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Crescent Capital BDC, Inc. - Quarter Report: 2023 June (Form 10-Q)

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 June 30, 2023

or

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

Commission file number 814-01132

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

47-3162282

(State or Other Jurisdiction of

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

5.00% Notes due 2026

FCRX

The New York Stock Exchange

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

 

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

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

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

Large accelerated filer

Accelerated filer

Non-Accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at August 9, 2023 was 37,061,547


 

 


 

CRESCENT CAPITAL BDC, INC.

 

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2023

 

Table of Contents

 

Page

PART I

FINANCIAL INFORMATION

Item 1.

Financial Statements

4

 

Consolidated Statements of Assets and Liabilities as of June 30, 2023 (Unaudited) and December 31,
2022

4

 

Consolidated Statements of Operations for the three and six months ended June, 2023 and 2022 (Unaudited)

5

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022 (Unaudited)

7

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (Unaudited)

9

 

Consolidated Schedule of Investments as of June 30, 2023 (Unaudited)

10

 

Consolidated Schedule of Investments as of December 31, 2022

40

 

Notes to Consolidated Financial Statements (Unaudited)

61

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

89

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

102

Item 4.

Controls and Procedures

103

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

104

Item 1A.

Risk Factors

104

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

105

Item 3.

Defaults Upon Senior Securities

105

Item 4.

Mine Safety Disclosures

105

Item 5.

Other Information

105

Item 6.

Exhibits

106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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;
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;

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

2


 

inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

 

3


 

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

 

As of
June 30, 2023
(unaudited)

 

 

As of
December 31, 2022

 

Assets

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

Non-controlled non-affiliated (cost of $1,483,590 and $1,235,778, respectively)

$

1,461,735

 

 

$

1,208,501

 

Non-controlled affiliated (cost of $57,257 and $42,040, respectively)

 

58,836

 

 

 

43,080

 

Controlled (cost of $68,792 and $13,638, respectively)

 

60,559

 

 

 

11,375

 

Cash and cash equivalents

 

7,535

 

 

 

6,397

 

Restricted cash and cash equivalents

 

13,927

 

 

 

10,670

 

Interest and dividend receivable

 

11,766

 

 

 

9,945

 

Unrealized appreciation on foreign currency forward contracts

 

7,069

 

 

 

8,154

 

Deferred tax assets

 

1,324

 

 

 

91

 

Receivable for investments sold

 

-

 

 

 

5

 

Other assets

 

1,872

 

 

 

4,660

 

 

 

 

 

 

 

Total assets

$

1,624,623

 

 

$

1,302,878

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Debt (net of deferred financing costs of $7,974 and $5,380)

$

859,167

 

 

$

654,456

 

Distributions payable

 

15,195

 

 

 

12,664

 

Interest and other debt financing costs payable

 

9,393

 

 

 

8,471

 

Management fees payable

 

4,960

 

 

 

4,056

 

Incentive fees payable

 

4,278

 

 

 

3,112

 

Deferred tax liabilities

 

2,134

 

 

 

899

 

Payable for investment purchased

 

-

 

 

 

514

 

Directors’ fees payable

 

146

 

 

 

151

 

Unrealized depreciation on foreign currency forward contracts

 

310

 

 

 

157

 

Accrued expenses and other liabilities

 

3,235

 

 

 

5,857

 

Total liabilities

 

898,818

 

 

 

690,337

 

 

 

 

 

 

 

Commitments and Contingencies (Note 8)

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)

 

-

 

 

 

-

 

Common stock, par value $0.001 per share (200,000,000 shares authorized, 37,061,547 and 30,887,360 shares issued and outstanding, respectively)

 

37

 

 

 

31

 

Paid-in capital in excess of par value

 

788,299

 

 

 

675,008

 

Accumulated earnings (loss)

 

(62,531

)

 

 

(62,498

)

Total net assets

 

725,805

 

 

 

612,541

 

Total liabilities and net assets

$

1,624,623

 

 

$

1,302,878

 

Net asset value per share

$

19.58

 

 

$

19.83

 

 

 

See accompanying notes

 

 

 

4


 

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

41,255

 

 

$

23,492

 

 

$

75,501

 

 

$

44,443

 

 

 

Paid-in-kind interest

 

 

650

 

 

 

374

 

 

 

1,268

 

 

 

689

 

 

 

Dividend income

 

 

75

 

 

 

6

 

 

 

79

 

 

 

14

 

 

 

Other income

 

 

181

 

 

 

172

 

 

 

228

 

 

 

261

 

 

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

740

 

 

 

271

 

 

 

1,352

 

 

 

619

 

 

 

Paid-in-kind interest

 

 

186

 

 

 

-

 

 

 

235

 

 

 

2,039

 

 

 

Dividend income

 

 

551

 

 

 

997

 

 

 

1,179

 

 

 

3,271

 

 

 

Other income

 

 

149

 

 

 

-

 

 

 

149

 

 

 

-

 

 

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

154

 

 

 

184

 

 

 

320

 

 

 

366

 

 

 

Paid-in-kind interest

 

 

-

 

 

 

178

 

 

 

192

 

 

 

352

 

 

 

Dividend income

 

 

2,800

 

 

 

1,100

 

 

 

5,520

 

 

 

1,100

 

 

 

Total investment income

 

 

46,741

 

 

 

26,774

 

 

 

86,023

 

 

 

53,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt financing costs

 

 

15,273

 

 

 

6,571

 

 

 

27,642

 

 

 

12,042

 

 

 

Management fees

 

 

5,010

 

 

 

4,073

 

 

 

9,468

 

 

 

8,090

 

 

 

Income based incentive fees

 

 

4,349

 

 

 

2,604

 

 

 

8,041

 

 

 

5,322

 

 

 

Capital gains based incentive fees

 

 

-

 

 

 

(2,870

)

 

 

-

 

 

 

(2,149

)

 

 

Professional fees

 

 

427

 

 

 

256

 

 

 

737

 

 

 

708

 

 

 

Directors’ fees

 

 

138

 

 

 

113

 

 

 

306

 

 

 

230

 

 

 

Other general and administrative expenses

 

 

753

 

 

 

677

 

 

 

1,478

 

 

 

1,370

 

 

 

Total expenses

 

 

25,950

 

 

 

11,424

 

 

 

47,672

 

 

 

25,613

 

 

 

Management fees waiver

 

 

(50

)

 

 

(57

)

 

 

(96

)

 

 

(113

)

 

 

Income based incentive fees waiver

 

 

(71

)

 

 

(385

)

 

 

(159

)

 

 

(430

)

 

 

Net expenses

 

 

25,829

 

 

 

10,982

 

 

 

47,417

 

 

 

25,070

 

 

 

Net investment income before taxes

 

 

20,912

 

 

 

15,792

 

 

 

38,606

 

 

 

28,084

 

 

 

Provision for income and excise taxes

 

 

340

 

 

 

259

 

 

 

541

 

 

 

414

 

 

 

Net investment income

 

 

20,572

 

 

 

15,533

 

 

 

38,065

 

 

 

27,670

 

 

 

Net realized and unrealized gains (losses) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled non-affiliated investments

 

 

(6,494

)

 

 -

 

 

 

(6,243

)

 

 

1,306

 

 

 

Non-controlled affiliated investments

 

 

-

 

 

 -

 

 

 

-

 

 

 

7,113

 

 

 

Controlled investments

 

 

-

 

 

 

(1,681

)

 

 

-

 

 

 

(1,681

)

 

 

Foreign currency transactions

 

 

(58

)

 

 

(85

)

 

 

(58

)

 

 

68

 

 

 

Foreign currency forward contracts

 

 

-

 

 

 -

 

 

 

-

 

 

 

24

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled non-affiliated investments and foreign currency translation

 

 

10,010

 

 

 

(17,887

)

 

 

4,456

 

 

 

(18,740

)

 

 

Non-controlled affiliated investments

 

 

174

 

 

 

(1,463

)

 

 

539

 

 

 

(4,540

)

 

 

Controlled investments

 

 

(1,641

)

 

 

(775

)

 

 

(5,970

)

 

 

(1,443

)

 

 

Foreign currency forward contracts

 

 

(578

)

 

 

5,492

 

 

 

(1,239

)

 

 

5,587

 

 

 

Net realized and unrealized gains (losses) on investments

 

 

1,413

 

 

 

(16,399

)

 

 

(8,515

)

 

 

(12,306

)

 

 

5


 

Benefit (provision) for taxes on realized gain on investments

 

 

-

 

 

 

-

 

 

 

252

 

 

 

(217

)

 

 

Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments

 

 

595

 

 

 

(24

)

 

 

555

 

 

 

172

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

22,580

 

 

$

(890

)

 

$

30,357

 

 

$

15,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations per share (basic and diluted):

 

$

0.61

 

 

$

(0.03

)

 

$

0.87

 

 

$

0.50

 

 

 

Net investment income per share (basic and diluted):

 

$

0.56

 

 

$

0.50

 

 

$

1.09

 

 

$

0.90

 

 

 

Weighted average shares outstanding (basic and diluted):

 

 

37,061,547

 

 

 

30,887,360

 

 

 

34,776,074

 

 

 

30,887,360

 

 

 

See accompanying notes

6


 

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 March 31, 2023

 

37,061,547

 

 

$

37

 

 

$

788,299

 

 

$

(69,916

)

 

$

718,420

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

20,572

 

 

 

20,572

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,552

)

 

 

(6,552

)

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

7,965

 

 

 

7,965

 

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

595

 

 

 

595

 

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(15,195

)

 

 

(15,195

)

Total increase (decrease) for the three months ended June 30, 2023

 

-

 

 

$

-

 

 

$

-

 

 

$

7,385

 

 

$

7,385

 

Balance at June 30, 2023

 

37,061,547

 

 

$

37

 

 

$

788,299

 

 

$

(62,531

)

 

$

725,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at December 31, 2022

 

30,887,360

 

 

$

31

 

 

$

675,008

 

 

$

(62,498

)

 

$

612,541

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

38,065

 

 

 

38,065

 

 Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,301

)

 

 

(6,301

)

 Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,214

)

 

 

(2,214

)

 Benefit (provision) for taxes on realized gain on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

252

 

 

 

252

 

 Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

555

 

 

 

555

 

 Issuance in connection with asset acquisition (Note 13)

 

6,174,187

 

 

 

6

 

 

 

91,251

 

 

 

-

 

 

 

91,257

 

 Deemed contribution from Adviser (Note 13)

 

 

 

 

 

 

 

22,040

 

 

 

 

 

 

22,040

 

 Distributions from distributable earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

(30,390

)

 

 

(30,390

)

Total increase (decrease) for the six months ended June 30, 2023

 

6,174,187

 

 

$

6

 

 

$

113,291

 

 

$

(33

)

 

$

113,264

 

Balance at June 30, 2023

 

37,061,547

 

 

$

37

 

 

$

788,299

 

 

$

(62,531

)

 

$

725,805

 

See accompanying notes

 

7


 

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 March 31, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(11,907

)

 

$

654,286

 

Net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

15,533

 

 

 

15,533

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,766

)

 

 

(1,766

)

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,633

)

 

 

(14,633

)

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

(24

)

 

 

(24

)

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,208

)

 

 

(14,208

)

Total increase (decrease) for the three months ended June 30, 2022

 

-

 

 

$

-

 

 

$

-

 

 

$

(15,098

)

 

$

(15,098

)

Balance at June 30, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(27,005

)

 

$

639,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

27,670

 

 

 

27,670

 

Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards

 

-

 

 

 

-

 

 

 

-

 

 

 

6,830

 

 

 

6,830

 

Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,136

)

 

 

(19,136

)

Benefit (provision) for taxes on realized gain on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

(217

)

 

 

(217

)

Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

172

 

 

 

172

 

Distributions from distributable earnings

 

-

 

 

 

-

 

 

 

-

 

 

 

(28,416

)

 

 

(28,416

)

Total increase (decrease) for the six months ended June 30, 2022

 

-

 

 

$

-

 

 

$

-

 

 

$

(13,097

)

 

$

(13,097

)

Balance at June 30, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(27,005

)

 

$

639,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes

 

8


 

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

 

For the six months ended June 30,

 

 

2023

 

 

2022

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

30,357

 

 

$

15,319

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:

 

 

 

 

 

 

 

Purchases of investments

 

 

(67,145

)

 

 

(172,302

)

 

Paid-in-kind interest income

 

 

(1,715

)

 

 

(3,088

)

 

Proceeds from sales of investments and principal repayments

 

 

82,510

 

 

 

146,399

 

 

Net realized (gain) loss on investments, foreign currency transactions and foreign currency forward contracts

 

 

6,464

 

 

 

(6,738

)

 

Acquisition of First Eagle Alternative Capital BDC, Inc., net of cash acquired(2)

 

 

(14,981

)

 

 

 

 

Net change in unrealized (appreciation) depreciation on investments and foreign currency translation

 

 

975

 

 

 

24,723

 

 

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts

 

 

1,239

 

 

 

(5,587

)

 

Amortization of premium and accretion of discount, net

 

 

(3,224

)

 

 

(4,136

)

 

Amortization of deferred financing costs

 

 

1,039

 

 

 

862

 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in receivable for investments sold

 

 

5

 

 

 

14,133

 

 

(Increase) decrease in interest receivable

 

 

(1,821

)

 

 

(1,787

)

 

(Increase) decrease in deferred tax asset

 

 

(1,233

)

 

 

(1

)

 

(Increase) decrease in other assets

 

 

2,788

 

 

 

(1,929

)

 

Increase (decrease) in management fees payable

 

 

904

 

 

 

186

 

 

Increase (decrease) in incentive fees payable

 

 

1,166

 

 

 

(529

)

 

Increase (decrease) in directors’ fees payable

 

 

(5

)

 

 

(1

)

 

Increase (decrease) in interest and other debt financing costs payable

 

 

922

 

 

 

532

 

 

Increase (decrease) in deferred tax liability

 

 

1,235

 

 

 

(172

)

 

Increase (decrease) in payable for investment purchased

 

 

(514

)

 

 

 

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(2,622

)

 

 

(1,717

)

 

Net cash provided by (used for) operating activities

 

$

36,344

 

 

$

4,167

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Deferred financing and debt issuance costs paid

 

 

(3,633

)

 

 

(221

)

 

Distributions paid

 

 

(27,859

)

 

 

(28,416

)

 

Borrowings on credit facilities

 

 

202,326

 

 

 

179,039

 

 

Repayments on credit facilities

 

 

(202,800

)

 

 

(159,241

)

 

Net cash provided by (used for) financing activities

 

 

(31,966

)

 

 

(8,839

)

 

Effect of exchange rate changes on cash denominated in foreign currency

 

 

17

 

 

 

10

 

 

Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency

 

 

4,395

 

 

 

(4,662

)

 

Cash, cash equivalents, restricted cash and foreign currency, beginning of period

 

 

17,067

 

 

 

23,526

 

 

Cash, cash equivalents, restricted cash and foreign currency, end of period(1)

 

$

21,462

 

 

$

18,864

 

 

 

 

 

 

 

 

 

 

Supplemental and non-cash financing activities:

 

 

 

 

 

 

 

Cash paid during the period for interest

 

$

26,636

 

 

$

10,609

 

 

Cash paid during the period for taxes

 

$

530

 

 

$

1,974

 

 

Accrued but unpaid distributions

 

$

15,195

 

 

$

12,664

 

 

Issuance of shares in connection with asset acquisition (Note 13)

 

$

91,257

 

 

 

 

 

Deemed contribution from the Adviser (non-cash) (Note 13)

 

$

22,040

 

 

 

 

 

 

(1)
As of June 30, 2023, the balance included cash and cash equivalents of $7,535 (including cash denominated in foreign currency of $491) and restricted cash and cash equivalents of $13,927 (including cash denominated in foreign currency of $1,004). As of December 31, 2022, the balance included cash and cash equivalents of $6,397 (including cash denominated in foreign currency of $125) and restricted cash and cash equivalents of $10,670.
(2)
On March 9, 2023, in connection with the FCRD Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $129,511 which included $335,035 of investments, $1,233 cash and cash equivalents and $4,513 of other assets, net of $211,270 of assumed liabilities, for the total cash and stock consideration of $129,511, inclusive of $7,565 of the transaction costs.

See accompanying notes

9


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

 

 

$

(7

)

 

 

(0.0

)

%

$

(22

)

Auveco Holdings (5)

Unitranche First Lien Revolver

S + 525 (100 Floor)

10.66%

05/2028

 

60

 

 

 

55

 

 

 

0.0

 

 

 

44

 

Auveco Holdings

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.66%

05/2028

 

4,010

 

 

 

3,940

 

 

 

0.5

 

 

 

3,904

 

Continental Battery Company

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.89%

01/2027

 

7,157

 

 

 

7,065

 

 

 

0.9

 

 

 

6,489

 

Continental Battery Company

Unitranche First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

11.89%

01/2027

 

2,639

 

 

 

2,621

 

 

 

0.3

 

 

 

2,393

 

Sun Acquirer Corp. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

10.97%

09/2028

 

9,078

 

 

 

8,970

 

 

 

1.2

 

 

 

8,769

 

Sun Acquirer Corp. (5)

Unitranche First Lien Revolver

P + 475 (75 Floor)

13.00%

09/2027

 

109

 

 

 

82

 

 

 

0.0

 

 

 

50

 

Sun Acquirer Corp.

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.97%

09/2028

 

12,848

 

 

 

12,652

 

 

 

1.7

 

 

 

12,430

 

Sun Acquirer Corp.

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.97%

09/2028

 

2,463

 

 

 

2,423

 

 

 

0.3

 

 

 

2,382

 

 

 

 

 

 

38,364

 

 

 

37,801

 

 

 

4.9

 

%

 

36,439

 

Capital Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apex Services Partners, LLC

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

10.52%

07/2025

 

5,206

 

 

 

5,206

 

 

 

0.7

 

 

 

5,126

 

Envocore Holding, LLC (7)(8)

Senior Secured First Lien Term Loan

750

7.50%

12/2025

 

6,840

 

 

 

6,788

 

 

 

0.9

 

 

 

6,840

 

Envocore Holding, LLC (7)(8)(9)

Senior Secured Second Lien Term Loan

1000 PIK

12/2026

 

8,265

 

 

 

7,055

 

 

 

0.6

 

 

 

4,637

 

Envocore Holding, LLC (4)(5)(7)(8)

Senior Secured First Lien Revolver

12/2025

 

 

 

 

(4

)

 

 

 

 

 

 

Eshipping

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.22%

11/2027

 

5,994

 

 

 

5,904

 

 

 

0.8

 

 

 

5,994

 

Eshipping (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

11/2027

 

 

 

 

(14

)

 

 

 

 

 

 

Eshipping (4)(5)

Senior Secured First Lien Revolver

11/2027

 

 

 

 

(17

)

 

 

 

 

 

 

Oliver Packaging LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.39%

07/2028

 

3,375

 

 

 

3,323

 

 

 

0.5

 

 

 

3,307

 

Oliver Packaging LLC (5)

Senior Secured First Lien Revolver

L + 500 (100 Floor)

10.13%

07/2028

 

350

 

 

 

343

 

 

 

0.0

 

 

 

340

 

Painters Supply & Equipment Company (5)

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

11.02%

08/2027

 

419

 

 

 

413

 

 

 

0.1

 

 

 

409

 

Painters Supply & Equipment Company (5)

Unitranche First Lien Revolver

L + 550 (100 Floor)

11.02%

08/2027

 

193

 

 

 

186

 

 

 

0.0

 

 

 

188

 

Painters Supply & Equipment Company

Unitranche First Lien Term Loan

L + 550 (100 Floor)

11.04%

08/2027

 

2,014

 

 

 

1,985

 

 

 

0.3

 

 

 

1,992

 

 

10


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

S + 475 (100 Floor)

10.04%

12/2025

 

2,418

 

 

 

2,407

 

 

 

0.3

 

 

 

2,388

 

Potter Electric Signal Company

Senior Secured First Lien Term Loan

S + 475 (100 Floor)

10.14%

12/2025

 

459

 

 

 

458

 

 

 

0.1

 

 

 

454

 

Potter Electric Signal Company

Senior Secured First Lien Delayed Draw Term Loan

L + 475 (100 Floor)

9.80%

12/2025

 

1,100

 

 

 

1,091

 

 

 

0.1

 

 

 

1,086

 

Potter Electric Signal Company (5)

Senior Secured First Lien Revolver

P + 375 (100 Floor)

12.00%

12/2024

 

130

 

 

 

128

 

 

 

0.0

 

 

 

123

 

TriStrux, LLC

Senior Secured First Lien Term Loan

L + 600 (100 Floor)

11.54%

12/2026

 

2,731

 

 

 

2,667

 

 

 

0.4

 

 

 

2,653

 

TriStrux, LLC (5)

Senior Secured First Lien Revolver

L + 600 (100 Floor)

11.54%

12/2026

 

563

 

 

 

539

 

 

 

0.1

 

 

 

533

 

TriStrux, LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 600 (100 Floor)

11.54%

12/2026

 

958

 

 

 

925

 

 

 

0.1

 

 

 

917

 

United Flow Technologies

Unitranche First Lien Term Loan

E + 550 (100 Floor)

10.77%

10/2027

 

8,443

 

 

 

8,315

 

 

 

1.1

 

 

 

8,172

 

United Flow Technologies

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.77%

10/2027

 

1,185

 

 

 

1,167

 

 

 

0.2

 

 

 

1,147

 

United Flow Technologies

Unitranche First Lien Delayed Draw Term Loan

E + 550 (100 Floor)

10.70%

10/2027

 

3,706

 

 

 

3,659

 

 

 

0.5

 

 

 

3,587

 

United Flow Technologies (4)(5)

Unitranche First Lien Revolver

10/2027

 

 

 

 

(23

)

 

 

(0.0

)

 

 

(51

)

 

 

 

 

 

54,349

 

 

 

52,501

 

 

 

6.8

 

 

 

49,842

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP MCS Acquisition Corp. (6)(12)

Senior Secured Second Lien Term Loan

L + 600 (100 Floor)

11.34%

10/2025

 

287

 

 

 

275

 

 

 

0.0

 

 

 

231

 

Automated Control Concepts, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

12.00%

10/2026

 

3,624

 

 

 

3,494

 

 

 

0.5

 

 

 

3,440

 

Automated Control Concepts, Inc. (5)

Unitranche First Lien Revolver

S + 650 (100 Floor)

12.00%

10/2026

 

167

 

 

 

136

 

 

 

0.0

 

 

 

124

 

Camin Cargo Control, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.72%

06/2026

 

3,548

 

 

 

3,538

 

 

 

0.5

 

 

 

3,424

 

CHA Holdings, Inc.

Senior Secured First Lien Delayed Draw Term Loan

S + 450 (100 Floor)

10.00%

04/2025

 

989

 

 

 

988

 

 

 

0.1

 

 

 

952

 

CHA Holdings, Inc.

Senior Secured First Lien Term Loan

L + 450 (100 Floor)

10.00%

04/2025

 

4,679

 

 

 

4,675

 

 

 

0.6

 

 

 

4,503

 

Consolidated Label Co., LLC (4)(5)

Senior Secured First Lien Revolver

07/2026

 

 

 

 

(7

)

 

 

(0.0

)

 

 

(15

)

Consolidated Label Co., LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.18%

07/2026

 

4,094

 

 

 

4,049

 

 

 

0.6

 

 

 

4,001

 

Consolidated Label Co., LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.20%

07/2026

 

3,773

 

 

 

3,725

 

 

 

0.5

 

 

 

3,688

 

Galway Borrower, LLC

Unitranche First Lien Term Loan

S + 525 (75 Floor)

10.59%

09/2028

 

14,485

 

 

 

14,299

 

 

 

1.9

 

 

 

13,978

 

Galway Borrower, LLC (4)(5)

Unitranche First Lien Delayed Draw Term Loan

09/2028

 

 

 

 

(1

)

 

 

(0.0

)

 

 

(5

)

Galway Borrower, LLC (4)(5)

Unitranche First Lien Revolver

09/2027

 

 

 

 

(13

)

 

 

(0.0

)

 

 

(61

)

 

11


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

GH Parent Holdings Inc.

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.70%

05/2027

 

12,944

 

 

 

12,811

 

 

 

1.7

 

 

 

12,538

 

GH Parent Holdings Inc. (5)

Unitranche First Lien Revolver

L + 550 (100 Floor)

10.70%

05/2027

 

542

 

 

 

521

 

 

 

0.1

 

 

 

476

 

GH Parent Holdings Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.70%

05/2027

 

5,500

 

 

 

5,500

 

 

 

0.7

 

 

 

5,328

 

Hepaco, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

10.44%

02/2025

 

4,097

 

 

 

4,093

 

 

 

0.6

 

 

 

4,022

 

Hepaco, LLC

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

10.69%

02/2025

 

5,027

 

 

 

5,019

 

 

 

0.7

 

 

 

4,935

 

Hepaco, LLC (4)(5)

Senior Secured First Lien Revolver

S + 500 (100 Floor)

10.44%

02/2025

 

3

 

 

 

3

 

 

 

(0.0

)

 

 

(13

)

Hercules Borrower LLC

Unitranche First Lien Term Loan

S + 625 (100 Floor)

11.49%

12/2026

 

18,695

 

 

 

18,382

 

 

 

2.7

 

 

 

18,695

 

Hercules Borrower LLC (5)

Unitranche First Lien Revolver

S + 625 (100 Floor)

11.59%

12/2026

 

237

 

 

 

204

 

 

 

0.0

 

 

 

237

 

Hercules Borrower LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.84%

12/2026

 

1,450

 

 

 

1,429

 

 

 

0.2

 

 

 

1,427

 

Hercules Borrower LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.84%

12/2026

 

243

 

 

 

239

 

 

 

0.0

 

 

 

240

 

Hsid Acquisition, LLC

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

10.20%

01/2026

 

3,736

 

 

 

3,702

 

 

 

0.5

 

 

 

3,666

 

Hsid Acquisition, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 500 (100 Floor)

10.20%

01/2026

 

2,804

 

 

 

2,779

 

 

 

0.4

 

 

 

2,751

 

Hsid Acquisition, LLC (4)(5)

Senior Secured First Lien Revolver

01/2026

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(14

)

Hsid Acquisition, LLC

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

10.20%

01/2026

 

244

 

 

 

241

 

 

 

0.0

 

 

 

240

 

Infobase

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

11.09%

06/2028

 

11,187

 

 

 

10,993

 

 

 

1.5

 

 

 

11,069

 

Infobase (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

06/2028

 

 

 

 

(15

)

 

 

(0.0

)

 

 

(19

)

Infobase (5)

Senior Secured First Lien Revolver

S + 550 (100 Floor)

10.90%

06/2028

 

870

 

 

 

846

 

 

 

0.1

 

 

 

855

 

MHS Acquisition Holdings, LLC (8)

Unsecured Debt

1350 PIK

13.50%

03/2026

 

256

 

 

 

248

 

 

 

0.0

 

 

 

235

 

MHS Acquisition Holdings, LLC (8)

Unsecured Debt

1350 PIK

13.50%

03/2026

 

815

 

 

 

812

 

 

 

0.1

 

 

 

748

 

MHS Acquisition Holdings, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

11.20%

07/2027

 

222

 

 

 

219

 

 

 

0.0

 

 

 

223

 

MHS Acquisition Holdings, LLC (5)

Senior Secured First Lien Revolver

S + 600 (100 Floor)

11.25%

07/2027

 

21

 

 

 

19

 

 

 

0.0

 

 

 

21

 

MHS Acquisition Holdings, LLC

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

11.20%

07/2027

 

1,805

 

 

 

1,780

 

 

 

0.2

 

 

 

1,814

 

MHS Acquisition Holdings, LLC

Senior Secured First Lien Term Loan

S + 625 (100 Floor)

11.45%

07/2027

 

108

 

 

 

106

 

 

 

0.0

 

 

 

110

 

Nexant Volt MergerSub, Inc.

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

10.45%

05/2027

 

5,586

 

 

 

5,509

 

 

 

0.8

 

 

 

5,499

 

Nexant Volt MergerSub, Inc. (5)

Senior Secured First Lien Revolver

P + 425 (100 Floor)

12.50%

05/2027

 

600

 

 

 

597

 

 

 

0.1

 

 

 

580

 

 

12


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.89%

11/2027

 

4,893

 

 

 

4,785

 

 

 

0.7

 

 

 

4,788

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.89%

11/2027

 

3,639

 

 

 

3,548

 

 

 

0.5

 

 

 

3,561

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.74%

11/2027

 

9,771

 

 

 

9,540

 

 

 

1.3

 

 

 

9,560

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (75 Floor)

10.74%

11/2027

 

1,965

 

 

 

1,920

 

 

 

0.3

 

 

 

1,923

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (75 Floor)

10.89%

11/2027

 

2,560

 

 

 

2,529

 

 

 

0.3

 

 

 

2,505

 

Pye-Barker Fire & Safety, LLC (4)(5)

Unitranche First Lien Revolver

11/2027

 

 

 

 

(23

)

 

 

(0.0

)

 

 

(33

)

Pye-Barker Fire & Safety, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

11.14%

11/2027

 

1,149

 

 

 

1,128

 

 

 

0.2

 

 

 

1,101

 

Pye-Barker Fire & Safety, LLC (4)(5)

Unitranche First Lien Revolver

11/2024

 

 

 

 

(3

)

 

 

(0.0

)

 

 

(3

)

Pye-Barker Fire & Safety, LLC (4)(5)

Unitranche First Lien Revolver

11/2026

 

 

 

 

(88

)

 

 

(0.0

)

 

 

(39

)

Receivable Solutions, Inc. (5)

Senior Secured First Lien Revolver

P + 475 (100 Floor)

13.00%

10/2024

 

90

 

 

 

89

 

 

 

0.0

 

 

 

87

 

Receivable Solutions, Inc.

Senior Secured First Lien Term Loan

S + 575 (100 Floor)

10.97%

10/2024

 

2,179

 

 

 

2,168

 

 

 

0.3

 

 

 

2,156

 

Seko Global Logistics Network, LLC (5)(11)

Senior Secured First Lien Revolver

P + 375 (100 Floor)

12.00%

12/2026

 

195

 

 

 

180

 

 

 

0.0

 

 

 

160

 

Seko Global Logistics Network, LLC (11)

Senior Secured First Lien Term Loan

S + 475 (100 Floor)

10.14%

12/2026

 

4,962

 

 

 

4,911

 

 

 

0.7

 

 

 

4,827

 

Service Logic Acquisition, Inc.

Senior Secured Second Lien Term Loan

L + 850 (100 Floor)

13.77%

10/2028

 

8,755

 

 

 

8,560

 

 

 

1.2

 

 

 

8,842

 

Service Logic Acquisition, Inc.

Senior Secured Second Lien Delayed Draw Term Loan

L + 850 (100 Floor)

13.77%

10/2028

 

2,359

 

 

 

2,302

 

 

 

0.3

 

 

 

2,383

 

SuperHero Fire Protection, LLC

Senior Secured First Lien Term Loan

L + 625 (100 Floor)

11.79%

09/2026

 

4,229

 

 

 

4,194

 

 

 

0.6

 

 

 

4,184

 

SuperHero Fire Protection, LLC (5)

Senior Secured First Lien Revolver

L + 625 (100 Floor)

11.79%

09/2026

 

371

 

 

 

367

 

 

 

0.1

 

 

 

366

 

SuperHero Fire Protection, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 625 (100 Floor)

11.44%

09/2026

 

1,288

 

 

 

1,279

 

 

 

0.2

 

 

 

1,274

 

UP Acquisition Corp.

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.95%

05/2024

 

1,158

 

 

 

1,153

 

 

 

0.2

 

 

 

1,130

 

UP Acquisition Corp. (4)(5)

Unitranche First Lien Revolver

05/2024

 

 

 

 

(5

)

 

 

(0.0

)

 

 

(31

)

UP Acquisition Corp.

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

05/2024

 

4,224

 

 

 

4,207

 

 

 

0.6

 

 

 

4,119

 

 

 

 

 

 

166,425

 

 

 

163,930

 

 

 

22.6

 

 

 

162,783

 

Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bandon Fitness (Texas) Inc.

Unitranche First Lien Term Loan

L + 600 (100 Floor)

11.05%

07/2028

 

4,799

 

 

 

4,734

 

 

 

0.7

 

 

 

4,730

 

Bandon Fitness (Texas) Inc. (5)

Unitranche First Lien Revolver

S + 600 (100 Floor)

11.24%

07/2028

 

242

 

 

 

236

 

 

 

0.0

 

 

 

236

 

Bandon Fitness (Texas) Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

11.38%

07/2028

 

709

 

 

 

678

 

 

 

0.1

 

 

 

677

 

 

13


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Effective School Solutions LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

10.98%

11/2027

 

7,653

 

 

 

7,539

 

 

 

1.0

 

 

 

7,366

 

Effective School Solutions LLC (5)

Senior Secured First Lien Revolver

L + 550 (100 Floor)

10.72%

11/2027

 

174

 

 

 

152

 

 

 

0.0

 

 

 

120

 

Effective School Solutions LLC (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

11/2027

 

 

 

 

(16

)

 

 

(0.0

)

 

 

(82

)

Everlast Parent Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.84%

10/2026

 

13,678

 

 

 

13,470

 

 

 

1.9

 

 

 

13,611

 

Everlast Parent Inc. (5)

Unitranche First Lien Revolver

S + 650 (100 Floor)

11.84%

10/2026

 

691

 

 

 

668

 

 

 

0.1

 

 

 

683

 

Everlast Parent Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.99%

10/2026

 

3,361

 

 

 

3,296

 

 

 

0.4

 

 

 

3,251

 

FS Whitewater Borrower, LLC

Unitranche First Lien Term Loan

L + 575 (75 Floor)

10.99%

12/2027

 

5,095

 

 

 

5,015

 

 

 

0.7

 

 

 

4,921

 

FS Whitewater Borrower, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

11.01%

12/2027

 

1,710

 

 

 

1,698

 

 

 

0.2

 

 

 

1,652

 

FS Whitewater Borrower, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

11.14%

12/2027

 

1,699

 

 

 

1,675

 

 

 

0.2

 

 

 

1,641

 

FS Whitewater Borrower, LLC (4)(5)

Unitranche First Lien Revolver

12/2027

 

 

 

 

(11

)

 

 

(0.0

)

 

 

(24

)

FS Whitewater Borrower, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 600 (75 Floor)

11.40%

12/2027

 

1,244

 

 

 

1,229

 

 

 

0.2

 

 

 

1,195

 

HGH Purchaser, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 650 (75 Floor)

11.52%

11/2025

 

3,319

 

 

 

3,304

 

 

 

0.4

 

 

 

3,235

 

HGH Purchaser, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 650 (75 Floor)

11.52%

11/2025

 

3,289

 

 

 

3,243

 

 

 

0.4

 

 

 

3,205

 

HGH Purchaser, Inc. (5)

Unitranche First Lien Revolver

S + 650 (75 Floor)

11.69%

11/2025

 

1,532

 

 

 

1,516

 

 

 

0.2

 

 

 

1,492

 

HGH Purchaser, Inc.

Unitranche First Lien Term Loan

S + 650 (75 Floor)

11.52%

11/2025

 

7,824

 

 

 

7,739

 

 

 

1.1

 

 

 

7,626

 

HS Spa Holdings Inc. (Hand & Stone) (5)

Unitranche First Lien Revolver

S + 575 (75 Floor)

10.80%

06/2028

 

227

 

 

 

202

 

 

 

0.0

 

 

 

187

 

HS Spa Holdings Inc. (Hand & Stone)

Unitranche First Lien Term Loan

S + 575 (75 Floor)

11.07%

06/2029

 

10,317

 

 

 

10,142

 

 

 

1.4

 

 

 

10,046

 

HS Spa Holdings Inc. (Hand & Stone) (8)(10)

Unitranche First Lien - Last Out Term Loan

1237.5 PIK

12.38%

06/2030

 

1,443

 

 

 

1,413

 

 

 

0.2

 

 

 

1,261

 

Ingenio, LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.43%

08/2026

 

4,815

 

 

 

4,728

 

 

 

0.7

 

 

 

4,791

 

Ingenio, LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.43%

08/2026

 

2,131

 

 

 

2,092

 

 

 

0.3

 

 

 

2,120

 

Learn-It Systems, LLC (4)(5)

Senior Secured First Lien Revolver

03/2025

 

 

 

 

(10

)

 

 

(0.0

)

 

 

(61

)

Learn-It Systems, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 525 (100 Floor)

10.59%

03/2025

 

2,540

 

 

 

2,512

 

 

 

0.3

 

 

 

2,369

 

Learn-It Systems, LLC

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

10.36%

03/2025

 

4,297

 

 

 

4,250

 

 

 

0.6

 

 

 

4,007

 

Learn-It Systems, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 475 (100 Floor)

10.29%

03/2025

 

1,151

 

 

 

1,139

 

 

 

0.1

 

 

 

1,073

 

 

14


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Mario Purchaser, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

10.95%

04/2029

 

2,388

 

 

 

2,345

 

 

 

0.3

 

 

 

2,271

 

Mario Purchaser, LLC (10)

Unitranche First Lien - Last Out Term Loan

S + 1075 PIK

15.95%

04/2032

 

3,337

 

 

 

3,237

 

 

 

0.4

 

 

 

3,254

 

Mario Purchaser, LLC (4)(5)

Unitranche First Lien Revolver

04/2028

 

 

 

 

(17

)

 

 

(0.0

)

 

 

(23

)

Mario Purchaser, LLC

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.95%

04/2029

 

9,812

 

 

 

9,643

 

 

 

1.3

 

 

 

9,592

 

Marlin DTC-LS Midco 2, LLC (4)(5)

Unitranche First Lien Revolver

07/2025

 

 

 

 

(1

)

 

 

(0.0

)

 

 

(2

)

Marlin DTC-LS Midco 2, LLC

Unitranche First Lien Term Loan

L + 650 (100 Floor)

11.98%

07/2025

 

3,029

 

 

 

3,017

 

 

 

0.4

 

 

 

2,980

 

Point Quest Acquisition, LLC

Senior Secured First Lien Term Loan

L + 600 (100 Floor)

10.91%

08/2028

 

3,518

 

 

 

3,471

 

 

 

0.5

 

 

 

3,452

 

Point Quest Acquisition, LLC (5)

Senior Secured First Lien Revolver

S + 600 (100 Floor)

11.47%

08/2028

 

393

 

 

 

377

 

 

 

0.1

 

 

 

373

 

PPV Intermediate Holdings LLC (Vetcor)

Unitranche First Lien Delayed Draw Term Loan

08/2029

 

 

 

 

 

 

 

 

 

 

 

PPV Intermediate Holdings LLC (Vetcor) (4)(5)

Unitranche First Lien Revolver

08/2029

 

 

 

 

(4

)

 

 

(0.0

)

 

 

(14

)

PPV Intermediate Holdings LLC (Vetcor)

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.88%

08/2029

 

3,522

 

 

 

3,476

 

 

 

0.5

 

 

 

3,416

 

PPV Intermediate Holdings LLC (Vetcor) (8)

Unsecured Debt

1300 PIK

13.00%

08/2030

 

783

 

 

 

767

 

 

 

0.1

 

 

 

668

 

PPV Intermediate Holdings LLC (Vetcor) (5)(8)

Unsecured Debt

1300 PIK

13.00%

08/2030

 

214

 

 

 

211

 

 

 

0.0

 

 

 

178

 

smarTours, LLC (5)(6)

Senior Secured First Lien Revolver

S + 675 (100 Floor)

12.14%

12/2026

 

1,565

 

 

 

1,565

 

 

 

0.2

 

 

 

1,565

 

smarTours, LLC (6)

Senior Secured First Lien Term Loan

S + 775 PIK

13.14%

12/2026

 

1,135

 

 

 

1,135

 

 

 

0.2

 

 

 

1,135

 

Stepping Stones Healthcare Services, LLC

Unitranche First Lien Term Loan

S + 575 (75 Floor)

11.09%

12/2028

 

13,042

 

 

 

12,807

 

 

 

1.7

 

 

 

12,538

 

Stepping Stones Healthcare Services, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

11.09%

12/2028

 

2,248

 

 

 

2,219

 

 

 

0.3

 

 

 

2,103

 

Stepping Stones Healthcare Services, LLC (5)

Unitranche First Lien Revolver

S + 475 (75 Floor)

13.00%

12/2026

 

377

 

 

 

347

 

 

 

0.0

 

 

 

304

 

The Mulch & Soil Company, LLC

Senior Secured First Lien Term Loan

L + 625

11.52%

04/2026

 

3,673

 

 

 

3,603

 

 

 

0.5

 

 

 

3,579

 

The Mulch & Soil Company, LLC (5)

Senior Secured First Lien Revolver

L + 600

11.26%

04/2026

 

98

 

 

 

78

 

 

 

0.0

 

 

 

72

 

United Language Group, Inc.

