The amount presented excludes netting of deferred financing costs.
  • As of September 30, 2024 and December 31, 2023, the carrying amount of the Company’s outstanding debt approximated fair value unless otherwise noted.
  • As of September 30, 2024 and December 31, 2023, the fair value of the Series 2021A Unsecured Notes was approximately $133,968 and $128,296, respectively.
  • As of September 30, 2024 and December 31, 2023, the fair value of the FCRX Unsecured Notes was approximately $108,698 and $104,458.
  • As of September 30, 2024 and December 31, 2023, the fair value of the Series 2023A Unsecured Notes was approximately $52,413 and $51,986.

The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and 2023 was 7.23% and 6.96% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and 2023 was $878,918 and $825,576 respectively.

The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's debt is calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of September 30, 2024 and December 31, 2023, all the debt except for FCRX Unsecured Notes would be deemed to be Level 3 of the fair value hierarchy. FCRX Unsecured Notes FCRX would be deemed to be Level 2 of the fair value hierarchy.

As of September 30, 2024 and December 31, 2023, the Company was in compliance with the terms and covenants of its debt arrangements.

SPV Asset Facility

On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with the Company as the collateral manager, seller and equityholder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. CCAP SPV is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from CCAP SPV.

On May 31, 2024, CCAP SPV entered into the Seventh Amendment to Loan and Security Agreement. The amendment, among other things, (a) extended the last day of the reinvestment period to May 31, 2027, and the stated maturity date to May 31, 2029 and (b) reduced the spread from 2.75% to 2.45%.

The maximum commitment amount under the SPV Asset Facility is $500,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.45% margin with no floor. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is

subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on an effective yield basis. As of September 30, 2024 and December 31, 2023, deferred financing costs related to the SPV Asset Facility were $5,562 and $4,614, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

SMBC Corporate Revolving Facility

On October 27, 2021, the Company entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). The maximum principal amount of the SMBC Corporate Revolving Facility is $385,000, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 1.875% or 2.000%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. The Company pays unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on October 27, 2026.

Costs incurred in connection with obtaining the SMBC Corporate Revolving Facility were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Facility on an effective yield basis. As of September 30, 2024 and December 31, 2023, deferred financing costs related to the SMBC Corporate Revolving Facility were $1,263 and $1,721, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Series 2020A Unsecured Notes

On July 30, 2020, the Company completed a private offering of $50,000 aggregate principal amount of 5.95% senior unsecured notes due July 30, 2023 (the “Series 2020A Unsecured Notes”). Series 2020A Unsecured Notes were issued in two $25,000 issuances on July 30, 2020 and October 28, 2020. On July 28, 2023, Series 2020A Unsecured Notes were repaid upon the issuance of the Series 2023A Unsecured Notes, as defined below.

Series 2021A Unsecured Notes

On February 17, 2021, the Company completed a private offering of $135,000 aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “Series 2021A Unsecured Notes”). The initial issuance of $50,000 of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85,000 of Series 2021A Unsecured Notes closed on May 5, 2021.

The Series 2021A Unsecured Notes will mature on February 17, 2026 and may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the 2026 Unsecured Notes is due and payable semiannually in arrears on February 17 and August 17 of each year.

Costs incurred in connection with issuing the Series 2021A Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the Series 2021A Unsecured Notes on an effective yield basis. As of September 30, 2024 and December 31, 2023, deferred financing costs related to the Series 2021A Unsecured Notes were $395 and $609, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

FCRX Unsecured Notes

On March 9, 2023, in connection with the FCRD Acquisition, the Company assumed $111,600 of unsecured notes (the "FCRX Unsecured Notes"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30,

September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol “FCRX”.

Series 2023A Unsecured Notes

On May 9, 2023, the Company completed a private offering of $50,000 aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026 ("Series 2023A Unsecured Notes"). These notes were issued immediately after the repayment of $50,000 of the Series 2020A Unsecured Notes on July 28, 2023.

The Series 2023A Unsecured Notes will mature on July 28, 2026 and may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the Series 2023A Unsecured Notes is due and payable semiannually in arrears on January 28 and July 28 of each year.

Costs incurred in connection with issuing the Series 2023A Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2026 Unsecured Notes - Series 2023A on an effective yield basis. As of September 30, 2024 and December 31, 2023, deferred financing costs related to the Series 2023A Unsecured Notes of $137 and $193 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the SPV Asset Facility, SMBC Corporate Revolving Facility, Series 2020A Unsecured Notes, Series 2021A Unsecured Notes, Series 2023A Unsecured Notes and FCRX Unsecured Notes were as follows (in thousands):

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Borrowing interest expense $ 15,238 $ 14,429 $ 44,810 $ 40,037
Unused facility fees 318 411 1,141 1,404
Amortization of financing costs 548 539 1,687 1,578
Total interest and credit facility expenses $ 16,104 $ 15,379 $ 47,638 $ 43,019
Weighted average outstanding balance $ 897,987 $ 854,729 $ 878,918 $ 825,576

Note 7. Derivatives

The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included under restricted cash and cash equivalents on the Consolidated Statement of Assets and Liabilities. There has been no cash collateral received or paid from the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties. All of the forward contracts qualify as Level 2 financial instruments.

During the nine months ended September 30, 2024 and 2023 the Company’s average USD notional exposure, calculated daily on a weighted average based on the duration of each forward contract, of foreign currency forward contracts was $77,529 and $99,400, respectively.

The following table sets forth the Company’s net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements (in thousands):

Reporting Date Counterparty Gross Amount<br>of Assets on<br>the Consolidated<br>Statements of<br>Assets and<br>Liabilities Gross Amount<br>of (Liabilities) on<br>the Consolidated<br>Statements of<br>Assets and<br>Liabilities Net Amount of Assets<br>or (Liabilities) Collateral<br>(Received)<br>Pledged (1) Net<br>Amounts (2)
September 30, 2024 Wells Fargo Bank, N.A. $ 1,396 $ (77 ) $ 1,319 $ — $ 1,319
December 31, 2023 Wells Fargo Bank, N.A. $ 5,128 $ (84 ) $ 5,044 $ — $ 5,044
  • Amount excludes excess cash collateral paid.
  • Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations was as follows (in thousands):

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Net realized gain (loss) on foreign currency forward<br>   contracts $ - $ — $ 3,223 $ —
Net change in unrealized appreciation (depreciation) on<br>   foreign currency forward contracts (1,405 ) 1,994 (3,725 ) 755
Total net realized and unrealized gains (losses) on<br>   foreign currency forward contracts $ (1,405 ) $ 1,994 $ (502 ) $ 755

Note 8. Commitments, Contingencies and Indemnifications

The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2024 and December 31, 2023, the Company had aggregated unfunded commitments totaling $200,110 and $175,048 including foreign denominated commitments converted to USD at the balance sheet date, respectively, under loan and financing agreements. The Company has the following unfunded commitments to portfolio companies (in thousands):

