CCAP 10-Q Quarterly Report Sept. 30, 2022

CRESCENT CAPITAL BDC, INC.

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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2022

☐ 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 Incorporation or Organization)	(I.R.S. Employer 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
       
        Symbol

       
        Name of each exchange on which registered

       
          Common Stock, $0.001 par value per share

       
          CCAP

       
          The Nasdaq Stock Market LLC

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 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 Securities Exchange Act of 1934). Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at November 9, 2022 was 30,887,360

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022

Table of Contents


	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION	5
Item 1.	Financial Statements	5
	Consolidated Statements of Assets and Liabilities as of September 30, 2022 (Unaudited) and December 31, 2021	5
	Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (Unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2022 and 2021 (Unaudited)	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (Unaudited)	10
	Consolidated Schedule of Investments as of September 30, 2022 (Unaudited)	11
	Consolidated Schedule of Investments as of December 31, 2021	31
	Notes to Consolidated Financial Statements (Unaudited)	50
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	74
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	88
Item 4.	Controls and Procedures	89
PART II.	OTHER INFORMATION	90
Item 1.	Legal Proceedings	90
Item 1A	Risk Factors	90
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	94
Item 3.	Defaults Upon Senior Securities	94
Item 4.	Mine Safety Disclosures	94
Item 5.	Other Information	94
Item 6.	Exhibits	95

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

•

uncertainty surrounding the financial stability of the United States, Europe and China;

•

the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

•

potential fluctuation in quarterly operating results;

•

potential impact of economic recessions or downturns;

•

adverse developments in the credit markets;

•

regulations governing our operation as a business development company;

•

operation in a highly competitive market for investment opportunities;

•

risks associated with inflation and the current interest rate environment;

•

changes in interest rates may affect our cost of capital and net investment income;

•

the impact of changes in London Interbank Offered Rate (“LIBOR”), 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;

•

the impact of COVID-19 on our portfolio companies and the markets in which they operate, interest rates and the economy in general;

•

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;

•

the social, geopolitical, financial, trade and legal implications of Brexit;

•

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;

•

the recently announced acquisition of First Eagle Alternative Capital BDC, Inc. (“FCRD”); by the Company (the “FCRD Acquisition”);

•

the outcome and impact of any litigation relating to the FCRD Acquisition;

•

the likelihood that the FCRD Acquisition is completed and the anticipated timing of its completion;

•

the ability of our business and FCRD’s business to successfully integrate if the FCRD Acquisition is completed; and

•

any impact to our performance in the periods prior to and following the completion of the FCRD Acquisition.

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 applicable1 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, as amended (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.

C resc ent Capi tal BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	As of September 30, 2022 (Unaudited)			As of December 31, 2021
Assets
Investments, at fair value
Non-controlled non-affiliated (cost of $ 1,242,938 and $ 1,150,173 , respectively)	$	1,224,191		$	1,165,897
Non-controlled affiliated (cost of $ 48,920 and $ 41,242 , respectively)		48,923			51,701
Controlled (cost of $ 22,837 and $ 53,431 , respectively)		19,759			52,768
Cash and cash equivalents		12,742			10,069
Restricted cash and cash equivalents		9,411			13,457
Unrealized appreciation on foreign currency forward contracts		12,796			2,115
Interest and dividend receivable		8,340			6,763
Deferred tax assets		99			42
Receivable for investments sold		43			14,871
Other assets		2,954			126

Total assets	$	1,339,258		$	1,317,809

Liabilities
Debt (net of deferred financing costs of $ 5,818 and $ 6,897 )	$	686,145		$	631,040
Distributions payable		12,664			12,664
Interest and other debt financing costs payable		5,139			5,513
Management fees payable		4,082			3,830
Incentive fees payable		3,744			6,924
Deferred tax liabilities		1,033			956
Directors’ fees payable		148			114
Unrealized depreciation on foreign currency forward contracts		25			631
Accrued expenses and other liabilities		3,676			3,852

Total liabilities	$	716,656		$	665,524

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, 30,887,360 shares issued and outstanding, respectively)		31			31
Paid-in capital in excess of par value		666,162			666,162
Accumulated earnings (loss)		( 43,591	)		( 13,908	)
Total net assets	$	622,602		$	652,285
Total liabilities and net assets	$	1,339,258		$	1,317,809
Net asset value per share	$	20.16		$	21.12

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)


	For the three months ended September 30,						For the nine months ended September 30,
	2022			2021			2022			2021
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	26,047		$	22,232		$	70,490		$	60,570
Paid-in-kind interest		401			184			1,091			966
Dividend income		18			1,373			33			1,427
Other income		174			254			434			577
From non-controlled affiliated investments:
Interest income		374			305			993			904
Paid-in-kind interest		15			139			2,054			1,168
Dividend income		400			291			3,671			2,134
From controlled investments:
Interest income		192			-			558			-
Paid-in-kind interest		187			-			538			-
Dividend income		1,180			700			2,280			2,100
Total investment income		28,988			25,478			82,142			69,846

Expenses:
Interest and other debt financing costs		8,651			5,695			20,693			14,482
Management fees		4,144			3,531			12,235			10,082
Income based incentive fees		2,717			2,663			8,039			7,528
Capital gains based incentive fees		( 3,103	)		757			( 5,252	)		6,150
Professional fees		306			522			1,014			1,516
Directors’ fees		142			127			373			361
Other general and administrative expenses		635			692			2,001			2,076
Total expenses		13,492			13,987			39,103			42,195
Management fees waiver		( 62	)		( 476	)		( 175	)		( 3,096	)
Income based incentive fees waiver		( 45	)		( 931	)		( 474	)		( 5,796	)
Net expenses		13,385			12,580			38,454			33,303
Net investment income before taxes		15,603			12,898			43,688			36,543
(Benefit) provision for income and excise taxes		( 350	)		170			64			1,403
Net investment income		15,953			12,728			43,624			35,140
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		( 1,285	)		280			21			4,497
Non-controlled affiliated investments		-			27,513			7,113			27,513
Controlled investments		( 770	)		-			( 2,451	)		-
Foreign currency transactions		( 73	)		80			( 6	)		359
Foreign currency forward contracts		-			( 56	)		24			( 193	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		( 14,413	)		2,897			( 33,152	)		13,336
Non-controlled affiliated investments		( 5,916	)		( 28,198	)		( 10,456	)		( 12,583	)
Controlled investments		( 972	)		302			( 2,415	)		1,472
Foreign currency forward contracts		5,699			1,523			11,286			1,959


Net realized and unrealized gains (losses) on investments		( 17,730	)		4,341			( 30,036	)		36,360
Benefit (provision) for taxes on realized gain on investments		( 409	)		2			( 626	)		( 370	)
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		( 192	)		( 392	)		( 20	)		( 332	)
Net increase (decrease) in net assets resulting from operations	$	( 2,378	)	$	16,679		$	12,942		$	70,798

Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	( 0.08	)	$	0.59		$	0.42		$	2.51
Net investment income per share (basic and diluted):	$	0.52		$	0.45		$	1.41		$	1.25
Weighted average shares outstanding (basic and diluted):		30,887,360			28,167,360			30,887,360			28,167,360

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 Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at June 30, 2022		30,887,360	$	31	$	666,162	$	( 27,005	)	$	639,188
Net increase (decrease) in net assets resulting from operations:
Net investment income		-		-		-		15,953			15,953
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-		-		-		( 2,128	)		( 2,128	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-		-		-		( 15,602	)		( 15,602	)
Benefit (provision) for taxes on realized gain on investments		-		-		-		( 409	)		( 409	)
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		-		-		-		( 192	)		( 192	)
Distributions to stockholders		-		-		-		( 14,208	)		( 14,208	)
Total increase (decrease) for the three months ended September 30, 2022		-	$	-	$	-	$	( 16,586	)	$	( 16,586	)
Balance at September 30, 2022		30,887,360	$	31	$	666,162	$	( 43,591	)	$	622,602



	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at December 31, 2021		30,887,360	$	31	$	666,162	$	( 13,908	)	$	652,285
Net increase (decrease) in net assets resulting from operations:
Net investment income		-		-		-		43,624			43,624
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-		-		-		4,701			4,701
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-		-		-		( 34,737	)		( 34,737	)
Benefit (provision) for taxes on realized gain on investments		-		-		-		( 626	)		( 626	)
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		-		-		-		( 20	)		( 20	)
Distributions to stockholders		-		-		-		( 42,625	)		( 42,625	)
Total increase (decrease) for the nine months ended September 30, 2022		-	$	-	$	-	$	( 29,683	)	$	( 29,683	)
Balance at September 30, 2022		30,887,360	$	31	$	666,162	$	( 43,591	)	$	622,602

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 Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at June 30, 2021		28,167,360	$	28	$	594,658	$	( 3,664	)	$	591,022
Net increase (decrease) in net assets resulting from operations:
Net investment income		-		-		-		12,728			12,728
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-		-		-		27,817			27,817
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-		-		-		( 23,476	)		( 23,476	)
Provision for taxes on realized gain on investments								2			2
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		-		-		-		( 392	)		( 392	)
Distributions to stockholders		-		-		-		( 11,549	)		( 11,549	)
Total increase (decrease) for the three months ended September 30, 2021		-	$	-	$	-	$	5,130		$	5,130
Balance at September 30, 2021		28,167,360	$	28	$	594,658	$	1,466		$	596,152


	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at December 31, 2020		28,167,360	$	28	$	594,658	$	( 34,686	)	$	560,000
Net increase (decrease) in net assets resulting from operations:
Net investment income		-		-		-		35,140			35,140
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-		-		-		32,176			32,176
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-		-		-		4,184			4,184
Provision for taxes on realized gain on investments								( 370	)		( 370	)
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		-		-		-		( 332	)		( 332	)
Distributions to stockholders		-		-		-		( 34,646	)		( 34,646	)
Total increase (decrease) for the nine months ended September 30, 2022		-	$	-	$	-	$	36,152		$	36,152
Balance at September 30, 2021		28,167,360	$	28	$	594,658	$	1,466		$	596,152

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)


	For the nine months ended September 30,
	2022			2021
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	12,942		$	70,798

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		( 262,099	)		( 367,663	)
Paid-in-kind interest income		( 3,736	)		( 2,372	)
Proceeds from sales of investments and principal repayments		206,109			309,592
Net realized (gain) loss on investments, foreign currency transactions and foreign currency forward contracts		( 4,683	)		( 32,652	)
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		46,023			( 2,225	)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		( 11,286	)		( 1,959	)
Amortization of premium and accretion of discount, net		( 5,464	)		( 9,289	)
Amortization of deferred financing costs		1,300			1,956
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		14,828			( 15,296	)
(Increase) decrease in interest receivable		( 1,577	)		( 3,722	)
(Increase) decrease in deferred tax asset		( 57	)		576
(Increase) decrease in other assets		( 2,828	)		333
Increase (decrease) in management fees payable		252			1,188
Increase (decrease) in incentive fees payable		( 3,180	)		7,882
Increase (decrease) in directors’ fees payable		34			29
Increase (decrease) in interest and other debt financing costs payable		( 374	)		( 420	)
Increase (decrease) in deferred tax liability		77			( 245	)
Increase (decrease) in accrued expenses and other liabilities		( 176	)		( 382	)
Net cash provided by (used for) operating activities	$	( 13,895	)	$	( 43,871	)

Cash flows from financing activities:
Deferred financing and debt issuance costs paid		( 221	)		( 2,186	)
Distributions paid		( 42,625	)		( 34,646	)
Borrowings on credit facilities		276,979			332,737
Repayments on credit facilities		( 221,611	)		( 365,950	)
Issuance of unsecured debt		-			135,000
Repayments on InterNotes ®		-			( 16,418	)
Net cash provided by (used for) financing activities		12,522			48,537
Effect of exchange rate changes on cash denominated in foreign currency		-			( 21	)
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		( 1,373	)		4,645
Cash, cash equivalents, restricted cash and foreign currency, beginning of period		23,526			14,849
Cash, cash equivalents, restricted cash and foreign currency, end of period (1)	$	22,153		$	19,494

Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	19,772		$	12,325
Cash paid during the period for taxes	$	1,974		$	-
Accrued but unpaid distributions	$	12,664		$	11,549

(1)

As of September 30, 2022, the balance included cash and cash equivalents of $ 12,742 (including cash denominated in foreign currency of $ 1,462 ) and restricted cash and cash equivalents of $ 9,411 . As of September 30, 2021, the balance included cash and cash equivalents of $ 6,467 , (including cash denominated in foreign currency of $ 1,899 ) and restricted cash and cash equivalents of $ 13,027 (including cash denominated in foreign currency of $ 131 ).

See accompanying notes


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auveco Holdings (4)(5)	Unitranche First Lien Delayed Draw Term Loan			05/2028		—		( 8	)		( 0.0	)		( 6	)
Auveco Holdings (5)	Unitranche First Lien Revolver	S + 575 ( 100 Floor)	7.62 %	05/2028		150		144			0.0			145
Auveco Holdings	Unitranche First Lien Term Loan	S + 575 ( 100 Floor)	7.62 %	05/2028		4,040		3,963			0.6			4,010
Continental Battery Company	Unitranche First Lien Term Loan	L + 675 ( 100 Floor)	10.42 %	01/2027		7,212		7,101			1.1			7,029
Continental Battery Company	Unitranche First Lien Delayed Draw Term Loan	L + 675 ( 100 Floor)	10.42 %	01/2027		2,659		2,637			0.4			2,591
Sun Acquirer Corp. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	8.56 %	09/2028		6,918		6,794			1.1			6,918
Sun Acquirer Corp. (5)	Unitranche First Lien Revolver	L + 575 ( 75 Floor)	8.03 %	09/2028		217		187			0.0			217
Sun Acquirer Corp.	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	8.56 %	09/2028		12,946		12,719			2.1			12,946
Sun Acquirer Corp.	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	8.56 %	09/2028		2,481		2,436			0.4			2,481
						36,623		35,973			5.7			36,331

Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50 %	12/2025		6,892		6,830			1.0			6,420
Envocore Holding, LLC (7)(8)	Senior Secured Second Lien Term Loan	1000 PIK	10.00 %	12/2026		7,484		6,599			0.8			4,830
Envocore Holding, LLC (5)(7)(8)	Senior Secured First Lien Revolver	750	7.50 %	12/2025		833		828			0.1			643
Eshipping	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	8.12 %	11/2027		7,366		7,237			1.2			7,366
Eshipping (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2027		—		( 16	)		—			—
Eshipping (4)(5)	Senior Secured First Lien Revolver			11/2027		—		( 20	)		—			—
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 ( 100 Floor)	7.26 %	07/2028		3,400		3,366			0.5			3,367
Oliver Packaging LLC (4)(5)	Senior Secured First Lien Revolver			07/2028		—		( 5	)		( 0.0	)		( 5	)
Painters Supply & Equipment Company (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2027		—		( 7	)		( 0.0	)		( 25	)
Painters Supply & Equipment Company (5)	Unitranche First Lien Revolver	L + 575 ( 100 Floor)	9.42 %	08/2027		242		233			0.0			224
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	9.42 %	08/2027		2,030		1,995			0.3			1,958
Potter Electric Signal Company	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	8.87 %	12/2025		1,108		1,097			0.2			1,078
Potter Electric Signal Company (5)	Senior Secured First Lien Revolver	P + 375 ( 100 Floor)	9.25 %	12/2024		171		252			0.0			240


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Potter Electric Signal Company	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	6.86 %	12/2025		2,436		2,424			0.4			2,369
Potter Electric Signal Company	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	6.86 %	12/2025		464		462			0.1			451
United Flow Technologies	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	9.06 %	10/2027		8,507		8,358			1.4			8,432
United Flow Technologies	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	9.06 %	10/2027		1,194		1,173			0.2			1,183
United Flow Technologies (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	8.87 %	10/2027		3,109		3,055			0.5			3,075
United Flow Technologies (4)(5)	Unitranche First Lien Revolver			10/2027		—		( 27	)		( 0.0	)		( 14	)
						45,236		43,834			6.7			41,592

Commercial & Professional Services
ASP MCS Acquisition Corp. (6)(12)	Senior Secured Second Lien Term Loan	L + 600 ( 100 Floor)	8.29 %	10/2025		290		274			0.0			238
CHA Holdings, Inc.	Senior Secured First Lien Delayed Draw Term Loan	L + 450 ( 100 Floor)	8.17 %	04/2025		994		993			0.2			955
CHA Holdings, Inc.	Senior Secured First Lien Term Loan	L + 450 ( 100 Floor)	8.17 %	04/2025		4,716		4,708			0.7			4,527
Consolidated Label Co., LLC (4)(5)	Senior Secured First Lien Revolver			07/2026		—		( 8	)		( 0.0	)		( 3	)
Consolidated Label Co., LLC	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	7.82 %	07/2026		4,094		4,039			0.7			4,073
Consolidated Label Co., LLC	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	8.12 %	07/2026		3,802		3,743			0.6			3,783
Galway Borrower, LLC	Unitranche First Lien Term Loan	L + 525 ( 75 Floor)	8.92 %	09/2028		13,445		13,235			2.1			12,907
Galway Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 525 ( 75 Floor)	8.92 %	09/2028		559		543			0.1			507
Galway Borrower, LLC (4)(5)	Unitranche First Lien Revolver			09/2027		—		( 16	)		( 0.0	)		( 25	)
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	8.32 %	05/2027		13,043		12,883			2.0			12,481
GH Parent Holdings Inc. (5)	Unitranche First Lien Revolver	L + 550 ( 100 Floor)	8.32 %	05/2027		208		184			0.0			119
GH Parent Holdings Inc. (5)	Unitranche First Lien Delayed Draw Term Loan			05/2027		—		—			( 0.0	)		( 239	)
Hepaco, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 500 ( 100 Floor)	8.12 %	08/2024		4,108		4,096			0.6			3,952
Hepaco, LLC	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	8.12 %	08/2024		5,037		5,023			0.8			4,846
Hepaco, LLC (5)	Senior Secured First Lien Revolver	L + 500 ( 100 Floor)	8.12 %	08/2024		780		779			0.1			745
Hercules Borrower LLC	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	10.67 %	12/2026		18,838		18,496			3.1			19,027
Hercules Borrower LLC (5)	Unitranche First Lien Revolver	L + 650 ( 100 Floor)	10.67 %	12/2026		237		198			0.0			254
Hercules Borrower LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	9.67 %	12/2026		1,022		998			0.2			961


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Hercules Borrower LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	9.67 %	12/2026		245		241			0.0			238
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 525 ( 100 Floor)	8.38 %	01/2026		3,790		3,745			0.6			3,790
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 ( 100 Floor)	8.38 %	01/2026		2,842		2,809			0.5			2,842
Hsid Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			01/2026		—		( 8	)		—			—
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 525 ( 100 Floor)	8.38 %	01/2026		248		244			0.0			248
Infobase	Senior Secured First Lien Term Loan	S + 550 ( 100 Floor)	7.71 %	06/2028		11,272		11,053			1.8			11,165
Infobase (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			06/2028		—		( 18	)		( 0.0	)		( 18	)
Infobase (4)(5)	Senior Secured First Lien Revolver			06/2028		—		( 28	)		( 0.0	)		( 14	)
ISS Compressors Industries, Inc. (5)	Senior Secured First Lien Revolver	S + 550 ( 100 Floor)	8.66 %	02/2026		646		641			0.1			636
ISS Compressors Industries, Inc.	Senior Secured First Lien Term Loan	S + 550 ( 100 Floor)	9.20 %	02/2026		9,395		9,337			1.5			9,288
ISS Compressors Industries, Inc.	Senior Secured First Lien Term Loan	S + 550 ( 100 Floor)	9.20 %	02/2026		333		327			0.1			330
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50 %	03/2026		245		237			0.0			230
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50 %	03/2026		737		733			0.1			692
MHS Acquisition Holdings, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600 ( 100 Floor)	9.50 %	07/2027		224		221			0.0			221
MHS Acquisition Holdings, LLC (4)(5)	Senior Secured First Lien Revolver			07/2027		—		( 2	)		( 0.0	)		( 1	)
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600 ( 100 Floor)	9.50 %	07/2027		1,819		1,788			0.3			1,802
Nexant Volt MergerSub, Inc.	Senior Secured First Lien Term Loan	S + 500 ( 100 Floor)	8.13 %	05/2027		5,629		5,537			0.9			5,629
Nexant Volt MergerSub, Inc. (5)	Senior Secured First Lien Revolver	P + 400 ( 100 Floor)	10.25 %	05/2027		590		587			0.1			590
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	9.17 %	11/2027		4,931		4,792			0.8			4,844
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	9.17 %	11/2027		3,668		3,550			0.6			3,603
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	9.17 %	11/2027		9,847		9,547			1.6			9,674
Pye-Barker Fire & Safety, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	9.17 %	11/2027		1,980		1,922			0.3			1,945
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	9.17 %	11/2027		2,580		2,544			0.4			2,534
Pye-Barker Fire & Safety, LLC (5)	Unitranche First Lien Revolver	L + 550 ( 75 Floor)	9.14 %	11/2027		714		697			0.1			687
Pye-Barker Fire & Safety, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	9.17 %	11/2027		921		899			0.1			904
Pye-Barker Fire & Safety, LLC (5)	Unitranche First Lien Revolver	L + 550 ( 75 Floor)	9.17 %	11/2024		66		63			0.0			66


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Receivable Solutions, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2024		—		( 2	)		( 0.0	)		( 2	)
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	L + 450 ( 100 Floor)	7.62 %	10/2024		2,226		2,206			0.4			2,214
Seko Global Logistics Network, LLC (5)(11)	Senior Secured First Lien Revolver	P + 400 ( 100 Floor)	10.25 %	12/2026		650		633			0.1			650
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Term Loan	L + 475	7.82 %	12/2026		5,000		4,937			0.8			5,000
Service Logic Acquisition, Inc.	Senior Secured Second Lien Term Loan	L + 850 ( 100 Floor)	11.31 %	10/2028		8,755		8,542			1.4			8,842
Service Logic Acquisition, Inc. (5)	Senior Secured Second Lien Delayed Draw Term Loan	L + 850 ( 100 Floor)	11.31 %	10/2028		2,043		1,979			0.3			2,073
Spear Education	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	9.42 %	02/2025		6,703		6,669			1.0			6,450
TecoStar Holdings, Inc.	Senior Secured Second Lien Term Loan	L + 850 ( 100 Floor)	11.31 %	11/2024		5,000		4,956			0.7			4,565
UP Acquisition Corp.	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	9.37 %	05/2024		1,167		1,158			0.2			1,077
UP Acquisition Corp. (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	9.37 %	05/2024		443		434			0.1			346
UP Acquisition Corp.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	9.37 %	05/2024		4,257		4,225			0.6			3,927
						170,139		167,363			26.7			166,175
Consumer Services
Effective School Solutions LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	8.57 %	11/2027		7,711		7,577			1.2			7,684
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	L + 550 ( 100 Floor)	8.62 %	11/2027		232		207			0.0			227
Effective School Solutions LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2027		—		( 19	)		( 0.0	)		( 8	)
Everlast Parent Inc.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	9.92 %	10/2026		13,783		13,531			2.1			13,369
Everlast Parent Inc. (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	9.54 %	10/2026		460		433			0.1			412
Everlast Parent Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	9.42 %	10/2026		3,387		3,315			0.5			3,268
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	9.42 %	12/2027		5,134		5,043			0.8			5,081
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	8.73 %	12/2027		1,723		1,708			0.3			1,705
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	9.42 %	12/2027		1,712		1,684			0.3			1,695
FS Whitewater Borrower, LLC (5)	Unitranche First Lien Revolver	L + 575 ( 75 Floor)	9.39 %	12/2027		138		126			0.0			131
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 75 Floor)	8.98 %	12/2027		4		( 31	)		0.0			4
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 75 Floor)	8.35 %	11/2025		3,345		3,323			0.5			3,345
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 75 Floor)	8.35 %	11/2025		3,322		3,261			0.5			3,323
HGH Purchaser, Inc. (5)	Unitranche First Lien Revolver	L + 600 ( 75 Floor)	8.35 %	11/2025		938		915			0.2			938


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	L + 600 ( 75 Floor)	8.35 %	11/2025		7,885		7,771			1.3			7,886
HS Spa Holdings Inc. (4)(5)	Unitranche First Lien Revolver			06/2028		—		( 29	)		( 0.0	)		( 8	)
HS Spa Holdings Inc.	Unitranche First Lien Term Loan	S + 575 ( 75 Floor)	7.51 %	06/2029		10,395		10,194			1.7			10,338
HS Spa Holdings Inc. (8)(10)	Unitranche First Lien - Last Out Term Loan	1237.5	12.38 %	06/2030		1,316		1,284			0.2			1,316
Learn-It Systems, LLC (5)	Senior Secured First Lien Revolver	L + 475 ( 100 Floor)	7.63 %	03/2025		617		604			0.1			566
Learn-It Systems, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	7.63 %	03/2025		2,518		2,481			0.4			2,377
Learn-It Systems, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	8.92 %	03/2025		4,260		4,199			0.6			4,021
Learn-It Systems, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	7.63 %	05/2023		1,141		1,126			0.2			995
Mario Purchaser, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 575 ( 75 Floor)	8.88 %	04/2029		1,532		1,483			0.2			1,516
Mario Purchaser, LLC (10)	Unitranche First Lien - Last Out Term Loan	S + 1075 PIK	13.88 %	04/2032		2,976		2,866			0.5			2,976
Mario Purchaser, LLC (4)(5)	Unitranche First Lien Revolver			04/2028		—		( 20	)		( 0.0	)		( 3	)
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 575 ( 75 Floor)	8.88 %	04/2029		9,887		9,696			1.6			9,857
PPV Intermediate Holdings LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 575 ( 75 Floor)	9.22 %	08/2029		60		44			0.0			60
PPV Intermediate Holdings LLC (4)(5)	Unitranche First Lien Revolver			08/2029		—		( 5	)		—			—
PPV Intermediate Holdings LLC	Unitranche First Lien Term Loan	S + 575 ( 75 Floor)	9.01 %	08/2029		2,781		2,729			0.4			2,781
PPV Intermediate Holdings LLC (8)	Unsecured Debt	1300 PIK	13.00 %	08/2030		711		694			0.1			711
PPV Intermediate Holdings LLC (4)(5)(8)	Unsecured Debt			08/2030		—		( 3	)		—			—
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	9.42 %	12/2028		13,142		12,877			2.1			13,142
Stepping Stones Healthcare Services, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	9.42 %	12/2028		376		343			0.1			376
Stepping Stones Healthcare Services, LLC (5)	Unitranche First Lien Revolver	P + 475 ( 75 Floor)	11.00 %	12/2026		75		42			0.0			75
United Language Group, Inc.	Senior Secured First Lien Revolver	L + 875 ( 100 Floor)	11.38 %	10/2022		400		400			0.1			391
United Language Group, Inc.	Senior Secured First Lien Term Loan	L + 875 ( 100 Floor)	11.38 %	10/2022		4,558		4,559			0.7			4,458
Wrench Group LLC	Senior Secured Second Lien Term Loan	L + 787.5	11.55 %	04/2027		4,833		4,733			0.8			4,833
						111,352		109,141			17.6			109,838
Diversified Financials
Alera Group Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2028		—		( 197	)		—			—
Alera Group Inc.	Unitranche First Lien Term Loan	S + 600 ( 75 Floor)	9.13 %	09/2028		5,000		4,901			0.8			5,000
King Mid LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 550 ( 100 Floor)	9.20 %	12/2027		466		432			0.1			466