Senior Secured First Lien Revolver

S + 675 (100 Floor)

11.95%

06/2024

 

400

 

 

 

400

 

 

 

0.1

 

 

 

391

 

United Language Group, Inc.

Senior Secured First Lien Term Loan

S + 875 (100 Floor)

13.95%

06/2024

 

4,522

 

 

 

4,527

 

 

 

0.6

 

 

 

4,419

 

Wrench Group LLC

Senior Secured Second Lien Term Loan

S + 787.5

13.22%

04/2027

 

4,833

 

 

 

4,748

 

 

 

0.7

 

 

 

4,833

 

 

 

 

 

 

142,829

 

 

 

140,584

 

 

 

19.1

 

 

 

138,412

 

 

15


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Diversified Financials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 650 (75 Floor)

11.70%

09/2028

 

7,921

 

 

 

7,748

 

 

 

1.1

 

 

 

7,754

 

Alera Group Inc.

Unitranche First Lien Term Loan

S + 650 (75 Floor)

11.70%

09/2028

 

4,963

 

 

 

4,875

 

 

 

0.7

 

 

 

4,879

 

Alpine X

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

11.15%

12/2027

 

1,408

 

 

 

1,395

 

 

 

0.2

 

 

 

1,396

 

Alpine X (5)

Unitranche First Lien Revolver

S + 600 (100 Floor)

11.15%

12/2027

 

91

 

 

 

89

 

 

 

0.0

 

 

 

89

 

Alpine X

Unitranche First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

11.15%

12/2027

 

908

 

 

 

899

 

 

 

0.1

 

 

 

900

 

Alpine X

Unitranche First Lien Term Loan

S + 600 (100 Floor)

11.15%

12/2027

 

1,489

 

 

 

1,475

 

 

 

0.2

 

 

 

1,476

 

Alpine X (5)

Unitranche First Lien Revolver

S + 600 (100 Floor)

11.15%

12/2027

 

43

 

 

 

42

 

 

 

0.0

 

 

 

42

 

ECL Entertainment (12)

Unitranche First Lien Term Loan

S + 750 (75 Floor)

12.72%

05/2028

 

2,940

 

 

 

2,955

 

 

 

0.4

 

 

 

2,966

 

iLending LLC

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

11.20%

06/2026

 

4,346

 

 

 

4,346

 

 

 

0.5

 

 

 

3,983

 

iLending LLC (4)(5)

Senior Secured First Lien Revolver

06/2026

 

 

 

 

 

 

 

(0.0

)

 

 

(60

)

King Mid LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

11.14%

12/2027

 

2,329

 

 

 

2,300

 

 

 

0.3

 

 

 

2,269

 

King Mid LLC (4)(5)

Senior Secured First Lien Revolver

12/2027

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(5

)

King Mid LLC

Senior Secured First Lien Term Loan

S + 575 (100 Floor)

11.14%

12/2027

 

3,450

 

 

 

3,393

 

 

 

0.5

 

 

 

3,392

 

Riveron Acquisition Holdings, Inc.

Senior Secured First Lien Term Loan

L + 575 (100 Floor)

10.48%

05/2025

 

8,015

 

 

 

8,015

 

 

 

1.1

 

 

 

8,015

 

 

 

 

 

 

37,903

 

 

 

37,530

 

 

 

5.1

 

 

 

37,096

 

Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Wireline Services, LLC (8)(9)

Senior Secured First Lien Term Loan

06/2025

 

6,590

 

 

 

4,588

 

 

 

0.7

 

 

 

4,950

 

BJ Services, LLC (10)

Unitranche First Lien - Last Out Term Loan

L + 825 (100 Floor)

15.86%

 

 

5,090

 

 

 

2,853

 

 

 

0.3

 

 

 

2,231

 

Loadmaster Derrick & Equipment, Inc. (7)(9)

Senior Secured First Lien Term Loan

12/2023

 

14,225

 

 

 

 

 

 

 

 

 

 

Loadmaster Derrick & Equipment, Inc. (7)(9)

Senior Secured First Lien Term Loan

12/2023

 

6,962

 

 

 

 

 

 

 

 

 

 

Loadmaster Derrick & Equipment, Inc. (5)(7)(9)

Senior Secured First Lien Revolver

12/2023

 

17,886

 

 

 

1,807

 

 

 

0.3

 

 

 

1,825

 

 

 

 

 

 

50,753

 

 

 

9,248

 

 

 

1.3

 

 

 

9,006

 

 

16


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Food & Staples Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Isagenix International, LLC (6)

Senior Secured First Lien Term Loan

S + 560 (100 Floor)

10.59%

06/2025

 

2,776

 

 

 

2,509

 

 

 

0.3

 

 

 

2,499

 

 

 

 

 

 

2,776

 

 

 

2,509

 

 

 

0.3

 

 

 

2,499

 

Food, Beverage & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JTM Foods LLC

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

10.57%

05/2027

 

4,949

 

 

 

4,888

 

 

 

0.7

 

 

 

4,862

 

JTM Foods LLC (5)

Senior Secured First Lien Revolver

L + 525 (100 Floor)

10.64%

05/2027

 

747

 

 

 

737

 

 

 

0.1

 

 

 

733

 

JTM Foods LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

S + 525 (100 Floor)

10.64%

05/2027

 

665

 

 

 

661

 

 

 

0.1

 

 

 

652

 

Mann Lake Ltd. (5)

Senior Secured First Lien Revolver

L + 550 (100 Floor)

10.70%

10/2024

 

668

 

 

 

664

 

 

 

0.1

 

 

 

639

 

Mann Lake Ltd.

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

10.77%

10/2024

 

1,725

 

 

 

1,717

 

 

 

0.2

 

 

 

1,670

 

 

 

 

 

 

8,754

 

 

 

8,667

 

 

 

1.2

 

 

 

8,556

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACI Group Holdings, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor) (including 125 PIK)

10.95%

08/2028

 

1,228

 

 

 

1,209

 

 

 

0.2

 

 

 

1,185

 

ACI Group Holdings, Inc. (4)(5)

Unitranche First Lien Revolver

08/2027

 

 

 

 

(10

)

 

 

(0.0

)

 

 

(12

)

ACI Group Holdings, Inc.

Unitranche First Lien Term Loan

S + 575 (75 Floor) (including 125 PIK)

10.95%

08/2028

 

6,931

 

 

 

6,793

 

 

 

0.9

 

 

 

6,814

 

Advanced Diabetes Supply

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

10.64%

12/2027

 

3,458

 

 

 

3,439

 

 

 

0.5

 

 

 

3,416

 

Advanced Diabetes Supply

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

10.64%

12/2027

 

4,938

 

 

 

4,872

 

 

 

0.7

 

 

 

4,878

 

Advanced Diabetes Supply (5)

Senior Secured First Lien Revolver

S + 525 (100 Floor)

10.47%

12/2027

 

88

 

 

 

83

 

 

 

0.0

 

 

 

83

 

Arrow Management Acquisition, LLC

Senior Secured First Lien Term Loan

S + 475 (100 Floor)

9.95%

10/2027

 

4,876

 

 

 

4,803

 

 

 

0.7

 

 

 

4,742

 

Arrow Management Acquisition, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 475 (100 Floor)

9.95%

10/2027

 

2,181

 

 

 

2,165

 

 

 

0.3

 

 

 

2,121

 

Arrow Management Acquisition, LLC (4)(5)

Senior Secured First Lien Revolver

10/2027

 

 

 

 

(10

)

 

 

(0.0

)

 

 

(19

)

Avalign Technologies, Inc. (12)

Senior Secured First Lien Term Loan

S + 460

9.86%

12/2025

 

16,407

 

 

 

16,399

 

 

 

2.1

 

 

 

15,156

 

Bayside Opco, LLC (6)

Senior Secured First Lien Term Loan

S + 725 (100 Floor)

12.64%

05/2026

 

4,076

 

 

 

4,076

 

 

 

0.6

 

 

 

4,076

 

Bayside Opco, LLC (6)

Senior Secured First Lien Term Loan

S + 725 (100 Floor)

12.64%

05/2026

 

1,442

 

 

 

1,442

 

 

 

0.2

 

 

 

1,442

 

Bayside Opco, LLC (5)(6)

Senior Secured First Lien Revolver

S + 700 (100 Floor)

12.39%

05/2026

 

256

 

 

 

256

 

 

 

0.0

 

 

 

256

 

Bayside Opco, LLC (6)(8)(9)

Unsecured Debt

05/2026

 

1,445

 

 

 

474

 

 

 

0.1

 

 

 

429

 

BCDI Rodeo Dental Buyer, LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.41%

05/2025

 

5,710

 

 

 

5,624

 

 

 

0.8

 

 

 

5,557

 

BCDI Rodeo Dental Buyer, LLC (5)

Senior Secured First Lien Revolver

S + 500 (100 Floor)

10.41%

05/2025

 

1,373

 

 

 

1,348

 

 

 

0.2

 

 

 

1,330

 

BCDI Rodeo Dental Buyer, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

10.41%

05/2025

 

1,276

 

 

 

1,256

 

 

 

0.2

 

 

 

1,241

 

BCDI Rodeo Dental Buyer, LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

10.41%

11/2027

 

124

 

 

 

122

 

 

 

0.0

 

 

 

121

 

 

17


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

CC Amulet Management, LLC

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

10.59%

08/2027

 

5,052

 

 

 

4,970

 

 

 

0.7

 

 

 

4,879

 

CC Amulet Management, LLC (5)

Senior Secured First Lien Revolver

S + 525 (100 Floor)

10.59%

08/2027

 

742

 

 

 

729

 

 

 

0.1

 

 

 

715

 

CC Amulet Management, LLC (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

08/2027

 

 

 

 

(15

)

 

 

(0.0

)

 

 

(32

)

Centria Subsidiary Holdings, LLC (5)

Unitranche First Lien Revolver

P + 500 (100 Floor)

13.25%

12/2025

 

158

 

 

 

133

 

 

 

0.0

 

 

 

158

 

Centria Subsidiary Holdings, LLC

Unitranche First Lien Term Loan

L + 600 (100 Floor)

11.24%

12/2025

 

11,457

 

 

 

11,361

 

 

 

1.6

 

 

 

11,457

 

ConvenientMD

Senior Secured First Lien Term Loan

L + 550

10.66%

06/2027

 

5,390

 

 

 

5,292

 

 

 

0.7

 

 

 

4,996

 

ConvenientMD (4)(5)

Senior Secured First Lien Revolver

06/2027

 

 

 

 

(13

)

 

 

(0.0

)

 

 

(50

)

ConvenientMD

Senior Secured First Lien Delayed Draw Term Loan

L + 550

10.66%

06/2027

 

1,026

 

 

 

1,006

 

 

 

0.1

 

 

 

951

 

CRA MSO, LLC

Senior Secured First Lien Term Loan

S + 700 (100 Floor)

12.20%

12/2024

 

1,194

 

 

 

1,191

 

 

 

0.2

 

 

 

1,144

 

CRA MSO, LLC (5)

Senior Secured First Lien Revolver

S + 700 (100 Floor)

12.20%

12/2024

 

108

 

 

 

108

 

 

 

0.0

 

 

 

100

 

EMS Buyer, Inc.

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

11/2027

 

11,625

 

 

 

11,471

 

 

 

1.6

 

 

 

11,258

 

EMS Buyer, Inc. (4)(5)

Unitranche First Lien Revolver

11/2027

 

 

 

 

(7

)

 

 

(0.0

)

 

 

(17

)

EMS Buyer, Inc.

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

11/2027

 

990

 

 

 

975

 

 

 

0.1

 

 

 

959

 

Explorer Investor, Inc. (4)(5)

Unitranche First Lien Delayed Draw Term Loan

06/2029

 

 

 

 

(125

)

 

 

(0.0

)

 

 

(132

)

Explorer Investor, Inc.

Unitranche First Lien Term Loan

S + 575 (50 Floor)

10.99%

06/2029

 

11,248

 

 

 

10,651

 

 

 

1.5

 

 

 

10,629

 

FH MD Buyer, Inc (12)

Senior Secured First Lien Term Loan

S + 500 (75 Floor)

10.22%

07/2028

 

19,650

 

 

 

19,509

 

 

 

2.6

 

 

 

18,213

 

GrapeTree Medical Staffing, LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.22%

05/2024

 

6,156

 

 

 

6,114

 

 

 

0.8

 

 

 

6,140

 

GrapeTree Medical Staffing, LLC (4)(5)

Senior Secured First Lien Revolver

05/2024

 

 

 

 

(4

)

 

 

(0.0

)

 

 

(2

)

GrapeTree Medical Staffing, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

10.22%

05/2024

 

4,394

 

 

 

4,370

 

 

 

0.6

 

 

 

4,383

 

Great Lakes Dental Partners, LLC

Unitranche First Lien Term Loan

S + 725 (100 Floor) (including 100 PIK)

12.45%

06/2026

 

4,935

 

 

 

4,871

 

 

 

0.6

 

 

 

4,395

 

Great Lakes Dental Partners, LLC (5)

Unitranche First Lien Revolver

S + 725 (100 Floor) (including 100 PIK)

12.45%

06/2026

 

302

 

 

 

297

 

 

 

0.0

 

 

 

258

 

Great Lakes Dental Partners, LLC

Unitranche First Lien Delayed Draw Term Loan

06/2026

 

 

 

 

 

 

 

 

 

 

 

HCOS Group Intermediate III LLC

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.89%

09/2026

 

11,281

 

 

 

11,150

 

 

 

1.5

 

 

 

11,095

 

HCOS Group Intermediate III LLC (5)

Senior Secured First Lien Revolver

L + 550 (100 Floor)

10.77%

09/2026

 

511

 

 

 

498

 

 

 

0.1

 

 

 

492

 

HCOS Group Intermediate III LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

10.89%

09/2026

 

9,308

 

 

 

9,184

 

 

 

1.3

 

 

 

9,155

 

 

18


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

HealthDrive Corporation

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

12/2023

 

9,551

 

 

 

9,489

 

 

 

1.3

 

 

 

9,476

 

HealthDrive Corporation

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

12/2023

 

98

 

 

 

98

 

 

 

0.0

 

 

 

97

 

HealthDrive Corporation (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

10.95%

12/2023

 

716

 

 

 

705

 

 

 

0.1

 

 

 

702

 

HealthDrive Corporation (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.95%

12/2023

 

97

 

 

 

96

 

 

 

0.0

 

 

 

96

 

HealthDrive Corporation

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

12/2023

 

247

 

 

 

246

 

 

 

0.0

 

 

 

246

 

Homecare Partners Management, LLC

Senior Secured First Lien Term Loan

L + 575 (100 Floor)

11.30%

05/2027

 

4,470

 

 

 

4,407

 

 

 

0.6

 

 

 

4,351

 

Homecare Partners Management, LLC (5)

Senior Secured First Lien Revolver

P + 475 (100 Floor)

13.00%

05/2027

 

528

 

 

 

513

 

 

 

0.1

 

 

 

499

 

Homecare Partners Management, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

11.14%

05/2027

 

3,344

 

 

 

3,288

 

 

 

0.4

 

 

 

3,255

 

Homecare Partners Management, LLC

Senior Secured First Lien Term Loan

L + 575 (100 Floor)

10.70%

05/2027

 

1,089

 

 

 

1,071

 

 

 

0.1

 

 

 

1,060

 

Hospice Care Buyer, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.55%

12/2026

 

14,091

 

 

 

13,852

 

 

 

1.8

 

 

 

12,928

 

Hospice Care Buyer, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.55%

12/2026

 

2,574

 

 

 

2,526

 

 

 

0.3

 

 

 

2,361

 

Hospice Care Buyer, Inc.

Unitranche First Lien Revolver

S + 650 (100 Floor)

11.94%

12/2026

 

1,617

 

 

 

1,590

 

 

 

0.2

 

 

 

1,483

 

Hospice Care Buyer, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

11.86%

12/2026

 

2,626

 

 

 

2,576

 

 

 

0.3

 

 

 

2,409

 

Hospice Care Buyer, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.84%

12/2026

 

376

 

 

 

367

 

 

 

0.0

 

 

 

345

 

Integrated Pain Management Medical Group, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.54%

06/2026

 

3,083

 

 

 

3,083

 

 

 

0.4

 

 

 

3,081

 

Integrated Pain Management Medical Group, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

11.54%

06/2026

 

370

 

 

 

370

 

 

 

0.1

 

 

 

370

 

Integrated Pain Management Medical Group, Inc. (5)

Unitranche First Lien Revolver

06/2026

 

 

 

 

 

 

 

 

 

 

 

Integrated Pain Management Medical Group, Inc.

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.54%

06/2026

 

847

 

 

 

847

 

 

 

0.1

 

 

 

846

 

IRC Opco LLC

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.89%

01/2026

 

5,200

 

 

 

5,200

 

 

 

0.7

 

 

 

5,197

 

IRC Opco LLC

Senior Secured First Lien Revolver

S + 550 (100 Floor)

10.73%

01/2026

 

824

 

 

 

824

 

 

 

0.1

 

 

 

823

 

IRC Opco LLC

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.89%

01/2026

 

980

 

 

 

980

 

 

 

0.1

 

 

 

980

 

IRC Opco LLC

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.89%

01/2026

 

246

 

 

 

246

 

 

 

0.0

 

 

 

246

 

Laseraway Intermediate Holdings II, LLC (12)

Unitranche First Lien Term Loan

L + 575 (75 Floor)

11.01%

10/2027

 

5,994

 

 

 

5,904

 

 

 

0.8

 

 

 

5,896

 

Lighthouse Behavioral Health Solutions, LLC

Senior Secured First Lien Revolver

L + 575 (100 Floor)

11.25%

03/2028

 

1,145

 

 

 

1,139

 

 

 

0.1

 

 

 

1,034

 

Lighthouse Behavioral Health Solutions, LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

11.06%

03/2028

 

472

 

 

 

461

 

 

 

0.0

 

 

 

251

 

Lighthouse Behavioral Health Solutions, LLC

Senior Secured First Lien Term Loan

S + 575 (100 Floor)

11.25%

03/2028

 

2,261

 

 

 

2,250

 

 

 

0.3

 

 

 

2,043

 

 

19


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Lighthouse Lab Services

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

10.16%

10/2027

 

5,313

 

 

 

5,226

 

 

 

0.7

 

 

 

5,070

 

Lighthouse Lab Services (5)

Senior Secured First Lien Revolver

L + 500 (100 Floor)

10.27%

10/2027

 

153

 

 

 

128

 

 

 

0.0

 

 

 

83

 

Lighthouse Lab Services

Senior Secured First Lien Delayed Draw Term Loan

10/2027

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer, Inc.

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.45%

02/2026

 

9,675

 

 

 

9,591

 

 

 

1.3

 

 

 

9,528

 

Lightspeed Buyer, Inc. (4)(5)

Unitranche First Lien Revolver

02/2026

 

 

 

 

(9

)

 

 

(0.0

)

 

 

(16

)

Lightspeed Buyer, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 525 (100 Floor)

10.45%

02/2026

 

1,752

 

 

 

1,741

 

 

 

0.2

 

 

 

1,726

 

Lightspeed Buyer, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 525 (100 Floor)

10.45%

02/2026

 

974

 

 

 

974

 

 

 

0.1

 

 

 

960

 

Lightspeed Buyer, Inc.

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.64%

02/2026

 

2,702

 

 

 

2,670

 

 

 

0.4

 

 

 

2,661

 

Multi Specialty Healthcare (AMM LLC)

Senior Secured First Lien Term Loan

S + 625 (100 Floor)

11.64%

12/2026

 

3,695

 

 

 

3,660

 

 

 

0.5

 

 

 

3,612

 

Multi Specialty Healthcare (AMM LLC) (5)

Senior Secured First Lien Revolver

S + 625 (100 Floor)

11.63%

12/2026

 

499

 

 

 

493

 

 

 

0.1

 

 

 

483

 

Multi Specialty Healthcare (AMM LLC)

Senior Secured First Lien Term Loan

S + 625 (100 Floor)

11.64%

12/2026

 

149

 

 

 

147

 

 

 

0.0

 

 

 

145

 

Multi Specialty Healthcare (AMM LLC)

Senior Secured First Lien Term Loan

S + 625 (100 Floor)

11.64%

12/2026

 

2,780

 

 

 

2,753

 

 

 

0.4

 

 

 

2,717

 

Multi Specialty Healthcare (AMM LLC)

Senior Secured First Lien Term Loan

S + 625 (100 Floor)

11.64%

12/2026

 

98

 

 

 

97

 

 

 

0.0

 

 

 

96

 

MWD Management LLC (United Derm)

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

10.44%

06/2027

 

4,478

 

 

 

4,405

 

 

 

0.6

 

 

 

4,387

 

MWD Management LLC (United Derm)

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.44%

06/2027

 

5,558

 

 

 

5,466

 

 

 

0.8

 

 

 

5,445

 

MWD Management LLC (United Derm) (5)

Senior Secured First Lien Revolver

S + 500 (100 Floor)

10.44%

06/2027

 

560

 

 

 

541

 

 

 

0.1

 

 

 

536

 

NMN Holdings III Corp.

Senior Secured Second Lien Delayed Draw Term Loan

S + 775

12.97%

11/2026

 

1,667

 

 

 

1,642

 

 

 

0.2

 

 

 

1,471

 

NMN Holdings III Corp.

Senior Secured Second Lien Term Loan

S + 775

12.97%

11/2026

 

7,222

 

 

 

7,116

 

 

 

0.9

 

 

 

6,374

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Revolver

S + 750 (100 Floor)

12.70%

09/2025

 

850

 

 

 

848

 

 

 

0.1

 

 

 

839

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Term Loan

S + 750 (100 Floor)

12.70%

09/2025

 

6,703

 

 

 

6,619

 

 

 

0.9

 

 

 

6,615

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Term Loan

S + 750 (100 Floor)

12.70%

09/2025

 

880

 

 

 

864

 

 

 

0.1

 

 

 

868

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Term Loan

S + 750 (100 Floor)

12.70%

09/2025

 

298

 

 

 

298

 

 

 

0.0

 

 

 

294

 

Omni Ophthalmic Management Consultants, LLC (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

09/2025

 

 

 

 

(11

)

 

 

(0.0

)

 

 

(20

)

Patriot Acquisition Topco S.A.R.L (11)

Unitranche First Lien Term Loan

S + 675 (100 Floor)

11.95%

01/2028

 

11,183

 

 

 

10,978

 

 

 

1.5

 

 

 

10,618

 

Patriot Acquisition Topco S.A.R.L (4)(5)(11)

Unitranche First Lien Revolver

01/2026

 

 

 

 

(23

)

 

 

(0.0

)

 

 

(89

)

Patriot Acquisition Topco S.A.R.L (11)

Unitranche First Lien Delayed Draw Term Loan

S + 675 (100 Floor)

11.95%

01/2028

 

11,985

 

 

 

11,780

 

 

 

1.6

 

 

 

11,380

 

 

 

20


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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 Term Loan

S + 675 (100 Floor)

11.95%

01/2028

 

1,420

 

 

 

1,390

 

 

 

0.2

 

 

 

1,349

 

Plasma Buyer LLC (PathGroup) (4)(5)

Unitranche First Lien Delayed Draw Term Loan

05/2029

 

 

 

 

(32

)

 

 

(0.0

)

 

 

(116

)

Plasma Buyer LLC (PathGroup) (4)(5)

Unitranche First Lien Revolver

05/2029

 

 

 

 

(14

)

 

 

(0.0

)

 

 

(50

)

Plasma Buyer LLC (PathGroup)

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.99%

05/2029

 

7,243

 

 

 

7,116

 

 

 

(0.9

)

 

 

6,800

 

Premier Dental Care Management, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (75 Floor)

10.60%

08/2028

 

5,089

 

 

 

5,074

 

 

 

0.7

 

 

 

4,856

 

Premier Dental Care Management, LLC (4)(5)

Unitranche First Lien Revolver

08/2027

 

 

 

 

(21

)

 

 

(0.0

)

 

 

(71

)

Premier Dental Care Management, LLC

Unitranche First Lien Term Loan

L + 550 (75 Floor)

10.60%

08/2028

 

9,381

 

 

 

9,238

 

 

 

1.2

 

 

 

8,950

 

PromptCare Intermediate, LP (5)

Unitranche First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

11.25%

09/2027

 

1,607

 

 

 

1,573

 

 

 

0.2

 

 

 

1,484

 

PromptCare Intermediate, LP

Unitranche First Lien Term Loan

S + 600 (100 Floor)

11.25%

09/2027

 

10,316

 

 

 

10,166

 

 

 

1.4

 

 

 

9,982

 

Quartermaster Newco, LLC

Unitranche First Lien Term Loan

S + 700 (125 Floor)

12.05%

07/2025

 

2,874

 

 

 

2,855

 

 

 

0.4

 

 

 

2,819

 

Quartermaster Newco, LLC (4)(5)

Unitranche First Lien Revolver

07/2025

 

 

 

 

(3

)

 

 

(0.0

)

 

 

(7

)

Quartermaster Newco, LLC

Unitranche First Lien Term Loan

S + 700 (125 Floor)

12.39%

07/2025

 

3,776

 

 

 

3,746

 

 

 

0.5

 

 

 

3,703

 

Quorum Health Resources

Unitranche First Lien Term Loan

S + 525 (100 Floor)

11.13%

05/2027

 

5,285

 

 

 

5,236

 

 

 

0.7

 

 

 

5,216

 

Quorum Health Resources (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

11.63%

05/2027

 

152

 

 

 

143

 

 

 

0.0

 

 

 

143

 

Safco Dental Supply, LLC (5)

Unitranche First Lien Revolver

S + 550 (100 Floor)

10.70%

06/2025

 

120

 

 

 

117

 

 

 

0.0

 

 

 

111

 

Safco Dental Supply, LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.89%

06/2025

 

4,043

 

 

 

4,015

 

 

 

0.5

 

 

 

3,982

 

Seniorlink Incorporated (4)(5)

Unitranche First Lien Revolver

07/2026

 

 

 

 

(16

)

 

 

 

 

 

 

Seniorlink Incorporated

Unitranche First Lien Term Loan

L + 650 (100 Floor)

11.79%

07/2026

 

9,704

 

 

 

9,545

 

 

 

1.4

 

 

 

9,898

 

Smile Doctors LLC

Unitranche First Lien Term Loan

12/2028

 

 

 

 

 

 

 

 

 

 

 

Smile Doctors LLC

Unitranche First Lien Delayed Draw Term Loan

12/2028

 

 

 

 

 

 

 

 

 

 

 

Smile Doctors LLC (4)(5)

Unitranche First Lien Revolver

S + 575 (75 Floor)

11.11%

12/2027

 

50

 

 

 

31

 

 

 

(0.0

)

 

 

(14

)

Smile Doctors LLC

Unitranche First Lien Delayed Draw Term Loan

12/2028

 

 

 

 

 

 

 

 

 

 

 

Smile Doctors LLC (4)(5)

Unitranche First Lien Delayed Draw Term Loan

12/2028

 

 

 

 

 

 

 

(0.0

)

 

 

(16

)

Smile Doctors LLC

Unitranche First Lien Term Loan

S + 590 (75 Floor)

11.03%

12/2028

 

15,625

 

 

 

15,396

 

 

 

2.1

 

 

 

15,312

 

SolutionReach, Inc.

Senior Secured First Lien Term Loan

S + 700 (100 Floor)

12.10%

01/2024

 

4,624

 

 

 

4,589

 

 

 

0.6

 

 

 

4,538

 

SolutionReach, Inc. (4)(5)

Senior Secured First Lien Revolver

01/2024

 

 

 

 

(9

)

 

 

(0.0

)

 

 

(17

)

 

21


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Sydney US Buyer Corp. (3B Scientific) (11)

Unitranche First Lien Term Loan

S + 600 (50 Floor)

11.05%

07/2029

 

3,693

 

 

 

3,606

 

 

 

0.5

 

 

 

3,693

 

Sydney US Buyer Corp. (3B Scientific) (11)

Unitranche First Lien Term Loan

E + 600

9.60%

07/2029

 

3,502

 

 

 

3,480

 

 

 

0.5

 

 

 

3,821

 

Sydney US Buyer Corp. (3B Scientific) (4)(5)(11)

Unitranche First Lien Delayed Draw Term Loan

07/2029

 

 

 

 

(47

)

 

 

 

 

 

 

Sydney US Buyer Corp. (3B Scientific) (11)

Senior Secured First Lien Revolver

07/2029

 

 

 

 

 

 

 

 

 

 

 

Team Select (CSC TS Merger SUB, LLC)

Senior Secured First Lien Term Loan

L + 650 (100 Floor)

11.57%

05/2029

 

6,300

 

 

 

6,237

 

 

 

0.9

 

 

 

6,239

 

Team Select (CSC TS Merger SUB, LLC) (4)(5)

Senior Secured First Lien Revolver

05/2029

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(6

)

Team Select (CSC TS Merger SUB, LLC) (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

05/2029

 

 

 

 

(12

)

 

 

(0.0

)

 

 

(12

)

Technology Partners, LLC

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.42%

11/2027

 

4,598

 

 

 

4,513

 

 

 

0.6

 

 

 

4,456

 

Technology Partners, LLC (4)(5)

Unitranche First Lien Revolver

11/2027

 

 

 

 

(16

)

 

 

(0.0

)

 

 

(23

)

Technology Partners, LLC (4)(5)

Unitranche First Lien Delayed Draw Term Loan

11/2027

 

 

 

 

(22

)

 

 

(0.0

)

 

 

(32

)

TTF Holdings, LLC (Soliant) (12)

Senior Secured First Lien Term Loan

L + 400 (75 Floor)

9.25%

03/2028

 

3,384

 

 

 

3,383

 

 

 

0.5

 

 

 

3,387

 

Unifeye Vision Partners

Senior Secured First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

11.39%

09/2025

 

2,993

 

 

 

2,963

 

 

 

0.4

 

 

 

2,964

 

Unifeye Vision Partners (5)

Senior Secured First Lien Revolver

S + 600 (100 Floor)

11.39%

09/2025

 

842

 

 

 

829

 

 

 

0.1

 

 

 

825

 

Unifeye Vision Partners

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

11.39%

09/2025

 

5,211

 

 

 

5,168

 

 

 

0.7

 

 

 

5,161

 

Unifeye Vision Partners

Senior Secured First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

11.39%

09/2025

 

5,009

 

 

 

5,004

 

 

 

0.7

 

 

 

4,961

 

Vital Care Buyer, LLC

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.75%

10/2025

 

6,857

 

 

 

6,798

 

 

 

0.9

 

 

 

6,737

 

Vital Care Buyer, LLC (4)(5)

Unitranche First Lien Revolver

10/2025

 

 

 

 

(18

)

 

 

(0.0

)

 

 

(39

)

 

 

 

 

 

427,054

 

 

 

420,174

 

 

 

56.6

 

 

 

410,802

 

Household & Personal Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash Opco LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.13%

03/2026

 

2,946

 

 

 

2,920

 

 

 

0.4

 

 

 

2,939

 

Lash Opco LLC (5)

Unitranche First Lien Revolver

L + 700 (100 Floor)

12.03%

09/2025

 

362

 

 

 

358

 

 

 

0.0

 

 

 

360

 

Lash Opco LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.13%

03/2026

 

3,004

 

 

 

2,976

 

 

 

0.4

 

 

 

2,996

 

Lash Opco LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.13%

03/2026

 

975

 

 

 

966

 

 

 

0.1

 

 

 

972

 

 

 

 

 

 

7,287

 

 

 

7,220

 

 

 

0.9

 

 

 

7,267

 

 

22


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comet Acquisition, Inc.

Senior Secured Second Lien Term Loan

L + 750

12.69%

10/2026

 

1,782

 

 

 

1,781

 

 

 

0.2

 

 

 

1,755

 

Doxa Insurance Holdings, LLC

Senior Secured First Lien Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

1,560

 

 

 

1,531

 

 

 

0.2

 

 

 

1,552

 

Doxa Insurance Holdings, LLC (4)(5)

Senior Secured First Lien Revolver

12/2026

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(2

)

Doxa Insurance Holdings, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

1,887

 

 

 

1,857

 

 

 

0.3

 

 

 

1,877

 

Doxa Insurance Holdings, LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

710

 

 

 

671

 

 

 

0.1

 

 

 

699

 

Evolution BuyerCo, Inc.

Unitranche First Lien Term Loan

L + 625 (100 Floor)

11.49%

04/2028

 

8,167

 

 

 

8,102

 

 

 

1.1

 

 

 

8,127

 

Evolution BuyerCo, Inc. (4)(5)

Unitranche First Lien Revolver

04/2027

 

 

 

 

(5

)

 

 

(0.0

)

 

 

(4

)

Evolution BuyerCo, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 625 (100 Floor)

11.64%

04/2028

 

1,433

 

 

 

1,420

 

 

 

0.2

 

 

 

1,426

 

Evolution BuyerCo, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 625 (100 Floor)

11.64%

04/2028

 

1,749

 

 

 

1,729

 

 

 

0.2

 

 

 

1,741

 

Evolution BuyerCo, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 675 (100 Floor)

12.14%

04/2028

 

219

 

 

 

214

 

 

 

0.0

 

 

 

223

 

Integrity Marketing Acquisition, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 580 (100 Floor)

11.16%

08/2025

 

4,940

 

 

 

4,888

 

 

 

0.7

 

 

 

4,865

 

Integrity Marketing Acquisition, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 580 (100 Floor)

11.16%

08/2025

 

2,987

 

 

 

2,957

 

 

 

0.4

 

 

 

2,941

 

Integrity Marketing Acquisition, LLC (4)(5)

Unitranche First Lien Revolver

08/2025

 

 

 

 

(18

)

 

 

(0.0

)

 

 

(21

)

Integrity Marketing Acquisition, LLC

Unitranche First Lien Term Loan

S + 580 (100 Floor)

11.16%

08/2025

 

12,554

 

 

 

12,428

 

 

 

1.7

 

 

 

12,362

 

Integro Parent, Inc. (11)

Senior Secured First Lien Term Loan

L + 1225 (100 Floor)

16.83%

 

 

644

 

 

 

628

 

 

 

0.1

 

 

 

644

 

Integro Parent, Inc. (9)(11)

Senior Secured Second Lien Term Loan

10/2023

 

2,915

 

 

 

2,897

 

 

 

0.4

 

 

 

2,915

 

Integro Parent, Inc. (9)(11)

Senior Secured Second Lien Delayed Draw Term Loan

10/2023

 

380

 

 

 

378

 

 

 

0.1

 

 

 

380

 

Newcleus, LLC

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

11.39%

08/2026

 

5,118

 

 

 

4,817

 

 

 

0.6

 

 

 

4,523

 

Newcleus, LLC (4)(5)

Senior Secured First Lien Revolver

08/2026

 

 

 

 

(26

)

 

 

(0.0

)

 

 

(51

)

Newcleus, LLC (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

08/2026

 

 

 

 

(27

)

 

 

(0.0

)

 

 

(53

)

Patriot Growth Insurance Services, LLC

Unitranche First Lien Delayed Draw Term Loan

10/2028

 

 

 

 

 

 

 

 

 

 

 

Patriot Growth Insurance Services, LLC (4)(5)

Unitranche First Lien Revolver

10/2028

 

 

 

 

(10

)

 

 

(0.0

)

 

 

(35

)

Patriot Growth Insurance Services, LLC

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.99%

10/2028

 

9,228

 

 

 

9,127

 

 

 

1.2

 

 

 

8,744

 

Patriot Growth Insurance Services, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

11.13%

10/2028

 

1,481

 

 

 

1,458

 

 

 

0.2

 

 

 

1,358

 

 

23


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Socius Insurance Services, Inc.