As of September 30, 2024 As of December 31, 2023
Company Investment Type Commitment <br>Expiration Date (1) Unfunded <br>Commitment (2) Commitment <br>Expiration Date (1) Unfunded <br>Commitment (2)
A&A Global Imports, LLC (5) Revolver — $ — 6/1/2026 $ 234
A&A Global Imports, LLC (5) Revolver 6/1/2026 94 — —
ABACUS Holdings I LLC (5) Revolver 6/24/2028 682 6/24/2028 300
ABACUS Holdings I LLC (5) Revolver 6/22/2028 550 — —
ABACUS Holdings I LLC (7) Delayed Draw Term Loan 7/24/2026 4,000 — —
ABACUS Holdings I LLC (7) Delayed Draw Term Loan — — 6/24/2024 2,530
ACI Group Holdings, Inc. (5) Revolver 8/2/2027 406 8/2/2027 627
ACI Group Holdings, Inc. (7) Delayed Draw Term Loan — — 8/2/2024 912
Action Signature Acquisition, Inc. (5) Revolver 6/17/2026 212 6/17/2026 652
Acu-Serve, LLC (5) Revolver 10/18/2029 750 10/18/2029 750
Acu-Serve, LLC (7) Delayed Draw Term Loan 10/18/2025 1,780 10/18/2025 2,000
Advanced Diabetes Supply (5) Revolver 12/30/2027 350 12/30/2027 350
Advanced Web Technologies (5) Revolver 12/17/2026 342 12/17/2026 342
Advanced Web Technologies (7) Delayed Draw Term Loan 1/2/2026 2 — —
Affinitiv, Inc. (5) Revolver 1/26/2025 397 8/26/2024 567
Alcanza Clinical Research (5) Revolver — — 12/15/2027 125
Alera Group Inc. (7) Delayed Draw Term Loan — — 3/2/2024 1,275
Alera Group Inc. (7) Delayed Draw Term Loan 11/17/2025 2,175 11/17/2025 3,130
Alpine SG, LLC (5) Revolver 11/5/2027 105 11/5/2027 105
Alpine X (5) Revolver 12/27/2027 59 12/27/2027 137
Alpine X (5) Revolver 12/27/2027 28 12/27/2027 64
American Refrigeration (5) Delayed Draw Term Loan 4/30/2029 71 — —
Annuity Health (5) Revolver 2/8/2029 800 — —
APC Bidco Limited (11) Delayed Draw Term Loan 11/10/2027 2,205 11/10/2027 2,102
APC Bidco Limited (11) Revolver — — 11/4/2030 1,229
Apps Associates LLC (5) Revolver 7/2/2027 800 7/2/2027 800
Arrow Management Acquisition, LLC (5) Revolver 10/14/2027 210 10/14/2027 700
Arrow Management Acquisition, LLC (7) Delayed Draw Term Loan 11/28/2025 3,350 11/28/2025 3,350
Automated Control Concepts, Inc. (5) Revolver 10/22/2026 833 10/22/2026 667
Auveco Holdings (5) Revolver 5/5/2028 465 5/5/2028 540
Auveco Holdings (7) Delayed Draw Term Loan — — 5/5/2024 850
Avalign Technologies, Inc. (5) Revolver 12/20/2028 1,670 — —
AX VI INV2 Holding AB (Voff) (8) Revolver 8/31/2029 414 8/31/2029 411
AX VI INV2 Holding AB (Voff) (10) Delayed Draw Term Loan — — 8/31/2029 387
Balance Partners (5) Delayed Draw Term Loan 4/3/2026 3,250 — —
Balance Partners (5) Revolver 4/3/2030 550 — —
Bandon Fitness (Texas) Inc. (7) Delayed Draw Term Loan — — 7/27/2028 727
Bandon Fitness (Texas) Inc. (5) Revolver 7/27/2028 401 7/27/2028 159
Banker's Toolbox, Inc. (5) Revolver 7/27/2027 2,405 7/27/2027 2,406
Bayside Opco, LLC (5) Revolver 5/31/2026 634 5/31/2026 634
BCDI Rodeo Dental Buyer, LLC (5) Revolver 5/14/2025 613 5/14/2025 1,583
Belay Inc. (5) Revolver 11/15/2025 650 11/15/2025 650
Benesys Inc. (5) Revolver 10/5/2024 25 10/5/2024 76
Benesys Inc. (5) Revolver 10/5/2024 45 10/5/2024 82
Blue Mantis (7) Delayed Draw Term Loan 8/19/2026 3,100 — —
Blue Mantis (5) Revolver 8/5/2030 875 — —
C-4 Analytics (7) Delayed Draw Term Loan 5/14/2026 4,650 — —
C-4 Analytics (5) Revolver 5/14/2030 1,295 — —
CC Amulet Management, LLC (5) Revolver 8/31/2027 312 8/31/2027 119
CC Amulet Management, LLC (7) Delayed Draw Term Loan — — 8/31/2027 722
Centria Subsidiary Holdings, LLC (5) Revolver 12/9/2025 1,737 12/9/2025 1,974
Claritas, LLC (5) Revolver 3/31/2026 1,950 3/31/2026 780
Concord III, LLC (5) Term Loan 12/20/2028 275 12/20/2028 550
ConvenientMD (5) Revolver 6/15/2027 688 6/15/2027 138
CRA MSO, LLC (5) Revolver — — 12/17/2024 92
DataVail (7) Delayed Draw Term Loan 7/3/2025 2,300 — —
DataVail (5) Revolver 1/4/2029 34 — —
DataVail (5) Revolver 1/19/2029 220 — —
Duraserv LLC (5) Delayed Draw Term Loan 6/10/2026 1,662 — —
Duraserv LLC (5) Revolver 6/10/2030 893 — —
Eagle Midco B.V. (Avania) (10) Delayed Draw Term Loan 7/5/2029 2,743 7/5/2029 2,720
Eagle Midco B.V. (Avania) (10) Revolver — — 1/5/2029 812
Effective School Solutions LLC (5) Revolver 11/30/2027 522 11/30/2027 580
Efor Holding (9) Delayed Draw Term Loan 10/4/2026 129 10/4/2026 135
EMS Buyer, Inc. (5) Revolver 11/23/2027 147 11/23/2027 55
Envocore Holding, LLC (5) Revolver 12/31/2025 1,806 12/31/2025 2,778
Eshipping (5) Revolver 11/5/2027 1,150 11/5/2027 1,150
Essential Services Holding Corporation (7) Delayed Draw Term Loan 6/18/2026 1,487 — —
Essential Services Holding Corporation (5) Revolver 6/17/2030 929 — —
Evergreen IX Borrower 2023, LLC (5) Revolver 9/29/2029 1,500 9/29/2029 1,500
Everlast Parent Inc. (5) Revolver 10/30/2026 1,013 10/30/2026 806
Evolution BuyerCo, Inc. (5) Revolver 4/30/2027 729 4/30/2027 729
First Eagle Logan JV, LLC Partnership Interest — — 9,400
Formulations Parent Corporation (5) Revolver 11/15/2029 1,651 11/15/2029 1,651
Freeport Financial SBIC Fund LP Partnership Interest 2,360 2,222
FS Whitewater Borrower, LLC (3) Revolver 12/21/2027 690 12/21/2027 534
FS Whitewater Borrower, LLC (7) Delayed Draw Term Loan — — 7/1/2024 399
Galway Borrower, LLC (5) Revolver 9/30/2027 321 9/30/2027 926
Galway Borrower, LLC (5) Delayed Draw Term Loan 2/7/2026 610 — —
Galway Borrower, LLC (5) Revolver 9/30/2028 565 — —
Gener8, LLC (5) Revolver 8/14/2025 299 8/14/2024 300
GH Parent Holdings Inc. (5) Revolver 5/4/2027 1,819 5/4/2027 1,750
--- --- --- --- --- --- --- ---
GH Parent Holdings Inc. (5) Delayed Draw Term Loan 6/28/2026 1,172 — —
Granicus, Inc. (5) Revolver — — 1/29/2027 637
GrapeTree Medical Staffing, LLC (5) Revolver 4/30/2026 600 5/29/2024 600
Great Lakes Dental Partners, LLC (5) Revolver 6/23/2026 100 6/23/2026 100
Guardian Access Solutions (5) Revolver 8/1/2029 413 8/1/2029 713
Guardian Access Solutions (7) Delayed Draw Term Loan 8/1/2029 974 8/1/2029 2,050
HCOS Group Intermediate III LLC (5) Revolver — — 9/30/2026 639
Hepaco, LLC (5) Revolver — — 8/18/2024 916
Hercules Borrower LLC (5) Revolver 12/15/2026 2,222 12/15/2026 2,222
Hercules Borrower LLC (7) Delayed Draw Term Loan — — 788
HGH Purchaser, Inc. (5) Revolver 11/3/2025 1,547 11/3/2025 15
Homecare Partners Management, LLC (5) Revolver 5/25/2027 396 5/25/2027 367
Homecare Partners Management, LLC (7) Delayed Draw Term Loan 6/18/2026 1,895 — —
Hospice Care Buyer, Inc. (5) Revolver 12/9/2026 1,045 12/9/2026 1,255
HS Spa Holdings Inc. (Hand & Stone) (5) Revolver 6/2/2028 1,047 6/2/2028 1,396
HS Spa Holdings Inc. (Hand & Stone) (5) Delayed Draw Term Loan 3/12/2026 983 — —
Hsid Acquisition, LLC (5) Revolver 1/31/2026 750 1/31/2026 750
iLending LLC (5) Revolver 6/21/2026 718 6/21/2026 718
Infobase (5) Revolver 6/14/2028 653 6/14/2028 991
Infobase (7) Delayed Draw Term Loan — — 6/14/2024 1,850
Integrated Pain Management Medical Group, Inc. (5) Revolver 6/17/2026 442 6/17/2026 442
Integrity Marketing Acquisition, LLC (5) Revolver — — 8/27/2025 1,409
Integrity Marketing Acquisition, LLC (5) Revolver 8/28/2028 1,409 — —
Iris Buyer, LLC (5) Revolver 10/2/2029 1,514 10/2/2029 1,514
Iris Buyer, LLC (7) Delayed Draw Term Loan 3/29/2025 515 3/29/2025 1,294
IVX Health Merger Sub, Inc. (5) Revolver 6/7/2030 3,519 — —
Jordan Bidco, Ltd. (10) Delayed Draw Term Loan 5/14/2027 3,539 8/31/2024 3,569
JTM Foods LLC (5) Revolver 5/14/2027 53 5/14/2027 80
King Mid LLC (5) Revolver 12/15/2027 300 12/15/2027 300
King Mid LLC (7) Delayed Draw Term Loan — — 6/17/2024 340
King Mid LLC (7) Delayed Draw Term Loan 6/7/2026 2,165 — —
Lash Opco LLC (5) Revolver 9/18/2025 4 9/18/2025 91
Learn-It Systems, LLC (5) Revolver 3/18/2025 900 3/18/2025 900
Lexipol (Ranger Buyer, Inc.) (5) Revolver 11/18/2027 1,105 11/18/2027 1,105
Lighthouse Lab Services (5) Revolver 10/25/2027 307 10/25/2027 614
Lightspeed Buyer, Inc. (5) Revolver 2/3/2026 1,050 2/3/2026 1,050
Lion Cashmere Bidco Limited (10) Delayed Draw Term Loan 3/23/2028 3,069 9/23/2024 3,044