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
King Mid LLC (4)(5)	Senior Secured First Lien Revolver			12/2027		—		( 3	)		—			—
King Mid LLC	Senior Secured First Lien Term Loan	S + 550 ( 100 Floor)	9.20 %	12/2027		3,450		3,385			0.6			3,450
						8,916		8,518			1.5			8,916
Energy
BJ Services, LLC (10)	Unitranche First Lien - Last Out Term Loan	L + 968.612 ( 100 Floor)	11.97 %	01/2023		5,090		2,866			0.3			2,085
						5,090		2,866			0.3			2,085
Food & Staples Retailing
Isagenix International, LLC (9)(12)	Senior Secured First Lien Term Loan			06/2025		5,470		5,452			0.4			2,373
						5,470		5,452			0.4			2,373
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	L + 525 ( 100 Floor)	8.17 %	05/2027		4,987		4,915			0.8			4,987
JTM Foods LLC (5)	Senior Secured First Lien Revolver	L + 525 ( 100 Floor)	8.17 %	05/2027		400		389			0.1			400
JTM Foods LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 525 ( 100 Floor)	8.89 %	05/2027		500		494			0.1			500
Mann Lake Ltd.	Senior Secured First Lien Revolver	L + 675 ( 100 Floor)	10.51 %	10/2024		908		902			0.1			871
Mann Lake Ltd.	Senior Secured First Lien Term Loan	L + 675 ( 100 Floor)	10.51 %	10/2024		2,123		2,107			0.3			2,038
						8,918		8,807			1.4			8,796
Health Care Equipment & Services
ACI Group Holdings, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	9.17 %	08/2028		667		645			0.1			654
ACI Group Holdings, Inc. (4)(5)	Unitranche First Lien Revolver			08/2027		—		( 12	)		( 0.0	)		( 10	)
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	L + 550 ( 75 Floor)	9.17 %	08/2028		6,940		6,783			1.1			6,905
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 525 ( 100 Floor)	9.48 %	07/2025		3,484		3,457			0.6			3,478
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 525 ( 100 Floor)	8.76 %	12/2027		4,975		4,900			0.8			4,965
Advanced Diabetes Supply (5)	Senior Secured First Lien Revolver	S + 525 ( 100 Floor)	8.04 %	12/2027		263		257			0.0			262
Ameda, Inc.	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor)	10.15 %	10/2022		2,155		2,150			0.3			2,087
Ameda, Inc. (5)	Senior Secured First Lien Revolver	L + 700 ( 100 Floor)	10.15 %	10/2022		188		187			0.0			178
Arrow Management Acquisition, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	7.87 %	10/2027		4,913		4,828			0.8			4,716
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	7.87 %	10/2027		2,197		2,178			0.3			2,120
Arrow Management Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			10/2027		—		( 12	)		( 0.0	)		( 28	)
Avalign Technologies, Inc.	Senior Secured First Lien Term Loan	L + 450	7.62 %	12/2025		16,536		16,465			2.6			16,205


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Centria Subsidiary Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		—		( 32	)		( 0.0	)		( 69	)
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 600 ( 100 Floor)	9.19 %	12/2025		11,546		11,410			1.8			11,142
CRA MSO, LLC	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor)	10.12 %	12/2023		1,203		1,197			0.2			1,154
CRA MSO, LLC (5)	Senior Secured First Lien Revolver	L + 700 ( 100 Floor)	10.12 %	12/2023		108		107			0.0			100
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 ( 100 Floor)	8.88 %	11/2027		11,714		11,536			1.8			11,362
EMS Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			11/2027		—		( 8	)		( 0.0	)		( 17	)
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 ( 100 Floor)	8.88 %	11/2027		998		981			0.2			968
Explorer Investor, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2029		—		( 139	)		( 0.0	)		( 108	)
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600 ( 50 Floor)	9.03 %	06/2029		11,333		10,670			1.7			10,823
FH MD Buyer, Inc	Senior Secured First Lien Term Loan	L + 500 ( 75 Floor)	8.12 %	07/2028		19,800		19,633			3.1			19,008
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	S + 500 ( 100 Floor)	8.15 %	05/2024		6,203		6,129			1.0			6,171
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			05/2024		—		( 7	)		( 0.0	)		( 3	)
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 500 ( 100 Floor)	8.15 %	05/2024		4,428		4,367			0.7			4,405
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	9.37 %	06/2026		4,938		4,857			0.8			4,786
Great Lakes Dental Partners, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2026		—		( 13	)		( 0.0	)		( 26	)
Great Lakes Dental Partners, LLC (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	9.24 %	06/2026		300		294			0.0			288
HCOS Group Intermediate III LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	9.17 %	09/2026		11,368		11,207			1.8			10,942
HCOS Group Intermediate III LLC (4)(5)	Senior Secured First Lien Revolver			09/2026		—		( 16	)		( 0.0	)		( 43	)
HCOS Group Intermediate III LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	9.17 %	09/2026		9,379		9,227			1.4			9,027
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	7.82 %	05/2027		4,505		4,429			0.7			4,397
Homecare Partners Management, LLC (5)	Senior Secured First Lien Revolver	P + 475 ( 100 Floor)	11.00 %	05/2027		147		129			0.0			120
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	9.42 %	05/2027		3,370		3,308			0.5			3,289
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	8.82 %	12/2027		1,097		1,097			0.2			1,071
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	10.17 %	12/2026		380		370			0.1			374
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	9.31 %	12/2026		14,199		13,909			2.2			13,958
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	9.31 %	12/2026		2,593		2,536			0.4			2,549


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Hospice Care Buyer, Inc. (5)	Unitranche First Lien Revolver	L + 650 ( 100 Floor)	9.62 %	12/2026		970		935			0.2			942
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 650 ( 100 Floor)	9.57 %	12/2026		2,646		2,585			0.4			2,601
Laserway Intermediate Holdings II, LLC (12)	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	8.23 %	10/2027		6,039		5,937			1.0			5,941
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.87 %	02/2026		9,750		9,633			1.5			9,504
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Revolver	L + 575 ( 100 Floor)	8.87 %	02/2026		455		443			0.1			429
Lightspeed Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	8.87 %	02/2026		1,766		1,749			0.3			1,721
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan			02/2026		—		—			( 0.0	)		( 129	)
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	9.42 %	02/2026		2,723		2,681			0.4			2,654
MWD Management LLC (United Derm)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 ( 100 Floor)	7.73 %	06/2027		4,500		4,415			0.7			4,455
MWD Management LLC (United Derm)	Senior Secured First Lien Term Loan	S + 500 ( 100 Floor)	7.15 %	06/2027		5,600		5,492			0.9			5,544
MWD Management LLC (United Derm) (5)	Senior Secured First Lien Revolver	S + 500 ( 100 Floor)	8.65 %	06/2027		240		217			0.0			228
NMN Holdings III Corp.	Senior Secured Second Lien Delayed Draw Term Loan	L + 775	10.87 %	11/2026		1,667		1,636			0.2			1,527
NMN Holdings III Corp.	Senior Secured Second Lien Term Loan	L + 775	10.87 %	11/2026		7,222		7,094			1.1			6,617
Omni Ophthalmic Management Consultants, LLC (5)	Senior Secured First Lien Revolver	S + 700 ( 100 Floor)	10.13 %	05/2023		283		271			0.0			283
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 700 ( 100 Floor)	10.13 %	05/2023		6,755		6,661			1.1			6,755
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 700 ( 100 Floor)	10.13 %	05/2023		887		869			0.1			887
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 700 ( 100 Floor)	10.13 %	09/2025		300		295			0.0			300
Omni Ophthalmic Management Consultants, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			09/2025		—		( 15	)		—			—
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	S + 675 ( 100 Floor)	9.48 %	01/2028		11,269		11,033			1.8			11,269
Patriot Acquisition Topco S.A.R.L (4)(5)(11)	Unitranche First Lien Revolver			01/2026		—		( 30	)		—			—
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Delayed Draw Term Loan	S + 675 ( 100 Floor)	9.48 %	01/2028		12,077		11,841			1.9			12,077
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	S + 675 ( 100 Floor)	9.48 %	01/2028		1,431		1,397			0.2			1,431
Pinnacle Treatment Centers, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	8.56 %	12/2022		672		671			0.1			672
Pinnacle Treatment Centers, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.56 %	12/2022		7,991		7,983			1.3			7,991
Pinnacle Treatment Centers, Inc. (5)	Unitranche First Lien Revolver	L + 575 ( 100 Floor)	8.80 %	12/2022		357		357			0.1			357
Plasma Buyer LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			05/2029		—		( 36	)		( 0.0	)		( 15	)


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Plasma Buyer LLC (4)(5)	Unitranche First Lien Revolver			05/2029		—		( 15	)		( 0.0	)		( 7	)
Plasma Buyer LLC	Unitranche First Lien Term Loan	S + 575 ( 75 Floor)	9.30 %	05/2029		7,297		7,156			1.2			7,238
Premier Dental Care Management, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	8.27 %	08/2028		4,333		4,312			0.7			4,269
Premier Dental Care Management, LLC (4)(5)	Unitranche First Lien Revolver			08/2027		—		( 25	)		( 0.0	)		( 19	)
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	8.87 %	08/2028		9,452		9,289			1.5			9,333
Professional Physical Therapy (9)	Senior Secured First Lien Term Loan			12/2022		9,201		8,907			0.9			5,622
Professional Physical Therapy (5)	Senior Secured First Lien Revolver			12/2022		—		—			—			—
PromptCare Intermediate, LP (5)	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	8.63 %	09/2027		1,010		965			0.2			938
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	8.63 %	09/2027		10,395		10,219			1.6			10,226
Safco Dental Supply, LLC (5)	Unitranche First Lien Revolver	S + 400 ( 100 Floor)	7.13 %	06/2025		120		115			0.0			101
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	S + 400 ( 100 Floor)	7.70 %	06/2025		4,043		4,007			0.6			3,912
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			07/2026		—		( 20	)		—			—
Seniorlink Incorporated	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	9.19 %	07/2026		10,223		10,018			1.7			10,387
Smile Doctors LLC (12)	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	9.42 %	12/2028		11,201		11,002			1.8			10,977
Smile Doctors LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	9.42 %	12/2028		1,767		1,746			0.3			1,731
Smile Doctors LLC (5)	Unitranche First Lien Revolver	L + 575 ( 75 Floor)	9.42 %	12/2027		293		270			0.0			268
Smile Doctors LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	8.78 %	12/2028		1,066		1,032			0.2			995
Sydney US Buyer Corp. (11)	Unitranche First Lien Term Loan	S + 600 ( 50 Floor)	6.50 %	07/2029		3,693		3,594			0.6			3,591
Sydney US Buyer Corp. (11)	Unitranche First Lien Term Loan	E + 600	6.00 %	07/2029		3,432		3,469			0.5			3,338
Sydney US Buyer Corp. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			07/2029		—		( 52	)		( 0.0	)		( 54	)
Sydney US Buyer Corp. (4)(5)(11)	Senior Secured First Lien Revolver			07/2029		—		( 3	)		( 0.0	)		( 18	)
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	8.42 %	09/2025		3,015		2,977			0.5			2,994
Unifeye Vision Partners (5)	Senior Secured First Lien Revolver	L + 475 ( 100 Floor)	8.42 %	09/2025		680		663			0.1			668
Unifeye Vision Partners	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	8.42 %	09/2025		5,252		5,195			0.8			5,215
Unifeye Vision Partners (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	8.42 %	09/2025		2,600		2,592			0.4			2,564
Vital Care Buyer, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	9.42 %	10/2025		6,910		6,831			1.1			6,741


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Vital Care Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2025		—		( 24	)		( 0.0	)		( 54	)
						343,510		337,338			53.3			332,197
Insurance
Comet Acquisition, Inc. (12)	Senior Secured Second Lien Term Loan	L + 750	11.17 %	10/2026		1,782		1,780			0.3			1,746
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	9.92 %	04/2027		8,229		8,153			1.3			8,135
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—		( 6	)		( 0.0	)		( 8	)
Evolution BuyerCo, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	9.92 %	04/2028		1,444		1,430			0.2			1,427
Evolution BuyerCo, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	9.92 %	04/2028		1,062		1,039			0.2			1,042
Integrity Marketing Acquisition, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	7.83 %	08/2025		4,978		4,908			0.8			4,816
Integrity Marketing Acquisition, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	7.83 %	08/2025		3,010		2,968			0.5			2,912
Integrity Marketing Acquisition, LLC (4)(5)	Unitranche First Lien Revolver			08/2025		—		( 25	)		( 0.0	)		( 46	)
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	7.83 %	08/2025		12,651		12,478			2.0			12,240
Integro Parent, Inc. (11)(12)	Senior Secured First Lien Term Loan	L + 1025 PIK	13.80 %	10/2022		55		55			0.0			55
Integro Parent, Inc. (9)(11)	Senior Secured Second Lien Term Loan			10/2023		2,915		2,906			0.4			2,490
Integro Parent, Inc. (9)(11)	Senior Secured Second Lien Delayed Draw Term Loan			10/2023		380		379			0.1			325
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Revolver			10/2028		—		( 11	)		( 0.0	)		( 13	)
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	L + 550 ( 75 Floor)	9.01 %	10/2028		8,509		8,391			1.3			8,339
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2028		—		( 7	)		( 0.0	)		( 16	)
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2028		—		( 55	)		( 0.0	)		( 34	)
The Hilb Group, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.87 %	12/2026		3,539		3,481			0.5			3,389
The Hilb Group, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	8.87 %	12/2026		1,001		984			0.2			958
The Hilb Group, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		—		( 5	)		( 0.0	)		( 14	)
The Hilb Group, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.87 %	12/2026		1,050		1,031			0.2			1,006
The Hilb Group, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	8.87 %	12/2026		1,766		1,737			0.3			1,691
The Hilb Group, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		—		( 2	)		( 0.0	)		( 6	)


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
The Hilb Group, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	8.62 %	12/2026		992		953			0.1			846
The Hilb Group, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		—		( 2	)		( 0.0	)		( 5	)
						53,363		52,560			8.4			51,275
Materials
Kestrel Parent, LLC (5)	Unitranche First Lien Revolver	P + 475 ( 100 Floor)	11.00 %	11/2023		70		65			0.0			70
Kestrel Parent, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.87 %	11/2025		6,553		6,472			1.1			6,553
Kestrel Parent, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.87 %	11/2025		693		681			0.1			693
						7,316		7,218			1.2			7,316
Pharmaceuticals, Biotechnology & Life Sciences
BioAgilytix	Senior Secured First Lien Term Loan	L + 625 ( 75 Floor) (including 275 PIK)	9.92 %	12/2028		13,101		12,840			2.0			12,708
BioAgilytix (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 625 ( 75 Floor) (including 275 PIK)	8.68 %	12/2028		678		656			0.1			602
LSCS Holdings, Inc. (Eversana)	Senior Secured Second Lien Term Loan	L + 800 ( 50 Floor)	11.67 %	12/2029		14,700		14,368			2.1			13,377
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	8.53 %	09/2026		13,914		13,641			2.1			12,940
Teal Acquisition Co., Inc (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	8.53 %	09/2026		1,004		978			0.1			914
						43,397		42,483			6.4			40,541
Retailing
Savers (12)	Senior Secured First Lien Term Loan	L + 550 ( 75 Floor)	9.17 %	04/2028		13,724		13,646			2.1			13,243
Slickdeals Holdings, LLC (4)(5)(6)	Unitranche First Lien Revolver			06/2023		—		( 3	)		—			—
Slickdeals Holdings, LLC (6)	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	8.49 %	06/2024		14,207		14,047			2.3			14,207
						27,931		27,690			4.4			27,450
Software & Services
ABACUS Holdings I LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2028		—		( 27	)		( 0.0	)		( 48	)
ABACUS Holdings I LLC (5)	Unitranche First Lien Revolver	S + 550 ( 100 Floor)	8.18 %	06/2028		180		157			0.0			159
ABACUS Holdings I LLC	Unitranche First Lien Term Loan	S + 550 ( 100 Floor)	8.18 %	06/2028		6,800		6,667			1.1			6,683
Affinitiv, Inc. (4)(5)	Unitranche First Lien Revolver			08/2024		—		( 4	)		( 0.0	)		( 5	)
Affinitiv, Inc.	Unitranche First Lien Term Loan	S + 650 ( 100 Floor)	10.91 %	08/2024		6,215		6,168			1.0			6,160
Ansira Partners, Inc. (9)	Unitranche First Lien Term Loan			12/2024		7,838		6,657			0.7			4,250
Ansira Partners, Inc. (9)	Unitranche First Lien Delayed Draw Term Loan			12/2024		1,095		945			0.1			594
Apps Associates LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 ( 100 Floor)	8.13 %	07/2027		896		875			0.1			888


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Apps Associates LLC (4)(5)	Unitranche First Lien Revolver			07/2027		—		( 13	)		( 0.0	)		( 4	)
Apps Associates LLC	Unitranche First Lien Term Loan	S + 500 ( 100 Floor)	8.13 %	07/2027		5,594		5,501			0.9			5,569
Banker's Toolbox, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 525 ( 75 Floor)	8.74 %	07/2027		1,941		1,887			0.3			1,941
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—		( 39	)		—			—
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	S + 525 ( 75 Floor)	9.23 %	07/2027		15,724		15,463			2.5			15,724
Belay Inc.	Senior Secured First Lien Term Loan	S + 525 ( 100 Floor)	8.38 %	06/2026		4,888		4,822			0.8			4,888
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		—		( 9	)		—			—
Benesys Inc.	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	7.87 %	10/2024		1,389		1,381			0.2			1,372
Benesys Inc.	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	7.87 %	10/2024		295		291			0.0			291
Benesys Inc. (4)(5)	Senior Secured First Lien Revolver			10/2024		—		( 1	)		( 0.0	)		( 2	)
C-4 Analytics, LLC (4)(5)	Senior Secured First Lien Revolver			08/2023		—		( 2	)		( 0.0	)		( 1	)
C-4 Analytics, LLC	Senior Secured First Lien Term Loan	L + 450 ( 100 Floor)	7.62 %	08/2023		9,357		9,328			1.5			9,341
Claritas, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			03/2026		—		( 21	)		( 0.0	)		( 23	)
Claritas, LLC (4)(5)	Unitranche First Lien Revolver			03/2026		—		( 17	)		( 0.0	)		( 19	)
Claritas, LLC	Unitranche First Lien Term Loan	S + 575 ( 100 Floor)	9.30 %	03/2026		10,547		10,452			1.7			10,446
Granicus, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	10.67 %	01/2027		9,080		8,913			1.4			8,899
Granicus, Inc. (4)(5)	Unitranche First Lien Revolver			01/2027		—		( 14	)		( 0.0	)		( 16	)
Granicus, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	10.17 %	01/2027		4,745		4,643			0.7			4,588
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	8.87 %	11/2028		13,191		12,956			2.1			13,164
Lexipol (Ranger Buyer, Inc.) (5)	Unitranche First Lien Revolver	L + 575 ( 75 Floor)	8.87 %	11/2027		110		91			0.0			108
List Partners, Inc. (5)	Senior Secured First Lien Revolver			01/2023		—		—			( 0.0	)		( 1	)
List Partners, Inc.	Senior Secured First Lien Term Loan	S + 500 ( 100 Floor)	8.13 %	01/2023		3,685		3,682			0.6			3,673
MRI Software LLC (12)	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	9.17 %	02/2026		18,274		18,109			2.8			17,703
MRI Software LLC (4)(5)(12)	Unitranche First Lien Revolver			02/2026		—		( 11	)		( 0.0	)		( 40	)
MRI Software LLC (12)	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	9.17 %	02/2026		1,313		1,301			0.2			1,272
New Era Technology, Inc.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	9.06 %	10/2026		3,134		3,085			0.5			3,082


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
New Era Technology, Inc. (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	8.86 %	10/2026		297		284			0.0			285
New Era Technology, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	9.14 %	10/2026		2,013		1,986			0.3			1,980
New Era Technology, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	8.97 %	10/2026		5,591		5,501			0.9			5,480
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2027		—		( 15	)		—			—
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		—		( 42	)		—			—
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	L + 575 ( 75 Floor)	8.74 %	10/2027		9,595		9,427			1.5			9,595
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	9.14 %	08/2025		1,089		1,087			0.2			1,061
Ontario Systems, LLC (5)	Unitranche First Lien Revolver	L + 550 ( 100 Floor)	9.14 %	08/2025		113		110			0.0			100
Ontario Systems, LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	9.14 %	08/2025		3,153		3,135			0.5			3,072
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	9.14 %	08/2025		547		533			0.1			533
Ontario Systems, LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	9.14 %	08/2025		446		439			0.1			434
Park Place Technologies, LLC (8)	Unsecured Debt	1250 PIK	12.50 %	05/2029		858		858			0.1			734
Perforce Software, Inc.	Senior Secured Second Lien Term Loan	L + 800	11.12 %	07/2027		5,000		4,987			0.7			4,500
Right Networks, LLC	Unitranche First Lien Revolver	L + 600 ( 100 Floor)	9.12 %	05/2026		233		230			0.0			233
Right Networks, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	9.12 %	05/2026		9,297		9,200			1.5			9,297
Right Networks, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	9.12 %	05/2026		8,244		8,116			1.3			8,244
Right Networks, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	9.12 %	05/2026		2,102		2,069			0.3			2,102
Ruffalo Noel Levitz, LLC (5)	Unitranche First Lien Revolver	L + 600 ( 100 Floor)	8.94 %	05/2024		225		224			0.0			221
Ruffalo Noel Levitz, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	9.67 %	05/2024		2,461		2,461			0.4			2,430
Saturn Borrower Inc	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	10.17 %	09/2026		20,164		19,734			3.1			19,216
Saturn Borrower Inc	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	10.17 %	09/2026		2,456		2,401			0.4			2,341
Saturn Borrower Inc	Unitranche First Lien Revolver	L + 650 ( 100 Floor)	10.17 %	09/2026		1,513		1,482			0.2			1,442
Smartronix, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	10.17 %	11/2028		23,929		23,494			3.9			24,014
Smartronix, LLC (4)(5)	Unitranche First Lien Revolver			11/2028		—		( 58	)		0.0			12
SQAD Holdco, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 575 ( 100 Floor)	9.30 %	04/2028		2,419		2,374			0.4			2,355
SQAD Holdco, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—		( 21	)		( 0.0	)		( 14	)


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
SQAD Holdco, Inc.	Unitranche First Lien Term Loan	S + 575 ( 100 Floor)	9.30 %	04/2028		8,928		8,758		1.4			8,810
Summit 7 Systems, LLC (5)	Senior Secured First Lien Revolver	S + 550 ( 100 Floor)	9.20 %	05/2028		65		53		0.0			63
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 550 ( 100 Floor)	9.20 %	05/2028		5,287		5,186		0.8			5,269
Transportation Insight, LLC	Senior Secured First Lien Term Loan	L + 425	7.37 %	12/2024		5,050		5,030		0.8			4,885
Transportation Insight, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 425	7.37 %	12/2024		1,255		1,250		0.2			1,214
Transportation Insight, LLC (5)	Senior Secured First Lien Revolver	L + 425	7.37 %	12/2024		216		214		0.0			192
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 650 ( 100 Floor)	9.63 %	06/2023		630		627		0.1			630
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 650 ( 100 Floor)	9.63 %	06/2023		1,032		1,025		0.2			1,032
Winxnet Holdings LLC (5)	Unitranche First Lien Revolver	S + 650 ( 100 Floor)	9.63 %	06/2023		488		485		0.1			488
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 650 ( 100 Floor)	9.63 %	06/2023		1,915		1,907		0.3			1,915
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 650 ( 100 Floor)	9.63 %	06/2023		1,527		1,516		0.2			1,527
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 650 ( 100 Floor)	9.63 %	06/2023		1,139		1,130		0.2			1,139
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 650 ( 100 Floor)	9.63 %	12/2025		200		197		0.0			200
						255,768		250,590		39.4			247,667
Total Debt Investments United States						1,123,029	$	1,099,833		173.40	%	$	1,082,552

Equity Investments
Automobiles & Components
Sun Acquirer Corp.	Common Stock					6,148		615		0.1			615
Sun Acquirer Corp.	Common Stock					428		43		0.0			43
								658		0.1			658

Capital Goods
Envocore Holding, LLC (7)	Preferred Stock					534,722		—		—			—
Envocore Holding, LLC (7)	Common Stock					521,354		—		—			—
								—		—			—
Commercial & Professional Services
Allied Universal Holdings, LLC	Common Stock					2,805,726		1,011		0.5			3,312
Allied Universal Holdings, LLC	Common Stock					684,903		685		0.1			809
ASP MCS Acquisition Corp. (6)(12)	Common Stock					11,792		1,150		0.1			442
ASP MCS Acquisition Corp. (6)(12)	Common Stock					891		29		0.0			33
ASP MCS Acquisition Corp. (6)	Preferred Stock					230		230		0.0			230
Hercules Borrower LLC	Common Stock					1,153,075		1,153		0.2			1,025
IGT Holdings LLC	Preferred Stock					645,730		—		—			—
IGT Holdings LLC	Common Stock					1,000,000		—		—			—
MHS Acquisition Holdings, LLC	Preferred Stock					1,018		923		0.2			1,154
MHS Acquisition Holdings, LLC	Common Stock					10		9		—			—


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***		Fair Value
Receivable Solutions, Inc.	Preferred Stock					137,000		137		0.1		460
Service Logic Acquisition, Inc.	Common Stock					13,132		1,313		0.3		1,793
TecoStar Holdings, Inc.	Common Stock					500,000		500		0.0		211
								7,140		1.5		9,469
Consumer Services
Everlast Parent Inc.	Common Stock					948		948		0.2		1,211
FS Whitewater Borrower, LLC	Common Stock					6,897		690		0.1		672
HGH Purchaser, Inc.	Common Stock					4,171		417		0.1		720
HS Spa Holdings Inc.	Common Stock					1,804,502		1,805		0.3		1,805
Legalshield	Common Stock					372		372		0.1		530
Mario Purchaser, LLC	Common Stock					1,027		1,027		0.2		1,027
PPV Intermediate Holdings LLC	Common Stock					312,500		313		0.1		313
Southern Technical Institute, Inc. (6)	Common Stock					3,164,063		—		—		—
Southern Technical Institute, Inc. (6)	Common Stock					6,000,000		—		—		—
Stepping Stones Healthcare Services, LLC	Common Stock					11,321		1,132		0.1		877
Wrench Group LLC	Common Stock					4,082		410		0.2		1,485
Wrench Group LLC	Common Stock					1,143		115		0.1		416
								7,229		1.5		9,056
Diversified Financials
CBDC Senior Loan Fund LLC (7)(11)(13)	Partnership Interest					—		8,579		1.3		7,866
GACP II LP (6)(11)(13)(14)	Partnership Interest					—		10,278		1.6		9,998
WhiteHawk III Onshore Fund L.P. (6)(11)(13)(14)	Partnership Interest					—		9,996		1.7		10,300
								28,853		4.6		28,164
Health Care Equipment & Services
ACI Group Holdings, Inc.	Common Stock					907,499		909		0.2		1,104
ACI Group Holdings, Inc.	Preferred Stock					3,719		3,645		0.7		4,056
Centria Subsidiary Holdings, LLC	Common Stock					11,911		1,191		0.1		764
Hospice Care Buyer, Inc.	Common Stock					13,895		1,398		0.2		1,430
Hospice Care Buyer, Inc.	Common Stock					844		75		0.0		77
NMN Holdings III Corp.	Common Stock					11,111		1,111		0.1		599
Patriot Acquisition Topco S.A.R.L (11)	Common Stock					1,055		1,055		0.2		1,187
Patriot Acquisition Topco S.A.R.L (11)	Common Stock					14,534		22		0.0		77
Seniorlink Incorporated	Common Stock					68,182		518		0.3		1,866
Smile Doctors LLC	Common Stock					227		714		0.1		651
								10,638		1.9		11,811
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917		292		0.0		277
Integrity Marketing Acquisition, LLC	Common Stock					262,567		533		0.2		1,020
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247		1,215		0.3		1,848
Integro Parent, Inc. (11)	Common Stock					4,468		454		—		—
								2,494		0.5		3,145
Materials
Kestrel Parent, LLC	Common Stock					41,791		209		0.1		767

Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096		953		0.2		1,100
LSCS Holdings, Inc. (Eversana)	Preferred Stock				447		447			0.1	474
Teal Acquisition Co., Inc	Common Stock					4,562		556		0.0		222
								1,956		0.3		1,796
Retailing
Palmetto Moon LLC	Common Stock					61		—		0.1		373


