Equibles

10-Q

Crescent Capital BDC, Inc. (CCAP)

10-Q 2025-08-13 For: 2025-06-30
View Original
Added on April 08, 2026

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 June 30, 2025

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 August 13, 2025 was 37,061,547

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

Table of Contents

Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements 4
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024 4
Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited) 5
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited) 6
Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited) 8
Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) 9
Consolidated Schedule of Investments as of December 31, 2024 46
Notes to Consolidated Financial Statements (Unaudited) 80
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 106
Item 3. Quantitative and Qualitative Disclosures About Market Risk 119
Item 4. Controls and Procedures 120
PART II OTHER INFORMATION 120
Item 1. Legal Proceedings 120
Item 1A. Risk Factors 120
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 121
Item 3. Defaults Upon Senior Securities 121
Item 4. Mine Safety Disclosures 121
Item 5. Other Information 121
Item 6. Exhibits 122

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, Australia 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, 2024
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of 1,513,462 and 1,511,386, respectively) 1,508,967 $ 1,504,013
Non-controlled affiliated investments (cost of 42,317 and 46,104, respectively) 42,595 46,793
Controlled investments (cost of 60,371 and 66,416, respectively) 49,130 48,051
Cash and cash equivalents 9,739 10,130
Restricted cash and cash equivalents 16,401 29,292
Interest and dividend receivable 9,930 11,008
Receivable from unsettled transactions 14,362 1,163
Unrealized appreciation on foreign currency forward contracts 1,444 4,815
Deferred tax assets 223 746
Other assets 1,653 263
Total assets 1,654,444 $ 1,656,274
Liabilities
Debt (net of deferred financing costs of 7,055 and 8,214, respectively) 887,318 $ 875,837
Distributions payable 15,566 15,566
Interest and other debt financing costs payable 12,479 10,408
Management fees payable 5,075 5,066
Incentive fees payable 3,557 4,305
Deferred tax liabilities 223 746
Unrealized depreciation on foreign currency forward contracts 2,606 -
Accrued expenses and other liabilities 2,904 3,709
Total liabilities 929,728 915,637
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 959,098 959,098
Accumulated earnings (loss) (234,419 ) (218,498 )
Total net assets 724,716 740,637
Total liabilities and net assets 1,654,444 $ 1,656,274
Net asset value per share 19.55 $ 19.98

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 June 30, For the six months ended June 30,
2025 2024 2025 2024
Investment Income:
From non-controlled non-affiliated investments:
Interest income $ 36,178 $ 41,973 $ 73,156 $ 85,536
Paid-in-kind interest 2,595 2,060 4,088 3,215
Dividend income 172 2 172 395
Other income 1,048 779 1,918 1,667
From non-controlled affiliated investments:
Interest income 642 1,099 1,500 1,791
Paid-in-kind interest 542 67 806 509
Dividend income - - 258 287
Other income - 16 - 16
From controlled investments:
Interest income 210 312 415 611
Dividend income 1,600 2,640 2,800 5,280
Other income 5 3 8 5
Total investment income 42,992 48,951 85,121 99,312
Expenses:
Interest and other debt financing costs 15,151 15,931 29,787 31,535
Management fees 5,089 5,034 10,127 10,014
Income based incentive fees 3,579 4,603 7,098 9,541
Professional fees 898 451 1,633 897
Directors’ fees 163 151 327 308
Other general and administrative expenses 861 678 1,828 1,305
Total expenses 25,741 26,848 50,800 53,600
Management fees waiver (13 ) (33 ) (33 ) (71 )
Income based incentive fees waiver (23 ) - (55 ) (36 )
Net expenses 25,705 26,815 50,712 53,493
Net investment income before taxes 17,287 22,136 34,409 45,819
Provision for income and excise taxes 400 433 901 800
Net investment income 16,887 21,703 33,508 45,019
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments (2,445 ) (5,332 ) (5,505 ) (6,935 )
Controlled investments - - (3,800 ) -
Foreign currency transactions (456 ) (508 ) (99 ) (519 )
Foreign currency forward contracts - 1,776 - 3,223
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation 4,236 7,191 (5,923 ) 12,061
Non-controlled affiliated investments (744 ) 966 (411 ) 1,194
Controlled investments 2,655 (3,628 ) 7,124 (3,853 )
Foreign currency forward contracts (5,120 ) (1,964 ) (5,977 ) (2,320 )
Net realized and unrealized gains (losses) on investments (1,874 ) (1,499 ) (14,591 ) 2,851
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments - 181 - 520
Net increase (decrease) in net assets resulting from operations $ 15,013 $ 20,385 $ 18,917 $ 48,390
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted): $ 0.41 $ 0.55 $ 0.51 $ 1.31
Net investment income per share (basic and diluted): $ 0.46 $ 0.59 $ 0.90 $ 1.21
Weighted average shares outstanding (basic and diluted): 37,061,547 37,061,547 37,061,547 37,061,547

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 March 31, 2025 37,061,547 $ 37 $ 959,098 $ (232,013 ) $ 727,122
Net increase (decrease) in net assets resulting from operations:
Net investment income — — — 16,887 16,887
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards — — — (2,901 ) (2,901 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation — — — 1,027 1,027
Distributions from distributable earnings — — — (17,419 ) (17,419 )
Total increase (decrease) for the three months ended June 30, 2025 — — — $ (2,406 ) $ (2,406 )
Balance at June 30, 2025 37,061,547 $ 37 $ 959,098 $ (234,419 ) $ 724,716
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, 2024 37,061,547 $ 37 $ 959,098 $ (218,498 ) $ 740,637
Net increase (decrease) in net assets resulting from operations:
Net investment income - - - 33,508 33,508
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards - - - (9,404 ) (9,404 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation - - - (5,187 ) (5,187 )
Distributions from distributable earnings - - - (34,838 ) (34,838 )
Total increase (decrease) for the six months ended June 30, 2025 - $ - $ - $ (15,921 ) $ (15,921 )
Balance at June 30, 2025 37,061,547 $ 37 $ 959,098 $ (234,419 ) $ 724,716

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 March 31, 2024 37,061,547 $ 37 $ 965,895 $ (214,234 ) $ 751,698
Net increase (decrease) in net assets resulting from operations:
Net investment income — — — 21,703 21,703
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards — — — (4,064 ) (4,064 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation — — — 2,565 2,565
Benefit (provision) for taxes on realized gain on investments — — — 181 181
Distributions from distributable earnings — — — (19,643 ) (19,643 )
Total increase (decrease) for the three months ended June 30, 2024 — — — $ 742 $ 742
Balance at June 30, 2024 37,061,547 $ 37 $ 965,895 $ (213,492 ) $ 752,440
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 — — — 45,019 45,019
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards — — — (4,231 ) (4,231 )
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation — — — 7,082 7,082
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments — — — 520 520
Distributions from distributable earnings — — — (38,544 ) (38,544 )
Total increase (decrease) for the six months ended June 30, 2024 — — — 9,846 9,846
Balance at June 30, 2024 37,061,547 $ 37 $ 965,895 $ (213,492 ) $ 752,440

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

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

For the six months ended June 30,
2025 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations $ 18,917 $ 48,390
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments (162,181 ) (193,188 )
Paid-in-kind interest income (5,280 ) (4,132 )
Proceeds from sales of investments and principal repayments 170,684 170,953
Net realized (gain) loss on investments and foreign currency transactions 8,898 10,573
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation (790 ) (9,402 )
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts 5,977 2,320
Amortization of premium and accretion of discount, net (4,157 ) (4,476 )
Amortization of deferred financing costs 2,224 1,139
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions (13,199 ) (2,298 )
(Increase) decrease in interest and dividend receivable 1,078 (2,089 )
(Increase) decrease in deferred tax asset 523 (825 )
(Increase) decrease in other assets (1,390 ) (1,832 )
Increase (decrease) in management fees payable 9 (25 )
Increase (decrease) in incentive fees payable (748 ) (167 )
Increase (decrease) in interest and other debt financing costs payable 2,071 138
Increase (decrease) in deferred tax liability (523 ) 305
Increase (decrease) in accrued expenses and other liabilities (805 ) (524 )
Net cash provided by (used for) operating activities $ 21,308 $ 14,860
Cash flows from financing activities:
Issuance of unsecured debt 115,000 —
Deferred financing and debt issuance costs paid (1,065 ) (1,904 )
Distributions paid (34,838 ) (38,173 )
Borrowings on credit facilities 211,367 184,729
Repayments on credit facilities (325,041 ) (147,827 )
Net cash provided by (used for) financing activities (34,577 ) (3,175 )
Effect of exchange rate changes on cash denominated in foreign currency (13 ) (13 )
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency (13,282 ) 11,672
Cash, cash equivalents, restricted cash and foreign currency, beginning of period 39,422 24,470
Cash, cash equivalents, restricted cash and foreign currency, end of period(1) $ 26,140 $ 36,142
Supplemental and non-cash financing activities:
Cash paid during the period for interest $ 29,189 $ 30,801
Cash paid during the period for taxes $ 1,708 $ 1,262
Accrued but unpaid distributions $ 15,566 $ 15,566
  • As of June 30, 2025, the balance included cash and cash equivalents of $9,739 (including cash denominated in foreign currency of $1,428) and restricted cash and cash equivalents of $16,401 (including cash denominated in foreign currency of $538). As of December 31, 2024, the balance included cash and cash equivalents of $10,130 (including cash denominated in foreign currency of $692) and restricted cash and cash equivalents of $29,292 (including cash denominated in foreign currency of $13,514).