List Partners, Inc. (5) Revolver 6/30/2025 135 5/1/2024 270
Loadmaster Derrick & Equipment, Inc. (5) Revolver — 225
Mann Lake Ltd. (5) Revolver 10/4/2024 56 10/4/2024 56
Mario Purchaser, LLC (14) Revolver 4/26/2028 940 4/26/2028 731
Mario Purchaser, LLC (7) Delayed Draw Term Loan — — 4/26/2024 2,819
Mario Purchaser, LLC (7) Delayed Draw Term Loan 4/26/2028 4,305 — —
Marlin DTC-LS Midco 2, LLC (5) Revolver 7/1/2025 143 7/1/2025 143
MB2 Dental (7) Delayed Draw Term Loan 2/13/2026 1,792 — —
MB2 Dental (7) Delayed Draw Term Loan 2/13/2027 1,280 — —
MB2 Dental (5) Revolver 2/13/2031 427 — —
Medical Review Institute of America (5) Revolver 7/1/2030 784 — —
Medicus IT (7) Delayed Draw Term Loan 7/9/2026 2,800 — —
Medicus IT (5) Revolver 7/9/2030 935 — —
MHS Acquisition Holdings, LLC (7) Delayed Draw Term Loan 7/21/2027 1 — —
MHS Acquisition Holdings, LLC (5) Revolver 7/21/2027 150 7/21/2027 150
Minuteman Security Technologies, Inc. (5) Revolver 2/1/2029 1,000 2/1/2029 1,000
Minuteman Security Technologies, Inc. (7) Delayed Draw Term Loan — — 2/2/2025 1,209
Minuteman Security Technologies, Inc. (5) Delayed Draw Term Loan 2/2/2025 2,650 — —
MRI Software LLC (7) Delayed Draw Term Loan — — 12/19/2025 1,500
MRI Software LLC (5) Delayed Draw Term Loan 8/27/2026 1,049 — —
MRI Software LLC (5) Revolver 2/10/2026 1,546 2/10/2026 1,266
Multi Specialty Healthcare (AMM LLC) (5) Revolver 12/18/2026 108 — —
MWD Management LLC (United Derm) (5) Revolver 6/15/2027 640 6/15/2027 640
Net Health Acquisition Corp. (5) Revolver 7/5/2031 1,705 — —
New Era Technology, Inc. (5) Revolver 10/31/2026 46 10/31/2026 228
New Era Technology, Inc. (5) Revolver 10/31/2026 97 10/31/2026 486
Newcleus, LLC (5) Revolver 8/2/2026 435 8/2/2026 435
Newcleus, LLC (5) Delayed Draw Term Loan 8/2/2026 458 8/2/2026 458
Nexant Volt MergerSub, Inc. (5) Revolver — — 5/11/2027 229
Nurture Landscapes (12) Delayed Draw Term Loan — — 6/3/2025 2,086
Nurture Landscapes (12) Delayed Draw Term Loan 6/3/2025 2,064 — —
Odessa Technologies, Inc. (5) Revolver 10/19/2027 2,500 10/19/2027 2,500
Oliver Packaging LLC (5) Revolver 7/6/2028 351 7/6/2028 150
Safco Dental Supply, LLC (5) Revolver 6/14/2025 318 6/14/2025 345
Online Labels Group, LLC (7) Delayed Draw Term Loan 12/19/2025 525 12/19/2025 525
Online Labels Group, LLC (7) Delayed Draw Term Loan 12/19/2025 525 12/19/2025 525
Online Labels Group, LLC (5) Revolver 12/19/2029 650 12/19/2029 650
Painters Supply & Equipment Company (5) Revolver 8/10/2027 250 8/10/2027 328
Painters Supply & Equipment Company (7) Delayed Draw Term Loan 4/29/2026 578 — —
Patriot Acquisition Topco S.A.R.L (5) Revolver 1/29/2026 1,770 1/29/2026 1,390
Patriot Acquisition Topco S.A.R.L (7) Delayed Draw Term Loan 10/13/2025 2,652 — —
Patriot Growth Insurance Services, LLC (5) Revolver 10/14/2028 550 10/14/2028 660
Patriot Growth Insurance Services, LLC (6) Delayed Draw Term Loan 10/14/2028 565 11/16/2025 883
Patriot Growth Insurance Services, LLC (6) Delayed Draw Term Loan 10/14/2028 7 — —
PCS Retirement (7) Delayed Draw Term Loan 2/27/2026 1,520 — —
PCS Retirement (5) Revolver 3/1/2030 578 — —
PDFTron Systems Inc. (5) Revolver — — 7/15/2026 149
Pinnacle Purchaser, LLC (5) Revolver 12/28/2029 625 12/28/2029 575
Pitch MidCo B.V. (9) Delayed Draw Term Loan 4/26/2028 1,594 — —
--- --- --- --- --- --- --- --- --- ---
Plasma Buyer LLC (PathGroup) (5) Revolver 5/12/2029 357 5/12/2029 541
Plasma Buyer LLC (PathGroup) (7) Delayed Draw Term Loan 9/12/2025 108 5/12/2024 1,892
Point Quest Acquisition, LLC (5) Revolver 8/12/2028 857 8/12/2028 429
SuperHero Fire Protection, LLC (5) Revolver 9/1/2026 59 9/1/2026 65
PPV Intermediate Holdings LLC (Vetcor) (5) Revolver 8/31/2029 228 8/31/2029 228
Premier Dental Care Management, LLC (5) Revolver 8/5/2028 2,173 8/5/2027 1,338
Premier Dental Care Management, LLC (5) Delayed Draw Term Loan 8/5/2028 3,379 — —
PromptCare Intermediate, LP (7) Delayed Draw Term Loan 10/20/2025 2,111 — —
Teal Acquisition Co., Inc (5) Revolver 9/22/2026 259 9/22/2026 1,277
Pushpay USA, INC. (5) Revolver — — 5/10/2030 1,429
Pye-Barker Fire & Safety, LLC (13) Delayed Draw Term Loan — — 6/15/2024 1,200
Pye-Barker Fire & Safety, LLC (13) Delayed Draw Term Loan — — 11/1/2027 873
Pye-Barker Fire & Safety, LLC (5) Revolver — — 11/26/2027 1,531
Pye-Barker Fire & Safety, LLC (5) Revolver — — 10/1/2024 142
Pye-Barker Fire & Safety, LLC (5) Revolver — — 11/26/2026 1,811
Pye-Barker Fire & Safety, LLC (5) Revolver 5/24/2030 2,289 — —
Quorum Health Resources (5) Revolver 5/26/2027 674 5/26/2027 522
Receivable Solutions, Inc. (5) Revolver 10/1/2024 180 10/1/2024 150
Right Networks, LLC (5) Revolver 5/21/2026 70 5/21/2026 233
Saturn Borrower Inc (5) Revolver 9/30/2026 61 — —
Seko Global Logistics Network, LLC (5) Revolver 12/20/2026 324 12/20/2026 943
Seniorlink Incorporated (5) Revolver 12/31/2027 458 12/31/2027 458
Seniorlink Incorporated (5) Revolver 12/31/2027 1,038 7/17/2026 1,038
Slickdeals Holdings, LLC (4) Revolver 6/30/2025 727 6/12/2024 727
Smartronix, LLC (5) Revolver 11/23/2027 3,290 11/23/2027 3,290
Vital Care Buyer, LLC (5) Delayed Draw Term Loan — — 10/19/2025 2,222
Smile Doctors LLC (5) Revolver 12/23/2027 1,262 12/23/2027 1,262
Smile Doctors LLC (7) Delayed Draw Term Loan — — 2/24/2025 1
Soltis (7) Delayed Draw Term Loan 8/5/2026 2,600 — —
Soltis (5) Revolver 8/5/2030 400 — —
SolutionReach, Inc. (5) Revolver 7/17/2025 467 1/17/2024 467
SQAD Holdco, Inc. (5) Revolver 4/25/2028 1,050 4/25/2028 1,050
SQAD Holdco, Inc. (7) Delayed Draw Term Loan — — 4/25/2024 2,425
Stepping Stones Healthcare Services, LLC (7) Delayed Draw Term Loan — — 1/2/2024 833
Stepping Stones Healthcare Services, LLC (7) Revolver 12/30/2026 1,886 12/30/2026 1,887
Stepping Stones Healthcare Services, LLC (7) Delayed Draw Term Loan 4/25/2026 3,396 — —
Summit 7 Systems, LLC (5) Revolver 5/23/2028 528 5/23/2028 1,056
Sun Acquirer Corp. (5) Revolver 9/8/2027 1,812 9/8/2027 1,449
Sydney US Buyer Corp. (3B Scientific) (10) Delayed Draw Term Loan 7/8/2029 25 7/8/2029 98
Sydney US Buyer Corp. (3B Scientific) (10) Delayed Draw Term Loan 12/14/2026 3,960 12/14/2026 10,000
Team Select (CSC TS Merger SUB, LLC) (5) Revolver 5/4/2029 650 5/4/2029 650
Team Select (CSC TS Merger SUB, LLC) (7) Delayed Draw Term Loan 11/4/2024 840 11/4/2024 1,200
Team Select (CSC TS Merger SUB, LLC) (7) Delayed Draw Term Loan 12/17/2026 800 — —
Technology Partners, LLC (5) Delayed Draw Term Loan — — 11/16/2027 1,037
Technology Partners, LLC (7) Revolver 11/16/2027 747 11/16/2027 747
The Hilb Group, LLC (5) Revolver 12/2/2025 219 12/2/2025 265
The Hilb Group, LLC (5) Revolver 12/2/2025 92 12/2/2025 111
The Hilb Group, LLC (5) Delayed Draw Term Loan — — 2/10/2024 498
The Hilb Group, LLC (5) Revolver 12/2/2025 73 12/2/2025 88
The Mulch & Soil Company, LLC (5) Revolver 4/30/2026 722 4/30/2026 853
TMA Buyer, LLC (5) Revolver 9/30/2027 269 9/30/2027 385
Transportation Insight, LLC (5) Revolver 12/3/2024 416 12/3/2024 55
Tricor Borrower, LLC (5) Revolver 10/22/2026 173 10/22/2026 58
TriStrux, LLC (5) Revolver 12/15/2026 97 12/15/2026 499
TriStrux, LLC (7) Delayed Draw Term Loan — — 12/15/2026 483
Unifeye Vision Partners (5) Revolver 9/13/2025 1,132 9/13/2025 1,133
United Flow Technologies (5) Revolver — — 10/29/2027 616
USA Hometown Experts, Inc. (5) Revolver 11/8/2029 900 11/8/2029 765
USA Hometown Experts, Inc. (7) Delayed Draw Term Loan — — 11/8/2025 1,650
Vantage Insurance Partners, Inc. (5) Delayed Draw Term Loan 3/20/2026 4,600 — —
Vantage Insurance Partners, Inc. (5) Revolver 12/22/2028 698 — —
Vital Care Buyer, LLC (5) Revolver 7/30/2031 283 — —
WCT Group Holdings, LLC (5) Revolver 12/12/2029 400 12/12/2029 320
WhiteHawk III Onshore Fund L.P. Partnership Interest 3,677 7/5/2024 2,123
Total $ 200,110 $ 175,048

  • Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

  • Unfunded commitments denominated in currencies other than USD have been converted to USD using the applicable foreign currency exchange rate as of September 30, 2024 and December 31, 2023.

  • Investment pays 0.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 0.38% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 0.75% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 1.20% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 1.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 1.80% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 1.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 2.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 2.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

  • Investment pays 5.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

Other Commitments and Contingencies

In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Note 9. Net Assets

The following table summarizes the Company’s recent distributions declared:

Date Declared Record Date Payment Date Dividend Type Amount Per Share
August 7, 2024 September 30, 2024 October 15, 2024 Regular $ 0.42
August 7, 2024 August 31, 2024 September 16, 2024 Supplemental $ 0.09
May 2, 2024 June 28, 2024 July 15, 2024 Regular $ 0.42
May 2, 2024 May 31, 2024 June 17, 2024 Supplemental $ 0.11
February 15, 2024 March 29, 2024 April 15, 2024 Regular $ 0.41
February 15, 2024 February 29, 2024 March 15, 2024 Supplemental $ 0.10
November 2, 2023 December 29, 2023 January 16, 2024 Regular $ 0.41
November 2, 2023 November 30, 2023 December 15, 2023 Supplemental $ 0.09
August 3, 2023 September 29, 2023 October 16, 2023 Regular $ 0.41
August 3, 2023 August 31, 2023 September 15, 2023 Supplemental $ 0.08
May 4, 2023 June 30, 2023 July 17, 2023 Regular $ 0.41
February 16, 2023 March 31, 2023 April 17, 2023 Regular $ 0.41
November 4, 2022 December 30, 2022 January 17, 2023 Regular $ 0.41

In connection with the FCRD Acquisition, the Company issued 6,174,187 shares as part of the consideration paid for net assets acquired.

At September 30, 2024 and December 31, 2023, Crescent, Sun Life and other related parties owned 8.74% and 7.25%, respectively, of the outstanding common shares of the Company.

Note 10. Earnings Per Share

In accordance with the provisions of ASC 260 – Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of September 30, 2024 and December 31, 2023, there are no dilutive shares.

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations for the following periods (in thousands):

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Net increase (decrease) in net assets resulting<br>   from operations $ 15,268 $ 22,621 $ 63,658 $ 52,979
Weighted average common shares outstanding 37,061,547 37,061,547 37,061,547 35,546,270
Net increase (decrease) in net assets resulting from<br>   operations per common share-basic and diluted $ 0.41 $ 0.61 $ 1.72 $ 1.49

Note 11. Income Taxes

The Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):

As of<br>September 30, 2024 As of<br>December<br>31, 2023
Tax Cost $ 1,850,971 $ 1,639,709
Gross Unrealized Appreciation $ 7,615 $ 374
Gross Unrealized Depreciation (66,897 ) (57,314 )
Net Unrealized Investment Appreciation (Depreciation) $ (59,282 ) $ (56,940 )

The Company recognized the following income taxes related to Taxable Subsidiaries and excise taxes related to the Company’s status as a RIC:

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Income tax (benefit) provision $ 155 $ - $ 155 $ -
Excise tax (benefit) provision 500 350 1,300 890
(Benefit) provision for income and excise taxes $ 655 $ 350 $ 1,455 $ 890

As of September 30, 2024 and December 31, 2023, $1,463 and $1,296 of accrued income and excise taxes remained payable.

The Company recognized the following benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments:

For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Benefit (provision) for taxes on realized gain on<br>   investments $ - $ (120 ) $ - $ 132
Benefit (provision) for taxes on unrealized appreciation<br>   (depreciation) on investments (56 ) 43 464 598
Benefit (provision) for taxes on realized and unrealized<br>   appreciation (depreciation) on investments $ (56 ) $ (77 ) $ 464 $ 730

As of September 30, 2024 and December 31, 2023, $503 and $114, respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of September 30, 2024 and December 31, 2023, $503 and $578, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.

Note 12. Financial Highlights

Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):

For the nine months ended September 30,
2024 2023
Per Share Data:(1)
Net asset value, beginning of period $ 20.04 $ 19.83
Net investment income after tax 1.85 1.68
Net realized and unrealized gains (losses) on investments, asset acquisition and forward contracts, net of taxes (0.13 ) (0.19 )
Net increase (decrease) in net assets resulting from operations 1.72 1.49
Effects of First Eagle Alternative Capital BDC, Inc. acquisition (Note 13) - (0.30 )
Distributions declared from net investment income(2) (1.55 ) (1.31 )
Effects of rounding (0.01 ) (0.01 )
Total increase (decrease) in net assets 0.16 (0.13 )
Net asset value, end of period $ 20.20 $ 19.70
Shares outstanding, end of period 37,061,547 37,061,547
Market value, end of period $ 18.50 $ 17.10
Weighted average shares outstanding 37,061,547 35,546,270
Total return based on market value (3) 15.88 % 45.67 %
Total return based on net asset value (4) 8.53 % 5.95 %
Ratio/Supplemental Data:
Net assets, end of period $ 748,807 $ 730,266
Ratio of total net expenses to average net assets(5)(6) 14.69 % 14.27 %
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets(6) 3.63 % 3.64 %
Ratio of net investment income before taxes to average net assets(6) 12.49 % 11.64 %
Ratio of interest and credit facility expenses to average net assets(6) 8.50 % 8.25 %
Ratio of net incentive fees to average net assets(6) 2.57 % 2.38 %
Portfolio turnover(7) 16.56 % 7.55 %
Asset coverage ratio 186 % 184 %
  • Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
  • The per share data for distributions per share reflects the actual amount of distributions declared per share for the applicable periods.
  • Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends, if any, reinvested in accordance with the Company’s dividend reinvestment plan.
  • Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share, and not annualized.
  • The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive a portion of the management fees and income incentive fees with respect to the Company’s ownership in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP and a voluntary waiver of income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. Excluding the effects of the voluntary waivers, the ratio of total expenses to average net assets would have been 14.73% and 14.30% for the nine months ended September 30, 2024 and 2023, respectively.

(6) Annualized.

(7) Not annualized.

Note 13. First Eagle Alternative Capital BDC, Inc. Acquisition

On March 9, 2023, the Company completed its previously announced acquisition of First Eagle Alternative Capital BDC, Inc., a Delaware corporation, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 3, 2022, by and among the Company, FCRD, Echelon Acquisition Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Acquisition Sub”), Echelon Acquisition Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company (“Acquisition Sub 2”), and the Adviser (together “FCRD Acquisition”). Pursuant to the Merger Agreement, Acquisition Sub was merged with and into FCRD (the “First Merger”), with FCRD continuing as the surviving corporation and a direct wholly-owned subsidiary of CCAP. Immediately following the First Merger, FCRD was merged with and into Acquisition Sub 2 (the “Second Merger” and, together with the First Merger, the “Mergers”), with Acquisition Sub 2 continuing as the surviving entity (the “Surviving Company”). As a result of, and as of the effective time of, the Second Merger, FCRD’s separate corporate existence ceased.

In accordance with the terms of the Merger Agreement, at the effective time of the First Merger (the “Effective Time”), holders of shares of FCRD’s common stock, par value $0.001 per share (the “FCRD Common Stock”), issued and outstanding immediately prior to the Effective Time (excluding shares held by subsidiaries of FCRD or held, directly or indirectly, by the Company or Acquisition Sub (“Cancelled Shares”)) had their shares of FCRD Common Stock converted to the right to receive, in the aggregate, approximately (1) $8,649 in cash payable by the Company (the “CCAP Cash Consideration”), (2) 6,174,187 validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.001 per share (the “Aggregate Share Consideration” and, together with the CCAP Cash Consideration, the “CCAP Aggregate Merger Consideration”) and (3) $35,000 in cash payable by the Adviser (the “CCAP Adviser Cash Consideration”), subject to adjustments for cash payable in lieu of fractional shares.

With respect to the CCAP Aggregate Merger Consideration, record holders of shares of FCRD Common Stock were entitled, with respect to all or any portion of the shares of FCRD Common Stock held as of the Effective Time, to make an election to receive payment for their shares of FCRD Common Stock in cash (an “Election”), subject to the conditions of and certain adjustment mechanisms set forth in the Merger Agreement.

Any record holder of shares of FCRD Common Stock who did not validly make an Election was deemed to have elected to receive shares of the Company’s common stock with respect to the CCAP Aggregate Merger Consideration as payment for their shares of FCRD Common Stock. Each share of FCRD Common Stock (other than a Cancelled Share) with respect to which an Election was effectively made, subject to the conditions and limitations set forth in the Merger Agreement, and not properly revoked or lost was treated as an “Electing Share” and each share of FCRD Common Stock (other than a Cancelled Share) with respect to which an Election was not properly made or such Election was properly revoked was treated as a “Non-Electing Share.”