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Slickdeals Holdings, LLC (6)	Common Stock					99		891		0.2			1,429
Vivid Seats Ltd. (6)(11)(12)	Common Stock					608,109		608		0.1			926
								1,499		0.4			2,728
Software & Services
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		638		0.1			680
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		—		—			—
Odessa Technologies, Inc.	Common Stock					10,714		1,071		0.2			1,202
Park Place Technologies, LLC	Common Stock					479		479		0.1			485
Park Place Technologies, LLC	Common Stock					442,203		27		—			—
Park Place Technologies, LLC	Common Stock					685,018		—		—			—
Saturn Borrower Inc	Common Stock					434,163		434		0.0			306
								2,649		0.4			2,673
Transportation
Xpress Global Systems, LLC	Common Stock					12,544		—		0.2			1,254
Total Equity Investments United States							$	63,325		11.5	%	$	71,521
Total United States							$	1,163,158		184.9	%	$	1,154,073
Canada
Debt Investments
Health Care Equipment & Services
VetStrategy (11)	Unsecured Debt	C + 1050 PIK	14.26 %	03/2031		C$ 3,011	$	2,311		0.4		$	2,180
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 700 ( 100 Floor)	10.76 %	07/2027		1,699		1,245		0.2			1,242
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 700 ( 100 Floor)	10.76 %	07/2027		1,699		1,298		0.2			1,242
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 700 ( 100 Floor)	10.76 %	07/2027		4,931		3,860		0.6			3,605
VetStrategy (11)	Unitranche First Lien Term Loan	C + 700 ( 100 Floor)	10.76 %	07/2027		9,107		6,644		1.1			6,659
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 575 ( 100 Floor)	9.51 %	07/2027		8,720		6,760		1.0			6,324
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 575 ( 100 Floor)	9.51 %	07/2027		6,250		4,810		0.7			4,533
						35,417		26,928		4.2			25,785
Telecommunication Services
Sandvine Corporation (11)(12)	Senior Secured Second Lien Term Loan	L + 800	11.67 %	11/2026	$	4,500		4,395		0.7			4,230
Total Debt Investments Canada							$	31,323		4.9	%	$	30,015
Total Canada							$	31,323		4.9	%	$	30,015
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 625	8.56 %	12/2025	£	6,067	$	7,480		1.1	%	$	6,774
Crusoe Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan			12/2025		—		—		—			—
Crusoe Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 625	8.56 %	12/2025		303		400		0.1			339
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	8.19 %	06/2028		1,416		1,945		0.3			1,581


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***				Fair Value
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	8.69 %	06/2028		392		520			0.1				437
Nurture Landscapes (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	7.69 %	06/2028		7,682		9,367			1.4				8,577
						15,860		19,712			3.0				17,708
Consumer Durables & Apparel
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	L + 600 ( 50 Floor)	10.12 %	03/2028	$	4,352	$	4,255			0.6			$	3,895
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	L + 600 ( 50 Floor)	10.12 %	03/2028		9,939		9,719			1.4				8,897
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	L + 600 ( 50 Floor)	10.12 %	03/2028		4,953		4,844			0.7				4,434
Lion Cashmere Bidco Limited (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2028	€	—		( 76	)		( 0.0	)			( 283	)
								18,742			2.7				16,943
Software & Services
Jordan Bidco, Ltd. (5)(11)	Unitranche First Lien Delayed Draw Term Loan			08/2028	£	—		—			—				—
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 600	7.47 %	08/2028		13,234		17,748			2.4				14,776
								17,748			2.4				14,776
Total Debt Investments United Kingdom							$	56,202			8.1		%	$	49,427
Equity Investments
Health Care Equipment & Services
IVC Evidensia (f/k/a VetStrategy) (11)	Common Stock					1,353,474	$	776			0.3			$	1,633
Total Equity Investments United Kingdom								776			0.3		%		1,633
Total United Kingdom							$	56,978			8.4		%	$	51,060
Netherlands
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
PharComp Parent B.V. (11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	7.17 %	02/2026	€	1,868	$	2,146			0.3		%	$	1,830
PharComp Parent B.V. (10)(11)	Unitranche First Lien - Last Out Term Loan	E + 625	6.94 %	02/2026		6,910		7,697			1.1				6,772
PharComp Parent B.V. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	7.19 %	02/2026		407		415			0.1				399
PharComp Parent B.V. (5)(11)	Unitranche First Lien Delayed Draw Term Loan			02/2026		—		—			—				—
Eagle Midco B.V. (11)	Unitranche First Lien Term Loan	E + 625	6.53 %	07/2029		1,840		1,853			0.3				1,768
Eagle Midco B.V. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			07/2029		—		( 97	)		( 0.0	)			( 96	)
Eagle Midco B.V. (4)(5)(11)	Senior Secured First Lien Revolver			01/2029		—		( 19	)		( 0.0	)			( 19	)
Eagle Midco B.V. (11)	Unitranche First Lien Term Loan	S + 600	7.46 %	07/2029		3,411		3,323			0.5				3,320
						14,436		15,318			2.3				13,974
Total Debt Investments Netherlands							$	15,318			2.3		%	$	13,974


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments (Unaudited) September 30, 2022 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***				Fair Value
Total Netherlands							$	15,318			2.3		%	$	13,974
Belgium
Debt Investments
Commercial & Professional Services
Miraclon Corporation (11)	Unitranche First Lien Term Loan	E + 625	6.25 %	04/2026	€	9,507	$	10,554			1.5			$	9,318
Miraclon Corporation (11)	Unitranche First Lien Term Loan	L + 625	7.79 %	04/2026		4,162		4,091			0.7				4,162
								14,645			2.2				13,480
Total Debt Investments Belgium							$	14,645			2.2		%	$	13,480
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11)	Common Stock					921	$	1			—				—
Miraclon Corporation (11)	Preferred Stock					81,384		91			0.0				64
								92			0.0				64
Total Equity Investments Belgium							$	92			0.0		%	$	64
Total Belgium							$	14,737			2.2		%	$	13,544
Australia
Debt Investments
Retailing
Vermont Aus Pty Ltd (11)	Unitranche First Lien Term Loan	B + 575	8.86 %	03/2028		A$ 29,850	$	21,761			3.2			$	19,087
Total Debt Investments Australia							$	21,761			3.2		%	$	19,087
Total Australia							$	21,761			3.2		%	$	19,087
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (6)(11)	Unitranche First Lien Term Loan	E + 600	6.98 %	08/2029	€	8,795	$	8,596			1.3			$	8,382
AX VI INV2 Holding AB (4)(5)(6)(11)	Senior Secured First Lien Revolver			08/2029		—		( 10	)		( 0.0	)			( 10	)
AX VI INV2 Holding AB (6)(11)	Senior Secured Second Lien Term Loan	E + 1000	10.98 %	08/2030		1,830		1,789			0.3				1,744
AX VI INV2 Holding AB (4)(5)(6)(11)	Unitranche First Lien Delayed Draw Term Loan			08/2029		—		( 41	)		( 0.0	)			( 40	)
Total Debt Investments Sweden							$	10,334		$	1.6		%	$	10,076
Equity Investments
Retailing
AX VI INV2 Holding AB (6)(11)	Common Stock					11,583,011	$	1,086			0.2			$	1,044
Total Equity Investments Sweden							$	1,086			0.2		%	$	1,044
Total Sweden							$	11,420		$	1.8		%	$	11,120
Total Investments							$	1,314,695		$	207.7		%	$	1,292,873

*The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”), SOFR (“S”), CDOR (“C”), 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 September 30, 2022, 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.


	Tenor
Reference Rate	Overnight	1 month	3 month	6 Month	12 Month
LIBOR (“L”)	-	3.14 %	3.76 %	4.23 %	-
Prime (“P”)	6.25 %	-	-	-	-
SOFR (“S”)	-	3.03 %	3.55 %	3.98 %	-
CDOR (“C”)	-	3.69 %	4.11 %	-	-
EURIBOR (“E”)	-	0.68 %	1.17 %	1.81 %	2.56 %
SONIA (“SN”)	2.19 %	-	-	-	-
BBSY ("B")	-	-	3.11 %	-	-

**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 $ 622,602 as of September 30, 2022

(1)

All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940 (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 of 1933 (the “1933 Act” or 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 and Contingencies” .

(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 September 30, 2022.

(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 17.2 % as of September 30, 2022.

(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)

Investment is not redeemable.

Foreign Currency Exchange

Contracts


Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD 7,975	GBP 5,885	12/1/2023	$	1,379
Wells Fargo Bank, N.A.	USD 395	GBP 294	12/1/2023		65
Wells Fargo Bank, N.A.	USD 8,603	EUR 6,703	2/20/2024		1,716
Wells Fargo Bank, N.A.	USD 209	EUR 187	2/20/2024		19
Wells Fargo Bank, N.A.	USD 992	EUR 809	2/20/2024		163
Wells Fargo Bank, N.A.	USD 308	EUR 249	2/20/2024		53
Wells Fargo Bank, N.A.	USD 11,682	EUR 9,222	4/10/2024		2,182
Wells Fargo Bank, N.A.	USD 1,049	CAD 1,348	7/15/2025		55
Wells Fargo Bank, N.A.	USD 7,089	CAD 9,712	7/31/2025		( 25	)
Wells Fargo Bank, N.A.	USD 635	CAD 864	7/31/2025		1
Wells Fargo Bank, N.A.	USD 622	CAD 839	7/31/2025		7
Wells Fargo Bank, N.A.	USD 612	CAD 801	7/31/2025		23
Wells Fargo Bank, N.A.	USD 325	CAD 422	7/31/2025		14
Wells Fargo Bank, N.A.	USD 576	CAD 738	7/31/2025		31
Wells Fargo Bank, N.A.	USD 775	CAD 994	7/31/2025		42
Wells Fargo Bank, N.A.	USD 789	CAD 1,005	7/31/2025		46
Wells Fargo Bank, N.A.	USD 1,033	CAD 1,274	7/31/2025		88
Wells Fargo Bank, N.A.	USD 193	CAD 244	7/31/2025		13
Wells Fargo Bank, N.A.	USD 17	CAD 22	7/31/2025		1
Wells Fargo Bank, N.A.	USD 493	CAD 632	7/31/2025		27
Wells Fargo Bank, N.A.	USD 933	CAD 1,192	7/31/2025		53
Wells Fargo Bank, N.A.	USD 1,035	CAD 1,336	7/31/2025		50
Wells Fargo Bank, N.A.	USD 1,306	CAD 1,703	7/31/2025		52
Wells Fargo Bank, N.A.	USD 1,914	CAD 2,432	7/31/2025		117
Wells Fargo Bank, N.A.	USD 2,214	CAD 2,792	7/31/2025		150
Wells Fargo Bank, N.A.	USD 768	EUR 623	2/20/2026		105
Wells Fargo Bank, N.A.	USD 1,944	GBP 1,362	6/3/2026		412
Wells Fargo Bank, N.A.	USD 170	GBP 121	6/3/2026		34
Wells Fargo Bank, N.A.	USD 371	GBP 272	6/3/2026		67
Wells Fargo Bank, N.A.	USD 3,074	GBP 2,237	6/3/2026		573
Wells Fargo Bank, N.A.	USD 17,790	GBP 12,870	8/24/2026		3,376
Wells Fargo Bank, N.A.	USD 1,107	SEK 11,583	8/20/2027		20
Wells Fargo Bank, N.A.	USD 20,607	AUD 29,250	3/22/2028		1,838
Wells Fargo Bank, N.A.	USD 1,795	CAD 2,370	2/28/2031		24
Total Foreign Currency Exchange Contracts				$	12,771

AUD Australian Dollar ("A$") CAD Canadian Dollar ("C$") EUR Euro ("€") GBP Great British Pound ("£") PIK Payment In-Kind SEK Swedish Krona USD United States Dollar ("$")


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auto-Vehicle Parts, LLC (4)(5)	Senior Secured First Lien Revolver			01/2023	$	-	$	( 2	)		-	%	$	( 1	)
Auto-Vehicle Parts, LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	01/2023		4,517		4,501			0.7			4,511
Auto-Vehicle Parts, LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	01/2023		2,289		2,268			0.4			2,285
Continental Battery Company	Unitranche First Lien Term Loan	L + 675 ( 100 Floor)	7.75 %	01/2027		7,267		7,138			1.1			7,121
Continental Battery Company	Unitranche First Lien Delayed Draw Term Loan	L + 675 ( 100 Floor)	7.75 %	01/2027		2,679		2,655			0.0			2,625
Sun Acquirer Corp. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	6.50 %	09/2028		5,136		4,998			0.8			5,136
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2028		-		( 35	)		-			-
Sun Acquirer Corp.	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	09/2028		13,043		12,795			2.0			13,043
Sun Acquirer Corp.	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	09/2028		2,500		2,450			0.4			2,500
						37,431		36,768			5.4			37,220

Capital Goods
Envocore , LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50 %	12/2025		6,944		6,872			1.1			6,872
Envocore , LLC (7)(8)	Senior Secured Second Lien Term Loan	1000 PIK	10.00 %	12/2026		6,944		5,957			0.9			5,957
Envocore , LLC (5)(7)(8)	Senior Secured First Lien Revolver	750	7.50 %	12/2025		608		602			0.1			579
Eshipping	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	11/2027		8,050		7,891			1.2			7,972
Eshipping (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2027		-		( 18	)		-			( 18	)
Eshipping (5)	Senior Secured First Lien Revolver	L + 575 ( 100 Floor)	6.75 %	11/2027		197		175			-			186
Painters Supply & Equipment Company (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2027		-		( 8	)		-			( 13	)
Painters Supply & Equipment Company (5)	Unitranche First Lien Revolver	L + 575 ( 100 Floor)	6.75 %	08/2027		92		82			-			84
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	08/2027		2,045		2,006			0.3			2,015
Potter Electric Signal Company	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	12/2025		1,117		1,103			0.2			1,108
Potter Electric Signal Company (5)	Senior Secured First Lien Revolver	L + 475 ( 100 Floor)	5.75 %	12/2024		88		85			-			84
Potter Electric Signal Company	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	12/2025		2,454		2,440			0.4			2,436
Potter Electric Signal Company	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	12/2025		466		464			0.1			463


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
United Flow Technologies	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	10/2027		8,550		8,384			1.3		8,467
United Flow Technologies	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	10/2027		1,200		1,177			0.2		1,188
United Flow Technologies (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2027		-		( 37	)		-		( 36	)
United Flow Technologies (4)(5)	Unitranche First Lien Revolver			10/2027		-		( 31	)		-		( 16	)
						38,755		37,144			5.8		37,328

Commercial & Professional Services
ASP MCS Acquisition Corp. (6)	Senior Secured Second Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	10/2025		292		273			0.0		289
Battery Solutions, Inc. (6)(8)	Unsecured Debt	1400 PIK	14.00 %	06/2023		1,436		1,428			0.2		1,398
Battery Solutions, Inc. (6)(8)	Unsecured Debt	1400 PIK	14.00 %	06/2023		387		387			0.1		377
CHA Holdings, Inc.	Senior Secured First Lien Delayed Draw Term Loan	L + 450 ( 100 Floor)	5.50 %	04/2025		1,002		1,000			0.1		962
CHA Holdings, Inc.	Senior Secured First Lien Term Loan	L + 450 ( 100 Floor)	5.50 %	04/2025		4,753		4,742			0.7		4,562
Consolidated Label Co., LLC (4)(5)	Senior Secured First Lien Revolver			07/2026		-		( 10	)		-		( 3	)
Consolidated Label Co., LLC	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	07/2026		4,307		4,238			0.7		4,287
Consolidated Label Co., LLC	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	07/2026		3,831		3,762			0.6		3,813
Galway Borrower, LLC	Unitranche First Lien Term Loan	L + 525 ( 75 Floor)	6.00 %	09/2028		12,886		12,655			2.0		12,757
Galway Borrower, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2028		-		( 24	)		-		( 19	)
Galway Borrower, LLC (4)(5)	Unitranche First Lien Revolver			09/2027		-		( 18	)		-		( 17	)
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	05/2027		13,142		12,958			2.0		12,828
GH Parent Holdings Inc. (5)	Unitranche First Lien Revolver	L + 550 ( 100 Floor)	6.50 %	05/2027		208		180			0.0		158
GH Parent Holdings Inc. (5)	Unitranche First Lien Delayed Draw Term Loan			05/2027		-		-			-		( 133	)
Hepaco, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor) (including 50 PIK)	6.50 %	08/2024		4,125		4,106			0.6		3,845
Hepaco, LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor) (including 50 PIK)	6.50 %	08/2024		5,059		5,036			0.7		4,716
Hepaco, LLC (5)	Senior Secured First Lien Revolver	L + 550 ( 100 Floor) (including 50 PIK)	6.50 %	08/2024		766		766			0.1		704
Hercules Borrower LLC	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	7.50 %	12/2026		18,982		18,588			3.1		19,361
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2026		-		( 46	)		-		44
Hercules Borrower LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2026		-		( 21	)		-		20
Hercules Borrower LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	12/2026		247		242			0.0		249


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	01/2026		3,823		3,767			0.6		3,810
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	01/2026		2,864		2,824			0.4		2,854
Hsid Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			01/2026		-		( 10	)		-		( 3	)
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	01/2026		249		245			0.0		249
ISS Compressors Industries, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2026		-		( 6	)		-		( 39	)
ISS Compressors Industries, Inc.	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	02/2026		8,965		8,902			1.3		8,550
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50 %	03/2026		222		214			0.0		222
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50 %	03/2026		666		662			0.1		666
MHS Acquisition Holdings, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	07/2027		130		127			0.0		130
MHS Acquisition Holdings, LLC (4)(5)	Senior Secured First Lien Revolver			07/2027		-		( 3	)		-		-
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	07/2027		1,724		1,691			0.3		1,724
Nexant Volt MergerSub, Inc.	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	05/2027		5,672		5,566			0.9		5,672
Nexant Volt MergerSub, Inc. (5)	Senior Secured First Lien Revolver	L + 500 ( 100 Floor)	6.00 %	05/2027		400		391			0.1		400
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	11/2027		4,968		4,799			0.8		5,012
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	11/2027		3,696		3,553			0.6		3,728
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	11/2027		9,923		9,558			1.5		10,015
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	6.50 %	11/2027		1,995		1,925			0.3		2,013
Pye-Barker Fire & Safety, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	6.25 %	11/2027		1,193		1,156			0.2		1,217
Pye-Barker Fire & Safety, LLC (4)(5)	Unitranche First Lien Revolver			11/2027		-		( 30	)		-		14
Receivable Solutions, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2024		-		( 3	)		-		-
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	10/2024		2,400		2,371			0.4		2,400
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan			10/2024		-		-			-		-
Seko Global Logistics Network, LLC (4)(5)(11)	Senior Secured First Lien Revolver			12/2026		-		( 19	)		-		-
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	12/2026		5,037		4,965			0.8		5,037
Service Logic Acquisition, Inc.	Senior Secured Second Lien Term Loan	L + 850 ( 100 Floor)	9.50 %	10/2028		8,755		8,522			1.4		9,012
Service Logic Acquisition, Inc. (5)	Senior Secured Second Lien Delayed Draw Term Loan	L + 850 ( 100 Floor)	9.50 %	10/2028		2,043		1,974			0.3		2,092
Spear Education (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2025		-		( 20	)		-		-


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Spear Education	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	02/2025		6,755		6,710			1.0		6,755
TecoStar Holdings, Inc.	Senior Secured Second Lien Term Loan	L + 850 ( 100 Floor)	9.50 %	11/2024		5,000		4,941			0.7		4,698
UP Acquisition Corp.	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	05/2024		1,176		1,163			0.2		1,110
UP Acquisition Corp. (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	7.25 %	05/2024		443		431			0.1		372
UP Acquisition Corp.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	7.25 %	05/2024		4,290		4,244			0.6		4,048
Xcentric Mold and Engineering Acquisition Company, LLC	Senior Secured First Lien Revolver	L + 700 ( 100 Floor) (including 100 PIK)	8.00 %	09/2022		717		717			0.1		625
Xcentric Mold and Engineering Acquisition Company, LLC	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor) (including 100 PIK)	8.00 %	09/2022		4,410		4,410			0.6		3,839
						158,939		155,979			24.2		156,420

Consumer Services
Effective School Solutions LLC	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	11/2027		7,750		7,598			1.2		7,674
Effective School Solutions LLC (4)(5)	Senior Secured First Lien Revolver			11/2027		-		( 29	)		-		( 14	)
Effective School Solutions LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2027		-		( 22	)		-		( 22	)
Everlast Parent Inc.	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	10/2026		13,888		13,594			2.2		14,027
Everlast Parent Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		-		( 33	)		-		( 17	)
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	10/2026		3,412		3,335			0.5		3,379
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	12/2027		5,172		5,070			0.8		5,069
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2027		-		( 17	)		-		( 34	)
FS Whitewater Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	6.50 %	12/2027		1,290		1,258			0.2		1,255
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2027		-		( 14	)		-		( 14	)
HGH Purchaser, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	11/2025		2,811		2,784			0.4		2,784
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	11/2025		3,339		3,265			0.5		3,313
HGH Purchaser, Inc. (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	7.25 %	11/2025		280		264			-		272
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	7.25 %	11/2025		7,946		7,805			1.2		7,882
Learn-It Systems, LLC (5)	Senior Secured First Lien Revolver	L + 450 ( 100 Floor)	5.50 %	03/2025		630		613			0.1		617
Learn-It Systems, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 450 ( 100 Floor)	5.50 %	03/2025		2,537		2,488			0.4		2,499
Learn-It Systems, LLC	Senior Secured First Lien Term Loan	L + 450 ( 100 Floor)	5.50 %	03/2025		4,293		4,212			0.6		4,228


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Learn-It Systems, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	05/2023		676		641			0.1		656
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	12/2028		13,208		12,917			2.0		13,009
Stepping Stones Healthcare Services, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2028		-		( 38	)		-		( 57	)
Stepping Stones Healthcare Services, LLC (4)(5)	Unitranche First Lien Revolver			12/2026		-		( 38	)		0.0		( 28	)
United Language Group, Inc.	Senior Secured First Lien Revolver	L + 675 ( 100 Floor)	7.75 %	01/2022		400		400			0.1		391
United Language Group, Inc.	Senior Secured First Lien Term Loan	L + 675 ( 100 Floor)	7.75 %	01/2022		4,594		4,588			0.7		4,488
WeddingWire, Inc. (12)	Senior Secured Second Lien Term Loan	L + 825	8.38 %	12/2026		5,000		4,963			0.8		4,950
Wrench Group LLC	Senior Secured Second Lien Term Loan	L + 788	8.01 %	04/2027		4,833		4,720			0.7		4,833
						82,059		80,324			12.5		81,140
Energy
BJ Services, LLC	Unitranche First Lien Term Loan	L + 700 ( 150 Floor)	8.50 %	01/2023		277		276			-		277
BJ Services, LLC (9)(10)	Unitranche First Lien - Last Out Term Loan			01/2023		8,075		8,014			0.9		5,861
Black Diamond Oilfiefld Rentals, LLC	Senior Secured First Lien Term Loan	L + 950 ( 100 Floor)	10.50 %	03/2022		9,248		9,178			1.4		9,017
						17,600		17,468			2.3		15,155
Food & Staples Retailing
Isagenix International, LLC (12)	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	06/2025		5,616		5,602			0.6		4,209

Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	05/2027		5,025		4,944			0.8		4,959
JTM Foods LLC (5)	Senior Secured First Lien Revolver	L + 475 ( 100 Floor)	5.75 %	05/2027		320		307			0.0		310
JTM Foods LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			05/2027		-		( 7	)		-		( 10	)
Mann Lake Ltd.	Senior Secured First Lien Revolver	L + 675 ( 100 Floor)	7.75 %	10/2024		900		892			0.1		879
Mann Lake Ltd.	Senior Secured First Lien Term Loan	L + 675 ( 100 Floor)	7.75 %	10/2024		3,787		3,747			0.6		3,700
						10,032		9,883			1.5		9,838
Health Care Equipment & Services
ACI Group Holdings, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	6.25 %	08/2028		18		( 6	)		-		18
ACI Group Holdings, Inc. (4)(5)	Unitranche First Lien Revolver			08/2027		-		( 14	)		-		-
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	L + 550 ( 75 Floor)	6.25 %	08/2028		6,993		6,818			1.1		6,993
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	L + 525 ( 100 Floor)	6.25 %	07/2025		3,741		3,707			0.6		3,741


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Aegis Sciences Corporation (12)	Senior Secured First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	05/2025		3,388		3,207			0.5		3,298
Ameda, Inc.	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor)	8.00 %	09/2022		2,174		2,167			0.3		2,063
Ameda, Inc. (5)	Senior Secured First Lien Revolver	L + 700 ( 100 Floor)	8.00 %	09/2022		188		187			0.0		172
Arrow Management Acquisition, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	10/2027		4,950		4,853			0.8		4,925
Arrow Management Acquisition, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	10/2027		172		150			0.0		161
Arrow Management Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			10/2027		-		( 14	)		-		( 4	)
Avalign Technologies, Inc. (12)	Senior Secured First Lien Term Loan	L + 450	4.63 %	12/2025		16,665		16,565			2.5		16,332
Centria Subsidiary Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		-		( 39	)		-		( 1	)
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	12/2025		11,635		11,397			1.8		11,630
CRA MSO, LLC	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor)	8.00 %	12/2023		1,213		1,202			0.2		1,181
CRA MSO, LLC (5)	Senior Secured First Lien Revolver	L + 700 ( 100 Floor)	8.00 %	12/2023		60		58			0.0		55
EMS Buyer, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	11/2027		9,850		9,680			1.5		9,753
EMS Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			11/2027		-		( 9	)		-		( 5	)
FH MD Buyer, Inc (12)	Senior Secured First Lien Term Loan	L + 500 ( 75 Floor)	5.75 %	07/2028		19,950		19,760			3.1		19,851
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	05/2024		6,250		6,143			0.9		6,190
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			05/2024		-		( 10	)		-		( 6	)
GrapeTree Medical Staffing, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan			05/2024		-		-			-		( 27	)
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	06/2026		4,975		4,884			0.7		4,881
Great Lakes Dental Partners, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2026		-		( 15	)		-		( 16	)
Great Lakes Dental Partners, LLC (5)	Unitranche First Lien Revolver	L + 600 ( 100 Floor)	7.00 %	06/2026		210		203			-		202
HCAT Acquisition, Inc. (5)	Unitranche First Lien Term Loan	L + 800 ( 100 Floor)	9.00 %	11/2022		14,181		13,487			2.1		14,016
HCAT Acquisition, Inc.	Unitranche First Lien Revolver	L + 800 ( 100 Floor)	9.00 %	11/2022		3,836		3,649			0.6		3,792
HCAT Acquisition, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 800 ( 100 Floor)	9.00 %	11/2022		2,231		2,122			0.3		2,205
HCOS Group Intermediate III LLC	Senior Secured First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	09/2026		11,455		11,266			1.7		11,312
HCOS Group Intermediate III LLC (4)(5)	Senior Secured First Lien Revolver			09/2026		-		( 19	)		-		( 14	)
HCOS Group Intermediate III LLC	Senior Secured First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	09/2026		9,450		9,278			1.4		9,332