Unitranche First Lien Term Loan

S + 500 (100 Floor)

10.39%

06/2027

 

2,888

 

 

 

2,864

 

 

 

0.4

 

 

 

2,888

 

Socius Insurance Services, Inc. (4)(5)

Unitranche First Lien Revolver

06/2027

 

 

 

 

(5

)

 

 

 

 

 

 

Socius Insurance Services, Inc. (4)(5)

Unitranche First Lien Delayed Draw Term Loan

06/2027

 

 

 

 

(17

)

 

 

 

 

 

 

The Hilb Group, LLC

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

3,512

 

 

 

3,464

 

 

 

0.5

 

 

 

3,512

 

The Hilb Group, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

993

 

 

 

980

 

 

 

0.1

 

 

 

993

 

The Hilb Group, LLC (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

10.95%

12/2025

 

76

 

 

 

72

 

 

 

0.0

 

 

 

76

 

The Hilb Group, LLC

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

1,042

 

 

 

1,026

 

 

 

0.1

 

 

 

1,042

 

The Hilb Group, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.95%

12/2026

 

1,752

 

 

 

1,729

 

 

 

0.2

 

 

 

1,752

 

The Hilb Group, LLC (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

10.95%

12/2025

 

32

 

 

 

30

 

 

 

0.0

 

 

 

32

 

The Hilb Group, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 550 (75 Floor)

10.70%

12/2026

 

3,120

 

 

 

3,089

 

 

 

0.4

 

 

 

3,090

 

The Hilb Group, LLC (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

10.95%

12/2025

 

25

 

 

 

24

 

 

 

0.0

 

 

 

25

 

Tricor Borrower, LLC

Unitranche First Lien Term Loan

S + 500 (100 Floor)

10.20%

10/2026

 

3,183

 

 

 

3,134

 

 

 

0.4

 

 

 

3,079

 

Tricor Borrower, LLC (4)(5)

Unitranche First Lien Revolver

10/2026

 

 

 

 

(5

)

 

 

(0.0

)

 

 

(9

)

Tricor Borrower, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 525 (100 Floor)

10.45%

10/2026

 

746

 

 

 

719

 

 

 

0.1

 

 

 

692

 

 

 

 

 

 

75,123

 

 

 

73,895

 

 

 

9.9

 

 

 

73,138

 

Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A&A Global Imports, LLC

Senior Secured First Lien Term Loan

S + 650

13.70%

06/2026

 

2,209

 

 

 

2,026

 

 

 

0.3

 

 

 

1,902

 

A&A Global Imports, LLC (5)

Senior Secured First Lien Revolver

S + 650 (100 Floor)

13.70%

06/2026

 

528

 

 

 

465

 

 

 

0.1

 

 

 

422

 

Action Signature Acquisition, Inc.

Unitranche First Lien Term Loan

L + 650 (100 Floor)

12.04%

06/2026

 

3,250

 

 

 

3,234

 

 

 

0.4

 

 

 

3,219

 

Action Signature Acquisition, Inc.

Unitranche First Lien Term Loan

L + 650

12.04%

11/2026

 

507

 

 

 

505

 

 

 

0.1

 

 

 

502

 

Action Signature Acquisition, Inc. (5)

Unitranche First Lien Revolver

L + 650 (100 Floor)

11.33%

06/2026

 

239

 

 

 

236

 

 

 

0.0

 

 

 

232

 

Action Signature Acquisition, Inc.

Unitranche First Lien Term Loan

L + 650 (100 Floor)

12.04%

11/2026

 

246

 

 

 

245

 

 

 

0.0

 

 

 

244

 

Action Signature Acquisition, Inc.

Unitranche First Lien Term Loan

L + 650

12.04%

06/2026

 

842

 

 

 

838

 

 

 

0.1

 

 

 

834

 

Advanced Web Technologies

Unitranche First Lien Term Loan

L + 600 (100 Floor)

11.01%

12/2026

 

2,001

 

 

 

1,972

 

 

 

0.3

 

 

 

1,987

 

Advanced Web Technologies (4)(5)

Unitranche First Lien Revolver

12/2026

 

 

 

 

(5

)

 

 

(0.0

)

 

 

(2

)

Advanced Web Technologies

Unitranche First Lien Delayed Draw Term Loan

L + 600 (100 Floor)

11.01%

12/2026

 

787

 

 

 

776

 

 

 

0.1

 

 

 

782

 

USALCO, LLC

Unitranche First Lien Term Loan

S + 600 (100 Floor)

11.22%

10/2027

 

2,955

 

 

 

2,874

 

 

 

0.4

 

 

 

2,883

 

 

 

 

 

 

13,564

 

 

 

13,166

 

 

 

1.8

 

 

 

13,005

 

 

24


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcanza Clinical Research

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

10.98%

12/2027

 

494

 

 

 

487

 

 

 

0.1

 

 

 

482

 

Alcanza Clinical Research (4)(5)

Senior Secured First Lien Revolver

12/2027

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(3

)

Alcanza Clinical Research (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

12/2027

 

 

 

 

(4

)

 

 

(0.0

)

 

 

(6

)

Alcanza Clinical Research

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

10.98%

12/2027

 

6,550

 

 

 

6,455

 

 

 

0.9

 

 

 

6,383

 

BioAgilytix

Senior Secured First Lien Term Loan

S + 525 (75 Floor) (including 275 PIK)

10.49%

12/2028

 

13,279

 

 

 

13,037

 

 

 

1.7

 

 

 

12,334

 

BioAgilytix (5)

Senior Secured First Lien Delayed Draw Term Loan

S + 525 (75 Floor) (including 275 PIK)

10.59%

12/2028

 

685

 

 

 

665

 

 

 

0.1

 

 

 

503

 

LSCS Holdings, Inc. (Eversana)

Senior Secured Second Lien Term Loan

L + 800 (50 Floor)

13.19%

12/2029

 

14,700

 

 

 

14,402

 

 

 

1.8

 

 

 

13,083

 

Teal Acquisition Co., Inc

Unitranche First Lien Term Loan

S + 625 (100 Floor)

11.24%

09/2026

 

8,896

 

 

 

8,736

 

 

 

1.2

 

 

 

8,896

 

Teal Acquisition Co., Inc

Unitranche First Lien Revolver

L + 625 (100 Floor)

11.24%

09/2026

 

1,277

 

 

 

1,256

 

 

 

0.2

 

 

 

1,277

 

Teal Acquisition Co., Inc

Unitranche First Lien Term Loan

S + 625 (100 Floor)

11.51%

09/2026

 

4,912

 

 

 

4,850

 

 

 

0.7

 

 

 

4,912

 

 

 

 

 

 

50,793

 

 

 

49,882

 

 

 

6.7

 

 

 

47,861

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Matilda Jane Holdings, Inc. (9)

Senior Secured First Lien Term Loan

 

 

11,961

 

 

 

 

 

 

0.0

 

 

 

291

 

Matilda Jane Holdings, Inc. (9)

Senior Secured First Lien Revolver

 

 

1,426

 

 

 

189

 

 

 

0.0

 

 

 

35

 

MeriCal, LLC

Unitranche First Lien Term Loan

S + 675

11.97%

11/2023

 

7,236

 

 

 

6,991

 

 

 

0.8

 

 

 

6,038

 

Savers (12)

Senior Secured First Lien Term Loan

S + 525 (75 Floor)

10.75%

04/2028

 

2,626

 

 

 

2,626

 

 

 

0.4

 

 

 

2,626

 

Slickdeals Holdings, LLC (4)(5)(6)

Unitranche First Lien Revolver

06/2024

 

 

 

 

(1

)

 

 

 

 

 

 

Slickdeals Holdings, LLC (6)

Unitranche First Lien Term Loan

S + 625 (100 Floor)

11.44%

06/2024

 

14,096

 

 

 

14,002

 

 

 

1.9

 

 

 

14,097

 

 

 

 

 

 

37,345

 

 

 

23,807

 

 

 

3.1

 

 

 

23,087

 

Semiconductor and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OEM Group, LLC (7)(9)

Senior Secured First Lien Term Loan

09/2025

 

9,043

 

 

 

8,378

 

 

 

1.3

 

 

 

9,109

 

OEM Group, LLC (7)(9)

Senior Secured Second Lien Term Loan

09/2025

 

27,025

 

 

 

 

 

 

 

 

 

 

OEM Group, LLC (7)(9)

Senior Secured Second Lien Revolver

09/2025

 

15,044

 

 

 

 

 

 

 

 

 

 

OEM Group, LLC (7)(9)

Senior Secured Second Lien Term Loan

09/2025

 

12,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,105

 

 

 

8,378

 

 

 

1.3

 

 

 

9,109

 

 

25


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABACUS Holdings I LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 525 (100 Floor)

10.69%

06/2028

 

267

 

 

 

244

 

 

 

0.0

 

 

 

209

 

ABACUS Holdings I LLC (5)

Unitranche First Lien Revolver

S + 525 (100 Floor)

10.69%

06/2028

 

708

 

 

 

688

 

 

 

0.1

 

 

 

683

 

ABACUS Holdings I LLC

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.69%

06/2028

 

6,749

 

 

 

6,630

 

 

 

0.9

 

 

 

6,608

 

Affinitiv, Inc. (4)(5)

Unitranche First Lien Revolver

08/2024

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(4

)

Affinitiv, Inc.

Unitranche First Lien Term Loan

S + 600 (100 Floor)

11.50%

08/2024

 

6,183

 

 

 

6,155

 

 

 

0.8

 

 

 

6,141

 

Alpine SG, LLC

Senior Secured First Lien Term Loan

L + 600 (100 Floor)

11.20%

11/2027

 

1,351

 

 

 

1,326

 

 

 

0.2

 

 

 

1,351

 

Alpine SG, LLC (4)(5)

Senior Secured First Lien Revolver

11/2027

 

 

 

 

(2

)

 

 

 

 

 

 

Alpine SG, LLC

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

11.20%

11/2027

 

967

 

 

 

949

 

 

 

0.1

 

 

 

967

 

Alpine SG, LLC

Senior Secured First Lien Term Loan

L + 600 (100 Floor)

11.20%

11/2027

 

3,363

 

 

 

3,300

 

 

 

0.5

 

 

 

3,363

 

Alpine SG, LLC

Senior Secured First Lien Term Loan

L + 600

11.20%

11/2027

 

536

 

 

 

526

 

 

 

0.1

 

 

 

536

 

Ansira Partners, Inc. (9)

Unitranche First Lien Term Loan

12/2024

 

8,551

 

 

 

6,605

 

 

 

0.1

 

 

 

803

 

Ansira Partners, Inc. (9)

Unitranche First Lien Delayed Draw Term Loan

12/2024

 

1,161

 

 

 

938

 

 

 

0.0

 

 

 

109

 

Ansira Partners, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 1000 (100 Floor) (including 800 PIK)

13.24%

12/2024

 

51

 

 

 

51

 

 

 

0.0

 

 

 

51

 

Apps Associates LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.70%

07/2027

 

1,787

 

 

 

1,768

 

 

 

0.2

 

 

 

1,760

 

Apps Associates LLC (5)

Unitranche First Lien Revolver

S + 550 (100 Floor)

10.70%

07/2027

 

240

 

 

 

229

 

 

 

0.0

 

 

 

228

 

Apps Associates LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.70%

07/2027

 

5,551

 

 

 

5,473

 

 

 

0.8

 

 

 

5,470

 

Banker's Toolbox, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 525 (75 Floor)

10.45%

07/2027

 

2,906

 

 

 

2,861

 

 

 

0.4

 

 

 

2,906

 

Banker's Toolbox, Inc. (4)(5)

Unitranche First Lien Revolver

07/2027

 

 

 

 

(33

)

 

 

 

 

 

 

Banker's Toolbox, Inc.

Unitranche First Lien Term Loan

S + 525 (75 Floor)

10.45%

07/2027

 

15,605

 

 

 

15,381

 

 

 

2.1

 

 

 

15,604

 

Belay Inc.

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.20%

06/2026

 

4,851

 

 

 

4,798

 

 

 

0.7

 

 

 

4,812

 

Belay Inc. (4)(5)

Senior Secured First Lien Revolver

11/2025

 

 

 

 

(7

)

 

 

(0.0

)

 

 

(5

)

Benesys Inc.

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.70%

10/2024

 

1,378

 

 

 

1,373

 

 

 

0.2

 

 

 

1,324

 

Benesys Inc.

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.70%

10/2024

 

293

 

 

 

290

 

 

 

0.0

 

 

 

281

 

Benesys Inc. (5)

Senior Secured First Lien Revolver

S + 550 (100 Floor)

10.70%

10/2024

 

90

 

 

 

90

 

 

 

0.0

 

 

 

84

 

Benesys Inc. (5)

Senior Secured First Lien Revolver

S + 525 (100 Floor)

10.45%

10/2024

 

4

 

 

 

1

 

 

 

 

 

 

 

 

26


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Cedar Services Group, LLC

Senior Secured First Lien Term Loan

S + 650 (150 Floor)

11.89%

06/2027

 

2,860

 

 

 

2,778

 

 

 

0.4

 

 

 

2,797

 

Cedar Services Group, LLC (4)(5)

Senior Secured First Lien Revolver

06/2027

 

 

 

 

(22

)

 

 

(0.0

)

 

 

(18

)

Cedar Services Group, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 650 (150 Floor)

11.89%

06/2027

 

1,395

 

 

 

1,355

 

 

 

0.2

 

 

 

1,364

 

Cedar Services Group, LLC

Senior Secured First Lien Term Loan

S + 650 (100 Floor)

11.74%

06/2027

 

988

 

 

 

959

 

 

 

0.1

 

 

 

966

 

Cedar Services Group, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

11.89%

06/2027

 

711

 

 

 

691

 

 

 

0.1

 

 

 

695

 

Certify, Inc.

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.70%

02/2024

 

1,544

 

 

 

1,544

 

 

 

0.2

 

 

 

1,543

 

Certify, Inc.

Senior Secured First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.70%

02/2024

 

211

 

 

 

211

 

 

 

0.0

 

 

 

210

 

Certify, Inc. (5)

Senior Secured First Lien Revolver

S + 550 (100 Floor)

10.70%

02/2024

 

18

 

 

 

18

 

 

 

0.0

 

 

 

18

 

Claritas, LLC (4)(5)

Unitranche First Lien Delayed Draw Term Loan

03/2026

 

 

 

 

(17

)

 

 

(0.0

)

 

 

(4

)

Claritas, LLC (4)(5)

Unitranche First Lien Revolver

03/2026

 

 

 

 

(13

)

 

 

(0.0

)

 

 

(3

)

Claritas, LLC

Unitranche First Lien Term Loan

S + 525 (100 Floor)

10.49%

03/2026

 

10,468

 

 

 

10,376

 

 

 

1.4

 

 

 

10,451

 

Granicus, Inc.

Unitranche First Lien Term Loan

S + 800 (100 Floor) (including 150 PIK)

13.05%

01/2027

 

9,067

 

 

 

8,924

 

 

 

1.2

 

 

 

9,044

 

Granicus, Inc. (5)

Unitranche First Lien Revolver

S + 650 (100 Floor)

11.49%

01/2027

 

249

 

 

 

238

 

 

 

0.0

 

 

 

247

 

Granicus, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 600 (100 Floor)

11.05%

01/2027

 

7,836

 

 

 

7,750

 

 

 

1.1

 

 

 

7,817

 

Lexipol (Ranger Buyer, Inc.)

Unitranche First Lien Term Loan

S + 525 (75 Floor)

10.45%

11/2028

 

13,091

 

 

 

12,881

 

 

 

1.8

 

 

 

13,091

 

Lexipol (Ranger Buyer, Inc.) (4)(5)

Unitranche First Lien Revolver

11/2027

 

 

 

 

(17

)

 

 

 

 

 

 

List Partners, Inc. (4)(5)

Senior Secured First Lien Revolver

05/2024

 

 

 

 

(1

)

 

 

(0.0

)

 

 

(10

)

List Partners, Inc.

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

10.20%

05/2024

 

3,650

 

 

 

3,642

 

 

 

0.5

 

 

 

3,568

 

MRI Software LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.84%

02/2026

 

18,133

 

 

 

18,008

 

 

 

2.5

 

 

 

17,725

 

MRI Software LLC (4)(5)

Unitranche First Lien Revolver

02/2026

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(28

)

MRI Software LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.84%

02/2026

 

1,303

 

 

 

1,294

 

 

 

0.2

 

 

 

1,273

 

New Era Technology, Inc.

Unitranche First Lien Term Loan

L + 625 (100 Floor)

11.52%

10/2026

 

3,041

 

 

 

3,003

 

 

 

0.4

 

 

 

2,944

 

New Era Technology, Inc. (4)(5)

Unitranche First Lien Revolver

10/2026

 

 

 

 

(3

)

 

 

(0.0

)

 

 

(7

)

New Era Technology, Inc.

Unitranche First Lien Delayed Draw Term Loan

S + 625 (100 Floor)

11.75%

10/2026

 

1,953

 

 

 

1,931

 

 

 

0.3

 

 

 

1,891

 

New Era Technology, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 625 (100 Floor)

11.75%

10/2026

 

5,971

 

 

 

5,907

 

 

 

0.8

 

 

 

5,765

 

New Era Technology, Inc. (4)(5)

Unitranche First Lien Revolver

10/2026

 

 

 

 

(7

)

 

 

(0.0

)

 

 

(16

)

 

27


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Odessa Technologies, Inc. (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

10/2027

 

 

 

 

(13

)

 

 

 

 

 

 

Odessa Technologies, Inc. (4)(5)

Senior Secured First Lien Revolver

10/2027

 

 

 

 

(36

)

 

 

 

 

 

 

Odessa Technologies, Inc.

Senior Secured First Lien Term Loan

S + 575 (75 Floor)

10.94%

10/2027

 

9,522

 

 

 

9,377

 

 

 

1.3

 

 

 

9,522

 

Ontario Systems, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.89%

08/2025

 

1,081

 

 

 

1,080

 

 

 

0.1

 

 

 

1,045

 

Ontario Systems, LLC

Unitranche First Lien Revolver

S + 550 (100 Floor)

10.89%

08/2025

 

500

 

 

 

498

 

 

 

0.1

 

 

 

484

 

Ontario Systems, LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.89%

08/2025

 

3,128

 

 

 

3,115

 

 

 

0.4

 

 

 

3,025

 

Ontario Systems, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.89%

08/2025

 

545

 

 

 

534

 

 

 

0.1

 

 

 

527

 

Ontario Systems, LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.84%

08/2025

 

442

 

 

 

437

 

 

 

0.1

 

 

 

428

 

Park Place Technologies, LLC (8)

Unsecured Debt

1250 PIK

12.50%

05/2029

 

940

 

 

 

940

 

 

 

0.1

 

 

 

792

 

Perforce Software, Inc. (12)

Senior Secured Second Lien Term Loan

S + 800

13.20%

07/2027

 

5,000

 

 

 

4,994

 

 

 

0.6

 

 

 

4,503

 

Right Networks, LLC

Unitranche First Lien Revolver

S + 550 (100 Floor)

10.70%

05/2026

 

233

 

 

 

231

 

 

 

0.0

 

 

 

232

 

Right Networks, LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.70%

05/2026

 

9,290

 

 

 

9,230

 

 

 

1.3

 

 

 

9,257

 

Right Networks, LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.70%

05/2026

 

8,182

 

 

 

8,079

 

 

 

1.1

 

 

 

8,153

 

Right Networks, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.70%

05/2026

 

2,086

 

 

 

2,060

 

 

 

0.3

 

 

 

2,078

 

Ruffalo Noel Levitz, LLC

Unitranche First Lien Revolver

P + 500 (100 Floor)

13.25%

05/2024

 

300

 

 

 

300

 

 

 

0.0

 

 

 

290

 

Ruffalo Noel Levitz, LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor) (including 400 PIK)

12.34%

05/2024

 

2,448

 

 

 

2,453

 

 

 

0.3

 

 

 

2,365

 

Saturn Borrower Inc

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.89%

09/2026

 

20,117

 

 

 

19,749

 

 

 

2.7

 

 

 

18,699

 

Saturn Borrower Inc

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.74%

09/2026

 

2,450

 

 

 

2,403

 

 

 

0.3

 

 

 

2,278

 

Saturn Borrower Inc

Unitranche First Lien Revolver

L + 650 (100 Floor)

11.74%

09/2026

 

1,513

 

 

 

1,487

 

 

 

0.2

 

 

 

1,406

 

Smartronix, LLC

Unitranche First Lien Term Loan

L + 600 (100 Floor)

11.21%

11/2028

 

23,748

 

 

 

23,345

 

 

 

3.3

 

 

 

23,314

 

Smartronix, LLC (4)(5)

Unitranche First Lien Revolver

11/2028

 

 

 

 

(51

)

 

 

(0.0

)

 

 

(60

)

SQAD Holdco, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.99%

04/2028

 

2,401

 

 

 

2,362

 

 

 

0.3

 

 

 

2,248

 

SQAD Holdco, Inc. (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

11.01%

04/2028

 

210

 

 

 

193

 

 

 

0.0

 

 

 

177

 

SQAD Holdco, Inc.

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.99%

04/2028

 

8,861

 

 

 

8,713

 

 

 

1.2

 

 

 

8,580

 

 

28


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Summit 7 Systems, LLC (5)

Senior Secured First Lien Revolver

S + 650 (100 Floor)

11.89%

05/2028

 

361

 

 

 

356

 

 

 

0.0

 

 

 

343

 

Summit 7 Systems, LLC

Senior Secured First Lien Term Loan

S + 650 (100 Floor)

11.89%

05/2028

 

5,247

 

 

 

5,159

 

 

 

0.7

 

 

 

5,155

 

Transportation Insight, LLC

Senior Secured First Lien Term Loan

L + 425

9.62%

12/2024

 

5,010

 

 

 

4,999

 

 

 

0.7

 

 

 

4,885

 

Transportation Insight, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 425

9.62%

12/2024

 

1,245

 

 

 

1,242

 

 

 

0.2

 

 

 

1,214

 

Transportation Insight, LLC (4)(5)

Senior Secured First Lien Revolver

12/2024

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(19

)

TMA Buyer, LLC

Unitranche First Lien Term Loan

S + 650 (100 Floor)

11.89%

09/2027

 

3,090

 

 

 

2,976

 

 

 

0.4

 

 

 

3,053

 

TMA Buyer, LLC (4)(5)

Unitranche First Lien Revolver

09/2027

 

 

 

 

(14

)

 

 

(0.0

)

 

 

(5

)

TMA Buyer, LLC

Unitranche First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

11.70%

09/2027

 

368

 

 

 

354

 

 

 

0.1

 

 

 

363

 

Winxnet Holdings LLC

Unitranche First Lien Delayed Draw Term Loan

S + 700 (100 Floor)

12.20%

12/2025

 

625

 

 

 

621

 

 

 

0.1

 

 

 

623

 

Winxnet Holdings LLC

Unitranche First Lien Delayed Draw Term Loan

S + 700 (100 Floor)

12.20%

12/2025

 

1,024

 

 

 

1,015

 

 

 

0.1

 

 

 

1,022

 

Winxnet Holdings LLC

Unitranche First Lien Revolver

S + 700 (100 Floor)

12.20%

12/2025

 

650

 

 

 

646

 

 

 

0.1

 

 

 

649

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.20%

12/2025

 

1,901

 

 

 

1,892

 

 

 

0.3

 

 

 

1,897

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.20%

12/2025

 

1,516

 

 

 

1,500

 

 

 

0.2

 

 

 

1,512

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.20%

12/2025

 

1,130

 

 

 

1,118

 

 

 

0.2

 

 

 

1,128

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 700 (100 Floor)

12.20%

12/2025

 

198

 

 

 

196

 

 

 

0.0

 

 

 

198

 

 

 

 

 

 

270,443

 

 

 

264,592

 

 

 

35.3

 

 

 

255,965

 

Technology, Hardware & Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3SI Security Systems

Unitranche First Lien Term Loan

L + 650 (100 Floor)

12.01%

12/2024

 

3,702

 

 

 

3,576

 

 

 

0.5

 

 

 

3,614

 

Gener8, LLC

Senior Secured First Lien Term Loan

S + 650 (100 Floor)

12.00%

08/2024

 

5,708

 

 

 

5,708

 

 

 

0.7

 

 

 

5,180

 

Gener8, LLC (5)

Senior Secured First Lien Revolver

S + 650 (100 Floor)

11.74%

08/2024

 

1,200

 

 

 

1,200

 

 

 

0.1

 

 

 

1,061

 

Gener8, LLC

Senior Secured First Lien Term Loan

S + 650 (100 Floor)

12.00%

08/2024

 

246

 

 

 

246

 

 

 

0.0

 

 

 

223

 

 

 

 

 

 

10,856

 

 

 

10,730

 

 

 

1.3

 

 

 

10,078

 

Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A&R Logistics Holdings, Inc.

Unitranche First Lien Term Loan

S + 550

10.79%

05/2025

 

2,337

 

 

 

2,337

 

 

 

0.3

 

 

 

2,330

 

A&R Logistics Holdings, Inc.

Unitranche First Lien Term Loan

S + 600

11.29%

05/2025

 

442

 

 

 

442

 

 

 

0.1

 

 

 

441

 

 

 

 

 

 

2,779

 

 

 

2,779

 

 

 

0.4

 

 

 

2,771

 

Total Debt Investments
United States

 

 

 

 

 

1,461,502

 

 

 

1,327,393

 

 

 

178.6

 

%

 

1,297,716

 

 

29


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sun Acquirer Corp.

Common Stock

 

 

 

6,148

 

 

 

615

 

 

 

0.1

 

 

 

527

 

Sun Acquirer Corp.

Common Stock

 

 

 

428

 

 

 

43

 

 

 

0.0

 

 

 

37

 

 

 

 

 

 

 

 

 

658

 

 

 

0.1

 

 

 

564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore Holding, LLC (7)

Common Stock

 

 

521,354

 

 

 

 

 

 

 

 

 

 

Envocore Holding, LLC (7)

Preferred Stock

 

 

534,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdings, LLC

Common Stock

 

 

 

2,805,726

 

 

 

1,011

 

 

 

0.4

 

 

 

3,144

 

Allied Universal Holdings, LLC

Common Stock

 

 

 

684,903

 

 

 

685

 

 

 

0.1

 

 

 

768

 

ASP MCS Acquisition Corp. (6)(12)

Common Stock

 

 

 

11,861

 

 

 

1,150

 

 

 

0.1

 

 

 

385

 

ASP MCS Acquisition Corp. (6)(12)

Common Stock

 

 

891

 

 

 

29

 

 

 

0.0

 

 

 

29

 

ASP MCS Acquisition Corp. (6)

Preferred Stock

 

 

338

 

 

 

338

 

 

 

0.0

 

 

 

316

 

Hercules Borrower LLC

Common Stock

 

 

 

1,153,075

 

 

 

1,153

 

 

 

0.2

 

 

 

1,551

 

IGT Holdings LLC

Preferred Stock

 

 

645,730

 

 

 

 

 

 

 

 

 

 

IGT Holdings LLC

Common Stock

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

MHS Acquisition Holdings, LLC

Preferred Stock

 

 

 

1,060

 

 

 

923

 

 

 

0.2

 

 

 

1,449

 

MHS Acquisition Holdings, LLC

Common Stock

 

 

 

11

 

 

 

9

 

 

 

0.1

 

 

 

427

 

Receivable Solutions, Inc.

Preferred Stock

 

 

 

137,000

 

 

 

137

 

 

 

0.0

 

 

 

265

 

Service Logic Acquisition, Inc.

Common Stock

 

 

 

13,132

 

 

 

1,313

 

 

 

0.3

 

 

 

2,297

 

TecoStar Holdings, Inc.

Common Stock

 

 

 

500,000

 

 

 

500

 

 

 

0.1

 

 

 

430

 

 

 

 

 

 

 

 

 

7,248

 

 

 

1.5

 

 

 

11,061

 

 

30


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Everlast Parent Inc.

Common Stock

 

 

 

948

 

 

 

948

 

 

 

0.2

 

 

 

1,186

 

FS Whitewater Borrower, LLC

Common Stock

 

 

 

6,897

 

 

 

690

 

 

 

0.1

 

 

 

600

 

HGH Purchaser, Inc.

Common Stock

 

 

 

4,171

 

 

 

417

 

 

 

0.1

 

 

 

1,034

 

HS Spa Holdings Inc. (Hand & Stone)

Common Stock

 

 

1,804,502

 

 

 

1,805

 

 

 

0.3

 

 

 

1,947

 

Legalshield

Common Stock

 

 

 

372

 

 

 

372

 

 

 

0.1

 

 

 

636

 

Mario Purchaser, LLC

Common Stock

 

 

1,027

 

 

 

1,027

 

 

 

0.1

 

 

 

667

 

PPV Intermediate Holdings LLC (Vetcor)

Common Stock

 

 

312,500

 

 

 

313

 

 

 

0.1

 

 

 

444

 

smarTours, LLC (6)

Common Stock

 

 

2,403

 

 

 

1,682

 

 

 

0.2

 

 

 

1,634

 

Stepping Stones Healthcare Services, LLC

Common Stock

 

 

 

11,321

 

 

 

1,132

 

 

 

0.1

 

 

 

825

 

Wrench Group LLC

Common Stock

 

 

 

2,337

 

 

 

235

 

 

 

0.1

 

 

 

609

 

Wrench Group LLC

Common Stock

 

 

 

655

 

 

 

66

 

 

 

0.0

 

 

 

170

 

 

 

 

 

 

 

 

 

8,687

 

 

 

1.4

 

 

 

9,752

 

Diversified Financials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACON Igloo Investors I, LLC (11)(13)(14)

Partnership Interest

 

 

 

 

 

266

 

 

 

0.0

 

 

 

344

 

First Eagle Greenway Fund II, LLC (11)(13)(14)

Partnership Interest

 

 

 

 

 

 

 

 

 

 

 

 

First Eagle Logan JV, LLC (5)(7)(11)(13)(14)

Partnership Interest

 

 

 

 

 

44,767

 

 

 

5.4

 

 

 

38,148

 

Freeport Financial SBIC Fund LP (11)(13)(14)

Partnership Interest

 

 

 

 

 

1,771

 

 

 

0.2

 

 

 

1,736

 

GACP II LP (6)(11)(13)(14)

Partnership Interest

 

 

 

 

 

 

4,898

 

 

 

0.6

 

 

 

4,650

 

Gryphon Partners 3.5, L.P. (11)(13)(14)

Partnership Interest

 

 

 

 

 

145

 

 

 

0.0

 

 

 

64

 

WhiteHawk III Onshore Fund L.P. (5)(6)(11)(13)(14)

Partnership Interest

 

 

 

 

 

 

9,144

 

 

 

1.3

 

 

 

9,635

 

 

 

 

 

 

 

 

 

60,991

 

 

 

7.5

 

 

 

54,577

 

Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Wireline Services, LLC

Common Stock

 

 

 

4,538

 

 

 

 

 

 

 

 

 

 

Allied Wireline Services, LLC

Common Stock

 

 

 

2,063

 

 

 

 

 

 

 

 

 

 

Loadmaster Derrick & Equipment, Inc. (7)

Preferred Stock

 

 

 

2,956

 

 

 

 

 

 

 

 

 

 

Loadmaster Derrick & Equipment, Inc. (7)

Common Stock

 

 

 

12,131

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Food & Staples Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Isagenix International, LLC (6)

Common Stock

 

 

 

202,884

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACI Group Holdings, Inc.

Common Stock

 

 

 

907,499

 

 

 

909

 

 

 

0.2

 

 

 

1,167

 

ACI Group Holdings, Inc.

Preferred Stock

 

 

 

3,719

 

 

 

3,645

 

 

 

0.6

 

 

 

4,421

 

Bayside Opco, LLC (6)

Common Stock

 

 

 

1,976

 

 

 

 

 

 

 

 

 

 

Centria Subsidiary Holdings, LLC

Common Stock

 

 

 

11,911

 

 

 

1,191

 

 

 

0.2

 

 

 

1,486

 

Hospice Care Buyer, Inc.

Common Stock

 

 

 

13,895

 

 

 

1,398

 

 

 

0.1

 

 

 

890

 

Hospice Care Buyer, Inc.

Common Stock

 

 

 

844

 

 

 

75

 

 

 

0.0

 

 

 

48

 

NMN Holdings III Corp.

Common Stock

 

 

 

11,111

 

 

 

1,111

 

 

 

0.1

 

 

 

811

 

Patriot Acquisition Topco S.A.R.L (11)

Common Stock

 

 

 

1,148

 

 

 

1,148

 

 

 

0.2

 

 

 

1,256

 

Patriot Acquisition Topco S.A.R.L (11)

Common Stock

 

 

 

15,809

 

 

 

42

 

 

 

 

 

 

 

Seniorlink Incorporated

Common Stock

 

 

 

68,182

 

 

 

518

 

 

 

0.3

 

 

 

2,125

 

Smile Doctors LLC

Common Stock

 

 

 

227

 

 

 

714

 

 

 

0.1

 

 

 

649

 

 

 

 

 

 

 

 

 

10,751

 

 

 

1.8

 

 

 

12,853

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Doxa Insurance Holdings, LLC

Common Stock

 

 

 

257,116

 

 

 

260

 

 

 

0.0

 

 

 

278

 

Evolution BuyerCo, Inc.

Common Stock

 

 

 

2,917

 

 

 

292

 

 

 

0.0

 

 

 

319

 

Integrity Marketing Acquisition, LLC

Common Stock

 

 

 

287,484

 

 

 

533

 

 

 

0.1

 

 

 

983

 

Integrity Marketing Acquisition, LLC

Preferred Stock

 

 

 

1,247

 

 

 

1,215

 

 

 

0.3

 

 

 

2,029

 

Integro Parent, Inc. (11)

Common Stock

 

 

 

4,468

 

 

 

454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,754

 

 

 

0.4

 

 

 

3,609

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSCS Holdings, Inc. (Eversana)

Common Stock

 

 

 

3,096

 

 

 

953

 

 

 

0.1

 

 

 

1,025

 

LSCS Holdings, Inc. (Eversana)

Preferred Stock

 

 

 

447

 

 

447

 

 

 

0.1

 

 

494

 

Teal Acquisition Co., Inc

Common Stock

 

 

 

5,555

 

 

 

556

 

 

 

0.0

 

 

 

69

 

 

 

 

 

 

 

 

 

1,956

 

 

 

0.2

 

 

 

1,588

 

 

32


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmetto Moon LLC

Common Stock

 

 

 

61

 

 

 

 

 

 

0.0

 

 

 

24

 

Matilda Jane Holdings, Inc.

Preferred Stock

 

 

 

2,587,855

 

 

 

 

 

 

 

 

 

 

MeriCal, LLC

Preferred Stock

 

 

 

521

 

 

 

103

 

 

 

 

 

 

 

MeriCal, LLC

Common Stock

 

 

 

5,334

 

 

 

 

 

 

 

 

 

 

Slickdeals Holdings, LLC (6)

Common Stock

 

 

 

99

 

 

 

891

 

 

 

0.2

 

 

 

1,259

 

Vivid Seats Ltd. (6)(11)(12)

Common Stock

 

 

 

608,109

 

 

 

608

 

 

 

0.1

 

 

 

981

 

 

 

 

 

 

 

 

 

1,602

 

 

 

0.3

 

 

 

2,264

 

Semiconductor and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OEM Group, LLC (7)

Common Stock

 

 

 

20,000

 

 

 

 

 

 

 

 

 

 

Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certify, Inc.

Common Stock

 

 

 

841

 

 

 

246

 

 

 

0.0

 

 

 

245

 

Lexipol (Ranger Buyer, Inc.)

Common Stock

 

 

 

638

 

 

 

638

 

 

 

0.1

 

 

 

676

 

Lexipol (Ranger Buyer, Inc.)

Common Stock

 

 

638

 

 

 

 

 

 

 

 

 

 

Odessa Technologies, Inc.