Applying the adjustment mechanisms in the Merger Agreement among all stockholders who hold Electing Shares, pro rata based on the aggregate number of Electing Shares held by each such stockholder, each Electing Share was converted into the right to receive (1) with respect to its share of the CCAP Aggregate Merger Consideration, approximately $0.509 in cash and approximately 0.195 shares of the Company’s common stock (subject to adjustments for cash payable in lieu of fractional shares) and (2) with respect to its share of the CCAP Adviser Cash Consideration, approximately $1.17 in cash. Each Non-Electing Share was converted into the right to receive (1) with respect to its share of the CCAP Aggregate Merger Consideration, approximately 0.2209 shares of the the Company’s common stock and (2) with respect to its share of the CCAP Adviser Cash Consideration, approximately $1.17 in cash (subject to adjustments for cash payable in lieu of fractional shares).

In addition, in connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary market support and will over time purchase up to $20,000 of the combined company’s common stock via a share purchase program. As of September 30, 2024, Sun Life purchased approximately $12,618 of the Company's common stock via a share purchase program.

The FCRD Acquisition was accounted as an asset acquisition because the set of acquired assets did not constitute a business. Accordingly, the fair value of the merger consideration paid by the Company was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the date of acquisition and did not give rise to goodwill. Since the fair value of the net assets acquired exceeded the fair value of the merger consideration paid by the Company, the Company recognized a deemed contribution from the Adviser equal to the amount by which the fair value of the net assets acquired exceeded the merger consideration paid directly by the Company.

The following table summarizes the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the FCRD Acquisition (in thousands):

Consideration paid by the Company
Aggregate Share Consideration (1) $ 91,257
CCAP Cash Consideration 8,649
Deemed contribution from the Adviser 22,040
Transaction costs 7,565
Total Purchase Price $ 129,511
Assets/(Liabilities) acquired by the Company
Investments, at fair value (2) $ 335,035
Cash and cash equivalents 1,233
Interest and dividend receivable 3,995
Other assets 518
Secured credit facility (95,200 )
2026 Unsecured Notes - FCRX (111,600 )
Interest and other debt financing costs payable (1,198 )
Accrued expenses and other liabilities (3,272 )
Net Assets Acquired $ 129,511

(1) Common stock consideration was issued at the Company’s closing stock price of $14.78 as of March 9, 2023, the closing date of the FCRD Acquisition.

(2) Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company’s initial cost basis.

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of September 30, 2024 and for the nine months ended September 30, 2024.

On November 6, 2024, the Company's Board of Directors declared a regular fourth quarter cash dividend of $0.42 per share, which will be paid on January 15, 2025 to stockholders of record as of December 31, 2024. Additionally, the Company's Board declared a supplemental cash dividend of $0.07 per share which will be paid on December 16, 2024 to stockholders of record as of November 29, 2024. The supplemental dividend is calculated as 50% of quarterly net investment income in excess of our regular quarterly dividend, subject to certain measurement tests and rounded to the nearest penny.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 1 of this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “Company” refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are incorporated under the laws of the State of Maryland. We were listed and began trading on the NASDAQ stock exchange on February 3, 2020. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (“1940 Act”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”). As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

We are managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the SEC under the 1940 Act. CCAP Administration, LLC (the “Administrator”), provides the administrative services necessary for us to operate. Our management consists of investment and administrative professionals from the Adviser and Administrator along with our Board. The Adviser directs and executes our investment operations and capital raising activities subject to oversight from the Board, which sets our broad policies. The Board has delegated investment management of our investment assets to the Adviser. The Board consists of six directors, five of whom are independent.

Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments. We invest primarily in secured debt (including first lien, unitranche first lien and second-lien debt) and unsecured debt (including mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-market companies. We may purchase interests in loans or make debt investments, either (i) directly from our target companies as primary market or private credit investments (i.e., private credit transactions), or (ii) primary or secondary market bank loan or high yield transactions in the broadly syndicated “over-the-counter” market (i.e., broadly syndicated loans and bonds). Although our focus is to invest in less liquid private credit transactions, we may from time to time invest in more liquid broadly syndicated loans to complement our private credit transactions.

“First lien” investments are senior loans on a lien basis to other liabilities in the issuer’s capital structure that have the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets.

“Unitranche first lien” investments are loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that we would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

“Second lien” investments are loans with a second priority lien on all existing and future assets of the portfolio company. The security interest ranks below the security interests of any first lien and unitranche first lien lenders in those assets.

“Unsecured debt” investments are loans that generally rank senior to a borrower’s equity securities and junior in right of payment to such borrower’s other senior indebtedness.

CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. The critical accounting policies should be read in connection with our risk factors as disclosed herein.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, Non-Accrual Investments, Distribution Policy, and Income Taxes.

COMPONENTS OF OPERATIONS

Investments

We expect our investment activity to vary substantially from period to period depending on many factors, the general economic environment, the amount of capital we have available to us, the level of merger and acquisition activity for middle-market companies, including the amount of debt and equity capital available to such companies and the competitive environment for the type of investments we make. In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.

We may not invest in any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the investments are made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

The Investment Adviser

Our investment activities are managed by the Adviser, which is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. The Adviser has entered into a resource sharing agreement with Crescent Capital Group LP (“Crescent”), pursuant to which Crescent provides the Adviser with experienced investment professionals (including the members of the Adviser’s investment committee) and access to Crescent’s resources so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the resource sharing agreement, the Adviser intends to capitalize on the deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Crescent’s investment professionals. On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent (the “Sun Life Transaction”). There were no changes to our investment objective, strategies and process or to the Crescent team responsible for the investment operations as a result of the Sun Life Transaction.

Revenues

We generate revenue primarily in the form of interest income on debt investments, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. We also generate revenue in the form of commitment or origination fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into income over the life of the loan using the effective yield method.

Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

We may receive other income, which may include income such as consent, waiver, amendment, underwriting, and arranger fees associated with our investment activities as well as any fees for managerial assistance services rendered to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Expenses

Our primary operating expenses include the payment of management fees and incentive fees to the Adviser under the Investment Advisory Agreement, as amended, our allocable portion of overhead expenses under the administration agreement with our Administrator (the “Administration Agreement”), operating costs associated with our sub-administration agreement and other operating costs described below. The management and incentive fees compensate the Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

  • the cost of calculating our net asset value, including the cost of any third-party valuation services;
  • fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;
  • fees and expenses associated with independent audits and outside legal costs;
  • independent directors’ fees and expenses;
  • administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, rent and the allocable portion of the cost of certain professional services provided to us, including but not limited to, our accounting professionals, our legal counsel and compliance professionals);
  • U.S. federal, state and local taxes;
  • the cost of effecting sales and repurchases of shares of our common stock and other securities;
  • fees payable to third parties relating to making investments, including out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;
  • out-of-pocket fees and expenses associated with marketing efforts;
  • federal and state registration fees and any stock exchange listing fees;
  • brokerage commissions;
  • costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws;
  • debt service and other costs of borrowings or other financing arrangements; and
  • all other expenses reasonably incurred by us in connection with making investments and administering our business.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Leverage

Our financing facilities allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks.

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with stockholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO INVESTMENT ACTIVITY

We seek to create a broad and diversified portfolio that generally includes senior secured first lien, unitranche, senior secured second lien, unsecured loans and minority equity securities of U.S. middle market companies. The size of our individual investments varies proportionately with the size of our capital base. We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities have speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity.

Our portfolio at fair value was comprised of the following:

($ in millions) As of September 30, 2024 As of December 31, 2023
Investment Type Fair Value Percentage Fair Value Percentage
Senior Secured First Lien $ 401.7 25.2 % $ 429.2 27.0 %
Unitranche First Lien 1,023.7 64.4 973.9 61.5
Unitranche First Lien - Last Out 5.8 0.4 13.5 0.9
Senior Secured Second Lien 41.8 2.6 58.2 3.7
Unsecured Debt 18.7 1.2 4.1 0.3
Equity & Other 59.2 3.7 50.1 3.2
LLC/LP Equity Interests 40.5 2.5 53.1 3.4
Total investments $ 1,591.4 100.0 % $ 1,582.1 100.0 %

The following table shows our investment activity by investment type:

($ in millions) For the three months ended For the nine months ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023(1)
New investments at cost:
Senior Secured First Lien $ 17.8 $ 17.6 $ 81.9 $ 40.1
Unitranche First Lien 53.2 26.9 169.3 70.3
Unitranche First Lien - Last Out — — — —
Senior Secured Second Lien — — — —
Unsecured Debt 1.6 0.3 11.9 0.5
Equity & Other 0.1 0.3 2.7 0.5
LLC/LP Equity Interests — — — 0.8
Total $ 72.7 $ 45.1 $ 265.8 $ 112.2
Proceeds from investments sold or repaid:
Senior Secured First Lien $ 44.0 $ 19.1 $ 100.7 $ 80.1
Unitranche First Lien 37.8 41.4 131.9 58.2
Unitranche First Lien - Last Out — — 8.4 —
Senior Secured Second Lien 8.9 — 14.3 4.5
Unsecured Debt — — — —
Equity & Other — — 0.9 —
LLC/LP Equity Interests 1.6 1.6 7.0 1.8
Total $ 92.3 $ 62.1 $ 263.2 $ 144.6
Net increase (decrease) in portfolio $ (19.6 ) $ (17.0 ) $ 2.6 $ (32.4 )
  • Excludes $335.0 million of assets at cost acquired in connection with the FCRD Acquisition. The assets acquired, at cost, were comprised of $185.1 million of Senior Secured First Lien, $100.1 million of Unitranche First Lien, $2.8 million of Equity investments, and $47.0 million of LLC/LP Equity Interests

The following table presents certain selected information regarding our investment portfolio:

As of <br>September 30, 2024 As of <br>December 31, 2023
Weighted average yield on income producing securities (at cost) (1) 11.6 % 12.3 %
Percentage of debt bearing a floating rate (at fair value) 97.4 % 98.7 %
Percentage of debt bearing a fixed rate (at fair value) 2.6 % 1.3 %
Number of portfolio companies 183 186
  • Includes performing debt and other income-producing investments (excluding investments on non-accrual).