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	05/2027		4,539		4,453			0.7		4,483
Homecare Partners Management, LLC (5)	Senior Secured First Lien Revolver	L + 475 ( 100 Floor)	5.75 %	05/2027		293		273			-		280
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	05/2027		3,395		3,364			0.5		3,353
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	7.50 %	12/2026		14,307		13,967			2.2		14,465
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	7.50 %	12/2026		2,613		2,546			0.4		2,642
Hospice Care Buyer, Inc. (5)	Unitranche First Lien Revolver	L + 650 ( 100 Floor)	7.50 %	12/2026		993		953			0.2		993
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 650 ( 100 Floor)	7.50 %	12/2026		2,667		2,596			0.4		2,697
IvyRehab Intermediate II, LLC	Unitranche First Lien Term Loan	L + 675 ( 100 Floor)	7.75 %	12/2024		14,719		14,499			2.3		14,719
IvyRehab Intermediate II, LLC (5)	Unitranche First Lien Revolver	L + 675 ( 100 Floor)	7.75 %	12/2024		130		123			-		130
IvyRehab Intermediate II, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 675 ( 100 Floor)	7.75 %	12/2024		1,445		1,424			0.2		1,445
IvyRehab Intermediate II, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 675 ( 100 Floor)	7.75 %	12/2024		1,049		1,027			0.2		1,049
IvyRehab Intermediate II, LLC	Unitranche First Lien Term Loan			12/2024		-		-			-		-
Laserway Intermediate Holdings II, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	10/2027		6,085		5,968			0.9		6,062
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	02/2026		9,825		9,682			1.5		9,576
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Revolver	L + 575 ( 100 Floor)	6.75 %	02/2026		280		266			-		253
Lightspeed Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	02/2026		1,779		1,758			0.3		1,734
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan			02/2026		-		-			-		( 129	)
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	02/2026		2,743		2,693			0.4		2,674
NMN Holdings III Corp.	Senior Secured Second Lien Delayed Draw Term Loan	L + 775	7.85 %	11/2026		1,667		1,632			0.2		1,624
NMN Holdings III Corp.	Senior Secured Second Lien Term Loan	L + 775	7.85 %	11/2026		7,222		7,074			1.1		7,036
NMSC Holdings, Inc.	Senior Secured Second Lien Term Loan	L + 1000 ( 100 Floor)	11.00 %	10/2023		4,307		4,256			0.7		4,307
Omni Ophthalmic Management Consultants, LLC (5)	Senior Secured First Lien Revolver	L + 700 ( 100 Floor)	8.00 %	05/2023		340		336			0.1		340
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor)	8.00 %	05/2023		6,808		6,771			1.0		6,808
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	L + 700 ( 100 Floor)	8.00 %	05/2023		893		881			0.1		893
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	L + 675 ( 100 Floor)	7.75 %	01/2028		11,338		11,072			1.7		11,338
Patriot Acquisition Topco S.A.R.L (4)(5)(11)	Unitranche First Lien Revolver			01/2026		-		( 36	)		-		-


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Delayed Draw Term Loan	L + 675 ( 100 Floor)	7.75 %	01/2028		12,169		11,902			1.9		12,169
Pharmalogics Recruiting, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	02/2027		10,135		10,006			1.6		10,186
Pharmalogics Recruiting, LLC	Unitranche First Lien Delayed Draw Term Loan			02/2027		-		-			-		-
Pharmalogics Recruiting, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			02/2027		-		( 22	)		-		23
Pinnacle Treatment Centers, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	12/2022		677		673			0.1		677
Pinnacle Treatment Centers, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	12/2022		8,052		8,023			1.2		8,052
Pinnacle Treatment Centers, Inc. (4)(5)	Unitranche First Lien Revolver			12/2022		-		( 2	)		-		-
Premier Dental Care Management, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	6.50 %	08/2028		1,364		1,340			0.2		1,375
Premier Dental Care Management, LLC (5)	Unitranche First Lien Revolver	L + 575 ( 75 Floor)	6.50 %	08/2027		278		249			-		281
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	08/2028		9,524		9,340			1.5		9,544
Professional Physical Therapy	Senior Secured First Lien Term Loan	L + 850 ( 100 Floor) (including 250 PIK)	9.50 %	12/2022		9,106		8,810			0.8		5,509
PromptCare Intermediate, LP (5)	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	09/2027		956		905			0.2		989
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	09/2027		10,474		10,275			1.6		10,550
PT Network, LLC (5)	Senior Secured First Lien Revolver	L + 750 ( 100 Floor) (including 200 PIK)	8.50 %	11/2023		120		120			-		120
PT Network, LLC	Senior Secured First Lien Term Loan	L + 750 ( 100 Floor) (including 200 PIK)	8.50 %	11/2023		4,840		4,835			0.7		4,840
Safco Dental Supply, LLC (4)(5)	Unitranche First Lien Revolver			06/2025		-		( 6	)		-		( 2	)
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	L + 400 ( 100 Floor)	5.00 %	06/2025		4,043		3,998			0.6		4,028
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			07/2026		-		( 24	)		-		31
Seniorlink Incorporated	Unitranche First Lien Term Loan	L + 700 ( 100 Floor)	8.00 %	07/2026		10,747		10,491			1.7		11,069
Smile Doctors LLC	Unitranche First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	12/2028		11,257		11,033			1.7		11,032
Smile Doctors LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 75 Floor)	6.50 %	12/2028		113		94			-		78
Smile Doctors LLC (5)	Unitranche First Lien Revolver	L + 575 ( 75 Floor)	6.50 %	12/2027		61		35			-		35
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	L + 500 ( 100 Floor)	6.00 %	09/2025		3,038		2,991			0.5		3,038
Unifeye Vision Partners (4)(5)	Senior Secured First Lien Revolver			09/2025		-		( 21	)		-		-
Unifeye Vision Partners	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	09/2025		5,292		5,223			0.8		5,292


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Unifeye Vision Partners (5)	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	09/2025		767		759			0.1		767
Vital Care Buyer, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	10/2025		6,963		6,866			1.1		6,963
Vital Care Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2025		-		( 30	)		-		-
						342,998		336,098			51.5		337,448
Household & Personal Products
Tranzonic (5)	Senior Secured First Lien Revolver	L + 450 ( 100 Floor)	5.50 %	03/2023		338		334			0.1		338
Tranzonic	Senior Secured First Lien Term Loan	L + 450 ( 100 Floor)	5.50 %	03/2023		3,772		3,760			0.6		3,772
						4,110		4,094			0.7		4,110
Insurance
Comet Acquisition, Inc. (12)	Senior Secured Second Lien Term Loan	L + 750	7.63 %	10/2026		1,782		1,779			0.3		1,744
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	7.25 %	04/2027		8,292		8,205			1.3		8,458
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		-		( 7	)		-		15
Evolution BuyerCo, Inc.	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	04/2028		1,455		1,439			0.2		1,484
Evolution BuyerCo, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	04/2028		697		679			0.1		732
Integrity Marketing Acquisition, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	08/2025		5,017		4,930			0.8		5,004
Integrity Marketing Acquisition, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	08/2025		3,033		2,980			0.5		3,026
Integrity Marketing Acquisition, LLC (4)(5)	Unitranche First Lien Revolver			08/2025		-		( 31	)		-		( 4	)
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	08/2025		12,749		12,546			1.9		12,717
Integro Parent, Inc. (11)(12)	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	10/2022		468		466			0.1		448
Integro Parent, Inc. (9)(11)	Senior Secured Second Lien Term Loan			10/2023		2,915		2,897			0.4		2,420
Integro Parent, Inc. (9)(11)	Senior Secured Second Lien Delayed Draw Term Loan			10/2023		380		378			-		316
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	L + 550 ( 75 Floor)	6.25 %	10/2028		6,745		6,613			1.0		6,745
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2028		-		( 25	)		-		-
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Revolver			10/2028		-		( 13	)		-		( 5	)
The Hilb Group, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	12/2026		3,567		3,500			0.5		3,558
The Hilb Group, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 575 ( 100 Floor)	6.75 %	12/2026		1,009		989			0.2		1,006
The Hilb Group, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		-		( 6	)		-		( 7	)
The Hilb Group, LLC	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	7.25 %	12/2026		1,058		1,036			0.2		1,058


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
The Hilb Group, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	12/2026		1,779		1,746			0.3		1,779
The Hilb Group, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		-		( 3	)		-		( 3	)
The Hilb Group, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 75 Floor)	6.25 %	12/2026		87		41			-		19
The Hilb Group, LLC (4)(5)	Unitranche First Lien Revolver			12/2025		-		( 2	)		-		( 2	)
						51,033		50,137			7.8		50,508
Materials
Kestrel Parent, LLC (4)(5)	Unitranche First Lien Revolver			11/2023		-		( 8	)		-		-
Kestrel Parent, LLC	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	11/2025		6,604		6,504			1.0		6,604
						6,604		6,496			1.0		6,604
Pharmaceuticals, Biotechnology & Life Sciences
BioAgilytix	Senior Secured First Lien Term Loan	L + 625 ( 75 Floor) (including 275 PIK)	7.00 %	12/2028		12,885		12,629			1.9		12,628
BioAgilytix (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2028		-		( 25	)		-		( 51	)
LSCS Holdings, Inc. (Eversana) (12)	Senior Secured Second Lien Term Loan	L + 800 ( 50 Floor)	8.50 %	12/2029		14,000		13,687			2.1		13,965
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	7.25 %	09/2026		14,020		13,700			2.1		14,020
Teal Acquisition Co., Inc (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	7.25 %	09/2026		310		280			-		310
Teal Acquisition Co., Inc (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2026		-		( 19	)		-		-
						41,215		40,252			6.1		40,872
Retailing
Savers (12)	Senior Secured First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	04/2028		16,827		16,714			2.6		16,806
Slickdeals Holdings, LLC (4)(5)(6)	Unitranche First Lien Revolver			06/2023		-		( 6	)		-		-
Slickdeals Holdings, LLC (6)	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	06/2024		14,318		14,096			2.2		14,318
						31,145		30,804			4.8		31,124
Software & Services
Affinitiv, Inc. (4)(5)	Unitranche First Lien Revolver			08/2024		-		( 5	)		-		( 4	)
Affinitiv, Inc.	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	08/2024		6,370		6,304			1.0		6,329
Ansira Partners, Inc. (9)	Unitranche First Lien Term Loan			12/2024		7,673		6,687			0.7		4,872
Ansira Partners, Inc. (9)	Unitranche First Lien Delayed Draw Term Loan			12/2024		1,061		931			0.1		674
Apps Associates LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			07/2027		-		( 8	)		-		-
Apps Associates LLC (4)(5)	Unitranche First Lien Revolver			07/2027		-		( 15	)		-		-


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Apps Associates LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	07/2027		5,636		5,530			0.9		5,636
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			07/2027		-		( 63	)		-		-
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		-		( 45	)		-		-
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	L + 550 ( 75 Floor)	6.25 %	07/2027		15,843		15,544			2.4		15,843
Belay Inc.	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	06/2026		4,925		4,846			0.8		4,925
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		-		( 10	)		-		-
Benesys Inc.	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	10/2024		1,400		1,389			0.2		1,398
Benesys Inc.	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	10/2024		297		293			0.0		297
Benesys Inc. (4)(5)	Senior Secured First Lien Revolver			10/2024		-		( 1	)		-		-
C-4 Analytics, LLC (4)(5)	Senior Secured First Lien Revolver			08/2023		-		( 3	)		-		-
C-4 Analytics, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	08/2023		9,811		9,755			1.5		9,811
CAT Buyer, LLC (4)(5)	Unitranche First Lien Revolver			04/2024		-		( 6	)		-		-
CAT Buyer, LLC	Unitranche First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	04/2024		5,903		5,845			0.9		5,903
Claritas, LLC (5)	Senior Secured First Lien Revolver	L + 575 ( 100 Floor)	6.75 %	12/2023		23		21			0.0		23
Claritas, LLC	Senior Secured First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	12/2023		1,064		1,059			0.2		1,064
Granicus, Inc.	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	7.50 %	01/2027		9,149		8,956			1.4		9,127
Granicus, Inc. (4)(5)	Unitranche First Lien Revolver			01/2027		-		( 17	)		-		( 2	)
Granicus, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	01/2027		4,781		4,663			0.7		4,761
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	L + 625 ( 75 Floor)	7.00 %	11/2028		13,257		12,994			2.0		13,257
Lexipol (Ranger Buyer, Inc.) (5)	Unitranche First Lien Revolver	L + 625 ( 75 Floor)	7.00 %	11/2027		221		199			-		221
List Partners, Inc. (4)(5)	Senior Secured First Lien Revolver			01/2023		-		( 2	)		-		( 6	)
List Partners, Inc.	Senior Secured First Lien Term Loan	L + 500 ( 100 Floor)	6.00 %	01/2023		4,097		4,079			0.6		4,043
MRI Software LLC (12)	Unitranche First Lien Delayed Draw Term Loan			02/2026		-		-			-		-
MRI Software LLC (12)	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	02/2026		18,414		18,214			2.9		18,400
MRI Software LLC (4)(5)(12)	Unitranche First Lien Revolver			02/2026		-		( 13	)		-		( 1	)
MRI Software LLC (12)	Unitranche First Lien Delayed Draw Term Loan			02/2026		-		-			-		-


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
MRI Software LLC (12)	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	02/2026		1,323		1,309			0.2		1,322
New Era Technology, Inc.	Unitranche First Lien Term Loan	L + 625 ( 100 Floor)	7.25 %	10/2026		3,158		3,100			0.5		3,164
New Era Technology, Inc. (5)	Unitranche First Lien Revolver	L + 625 ( 100 Floor)	7.25 %	10/2026		76		72			-		76
New Era Technology, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 625 ( 100 Floor)	7.25 %	10/2026		1,354		1,326			0.2		1,358
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2027		-		( 17	)		-		-
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		-		( 48	)		-		-
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	L + 575 ( 75 Floor)	6.50 %	10/2027		9,643		9,453			1.5		9,643
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	6.50 %	08/2025		1,097		1,095			0.2		1,091
Ontario Systems, LLC (4)(5)	Unitranche First Lien Revolver			08/2025		-		( 3	)		-		( 3	)
Ontario Systems, LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	08/2025		3,177		3,156			0.5		3,159
Ontario Systems, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 ( 100 Floor)	6.50 %	08/2025		337		318			0.1		333
Ontario Systems, LLC	Unitranche First Lien Term Loan	L + 550 ( 100 Floor)	6.50 %	08/2025		449		441			0.1		446
Park Place Technologies, LLC (8)	Unsecured Debt	1250 PIK	12.50 %	05/2029		782		782			0.1		782
Perforce Software, Inc.	Senior Secured Second Lien Term Loan	L + 800	8.09 %	07/2027		5,000		4,981			0.8		5,000
Prism Bidco, Inc. (4)(5)	Unitranche First Lien Revolver			06/2026		-		( 19	)		-		17
Prism Bidco, Inc.	Unitranche First Lien Term Loan	L + 700 ( 100 Floor)	8.00 %	06/2026		7,388		7,213			1.2		7,535
Prism Bidco, Inc.	Unitranche First Lien Term Loan	L + 575 ( 100 Floor)	6.75 %	06/2026		1,463		1,436			0.2		1,492
Right Networks, LLC	Unitranche First Lien Revolver	L + 600 ( 100 Floor)	7.00 %	05/2026		233		230			-		233
Right Networks, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	05/2026		9,301		9,171			1.4		9,301
Right Networks, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	05/2026		8,307		8,153			1.3		8,307
Right Networks, LLC	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	05/2026		2,117		2,079			0.3		2,117
Ruffalo Noel Levitz, LLC (4)(5)	Unitranche First Lien Revolver			05/2022		-		( 1	)		-		( 1	)
Ruffalo Noel Levitz, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	05/2022		2,480		2,474			0.4		2,474
Saturn Borrower Inc	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	7.50 %	09/2026		20,318		19,816			3.1		19,826
Saturn Borrower Inc	Unitranche First Lien Term Loan	L + 650 ( 100 Floor)	7.50 %	09/2026		2,475		2,410			0.4		2,415
Saturn Borrower Inc (5)	Unitranche First Lien Revolver	L + 650 ( 100 Floor)	7.50 %	09/2026		908		871			0.1		871


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Smartronix, LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	11/2028		24,110		23,630			3.8			24,111
Smartronix, LLC (4)(5)	Unitranche First Lien Revolver			11/2028		-		( 65	)		-			-
Transportation Insight, LLC	Senior Secured First Lien Term Loan	L + 450	4.59 %	12/2024		5,089		5,062			0.8			5,076
Transportation Insight, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 450	4.59 %	12/2024		1,264		1,258			0.2			1,261
Transportation Insight, LLC (4)(5)	Senior Secured First Lien Revolver			12/2024		-		( 4	)		0.0			( 2	)
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	06/2023		634		629			0.1			634
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	L + 600 ( 100 Floor)	7.00 %	06/2023		1,040		1,026			0.2			1,040
Winxnet Holdings LLC (4)(5)	Unitranche First Lien Revolver			06/2023		-		( 2	)		-			-
Winxnet Holdings LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	06/2023		1,930		1,917			0.3			1,930
Winxnet Holdings LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	06/2023		1,538		1,517			0.2			1,538
Winxnet Holdings LLC (4)(5)	Unitranche First Lien Revolver			06/2023		-		( 3	)		-			-
Winxnet Holdings LLC	Unitranche First Lien Term Loan	L + 600 ( 100 Floor)	7.00 %	06/2023		1,147		1,130			0.2			1,147
						228,063		223,014			34.7			224,264
Transportation
Pilot Air Freight, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	07/2024		763		762			0.1			763
Pilot Air Freight, LLC (5)	Senior Secured First Lien Revolver			07/2024		-		-			-			-
Pilot Air Freight, LLC	Senior Secured First Lien Delayed Draw Term Loan	L + 475 ( 100 Floor)	5.75 %	07/2024		1,179		1,179			0.2			1,179
Pilot Air Freight, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	07/2024		5,307		5,292			0.8			5,307
Pilot Air Freight, LLC	Senior Secured First Lien Term Loan	L + 475 ( 100 Floor)	5.75 %	07/2024		794		783			0.1			794
						8,043		8,016			1.2			8,043
Total Debt Investments United States					$	1,063,643	$	1,042,079			160.1	%	$	1,044,283

Equity Investments
Automobiles & Components
Sun Acquirer Corp.	Common Stock					6,148		615			0.1			615
								615			0.1			615
Capital Goods
Envocore, LLC (7)	Preferred Stock					534,722		-			-			-
Envocore, LLC (7)	Common Stock					521,354		-			-			-
								-			-			-
Commercial & Professional Services
Allied Universal Holdings, LLC	Common Stock					2,805,726		1,011			0.7			4,579


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***		Fair Value
Allied Universal Holdings, LLC	Common Stock					684,903		685		0.2		1,117
ASP MCS Acquisition Corp. (6)	Common Stock					11,792		1,150		0.2		1,327
Battery Solutions, Inc. (6)	Preferred Stock					5,719,738		3,669		0.8		5,256
Battery Solutions, Inc. (6)	Preferred Stock					50,000		-		-		-
Battery Solutions, Inc. (6)	Preferred Stock					3,333,333		-		-		-
Hercules Borrower LLC	Common Stock					1,153,075		1,153		0.2		1,246
IGT Holdings LLC	Preferred Stock					645,730		-		-		-
IGT Holdings LLC	Common Stock					1,000,000		-		-		-
MHS Acquisition Holdings, LLC	Preferred Stock					1,018		923		0.1		949
MHS Acquisition Holdings, LLC	Common Stock					10		9		-		-
Receivable Solutions, Inc.	Preferred Stock					137,000		137		0.1		329
Service Logic Acquisition, Inc.	Common Stock					13,132		1,313		0.2		1,432
TecoStar Holdings, Inc.	Common Stock					500,000		500		-		120
								10,550		2.5		16,355
Consumer Services
Everlast Parent Inc.	Common Stock					948		948		0.2		1,404
FS Whitewater Borrower, LLC	Common Stock					6,897		690		0.1		690
HGH Purchaser, Inc.	Common Stock					4,171		417		0.1		782
Legalshield	Common Stock					372		372		0.1		503
Southern Technical Institute, Inc. (6)	Common Stock					3,164,063		-		-		282
Southern Technical Institute, Inc. (6)	Common Stock					6,000,000		-		1.1		7,404
Stepping Stones Healthcare Services, LLC	Common Stock					11,321		1,132		0.2		1,132
Wrench Group LLC	Common Stock					4,082		410		0.1		746
Wrench Group LLC	Common Stock					1,143		115		0.0		209
								4,084		1.9		13,152
Diversified Financials
CBDC Senior Loan Fund LLC (7)(11)(13)	Partnership Interest					40,000,000		40,000		6.1		39,361
GACP II LP (6)(11)(13)(14)	Partnership Interest					12,895,313		12,895		1.9		12,619
WhiteHawk III Onshore Fund L.P. (5)(6)(11)(13)(14)	Partnership Interest					5,792,014		5,851		0.9		5,980
								58,746		8.9		57,960
Health Care Equipment & Services
ACI Group Holdings, Inc.	Common Stock					907,499		909		0.1		907
ACI Group Holdings, Inc.	Preferred Stock					3,719		3,645		0.6		3,719
Centria Subsidiary Holdings, LLC	Common Stock					11,911		1,191		0.2		979
Hospice Care Buyer, Inc.	Common Stock					13,895		1,398		0.3		1,835
Hospice Care Buyer, Inc.	Common Stock					844		75		-		99
NMN Holdings III Corp.	Common Stock					11,111		1,111		0.2		1,138
Patriot Acquisition Topco S.A.R.L (11)	Common Stock					1,055		1,055		0.2		1,123
Patriot Acquisition Topco S.A.R.L (11)	Common Stock					14,534		22		0.0		228
PT Network, LLC	Common Stock					0.93		-		0.1		891
Seniorlink Incorporated	Common Stock					68,182		518		0.2		1,331
Smile Doctors LLC	Common Stock					227		714		0.1		714
								10,638		2.0		12,964



CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917		292		0.0			292
Integrity Marketing Acquisition, LLC	Common Stock					262,567		607		0.3			1,953
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247		1,215		0.3			1,686
Integro Parent, Inc. (11)	Common Stock					4,468		454		-			-
								2,568		0.6			3,931
Materials
Kestrel Parent, LLC	Common Stock					41,791		209		0.0			308
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096		953		0.1			953
LSCS Holdings, Inc. (Eversana)	Preferred Stock				447		447		0.1			447
Teal Acquisition Co., Inc	Common Stock					5,555		556		0.1			746
								1,956		0.3			2,146
Retailing
Palmetto Moon LLC	Common Stock					61		-		0.1			700
Slickdeals Holdings, LLC (6)	Common Stock					99		891		0.2			1,529
Vivid Seats Ltd. (6)(11)(12)	Common Stock					608,109		608		0.1			922
								1,499		0.4			3,151
Software & Services
Curvature (15)	Common Stock					1,975,461		1,975		0.2			1,072
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		638		0.1			638
Odessa Technologies, Inc.	Common Stock					10,714		1,071		0.2			1,071
Park Place Technologies, LLC	Common Stock					479		479		0.1			479
Park Place Technologies, LLC	Common Stock					685,018		-		-			-
Park Place Technologies, LLC	Common Stock					442,203		27		0.0			27
Saturn Borrower Inc	Common Stock					434,163		434		0.1			445
								4,624		0.7			3,732
Transportation
Xpress Global Systems, LLC	Common Stock					12,544		-		0.2			1,254
Total Equity Investments United States							$	95,489		17.6	%	$	115,568
Total United States							$	1,137,568		177.7	%	$	1,159,851
Canada
Debt Investments
Health Care Equipment & Services
VetStrategy (11)	Unsecured Debt	1150 PIK	11.50 %	03/2031		C$ 2,750	$	2,104		0.3		$	2,175
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 700 ( 100 Floor)	8.00 %	07/2027		1,712		1,251		0.2			1,381
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 700 ( 100 Floor)	8.00 %	07/2027		1,712		1,305		0.2			1,381
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 700 ( 100 Floor)	8.00 %	07/2027		4,968		3,876		0.6			4,008
VetStrategy (11)	Unitranche First Lien Term Loan	C + 700 ( 100 Floor)	8.00 %	07/2027		9,176		6,676		1.1			7,403
VetStrategy (11)	Unitranche First Lien Delayed Draw Term Loan	C + 575 ( 100 Floor)	6.75 %	07/2027		8,742		6,757		1.1			6,914
VetStrategy (5)(11)	Unitranche First Lien Delayed Draw Term Loan	C + 575 ( 100 Floor)	6.75 %	07/2027		5,720		4,380		0.7			4,524
						34,780		26,349		4.2			27,786


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Telecommunication Services
Sandvine Corporation (11)(12)	Senior Secured Second Lien Term Loan	L + 800	8.09 %	11/2026	$	4,500		4,379			0.7			4,480
Total Debt Investments Canada							$	30,728			4.9	%	$	32,266
Equity Investments
Health Care Equipment & Services
VetStrategy (11)	Common Stock					1,016,357	$	776			0.3		$	1,848

Total Equity Investments Canada						1,016,357		776			0.3	%		1,848
Total Canada							$	31,504			5.2	%	$	34,114
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11)	Unitranche First Lien Term Loan	L + 625	6.31 %	12/2025	£	6,067	$	7,463			1.3	%	$	8,209
Crusoe Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan			12/2025		-		-			-			-
Crusoe Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan	L + 625	6.31 %	12/2025		303		399			0.1			410
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	6.55 %	06/2028		1,416		1,942			0.3			1,916
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	6.55 %	06/2028		392		519			0.1			530
Nurture Landscapes (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	6.55 %	06/2028		2,567		3,068			0.5			3,473
						10,745		13,391			2.3			14,538
Consumer Durables & Apparel
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	L + 600 ( 50 Floor)	6.50 %	03/2028	$	4,352	$	4,244			0.6		$	4,160
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	L + 600 ( 50 Floor)	6.50 %	03/2028		9,939		9,693			1.5			9,502
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	L + 600 ( 50 Floor)	6.50 %	03/2028		4,953		4,830			0.7			4,735
Lion Cashmere Bidco Limited (5)(11)	Unitranche First Lien Revolver	L + 600	6.50 %	03/2026	€	276		374			-			263
Lion Cashmere Bidco Limited (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2028		-		( 83	)		-			( 138	)
								19,058			2.8			18,522


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments December 31, 2021 (in thousands, except share and per share data)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Software & Services
Jordan Bidco, Ltd. (5)(11)	Unitranche First Lien Delayed Draw Term Loan			08/2028	£	-	$	-		-		$	( 112	)
Jordan Bidco, Ltd. (5)(11)	Senior Secured First Lien Revolver	SN + 650	6.50 %	02/2028		1,102		1,090		0.2			1,046
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 650	6.50 %	08/2028		13,234		17,714		2.8			17,422
								18,804		3.0			18,356

Total Debt Investments United Kingdom							$	51,253		8.1	%	$	51,416
Total United Kingdom							$	51,253		8.1	%	$	51,416
Netherlands
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
PharComp Parent B.V. (11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	6.50 %	02/2026	€	1,868	$	2,139		0.3	%	$	2,125
PharComp Parent B.V. (10)(11)	Unitranche First Lien - Last Out Term Loan	E + 650	6.50 %	02/2026		6,910		7,684		1.2			7,862
						8,778		9,823		1.5			9,987
Total Debt Investments Netherlands							$	9,823		1.5	%	$	9,987
Total Netherlands							$	9,823		1.5	%	$	9,987
Belgium
Debt Investments
Commercial & Professional Services
Miraclon Corporation (11)	Unitranche First Lien Term Loan	E + 625	6.25 %	04/2026	€	9,507		10,529		1.7			10,764
Miraclon Corporation (11)	Unitranche First Lien Term Loan	L + 625	6.41 %	04/2026	$	4,162		4,077		0.6			4,162
								14,606		2.3			14,926
Total Debt Investments Belgium							$	14,606		2.3	%	$	14,926
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11)	Common Stock					921		1		-			-
Miraclon Corporation (11)	Preferred Stock					81,384		91		0.0			72
								92		0.0			72
Total Equity Investments Belgium							$	92		0.0	%	$	72
Total Belgium							$	14,698		2.3	%	$	14,998
Total Investments							$	1,244,846		194.8	%	$	1,270,366

* The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”), CDOR (“C”), EURIBOR (“E”), or SONIA (“SN”) and which reset monthly, bi-monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR or

Prime and the current interest rate in effect at December 31, 2021. As of December 31, 2021, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to a reference rate floor. For fixed rate loans, a spread above a reference rate is not applicable.


	Tenor
Reference Rate	Overnight	1 month	3 month	6 Month	12 Month
LIBOR (“L”)	-	0.10 %	0.21 %	0.34 %	0.58 %
Prime (“P”)	3.25 %	-	-	-	-
CDOR (“C”)	-	0.45 %	-	-	-
EURIBOR (“E”)	-	- 0.58 %	- 0.57 %	- 0.55 %	-
SONIA (“SN”)	0.19 %	-	-	-	-

** 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 $ 652,285 as of December 31, 2021

(1)

All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940, as amended (“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)

(5)

(6)

(7)

(8)

Fixed rate investment.