See accompanying notes

CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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 Unitranche First Lien Revolver S + 525 (100 Floor) 9.73% 05/2028 135 $ 132 0.0 % 135
Auveco Holdings Unitranche First Lien Term Loan S + 525 (100 Floor) 9.73% 05/2028 3,929 3,885 0.5 3,929
Continental Battery Company (9) Unitranche First Lien Term Loan 01/2027 7,820 7,469 0.6 4,309
Continental Battery Company (9) Unitranche First Lien Delayed Draw Term Loan 01/2027 2,884 2,765 0.2 1,589
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 500 (75 Floor) 9.33% 09/2028 12,587 12,456 1.7 12,550
Sun Acquirer Corp. Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.33% 09/2028 8,898 8,828 1.3 8,872
Sun Acquirer Corp. (4)(5) Unitranche First Lien Revolver 09/2027 — (17 ) 0.0 (5 )
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 500 (75 Floor) 9.33% 09/2028 2,413 2,386 0.4 2,404
38,666 $ 37,904 4.7 % 33,783
Capital Goods
Envocore Holding, LLC (7)(8) Senior Secured First Lien Term Loan 750 7.50% 12/2026 6,701 $ 6,687 0.9 % 6,701
Envocore Holding, LLC (7)(8) Senior Secured First Lien Revolver 7.50% 12/2026 1,111 1,110 0.2 1,111
Envocore Holding, LLC (7)(8)(9) Senior Secured Second Lien Term Loan 12/2027 9,858 7,053 0.4 2,767
Eshipping Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 11/2027 5,086 5,041 0.8 5,084
Eshipping Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.33% 11/2027 782 779 0.1 782
Eshipping (4)(5) Senior Secured First Lien Revolver 11/2027 — (9 ) 0.0 —
GB Eagle Buyer, Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2030 — (6 ) 0.0 (3 )
GB Eagle Buyer, Inc. Unitranche First Lien Revolver S + 450 (100 Floor) 8.80% 11/2030 192 188 0.0 191
GB Eagle Buyer, Inc. Unitranche First Lien Term Loan S + 450 (100 Floor) 8.80% 11/2030 3,181 3,152 0.4 3,173
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) (plus 100 PIK) 10.45% 07/2028 3,326 $ 3,293 0.4 % 3,089
Oliver Packaging LLC Senior Secured First Lien Revolver S + 500 (100 Floor) (plus 100 PIK) 10.45% 07/2028 150 145 0.0 114
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) (plus 100 PIK) 10.45% 07/2028 201 199 0.0 187
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 9.92% 08/2027 1,973 1,956 0.3 1,912
Painters Supply & Equipment Company Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.92% 08/2027 882 878 0.1 855
Painters Supply & Equipment Company (4)(5) Unitranche First Lien Revolver 08/2027 — (4 ) 0.0 (15 )
Painters Supply & Equipment Company Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.92% 04/2030 171 171 0.0 148
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 9.92% 04/2030 842 842 0.1 816
TriStrux, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) (plus 200 PIK) 12.45% 12/2027 2,699 2,674 0.2 1,625
TriStrux, LLC Senior Secured First Lien Revolver S + 600 (100 Floor) (plus 200 PIK) 12.45% 12/2027 969 958 0.1 544
TriStrux, LLC Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) (plus 200 PIK) 12.45% 12/2027 948 938 0.1 570
39,072 $ 36,045 4.1 % 29,651
Commercial & Professional Services
American Refrigeration Senior Secured First Lien Term Loan S + 625 (100 Floor) 10.69% 02/2029 3,456 $ 3,437 0.5 % 3,445
American Refrigeration Senior Secured First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.69% 04/2029 125 125 0.0 125
American Refrigeration Senior Secured First Lien Term Loan S + 625 (100 Floor) 10.69% 04/2029 198 198 0.0 197
Automated Control Concepts, Inc. Unitranche First Lien Term Loan S + 550 (100 Floor) 10.06% 10/2026 2,976 2,930 0.4 2,972
Automated Control Concepts, Inc. (4)(5) Unitranche First Lien Revolver 10/2026 — (12 ) 0.0 (1 )
Career Certified, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 02/2031 — (1 ) 0.0 (3 )
Career Certified, LLC (4)(5) Senior Secured First Lien Revolver 02/2031 — (2 ) 0.0 (2 )
Career Certified, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.30% 02/2031 2,200 2,185 0.3 2,184
Duraserv LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.06% 06/2031 1,775 1,765 0.2 1,752
Duraserv LLC (4)(5) Senior Secured First Lien Revolver 06/2030 — (7 ) 0.0 (9 )
Duraserv LLC Senior Secured First Lien Term Loan S + 475 (75 Floor) 9.06% 06/2031 4,785 4,741 0.7 4,737
Duraserv LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.06% 06/2031 70 70 0.0 52
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Flow Service Partners Intermediate Holdco LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 11/2030 — $ (6 ) 0.0 % (8 )
Flow Service Partners Intermediate Holdco LLC Senior Secured First Lien Revolver S + 500 (100 Floor) 9.30% 11/2030 357 348 0.0 352
Flow Service Partners Intermediate Holdco LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.30% 11/2030 2,537 2,509 0.3 2,522
GH Parent Holdings Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 9.58% 05/2029 12,680 12,591 1.7 12,680
GH Parent Holdings Inc. Unitranche First Lien Revolver S + 525 (100 Floor) 9.58% 05/2029 264 254 0.0 264
GH Parent Holdings Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.58% 05/2029 7,279 7,279 1.0 7,279
GH Parent Holdings Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.58% 05/2029 646 621 0.1 646
Guardian Access Solutions Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.30% 08/2029 1,063 1,045 0.1 1,056
Guardian Access Solutions Senior Secured First Lien Revolver S + 600 (100 Floor) 10.30% 08/2029 450 437 0.1 447
Guardian Access Solutions Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.33% 08/2029 2,849 2,797 0.4 2,839
Halo Buyer, Inc. Unitranche First Lien Revolver S + 600 (100 Floor) 10.33% 02/2029 96 86 0.0 102
Halo Buyer, Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 10.33% 02/2029 3,470 3,406 0.5 3,515
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.80% 12/2026 18,312 18,165 2.5 18,244
Hercules Borrower LLC (4)(5) Unitranche First Lien Revolver 12/2026 - (14 ) 0.0 (8 )
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.90% 12/2026 238 235 0.0 237
Hercules Borrower LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.90% 12/2026 1,421 1,409 0.2 1,416
Hsid Acquisition, LLC Senior Secured First Lien Term Loan S + 450 (100 Floor) 8.83% 01/2028 3,671 3,645 0.5 3,671
Hsid Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 450 (100 Floor) 8.83% 01/2028 2,762 2,743 0.4 2,762
Hsid Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 01/2028 - (1 ) 0.0 -
Infobase Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.95% 06/2028 10,961 10,834 1.5 10,793
Infobase Senior Secured First Lien Revolver S + 550 (100 Floor) 9.95% 06/2028 1,373 1,358 0.2 1,351
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Iris Buyer, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 9.53% 10/2030 10,436 $ 10,197 1.5 % 10,525
Iris Buyer, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.55% 10/2030 984 963 0.1 992
Iris Buyer, LLC Unitranche First Lien Revolver S + 525 (100 Floor) 9.55% 10/2030 454 424 0.1 454
Iris Buyer, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.55% 10/2030 387 376 0.1 406
Landscape Workshop, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 05/2032 - (21 ) 0.0 (42 )
Landscape Workshop, LLC (4)(5) Unitranche First Lien Revolver 05/2031 - (22 ) 0.0 (23 )
Landscape Workshop, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.30% 05/2032 12,973 12,846 1.8 12,843
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.43% 07/2027 608 602 0.1 608
MHS Acquisition Holdings, LLC Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.43% 07/2027 217 215 0.0 217
MHS Acquisition Holdings, LLC Senior Secured First Lien Revolver S + 600 (100 Floor) 10.43% 07/2027 60 59 0.0 60
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 625 (100 Floor) 10.68% 07/2027 39 39 0.0 39
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 10.93% 07/2027 39 39 0.0 39
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2027 355 355 0.0 355
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2027 1,067 1,066 0.1 1,067
Minuteman Security Technologies, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.65% 02/2029 4,274 4,203 0.6 4,274
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.65% 02/2029 1,923 1,907 0.3 1,923
Minuteman Security Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 02/2029 — (17 ) 0.0 -
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.65% 02/2029 2,639 2,639 0.4 2,639
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.65% 02/2029 2,525 2,525 0.3 2,525
NRG Controls (4)(5) Senior Secured First Lien Delayed Draw Term Loan 10/2030 - (5 ) 0.0 -
NRG Controls (4)(5) Senior Secured First Lien Revolver 10/2030 — (5 ) 0.0 -
NRG Controls Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.08% 10/2030 3,077 3,042 0.4 3,077
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) 8.80% 05/2031 1,139 1,142 0.3 1,136
Pye-Barker Fire & Safety, LLC Unitranche First Lien Revolver S + 450 (75 Floor) 8.80% 05/2030 327 327 0.0 313
Pye-Barker Fire & Safety, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 8.80% 05/2031 26,428 26,428 3.6 26,283
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Receivable Solutions, Inc. Senior Secured First Lien Revolver P + 450 (100 Floor) 12.00% 10/2025 180 $ 179 0.0 % 180
Receivable Solutions, Inc. Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.94% 10/2025 2,060 2,058 0.4 2,060
RN Enterprises, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 10/2031 - (12 ) 0.0 28
RN Enterprises, LLC Unitranche First Lien Revolver S + 525 (75 Floor) 9.02% 10/2031 277 262 0.0 277
RN Enterprises, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 9.02% 10/2031 6,824 6,745 1.0 6,912
RN Enterprises, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 9.02% 10/2031 871 863 0.1 882
Seko Global Logistics Network, LLC Senior Secured First Lien Term Loan S + 100 (plus 900 PIK) 14.32% 05/2030 1,327 1,327 0.2 1,327
Seko Global Logistics Network, LLC Senior Secured First Lien Revolver S + 100 (plus 600 PIK) 11.32% 05/2030 484 484 0.1 484
Service Logic Acquisition, Inc. (8) Senior Secured Second Lien Term Loan 1150 11.50% 10/2028 4,474 4,404 0.6 4,465
Service Logic Acquisition, Inc. (8) Senior Secured Second Lien Delayed Draw Term Loan 1150 11.50% 10/2028 2,359 2,318 0.3 2,354
UHY Advisors , Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2031 — (10 ) 0.0 -
UHY Advisors , Inc. (4)(5) Unitranche First Lien Revolver 11/2031 — (8 ) 0.0 -
UHY Advisors , Inc. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 11/2031 4,564 4,533 0.5 4,564
179,385 $ 177,637 24.5 % 178,852
Consumer Services
Bandon Fitness (Texas) Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 10.43% 07/2028 4,702 $ 4,658 0.6 % 4,688
Bandon Fitness (Texas) Inc. Unitranche First Lien Revolver S + 600 (100 Floor) 10.43% 07/2028 401 397 0.1 399
Bandon Fitness (Texas) Inc. Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.47% 07/2028 2,087 2,071 0.3 2,081
Effective School Solutions LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.09% 11/2027 7,498 7,446 1.0 7,429
Effective School Solutions LLC Senior Secured First Lien Revolver S + 550 (100 Floor) 9.94% 11/2027 957 945 0.1 944
Effective School Solutions LLC (4)(5) Senior Secured First Lien Revolver 11/2027 - - 0.0 (3 )
Everlast Parent Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.83% 10/2028 13,397 13,307 1.9 13,296
Everlast Parent Inc. Unitranche First Lien Revolver S + 650 (100 Floor) 10.83% 10/2028 967 957 0.1 955
Everlast Parent Inc. Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.08% 10/2028 3,293 3,242 0.4 3,201
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.45% 12/2029 4,188 $ 4,147 0.6 % 4,213
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.45% 12/2029 1,406 1,400 0.2 1,414
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.45% 12/2029 1,397 1,384 0.2 1,405
FS Whitewater Borrower, LLC (4)(5) Unitranche First Lien Revolver 12/2029 — (6 ) 0.0 —
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.45% 12/2029 1,525 1,518 0.2 1,534
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.45% 12/2029 581 571 0.1 584
FS Whitewater Borrower, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 12/2029 - (17 ) 0.0 10
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) (plus 250 PIK) 11.31% 11/2026 3,357 3,351 0.4 3,193
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) (plus 250 PIK) 11.31% 11/2026 3,325 3,320 0.4 3,163
HGH Purchaser, Inc. Unitranche First Lien Revolver S + 650 (75 Floor) 10.86% 11/2026 542 552 0.1 466
HGH Purchaser, Inc. Unitranche First Lien Term Loan S + 450 (75 Floor) (plus 250 PIK) 11.31% 11/2026 7,911 7,849 1.0 7,524
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Revolver S + 525 (75 Floor) 9.58% 06/2028 316 301 0.0 316
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Term Loan S + 525 (75 Floor) 9.58% 06/2029 10,108 10,005 1.4 10,108
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Term Loan S + 525 (75 Floor) 9.58% 06/2029 876 864 0.1 884
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.58% 06/2029 981 977 0.1 981
HS Spa Holdings Inc. (Hand & Stone) (8) Unitranche First Lien - Last Out Term Loan 1237.5 PIK 12.38% 06/2030 1,839 1,813 0.2 1,765
Ingenio, LLC Unitranche First Lien Term Loan S + 200 (100 Floor) (plus 600 PIK) 12.45% 08/2027 5,053 5,027 0.7 4,738
Ingenio, LLC Unitranche First Lien Term Loan S + 200 (100 Floor) (plus 600 PIK) 12.44% 08/2027 2,238 2,223 0.3 2,099
Learn-It Systems, LLC (4)(5) Senior Secured First Lien Revolver 09/2026 — (5 ) 0.0 —
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) (plus 75 PIK) 10.01% 09/2026 2,632 2,598 0.4 2,632
Learn-It Systems, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) (plus 75 PIK) 9.86% 09/2026 4,451 4,429 0.6 4,451
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) (plus 75 PIK) 10.01% 09/2026 1,192 1,176 0.2 1,192
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Mario Purchaser, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.18% 04/2029 5,120 $ 5,093 0.7 % 4,973
Mario Purchaser, LLC Unitranche First Lien Revolver S + 1079 PIK 10.18% 04/2028 174 162 0.0 144
Mario Purchaser, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.18% 04/2029 9,615 9,497 1.4 9,340
Mario Purchaser, LLC Unitranche First Lien Delayed Draw Term Loan S + 575.3 (100 Floor) 10.18% 04/2029 472 465 0.1 459
Mario Purchaser, LLC Unitranche First Lien - Last Out Term Loan 1517.7 PIK 15.18% 04/2032 4,593 4,519 0.6 4,474
Marlin DTC-LS Midco 2, LLC (4)(5) Unitranche First Lien Revolver 07/2025 — — 0.0 (4 )
Marlin DTC-LS Midco 2, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 10.93% 07/2025 2,971 2,967 0.4 2,894
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) 10.06% 08/2029 3,486 3,467 0.5 3,488
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 1,308 1,290 0.2 1,283
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1475 PIK 14.75% 08/2030 325 314 0.0 316
Stepping Stones Healthcare Services, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.30% 12/2028 12,777 12,620 1.9 12,886
Stepping Stones Healthcare Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.30% 12/2028 2,868 2,853 0.4 2,892
Stepping Stones Healthcare Services, LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (19 ) 0.0 —
Stepping Stones Healthcare Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.30% 12/2028 1,031 1,010 0.1 1,062
USA Hometown Experts, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.63% 11/2029 1,478 1,467 0.2 1,478
USA Hometown Experts, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.63% 11/2029 1,634 1,622 0.2 1,634
USA Hometown Experts, Inc. Senior Secured First Lien Revolver S + 525 (100 Floor) 9.63% 11/2029 180 173 0.0 180
USA Hometown Experts, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.63% 11/2029 1,642 1,642 0.2 1,642
Wrench Group LLC (8) Senior Secured Second Lien Term Loan 1125 11.25% 04/2027 4,833 4,786 0.7 4,756
141,727 $ 140,425 19.3 % 139,553
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Diversified Financials
Cary Street Partners Financial LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 05/2031 — $ (14 ) 0.1 % (36 )
Cary Street Partners Financial LLC (4)(5) Senior Secured First Lien Revolver 05/2031 — (4 ) 0.0 (4 )
Cary Street Partners Financial LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.08% 05/2031 1,800 1,778 0.2 1,778
Essential Services Holding Corporation (4)(5) Unitranche First Lien Delayed Draw Term Loan 06/2030 — (6 ) 0.0 (15 )
Essential Services Holding Corporation Unitranche First Lien Revolver S + 500 (75 Floor) 9.33% 06/2031 112 104 0.0 102
Essential Services Holding Corporation Unitranche First Lien Term Loan S + 500 (75 Floor) 9.28% 06/2031 7,582 7,514 1.0 7,507
iLending LLC (4)(5) Unitranche First Lien Revolver 12/2028 — — 0.0 (9 )
iLending LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 10.93% 12/2028 2,388 2,388 0.3 2,336
iLending LLC (8)(9) Unitranche First Lien - Last Out Term Loan 12/2028 2,280 — 0.0 —
King Mid LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (100 Floor) 8.83% 04/2031 1,043 1,026 0.1 993
King Mid LLC (4)(5) Unitranche First Lien Revolver 04/2031 — (10 ) 0.0 (10 )
King Mid LLC Unitranche First Lien Term Loan S + 450 (100 Floor) 8.83% 04/2031 6,800 6,751 0.9 6,751
Miracle Mile Holdings, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2028 — (18 ) 0.0 (47 )
Miracle Mile Holdings, LLC Unitranche First Lien Revolver S + 500 (100 Floor) 9.43% 11/2028 122 121 0.0 121
Miracle Mile Holdings, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 9.43% 11/2028 2,139 2,120 0.3 2,120
PCS Retirement Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.05% 03/2030 833 826 0.1 826
PCS Retirement Unitranche First Lien Revolver S + 575 (100 Floor) 10.05% 03/2030 53 47 0.0 50
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
PCS Retirement Unitranche First Lien Term Loan S + 575 (100 Floor) 10.05% 03/2030 5,036 $ 4,998 0.8 % 5,018
RWA Wealth Partners, LLC. Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.07% 11/2030 308 297 0.0 308
RWA Wealth Partners, LLC. Unitranche First Lien Revolver S + 475 (75 Floor) 9.08% 11/2030 220 211 0.0 220
RWA Wealth Partners, LLC. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.07% 11/2030 6,135 6,092 0.9 6,135
Soltis (4)(5) Unitranche First Lien Delayed Draw Term Loan 08/2030 — (6 ) 0.0 —
Soltis (4)(5) Unitranche First Lien Revolver 08/2030 — (8 ) 0.0 —
Soltis Unitranche First Lien Term Loan S + 500 (100 Floor) 9.11% 08/2030 1,886 1,856 0.3 1,886
38,737 $ 36,063 5.0 % 36,030
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8) Senior Secured Second Lien Note 1200 12.00% 03/2031 1,188 $ 1,188 0.2 % 1,188
1,188 $ 1,188 0.2 % 1,188
Food & Staples Retailing
Isagenix International, LLC (6) Senior Secured First Lien Term Loan S + 250 (100 Floor) (plus 500 PIK) 11.81% 04/2028 3,305 $ 3,127 0.2 % 1,724
3,305 $ 3,127 0.2 % 1,724
Food, Beverage & Tobacco
JTM Foods LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.72% 05/2029 4,848 $ 4,819 0.6 % 4,848
JTM Foods LLC Senior Secured First Lien Revolver S + 525 (100 Floor) 9.72% 05/2029 600 594 0.1 600
JTM Foods LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.70% 05/2029 659 657 0.1 659
6,107 $ 6,070 0.8 % 6,107
Health Care Equipment & Services
ACI Group Holdings, Inc. Unitranche First Lien Term Loan S + 275 (75 Floor) (plus 325 PIK) 10.43% 08/2028 6,981 $ 6,895 0.9 % 6,751
ACI Group Holdings, Inc. Unitranche First Lien Delayed Draw Term Loan S + 275 (75 Floor) (plus 325 PIK) 10.43% 08/2028 1,237 1,233 0.2 1,198
ACI Group Holdings, Inc. Unitranche First Lien Revolver S + 550 (75 Floor) 9.93% 08/2027 162 157 0.0 139
ACI Group Holdings, Inc. Unitranche First Lien Delayed Draw Term Loan S + 275 (75 Floor) (plus 325 PIK) 10.43% 08/2028 1,340 1,325 0.2 1,297
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Acu-Serve, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.30% 10/2029 3,940 $ 3,910 0.5 % 3,920
Acu-Serve, LLC Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.30% 10/2029 351 343 0.0 341
Acu-Serve, LLC (4)(5) Senior Secured First Lien Revolver 10/2029 — (5 ) 0.0 (4 )
Annuity Health (4)(5) Senior Secured First Lien Revolver 02/2029 — (6 ) 0.0 —
Annuity Health Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.28% 02/2029 4,148 4,119 0.6 4,148
Arrow Management Acquisition, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.05% 10/2027 4,777 4,735 0.7 4,777
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.05% 10/2027 2,137 2,126 0.3 2,137
Arrow Management Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 10/2027 — (6 ) 0.0 —
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.05% 10/2027 1,634 1,634 0.2 1,634
Avalign Technologies, Inc. Unitranche First Lien Revolver S + 650 (75 Floor) 10.83% 12/2028 501 477 0.1 411
Avalign Technologies, Inc. Unitranche First Lien Term Loan S + 362.5 (75 Floor) (plus 362.5 PIK) 11.58% 12/2028 13,213 13,019 1.7 12,497
Bayside Opco, LLC Senior Secured First Lien Term Loan S + 725 (100 Floor) 11.70% 05/2026 4,432 4,432 0.6 4,432
Bayside Opco, LLC Senior Secured First Lien Term Loan S + 725 (100 Floor) 11.70% 05/2026 1,568 1,568 0.2 1,568
Bayside Opco, LLC (5) Senior Secured First Lien Revolver 05/2026 — — 0.0 —
Bayside Opco, LLC (6) Unsecured Debt 1444.6 PIK 14.45% 05/2026 1,954 1,568 0.3 1,954
BVI Medical Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 03/2032 — (3 ) 0.0 —
BVI Medical Inc. (4)(5) Unitranche First Lien Revolver 03/2032 — (12 ) 0.0 (7 )
BVI Medical Inc. (8) Unitranche First Lien Term Loan S + 125 (75 Floor) (plus 500 PIK) 10.58% 03/2032 10,263 10,117 1.4 10,263
CC Amulet Management, LLC (6) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.52% 08/2027 4,949 4,909 0.7 4,949
CC Amulet Management, LLC (6) Senior Secured First Lien Revolver S + 500 (100 Floor) 9.43% 08/2027 671 664 0.1 671
CC Amulet Management, LLC (6) Senior Secured First Lien Delayed Draw Term Loan S + 500 9.55% 08/2027 902 890 0.1 902
Centria Subsidiary Holdings, LLC (4)(5) Unitranche First Lien Revolver 06/2027 — (4 ) 0.0 —
Centria Subsidiary Holdings, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 9.05% 06/2027 11,220 11,201 1.5 11,220
ConvenientMD Senior Secured First Lien Term Loan S + 525 9.73% 06/2029 5,609 5,564 0.8 5,590
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
ConvenientMD (4)(5) Senior Secured First Lien Revolver 06/2029 — $ (7 ) 0.0 % (2 )
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.18% 11/2027 11,385 11,298 1.6 11,389
EMS Buyer, Inc. Unitranche First Lien Revolver S + 575 (100 Floor) 10.18% 11/2027 403 399 0.1 403
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.18% 11/2027 970 960 0.1 970
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.18% 11/2027 2,079 2,079 0.3 2,079
Explorer Investor, Inc. Unitranche First Lien Term Loan S + 600 (50 Floor) 10.29% 06/2029 13,375 12,956 1.6 11,705
FH MD Buyer, Inc Senior Secured First Lien Term Loan S + 500 (75 Floor) 9.44% 07/2028 19,249 19,172 2.6 19,153
GrapeTree Medical Staffing, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.94% 04/2026 5,914 5,898 0.8 5,546
GrapeTree Medical Staffing, LLC (4)(5) Senior Secured First Lien Revolver 04/2026 — (6 ) 0.0 (37 )
GrapeTree Medical Staffing, LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.94% 04/2026 3,451 3,443 0.4 3,237
Great Lakes Dental Partners, LLC Unitranche First Lien Term Loan S + 425 (100 Floor) (plus 300 PIK) 11.70% 06/2027 4,989 4,961 0.7 4,782
Great Lakes Dental Partners, LLC Unitranche First Lien Revolver S + 425 (100 Floor) (plus 300 PIK) 11.70% 06/2027 312 310 0.0 295
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.29% 05/2027 4,379 4,344 0.6 4,379
Homecare Partners Management, LLC Senior Secured First Lien Revolver S + 575 (100 Floor) 10.20% 05/2027 675 666 0.1 675
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.20% 05/2027 3,276 3,231 0.5 3,276
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.23% 05/2027 1,067 1,057 0.1 1,067
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.20% 06/2030 858 858 0.1 858
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.69% 12/2026 14,535 14,433 2.0 14,534
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.69% 12/2026 2,655 2,616 0.4 2,655
Hospice Care Buyer, Inc. Unitranche First Lien Revolver S + 650 (100 Floor) 10.69% 12/2026 938 926 0.1 938
Hospice Care Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 10.69% 12/2026 2,702 2,661 0.4 2,702
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.69% 12/2026 385 381 0.1 385
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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) 10.95% 06/2026 2,922 $ 2,922 0.4 % 2,847
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 10.95% 06/2026 351 351 0.0 342
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Revolver S + 650 10.95% 06/2026 442 442 0.1 431
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.95% 06/2026 804 804 0.1 783
IVX Health Merger Sub, Inc. (4)(5) Unitranche First Lien Revolver 06/2030 — (58 ) 0.0 —
IVX Health Merger Sub, Inc. Unitranche First Lien Term Loan S + 500 (100 Floor) 9.30% 06/2030 16,984 16,686 2.4 17,153
IVX Health Merger Sub, Inc. (8) Unsecured Debt 1350 PIK 13.50% 06/2031 8,240 8,075 1.2 8,487
Laseraway Intermediate Holdings II, LLC (12) Unitranche First Lien Term Loan S + 575 (75 Floor) 10.29% 10/2027 5,872 5,815 0.8 5,652
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Revolver S + 575 (100 Floor) (plus 75 PIK) 11.06% 03/2028 1,159 1,156 0.1 1,027
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) (plus 75 PIK) 11.04% 03/2028 468 466 0.1 415
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) (plus 75 PIK) 11.06% 03/2028 2,245 2,240 0.3 1,990
Lighthouse Lab Services Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.20% 10/2027 5,507 5,458 0.8 5,488
Lighthouse Lab Services Senior Secured First Lien Revolver S + 575 (100 Floor) 10.20% 10/2027 1,074 1,064 0.1 1,070
Lightspeed Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.08% 02/2027 784 784 0.1 784
Lightspeed Buyer, Inc. (5) Unitranche First Lien Revolver 02/2027 — — 0.0 —
Lightspeed Buyer, Inc. Unitranche First Lien Term Loan S + 475 (100 Floor) 9.05% 02/2027 17,562 17,562 2.4 17,561
MB2 Dental Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 9.83% 02/2031 757 740 0.1 800
MB2 Dental Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 9.83% 02/2031 881 860 0.1 906
MB2 Dental (4)(5) Unitranche First Lien Revolver 02/2031 — (3 ) 0.0 —
MB2 Dental Unitranche First Lien Term Loan S + 550 (75 Floor) 9.83% 02/2031 6,083 6,034 0.9 6,205
Medical Review Institute of America Senior Secured First Lien Revolver S + 525 (100 Floor) 9.30% 07/2030 128 121 0.0 117
Medical Review Institute of America Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.30% 07/2030 5,657 5,609 0.8 5,579
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
MWD Management LLC (United Derm) Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.40% 06/2027 4,388 $ 4,347 0.6 % 4,388
MWD Management LLC (United Derm) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.40% 06/2027 5,446 5,393 0.8 5,446
MWD Management LLC (United Derm) Senior Secured First Lien Revolver S + 500 (100 Floor) 9.40% 06/2027 480 469 0.1 480
Omni Ophthalmic Management Consultants, LLC (9) Senior Secured First Lien Revolver 09/2025 995 981 0.1 863
Omni Ophthalmic Management Consultants, LLC (9) Senior Secured First Lien Term Loan 09/2025 6,915 6,815 0.8 5,996
Omni Ophthalmic Management Consultants, LLC (9) Senior Secured First Lien Term Loan 09/2025 908 890 0.1 787
Omni Ophthalmic Management Consultants, LLC (9) Senior Secured First Lien Term Loan 09/2025 307 303 0.0 267
Omni Ophthalmic Management Consultants, LLC (9) Senior Secured First Lien Term Loan 09/2025 256 249 0.0 222
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Revolver S + 650 (100 Floor) (plus 350 PIK) 14.43% 09/2025 176 176 0.0 176
Patriot Acquisition Topco S.A.R.L Unitranche First Lien Term Loan S + 475 (100 Floor) 9.03% 01/2028 2,827 2,793 0.4 2,813
Patriot Acquisition Topco S.A.R.L Unitranche First Lien Revolver S + 475 (100 Floor) 9.03% 01/2026 126 121 0.0 118
Patriot Acquisition Topco S.A.R.L Unitranche First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.03% 01/2028 11,775 11,644 1.6 11,716
Patriot Acquisition Topco S.A.R.L Unitranche First Lien Term Loan S + 475 (100 Floor) 9.03% 01/2028 360 354 0.0 358
Patriot Acquisition Topco S.A.R.L Unitranche First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.03% 01/2028 4,392 4,360 0.6 4,370
Patriot Acquisition Topco S.A.R.L Unitranche First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.03% 01/2028 816 810 0.1 808
Patriot Acquisition Topco S.A.R.L (8) Unsecured Debt 1400 PIK 14.00% 02/2030 4,172 4,114 0.6 4,248
Plasma Buyer LLC (PathGroup) Unitranche First Lien Delayed Draw Term Loan S + 625 (75 Floor) 10.55% 05/2029 268 265 0.0 250
Plasma Buyer LLC (PathGroup) Unitranche First Lien Revolver S + 575 (75 Floor) 10.05% 05/2029 807 798 0.1 754
Plasma Buyer LLC (PathGroup) Unitranche First Lien Term Loan S + 575 (75 Floor) 10.05% 05/2029 7,097 7,007 0.9 6,635
Premier Dental Care Management, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 9.58% 08/2028 9,190 9,100 1.3 9,124
Premier Dental Care Management, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.58% 08/2028 4,986 4,982 0.7 4,950
Premier Dental Care Management, LLC Unitranche First Lien Revolver S + 525 (75 Floor) 9.58% 08/2027 142 125 0.0 124
Premier Dental Care Management, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.58% 08/2028 3,091 3,076 0.4 3,061
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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) 10.14% 09/2027 10,106 $ 10,020 1.4 % 10,066
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.14% 09/2027 1,574 1,565 0.2 1,568
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.14% 04/2030 2,090 2,056 0.3 2,073
Quorum Health Resources Unitranche First Lien Term Loan S + 525 (100 Floor) 9.68% 05/2027 5,178 5,151 0.7 5,162
Quorum Health Resources Unitranche First Lien Revolver S + 525 9.68% 05/2027 270 265 0.0 269
REP Behavioral Health, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 12/2030 — (11 ) 0.0 (29 )
REP Behavioral Health, LLC Unitranche First Lien Revolver S + 475 (100 Floor) 9.07% 12/2030 97 80 0.0 80
REP Behavioral Health, LLC Unitranche First Lien Term Loan S + 475 (100 Floor) 9.08% 12/2030 5,721 5,657 0.8 5,656
Safco Dental Supply, LLC Unitranche First Lien Revolver S + 600 (100 Floor) 10.48% 03/2026 342 341 0.0 329
Safco Dental Supply, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.45% 03/2026 4,029 4,018 0.5 3,944
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (6 ) 0.0 —
Seniorlink Incorporated Unitranche First Lien Term Loan S + 525 (100 Floor) 9.02% 12/2027 8,806 8,746 1.2 8,894
Seniorlink Incorporated Unitranche First Lien Term Loan S + 525 (100 Floor) 9.02% 12/2027 4,672 4,608 0.7 4,718
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (6 ) 0.0 —
Smile Doctors LLC (4)(5) Unitranche First Lien Revolver 12/2027 — (13 ) 0.0 (23 )
Smile Doctors LLC Unitranche First Lien Delayed Draw Term Loan S + 590 (75 Floor) 10.13% 12/2028 785 785 0.1 778
Smile Doctors LLC Unitranche First Lien Term Loan S + 590 (75 Floor) 10.13% 12/2028 15,313 15,234 2.1 15,162
Sydney US Buyer Corp. (3B Scientific) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.41% 07/2029 3,693 3,617 0.5 3,693
Sydney US Buyer Corp. (3B Scientific) Unitranche First Lien Term Loan E + 600 8.38% 07/2029 4,125 3,507 0.6 4,125
Sydney US Buyer Corp. (3B Scientific) Unitranche First Lien Delayed Draw Term Loan S + 600 (50 Floor) 10.41% 07/2029 1,978 1,924 0.3 2,008
Sydney US Buyer Corp. (3B Scientific) Unitranche First Lien Delayed Draw Term Loan S + 600 10.29% 07/2029 6,310 6,102 0.9 6,310
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 05/2029 6,174 $ 6,130 0.8 % 6,128
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Revolver 05/2029 — (4 ) 0.0 (5 )
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.33% 05/2029 595 587 0.1 586
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Delayed Draw Term Loan 06/2030 — — 0.0 (6 )
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 06/2030 2,574 2,574 0.4 2,555