The following table shows the amortized cost and fair value of our performing and non-accrual debt and income producing debt securities:

($ in millions) As of September 30, 2024 As of December 31, 2023
Cost % of Cost Fair Value % of Fair Value Cost % of Cost Fair Value % of Fair Value
Performing $ 1,480.5 98.3 % $ 1,479.0 99.1 % $ 1,464.2 98.0 % $ 1,450.5 98.1 %
Non-Accrual 25.6 1.7 % 12.7 0.9 % 30.6 2.0 % 28.4 1.9 %
Total $ 1,506.1 100.0 % $ 1,491.7 100.0 % $ 1,494.8 100.0 % $ 1,478.9 100.0 %

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

As of September 30, 2024, we had fourteen investments across five portfolio companies on non-accrual status, which represented 1.7% and 0.9% of the total debt investments at cost and fair value, respectively. As of December 31, 2023, we had seventeen investments across nine portfolio companies on non-accrual status, which represented 2.0% and 1.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of September 30, 2024 and December 31, 2023.

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

  • assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
  • review of monthly and quarterly financial statements and financial projections for portfolio companies;
  • contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
  • comparisons to other companies in the industry; and
  • attendance and participation in board meetings.

As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:

  • Involves the least amount of risk relative to cost or amortized cost. Investment performance is above expectations since origination or acquisition. Trends and risk factors are generally favorable, which may include financial performance or a potential exit.
  • Involves a level of risk that is similar to the risk at the time of origination or acquisition. The investment is generally performing as expected, and the risks around our ability to ultimately recoup the cost of the investment are neutral to favorable relative to the time of origination or acquisition. New investments are generally assigned a rating of 2 at origination or acquisition.
  • Indicates an investment performing below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased since origination or acquisition. For debt investments, borrowers are more likely than not in compliance with debt covenants and loan payments are generally not past due. An investment rating of 3 requires closer monitoring.
  • Indicates an investment performing materially below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased materially since origination or acquisition. For debt investments, borrowers may be out of compliance with debt covenants and loan payments may be past due (but generally not more than 180 days past due). Non-accrual status is strongly considered for debt investments rated 4.
  • Indicates an investment performing substantially below expectations where the risks around our ability to ultimately recoup the cost of the investment have substantially increased since origination or acquisition. We do not expect to recover our initial cost basis from investments rated 5. Debt investments with an investment rating of 5 are generally in payment and/or covenant default and are on non-accrual status.

The following table shows the composition of our portfolio on the 1 to 5 investment performance rating scale. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in millions) As of September 30, 2024 As of December 31, 2023
Investments at Percentage of Investments at Percentage of
Investment Performance Rating Fair Value Total Portfolio Fair Value Total Portfolio
1 30.7 1.9 % 16.2 1.0 %
2 1,394.9 87.7 1,366.4 86.4
3 153.1 9.6 175.4 11.1
4 8.7 0.5 24.1 1.5
5 4.0 0.3 — 0.0
Total 1,591.4 100.0 % 1,582.1 100.0 %

RESULTS OF OPERATIONS

Summarized Statement of Operations

(in $ millions) For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Total investment income $ 51.6 $ 48.2 $ 150.9 $ 134.2
Total net expenses 28.1 26.4 82.4 74.4
Net investment income $ 23.5 $ 21.8 $ 68.5 $ 59.8
Net realized gain (loss) on investments and forward<br>   contracts 3.8 0.0 (0.5 ) (6.3 )
Net unrealized appreciation (depreciation) on investments,<br>   forward contracts and foreign transactions (11.9 ) 0.9 (4.8 ) (1.2 )
Net realized and unrealized gains (losses) $ (8.1 ) $ 0.9 $ (5.3 ) $ (7.5 )
Benefit (provision) for taxes on realized and unrealized<br>   appreciation (depreciation) on investments (0.1 ) (0.1 ) 0.5 0.7
Net increase (decrease) in net assets resulting from<br>   operations $ 15.3 $ 22.6 $ 63.7 $ 53.0

Investment Income

(in $ millions) For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Interest from investments $ 47.8 $ 44.6 $ 139.6 $ 123.5
Dividend income 3.0 3.2 8.9 9.9
Other income 0.8 0.4 2.4 0.8
Total investment income $ 51.6 $ 48.2 $ 150.9 $ 134.2

Interest income, which includes amortization of upfront fees, increased from $44.6 million, for the three months ended September 30, 2023, to $47.8 million for the three months ended September 30, 2024, due to a rise in one-time non-recurring income. Included in interest from investments for the three months ended September 30, 2024 and 2023 are $1.4 million and $0.4 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $3.2 million for the three months ended September 30, 2023 to $3.0 million for the three months ended September 30, 2024 due to lower dividend income from portfolio companies. For the three months ended September 30, 2024 and 2023, we recorded $0.8 million and $0.4 million of other income related to one-time arranger fees, respectively.

Interest income, which includes amortization of upfront fees, increased from $123.5 million, for the nine months ended September 30, 2023, to $139.6 for the nine months ended September 30, 2024, due to a rise in benchmark rates and one-time income. Included in interest from investments for the nine months ended September 30, 2024 and 2023 are $3.2 million and $0.7 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $9.9 million for the nine months ended September 30, 2023 to $8.9 for the nine months ended September 30, 2024 due to lower dividend income from portfolio companies. For the nine months ended September 30, 2024 and 2023, we recorded $2.4 million and $0.8 million of other income related to one-time arranger fees, respectively.

Expenses

(in $ millions) For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Interest and other debt financing costs $ 16.1 $ 15.4 $ 47.6 $ 43.0
Management fees 5.1 5.1 15.1 14.5
Income based incentive fees 5.0 4.6 14.5 12.6
Professional fees 0.6 0.4 1.5 1.1
Directors’ fees 0.2 0.2 0.5 0.5
Other general and administrative expenses 0.5 0.5 1.9 2.1
Total expenses $ 27.5 $ 26.2 $ 81.1 $ 73.8
Management fee waiver (0.0 ) (0.1 ) (0.1 ) (0.1 )
Income based incentive fees waiver (0.1 ) (0.1 ) (0.1 ) (0.2 )
Net expenses $ 27.4 $ 26.0 $ 80.9 $ 73.5
Provision for income and excise taxes 0.7 0.4 1.5 0.9
Total $ 28.1 $ 26.4 $ 82.4 $ 74.4

Interest and other debt financing costs

Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended September 30, 2024 and 2023 interest and other debt financing costs were $16.1 million and $15.4 million, respectively. For the nine months ended September 30, 2024 and 2023 interest and other debt financing costs were $47.6 million and $43.0 million, respectively. The increase in interest and other debt financing costs was due to a higher weighted average debt outstanding and higher weighted average cost of debt related to a rise in benchmark rates.

Base Management Fees

For the three months ended September 30, 2024 and 2023, we incurred management fees of $5.1 million and $5.1 million, respectively, of which $0.0 million and $0.1 million, respectively, were waived. For the nine months ended September 30, 2024 and 2023 we incurred management fees of $15.1 million and $14.5 million, respectively, of which $0.1 million and $0.1 million, respectively, were waived. The increase in net management fees was driven by growing assets under management.

Incentive Fees

For the three months ended September 30, 2024 and 2023, we incurred income based incentive fees of $5.0 million and $4.6 million, of which $0.1 million and $0.1 million, respectively, were waived. For the nine months ended September 30, 2024 and 2023, we incurred income based incentive fees of $14.5 million and $12.6 million, of which $0.1 million and $0.2 million, respectively, were waived. The increase in net incentive fees was driven by higher pre-incentive fee net investment income.

Professional Fees and Other General and Administrative Expenses

Professional fees generally include expenses from independent auditors, tax advisors, legal counsel and third party valuation agents. Other general and administrative expenses generally include overhead and staffing costs allocated from the Administrator, insurance premiums, sub-administration expenses and miscellaneous administrative costs associated with our operations and investment activity.

For the three months ended September 30, 2024 and 2023, professional fees were $0.6 million and $0.4 million, respectively. For the nine months ended September 30, 2024 and 2023, professional fees were $1.5 million and $1.1 million, respectively. The increase is related to higher costs related to regulatory compliance.

For the three months ended September 30, 2024 and 2023, other general and administrative expenses were $0.5 million and $0.5 million, respectively. For the nine months ended September 30, 2024 and 2023, other general and administrative expenses were $1.9 million and $2.1 million, respectively.

Income and Excise Taxes

For the three months ended September 30, 2024 and 2023, we expensed income and excise taxes of $0.7 million and $0.4 million, respectively. For the nine months ended September 30, 2024 and 2023, we expensed income and excise taxes of $1.5 million and $0.9 million, respectively, due to higher undistributed taxable income balance.