(9)

The investment is on non-accrual status as of December 31, 2021.

(10)

(11)

(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)

Investment is not redeemable.

(15)

Residual interest in Curvature (Beijing) Technology Limited

Foreign Currency Exchange

Contracts


Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD 1,049	CAD 1,348	7/15/2025	$	( 3	)
Wells Fargo Bank, N.A.	USD 933	CAD 1,192	7/31/2025		3
Wells Fargo Bank, N.A.	USD 193	CAD 244	7/31/2025		2
Wells Fargo Bank, N.A.	USD 17	CAD 22	7/31/2025		-
Wells Fargo Bank, N.A.	USD 1,035	CAD 1,336	7/31/2025		( 7	)
Wells Fargo Bank, N.A.	USD 1,306	CAD 1,703	7/31/2025		( 22	)
Wells Fargo Bank, N.A.	USD 1,914	CAD 2,432	7/31/2025		15
Wells Fargo Bank, N.A.	USD 2,214	CAD 2,792	7/31/2025		34
Wells Fargo Bank, N.A.	USD 622	CAD 839	7/31/2025		( 31	)
Wells Fargo Bank, N.A.	USD 775	CAD 994	7/31/2025		( 1	)
Wells Fargo Bank, N.A.	USD 789	CAD 1,005	7/31/2025		4
Wells Fargo Bank, N.A.	USD 635	CAD 864	7/31/2025		( 38	)
Wells Fargo Bank, N.A.	USD 325	CAD 422	7/31/2025		( 4	)
Wells Fargo Bank, N.A.	USD 7,089	CAD 9,712	7/31/2025		( 472	)
Wells Fargo Bank, N.A.	USD 612	CAD 801	7/31/2025		( 12	)
Wells Fargo Bank, N.A.	USD 493	CAD 632	7/31/2025		-
Wells Fargo Bank, N.A.	USD 576	CAD 738	7/31/2025		( 1	)
Wells Fargo Bank, N.A.	USD 1,033	CAD 1,274	7/31/2025		37
Wells Fargo Bank, N.A.	USD 1,795	CAD 2,370	2/28/2031		( 28	)
Wells Fargo Bank, N.A.	USD 992	EUR 809	2/20/2024		44
Wells Fargo Bank, N.A.	USD 308	EUR 249	2/20/2024		16
Wells Fargo Bank, N.A.	USD 209	EUR 187	2/20/2024		( 10	)
Wells Fargo Bank, N.A.	USD 8,603	EUR 6,703	2/20/2024		742
Wells Fargo Bank, N.A.	USD 11,682	EUR 9,222	4/10/2024		844
Wells Fargo Bank, N.A.	USD 768	EUR 623	2/20/2026		15
Wells Fargo Bank, N.A.	USD 7,975	GBP 5,885	12/1/2023		35
Wells Fargo Bank, N.A.	USD 395	GBP 294	12/1/2023		( 2	)
Wells Fargo Bank, N.A.	USD 193	GBP 138	2/13/2025		6
Wells Fargo Bank, N.A.	USD 191	GBP 138	2/13/2025		4
Wells Fargo Bank, N.A.	USD 170	GBP 121	6/3/2026		5
Wells Fargo Bank, N.A.	USD 371	GBP 272	6/3/2026		-
Wells Fargo Bank, N.A.	USD 3,074	GBP 2,237	6/3/2026		22
Wells Fargo Bank, N.A.	USD 1,944	GBP 1,362	6/3/2026		83
Wells Fargo Bank, N.A.	USD 17,790	GBP 12,870	8/24/2026		204
Wells Fargo Bank, N.A.	USD 1,097	GBP 803	8/24/2026		-
Total Foreign Currency Exchange Contracts				$	1,484

CAD Canadian Dollar ("C$") EUR Euro ("€") GBP Great British Pound ("£") PIK Payment In-Kind USD United States Dollar ("$")

CRESCENT CAPITAL BDC, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

September 30, 2022 (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 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, as amended (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

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

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

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

On January 31, 2020, the Company completed a transaction to acquire Alcentra Capital Corporation in a cash and stock transaction (the “Alcentra Acquisition”). The Company was listed and began trading on the NASDAQ stock exchange on February 3, 2020.

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

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 interim consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited interim financial results included herein contain all adjustments and reclassifications that are necessary for the fair presentation of consolidated financial statements for the periods included herein. All significant 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, 2022.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. Cash and cash equivalents other than money market mutual funds, are carried at cost plus accrued interest, which approximates fair value. Money market mutual funds are carried at their net asset value, which approximates fair value. 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 and foreign currency forward contracts. The Company holds cash and cash equivalents denominated in foreign currencies. The Company deposits its cash, cash equivalents and restricted cash with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.

Investment Transactions

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

Investment Valuation

The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), as amended, 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 Securities and Exchange Commission (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 will provide 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 valuations 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 Board’s 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 or the effective yield method, depending on the type of debt instrument. See Note 6 for details.

Equity Offering Expenses

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

Interest and Dividend Income Recognition

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

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

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past

due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2022, the Company had four portfolio companies with six investment positions on non-accrual status, which represented 2 .0% and 1.3 % of the total debt investments at cost and fair value, respectively. As of December 31, 2021, the Company had three portfolio companies with five investment positions on non-accrual status, which represented 1.6 % and 1.2 % of the total debt investments at cost and fair value, respectively.

Other Income

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

Income Taxes

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

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

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of September 30, 2022 the Company is subject to examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.

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

CBDC Universal Equity, Inc., a wholly-owned subsidiary of the Company, is a taxable entity (“Taxable Subsidiary”). The Taxable Subsidiary permits 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 Subsidiary is not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements.

Dividends and Distributions to Stockholders

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

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

New Accounting Standards

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and in January 2021, the FASB issued Accounting Standards Update 2021-01 (“ASU 2021-01”) “Reference Rate Reform (Topic 848): Scope. This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 and 2021-01 are elective and can be adopted between March 12, 2020 and December 31, 2022. The Company adopted this guidance during the second quarter of 2022 and its adoption had no material impact on the Company's consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Administration Agreement

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

For the three and nine months ended September 30, 2022, the Company incurred administrative services expenses of $ 329 and $ 987 , respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, the Company incurred administrative services expenses of $ 257 and $ 771 , respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company. As of September 30, 2022 and December 31, 2021, $ 391 and $ 354 , respectively, was payable to the Administrator.

No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s accounting professionals, legal counsel, and compliance professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings, which are included as directors’ fees on the Consolidated Statements of Operations.

Investment Advisory Agreement

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

Base Management Fee

The base management fee is calculated and payable quarterly in arrears at an annual rate of 1.25 % of the Company’s gross assets, including assets acquired through the incurrence of debt but excluding any cash, cash equivalents and restricted cash. The base management fee is calculated based on the average value of gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within one year of purchase.

Under the terms of the Investment Advisory Agreement, the Adviser agreed to waive a portion of the management fee from February 1, 2020 through July 31, 2021 after the closing of the Alcentra Acquisition so that only 0.75 % was charged for such time period. The Adviser has also voluntarily waived its right to receive management fees on the Company’s investments in GACP II LP and WhiteHawk III Onshore Fund LP for any period in which these investments remain in the investment portfolio.

For the three and nine months ended September 30, 2022, the Company incurred management fees of $ 4,144 and $ 12,235 , of which $ 62 and $ 175 , respectively, were waived. For the three and nine months ended September 30, 2021, the Company incurred management fees of $ 3,531 and $ 10,082 , of which $ 476 and $ 3,096 , respectively, were waived. As of September 30, 2022 and December 31, 2021, management fees of $ 4,082 and $ 3,830 , 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.

Under the terms of the Investment Advisory Agreement, the Adviser agreed to waive the income based portion of the incentive fee from February 1, 2020 through July 31, 2021. Additionally, on February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver became effective on July 31, 2021 and, pursuant to an extension of the waiver announced on October 4, 2022, will continue through December 31, 2023. The Adviser has also voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company as a result of its investments in GACP II and WhiteHawk III Onshore Fund LP.

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

For the three and nine months ended September 30, 2022, the Company incurred income incentive fees of $ 2,717 and $ 8,039 , of which $ 45 and $ 474 , respectively, were waived. For the three and nine months ended September 30, 2021, the Company incurred income incentive fees of $ 2,663 and $ 7,528 , of which $ 931 and $ 5,796 , respectively, were waived. As of September 30, 2022 and December 31, 2021, income incentive fees of $ 2,672 and $ 600 , respectively, were unpaid.

GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation

The Company accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Company considers the cumulative aggregate unrealized capital

appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 17.5 % of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future .

For the three and nine months ended September 30, 2022, the Company recorded a reversal of capital gains incentive fees on unrealized capital appreciation of $( 3,103 ) and $( 5,252 ) , respectively. For the three and nine months ended September 30, 2021, the Company recorded capital gains incentive fees on unrealized capital appreciation of $ 757 and $ 6,150 , respectively. As of September 30, 2022 and December 31, 2021, capital gains incentive fees of $ 1,072 and $ 6,324 , respectively, were accrued and unpaid.

Other Related Party Transactions

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

A portion of the outstanding shares of the Company’s common stock is owned by Crescent, its employees and certain officers and directors of the Company. As of September 30, 2022 and December 31, 2021, Crescent, its employees and certain officers and directors of the Company owned 3.15 % and 2.95 %, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the Adviser and sole member of the Administrator. The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free license to use the name “Crescent Capital”. The Adviser has entered into a resource sharing agreement with Crescent. Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the Investment Advisory Agreement.

On January 5, 2021, Sun Life acquired a majority interest in Crescent. Consummation of the Sun Life Transaction resulted in a change of control of Crescent. There were no changes to the Company’s investment objective, strategies and process or to the Crescent team responsible for the investment operations of the Company as a result of the Sun Life Transaction. As of September 30, 2022 and December 31, 2021, Sun Life owned 3.49 % and 2.15 %, respectively, of the Company’s outstanding common stock. Sun Life is the sole lender of the Company’s 2023 Unsecured Notes and a $ 10,000 participating lender in the Company’s 2026 Unsecured Notes, both described further in Note 6.

In connection with the November 18, 2021 common equity offering totaling $ 58,018 , the Adviser provided transaction support of $ 5,386 , which is reflective of the difference between the actual public offering price and the net proceeds per share received by the Company in this offering and represents payments to the underwriters. In addition, the Adviser paid the sales load payable to the underwriters totaling $ 2,105 . The Company is not obligated to repay the transaction support and sales load paid by the Adviser.

Investments in and affiliated and controlled companies

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

The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2022 were as follows (in thousands):


	Fair Value as of December 31, 2021		Gross Additions (2)		Gross Reductions (3)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of September 30, 2022		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
AX VI INV2 Holding AB	$	—	$	11,420	$	—				$	( 300	)	$	11,120	$	60
ASP MCS Acquisition		1,616		262		( 2	)		—		( 933	)		943		21
Battery Solutions, Inc.		7,031		2,116		( 14,712	)		7,113		( 1,548	)		—		2,114
GACP II, LP		12,619		—		( 2,617	)		—		( 4	)		9,998		1,337
Slickdeals Holdings, LLC		15,847		64		( 111	)		—		( 164	)		15,636		851
Southern Technical Institute, Inc.		7,686		—		—			—		( 7,686	)		—		1,923
Vivid Seats Ltd.		922		—		—			—		4			926		—
WhiteHawk III Onshore Fund L.P.		5,980		4,710		( 565	)		—		175			10,300		412
Total Non-Controlled Affiliates	$	51,701	$	18,572	$	( 18,007	)	$	7,113	$	( 10,456	)	$	48,923	$	6,718

The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2021 were as follows (in thousands):


	Fair Value as of December 31, 2020		Gross Additions (2)		Gross Reductions (3)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
ASP MCS Acquisition	$	1,793	$	2	$	( 2	)		—	$	( 142	)	$	1,651	$	18
Battery Solutions, Inc.		3,565		499		—			—		( 1,209	)		2,855		165
Conisus, LLC		22,865		1,026		( 38,628	)		27,441		( 12,704	)		—		1,026
GACP II, LP (1)		16,154		—		( 2,563	)		—		( 154	)		13,437		1,093
Slickdeals Holdings, LLC		16,010		61		( 282	)		72		126			15,987		863
Southern Technical Institute, Inc.		7,253		—		—			—		1,191			8,444		1,041
Vivid Seats Ltd.		3,714		—		—			—		329			4,043		—
WhiteHawk III Onshore Fund L.P.		—		4,939		—			—		( 20	)		4,919		—
Total Non-Controlled Affiliates	$	71,354	$	6,527	$	( 41,475	)	$	27,513	$	( 12,583	)	$	51,336	$	4,206

(1)

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. The Company’s investment in GACP II, LP and the related income generated by it were reclassified from non-controlled non-affiliated to non-controlled affiliated investment for the prior periods presented in the consolidated financial statements.

(2)

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.

(3)

Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

The Company’s investments in controlled affiliates for the nine months ended September 30, 2022 were as follows (in thousands):


	Fair Value as of December 31, 2021		Gross Additions (2)		Gross Reductions (3)			Net Realized Gains/ (Losses)			Change in Unrealized Gains/ (Losses)			Fair Value as of September 30, 2022		Dividend, Interest, PIK and Other Income
Controlled Affiliates
CBDC Senior Loan Fund LLC (1)	$	39,360	$	—	$	( 28,970	)		( 2,451	)	$	( 73	)	$	7,866	$	2,280
Envocore LLC		13,408		1,487		( 660	)		—			( 2,342	)		11,893		1,096
Total Controlled Affiliates	$	52,768	$	1,487	$	( 29,630	)	$	( 2,451	)	$	( 2,415	)	$	19,759	$	3,376

The Company’s investments in controlled affiliates for the nine months ended September 30, 2021 were as follows (in thousands):


	Fair Value as of December 31, 2020		Gross Additions (2)		Gross Reductions (3)		Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)		Fair Value as of September 31, 2021		Dividend, Interest, PIK and Other Income
Controlled Affiliates
CBDC Senior Loan Fund LLC (1)	$	38,735	$	—	$	—	$	—	$	1,472	$	40,207	$	2,100

(1)

Together with Masterland Enterprise Holdings, Ltd. (“Masterland”, and collectively with the Company, the “Members”), the Company invests through the Senior Loan Fund. The Senior Loan Fund is not an extension of the Company’s investment operations given shared power/voting rights exist with Masterland. Additionally, the Company’s investment strategy focuses on middle market lending in senior secured first lien, second lien and equity investments, while the Senior Loan Fund focuses on senior secured broadly syndicated loans. Although the Company owns more than 25 % of the voting securities of the Senior Loan Fund, the Company does not have control over the Senior Loan Fund (other than for purposes of the 1940 Act). See Note 4 “Investments” for further detail.

(2)

(3)

Note 4. Investments

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

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


	As of September 30, 2022							As of December 31, 2021
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)			Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	337,227	$	327,899		( 9,328	)	$	335,207	$	329,795		( 5,412	)
Unitranche First Lien		826,229		811,079		( 15,150	)		719,594		731,017		11,423
Unitranche First Lien - Last Out		14,713		13,149		( 1,564	)		15,698		13,723		( 1,975	)
Senior Secured Second Lien		66,417		61,937		( 4,480	)		72,413		72,723		310
Unsecured Debt		4,830		4,547		( 283	)		5,577		5,620		43
Equity & Other		36,426		46,098		9,672			37,611		59,528		21,917
LLC/LP Equity Interests		28,853		28,164		( 689	)		58,746		57,960		( 786	)
Total investments	$	1,314,695	$	1,292,873	$	( 21,822	)	$	1,244,846	$	1,270,366	$	25,520

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


Industry	Fair Value as of September 30, 2022		Percentage of Fair Value			Fair Value as of December 31, 2021		Percentage of Fair Value
Health Care Equipment & Services	$	371,426		28.6	%	$	380,046		29.9	%
Software & Services		265,116		20.5			246,352		19.4
Commercial & Professional Services		206,896		16.0			202,311		15.9
Consumer Services		118,894		9.2			94,292		7.4
Retailing		60,385		4.7			34,275		2.7
Pharmaceuticals, Biotechnology & Life Sciences		56,311		4.4			53,005		4.2
Insurance		54,420		4.2			54,439		4.3
Capital Goods		41,592		3.2			37,328		2.9
Diversified Financials		37,080		2.9			57,960		4.6
Automobiles & Components		36,989		2.9			37,835		3.0
Consumer Durables & Apparel		16,943		1.3			18,522		1.5
Food, Beverage & Tobacco		8,796		0.7			9,838		0.8
Materials		8,083		0.6			6,912		0.5
Telecommunication Services		4,230		0.3			4,480		0.4
Food & Staples Retailing		2,373		0.2			4,209		0.3
Energy		2,085		0.2			15,155		1.2
Transportation		1,254		0.1			9,297		0.7
Household & Personal Products		-		-			4,110		0.3
Total investments	$	1,292,873		100.0	%	$	1,270,366		100.0	%

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


Geographic Region	Fair Value as of September 30, 2022		Percentage of Fair Value			Fair Value as of December 31, 2021		Percentage of Fair Value
United States	$	1,154,073		89.3	%	$	1,159,851		91.3	%
United Kingdom		49,427		3.8			51,416		4.0
Canada		31,648		2.4			34,114		2.7
Australia		19,087		1.5			-		-
Netherlands		13,974		1.1			9,987		0.8
Belgium		13,544		1.0			14,998		1.2
Sweden		11,120		0.9			-		-
Total investments	$	1,292,873		100.0	%	$	1,270,366		100.0	%

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of September 30, 2022 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2			Level 3		Total
Senior Secured First Lien	$	—	$	15,616		$	312,283	$	327,899
Unitranche First Lien		—		35,853			775,226		811,079
Unitranche First Lien – Last Out		—		—			13,149		13,149
Senior Secured Second Lien		—		6,214			55,723		61,937
Unsecured Debt		—		—			4,547		4,547
Equity & Other		—		1,401			44,697		46,098
Subtotal	$	—	$	59,084		$	1,205,625	$	1,264,709
Investments Measured at NAV (1)									28,164
Total Investments								$	1,292,873

Foreign Currency Forward Contracts - Assets		—		12,796			—		12,796
Foreign Currency Forward Contracts - Liabilities		—		( 25	)		—		( 25	)

The following table presents fair value measurements of investments as of December 31, 2021 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2			Level 3		Total
Senior Secured First Lien	$	—	$	60,944		$	268,851	$	329,795
Unitranche First Lien		—		19,721			711,296		731,017
Unitranche First Lien – Last Out		—		—			13,723		13,723
Senior Secured Second Lien		—		25,139			47,584		72,723
Unsecured Debt		—		—			5,620		5,620
Equity & Other		—		922			58,606		59,528
Subtotal	$	—	$	106,726		$	1,105,680	$	1,212,406
Investments Measured at NAV (1)									57,960
Total Investments								$	1,270,366

Foreign Currency Forward Contracts - Assets		—		2,115			—		2,115
Foreign Currency Forward Contracts - Liabilities		—		( 631	)		—		( 631	)

(1)

In accordance with ASC 820-10, certain investments that are measured using the net asset value per shares (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2022, based off of the fair value hierarchy as of September 30, 2022 (in thousands):


	Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out			Senior Secured Second Lien			Unsecured Debt			Equity & Other			Total
Balance as of January 1, 2022	$	268,851		$	711,296		$	13,723		$	47,584		$	5,620		$	58,606		$	1,105,680
Amortized discounts/premiums		949			3,980			16			275			80			—			5,300
Paid in-kind interest		596			—			180			540			422			1,998			3,736
Net realized gain (loss)		( 252	)		( 19	)		—			—			—			7,257			6,986
Net change in unrealized appreciation (depreciation)		( 1,637	)		( 25,787	)		411			( 4,488	)		( 326	)		( 11,367	)		( 43,194	)
Purchases		62,716			182,922			3,967			2,443			683			4,503			257,234
Sales/return of capital/principal repayments/paydowns		( 55,570	)		( 80,072	)		( 5,148	)		( 4,307	)		( 1,932	)		( 14,973	)		( 162,002	)
Transfers in		36,630			—			—			13,965			—			—			50,595
Transfers out		—			( 17,094	)		—			( 289	)		—			( 1,327	)		( 18,710	)
Balance as of September 30, 2022	$	312,283		$	775,226		$	13,149		$	55,723		$	4,547		$	44,697		$	1,205,625
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022	$	( 2,361	)	$	( 24,149	)	$	411		$	( 4,437	)	$	( 365	)	$	( 9,793	)	$	( 40,694	)

During the nine months ended September 30, 2022, the Company recorded $ 18,710 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $ 50,595 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2021, based off of the fair value hierarchy as of September 30, 2021 (in thousands):


	Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out			Senior Secured Second Lien			Unsecured Debt			Equity & Other			Total
Balance as of January 1, 2021	$	339,898		$	413,543		$	14,917		$	104,656		$	3,032		$	67,831		$	943,877
Amortized discounts/premiums		5,612			2,448			22			1,000			14			3			9,099
Paid in-kind interest		890			—			—			—			455			1,026			2,371
Net realized gain (loss)		( 11	)		298			—			1			( 104	)		32,330			32,514
Net change in unrealized appreciation (depreciation)		( 3,341	)		5,813			( 1,428	)		653			68			( 4,741	)		( 2,976	)
Purchases		61,363			250,625			—			—			2,257			7,334			321,579
Sales/return of capital/principal repayments/paydowns		( 120,744	)		( 76,455	)		—			( 48,791	)		( 343	)		( 47,412	)		( 293,745	)
Transfers in		6,092			—			—			—			—			1,501			7,593
Transfers out		( 7,006	)		( 18,147	)		—			( 7,835	)		—			—			( 32,988	)
Balance as of September 30, 2021	$	282,753		$	578,125		$	13,511		$	49,684		$	5,379		$	57,872		$	987,324
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021	$	( 899	)	$	6,120		$	( 1,429	)	$	636		$	68		$	8,581		$	13,078

During the nine months ended September 30, 2021, the Company recorded $ 32,988 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $ 7,593 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of September 30, 2022 and December 31, 2021. 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 September 30, 2022 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	228,748	Discounted Cash Flows	Discount Rate	7.4 %	-	18.0 %	( 9.3 %)
		5,677	Enterprise Value	Comparable EBITDA Multiple	9.8 x	-	11.9 x	( 11.9 x)
		77,858	Broker Quoted	Broker Quote			N/A
	$	312,283

Unitranche First Lien	$	672,854	Discounted Cash Flows	Discount Rate	6.2 %	-	14.7 %	( 9.4 %)
		4,844	Enterprise Value	Comparable EBITDA Multiple	6.0 x	-	6.0 x	( 6.0 x)
		97,528	Broker Quoted	Broker Quote			N/A
	$	775,226

Unitranche First Lien - Last Out	$	11,064	Discounted Cash Flows	Discount Rate	6.9 %	-	13.9 %	( 9.4 %)
		2,085	Collateral Analysis	Recovery Rate			41.0 %
	$	13,149

Senior Secured Second Lien	$	30,201	Discounted Cash Flows	Discount Rate	11.1 %	-	16.3 %	( 12.6 %)
		7,645	Enterprise Value	Comparable EBITDA Multiple	8.0 x	-	9.8 x	( 8.6 x)
		17,877	Broker Quoted	Broker Quote			N/A
	$	55,723

Unsecured Debt	$	4,547	Discounted Cash Flows	Discount Rate	13.0 %	-	16.1 %	( 14.7 %)

Equity & Other	$	44,697	Enterprise Value	Comparable EBITDA Multiple	10.7 x	-	28.1 x	( 15.6 x)

Total	$	1,205,625


Security Type	Fair Value as of December 31, 2021 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	227,225	Discounted Cash Flows	Discount Rate	5.5 %	-	23.0 %	( 8.0 %)
		5,509	Enterprise Value	Comparable EBITDA Multiple	10.3 x	-	10.3 x	( 10.3 x)
		36,117	Broker Quoted	Broker Quote			N/A
	$	268,851

Unitranche First Lien	$	665,759	Discounted Cash Flows	Discount Rate	5.1 %	-	10.4 %	( 7.1 %)
		277	Collateral Analysis	Recovery Rate			100.0 %
		45,260	Broker Quoted	Broker Quote			N/A
	$	711,296

Unitranche First Lien - Last Out	$	7,862	Discounted Cash Flows	Discount Rate	6.5 %	-	6.5 %	( 6.5 %)
		5,861	Collateral Analysis	Recovery Rate			72.6 %
	$	13,723

Senior Secured Second Lien	$	47,295	Discounted Cash Flows	Discount Rate	8.0 %	-	21.7 %	( 10.5 %)
		289	Broker Quoted	Broker Quote			N/A
	$	47,584

Unsecured Debt	$	5,620	Discounted Cash Flows	Discount Rate	11.5 %	-	16.0 %	( 13.4 %)

Equity & Other	$	57,279	Enterprise Value	Comparable EBITDA Multiple	6.3 x	-	32.4 x	( 9.8 x)
		1,327	Broker Quoted	Broker Quote			N/A
	$	58,606

Total	$	1,105,680

As noted above, the discounted cash flows and market multiple approaches were used in the determination of fair value of certain Level 3 assets as of September 30, 2022 and December 31, 2021. 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’ earnings before income taxes, depreciation and amortization (“EBITDA”) and comparable market transactions. Increases and decreases in market EBITDA multiples would result in an increase or decrease in the fair value, respectively. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment.

Note 6. Debt

Debt consisted of the following (in thousands):


	September 30, 2022
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)		Weighted Average Debt Outstanding		Weighted Average Interest Rate
SPV Asset Facility	$	350,000	$	241,750	$	108,250	$	241,750	$	245,167		6.09	%
SMBC Corporate Revolving Facility		350,000		265,213		84,787		265,213		235,436		4.94	%
2023 Unsecured Notes		50,000		50,000		—		50,000		50,000		6.50	%
2026 Unsecured Notes (4)		135,000		135,000		—		135,000		135,000		4.21	%
Total Debt	$	885,000	$	691,963	$	193,037	$	691,963	$	665,603		5.31	%


	December 31, 2021
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)		Weighted Average Debt Outstanding		Weighted Average Interest Rate
SPV Asset Facility	$	350,000	$	249,500	$	100,500	$	249,500	$	269,805		2.53	%
SMBC Corporate Revolving Facility		300,000		203,437		96,563		203,437		25,033		2.39	%
2023 Unsecured Notes		50,000		50,000		—		50,000		50,000		6.50	%
2026 Unsecured Notes		135,000		135,000		—		135,000		99,685		4.21	%
Ally Corporate Revolving Facility		—		—		—		—		83,147		0.00	%
InterNotes®		—		—		—		—		3,005		0.00	%
Total Debt	$	835,000	$	637,937	$	197,063	$	637,937	$	530,675		3.15	%

(1)

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

(2)

The amount presented excludes netting of deferred financing costs.

(3)

As of September 30, 2022 and December 31, 2021, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted.

(4)

As of September 30, 2022, the fair value of the 2026 Unsecured Notes was approximately $ 119,868 .

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 estimated based upon market interest rates and entities with similar credit risk. As of September 30, 2022 and December 31, 2021, the debt would be deemed to be Level 3 of the fair value hierarchy.

As of September 30, 2022 and December 31, 2021, the Company was in compliance with the terms and covenants of its debt arrangements.

SPV Asset Facility

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

The maximum commitment amount under the SPV Asset Facility is $ 350,000 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) June 22, 2026 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 LIBOR plus a margin with no LIBOR floor . The margin is between 1.65 % and 2.10 % as determined by the proportion of liquid and illiquid loans pledged to the SPV Asset Facility. The Company pays unused facility fees of 0.50 % per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits .

Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the SPV Asset Facility were $ 2,263 and $ 2,718 , respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

SMBC Corporate Revolving Facility

On October 27, 2021, the Company entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). The maximum principal amount of the SMBC Corporate Revolving Facility is $ 350,000 , subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at LIBOR or adjusted SOFR plus 1.875 % or 2.000 % , subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. The Company pays unused facility fees of 0.375 % per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on October 27, 2026.