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Delayed Draw Term Loan 05/2029 — (2 ) 0.0 (8 )
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Revolver 05/2029 — (3 ) 0.0 (3 )
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 05/2029 2,643 2,624 0.4 2,625
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.95% 09/2027 2,111 2,096 0.3 2,111
Unifeye Vision Partners (4)(5) Senior Secured First Lien Revolver 09/2027 — (1 ) 0.0 —
Unifeye Vision Partners Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.95% 09/2027 3,675 3,650 0.5 3,675
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.95% 09/2027 3,534 3,532 0.5 3,534
Vital Care Buyer, LLC (4)(5) Unitranche First Lien Revolver 07/2031 — (2 ) 0.0 —
Vital Care Buyer, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 8.80% 07/2031 2,152 2,133 0.3 2,152
421,973 $ 416,740 57.3 % 415,495
Household & Personal Products
Lash Opco LLC Unitranche First Lien Term Loan S + 265 (100 Floor) (plus 510 PIK) 12.13% 09/2027 3,165 $ 3,157 0.4 % 3,098
Lash Opco LLC Unitranche First Lien Revolver S + 265 (100 Floor) (plus 510 PIK) 12.13% 09/2027 394 393 0.1 385
Lash Opco LLC Unitranche First Lien Term Loan S + 265 (100 Floor) (plus 510 PIK) 12.13% 09/2027 3,228 3,213 0.5 3,159
Lash Opco LLC Unitranche First Lien Term Loan S + 265 (plus 510 PIK) 12.13% 09/2027 1,048 1,045 0.1 1,025
7,835 $ 7,808 1.1 % 7,667
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Insurance
Balance Partners Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.30% 04/2030 1,740 $ 1,713 0.2 % 1,741
Balance Partners (4)(5) Senior Secured First Lien Revolver 04/2030 — (4 ) 0.0 —
Balance Partners Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.30% 04/2030 2,178 2,159 0.3 2,178
Evolution BuyerCo, Inc. (4)(5) Unitranche First Lien Revolver 04/2030 — (5 ) 0.0 (4 )
Evolution BuyerCo, Inc. Unitranche First Lien Term Loan S + 475 (100 Floor) 9.05% 04/2030 11,393 11,354 1.6 11,335
Evolution BuyerCo, Inc. Unitranche First Lien Term Loan S + 475 (100 Floor) 9.05% 04/2030 391 387 0.1 389
Galway Borrower, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 8.80% 09/2028 6,428 6,375 0.9 6,444
Galway Borrower, LLC Unitranche First Lien Revolver S + 450 (75 Floor) 8.80% 09/2028 169 165 0.0 166
Galway Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) 8.80% 09/2028 99 97 0.0 100
Galway Borrower, LLC Unitranche First Lien Revolver S + 450 (75 Floor) 8.80% 09/2028 58 57 0.0 54
Integrity Marketing Acquisition, LLC (5) Unitranche First Lien Revolver 08/2028 — — 0.1 —
Integrity Marketing Acquisition, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.33% 08/2028 20,123 20,131 2.9 20,275
Newcleus, LLC Senior Secured First Lien Term Loan S + 600 (plus 100 PIK) 11.45% 08/2026 5,170 5,005 0.7 5,161
Newcleus, LLC (4)(5) Senior Secured First Lien Revolver 08/2026 — (9 ) 0.0 (1 )
Newcleus, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 08/2026 — (10 ) 0.0 (1 )
Patriot Growth Insurance Services, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.45% 10/2028 9,042 8,972 1.2 9,033
Patriot Growth Insurance Services, LLC (4)(5) Unitranche First Lien Revolver 10/2028 — (6 ) 0.0 (1 )
Patriot Growth Insurance Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.45% 10/2028 2,777 2,761 0.4 2,774
Patriot Growth Insurance Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.45% 10/2028 838 828 0.1 837
The Hilb Group, LLC Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.08% 10/2031 107 92 0.0 75
The Hilb Group, LLC Unitranche First Lien Revolver S + 475 (75 Floor) 9.08% 10/2031 124 109 0.0 108
The Hilb Group, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 10/2031 14,950 14,819 1.9 14,807
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Vantage Insurance Partners, Inc. (11) Unitranche First Lien Revolver S + 650 (100 Floor) 10.79% 12/2028 78 $ 72 0.0 % 55
Vantage Insurance Partners, Inc. (11) Unitranche First Lien Term Loan S + 650 (100 Floor) 10.79% 12/2028 4,450 4,415 0.6 4,321
80,115 $ 79,477 11.0 % 79,846
Materials
A&A Global Imports, LLC (4)(9) Senior Secured First Lien Term Loan 06/2026 1,554 $ 991 0.0 % (1 )
A&A Global Imports, LLC (9) Senior Secured First Lien Term Loan 06/2026 1,776 — 0.0 —
A&A Global Imports, LLC (9) Senior Secured First Lien Revolver 06/2026 553 539 0.0 189
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 12/2027 3,592 3,188 0.1 494
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 12/2027 560 498 0.0 77
Action Signature Acquisition, Inc. Unitranche First Lien Revolver 1140 PIK 11.40% 12/2027 484 426 0.1 483
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 12/2027 273 242 0.0 37
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 12/2027 930 826 0.0 128
Online Labels Group, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.55% 12/2029 4,236 4,202 0.6 4,236
Online Labels Group, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.55% 12/2029 262 260 0.0 262
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (2 ) 0.0 —
Online Labels Group, LLC (4)(5) Senior Secured First Lien Revolver 12/2029 — (5 ) 0.0 —
14,220 $ 11,165 0.8 % 5,905
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.45% 12/2027 7,153 $ 7,089 1.0 % 7,153
Alcanza Clinical Research (4)(5) Senior Secured First Lien Revolver 12/2027 — (1 ) 0.0 —
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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 + 250 (plus 400 PIK) 10.90% 12/2028 15,382 $ 15,223 1.8 % 12,741
BioAgilytix Senior Secured First Lien Delayed Draw Term Loan S + 250 (plus 400 PIK) 10.90% 12/2028 799 791 0.1 662
Nephron Pharmaceuticals, LLC Unitranche First Lien - Last Out Term Loan S + 920 13.50% 12/2027 7,500 7,405 1.0 7,607
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.12% 09/2026 2,174 2,158 0.3 2,174
Teal Acquisition Co., Inc Unitranche First Lien Revolver S + 625 (100 Floor) 10.12% 09/2026 1,277 1,269 0.2 1,277
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.12% 09/2026 1,200 1,193 0.2 1,200
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.64% 09/2026 291 290 0.0 291
WCT Group Holdings, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.05% 12/2029 3,324 3,257 0.4 3,358
WCT Group Holdings, LLC (4)(5) Unitranche First Lien Revolver 12/2029 — (9 ) 0.0 —
39,100 $ 38,665 5.0 % 36,463
Retailing
MeriCal, LLC (9) Senior Secured First Lien Revolver 11/2025 913 $ 913 0.0 % 325
MeriCal, LLC (9) Unitranche First Lien Term Loan 11/2025 7,527 7,202 0.5 3,346
Slickdeals Holdings, LLC (6) Unitranche First Lien Revolver S + 625 (100 Floor) 10.62% 06/2026 294 293 0.0 225
Slickdeals Holdings, LLC (6) Unitranche First Lien Term Loan S + 625 (100 Floor) 10.63% 06/2026 14,086 14,086 1.8 12,749
22,820 $ 22,494 2.3 % 16,645
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Software & Services
Affinitiv, Inc. (4)(5) Unitranche First Lien Revolver 07/2027 — $ (2 ) 0.0 % (12 )
Affinitiv, Inc. Unitranche First Lien Term Loan S + 500 (100 Floor) (plus 200 PIK) 11.56% 07/2027 6,146 6,097 0.8 5,968
Alpine SG, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.95% 11/2027 746 738 0.1 752
Alpine SG, LLC (4)(5) Senior Secured First Lien Revolver 11/2027 — (1 ) 0.0 1
Alpine SG, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.95% 11/2027 534 528 0.1 538
Alpine SG, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.95% 11/2027 1,856 1,836 0.3 1,872
Alpine SG, LLC Senior Secured First Lien Term Loan S + 550 9.95% 11/2027 296 292 0.0 298
Apps Associates LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.93% 07/2027 5,438 5,396 0.7 5,414
Apps Associates LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.93% 07/2027 1,751 1,736 0.2 1,743
Apps Associates LLC Unitranche First Lien Revolver S + 550 (100 Floor) 9.93% 07/2027 120 115 0.0 116
Banker's Toolbox, Inc. Unitranche First Lien Term Loan S + 450 (75 Floor) 8.80% 07/2027 19,086 19,086 2.6 18,996
Banker's Toolbox, Inc. (4)(5) Unitranche First Lien Revolver 07/2027 — (17 ) 0.0 (11 )
Belay Inc. Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.43% 06/2026 4,743 4,724 0.6 4,700
Belay Inc. (4)(5) Senior Secured First Lien Revolver 06/2026 — (2 ) 0.0 (6 )
Belay Inc. Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.45% 06/2026 748 741 0.1 741
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.68% 10/2026 1,349 1,348 0.2 1,332
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.68% 10/2026 287 286 0.0 283
Benesys Inc. Senior Secured First Lien Revolver S + 525 (100 Floor) 9.68% 10/2026 150 150 0.0 148
Benesys Inc. Senior Secured First Lien Revolver S + 525 (100 Floor) 9.68% 10/2026 163 162 0.0 160
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Blue Mantis Senior Secured First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.05% 08/2030 3,077 $ 3,064 0.4 % 3,077
Blue Mantis Senior Secured First Lien Revolver S + 475 (75 Floor) 9.05% 08/2030 613 603 0.1 613
Blue Mantis Senior Secured First Lien Term Loan S + 475 (75 Floor) 9.05% 08/2030 3,499 3,461 0.5 3,499
Blue Mantis Senior Secured First Lien Term Loan S + 475 (75 Floor) 9.05% 08/2030 498 491 0.1 498
Blue Mantis Senior Secured First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.05% 08/2030 238 238 0.0 238
C-4 Analytics (4)(5) Senior Secured First Lien Delayed Draw Term Loan 05/2030 — (19 ) 0.0 -
C-4 Analytics Senior Secured First Lien Revolver S + 500 (100 Floor) 9.58% 05/2030 555 540 0.1 555
C-4 Analytics Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.58% 05/2030 18,315 18,161 2.5 18,315
Claritas, LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (100 Floor) 8.83% 03/2028 2,407 2,396 0.3 2,407
Claritas, LLC (4)(5) Unitranche First Lien Revolver 03/2028 — (9 ) 0.0 —
Claritas, LLC Unitranche First Lien Term Loan S + 450 (100 Floor) 8.80% 03/2028 10,256 10,196 1.4 10,256
Concord III, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.30% 12/2028 9,332 9,263 1.3 9,332
Concord III, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.30% 12/2028 413 409 0.1 413
Concord III, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.30% 12/2028 547 538 0.1 547
DataVail Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.05% 01/2029 7,043 6,991 1.0 6,943
DataVail Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.05% 01/2029 401 385 0.1 368
DataVail Senior Secured First Lien Revolver S + 575 (100 Floor) 10.05% 01/2029 550 545 0.1 542
DataVail Senior Secured First Lien Revolver S + 575 (100 Floor) 10.05% 01/2029 300 298 0.0 296
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.05% 09/2030 13,296 13,017 1.9 13,430
Evergreen IX Borrower 2023, LLC (4)(5) Unitranche First Lien Revolver 09/2029 — (27 ) 0.0 —
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.05% 09/2030 2,772 2,748 0.4 2,800
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Imagenet, LLC (4)(5) Senior Secured First Lien Revolver 12/2030 — $ (7 ) 0.0 % (7 )
Imagenet, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.05% 12/2030 3,035 2,999 0.4 3,000
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 475 (75 Floor) 9.05% 11/2028 12,826 12,686 1.8 12,826
Lexipol (Ranger Buyer, Inc.) (4)(5) Unitranche First Lien Revolver 11/2027 — (11 ) 0.0 —
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 475 (75 Floor) 9.05% 11/2028 1,096 1,088 0.2 1,096
List Partners, Inc. (9) Senior Secured First Lien Revolver 06/2025 317 314 0.0 244
List Partners, Inc. (9) Senior Secured First Lien Term Loan 06/2025 3,611 3,592 0.4 3,034
Medicus IT (4)(5) Unitranche First Lien Delayed Draw Term Loan 07/2030 — (6 ) 0.0 (21 )
Medicus IT (4)(5) Unitranche First Lien Revolver 07/2030 — (9 ) 0.0 (8 )
Medicus IT Unitranche First Lien Term Loan S + 500 (75 Floor) 9.30% 07/2030 6,070 6,016 0.8 6,024
Medicus IT (4)(5) Unitranche First Lien Delayed Draw Term Loan 06/2032 — (1 ) 0.0 (1 )
Medicus IT (4)(5) Unitranche First Lien Revolver 06/2032 — (4 ) 0.0 (4 )
Medicus IT Unitranche First Lien Term Loan S + 500 (75 Floor) 9.30% 06/2032 6,843 6,792 0.9 6,792
MRI Software LLC Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.05% 02/2027 851 846 0.1 848
MRI Software LLC (12) Unitranche First Lien Term Loan S + 475 (100 Floor) 9.05% 02/2026 19,586 19,510 2.7 19,512
MRI Software LLC Unitranche First Lien Revolver S + 475 (100 Floor) 9.05% 02/2026 86 80 0.0 43
MRI Software LLC (12) Unitranche First Lien Term Loan S + 475 (100 Floor) 9.05% 02/2026 1,276 1,271 0.2 1,271
Net Health Acquisition Corp. Unitranche First Lien Revolver S + 475 (75 Floor) 9.08% 07/2031 1,705 1,690 0.2 1,702
Net Health Acquisition Corp. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 07/2031 13,229 13,116 1.8 13,210
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
New Era Technology, Inc. (9) Unitranche First Lien Term Loan 10/2026 2,994 $ 2,976 0.3 % 2,452
New Era Technology, Inc. (9) Unitranche First Lien Revolver 10/2026 228 226 0.0 187
New Era Technology, Inc. (9) Unitranche First Lien Delayed Draw Term Loan 10/2026 1,924 1,908 0.2 1,575
New Era Technology, Inc. (9) Unitranche First Lien Delayed Draw Term Loan 10/2026 6,377 6,339 0.7 5,222
New Era Technology, Inc. (9) Unitranche First Lien Revolver 10/2026 486 481 0.1 398
Odessa Technologies, Inc. Senior Secured First Lien Revolver S + 550 (75 Floor) 9.90% 10/2027 214 195 0.0 214
Odessa Technologies, Inc. Senior Secured First Lien Term Loan S + 550 (75 Floor) 9.90% 10/2027 9,329 9,250 1.3 9,329
Omega Systems Intermediate Holdings, Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 01/2031 — (4 ) 0.0 (11 )
Omega Systems Intermediate Holdings, Inc. (4)(5) Unitranche First Lien Revolver 01/2031 — (4 ) 0.0 (4 )
Omega Systems Intermediate Holdings, Inc. Unitranche First Lien Term Loan S + 500 (75 Floor) 9.30% 01/2031 2,100 2,081 0.3 2,081
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) (plus 100 PIK) 10.97% 03/2027 1,083 1,083 0.1 1,083
Ontario Systems, LLC Unitranche First Lien Revolver S + 650 (100 Floor) 10.97% 03/2027 500 500 0.1 500
Ontario Systems, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) (plus 100 PIK) 10.97% 03/2027 3,133 3,126 0.4 3,133
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) (plus 100 PIK) 10.97% 03/2027 543 542 0.1 543
Ontario Systems, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) (plus 100 PIK) 10.97% 03/2027 443 443 0.1 443
Park Place Technologies, LLC (8) Unsecured Debt 1250 PIK 12.50% 05/2029 1,203 1,203 0.2 1,161
Perforce Software, Inc. Senior Secured Second Lien Term Loan S + 800 12.43% 07/2027 5,000 5,000 0.7 5,000
Right Networks, LLC Unitranche First Lien Revolver S + 500 (100 Floor) 9.33% 05/2029 330 330 0.0 330
Right Networks, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 9.33% 05/2029 23,985 23,985 3.3 23,984
Ruffalo Noel Levitz, LLC (9) Unitranche First Lien Revolver 12/2026 317 310 0.0 80
Ruffalo Noel Levitz, LLC (9) Unitranche First Lien Term Loan 12/2026 2,623 2,560 0.1 658
Ruffalo Noel Levitz, LLC Unitranche First Lien Revolver S + 700 (100 Floor) 11.42% 12/2026 60 60 0.0 60
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Saturn Borrower Inc Unitranche First Lien Term Loan S + 600 (100 Floor) 10.30% 11/2028 19,776 $ 19,623 2.7 % 19,723
Saturn Borrower Inc Unitranche First Lien Term Loan S + 600 (100 Floor) 10.30% 11/2028 2,409 2,390 0.3 2,403
Saturn Borrower Inc Unitranche First Lien Revolver S + 600 (100 Floor) 10.30% 11/2028 194 182 0.0 189
SQAD Holdco, Inc. Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.05% 04/2028 2,352 2,341 0.3 2,352
SQAD Holdco, Inc. (4)(5) Unitranche First Lien Revolver 04/2028 — (10 ) 0.0 —
SQAD Holdco, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.05% 04/2028 8,682 8,589 1.2 8,682
Strata Information Group, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 450 (75 Floor) 8.80% 12/2030 317 313 0.0 306
Strata Information Group, Inc. (4)(5) Senior Secured First Lien Revolver 12/2030 — (6 ) 0.0 (6 )
Strata Information Group, Inc. Senior Secured First Lien Term Loan S + 450 (75 Floor) 8.80% 12/2030 1,197 1,186 0.2 1,186
Summit 7 Systems, LLC Senior Secured First Lien Revolver S + 550 (100 Floor) 9.93% 05/2028 528 525 0.1 528
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.95% 05/2028 5,141 5,084 0.8 5,141
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.93% 05/2028 2,358 2,358 0.3 2,358
Transportation Insight, LLC Senior Secured First Lien Term Loan S + 350 (plus 100 PIK) 8.90% 06/2027 5,008 5,001 0.5 3,681
Transportation Insight, LLC Senior Secured First Lien Delayed Draw Term Loan S + 350 (plus 100 PIK) 8.90% 06/2027 1,248 1,245 0.1 917
Transportation Insight, LLC Senior Secured First Lien Revolver S + 350 (plus 100 PIK) 8.90% 06/2027 705 703 0.1 503
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.43% 06/2026 612 611 0.1 612
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.43% 06/2026 1,004 1,000 0.1 1,004
Winxnet Holdings LLC Unitranche First Lien Revolver S + 600 (100 Floor) 10.43% 06/2026 82 80 0.0 82
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.43% 06/2026 1,862 1,858 0.3 1,862
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.43% 06/2026 1,486 1,479 0.3 1,486
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.43% 06/2026 1,108 1,100 0.2 1,108
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.43% 06/2026 194 194 0.0 194
307,191 $ 304,900 41.2 % 299,452
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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, Hardware & Equipment
3SI Security Systems Unitranche First Lien Term Loan S + 600 (100 Floor) 10.49% 12/2026 3,418 $ 3,353 0.5 % 3,418
Gener8, LLC Senior Secured First Lien Term Loan S + 200 (plus 600 PIK) 12.56% 08/2025 5,946 5,946 0.5 3,452
Gener8, LLC Senior Secured First Lien Revolver S + 200 (plus 600 PIK) 12.56% 08/2025 1,276 1,276 0.1 615
Gener8, LLC Senior Secured First Lien Term Loan S + 200 (100 Floor) (plus 600 PIK) 12.56% 08/2025 256 256 0.0 149
10,896 $ 10,831 1.1 % 7,634
Transportation
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 265 (plus 425 PIK) 11.36% 08/2026 2,348 $ 2,344 0.3 % 2,245
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 265 (plus 425 PIK) 11.34% 08/2026 444 439 0.1 425
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 265 (100 Floor) (plus 425 PIK) 11.34% 08/2026 43 42 0.0 41
Breeze Buyer, Inc. Senior Secured First Lien Term Loan S + 475 (100 Floor) 8.88% 01/2028 4,267 4,221 0.6 4,268
7,102 $ 7,046 1.0 % 6,979
Total Debt Investments <br>United States 1,359,439 $ 1,337,585 179.6 % 1,302,974
Equity Investments
Automobiles & Components
Sun Acquirer Corp. Common Stock 6,148 $ 615 0.1 % 957
Sun Acquirer Corp. Common Stock 428 43 0.0 67
$ 658 0.1 % 1,024
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Capital Goods
Envocore Holding, LLC (7) Common Stock 521,354 — 0.0 % —
Envocore Holding, LLC (7) Preferred Stock 534,722 — 0.0 —
— 0.0 % —
Commercial & Professional Services
Allied Universal Holdings, LLC Common Stock 2,805,726 $ 1,011 0.5 % 3,391
Allied Universal Holdings, LLC Common Stock 684,903 685 0.1 828
ASP MCS Acquisition Corp. (6)(12) Common Stock 13,293 1,183 0.0 196
ASP MCS Acquisition Corp. (6) Common Stock 791 - 0.0 60
ASP MCS Acquisition Corp. (6) Preferred Stock 792 333 0.1 473
Hercules Borrower LLC Common Stock 1,153,075 1,153 0.3 1,913
Iris Buyer, LLC Common Stock 577 577 0.1 646
Iris Buyer, LLC Common Stock 576,923 — 0.0 71
Landscape Workshop, LLC Common Stock 540,541 541 0.1 541
MHS Acquisition Holdings, LLC Common Stock 11 9 0.0 —
MHS Acquisition Holdings, LLC Preferred Stock 1,060 923 0.1 740
Receivable Solutions, Inc. Preferred Stock 137,000 137 0.0 330
RN Enterprises, LLC Common Stock 776 791 0.1 901
Seko Global Logistics Network, LLC Common Stock 625 2,372 0.3 1,856
Service Logic Acquisition, Inc. Common Stock 13,132 1,313 0.6 4,263
TecoStar Holdings, Inc. Common Stock 500,000 500 0.0 3
$ 11,528 2.3 % 16,212
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Consumer Services
Everlast Parent Inc. Common Stock 948 $ 949 0.1 % 659
FS Whitewater Borrower, LLC Common Stock 6,897 690 0.1 961
FS Whitewater Borrower, LLC Common Stock 238 31 0.0 33
HGH Purchaser, Inc. Common Stock 4,171 417 0.0 154
HS Spa Holdings Inc. (Hand & Stone) Common Stock 1,791,160 1,791 0.2 1,302
Legalshield (11) Common Stock 372 372 0.1 653
Mario Purchaser, LLC Common Stock 118 118 0.0 60
Mario Purchaser, LLC Common Stock 1,027 1,027 0.1 520
PPV Intermediate Holdings LLC (Vetcor) Common Stock 312,500 313 0.0 303
Stepping Stones Healthcare Services, LLC Common Stock 11,321 1,132 0.2 1,256
Wrench Group LLC Common Stock 2,337 235 0.1 607
Wrench Group LLC Common Stock 655 66 0.0 170
$ 7,141 0.9 % 6,678
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14) Partnership Interest $ 266 0.0 % 330
First Eagle Greenway Fund II, LLC (11)(13)(14) Partnership Interest — 0.0 1
First Eagle Logan JV, LLC (2)(7)(11)(13)(14) Partnership Interest 41,334 4.7 34,211
Freeport Financial SBIC Fund LP (11)(13)(14) Partnership Interest 1,312 0.2 959
Gryphon Partners 3.5, L.P. (11)(13)(14) Partnership Interest 145 0.0 21
iLending LLC Common Stock - 0.0 -
WhiteHawk III Onshore Fund L.P. (2)(13)(14) Partnership Interest 2,591 0.4 2,778
$ 45,648 5.3 % 38,300
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Energy
Loadmaster Derrick & Equipment, Inc. (7) Preferred Stock 3,000,000 $ 3,000 0.4 3,153
$ 3,000 0.4 % 3,153
Food & Staples Retailing
Isagenix International, LLC (6) Common Stock 202,844 — 0.0 —
— 0.0 % —
Health Care Equipment & Services
ACI Group Holdings, Inc. Common Stock 907,499 $ 910 0.0 % 257
ACI Group Holdings, Inc. Preferred Stock 3,719 3,645 0.7 4,847
ACI Group Holdings, Inc. Preferred Stock 684,903 40 0.0 23
Bayside Opco, LLC (6) Common Stock 1,976 — 0.2 1,439
BVI Medical Inc. Common Stock 7,495 1,137 0.1 1,071
Centria Subsidiary Holdings, LLC Common Stock 11,911 1,191 0.5 3,281
Hospice Care Buyer, Inc. Common Stock 13,985 1,398 0.2 1,446
Hospice Care Buyer, Inc. Common Stock 754 75 0.0 78
IVX Health Merger Sub, Inc. Common Stock 2,199 2,199 0.5 3,312
Patriot Acquisition Topco S.A.R.L Common Stock 1,192 1,192 0.2 1,295
Patriot Acquisition Topco S.A.R.L Common Stock 16,416 46 0.0 —
Seniorlink Incorporated Common Stock 68,182 423 0.3 2,230
Smile Doctors LLC Common Stock 1,191 714 0.1 575
Vital Care Buyer, LLC Common Stock 649 1 0.0 26
Vital Care Buyer, LLC Common Stock 64 64 0.0 59
$ 13,035 2.8 % 19,939
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Insurance
Evolution BuyerCo, Inc. Common Stock 2,917 292 0.1 % 602
Integrity Marketing Acquisition, LLC Common Stock 287,484 533 0.2 1,316
Integrity Marketing Acquisition, LLC Preferred Stock 1,247 1,215 0.3 2,605
$ 2,040 0.6 % 4,523
Materials
A&A Global Imports, LLC Common Stock 69 — 0.0 —
Action Signature Acquisition, Inc. Common Stock 50 — 0.0 —
— 0.0 % —
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana) Common Stock 3,096 953 0.1 % 738
LSCS Holdings, Inc. (Eversana) Preferred Stock 447 447 0.1 576
Nephron Pharmaceuticals, LLC Common Stock 128,000 - 0.0 124
Teal Acquisition Co., Inc Common Stock 5,555 556 0.1 403
WCT Group Holdings, LLC Common Stock 118 1,176 0.3 2,313
$ 3,132 0.6 % 4,154
Retailing
MeriCal, LLC Common Stock 5,334 - 0.0 % —
MeriCal, LLC Preferred Stock 521 103 0.0 —
Palmetto Moon LLC Common Stock 61 — 0.1 600
Slickdeals Holdings, LLC (6) Common Stock 89 891 0.0 -
Vivid Seats Ltd. (6)(12) Common Stock 608,108 608 0.1 590
$ 1,602 0.2 % 1,190
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Software & Services
Certify, Inc. Common Stock 841 $ 247 0.0 % 255
Lexipol (Ranger Buyer, Inc.) Common Stock 638 638 0.1 1,007
Lexipol (Ranger Buyer, Inc.) Common Stock 638 — 0.0 —
Lexipol (Ranger Buyer, Inc.) Common Stock 5 5 0.0 7
NMN Holdings III Corp. Common Stock 11,111 1,111 0.3 1,908
Odessa Technologies, Inc. Common Stock 10,714 1,070 0.2 1,090
Park Place Technologies, LLC Common Stock 479 479 0.0 —
Park Place Technologies, LLC Common Stock 442,203 27 0.1 532
Park Place Technologies, LLC Common Stock 685,018 — 0.0 —
Saturn Borrower Inc Common Stock 434,163 481 0.1 940
$ 4,058 0.8 % 5,739
Transportation
Xpress Global Systems, LLC Common Stock 12,544 — - -
— - -
Total Equity Investments<br>United States $ 91,842 14.0 % 100,912
Total United States $ 1,429,427 193.6 % $ 1,403,886
Canada
Equity Investments
Telecommunication Services
Sandvine Corporation Common Stock 81,818 — 0.0 —
Total Equity Investments<br>Canada — 0.0 % —
Total Canada $ — 0.0 % $ —
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Finland
Debt Investments
Software & Services
SC MidCo Oy (4)(5) Unitranche First Lien Delayed Draw Term Loan 03/2032 € - - 0.0 % (4 )
SC MidCo Oy Unitranche First Lien Term Loan SN + 525 7.67% 03/2032 € 2,114 1,918 0.3 2,072
2,114 1,918 0.3 % 2,068
Total Debt Investments<br>Finland € 2,114 $ 1,918 0.3 % 2,068
Total Finland € 2,114 $ 1,918 0.3 % $ 2,068
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited Unitranche First Lien Term Loan SN + 625 11.48% 12/2027 £ 8,410 $ 7,677 1.1 % $ 8,410
Crusoe Bidco Limited Unitranche First Lien Delayed Draw Term Loan SN + 625 10.83% 12/2027 £ 1,137 1,008 0.2 1,137
Hamsard 3778 Limited (4)(5) Unitranche First Lien - Last Out Delayed Draw Term Loan 10/2031 £ - (17 ) 0.0 -
Hamsard 3778 Limited Unitranche First Lien - Last Out Term Loan S + 550 9.72% 10/2031 £ 9,790 9,037 1.5 9,790
Nurture Landscapes Unitranche First Lien Term Loan SN + 650 10.71% 06/2028 £ 1,944 1,967 0.3 1,944
Nurture Landscapes Unitranche First Lien Delayed Draw Term Loan SN + 650 10.72% 06/2028 £ 538 720 0.1 538
Nurture Landscapes Unitranche First Lien Delayed Draw Term Loan SN + 650 10.95% 06/2028 £ 15,098 13,425 2.1 15,098
Nurture Landscapes Unitranche First Lien Delayed Draw Term Loan SN + 650 10.71% 06/2028 £ 2,930 2,653 0.4 2,930
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 10.71% 06/2028 £ 3,907 3,613 0.5 3,907
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 10.71% 06/2028 £ 6,837 6,105 0.9 6,837
£ 50,591 $ 46,188 7.1 50,591
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Consumer Durables & Apparel
Lion Cashmere Bidco Limited Unitranche First Lien Term Loan S + 600 (50 Floor) 10.45% 03/2028 £ 4,352 $ 4,299 0.5 % $ 3,872
Lion Cashmere Bidco Limited Unitranche First Lien Term Loan S + 600 (50 Floor) 10.45% 03/2028 £ 9,939 9,822 1.2 8,846
Lion Cashmere Bidco Limited Unitranche First Lien Term Loan S + 600 (50 Floor) 10.45% 03/2028 £ 4,953 4,887 0.6 4,409
Lion Cashmere Bidco Limited (4)(5) Unitranche First Lien Delayed Draw Term Loan 03/2028 £ — (40 ) 0.0 (357 )
£ 19,244 $ 18,968 2.3 % 16,770
Food, Beverage & Tobacco
APC Bidco Limited Unitranche First Lien Term Loan SN + 636.93 10.83% 10/2030 £ 5,956 $ 5,222 0.8 % $ 5,956
APC Bidco Limited Unitranche First Lien Delayed Draw Term Loan SN + 636.93 10.58% 10/2030 £ 2,733 2,528 0.4 2,733
£ 8,689 $ 7,750 1.2 % 8,689
Software & Services
Jordan Bidco, Ltd. Unitranche First Lien Term Loan SN + 600 10.33% 08/2028 £ 18,164 $ 17,921 2.5 % $ 18,164
Jordan Bidco, Ltd. Unitranche First Lien Delayed Draw Term Loan SN + 600 10.33% 08/2028 £ 559 523 0.1 559
£ 18,723 $ 18,444 2.6 % 18,723
Total Debt Investments<br>United Kingdom £ 97,247 $ 91,350 13.2 % $ 94,773
Equity Investments
Health Care Equipment & Services
VetStrategy Preferred Stock £ 2,126,875 $ 968 0.3 % $ 2,179
VetStrategy Common Stock £ 37,612 30 — —
2,164,487 $ 998 0.3 % 2,179
Total Equity Investments<br>United Kingdom $ 998 0.3 % 2,179
Total United Kingdom $ 92,348 13.5 % $ 96,952
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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 Unitranche First Lien Term Loan E + 650 9.18% 10/2030 € 3,394 $ 3,073 0.5 % $ 3,394
Efor Holding Unitranche First Lien Delayed Draw Term Loan E + 650 9.18% 10/2030 € 1,306 1,166 0.2 1,306
Efor Holding Unitranche First Lien Delayed Draw Term Loan E + 650 9.18% 10/2030 € 177 153 - 177
Efor Holding Unitranche First Lien Delayed Draw Term Loan E + 650 9.18% 10/2030 € 1,049 907 0.1 1,049
€ 5,926 $ 5,299 0.8 % 5,926
Total Debt Investments<br>France € 5,926 $ 5,299 0.8 % 5,926
Total France $ 5,299 0.8 % $ 5,926
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited Unitranche First Lien Term Loan S + 550 9.96% 11/2031 £ 6,863 $ 6,143 0.9 % $ 6,863
£ 6,863 6,143 0.9 6,863
Total Debt Investments<br>Jersey £ 6,863 6,143 0.9 % 6,863
Total Jersey $ 6,143 0.9 % $ 6,863
Netherlands
Debt Investments
Commercial & Professional Services
Avidity Acquisition B.V. (4)(5) Unitranche First Lien - Last Out Delayed Draw Term Loan 03/2032 € — - — % (13 )
Avidity Acquisition B.V. Unitranche First Lien - Last Out Term Loan E + 525 7.29% 03/2032 € 2,579 $ 2,279 0.3 $ 2,528
Pitch MidCo B.V. Unitranche First Lien Delayed Draw Term Loan E + 550 7.48% 04/2031 € 270 240 — 270
Pitch MidCo B.V. Unitranche First Lien Term Loan E + 550 7.48% 04/2031 € 3,374 2,993 0.5 3,374
6,223 $ 5,512 0.8 % 6,159
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Eagle Midco B.V. (Avania) Unitranche First Lien Term Loan 982 PIK 9.82% 07/2029 € 2,701 $ 2,359 0.3 % $ 2,155
Eagle Midco B.V. (Avania) Unitranche First Lien Delayed Draw Term Loan 982 PIK 9.82% 07/2029 € 1,330 1,295 0.1 473
Eagle Midco B.V. (Avania) Unitranche First Lien Term Loan 1067 PIK 10.67% 07/2029 € 3,564 3,501 0.4 2,842
7,595 $ 7,155 0.8 % 5,470
Total Debt Investments<br>Netherlands 13,818 $ 12,667 1.6 % 11,629
Total Netherlands $ 12,667 1.6 % $ 11,629
Belgium
Equity Investments
Commercial & Professional Services
Miraclon Corporation Common Stock € 1,025 $ 1 0.0 % $ —
Miraclon Corporation Preferred Stock € 90,601 73 0.0 108
74 0.0 108
Total Equity Investments<br>Belgium $ 74 0.0 % $ 108
Total Belgium $ 74 0.0 % $ 108
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2030 AUD 0 $ (25 ) 0.0 % $ 3
Ancora Bidco PTY LTD Unitranche First Lien Term Loan B + 500 (50 Floor) 8.79% 11/2030 AUD 6,832 6,719 0.9 6,846
AUD 6,832 $ 6,694 0.9 % 6,849
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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
Retailing
Greencross (Vermont Aus Pty Ltd) Unitranche First Lien Term Loan B + 575 9.40% 03/2028 AUD 19,100 $ 21,352 2.7 % $ 19,100
Greencross (Vermont Aus Pty Ltd) Unitranche First Lien Term Loan B + 575 (75 Floor) 9.40% 03/2028 AUD 3,185 3,333 0.4 3,185
AUD 22,285 $ 24,685 3.1 % 22,285
Total Debt Investments<br>Australia AUD 29,117 $ 31,379 4.0 % 29,134
Equity Investments
Commercial & Professional Services %
Ancora Bidco PTY LTD Common Stock AUD 128,654,071 $ 1,325 0.2 $ 1,640
Ancora Bidco PTY LTD Common Stock AUD 6,771,267 70 0.0 86
1,395 0.2 1,726
Total Equity Investments<br>Australia $ 1,395 0.2 % 1,726
Total Australia $ 32,774 4.2 % $ 30,860
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (6) Unitranche First Lien Term Loan E + 450 (plus 150 PIK) 9.39% 08/2029 € 10,678 $ 8,978 1.6 % $ 10,678
AX VI INV2 Holding AB (Voff) (4)(6) Senior Secured First Lien Revolver 08/2029 € — (5 ) 0.0 —
AX VI INV2 Holding AB (Voff) (6) Senior Secured Second Lien Term Loan 1239 PIK 12.39% 08/2030 € 2,972 2,552 0.4 2,972
AX VI INV2 Holding AB (Voff) (6) Unitranche First Lien Delayed Draw Term Loan E + 475 (plus 150 PIK) 9.64% 08/2029 € 1,803 1,617 0.2 1,803
15,453 13,142 2.2 % 15,453
Total Debt Investments<br>Sweden € 15,453 $ 13,142 2.2 % 15,453
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>June 30, 2025<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) Common Stock 1,140,447 1,086 0.2 % 1,735
1,086 0.2 % 1,735
Total Equity Investments<br>Sweden 1,086 0.2 % 1,735
Total Sweden $ 14,228 2.4 % $ 17,188
Switzerland
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
Solvias AG (4)(5)(6) Senior Secured First Lien Revolver 02/2032 CHF - (67 ) 0.1 % -
Solvias AG (6) Senior Secured First Lien Term Loan S + 525 (75 Floor) 6.00% 02/2032 CHF 24,200 20,831 3.3 24,615
24,200 20,764 3.4 % 24,615
Total Debt Investments<br>Switzerland 24,200 $ 20,764 3.4 % 24,615
Equity Investments
Pharmaceuticals, Biotechnology & Life Sciences
Sequence Parent (6) Common Stock CHF 47,124 409 0.1 % 488
Sequence Parent (6) Preferred Stock CHF 685.00 99 - 109
508 0.1 % 597
Total Equity Investments<br>Switzerland 508 0.1 % 597
Total Switzerland $ 21,272 $ 3.5 % $ 25,212
Total Investments $ 1,616,150 $ 220.8 % $ 1,600,692
Cash Equivalents
Goldman Sachs Financial Square Government Fund - Institutional Shares 4.23% $ 1,132 0.2 $ 1,132
Cash Equivalents Total $ 1,132 0.2 % $ 1,132
Investments and Cash Equivalents Total $ 1,617,282 221.0 % $ 1,601,824