Common Stock

 

 

 

10,714

 

 

 

1,071

 

 

 

0.2

 

 

 

1,247

 

Park Place Technologies, LLC

Common Stock

 

 

 

479

 

 

 

479

 

 

 

 

 

 

 

Park Place Technologies, LLC

Common Stock

 

 

 

442,203

 

 

 

27

 

 

 

0.1

 

 

 

504

 

Park Place Technologies, LLC

Common Stock

 

 

685,018

 

 

 

 

 

 

 

 

 

 

Saturn Borrower Inc

Common Stock

 

 

 

434,163

 

 

 

434

 

 

 

0.0

 

 

 

309

 

 

 

 

 

 

 

 

 

2,895

 

 

 

0.4

 

 

 

2,981

 

Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xpress Global Systems, LLC

Common Stock

 

 

 

 

12,544

 

 

 

 

 

 

0.2

 

 

 

1,254

 

 

 

 

 

 

 

 

 

 

 

 

0.2

 

 

 

1,254

 

Total Equity Investments
United States

 

 

 

 

 

 

 

$

97,542

 

 

 

13.8

 

%

$

100,503

 

Total United States

 

 

 

 

 

 

 

$

1,424,935

 

 

 

192.4

 

%

$

1,398,219

 

 

33


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VetStrategy (11)

Unsecured Debt

C + 1050 (100 Floor)

15.48%

03/2031

 

C$3,371

 

 

$

2,581

 

 

 

0.4

 

 

$

2,545

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 700 (100 Floor)

11.98%

07/2027

 

C$1,686

 

 

 

1,239

 

 

 

0.2

 

 

 

1,272

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 700 (100 Floor)

11.98%

07/2027

 

C$1,686

 

 

 

1,293

 

 

 

0.2

 

 

 

1,272

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 700 (100 Floor)

11.98%

07/2027

 

C$4,893

 

 

 

3,842

 

 

 

0.5

 

 

 

3,694

 

VetStrategy (11)

Unitranche First Lien Term Loan

C + 700 (100 Floor)

11.98%

07/2027

 

C$9,037

 

 

 

6,615

 

 

 

0.9

 

 

 

6,822

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 575 (100 Floor)

10.73%

07/2027

 

C$8,610

 

 

 

6,699

 

 

 

0.9

 

 

 

6,242

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 575 (100 Floor)

10.73%

07/2027

 

C$6,173

 

 

 

4,764

 

 

 

0.6

 

 

 

4,475

 

 

 

 

 

 

35,456

 

 

 

27,033

 

 

 

3.7

 

 

 

26,322

 

Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PDFTron Systems Inc. (11)

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.60%

07/2027

 

C$1,608

 

 

$

1,594

 

 

 

0.2

 

 

$

1,569

 

PDFTron Systems Inc. (5)(11)

Senior Secured First Lien Revolver

S + 550 (100 Floor)

10.65%

07/2026

 

C$199

 

 

 

196

 

 

 

0.0

 

 

 

192

 

PDFTron Systems Inc. (11)

Senior Secured First Lien Delayed Draw Term Loan

S + 550 (100 Floor)

10.60%

07/2027

 

C$521

 

 

 

516

 

 

 

0.1

 

 

 

508

 

PDFTron Systems Inc. (11)

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.60%

07/2027

 

C$4,950

 

 

 

4,893

 

 

 

0.7

 

 

 

4,818

 

 

 

 

 

 

7,278

 

 

 

7,199

 

 

 

1.0

 

 

 

7,087

 

Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sandvine Corporation (11)(12)

Senior Secured Second Lien Term Loan

S + 800

13.20%

11/2026

 

4,500

 

 

 

4,411

 

 

 

0.5

 

 

 

3,645

 

Total Debt Investments
Canada

 

 

 

 

 

 

 

$

38,643

 

 

 

5.2

 

%

$

37,054

 

Total Canada

 

 

 

 

 

 

 

$

38,643

 

 

 

5.2

 

%

$

37,054

 

 

34


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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 Kingdom

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crusoe Bidco Limited (11)

Unitranche First Lien Term Loan

SN + 625

11.30%

12/2025

£

6,067

 

 

$

7,512

 

 

 

1.1

 

%

$

7,705

 

Crusoe Bidco Limited (11)

Unitranche First Lien Delayed Draw Term Loan

SN + 625

11.30%

12/2025

£

820

 

 

 

991

 

 

 

0.1

 

 

 

1,042

 

Nurture Landscapes (11)

Unitranche First Lien Term Loan

SN + 650

10.93%

06/2028

£

1,416

 

 

 

1,951

 

 

 

0.2

 

 

 

1,799

 

Nurture Landscapes (11)

Unitranche First Lien Delayed Draw Term Loan

SN + 650

11.43%

06/2028

£

392

 

 

 

522

 

 

 

0.1

 

 

 

497

 

Nurture Landscapes (11)

Unitranche First Lien Delayed Draw Term Loan

SN + 650

10.68%

06/2028

£

11,000

 

 

 

13,296

 

 

 

1.9

 

 

 

13,969

 

 

 

 

 

 

19,695

 

 

 

24,272

 

 

 

3.4

 

 

 

25,012

 

Consumer Durables & Apparel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lion Cashmere Bidco Limited (11)

Unitranche First Lien Term Loan

L + 600 (50 Floor)

11.01%

03/2028

£

4,352

 

 

$

4,270

 

 

 

0.6

 

 

$

4,352

 

Lion Cashmere Bidco Limited (11)

Unitranche First Lien Term Loan

L + 600 (50 Floor)

11.01%

03/2028

£

9,939

 

 

 

9,748

 

 

 

1.4

 

 

 

9,939

 

Lion Cashmere Bidco Limited (11)

Unitranche First Lien Term Loan

L + 600 (50 Floor)

11.01%

03/2028

£

4,953

 

 

 

4,855

 

 

 

0.7

 

 

 

4,953

 

Lion Cashmere Bidco Limited (4)(5)(11)

Unitranche First Lien Delayed Draw Term Loan

03/2028

 

 

 

 

(68

)

 

 

 

 

 

 

 

 

 

 

 

19,244

 

 

 

18,805

 

 

 

2.7

 

 

 

19,244

 

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 + 575

10.68%

08/2028

£

13,234

 

 

 

17,798

 

 

 

2.3

 

 

 

16,806

 

 

 

 

 

 

 

 

 

17,798

 

 

 

2.3

 

 

 

16,806

 

Total Debt Investments
United Kingdom

 

 

 

 

 

 

 

$

60,875

 

 

 

8.4

 

%

$

61,062

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IVC Evidenisa (11)

Preferred Stock

 

 

 

 

 

746

 

 

 

0.2

 

 

 

1,581

 

IVC Evidenisa (11)

Common Stock

 

 

 

 

 

30

 

 

 

 

 

 

 

Total Equity Investments
United Kingdom

 

 

 

 

 

 

 

 

776

 

 

 

0.2

 

%

 

1,581

 

Total United Kingdom

 

 

 

 

 

 

 

$

61,651

 

 

 

8.6

 

%

$

62,643

 

 

35


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Netherlands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PharComp Parent B.V. (11)

Unitranche First Lien Delayed Draw Term Loan

E + 625

9.63%

02/2026

1,868

 

 

$

2,155

 

 

 

0.3

 

%

$

2,038

 

PharComp Parent B.V. (10)(11)

Unitranche First Lien - Last Out Term Loan

E + 625

9.67%

02/2026

6,910

 

 

 

7,729

 

 

 

1.0

 

 

 

7,540

 

PharComp Parent B.V. (11)

Unitranche First Lien Delayed Draw Term Loan

E + 625

9.67%

02/2026

1,745

 

 

 

1,880

 

 

 

0.3

 

 

 

1,904

 

PharComp Parent B.V. (5)(11)

Unitranche First Lien Delayed Draw Term Loan

02/2026

 

 

 

 

 

 

 

 

 

 

 

Eagle Midco B.V. (Avania) (11)

Unitranche First Lien Term Loan

E + 600

8.69%

07/2029

1,840

 

 

 

1,857

 

 

 

0.3

 

 

 

2,007

 

Eagle Midco B.V. (Avania) (5)(11)

Unitranche First Lien Delayed Draw Term Loan

S + 625

11.30%

07/2029

368

 

 

 

284

 

 

 

0.1

 

 

 

368

 

Eagle Midco B.V. (Avania) (4)(5)(11)

Senior Secured First Lien Revolver

01/2029

 

 

 

 

(17

)

 

 

 

 

 

 

Eagle Midco B.V. (Avania) (11)

Unitranche First Lien Term Loan

S + 600

11.01%

07/2029

3,411

 

 

 

3,330

 

 

 

0.5

 

 

 

3,411

 

 

 

 

 

 

16,142

 

 

 

17,218

 

 

 

2.5

 

 

 

17,268

 

Total Debt Investments
Netherlands

 

 

 

 

 

 

 

$

17,218

 

 

 

2.5

 

%

$

17,268

 

Total Netherlands

 

 

 

 

 

 

 

$

17,218

 

 

 

2.5

 

%

$

17,268

 

Belgium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miraclon Corporation (11)

Unitranche First Lien Term Loan

E + 600

9.34%

04/2026

9,507

 

 

$

10,593

 

 

 

1.4

 

 

$

10,374

 

Miraclon Corporation (11)

Unitranche First Lien Term Loan

L + 625

11.08%

04/2026

4,162

 

 

 

4,104

 

 

 

0.6

 

 

 

4,162

 

 

 

 

 

 

13,669

 

 

 

14,697

 

 

 

2.0

 

 

 

14,536

 

Total Debt Investments
Belgium

 

 

 

 

 

 

 

$

14,697

 

 

 

2.0

 

%

$

14,536

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miraclon Corporation (11)

Common Stock

 

 

 

 

921

 

 

$

1

 

 

 

 

 

 

 

Miraclon Corporation (11)

Preferred Stock

 

 

 

 

81,384

 

 

 

91

 

 

 

0.0

 

 

 

87

 

 

 

 

 

 

 

 

 

92

 

 

 

0.0

 

 

 

87

 

Total Equity Investments
Belgium

 

 

 

 

 

 

 

$

92

 

 

 

0.0

 

%

$

87

 

Total Belgium

 

 

 

 

 

 

 

$

14,789

 

 

 

2.0

 

%

$

14,623

 

 

36


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
June 30, 2023
(in thousands, except share and per share data) (Unaudited)

 

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

 

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greencross (Vermont Aus Pty Ltd) (11)

Unitranche First Lien Term Loan

B + 575

10.15%

03/2028

 

A$29,625

 

 

$

21,648

 

 

 

2.6

 

 

$

19,135

 

Total Debt Investments
Australia

 

 

 

 

 

 

 

$

21,648

 

 

 

2.6

 

%

$

19,135

 

Total Australia

 

 

 

 

 

 

 

$

21,648

 

 

 

2.6

 

%

$

19,135

 

Sweden

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB (Voff) (6)(11)

Unitranche First Lien Term Loan

E + 475

7.98%

08/2029

8,795

 

 

$

8,620

 

 

 

1.3

 

 

$

9,596

 

AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)

Senior Secured First Lien Revolver

08/2029

 

 

 

 

(9

)

 

 

 

 

 

 

AX VI INV2 Holding AB (Voff) (6)(11)

Senior Secured Second Lien Term Loan

E + 1000 PIK

13.23%

08/2030

1,931

 

 

 

1,902

 

 

 

0.3

 

 

 

2,107

 

AX VI INV2 Holding AB (Voff) (5)(6)(11)

Unitranche First Lien Delayed Draw Term Loan

E + 475

8.18%

08/2029

1,137

 

 

 

1,184

 

 

 

0.2

 

 

 

1,241

 

Total Debt Investments
Sweden

 

 

 

 

 

 

 

$

11,697

 

 

 

1.8

 

%

$

12,944

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB (Voff) (6)(11)

Common Stock

 

 

11,583,011

 

 

$

1,086

 

 

 

0.2

 

 

$

1,273

 

Total Equity Investments
Sweden

 

 

 

 

 

 

 

$

1,086

 

 

 

0.2

 

%

$

1,273

 

Total Sweden

 

 

 

 

 

 

 

$

12,783

 

 

 

2.0

 

%

$

14,217

 

New Zealand

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pushpay USA, INC. (11)

Unitranche First Lien Term Loan

S + 675 (75 Floor)

11.97%

05/2030

18,571

 

 

$

18,014

 

 

 

2.5

 

 

$

18,014

 

Pushpay USA, INC. (4)(5)(11)

Unitranche First Lien Revolver

05/2030

 

 

 

 

(42

)

 

 

(0.0

)

 

 

(43

)

Total Debt Investments
New Zealand

 

 

 

 

 

 

 

$

17,972

 

 

 

2.5

 

%

$

17,971

 

Total Investments

 

 

 

 

 

 

 

$

1,609,639

 

 

 

217.8

 

%

$

1,581,130

 

 

*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 June 30, 2023, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

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

*** Percentage is based on net assets of $725,805 as of June 30, 2023.

37


 

 

 

 

Tenor

 

Reference Rate

 

Overnight

 

 

1 month

 

 

3 month

 

 

6 Month

 

 

12 Month

 

LIBOR (“L”)

 

5.06%

 

 

5.22%

 

 

5.55%

 

 

5.76%

 

 

6.04%

 

Prime (“P”)

 

8.25%

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

SOFR (“S”)

 

 

-

 

 

5.14%

 

 

5.27%

 

 

5.39%

 

 

5.40%

 

CDOR (“C”)

 

 

-

 

 

5.27%

 

 

5.40%

 

 

 

-

 

 

 

-

 

EURIBOR (“E”)

 

 

-

 

 

3.40%

 

 

3.58%

 

 

3.90%

 

 

4.13%

 

SONIA (“SN”)

 

4.93%

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

BBSY ("B")

 

 

-

 

 

 

-

 

 

4.40%

 

 

 

-

 

 

 

-

 

 

(1)
All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
(2)
All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
(3)
The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 “Summary of Significant Accounting Policies”.
(4)
The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
(5)
Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 “Commitments 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 June 30, 2023.
(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 18.1% as of June 30, 2023.
(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.

 

38


 

Foreign Currency Exchange

Contracts

 

Counterparty

Currency Purchased

Currency Sold

Settlement

Unrealized
Appreciation
(Depreciation)

 

Wells Fargo Bank, N.A.

 USD 20,607

AUD 29,250

3/22/2028

$

1,153

 

Wells Fargo Bank, N.A.

 USD 789

CAD 1,005

7/31/2025

 

23

 

Wells Fargo Bank, N.A.

 USD 933

CAD 1,192

7/31/2025

 

26

 

Wells Fargo Bank, N.A.

 USD 1,033

CAD 1,274

7/31/2025

 

60

 

Wells Fargo Bank, N.A.

 USD 1,035

CAD 1,336

7/31/2025

 

19

 

Wells Fargo Bank, N.A.

 USD 1,049

CAD 1,348

7/15/2025

 

24

 

Wells Fargo Bank, N.A.

 USD 1,306

CAD 1,703

7/31/2025

 

12

 

Wells Fargo Bank, N.A.

 USD 1,795

CAD 2,370

2/28/2031

 

(22

)

Wells Fargo Bank, N.A.

 USD 1,914

CAD 2,432

7/31/2025

 

61

 

Wells Fargo Bank, N.A.

 USD 2,214

CAD 2,792

7/31/2025

 

86

 

Wells Fargo Bank, N.A.

 USD 17

CAD 22

7/31/2025

 

1

 

Wells Fargo Bank, N.A.

 USD 193

CAD 244

7/31/2025

 

7

 

Wells Fargo Bank, N.A.

 USD 325

CAD 422

7/31/2025

 

4

 

Wells Fargo Bank, N.A.

 USD 493

CAD 632

7/31/2025

 

12

 

Wells Fargo Bank, N.A.

 USD 576

CAD 738

7/31/2025

 

14

 

Wells Fargo Bank, N.A.

 USD 612

CAD 801

7/31/2025

 

4

 

Wells Fargo Bank, N.A.

 USD 622

CAD 839

7/31/2025

 

(13

)

Wells Fargo Bank, N.A.

 USD 635

CAD 864

7/31/2025

 

(19

)

Wells Fargo Bank, N.A.

 USD 7,089

CAD 9,712

7/31/2025

 

(255

)

Wells Fargo Bank, N.A.

 USD 775

CAD 994

7/31/2025

 

19

 

Wells Fargo Bank, N.A.

 USD 209

EUR 187

2/20/2024

 

3

 

Wells Fargo Bank, N.A.

 USD 308

EUR 249

2/20/2024

 

32

 

Wells Fargo Bank, N.A.

 USD 8,603

EUR 6,703

2/20/2024

 

1,161

 

Wells Fargo Bank, N.A.

 USD 768

EUR 623

2/20/2026

 

58

 

Wells Fargo Bank, N.A.

 USD 992

EUR 809

2/20/2024

 

95

 

Wells Fargo Bank, N.A.

 USD 11,682

EUR 9,222

4/10/2024

 

1,415

 

Wells Fargo Bank, N.A.

 USD 1,944

GBP 1,362

6/3/2026

 

233

 

Wells Fargo Bank, N.A.

 USD 17,790

GBP 12,870

8/24/2026

 

1,704

 

Wells Fargo Bank, N.A.

 USD 170

GBP 121

6/3/2026

 

19

 

Wells Fargo Bank, N.A.

 USD 3,074

GBP 2,237

6/3/2026

 

277

 

Wells Fargo Bank, N.A.

 USD 371

GBP 272

6/3/2026

 

31

 

Wells Fargo Bank, N.A.

 USD 395

GBP 294

12/1/2023

 

21

 

Wells Fargo Bank, N.A.

 USD 7,975

GBP 5,885

12/1/2023

 

495

 

Wells Fargo Bank, N.A.

 USD 1,107

SEK 11,583

8/20/2027

 

(1

)

Total Foreign Currency Exchange Contracts

 

 

 

$

6,759

 

 

 

 

 

 

 

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 ("$")

 

 

 

 

 

 

39


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

)

 

 

(13

)

Auveco Holdings (5)

Unitranche First Lien Revolver

S + 550 (100 Floor)

9.83%

05/2028

 

150

 

 

 

145

 

 

 

0.0

 

 

 

141

 

Auveco Holdings

Unitranche First Lien Term Loan

S + 550 (100 Floor)

9.83%

05/2028

 

4,030

 

 

 

3,954

 

 

 

0.6

 

 

 

3,967

 

Continental Battery Company

Unitranche First Lien Term Loan

L + 675 (100 Floor)

11.48%

01/2027

 

7,193

 

 

 

7,087

 

 

 

1.1

 

 

 

6,586

 

Continental Battery Company

Unitranche First Lien Delayed Draw Term Loan

L + 675 (100 Floor)

11.48%

01/2027

 

2,652

 

 

 

2,631

 

 

 

0.4

 

 

 

2,428

 

Sun Acquirer Corp. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.13%

09/2028

 

9,044

 

 

 

8,924

 

 

 

1.5

 

 

 

8,974

 

Sun Acquirer Corp. (4)(5)

Unitranche First Lien Revolver

 

 

09/2027

 

 

 

 

(30

)

 

 

(0.0

)

 

 

(13

)

Sun Acquirer Corp.

Unitranche First Lien Term Loan

L + 575 (75 Floor)

10.13%

09/2028

 

12,913

 

 

 

12,696

 

 

 

2.1

 

 

 

12,819

 

Sun Acquirer Corp.

Unitranche First Lien Term Loan

L + 575 (75 Floor)

10.13%

09/2028

 

2,475

 

 

 

2,431

 

 

 

0.4

 

 

 

2,457

 

 

 

 

 

 

 

38,457

 

 

 

37,830

 

 

 

6.1

 

 

 

37,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore Holding, LLC (7)(8)

Senior Secured First Lien Term Loan

750

7.50%

12/2025

 

6,875

 

 

 

6,816

 

 

 

1.1

 

 

 

6,875

 

Envocore Holding, LLC (7)(8)

Senior Secured Second Lien Term Loan

1000 PIK

10.00%

12/2026

 

7,674

 

 

 

6,827

 

 

 

0.7

 

 

 

4,500

 

Envocore Holding, LLC (4)(5)(7)(8)

Senior Secured First Lien Revolver

750

 

12/2025

 

 

 

 

(5

)

 

 

 

 

 

 

Eshipping

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

9.38%

11/2027

 

6,867

 

 

 

6,751

 

 

 

1.1

 

 

 

6,867

 

Eshipping (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

 

 

11/2027

 

 

 

 

(15

)

 

 

 

 

 

 

Eshipping (4)(5)

Senior Secured First Lien Revolver

 

 

11/2027

 

 

 

 

(19

)

 

 

 

 

 

 

Oliver Packaging LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

9.73%

07/2028

 

3,392

 

 

 

3,334

 

 

 

0.5

 

 

 

3,348

 

Oliver Packaging LLC (4)(5)

Senior Secured First Lien Revolver

 

 

07/2028

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(6

)

Painters Supply & Equipment Company (5)

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.23%

08/2027

 

176

 

 

 

169

 

 

 

0.0

 

 

 

151

 

Painters Supply & Equipment Company (5)

Unitranche First Lien Revolver

L + 550 (100 Floor)

10.23%

08/2027

 

201

 

 

 

194

 

 

 

0.0

 

 

 

184

 

Painters Supply & Equipment Company

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

08/2027

 

2,024

 

 

 

1,991

 

 

 

0.3

 

 

 

1,954

 

Potter Electric Signal Company

Senior Secured First Lien Delayed Draw Term Loan

L + 475 (100 Floor)

9.94%

12/2025

 

1,108

 

 

 

1,098

 

 

 

0.2

 

 

 

1,078

 

Potter Electric Signal Company (4)(5)

Senior Secured First Lien Revolver

 

 

12/2024

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(15

)

 

40


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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)

9.90%

12/2025

 

2,436

 

 

 

2,424

 

 

 

0.4

 

 

 

2,369

 

Potter Electric Signal Company

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

9.90%

12/2025

 

463

 

 

 

461

 

 

 

0.1

 

 

 

450

 

United Flow Technologies

Unitranche First Lien Term Loan

L + 575 (100 Floor)

10.16%

10/2027

 

8,486

 

 

 

8,342

 

 

 

1.4

 

 

 

8,352

 

United Flow Technologies

Unitranche First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

10.16%

10/2027

 

1,191

 

 

 

1,171

 

 

 

0.2

 

 

 

1,172

 

United Flow Technologies (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

10.13%

10/2027

 

3,643

 

 

 

3,591

 

 

 

0.6

 

 

 

3,584

 

United Flow Technologies (4)(5)

Unitranche First Lien Revolver

 

 

10/2027

 

 

 

 

(26

)

 

 

(0.0

)

 

 

(25

)

 

 

 

 

 

 

44,536

 

 

 

43,094

 

 

 

6.6

 

 

 

40,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP MCS Acquisition Corp. (6)(12)

Senior Secured Second Lien Term Loan

L + 500 (100 Floor)

9.74%

10/2025

 

289

 

 

 

274

 

 

 

0.0

 

 

 

230

 

CHA Holdings, Inc.

Senior Secured First Lien Delayed Draw Term Loan

L + 450 (100 Floor)

9.23%

04/2025

 

992

 

 

 

990

 

 

 

0.2

 

 

 

955

 

CHA Holdings, Inc.

Senior Secured First Lien Term Loan

L + 450 (100 Floor)

9.23%

04/2025

 

4,703

 

 

 

4,696

 

 

 

0.7

 

 

 

4,527

 

Consolidated Label Co., LLC (4)(5)

Senior Secured First Lien Revolver

 

 

07/2026

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(12

)

Consolidated Label Co., LLC

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

9.34%

07/2026

 

4,094

 

 

 

4,042

 

 

 

0.7

 

 

 

4,019

 

Consolidated Label Co., LLC

Senior Secured First Lien Term Loan

L + 500 (100 Floor)

9.38%

07/2026

 

3,792

 

 

 

3,736

 

 

 

0.6

 

 

 

3,723

 

Galway Borrower, LLC (12)

Unitranche First Lien Term Loan

L + 525 (75 Floor)

9.98%

09/2028

 

14,558

 

 

 

14,358

 

 

 

2.3

 

 

 

13,939

 

Galway Borrower, LLC (4)(5)(12)

Unitranche First Lien Delayed Draw Term Loan

 

 

09/2028

 

 

 

 

(1

)

 

 

(0.0

)

 

 

(6

)

Galway Borrower, LLC (4)(5)

Unitranche First Lien Revolver

 

 

09/2027

 

 

 

 

(15

)

 

 

(0.0

)

 

 

(25

)

GH Parent Holdings Inc.

Unitranche First Lien Term Loan

L + 550 (100 Floor)

9.84%

05/2027

 

13,010

 

 

 

12,855

 

 

 

2.0

 

 

 

12,460

 

GH Parent Holdings Inc. (5)

Unitranche First Lien Revolver

L + 550 (100 Floor)

9.84%

05/2027

 

542

 

 

 

519

 

 

 

0.1

 

 

 

454

 

GH Parent Holdings Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.18%

05/2027

 

5,528

 

 

 

5,528

 

 

 

0.9

 

 

 

5,294

 

Hepaco, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 525 (100 Floor) (including 25 PIK)

10.04%

02/2025

 

4,113

 

 

 

4,103

 

 

 

0.7

 

 

 

3,985

 

Hepaco, LLC

Senior Secured First Lien Term Loan

L + 525 (100 Floor) (including 25 PIK)

10.04%

02/2025

 

5,047

 

 

 

5,033

 

 

 

0.8

 

 

 

4,890

 

Hepaco, LLC (5)

Senior Secured First Lien Revolver

L + 525 (100 Floor) (including 25 PIK)

10.04%

02/2025

 

784

 

 

 

784

 

 

 

0.1

 

 

 

756

 

Hercules Borrower LLC

Unitranche First Lien Term Loan

L + 650 (100 Floor)

10.67%

12/2026

 

18,790

 

 

 

18,447

 

 

 

2.9

 

 

 

18,038

 

Hercules Borrower LLC (5)

Unitranche First Lien Revolver

L + 650 (100 Floor)

10.67%

12/2026

 

237

 

 

 

200

 

 

 

0.0

 

 

 

181

 

Hercules Borrower LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

9.67%

12/2026

 

1,151

 

 

 

1,129

 

 

 

0.2

 

 

 

1,067

 

 

41


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

244

 

 

 

240

 

 

 

0.0

 

 

 

234

 

Hsid Acquisition, LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

9.42%

01/2026

 

3,779

 

 

 

3,737

 

 

 

0.6

 

 

 

3,757

 

Hsid Acquisition, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

9.42%

01/2026

 

2,835

 

 

 

2,804

 

 

 

0.5

 

 

 

2,818

 

Hsid Acquisition, LLC (4)(5)

Senior Secured First Lien Revolver

01/2026

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(4

)

Hsid Acquisition, LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

9.42%

01/2026

 

247

 

 

 

243

 

 

 

0.0

 

 

 

245

 

Infobase

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.54%

06/2028

 

11,244

 

 

 

11,035

 

 

 

1.8

 

 

 

11,081

 

Infobase (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

06/2028

 

 

 

 

(17

)

 

 

(0.0

)

 

 

(27

)

Infobase (4)(5)

Senior Secured First Lien Revolver

06/2028

 

 

 

 

(26

)

 

 

(0.0

)

 

 

(21

)

MHS Acquisition Holdings, LLC (8)

Unsecured Debt

1300 PIK

13.00%

03/2026

 

240

 

 

 

231

 

 

 

0.0

 

 

 

215

 

MHS Acquisition Holdings, LLC (8)

Unsecured Debt

1300 PIK

13.00%

03/2026

 

762

 

 

 

759

 

 

 

0.1

 

 

 

683

 

MHS Acquisition Holdings, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 600 (100 Floor)

9.50%

07/2027

 

223

 

 

 

220

 

 

 

0.0

 

 

 

216

 

MHS Acquisition Holdings, LLC (5)

Senior Secured First Lien Revolver

S + 600 (100 Floor)

10.94%

07/2027

 

21

 

 

 

19

 

 

 

0.0

 

 

 

17

 

MHS Acquisition Holdings, LLC

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

9.50%

07/2027

 

1,815

 

 

 

1,785

 

 

 

0.3

 

 

 

1,760

 

MHS Acquisition Holdings, LLC

Senior Secured First Lien Term Loan

S + 600 (100 Floor)

10.94%

07/2027

 

109

 

 

 

106

 

 

 

0.0

 

 

 

106

 

Nexant Volt MergerSub, Inc.

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

9.92%

05/2027

 

5,615

 

 

 

5,526

 

 

 

0.9

 

 

 

5,518

 

Nexant Volt MergerSub, Inc. (5)

Senior Secured First Lien Revolver

P + 450 (100 Floor)

12.00%

05/2027

 

800

 

 

 

797

 

 

 

0.1

 

 

 

778

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.23%

11/2027

 

4,918

 

 

 

4,789

 

 

 

0.8

 

 

 

4,644

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.23%

11/2027

 

3,658

 

 

 

3,548

 

 

 

0.6

 

 

 

3,454

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

11/2027

 

9,821

 

 

 

9,541

 

 

 

1.5

 

 

 

9,273

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (75 Floor)

10.23%

11/2027

 

1,975

 

 

 

1,921

 

 

 

0.3

 

 

 

1,865

 

Pye-Barker Fire & Safety, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (75 Floor)

10.23%

11/2027

 

2,573

 

 

 

2,538

 

 

 

0.4

 

 

 

2,429

 

Pye-Barker Fire & Safety, LLC (5)

Unitranche First Lien Revolver

L + 550 (75 Floor)

10.23%

11/2027

 

715

 

 

 

689

 

 

 

0.1

 

 

 

629

 

Pye-Barker Fire & Safety, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.48%

11/2027

 

1,155

 

 

 

1,133

 

 

 

0.2

 

 

 

1,026

 

Pye-Barker Fire & Safety, LLC (5)

Unitranche First Lien Revolver

L + 550 (75 Floor)

10.23%

11/2024

 

66

 

 

 

63

 

 

 

0.0

 

 

 

58

 

Receivable Solutions, Inc. (5)

Senior Secured First Lien Revolver

P + 350 (100 Floor)

11.00%

10/2024

 

42

 

 

 

40

 

 

 

0.0

 

 

 

37

 

Receivable Solutions, Inc.

Senior Secured First Lien Term Loan

L + 450 (100 Floor)

9.23%

10/2024

 

2,193

 

 

 

2,176

 

 

 

0.4

 

 

 

2,157

 

Seko Global Logistics Network, LLC (5)(11)

Senior Secured First Lien Revolver

P + 375 (100 Floor)

11.25%

12/2026

 

650

 

 

 

634

 

 

 

0.1

 

 

 

630

 

 

42


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Seko Global Logistics Network, LLC (11)

Senior Secured First Lien Term Loan

L + 475

9.48%

12/2026

 

4,987

 

 

 

4,929

 

 

 

0.8

 

 

 

4,909

 

Service Logic Acquisition, Inc.

Senior Secured Second Lien Term Loan

L + 850 (100 Floor)

12.91%

10/2028

 

8,755

 

 

 

8,547

 

 

 

1.4

 

 

 

8,842

 

Service Logic Acquisition, Inc.

Senior Secured Second Lien Delayed Draw Term Loan

L + 850 (100 Floor)

12.91%

10/2028

 

2,359

 

 

 

2,298

 

 

 

0.4

 

 

 

2,383

 

TecoStar Holdings, Inc.

Senior Secured Second Lien Term Loan

L + 850 (100 Floor)

12.91%

11/2024

 

5,000

 

 

 

4,960

 

 

 

0.7

 

 

 

4,069

 

UP Acquisition Corp.

Unitranche First Lien Delayed Draw Term Loan

L + 625 (100 Floor)

10.67%

05/2024

 

1,164

 

 

 

1,156

 

 

 

0.2

 

 

 

1,093

 

UP Acquisition Corp. (5)

Unitranche First Lien Revolver

L + 625 (100 Floor)

10.67%

05/2024

 

443

 

 

 

435

 

 

 

0.1

 

 

 

366

 

UP Acquisition Corp.

Unitranche First Lien Term Loan

L + 625 (100 Floor)

10.67%

05/2024

 

4,246

 

 

 

4,218

 

 

 

0.7

 

 

 

3,985

 

 

 

 

 

 

 

160,284

 

 

 

157,736

 

 

 

25.2

 

 

 

153,700

 

Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective School Solutions LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

10.23%

11/2027

 

7,692

 

 

 

7,566

 

 

 

1.2

 

 

 

7,347

 

Effective School Solutions LLC (5)

Senior Secured First Lien Revolver

L + 550 (100 Floor)

9.88%

11/2027

 

174

 

 

 

150

 

 

 

0.0

 

 

 

109

 

Effective School Solutions LLC (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

 

 

11/2027

 

 

 

 

(18

)

 

 

(0.0

)

 

 

(99

)

Everlast Parent Inc.

Unitranche First Lien Term Loan

L + 625 (100 Floor)

10.93%

10/2026

 

13,748

 

 

 

13,507

 

 

 

2.2

 

 

 

13,335

 

Everlast Parent Inc. (5)

Unitranche First Lien Revolver

L + 625 (100 Floor)

10.83%

10/2026

 

460

 

 

 

434

 

 

 

0.1

 

 

 

412

 

Everlast Parent Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

10.43%

10/2026

 

3,378

 

 

 

3,308

 

 

 

0.5

 

 

 

3,260

 

FS Whitewater Borrower, LLC

Unitranche First Lien Term Loan

L + 575 (75 Floor)

10.48%

12/2027

 

5,121

 

 

 

5,034

 

 

 

0.8

 

 

 

4,954

 

FS Whitewater Borrower, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.48%

12/2027

 

1,719

 

 

 

1,704

 

 

 

0.3

 

 

 

1,663

 

FS Whitewater Borrower, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.48%

12/2027

 

1,708

 

 

 

1,682

 

 

 

0.3

 

 

 

1,652

 

FS Whitewater Borrower, LLC (5)

Unitranche First Lien Revolver

L + 575 (75 Floor)

10.50%

12/2027

 

241

 

 

 

230

 

 

 

0.0

 

 

 

219

 

FS Whitewater Borrower, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 600 (75 Floor)

10.53%

12/2027

 

190

 

 

 

173

 

 

 

0.0

 

 

 

148

 

HGH Purchaser, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 650 (75 Floor)

10.28%

11/2025

 

3,336

 

 

 

3,316

 

 

 

0.5

 

 

 

3,283

 

HGH Purchaser, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 650 (75 Floor)

10.28%

11/2025

 

3,305

 

 

 

3,249

 

 

 

0.5

 

 

 

3,253

 

HGH Purchaser, Inc. (5)

Unitranche First Lien Revolver

L + 650 (75 Floor)

10.92%

11/2025

 

938

 

 

 

917

 

 

 

0.1

 

 

 

913

 

HGH Purchaser, Inc.

Unitranche First Lien Term Loan

L + 600 (75 Floor)

9.78%

11/2025

 

7,865

 

 

 

7,758

 

 

 

1.3

 

 

 

7,740

 

HS Spa Holdings Inc. (Hand & Stone) (4)(5)

Unitranche First Lien Revolver

 

 

06/2028

 

 

 

 

(27

)

 

 

(0.0

)

 

 

(28

)

 

 

 

 

43


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

HS Spa Holdings Inc. (Hand & Stone)

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.45%

06/2029

 

10,369

 

 

 

10,177

 

 

 

1.7

 

 

 

10,176

 

HS Spa Holdings Inc. (Hand & Stone) (8)(10)

Unitranche First Lien - Last Out Term Loan

1237.5 PIK

12.38%

06/2030

 

1,357

 

 

 

1,326

 

 

 

0.2

 

 

 

1,120

 

Learn-It Systems, LLC (5)

Senior Secured First Lien Revolver

L + 475 (100 Floor)

9.90%

03/2025

 

617

 

 

 

605

 

 

 

0.1

 

 

 

559

 

Learn-It Systems, LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 475 (100 Floor)

9.90%

03/2025

 

2,512

 

 

 

2,478

 

 

 

0.4

 

 

 

2,351

 

Learn-It Systems, LLC

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

8.92%

03/2025

 

4,249

 

 

 

4,195

 

 

 

0.6

 

 

 

3,976

 

Learn-It Systems, LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 475 (100 Floor)

9.90%

03/2025

 

1,138

 

 

 

1,128

 

 

 

0.2

 

 

 

972

 

Mario Purchaser, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (75 Floor)

10.17%

04/2029

 

1,528

 

 

 

1,481

 

 

 

0.2

 

 

 

1,458

 

Mario Purchaser, LLC (10)

Unitranche First Lien - Last Out Term Loan

S + 1075 PIK

15.17%

04/2032

 

3,086

 

 

 

2,978

 

 

 

0.5

 

 

 

3,125

 

Mario Purchaser, LLC (4)(5)

Unitranche First Lien Revolver

 

 

04/2028

 

 

 

 

(19

)

 

 

(0.0

)

 

 

(14

)

Mario Purchaser, LLC

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.17%

04/2029

 

9,862

 

 

 

9,676

 

 

 

1.6

 

 

 

9,730

 

PPV Intermediate Holdings LLC (Vetcor) (4)(5)

Unitranche First Lien Delayed Draw Term Loan

 

 

08/2029

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(16

)

PPV Intermediate Holdings LLC (Vetcor) (5)

Unitranche First Lien Revolver

S + 575 (75 Floor)

10.07%

08/2029

 

62

 

 

 

57

 

 

 

0.0

 

 

 

46

 

PPV Intermediate Holdings LLC (Vetcor)

Unitranche First Lien Term Loan

S + 575 (75 Floor)

9.11%

08/2029

 

3,107

 

 

 

3,057

 

 

 

0.5

 

 

 

2,991

 

PPV Intermediate Holdings LLC (Vetcor) (8)

Unsecured Debt

1300 PIK

13.00%

08/2030

 

734

 

 

 

717

 

 

 

0.1

 

 

 

633

 

PPV Intermediate Holdings LLC (Vetcor) (4)(5)(8)

Unsecured Debt

 

 

08/2030

 

 

 

 

(3

)

 

 

(0.0

)

 

 

(32

)

Stepping Stones Healthcare Services, LLC

Unitranche First Lien Term Loan

L + 575 (75 Floor)

10.48%

12/2028

 

13,108

 

 

 

12,853

 

 

 

2.1

 

 

 

13,108

 

Stepping Stones Healthcare Services, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.48%

12/2028

 

1,542

 

 

 

1,509

 

 

 

0.3

 

 

 

1,542

 

Stepping Stones Healthcare Services, LLC (5)

Unitranche First Lien Revolver

P + 475 (75 Floor)

11.75%

12/2026

 

1,358

 

 

 

1,326

 

 

 

0.2

 

 

 

1,358

 

United Language Group, Inc.

Senior Secured First Lien Revolver

L + 875 (100 Floor)

13.00%

02/2023

 

400

 

 

 

400

 

 

 

0.1

 

 

 

389

 

United Language Group, Inc.

Senior Secured First Lien Term Loan

L + 875 (100 Floor)

13.00%

02/2023

 

4,546

 

 

 

4,547

 

 

 

0.7

 

 

 

4,417

 

Wrench Group LLC

Senior Secured Second Lien Term Loan

L + 787.5

12.60%

04/2027

 

4,833

 

 

 

4,737

 

 

 

0.8

 

 

 

4,773

 

 

 

 

 

 

 

114,283

 

 

 

112,200

 

 

 

18.1

 

 

 

110,823

 

Diversified Financials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 650 (75 Floor)

10.92%

09/2028

 

5,586

 

 

 

5,397

 

 

 

0.9

 

 

 

5,586

 

Alera Group Inc.

Unitranche First Lien Term Loan

S + 650 (75 Floor)

10.92%

09/2028

 

4,988

 

 

 

4,891

 

 

 

0.8

 

 

 

4,988

 

King Mid LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.48%

12/2027

 

1,191

 

 

 

1,159

 

 

 

0.2

 

 

 

1,191

 

 

44


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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 + 575 (100 Floor)

10.48%

12/2027

 

3,450

 

 

 

3,388

 

 

 

0.6

 

 

 

3,450

 

 

 

 

 

 

 

15,215

 

 

 

14,832

 

 

 

2.5

 

 

 

15,215

 

Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BJ Services, LLC (10)

Unitranche First Lien - Last Out Term Loan

L + 825 (100 Floor)

11.99%

 

 

5,090

 

 

 

2,866

 

 

 

0.4

 

 

 

2,185

 

 

 

 

 

 

 

5,090

 

 

 

2,866

 

 

 

0.4

 

 

 

2,185

 

Food & Staples Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Isagenix International, LLC (9)(12)

Senior Secured First Lien Term Loan

 

 

06/2025

 

5,470

 

 

 

5,373

 

 

 

0.3

 

 

 

1,664

 

 

 

 

 

 

 

5,470

 

 

 

5,373

 

 

 

0.3

 

 

 

1,664

 

Food, Beverage & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JTM Foods LLC

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

9.89%

05/2027

 

4,974

 

 

 

4,906

 

 

 

0.8

 

 

 

4,953

 

JTM Foods LLC (5)

Senior Secured First Lien Revolver

L + 525 (100 Floor)

9.81%

05/2027

 

453

 

 

 

443

 

 

 

0.1

 

 

 

450

 

JTM Foods LLC (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 525 (100 Floor)

9.98%

05/2027

 

500

 

 

 

494

 

 

 

0.1

 

 

 

497

 

Mann Lake Ltd.

Senior Secured First Lien Revolver

L + 675 (100 Floor)

11.52%

10/2024

 

908

 

 

 

902

 

 

 

0.1

 

 

 

887

 

Mann Lake Ltd.

Senior Secured First Lien Term Loan

L + 675 (100 Floor)

11.52%

10/2024

 

1,745

 

 

 

1,732

 

 

 

0.3

 

 

 

1,704

 

 

 

 

 

 

 

8,580

 

 

 

8,477

 

 

 

1.4

 

 

 

8,491

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACI Group Holdings, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor) (including 125 PIK)

10.13%

08/2028

 

890

 

 

 

869

 

 

 

0.1

 

 

 

800

 

ACI Group Holdings, Inc. (5)

Unitranche First Lien Revolver

L + 575 (75 Floor) (including 125 PIK)

10.13%

08/2027

 

81

 

 

 

70

 

 

 

0.0

 

 

 

32

 

ACI Group Holdings, Inc.