Costs incurred in connection with obtaining the SMBC Corporate Revolving Facility were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Facility on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the SMBC Corporate Revolving Facility were $ 2,362 and $ 2,569 , respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Ally Corporate Revolving Facility

On August 20, 2019, the Company entered into a senior secured revolving credit facility with Ally Bank, as administrative agent

and arranger (the “Ally Corporate Revolving Facility”). The maximum principal amount of the Ally Corporate Revolving Facility was $ 200,000 , subject to availability under the borrowing base. Borrowings under the Ally Corporate Revolving Facility bore interest at LIBOR plus a 2.35 % margin with no LIBOR floor .

The Company terminated the Ally Corporate Revolving Facility concurrent with the closing of the SMBC Corporate Revolving Facility on October 27, 2021 .

2023 Unsecured Notes

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

The 2023 Unsecured Notes will mature on July 30, 2023 and may be redeemed in whole or in part, at the Company’s option, any time on or after January 30, 2023 at par plus accrued interest or any time prior to January 30, 2023 at par plus a “make-whole” premium and accrued interest . Interest on the 2023 Unsecured Notes is due and payable semiannually in arrears on January 30 th and July 30 th of each year.

Costs incurred in connection with issuing the 2023 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2023 Unsecured Notes on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the 2023 Unsecured Notes were $ 226 and $ 429 , respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

2026 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 “2026 Unsecured Notes”). The initial issuance of $ 50,000 of 2026 Unsecured Notes closed February 17, 2021. The issuance of the remaining $ 85,000 of 2026 Unsecured Notes closed on May 5, 2021.

The 2026 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 th and August 17 th of each year.

Costs incurred in connection with issuing the 2026 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2026 Unsecured Notes on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the 2026 Unsecured Notes were $ 967 and $ 1,181 , respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

InterNotes ®

On January 31, 2020, in connection with the Alcentra Acquisition, the Company assumed direct unsecured fixed interest rate obligations or “InterNotes ® ”. The InterNotes ® bore interest at fixed interest rates ranging between 6.25 % and 6.75 % and offered a variety of maturities ranging between February 15, 2021 and April 15, 2022 . The Company redeemed or paid down the remaining $ 16,418 of InterNotes ® during the first quarter of 2021.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the SPV Asset Facility, Ally Corporate Revolving Facility, SMBC Corporate Revolving Facility, 2023 Unsecured Notes, 2026 Unsecured Notes, and InterNotes ® were as follows (in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2022		2021		2022		2021
Borrowing interest expense	$	7,992	$	4,172	$	18,692	$	11,707
Unused facility fees		221		334		701		819
Amortization of financing costs		438		1,189		1,300		1,956
Total interest and credit facility expenses	$	8,651	$	5,695	$	20,693	$	14,482
Weighted average outstanding balance		694,932		507,072		665,603		529,842

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. As of September 30, 2022 and December 31, 2021, $ 0 and $ 210 , respectively, has been pledged to cover obligations of the Company. 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 three months ended September 30, 2022 and 2021 the Company’s average USD notional exposure to foreign currency forward contracts was $ 98,738 and $ 70,100 , 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 of Assets on the Consolidated Statements of Assets and Liabilities		Gross Amount of (Liabilities) on the Consolidated Statements of Assets and Liabilities			Net Amount of Assets or (Liabilities) Presented on the Consolidated Statements of Assets and Liabilities		Collateral (Received) Pledged (1)		Net Amounts (2)
September 30, 2022	Wells Fargo Bank, N.A.	$	12,796	$	( 25	)	$	12,771	$	—	$	12,771
December 31, 2021	Wells Fargo Bank, N.A.	$	2,115	$	( 631	)	$	1,484	$	210	$	1,484

(1)

Amount excludes excess cash collateral paid.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts.

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


	For the three months ended September 30,					For the nine months ended September 30,
	2022		2021			2022		2021

Net realized gain (loss) on foreign currency forward contracts	$	-	$	( 56	)	$	24	$	( 193	)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		5,699		1,523			11,286		1,959
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	5,699	$	1,467		$	11,310	$	1,766

Note 8. Commitments, Contingencies and Indemnifications

The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2022 and December 31, 2021, the Company had aggregated unfunded commitments totaling $ 193,414 and $ 195,622 including foreign denominated commitments converted to USD at the balance sheet date, respectively, under loan and financing agreements.

The Company has the following unfunded commitments to portfolio companies (in thousands):

           
            As of September 30, 2022

           
            As of December 31,2021

           
            Company

           
            Investment Type

           
            Commitment
            
            Expiration Date (1)

           
            Unfunded
            
            Commitment (2)

           
            Commitment
            
            Expiration Date (1)

           
            Unfunded
            
            Commitment (2)

           
            ABACUS Holdings I LLC  (7)

           
            Delayed Draw Term Loan

           
              6/24/2024

           
             2,800

—

—

           
            ABACUS Holdings I LLC  (5)

           
            Revolver

           
              6/24/2028

           
             1,020

—

—

           
            ACI Group Holdings, Inc. (7)

           
            Delayed Draw Term Loan

           
              8/2/2023

           
             1,914

           
              8/2/2023

           
             2,564

           
            ACI Group Holdings, Inc. (5)

           
            Revolver

           
              8/2/2027

738

           
              8/2/2027

738

           
            Advanced Diabetes Supply (5)

           
            Revolver

           
              12/30/2027

88

—

—

           
            Affinitiv, Inc. (5)

           
            Revolver

           
              8/26/2024

567

           
              8/26/2024

567

           
            Alera Group Inc.  (7)

           
            Delayed Draw Term Loan

           
              3/2/2024

           
             10,000

—

—

           
            Ameda, Inc. (5)

           
            Revolver

           
              10/31/2022

113

           
              9/29/2022

113

           
            Apps Associates LLC (7)

           
            Delayed Draw Term Loan

           
              7/2/2023

900

           
              7/2/2023

           
             1,800

           
            Apps Associates LLC (5)

           
            Revolver

           
              7/2/2027

800

           
              7/2/2027

800

           
            Arrow Management Acquisition, LLC

           
            Delayed Draw Term Loan

—

—

           
              10/14/2023

           
             2,028

           
            Arrow Management Acquisition, LLC (5)

           
            Revolver

           
              10/14/2027

700

           
              10/14/2027

700

           
            Auto-Vehicle Parts, LLC

           
            Revolver

—

—

           
              1/3/2023

600

           
            Auveco Holdings (7)

           
            Delayed Draw Term Loan

           
              5/5/2024

850

—

—

           
            Auveco Holdings (5)

           
            Revolver

           
              5/5/2028

450

—

—

           
            AX VI INV2 Holding AB

           
            Revolver

           
              8/31/2029

365

—

—

           
            AX VI INV2 Holding AB

           
            Delayed Draw Term Loan

           
              8/31/2029

           
             1,458

—

—

           
            Banker's Toolbox, Inc. (7)

           
            Delayed Draw Term Loan

           
              7/27/2023

           
             4,765

           
              7/27/2023

           
             6,711

           
            Banker's Toolbox, Inc. (5)

           
            Revolver

           
              7/27/2027

           
             2,406

           
              7/27/2027

           
             2,406

           
            Belay Inc. (5)

           
            Revolver

           
              11/15/2025

650

           
              11/15/2025

650

           
            Benesys Inc. (5)

           
            Revolver

           
              10/5/2024

150

           
              10/5/2024

150

           
            BioAgilytix (7)

           
            Delayed Draw Term Loan

           
              12/21/2023

           
             1,865

           
              12/21/2023

           
             2,543

           
            C-4 Analytics, LLC (5)

           
            Revolver

           
              8/22/2023

600

           
              8/22/2023

600

           
            CAT Buyer, LLC (4)(5)

           
            Revolver

—

—

           
              4/11/2024

550

           
            Centria Subsidiary Holdings, LLC (5)

           
            Revolver

           
              12/9/2025

           
             1,974

           
              12/9/2025

           
             1,974

           
            Claritas, LLC

           
            Revolver

—

—

           
              12/21/2023

278

           
            Claritas, LLC (5)

           
            Delayed Draw Term Loan

           
              9/30/2023

           
             2,450

—

—

           
            Claritas, LLC (5)

           
            Revolver

           
              3/31/2026

           
             1,950

—

—

           
            Consolidated Label Co., LLC (5)

           
            Revolver

           
              7/15/2026

650

           
              7/15/2026

650

           
            CRA MSO, LLC (5)

           
            Revolver

           
              12/17/2023

92

           
              12/17/2023

140

           
            Crusoe Bidco Limited (9)

           
            Delayed Draw Term Loan

           
              12/10/2022

439

           
              12/10/2022

532

           
            Crusoe Bidco Limited (9)

           
            Delayed Draw Term Loan

           
              12/10/2022

138

           
              12/10/2022

167

           
            Eagle Midco B.V.

           
            Delayed Draw Term Loan

           
              7/5/2029

           
             3,606

—

—

           
            Eagle Midco B.V.

           
            Revolver

           
              1/5/2029

721

—

—

           
            Effective School Solutions LLC (5)

           
            Revolver

           
              11/30/2027

           
             1,218

           
              11/30/2027

           
             1,450

           
            Effective School Solutions LLC (7)

           
            Delayed Draw Term Loan

           
              11/30/2023

           
             2,200

           
              11/30/2023

           
             2,200

           
            EMS Buyer, Inc. (5)

           
            Revolver

           
              11/23/2027

550

           
              11/23/2027

550

           
            Envocore Holding, LLC (5)

           
            Revolver

           
              12/31/2025

           
             1,944

           
              12/31/2025

           
             2,169

           
            Eshipping (7)

           
            Delayed Draw Term Loan

           
              11/5/2023

           
             1,850

           
              11/5/2023

           
             1,850

           
            As of September 30, 2022

           
            As of December 31,2021

           
            Company

           
            Investment Type

           
            Commitment
            
            Expiration Date (1)

           
            Unfunded
            
            Commitment (2)

           
            Commitment
            
            Expiration Date (1)

           
            Unfunded
            
            Commitment (2)

           
            Eshipping (5)

           
            Revolver

           
              11/5/2027

           
             1,150

           
              11/5/2027

953

           
            Everlast Parent Inc. (5)

           
            Revolver

           
              10/30/2026

           
             1,151

           
              10/30/2026

           
             1,611

           
            Evolution BuyerCo, Inc.

           
            Revolver

           
              4/30/2027

729

           
              4/30/2027

729

           
            Evolution BuyerCo, Inc. (7)

           
            Delayed Draw Term Loan

           
              4/30/2023

700

           
              4/30/2023

           
             1,072

           
            Explorer Investor, Inc. (7)

           
            Delayed Draw Term Loan

           
              6/28/2024

           
             2,400

—

—

           
            FS Whitewater Borrower, LLC

           
            Delayed Draw Term Loan

—

—

           
              12/21/2022

           
             1,724

           
            FS Whitewater Borrower, LLC

           
            Delayed Draw Term Loan

—

—

           
              12/21/2023

435

           
            FS Whitewater Borrower, LLC (3)

           
            Revolver

           
              12/21/2027

552

           
              12/21/2027

690

           
            FS Whitewater Borrower, LLC (7)

           
            Delayed Draw Term Loan

           
              7/1/2024

           
             1,847

—

—

           
            Galway Borrower, LLC (5)

           
            Delayed Draw Term Loan

           
              9/30/2023

729

           
              9/30/2023

           
             1,945

           
            Galway Borrower, LLC (5)

           
            Revolver

           
              9/30/2027

926

           
              9/30/2027

926

           
            GrapeTree Medical Staffing, LLC (5)

           
            Revolver

           
              5/29/2024

600

           
              5/29/2024

600

           
            GrapeTree Medical Staffing, LLC

           
            Delayed Draw Term Loan

—

—

           
              3/31/2022

           
             2,750

           
            GH Parent Holdings Inc. (5)

           
            Revolver

           
              5/4/2027

           
             1,875

           
              5/4/2027

           
             1,875

           
            GH Parent Holdings Inc.

           
            Delayed Draw Term Loan

           
              5/4/2023

           
             5,543

           
              5/4/2023

           
             5,542

           
            Granicus, Inc. (5)

           
            Revolver

           
              1/29/2027

805

           
              1/29/2027

805

           
            Granicus, Inc. (7)

           
            Delayed Draw Term Loan

           
              4/23/2023

           
             3,135

           
              4/23/2023

           
             3,135

           
            Great Lakes Dental Partners, LLC (7)

           
            Delayed Draw Term Loan

           
              6/23/2023

850

           
              6/23/2023

850

           
            Great Lakes Dental Partners, LLC (5)

           
            Revolver

           
              6/23/2026

100

           
              6/23/2026

190

           
            HCOS Group Intermediate III LLC (5)

           
            Revolver

           
              9/30/2026

           
             1,150

           
              9/30/2026

           
             1,150

           
            Hepaco, LLC (5)

           
            Revolver

           
              8/18/2024

140

           
              8/18/2024

152

           
            Hercules Borrower LLC (5)

           
            Revolver

           
              12/15/2026

           
             1,985

           
              12/15/2026

           
             2,222

           
            Hercules Borrower LLC (7)

           
            Delayed Draw Term Loan

           
              9/10/2023

           
             1,226

           
              9/10/2023

           
             2,252

           
            HGH Purchaser, Inc.

           
            Delayed Draw Term Loan

—

—

           
              2/10/2023

557

           
            HGH Purchaser, Inc. (5)

           
            Revolver

           
              11/3/2025

610

           
              11/3/2025

733

           
            Homecare Partners Management, LLC (5)

           
            Revolver

           
              5/25/2023

953

           
              5/25/2027

807

           
            Hospice Care Buyer, Inc. (5)

           
            Revolver

           
              12/9/2026

647

           
              12/9/2026

624

           
            Hsid Acquisition, LLC (5)

           
            Revolver

           
              1/31/2026

750

           
              1/31/2026

750

           
            HS Spa Holdings Inc. (5)

           
            Revolver

           
              6/2/2028

           
             1,511

—

—

           
            Infobase (7)

           
            Delayed Draw Term Loan

           
              6/14/2024

           
             1,850

—

—

           
            Infobase (5)

           
            Revolver

           
              6/14/2028

           
             1,450

—

—

           
            Integrity Marketing Acquisition, LLC (5)

           
            Revolver

           
              8/27/2025

           
             1,409

           
              8/27/2025

           
             1,409

           
            Integro Parent, Inc.

           
            Delayed Draw Term Loan

—

—

—

—

           
            ISS Compressors Industries, Inc. (5)

           
            Revolver

           
              2/5/2026

187

           
              2/5/2026

833

           
            IvyRehab Intermediate II, LLC

           
            Revolver

—

—

           
              12/4/2024

370

           
            IvyRehab Intermediate II, LLC

           
            Delayed Draw Term Loan

—

—

           
              9/13/2023

           
             1,351

           
            Jordan Bidco, Ltd.

           
            Delayed Draw Term Loan

           
              8/31/2024

           
             3,410

           
              8/31/2024

           
             4,132

           
            Jordan Bidco, Ltd.

           
            Revolver

—

—

           
              2/28/2028

964

           
            JTM Foods LLC (5)

           
            Revolver

           
              5/14/2027

400

           
              5/14/2027

480

           
            JTM Foods LLC (5)

           
            Delayed Draw Term Loan

           
              11/14/2022

250

           
              11/14/2022

750

           
            Kestrel Parent, LLC (4)

           
            Revolver

           
              11/13/2023

801

           
              11/13/2023

871

           
            King Mid LLC (7)

           
            Delayed Draw Term Loan

           
              6/17/2024

           
             3,084

—

—

           
            King Mid LLC (5)

           
            Revolver

           
              12/15/2027

300

—

—

           
            Learn-It Systems, LLC (5)

           
            Revolver

           
              3/18/2025

283

           
              3/18/2025

270

           
            Learn-It Systems, LLC

           
            Delayed Draw Term Loan

—

—

           
              3/18/2022

42

           
            Learn-It Systems, LLC (6)

           
            Delayed Draw Term Loan

           
              5/4/2023

           
             1,451

           
              5/4/2023

           
             1,924

           
            Lexipol (Ranger Buyer, Inc.) (5)

           
            Revolver

           
              11/18/2027

994

           
              11/18/2027

884

           
            Lightspeed Buyer, Inc. (5)

           
            Revolver

           
              2/3/2026

595

           
              2/3/2026

770

           
            Lightspeed Buyer, Inc. (7)

           
            Delayed Draw Term Loan

           
              2/28/2023

           
             5,101

           
              2/28/2023

           
             5,100

           
            Lion Cashmere Bidco Limited

           
            Revolver

—

—

           
              2/23/2026

           
             1,989

           
            Lion Cashmere Bidco Limited (8)

           
            Delayed Draw Term Loan

           
              9/23/2024

           
             2,702

           
              9/23/2024

           
             3,137

           
            List Partners, Inc. (5)

           
            Revolver

           
              1/5/2023

450

           
              1/5/2023

450

           
            Mario Purchaser, LLC (7)

           
            Delayed Draw Term Loan

           
              4/26/2024

           
             3,690

—

—

           
            Mario Purchaser, LLC (13)

           
            Revolver

           
              4/26/2028

           
             1,044

—

—

           
            MHS Acquisition Holdings, LLC

           
            Delayed Draw Term Loan

—

—

           
              7/21/2023

95

           
            MHS Acquisition Holdings, LLC (5)

           
            Revolver

           
              7/21/2027

150

           
              7/21/2027

150

           
            MRI Software LLC (5)

           
            Revolver

           
              2/10/2026

           
             1,266

           
              2/10/2026

           
             1,266

           
            MWD Management LLC (United Derm)

           
            Delayed Draw Term Loan

—

—

—

—

           
            MWD Management LLC (United Derm) (5)

           
            Revolver

           
              6/15/2027

960

—

—

           
            New Era Technology, Inc. (5)

           
            Revolver

           
              10/31/2026

417

           
              10/31/2026

152

           
            New Era Technology, Inc.

           
            Delayed Draw Term Loan

—

—

           
              10/31/2022

673

           
            New Era Technology, Inc. (7)

           
            Delayed Draw Term Loan

           
              10/31/2026

           
             1,081

—

—

           
            Nexant Volt MergerSub, Inc. (5)

           
            Revolver

           
              5/11/2027

568

           
              5/11/2027

100

           
            Nurture Landscapes (10)

           
            Delayed Draw Term Loan

           
              6/2/2028

           
             3,705

           
              6/2/2028

           
             11,411

           
            Odessa Technologies, Inc. (7)

           
            Delayed Draw Term Loan

           
              10/19/2023

           
             1,786

           
              10/19/2023

           
             1,786

           
            Odessa Technologies, Inc. (5)

           
            Revolver

           
              10/19/2027

           
             2,500

           
              10/19/2027

           
             2,500

           
            Oliver Packaging LLC (5)

           
            Revolver

           
              7/6/2028

500

—

—

           
            Omni Ophthalmic Management Consultants, LLC (7)

           
            Delayed Draw Term Loan

           
              3/7/2024

           
             1,500

—

—

           
            Omni Ophthalmic Management Consultants, LLC (5)

           
            Revolver

           
              5/31/2023

567

           
              5/31/2023

510

           
            Ontario Systems, LLC (5)

           
            Revolver

           
              8/30/2025

388

           
              8/30/2025

500

           
            Ontario Systems, LLC

           
            Delayed Draw Term Loan

—

—

           
              8/19/2023

213

           
            Painters Supply & Equipment Company (7)

           
            Delayed Draw Term Loan

           
              8/10/2023

900

           
              8/10/2023

900

           
            Painters Supply & Equipment Company (5)

           
            Revolver

           
              8/10/2027

258

           
              8/10/2027

408

           
            Patriot Acquisition Topco S.A.R.L (5)

           
            Revolver

           
              1/29/2026

           
             1,770

           
              1/29/2026

           
             1,770

           
            Patriot Growth Insurance Services, LLC (5)

           
            Revolver

           
              10/14/2028

660

           
              10/14/2028

660

           
            Patriot Growth Insurance Services, LLC (6)

           
            Delayed Draw Term Loan

           
              10/14/2023

802

           
              10/14/2023

           
             2,594

           
            Patriot Growth Insurance Services, LLC (6)

           
            Delayed Draw Term Loan

           
              7/8/2024

           
             2,830

—

—

           
            PharComp Parent B.V. (11)

           
            Delayed Draw Term Loan

           
              2/18/2023

           
             1,311

—

—

           
            PharComp Parent B.V. (11)

           
            Delayed Draw Term Loan

           
              2/18/2023

           
             2,631

—

—

           
            Pharmalogics Recruiting, LLC (4)(5)

           
            Delayed Draw Term Loan

—

—

           
              9/27/2023

           
             4,644

           
            Pilot Air Freight, LLC

           
            Revolver

—

—

           
              7/25/2024

100


		As of September 30, 2022				As of December 31,2021
Company	Investment Type	Commitment Expiration Date (1)		Unfunded Commitment (2)		Commitment Expiration Date (1)		Unfunded Commitment (2)
Pinnacle Treatment Centers, Inc.	Delayed Draw Term Loan		—		—	1/17/2022			457
Pinnacle Treatment Centers, Inc. (5)	Revolver	12/31/2022			214	12/31/2022			571
Plasma Buyer LLC (7)	Delayed Draw Term Loan	5/12/2024			1,892		—		—
Plasma Buyer LLC (5)	Revolver	5/12/2029			811		—		—
Potter Electric Signal Company (5)	Revolver	12/19/2024			379	12/19/2024			462
PPV Intermediate Holdings LLC (7)	Delayed Draw Term Loan	2/29/2024			680		—		—
PPV Intermediate Holdings LLC (5)	Revolver	8/31/2029			228		—		—
PPV Intermediate Holdings LLC (7)	Delayed Draw Term Loan	2/29/2024			234		—		—
Professional Physical Therapy (5)	Revolver	12/16/2022			188		—		—
Premier Dental Care Management, LLC (7)	Delayed Draw Term Loan	8/5/2023			793	8/5/2023			3,784
Premier Dental Care Management, LLC (5)	Revolver	8/5/2027			1,544	8/5/2027			1,266
Prism Bidco, Inc. (4)(5)	Revolver		—		—	6/25/2026			833
PromptCare Intermediate, LP (7)	Delayed Draw Term Loan	9/1/2023			2,778	9/1/2023			3,486
PT Network, LLC	Revolver		—		—	11/30/2023			280
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan		—		—	11/26/2023			1,401
Pye-Barker Fire & Safety, LLC (5)	Revolver	11/26/2027			816	11/26/2027			1,531
Pye-Barker Fire & Safety, LLC (7)	Delayed Draw Term Loan	6/15/2024			1,437		—		—
Pye-Barker Fire & Safety, LLC (5)	Delayed Draw Term Loan	11/26/2023			5		—		—
Pye-Barker Fire & Safety, LLC (5)	Revolver	10/1/2024			75		—		—
Receivable Solutions, Inc. (5)	Revolver	10/1/2024			300	10/1/2024			300
Ruffalo Noel Levitz, LLC (5)	Revolver	5/29/2024			75	5/29/2022			300
Safco Dental Supply, LLC (5)	Revolver	6/14/2025			480	6/14/2025			600
Saturn Borrower Inc	Revolver		—		—	9/30/2026			605
Seko Global Logistics Network, LLC (5)	Revolver	12/20/2026			650	12/20/2026			1,300
Seniorlink Incorporated (5)	Revolver	7/17/2026			1,038	7/17/2026			1,038
Service Logic Acquisition, Inc. (12)	Delayed Draw Term Loan	10/30/2022			389	10/30/2022			389
Slickdeals Holdings, LLC (4)	Revolver	6/12/2023			727	6/12/2023			727
Smartronix, LLC (5)	Revolver	11/23/2027			3,290	11/23/2027			3,290
Smile Doctors LLC	Delayed Draw Term Loan	12/23/2023			—	12/23/2023			1,654
Smile Doctors LLC (5)	Revolver	12/23/2027			969	12/23/2027			1,201
Smile Doctors LLC (7)	Delayed Draw Term Loan	12/23/2028			2,467		—		—
SQAD Holdco, Inc. (7)	Delayed Draw Term Loan	4/25/2024			2,425		—		—
SQAD Holdco, Inc. (5)	Revolver	4/25/2028			1,050		—		—
Spear Education	Delayed Draw Term Loan		—		—	2/26/2022			3,125
Stepping Stones Healthcare Services, LLC (7)	Delayed Draw Term Loan	12/30/2023			3,396	12/30/2023			3,774
Stepping Stones Healthcare Services, LLC (7)	Revolver	12/30/2026			1,811	12/30/2026			1,887
Summit 7 Systems, LLC (5)	Revolver	5/23/2028			585		—		—
Sun Acquirer Corp. (7)	Delayed Draw Term Loan	9/8/2027			2,639	9/8/2023			4,466
Sun Acquirer Corp. (5)	Revolver	9/8/2027			1,594	9/8/2027			1,812
Sydney US Buyer Corp.	Delayed Draw Term Loan	7/8/2029			1,961		—		—
Sydney US Buyer Corp.	Revolver	7/8/2029			654		—		—
Teal Acquisition Co., Inc (5)	Revolver	9/22/2026			274	9/22/2026			967
Teal Acquisition Co., Inc (7)	Delayed Draw Term Loan		—		—	9/22/2026			1,642
The Hilb Group, LLC (5)	Revolver	12/2/2025			340	12/2/2025			340
The Hilb Group, LLC (5)	Revolver	12/2/2025			143	12/2/2025			143
The Hilb Group, LLC (5)	Delayed Draw Term Loan	12/10/2023			3,508	12/10/2023			4,413
The Hilb Group, LLC (5)	Revolver	12/2/2025			113	12/2/2025			113
Transportation Insight, LLC (5)	Revolver	12/3/2024			534	12/3/2024			750
Tranzonic (5)	Revolver		—		—	3/27/2023			356
Unifeye Vision Partners (5)	Revolver	9/13/2025			1,020	9/13/2025			1,700
Unifeye Vision Partners (6)	Delayed Draw Term Loan	9/7/2023			2,444	9/7/2023			4,286
United Flow Technologies (7)	Delayed Draw Term Loan	10/29/2023			626	10/29/2023			3,750
United Flow Technologies (5)	Revolver	10/29/2027			1,600	10/29/2027			1,600
UP Acquisition Corp. (5)	Revolver	5/23/2024			807	5/23/2024			807
VetStrategy	Delayed Draw Term Loan		—		—	1/31/2022			419
Vital Care Buyer, LLC (5)	Revolver	10/19/2025			2,222	10/19/2025			2,222
WhiteHawk III Onshore Fund L.P.	Partnership Interest		—		—	7/5/2024			4,208
Winxnet Holdings LLC (5)	Revolver	6/29/2023			163	6/29/2023			400
Winxnet Holdings LLC (4)(5)	Revolver		—		—	6/29/2023			250
Total				$	193,414			$	195,622

(1)

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.

(2)

Unfunded commitments denominated in currencies other than USD have been converted to USD using the applicable foreign currency exchange rate as of September 30, 2022 and December 31, 2021.

(3)

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

(4)

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

(5)

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

(6)

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

(7)

Investment pays 1.25 % unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(8)

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

(9)

Investment pays 1.95 % unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(10)

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

(11)

Investment pays 4.25 % 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

On November 18, 2021, the Company issued 2,720,000 shares of common stock for total cash proceeds of $ 58,018 in connection with a public equity offering .

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


Date Declared	Record Date	Payment Date	Amount Per Share
August 5, 2022	September 30, 2022	October 17, 2022	$	0.41
May 3, 2022	June 30, 2022	July 15, 2022	$	0.41
February 18, 2022	March 31, 2022	April 15, 2022	$	0.41
November 5, 2021	September 2, 2022	September 15, 2022	$	0.05
November 5, 2021	June 3, 2022	June 15, 2022	$	0.05
November 5, 2021	March 4, 2022	March 15, 2022	$	0.05
November 5, 2021	December 3, 2021	December 15, 2021	$	0.05
November 5, 2021	December 31, 2021	January 17, 2022	$	0.41
August 6, 2021	September 30, 2021	October 15, 2021	$	0.41
May 10, 2021	June 30, 2021	July 15, 2021	$	0.41

At September 30, 2022 and December 31, 2021, Crescent, Sun Life and other related parties owned 6.64 % and 5.10 %, respectively, of the outstanding common shares of the Company.