*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”), SARON ("SR"), 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 June

30, 2025, 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 $724,716 as of June 30, 2025
Reference Rate 1 month 3 month 6 Month 12 Month
Prime (“P”) - - - -
SOFR (“S”) - 4.32% 4.29% 4.17% 3.88%
IBOR (“E”) - 1.91% 1.96% 2.05% 2.07%
SONIA (“SN”) - - - -
BBSY ("B") - - 3.60% - -
SARON ("SR") - -0.03% - - -

All values are in Euros.

(1) 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.

(2) 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.

(3) 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”.

(4) 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.

(5) 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”.

(6) 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”.

(7) 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”.

(8) Fixed rate investment.

(9) The investment is on non-accrual status as of June 30, 2025.

(10) 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.

(11) 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 13.8% as of June 30, 2025.

(12) 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.

(13) 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.

(14) 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. 1,029 8/20/2027 $ (152 )
Wells Fargo Bank, N.A. 18,806 3/22/2028 $ 1,149
Wells Fargo Bank, N.A. 3,337 3/22/2028 $ 76
Wells Fargo Bank, N.A. 6,061 10/6/2028 $ 33
Wells Fargo Bank, N.A. 21,291 2/24/2028 $ (2,451 )
Wells Fargo Bank, N.A. 164 6/3/2026 $ 4
Wells Fargo Bank, N.A. 1,876 6/3/2026 $ 71
Wells Fargo Bank, N.A. 358 6/3/2026 $ (3 )
Wells Fargo Bank, N.A. 2,966 6/3/2026 $ 1
Wells Fargo Bank, N.A. 17,043 8/24/2026 $ 110
Total Foreign Currency Exchange Contracts $ (1,162 )
AUD Australian Dollar ("AUD")<br>CHF Swiss Franc<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, 2024<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 Unitranche First Lien Revolver S + 525 (100 Floor) 9.91% 05/2028 135 131 0.0 135
Auveco Holdings Unitranche First Lien Term Loan S + 525 (100 Floor) 9.91% 05/2028 3,949 3,898 0.5 3,949
Continental Battery Company Unitranche First Lien Term Loan S + 700 (100 Floor) (plus 407.5 PIK) 11.48% 01/2027 7,523 7,469 0.7 5,207
Continental Battery Company Unitranche First Lien Delayed Draw Term Loan S + 700 (100 Floor) (plus 407.5 PIK) 11.48% 01/2027 2,775 2,765 0.3 1,920
Sun Acquirer Corp. Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.36% 09/2028 8,943 8,859 1.2 8,898
Sun Acquirer Corp. (4)(5) Unitranche First Lien Revolver 09/2027 — (19 ) 0.0 (9 )
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 500 (75 Floor) 9.53% 09/2028 12,652 12,497 1.7 12,589
Sun Acquirer Corp. Unitranche First Lien Term Loan S + 500 (75 Floor) 9.36% 09/2028 2,425 2,394 0.3 2,413
38,402 37,994 4.7 35,102
Capital Goods
Envocore Holding, LLC (7)(8) Senior Secured First Lien Term Loan 750 7.50% 12/2025 6,736 6,715 0.9 6,736
Envocore Holding, LLC (7)(8)(9) Senior Secured Second Lien Term Loan 12/2026 9,381 7,052 0.2 1,514
Envocore Holding, LLC (7)(8) Senior Secured First Lien Revolver 750 7.50% 12/2025 972 971 0.1 972
Eshipping Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.47% 11/2027 5,620 5,558 0.8 5,620
Eshipping Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.47% 11/2027 865 860 0.1 865
Eshipping (4)(5) Senior Secured First Lien Revolver 11/2027 — (11 ) 0.0 —
GB Eagle Buyer, Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2030 — (6 ) 0.0 (13 )
GB Eagle Buyer, Inc. (4)(5) Unitranche First Lien Revolver 11/2030 — (5 ) 0.0 (5 )
GB Eagle Buyer, Inc. Unitranche First Lien Term Loan S + 475 (100 Floor) 9.34% 11/2030 3,197 3,166 0.4 3,165
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) (plus 50 PIK) 9.75% 07/2028 3,329 3,290 0.4 3,276
Oliver Packaging LLC Senior Secured First Lien Revolver S + 550 (100 Floor) (plus 50 PIK) 10.25% 07/2028 149 143 0.0 141
Oliver Packaging LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) (plus 50 PIK) 10.25% 07/2028 250 246 0.0 246
Painters Supply & Equipment Company Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.93% 08/2027 886 882 0.1 878
Painters Supply & Equipment Company Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.12% 04/2030 172 172 0.0 165
Painters Supply & Equipment Company Unitranche First Lien Revolver S + 550 (100 Floor) 10.41% 08/2027 317 312 0.0 312
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 9.93% 08/2027 1,983 1,963 0.3 1,965
Painters Supply & Equipment Company Unitranche First Lien Term Loan S + 550 (100 Floor) 10.19% 04/2030 846 846 0.1 838
TriStrux, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (plus 200 PIK) 12.48% 12/2026 2,717 2,679 0.3 1,970
TriStrux, LLC Senior Secured First Lien Revolver S + 800 (100 Floor) (plus 200 PIK) 12.48% 12/2026 959 945 0.1 669
TriStrux, LLC Senior Secured First Lien Delayed Draw Term Loan S + 800 (100 Floor) (plus 200 PIK) 12.48% 12/2026 953 940 0.1 691
39,332 36,718 3.9 30,005
Commercial & Professional Services
American Refrigeration Senior Secured First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.99% 04/2029 126 126 0.0 126
American Refrigeration Senior Secured First Lien Term Loan S + 625 (100 Floor) 10.99% 02/2029 3,474 3,446 0.5 3,474
American Refrigeration Senior Secured First Lien Term Loan S + 625 (100 Floor) 10.99% 04/2029 199 199 0.0 199
Automated Control Concepts, Inc. Unitranche First Lien Term Loan S + 550 (100 Floor) 10.09% 10/2026 3,569 3,491 0.5 3,569
Automated Control Concepts, Inc. (4)(5) Unitranche First Lien Revolver 10/2026 — (17 ) 0.0 —
Duraserv LLC Senior Secured First Lien Delayed Draw Term Loan S + 450 (75 Floor) 8.90% 06/2031 882 874 0.1 851
Duraserv LLC (4)(5) Senior Secured First Lien Revolver 06/2030 — (8 ) 0.0 (14 )
Duraserv LLC Senior Secured First Lien Term Loan S + 450 (75 Floor) 8.90% 06/2031 4,809 4,763 0.6 4,731
GH Parent Holdings Inc. Unitranche First Lien Term Loan S + 525 (100 Floor) 9.71% 05/2027 12,746 12,654 1.7 12,746
GH Parent Holdings Inc. Unitranche First Lien Revolver S + 525 (100 Floor) 9.71% 05/2027 264 251 0.0 264
GH Parent Holdings Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.71% 05/2027 6,143 6,143 0.8 6,143
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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 Delayed Draw Term Loan S + 600 (100 Floor) 10.33% 08/2029 1,068 1,048 0.1 1,060
Guardian Access Solutions Senior Secured First Lien Revolver S + 600 (100 Floor) 10.33% 08/2029 338 322 0.0 334
Guardian Access Solutions Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.51% 08/2029 2,864 2,806 0.4 2,852
Flow Service Partners Intermediate Holdco LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 11/2030 — (7 ) 0.0 (17 )
Flow Service Partners Intermediate Holdco LLC (4)(5) Senior Secured First Lien Revolver 11/2030 — (10 ) 0.0 (10 )
Flow Service Partners Intermediate Holdco LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 11/2030 2,550 2,518 0.3 2,519
Hamsard 3778 Limited (4)(5)(11) Unitranche First Lien - Last Out Delayed Draw Term Loan 10/2031 — (18 ) 0.0 (17 )
Hamsard 3778 Limited (11) Unitranche First Lien - Last Out Term Loan S + 550 10.20% 10/2031 8,939 9,025 1.2 8,707
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 10.20% 12/2026 18,408 18,221 2.5 18,408
Hercules Borrower LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (19 ) 0.0 —
Hercules Borrower LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.93% 12/2026 239 237 0.0 239
Hercules Borrower LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 10.20% 12/2026 1,428 1,419 0.2 1,428
Hsid Acquisition, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.21% 01/2026 3,692 3,677 0.5 3,692
Hsid Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.21% 01/2026 2,777 2,765 0.4 2,777
Hsid Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 01/2026 — (3 ) 0.0 —
Infobase Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.03% 06/2028 11,018 10,875 1.5 10,946
Infobase Senior Secured First Lien Revolver S + 550 (100 Floor) 9.98% 06/2028 807 790 0.1 798
Iris Buyer, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 10.68% 10/2030 10,489 10,230 1.4 10,594
Iris Buyer, LLC Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.58% 10/2030 989 953 0.1 1,004
Iris Buyer, LLC (4)(5) Unitranche First Lien Revolver 10/2029 — (33 ) 0.0 15
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2026 332 332 0.0 320
MHS Acquisition Holdings, LLC (8) Unsecured Debt 1350 PIK 13.50% 03/2026 998 997 0.1 961
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.59% 07/2027 608 601 0.1 608
MHS Acquisition Holdings, LLC Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.74% 07/2027 219 216 0.0 219
MHS Acquisition Holdings, LLC Senior Secured First Lien Revolver S + 600 (100 Floor) 10.74% 07/2027 30 29 0.0 30
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 625 (100 Floor) 11.65% 07/2027 39 39 0.0 39
MHS Acquisition Holdings, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) 11.17% 07/2027 39 39 0.0 39
Minuteman Security Technologies, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.68% 02/2029 4,296 4,214 0.6 4,296
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.68% 02/2029 1,933 1,914 0.3 1,933
Minuteman Security Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 02/2029 — (19 ) 0.0 —
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.68% 02/2029 1,723 1,723 0.2 1,723
Minuteman Security Technologies, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.68% 02/2029 2,537 2,537 0.3 2,537
NRG Controls (4)(5) Senior Secured First Lien Delayed Draw Term Loan 10/2030 — (6 ) 0.0 (10 )
NRG Controls (4)(5) Senior Secured First Lien Revolver 10/2030 — (5 ) 0.0 (5 )
NRG Controls Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.36% 10/2030 3,092 3,054 0.4 3,055
Seko Global Logistics Network, LLC (11) Senior Secured First Lien Term Loan S + 800 12.69% 05/2030 1,310 1,310 0.2 1,310
Seko Global Logistics Network, LLC (11) Senior Secured First Lien Revolver S + 800 12.67% 05/2030 474 474 0.1 474
RN Enterprises, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 10/2031 — (13 ) 0.0 (27 )
RN Enterprises, LLC Unitranche First Lien Revolver S + 525 (75 Floor) 9.58% 10/2031 204 188 0.0 187
RN Enterprises, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 9.58% 10/2031 6,841 6,756 0.9 6,756
Pye-Barker Fire & Safety, LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) 8.83% 05/2031 1,141 1,141 0.2 1,129
Pye-Barker Fire & Safety, LLC Unitranche First Lien Revolver S + 450 (75 Floor) 9.10% 05/2030 327 327 0.0 299
Pye-Barker Fire & Safety, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 8.83% 05/2031 26,428 26,428 3.5 26,143
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Receivable Solutions, Inc. Senior Secured First Lien Revolver P + 425 (100 Floor) 12.00% 10/2025 120 120 0.0 120
Receivable Solutions, Inc. Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.19% 10/2025 2,137 2,131 0.3 2,137
Service Logic Acquisition, Inc. (8) Senior Secured Second Lien Term Loan 1150 11.50% 10/2028 5,107 5,016 0.7 5,075
Service Logic Acquisition, Inc. (8) Senior Secured Second Lien Delayed Draw Term Loan 1150 11.50% 10/2028 2,359 2,313 0.3 2,344
UHY Advisors , Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 11/2031 — (11 ) 0.0 (34 )
UHY Advisors , Inc. (4)(5) Unitranche First Lien Revolver 11/2031 — (9 ) 0.0 (9 )
UHY Advisors , Inc. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.26% 11/2031 4,575 4,542 0.6 4,541
164,687 163,096 21.7 163,608
Consumer Services
Bandon Fitness (Texas) Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 10.67% 07/2028 4,728 4,675 0.6 4,719
Bandon Fitness (Texas) Inc. (4)(5) Unitranche First Lien Revolver 07/2028 — (4 ) 0.0 (1 )
Bandon Fitness (Texas) Inc. Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.67% 07/2028 2,047 2,028 0.3 2,043
Effective School Solutions LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.78% 11/2027 7,537 7,471 1.0 7,537
Effective School Solutions LLC Senior Secured First Lien Revolver S + 550 (100 Floor) 9.97% 11/2027 1,102 1,087 0.1 1,102
Everlast Parent Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.86% 10/2028 13,467 13,340 1.8 13,255
Everlast Parent Inc. Unitranche First Lien Revolver S + 650 (100 Floor) 10.86% 10/2028 829 816 0.1 803
Everlast Parent Inc. Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.11% 10/2028 3,310 3,254 0.4 3,196
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.23% 12/2027 5,017 4,961 0.7 5,017
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.23% 12/2027 1,684 1,676 0.2 1,684
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.23% 12/2027 1,674 1,656 0.2 1,674
FS Whitewater Borrower, LLC (4)(5) Unitranche First Lien Revolver 12/2027 — (7 ) 0.0 —
FS Whitewater Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (75 Floor) 10.48% 12/2027 1,827 1,817 0.2 1,838
FS Whitewater Borrower, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.23% 12/2027 696 683 0.1 696
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 700 (75 Floor) (plus 250 PIK) 11.78% 11/2026 3,332 3,322 0.4 3,151
HGH Purchaser, Inc. Unitranche First Lien Delayed Draw Term Loan S + 700 (75 Floor) (plus 250 PIK) 11.78% 11/2026 3,300 3,283 0.4 3,122
HGH Purchaser, Inc. (4)(5) Unitranche First Lien Revolver 11/2026 — 3 0.0 (84 )
HGH Purchaser, Inc. Unitranche First Lien Term Loan S + 700 (75 Floor) (plus 250 PIK) 11.78% 11/2026 7,851 7,815 1.0 7,426
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Revolver S + 525 (75 Floor) 9.61% 06/2028 302 285 0.0 302
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Term Loan S + 525 (75 Floor) 9.76% 06/2029 10,160 10,040 1.4 10,160
HS Spa Holdings Inc. (Hand & Stone) (8) Unitranche First Lien - Last Out Term Loan 1237.5 PIK 12.38% 06/2030 1,731 1,704 0.2 1,707
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Term Loan S + 525 (75 Floor) 9.76% 06/2029 880 867 0.1 884
HS Spa Holdings Inc. (Hand & Stone) Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.76% 06/2029 482 478 0.1 485
Ingenio, LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 11.65% 08/2026 4,656 4,612 0.6 4,377
Ingenio, LLC Unitranche First Lien Term Loan S + 700 (100 Floor) 11.65% 08/2026 2,063 2,041 0.3 1,939
Learn-It Systems, LLC (4)(5) Senior Secured First Lien Revolver 09/2026 — (1 ) 0.0 —
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) (plus 275 PIK) 10.76% 09/2026 2,621 2,599 0.4 2,621
Learn-It Systems, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) (plus 275 PIK) 10.00% 09/2026 4,432 4,400 0.6 4,432
Learn-It Systems, LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) (plus 275 PIK) 10.76% 09/2026 1,187 1,177 0.2 1,187
Mario Purchaser, LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.21% 04/2029 5,146 5,113 0.7 5,146
Mario Purchaser, LLC Unitranche First Lien - Last Out Term Loan S + 1075 PIK 15.21% 04/2032 4,258 4,177 0.6 4,344
Mario Purchaser, LLC Unitranche First Lien Revolver S + 575 (75 Floor) 10.21% 04/2028 313 300 0.0 313
Mario Purchaser, LLC Unitranche First Lien Term Loan S + 575 (75 Floor) 10.21% 04/2029 9,664 9,528 1.3 9,664
Mario Purchaser, LLC Unitranche First Lien Delayed Draw Term Loan S + 575.3 (100 Floor) 10.21% 04/2029 475 392 0.1 475
Marlin DTC-LS Midco 2, LLC (4)(5) Unitranche First Lien Revolver 07/2025 — — 0.0 (2 )
Marlin DTC-LS Midco 2, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) 11.03% 07/2025 2,971 2,971 0.4 2,936
PPV Intermediate Holdings LLC (Vetcor) (4)(5) Unitranche First Lien Revolver 08/2029 — (3 ) 0.0 (6 )
PPV Intermediate Holdings LLC (Vetcor) (12) Unitranche First Lien Term Loan S + 575 (75 Floor) 10.26% 08/2029 3,504 3,480 0.5 3,507
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 1,221 1,201 0.2 1,181
PPV Intermediate Holdings LLC (Vetcor) (8) Unsecured Debt 1375 PIK 13.75% 08/2030 304 292 0.0 290
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Stepping Stones Healthcare Services, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 12/2028 12,844 12,663 1.7 13,030
Stepping Stones Healthcare Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.35% 12/2028 2,883 2,865 0.4 2,924
Stepping Stones Healthcare Services, LLC (4)(5) Unitranche First Lien Revolver 12/2026 — (22 ) 0.0 —
Stepping Stones Healthcare Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.35% 12/2028 375 351 0.1 430
USA Hometown Experts, Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.94% 11/2029 1,485 1,473 0.2 1,485
USA Hometown Experts, Inc. Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.86% 11/2029 1,642 1,628 0.2 1,642
USA Hometown Experts, Inc. Senior Secured First Lien Revolver S + 525 (100 Floor) 9.95% 11/2029 180 173 0.0 180
USA Hometown Experts, Inc. (5) Senior Secured First Lien Delayed Draw Term Loan 11/2029 — — 0.0 —
Wrench Group LLC (8) Senior Secured Second Lien Term Loan 1125 11.25% 04/2027 4,833 4,773 0.6 4,793
139,013 137,433 18.4 137,604
Diversified Financials
Alera Group Inc. Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.82% 09/2028 9,804 9,672 1.4 9,874
Alera Group Inc. Unitranche First Lien Term Loan S + 525 (75 Floor) 9.82% 09/2028 4,888 4,820 0.7 4,922
Alera Group Inc. Unitranche First Lien Delayed Draw Term Loan S + 575 (75 Floor) 10.09% 09/2028 2,952 2,903 0.4 2,983
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 — (8 ) 0.0 (2 )
Essential Services Holding Corporation Unitranche First Lien Term Loan S + 500 (75 Floor) 9.65% 06/2031 7,584 7,511 1.0 7,564
iLending LLC (9) Senior Secured First Lien Term Loan 06/2026 4,385 4,385 0.3 2,407
iLending LLC (4)(5)(9) Senior Secured First Lien Revolver 06/2026 — — 0.0 (324 )
King Mid LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.83% 12/2027 3,474 3,455 0.5 3,474
King Mid LLC (4)(5) Senior Secured First Lien Revolver 12/2027 — (2 ) 0.0 —
King Mid LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.83% 12/2027 3,373 3,334 0.5 3,373
King Mid LLC Unitranche First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.83% 12/2027 2,003 2,003 0.3 2,003
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
PCS Retirement Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.08% 03/2030 837 830 0.1 837
PCS Retirement Unitranche First Lien Revolver S + 575 (100 Floor) 10.08% 03/2030 123 116 0.0 123
PCS Retirement Unitranche First Lien Term Loan S + 575 (100 Floor) 10.08% 03/2030 5,062 5,018 0.7 5,062
RWA Wealth Partners, LLC. Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.10% 11/2030 309 297 0.0 273
RWA Wealth Partners, LLC. (4)(5) Unitranche First Lien Revolver 11/2030 — (10 ) 0.0 (10 )
RWA Wealth Partners, LLC. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.27% 11/2030 6,150 6,105 0.8 6,105
Soltis (4)(5) Unitranche First Lien Delayed Draw Term Loan 08/2030 — (6 ) 0.0 (42 )
Soltis (4)(5) Unitranche First Lien Revolver 08/2030 — (8 ) 0.0 (8 )
Soltis Unitranche First Lien Term Loan S + 500 (100 Floor) 10.07% 08/2030 1,895 1,863 0.2 1,864
52,839 52,271 6.9 50,474
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8) Senior Secured Second Lien Note 1200 12.00% 03/2031 1,250 1,250 0.2 1,142
1,250 1,250 0.2 1,142
Food & Staples Retailing
Isagenix International, LLC (6) Senior Secured First Lien Term Loan S + 650 (100 Floor) (plus 410 PIK) 15.35% 04/2028 3,166 2,962 0.3 2,005
3,166 2,962 0.3 2,005
Food, Beverage & Tobacco
JTM Foods LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.89% 05/2027 4,872 4,836 0.7 4,872
JTM Foods LLC Senior Secured First Lien Revolver S + 525 (100 Floor) 9.89% 05/2027 747 740 0.1 747
JTM Foods LLC Senior Secured First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.73% 05/2027 663 660 0.1 663
Mann Lake Ltd. (9) Senior Secured First Lien Revolver 01/2025 850 848 0.1 498
Mann Lake Ltd. (9) Senior Secured First Lien Term Loan 01/2025 1,686 1,683 0.1 1,030
8,818 8,767 1.1 7,810
Health Care Equipment & Services
ACI Group Holdings, Inc. Unitranche First Lien Term Loan S + 600 (75 Floor) (plus 325 PIK) 10.46% 08/2028 6,865 6,770 0.9 6,687
ACI Group Holdings, Inc. Unitranche First Lien Delayed Draw Term Loan S + 600 (75 Floor) (plus 325 PIK) 10.46% 08/2028 1,217 1,211 0.2 1,186
ACI Group Holdings, Inc. Unitranche First Lien Delayed Draw Term Loan S + 600 (75 Floor) (plus 325 PIK) 10.46% 08/2028 1,318 1,301 0.2 1,285
ACI Group Holdings, Inc. Unitranche First Lien Revolver S + 600 (75 Floor) (plus 325 PIK) 10.46% 08/2027 74 67 0.0 55
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Acu-Serve, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.08% 10/2029 3,960 3,926 0.5 3,960
Acu-Serve, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.08% 10/2029 218 210 0.0 218
Acu-Serve, LLC (4)(5) Senior Secured First Lien Revolver 10/2029 — (6 ) 0.0 —
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.48% 12/2027 3,406 3,391 0.5 3,406
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.48% 12/2027 4,863 4,816 0.6 4,863
Advanced Diabetes Supply (4)(5) Senior Secured First Lien Revolver 12/2027 — (3 ) 0.0 —
Annuity Health (4)(5) Senior Secured First Lien Revolver 02/2029 — (7 ) 0.0 —
Annuity Health Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.59% 02/2029 4,169 4,133 0.6 4,169
Arrow Management Acquisition, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.00% 10/2027 4,802 4,749 0.6 4,802
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.00% 10/2027 2,148 2,136 0.3 2,148
Arrow Management Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 10/2027 — (7 ) 0.0 —
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.00% 10/2027 1,541 1,541 0.2 1,541
Avalign Technologies, Inc. Unitranche First Lien Revolver S + 650 (75 Floor) 10.86% 12/2028 501 473 0.1 462
Avalign Technologies, Inc. Unitranche First Lien Term Loan S +725 (75 Floor) (plus 362.5 PIK) 11.76% 12/2028 13,037 12,558 1.7 12,728
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 11.58% 05/2026 4,452 4,452 0.6 4,452
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 11.58% 05/2026 1,575 1,575 0.2 1,575
Bayside Opco, LLC (5)(6) Senior Secured First Lien Revolver 05/2026 — — 0.0 —
Bayside Opco, LLC (6) Unsecured Debt S + 1000 PIK (100 Floor) 14.48% 05/2026 1,819 1,363 0.2 1,819
CC Amulet Management, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.83% 08/2027 4,975 4,925 0.7 4,975
CC Amulet Management, LLC Senior Secured First Lien Revolver S + 500 (100 Floor) 9.73% 08/2027 671 662 0.1 671
CC Amulet Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 500 9.78% 08/2027 911 901 0.1 911
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Acu-Serve, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.08% 10/2029 3,960 3,926 0.5 3,960
Acu-Serve, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.08% 10/2029 218 210 0.0 218
Acu-Serve, LLC (4)(5) Senior Secured First Lien Revolver 10/2029 — (6 ) 0.0 —
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.48% 12/2027 3,406 3,391 0.5 3,406
Advanced Diabetes Supply Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.48% 12/2027 4,863 4,816 0.6 4,863
Advanced Diabetes Supply (4)(5) Senior Secured First Lien Revolver 12/2027 — (3 ) 0.0 —
Annuity Health (4)(5) Senior Secured First Lien Revolver 02/2029 — (7 ) 0.0 —
Annuity Health Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.59% 02/2029 4,169 4,133 0.6 4,169
Arrow Management Acquisition, LLC Senior Secured First Lien Term Loan S + 475 (100 Floor) 9.00% 10/2027 4,802 4,749 0.6 4,802
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.00% 10/2027 2,148 2,136 0.3 2,148
Arrow Management Acquisition, LLC (4)(5) Senior Secured First Lien Revolver 10/2027 — (7 ) 0.0 —
Arrow Management Acquisition, LLC Senior Secured First Lien Delayed Draw Term Loan S + 475 (100 Floor) 9.00% 10/2027 1,541 1,541 0.2 1,541
Avalign Technologies, Inc. Unitranche First Lien Revolver S + 650 (75 Floor) 10.86% 12/2028 501 473 0.1 462
Avalign Technologies, Inc. Unitranche First Lien Term Loan S +725 (75 Floor) (plus 362.5 PIK) 11.76% 12/2028 13,037 12,558 1.7 12,728
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 11.58% 05/2026 4,452 4,452 0.6 4,452
Bayside Opco, LLC (6) Senior Secured First Lien Term Loan S + 725 (100 Floor) 11.58% 05/2026 1,575 1,575 0.2 1,575
Bayside Opco, LLC (5)(6) Senior Secured First Lien Revolver 05/2026 — — 0.0 —
Bayside Opco, LLC (6) Unsecured Debt S + 1000 PIK (100 Floor) 14.48% 05/2026 1,819 1,363 0.2 1,819
CC Amulet Management, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.83% 08/2027 4,975 4,925 0.7 4,975
CC Amulet Management, LLC Senior Secured First Lien Revolver S + 500 (100 Floor) 9.73% 08/2027 671 662 0.1 671
CC Amulet Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 500 9.78% 08/2027 911 901 0.1 911
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Centria Subsidiary Holdings, LLC (4)(5) Unitranche First Lien Revolver 06/2027 — (9 ) 0.0 (3 )
Centria Subsidiary Holdings, LLC Unitranche First Lien Term Loan S + 525 (100 Floor) 9.68% 06/2027 11,280 11,245 1.5 11,263
ConvenientMD Senior Secured First Lien Term Loan S + 500 9.66% 06/2029 5,637 5,579 0.8 5,632
ConvenientMD (4)(5) Senior Secured First Lien Revolver 06/2029 — (8 ) 0.0 (1 )
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.21% 11/2027 11,449 11,335 1.5 11,449
EMS Buyer, Inc. Unitranche First Lien Revolver S + 575 (100 Floor) 10.21% 11/2027 403 398 0.1 403
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.42% 11/2027 975 963 0.1 975
EMS Buyer, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.21% 11/2027 2,090 2,090 0.3 2,090
Explorer Investor, Inc. Unitranche First Lien Term Loan S + 600 (50 Floor) 10.48% 06/2029 13,446 12,975 1.7 12,505
FH MD Buyer, Inc Senior Secured First Lien Term Loan S + 500 (75 Floor) 9.47% 07/2028 19,350 19,249 2.6 19,302
GrapeTree Medical Staffing, LLC Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.97% 04/2026 5,992 5,966 0.8 5,858
GrapeTree Medical Staffing, LLC (4)(5) Senior Secured First Lien Revolver 04/2026 — (6 ) 0.0 (13 )
GrapeTree Medical Staffing, LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.97% 04/2026 3,507 3,492 0.5 3,428
Great Lakes Dental Partners, LLC Unitranche First Lien Term Loan S + 725 (100 Floor) (plus 100 PIK) 11.71% 06/2026 4,935 4,899 0.6 4,805
Great Lakes Dental Partners, LLC Unitranche First Lien Revolver S + 725 (100 Floor) (plus 100 PIK) 11.71% 06/2026 307 304 0.0 296
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.43% 05/2027 4,402 4,357 0.6 4,402
Homecare Partners Management, LLC Senior Secured First Lien Revolver A + 575 (100 Floor) 10.23% 05/2027 851 837 0.1 851
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.23% 05/2027 3,293 3,244 0.4 3,293
Homecare Partners Management, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.96% 05/2027 1,073 1,060 0.1 1,073
Homecare Partners Management, LLC Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.23% 06/2030 862 862 0.1 862
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.99% 12/2026 14,607 14,483 2.0 14,607
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.99% 12/2026 2,668 2,629 0.4 2,668
Hospice Care Buyer, Inc. Unitranche First Lien Revolver S + 650 (100 Floor) 10.93% 12/2026 961 945 0.1 961
Hospice Care Buyer, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 10.99% 12/2026 2,715 2,674 0.4 2,715
Hospice Care Buyer, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 10.99% 12/2026 387 381 0.1 387
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.24% 06/2026 2,962 2,962 0.4 2,895
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Delayed Draw Term Loan S + 650 (100 Floor) 11.24% 06/2026 356 356 0.0 348
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Revolver S + 650 10.98% 06/2026 442 442 0.1 432
Integrated Pain Management Medical Group, Inc. Unitranche First Lien Term Loan S + 650 (100 Floor) 11.24% 06/2026 814 814 0.1 796
IVX Health Merger Sub, Inc. (8) Unsecured Debt 1350 PIK 13.50% 06/2031 7,708 7,537 1.1 7,939
IVX Health Merger Sub, Inc. (4)(5) Unitranche First Lien Revolver 06/2030 — (64 ) 0.0 —
IVX Health Merger Sub, Inc. Unitranche First Lien Term Loan S + 500 (100 Floor) 9.33% 06/2030 17,070 16,749 2.3 17,332
Laseraway Intermediate Holdings II, LLC (12) Unitranche First Lien Term Loan S + 575 (75 Floor) 10.66% 10/2027 5,902 5,836 0.8 5,681
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Revolver S + 650 (100 Floor) (plus 75 PIK) 11.28% 03/2028 1,154 1,151 0.1 1,030
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Delayed Draw Term Loan S + 650 (100 Floor) (plus 75 PIK) 11.35% 03/2028 468 467 0.1 418
Lighthouse Behavioral Health Solutions, LLC Senior Secured First Lien Term Loan S + 650 (100 Floor) (plus 75 PIK) 11.37% 03/2028 2,248 2,242 0.3 2,006
Lighthouse Lab Services Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.23% 10/2027 5,536 5,474 0.7 5,417
Lighthouse Lab Services Senior Secured First Lien Revolver S + 575 (100 Floor) 10.50% 10/2027 1,074 1,062 0.1 1,047
Lightspeed Buyer, Inc. (5) Unitranche First Lien Delayed Draw Term Loan 02/2027 — — 0.0 —
Lightspeed Buyer, Inc. (5) Unitranche First Lien Revolver 02/2027 — — 0.0 —
Lightspeed Buyer, Inc. Unitranche First Lien Term Loan S + 475 (100 Floor) 9.08% 02/2027 17,650 17,650 2.4 17,650
MB2 Dental Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.02% 02/2031 435 416 0.1 435
MB2 Dental Unitranche First Lien Delayed Draw Term Loan S + 550 (75 Floor) 10.02% 02/2031 883 860 0.1 883
MB2 Dental (4)(5) Unitranche First Lien Revolver 02/2031 — (4 ) 0.0 —
MB2 Dental Unitranche First Lien Term Loan S + 550 (75 Floor) 9.86% 02/2031 6,114 6,057 0.8 6,114
Medical Review Institute of America (4)(5) Senior Secured First Lien Revolver 07/2030 — (7 ) 0.0 —
Medical Review Institute of America Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 07/2030 5,686 5,631 0.8 5,686
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
MWD Management LLC (United Derm) Senior Secured First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.43% 06/2027 4,410 4,362 0.6 4,410
MWD Management LLC (United Derm) Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.43% 06/2027 5,474 5,411 0.7 5,474
MWD Management LLC (United Derm) Senior Secured First Lien Revolver S + 500 (100 Floor) 9.43% 06/2027 480 467 0.1 480
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Revolver S + 800 (100 Floor) (plus 350 PIK) 12.70% 09/2025 967 966 0.1 941
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (plus 350 PIK) 12.70% 09/2025 6,732 6,734 0.9 6,554
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (plus 350 PIK) 12.70% 09/2025 884 877 0.1 860
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (plus 350 PIK) 12.70% 09/2025 299 299 0.0 291
Omni Ophthalmic Management Consultants, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (plus 350 PIK) 12.70% 09/2025 249 249 0.0 243
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Term Loan S + 525 (100 Floor) 9.99% 01/2028 2,841 2,801 0.4 2,833
Patriot Acquisition Topco S.A.R.L (4)(5)(11) Unitranche First Lien Revolver 01/2026 — (10 ) 0.0 (5 )
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.99% 01/2028 11,834 11,679 1.6 11,798
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Term Loan S + 525 (100 Floor) 9.99% 01/2028 361 356 0.0 360
Patriot Acquisition Topco S.A.R.L (11) Unitranche First Lien Delayed Draw Term Loan S + 525 (100 Floor) 9.99% 01/2028 3,528 3,492 0.5 3,514
Patriot Acquisition Topco S.A.R.L (8)(11) Unsecured Debt 1400 PIK 14.00% 02/2030 3,896 3,836 0.5 3,927
Plasma Buyer LLC (PathGroup) Unitranche First Lien Delayed Draw Term Loan S + 625 (75 Floor) 10.58% 05/2029 215 212 0.0 205
Plasma Buyer LLC (PathGroup) Unitranche First Lien Revolver S + 575 (75 Floor) 10.08% 05/2029 454 443 0.1 421
Plasma Buyer LLC (PathGroup) Unitranche First Lien Term Loan S + 575 (75 Floor) 10.08% 05/2029 7,133 7,031 0.9 6,841
Premier Dental Care Management, LLC Unitranche First Lien Term Loan S + 525 (75 Floor) 9.61% 08/2028 9,238 9,129 1.2 9,155
Premier Dental Care Management, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.61% 08/2028 5,012 5,005 0.7 4,967
Premier Dental Care Management, LLC Unitranche First Lien Revolver S + 525 (75 Floor) 9.59% 08/2027 236 216 0.0 215
Premier Dental Care Management, LLC Unitranche First Lien Delayed Draw Term Loan S + 525 (75 Floor) 9.61% 08/2028 1,524 1,506 0.2 1,487
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
PromptCare Intermediate, LP Unitranche First Lien Term Loan S + 600 (100 Floor) 10.44% 09/2027 10,159 10,048 1.4 10,158
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.46% 09/2027 1,582 1,571 0.2 1,582
PromptCare Intermediate, LP Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.46% 04/2030 2,101 2,063 0.3 2,100
Quorum Health Resources Unitranche First Lien Term Loan S + 525 (100 Floor) 9.93% 05/2027 5,204 5,171 0.7 5,185
Quorum Health Resources (4)(5) Unitranche First Lien Revolver 05/2027 — (6 ) 0.0 (2 )
Safco Dental Supply, LLC Unitranche First Lien Revolver S + 550 (100 Floor) 9.98% 06/2025 342 341 0.0 334
REP Behavioral Health, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 12/2030 — (12 ) 0.0 (31 )
REP Behavioral Health, LLC Unitranche First Lien Revolver S + 500 (100 Floor) 9.36% 12/2030 121 103 0.0 103
REP Behavioral Health, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 9.36% 12/2030 5,750 5,678 0.8 5,678
Safco Dental Supply, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.98% 06/2025 4,043 4,036 0.5 3,986
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (8 ) 0.0 (2 )
Seniorlink Incorporated Unitranche First Lien Term Loan S + 525 (100 Floor) 9.55% 12/2027 9,115 9,031 1.2 9,099
Seniorlink Incorporated Unitranche First Lien Term Loan S + 525 (100 Floor) 9.55% 12/2027 4,725 4,657 0.6 4,717
Seniorlink Incorporated (4)(5) Unitranche First Lien Revolver 12/2027 — (7 ) 0.0 (1 )