Net Investment Income

For the three months ended September 30, 2024 and 2023, net investment income was $23.5 million or $0.64 per share and $21.8 million or $0.59 per share, respectively. For the nine months ended September 30, 2024 and 2023, net investment income was $68.5 million or $1.85 per share and $59.8 million or $1.68 per share, respectively. The increase in the per share net investment income was due to higher investment income earned year to date.

Net Realized and Unrealized Gains and Losses

We value our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation (depreciation) on investments. Net realized gains (losses) and net unrealized appreciation (depreciation) on our investment portfolio were comprised of the following:

($ in millions) For the three months ended<br>September 30, For the nine months ended<br>September 30,
2024 2023 2024 2023
Realized losses on non-controlled and non-affiliated investments $ — $ — $ (10.5 ) $ (6.6 )
Realized gains on non-controlled and non-affiliated investments 2.3 — 5.8 0.4
Realized losses on non-controlled and affiliated investments (5.0 ) — (5.0 ) —
Realized gains on non-controlled and affiliated investments — — — —
Realized losses on controlled investments — — — —
Realized gains on controlled investments 6.4 — 6.4 —
Realized losses on foreign currency forwards — — — —
Realized gains on foreign currency forwards — — 3.2 —
Realized losses on foreign currency transactions — — (0.5 ) (0.1 )
Realized gains on foreign currency transactions 0.1 — 0.1 —
Net realized gains (losses) on investments $ 3.8 $ — $ (0.5 ) $ (6.3 )
Change in unrealized depreciation on non-controlled and non-affiliated investments $ (13.2 ) $ (12.6 ) $ (21.5 ) $ (25.2 )
Change in unrealized appreciation on non-controlled and non-affiliated investments 12.5 11.8 32.0 30.0
Change in unrealized depreciation on foreign currency translation — 1.2 — 0.2
Change in unrealized appreciation on foreign currency translation (3.1 ) — (2.2 ) —
Change in unrealized depreciation on non-controlled and affiliated investments (1.1 ) (4.4 ) (0.9 ) (3.9 )
Change in unrealized appreciation on non-controlled and affiliated investments 5.7 0.4 6.7 0.4
Change in unrealized depreciation on controlled and affiliated investments (11.4 ) (0.6 ) (15.3 ) (5.9 )
Change in unrealized appreciation on controlled and affiliated investments — 3.1 — 2.4
Change in unrealized depreciation on foreign currency forwards — — — —
Change in unrealized appreciation on foreign currency forwards (1.4 ) 2.0 (3.7 ) 0.8
Net unrealized appreciation (depreciation) on investments $ (12.0 ) $ 0.9 $ (4.9 ) $ (1.2 )
Net realized and unrealized gains (losses) on investments $ (8.2 ) $ 0.9 $ (5.4 ) $ (7.5 )

Hedging

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks. Generally, we do not intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, which are in compliance with applicable legal and regulatory requirements, may include the use of various instruments, including futures, options and forward contracts. We bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

During the nine months ended September 30, 2024 and 2023, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $77.5 million and $99.4 million, respectively.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The primary uses of our cash and cash equivalents are for (1) investments in portfolio companies and other investments; (2) the cost of operations (including paying the Adviser); (3) debt service, repayment, and other financing costs; and (4) cash distributions to the holders of our common stock. We expect to generate additional liquidity from (1) future offerings of securities, (2) future borrowings and (3) cash flows from operations, including investment sales and repayments as well as income earned on investments.

As of September 30, 2024, we had $37.8 million in cash and cash equivalents and restricted cash and cash equivalents and $317.0 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of September 30, 2024, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of September 30, 2024, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of September 30, 2024. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.

Capital Share Activity

In connection with the FCRD Acquisition, we issued 6,174,187 shares as part of the consideration paid for net assets acquired.

Debt

($ in millions) September 30, 2024 December 31, 2023
Aggregate Principal <br>Amount Committed Drawn <br>Amount Amount Available (1) Carrying <br>Value(2) Aggregate Principal <br>Amount Committed Drawn <br>Amount Amount Available (1) Carrying <br>Value(2)(3)
SPV Asset Facility $ 500.0 $ 328.6 $ 171.4 $ 328.6 $ 500.0 $ 329.8 $ 170.2 $ 329.8
SMBC Corporate Revolving Facility 385.0 239.4 145.6 239.4 385.0 225.5 159.5 225.5
Series 2021A Unsecured Notes 135.0 135.0 — 135.0 135.0 135.0 — 135.0
FCRX Unsecured Notes 111.6 111.6 — 111.6 111.6 111.6 — 111.6
Series 2023A Unsecured Notes 50.0 50.0 — 50.0 50.0 50.0 — 50.0
Total Debt $ 1,181.6 $ 864.6 $ 317.0 $ 864.6 $ 1,181.6 $ 851.9 $ 329.7 $ 851.9

  • The amount available is subject to any limitations related to the respective debt facilities’ borrowing bases and foreign currency translation adjustments.

  • Amount presented excludes netting of deferred financing costs.

The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and 2023 was 7.23% and 6.96%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and 2023 was $878.9 million and $825.6 million, respectively. As of September 30, 2024 and December 31, 2023, the weighted average cost of debt was 6.59% and 7.02%, respectively.

SPV Asset Facility

On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with us as the collateral manager, seller and equity holder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. We consolidate CCAP SPV in our consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CCAP SPV.

On May 31, 2024, CCAP SPV entered into the Seventh Amendment to Loan and Security Agreement. The amendment, among other things, (a) extended the last day of the reinvestment period to May 31, 2027, and the stated maturity date to May 31, 2029 and (b) reduced the spread from 2.75% to 2.45%.

The maximum commitment amount under the SPV Asset Facility is $500.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.45% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including an asset coverage test and certain concentration limits.

SMBC Corporate Revolving Facility

On October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). The maximum principal amount of the SMBC Corporate Revolving Facility is $385.0 million, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 1.875% or 2.000%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on October 27, 2026.

Series 2020A Unsecured Notes

On July 30, 2020, we completed a private offering of $50.0 million aggregate principal amount of 5.95% senior unsecured notes due July 30, 2023 (the “Series 2020A Unsecured Notes”). The Series 2020A Unsecured Notes were issued in two $25.0 million issuances on July 30, 2020 and October 28, 2020. On July 28, 2023, Series 2020A Unsecured Notes were repaid upon the issuance of the Series 2023A Unsecured Notes, as defined below.

Series 2021A Unsecured Notes

On February 17, 2021, we completed a private offering of $135.0 million aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “Series 2021A Unsecured Notes”). The initial issuance of $50.0 million of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021.

The Series 2021A Unsecured Notes will mature on February 17, 2026 and may be redeemed in whole or in part, at our option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the Series 2021A Unsecured Notes is due and payable semiannually in arrears on February 17 and August 17 of each year.

FCRX Unsecured Notes

On March 9, 2023, in connection with the FCRD Acquisition, we assumed $111.6 million of unsecured notes ("FCRX Unsecured Notes"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30,

September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol “FCRX”.

Series 2023A Unsecured Notes

On May 9, 2023, we completed a private offering of $50.0 million aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026 ("Series 2023A Unsecured Notes"). These notes were issued immediately after the repayment of $50.0 million of the Series 2020A Unsecured Notes on July 28, 2023.

The Series 2023A Unsecured Notes will mature on July 28, 2026 and may be redeemed in whole or in part, at our option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the Series 2023A Unsecured Notes is due and payable semiannually in arrears on January 28 and July 28 of each year.

The summary of costs incurred in connection with the SPV Asset Facility, SMBC Corporate Revolving Facility, Series 2020A Unsecured Notes, Series 2021A Unsecured Notes, Series 2023A Unsecured Notes and FCRX Unsecured Notes is presented below:

($ in millions) For the three months ended September 30, For the nine months ended September 30,
2024 2023 2024 2023
Borrowing interest expense $ 15.3 $ 14.5 $ 44.8 $ 40.0
Unused facility fees 0.3 0.4 1.1 1.4
Amortization of financing costs 0.5 0.5 1.7 1.6
Total interest and credit facility expenses $ 16.1 $ 15.4 $ 47.6 $ 43.0
Weighted average outstanding balance $ 898.0 $ 854.7 $ 878.9 $ 825.6

To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced opportunities, or if our Board otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into new debt financing opportunities in addition to our existing debt. The pricing and other terms of any such opportunities would depend upon market conditions and the performance of our business, among other factors.

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with stockholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

As of September 30, 2024 and December 31, 2023, our asset coverage ratio was 186% and 186%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.

OFF BALANCE SHEET ARRANGEMENTS

Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2024 and December 31, 2023, we had aggregate unfunded commitments totaling $200.1 million and $175.0 million, respectively.

RECENT DEVELOPMENTS

On November 6, 2024, our Board of Directors declared a regular fourth quarter cash dividend of $0.42 per share, which will be paid on January 15, 2025 to stockholders of record as of December 31, 2024. Additionally, the Board declared a supplemental cash dividend of $0.07 per share which will be paid on December 16, 2024 to stockholders of record as of November 29, 2024. The supplemental dividend is calculated as 50% of quarterly net investment income in excess of our regular quarterly dividend, subject to certain measurement tests and rounded to the nearest penny.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk, interest rate risk and currency risk.

Valuation Risk

We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2. Summary of Significant Account Policies to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

As of September 30, 2024, 97.4% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility and SMBC Corporate Revolving Facility also bear interest at variable rates.