Note 10. Earnings Per Share

In accordance with the provisions of ASC 260 – Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of September 30, 2022 and December 31, 2021, there are no dilutive shares.

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


	For the three months ended September 30,					For the nine months ended September 30,
	2022			2021		2022		2021

Net increase (decrease) in net assets resulting from operations	$	( 2,378	)	$	16,679	$	12,942	$	70,798
Weighted average common shares outstanding		30,887,360			28,167,360		30,887,360		28,167,360
Net increase (decrease) in net assets resulting from operations per common share-basic and diluted	$	( 0.08	)	$	0.59	$	0.42	$	2.51

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 September 30, 2022			As of December 31, 2021
Tax Cost		$	1,316,045		$	1,260,862
Gross Unrealized Appreciation		$	2,699		$	34,877
Gross Unrealized Depreciation			( 25,871	)		( 25,373	)
	Net Unrealized Investment Appreciation (Depreciation)	$	( 23,172	)	$	9,504

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


	For the three months ended September 30,					For the nine months ended September 30,
	2022			2021			2022			2021
Income tax (benefit) provision	$	( 274	)	$	-	$	( 163	)	$	-
Excise tax (benefit) provision		( 76	)		170		227			1,403
(Benefit) provision for income and excise taxes	$	( 350	)	$	170	$	64		$	1,403

As of September 30, 2022 and December 31, 2021, $ 452 and $ 1,733 of accrued income and excise taxes remained payable.

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


	For the three months ended September 30,						For the nine months ended September 30,
	2022			2021				2022			2021
Benefit (provision) for taxes on realized gain on investments	$	( 409	)	$	2		$	( 626	)	$	( 370	)
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		( 192	)		( 392	)		( 20	)		( 332	)
Benefit (provision) for taxes on realized and unrealized appreciation (depreciation) on investments	$	( 601	)	$	( 390	)	$	( 646	)	$	( 702	)

As of September 30, 2022 and December 31, 2021, $ 99 and $ 42 , respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of September 30, 2022 and December 31, 2021, $ 1,033 and $ 956 , 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 subsidiary and other temporary book to tax differences of the corporate subsidiary.

Note 12. Financial Highlights

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



	For the nine months ended September 30,
	2022			2021
Per Share Data: (1)
Net asset value, beginning of period	$	21.12		$	19.88
Net investment income after tax		1.41			1.25
Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes		( 0.99	)		1.26
Net increase (decrease) in net assets resulting from operations		0.42			2.51
Distributions declared from net investment income (2)		( 1.38	)		( 1.23	)
Total increase (decrease) in net assets		( 0.96	)		1.28
Net asset value, end of period	$	20.16		$	21.16
Shares outstanding, end of period		30,887,360			28,167,360
Market value, end of period	$	15.02		$	19.13
Weighted average shares outstanding		30,887,360			28,167,360
Total return based on market value (3)		- 7.14	%	40.31 %
Total return based on net asset value (4)		1.99	%	12.63 %
Ratio/Supplemental Data:
Net assets, end of period	$	622,602		$	596,152
Ratio of total net expenses to average net assets (5)(6)		8.02	%	8.01 %
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)		3.23	%	2.85 %
Ratio of net investment income before taxes to average net assets (6)		9.10	%	8.43 %
Ratio of interest and credit facility expenses to average net assets (6)		4.31	%	3.34 %
Ratio of net incentive fees to average net assets (6)		0.48	%	1.82 %
Ratio of portfolio turnover to average investments at fair value (7)		15.98	%	28.50 %
Asset coverage ratio		189	%	205 %

(1)

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.

(2)

The per share data for distributions per share reflects the actual amount of distributions declared per share for the applicable periods.

(3)

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.

(4)

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.

(5)

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 and WhiteHawk III Onshore Fund LP. Excluding the effects of waivers, the ratio of total expenses to average net assets would have been 8.04 % and 8.03 % for the nine months ended September 30, 2022 and 2021, respectively.

(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 September 30, 2022 and for the nine months ended September 30, 2022.

On November 4, 2022 , the Company’s Board of Directors declared a regular cash dividend of $ 0.41 per share, which will be paid on January 17, 2023 to stockholders of record as of December 30, 2022.

Pending Acquisition of First Eagle Alternative Capital BDC, Inc.

On October 3, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with First Eagle Alternative Capital BDC, Inc., a Delaware corporation, Echelon Acquisition Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Acquisition Sub”), Echelon Acquisition Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company (“Acquisition Sub 2”), and the Adviser. The Merger Agreement provides that (i) Acquisition Sub will merge with and into FCRD (the “First Merger”), with FCRD continuing as the surviving company and as a wholly-owned subsidiary of the Company (the “Surviving Company”), and (ii) immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into Acquisition Sub 2 (collectively with the First Merger, the “FCRD Acquisition”), with Acquisition Sub 2 continuing as the surviving company and as a wholly-owned subsidiary of the Company. The boards of directors of both the Company and FCRD have each unanimously approved the FCRD Acquisition.

At the date and time when the First Merger becomes effective (the “Effective Time”), each share of common stock, par value $ 0.001 per share, of FCRD (“FCRD Common Stock”) issued and outstanding as of two days prior to the closing (the “Determination Date”) (excluding shares held by subsidiaries of FCRD or held, directly or indirectly, by the Company or Acquisition Sub (“Cancelled Shares”) and Dissenting Shares (as defined in Exhibit 2.4)) shall be converted into the right to receive (i) a portion of the CCAP Aggregate Merger Consideration (as defined below) pursuant to the election and proration procedures described below and in Exhibit 2.4 and (ii) from the Adviser, an amount equal to (a) $ 35.0 million divided by (b) the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares) (the “CCAP Advisor Cash Consideration”). The “CCAP Aggregate Merger Consideration” means the sum of (A) a number of shares of the Company’s common stock equal to the number of shares of FRCD Common Stock issued and outstanding as of the Determination Date, multiplied by the Exchange Ratio (as defined below); provided, that in no event will the aggregate number of shares of the Company’s common stock to be issued pursuant to the Merger Agreement (the “Total CCAP Stock Consideration”) exceed 19.99 % of the number of shares of the Company’s common stock issued and outstanding as of October 3, 2022, and (B) if the Total CCAP Stock Consideration is less than the FCRD Closing Net Asset Value (as defined below), an amount in cash, without interest, to be paid by the Company equal to (a) the FCRD Closing Net Asset Value (as defined below) minus the Aggregate Share Consideration Value (as defined below) (such cash amount, the “CCAP Aggregate Cash Consideration”).

On the Determination Date, each of the Company and FCRD shall deliver to the other party a calculation of its estimated net asset value, as adjusted pursuant to the terms of the Merger Agreement, as of 5:00 p.m. New York City time on the Determination Date, calculated in good faith (the Company’s total net asset value as of the Determination Date, the “CCAP Closing Net Asset Value” and the total net asset value of FCRD as of the Determination Date, the “FCRD Closing Net Asset Value”); provided, that each party shall update and redeliver such calculation in certain circumstances described in the Merger Agreement. Based on such calculations, the parties will calculate the “CCAP Per Share NAV”, which will equal the CCAP Closing Net Asset Value divided by the number of shares of the Company’s common stock issued and outstanding as of the Determination Date, and the “FCRD per Share NAV”, which will equal the FCRD Closing Net Asset Value divided by the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares). The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the FCRD Per Share NAV divided by (ii) the CCAP Per Share NAV. The “Aggregate Share Consideration Value” shall refer to (a) the Total CCAP Stock Consideration multiplied by (b) the CCAP Per Share NAV.

In addition, in connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary-market support and will purchase $ 20.0 million of the combined company’s common stock via a share purchase program over time following the consummation of the Merger Agreement.

The completion of the FCRD Acquisition is subject to certain conditions, including, among others, FCRD stockholder approval, required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and other customary closing conditions.

As of September 30, 2022, the Company incurred $ 1,534 of costs related to the acquisition, which were recorded as Other assets on the Consolidated Statements of Assets and Liabilities.

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 were incorporated under the laws of the State of Delaware on February 5, 2015 and on January 30, 2020, we changed our state of incorporation from the State of Delaware to 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, as amended (“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, as amended (the “Code”). As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

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

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

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

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

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

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

Pending FCRD Acquisition

On October 3, 2022, we entered into a definitive agreement (the “Merger Agreement”) with First Eagle Alternative Capital BDC, Inc., a Delaware corporation that has elected to be treated as a BDC under the 1940 Act (“FCRD”), Echelon Acquisition Sub, Inc., a Delaware corporation and our direct wholly-owned subsidiary (“Acquisition Sub”), Echelon Acquisition Sub LLC, a Delaware limited liability company and our direct wholly-owned subsidiary (“Acquisition Sub 2”), and the Adviser. The Merger Agreement provides that (i) Acquisition Sub will merge with and into FCRD (the “First Merger”), with FCRD continuing as the surviving company and as our wholly-owned subsidiary (the “Surviving Company”), and (ii) immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into Acquisition Sub 2 (the “Second Merger” and, together with the First Merger, the “Mergers”), with Acquisition Sub 2 continuing as the surviving company and as a wholly-owned subsidiary of the Company. The boards of directors of both companies have each unanimously approved the FCRD Acquisition.

In addition, in connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary-market support and will purchase $20.0 million of the combined company’s common stock via a share purchase program over time following the consummation of the Merger Agreement.

Merger Consideration

At the date and time when the First Merger becomes effective (the “Effective Time”), each share of common stock, par value $0.001 per share, of FCRD (“FCRD Common Stock”) issued and outstanding as of two days prior to the closing (the “Determination Date”) (excluding shares held by subsidiaries of FCRD or held, directly or indirectly, by us or Acquisition Sub (“Cancelled Shares”) and Dissenting Shares (as defined in Exhibit 2.4)) shall be converted into the right to receive (i) a portion of the CCAP Aggregate Merger Consideration (as defined below) pursuant to the election and proration procedures described below and in Exhibit 2.4 and (ii) from our Adviser, an amount equal to (a) $35.0 million divided by (b) the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares) (the “CCAP Advisor Cash Consideration”). The “CCAP Aggregate Merger Consideration” means the sum of (A) a number of shares of our common stock equal to the number of shares of FRCD Common Stock issued and outstanding as of the Determination Date, multiplied by the Exchange Ratio (as defined below); provided , that in no event will the aggregate number of shares of our common stock to be issued pursuant to the Merger Agreement (the “Total CCAP Stock Consideration”) exceed 19.99% of the number of shares of our common stock issued and outstanding as of October 3, 2022, and (B) if the Total CCAP Stock Consideration is less than the FCRD Closing Net Asset Value (as defined below), an amount in cash, without interest, to be paid by us equal to (a) the FCRD Closing Net Asset Value (as defined below) minus the Aggregate Share Consideration Value (as defined below) (such cash amount, the “CCAP Aggregate Cash Consideration”).

On the Determination Date, each of us and FCRD shall deliver to the other party a calculation of its estimated net asset value, as adjusted pursuant to the terms of the Merger Agreement, as of 5:00 p.m. New York City time on the Determination Date, calculated in good faith (our total net asset value as of the Determination Date, the “CCAP Closing Net Asset Value” and the total net asset value of FCRD as of the Determination Date, the “FCRD Closing Net Asset Value”); provided , that each party shall update and redeliver such calculation in certain circumstances described in the Merger Agreement. Based on such calculations, the parties will calculate the “CCAP Per Share NAV”, which will equal the CCAP Closing Net Asset Value divided by the number of shares of our common stock issued and outstanding as of the Determination Date, and the “FCRD per Share NAV”, which will equal the FCRD Closing Net Asset Value divided by the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares). The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the FCRD Per Share NAV divided by (ii) the CCAP Per Share NAV. The “Aggregate Share Consideration Value” shall refer to (a) the Total CCAP Stock Consideration multiplied by (b) the CCAP Per Share NAV.

Representations, Warranties and Covenants

The Merger Agreement contains customary representations and warranties of FCRD, us and our Adviser. Additionally, the Merger Agreement contains customary pre-closing covenants, including covenants requiring FCRD and us (i) to use reasonable best efforts to cause the consummation of the transactions contemplated by the Merger Agreement, (ii) to use reasonable best efforts conduct its business in the ordinary course and (iii) to refrain from taking certain actions prior to the consummation of the Mergers without the other party’s consent (which consent shall not be unreasonably withheld, delayed or conditioned).

The Merger Agreement contains “no-shop” provisions that restrict FCRD’s ability to solicit or initiate discussions or negotiations with third parties regarding other proposals to acquire FCRD, and FCRD is restricted in its ability to respond to such proposals. In addition, FCRD must (i) call and hold a meeting of the holders of FCRD stockholders solely for the purpose of seeking the adoption of the Merger Agreement by the holders of at least a majority of the outstanding shares of FCRD Common Stock entitled to vote thereon (such approval, the “FCRD Stockholder Approval” and such meeting, the “FCRD Stockholders Meeting”), (ii) include, in the Proxy Statement, the recommendation of the board of directors of FCRD that the stockholders of FCRD adopt the Merger Agreement and approve the transactions contemplated thereby (the “FCRD Recommendation”) and (iii) not withhold or withdraw, or modify or qualify in a manner adverse to us or Acquisition Sub, the FCRD Recommendation.

Conditions to the Mergers

The consummation of the Mergers is subject to the satisfaction or (to the extent permitted by law) waiver of certain customary closing conditions, including obtaining the FCRD Stockholder Approval. The obligation of each party to consummate the Mergers is also conditioned upon the other party’s representations and warranties being true and correct (subject to certain materiality exceptions) and the other party having performed in all material respects its obligations under the Merger Agreement.

Termination

The Merger Agreement contains customary termination rights. In particular, at any time prior to receipt of the FCRD Stockholder Approval, FCRD may terminate the Merger Agreement in order to substantially concurrently enter into a binding definitive agreement providing for the consummation of a superior proposal, subject to FCRD’s compliance with notice and other specified conditions contained in the non-solicitation covenants, including giving us the opportunity to propose revisions to the terms of the transactions contemplated by the Merger Agreement during a period following notice, and provided that FCRD has not otherwise materially breached any provision of the non-solicitation covenants.

If the Merger Agreement is terminated by FCRD as provided in the foregoing paragraph or is terminated under certain other circumstances, upon notice by us, FCRD must pay us a termination fee equal to $5,555,550 (“FCRD Termination Fee”), minus any amounts that FCRD previously paid to us in the form of expense reimbursement. Similarly, if the Merger Agreement is terminated under certain other circumstances by us, upon notice by FCRD, we must pay FCRD a termination fee equal to $7,142,850.

Voting Agreement

Concurrently with us entering into the Merger Agreement, we also entered into a letter agreement (the “Voting Agreement”) with First Eagle Investment Management LLC (“FEIM”), with respect to 5,004,000 shares FCRD Common Stock (the “Voting Agreement Shares”). Pursuant to the Voting Agreement, FEIM has agreed to (i) grant an irrevocable proxy to us and vote (or direct the Voting Agreement Shares to vote) in favor of the Mergers, and any other matter contemplated as necessary or advisable to the consummation of the Mergers at the FCRD Stockholders Meeting, (ii) not to vote in favor of any competing proposal, alternative acquisition agreements, or any proposal, transaction, agreement or action that would, or could reasonably be expected to, prevent, impede, frustrate, interfere with, delay, postpone or adversely affect the Mergers or any of the other transactions contemplated by the Merger Agreement, in contravention of the terms and conditions set forth in the Merger Agreement or change in any manner the voting rights of any class of shares of FCRD, and (iii) not, directly or indirectly, transfer, sell, offer, exchange, assign, pledge, convey any legal or beneficial ownership interest in or otherwise dispose of, or encumber any of the Voting Agreement Shares or enter into any contract, option, or other agreement with respect to, or consent to, a transfer of, any of the Voting Agreement Shares or their voting or economic interest therein other than pursuant to the Merger Agreement and in connection with the Merger during the period commencing on the date of the Voting Agreement and ending on the earlier of (a) the closing date, or (b) the termination of the Merger Agreement.

Acquisition Costs

As of September 30, 2022, we incurred $1.5 million of costs related to the acquisition, which were recorded as Other assets on the Consolidated Statements of Assets and Liabilities.

CRITICAL ACCOUNTING POLICIES

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

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

COMPONENTS OF OPERATIONS

Investments

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

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

The Investment Adviser

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

Revenues

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

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

PORTFOLIO INVESTMENT ACTIVITY

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

Our portfolio at fair value was comprised of the following:


($ in millions)	As of September 30, 2022					As of December 31, 2021
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior Secured First Lien	$	328.0		25.4	%	$	329.9		26.0	%
Unitranche First Lien		811.1		62.7			731.0		57.5
Unitranche First Lien - Last Out		13.1		1.0			13.7		1.1
Senior Secured Second Lien		61.9		4.8			72.7		5.7
Unsecured Debt		4.5		0.3			5.6		0.4
Equity & Other		46.1		3.6			59.5		4.7
LLC/LP Equity Interests		28.2		2.2			58.0		4.6
Total investments	$	1,292.9		100.0	%	$	1,270.4		100.0	%

The following table shows our investment activity by investment type:


($ in millions)	For the three months ended				For the nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
New investments at cost:
Senior Secured First Lien	$	18.4	$	36.4	$	62.7	$	101.0
Unitranche First Lien		64.5		114.1		183.0		252.2
Unitranche First Lien - Last Out		—		—		4.0		—
Senior Secured Second Lien		2.5		—		2.5		—
Unsecured Debt		0.7		—		0.7		2.3
Equity & Other		1.4		5.3		4.5		7.3
LLC/LP Equity Interests		2.3		2.7		4.7		4.9
Total	$	89.8	$	158.5	$	262.1	$	367.7
Proceeds from investments sold or repaid:
Senior Secured First Lien	$	24.7	$	59.0	$	62.2	$	131.3
Unitranche First Lien		21.6		14.5		80.5		77.4
Unitranche First Lien - Last Out		1.2		—		5.1		—
Senior Secured Second Lien		—		9.1		9.3		50.6
Unsecured Debt		—		0.3		1.9		0.3
Equity & Other		0.9		39.8		14.9		47.4
LLC/LP Equity Interests		11.3		0.1		32.2		2.6
Total	$	59.7	$	122.8	$	206.1	$	309.6
Net increase (decrease) in portfolio	$	30.1	$	35.7	$	56.0	$	58.1

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


	As of September 30, 2022			As of December 31, 2021
Weighted average yield on income producing securities (at cost) (1)		9.5	%		7.5	%
Percentage of debt bearing a floating rate (at fair value)		98.7	%		98.5	%
Percentage of debt bearing a fixed rate (at fair value)		1.3	%		1.5	%
Number of portfolio companies	136			134

(1)

Yield excludes investments on non-accrual status.

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


($ in millions)	As of September 30, 2022										As of December 31, 2021
	Cost		% of Cost			Fair Value		% of Fair Value			Cost		% of Cost			Fair Value		% of Fair Value
Performing	$	1,224.2		98.0	%	$	1,203.0		98.7	%	$	1,129.6		98.4	%	$	1,138.7		98.8	%
Non-Accrual		25.2		2.0	%		15.7		1.3	%		18.9		1.6	%		14.1		1.2	%
Total	$	1,249.4		100.0	%	$	1,218.7		100.0	%	$	1,148.5		100.0	%	$	1,152.8		100.0	%

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

As of September 30, 2022, we had six investments across four portfolio companies on non-accrual status, which represented 2.0% and 1.3% of the total debt investments at cost and fair value, respectively. As of December 31, 2021, we had five investments across three portfolio companies on non-accrual status, which represented 1.6% and 1.2% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of September 30, 2022 and December 31, 2021.

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

•

assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•

review of monthly and quarterly financial statements and financial projections for portfolio companies.

•

contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•

comparisons to other companies in the industry; and

•

attendance and participation in board meetings.

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

Involves the least amount of risk relative to cost or amortized cost. Investment performance is above expectations since origination or acquisition. Trends and risk factors are generally favorable, which may include financial performance or a potential exit.

Involves a level of risk that is similar to the risk at the time of origination or acquisition. The investment is generally performing as expected, and the risks around our ability to ultimately recoup the cost of the investment are neutral to favorable relative to the time of origination or acquisition. New investments are generally assigned a rating of 2 at origination or acquisition.

Indicates an investment performing below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased since origination or acquisition. For debt investments, borrowers are more likely than not in compliance with debt covenants and loan payments are generally not past due. An investment rating of 3 requires closer monitoring.

Indicates an investment performing materially below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased materially since origination or acquisition. For debt investments, borrowers may be out of compliance with debt covenants and loan payments may be past due (but generally not more than 180 days past due). Non-accrual status is strongly considered for debt investments rated 4.

Indicates an investment performing substantially below expectations where the risks around our ability to ultimately recoup the cost of the investment have substantially increased since origination or acquisition. We do not expect to recover our initial cost basis from investments rated 5. Debt investments with an investment rating of 5 are generally in payment and/or covenant default and are on non-accrual status.

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


($ in millions)	As of September 30, 2022					As of December 31, 2021
	Investments at		Percentage of			Investments at		Percentage of
Investment Performance Rating	Fair Value		Total Portfolio			Fair Value		Total Portfolio
1		12.3		1.0	%	—		—		%
2		1,131.1		87.5			1,155.8		91.0
3		133.8		10.3			100.5		7.9
4		15.7		1.2			14.1		1.1
5		—		—		—		—
Total		1,292.9		100.0	%		1,270.4		100.0	%

RESULTS OF OPERATIONS

Summary Statement of Operations


(in $ millions)	For the three months ended September 30,						For the nine months ended September 30,
	2022			2021			2022			2021
Total investment income	$	29.0		$	25.5		$	82.1		$	69.8
Total net expenses		13.0			12.8			38.5			34.7
Net investment income	$	16.0		$	12.7		$	43.6		$	35.1
Net realized gain (loss) on investments and forward contracts		(2.1	)		27.9			4.7			32.2
Net unrealized appreciation (depreciation) on investments, forward contracts and foreign transactions		(15.6	)		(23.5	)		(34.7	)		4.2
Net realized and unrealized gains (losses)	$	(17.7	)	$	4.4		$	(30.0	)	$	36.4
Benefit (provision) for taxes on realized and unrealized appreciation (depreciation) on investments		(0.7	)		(0.4	)		(0.7	)		(0.7	)
Net increase (decrease) in net assets resulting from operations	$	(2.4	)	$	16.7		$	12.9		$	70.8

Investment Income


(in $ millions)	For the three months ended September 30,				For the nine months ended September 30,
	2022		2021		2022		2021
Interest from investments	$	27.2	$	22.8	$	75.7	$	63.5
Dividend Income		1.6		2.4		6.0		5.7
Other Income		0.2		0.3		0.4		0.6
Total investment income	$	29.0	$	25.5	$	82.1	$	69.8

Interest income, which includes amortization of upfront fees, increased from $22.8 million for the three months ended September 30, 2021 to $27.2 million for the three months ended September 30, 2022, due to an expansion of the income-producing investment portfolio and a rise in benchmark rates. Included in interest from investments for the three months ended September 30, 2022 and 2021 are $0.3 million and $3.9 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $2.4 million for the three months ended September 30, 2021 to $1.6 million for the three months ended September 30, 2022, due to lower one-time dividend distributions from portfolio companies. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees associated with our investment activities, was $0.2 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively.

Interest income, which includes amortization of upfront fees, increased from $63.5 million, for the nine months ended September 30, 2021, to $75.7 million for the nine months ended September 30, 2022, due to an expansion of the income-producing investment portfolio and a rise in benchmark rates. Included in interest from investments for the nine months ended September 30, 2022 and 2021 are $2.1 million and $7.0 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income increased from $5.7 million for the nine months ended September 30, 2021 to $6.0 million for the three months ended September 30, 2022 due to higher dividend distributions from the Senior Loan Fund. Other income which includes consent, waiver, amendment, agency, underwriting and arranger fees associated with our investment activities decreased from $0.6 million for the nine months ended September 30, 2021 to $0.4 million for the nine months ended September 30, 2022, due to lower amendment fees received.

Expenses


(in $ millions)	For the three months ended September 30,						For the nine months ended September 30,
	2022			2021			2022			2021
Interest and other debt financing costs	$	8.7		$	5.7		$	20.7		$	14.5
Management fees		4.1			3.5			12.2			10.1
Income based incentive fees		2.7			2.7			8.0			7.5
Capital gains based incentive fees		(3.1	)		0.8			(5.3	)		6.2
Professional fees		0.3			0.5			1.0			1.5
Directors’ fees		0.1			0.1			0.4			0.4
Other general and administrative expenses		0.6			0.7			2.1			2.0
Total expenses	$	13.4		$	14.0		$	39.1		$	42.2
Management fee waiver		(0.1	)		(0.5	)		(0.2	)		(3.1	)
Income based incentive fees waiver		(0.1	)		(0.9	)		(0.5	)		(5.8	)
Net expenses	$	13.4		$	12.6		$	38.4		$	33.3
(Benefit) provision for income and excise taxes		(0.4	)		0.2			0.1			1.4
Total	$	13.0		$	12.8		$	38.5		$	34.7

Interest and other debt financing costs

Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended September 30, 2022 and 2021 interest and other debt financing costs were $8.7 million and $5.7 million, respectively. For the nine months ended September 30, 2022 and 2021 interest and other debt financing costs were $20.7 million and $14.5 million, respectively. The increase for both periods was due to a higher weighted average debt outstanding and higher weighted average cost of debt related to a rise in benchmark rates.

Base Management Fees

For the three months ended September 30, 2022 and 2021, we incurred management fees of $4.1 million and $3.5 million, respectively, of which $0.1 million and $0.5 million, respectively, were waived. For the nine months ended September 30, 2022 and 2021, we incurred management fees of $12.2 million and $10.1 million, respectively, of which $0.2 million and $3.1 million, respectively, were waived. The increase in net management fees was driven by growing assets under management and the expiration of the management fee waiver on July 31, 2021.

Incentive Fees

For the three months ended September 30, 2022 and 2021, we incurred income based incentive fees of $2.7 million and $2.7 million, of which $0.1 million and $0.9 million, respectively, were waived. For the nine months ended September 30, 2022 and 2021, we incurred income based incentive fees of $8.0 million and $7.5 million, of which $0.5 million and $5.8 million, respectively, were waived. The increase in net incentive fees was driven by growing investment income and the expiration of the income based incentive fee waiver on July 31, 2021.

For the three months ended September 30, 2022 and 2021 we (reversed) accrued $(3.1) million and $0.8 million, respectively, of capital gains based incentive fees. For the nine months ended September 30, 2022 and 2021 we (reversed) accrued $(5.3) million and $6.2 million, respectively, of capital gains based incentive fees. As of September 30, 2022 and December 31, 2021, $1.1 million and $6.3 million, respectively, was accrued and unpaid. The fluctuation in accumulated incentive fees on cumulative unrealized capital appreciation was attributable to the inception to date performance of the investment portfolio.

Professional Fees and Other General and Administrative Expenses

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

For the three months ended September 30, 2022 and 2021, professional fees were $0.3 million and $0.5 million, respectively. For the nine months ended September 30, 2022 and 2021, professional fees were $1.0 million and $1.5 million, respectively. The decrease in the comparative periods' professional fees was attributable to lower legal expense during the current year.

For the three months ended September 30, 2022 and 2021, other general and administrative expenses were $0.6 million and $0.7 million, respectively. For the nine months ended September 30, 2022 and 2021, other general and administrative expenses were $2.1 million and $2.0 million, respectively.

Income and Excise Taxes

For the three months ended September 30, 2022 and 2021, we (reversed) expensed income and excise taxes of $(0.4) million and $0.2 million. For the nine months ended September 30, 2022 and 2021, we expensed income and excise taxes of $0.1 million and $1.4 million. The decrease in the comparative periods' income and excise tax was attributable to a true-up as a result of the filing of the 2021 tax returns.