Smile Doctors LLC (4)(5) Unitranche First Lien Revolver 12/2027 — (15 ) 0.0 (12 )
Smile Doctors LLC Unitranche First Lien Delayed Draw Term Loan S + 590 (75 Floor) 10.81% 12/2028 789 789 0.1 788
Smile Doctors LLC Unitranche First Lien Term Loan S + 590 (75 Floor) 10.81% 12/2028 15,391 15,293 2.1 15,372
SolutionReach, Inc. Senior Secured First Lien Term Loan S + 700 (100 Floor) 12.40% 07/2025 4,624 4,607 0.6 4,624
SolutionReach, Inc. Senior Secured First Lien Revolver P + 600 13.75% 07/2025 467 465 0.1 467
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.30% 07/2029 3,693 3,622 0.5 3,693
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Term Loan E + 600 8.72% 07/2029 3,628 3,495 0.5 3,628
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Delayed Draw Term Loan S + 600 (50 Floor) 10.30% 07/2029 1,936 1,899 0.3 1,916
Sydney US Buyer Corp. (3B Scientific) (11) Unitranche First Lien Delayed Draw Term Loan S + 600 10.90% 07/2029 6,040 5,808 0.8 6,040
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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) Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.17% 05/2029 6,206 6,153 0.8 6,206
Team Select (CSC TS Merger SUB, LLC) (4)(5) Senior Secured First Lien Revolver 05/2029 — (5 ) 0.0 —
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Delayed Draw Term Loan S + 550 (100 Floor) 9.96% 05/2029 357 348 0.0 357
Team Select (CSC TS Merger SUB, LLC) (5) Senior Secured First Lien Delayed Draw Term Loan 06/2030 — — 0.0 —
Team Select (CSC TS Merger SUB, LLC) Senior Secured First Lien Term Loan S + 550 (100 Floor) 9.96% 06/2030 2,587 2,587 0.3 2,587
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.48% 09/2025 2,947 2,937 0.4 2,889
Unifeye Vision Partners Senior Secured First Lien Revolver S + 600 (100 Floor) 10.48% 09/2025 1,247 1,243 0.2 1,213
Unifeye Vision Partners Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.48% 09/2025 5,130 5,111 0.7 5,029
Unifeye Vision Partners Senior Secured First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.48% 09/2025 4,933 4,930 0.6 4,837
Vital Care Buyer, LLC (4)(5) Unitranche First Lien Revolver 07/2031 — (3 ) 0.0 (4 )
Vital Care Buyer, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 8.83% 07/2031 2,152 2,131 0.3 2,122
421,250 415,834 56.0 417,459
Household & Personal Products
Lash Opco LLC Unitranche First Lien Term Loan S + 775 (100 Floor) (plus 510 PIK) 12.94% 03/2026 3,086 3,075 0.4 2,991
Lash Opco LLC Unitranche First Lien Revolver S + 775 (100 Floor) (plus 510 PIK) 12.94% 09/2025 384 382 0.0 372
Lash Opco LLC Unitranche First Lien Term Loan S + 775 (100 Floor) (plus 510 PIK) 12.94% 03/2026 3,147 3,129 0.4 3,050
Lash Opco LLC Unitranche First Lien Term Loan S + 775 (plus 510 PIK) 12.94% 03/2026 1,021 1,017 0.1 990
7,638 7,603 0.9 7,403
Insurance
Balance Partners (4)(5) Senior Secured First Lien Delayed Draw Term Loan 04/2030 — (29 ) 0.0 —
Balance Partners (4)(5) Senior Secured First Lien Revolver 04/2030 — (5 ) 0.0 —
Balance Partners Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 04/2030 2,189 2,167 0.3 2,190
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Evolution BuyerCo, Inc. Unitranche First Lien Term Loan S + 625 (100 Floor) 10.73% 04/2028 8,042 7,992 1.1 8,042
Evolution BuyerCo, Inc. (4)(5) Unitranche First Lien Revolver 04/2027 — (3 ) 0.0 —
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.73% 04/2028 1,411 1,399 0.2 1,411
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.73% 04/2028 1,723 1,705 0.2 1,723
Evolution BuyerCo, Inc. Unitranche First Lien Delayed Draw Term Loan S + 675 (100 Floor) 11.23% 04/2028 247 243 0.0 247
Galway Borrower, LLC Unitranche First Lien Term Loan S + 450 (75 Floor) 9.78% 09/2028 6,464 6,406 0.9 6,481
Galway Borrower, LLC Unitranche First Lien Revolver S + 450 (75 Floor) 9.78% 09/2028 45 40 0.0 42
Galway Borrower, LLC Unitranche First Lien Delayed Draw Term Loan S + 450 (75 Floor) 8.83% 09/2028 11 9 0.0 12
Galway Borrower, LLC (4)(5) Unitranche First Lien Revolver 09/2028 — (1 ) 0.0 1
Integrity Marketing Acquisition, LLC (5) Unitranche First Lien Revolver 08/2028 — — 0.1 2
Integrity Marketing Acquisition, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.51% 08/2028 20,225 20,225 2.8 20,261
Integro Parent, Inc. (11) Senior Secured Second Lien Term Loan S + 1225 PIK (100 Floor) 16.85% 2,337 2,337 0.3 2,035
Newcleus, LLC Senior Secured First Lien Term Loan S + 800 (plus 200 PIK) 10.48% 08/2026 5,217 4,993 0.7 5,075
Newcleus, LLC (4)(5) Senior Secured First Lien Revolver 08/2026 — (13 ) 0.0 (12 )
Newcleus, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 08/2026 — (14 ) 0.0 (12 )
Patriot Growth Insurance Services, LLC Unitranche First Lien Term Loan S + 500 (75 Floor) 9.75% 10/2028 9,088 9,011 1.2 9,056
Patriot Growth Insurance Services, LLC Unitranche First Lien Revolver S + 500 (75 Floor) 9.46% 10/2028 330 323 0.0 328
Patriot Growth Insurance Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.48% 10/2028 2,791 2,772 0.4 2,781
Patriot Growth Insurance Services, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (75 Floor) 9.33% 10/2028 703 691 0.1 699
The Hilb Group, LLC (4)(5) Unitranche First Lien Delayed Draw Term Loan 10/2031 — (16 ) 0.0 (33 )
The Hilb Group, LLC Unitranche First Lien Revolver S + 475 (75 Floor) 9.11% 10/2031 124 108 0.0 107
The Hilb Group, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.11% 10/2031 14,988 14,839 2.0 14,838
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Vantage Insurance Partners, Inc. (4)(5) Unitranche First Lien Delayed Draw Term Loan 12/2028 — (19 ) 0.0 (107 )
Vantage Insurance Partners, Inc. Unitranche First Lien Revolver S + 600 (100 Floor) 10.33% 12/2028 78 71 0.0 59
Vantage Insurance Partners, Inc. Unitranche First Lien Term Loan S + 600 (100 Floor) 10.33% 12/2028 4,483 4,445 0.6 4,378
80,496 79,676 10.9 79,604
Materials
A&A Global Imports, LLC (9) Senior Secured First Lien Term Loan 06/2026 1,470 992 0.0 116
A&A Global Imports, LLC (9) Senior Secured First Lien Term Loan 06/2026 1,662 — 0.0 —
A&A Global Imports, LLC Senior Secured First Lien Revolver S + 665 (100 Floor) 10.98% 06/2026 545 545 0.1 545
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 06/2026 3,183 3,171 0.1 1,103
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 11/2026 497 495 0.0 172
Action Signature Acquisition, Inc. (9) Unitranche First Lien Revolver 06/2026 623 620 0.0 77
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 11/2026 242 241 0.0 84
Action Signature Acquisition, Inc. (9) Unitranche First Lien Term Loan 06/2026 829 826 0.0 287
Formulations Parent Corporation Unitranche First Lien Term Loan S + 575 (75 Floor) 10.27% 11/2030 9,832 9,660 1.3 9,807
Formulations Parent Corporation (4)(5) Unitranche First Lien Revolver 11/2029 — (28 ) 0.0 (4 )
Online Labels Group, LLC Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.58% 12/2029 4,257 4,220 0.6 4,257
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (2 ) 0.0 —
Online Labels Group, LLC (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2029 — (2 ) 0.0 —
Online Labels Group, LLC (4)(5) Senior Secured First Lien Revolver 12/2029 — (5 ) 0.0 —
23,140 20,733 2.1 16,444
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.48% 12/2027 7,191 7,114 1.0 7,189
Alcanza Clinical Research Senior Secured First Lien Revolver S + 600 (100 Floor) 10.48% 12/2027 125 124 0.0 125
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
BioAgilytix Senior Secured First Lien Term Loan S + 650 PIK (75 Floor) 11.21% 12/2028 15,068 14,884 1.7 12,380
BioAgilytix Senior Secured First Lien Delayed Draw Term Loan S + 650 PIK (75 Floor) 11.21% 12/2028 783 774 0.1 643
LSCS Holdings, Inc. (Eversana) (12) Senior Secured Second Lien Term Loan S + 800 (50 Floor) 12.47% 12/2029 14,700 14,449 1.9 14,186
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.96% 09/2026 2,174 2,152 0.3 2,163
Teal Acquisition Co., Inc Unitranche First Lien Revolver S + 625 (100 Floor) 10.81% 09/2026 1,095 1,084 0.1 1,089
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.96% 09/2026 1,200 1,191 0.2 1,194
Teal Acquisition Co., Inc Unitranche First Lien Term Loan S + 625 (100 Floor) 10.76% 09/2026 292 291 0.0 291
WCT Group Holdings, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 10.01% 12/2029 3,341 3,268 0.4 3,333
WCT Group Holdings, LLC (4)(5) Unitranche First Lien Revolver 12/2029 — (9 ) 0.0 (1 )
45,969 45,322 5.7 42,592
Retailing
MeriCal, LLC (9) Unitranche First Lien Term Loan 11/2025 7,290 7,307 0.5 3,706
MeriCal, LLC (9) Senior Secured First Lien Revolver 11/2025 630 630 0.0 82
Slickdeals Holdings, LLC (4)(5)(6) Unitranche First Lien Revolver 06/2025 — (2 ) 0.0 —
Slickdeals Holdings, LLC (6) Unitranche First Lien Term Loan S + 625 (100 Floor) 10.94% 06/2025 13,874 13,842 1.9 13,874
21,794 21,777 2.4 17,662
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7)(9) Senior Secured First Lien Term Loan 09/2025 8,853 6,014 0.4 2,779
OEM Group, LLC (7)(9) Senior Secured Second Lien Term Loan 09/2025 32,125 — 0.0 —
OEM Group, LLC (7)(9) Senior Secured Second Lien Revolver 09/2025 17,887 — 0.0 —
OEM Group, LLC (7)(9) Senior Secured Second Lien Term Loan 09/2025 15,445 — 0.0 —
74,310 6,014 0.4 2,779
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Software & Services
ABACUS Holdings I LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.28% 06/2028 2,780 2,761 0.4 2,779
ABACUS Holdings I LLC Unitranche First Lien Revolver S + 500 (100 Floor) 9.28% 06/2028 517 502 0.1 517
ABACUS Holdings I LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 9.28% 06/2028 6,647 6,560 0.9 6,647
ABACUS Holdings I LLC (5) Unitranche First Lien Delayed Draw Term Loan 06/2028 — — 0.0 —
ABACUS Holdings I LLC (5) Unitranche First Lien Revolver 06/2028 — — 0.0 —
Affinitiv, Inc. (4)(5) Unitranche First Lien Revolver 07/2027 — (2 ) 0.0 (14 )
Affinitiv, Inc. Unitranche First Lien Term Loan S + 700 (100 Floor) (plus 200 PIK) 11.59% 07/2027 6,118 6,061 0.8 5,909
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.74% 11/2027 1,350 1,332 0.2 1,350
Alpine SG, LLC (4)(5) Senior Secured First Lien Revolver 11/2027 — (1 ) 0.0 —
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.74% 11/2027 967 953 0.1 967
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 (100 Floor) 10.74% 11/2027 3,361 3,315 0.4 3,361
Alpine SG, LLC Senior Secured First Lien Term Loan S + 600 10.74% 11/2027 535 528 0.1 535
Apps Associates LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 10.21% 07/2027 5,466 5,412 0.7 5,371
Apps Associates LLC Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.21% 07/2027 1,760 1,744 0.2 1,729
Apps Associates LLC (4)(5) Unitranche First Lien Revolver 07/2027 — (7 ) 0.0 (14 )
Banker's Toolbox, Inc. Unitranche First Lien Term Loan S + 450 (75 Floor) 8.83% 07/2027 19,186 19,186 2.5 19,081
Banker's Toolbox, Inc. (4)(5) Unitranche First Lien Revolver 07/2027 — (21 ) 0.0 (13 )
Belay Inc. Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.46% 06/2026 4,743 4,713 0.6 4,743
Belay Inc. (4)(5) Senior Secured First Lien Revolver 06/2026 — (3 ) 0.0 —
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.71% 10/2025 1,356 1,353 0.2 1,333
Benesys Inc. Senior Secured First Lien Term Loan S + 525 (100 Floor) 9.92% 10/2025 288 287 0.0 283
Benesys Inc. Senior Secured First Lien Revolver S + 500 (100 Floor) 9.92% 10/2025 152 155 0.0 150
Benesys Inc. Senior Secured First Lien Revolver S + 500 (100 Floor) 9.92% 10/2025 138 137 0.0 135
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Blue Mantis Senior Secured First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.08% 08/2030 3,092 3,077 0.4 3,092
Blue Mantis Senior Secured First Lien Revolver S + 475 (75 Floor) 9.08% 08/2030 245 235 0.0 245
Blue Mantis Senior Secured First Lien Term Loan S + 475 (75 Floor) 9.08% 08/2030 3,516 3,474 0.5 3,516
C-4 Analytics (4)(5) Senior Secured First Lien Delayed Draw Term Loan 05/2030 — (21 ) 0.0 —
C-4 Analytics Senior Secured First Lien Revolver S + 550 (100 Floor) 10.01% 05/2030 555 538 0.1 555
C-4 Analytics Senior Secured First Lien Term Loan S + 550 (100 Floor) 10.01% 05/2030 18,408 18,234 2.5 18,408
Claritas, LLC Unitranche First Lien Delayed Draw Term Loan S + 500 (100 Floor) 9.33% 03/2026 2,419 2,411 0.3 2,419
Claritas, LLC (4)(5) Unitranche First Lien Revolver 03/2026 — (6 ) 0.0 —
Claritas, LLC Unitranche First Lien Term Loan S + 500 (100 Floor) 9.33% 03/2026 10,309 10,254 1.4 10,309
Concord III, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 10.61% 12/2028 9,379 9,296 1.2 9,206
Concord III, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 10.61% 12/2028 275 271 0.0 265
Concord III, LLC Unitranche First Lien Term Loan S + 625 (100 Floor) 10.82% 12/2028 550 540 0.1 540
DataVail Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.08% 01/2029 7,079 7,017 0.9 7,079
DataVail Senior Secured First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.11% 01/2029 173 154 0.0 173
DataVail Senior Secured First Lien Revolver S + 575 (100 Floor) 10.35% 01/2029 567 563 0.1 567
DataVail Senior Secured First Lien Revolver S + 575 (100 Floor) 10.35% 01/2029 108 106 0.0 108
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 09/2030 13,365 13,064 1.8 13,341
Evergreen IX Borrower 2023, LLC (4)(5) Unitranche First Lien Revolver 09/2029 — (30 ) 0.0 (3 )
Imagenet, LLC (4)(5) Senior Secured First Lien Revolver 12/2030 — (8 ) 0.0 (8 )
Imagenet, LLC Senior Secured First Lien Term Loan S + 500 (100 Floor) 9.33% 12/2030 3,050 3,012 0.4 3,012
Evergreen IX Borrower 2023, LLC Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 09/2030 2,786 2,759 0.4 2,781
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 11/2028 12,892 12,729 1.7 13,021
Lexipol (Ranger Buyer, Inc.) (4)(5) Unitranche First Lien Revolver 11/2027 — (13 ) 0.0 —
Lexipol (Ranger Buyer, Inc.) Unitranche First Lien Term Loan S + 475 (75 Floor) 9.08% 11/2028 1,102 1,092 0.1 1,113
List Partners, Inc. Senior Secured First Lien Revolver S + 650 (100 Floor) (plus 50 PIK) 10.96% 06/2025 316 315 0.0 281
List Partners, Inc. Senior Secured First Lien Term Loan S + 650 (100 Floor) (plus 50 PIK) 10.96% 06/2025 3,591 3,586 0.4 3,310
MRI Software LLC (12) Unitranche First Lien Term Loan S + 475 (100 Floor) 9.08% 02/2026 19,689 19,583 2.6 19,738
MRI Software LLC Unitranche First Lien Revolver S + 475 (100 Floor) 9.08% 02/2026 86 78 0.0 39
MRI Software LLC (12) Unitranche First Lien Term Loan S + 475 (100 Floor) 9.08% 02/2026 1,283 1,276 0.2 1,286
MRI Software LLC Unitranche First Lien Delayed Draw Term Loan 02/2027 — — 0.0 —
MRI Software LLC Unitranche First Lien Delayed Draw Term Loan S + 475 (75 Floor) 9.08% 02/2027 100 95 0.0 95
Medicus IT (4)(5) Unitranche First Lien Delayed Draw Term Loan 07/2030 — (7 ) 0.0 (25 )
Medicus IT (4)(5) Unitranche First Lien Revolver 07/2030 — (10 ) 0.0 (10 )
Medicus IT Unitranche First Lien Term Loan S + 525 (75 Floor) 9.58% 07/2030 6,085 6,026 0.8 6,030
Net Health Acquisition Corp. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.09% 07/2031 273 257 0.0 273
Net Health Acquisition Corp. Unitranche First Lien Term Loan S + 475 (75 Floor) 9.11% 07/2031 13,295 13,168 1.8 13,386
New Era Technology, Inc. Unitranche First Lien Term Loan S + 625 (100 Floor) 10.99% 10/2026 2,994 2,974 0.4 2,897
New Era Technology, Inc. Unitranche First Lien Revolver S + 625 (100 Floor) 10.83% 10/2026 228 226 0.0 221
New Era Technology, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.73% 10/2026 1,924 1,908 0.2 1,861
New Era Technology, Inc. Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.73% 10/2026 6,377 6,339 0.8 6,170
New Era Technology, Inc. Unitranche First Lien Revolver S + 625 (100 Floor) 10.83% 10/2026 486 481 0.1 470
Odessa Technologies, Inc. (4)(5) Senior Secured First Lien Revolver 10/2027 — (24 ) 0.0 —
Odessa Technologies, Inc. Senior Secured First Lien Term Loan S + 550 (75 Floor) 9.96% 10/2027 9,378 9,279 1.3 9,378
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S +650 (100 Floor) (plus 100 PIK) 11.00% 03/2027 1,083 1,082 0.1 1,069
Ontario Systems, LLC Unitranche First Lien Revolver S +650 (100 Floor) (plus 100 PIK) 11.98% 03/2027 500 499 0.1 494
Ontario Systems, LLC Unitranche First Lien Term Loan S +650 (100 Floor) (plus 100 PIK) 11.25% 03/2027 3,133 3,125 0.4 3,094
Ontario Systems, LLC Unitranche First Lien Delayed Draw Term Loan S +650 (100 Floor) (plus 100 PIK) 11.00% 03/2027 545 538 0.1 538
Ontario Systems, LLC Unitranche First Lien Term Loan S +650 (100 Floor) (plus 100 PIK) 11.00% 03/2027 444 440 0.1 439
Park Place Technologies, LLC (8) Unsecured Debt 1250 PIK 12.50% 05/2029 1,132 1,132 0.1 1,088
Perforce Software, Inc. Senior Secured Second Lien Term Loan S + 800 12.46% 07/2027 5,000 5,000 0.7 5,000
Right Networks, LLC (5) Unitranche First Lien Revolver 05/2026 — — 0.0 —
Right Networks, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.96% 05/2026 9,255 9,218 1.2 9,255
Right Networks, LLC Unitranche First Lien Term Loan S + 550 (100 Floor) 9.96% 05/2026 8,057 7,999 1.1 8,057
Right Networks, LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.46% 05/2026 2,054 2,040 0.3 2,054
Ruffalo Noel Levitz, LLC Unitranche First Lien Revolver S + 650 (100 Floor) (plus 425 PIK) 11.26% 12/2026 314 310 0.0 248
Ruffalo Noel Levitz, LLC Unitranche First Lien Term Loan S + 650 (100 Floor) (plus 425 PIK) 11.20% 12/2026 2,591 2,572 0.3 2,043
Saturn Borrower Inc Unitranche First Lien Term Loan S + 650 (100 Floor) 10.98% 09/2026 19,826 19,613 2.6 19,826
Saturn Borrower Inc Unitranche First Lien Term Loan S + 650 (100 Floor) 10.98% 09/2026 2,415 2,389 0.3 2,415
Saturn Borrower Inc Unitranche First Lien Revolver S + 650 (100 Floor) 10.98% 09/2026 1,816 1,800 0.2 1,816
Smartronix, LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.35% 11/2028 23,387 23,070 3.1 23,387
Smartronix, LLC (4)(5) Unitranche First Lien Revolver 11/2028 — (38 ) 0.0 —
SQAD Holdco, Inc. Unitranche First Lien Delayed Draw Term Loan S + 575 (100 Floor) 10.08% 04/2028 2,364 2,350 0.3 2,364
SQAD Holdco, Inc. (4)(5) Unitranche First Lien Revolver 04/2028 — (12 ) 0.0 —
SQAD Holdco, Inc. Unitranche First Lien Term Loan S + 575 (100 Floor) 10.08% 04/2028 8,726 8,616 1.2 8,726
Strata Information Group, Inc. (4)(5) Senior Secured First Lien Delayed Draw Term Loan 12/2030 — (5 ) 0.0 (12 )
Strata Information Group, Inc. (4)(5) Senior Secured First Lien Revolver 12/2030 — (3 ) 0.0 (4 )
Strata Information Group, Inc. Senior Secured First Lien Term Loan S + 450 (75 Floor) 8.80% 12/2030 1,200 1,188 0.2 1,188
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Summit 7 Systems, LLC Senior Secured First Lien Revolver S + 575 (100 Floor) 10.23% 05/2028 792 788 0.1 792
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.23% 05/2028 5,168 5,100 0.7 5,168
Summit 7 Systems, LLC Senior Secured First Lien Term Loan S + 575 (100 Floor) 10.49% 05/2028 2,370 2,370 0.3 2,370
TMA Buyer, LLC Unitranche First Lien Term Loan S + 575 (100 Floor) 11.00% 09/2027 3,042 2,962 0.4 2,997
TMA Buyer, LLC (4)(5) Unitranche First Lien Revolver 09/2027 — (9 ) 0.0 (6 )
TMA Buyer, LLC Unitranche First Lien Delayed Draw Term Loan S + 625 (100 Floor) 10.92% 09/2027 362 353 0.0 357
Transportation Insight, LLC Senior Secured First Lien Term Loan S + 550 (plus 245 PIK) 8.93% 06/2027 4,949 4,940 0.5 3,978
Transportation Insight, LLC Senior Secured First Lien Delayed Draw Term Loan S + 550 (plus 245 PIK) 8.93% 06/2027 1,230 1,228 0.1 989
Transportation Insight, LLC Senior Secured First Lien Revolver S + 550 (plus 245 PIK) 8.93% 06/2027 338 336 0.0 191
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.46% 12/2025 616 614 0.1 616
Winxnet Holdings LLC Unitranche First Lien Delayed Draw Term Loan S + 600 (100 Floor) 10.46% 12/2025 1,009 1,004 0.1 1,009
Winxnet Holdings LLC Unitranche First Lien Revolver S + 600 (100 Floor) 10.46% 12/2025 407 404 0.1 407
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.46% 12/2025 1,872 1,867 0.2 1,872
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.46% 12/2025 1,493 1,486 0.2 1,493
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.46% 12/2025 1,114 1,104 0.1 1,114
Winxnet Holdings LLC Unitranche First Lien Term Loan S + 600 (100 Floor) 10.46% 12/2025 195 194 0.0 195
330,138 326,927 43.0 326,615
Technology, Hardware & Equipment
3SI Security Systems Unitranche First Lien Term Loan S + 600 (100 Floor) 10.64% 12/2026 3,513 3,433 0.5 3,513
Gener8, LLC Senior Secured First Lien Term Loan S + 800 (plus 200 PIK) 12.59% 08/2025 5,798 5,798 0.5 3,604
Gener8, LLC Senior Secured First Lien Revolver S + 800 (plus 200 PIK) 12.59% 08/2025 1,238 1,238 0.1 656
Gener8, LLC Senior Secured First Lien Term Loan S + 800 (100 Floor) (plus 200 PIK) 12.59% 08/2025 250 250 0.0 155
10,799 10,719 1.1 7,928
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Transportation
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 690 (plus 425 PIK) 11.49% 08/2026 2,327 2,326 0.3 2,280
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 690 (plus 425 PIK) 11.49% 08/2026 440 440 0.1 431
A&R Logistics Holdings, Inc. Unitranche First Lien Term Loan S + 690 (plus 425 PIK) 11.49% 08/2026 42 42 0.0 42
Breeze Buyer, Inc. Senior Secured First Lien Term Loan S + 675 (plus 425 PIK) 9.17% 01/2028 4,289 4,239 0.6 4,238
7,098 7,047 1.0 6,991
Total Debt Investments <br>United States 1,470,139 1,382,143 180.7 % 1,353,227
Equity Investments
Automobiles & Components
Sun Acquirer Corp. Common Stock 6,148 615 0.1 828
Sun Acquirer Corp. Common Stock 428 43 0.0 58
658 0.1 886
Capital Goods
Envocore Holding, LLC (7) Common Stock 521,354 — 0.0 —
Envocore Holding, LLC (7) Preferred Stock 534,722 — 0.0 —
— 0.0 —
Commercial & Professional Services
Allied Universal Holdings, LLC Common Stock Class A 2,805,726 1,011 0.5 3,490
Allied Universal Holdings, LLC Common Stock Class A 684,903 685 0.1 852
ASP MCS Acquisition Corp. (6)(12) Common Stock 13,293 1,183 0.0 216
ASP MCS Acquisition Corp. (6) Common Stock 791 - 0.0 66
ASP MCS Acquisition Corp. (6) Preferred Stock 792 333 0.1 446
Hercules Borrower LLC Common Stock 1,153,075 1,153 0.3 1,879
Iris Buyer, LLC Common Stock 577 577 0.1 635
Iris Buyer, LLC Common Stock 576,923 — 0.0 56
MHS Acquisition Holdings, LLC Preferred Stock 1,060 923 0.1 1,104
MHS Acquisition Holdings, LLC Common Stock 11 9 0.0 —
RN Enterprises, LLC Common Stock 776 776 0.1 776
Receivable Solutions, Inc. Preferred Stock Class A 137,000 137 0.0 328
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Service Logic Acquisition, Inc. Common Stock 13,132 1,313 0.5 3,820
Seko Global Logistics Network, LLC (11) Common Stock 625 2,372 0.3 2,372
TecoStar Holdings, Inc. Common Stock 500,000 500 0.0 3
10,972 2.1 16,043
Consumer Services
Everlast Parent Inc. Common Stock 948 949 0.1 699
FS Whitewater Borrower, LLC Common Stock 6,897 690 0.1 682
FS Whitewater Borrower, LLC Common Stock 238 31 0.0 24
HGH Purchaser, Inc. Common Stock Class A 4,171 417 0.0 201
HS Spa Holdings Inc. (Hand & Stone) Common Stock 1,791,160 1,791 0.2 1,357
Legalshield Common Stock 372 372 0.1 751
Mario Purchaser, LLC Common Stock 1,027 1,027 0.1 786
Mario Purchaser, LLC Common Stock 118 118 0.0 91
PPV Intermediate Holdings LLC (Vetcor) Common Stock 312,500 313 0.0 342
Stepping Stones Healthcare Services, LLC Common Stock 11,321 1,132 0.2 1,370
Wrench Group LLC Common Stock 2,337 235 0.1 597
Wrench Group LLC Common Stock 655 66 0.0 167
7,141 0.9 7,067
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14) Partnership Interest 267 0.0 336
First Eagle Greenway Fund II, LLC (11)(13)(14) Partnership Interest — 0.0 —
First Eagle Logan JV, LLC (2)(7)(11)(13)(14) Partnership Interest 41,413 4.4 32,574
Freeport Financial SBIC Fund LP (11)(13)(14) Partnership Interest 1,312 0.2 1,131
Gryphon Partners 3.5, L.P. (11)(13)(14) Partnership Interest 145 0.0 31
WhiteHawk III Onshore Fund L.P. (2)(6)(11)(13)(14) Partnership Interest 4,957 0.7 5,354
48,094 5.3 39,426
Energy
Loadmaster Derrick & Equipment, Inc. (7) Preferred Stock 3,000,000 3,000 0.3 2,334
3,000 0.3 2,334
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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 & Staples Retailing
Isagenix International, LLC (6) Common Stock 202,844 — 0.0 —
— 0.0 —
Health Care Equipment & Services
ACI Group Holdings, Inc. Common Stock 907,499 910 0.1 456
ACI Group Holdings, Inc. Preferred Stock 3,719 3,645 0.7 5,030
ACI Group Holdings, Inc. Preferred Stock 684,903 40 0.0 40
Bayside Opco, LLC (6) Common Stock 1,976 — 0.0 74
Centria Subsidiary Holdings, LLC Common Stock 11,911 1,191 0.3 2,545
Hospice Care Buyer, Inc. Common Stock 13,985 1,398 0.2 1,567
Hospice Care Buyer, Inc. Common Stock 754 75 0.0 84
IVX Health Merger Sub, Inc. Common Stock 2,199 2,199 0.3 2,487
Patriot Acquisition Topco S.A.R.L (11) Common Stock Class A 1,192 1,192 0.2 1,416
Patriot Acquisition Topco S.A.R.L (11) Common Stock Class B 16,416 46 0.0 —
Seniorlink Incorporated Common Stock 68,182 423 0.3 2,273
Smile Doctors LLC Common Stock 1,191 714 0.1 668
Vital Care Buyer, LLC Common Stock 649 1 0.0 5
Vital Care Buyer, LLC Common Stock 64 64 0.0 56
11,898 2.2 16,701
Insurance
Evolution BuyerCo, Inc. Common Stock 2,917 292 0.1 475
Integrity Marketing Acquisition, LLC Common Stock 287,484 533 0.2 1,143
Integrity Marketing Acquisition, LLC Preferred Stock 1,247 1,215 0.3 2,448
Integro Parent, Inc. (11) Common Stock 4,468 454 0.0 —
2,494 0.6 4,066
Materials
A&A Global Imports, LLC Common Stock 69 — 0.0 —
— 0.0 —
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana) Common Stock 3,096 952 0.2 1,140
LSCS Holdings, Inc. (Eversana) Preferred Stock 447 447 0.1 554
Teal Acquisition Co., Inc Common Stock 5,555 556 0.0 214
WCT Group Holdings, LLC Common Stock 118 1,177 0.2 1,675
3,132 0.5 3,583
Retailing
MeriCal, LLC Preferred Stock 521 103 0.0 —
MeriCal, LLC Common Stock 5,334 — 0.0 —
Palmetto Moon LLC Common Stock 61 — 0.1 569
Slickdeals Holdings, LLC (6) Common Stock 89 891 0.1 892
Vivid Seats Ltd. (6)(11)(12) Common Stock 608,108 608 0.1 910
1,602 0.3 2,371
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7) Common Stock 20,000 — 0.0 —
— 0.0 —
Software & Services
Certify, Inc. Common Stock 841 247 0.0 289
Lexipol (Ranger Buyer, Inc.) Common Stock 638 638 0.1 867
Lexipol (Ranger Buyer, Inc.) Common Stock 638 — 0.0 —
Lexipol (Ranger Buyer, Inc.) Common Stock 5 5 0.0 6
NMN Holdings III Corp. Common Stock 11,111 1,111 0.3 1,982
Odessa Technologies, Inc. Common Stock 10,714 1,071 0.2 1,294
Park Place Technologies, LLC Common Stock Class A2 479 479 0.0 —
Park Place Technologies, LLC Common Stock Class B2 442,203 27 0.1 461
Park Place Technologies, LLC Common Stock Class W 685,018 — 0.0 —
Saturn Borrower Inc Common Stock 434,163 434 0.1 386
4,012 0.8 5,285
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Transportation
Xpress Global Systems, LLC Common Stock 12,544 — 0.2 1,254
— 0.2 1,254
Total Equity Investments<br>United States 93,003 13.3 % 99,016
Total United States $ 1,475,146 194.0 % $ 1,452,243
Canada
Equity Investments
Telecommunication Services
Sandvine Corporation Common Stock 81,818 — 0.0 —
Total Equity Investments<br>Canada — 0.0 —
Total Canada $ — 0.0 % $ —
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11) Unitranche First Lien Term Loan SN + 652.66 11.72% 12/2027 £ 7,681 $ 7,645 1.0 % $ 7,673
Crusoe Bidco Limited (11) Unitranche First Lien Delayed Draw Term Loan SN + 652.66 11.48% 12/2027 £ 1,038 1,006 0.1 1,037
Nurture Landscapes (11) Unitranche First Lien Term Loan SN + 650 11.57% 06/2028 £ 1,775 1,960 0.2 1,773
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.59% 06/2028 £ 491 524 0.1 490
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.22% 06/2028 £ 13,786 13,361 1.8 13,773
Nurture Landscapes (11) Unitranche First Lien Delayed Draw Term Loan SN + 650 11.20% 06/2028 £ 2,675 2,641 0.4 2,673
Nurture Landscapes Unitranche First Lien Delayed Draw Term Loan SN + 650 11.20% 06/2028 £ 3,567 3,598 0.5 3,564
Nurture Landscapes Unitranche First Lien Delayed Draw Term Loan SN + 650 11.24% 06/2028 £ 6,243 6,079 0.8 6,236
37,256 36,814 4.9 37,219
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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 Durables & Apparel
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.33% 03/2028 £ 4,352 $ 4,293 0.6 $ 4,352
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.58% 03/2028 £ 9,939 9,805 1.3 9,939
Lion Cashmere Bidco Limited (11) Unitranche First Lien Term Loan S + 600 (50 Floor) 10.58% 03/2028 £ 4,953 4,878 0.7 4,953
Lion Cashmere Bidco Limited (4)(5)(11) Unitranche First Lien Delayed Draw Term Loan 03/2028 £ — (52 ) 0.0 —
19,244 18,924 2.6 19,244
Food, Beverage & Tobacco
APC Bidco Limited (11) Unitranche First Lien Term Loan SN + 625 11.32% 10/2030 £ 5,439 $ 5,210 0.7 $ 5,433
APC Bidco Limited (11) Unitranche First Lien Delayed Draw Term Loan SN + 625 11.07% 10/2030 £ 1,559 1,495 0.2 1,558
6,998 6,705 0.9 6,991
Software & Services
Jordan Bidco, Ltd. (11) Unitranche First Lien Delayed Draw Term Loan SN + 575 10.73% 08/2028 £ 510 $ 522 0.1 $ 510
Jordan Bidco, Ltd. (11) Unitranche First Lien Term Loan SN + 575 10.73% 08/2028 £ 16,586 17,873 2.2 16,569
17,096 18,395 2.3 17,079
Total Debt Investments<br>United Kingdom £ 80,594 $ 80,838 10.7 % $ 80,533
Equity Investments
Health Care Equipment & Services
VetStrategy (11) Preferred Stock £ 2,126,875 $ 968 0.3 $ 2,023
VetStrategy (11) Common Stock £ 37,612 30 — —
2,164,487 998 0.3 2,023
Total Equity Investments<br>United Kingdom 998 0.3 % 2,023
Total United Kingdom $ 81,836 11.0 % $ 82,556
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
France
Debt Investments
Commercial & Professional Services
Efor Holding (11) Unitranche First Lien Term Loan E + 650 9.36% 10/2030 € 2,985 $ 3,072 0.4 % $ 2,986
Efor Holding (11) Unitranche First Lien Delayed Draw Term Loan E + 650 9.36% 10/2030 € 1,029 1,046 0.1 1,029
€ 4,014 4,118 0.5 4,015
Total Debt Investments<br>France 4,014 4,118 0.5 % 4,015
Total France $ 4,118 0.5 % $ 4,015
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited (11) Unitranche First Lien Term Loan S + 550 10.20% 11/2031 £ 6,267 $ 6,130 0.8 % $ 6,088
£ 6,267 6,130 0.8 6,088
Total Debt Investments<br>Jersey £ 6,267 6,130 0.8 % 6,088
Total Jersey $ 6,130 0.8 % $ 6,088
Netherlands
Debt Investments
Commercial & Professional Services
Pitch MidCo B.V. (4)(5)(11) Unitranche First Lien Delayed Draw Term Loan 04/2031 € — (19 ) — —
Pitch MidCo B.V. (11) Unitranche First Lien Term Loan E + 625 9.60% 04/2031 € 2,967 2,986 0.4 2,967
2,967 2,967 0.4 2,967
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Pharmaceuticals, Biotechnology & Life Sciences
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Term Loan E + 600 (plus 187.5 PIK) 11.55% 07/2029 € 2,305 $ 2,283 0.3 $ 2,305
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Delayed Draw Term Loan E + 600 (plus 187.5 PIK) 9.68% 07/2029 € 1,301 1,258 0.2 1,301
Eagle Midco B.V. (Avania) (4)(5)(11) Senior Secured First Lien Revolver 01/2029 € — — 0.0 —
Eagle Midco B.V. (Avania) (11) Unitranche First Lien Term Loan S + 600 (plus 218.75 PIK) 11.34% 07/2029 € 3,449 3,381 0.5 3,449
7,055 6,922 1.0 7,055
Total Debt Investments<br>Netherlands 10,022 9,889 1.4 % 10,022
Total Netherlands $ 9,889 1.4 % $ 10,022
Belgium
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11) Common Stock € 1,025 $ 1 0.0 $ —
Miraclon Corporation (11) Preferred Stock € 90,601 73 0.0 122
74 0.0 122
Total Equity Investments<br>Belgium $ 74 0.0 % $ 122
Total Belgium $ 74 0.0 % $ 122
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (4)(5)(11) Unitranche First Lien Delayed Draw Term Loan 11/2030 AUD 0 $ (28 ) 0.0 $ (27 )
Ancora Bidco PTY LTD (11) Unitranche First Lien Term Loan B + 500 (50 Floor) 9.38% 11/2030 AUD 6,430 6,686 0.8 6,298
AUD 6,430 6,658 0.8 6,271
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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
Retailing
Greencross (Vermont Aus Pty Ltd) (11) Unitranche First Lien Term Loan B + 575 10.23% 03/2028 AUD 18,070 $ 21,410 2.4 $ 18,061
Greencross (Vermont Aus Pty Ltd) (11) Unitranche First Lien Term Loan B + 575 (75 Floor) 10.23% 03/2028 AUD 3,013 3,350 0.4 3,012
AUD 21,083 24,760 2.8 21,073
Total Debt Investments<br>Australia AUD 27,513 31,418 3.6 % 27,344
Equity Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (11) Common Stock Class A AUD 128,654,071 $ 1,286 0.2 $ 1,286
Ancora Bidco PTY LTD (11) Common Stock Class B AUD 6,771,267 68 0.0 68
1,354 0.2 1,354
Total Equity Investments<br>Australia 1,354 0.2 % 1,354
Total Australia $ 32,772 3.8 % $ 28,698
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11) Unitranche First Lien Term Loan E + 600 (plus 150 PIK) 9.39% 08/2029 € 9,319 $ 8,883 1.3 $ 9,322
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11) Senior Secured First Lien Revolver 08/2029 € — (7 ) 0.0 —
AX VI INV2 Holding AB (Voff) (6)(11) Senior Secured Second Lien Term Loan E + 1000 (plus 1339 PIK) 13.39% 08/2030 € 2,448 2,381 0.3 2,448
AX VI INV2 Holding AB (Voff) (6)(11) Unitranche First Lien Delayed Draw Term Loan E + 600 (plus 150 PIK) 10.18% 08/2029 € 1,572 1,598 0.2 1,572
13,339 12,855 1.8 13,342
Total Debt Investments<br>Sweden 13,339 12,855 1.8 % 13,342
CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<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 1,140,447 1,086 0.2 1,771
1,086 0.2 1,771
Total Equity Investments<br>Sweden 1,086 0.2 % 1,771
Total Sweden $ 13,941 2.0 % $ 15,113
Total Investments $ 1,623,906 213.5 % $ 1,598,857
Cash Equivalents
Goldman Sachs Financial Square Government Fund 4.41% $ 2,110 0.3 $ 2,110
Cash Equivalents Total $ 2,110 0.3 % $ 2,110
Investments and Cash Equivalents Total $ 1,626,016 213.8 % $ 1,600,967