Unitranche First Lien Term Loan

L + 575 (75 Floor) (including 125 PIK)

10.13%

08/2028

 

6,922

 

 

 

6,770

 

 

 

1.1

 

 

 

6,680

 

Advanced Diabetes Supply

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

9.48%

12/2027

 

3,476

 

 

 

3,450

 

 

 

0.6

 

 

 

3,428

 

Advanced Diabetes Supply

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

9.48%

12/2027

 

4,963

 

 

 

4,888

 

 

 

0.8

 

 

 

4,895

 

Advanced Diabetes Supply (5)

Senior Secured First Lien Revolver

S + 525 (100 Floor)

9.01%

12/2027

 

263

 

 

 

257

 

 

 

0.0

 

 

 

258

 

Arrow Management Acquisition, LLC

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

9.13%

10/2027

 

4,901

 

 

 

4,819

 

 

 

0.8

 

 

 

4,704

 

 

45


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Arrow Management Acquisition, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 475 (100 Floor)

9.13%

10/2027

 

2,192

 

 

 

2,173

 

 

 

0.3

 

 

 

2,115

 

Arrow Management Acquisition, LLC (4)(5)

Senior Secured First Lien Revolver

 

 

10/2027

 

 

 

 

(11

)

 

 

(0.0

)

 

 

(28

)

Avalign Technologies, Inc. (12)

Senior Secured First Lien Term Loan

L + 450

8.91%

12/2025

 

16,493

 

 

 

16,434

 

 

 

2.5

 

 

 

15,049

 

Centria Subsidiary Holdings, LLC (4)(5)

Unitranche First Lien Revolver

 

 

12/2025

 

 

 

 

(29

)

 

 

 

 

 

 

Centria Subsidiary Holdings, LLC

Unitranche First Lien Term Loan

S + 600 (100 Floor)

10.72%

12/2025

 

11,516

 

 

 

11,395

 

 

 

1.9

 

 

 

11,516

 

CRA MSO, LLC

Senior Secured First Lien Term Loan

L + 700 (100 Floor)

11.42%

12/2024

 

1,200

 

 

 

1,194

 

 

 

0.2

 

 

 

1,117

 

CRA MSO, LLC (5)

Senior Secured First Lien Revolver

L + 700 (100 Floor)

11.42%

12/2024

 

108

 

 

 

107

 

 

 

0.0

 

 

 

94

 

EMS Buyer, Inc.

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.17%

11/2027

 

11,684

 

 

 

11,511

 

 

 

1.8

 

 

 

11,317

 

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)

10.17%

11/2027

 

995

 

 

 

979

 

 

 

0.2

 

 

 

964

 

Explorer Investor, Inc. (4)(5)

Unitranche First Lien Delayed Draw Term Loan

 

 

06/2029

 

 

 

 

(135

)

 

 

(0.0

)

 

 

(132

)

Explorer Investor, Inc.

Unitranche First Lien Term Loan

S + 575 (50 Floor)

10.40%

06/2029

 

11,304

 

 

 

10,662

 

 

 

1.7

 

 

 

10,683

 

FH MD Buyer, Inc

Senior Secured First Lien Term Loan

L + 500 (75 Floor)

9.38%

07/2028

 

19,750

 

 

 

19,585

 

 

 

3.1

 

 

 

18,959

 

GrapeTree Medical Staffing, LLC

Senior Secured First Lien Term Loan

S + 450 (100 Floor)

8.94%

05/2024

 

6,188

 

 

 

6,122

 

 

 

1.0

 

 

 

6,144

 

GrapeTree Medical Staffing, LLC (4)(5)

Senior Secured First Lien Revolver

 

 

05/2024

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(4

)

GrapeTree Medical Staffing, LLC

Senior Secured First Lien Delayed Draw Term Loan

S + 450 (100 Floor)

8.94%

05/2024

 

4,417

 

 

 

4,364

 

 

 

0.7

 

 

 

4,385

 

Great Lakes Dental Partners, LLC

Unitranche First Lien Term Loan

L + 725 (100 Floor) (including 100 PIK)

11.67%

06/2026

 

4,935

 

 

 

4,859

 

 

 

0.8

 

 

 

4,663

 

Great Lakes Dental Partners, LLC (5)

Unitranche First Lien Revolver

L + 725 (100 Floor) (including 100 PIK)

11.67%

06/2026

 

301

 

 

 

295

 

 

 

0.0

 

 

 

279

 

HCOS Group Intermediate III LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

10.23%

09/2026

 

11,339

 

 

 

11,185

 

 

 

1.8

 

 

 

10,914

 

HCOS Group Intermediate III LLC (4)(5)

Senior Secured First Lien Revolver

 

 

09/2026

 

 

 

 

(15

)

 

 

(0.0

)

 

 

(43

)

HCOS Group Intermediate III LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

10.23%

09/2026

 

9,356

 

 

 

9,211

 

 

 

1.5

 

 

 

9,005

 

Homecare Partners Management, LLC

Senior Secured First Lien Term Loan

L + 575 (100 Floor)

10.98%

05/2027

 

4,493

 

 

 

4,422

 

 

 

0.7

 

 

 

4,436

 

Homecare Partners Management, LLC (5)

Senior Secured First Lien Revolver

P + 475 (100 Floor)

12.25%

05/2027

 

147

 

 

 

130

 

 

 

0.0

 

 

 

133

 

Homecare Partners Management, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

10.48%

05/2027

 

3,361

 

 

 

3,301

 

 

 

0.5

 

 

 

3,319

 

 

46


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Homecare Partners Management, LLC

Senior Secured First Lien Term Loan

L + 575 (100 Floor)

10.48%

05/2027

 

1,095

 

 

 

1,074

 

 

 

0.2

 

 

 

1,081

 

Hospice Care Buyer, Inc.

Unitranche First Lien Term Loan

L + 650 (100 Floor)

11.23%

12/2026

 

14,163

 

 

 

13,892

 

 

 

2.2

 

 

 

13,469

 

Hospice Care Buyer, Inc.

Unitranche First Lien Term Loan

L + 650 (100 Floor)

10.91%

12/2026

 

2,587

 

 

 

2,533

 

 

 

0.4

 

 

 

2,460

 

Hospice Care Buyer, Inc. (5)

Unitranche First Lien Revolver

L + 650 (100 Floor)

10.88%

12/2026

 

1,109

 

 

 

1,075

 

 

 

0.2

 

 

 

1,029

 

Hospice Care Buyer, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 650 (100 Floor)

11.23%

12/2026

 

2,639

 

 

 

2,582

 

 

 

0.4

 

 

 

2,510

 

Hospice Care Buyer, Inc.

Unitranche First Lien Term Loan

L + 650 (100 Floor)

11.23%

12/2026

 

378

 

 

 

368

 

 

 

0.1

 

 

 

360

 

Laserway Intermediate Holdings II, LLC (12)

Unitranche First Lien Term Loan

L + 575 (75 Floor)

9.76%

10/2027

 

6,024

 

 

 

5,926

 

 

 

1.0

 

 

 

5,919

 

Lightspeed Buyer, Inc.

Unitranche First Lien Term Loan

L + 550 (100 Floor)

9.88%

02/2026

 

9,725

 

 

 

9,615

 

 

 

1.6

 

 

 

9,507

 

Lightspeed Buyer, Inc. (5)

Unitranche First Lien Revolver

L + 550 (100 Floor)

9.88%

02/2026

 

455

 

 

 

444

 

 

 

0.1

 

 

 

431

 

Lightspeed Buyer, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

9.88%

02/2026

 

1,761

 

 

 

1,745

 

 

 

0.3

 

 

 

1,722

 

Lightspeed Buyer, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

 

 

02/2026

 

 

 

 

 

 

 

(0.0

)

 

 

(114

)

Lightspeed Buyer, Inc.

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

02/2026

 

2,716

 

 

 

2,677

 

 

 

0.4

 

 

 

2,655

 

MWD Management LLC (United Derm)

Senior Secured First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

9.89%

06/2027

 

4,500

 

 

 

4,420

 

 

 

0.7

 

 

 

4,443

 

MWD Management LLC (United Derm)

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

9.89%

06/2027

 

5,586

 

 

 

5,484

 

 

 

0.9

 

 

 

5,516

 

MWD Management LLC (United Derm) (5)

Senior Secured First Lien Revolver

S + 500 (100 Floor)

9.68%

06/2027

 

640

 

 

 

619

 

 

 

0.1

 

 

 

625

 

NMN Holdings III Corp.

Senior Secured Second Lien Delayed Draw Term Loan

L + 775

12.13%

11/2026

 

1,667

 

 

 

1,638

 

 

 

0.2

 

 

 

1,458

 

NMN Holdings III Corp.

Senior Secured Second Lien Term Loan

L + 775

12.13%

11/2026

 

7,222

 

 

 

7,099

 

 

 

1.0

 

 

 

6,319

 

Omni Ophthalmic Management Consultants, LLC (5)

Senior Secured First Lien Revolver

S + 700 (100 Floor)

11.42%

09/2025

 

737

 

 

 

729

 

 

 

0.1

 

 

 

729

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Term Loan

S + 700 (100 Floor)

11.42%

09/2025

 

6,738

 

 

 

6,676

 

 

 

1.1

 

 

 

6,678

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Term Loan

S + 700 (100 Floor)

11.42%

09/2025

 

884

 

 

 

873

 

 

 

0.1

 

 

 

876

 

Omni Ophthalmic Management Consultants, LLC

Senior Secured First Lien Term Loan

S + 700 (100 Floor)

11.42%

09/2025

 

299

 

 

 

294

 

 

 

0.0

 

 

 

297

 

Omni Ophthalmic Management Consultants, LLC (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

 

 

09/2025

 

 

 

 

(13

)

 

 

(0.0

)

 

 

(13

)

Patriot Acquisition Topco S.A.R.L (11)

Unitranche First Lien Term Loan

S + 675 (100 Floor)

10.99%

01/2028

 

11,240

 

 

 

11,013

 

 

 

1.8

 

 

 

10,912

 

Patriot Acquisition Topco S.A.R.L (5)(11)

Unitranche First Lien Revolver

L + 675 (100 Floor)

10.99%

01/2026

 

379

 

 

 

352

 

 

 

0.1

 

 

 

328

 

 

47


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Patriot Acquisition Topco S.A.R.L (11)

Unitranche First Lien Delayed Draw Term Loan

S + 675 (100 Floor)

10.99%

01/2028

 

12,046

 

 

 

11,819

 

 

 

1.9

 

 

 

11,695

 

Patriot Acquisition Topco S.A.R.L (11)

Unitranche First Lien Term Loan

S + 675 (100 Floor)

10.99%

01/2028

 

1,428

 

 

 

1,394

 

 

 

0.2

 

 

 

1,386

 

Plasma Buyer LLC (PathGroup) (4)(5)

Unitranche First Lien Delayed Draw Term Loan

 

 

05/2029

 

 

 

 

(35

)

 

 

(0.0

)

 

 

(112

)

Plasma Buyer LLC (PathGroup) (4)(5)

Unitranche First Lien Revolver

 

 

05/2029

 

 

 

 

(15

)

 

 

(0.0

)

 

 

(48

)

Plasma Buyer LLC (PathGroup)

Unitranche First Lien Term Loan

S + 575 (75 Floor)

10.07%

05/2029

 

7,279

 

 

 

7,142

 

 

 

1.1

 

 

 

6,848

 

Premier Dental Care Management, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 550 (75 Floor)

9.88%

08/2028

 

4,322

 

 

 

4,302

 

 

 

0.7

 

 

 

4,192

 

Premier Dental Care Management, LLC (5)

Unitranche First Lien Revolver

L + 550 (75 Floor)

9.89%

08/2027

 

515

 

 

 

491

 

 

 

0.1

 

 

 

475

 

Premier Dental Care Management, LLC

Unitranche First Lien Term Loan

L + 550 (75 Floor)

9.88%

08/2028

 

9,429

 

 

 

9,270

 

 

 

1.5

 

 

 

9,188

 

Professional Physical Therapy (9)

Senior Secured First Lien Term Loan

 

 

02/2023

 

9,698

 

 

 

8,907

 

 

 

1.0

 

 

 

6,114

 

Professional Physical Therapy (5)

Senior Secured First Lien Revolver

 

 

02/2023

 

 

 

 

 

 

 

 

 

 

 

PromptCare Intermediate, LP (5)

Unitranche First Lien Delayed Draw Term Loan

L + 600 (100 Floor)

10.22%

09/2027

 

1,007

 

 

 

971

 

 

 

0.1

 

 

 

914

 

PromptCare Intermediate, LP

Unitranche First Lien Term Loan

L + 600 (100 Floor)

10.22%

09/2027

 

10,369

 

 

 

10,198

 

 

 

1.7

 

 

 

10,113

 

Safco Dental Supply, LLC (5)

Unitranche First Lien Revolver

S + 525 (100 Floor)

9.67%

06/2025

 

120

 

 

 

116

 

 

 

0.0

 

 

 

114

 

Safco Dental Supply, LLC

Unitranche First Lien Term Loan

S + 525 (100 Floor)

9.98%

06/2025

 

4,043

 

 

 

4,010

 

 

 

0.7

 

 

 

4,000

 

Seniorlink Incorporated (4)(5)

Unitranche First Lien Revolver

 

 

07/2026

 

 

 

 

(19

)

 

 

0.0

 

 

 

16

 

Seniorlink Incorporated

Unitranche First Lien Term Loan

L + 650 (100 Floor)

9.19%

07/2026

 

10,198

 

 

 

9,998

 

 

 

1.7

 

 

 

10,427

 

Smile Doctors LLC (12)

Unitranche First Lien Term Loan

L + 575 (75 Floor)

10.48%

12/2028

 

11,173

 

 

 

10,982

 

 

 

1.8

 

 

 

10,949

 

Smile Doctors LLC (12)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.16%

12/2028

 

1,762

 

 

 

1,742

 

 

 

0.3

 

 

 

1,727

 

Smile Doctors LLC (5)

Unitranche First Lien Revolver

L + 575 (75 Floor)

10.48%

12/2027

 

616

 

 

 

594

 

 

 

0.1

 

 

 

591

 

Smile Doctors LLC (5)(12)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.16%

12/2028

 

1,521

 

 

 

1,488

 

 

 

0.2

 

 

 

1,450

 

Sydney US Buyer Corp. (3B Scientific) (11)

Unitranche First Lien Term Loan

S + 600 (50 Floor)

10.30%

07/2029

 

3,693

 

 

 

3,599

 

 

 

0.6

 

 

 

3,591

 

Sydney US Buyer Corp. (3B Scientific) (11)

Unitranche First Lien Term Loan

E + 600

8.20%

07/2029

 

3,502

 

 

 

3,473

 

 

 

0.6

 

 

 

3,646

 

Sydney US Buyer Corp. (3B Scientific) (4)(5)(11)

Unitranche First Lien Delayed Draw Term Loan

 

 

07/2029

 

 

 

 

(50

)

 

 

(0.0

)

 

 

(54

)

Sydney US Buyer Corp. (3B Scientific) (4)(5)(11)

Senior Secured First Lien Revolver

 

 

07/2029

 

 

 

 

(3

)

 

 

(0.0

)

 

 

(18

)

 

48


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Unifeye Vision Partners

Senior Secured First Lien Delayed Draw Term Loan

L + 525 (100 Floor)

9.98%

09/2025

 

3,008

 

 

 

2,973

 

 

 

0.5

 

 

 

2,990

 

Unifeye Vision Partners (5)

Senior Secured First Lien Revolver

L + 525 (100 Floor)

9.98%

09/2025

 

907

 

 

 

891

 

 

 

0.1

 

 

 

897

 

Unifeye Vision Partners

Senior Secured First Lien Term Loan

L + 525 (100 Floor)

9.98%

09/2025

 

5,238

 

 

 

5,187

 

 

 

0.9

 

 

 

5,207

 

Unifeye Vision Partners (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 525 (100 Floor)

9.98%

09/2025

 

3,835

 

 

 

3,831

 

 

 

0.6

 

 

 

3,806

 

Vital Care Buyer, LLC

Unitranche First Lien Term Loan

L + 525 (100 Floor)

9.98%

10/2025

 

6,893

 

 

 

6,814

 

 

 

1.1

 

 

 

6,789

 

Vital Care Buyer, LLC (5)

Unitranche First Lien Revolver

P + 425 (100 Floor)

11.75%

10/2025

 

370

 

 

 

348

 

 

 

0.1

 

 

 

337

 

 

 

 

 

 

336,791

 

 

 

330,381

 

 

 

52.7

 

 

 

322,092

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comet Acquisition, Inc.

Senior Secured Second Lien Term Loan

L + 750

12.23%

10/2026

 

1,782

 

 

 

1,780

 

 

 

0.3

 

 

 

1,710

 

Evolution BuyerCo, Inc.

Unitranche First Lien Term Loan

L + 625 (100 Floor)

10.98%

04/2028

 

8,209

 

 

 

8,134

 

 

 

1.3

 

 

 

7,927

 

Evolution BuyerCo, Inc. (4)(5)

Unitranche First Lien Revolver

04/2027

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(25

)

Evolution BuyerCo, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 625 (100 Floor)

10.98%

04/2028

 

1,440

 

 

 

1,426

 

 

 

0.2

 

 

 

1,391

 

Evolution BuyerCo, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 625 (100 Floor)

10.98%

04/2028

 

1,758

 

 

 

1,736

 

 

 

0.3

 

 

 

1,698

 

Evolution BuyerCo, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 675 (100 Floor)

11.48%

04/2028

 

220

 

 

 

215

 

 

 

0.0

 

 

 

215

 

Integrity Marketing Acquisition, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 580 (100 Floor)

10.04%

08/2025

 

4,965

 

 

 

4,902

 

 

 

0.8

 

 

 

4,804

 

Integrity Marketing Acquisition, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 580 (100 Floor)

10.82%

08/2025

 

3,002

 

 

 

2,964

 

 

 

0.5

 

 

 

2,905

 

Integrity Marketing Acquisition, LLC (4)(5)

Unitranche First Lien Revolver

08/2025

 

 

 

 

(23

)

 

 

(0.0

)

 

 

(46

)

Integrity Marketing Acquisition, LLC

Unitranche First Lien Term Loan

L + 575 (100 Floor)

10.98%

08/2025

 

12,619

 

 

 

12,464

 

 

 

2.0

 

 

 

12,209

 

Integro Parent, Inc. (11)

Senior Secured First Lien Term Loan

L + 1025 PIK

13.80%

 

 

604

 

 

 

571

 

 

 

0.1

 

 

 

604

 

Integro Parent, Inc. (9)(11)

Senior Secured Second Lien Term Loan

10/2023

 

2,915

 

 

 

2,905

 

 

 

0.4

 

 

 

2,563

 

Integro Parent, Inc. (9)(11)

Senior Secured Second Lien Delayed Draw Term Loan

10/2023

 

380

 

 

 

379

 

 

 

0.1

 

 

 

334

 

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)

8.56%

10/2028

 

9,274

 

 

 

9,163

 

 

 

1.5

 

 

 

9,089

 

Patriot Growth Insurance Services, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

10.47%

10/2028

 

204

 

 

 

178

 

 

 

0.0

 

 

 

147

 

 

49


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

Unitranche First Lien Term Loan

L + 575 (100 Floor)

10.13%

12/2026

 

3,530

 

 

 

3,475

 

 

 

0.6

 

 

 

3,380

 

The Hilb Group, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

10.13%

12/2026

 

998

 

 

 

982

 

 

 

0.2

 

 

 

956

 

The Hilb Group, LLC (4)(5)

Unitranche First Lien Revolver

 

 

12/2025

 

 

 

 

(4

)

 

 

(0.0

)

 

 

(14

)

The Hilb Group, LLC

Unitranche First Lien Term Loan

L + 575 (100 Floor)

10.13%

12/2026

 

1,048

 

 

 

1,029

 

 

 

0.2

 

 

 

1,003

 

The Hilb Group, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 575 (100 Floor)

10.13%

12/2026

 

1,761

 

 

 

1,734

 

 

 

0.3

 

 

 

1,686

 

The Hilb Group, LLC (4)(5)

Unitranche First Lien Revolver

 

 

12/2025

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(6

)

The Hilb Group, LLC (5)

Unitranche First Lien Delayed Draw Term Loan

L + 550 (75 Floor)

9.88%

12/2026

 

2,614

 

 

 

2,577

 

 

 

0.4

 

 

 

2,468

 

The Hilb Group, LLC (4)(5)

Unitranche First Lien Revolver

 

 

12/2025

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(5

)

 

 

 

 

 

 

57,323

 

 

 

56,566

 

 

 

9.2

 

 

 

54,980

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BioAgilytix

Senior Secured First Lien Term Loan

L + 625 (75 Floor) (including 275 PIK)

10.98%

12/2028

 

13,160

 

 

 

12,907

 

 

 

2.0

 

 

 

12,425

 

BioAgilytix (5)

Senior Secured First Lien Delayed Draw Term Loan

L + 625 (75 Floor) (including 275 PIK)

10.98%

12/2028

 

675

 

 

 

653

 

 

 

0.1

 

 

 

533

 

LSCS Holdings, Inc. (Eversana)

Senior Secured Second Lien Term Loan

L + 800 (50 Floor)

12.38%

12/2029

 

14,700

 

 

 

14,378

 

 

 

2.2

 

 

 

13,229

 

Teal Acquisition Co., Inc

Unitranche First Lien Term Loan

L + 625 (100 Floor)

9.99%

09/2026

 

8,942

 

 

 

8,762

 

 

 

1.2

 

 

 

7,144

 

Teal Acquisition Co., Inc (5)

Unitranche First Lien Revolver

L + 625 (100 Floor)

11.00%

09/2026

 

1,018

 

 

 

994

 

 

 

0.1

 

 

 

761

 

Teal Acquisition Co., Inc

Unitranche First Lien Term Loan

L + 625 (100 Floor)

11.01%

09/2026

 

4,937

 

 

 

4,862

 

 

 

0.6

 

 

 

3,945

 

 

 

 

 

 

 

43,432

 

 

 

42,556

 

 

 

6.2

 

 

 

38,037

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savers (12)

Senior Secured First Lien Term Loan

L + 550 (75 Floor)

10.34%

04/2028

 

6,707

 

 

 

6,684

 

 

 

1.1

 

 

 

6,500

 

Slickdeals Holdings, LLC (4)(5)(6)

Unitranche First Lien Revolver

 

 

06/2023

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(1

)

Slickdeals Holdings, LLC (6)

Unitranche First Lien Term Loan

L + 625 (100 Floor)

10.92%

06/2024

 

14,170

 

 

 

14,037

 

 

 

2.3

 

 

 

14,144

 

 

 

 

 

 

 

20,877

 

 

 

20,719

 

 

 

3.4

 

 

 

20,643

 

 

50


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABACUS Holdings I LLC (4)(5)

Unitranche First Lien Delayed Draw Term Loan

 

 

06/2028

 

 

 

 

(26

)

 

 

(0.0

)

 

 

(25

)

ABACUS Holdings I LLC (5)

Unitranche First Lien Revolver

S + 500 (100 Floor)

9.82%

06/2028

 

480

 

 

 

458

 

 

 

0.1

 

 

 

469

 

ABACUS Holdings I LLC

Unitranche First Lien Term Loan

S + 500 (100 Floor)

9.89%

06/2028

 

6,783

 

 

 

6,655

 

 

 

1.1

 

 

 

6,722

 

Affinitiv, Inc. (4)(5)

Unitranche First Lien Revolver

 

 

08/2024

 

 

 

 

(3

)

 

 

(0.0

)

 

 

(6

)

Affinitiv, Inc.

Unitranche First Lien Term Loan

S + 600 (100 Floor)

10.41%

08/2024

 

6,215

 

 

 

6,177

 

 

 

1.0

 

 

 

6,148

 

Ansira Partners, Inc. (9)

Unitranche First Lien Term Loan

 

 

12/2024

 

8,200

 

 

 

6,640

 

 

 

0.5

 

 

 

3,226

 

Ansira Partners, Inc. (9)

Unitranche First Lien Delayed Draw Term Loan

 

 

12/2024

 

1,141

 

 

 

943

 

 

 

0.1

 

 

 

449

 

Ansira Partners, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 1000 (100 Floor) (including 800 PIK)

14.27%

12/2024

 

51

 

 

 

51

 

 

 

0.0

 

 

 

51

 

Apps Associates LLC (5)

Unitranche First Lien Delayed Draw Term Loan

S + 500 (100 Floor)

9.42%

07/2027

 

893

 

 

 

873

 

 

 

0.1

 

 

 

873

 

Apps Associates LLC (4)(5)

Unitranche First Lien Revolver

 

 

07/2027

 

 

 

 

(12

)

 

 

(0.0

)

 

 

(9

)

Apps Associates LLC

Unitranche First Lien Term Loan

S + 500 (100 Floor)

9.42%

07/2027

 

5,579

 

 

 

5,490

 

 

 

0.9

 

 

 

5,517

 

Banker's Toolbox, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 525 (75 Floor)

9.57%

07/2027

 

2,518

 

 

 

2,466

 

 

 

0.4

 

 

 

2,317

 

Banker's Toolbox, Inc. (4)(5)

Unitranche First Lien Revolver

 

 

07/2027

 

 

 

 

(37

)

 

 

(0.0

)

 

 

(90

)

Banker's Toolbox, Inc.

Unitranche First Lien Term Loan

S + 525 (75 Floor)

9.23%

07/2027

 

15,684

 

 

 

15,434

 

 

 

2.5

 

 

 

15,095

 

Belay Inc.

Senior Secured First Lien Term Loan

S + 525 (100 Floor)

9.67%

06/2026

 

4,876

 

 

 

4,813

 

 

 

0.8

 

 

 

4,858

 

Belay Inc. (4)(5)

Senior Secured First Lien Revolver

 

 

11/2025

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(2

)

Benesys Inc.

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

9.14%

10/2024

 

1,385

 

 

 

1,378

 

 

 

0.2

 

 

 

1,352

 

Benesys Inc.

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

9.14%

10/2024

 

294

 

 

 

291

 

 

 

0.0

 

 

 

287

 

Benesys Inc. (5)

Senior Secured First Lien Revolver

L + 475 (100 Floor)

9.11%

10/2024

 

84

 

 

 

83

 

 

 

0.0

 

 

 

80

 

C-4 Analytics, LLC (4)(5)

Senior Secured First Lien Revolver

 

 

08/2023

 

 

 

 

(1

)

 

 

(0.0

)

 

 

(5

)

C-4 Analytics, LLC

Senior Secured First Lien Term Loan

L + 450 (100 Floor)

8.88%

08/2023

 

9,357

 

 

 

9,334

 

 

 

1.5

 

 

 

9,280

 

Claritas, LLC (4)(5)

Unitranche First Lien Delayed Draw Term Loan

 

 

03/2026

 

 

 

 

(20

)

 

 

(0.0

)

 

 

(7

)

Claritas, LLC (4)(5)

Unitranche First Lien Revolver

 

 

03/2026

 

 

 

 

(16

)

 

 

(0.0

)

 

 

(6

)

 

51


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Claritas, LLC

Unitranche First Lien Term Loan

S + 550 (100 Floor)

10.08%

03/2026

 

10,521

 

 

 

10,429

 

 

 

1.7

 

 

 

10,489

 

Granicus, Inc.

Unitranche First Lien Term Loan

L + 700 (100 Floor) (including 150 PIK)

12.64%

01/2027

 

9,080

 

 

 

8,918

 

 

 

1.5

 

 

 

8,899

 

Granicus, Inc. (5)

Unitranche First Lien Revolver

L + 650 (100 Floor)

10.64%

01/2027

 

270

 

 

 

256

 

 

 

0.0

 

 

 

254

 

Granicus, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 700 (100 Floor) (including 150 PIK)

12.64%

01/2027

 

7,880

 

 

 

7,781

 

 

 

1.3

 

 

 

7,722

 

Lexipol (Ranger Buyer, Inc.)

Unitranche First Lien Term Loan

L + 550 (75 Floor)

9.88%

11/2028

 

13,158

 

 

 

12,930

 

 

 

2.2

 

 

 

13,289

 

Lexipol (Ranger Buyer, Inc.) (4)(5)

Unitranche First Lien Revolver

11/2027

 

 

 

 

(19

)

 

 

 

 

 

 

List Partners, Inc. (5)

Senior Secured First Lien Revolver

05/2024

 

 

 

 

 

 

 

(0.0

)

 

 

(7

)

List Partners, Inc.

Senior Secured First Lien Term Loan

S + 500 (100 Floor)

9.42%

05/2024

 

3,674

 

 

 

3,673

 

 

 

0.6

 

 

 

3,618

 

MRI Software LLC (12)

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

02/2026

 

18,227

 

 

 

18,071

 

 

 

2.9

 

 

 

17,565

 

MRI Software LLC (4)(5)(12)

Unitranche First Lien Revolver

02/2026

 

 

 

 

(10

)

 

 

(0.0

)

 

 

(46

)

MRI Software LLC (12)

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

02/2026

 

1,309

 

 

 

1,298

 

 

 

0.2

 

 

 

1,262

 

New Era Technology, Inc.

Unitranche First Lien Term Loan

L + 625 (100 Floor)

10.66%

10/2026

 

3,126

 

 

 

3,080

 

 

 

0.5

 

 

 

3,048

 

New Era Technology, Inc. (5)

Unitranche First Lien Revolver

L + 625 (100 Floor)

10.49%

10/2026

 

449

 

 

 

437

 

 

 

0.1

 

 

 

431

 

New Era Technology, Inc.

Unitranche First Lien Delayed Draw Term Loan

L + 625 (100 Floor)

10.49%

10/2026

 

2,008

 

 

 

1,982

 

 

 

0.3

 

 

 

1,958

 

New Era Technology, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 625 (100 Floor)

10.49%

10/2026

 

6,138

 

 

 

6,060

 

 

 

1.0

 

 

 

5,972

 

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

 

 

 

 

(40

)

 

 

 

 

 

 

Odessa Technologies, Inc.

Senior Secured First Lien Term Loan

L + 575 (75 Floor)

10.09%

10/2027

 

9,571

 

 

 

9,408

 

 

 

1.6

 

 

 

9,571

 

Ontario Systems, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.23%

08/2025

 

1,086

 

 

 

1,085

 

 

 

0.2

 

 

 

1,052

 

Ontario Systems, LLC (5)

Unitranche First Lien Revolver

L + 550 (100 Floor)

10.23%

08/2025

 

244

 

 

 

241

 

 

 

0.0

 

 

 

228

 

Ontario Systems, LLC

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

08/2025

 

3,144

 

 

 

3,129

 

 

 

0.5

 

 

 

3,044

 

Ontario Systems, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 550 (100 Floor)

10.23%

08/2025

 

547

 

 

 

533

 

 

 

0.1

 

 

 

529

 

Ontario Systems, LLC

Unitranche First Lien Term Loan

L + 550 (100 Floor)

10.23%

08/2025

 

444

 

 

 

438

 

 

 

0.1

 

 

 

430

 

Park Place Technologies, LLC (8)

Unsecured Debt

1250 PIK

12.50%

05/2029

 

885

 

 

 

885

 

 

 

0.1

 

 

 

727

 

 

52


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Perforce Software, Inc.

Senior Secured Second Lien Term Loan

L + 800

12.38%

07/2027

 

5,000

 

 

 

4,988

 

 

 

0.7

 

 

 

4,500

 

Right Networks, LLC

Unitranche First Lien Revolver

L + 600 (100 Floor)

10.39%

05/2026

 

233

 

 

 

231

 

 

 

0.0

 

 

 

233

 

Right Networks, LLC

Unitranche First Lien Term Loan

L + 600 (100 Floor)

10.39%

05/2026

 

9,295

 

 

 

9,207

 

 

 

1.5

 

 

 

9,295

 

Right Networks, LLC

Unitranche First Lien Term Loan

L + 600 (100 Floor)

10.39%

05/2026

 

8,224

 

 

 

8,101

 

 

 

1.3

 

 

 

8,224

 

Right Networks, LLC

Unitranche First Lien Delayed Draw Term Loan

L + 600 (100 Floor)

10.39%

05/2026

 

2,096

 

 

 

2,066

 

 

 

0.3

 

 

 

2,096

 

Ruffalo Noel Levitz, LLC (5)

Unitranche First Lien Revolver

L + 600 (100 Floor)

10.65%

05/2024

 

225

 

 

 

224

 

 

 

0.0

 

 

 

221

 

Ruffalo Noel Levitz, LLC

Unitranche First Lien Term Loan

L + 600 (100 Floor)

10.73%

05/2024

 

2,461

 

 

 

2,463

 

 

 

0.4

 

 

 

2,430

 

Saturn Borrower Inc

Unitranche First Lien Term Loan

L + 725 (100 Floor) (including 75 PIK)

11.98%

09/2026

 

20,143

 

 

 

19,719

 

 

 

3.1

 

 

 

19,224

 

Saturn Borrower Inc

Unitranche First Lien Term Loan

L + 725 (100 Floor) (including 75 PIK)

11.98%

09/2026

 

2,454

 

 

 

2,399

 

 

 

0.4

 

 

 

2,342

 

Saturn Borrower Inc

Unitranche First Lien Revolver

L + 650 (100 Floor)

11.23%

09/2026

 

1,513

 

 

 

1,483

 

 

 

0.2

 

 

 

1,444

 

Smartronix, LLC

Unitranche First Lien Term Loan

L + 600 (100 Floor)

10.17%

11/2028

 

23,869

 

 

 

23,443

 

 

 

3.8

 

 

 

23,796

 

Smartronix, LLC (4)(5)

Unitranche First Lien Revolver

 

 

11/2028

 

 

 

 

(56

)

 

 

(0.0

)

 

 

(10

)

SQAD Holdco, Inc. (5)

Unitranche First Lien Delayed Draw Term Loan

S + 575 (100 Floor)

10.33%

04/2028

 

2,413

 

 

 

2,370

 

 

 

0.4

 

 

 

2,310

 

SQAD Holdco, Inc. (5)

Unitranche First Lien Revolver

S + 575 (100 Floor)

10.16%

04/2028

 

210

 

 

 

189

 

 

 

0.0

 

 

 

188

 

SQAD Holdco, Inc.

Unitranche First Lien Term Loan

S + 575 (100 Floor)

10.33%

04/2028

 

8,905

 

 

 

8,741

 

 

 

1.4

 

 

 

8,716

 

Summit 7 Systems, LLC (4)(5)

Senior Secured First Lien Revolver

 

 

05/2028

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(12

)

Summit 7 Systems, LLC

Senior Secured First Lien Term Loan

S + 550 (100 Floor)

10.23%

05/2028

 

5,274

 

 

 

5,176

 

 

 

0.8

 

 

 

5,180

 

Transportation Insight, LLC

Senior Secured First Lien Term Loan

L + 425

9.18%

12/2024

 

5,036

 

 

 

5,019

 

 

 

0.8

 

 

 

4,873

 

Transportation Insight, LLC

Senior Secured First Lien Delayed Draw Term Loan

L + 425

9.18%

12/2024

 

1,251

 

 

 

1,247

 

 

 

0.2

 

 

 

1,211

 

Transportation Insight, LLC (4)(5)

Senior Secured First Lien Revolver

 

 

12/2024

 

 

 

 

(2

)

 

 

(0.0

)

 

 

(24

)

Winxnet Holdings LLC

Unitranche First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

10.92%

12/2025

 

628

 

 

 

626

 

 

 

0.1

 

 

 

625

 

Winxnet Holdings LLC

Unitranche First Lien Delayed Draw Term Loan

S + 650 (100 Floor)

10.92%

12/2025

 

1,029

 

 

 

1,024

 

 

 

0.2

 

 

 

1,024

 

Winxnet Holdings LLC (5)

Unitranche First Lien Revolver

S + 650 (100 Floor)

10.92%

12/2025

 

488

 

 

 

485

 

 

 

0.1

 

 

 

485

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 650 (100 Floor)

10.92%

12/2025

 

1,910

 

 

 

1,904

 

 

 

0.3

 

 

 

1,901

 

 

53


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 650 (100 Floor)

10.92%

12/2025

 

1,523

 

 

 

1,515

 

 

 

0.2

 

 

 

1,516

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 650 (100 Floor)

10.92%

12/2025

 

1,136

 

 

 

1,129

 

 

 

0.2

 

 

 

1,131

 

Winxnet Holdings LLC

Unitranche First Lien Term Loan

S + 650 (100 Floor)

10.92%

12/2025

 

199

 

 

 

197

 

 

 

0.0

 

 

 

198

 

 

 

 

 

 

260,816

 

 

 

255,395

 

 

 

40.5

 

 

 

249,726

 

Total Debt Investments
United States

 

 

 

 

 

1,111,154

 

 

 

1,088,025

 

 

 

172.6

 

%

 

1,055,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

Common Stock

 

 

 

521,354

 

 

 

 

 

 

 

 

 

 

Envocore Holding, LLC (7)

Preferred Stock

 

 

 

534,722

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdings, LLC

Common Stock

 

 

 

 

2,805,726

 

 

 

1,011

 

 

 

0.5

 

 

 

3,244

 

Allied Universal Holdings, LLC

Common Stock

 

 

 

 

684,903

 

 

 

685

 

 

 

0.1

 

 

 

792

 

ASP MCS Acquisition Corp. (6)

Common Stock

 

 

 

 

11,861

 

 

 

1,150

 

 

 

0.1

 

 

 

368

 

ASP MCS Acquisition Corp. (6)

Common Stock

 

 

891

 

 

 

29

 

 

 

0.0

 

 

 

28

 

ASP MCS Acquisition Corp. (6)

Preferred Stock

 

 

230

 

 

 

230

 

 

 

0.0

 

 

 

200

 

Hercules Borrower LLC

Common Stock

 

 

 

 

1,153,075

 

 

 

1,153

 

 

 

0.2

 

 

 

1,147

 

IGT Holdings LLC

Preferred Stock

 

 

645,730

 

 

 

 

 

 

 

 

 

 

IGT Holdings LLC

Common Stock

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

MHS Acquisition Holdings, LLC

Preferred Stock

 

 

 

 

1,060

 

 

 

923

 

 

 

0.2

 

 

 

1,394

 

MHS Acquisition Holdings, LLC

Common Stock

 

 

 

 

11

 

 

 

9

 

 

 

0.0

 

 

 

176

 

Receivable Solutions, Inc.

Preferred Stock

 

 

 

 

137,000

 

 

 

137

 

 

 

0.1

 

 

 

392

 

Service Logic Acquisition, Inc.

Common Stock

 

 

 

 

13,132

 

 

 

1,313

 

 

 

0.3

 

 

 

1,977

 

TecoStar Holdings, Inc.

Common Stock

 

 

 

 

500,000

 

 

 

500

 

 

 

0.0

 

 

 

281

 

 

 

 

 

 

 

 

 

7,140

 

 

 

1.5

 

 

 

9,999

 

Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Everlast Parent Inc.