Net Investment Income

For the three months ended September 30, 2022 and 2021, GAAP net investment income was $16.0 million or $0.52 per share and $12.7 million or $0.45 per share, respectively. For the nine months ended September 30, 2022 and 2021, GAAP net investment income was $43.6 million or $1.41 per share and $35.1 million or $1.25 per share, respectively. The increase in the per share net investment income was due to a reversal of previously recorded capital gains incentive fees.

For the three months ended September 30, 2022 and 2021, net investment income excluding capital gains incentive fees (“Adjusted Net Investment Income”), was $13.0 million or $0.42 per share and $13.5 million or $0.48 per share, respectively. For the nine months ended September 30, 2022 and 2021, Adjusted Net Investment Income was $38.3 million or $1.24 per share and $41.3 million or $1.47 per share, respectively. The decrease in the per share Adjusted Net Investment Income was due to the expiration of management fee and income based incentive fee waivers on July 31, 2021.

The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to Adjusted Net Investment Income for the periods presented:


(in $ millions)	For the three months ended September 30,										For the nine months ended September 30,
	2022						2021				2022						2021
	Amount			Per Share			Amount		Per Share		Amount			Per Share			Amount		Per Share
GAAP net investment income	$	16.0		$	0.52		$	12.7	$	0.45	$	43.6		$	1.41		$	35.1	$	1.25
Capital gains based incentive fee		(3.0	)		(0.10	)		0.8		0.03		(5.3	)		(0.17	)		6.2		0.22
Adjusted Net Investment Income	$	13.0		$	0.42		$	13.5	$	0.48	$	38.3		$	1.24		$	41.3	$	1.47

On a supplemental basis, we are disclosing Adjusted Net Investment Income and per share Adjusted Net Investment Income, each of which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (“non-GAAP”). Adjusted Net Investment Income represents net investment income, excluding capital gains incentive fees. We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believe that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends without giving effect to capital gains incentive fees. The Investment Advisory Agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized capital depreciation on a cumulative basis. We believe that Adjusted Net Investment Income is a useful performance measure because it reflects the net investment income produced on the Company’s investments during a period without giving effect to any changes in the value of such investments and any related capital gains incentive fees between periods. The presentation of Adjusted Net Investment Income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

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 September 30,						For the nine months ended September 30,
	2022			2021			2022			2021
Realized losses on non-controlled and non-affiliated investments	$	(1.5	)	$	(0.1	)	$	(1.6	)	$	(0.2	)
Realized gains on non-controlled and non-affiliated investments		0.3			0.5			1.6			5.1
Realized losses on non-controlled and affiliated investments		—			—			—			—
Realized gains on non-controlled and affiliated investments		—			27.5			7.1			27.5
Realized losses on controlled investments		(0.8	)		—			(2.5	)		(0.1	)
Realized gains on controlled investments		—			—			—			—
Realized losses on foreign currency forwards		—			(0.1	)		—			—
Realized gains on foreign currency forwards		—			—			—			—
Realized losses on foreign currency transactions		(0.1	)					(0.1	)		(0.2	)
Realized gains on foreign currency transactions		—			0.1			0.2			0.1
Net realized gains (losses) on investments	$	(2.1	)	$	27.9		$	4.7		$	32.2
Change in unrealized depreciation on non-controlled and non-affiliated investments		(24.2	)		(9.3	)		(45.2	)		(15.0	)
Change in unrealized appreciation on non-controlled and non-affiliated investments		8.7			12.2			10.8			28.2
Change in unrealized depreciation on foreign currency translation		—			—			—			—
Change in unrealized appreciation on foreign currency translation		1.1			—			1.3			—
Change in unrealized depreciation on non-controlled and affiliated investments		(6.1	)		(28.8	)		(10.7	)		(14.2	)
Change in unrealized appreciation on non-controlled and affiliated investments		0.2			0.6			0.2			1.7
Change in unrealized depreciation on controlled and affiliated investments		(1.0	)		—			(2.4	)		—
Change in unrealized appreciation on controlled and affiliated investments		—			0.3			—			1.5
Change in unrealized depreciation on foreign currency forwards		—			—			—			—
Change in unrealized appreciation on foreign currency forwards		5.7			1.5			11.3			2.0
Net unrealized appreciation (depreciation) on investments		(15.6	)		(23.5	)		(34.7	)		4.2
Net realized and unrealized gains (losses) on investments and asset acquisition		(17.7	)		4.4			(30.0	)		36.4

Hedging

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

During the nine months ended September 30, 2022 and 2021, our average U.S. Dollar notional exposure to foreign currency forward contracts were $98.7 million and $70.1 million, respectively.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

As of September 30, 2022, we had $22.2 million in cash and cash equivalents and restricted cash and cash equivalents and $193.0 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of September 30, 2022, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of September 30, 2022, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of September 30, 2022. However, any 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 COVID-19 pandemic, the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.

Capital Share Activity

There were no equity issuances of our common stock during the nine months ended September 30, 2022. During the year ended December 31, 2021, we issued 2,720,000 shares of our common stock for total proceeds of $58.0 million in connection with the equity offering on November 18, 2021.

Debt


($ in millions)	September 30, 2022
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)		Weighted Average Debt Outstanding		Weighted Average Interest Rate
SPV Asset Facility	$	350.0	$	241.8	$	108.2	$	241.8	$	245.2		6.09	%
SMBC Corporate Revolving Facility		350.0		265.2		84.8		265.2		235.4		4.94	%
2023 Unsecured Notes		50.0		50.0		—		50.0		50.0		6.50	%
2026 Unsecured Notes		135.0		135.0		—		135.0		135.0		4.21	%
Total Debt	$	885.0	$	692.0	$	193.0	$	692.0	$	665.6		5.31	%


($ in millions)	December 31, 2021
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)		Weighted Average Debt Outstanding		Weighted Average Interest Rate
SPV Asset Facility	$	350.0	$	249.5	$	100.5	$	249.5	$	269.8		2.53	%
SMBC Corporate Revolving Facility		300.0		203.4		96.6		203.4		25.0		2.39	%
2023 Unsecured Notes		50.0		50.0		—		50.0		50.0		6.50	%
2026 Unsecured Notes		135.0		135.0		—		135.0		99.7		4.21	%
Ally Corporate Revolving Facility		—		—		—		—		83.2		0.00	%
InterNotes®		—		—		—		—		3.0		0.00	%
Total Debt	$	835.0	$	637.9	$	197.1	$	637.9	$	530.7		3.15	%

(1)

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

(2)

Amount presented excludes netting of deferred financing costs.

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.

The maximum commitment amount under the SPV Asset Facility is $350.0 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) June 22, 2026 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 LIBOR plus a margin with no LIBOR floor. The margin is between 1.65% and 2.10% as determined by the proportion of liquid and illiquid loans pledged to the SPV Asset Facility. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

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

SMBC Corporate Revolving Facility

On October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). The maximum principal amount of the SMBC Corporate Revolving Facility is $350.0 million, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at LIBOR or adjusted SOFR plus 1.875% or 2.000%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on October 27, 2026.

Ally Corporate Revolving Facility

On August 20, 2019, the Company entered into a senior secured revolving credit facility with Ally Bank, as Administrative Agent and Arranger (the “Ally Corporate Revolving Facility”). The maximum principal amount of the Ally Corporate Revolving Facility was $200.0 million, subject to availability under the borrowing base. Borrowings under the Ally Corporate Revolving Facility bore interest at LIBOR plus a 2.35% margin with no LIBOR floor.

We terminated the Ally Corporate Revolving Facility concurrent with the closing of the SMBC Corporate Revolving Facility, on October 27, 2021.

2023 Unsecured Notes

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

The 2023 Unsecured Notes will mature on July 30, 2023 and may be redeemed in whole or in part, at the Company’s option, any time on or after January 30, 2023 at par plus accrued interest or any time prior to January 30, 2023 at par plus a “make-whole” premium and accrued interest. Interest on the 2023 Unsecured Notes is due and payable semiannually in arrears on January 30 th and July 30 th of each year.

2026 Unsecured Notes

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

The 2026 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 2026 Unsecured Notes is due and payable semiannually in arrears on February 17 th and August 17 th of each year.

InterNotes ®

On January 31, 2020, in connection with the Alcentra Acquisition, we assumed direct unsecured fixed interest rate obligations or “InterNotes ® ”. The InterNotes ® bore interest at fixed interest rates ranging between 6.25% and 6.75% and offered a variety of maturities ranging between February 15, 2021 and April 15, 2022. We redeemed or paid down the remaining $16.4 million of InterNotes ® during the first quarter of 2021.

The summary of costs incurred in connection with the SPV Asset Facility, SMBC Corporate Revolving Facility, Ally Corporate Revolving Facility, 2023 Unsecured Notes, 2026 Unsecured Notes and InterNotes ® is presented below:


($ in millions)	For the three months ended September 30,				For the nine months ended September 30,
	2022		2021		2022		2021
Borrowing interest expense	$	8.1	$	4.2	$	18.7	$	11.7
Unused facility fees		0.2		0.3		0.7		0.8
Amortization of financing costs		0.4		1.2		1.3		2.0
Total interest and credit facility expenses	$	8.7	$	5.7	$	20.7	$	14.5
Weighted average outstanding balance		694.9		507.1		665.6		529.8

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.

As of September 30, 2022 and December 31, 2021, our asset coverage ratio was 189% and 201%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.

OFF BALANCE SHEET ARRANGEMENTS

Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2022 and December 31, 2021, we had aggregate unfunded commitments totaling $193.4 million and $195.6 million, respectively.

RECENT DEVELOPMENTS

On November 4, 2022, our Board of Directors declared a regular cash dividend of $0.41 per share, which will be paid on January 17, 2023 to stockholders of record as of December 30, 2022.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Valuation Risk

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

Interest Rate Risk

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

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

As of September 30, 2022, 98.7% 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 Statements of Assets and Liabilities as of September 30, 2022 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 200 basis points		24.2			10.1			14.1
Up 100 basis points		12.1			5.1			7.0
Up 75 basis points		9.1			3.8			5.3
Up 50 basis points		6.1			2.5			3.6
Down 50 basis points		(6.1	)		(2.5	)		(3.6	)
Down 75 basis points		(9.1	)		(3.8	)		(5.3	)
Down 100 basis points		(12.1	)		(5.1	)		(7.0	)
Down 200 basis points		(24.2	)		(10.1	)		(14.1	)

(1)

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. To the extent the loan or investment is based on a floating rate, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate. As of September 30, 2022, we had £23.0 million, €17.8 million, CAD $30.7 million, AUD $29.3, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £23.0 million, €18.3 million, CAD $30.8 million, AUD $29.9, and SEK 11.6 at par.

ITEM 4. CONTROLS AND PROCEDURES

(a)

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2022. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2022, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

(b)

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a material misstatement of our consolidated financial statements would be prevented or detected.

Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of September 30, 2022.

(c)

Changes in Internal Control over Financial Reporting.

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2022, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II . O THER INFORMA TION

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, 2021, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks 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.

Market Risk Factors

Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.

Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. In addition, a decreased U.S. government credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.

Deterioration in the economic conditions in the Eurozone and globally, including instability in financial markets, may pose a risk to our business. In recent years, financial markets have been affected at times by a number of global macroeconomic and political events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the potential effect of any European country leaving the Eurozone, the potential effect of the United Kingdom leaving the European Union, and market volatility and loss of investor confidence driven by political events. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. We cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.

The current global financial market situation, as well as various social and political circumstances in the U.S. and around the world, including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, adverse effects of climate crisis and global health epidemics (including the COVID-19), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. In particular, the consequences of the Russian military invasion of Ukraine, including comprehensive international sanctions, the impact on inflation and increased disruption to supply chains and energy resources may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited “cold” wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Company’s returns and net asset value. We have no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond our control. Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets.

Additionally, the U.S. government’s credit and deficit concerns, the European sovereign debt crisis, and the potential trade war with China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets on favorable terms. In this period of rising interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income.

We are subject to risks associated with the current interest rate environment, and to the extent we use debt to finance our investments, changes in interest rates may affect our cost of capital and net investment income. Further, changes in LIBOR or its discontinuation may adversely affect the value of LIBOR-indexed securities, loans, and other financial obligations or extensions of credit in our portfolio.

A further increase in interest rates during this period of rising interest rates may make it more difficult for our portfolio companies to service their obligations under the debt investments that we hold. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults.

In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. However, in March 2021, the FCA announced that most U.S. dollar LIBOR would continue to be published through June 30, 2023 effectively extending the LIBOR transition period to June 30, 2023. However, the FCA has indicated it will not compel panel banks to continue to contribute to LIBOR after the end of 2021 and the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate no later than December 31, 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, supports replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. Although there have been a few issuances utilizing SOFR or the Sterling Over Night Index Average, an alternative reference rate that is based on transactions, it is unknown whether these alternative reference rates will attain market acceptance as replacements for LIBOR. Any transition away from LIBOR to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.

There can be no assurance that all of the LIBOR-indexed securities, loans, and other financial obligations or extensions of credit in which we are invested do or will include, or be amended to include, an alternative rate-setting methodology to be used in the event that LIBOR ceases to exist. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market for or value of any LIBOR- linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations.

To the extent we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In this period of rising interest rates, our cost of funds may further increase, which could reduce our net investment income.

In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, any further increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income, which could make it easier for us to meet or exceed the Hurdle Amount and, as a result, increase the in incentive fees payable to the Adviser.

In anticipation of the cessation of LIBOR, we may need to renegotiate credit facilities and any credit agreements extending beyond 2022 with our prospective portfolio companies that utilize LIBOR as a factor in determining the interest rate or rely on certain fallback provisions that could cause interest rates to shift to a base rate plus a margin. Any such renegotiations may have a material adverse effect on our business, financial condition and results of operations, including as a result of changes in interest rates payable to us by our portfolio companies or payable by us under our credit facilities.

We are subject to risks related to inflation.

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades. As inflation increases, the real value of our shares and distributions therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Company would likely increase, which would tend to further reduce returns to shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our shareholders. This risk is greater for fixed-income instruments with longer maturities.

Risks Factors Relating to the Merger

Sales of shares of our common stock after the completion of the Mergers may cause the market price of our common stock to decline.

Based on the number of outstanding shares of our common stock as of October 3, 2022 and the net asset values of each of us and FCRD as of June 30, 2022, we would issue approximately 6.2 million shares of our common stock pursuant to the Merger Agreement to FCRD stockholders. Many FCRD stockholders may decide not to hold the shares of our common stock they will receive pursuant to the Merger Agreement. In addition, our existing stockholders may decide not to hold their shares of our common Stock after completion of the Mergers. In each case, such sales of our common stock could have the effect of depressing the market price for our common stock and may take place promptly following the completion of the Mergers.

We and FCRD may fail to consummate the Mergers. If the Mergers do not close, we will not benefit from the expenses incurred in their pursuit.

While there can be no assurances as to the exact timing, or that the Mergers will be completed at all, we and FCRD are working to complete the Mergers late in the fourth quarter of 2022 or early in the first quarter of 2023. The consummation of the Mergers is subject to certain conditions, including, among others, the FCRD Stockholder Approval, required regulatory approvals and other customary closing conditions. We and FCRD intend to consummate the Mergers as soon as possible; however, there can be no assurance that the conditions required to consummate the Mergers will be satisfied or waived on the anticipated schedule, or at all. If the Mergers are not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received.

Consummation of the Mergers will cause immediate dilution to our stockholders’ voting interests and may cause immediate dilution to the net asset value per share of the combined company’s common stock.

Our stockholders will experience a substantial reduction in their respective percentage ownership interests and effective voting power in respect of the combined company relative to their respective ownership interests in us prior to the Mergers. Consequently, our stockholders should expect to exercise less influence over the management and policies of the combined company following the Mergers than they currently exercise over our management and policies.

If the Mergers are consummated, based on the number of shares of our common stock issued and outstanding as of June 30, 2022 and the net asset values of each of us and FCRD on June 30, 2022, it is expected that our current stockholders will own approximately 83% of our outstanding common stock and former FCRD Stockholders will own approximately 17% of our outstanding common stock immediately following consummation of the Mergers. In addition, subject to certain restrictions in the Merger Agreement, we may issue additional shares of our common stock (including, subject to certain restrictions under the 1940 Act, at prices below our common stock’s then current NAV per share), all of which would further reduce the percentage ownership of the combined company held by former FCRD Stockholders and our current stockholders. In addition, the issuance or sale of shares of our common stock at a discount to our net asset value per share poses a risk of economic dilution to stockholders.

The combined company may be unable to realize the benefits anticipated by the Mergers, including estimated cost savings and synergies, or it may take longer than anticipated to achieve such benefits.

The realization of certain benefits anticipated as a result of the Mergers will depend in part on the integration of FCRD’s investment portfolio with our investment portfolio and the integration of FCRD’s business with our business. There can be no assurance that FCRD’s and our businesses can be operated profitably or integrated successfully into our operations in a timely fashion, or at all. The dedication of management resources to such integration may detract attention from our day-to-day business and, following completion of the Mergers, of the day-to-day business of the combined company, and there can be no assurance that there will not be substantial costs associated with the transition process or there will not be other material adverse effects as a result of these integration efforts. Such effects, including incurring unexpected costs or delays in connection with such integration and failure of FCRD’s investment portfolio to perform as expected, could have a material adverse effect on financial results of the combined company.

We also expect to achieve certain cost savings and synergies from the Mergers when the two companies have fully integrated their portfolios. It is possible that our estimates of the potential cost savings and synergies could turn out to be incorrect. If the

estimates turn out to be incorrect or the combined company cannot integrate their investment portfolios and businesses, the anticipated cost savings and synergies may not be fully realized, or realized at all, or may take longer to realize than expected.

The Mergers may trigger certain “change of control” provisions and other restrictions in certain of our and FCRD’s contracts and the failure to obtain any required consents or waivers could adversely impact the combined company.

Certain agreements of us and FCRD or our respective controlled affiliates will or may require the consent of one or more counterparties in connection with the Mergers. The failure to obtain any such consent may permit such counterparties to terminate, or otherwise increase their rights or our or FCRD’s obligations under, any such agreement because the Mergers may violate an anti-assignment, change of control or similar provision. If this happens, we or FCRD may have to seek to replace that agreement with a new agreement or seek a waiver or amendment to such agreement. We cannot assure you that we or FCRD will be able to replace, amend or obtain a waiver under any such agreement on comparable terms or at all.

If any such agreement is material, the failure to obtain consents, amendments or waivers under, or to replace on similar terms or at all, any of these agreements could adversely affect the financial performance or results of operations of the combined company following the Mergers, including preventing us from operating a material part of FCRD’s business.

In addition, the consummation of the Mergers may violate, conflict with, result in a breach of any provision of or the loss of any benefit under, constitute a default (or an event that, with or without notice or lapse of time or both, would constitute a default) under, or result in the termination, cancellation, acceleration or other change of any right or obligation (including any payment obligation) under our or FCRD’s agreements. Any such violation, conflict, breach, loss, default or other effect could, either individually or in the aggregate, have a material adverse effect on the financial condition, results of operations, assets or business of the combined company following completion of the Mergers.

Litigation which may be filed against us or FCRD in connection with the Mergers, regardless of its merits, could result in substantial costs and could delay or prevent the Mergers from being completed.

From time to time, we and FCRD may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Mergers. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management time and resources. An adverse judgment in such cases could have a negative impact on our liquidity and financial condition or could prevent the Mergers from being completed.

Termination of the Merger Agreement could negatively impact us.

If the Merger Agreement is terminated, there may be various consequences, including:

•

our businesses may have been adversely impacted by the failure to pursue other beneficial opportunities due to the focus of management on the Mergers, without realizing any of the anticipated benefits of completing the Mergers;

•

the market price of our common stock might decline to the extent that the market price prior to termination reflects a market assumption that the Mergers will be completed; and

•

the payment of any termination fee, if required under the circumstances, could adversely affect our financial condition and liquidity.

Under certain circumstances, we may be obligated to pay a termination fee upon termination of the Merger Agreement.

No assurance can be given that the Mergers will be completed. The Merger Agreement provides for the payment by us to FCRD of a termination fee under certain circumstances.

The Mergers are subject to closing conditions, including the FCRD Stockholder Approval, that, if not satisfied or waived, will result in the Mergers not being completed, which may result in material adverse consequences to our business and operations.

The Mergers are subject to closing conditions, including the FCRD Stockholder Approval, that, if not satisfied, will prevent the Mergers from being completed. The closing condition that FCRD Stockholders approve the First Merger may not be waived under applicable law and must be satisfied for the Mergers to be completed. FCRD currently expects that all directors and executive officers

of FCRD will vote their shares of FCRD Common Stock in favor of the proposals presented at the FCRD Special Meeting required to complete the Mergers. In addition, First Eagle Investment Management LLC (“FEIM”) has entered into a voting agreement pursuant to which it has agreed to vote the shares of FCRD Common Stock held by FEIM in favor of the proposals presented at the FCRD Special Meeting required to complete the Mergers. If FCRD stockholders do not approve the First Merger and the Mergers are not completed, the resulting failure of the Mergers could have a material adverse impact on our businesses and operations.

In addition to the FCRD Stockholder Approval, the Mergers are subject to a number of other conditions beyond our control that may prevent, delay or otherwise materially adversely affect its completion. We cannot predict with certainty whether and when these other conditions will be satisfied.

We may waive one or more conditions to the Mergers.

Certain conditions to our obligations to complete the Mergers may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement with FCRD. In the event that any such waiver does not require resolicitation of FCRD’s stockholders, the parties to the Merger Agreement will have the discretion to complete the Mergers without seeking further stockholder approval. The conditions requiring the approval of FCRD’s stockholders, however, cannot be waived.

We will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.

Uncertainty about the effect of the Mergers may have an adverse effect on us and, consequently, on the combined company following completion of the Mergers. These uncertainties may cause those that deal with us to seek to change their existing business relationships. In addition, the Mergers agreement restricts us from taking actions that they might otherwise consider to be in our best interests. These restrictions may prevent us from pursuing certain business opportunities that may arise prior to the completion of the Mergers.

The market price of our common stock after the Mergers may be affected by factors different from those affecting our common stock currently.

Our businesses and FCRD’s business differ in some respects and, accordingly, the results of operations of the combined company and the market price of our common stock after the Mergers may be affected by factors different from those currently affecting the independent results of operations of each of us and FCRD. These factors include:

•

a larger stockholder base;

•

a different portfolio composition; and

•

a different capital structure.

Accordingly, our historical trading prices and financial results may not be indicative of these matters for the combined company following the Mergers.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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


1.	Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial Statements on page F-1 of this quarterly report on Form 10-Q.

2	Financial Statement Schedules—None. We have omitted financial statements schedules because they are not required or are not applicable, or the required information is shown in the consolidated financial statements or notes to the consolidated financial statements included in this quarterly report on Form 10-Q.

3.	Exhibits—The following is a list of all exhibits filed as a part of this quarterly report on Form 10-Q, including those incorporated by reference.

2.1	Agreement and Plan of Merger, dated August 12, 2019, by and among the Company, Atlantis Acquisition Sub, Inc., Alcentra Capital Corporation and Crescent Cap Advisors, LLC (formerly CBDC Advisors, LLC) (incorporated by reference to Exhibit 2.1 to the Company’s current report on Form 8-K filed on August 13, 2019).

2.2	Amendment No. 1, dated September 27, 2019, to Agreement and Plan of Merger by and among the Company, Atlantis Acquisition Sub, Inc., Alcentra Capital Corporation and Crescent Cap Advisors, LLC (incorporated by reference to Annex B to the Company’s Preliminary Proxy Statement filed on October 3, 2019.

2.3	Agreement and Plan of Merger, dated September 27, 2019, by and between the Company and Crescent Reincorporation Sub, Inc. (incorporated by reference to Exhibit 2.3 to the Company’s quarterly report on Form 10-Q filed on November 7, 2019).

2.4	Agreement and Plan of Merger, dated as of October 3, 2022, by and among the Company, Echelon Acquisition Sub, Inc., Echelon Acquisition Sub LLC, First Eagle Alternative Capital BDC, Inc. and Crescent Cap Advisors, LLC (incorporated by reference to Exhibit 2.1 to the Company’s current report on Form 8-K filed on October 4,2022).

3.1	Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on January 30, 2020).

3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on January 30, 2020).

4.1	Amended and Restated Dividend Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Company’s Form 10-K filed on March 4, 2020).

4.2	Description of Securities (incorporated by reference to Exhibit 4.2 to the Company’s current report on Form 10-K filed on February 24, 2022).

10.1	Investment Advisory Agreement by and between Crescent Capital BDC, Inc. and Crescent Cap Advisors, LLC, dated as of January 5, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on January 6, 2021).

10.2	Amended and Restated Administration Agreement by and between the Company and CCAP Administration LLC (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on February 3, 2020).

10.3	Trademark License Agreement, dated April 30, 2015, by and between the Company and Crescent (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000-55380) filed on June 5, 2015).

10.4	Form of Indemnification Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K filed on January 31, 2020).

10.5	Form of Advisory Fee Waiver Agreement by and between the Company and the Adviser (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form 10 (File No. 000-55380) filed on June 5, 2015).

10.6	Amended and Restated Advisory Fee Waiver Agreement, dated August 7, 2018, by and between the Company and the Adviser (incorporated by reference to Exhibit 10.11 to the Company’s current report on Form 10-Q filed on August 10, 2018).

10.7	Form of Subscription Agreement (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000-55380) filed on June 5, 2015).

10.8	Custodial Agreement, dated as of May 21, 2021, by and between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.9 to the Company’s current report on Form 10-Q filed on August 11, 2021).


10.9	Transaction Support Agreement, dated August 12, 2019, between Crescent Capital BDC, Inc. and Crescent Cap Advisors, LLC (f/k/a CBDC Advisors, LLC) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01132), filed on August 13, 2019).

10.10	Conformed Loan and Security Agreement (conformed through Amendment No. 4) (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on March 17, 2020).

10.11	Fifth Amendment to Loan and Security Agreement, dated June 21, 2021, among Crescent Capital BDC, Inc., as the collateral manager, seller and equityholder, Crescent Capital BDC Funding, LLC, as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on June 25, 2021).

10.12	Master Note Purchase Agreement, dated July 30, 2020, by and among Crescent Capital BDC, Inc. and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on July 30, 2020).

10.13	Form of 5.95% Series 2020A Senior Notes due July 30, 2023 (included in Exhibit 10.12).

10.14	First Supplement and Amendment to Note Purchase Agreement, dated February 17, 2021, by and among Crescent Capital BDC, Inc. and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on February 17, 2021).

10.15	Form of 4.00% SERIES 2021A Senior Note Due February 17, 2026 (included in Exhibit 10.14).

10.16	Senior Secured Revolving Credit Agreement dated October 27, 2021, by and among Crescent Capital BDC, Inc. as the Borrower, certain lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, arranger, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on October 29, 2021).

10.17	First Amendment to Senior Secured Revolving Credit Agreement dated March 4, 2022, by and among Crescent Capital BDC, Inc. as the Borrower, certain lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, arranger, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on March 7, 2022).

14.1	Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Form 10-K filed on March 4, 2020).

21.1	Subsidiaries of Crescent Capital BDC Inc. (incorporated by reference to Exhibit 21.1 to the Company’s current report on Form 10-K filed on February 23, 2022).

31.1	Certification of Chief Executive Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

31.2	Certification of Chief Financial Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

32	Certification of Chief Executive Officer and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
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SIGNATURES

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



	Crescent Capital BDC, Inc.

Date: November 9, 2022	By:	/s/ Jason A. Breaux
		Jason A. Breaux
		Chief Executive Officer

Date: November 9, 2022	By:	/s/ Gerhard Lombard
		Gerhard Lombard
		Chief Financial Officer

TABLE OF CONTENTS

Note 1. Organization and Basis Of Presentation Note 2. Summary Of Significant Accounting Policies Note 3. Agreements and Related Party Transactions Note 4. Investments Note 5. Fair Value Of Financial Instruments Note 6. Debt Note 7. Derivatives Note 8. Commitments, Contingencies and Indemnifications Note 9. Net Assets Note 10. Earnings Per Share Note 11. Income Taxes Note 12. Financial Highlights Note 13. Subsequent Events Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Part II Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits and Financial Statement Schedules

Exhibits

CCAP 10-Q Quarter ended Sept. 30, 2022

Exhibits