*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, 2024, 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 $740,637 as of December 31, 2024.
Reference Rate 1 month 3 month 6 Month 12 Month
Prime (“P”) - - - -
SOFR (“S”) - 4.33% 4.31% 4.25% 4.18%
IBOR (“E”) - 2.79% 2.74% 2.56% 2.45%
SONIA (“SN”) - - - -
BBSY ("B") - - 4.42% - -

All values are in Euros.

(1) 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.

(2) 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.

(3) 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”.

(4) 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.

(5) 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”.

(6) 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”.

(7) 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”.

(8) Fixed rate investment.

(9) The investment is on non-accrual status as of December 31, 2024.

(10) 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.

(11) 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 12.3% as of December 31, 2024.

(12) 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.

(13) 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.

(14) 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. 371 6/3/2026 $ 29
Wells Fargo Bank, N.A. 3,656 3/22/2028 $ 249
Wells Fargo Bank, N.A. 1,107 8/20/2027 $ 7
Wells Fargo Bank, N.A. 20,607 3/22/2028 $ 2,059
Wells Fargo Bank, N.A. 6,759 10/6/2028 $ 347
Wells Fargo Bank, N.A. 3,074 6/3/2026 $ 265
Wells Fargo Bank, N.A. 1,944 6/3/2026 $ 230
Wells Fargo Bank, N.A. 170 6/3/2026 $ 18
Wells Fargo Bank, N.A. 17,790 8/24/2026 $ 1,611
Total Foreign Currency Exchange Contracts $ 4,815
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)

June 30, 2025 (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 is not 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.

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, 2025.

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 and Restricted Cash

Cash and cash equivalents and restricted cash 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 and restricted cash 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 and restricted cash 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 June 30, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.9% and 2.4% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in seven portfolio companies on non-accrual status, which represented 2.2% and 0.9% 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 June 30, 2025 and December 31, 2024.

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 June 30, 2025 the Company is subject to potential 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. See Note 11 for details.

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.

Segment Reporting

Since its commencement, the Company has operated and been managed as a single reportable segment deriving returns mainly in the form of interest income, dividend income and other fees from the investments made in pursuit of its single stated investment objective. The accounting policies of the Company are consistent with those described in these Notes to Consolidated Financial Statements. The chief operating decision maker (“CODM”) is represented by an executive committee comprised of a chief executive officer, a chief financial officer and other executive officers of the Company. The CODM considers net investment income, leverage and net increase (decrease) in net assets resulting from operations in deciding how to deploy capital and/or make distributions to shareholders. Detailed financial information for the Company is disclosed within these financial statements with total assets and liabilities disclosed on the Consolidated Statements of Assets and Liabilities, investments held on the Consolidated Schedules of Investments, results of operations and significant segment expenses on the Consolidated Statements of Operations and other information about the Company's performance, including total return, portfolio turnover and ratios within the Financial Highlights in Note 12.

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 six months ended June 30, 2025, the Company incurred administrative services expenses of $445 and $890, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. For the three and six months ended June 30, 2024, the Company incurred administrative services expenses of $340 and $683, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, $568 and $555, 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 is 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 six months ended June 30, 2025, the Company incurred management fees of $5,089 and $10,127, respectively, of which $13 and $33, respectively, were waived. For the three and six months ended June 30, 2024, the Company incurred management fees of $5,034 and $10,014, of which $33 and $71, respectively, were waived. As of June 30, 2025 and December 31, 2024, management fees of $5,075 and $5,066, 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.

The Adviser 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 six months ended June 30, 2025, the Company incurred income incentive fees of $3,579 and $7,098, respectively, of which $23 and $55, respectively, were waived. For the three and six months ended June 30, 2024, the Company incurred income incentive fees of $4,603 and $9,541, of which $0 and $36, respectively, were waived. As of June 30, 2025 and December 31, 2024, income incentive fees of $3,557 and $4,305, respectively, were unpaid.

Capital Gains Based 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 six months ended June 30, 2025 and 2024, the Company recorded no capital gains incentive fees on unrealized capital appreciation. As of June 30, 2025 and December 31, 2024, 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 Capital Group LP ("Crescent"), its employees and certain officers and directors of the Company. As of June 30, 2025 and December 31, 2024, Crescent, its employees and certain officers and directors of the Company owned 2.77% and 2.74%, 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.

As of each of June 30, 2025 and December 31, 2024, Sun Life Financial Inc. ("Sun Life"), a majority owner of Crescent, owned 6.01%, of the Company’s outstanding common stock. Sun Life is the sole lender of the Company’s Series 2023A Unsecured Notes, a $10,000 participating lender in the Company’s Series 2021A Unsecured Notes, a $2,000 participating lender the Company's Series 2024 Unsecured Notes - 2028, and a $10,000 participating lender the Company's Series 2024 Unsecured Notes - 2030, all described further in Note 6.

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 six months ended June 30, 2025 were as follows (in thousands):

Fair Value as of <br>December 31, 2024 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 June 30, 2025 Dividend, <br>Interest, PIK <br>and Other <br>Income
Non-Controlled Affiliates
AX VI INV2 Holding AB $ 15,110 $ 289 $ — $ — $ 1,790 $ 17,189 $ 748
ASP MCS Acquisition 728 — — — — 728 —
Bayside Opco, LLC 7,920 205 (27 ) — 1,294 9,392 562
Isagenix International, LLC 2,005 164 — — (445 ) 1,724 212
Slickdeals Holdings, LLC 14,766 577 (38 ) — (2,332 ) 12,973 784
Vivid Seats Ltd. 910 — — — (321 ) 589 —
WhiteHawk III Onshore Fund L.P.(3) 5,354 — (4,957 ) — (397 ) - 430
Total Non-Controlled Affiliates $ 46,793 $ 1,235 $ (5,022 ) $ — $ (411 ) $ 42,595 $ 2,736

The Company’s investments in non-controlled affiliates for the six months ended June 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 June 30, 2024 Dividend, <br>Interest, PIK <br>and Other <br>Income
Non-Controlled Affiliates
AX VI INV2 Holding AB $ 14,152 $ 631 $ — $ — $ 648 $ 15,431 $ 767
ASP MCS Acquisition 799 347 (1 ) — 108 1,253 19
Bayside Opco, LLC 6,704 189 (13 ) — 695 7,575 386
GACP II, LP 3,927 — (2,855 ) — (373 ) 699 —
Isagenix International, LLC 2,546 147 — — (36 ) 2,657 186
Slickdeals Holdings, LLC 15,192 55 (74 ) — (218 ) 14,955 888
smarTours, LLC — 23 — — (23 ) — 70
Vivid Seats Ltd. 1,021 — — — 40 1,061 —
WhiteHawk III Onshore Fund L.P. 8,278 — (240 ) — 354 8,392 287
Total Non-Controlled Affiliates $ 52,619 $ 1,392 $ (3,183 ) $ — $ 1,195 $ 52,023 $ 2,603
  • 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.
  • WhiteHawk III Onshore Fund L.P. no longer meets the definition of a non-controlled affiliate.