Common Stock

 

 

 

 

948

 

 

 

948

 

 

 

0.2

 

 

 

1,176

 

FS Whitewater Borrower, LLC

Common Stock

 

 

 

 

6,897

 

 

 

690

 

 

 

0.1

 

 

 

597

 

HGH Purchaser, Inc.

Common Stock

 

 

 

 

4,171

 

 

 

417

 

 

 

0.1

 

 

 

910

 

HS Spa Holdings Inc. (Hand & Stone)

Common Stock

 

 

1,804,502

 

 

 

1,805

 

 

 

0.3

 

 

 

1,837

 

Legalshield

Common Stock

 

 

 

 

372

 

 

 

372

 

 

 

0.1

 

 

 

540

 

Mario Purchaser, LLC

Common Stock

 

 

1,027

 

 

 

1,027

 

 

 

0.1

 

 

 

703

 

PPV Intermediate Holdings LLC (Vetcor)

Common Stock

 

 

312,500

 

 

 

313

 

 

 

0.1

 

 

 

313

 

Stepping Stones Healthcare Services, LLC

Common Stock

 

 

 

 

11,321

 

 

 

1,132

 

 

 

0.1

 

 

 

908

 

Wrench Group LLC

Common Stock

 

 

 

 

2,337

 

 

 

235

 

 

 

0.1

 

 

 

852

 

Wrench Group LLC

Common Stock

 

 

 

 

655

 

 

 

66

 

 

 

0.0

 

 

 

239

 

 

 

 

 

 

 

 

 

7,005

 

 

 

1.2

 

 

 

8,075

 

 

54


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Diversified Financials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GACP II LP (6)(11)(13)(14)

Partnership Interest

 

 

 

 

 

 

 

5,091

 

 

 

0.8

 

 

 

4,889

 

WhiteHawk III Onshore Fund L.P. (5)(6)(11)(13)(14)

Partnership Interest

 

 

 

 

 

 

 

8,296

 

 

 

1.4

 

 

 

8,871

 

 

 

 

 

 

 

 

 

13,387

 

 

 

2.2

 

 

 

13,760

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACI Group Holdings, Inc.

Common Stock

 

 

 

 

907,499

 

 

 

909

 

 

 

0.2

 

 

 

1,168

 

ACI Group Holdings, Inc.

Preferred Stock

 

 

 

 

3,719

 

 

 

3,645

 

 

 

0.7

 

 

 

4,176

 

Centria Subsidiary Holdings, LLC

Common Stock

 

 

 

 

11,911

 

 

 

1,191

 

 

 

0.2

 

 

 

1,038

 

Hospice Care Buyer, Inc.

Common Stock

 

 

 

 

13,895

 

 

 

1,398

 

 

 

0.2

 

 

 

1,113

 

Hospice Care Buyer, Inc.

Common Stock

 

 

 

 

844

 

 

 

75

 

 

 

0.0

 

 

 

60

 

NMN Holdings III Corp.

Common Stock

 

 

 

 

11,111

 

 

 

1,111

 

 

 

0.1

 

 

 

490

 

Patriot Acquisition Topco S.A.R.L (11)

Common Stock

 

 

 

 

1,055

 

 

 

1,055

 

 

 

0.2

 

 

 

1,207

 

Patriot Acquisition Topco S.A.R.L (11)

Common Stock

 

 

 

 

14,534

 

 

 

22

 

 

 

0.0

 

 

 

88

 

Seniorlink Incorporated

Common Stock

 

 

 

 

68,182

 

 

 

518

 

 

 

0.3

 

 

 

1,976

 

Smile Doctors LLC

Common Stock

 

 

 

 

1,190

 

 

 

714

 

 

 

0.1

 

 

 

703

 

 

 

 

 

 

 

 

 

10,638

 

 

 

2.0

 

 

 

12,019

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evolution BuyerCo, Inc.

Common Stock

 

 

 

 

2,917

 

 

 

292

 

 

 

0.0

 

 

 

247

 

Integrity Marketing Acquisition, LLC

Common Stock

 

 

 

 

287,484

 

 

 

533

 

 

 

0.1

 

 

 

898

 

Integrity Marketing Acquisition, LLC

Preferred Stock

 

 

 

 

1,247

 

 

 

1,215

 

 

 

0.3

 

 

 

1,907

 

Integro Parent, Inc. (11)

Common Stock

 

 

 

 

4,468

 

 

 

454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,494

 

 

 

0.4

 

 

 

3,052

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSCS Holdings, Inc. (Eversana)

Common Stock

 

 

 

 

3,096

 

 

 

953

 

 

 

0.2

 

 

 

1,156

 

LSCS Holdings, Inc. (Eversana)

Preferred Stock

 

 

 

 

447

 

 

447

 

 

 

0.1

 

 

475

 

Teal Acquisition Co., Inc

Common Stock

 

 

 

 

5,555

 

 

 

556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,956

 

 

 

0.3

 

 

 

1,631

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmetto Moon LLC

Common Stock

 

 

 

 

61

 

 

 

 

 

 

0.1

 

 

 

348

 

Slickdeals Holdings, LLC (6)

Common Stock

 

 

 

 

89

 

 

 

891

 

 

 

0.2

 

 

 

1,290

 

Vivid Seats Ltd. (6)(11)(12)

Common Stock

 

 

 

 

608,109

 

 

 

608

 

 

 

0.2

 

 

 

944

 

 

 

 

 

 

 

 

 

1,499

 

 

 

0.5

 

 

 

2,582

 

Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lexipol (Ranger Buyer, Inc.)

Common Stock

 

 

 

 

638

 

 

 

638

 

 

 

0.1

 

 

 

646

 

Lexipol (Ranger Buyer, Inc.)

Common Stock

 

 

638

 

 

 

 

 

 

 

 

 

 

Odessa Technologies, Inc.

Common Stock

 

 

 

 

10,714

 

 

 

1,071

 

 

 

0.2

 

 

 

1,213

 

Park Place Technologies, LLC

Common Stock

 

 

 

 

479

 

 

 

479

 

 

 

 

 

 

 

Park Place Technologies, LLC

Common Stock

 

 

 

 

442,203

 

 

 

27

 

 

 

0.1

 

 

 

386

 

Park Place Technologies, LLC

Common Stock

 

 

685,018

 

 

 

 

 

 

 

 

 

 

Saturn Borrower Inc

Common Stock

 

 

 

 

434,163

 

 

 

434

 

 

 

0.1

 

 

 

335

 

 

 

 

 

 

 

 

 

2,649

 

 

 

0.5

 

 

 

2,580

 

Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xpress Global Systems, LLC

Common Stock

 

 

 

 

12,544

 

 

 

 

 

 

0.2

 

 

 

1,254

 

Total Equity Investments
United States

 

 

 

 

 

 

 

$

47,426

 

 

 

8.9

 

%

$

55,610

 

Total United States

 

 

 

 

 

 

 

$

1,135,451

 

 

 

181.5

 

%

$

1,111,350

 

 

55


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Canada

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VetStrategy (11)

Unsecured Debt

C + 1050 PIK

15.24%

03/2031

 

C$3,124

 

 

$

2,395

 

 

 

0.4

 

 

$

2,307

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 700 (100 Floor)

11.74%

07/2027

 

C$1,694

 

 

 

1,243

 

 

 

0.2

 

 

 

1,264

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 700 (100 Floor)

11.74%

07/2027

 

C$1,694

 

 

 

1,296

 

 

 

0.2

 

 

 

1,264

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 700 (100 Floor)

11.74%

07/2027

 

C$4,918

 

 

 

3,852

 

 

 

0.6

 

 

 

3,668

 

VetStrategy (11)

Unitranche First Lien Term Loan

C + 700 (100 Floor)

11.74%

07/2027

 

C$9,083

 

 

 

6,634

 

 

 

1.1

 

 

 

6,775

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 575 (100 Floor)

10.49%

07/2027

 

C$8,654

 

 

 

6,717

 

 

 

1.0

 

 

 

6,259

 

VetStrategy (11)

Unitranche First Lien Delayed Draw Term Loan

C + 575 (100 Floor)

10.49%

07/2027

 

C$6,189

 

 

 

4,767

 

 

 

0.7

 

 

 

4,476

 

 

 

 

 

 

35,356

 

 

 

26,904

 

 

 

4.2

 

 

 

26,013

 

Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sandvine Corporation (11)(12)

Senior Secured Second Lien Term Loan

L + 800

12.38%

11/2026

 

4,500

 

 

 

4,400

 

 

 

0.7

 

 

 

4,061

 

Total Debt Investments
Canada

 

 

 

 

 

 

 

$

31,304

 

 

 

4.9

 

%

$

30,074

 

Total Canada

 

 

 

 

 

 

 

$

31,304

 

 

 

4.9

 

%

$

30,074

 

United Kingdom

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crusoe Bidco Limited (11)

Unitranche First Lien Term Loan

SN + 625

9.80%

12/2025

£

6,067

 

 

$

7,494

 

 

 

1.2

 

%

$

7,336

 

Crusoe Bidco Limited (11)

Unitranche First Lien Delayed Draw Term Loan

SN + 625

9.80%

12/2025

£

820

 

 

 

990

 

 

 

0.2

 

 

 

992

 

Nurture Landscapes (11)

Unitranche First Lien Term Loan

SN + 650

9.43%

06/2028

£

1,416

 

 

 

1,947

 

 

 

0.3

 

 

 

1,712

 

Nurture Landscapes (11)

Unitranche First Lien Delayed Draw Term Loan

SN + 650

9.93%

06/2028

£

392

 

 

 

521

 

 

 

0.1

 

 

 

474

 

Nurture Landscapes (5)(11)

Unitranche First Lien Delayed Draw Term Loan

SN + 650

8.76%

06/2028

£

10,615

 

 

 

12,790

 

 

 

2.1

 

 

 

12,834

 

 

 

 

 

 

19,310

 

 

 

23,742

 

 

 

3.9

 

 

 

23,348

 

 

56


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Consumer Durables & Apparel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lion Cashmere Bidco Limited (11)

Unitranche First Lien Term Loan

L + 600 (50 Floor)

10.12%

03/2028

 

4,352

 

 

$

4,259

 

 

 

0.7

 

 

$

4,352

 

Lion Cashmere Bidco Limited (11)

Unitranche First Lien Term Loan

L + 600 (50 Floor)

10.12%

03/2028

 

9,939

 

 

 

9,728

 

 

 

1.6

 

 

 

9,939

 

Lion Cashmere Bidco Limited (11)

Unitranche First Lien Term Loan

L + 600 (50 Floor)

10.12%

03/2028

 

4,953

 

 

 

4,848

 

 

 

0.8

 

 

 

4,953

 

Lion Cashmere Bidco Limited (4)(5)(11)

Unitranche First Lien Delayed Draw Term Loan

 

 

03/2028

 

 

 

 

(72

)

 

 

 

 

 

 

 

 

 

 

 

 

19,244

 

 

 

18,763

 

 

 

3.1

 

 

 

19,244

 

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

8.64%

08/2028

£

13,234

 

 

 

17,765

 

 

 

2.6

 

 

 

15,999

 

 

 

 

 

 

 

 

 

 

17,765

 

 

 

2.6

 

 

 

15,999

 

Total Debt Investments
United Kingdom

 

 

 

 

 

 

 

$

60,270

 

 

 

9.6

 

%

$

58,591

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IVC Evidensia (f/k/a VetStrategy) (11)

Preferred Stock

 

 

 

 

1,353,474

 

 

$

776

 

 

 

0.3

 

 

$

1,816

 

Total Equity Investments
United Kingdom

 

 

 

 

 

 

 

 

776

 

 

 

0.3

 

%

 

1,816

 

Total United Kingdom

 

 

 

 

 

 

 

$

61,046

 

 

 

9.9

 

%

$

60,407

 

Netherlands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PharComp Parent B.V. (11)

Unitranche First Lien Delayed Draw Term Loan

E + 625

7.94%

02/2026

1,868

 

 

$

2,150

 

 

 

0.3

 

%

$

1,999

 

PharComp Parent B.V. (10)(11)

Unitranche First Lien - Last Out Term Loan

E + 650

8.40%

02/2026

6,910

 

 

 

7,709

 

 

 

1.2

 

 

 

7,397

 

PharComp Parent B.V. (5)(11)

Unitranche First Lien Delayed Draw Term Loan

E + 650

8.40%

02/2026

407

 

 

 

419

 

 

 

0.1

 

 

 

436

 

PharComp Parent B.V. (5)(11)

Unitranche First Lien Delayed Draw Term Loan

 

 

02/2026

 

 

 

 

 

 

 

 

 

 

 

Eagle Midco B.V. (Avania) (11)

Unitranche First Lien Term Loan

E + 600

6.28%

07/2029

1,840

 

 

 

1,854

 

 

 

0.3

 

 

 

1,931

 

Eagle Midco B.V. (Avania) (5)(11)

Unitranche First Lien Delayed Draw Term Loan

E + 625

10.05%

07/2029

368

 

 

 

298

 

 

 

0.0

 

 

 

290

 

Eagle Midco B.V. (Avania) (4)(5)(11)

Senior Secured First Lien Revolver

 

 

01/2029

 

 

 

 

(18

)

 

 

(0.0

)

 

 

(21

)

Eagle Midco B.V. (Avania) (11)

Unitranche First Lien Term Loan

S + 625

10.60%

07/2029

 

3,411

 

 

 

3,326

 

 

 

0.5

 

 

 

3,320

 

 

 

 

 

 

 

14,804

 

 

 

15,738

 

 

 

2.4

 

 

 

15,352

 

Total Debt Investments
Netherlands

 

 

 

 

 

 

 

$

15,738

 

 

 

2.4

 

%

$

15,352

 

Total Netherlands

 

 

 

 

 

 

 

$

15,738

 

 

 

2.4

 

%

$

15,352

 

 

57


 

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 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

 

Belgium

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miraclon Corporation (11)

Unitranche First Lien Term Loan

E + 625

8.21%

04/2026

9,507

 

 

$

10,570

 

 

 

1.6

 

 

$

9,958

 

Miraclon Corporation (11)

Unitranche First Lien Term Loan

L + 625

10.63%

04/2026

 

4,162

 

 

 

4,095

 

 

 

0.7

 

 

 

4,133

 

 

 

 

 

 

13,669

 

 

 

14,665

 

 

 

2.3

 

 

 

14,091

 

Total Debt Investments
Belgium

 

 

 

 

 

 

 

$

14,665

 

 

 

2.3

 

%

$

14,091

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial & Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Miraclon Corporation (11)

Common Stock

 

 

 

 

921

 

 

$

1

 

 

 

 

 

 

 

Miraclon Corporation (11)

Preferred Stock

 

 

 

 

81,384

 

 

 

91

 

 

 

0.0

 

 

 

75

 

 

 

 

 

 

 

 

 

92

 

 

 

0.0

 

 

 

75

 

Total Equity Investments
Belgium

 

 

 

 

 

 

 

$

92

 

 

 

0.0

 

%

$

75

 

Total Belgium

 

 

 

 

 

 

 

$

14,757

 

 

 

2.3

 

%

$

14,166

 

Australia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greencross (Vermont Aus Pty Ltd) (11)

Unitranche First Lien Term Loan

B + 575

9.06%

03/2028

 

A$29,775

 

 

$

21,724

 

 

 

3.2

 

 

$

19,490

 

Total Debt Investments
Australia

 

 

 

 

 

 

 

$

21,724

 

 

 

3.2

 

%

$

19,490

 

Total Australia

 

 

 

 

 

 

 

$

21,724

 

 

 

3.2

 

%

$

19,490

 

Sweden

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB (Voff) (6)(11)

Unitranche First Lien Term Loan

E + 625

7.23%

08/2029

8,795

 

 

$

8,608

 

 

 

1.5

 

 

$

9,156

 

AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)

Senior Secured First Lien Revolver

08/2029

 

 

 

 

(10

)

 

 

(0.0

)

 

 

(11

)

AX VI INV2 Holding AB (Voff) (6)(11)

Senior Secured Second Lien Term Loan

E + 1000

10.98%

08/2030

1,830

 

 

 

1,791

 

 

 

0.3

 

 

 

1,906

 

AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)

Unitranche First Lien Delayed Draw Term Loan

08/2029

 

 

 

 

(39

)

 

 

(0.0

)

 

 

(44

)

Total Debt Investments
Sweden

 

 

 

 

 

 

 

$

10,350

 

 

 

1.8

 

%

$

11,007

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retailing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB (Voff) (6)(11)

Common Stock

 

 

11,583,011

 

 

$

1,086

 

 

 

0.2

 

 

$

1,110

 

Total Equity Investments
Sweden

 

 

 

 

 

 

 

$

1,086

 

 

 

0.2

 

%

$

1,110

 

Total Sweden

 

 

 

 

 

 

 

$

11,436

 

 

 

2.0

 

%

$

12,117

 

Total Investments

 

 

 

 

 

 

 

$

1,291,456

 

 

 

206.2

 

%

$

1,262,956

 

 

 

58


 

*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 December 31, 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.

**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 $612,541 as of December 31, 2022

 

 

Tenor

Reference Rate

 

Overnight

 

1 month

 

3 month

 

6 Month

 

12 Month

LIBOR (“L”)

 

4.32%

 

4.39%

 

4.77%

 

5.14%

 

5.48%

Prime (“P”)

 

7.50%

 

-

 

-

 

-

 

-

SOFR (“S”)

 

-

 

4.36%

 

4.59%

 

4.78%

 

4.87%

CDOR (“C”)

 

-

 

4.74%

 

4.82%

 

4.94%

 

-

EURIBOR (“E”)

 

-

 

1.87%

 

2.13%

 

2.69%

 

3.29%

SONIA (“SN”)

 

3.43%

 

-

 

-

 

-

 

-

BBSY ("B")

 

-

 

-

 

3.31%

 

-

 

-

(1)
All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
(2)
All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
(3)
The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 “Summary of Significant Accounting Policies”.
(4)
The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
(5)
Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 “Commitments 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 December 31, 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 17.1% as of December 31, 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.

59


 

Foreign Currency Exchange

Contracts

 

Counterparty

Currency Purchased

Currency Sold

Settlement

Unrealized
Appreciation
(Depreciation)

 

Wells Fargo Bank, N.A.

 USD 395

GBP 294

12/1/2023

$

37

 

Wells Fargo Bank, N.A.

 USD 7,975

GBP 5,885

12/1/2023

 

809

 

Wells Fargo Bank, N.A.

 USD 209

EUR 187

2/20/2024

 

5

 

Wells Fargo Bank, N.A.

 USD 308

EUR 249

2/20/2024

 

35

 

Wells Fargo Bank, N.A.

 USD 8,603

EUR 6,703

2/20/2024

 

1,236

 

Wells Fargo Bank, N.A.

 USD 992

EUR 809

2/20/2024

 

105

 

Wells Fargo Bank, N.A.

 USD 11,682

EUR 9,222

4/10/2024

 

1,529

 

Wells Fargo Bank, N.A.

 USD 1,049

CAD 1,348

7/15/2025

 

42

 

Wells Fargo Bank, N.A.

 USD 612

CAD 801

7/31/2025

 

15

 

Wells Fargo Bank, N.A.

 USD 17

CAD 22

7/31/2025

 

1

 

Wells Fargo Bank, N.A.

 USD 576

CAD 738

7/31/2025

 

24

 

Wells Fargo Bank, N.A.

 USD 1,033

CAD 1,274

7/31/2025

 

77

 

Wells Fargo Bank, N.A.

 USD 933

CAD 1,192

7/31/2025

 

42

 

Wells Fargo Bank, N.A.

 USD 1,035

CAD 1,336

7/31/2025

 

38

 

Wells Fargo Bank, N.A.

 USD 2,214

CAD 2,792

7/31/2025

 

125

 

Wells Fargo Bank, N.A.

 USD 7,089

CAD 9,712

7/31/2025

 

(117

)

Wells Fargo Bank, N.A.

 USD 775

CAD 994

7/31/2025

 

33

 

Wells Fargo Bank, N.A.

 USD 193

CAD 244

7/31/2025

 

10

 

Wells Fargo Bank, N.A.

 USD 789

CAD 1,005

7/31/2025

 

37

 

Wells Fargo Bank, N.A.

 USD 325

CAD 422

7/31/2025

 

10

 

Wells Fargo Bank, N.A.

 USD 635

CAD 864

7/31/2025

 

(7

)

Wells Fargo Bank, N.A.

 USD 1,306

CAD 1,703

7/31/2025

 

36

 

Wells Fargo Bank, N.A.

 USD 1,914

CAD 2,432

7/31/2025

 

95

 

Wells Fargo Bank, N.A.

 USD 622

CAD 839

7/31/2025

 

(1

)

Wells Fargo Bank, N.A.

 USD 493

CAD 632

7/31/2025

 

21

 

Wells Fargo Bank, N.A.

 USD 768

EUR 623

2/20/2026

 

71

 

Wells Fargo Bank, N.A.

 USD 1,944

GBP 1,362

6/3/2026

 

272

 

Wells Fargo Bank, N.A.

 USD 170

GBP 121

6/3/2026

 

22

 

Wells Fargo Bank, N.A.

 USD 3,074

GBP 2,237

6/3/2026

 

342

 

Wells Fargo Bank, N.A.

 USD 371

GBP 272

6/3/2026

 

39

 

Wells Fargo Bank, N.A.

 USD 17,790

GBP 12,870

8/24/2026

 

2,048

 

Wells Fargo Bank, N.A.

 USD 1,107

SEK 11,583

8/20/2027

 

(32

)

Wells Fargo Bank, N.A.

 USD 20,607

AUD 29,250

3/22/2028

 

987

 

Wells Fargo Bank, N.A.

 USD 1,795

CAD 2,370

2/28/2031

 

11

 

Total Foreign Currency Exchange Contracts

 

 

 

$

7,997

 

 

 

 

 

 

 

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 ("$")

 

 

 

 

 

 

60


 

CRESCENT CAPITAL BDC, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

June 30, 2023 (Unaudited)

Note 1. Organization and Basis of Presentation

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

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

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

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

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

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

Basis of Presentation

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

The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2023.

61


 

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. The Company holds cash and cash equivalents denominated in foreign currencies. The Company deposits its cash, cash equivalents and restricted cash with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.

Investment Transactions

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

Investment Valuation

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

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

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

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

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

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

62


 

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

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

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

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

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

Foreign Currency

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

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

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

63


 

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.

 

64


 

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2023, we had sixteen investments across eight portfolio companies on non-accrual status, which represented 2.2% and 1.7% of the total debt investments at cost and fair value, respectively. As of December 31, 2022, we had six investments across four portfolio companies on non-accrual status, which represented 2.0% 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 June 30, 2023 and December 31, 2022.

Other Income

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

Income Taxes

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

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

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of June 30, 2023 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., First Eagle Alternative Capital Holdings, Inc., First Eagle Merical Holdings, Inc. and First Eagle OEMG Investor, Inc., are all wholly-owned subsidiaries of the Company, and taxable entities (“Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and continues to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements.

 

65


 

Dividends and Distributions to Stockholders

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

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

Acquisitions

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

Note 3. Agreements and Related Party Transactions

Administration Agreement

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

For the three and six months ended June 30, 2023, the Company incurred administrative services expenses of $361 and $788, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company incurred administrative services expenses of $329 and $658, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, $512 and $511, respectively, was payable to the Administrator. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

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

 

66


 

Investment Advisory Agreement

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

Base Management Fee

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

For the three and six months ended June 30, 2023, the Company incurred management fees of $5,010 and $9,468, of which $50 and $96, respectively, were waived. For the three and six months ended June 30, 2022, the Company incurred management fees of $4,073 and $8,090, of which $57 and $113, respectively, were waived. As of June 30, 2023 and December 31, 2022, management fees of $4,960 and $4,056, respectively, were unpaid.

Incentive Fee per Investment Advisory Agreement

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

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

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

On February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver became effective on July 31, 2021 and, pursuant to an extension of the waiver announced on October 4, 2022, 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 LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP.

 

67


 

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

For the three and six months ended June 30, 2023, the Company incurred income incentive fees of $4,349 and $8,041, of which $71 and $159, respectively, were waived. For the three and six months ended June 30, 2022, the Company incurred income incentive fees of $2,604 and $5,322, of which $385 and $430, respectively, were waived. As of June 30, 2023 and December 31, 2022, income incentive fees of $4,278 and $3,112, 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 six months ended June 30, 2023, the Company recorded no capital gains incentive fees on unrealized capital appreciation. For the three and six months ended June 30, 2022, the Company recorded a reversal of capital gains incentive fees on unrealized capital appreciation of $(2,870) and $(2,149), respectively. As of June 30, 2023 and December 31, 2022, no capital gains incentive fees remain outstanding.

Other Related Party Transactions

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

A portion of the outstanding shares of the Company’s common stock is owned by Crescent, its employees and certain officers and directors of the Company. As of June 30, 2023 and December 31, 2022, Crescent, its employees and certain officers and directors of the Company owned 2.59% and 3.10%, 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 June 30, 2023 and December 31, 2022, Sun Life owned 3.35% and 3.49%, 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.

68


 

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

Investments in and affiliated and controlled companies

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

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

 

 

Fair Value as of
December 31, 2022

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AX VI INV2 Holding AB

$

12,117

 

$

1,394

 

$

(46

)

$

 

$

752

 

$

14,217

 

$

551

 

ASP MCS Acquisition

 

826

 

 

110

 

 

(1

)

 

 

 

26

 

 

961

 

 

16

 

Bayside Opco, LLC

 

 

 

6,248

 

 

 

 

 

 

(45

)

 

6,203

 

 

80

 

GACP II, LP

 

4,889

 

 

 

 

(193

)

 

 

 

(46

)

 

4,650

 

 

474

 

Isagenix International, LLC

 

 

 

2,509

 

 

 

 

 

 

(10

)

 

2,499

 

 

27

 

Slickdeals Holdings, LLC

 

15,433

 

 

40

 

 

(74

)

 

 

 

(43

)

 

15,356

 

 

979

 

smarTours, LLC

 

 

 

4,382

 

 

 

 

 

 

(48

)

 

4,334

 

 

83

 

Vivid Seats Ltd.

 

944

 

 

 

 

 

 

 

 

37

 

 

981

 

 

 

WhiteHawk III Onshore Fund L.P.

 

8,871

 

 

848

 

 

 

 

 

 

(84

)

 

9,635

 

 

705

 

Total Non-Controlled Affiliates

$

43,080

 

$

15,531

 

$

(314

)

$

 

$

539

 

$

58,836

 

$

2,915

 

 

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

 

 

Fair Value as of
December 31, 2021

 

Gross
Additions (1)

 

Gross
Reductions (2)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Non-Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP MCS Acquisition

$

1,616

 

$

261

 

$

(1

)

$

 

$

(257

)

$

1,619

 

$

12

 

Battery Solutions, Inc.

 

7,031

 

 

2,116

 

 

(14,712

)

 

7,113

 

 

(1,548

)

 

 

 

2,114

 

GACP II, LP

 

12,619

 

 

 

(2,002

)

 

 

 

(108

)

 

10,509

 

 

1,048

 

Slickdeals Holdings, LLC

 

15,847

 

 

44

 

 

(74

)

 

 

 

(211

)

 

15,606

 

 

530

 

Southern Technical Institute, Inc.

 

7,686

 

 

 

 

 

 

(2,576

)

 

5,110

 

 

1,923

 

Vivid Seats Ltd.

 

922

 

 

 

 

 

 

(14

)

 

908

 

 

WhiteHawk III Onshore Fund L.P.

 

5,980

 

 

2,392

 

 

 

 

 

174

 

 

8,546

 

 

302

 

Total Non-Controlled Affiliates

$

51,701

 

$

4,813

 

$

(16,789

)

$

7,113

 

$

(4,540

)

$

42,298

 

$

5,929

 

 

(1)
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.
(2)
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.

 

69


 

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

 

 

Fair Value as of
December 31, 2022

 

Gross
Additions (3)

 

Gross
Reductions (4)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2023

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore LLC

$

11,375

 

$

235

 

$

(34

)

$

 

$

(99

)

$

11,477

 

$

512

 

First Eagle Logan JV, LLC(2)

 

 

 

44,768

 

 

 

 

 

 

(6,620

)

 

38,148

 

 

5,520

 

Loadmaster Derrick & Equipment, Inc.

 

 

 

1,807

 

 

 

 

 

 

18

 

 

1,825

 

 

 

OEM Group, LLC

 

 

 

9,024

 

 

(646

)

 

 

 

731

 

 

9,109

 

 

 

Total Controlled Affiliates

$

11,375

 

$

55,834

 

$

(680

)

$

 

$

(5,970

)

$

60,559

 

$

6,032

 

 

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

 

 

Fair Value as of
December 31, 2021

 

Gross
Additions (3)

 

Gross
Reductions (4)

 

Net Realized
Gains/
(Losses)

 

Change in
Unrealized
Gains/
(Losses)

 

Fair Value as of June 30, 2022

 

Dividend,
Interest, PIK
and Other
Income

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CBDC Senior Loan Fund LLC(1)

$

39,360

 

$

 

$

(18,900

)

$

(1,681

)

$

177

 

$

18,956

 

$

1,100

 

Envocore LLC

 

13,408

 

 

1,260

 

 

(643

)

 

 

 

(1,620

)

 

12,405

 

 

718

 

Total Controlled Affiliates

$

52,768

 

$

1,260

 

$

(19,543

)

$

(1,681

)

$

(1,443

)

$

31,361

 

$

1,818

 

 

(1)
Prior to the dissolution of the CBDC Senior Loan Fund LLC (the “Senior Loan Fund”) during the fourth quarter of 2022, the Company owned more than 25% of the voting securities of the Senior Loan Fund, but the Company did not have control over the Senior Loan Fund (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Senior Loan Fund focused on senior secured syndicated loans to larger issuers.
(2)
Together with Perspecta Trident LLC (“Perspecta”), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company’s investment operations given shared power/voting rights with Perspecta. The Company owns more than 25% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. See Note 4 “Investments” for further detail. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.
(3)
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.
(4)
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Note 4. Investments

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

70


 

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

 

 

 

As of June 30, 2023

 

 

As of December 31, 2022

 

Investment Type

 

Cost

 

 

Fair Value

 

 

Unrealized Appreciation/ (Depreciation)

 

 

Cost

 

 

Fair Value

 

 

Unrealized Appreciation/ (Depreciation)

 

Senior Secured First Lien

 

$

453,005

 

 

$

445,573

 

 

$

(7,432

)

 

$

312,345

 

 

$

301,001

 

 

$

(11,344

)

Unitranche First Lien

 

 

973,410

 

 

 

955,073

 

 

 

(18,337

)

 

 

842,867

 

 

 

824,107

 

 

 

(18,760

)

Unitranche First Lien - Last Out

 

 

15,232

 

 

 

14,286

 

 

 

(946

)

 

 

14,879

 

 

 

13,827

 

 

 

(1,052

)

Senior Secured Second Lien

 

 

62,463

 

 

 

57,159

 

 

 

(5,304

)

 

 

67,001

 

 

 

60,877

 

 

 

(6,124

)

Unsecured Debt

 

 

6,033

 

 

 

5,595

 

 

 

(438

)

 

 

4,984

 

 

 

4,533

 

 

 

(451

)

Equity & Other

 

 

38,505

 

 

 

48,867

 

 

 

10,362

 

 

 

35,993

 

 

 

44,851

 

 

 

8,858

 

LLC/LP Equity Interests

 

 

60,991

 

 

 

54,577

 

 

 

(6,414

)

 

 

13,387

 

 

 

13,760

 

 

 

373

 

Total investments

 

$

1,609,639

 

 

$

1,581,130

 

 

$

(28,509

)

 

$

1,291,456

 

 

$

1,262,956

 

 

$

(28,500

)

 

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

 

Industry

 

Fair Value as of
June 30, 2023

 

 

Percentage of Fair Value

 

 

 

Fair Value as of
December 31, 2022

 

 

Percentage of Fair Value

 

 

Health Care Equipment & Services

 

$

451,558

 

 

 

28.5

 

%

 

$

361,940

 

 

 

28.7

 

%

Software & Services

 

 

300,810

 

 

 

19.0

 

 

 

 

268,305

 

 

 

21.3

 

 

Commercial & Professional Services

 

 

213,479

 

 

 

13.5

 

 

 

 

201,213

 

 

 

15.9

 

 

Consumer Services

 

 

148,164

 

 

 

9.4

 

 

 

 

118,898

 

 

 

9.4

 

 

Diversified Financials

 

 

91,673

 

 

 

5.8

 

 

 

 

28,975

 

 

 

2.3

 

 

Insurance

 

 

76,747

 

 

 

4.9

 

 

 

 

58,032

 

 

 

4.6

 

 

Pharmaceuticals, Biotechnology & Life Sciences

 

 

66,717

 

 

 

4.2

 

 

 

 

55,020

 

 

 

4.4

 

 

Retailing

 

 

58,703

 

 

 

3.7

 

 

 

 

54,832

 

 

 

4.3

 

 

Capital Goods

 

 

49,842

 

 

 

3.2

 

 

 

 

40,838

 

 

 

3.2

 

 

Automobiles & Components

 

 

37,003

 

 

 

2.3

 

 

 

 

38,004

 

 

 

3.0

 

 

Consumer Durables & Apparel

 

 

19,244

 

 

 

1.2

 

 

 

 

19,244

 

 

 

1.5

 

 

Materials

 

 

13,005

 

 

 

0.8

 

 

 

 

-

 

 

 

-

 

 

Technology, Hardware & Equipment

 

 

10,078

 

 

 

0.6

 

 

 

 

-

 

 

 

-

 

 

Semiconductor and Semiconductor Equipment

 

 

9,109

 

 

 

0.6

 

 

 

 

-

 

 

 

-

 

 

Energy

 

 

9,006

 

 

 

0.6

 

 

 

 

2,185

 

 

 

0.2

 

 

Food, Beverage & Tobacco

 

 

8,556

 

 

 

0.5

 

 

 

 

8,491

 

 

 

0.7

 

 

Household & Personal Products

 

 

7,267

 

 

 

0.5

 

 

 

 

-

 

 

 

-

 

 

Transportation

 

 

4,025

 

 

 

0.3

 

 

 

 

1,254

 

 

 

0.1

 

 

Telecommunication Services

 

 

3,645

 

 

 

0.2

 

 

 

 

4,061

 

 

 

0.3

 

 

Food & Staples Retailing

 

 

2,499

 

 

 

0.2

 

 

 

 

1,664

 

 

 

0.1

 

 

Total investments

 

$

1,581,130

 

 

 

100.0

 

%

 

$

1,262,956

 

 

 

100.0

 

%

 

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

 

Geographic Region

 

Fair Value as of
June 30, 2023

 

 

Percentage of Fair Value

 

 

 

Fair Value as of
December 31, 2022

 

 

Percentage of Fair Value

 

 

United States

 

$

1,398,219

 

 

 

88.5

 

%

 

$

1,111,350

 

 

 

88.1

 

%

United Kingdom

 

 

62,643

 

 

 

4.0

 

 

 

 

58,591

 

 

 

4.6

 

 

Canada

 

 

37,054

 

 

 

2.3

 

 

 

 

31,890

 

 

 

2.5

 

 

Australia

 

 

19,135

 

 

 

1.2

 

 

 

 

19,490

 

 

 

1.5

 

 

New Zealand

 

 

17,971

 

 

 

1.1

 

 

 

 

-

 

 

 

-

 

 

Netherlands

 

 

17,268

 

 

 

1.1

 

 

 

 

15,352

 

 

 

1.2

 

 

Belgium

 

 

14,623

 

 

 

0.9

 

 

 

 

14,166

 

 

 

1.1

 

 

Sweden

 

 

14,217

 

 

 

0.9

 

 

 

 

12,117

 

 

 

1.0

 

 

Total investments

 

$

1,581,130

 

 

 

100.0

 

%

 

$

1,262,956

 

 

 

100.0

 

%

 

71


 

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of June 30, 2023 (in thousands):

 

Fair Value Hierarchy

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Senior Secured First Lien

$

 

 

$

39,382

 

 

$

406,191

 

 

$

445,573

 

Unitranche First Lien

 

 

 

 

8,862

 

 

 

946,211

 

 

 

955,073

 

Unitranche First Lien – Last Out

 

 

 

 

 

 

 

14,286

 

 

 

14,286

 

Senior Secured Second Lien

 

 

 

 

8,379

 

 

 

48,780

 

 

 

57,159

 

Unsecured Debt

 

 

 

 

 

 

 

5,595

 

 

 

5,595

 

Equity & Other

 

 

 

 

1,395

 

 

 

47,472

 

 

 

48,867

 

Subtotal

$

 

 

$

58,018

 

 

$

1,468,535

 

 

$

1,526,553

 

Investments Measured at NAV (1)

 

 

 

 

 

 

 

 

 

 

54,577

 

Total Investments

 

 

 

 

 

 

 

 

 

$

1,581,130

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Forward Contracts - Assets

 

 

 

 

7,069

 

 

 

 

 

 

7,069

 

Foreign Currency Forward Contracts - Liabilities

 

 

 

 

(310

)

 

 

 

 

 

(310

)

 

The following table presents fair value measurements of investments as of December 31, 2022 (in thousands):

 

Fair Value Hierarchy

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Senior Secured First Lien

$

 

 

$

23,214

 

 

$

277,786

 

 

$

301,000

 

Unitranche First Lien

 

 

 

 

52,760

 

 

 

771,348

 

 

 

824,108

 

Unitranche First Lien – Last Out

 

 

 

 

 

 

 

13,827

 

 

 

13,827

 

Senior Secured Second Lien

 

 

 

 

4,291

 

 

 

56,586

 

 

 

60,877

 

Unsecured Debt

 

 

 

 

 

 

 

4,533

 

 

 

4,533

 

Equity & Other

 

 

 

 

944

 

 

 

43,907

 

 

 

44,851

 

Subtotal

$

 

 

$

81,209

 

 

$

1,167,987

 

 

$

1,249,196

 

Investments Measured at NAV (1)

 

 

 

 

 

 

 

 

 

 

13,760

 

Total Investments

 

 

 

 

 

 

 

 

 

$

1,262,956

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Forward Contracts - Assets

 

 

 

 

8,154

 

 

 

 

 

 

8,154

 

Foreign Currency Forward Contracts - Liabilities

 

 

 

 

(157

)

 

 

 

 

 

(157

)

 

(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 six months ended June 30, 2023, based off of the fair value hierarchy as of June 30, 2023 (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, 2023

$

277,786

 

 

$

771,348

 

 

$

13,827

 

 

$

56,586

 

 

$

4,533

 

 

$

43,907

 

 

$

1,167,987

 

Amortized discounts/premiums

 

720

 

 

 

2,246

 

 

 

15

 

 

 

122

 

 

 

4

 

 

 

 

 

 

3,107

 

Paid in-kind interest

 

466

 

 

 

218

 