Assuming that our Consolidated Statement of Assets and Liabilities as of September 30, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)

Basis Point Change Interest Income Interest Expense Net Interest Income (1)
Up 100 basis points 15.5 5.7 9.8
Up 75 basis points 11.6 4.3 7.3
Up 50 basis points 7.8 2.8 5.0
Up 25 basis points 3.9 1.4 2.5
Down 25 basis points (3.9 ) (1.4 ) (2.5 )
Down 50 basis points (7.8 ) (2.8 ) (5.0 )
Down 75 basis points (11.6 ) (4.3 ) (7.3 )
Down 100 basis points (15.5 ) (5.7 ) (9.8 )
  • Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio

positions from changes in currency exchange rates. As of September 30, 2024, we had £16.9 million, AUD $29.3, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £20.0 million, AUD $29.3, and SEK 11.6 at par.

ITEM 4. CONTROLS AND PROCEDURES

  • (a)

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2024, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

  • (b)

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2024, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are party to certain lawsuits in the normal course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. Furthermore, third parties may try to seek to impose liability on us in connection with our activities or the activities of our portfolio companies. While the outcome of any such legal proceedings cannot at this time be predicted with certainty, we do not expect that these legal proceedings will materially affect our business, financial condition or results of operations.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results. These risks are not the only risk factors facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES

In connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, committed to provide secondary market support and will over time purchase $20.0 million of the Company’s common stock via a share purchase program. The Sun Life purchase program, which re-commenced on June 24, 2024 and concluded on July 19, 2024, purchased 382,542 shares of our common stock totaling $7.4 million during the quarter ended September 30, 2024, for total purchases of the full $20.0 million under the share purchase program. Purchases of our common stock pursuant to the Sun Life purchase program are subject to certain conditions as set forth in the program and are conducted in accordance with Rules 10b5- 1 and 10b-18 under the Exchange Act and other applicable securities laws and regulations that set certain restrictions on the method, timing, price, and volume of stock purchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the nine months ended September 30, 2024, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following documents are filed as part of this Annual Report:

1. Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial<br><br>Statements of this quarterly report on Form 10-Q.
2 Financial Statement Schedules—None. We have omitted financial statements schedules because they are not required or are not applicable, or the required information is shown in the consolidated financial statements or notes to the consolidated financial statements included in this quarterly report on Form 10-Q.
3. Exhibits—The following is a list of all exhibits filed as a part of this quarterly report on Form 10-Q, including those incorporated by reference.
2.1 Agreement and Plan of Merger, dated August 12, 2019, by and among the Company, Atlantis Acquisition Sub, Inc., Alcentra Capital Corporation and Crescent Cap Advisors, LLC (formerly CBDC Advisors, LLC) (incorporated by reference to Exhibit 2.1 to the Company’s current report on Form 8-K filed on August 13, 2019).
2.2 Amendment No. 1, dated September 27, 2019, to Agreement and Plan of Merger by and among the Company, Atlantis Acquisition Sub, Inc., Alcentra Capital Corporation and Crescent Cap Advisors, LLC (incorporated by reference to Annex B to the Company’s Preliminary Proxy Statement filed on October 3, 2019.
2.3 Agreement and Plan of Merger, dated September 27, 2019, by and between the Company and Crescent Reincorporation Sub, Inc. (incorporated by reference to Exhibit 2.3 to the Company’s quarterly report on Form 10-Q filed on November 7, 2019).
2.4 Agreement and Plan of Merger, dated October 3, 2022, by and among the Company,<br> Echelon Acquisition Sub, Inc., Echelon Acquisition Sub LLC, First Eagle Alternative Capital BDC, Inc. and Crescent Cap<br> Advisors, LLC (incorporated by reference to Exhibit 2.1 to the Company’s current report on Form 8-K filed on October 4, 2022).
3.1 Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on January 30, 2020).
3.2 Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on January 30, 2020).
4.1 Amended and Restated Dividend Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Company’s Form 10-K filed on March 4, 2020).
10.1 Investment Advisory Agreement by and between the Company and Crescent Cap Advisors, LLC, dated as of January 5, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on January 6, 2021).
10.2 Amended and Restated Administration Agreement by and between the Company and CCAP Administration LLC (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on February 3, 2020).
10.3 Trademark License Agreement, dated April 30, 2015, by and between the Company and Crescent (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-55380) filed on June 5, 2015).
10.4 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed on January 31, 2020).
10.5 Form of Subscription Agreement (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000-55380) filed on June 5, 2015).
10.6 Custodial Agreement, dated as of May 21, 2021, by and between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.9 to the Company’s current report on Form 10-Q filed on August 11, 2021).
10.7 Transaction Support Agreement, dated August 12, 2019, between the Company and Crescent Cap Advisors, LLC (f/k/a CBDC Advisors, LLC) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01132), filed on August 13, 2019).
10.8 Conformed Loan and Security Agreement (conformed through Amendment No. 4) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on March 17, 2020).
10.9 Fifth Amendment to Loan and Security Agreement, dated June 21, 2021, among the Company, as the collateral manager, seller and equityholder, Crescent Capital BDC Funding, LLC, as the borrower, the banks and other financial
institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on June 25, 2021).
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10.10 Sixth Amendment to Loan and Security Agreement, dated March 7, 2023, by and among the Company, as the collateral manager, seller and equity holder, Crescent Capital BDC Funding, LLC, as the borrower, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on March 8, 2023).
10.11 Seventh Amendment to Loan and Security Agreement, dated May 31, 2024, by and among the Company, as the collateral manager, seller and equity holder, Crescent Capital BDC Funding, LLC, as the borrower, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 4, 2024).
10.12 Master Note Purchase Agreement, dated July 30, 2020, by and among the Company and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on July 30, 2020).
10.13 Form of 5.95% Series 2020A Senior Notes due July 30, 2023 (included in Exhibit 10.11).
10.14 First Supplement and Amendment to Note Purchase Agreement, dated February 17, 2021, by and among the Company and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on February 17, 2021).
10.15 Form of 4.00% Series 2021A Senior Note Due February 17, 2026 (included in Exhibit 10.13).
10.16 Second Supplement to Note Purchase Agreement, dated May 8, 2023, by and among the Company and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.15 to the Company’s Form 10-Q filed on May 10, 2023).
10.17 Form of 7.54% Series 2023A Senior Note Due July 28, 2026 (incorporated by reference to Exhibit 10.15 to the Company’s quarterly report on Form 10-Q filed on May 10, 2023).
10.18 Senior Secured Revolving Credit Agreement dated October 27, 2021, by and among the Company as the Borrower, certain lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, arranger, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on October 29, 2021).
10.19 First Amendment to Senior Secured Revolving Credit Agreement dated March 4, 2022, by and among the Company as the Borrower, certain lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, arranger, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on March 7, 2022).
10.20 First Omnibus Amendment to the Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement dated January 13, 2023, by and among the Company as the Borrower, certain lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, arranger, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on January 18, 2023).
10.21 Form of Indenture and related exhibits between FCRD and U.S. Bank National Association, as trustee (incorporated herein by reference to Exhibit d.2 filed with Pre-Effective Amendment No. 1 to FCRD’s Registration Statement on Form N-2 (File No. 333-175074) filed on August 25, 2011).
10.22 Fourth Supplemental Indenture, relating to the 5.00% Notes due 2026, between FCRD and U.S. Bank National Association, as trustee (incorporated herein by reference to Exhibit 4.1 filed with FCRD’s Current Report on Form 8-K filed on May 25, 2021).
10.23 Form of 5.00% Note due 2026 (incorporated herein by reference to Exhibit 4.1 filed with FCRD’s Current Report on Form 8-K filed on May 25, 2021).
10.24 Fifth Supplemental Indenture between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.4 filed with the Company’s Registration Statement on Form 8-A on March 9, 2023).
14.1 Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Form 10-K filed on March 4, 2020).
19.1 Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Company’s Form 10-K filed on February 21, 2024).
31.1 Certification of Chief Executive Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2 Certification of Chief Financial Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32 Certification of Chief Executive Officer and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
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97 Clawback Policy (incorporated by reference to Exhibit 97 to the Company’s Form 10-K filed on February 21, 2024).
101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Crescent Capital BDC, Inc.
Date: November 12, 2024 By: /s/ Jason A. Breaux
Jason A. Breaux
Chief Executive Officer
Date: November 12, 2024 By: /s/ Gerhard Lombard
Gerhard Lombard
Chief Financial Officer

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Jason A. Breaux, certify that:

  • I have reviewed this Quarterly Report on Form 10-Q of Crescent Capital BDC, Inc.;
  • Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  • Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  • The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) and have:
  • Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  • Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  • Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  • Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
  • The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  • All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
  • Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 12, 2024 By: /s/ Jason A. Breaux
Jason A. Breaux
Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Gerhard Lombard, certify that:

  • I have reviewed this Quarterly Report on Form 10-Q of Crescent Capital BDC, Inc.;
  • Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
  • Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
  • The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) and have:
  • Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  • Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  • Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  • Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
  • The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
  • All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
  • Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 12, 2024 By: /s/ Gerhard Lombard
Gerhard Lombard
Chief Financial Officer

EX-32

Exhibit 32

Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Crescent Capital BDC, Inc. (the “Company”) for the quarter ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company, does hereby certify, to the best of such officer’s knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

  • The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
  • The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Jason A. Breaux
Name: Jason A. Breaux
Title: Chief Executive Officer
Date: November 12, 2024
/s/ Gerhard Lombard
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Name: Gerhard Lombard
Title: Chief Financial Officer
Date: November 12, 2024

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