The Company’s investments in controlled affiliates for the six months ended June 30, 2025 were as follows (in thousands):

Fair Value as of <br>December 31, 2024 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 June 30, 2025 Dividend, <br>Interest, PIK <br>and Other <br>Income
Controlled Affiliates
Envocore LLC $ 9,221 $ 1,397 $ (1,285 ) $ — $ 1,245 $ 10,578 $ 348
First Eagle Logan JV, LLC(1) 32,575 — (80 ) — 1,716 34,211 2,800
Loadmaster Derrick & Equipment, Inc. 3,476 — (63 ) — 928 4,341 75
OEM Group, LLC 2,779 — (2,214 ) (3,800 ) 3,235 — —
Total Controlled Affiliates $ 48,051 $ 1,397 $ (3,642 ) $ (3,800 ) $ 7,124 $ 49,130 $ 3,223

The Company’s investments in controlled affiliates for the six months ended June 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 June 30, 2024 Dividend, <br>Interest, PIK <br>and Other <br>Income
Controlled Affiliates
Envocore LLC $ 10,375 $ 974 $ (34 ) $ — $ (1,429 ) $ 9,886 $ 297
First Eagle Logan JV, LLC(1) 39,004 — (2,240 ) — (2,875 ) 33,889 5,280
Loadmaster Derrick & Equipment, Inc. 6,287 — — — 1,713 8,000 318
OEM Group, LLC 8,253 1 (1,437 ) — (1,260 ) 5,557 1
Total Controlled Affiliates $ 63,919 $ 975 $ (3,711 ) $ — $ (3,851 ) $ 57,332 $ 5,896
  • 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 June 30, 2025 As of December 31, 2024
Investment Type Cost Fair Value Unrealized Appreciation/ (Depreciation) Cost Fair Value Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien $ 391,853 $ 381,325 $ (10,528 ) $ 395,736 $ 379,627 $ (16,109 )
Unitranche First Lien 1,058,072 1,043,586 (14,486 ) 1,055,506 1,044,141 (11,365 )
Unitranche First Lien - Last Out 25,036 26,151 1,115 14,888 14,741 (147 )
Senior Secured Second Lien 27,301 23,502 (3,799 ) 44,571 38,537 (6,034 )
Unsecured Debt 17,985 18,871 886 16,690 17,525 835
Equity & Other 50,255 68,957 18,702 48,421 64,860 16,439
LLC/LP Equity Interests 45,648 38,300 (7,348 ) 48,094 39,426 (8,668 )
Total investments $ 1,616,150 $ 1,600,692 $ (15,458 ) $ 1,623,906 $ 1,598,857 $ (25,049 )

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

Industry Fair Value as of <br>June 30, 2025 Percentage of Fair Value Fair Value as of <br>December 31, 2024 Percentage of Fair Value
Health Care Equipment & Services $ 437,613 27.2 % $ 436,183 27.3 %
Software & Services 325,982 20.4 348,979 21.8
Commercial & Professional Services 266,423 16.6 231,599 14.6
Consumer Services 146,231 9.1 144,671 9.0
Diversified Financials 81,193 5.1 95,988 6.0
Insurance 84,369 5.3 83,670 5.2
Pharmaceuticals, Biotechnology & Life Sciences 71,299 4.5 53,230 3.3
Retailing 57,308 3.6 56,219 3.5
Automobiles & Components 34,807 2.2 35,988 2.3
Capital Goods 29,651 1.9 30,005 1.9
Consumer Durables & Apparel 16,770 1.0 19,244 1.2
Materials 5,905 0.4 16,444 1.0
Food, Beverage & Tobacco 14,796 0.9 14,801 0.9
Technology, Hardware & Equipment 7,634 0.5 7,928 0.5
Household & Personal Products 7,667 0.5 7,403 0.5
Transportation 6,979 0.4 8,245 0.5
Energy 4,341 0.3 3,476 0.2
Food & Staples Retailing 1,724 0.1 2,005 0.1
Telecommunication Services 0 0.0 0 0.0
Semiconductor and Semiconductor Equipment - - 2,779 0.2
Total investments $ 1,600,692 100.0 % $ 1,598,857 100.0 %

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

Geographic Region Fair Value as of <br>June 30, 2025 Percentage of Fair Value Fair Value as of <br>December 31, 2024 Percentage of Fair Value
United States $ 1,403,886 87.7 % $ 1,452,243 90.8 %
United Kingdom 96,952 6.1 82,556 5.2
Australia 30,860 1.9 28,698 1.8
Switzerland 25,212 1.6 - -
Sweden 17,188 1.1 15,113 0.9
Netherlands 11,629 0.7 10,022 0.6
Jersey 6,863 0.4 6,088 0.4
France 5,926 0.4 4,015 0.3
Finland 2,068 0.1 - -
Belgium 108 0.0 122 0.0
Total investments $ 1,600,692 100.0 % $ 1,598,857 100.0 %

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of June 30, 2025 (in thousands):

Fair Value Hierarchy
Level 1 Level 2 Level 3 Total
Senior Secured First Lien $ — $ — $ 381,325 $ 381,325
Unitranche First Lien — 26,435 1,017,151 1,043,586
Unitranche First Lien – Last Out — — 26,151 26,151
Senior Secured Second Lien — — 23,502 23,502
Unsecured Debt — — 18,871 18,871
Equity & Other — 784 68,173 68,957
Subtotal $ — $ 27,219 $ 1,535,173 $ 1,562,392
Investments Measured at NAV (1) 38,300
Total Investments $ 1,600,692
Foreign Currency Forward Contracts - Assets — 1,444 — 1,444
Foreign Currency Forward Contracts - Liabilities — 2,606 — 2,606

The following table presents fair value measurements of investments as of December 31, 2024 (in thousands):

Fair Value Hierarchy
Level 1 Level 2 Level 3 Total
Senior Secured First Lien $ — $ — $ 379,628 $ 379,628
Unitranche First Lien — 30,206 1,013,934 1,044,140
Unitranche First Lien – Last Out — — 14,741 14,741
Senior Secured Second Lien — 14,186 24,351 38,537
Unsecured Debt — — 17,525 17,525
Equity & Other — 1,125 63,735 64,860
Subtotal $ — $ 45,517 $ 1,513,914 $ 1,559,431
Investments Measured at NAV (1) 39,426
Total Investments $ 1,598,857
Foreign Currency Forward Contracts - Assets — 4,815 — 4,815
Foreign Currency Forward Contracts - Liabilities — — — —
  • 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 six months ended June 30, 2025, based off of the fair value hierarchy as of June 30, 2025 (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, 2025 $ 379,628 $ 1,013,934 $ 14,741 $ 24,351 $ 17,525 $ 63,735 $ 1,513,914
Amortized discounts/premiums 755 2,971 34 21 82 — 3,863
Paid in-kind interest 1,187 2,401 443 167 1,214 — 5,412
Net realized gain (loss) (7,671 ) 4 — (693 ) — (454 ) (8,814 )
Net change in unrealized appreciation (depreciation) 5,590 (2,915 ) 1,263 1,971 50 2,604 8,563
Purchases 42,573 107,727 9,670 — — 2,288 162,258
Sales/return of capital/principal repayments/paydowns (40,737 ) (110,478 ) — (2,315 ) — — (153,530 )
Transfers in — 3,507 — — — — 3,507
Transfers out — — — — — — -
Balance as of June 30, 2025 $ 381,325 $ 1,017,151 $ 26,151 $ 23,502 $ 18,871 $ 68,173 $ 1,535,173
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025 $ (809 ) $ (1,741 ) $ 1,263 $ 1,669 $ 51 $ 2,150 $ 2,583

During the six months ended June 30, 2025, the Company recorded no transfers from Level 3 to Level 2 and $3,507 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 six months ended June 30, 2024, based off of the fair value hierarchy as of June 30, 2024 (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, 2024 $ 409,945 $ 948,781 $ 13,544 $ 44,907 $ 4,061 $ 48,909 $ 1,470,147
Amortized discounts/premiums 1,133 3,052 88 129 4 — 4,406
Paid in-kind interest 1,150 1,180 398 984 419 — 4,131
Net realized gain (loss) (4,096 ) (228 ) (2,308 ) — — 1,678 (4,954 )
Net change in unrealized appreciation (depreciation) (1,106 ) 3,794 2,251 (2,053 ) 808 4,369 8,063
Purchases 63,953 117,719 — — 10,341 2,710 194,723
Sales/return of capital/principal repayments/paydowns (40,619 ) (94,008 ) (8,369 ) (5,429 ) — (1,691 ) (150,116 )
Transfers in 2,546 (24 ) — — — — 2,522
Transfers out — — — (3,330 ) — — (3,330 )
Balance as of June 30, 2024 $ 432,906 $ 980,266 $ 5,604 $ 35,208 $ 15,633 $ 55,975 $ 1,525,592
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024 $ (1,106 ) $ 3,794 $ 2,251 $ (2,053 ) $ 808 $ 4,369 $ 8,063

During the six months ended June 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 $2,522 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 June 30, 2025 and December 31, 2024. 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>June 30, 2025<br>(in thousands) Valuation Technique Unobservable Input Range (Weighted Avg)
Senior Secured First Lien $ 318,124 Discounted Cash Flows Discount Rate 7.0% - 17.4% (10.3%)
32,871 Enterprise Value Comparable EBITDA Multiple 5.7x - 11.1x (5.2x)
4,351 Transaction Precedent Transaction Price N/A
25,979 Broker Quoted Broker Quote N/A
$ 381,325
Unitranche First Lien $ 909,879 Discounted Cash Flows Discount Rate 8.8% - 18.9% (10.6%)
28,891 Enterprise Value Comparable EBITDA Multiple 6.1 x - 11.7x (11.0x)
29,367 Transactions Precedent Transaction Price N/A
49,014 Broker Quoted Broker Quote N/A
$ 1,017,151
Unitranche First Lien - Last Out $ 26,151 Discounted Cash Flows Discount Rate 8.4% - 16.0% (12.6%)
$ 26,151
Senior Secured Second Lien $ 19,548 Discounted Cash Flows Discount Rate 11.5% - 13.4% (12.6%)
3,954 Enterprise Value Comparable EBITDA Multiple 3.4x - 6.2x (5.4x)
$ 23,502
Unsecured Debt $ 16,917 Discounted Cash Flows Discount Rate 13.3% - 15.3% (13.9%)
1,954 Enterprise Value Comparable EBITDA Multiple 11.1x
$ 18,871
Equity & Other $ 67,572 Enterprise Value Comparable EBITDA Multiple 2.5x - 29.3x (14.8x)
541 Transaction Precedent Transaction Price N/A
60 Broker Quoted Broker Quote N/A
$ 68,173
Total $ 1,535,173
Security Type Fair Value as of <br>December 31, 2024<br>(in thousands) Valuation Technique Unobservable Input Range (Weighted Avg)
--- --- --- --- --- --- --- --- --- --- --- --- ---
Senior Secured First Lien $ 324,549 Discounted Cash Flows Discount Rate 8.0% - 18.3% (10.8%)
27,840 Enterprise Value Comparable EBITDA Multiple 3.1 x - 10.6 x (8.1x)
2,779 Discounted Cash Flows Royalty Payment Discount Rate 22.4%
24,460 Broker Quoted Broker Quote N/A
$ 379,628
Unitranche First Lien $ 988,714 Discounted Cash Flows Discount Rate 8.9% - 18.3% (10.7%)
12,556 Enterprise Value Comparable EBITDA Multiple 10.9 x
12,664 Broker Quoted Broker Quote N/A
$ 1,013,934
Unitranche First Lien - Last Out $ 14,741 Discounted Cash Flows Discount Rate 11.2% - 16.0% (12.8%)
$ 14,741
Senior Secured Second Lien $ 15,802 Discounted Cash Flows Discount Rate 12.4% - 14.1% (12.9%)
3,549 Enterprise Value Comparable EBITDA Multiple 1.4x - 10.1 x (5.1x)
5,000 Broker Quoted Broker Quote N/A
$ 24,351
Unsecured Debt $ 15,706 Discounted Cash Flows Discount Rate 13.3% - 17.2% (14.2%)
1,819 Enterprise Value Comparable EBITDA Multiple 10.6 x
$ 17,525
Equity & Other $ 63,735 Enterprise Value Comparable EBITDA Multiple 3.1x - 27.4x (15.3x)
$ 63,735
Total $ 1,513,914

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):

June 30, 2025 December 31, 2024
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 $ 400,000 321,050 $ 78,950 $ 321,050 $ 500,000 $ 344,850 $ 155,150 $ 344,850
SMBC Corporate Revolving Facility 310,000 161,723 148,277 161,723 310,000 242,601 67,399 242,601
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
Series 2024A Unsecured Notes - 2028(7) 35,000 35,000 — 35,000 35,000 — 35,000 —
Series 2024A Unsecured Notes - 2030(8) 80,000 80,000 — 80,000 80,000 — 80,000 —
Total Debt $ 1,121,600 $ 894,373 $ 227,227 $ 894,373 $ 1,221,600 $ 884,051 $ 337,549 $ 884,051
  • 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 June 30, 2025 and December 31, 2024, the carrying amount of the Company’s outstanding debt approximated fair value unless otherwise noted.
  • As of June 30, 2025 and December 31, 2024, the fair value of the Series 2021A Unsecured Notes was approximately $132,369 and $133,280, respectively.
  • As of June 30, 2025 and December 31, 2024, the fair value of the FCRX Unsecured Notes was approximately $109,635 and $109,680.
  • As of June 30, 2025 and December 31, 2024, the fair value of the Series 2023A Unsecured Notes was approximately $50,249 and $52,027.
  • As of June 30, 2025, the fair value of the Series 2024A Unsecured Notes -2028 was approximately $34,919.
  • As of June 30, 2025, the fair value of the Series 2024A Unsecured Notes -2030 was approximately $80,098.

The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was 6.63% and 7.26% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was $900,619 and $869,295 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 June 30, 2025 and December 31, 2024, all the debt except for FCRX Unsecured Notes would be deemed to be Level 3 of the fair value hierarchy. FCRX Unsecured Notes would be deemed to be Level 2 of the fair value hierarchy.

As of June 30, 2025 and December 31, 2024, 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 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. 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%.

On April 10, 2025, CCAP SPV entered into the Eighth Amendment to Loan and Security Agreement. The amendment, among other things, (a) reduced the spread from 2.45% to 1.95%, and (b) reduced the facility size from $500,000 to $400,000.

The maximum commitment amount under the SPV Asset Facility is $400,000 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 1.95% 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 a straight line basis. As of June 30, 2025 and December 31, 2024, deferred financing costs related to the SPV Asset Facility were $3,690 and $5,262, 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”). On December 3, 2024, the Company amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350,000 to $285,000, (ii) added an initial term commitment of $25,000 for an aggregate facility size of $310,000, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310,000, comprised of $25,000 term loan and $285,000 revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, 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 December 3, 2029.

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 a straight line basis. As of June 30, 2025 and December 31, 2024, deferred financing costs related to the SMBC Corporate Revolving Facility were $2,131 and $2,511, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

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 a straight line basis. As of June 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2021A Unsecured Notes were $181 and $323, 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 acquisition of First Eagle Alternative Capital BDC, Inc., 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").

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 a straight line basis. As of June 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2023A Unsecured Notes of $81 and $118 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Series 2024A Unsecured Notes - 2028 and 2030

On February 18, 2025, the Company issued $115,000 aggregate principal amount of two tranches of senior unsecured notes: (a) $35,000 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028") and (b) $80,000 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030") . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches 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.

Costs incurred in connection with issuing the Series 2024A Unsecured Notes - 2028 were recorded as deferred financing costs and are being amortized over the life of the Series 2024A Unsecured Notes - 2028 on a straight line basis. As of June 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $285 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Costs incurred in connection with issuing the Series 2024A Unsecured Notes - 2030 were recorded as deferred financing costs and are being amortized over the life of the Series 2024A Unsecured Notes - 2030 on a straight line basis. As of June 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $687 and $0 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 Company's credit facilities and unsecured debt were as follows (in thousands):

For the three months ended June 30, For the six months ended June 30,
2025 2024 2025 2024
Borrowing interest expense $ 13,298 $ 14,912 $ 27,024 $ 29,573
Unused facility fees 250 396 539 823
Amortization of financing costs 1,603 622 2,224 1,139
Total interest and credit facility expenses $ 15,151 $ 15,930 $ 29,787 $ 31,535
Weighted average outstanding balance $ 898,893 $ 879,399 $ 900,619 $ 869,295

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 six months ended June 30, 2025 and 2024 the Company’s average USD notional exposure, calculated daily on a weighted average basis on the duration of each forward contract, of foreign currency forward contracts was $71,809 and $54,998, 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)
June 30, 2025 Wells Fargo Bank, N.A. $ 1,444 $ (2,606 ) $ (1,162 ) $ 570 $ (592 )
December 31, 2024 Wells Fargo Bank, N.A. $ 4,815 $ — $ 4,815 $ — $ 4,815
  • 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 June 30, For the six months ended June 30,
2025 2024 2025 2024
Net realized gain (loss) on foreign currency forward<br>   contracts $ - $ 1,776 $ - $ 3,223
Net change in unrealized appreciation (depreciation) on<br>   foreign currency forward contracts (5,120 ) (1,964 ) (5,977 ) (2,320 )
Total net realized and unrealized gains (losses) on<br>   foreign currency forward contracts $ (5,120 ) $ (188 ) $ (5,977 ) $ 903

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 June 30, 2025 and December 31, 2024, the Company had aggregated unfunded commitments totaling $213,419 and $212,459, respectively, including foreign denominated commitments converted to USD at the balance sheet date, under loan and financing agreements. The Company has the following unfunded commitments to portfolio companies (in thousands):

As of June 30, 2025 As of December 31, 2024
Company Investment Type Commitment <br>Expiration Date (1) Unfunded <br>Commitment (2) Commitment <br>Expiration Date (1) Unfunded <br>Commitment (2)
3SI Security Systems Term Loan 12/16/2026 $ — 12/16/2026 $ —
ABACUS Holdings I LLC (7) Revolver — — 6/22/2028 550
ABACUS Holdings I LLC (7) Revolver — — 6/24/2028 689
ABACUS Holdings I LLC (7) Delayed Draw Term Loan — — 6/22/2028 4,000
ACI Group Holdings, Inc. (6) Revolver 8/2/2027 575 8/2/2027 664
Action Signature Acquisition, Inc. (5) Revolver 12/17/2027 420 6/17/2026 212
Acu-Serve, LLC (7) Revolver 10/18/2029 750 10/18/2029 750
Acu-Serve, LLC (7) Delayed Draw Term Loan 10/18/2025 1,646 10/18/2029 1,780
Advanced Diabetes Supply (7) Revolver — — 12/30/2027 350
Affinitiv, Inc. (7) Revolver 7/26/2027 425 7/26/2027 425
Alcanza Clinical Research (5) Revolver 12/15/2027 125 12/15/2027 —
Alera Group Inc. Delayed Draw Term Loan — — 9/30/2028 167
Alpine SG, LLC (5) Revolver 11/5/2027 105 11/5/2027 105
Ancora Bidco PTY LTD (5) Delayed Draw Term Loan 11/6/2030 1,426 11/6/2030 1,342
Annuity Health (7) Revolver 2/8/2029 800 2/8/2029 800
APC Bidco Limited Delayed Draw Term Loan 11/10/2027 1,238 10/11/2030 2,067
Apps Associates LLC (7) Revolver 7/2/2027 680 7/2/2027 800
Arrow Management Acquisition, LLC (7) Revolver 10/14/2027 1,200 10/14/2027 1,200
Arrow Management Acquisition, LLC (7) Delayed Draw Term Loan 11/28/2025 1,708 10/14/2027 1,809
Automated Control Concepts, Inc. (5) Revolver 10/22/2026 833 10/22/2026 833
Auveco Holdings (7) Revolver 5/5/2028 465 5/5/2028 465
Avalign Technologies, Inc. (6) Revolver 12/20/2028 1,169 12/20/2028 1,169
Avidity Acquisition B.V. (7) Delayed Draw Term Loan 3/4/2029 626 n/a —
AX VI INV2 Holding AB (Voff) (8) Revolver 8/31/2029 437 8/31/2029 385
Balance Partners (7) Revolver 4/3/2030 550 4/3/2030 550
Balance Partners (7) Delayed Draw Term Loan 4/3/2030 1,506 4/3/2030 3,250
Bandon Fitness (Texas) Inc. Revolver 7/27/2028 — 7/27/2028 401
Banker's Toolbox, Inc. (6) Revolver 7/27/2027 2,406 7/27/2027 2,406
Bayside Opco, LLC (7) Revolver 5/31/2026 634 5/31/2026 634
Belay Inc. (7) Revolver 11/15/2025 650 6/25/2026 650
Benesys Inc. Revolver 10/3/2025 — 10/3/2025 (2 )
Benesys Inc. Revolver 10/3/2025 — 10/3/2025 24
Blue Mantis (6) Revolver 8/5/2030 263 8/19/2030 630
BVI Medical Inc. (6) Delayed Draw Term Loan 9/7/2027 442 n/a —
BVI Medical Inc. (6) Revolver 3/7/2032 821 n/a —
C-4 Analytics (7) Revolver 5/14/2030 1,295 5/14/2030 1,295
C-4 Analytics (7) Delayed Draw Term Loan 5/14/2026 4,650 5/14/2030 4,650
Career Certified, LLC (7) Delayed Draw Term Loan 2/19/2031 450 n/a —
Career Certified, LLC (7) Revolver 2/19/2031 350 n/a —
CC Amulet Management, LLC (7) Revolver 8/31/2027 97 8/31/2027 97
Centria Subsidiary Holdings, LLC (7) Revolver 12/9/2025 1,974 6/9/2027 1,974
Claritas, LLC (7) Revolver 3/31/2026 1,950 3/31/2026 1,950
Concord III, LLC (7) Term Loan 12/20/2028 138 12/20/2028 275
ConvenientMD (5) Revolver 6/15/2027 688 6/15/2029 688
DataVail Revolver 1/4/2029 — 1/4/2029 (4 )
DataVail Revolver 1/4/2029 — 1/4/2029 192
DataVail (7) Delayed Draw Term Loan 1/4/2029 1,898 1/4/2029 2,128
Duraserv LLC Delayed Draw Term Loan 6/10/2026 — 6/10/2031 899
Duraserv LLC (6) Delayed Draw Term Loan 3/3/2027 1,715 n/a —
Duraserv LLC (6) Revolver 6/10/2030 893 6/10/2030 893
Eagle Midco B.V. (Avania) (10) Delayed Draw Term Loan 7/5/2029 2,902 7/5/2029 2,552
Effective School Solutions LLC (7) Revolver 11/30/2027 290 n/a —
Effective School Solutions LLC (7) Revolver 11/30/2027 493 11/30/2027 348
Efor Holding Delayed Draw Term Loan 10/4/2026 — 10/4/2030 120
EMS Buyer, Inc. (7) Revolver 11/23/2027 147 11/23/2027 147
Envocore Holding, LLC (5) Revolver 12/31/2025 1,667 12/31/2025 1,806
Eshipping (7) Revolver 11/5/2027 1,150 11/5/2027 1,150
Essential Services Holding Corporation (6) Revolver 6/17/2031 818 6/17/2031 929
Essential Services Holding Corporation (6) Delayed Draw Term Loan 6/17/2030 1,487 6/17/2030 1,487
Evergreen IX Borrower 2023, LLC (6) Revolver 9/29/2029 1,500 9/29/2029 1,500
Everlast Parent Inc. (7) Revolver 10/30/2026 645 10/30/2028 783
Evolution BuyerCo, Inc. (7) Revolver 4/30/2030 729 4/30/2027 729
Flow Service Partners Intermediate Holdco LLC (7) Revolver 11/19/2030 443 11/19/2030 800
Flow Service Partners Intermediate Holdco LLC (7) Delayed Draw Term Loan 11/19/2030 1,350 11/19/2030 1,350
Formulations Parent Corporation (6) Revolver — — 11/15/2029 1,651
FS Whitewater Borrower, LLC (3) Delayed Draw Term Loan 3/31/2027 1,744 n/a —
FS Whitewater Borrower, LLC (6) Revolver 12/21/2027 690 12/21/2027 690
Galway Borrower, LLC (6) Revolver 9/30/2027 293 9/30/2028 417
Galway Borrower, LLC (6) Revolver 9/30/2028 508 9/30/2028 565
Galway Borrower, LLC (6) Delayed Draw Term Loan 2/7/2026 491 9/30/2028 599
GB Eagle Buyer, Inc. (7) Revolver 11/29/2030 321 11/29/2030 513
GB Eagle Buyer, Inc. (7) Delayed Draw Term Loan 11/29/2030 1,282 11/29/2030 1,282
Gener8, LLC (5) Revolver 8/14/2025 299 8/14/2025 299
GH Parent Holdings Inc. Delayed Draw Term Loan 5/4/2029 — 5/4/2027 1,172
GH Parent Holdings Inc. (7) Revolver 5/4/2029 1,819 5/4/2027 1,819
GrapeTree Medical Staffing, LLC (7) Revolver 4/30/2026 600 4/30/2026 600
--- --- --- --- --- ---
Great Lakes Dental Partners, LLC (7) Revolver 6/23/2026 100 6/23/2026 100
Guardian Access Solutions (7) Revolver 8/1/2029 300 8/24/2029 413
Guardian Access Solutions (7) Delayed Draw Term Loan 8/1/2029 974 8/24/2029 974
Halo Buyer, Inc. (7) Revolver 8/7/2029 426 n/a —
Hamsard 3778 Limited Delayed Draw Term Loan 10/28/2031 1,506 10/28/2031 1,375
Hercules Borrower LLC (7) Revolver 12/15/2026 2,222 12/15/2026 2,222
HGH Purchaser, Inc. (6) Revolver 11/3/2025 1,006 11/1/2026 1,547
Homecare Partners Management, LLC (7) Revolver 5/25/2027 425 5/25/2027 249
Homecare Partners Management, LLC Delayed Draw Term Loan 6/18/2030 — 6/18/2030 1,836
Hospice Care Buyer, Inc. (7) Revolver 12/9/2026 683 12/9/2026 660
HS Spa Holdings Inc. (Hand & Stone) Delayed Draw Term Loan 6/2/2029 — 6/2/2029 501
HS Spa Holdings Inc. (Hand & Stone) (6) Revolver 6/2/2028 1,196 6/2/2028 1,209
Hsid Acquisition, LLC (7) Revolver 1/31/2026 750 1/31/2026 750
iLending LLC (5) Revolver — — 6/21/2026 718
Imagenet, LLC (7) Revolver 12/31/2030 650 12/31/2030 650
Infobase (7) Revolver 6/14/2028 77 6/14/2028 643
Integrity Marketing Acquisition, LLC (6) Revolver 8/28/2028 1,409 8/28/2028 1,409
Iris Buyer, LLC (7) Delayed Draw Term Loan 8/4/2026 1,884 n/a —
Iris Buyer, LLC Delayed Draw Term Loan 10/2/2029 — 10/2/2030 515
Iris Buyer, LLC (7) Revolver 10/2/2029 1,059 10/2/2029 1,514
IVX Health Merger Sub, Inc. (7) Revolver 6/7/2030 3,519 6/7/2030 3,519
Jordan Bidco, Ltd. (10) Delayed Draw Term Loan 2/28/2027 3,633 8/31/2028 3,317
JTM Foods LLC (7) Revolver 5/14/2027 200 5/14/2027 53
King Mid LLC Delayed Draw Term Loan — — 12/15/2027 1,592
King Mid LLC (7) Delayed Draw Term Loan 4/23/2031 — n/a —
King Mid LLC (7) Revolver — — 12/15/2027 300
Lash Opco LLC (7) Revolver 9/18/2027 4 9/18/2025 4
Learn-It Systems, LLC (7) Revolver 9/18/2026 900 9/18/2026 900
Lexipol (Ranger Buyer, Inc.) (6) Revolver 11/18/2027 1,105 11/18/2027 1,105
Lighthouse Lab Services (7) Revolver 10/25/2027 153 10/25/2027 153
Lightspeed Buyer, Inc. (7) Revolver 2/3/2027 1,100 2/3/2027 1,100
Lightspeed Buyer, Inc. Delayed Draw Term Loan 2/3/2027 — 2/3/2027 1,250
Lion Cashmere Bidco Limited (5) Delayed Draw Term Loan 3/23/2028 3,247 3/23/2028 2,856
List Partners, Inc. (7) Revolver 6/30/2025 135 6/30/2025 135
Mann Lake Ltd. Revolver — — 1/31/2025 56
Mario Purchaser, LLC (6) Revolver 4/26/2028 870 4/26/2028 731
Mario Purchaser, LLC Delayed Draw Term Loan 4/26/2029 — 4/26/2029 4,305
Marlin DTC-LS Midco 2, LLC (7) Revolver 7/15/2025 143 7/1/2025 143
MB2 Dental (6) Delayed Draw Term Loan 2/13/2027 397 2/13/2031 397
MB2 Dental (6) Revolver 2/13/2031 427 2/13/2031 427
MB2 Dental (6) Delayed Draw Term Loan 2/13/2026 1,374 2/13/2031 1,698
Medical Review Institute of America (7) Revolver 7/1/2030 672 7/1/2030 800
Medicus IT (6) Revolver 7/9/2030 1,100 7/9/2030 1,100
Medicus IT (6) Delayed Draw Term Loan 7/9/2026 2,800 7/9/2030 2,800
MeriCal, LLC (5) Revolver 11/16/2025 204 11/16/2025 485
MHS Acquisition Holdings, LLC (7) Delayed Draw Term Loan 7/21/2027 1 7/21/2027 1
MHS Acquisition Holdings, LLC (7) Revolver 7/21/2027 90 7/21/2027 120
Minuteman Security Technologies, Inc. Delayed Draw Term Loan 2/2/2029 — 2/2/2029 928
Minuteman Security Technologies, Inc. (7) Revolver 2/1/2029 1,000 2/2/2029 1,000
Miracle Mile Holdings, LLC (7) Delayed Draw Term Loan 2/28/2027 5,200 n/a —
Miracle Mile Holdings, LLC (7) Revolver 11/1/2028 28 n/a —
MRI Software LLC (6) Delayed Draw Term Loan 2/10/2027 198 2/10/2027 949
MRI Software LLC (7) Revolver 2/10/2026 1,460 2/10/2026 1,460
MWD Management LLC (United Derm) (7) Revolver 6/15/2027 720 6/15/2027 720
Net Health Acquisition Corp. Revolver 7/5/2031 — 7/5/2031 1,432
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
NRG Controls (7) Revolver 10/28/2030 450 10/28/2030 450
NRG Controls (7) Delayed Draw Term Loan 10/28/2030 800 10/28/2030 800
Nurture Landscapes Delayed Draw Term Loan 6/3/2028 — 6/3/2028 6,243
Odessa Technologies, Inc. (6) Revolver 10/19/2027 2,286 10/19/2027 2,500
Oliver Packaging LLC (7) Revolver 7/6/2028 351 7/6/2028 351
Omega Systems Intermediate Holdings, Inc. (6) Delayed Draw Term Loan 1/15/2027 1,200 n/a —
Omega Systems Intermediate Holdings, Inc. (6) Revolver 1/15/2031 400 n/a —
Omni Ophthalmic Management Consultants, LLC (7) Revolver 9/30/2025 323 n/a —
Online Labels Group, LLC (7) Delayed Draw Term Loan 12/19/2025 262 12/19/2029 525
Online Labels Group, LLC (7) Delayed Draw Term Loan 12/19/2025 525 12/19/2029 525
Online Labels Group, LLC (7) Revolver 12/19/2029 650 12/19/2029 650
Painters Supply & Equipment Company (7) Revolver 8/10/2027 500 8/10/2027 183
Painters Supply & Equipment Company (7) Delayed Draw Term Loan 4/29/2030 578 4/29/2030 578
Patriot Acquisition Topco S.A.R.L (7) Delayed Draw Term Loan 10/13/2025 24 1/29/2028 890
Patriot Acquisition Topco S.A.R.L (7) Revolver 1/29/2026 1,643 1/29/2026 1,770
Patriot Growth Insurance Services, LLC (6) Delayed Draw Term Loan 11/16/2025 156 10/14/2028 295
Patriot Growth Insurance Services, LLC (6) Revolver 10/14/2028 660 10/14/2028 330
PCS Retirement (7) Revolver 3/1/2030 648 3/1/2030 578
PCS Retirement (7) Delayed Draw Term Loan 2/27/2026 860 3/1/2030 860
Pitch MidCo B.V. Delayed Draw Term Loan 4/26/2028 1,417 4/26/2031 1,484
Plasma Buyer LLC (PathGroup) Delayed Draw Term Loan 5/12/2029 — 5/12/2029 54
Plasma Buyer LLC (PathGroup) (6) Revolver 5/12/2029 4 5/12/2029 357
--- --- --- --- --- --- --- --- --- ---
PPV Intermediate Holdings LLC (Vetcor) (6) Revolver 8/31/2029 228 8/31/2029 228
Premier Dental Care Management, LLC (6) Revolver 8/5/2027 2,220 8/5/2027 2,125
Premier Dental Care Management, LLC (6) Delayed Draw Term Loan 8/5/2028 989 8/5/2028 2,562
PromptCare Intermediate, LP (7) Delayed Draw Term Loan 10/20/2025 2,111 4/19/2030 2,111
Pye-Barker Fire & Safety, LLC (6) Revolver 5/24/2030 2,289 5/24/2030 2,289
Quorum Health Resources (5) Revolver 5/26/2027 404 5/26/2027 674
Receivable Solutions, Inc. (7) Revolver 10/1/2025 120 10/1/2025 180
REP Behavioral Health, LLC (7) Revolver 12/31/2030 1,353 12/31/2030 1,329
REP Behavioral Health, LLC (7) Delayed Draw Term Loan 12/31/2030 2,500 12/31/2030 2,500
Right Networks, LLC Revolver — — 5/21/2026 233
Right Networks, LLC (7) Revolver 5/29/2029 570 n/a —
RN Enterprises, LLC (6) Revolver 10/17/2031 1,033 10/17/2031 1,106
RN Enterprises, LLC (6) Delayed Draw Term Loan 10/17/2031 2,183 10/17/2031 2,183
RWA Wealth Partners, LLC. (6) Revolver 11/15/2030 1,180 11/15/2030 1,400
RWA Wealth Partners, LLC. (6) Delayed Draw Term Loan 11/15/2030 4,641 11/15/2030 4,641
Safco Dental Supply, LLC (7) Revolver 6/14/2025 258 6/14/2025 258
Saturn Borrower Inc (7) Revolver 9/30/2026 1,622 9/30/2026 —
SC MidCo Oy (7) Delayed Draw Term Loan 3/19/2032 176 n/a —
Seniorlink Incorporated (7) Revolver 12/31/2027 458 12/31/2027 458
Seniorlink Incorporated (7) Revolver 12/31/2027 1,038 12/31/2027 1,038
Slickdeals Holdings, LLC (7) Revolver 6/30/2025 436 6/30/2025 727
Smartronix, LLC Revolver — — 11/23/2028 3,290
Smile Doctors LLC (6) Revolver 12/23/2027 1,262 12/23/2027 1,262
Soltis (7) Revolver 8/5/2030 500 8/5/2030 500
Soltis (7) Delayed Draw Term Loan 8/5/2026 2,600 8/5/2030 2,600
Solvias AG (6) Revolver 2/27/2032 3,296 n/a —
SQAD Holdco, Inc. (7) Revolver 4/25/2028 1,050 4/25/2028 1,050
Stepping Stones Healthcare Services, LLC (6) Revolver 12/30/2026 1,887 12/30/2026 1,887
Stepping Stones Healthcare Services, LLC (6) Delayed Draw Term Loan 4/25/2026 2,735 12/30/2028 3,396
Strata Information Group, Inc. (6) Revolver 12/31/2030 700 12/31/2030 350
Strata Information Group, Inc. (6) Delayed Draw Term Loan 12/31/2030 882 12/31/2030 1,200
Summit 7 Systems, LLC (7) Revolver 5/23/2028 528 5/23/2028 264
Sun Acquirer Corp. (6) Revolver 9/8/2027 1,812 9/5/2027 1,812
Sydney US Buyer Corp. (3B Scientific) (10) Delayed Draw Term Loan 12/14/2026 3,690 7/8/2029 3,960
Sydney US Buyer Corp. (3B Scientific) Delayed Draw Term Loan 7/8/2029 — 7/8/2029 25
Teal Acquisition Co., Inc Revolver 9/22/2026 — 9/22/2026 182
Team Select (CSC TS Merger SUB, LLC) (7) Revolver 5/4/2029 650 5/4/2029 650
Team Select (CSC TS Merger SUB, LLC) (7) Delayed Draw Term Loan 6/17/2030 800 6/17/2030 800
Team Select (CSC TS Merger SUB, LLC) (7) Delayed Draw Term Loan 5/4/2029 600 5/4/2029 840
The Hilb Group, LLC (6) Revolver 12/2/2025 1,547 10/31/2031 1,547
The Hilb Group, LLC (6) Delayed Draw Term Loan 10/31/2026 3,233 10/31/2031 3,341
TMA Buyer, LLC (5) Revolver — — 9/30/2027 385
Transportation Insight, LLC (5) Revolver 6/18/2027 54 6/18/2027 412
TriStrux, LLC (7) Revolver 12/15/2026 97 12/15/2026 97
UHY Advisors , Inc. (6) Revolver 11/21/2031 1,200 11/21/2031 1,200
UHY Advisors , Inc. (6) Delayed Draw Term Loan 11/21/2031 4,575 11/21/2031 4,575
Unifeye Vision Partners (7) Revolver 9/13/2027 1,700 9/15/2025 453
USA Hometown Experts, Inc. (7) Revolver 11/8/2029 720 11/8/2029 720
USA Hometown Experts, Inc. (7) Delayed Draw Term Loan 11/18/2025 809 11/8/2029 2,450
Vantage Insurance Partners, Inc. (7) Revolver 12/22/2028 698 12/22/2028 698
Vantage Insurance Partners, Inc. (7) Delayed Draw Term Loan — — 12/22/2028 4,600
Vital Care Buyer, LLC (6) Revolver 7/30/2031 283 7/30/2031 283
WCT Group Holdings, LLC (6) Revolver 12/12/2029 457 12/12/2029 457
Winxnet Holdings LLC (7) Revolver 6/30/2026 568 12/29/2025 244
A&A Global Imports, LLC (7) Revolver 6/1/2026 6 6/1/2026 0
Annuity Health (7) Term Loan 2/8/2029 11 2/8/2029 0
Blue Mantis (6) Delayed Draw Term Loan 4/24/2027 4,061 — — —
Cary Street Partners Financial LLC (7) Delayed Draw Term Loan 5/30/2027 2,850 — — —
Cary Street Partners Financial LLC (7) Revolver 5/30/2031 350 — — —
GH Parent Holdings Inc. (7) Delayed Draw Term Loan 5/4/2029 4,752 — — —
iLending LLC (7) Revolver 12/21/2028 359 — — —
King Mid LLC (7) Delayed Draw Term Loan 4/23/2031 5,757 — — —
King Mid LLC (7) Revolver 4/23/2027 1,400 — — —
Landscape Workshop, LLC (6) Delayed Draw Term Loan 5/16/2027 4,216 — — —
Landscape Workshop, LLC (6) Revolver 5/16/2031 2,270 — — —
Medicus IT (6) Delayed Draw Term Loan 6/30/2027 157 — — —
Medicus IT (6) Revolver 11/18/2025 530 — — —
Patriot Acquisition Topco S.A.R.L (7) Delayed Draw Term Loan 1/2/2026 864 — — —
Ruffalo Noel Levitz, LLC (7) Revolver 12/31/2026 51 — — —
Team Select (CSC TS Merger SUB, LLC) (7) Delayed Draw Term Loan 9/4/2026 1,000 — — —
Team Select (CSC TS Merger SUB, LLC) (7) Revolver 5/4/2029 400 — — —
Total $ 213,419 $ 212,459