 

 

334

 

 

 

328

 

 

 

369

 

 

 

 

 

 

1,715

 

Net realized gain (loss)

 

(5,459

)

 

 

(17

)

 

 

 

 

 

(470

)

 

 

 

 

 

241

 

 

 

(5,705

)

Net change in unrealized appreciation (depreciation)

 

4,248

 

 

 

418

 

 

 

107

 

 

 

1,249

 

 

 

13

 

 

 

1,453

 

 

 

7,488

 

Purchases

 

210,934

 

 

 

157,263

 

 

 

3

 

 

 

(35

)

 

 

676

 

 

 

3,263

 

 

 

372,104

 

Sales/return of capital/principal repayments/paydowns

 

(65,208

)

 

 

(32,107

)

 

 

 

 

 

(4,500

)

 

 

 

 

 

(997

)

 

 

(102,812

)

Transfers in

 

1,664

 

 

 

46,842

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,506

 

Transfers out

 

(18,960

)

 

 

 

 

 

 

 

 

(4,500

)

 

 

 

 

 

(395

)

 

 

(23,855

)

Balance as of June 30, 2023

$

406,191

 

 

$

946,211

 

 

$

14,286

 

 

$

48,780

 

 

$

5,595

 

 

$

47,472

 

 

$

1,468,535

 

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023

$

(2,313

)

 

$

418

 

 

$

106

 

 

$

358

 

 

$

13

 

 

$

2,493

 

 

$

1,075

 

 

During the six months ended June 30, 2023, the Company recorded $23,855 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $48,506 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

72


 

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the six months ended June 30, 2022, based off of the fair value hierarchy as of June 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

 

657

 

 

 

3,033

 

 

 

8

 

 

 

210

 

 

 

79

 

 

 

 

 

 

3,987

 

Paid in-kind interest

 

420

 

 

 

 

 

 

40

 

 

 

354

 

 

 

276

 

 

 

1,998

 

 

 

3,088

 

Net realized gain (loss)

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

8,288

 

 

 

8,288

 

Net change in unrealized appreciation (depreciation)

 

(894

)

 

 

(10,757

)

 

 

198

 

 

 

(3,851

)

 

 

(198

)

 

 

(7,440

)

 

 

(22,942

)

Purchases

 

44,298

 

 

 

118,554

 

 

 

3,967

 

 

 

 

 

 

 

 

 

3,091

 

 

 

169,910

 

Sales/return of capital/principal repayments/paydowns

 

(30,743

)

 

 

(58,804

)

 

 

(3,907

)

 

 

(4,309

)

 

 

(1,932

)

 

 

(14,030

)

 

 

(113,725

)

Transfers in

 

19,850

 

 

 

19,721

 

 

 

 

 

 

15,709

 

 

 

 

 

 

 

 

 

55,280

 

Transfers out

 

 

 

 

(17,094

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17,094

)

Balance as of June 30, 2022

$

302,442

 

 

$

765,946

 

 

$

14,029

 

 

$

55,697

 

 

$

3,845

 

 

$

50,513

 

 

$

1,192,472

 

Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2022

$

(829

)

 

$

(9,618

)

 

$

199

 

 

$

(3,797

)

 

$

(239

)

 

$

(4,963

)

 

$

(19,247

)

 

During the six months ended June 30, 2022, the Company recorded $17,094 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $55,280 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

 

73


 

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of June 30, 2023 and December 31, 2022. 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
June 30, 2023
(in thousands)

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg)

Senior Secured First Lien

 

$

351,974

 

 

Discounted Cash Flows

 

Discount Rate

 

10.2%

-

21.5%

(12.2%)

 

 

22,733

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

1.0x

-

14.8x

(1.2x)

 

 

326

 

 

Collateral Analysis

 

Recovery Rate

 

 

 

2.4%

 

 

 

9,109

 

 

Discounted Cash Flows

 

Royalty Payment Discount Rate

 

6.0%

-

16.5%

(15.5%)

 

 

 

 

 

 

Revenue Growth Rate

 

(2.0%)

-

5.0%

(3.0%)

 

 

8,015

 

 

Transactions Precedent

 

Transaction Price

 

 

 

N/A

 

 

 

14,034

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

406,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unitranche First Lien

 

$

853,938

 

 

Discounted Cash Flows

 

Discount Rate

 

8.0%

-

17.3%

(11.9%)

 

 

22,086

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

3.0x

-

14.3x

(9.9x)

 

 

2,888

 

 

Transactions Precedent

 

Transaction Price

 

 

 

N/A

 

 

 

67,299

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

946,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unitranche First Lien - Last Out

 

$

12,055

 

 

Discounted Cash Flows

 

Discount Rate

 

9.7%

-

16.5%

(12.1%)

 

 

2,231

 

 

Collateral Analysis

 

Recovery Rate

 

 

 

43.8%

 

 

$

14,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Secured Second Lien

 

$

26,010

 

 

Discounted Cash Flows

 

Discount Rate

 

13.2%

-

17.7%

(14.7%)

 

 

7,932

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

7.7x

-

14.8x

(10.6x)

 

 

14,838

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

48,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

$

5,166

 

 

Discounted Cash Flows

 

Discount Rate

 

16.5%

-

17.4%

(16.9%)

 

$

429

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

12.4x

-

12.4x

(12.4x)

 

$

5,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity & Other

 

$

316

 

 

Discounted Cash Flows

 

Discount Rate

 

20.8%

-

20.8%

(20.8%)

 

 

47,156

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

1.0x

-

28.0x

(15.7x)

 

$

47,472

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,468,535

 

 

 

 

 

 

 

 

 

 

 

74


 

Security Type

 

Fair Value as of
December 31, 2022
(in thousands)

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg)

Senior Secured First Lien

 

$

201,043

 

 

Discounted Cash Flows

 

Discount Rate

 

9.4%

-

19.4%

(10.9%)

 

 

13,593

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

8.3x

-

14.8x

(9.1x)

 

 

63,150

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

277,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unitranche First Lien

 

$

620,221

 

 

Discounted Cash Flows

 

Discount Rate

 

6.8%

-

15.7%

(10.8%)

 

 

15,576

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

13.1x

-

6.8x

(11.5x)

 

 

135,551

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

771,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unitranche First Lien - Last Out

 

$

11,642

 

 

Discounted Cash Flows

 

Discount Rate

 

8.4%

-

16.5%

(10.9%)

 

 

2,185

 

 

Collateral Analysis

 

Recovery Rate

 

 

 

42.9%

 

 

$

13,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Secured Second Lien

 

$

29,749

 

 

Discounted Cash Flows

 

Discount Rate

 

11.5%

-

26.0%

(15.6%)

 

 

7,397

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

8.3x

-

14.8x

(10.8x)

 

 

19,440

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

56,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

$

4,533

 

 

Discounted Cash Flows

 

Discount Rate

 

15.2%

-

17.3%

(16.1%)

 

 

 

 

 

 

 

 

 

 

 

 

Equity & Other

 

$

200

 

 

Discounted Cash Flows

 

Discount Rate

 

22.1%

-

22.1%

(22.1%)

 

 

43,311

 

 

Enterprise Value

 

Comparable EBITDA Multiple

 

10.9x

-

27.8x

(15.7x)

 

 

396

 

 

Broker Quoted

 

Broker Quote

 

 

 

N/A

 

 

$

43,907

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1,167,987

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2023 and December 31, 2022. 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.

75


 

Note 6. Debt

Debt consisted of the following (in thousands):
 

 

June 30, 2023

 

 

December 31, 2022

 

 

Aggregate Principal
Amount Committed

 

 

Drawn
Amount

 

 

Amount Available (1)

 

 

Carrying
Value
(2)(3)

 

 

Aggregate Principal
Amount Committed

 

 

Drawn
Amount

 

 

Amount Available (1)

 

 

Carrying
Value
(2)(3)

 

SPV Asset Facility

$

500,000

 

 

$

231,100

 

 

$

268,900

 

 

$

231,100

 

 

$

350,000

 

 

$

233,000

 

 

$

117,000

 

 

$

233,000

 

SMBC Corporate Revolving Facility

 

385,000

 

 

 

339,441

 

 

 

45,559

 

 

 

339,441

 

 

 

350,000

 

 

 

241,836

 

 

 

108,164

 

 

 

241,836

 

2023 Unsecured Notes

 

50,000

 

 

 

50,000

 

 

 

 

 

 

50,000

 

 

 

50,000

 

 

 

50,000

 

 

 

 

 

 

50,000

 

2026 Unsecured Notes(4)

 

135,000

 

 

 

135,000

 

 

 

 

 

 

135,000

 

 

 

135,000

 

 

 

135,000

 

 

 

 

 

 

135,000

 

2026 Unsecured Notes - FCRX(5)

 

111,600

 

 

 

111,600

 

 

 

 

 

 

111,600

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt

$

1,181,600

 

 

$

867,141

 

 

$

314,459

 

 

$

867,141

 

 

$

885,000

 

 

$

659,836

 

 

$

225,164

 

 

$

659,836

 

 

(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 June 30, 2023 and December 31, 2022, the carrying amount of the Company’s outstanding debt approximated fair value.
(4)
As of June 30, 2023 and December 31, 2022, the fair value of the 2026 Unsecured Notes was approximately $125,077 and $123,223, respectively.
(5)
As of June 30, 2023, the fair value of the 2026 Unsecured Notes - FCRX was approximately $105,931.

The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2023 and 2022 was 6.82% and 3.71% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2023 and 2022 was $810,760 and $649,364 respectively.

The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's debt is calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of June 30, 2023 and December 31, 2022, all the debt except for 2026 Unsecured Notes - FCRX would be deemed to be Level 3 of the fair value hierarchy. 2026 Unsecured Notes - FCRX would be deemed to be Level 2 of the fair value hierarchy.

As of June 30, 2023 and December 31, 2022, 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 $500,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) March 7, 2028 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.75% margin with no floor. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on an effective yield basis. As of June 30, 2023 and December 31, 2022, deferred

76


 

financing costs related to the SPV Asset Facility were $5,169 and $2,110, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

SMBC Corporate Revolving Facility

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

Costs incurred in connection with obtaining the SMBC Corporate Revolving Facility were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Facility on an effective yield basis. As of June 30, 2023 and December 31, 2022, deferred financing costs related to the SMBC Corporate Revolving Facility were $2,029 and $2,217, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

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, 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 and July 30 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 June 30, 2023 and December 31, 2022, deferred financing costs related to the 2023 Unsecured Notes were $22 and $157, 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 and August 17 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 June 30, 2023 and December 31, 2022, deferred financing costs related to the 2026 Unsecured Notes were $754 and $895, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

 

77


 

2026 Unsecured Notes - FCRX

On March 9, 2023, in connection with the FCRD Acquisition, the Company assumed $111,600 of unsecured notes (the "2026 Unsecured Notes - FCRX"). The 2026 Unsecured Notes - FCRX mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 25, 2023. The 2026 Unsecured Notes - FCRX bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The 2026 Unsecured Notes - FCRX trade on the New York Stock Exchange under the trading symbol “FCRX”.

Summary of Interest and Credit Facility Expenses

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

 

 

 

 

For the three months ended
June 30,

 

 

For the six months ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Borrowing interest expense

 

 

$

14,280

 

 

$

5,889

 

 

$

25,611

 

 

$

10,700

 

Unused facility fees

 

 

 

427

 

 

 

249

 

 

 

992

 

 

 

480

 

Amortization of financing costs

 

 

 

566

 

 

 

433

 

 

 

1,039

 

 

 

862

 

Total interest and credit facility expenses

 

 

$

15,273

 

 

$

6,571

 

 

$

27,642

 

 

$

12,042

 

Weighted average outstanding balance

 

 

$

882,392

 

 

$

660,005

 

 

 

810,760

 

 

 

649,364

 

 

Note 7. Derivatives

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

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

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

During the six months ended June 30, 2023 and 2022 the Company’s average USD notional exposure to foreign currency forward contracts was $99,400 and $98,293, 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)

 

 

Collateral
(Received)
Pledged (1)

 

 

Net
Amounts (2)

 

June 30, 2023

 

Wells Fargo Bank, N.A.

 

$

7,069

 

 

$

(310

)

 

$

6,759

 

 

$

 

 

$

6,759

 

December 31, 2022

 

Wells Fargo Bank, N.A.

 

$

8,154

 

 

$

(157

)

 

$

7,997

 

 

$

 

 

$

7,997

 

 

(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.

78


 

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

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on foreign currency forward
   contracts

 

$

-

 

 

-

 

 

$

-

 

 

$

24

 

 

Net change in unrealized appreciation (depreciation) on
   foreign currency forward contracts

 

 

(578

)

 

 

5,492

 

 

 

(1,239

)

 

 

5,587

 

 

Total net realized and unrealized gains (losses) on
   foreign currency forward contracts

 

$

(578

)

 

$

5,492

 

 

$

(1,239

)

 

$

5,611

 

 

 

Note 8. Commitments, Contingencies and Indemnifications

The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023 and December 31, 2022, the Company had aggregated unfunded commitments totaling $176,165 and $158,905 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):
 

79


 

 

 

 

 

As of June 30, 2023

 

 

As of December 31, 2022

 

Company

 

Investment Type

 

Commitment
Expiration Date (1)

 

 

Unfunded
Commitment (2)

 

 

Commitment
Expiration Date (1)

 

 

Unfunded
Commitment (2)

 

A&A Global Imports, LLC (5)

 

Revolver

 

6/1/2026

 

 

$

234

 

 

 

 

 

$

 

ABACUS Holdings I LLC (7)

 

Delayed Draw Term Loan

 

6/24/2024

 

 

 

2,531

 

 

6/24/2024

 

 

 

2,800

 

ABACUS Holdings I LLC (5)

 

Revolver

 

6/24/2028

 

 

 

492

 

 

6/24/2028

 

 

 

720

 

ACI Group Holdings, Inc. (7)

 

Delayed Draw Term Loan

 

8/2/2023

 

 

 

1,351

 

 

8/2/2023

 

 

 

1,688

 

ACI Group Holdings, Inc. (5)

 

Revolver

 

8/2/2027

 

 

 

738

 

 

8/2/2027

 

 

 

657

 

Action Signature Acquisition, Inc. (5)

 

Revolver

 

6/17/2026

 

 

 

568

 

 

 

 

 

 

 

Advanced Diabetes Supply (5)

 

Revolver

 

12/30/2027

 

 

 

263

 

 

12/30/2027

 

 

 

88

 

Advanced Web Technologies (5)

 

Revolver

 

12/17/2026

 

 

 

342

 

 

 

 

 

 

 

Affinitiv, Inc. (5)

 

Revolver

 

8/26/2024

 

 

 

567

 

 

8/26/2024

 

 

 

567

 

Alcanza Clinical Research (5)

 

Revolver

 

12/15/2027

 

 

 

125

 

 

 

 

 

 

 

Alcanza Clinical Research (7)

 

Delayed Draw Term Loan

 

12/15/2027

 

 

 

250

 

 

 

 

 

 

 

Alera Group Inc. (7)

 

Delayed Draw Term Loan

 

3/2/2024

 

 

 

2,025

 

 

3/2/2024

 

 

 

4,401

 

Alpine SG, LLC (5)

 

Revolver

 

11/5/2027

 

 

 

105

 

 

 

 

 

 

 

Alpine X (5)

 

Revolver

 

12/27/2027

 

 

 

137

 

 

 

 

 

 

 

Alpine X (5)

 

Revolver

 

12/27/2027

 

 

 

64

 

 

 

 

 

 

 

Ansira Partners, Inc. (12)

 

Delayed Draw Term Loan

 

12/20/2024

 

 

 

254

 

 

12/20/2024

 

 

 

254

 

Apps Associates LLC

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

7/2/2023

 

 

 

900

 

Apps Associates LLC (5)

 

Revolver

 

7/2/2027

 

 

 

560

 

 

7/2/2027

 

 

 

800

 

Arrow Management Acquisition, LLC (5)

 

Revolver

 

10/14/2027

 

 

 

700

 

 

10/14/2027

 

 

 

700

 

Automated Control Concepts, Inc. (5)

 

Revolver

 

10/22/2026

 

 

 

667

 

 

 

 

 

 

 

Auveco Holdings (7)

 

Delayed Draw Term Loan

 

5/5/2024

 

 

 

850

 

 

5/5/2024

 

 

 

850

 

Auveco Holdings (5)

 

Revolver

 

5/5/2028

 

 

 

540

 

 

5/5/2028

 

 

 

450

 

AX VI INV2 Holding AB (Voff) (8)

 

Revolver

 

8/31/2029

 

 

 

406

 

 

8/31/2029

 

 

 

398

 

AX VI INV2 Holding AB (Voff) (9)

 

Delayed Draw Term Loan

 

8/31/2029

 

 

 

383

 

 

8/31/2029

 

 

 

1,593

 

Bandon Fitness (Texas) Inc. (5)

 

Revolver

 

7/27/2028

 

 

 

159

 

 

 

 

 

 

 

Bandon Fitness (Texas) Inc. (7)

 

Delayed Draw Term Loan

 

7/27/2028

 

 

 

1,489

 

 

 

 

 

 

 

Banker's Toolbox, Inc. (7)

 

Delayed Draw Term Loan

 

7/27/2023

 

 

 

3,780

 

 

7/27/2023

 

 

 

4,184

 

Banker's Toolbox, Inc. (5)

 

Revolver

 

7/27/2027

 

 

 

2,406

 

 

7/27/2027

 

 

 

2,406

 

Bayside Opco, LLC (5)

 

Revolver

 

5/31/2026

 

 

 

380

 

 

 

 

 

 

 

BCDI Rodeo Dental Buyer, LLC (5)

 

Revolver

 

5/14/2025

 

 

 

242

 

 

 

 

 

 

 

Belay Inc. (5)

 

Revolver

 

11/15/2025

 

 

 

650

 

 

11/15/2025

 

 

 

650

 

Benesys Inc. (5)

 

Revolver

 

10/5/2024

 

 

 

60

 

 

10/5/2024

 

 

 

66

 

Benesys Inc. (5)

 

Revolver

 

10/5/2024

 

 

 

96

 

 

 

 

 

 

 

BioAgilytix (7)

 

Delayed Draw Term Loan

 

12/21/2023

 

 

 

1,865

 

 

12/21/2023

 

 

 

1,865

 

C-4 Analytics, LLC (5)

 

Revolver

 

 

 

 

 

 

 

8/22/2023

 

 

 

600

 

CC Amulet Management, LLC (5)

 

Revolver

 

8/31/2027

 

 

 

26

 

 

 

 

 

 

 

CC Amulet Management, LLC (7)

 

Delayed Draw Term Loan

 

8/31/2027

 

 

 

922

 

 

 

 

 

 

 

Cedar Services Group, LLC (5)

 

Revolver

 

6/11/2027

 

 

 

802

 

 

 

 

 

 

 

Centria Subsidiary Holdings, LLC (5)

 

Revolver

 

12/9/2025

 

 

 

1,816

 

 

12/9/2025

 

 

 

1,974

 

Certify, Inc. (5)

 

Revolver

 

2/28/2024

 

 

 

53

 

 

 

 

 

 

 

Claritas, LLC (5)

 

Delayed Draw Term Loan

 

9/30/2023

 

 

 

2,450

 

 

9/30/2023

 

 

 

2,450

 

Claritas, LLC (5)

 

Revolver

 

3/31/2026

 

 

 

1,950

 

 

3/31/2026

 

 

 

1,950

 

Consolidated Label Co., LLC (5)

 

Revolver

 

7/15/2026

 

 

 

650

 

 

7/15/2026

 

 

 

650

 

ConvenientMD (5)

 

Revolver

 

6/15/2027

 

 

 

688

 

 

 

 

 

 

 

CRA MSO, LLC (5)

 

Revolver

 

12/17/2023

 

 

 

92

 

 

12/17/2023

 

 

 

92

 

Doxa Insurance Holdings, LLC (5)

 

Revolver

 

12/4/2026

 

 

 

344

 

 

 

 

 

 

 

Doxa Insurance Holdings, LLC (7)

 

Delayed Draw Term Loan

 

12/4/2026

 

 

 

1,419

 

 

 

 

 

 

 

Eagle Midco B.V. (Avania) (9)

 

Delayed Draw Term Loan

 

7/5/2029

 

 

 

3,612

 

 

7/5/2029

 

 

 

3,545

 

Eagle Midco B.V. (Avania) (9)

 

Revolver

 

1/5/2029

 

 

 

803

 

 

1/5/2029

 

 

 

788

 

Effective School Solutions LLC (5)

 

Revolver

 

11/30/2027

 

 

 

1,276

 

 

11/30/2027

 

 

 

1,276

 

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

 

 

 

2,778

 

 

12/31/2025

 

 

 

2,778

 

Eshipping (7)

 

Delayed Draw Term Loan

 

11/5/2023

 

 

 

1,850

 

 

11/5/2023

 

 

 

1,850

 

Eshipping (5)

 

Revolver

 

11/5/2027

 

 

 

1,150

 

 

11/5/2027

 

 

 

1,150

 

Everlast Parent Inc. (5)

 

Revolver

 

10/30/2026

 

 

 

921

 

 

10/30/2026

 

 

 

1,151

 

Evolution BuyerCo, Inc. (5)

 

Revolver

 

4/30/2027

 

 

 

729

 

 

4/30/2027

 

 

 

729

 

Evolution BuyerCo, Inc. (7)

 

Delayed Draw Term Loan

 

12/23/2023

 

 

 

31

 

 

12/23/2023

 

 

 

31

 

Explorer Investor, Inc. (7)

 

Delayed Draw Term Loan

 

6/28/2024

 

 

 

2,400

 

 

6/28/2024

 

 

 

2,400

 

First Eagle Logan JV, LLC

 

Partnership Interest

 

 

 

 

 

9,400

 

 

 

 

 

 

 

FS Whitewater Borrower, LLC (3)

 

Revolver

 

12/21/2027

 

 

 

690

 

 

12/21/2027

 

 

 

448

 

FS Whitewater Borrower, LLC (7)

 

Delayed Draw Term Loan

 

7/1/2024

 

 

 

607

 

 

7/1/2024

 

 

 

1,662

 

Galway Borrower, LLC (5)

 

Delayed Draw Term Loan

 

9/30/2023

 

 

 

134

 

 

9/30/2023

 

 

 

134

 

Galway Borrower, LLC (5)

 

Revolver

 

9/30/2027

 

 

 

926

 

 

9/30/2027

 

 

 

926

 

Gener8, LLC (5)

 

Revolver

 

8/14/2024

 

 

 

300

 

 

 

 

 

 

 

GrapeTree Medical Staffing, LLC (5)

 

Revolver

 

5/29/2024

 

 

 

600

 

 

5/29/2024

 

 

 

600

 

GH Parent Holdings Inc. (5)

 

Revolver

 

5/4/2027

 

 

 

1,542

 

 

5/4/2027

 

 

 

1,542

 

Granicus, Inc. (5)

 

Revolver

 

1/29/2027

 

 

 

555

 

 

1/29/2027

 

 

 

535

 

Great Lakes Dental Partners, LLC (5)

 

Revolver

 

6/23/2026

 

 

 

100

 

 

6/23/2026

 

 

 

100

 

HCOS Group Intermediate III LLC (5)

 

Revolver

 

9/30/2026

 

 

 

639

 

 

9/30/2026

 

 

 

1,150

 

Hepaco, LLC (5)

 

Revolver

 

8/18/2024

 

 

 

916

 

 

8/18/2024

 

 

 

135

 

HealthDrive Corporation (5)

 

Revolver

 

12/21/2023

 

 

 

1,115

 

 

 

 

 

 

 

HealthDrive Corporation (7)

 

Delayed Draw Term Loan

 

12/21/2023

 

 

 

49

 

 

 

 

 

 

 

Hercules Borrower LLC (5)

 

Revolver

 

12/15/2026

 

 

 

1,985

 

 

12/15/2026

 

 

 

1,985

 

Hercules Borrower LLC (7)

 

Delayed Draw Term Loan

 

9/10/2023

 

 

 

786

 

 

9/10/2023

 

 

 

1,092

 

HGH Purchaser, Inc. (5)

 

Revolver

 

11/3/2025

 

 

 

15

 

 

11/3/2025

 

 

 

610

 

Homecare Partners Management, LLC (5)

 

Revolver

 

5/25/2027

 

 

 

572

 

 

5/25/2023

 

 

 

953

 

Hospice Care Buyer, Inc.

 

Revolver

 

 

 

 

 

 

 

12/9/2026

 

 

 

508

 

Hsid Acquisition, LLC (5)

 

Revolver

 

1/31/2026

 

 

 

750

 

 

1/31/2026

 

 

 

750

 

HS Spa Holdings Inc. (Hand & Stone) (5)

 

Revolver

 

6/2/2028

 

 

 

1,285

 

 

6/2/2028

 

 

 

1,511

 

iLending LLC (5)

 

Revolver

 

6/21/2026

 

 

 

718

 

 

 

 

 

 

 

80


 

Infobase (7)

 

Delayed Draw Term Loan

 

6/14/2024

 

 

 

1,850

 

 

6/14/2024

 

 

 

1,850

 

Infobase (5)

 

Revolver

 

6/14/2028

 

 

 

580

 

 

6/14/2028

 

 

 

1,450

 

Integrated Pain Management Medical Group, Inc. (5)

 

Revolver

 

6/17/2026

 

 

 

442

 

 

 

 

 

 

 

Integrity Marketing Acquisition, LLC (5)

 

Revolver

 

8/27/2025

 

 

 

1,409

 

 

8/27/2025

 

 

 

1,409

 

Jordan Bidco, Ltd. (9)

 

Delayed Draw Term Loan

 

8/31/2024

 

 

 

3,877

 

 

8/31/2024

 

 

 

3,692

 

JTM Foods LLC (5)

 

Revolver

 

5/14/2027

 

 

 

53

 

 

5/14/2027

 

 

 

347

 

JTM Foods LLC (5)

 

Delayed Draw Term Loan

 

5/14/2027

 

 

 

75

 

 

5/14/2027

 

 

 

250

 

King Mid LLC (7)

 

Delayed Draw Term Loan

 

6/17/2024

 

 

 

1,210

 

 

6/17/2024

 

 

 

2,356

 

King Mid LLC (5)

 

Revolver

 

12/15/2027

 

 

 

300

 

 

12/15/2027

 

 

 

300

 

Lash Opco LLC (5)

 

Revolver

 

9/18/2025

 

 

 

213

 

 

 

 

 

 

 

Learn-It Systems, LLC (5)

 

Revolver

 

3/18/2025

 

 

 

908

 

 

3/18/2025

 

 

 

283

 

Learn-It Systems, LLC

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

5/4/2023

 

 

 

1,451

 

Lexipol (Ranger Buyer, Inc.) (5)

 

Revolver

 

11/18/2027

 

 

 

1,105

 

 

11/18/2027

 

 

 

1,105

 

Lighthouse Behavioral Health Solutions, LLC (7)

 

Delayed Draw Term Loan

 

3/28/2028

 

 

 

1,809

 

 

 

 

 

 

 

Lighthouse Lab Services (5)

 

Revolver

 

10/25/2027

 

 

 

1,381

 

 

 

 

 

 

 

Lightspeed Buyer, Inc. (5)

 

Revolver

 

2/3/2026

 

 

 

1,050

 

 

2/3/2026

 

 

 

595

 

Lightspeed Buyer, Inc.

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

2/28/2023

 

 

 

5,101

 

Lion Cashmere Bidco Limited (9)

 

Delayed Draw Term Loan

 

9/23/2024

 

 

 

3,008

 

 

9/23/2024

 

 

 

2,952

 

List Partners, Inc. (5)

 

Revolver

 

5/1/2024

 

 

 

450

 

 

1/5/2023

 

 

 

450

 

Loadmaster Derrick & Equipment, Inc. (5)

 

Revolver

 

12/31/2022

 

 

 

225

 

 

 

 

 

 

 

Mann Lake Ltd. (5)

 

Revolver

 

10/4/2024

 

 

 

240

 

 

 

 

 

 

 

Mario Purchaser, LLC (7)

 

Delayed Draw Term Loan

 

4/26/2024

 

 

 

2,820

 

 

4/26/2024

 

 

 

3,690

 

Mario Purchaser, LLC (12)

 

Revolver

 

4/26/2028

 

 

 

1,044

 

 

4/26/2028

 

 

 

1,044

 

Marlin DTC-LS Midco 2, LLC (5)

 

Revolver

 

7/1/2025

 

 

 

143

 

 

 

 

 

 

 

MHS Acquisition Holdings, LLC (5)

 

Revolver

 

7/21/2027

 

 

 

129

 

 

7/21/2027

 

 

 

129

 

MRI Software LLC (5)

 

Revolver

 

2/10/2026

 

 

 

1,266

 

 

2/10/2026

 

 

 

1,266

 

Multi Specialty Healthcare (AMM LLC) (5)

 

Revolver

 

12/18/2026

 

 

 

211

 

 

 

 

 

 

 

MWD Management LLC (United Derm) (5)

 

Revolver

 

6/15/2027

 

 

 

640

 

 

6/15/2027

 

 

 

560

 

New Era Technology, Inc. (5)

 

Revolver

 

10/31/2026

 

 

 

228

 

 

10/31/2026

 

 

 

265

 

New Era Technology, Inc. (7)

 

Delayed Draw Term Loan

 

10/31/2026

 

 

 

489

 

 

10/31/2026

 

 

 

504

 

New Era Technology, Inc. (5)

 

Revolver

 

10/31/2026

 

 

 

486

 

 

 

 

 

 

 

Newcleus, LLC (5)

 

Revolver

 

8/2/2026

 

 

 

435

 

 

 

 

 

 

 

Newcleus, LLC (5)

 

Delayed Draw Term Loan

 

8/2/2026

 

 

 

458

 

 

 

 

 

 

 

Nexant Volt MergerSub, Inc. (5)

 

Revolver

 

5/11/2027

 

 

 

700

 

 

5/11/2027

 

 

 

500

 

Nurture Landscapes

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

6/2/2028

 

 

 

465

 

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

 

 

 

150

 

 

7/6/2028

 

 

 

500

 

Omni Ophthalmic Management Consultants, LLC (7)

 

Delayed Draw Term Loan

 

3/7/2024

 

 

 

1,500

 

 

3/7/2024

 

 

 

1,500

 

Omni Ophthalmic Management Consultants, LLC

 

Revolver

 

 

 

 

 

 

 

5/31/2023

 

 

 

113

 

Ontario Systems, LLC

 

Revolver

 

 

 

 

 

 

 

8/30/2025

 

 

 

256

 

Painters Supply & Equipment Company (7)

 

Delayed Draw Term Loan

 

8/10/2023

 

 

 

479

 

 

8/10/2023

 

 

 

724

 

Painters Supply & Equipment Company (5)

 

Revolver

 

8/10/2027

 

 

 

307

 

 

8/10/2027

 

 

 

299

 

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

 

Revolver

 

1/29/2026

 

 

 

1,770

 

 

1/29/2026

 

 

 

1,390

 

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

 

7/8/2024

 

 

 

1,343

 

 

7/8/2024

 

 

 

2,626

 

PDFTron Systems Inc. (5)

 

Revolver

 

7/15/2026

 

 

 

99

 

 

 

 

 

 

 

PharComp Parent B.V.

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

2/18/2023

 

 

 

1,432

 

PharComp Parent B.V. (10)

 

Delayed Draw Term Loan

 

2/20/2026

 

 

 

2,929

 

 

2/18/2023

 

 

 

2,873

 

Plasma Buyer LLC (PathGroup) (7)

 

Delayed Draw Term Loan

 

5/12/2024

 

 

 

1,892

 

 

5/12/2024

 

 

 

1,892

 

Plasma Buyer LLC (PathGroup) (5)

 

Revolver

 

5/12/2029

 

 

 

811

 

 

5/12/2029

 

 

 

811

 

Point Quest Acquisition, LLC (5)

 

Revolver

 

8/12/2028

 

 

 

679

 

 

 

 

 

 

 

Potter Electric Signal Company (5)

 

Revolver

 

12/19/2024

 

 

 

420

 

 

12/19/2024

 

 

 

550

 

PPV Intermediate Holdings LLC (Vetcor)

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

2/29/2024

 

 

 

415

 

PPV Intermediate Holdings LLC (Vetcor) (5)

 

Revolver

 

8/31/2029

 

 

 

228

 

 

8/31/2029

 

 

 

166

 

PPV Intermediate Holdings LLC (Vetcor) (7)

 

Delayed Draw Term Loan

 

2/29/2024

 

 

 

32

 

 

2/29/2024

 

 

 

234

 

Professional Physical Therapy

 

Revolver

 

 

 

 

 

 

 

2/28/2023

 

 

 

188

 

Premier Dental Care Management, LLC

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

8/5/2023

 

 

 

793

 

Premier Dental Care Management, LLC (5)

 

Revolver

 

8/5/2027

 

 

 

1,544

 

 

8/5/2027

 

 

 

1,030

 

PromptCare Intermediate, LP (7)

 

Delayed Draw Term Loan

 

9/1/2023

 

 

 

2,172

 

 

9/1/2023

 

 

 

2,778

 

Pushpay USA, INC. (5)

 

Revolver

 

5/10/2030

 

 

 

1,429

 

 

 

 

 

 

 

Pye-Barker Fire & Safety, LLC (5)

 

Revolver

 

11/26/2027

 

 

 

1,531

 

 

11/26/2027

 

 

 

816

 

Pye-Barker Fire & Safety, LLC (11)

 

Delayed Draw Term Loan

 

6/15/2024

 

 

 

1,200

 

 

6/15/2024

 

 

 

1,200

 

Pye-Barker Fire & Safety, LLC (5)

 

Revolver

 

10/1/2024

 

 

 

142

 

 

10/1/2024

 

 

 

75

 

Pye-Barker Fire & Safety, LLC (5)

 

Revolver

 

11/26/2026

 

 

 

1,811

 

 

 

 

 

 

 

Quartermaster Newco, LLC (5)

 

Revolver

 

7/31/2025

 

 

 

365

 

 

 

 

 

 

 

Quorum Health Resources (5)

 

Revolver

 

5/26/2027

 

 

 

522

 

 

 

 

 

 

 

Receivable Solutions, Inc. (5)

 

Revolver

 

10/1/2024

 

 

 

210

 

 

10/1/2024

 

 

 

258

 

Ruffalo Noel Levitz, LLC

 

Revolver

 

 

 

 

 

 

 

5/29/2024

 

 

 

75

 

Safco Dental Supply, LLC (5)

 

Revolver

 

6/14/2025

 

 

 

480

 

 

6/14/2025

 

 

 

480

 

Seko Global Logistics Network, LLC (5)

 

Revolver

 

12/20/2026

 

 

 

1,105

 

 

12/20/2026

 

 

 

650

 

Seniorlink Incorporated (5)

 

Revolver

 

7/17/2026

 

 

 

1,038

 

 

7/17/2026

 

 

 

1,038

 

Slickdeals Holdings, LLC (4)

 

Revolver

 

12/31/2024

 

 

 

727

 

 

6/12/2023

 

 

 

727

 

smarTours, LLC (5)

 

Revolver

 

12/31/2026

 

 

 

378

 

 

 

 

 

 

 

Smartronix, LLC (5)

 

Revolver

 

11/23/2027

 

 

 

3,290

 

 

11/23/2027

 

 

 

3,290

 

Smile Doctors LLC (5)

 

Revolver

 

12/23/2027

 

 

 

1,212

 

 

12/23/2027

 

 

 

646

 

Smile Doctors LLC

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

12/23/2028

 

 

 

2,010

 

Smile Doctors LLC (7)

 

Delayed Draw Term Loan

 

2/24/2025

 

 

 

801

 

 

 

 

 

 

 

Socius Insurance Services, Inc. (5)

 

Revolver

 

6/30/2027

 

 

 

525

 

 

 

 

 

 

 

Socius Insurance Services, Inc. (5)

 

Delayed Draw Term Loan

 

6/30/2027

 

 

 

1,842

 

 

 

 

 

 

 

SolutionReach, Inc. (5)

 

Revolver

 

1/17/2024

 

 

 

933

 

 

 

 

 

 

 

SQAD Holdco, Inc. (7)

 

Delayed Draw Term Loan

 

4/25/2024

 

 

 

2,425

 

 

4/25/2024

 

 

 

2,425

 

SQAD Holdco, Inc. (5)

 

Revolver

 

4/25/2028

 

 

 

840

 

 

4/25/2028

 

 

 

840

 

Stepping Stones Healthcare Services, LLC (7)

 

Delayed Draw Term Loan

 

12/30/2023

 

 

 

1,509

 

 

12/30/2023

 

 

 

2,226

 

Stepping Stones Healthcare Services, LLC (7)

 

Revolver

 

12/30/2026

 

 

 

1,509

 

 

12/30/2026

 

 

 

528

 

Summit 7 Systems, LLC (5)

 

Revolver

 

5/23/2028

 

 

 

689

 

 

5/23/2028

 

 

 

650

 

81


 

Sun Acquirer Corp. (7)

 

Delayed Draw Term Loan

 

9/8/2027

 

 

 

411

 

 

9/8/2027

 

 

 

491

 

Sun Acquirer Corp. (5)

 

Revolver

 

9/8/2027

 

 

 

1,703

 

 

9/8/2027

 

 

 

1,812

 

SuperHero Fire Protection, LLC (5)

 

Revolver

 

9/1/2026

 

 

 

65

 

 

 

 

 

 

 

Sydney US Buyer Corp. (3B Scientific) (9)

 

Delayed Draw Term Loan

 

7/8/2029

 

 

 

1,961

 

 

7/8/2029

 

 

 

1,961

 

Sydney US Buyer Corp. (3B Scientific)

 

Revolver

 

 

 

 

 

 

 

7/8/2029

 

 

 

654

 

Teal Acquisition Co., Inc

 

Revolver

 

 

 

 

 

 

 

9/22/2026

 

 

 

259

 

Team Select (CSC TS Merger SUB, LLC) (5)

 

Revolver

 

5/4/2029

 

 

 

650

 

 

 

 

 

 

 

Team Select (CSC TS Merger SUB, LLC) (7)

 

Delayed Draw Term Loan

 

11/4/2024

 

 

 

1,200

 

 

 

 

 

 

 

Technology Partners, LLC (7)

 

Revolver

 

11/16/2027

 

 

 

747

 

 

 

 

 

 

 

Technology Partners, LLC (5)

 

Delayed Draw Term Loan

 

11/16/2027

 

 

 

1,037

 

 

 

 

 

 

 

The Hilb Group, LLC (5)

 

Revolver

 

12/2/2025

 

 

 

265

 

 

12/2/2025

 

 

 

340

 

The Hilb Group, LLC (5)

 

Revolver

 

12/2/2025

 

 

 

111

 

 

12/2/2025

 

 

 

143

 

The Hilb Group, LLC (5)

 

Delayed Draw Term Loan

 

12/10/2023

 

 

 

1,358

 

 

12/10/2023

 

 

 

1,880

 

The Hilb Group, LLC (5)

 

Revolver

 

12/2/2025

 

 

 

88

 

 

12/2/2025

 

 

 

113

 

The Mulch & Soil Company, LLC (5)

 

Revolver

 

4/30/2026

 

 

 

952

 

 

 

 

 

 

 

TMA Buyer, LLC (5)

 

Revolver

 

9/30/2027

 

 

 

385

 

 

 

 

 

 

 

Transportation Insight, LLC (5)

 

Revolver

 

12/3/2024

 

 

 

750

 

 

12/3/2024

 

 

 

750

 

Tricor Borrower, LLC (5)

 

Revolver

 

10/22/2026

 

 

 

288

 

 

 

 

 

 

 

Tricor Borrower, LLC (7)

 

Delayed Draw Term Loan

 

10/22/2026

 

 

 

922

 

 

 

 

 

 

 

TriStrux, LLC (5)

 

Revolver

 

12/15/2026

 

 

 

483

 

 

 

 

 

 

 

TriStrux, LLC (7)

 

Delayed Draw Term Loan

 

12/15/2026

 

 

 

483

 

 

 

 

 

 

 

Unifeye Vision Partners (5)

 

Revolver

 

9/13/2025

 

 

 

859

 

 

9/13/2025

 

 

 

793

 

Unifeye Vision Partners

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

9/7/2023

 

 

 

1,199

 

United Flow Technologies

 

Delayed Draw Term Loan

 

 

 

 

 

 

 

10/29/2023

 

 

 

82

 

United Flow Technologies (5)

 

Revolver

 

10/29/2027

 

 

 

1,600

 

 

10/29/2027

 

 

 

1,600

 

UP Acquisition Corp. (5)

 

Revolver

 

5/23/2024

 

 

 

1,250

 

 

5/23/2024

 

 

 

807

 

Vital Care Buyer, LLC (5)

 

Revolver

 

10/19/2025

 

 

 

2,222

 

 

10/19/2025

 

 

 

1,852

 

WhiteHawk III Onshore Fund L.P.