  • 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 June 30, 2025 and December 31, 2024.

  • 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
May 8, 2025 June 30, 2025 July 15, 2025 Regular $ 0.42
February 12, 2025 August 29, 2025 September 15, 2025 Special $ 0.05
February 12, 2025 May 30, 2025 June 14, 2025 Special $ 0.05
February 12, 2025 March 31, 2025 April 15, 2025 Regular $ 0.42
February 12, 2025 February 28, 2025 March 14, 2025 Special $ 0.05
November 12, 2024 December 31, 2024 January 15, 2025 Regular $ 0.42
November 12, 2024 November 29, 2024 December 16, 2024 Supplemental $ 0.07
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

At June 30, 2025 and December 31, 2024, Crescent, Sun Life and other related parties owned 8.78% and 8.75%, 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 June 30, 2025 and December 31, 2024, 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 June 30, For the six months ended June 30,
2025 2024 2025 2024
Net increase (decrease) in net assets resulting<br>   from operations $ 15,013 $ 20,385 $ 18,917 $ 48,390
Weighted average common shares outstanding 37,061,547 37,061,547 37,061,547 37,061,547
Net increase (decrease) in net assets resulting from<br>   operations per common share-basic and diluted $ 0.41 $ 0.55 $ 0.51 $ 1.31

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>June 30, 2025 As of<br>December 31, 2024
Tax Cost $ 1,661,324 $ 1,663,941
Gross Unrealized Appreciation $ 77,801 $ 40,639
Gross Unrealized Depreciation (137,301 ) (100,760 )
Net Unrealized Investment Appreciation (Depreciation) $ (59,500 ) $ (60,121 )

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 June 30, For the six months ended June 30,
2025 2024 2025 2024
Income tax (benefit) provision $ - $ - $ 6 $ -
Excise tax (benefit) provision 400 433 895 800
Provision (benefit) for income and excise taxes $ 400 $ 433 $ 901 $ 800

As of June 30, 2025 and December 31, 2024, $899 and $1,408, respectively, 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 June 30, For the six months ended June 30,
2025 2024 2025 2024
Benefit (provision) for taxes on unrealized appreciation<br>   (depreciation) on investments - 181 - 520
Benefit (provision) for taxes on realized and unrealized<br>   appreciation (depreciation) on investments $ - $ 181 $ - $ 520

As of June 30, 2025 and December 31, 2024, $223 and $746, 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 June 30, 2025 and December 31, 2024, $223 and $746, 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 six months ended June 30,
2025 2024
Per Share Data:(1)
Net asset value, beginning of period $ 19.98 $ 20.04
Net investment income after tax 0.90 1.21
Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes (0.39 ) 0.10
Net increase (decrease) in net assets resulting from operations 0.51 1.31
Distributions declared from net investment income(2) (0.94 ) (1.04 )
Effects of rounding — (0.01 )
Total increase (decrease) in net assets (0.43 ) 0.26
Net asset value, end of period $ 19.55 $ 20.30
Shares outstanding, end of period 37,061,547 37,061,547
Market value, end of period $ 14.10 $ 18.78
Weighted average shares outstanding 37,061,547 37,061,547
Total return based on market value (3) (22.14 %) 14.46 %
Total return based on net asset value (4) 2.55 % 6.49 %
Ratio/Supplemental Data:
Net assets, end of period $ 724,716 $ 752,440
Ratio of total net expenses to average net assets(5)(6) 14.24 % 14.58 %
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6) 4.08 % 3.56 %
Ratio of net investment income before taxes to average net assets (6) 9.49 % 12.30 %
Ratio of interest and credit facility expenses to average net assets (6) 8.22 % 8.47 %
Ratio of net incentive fees to average net assets (6) 1.94 % 2.55 %
Portfolio turnover (7) 10.07 % 10.81 %
Asset coverage ratio 180 % 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 14.29% and 14.60% for the six months ended June 30, 2025 and 2024, respectively, on an annualized basis.

(6) Annualized.

(7) Not annualized.

Note 13. 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 June 30, 2025 and for the three months and six months ended June 30, 2025.

On August 7, 2025, the Company's Board of Directors declared a regular third quarter cash dividend of $0.42 per share, which will be paid on October 15, 2025 to stockholders of record as of September 30, 2025.

The Company’s Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20,000 of its common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

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.

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.

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 June 30, 2025 As of December 31, 2024
Investment Type Fair Value Percentage Fair Value Percentage
Senior Secured First Lien $ 381.3 23.8 % $ 379.7 23.7 %
Unitranche First Lien 1,043.6 65.2 1,044.1 65.3
Unitranche First Lien - Last Out 26.2 1.6 14.8 0.9
Senior Secured Second Lien 23.4 1.5 38.5 2.4
Unsecured Debt 18.9 1.2 17.5 1.1
Equity & Other 69.0 4.3 64.9 4.1
LLC/LP Equity Interests 38.3 2.4 39.4 2.5
Total investments $ 1,600.7 100.0 % $ 1,598.9 100.0 %

The following table shows our investment activity by investment type:

($ in millions) For the three months ended For the six months ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
New investments at cost:
Senior Secured First Lien $ 9.9 $ 38.0 $ 42.5 $ 64.1
Unitranche First Lien 47.0 72.2 107.7 116.2
Unitranche First Lien - Last Out — — 9.7 —
Senior Secured Second Lien — — — —
Unsecured Debt — 6.9 — 10.3
Equity & Other 0.6 2.2 2.3 2.6
LLC/LP Equity Interests — — — —
Total $ 57.5 $ 119.3 $ 162.2 $ 193.2
Proceeds from investments sold or repaid:
Senior Secured First Lien $ 31.4 $ 11.2 $ 40.6 $ 56.8
Unitranche First Lien 59.8 51.6 110.6 94.1
Unitranche First Lien - Last Out — 7.5 — 8.4
Senior Secured Second Lien 0.7 3.0 17.0 5.4
Unsecured Debt — — — —
Equity & Other — — — 1.0
LLC/LP Equity Interests 0.8 0.1 2.5 5.3
Total $ 92.7 $ 73.4 $ 170.7 $ 171.0
Net increase (decrease) in portfolio $ (35.2 ) $ 45.9 $ (8.5 ) $ 22.2

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

As of <br>June 30, 2025 As of <br>December 31, 2024
Weighted average yield on income producing securities (at cost) (1) 10.4 % 10.9 %
Percentage of debt bearing a floating rate (at fair value) 97.2 % 97.3 %
Percentage of debt bearing a fixed rate (at fair value) 2.8 % 2.7 %
Number of portfolio companies 187 185
  • 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 June 30, 2025 As of December 31, 2024
Cost % of Cost Fair Value % of Fair Value Cost % of Cost Fair Value % of Fair Value
Performing $ 1,460.6 96.1 % $ 1,458.2 97.6 % $ 1,492.7 97.8 % $ 1,480.7 99.1 %
Non-Accrual 59.6 3.9 % 35.2 2.4 % 34.3 2.2 % 13.5 0.9 %
Total $ 1,520.2 100.0 % $ 1,493.4 100.0 % $ 1,527.0 100.0 % $ 1,494.2 100.0 %

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 June 30, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.9% and 2.4% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% 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 June 30, 2025 and December 31, 2024.

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 June 30, 2025 As of December 31, 2024
Investments at Percentage of Investments at Percentage of
Investment Performance Rating Fair Value Total Portfolio Fair Value Total Portfolio
1 30.3 1.9 % 29.9 1.9 %
2 1,348.5 84.2 1,360.9 85.0
3 181.0 11.3 194.6 12.2
4 28.6 1.8 12.0 0.8
5 12.3 0.8 1.5 0.1
Total 1,600.7 100.0 % 1,598.9 100.0 %

RESULTS OF OPERATIONS

Summarized Statement of Operations

(in $ millions) For the three months ended June 30, For the six months ended June 30,
2025 2024 2025 2024
Total investment income $ 43.0 $ 48.9 $ 85.1 $ 99.3
Total net expenses, including taxes 26.1 27.2 51.6 54.3
Net investment income $ 16.9 $ 21.7 $ 33.5 $ 45.0
Net realized gain (loss) on investments and forward<br>   contracts (2.9 ) (4.1 ) (9.4 ) (4.2 )
Net unrealized appreciation (depreciation) on investments,<br>   forward contracts and foreign transactions 1.0 2.6 (5.2 ) 7.1
Net realized and unrealized gains (losses) $ (1.9 ) $ (1.5 ) $ (14.6 ) $ 2.9
Benefit (provision) for taxes on realized and unrealized<br>   appreciation (depreciation) on investments - 0.2 - 0.5
Net increase (decrease) in net assets resulting from<br>   operations $ 15.0 $ 20.4 $ 18.9 $ 48.4

Investment Income

(in $ millions) For the three months ended June 30, For the six months ended June 30,
2025 2024 2025 2024
Interest from investments $ 40.2 $ 45.5 $ 80.1 $ 91.6
Dividend income 1.8 2.6 3.2 6.0
Other income 1.0 0.8 - 1.9 1.7
Total investment income $ 43.0 $ 48.9 $ 85.2 $ 99.3

Interest income, which includes amortization of upfront fees, decreased from $45.5 million for the three months ended June 30, 2024, to $40.2 million for the six months ended June 30, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the three months ended June 30, 2025 and 2024 are $0.8 million and $0.9 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $2.6 million for the three months ended June 30, 2024 to $1.8 million for the three months ended June 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended June 30, 2025 and 2024, we recorded $1.0 million and $0.8 million of other income related to one-time arranger fees, respectively.

Interest income, which includes amortization of upfront fees, decreased from $91.6 million for the six months ended June 30, 2024, to $80.1 million for the six months ended June 30, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the six months ended June 30, 2025 and 2024 are $1.6 million and $1.8 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $6.0 million for the six months ended June 30, 2024 to $3.2 million for the six months ended June 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the six months ended June 30, 2025 and 2024, we recorded $1.9 million and $1.7 million of other income related to one-time arranger fees, respectively.

Expenses

(in $ millions) For the three months ended June 30, For the six months ended June 30,
2025 2024 2025 2024
Interest and other debt financing costs $ 15.1 $ 15.9 $ 29.8 $ 31.5
Management fees, net of waiver 5.0 5.0 10.1 10.0
Income based incentive fees, net of waiver 3.6 4.6 7.0 9.5
Professional fees 0.9 0.5 1.6 0.9
Directors’ fees 0.2 0.2 0.3 0.3
Other general and administrative expenses 0.9 0.6 1.9 1.3
Total net expenses $ 25.7 $ 26.8 $ 50.7 $ 53.5
Provision for income and excise taxes 0.4 0.4 0.9 0.8
Total net expenses, including taxes $ 26.1 $ 27.2 $ 51.6 $ 54.3

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 June 30, 2025 and 2024 interest and other debt financing costs were $15.1 million and $15.9 million, respectively. For the six months ended June 30, 2025 and 2024 interest and other debt financing costs were $29.8 million and $31.5 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates offset by higher weighted average outstanding balance. This decrease was partially offset by higher weighted average outstanding balances and the accelerated amortization of deferred financing costs that related to amendments to our credit facilities.

Base Management Fees

For the three months ended June 30, 2025 and 2024, we incurred management fees, net of waivers, of $5.0 million and $5.0 million, respectively. For the six months ended June 30, 2025 and 2024 we incurred management fees of $10.1 and $10.0 million, respectively.

Incentive Fees

For the three months ended June 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.6 million and $4.6 million, respectively. For the six months ended June 30, 2025 and 2024, we incurred income based incentive fees of $7.0 million and $9.5 million, respectively. The decrease in net incentive fees was driven by lower 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 June 30, 2025 and 2024, professional fees were $0.9 million and $0.5 million, respectively. For the six months ended June 30, 2025 and 2024, professional fees were $1.6 million and $0.9 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.

For the three months ended June 30, 2025 and 2024, other general and administrative expenses were $0.9 million and $0.6 million, respectively. For the six months ended June 30, 2025 and 2024, other general and administrative expenses were $1.9 million and $1.3 million, respectively. The increase is related to higher costs primarily related to certain administrative fees.

Income and Excise Taxes

For the three months ended June 30, 2025 and 2024, we expensed income and excise taxes of $0.4 million and $0.4 million, respectively. For the six months ended June 30, 2025 and 2024, we expensed income and excise taxes of $0.9 million and $0.8 million, respectively.

Net Investment Income

For the three months ended June 30, 2025 and 2024, net investment income was $33.5 million or $0.46 per share and $21.7 million or $0.59 per share, respectively. For the six months ended June 30, 2025 and 2024, net investment income was $33.5 million or $0.90 per share and $45.0 million or $1.21 per share, respectively. The decrease in the per share net investment income was due to lower 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>June 30, For the six months ended<br>June 30,
2025 2024 2025 2024
Realized losses on non-controlled and non-affiliated investments $ (2.5 ) $ (7.0 ) $ (5.5 ) $ (10.4 )
Realized gains on non-controlled and non-affiliated investments — 1.6 — 3.5
Realized losses on non-controlled and affiliated investments — — — —
Realized gains on non-controlled and affiliated investments — — — —
Realized losses on controlled investments — — (3.8 ) —
Realized gains on controlled investments — — — —
Realized losses on foreign currency forwards — — — —
Realized gains on foreign currency forwards — 1.8 — 3.2
Realized losses on foreign currency transactions (0.1 ) (0.5 ) (0.1 ) (0.5 )
Realized gains on foreign currency transactions (0.4 ) — — —
Net realized gains (losses) on investments $ (3.0 ) $ (4.1 ) $ (9.4 ) $ (4.2 )
Change in unrealized depreciation on non-controlled and non-affiliated investments $ (17.6 ) $ (9.3 ) $ (36.4 ) $ (14.6 )
Change in unrealized appreciation on non-controlled and non-affiliated investments 18.7 16.4 30.5 25.8
Change in unrealized depreciation on foreign currency translation 3.1 — — —
Change in unrealized appreciation on foreign currency translation — 0.1 — 0.9
Change in unrealized depreciation on non-controlled and affiliated investments (2.1 ) (0.7 ) (3.6 ) (0.8 )
Change in unrealized appreciation on non-controlled and affiliated investments 1.4 1.7 3.2 2.0
Change in unrealized depreciation on controlled and affiliated investments 0.4 (4.0 ) — (5.6 )
Change in unrealized appreciation on controlled and affiliated investments 2.3 0.4 7.1 1.7
Change in unrealized depreciation on foreign currency forwards (5.1 ) — (6.0 ) —
Change in unrealized appreciation on foreign currency forwards — (2.0 ) — (2.3 )
Net unrealized appreciation (depreciation) on investments $ 1.1 $ 2.6 $ (5.2 ) $ 7.1
Net realized and unrealized gains (losses) on investments $ (1.9 ) $ (1.5 ) $ (14.6 ) $ 2.9

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 six months ended June 30, 2025 and 2024, 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 $71.8 million and $55.0 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 June 30, 2025, we had $26.1 million in cash and cash equivalents and restricted cash and cash equivalents and $227.2 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of June 30, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of June 30, 2025, 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 June 30, 2025. 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.

Debt

($ in millions) June 30, 2025 December 31, 2024
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)
SPV Asset Facility $ 400.0 $ 321.1 $ 78.9 $ 321.1 $ 500.0 $ 344.9 $ 155.1 $ 344.9
SMBC Corporate Revolving Facility 310.0 161.7 148.3 161.7 310.0 242.6 67.4 242.6
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
Series 2024A Unsecured Notes - 2028 35.0 35.0 — 35.0 35.0 — 35.0 —
Series 2024A Unsecured Notes - 2030 80.0 80.0 — 80.0 80.0 — 80.0 —
Total Debt $ 1,121.6 $ 894.4 $ 227.2 $ 894.4 $ 1,221.6 $ 884.1 $ 337.5 $ 884.1
  • 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 six months ended June 30, 2025 and 2024 was 6.63% and 7.26%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was $900.6 million and $869.3 million, respectively. As of June 30, 2025 and December 31, 2024, the weighted average cost of debt was 6.09% and 6.38%, 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%.

On April 10, 2025, CCAP SPV entered into the Eighth Amendment to Loan and Security Agreement. The amendment, among other things, (a) reduced the spread from 2.45% to 1.95%, and (b) reduced the facility size from $500.0 million to $400.0 million.

The maximum commitment amount under the SPV Asset Facility is $400.0 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 1.95% 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”). On December 3, 2024, we amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350.0 million to $285.0 million, (ii) added an initial term commitment of $25.0 million for an aggregate facility size of $310.0 million, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310.0 million, comprised of $25.0 million term loan and $285.0 million revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, 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 December 3, 2029.

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 acquisition of First Eagle Alternative Capital BDC, Inc., 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.

Series 2024A Unsecured Notes - 2028 and 2030

On February 18, 2025, we issued $115.0 million aggregate principal amount of two tranches of senior unsecured notes: (a) $35.0 million 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028") and (b) $80.0 million 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030") . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches 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.

The summary of costs incurred in connection with our credit facilities and unsecured debt is presented below:

($ in millions) For the three months ended June 30, For the six months ended June 30,
2025 2024 2025 2024
Borrowing interest expense $ 13.3 $ 14.9 $ 27.0 $ 29.6
Unused facility fees 0.2 0.4 0.6 0.8
Amortization of financing costs 1.6 0.6 2.2 1.1
Total interest and credit facility expenses $ 15.1 $ 15.9 $ 29.8 $ 31.5
Weighted average outstanding balance $ 898.9 $ 879.4 $ 900.6 $ 869.3

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 June 30, 2025 and December 31, 2024, our asset coverage ratio was 180% and 183%, 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 June 30, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $213.4 million and $212.5 million, respectively.

RECENT DEVELOPMENTS

On August 7, 2025, our Board of Directors declared a regular third quarter cash dividend of $0.42 per share, which will be paid on October 15, 2025 to stockholders of record as of September 30, 2025.

Our Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20.0 million of our common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

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 June 30, 2025, 97.2% 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 June 30, 2025 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 14.3 4.8 9.5
Up 75 basis points 10.8 3.6 7.2
Up 50 basis points 7.2 2.4 4.8
Up 25 basis points 3.6 1.2 2.4
Down 25 basis points (3.6 ) (1.2 ) (2.4 )
Down 50 basis points (7.2 ) (2.4 ) (4.8 )
Down 75 basis points (10.8 ) (3.6 ) (7.2 )
Down 100 basis points (14.3 ) (4.8 ) (9.5 )
  • 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 June 30, 2025, we had £16.9 million, CHF 18.7 million, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £18.9 million, CHF 21.9 million, AUD $46.5, 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 June 30, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of June 30, 2025, 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 June 30, 2025, 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, 2024, 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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the six months ended June 30, 2025, 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.

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: August 13, 2025 By: /s/ Jason A. Breaux
Jason A. Breaux
Chief Executive Officer
Date: August 13, 2025 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: August 13, 2025 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: August 13, 2025 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 June 30, 2025, 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: August 13, 2025
/s/ Gerhard Lombard
--- ---
Name: Gerhard Lombard
Title: Chief Financial Officer
Date: August 13, 2025

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