 

Partnership Interest

 

7/5/2024

 

 

 

852

 

 

7/5/2024

 

 

 

1,700

 

Winxnet Holdings LLC

 

Revolver

 

 

 

 

 

 

 

6/29/2023

 

 

 

163

 

Total

 

 

 

 

 

 

$

176,165

 

 

 

 

 

$

158,905

 

 

(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 June 30, 2023 and December 31, 2022.
(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.
(12)
Investment pays 5.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

Other Commitments and Contingencies

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

 

82


 

Note 9. Net Assets

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

 

Date Declared

 

Record Date

 

Payment Date

 

Amount Per Share

 

May 4, 2023

 

June 30, 2023

 

July 17, 2023

 

$

0.41

 

February 16, 2023

 

March 31, 2023

 

April 17, 2023

 

$

0.41

 

November 4, 2022

 

December 30, 2022

 

January 17, 2023

 

$

0.41

 

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

 

 

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

 

At June 30, 2023 and December 31, 2022, Crescent, Sun Life and other related parties owned 5.94% and 6.59%, respectively, of the outstanding common shares of the Company.

Note 10. Earnings Per Share

In accordance with the provisions of ASC 260 – Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of June 30, 2023 and December 31, 2022, there are no dilutive shares.

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

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting
   from operations

 

$

22,580

 

 

$

(890

)

 

$

30,357

 

 

$

15,319

 

 

 

Weighted average common shares outstanding

 

 

37,061,547

 

 

 

30,887,360

 

 

 

34,776,074

 

 

 

30,887,360

 

 

 

Net increase (decrease) in net assets resulting from
   operations per common share-basic and diluted

 

$

0.61

 

 

$

(0.03

)

 

$

0.87

 

 

$

0.50

 

 

 

 

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
June
30, 2023

 

 

As of
December
31, 2022

 

Tax Cost

 

 

 

$

1,617,959

 

 

$

1,295,847

 

Gross Unrealized Appreciation

 

 

 

$

15,048

 

 

$

9,274

 

Gross Unrealized Depreciation

 

 

 

 

(52,327

)

 

 

(42,164

)

 

Net Unrealized Investment Appreciation (Depreciation)

 

$

(37,279

)

 

$

(32,890

)

 

83


 

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

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

Income tax (benefit) provision

 

$

-

 

 

$

47

 

 

$

-

 

 

$

111

 

 

Excise tax (benefit) provision

 

 

340

 

 

 

212

 

 

 

541

 

 

 

303

 

 

(Benefit) provision for income and excise taxes

 

$

340

 

 

$

259

 

 

$

541

 

 

$

414

 

 

 

As of June 30, 2023 and December 31, 2022, $561 and $657 of accrued income and excise taxes remained payable.

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

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

Benefit (provision) for taxes on realized gain on
   investments

 

$

-

 

 

$

-

 

 

$

252

 

 

$

(217

)

 

Benefit (provision) for taxes on unrealized appreciation
   (depreciation) on investments

 

 

595

 

 

 

(24

)

 

 

555

 

 

 

172

 

 

Benefit (provision) for taxes on realized and unrealized
   appreciation (depreciation) on investments

 

$

595

 

 

$

(24

)

 

$

807

 

 

$

(45

)

 

 

As of June 30, 2023 and December 31, 2022, $1,324 and $91, respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of June 30, 2023 and December 31, 2022, $2,134 and $899, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.

 

84


 

 

Note 12. Financial Highlights

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

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30,

 

 

2023

 

 

2022

 

 

Per Share Data:(1)

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

19.83

 

 

$

21.12

 

 

Net investment income after tax

 

 

1.09

 

 

 

0.90

 

 

Net realized and unrealized gains (losses) on investments, asset acquisition and forward contracts, net of taxes

 

 

(0.22

)

 

 

(0.40

)

 

Net increase (decrease) in net assets resulting from operations

 

 

0.87

 

 

 

0.50

 

 

Effects of First Eagle Alternative Capital BDC, Inc. acquisition (Note 13)

 

 

(0.30

)

 

 

 

 

Effects of rounding

 

 

 

 

 

(0.01

)

 

Distributions declared from net investment income(2)

 

 

(0.82

)

 

 

(0.92

)

 

Total increase (decrease) in net assets

 

 

(0.25

)

 

 

(0.43

)

 

Net asset value, end of period

 

$

19.58

 

 

$

20.69

 

 

Shares outstanding, end of period

 

 

37,061,547

 

 

 

30,887,360

 

 

Market value, end of period

 

$

15.14

 

 

 

15.50

 

 

Weighted average shares outstanding

 

 

34,776,074

 

 

 

30,887,360

 

 

Total return based on market value (3)

 

 

25.34

%

 

 

-6.98

%

 

Total return based on net asset value (4)

 

 

2.87

%

 

 

2.32

%

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

Net assets, end of period

 

$

725,805

 

 

$

639,188

 

 

Ratio of total net expenses to average net assets(5)(6)

 

 

14.11

%

 

 

7.92

%

 

Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)

 

 

3.66

%

 

 

3.33

%

 

Ratio of net investment income before taxes to average net assets (6)

 

 

11.36

%

 

 

8.73

%

 

Ratio of interest and credit facility expenses to average net assets (6)

 

 

8.13

%

 

 

3.74

%

 

Ratio of net incentive fees to average net assets (6)

 

 

2.32

%

 

 

0.85

%

 

Portfolio turnover (7)

 

 

4.61

%

 

 

11.45

%

 

Asset coverage ratio

 

 

183

%

 

 

196

%

 

 

(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, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP and a voluntary waiver of income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. Excluding the effects of the voluntary waivers, the ratio of total expenses to average net assets would have been 14.14% and 7.99% for the six months ended June 30, 2023 and 2022, respectively.
(6)
Annualized.
(7)
Not annualized.

85


 

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

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

 

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

 

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

 

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

 

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

 

In addition, in connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary market support and will over time purchase $20,000 of the combined company’s common stock via a share purchase program.

 

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

 

86


 

 

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

 

Consideration paid by the Company

 

 

Aggregate Share Consideration (1)

$

91,257

 

CCAP Cash Consideration

 

8,649

 

Deemed contribution from the Adviser

 

22,040

 

Transaction costs

 

7,565

 

Total Purchase Price

$

129,511

 

 

 

 

Assets/(Liabilities) acquired by the Company

 

 

Investments, at fair value (2)

$

335,035

 

Cash and cash equivalents

 

1,233

 

Interest and dividend receivable

 

3,995

 

Other assets

 

518

 

Secured credit facility

 

(95,200

)

2026 Unsecured Notes - FCRX

 

(111,600

)

Interest and other debt financing costs payable

 

(1,198

)

Accrued expenses and other liabilities

 

(3,272

)

Net Assets Acquired

$

129,511

 

 

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

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

87


 

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of June 30, 2023 and for the six months ended June 30, 2023.

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

On August 3, 2023, the Company’s Board of Directors declared a regular third quarter cash dividend of $0.41 per share, which will be paid on October 16, 2023 to stockholders of record as of September 29, 2023. Additionally, the Board declared a supplemental cash dividend of $0.08 per share which will be paid on September 15, 2023 to stockholders of record as of August 31, 2023. The supplemental dividend is calculated as 50% of net investment income in excess of our regular dividend, subject to certain measurement tests and rounded to the nearest penny.

88


 

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

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

OVERVIEW

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

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

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

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

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

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

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

 

 

89


 

FCRD Acquisition

 

On March 9, 2023, we completed the previously announced acquisition of First Eagle Alternative Capital BDC, Inc., a Delaware corporation, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 3, 2022. The board of directors of both companies each unanimously approved the FCRD Acquisition and on March 7, 2023, FCRD’s stockholders approved the merger. In accordance with the terms of the Merger Agreement, holders of shares of FCRD’s common stock had their shares of FCRD common stock converted to the right to receive, in the aggregate, approximately (1) $8.6 million in cash payable by the Company, (2) 6,174,187 validly issued, fully paid and non-assessable shares of our common stock, and (3) $35.0 million in cash payable by the Adviser. This transaction resulted in our then-existing stockholders owning approximately 83% and FCRD’s then-existing stockholders owning approximately 17% of our common stock.

 

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.

 

90


 

Revenues

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

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

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

Expenses

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

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

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

 

91


 

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 June 30, 2023

 

As of December 31, 2022

Investment Type

 

Fair Value

 

 

Percentage

 

 

 

Fair Value

 

 

Percentage

 

 

Senior Secured First Lien

 

$

445.5

 

 

 

28.1

 

%

 

$

301.0

 

 

 

23.8

 

%

Unitranche First Lien

 

 

955.0

 

 

 

60.4

 

 

 

 

824.1

 

 

 

65.2

 

 

Unitranche First Lien - Last Out

 

 

14.3

 

 

 

0.9

 

 

 

 

13.8

 

 

 

1.1

 

 

Senior Secured Second Lien

 

 

57.2

 

 

 

3.6

 

 

 

 

60.9

 

 

 

4.8

 

 

Unsecured Debt

 

 

5.6

 

 

 

0.4

 

 

 

 

4.5

 

 

 

0.4

 

 

Equity & Other

 

 

48.9

 

 

 

3.1

 

 

 

 

44.9

 

 

 

3.6

 

 

LLC/LP Equity Interests

 

 

54.6

 

 

 

3.5

 

 

 

 

13.8

 

 

 

1.1

 

 

Total investments

 

$

1,581.1

 

 

 

100.0

 

%

 

$

1,263.0

 

 

 

100.0

 

%

 

 

92


 

The following table shows our investment activity by investment type:

 

($ in millions)

For the three months ended

 

For the six months ended

 

June 30, 2023

 

June 30, 2022

 

June 30, 2023(1)

 

June 30, 2022

 

New investments at cost:

 

 

 

 

Senior Secured First Lien

$

13.1

 

$

34.9

 

$

22.5

 

$

44.3

 

Unitranche First Lien

 

25.0

 

 

68.5

 

 

43.4

 

 

118.5

 

Unitranche First Lien - Last Out

 

 

 

4.0

 

 

 

 

4.0

 

Senior Secured Second Lien

 

 

 

 

 

 

 

 

Unsecured Debt

 

 

 

 

 

0.2

 

 

 

Equity & Other

 

 

 

3.1

 

 

0.2

 

 

3.1

 

LLC/LP Equity Interests

 

 

 

1.9

 

 

0.8

 

 

2.4

 

     Total

$

38.1

 

$

112.4

 

$

67.1

 

$

172.3

 

Proceeds from investments sold or repaid:

 

 

 

 

Senior Secured First Lien

$

14.5

 

$

20.7

 

$

61.0

 

$

37.5

 

Unitranche First Lien

 

8.6

 

 

55.1

 

 

16.8

 

 

58.9

 

Unitranche First Lien - Last Out

 

 

 

1.6

 

 

 

 

3.9

 

Senior Secured Second Lien

 

4.5

 

 

 

 

4.5

 

 

9.3

 

Unsecured Debt

 

 

 

 

 

 

 

1.9

 

Equity & Other

 

 

 

0.1

 

 

 

 

14.0

 

LLC/LP Equity Interests

 

 

 

19.6

 

 

0.2

 

 

20.9

 

    Total

$

27.6

 

$

97.1

 

$

82.5

 

$

146.4

 

    Net increase (decrease) in portfolio

$

10.5

 

$

15.3

 

$

(15.4

)

$

25.9

 

 

(1)
Excludes $335.0 million of assets at cost acquired in connection with the First Eagle Acquisition. The assets acquired, at cost, were comprised of $185.1 million of Senior Secured First Lien, $100.1 million of Unitranche First Lien, $2.8 million of Equity investments, and $47.0 million of LLC/LP Equity Interests

 

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

 

As of
June 30, 2023

 

As of
December 31, 2022

 

Weighted average yield on income producing securities (at cost) (1)

 

11.7

 

%

 

10.8

 

%

Percentage of debt bearing a floating rate (at fair value)

 

98.6

 

%

 

98.8

 

%

Percentage of debt bearing a fixed rate (at fair value)

 

1.4

 

%

 

1.2

 

%

Number of portfolio companies

187

 

129

 

(1)
Yield excludes investments on non-accrual status.

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

 

($ in millions)

 

As of June 30, 2023

 

 

As of December 31, 2022

 

 

 

Cost

 

 

% of Cost

 

 

Fair Value

 

 

% of Fair Value

 

 

Cost

 

 

% of Cost

 

 

Fair Value

 

 

% of Fair Value

 

Performing

 

$

1,476.8

 

 

 

97.8

%

 

$

1,452.2

 

 

 

98.3

%

 

$

1,216.9

 

 

 

98.0

%

 

$

1,190.0

 

 

 

98.8

%

Non-Accrual

 

 

33.3

 

 

 

2.2

%

 

 

25.5

 

 

 

1.7

%

 

 

25.1

 

 

 

2.0

%

 

 

14.3

 

 

 

1.2

%

Total

 

$

1,510.1

 

 

 

100.0

%

 

$

1,477.7

 

 

 

100.0

%

 

$

1,242.0

 

 

 

100.0

%

 

$

1,204.3

 

 

 

100.0

%

 

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

As of June 30, 2023, we had sixteen investments across eight portfolio companies on non-accrual status, which represented 2.2% and 1.7% of the total debt investments at cost and fair value, respectively. As of December 31, 2022, we had six investments across four portfolio companies on non-accrual status, which represented 2.0% 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 June 30, 2023 and December 31, 2022.

93


 

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:

1.
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.
2.
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.
3.
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.
4.
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.
5.
Indicates an investment performing substantially below expectations where the risks around our ability to ultimately recoup the cost of the investment have substantially increased since origination or acquisition. We do not expect to recover our initial cost basis from investments rated 5. Debt investments with an investment rating of 5 are generally in payment and/or covenant default and are on non-accrual status.

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

 

($ in millions)

As of June 30, 2023

 

As of December 31, 2022

 

 

Investments at

 

 

Percentage of

 

Investments at

 

 

Percentage of

 

Investment Performance Rating

 

Fair Value

 

 

Total Portfolio

 

 

 

Fair Value

 

 

Total Portfolio

 

 

1

 

12.0

 

 

0.8

 

%

 

12.4

 

 

1.0

 

%

2

 

1,366.6

 

 

86.4

 

 

1,087.6

 

 

86.1

 

3

 

180.3

 

 

11.4

 

 

136.7

 

 

10.8

 

4

 

22.2

 

 

1.4

 

 

26.3

 

 

2.1

 

5

 

 

 

0.0

 

 

 

 

0.0

 

Total

 

1,581.1

 

 

100.0

 

%

 

1,263.0

 

 

100.0

 

%

 

 

94


 

RESULTS OF OPERATIONS

Summary Statement of Operations

 

(in $ millions)

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Total investment income

 

$

46.7

 

 

$

26.7

 

 

$

86.0

 

 

$

53.2

 

Total net expenses

 

 

26.1

 

 

 

11.2

 

 

 

48.0

 

 

 

25.5

 

Net investment income

 

$

20.6

 

 

$

15.5

 

 

$

38.0

 

 

$

27.7

 

Net realized gain (loss) on investments and forward
   contracts

 

 

(6.6

)

 

 

(1.8

)

 

 

(6.3

)

 

 

6.8

 

Net unrealized appreciation (depreciation) on investments,
   forward contracts and foreign transactions

 

 

8.0

 

 

 

(14.6

)

 

 

(2.1

)

 

 

(19.1

)

Net realized and unrealized gains (losses)

 

$

1.4

 

 

$

(16.4

)

 

$

(8.4

)

 

$

(12.3

)

Benefit (provision) for taxes on realized and unrealized
   appreciation (depreciation) on investments

 

 

0.6

 

 

 

(0.0

)

 

 

0.8

 

 

 

(0.1

)

Net increase (decrease) in net assets resulting from
   operations

 

$

22.6

 

 

$

(0.9

)

 

$

30.4

 

 

$

15.3

 

 

Investment Income

 

(in $ millions)

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest from investments

 

$

43.1

 

 

$

24.4

 

 

$

79.0

 

 

$

48.5

 

Dividend Income

 

 

3.4

 

 

 

2.1

 

 

 

6.8

 

 

 

4.4

 

Other Income

 

 

0.2

 

 

 

0.2

 

 

 

0.2

 

 

 

0.3

 

Total investment income

 

$

46.7

 

 

$

26.7

 

 

$

86.0

 

 

$

53.2

 

 

Interest income, which includes amortization of upfront fees, increased from $24.4 million, for the three months ended June 30, 2022, to $43.1 million for the three months ended June 30, 2023, due to a rise in benchmark rates, the FCRD Acquisition and the organic growth of our income producing portfolio. Included in interest from investments for the three months ended June 30, 2023 and 2022 are $0.1 million and $0.3 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income increased from $2.1 million for the three months ended June 30, 2022 to $3.4 million for the three months ended June 30, 2023 due to higher dividend distributions from our portfolio companies. For the three months ended June 30, 2023 and 2022, we recorded $0.2 million and $0.2 million of other income, respectively.

 

Interest income, which includes amortization of upfront fees, increased from $48.5 million, for the six months ended June 30, 2022, to $79.0 million for the six months ended June 30, 2023, due to a rise in benchmark rates, the FCRD Acquisition and the organic growth of our income producing portfolio. Included in interest from investments for the six months ended June 30, 2023 and 2022 are $0.2 million and $0.3 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income increased from $4.4 million for the six months ended June 30, 2022 to $6.8 million for the six months ended June 30, 2023 due to higher dividend distributions from our portfolio companies. For the six months ended June 30, 2023 and 2022, we recorded $0.2 million and $0.3 million of other income, respectively.

95


 

Expenses

 

(in $ millions)

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest and other debt financing costs

 

$

15.3

 

 

$

6.6

 

 

$

27.6

 

 

$

12.0

 

Management fees

 

 

5.0

 

 

 

4.1

 

 

 

9.5

 

 

 

8.1

 

Income based incentive fees

 

 

4.3

 

 

 

2.6

 

 

 

8.0

 

 

 

5.3

 

Capital gains based incentive fees

 

 

-

 

 

 

(2.9

)

 

 

-

 

 

 

(2.1

)

Professional fees

 

 

0.4

 

 

 

0.3

 

 

 

0.7

 

 

 

0.7

 

Directors’ fees

 

 

0.1

 

 

 

0.1

 

 

 

0.3

 

 

 

0.2

 

Other general and administrative expenses

 

 

0.9

 

 

 

0.6

 

 

 

1.6

 

 

 

1.4

 

Total expenses

 

$

26.0

 

 

$

11.4

 

 

$

47.7

 

 

$

25.6

 

Management fee waiver

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

Income based incentive fees waiver

 

 

(0.1

)

 

 

(0.4

)

 

 

(0.1

)

 

 

(0.4

)

Net expenses

 

$

25.8

 

 

$

10.9

 

 

$

47.5

 

 

$

25.1

 

Provision for income and excise taxes

 

 

0.3

 

 

 

0.3

 

 

 

0.5

 

 

 

0.4

 

Total

 

$

26.1

 

 

$

11.2

 

 

$

48.0

 

 

$

25.5

 

 

Interest and other debt financing costs

Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended June 30, 2023 and 2022 interest and other debt financing costs were $15.3 million and $6.6 million, respectively. For the six months ended June 30, 2023 and 2022 interest and other debt financing costs were $27.6 million and $12.0 million, respectively. The increase 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 June 30, 2023 and 2022, we incurred management fees of $5.0 million and $4.1 million, respectively, of which $0.1 million and $0.1 million, respectively, were waived. For the six months ended June 30, 2023 and 2022, we incurred management fees of $9.5 million and $8.1 million, respectively, of which $0.1 million and $0.1 million, respectively, were waived. The increase in net management fees was driven by growing assets under management.

Incentive Fees

For the three months ended June 30, 2023 and 2022, we incurred income based incentive fees of $4.3 million and $2.6 million, of which $0.1 million and $0.4 million, respectively, were waived. For the six months ended June 30, 2023 and 2022, we incurred income based incentive fees of $8.0 million and $5.3 million, of which $0.1 million and $0.4 million, respectively, were waived. The increase in net incentive fees was driven by growing investment income.

For the three months ended June 30, 2023 and 2022 we recorded $0 and $(2.9) million, respectively, of capital gains based incentive fees. For the six months ended June 30, 2023 and 2022 we recorded $0 and ($2.1) million, respectively, of capital gains based incentive fees. As of June 30, 2023 and December 31, 2022, no capital gains based incentive fees were outstanding. 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 June 30, 2023 and 2022, professional fees were $0.4 million and $0.3 million, respectively. For the six months ended June 30, 2023 and 2022, professional fees were $0.7 million and $0.7 million, respectively.

For the three months ended June 30, 2023 and 2022, other general and administrative expenses were $0.9 million and $0.6 million, respectively. For the six months ended June 30, 2023 and 2022, other general and administrative expenses were $1.6 million and $1.4 million, respectively. The increase in the comparative periods' other general and administrative expenses was attributable to higher costs associated with servicing a larger portfolio.

Income and Excise Taxes

96


 

For the three months ended June 30, 2023 and 2022, we expensed income and excise taxes of $0.3 million and $0.3 million, respectively. For the six months ended June 30, 2023 and 2022, we expensed income and excise taxes of $0.5 million and $0.4 million, respectively.

Net Investment Income

For the three months ended June 30, 2023 and 2022, GAAP net investment income was $20.6 million or $0.56 per share and $15.5 million or $0.50 per share, respectively. For the six months ended June 30, 2023 and 2022, GAAP net investment income was $38.0 million or $1.09 per share and $27.7 million or $0.90 per share, respectively. The increase in the per share net investment income was due to higher investment income earned year to date.

For the three months ended June 30, 2023 and 2022, net investment income excluding capital gains incentive fees (“Adjusted Net Investment Income”) was $20.6 million or $0.56 per share and $12.7 million or $0.41 per share, respectively. For the six months ended June 30, 2023 and 2022, Adjusted Net Investment Income was $38.0 million or $1.09 per share and $25.6 million or $0.83 per share, respectively. The increase in the per share Adjusted Net Investment Income was due to higher investment income earned year to date.

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 June 30,

 

 

For the six months ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

GAAP net investment income

 

$

20.6

 

 

$

0.56

 

 

$

15.5

 

 

$

0.50

 

 

$

38.0

 

 

$

1.09

 

 

$

27.7

 

 

$

0.90

 

Capital gains based incentive fee

 

 

-

 

 

 

-

 

 

 

(2.8

)

 

 

(0.09

)

 

 

-

 

 

 

-

 

 

 

(2.1

)

 

 

(0.07

)

Adjusted Net Investment Income

 

$

20.6

 

 

$

0.56

 

 

$

12.7

 

 

$

0.41

 

 

$

38.0

 

 

$

1.09

 

 

$

25.6

 

 

$

0.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

97


 

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
June 30,

 

 

For the six months ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Realized losses on non-controlled and non-affiliated investments

 

$

(6.6

)

 

$

 

 

$

(6.6

)

 

$

 

Realized gains on non-controlled and non-affiliated investments

 

 

0.1

 

 

 

 

 

 

0.4

 

 

 

1.3

 

Realized losses on non-controlled and affiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on non-controlled and affiliated investments

 

 

 

 

 

 

 

 

 

 

 

7.1

 

Realized losses on controlled investments

 

 

 

 

 

(1.7

)

 

 

 

 

 

(1.7

)

Realized gains on controlled investments

 

 

 

 

 

 

 

 

 

 

 

 

Realized losses on foreign currency forwards

 

 

 

 

 

 

 

 

 

 

 

 

Realized gains on foreign currency forwards

 

 

 

 

 

 

 

 

 

 

 

 

Realized losses on foreign currency transactions

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

 

 

(0.1

)

Realized gains on foreign currency transactions

 

 

 

 

 

 

 

 

 

 

 

0.2

 

Net realized gains (losses) on investments

 

$

(6.6

)

 

$

(1.8

)

 

$

(6.3

)

 

$

6.8

 

Change in unrealized depreciation on non-controlled and non-affiliated investments

 

 

(12.9

)

 

 

(22.6

)

 

 

(21.6

)

 

 

(27.0

)

Change in unrealized appreciation on non-controlled and non-affiliated investments

 

 

23.5

 

 

 

4.5

 

 

 

27.1

 

 

 

8.0

 

Change in unrealized depreciation on foreign currency translation

 

 

(0.5

)

 

 

 

 

 

(1.0

)

 

 

 

Change in unrealized appreciation on foreign currency translation

 

 

 

 

 

0.2

 

 

 

 

 

 

0.2

 

Change in unrealized depreciation on non-controlled and affiliated investments

 

 

(0.1

)

 

 

(2.2

)

 

 

(0.3

)

 

 

(4.8

)

Change in unrealized appreciation on non-controlled and affiliated investments

 

 

0.3

 

 

 

0.7

 

 

 

0.8

 

 

 

0.3

 

Change in unrealized depreciation on controlled and affiliated investments

 

 

(2.1

)

 

 

(0.9

)

 

 

(6.7

)

 

 

(1.6

)

Change in unrealized appreciation on controlled and affiliated investments

 

 

0.4

 

 

 

0.2

 

 

 

0.7

 

 

 

0.2

 

Change in unrealized depreciation on foreign currency forwards

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized appreciation on foreign currency forwards

 

 

(0.6

)

 

 

5.5

 

 

 

(1.2

)

 

 

5.6

 

Net unrealized appreciation (depreciation) on investments

 

 

8.0

 

 

 

(14.6

)

 

 

(2.2

)

 

 

(19.1

)

Net realized and unrealized gains (losses) on investments and asset acquisition

 

 

1.4

 

 

 

(16.4

)

 

 

(8.5

)

 

 

(12.3

)

Hedging

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

During the six months ended June 30, 2023 and 2022, our average U.S. Dollar notional exposure to foreign currency forward contracts were $99.4 million and $98.3 million, respectively.

 

98


 

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

As of June 30, 2023, we had $21.5 million in cash and cash equivalents and restricted cash and cash equivalents and $314.5 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of June 30, 2023, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of June 30, 2023, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of June 30, 2023. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.

Capital Share Activity

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

Debt

 

($ in millions)

June 30, 2023

 

 

December 31, 2022

 

 

Aggregate Principal
Amount Committed

 

 

Drawn
Amount

 

 

Amount Available (1)

 

 

Carrying
Value
(2)

 

 

Aggregate Principal
Amount Committed

 

 

Drawn
Amount

 

 

Amount Available (1)

 

 

Carrying
Value
(2)(3)

 

SPV Asset Facility

$

500.0

 

 

$

231.1

 

 

$

268.9

 

 

$

231.1

 

 

$

350.0

 

 

$

233.0

 

 

$

117.0

 

 

$

233.0

 

SMBC Corporate Revolving Facility

 

385.0

 

 

 

339.4

 

 

 

45.6

 

 

 

339.4

 

 

 

350.0

 

 

 

241.8

 

 

 

108.2

 

 

 

241.8

 

2023 Unsecured Notes

 

50.0

 

 

 

50.0

 

 

 

 

 

 

50.0

 

 

 

50.0

 

 

 

50.0

 

 

 

 

 

 

50.0

 

2026 Unsecured Notes

 

135.0

 

 

 

135.0

 

 

 

 

 

 

135.0

 

 

 

135.0

 

 

 

135.0

 

 

 

 

 

 

135.0

 

2026 Unsecured Notes - FCRX

 

111.6

 

 

 

111.6

 

 

 

 

 

 

111.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt

$

1,181.6

 

 

$

867.1

 

 

$

314.5

 

 

$

867.1

 

 

$

885.0

 

 

$

659.8

 

 

$

225.2

 

 

$

659.8

 

 

(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.

 

 

 

The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2023 and 2022 was 6.82% and 3.71%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2023 and 2022 was $810.8 million and $649.4 million, respectively. As of June 30, 2023 and December 31, 2022, the weighted average cost of debt was 6.73% and 6.23%, respectively.

 

 

99


 

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 $500.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) March 7, 2028 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.75% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

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

SMBC Corporate Revolving Facility

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

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, at any time or from time to time at par plus accrued interest. Interest on the 2023 Unsecured Notes is due and payable semiannually in arrears on January 30 and July 30 of each year.

2026 Unsecured Notes

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

 

100


 

2026 Unsecured Notes - FCRX

On March 9, 2023, in connection with the FCRD Acquisition, we assumed $111.6 million of unsecured notes ("2026 Unsecured Notes - FCRX"). The 2026 Unsecured Notes - FCRX mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 25, 2023. The 2026 Unsecured Notes - FCRX bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The 2026 Unsecured Notes - FCRX trade on the New York Stock Exchange under the trading symbol “FCRX”.

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

($ in millions)

 

 

For the three months ended
June 30,

 

 

For the six months ended
June 30,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Borrowing interest expense

 

 

$

14.3

 

 

$

6.0

 

 

$

25.6

 

 

$

10.7

 

Unused facility fees

 

 

 

0.4

 

 

 

0.2

 

 

 

1.0

 

 

 

0.5

 

Amortization of financing costs

 

 

 

0.6

 

 

 

0.4

 

 

 

1.0

 

 

 

0.8

 

Total interest and credit facility expenses

 

 

$

15.3

 

 

$

6.6

 

 

$

27.6

 

 

$

12.0

 

Weighted average outstanding balance

 

 

$

882.4

 

 

$

660.0

 

 

 

810.8

 

 

 

649.4

 

 

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

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with 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.

As of June 30, 2023 and December 31, 2022, our asset coverage ratio was 183% and 192%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.

OFF BALANCE SHEET ARRANGEMENTS

Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2023 and December 31, 2022, we had aggregate unfunded commitments totaling $176.2 million and $158.9 million, respectively.

RECENT DEVELOPMENTS

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

 

On August 3, 2023, our Board of Directors declared a regular third quarter cash dividend of $0.41 per share, which will be paid on October 16, 2023 to stockholders of record as of September 29, 2023. Additionally, our Board declared a supplemental cash dividend of $0.08 per share which will be paid on September 15, 2023 to stockholders of record as of August 31, 2023. The supplemental dividend is calculated as 50% of net investment income in excess of our regular dividend, subject to certain measurement tests and rounded to the nearest penny.

101


 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

Valuation Risk

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

Interest Rate Risk

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

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

As of June 30, 2023, 98.6% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility and SMBC Corporate Revolving Facility also bear interest at variable rates.

Assuming that our Consolidated Statement of Assets and Liabilities as of June 30, 2023 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)

 

Basis Point Change

 

Interest Income

 

 

Interest Expense

 

 

Net Interest Income (1)

 

Up 100 basis points

 

 

16.2

 

 

 

5.7

 

 

 

10.5

 

Up 75 basis points

 

 

12.1

 

 

 

4.3

 

 

 

7.8

 

Up 50 basis points

 

 

8.1

 

 

 

2.9

 

 

 

5.2

 

Up 25 basis points

 

 

4.0

 

 

 

1.4

 

 

 

2.6

 

Down 25 basis points

 

 

(4.0

)

 

 

(1.4

)

 

 

(2.6

)

Down 50 basis points

 

 

(8.1

)

 

 

(2.9

)

 

 

(5.2

)

Down 75 basis points

 

 

(12.1

)

 

 

(4.3

)

 

 

(7.8

)

Down 100 basis points

 

 

(16.2

)

 

 

(5.7

)

 

 

(10.5

)

(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.

 

102


 


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 June 30, 2023, 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 $30.7 million, AUD $29.3, 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 June 30, 2023. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of June 30, 2023, 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 June 30, 2023.

(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 June 30, 2023, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
 

103


 

PART II. OTHER INFORMATION

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, 2022, 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.

 

Significant risks that could affect financial institutions to which we are exposed may affect our business.

Issuers, national and regional banks, financial institutions and other participants in the U.S. and global capital markets are closely interrelated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participants in the financial or capital markets may spread to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, FDIC, Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actions of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time and could have an adverse effect on the Company.

 

For example, in response to the rapidly declining financial condition of regional banks Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), the California Department of Financial Protection and Innovation and the New York State Department of Financial Services closed SVB and Signature on March 10, 2023 and March 12, 2023, respectively, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver for SVB and Signature. Although the U.S. Department of the Treasury, the Federal Reserve and the FDIC have taken measures to stabilize the financial system, uncertainty and liquidity concerns in the broader financial services industry remain. Additionally, should there be additional systemic pressure on the financial system and capital markets, we cannot assure you of the response of any government or regulator, and any response may not be as favorable to industry participants as the measures currently being pursued. In addition, highly publicized issues related to the U.S. and global capital markets in the past have led to significant and widespread investor concerns over the integrity of the capital markets. The current situation related to SVB and Signature could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could results in increased costs and require significant attention from the Adviser.

 

104


 

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

Sun Life Purchase Program

In connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary market support and will over time purchase $20,000 of the Company’s common stock via a share purchase program. The Sun Life purchase program, which commenced on June 20, 2023, purchased 164,561 shares of our common stock at an average price per share (inclusive of commissions paid) of $14.73 (totaling $2.4 million) through June 30, 2023. Purchases of our common stock pursuant to the Sun Life purchase program are subject to certain conditions as set forth in the program and are conducted in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act and other applicable securities laws and regulations that set certain restrictions on the method, timing, price, and volume of stock purchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

 

On May 15, 2023, as part of the Company’s employee stock purchase program, Jason Breaux, Chief Executive Officer, Gerhard Lombard, Chief Financial Officer and George Hawley, Secretary, each adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act for the purchase of up to $100,000, $25,000 and $50,000 in shares of the Company’s common stock, respectively, until December 29, 2023 (the “Purchase Program”). Purchases of shares of the Company’s common stock pursuant to the Purchase Program will be subject to certain conditions as set forth in the Purchase Program and will be conducted in accordance with Rule 10b5-1 and other applicable securities laws and regulations that set certain restrictions on the method, timing, price, and volume of stock purchases. The Purchase Program is expected to commence in August 2023.

 

Other than the Purchase Program, during the second quarter of 2023, no directors or officers (as defined in Rule 16a 1(f) under the Exchange Act) of the Company adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K.


 

105


 

PART IV

 

ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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

 

  1.

Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial

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 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).

 

 

 10.1

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

 

 

 10.2

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

 

 

 10.3

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

 

 

 10.4

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

 

 

 10.5

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

 

 

 10.6

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

 

 

 10.7

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

 

 

 10.8

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

 

 

 10.9

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

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 10.10

Sixth Amendment to Loan and Security Agreement, dated March 7, 2023, by and among the Company, as the collateral manager, seller and equity holder, Crescent Capital BDC Funding, LLC, as the borrower, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on March 8, 2023).

 

 

 10.11

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

 

 

 10.12

Form of 5.95% Series 2020A Senior Notes due July 30, 2023 (included in Exhibit 10.11).

 

 

 10.13

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

 10.14

Form of 4.00% Series 2021A Senior Note Due February 17, 2026 (included in Exhibit 10.13).

 

 

 10.15

Second Supplement to Note Purchase Agreement, dated May 8, 2023, by and among the Company and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.15 to the Company’s Form 10-Q filed on May 10, 2023).

 

 

 10.16

Form of 7.54% Series 2023A Senior Note Due July 28, 2026 (incorporated by reference to Exhibit 10.15 to the Company’s quarterly report on Form 10-Q filed on May 10, 2023).

 

 

 10.17

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

 

 

10.18

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

 

 

10.19

First Omnibus Amendment to the Senior Secured Revolving Credit Agreement and Guarantee and Security Agreement dated January 13, 2023, by and among the Company as the Borrower, certain lenders party thereto and Sumitomo Mitsui Banking Corporation, as administrative agent, arranger, and lender (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on January 18, 2023).

 

 

10.20

Form of Indenture and related exhibits between FCRD and U.S. Bank National Association, as trustee (incorporated herein by reference to Exhibit d.2 filed with Pre-Effective Amendment No. 1 to FCRD’s Registration Statement on Form N-2 (File No. 333-175074) filed on August 25, 2011).

 

 

10.21

Fourth Supplemental Indenture, relating to the 5.00% Notes due 2026, between FCRD and U.S. Bank National Association, as trustee (incorporated herein by reference to Exhibit 4.1 filed with FCRD’s Current Report on Form 8-K filed on May 25, 2021).

 

 

10.22

Form of 5.00% Note due 2026 (incorporated herein by reference to Exhibit 4.1 filed with FCRD’s Current Report on Form 8-K filed on May 25, 2021).

 

 

10.23

Fifth Supplemental Indenture between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.4 filed with the Company’s Registration Statement on Form 8-A on March 9, 2023).

 

 

 14.1

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

 

 

 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).

101.INS

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SIGNATURES

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

 

 

 

 

 

Crescent Capital BDC, Inc.

Date: August 9, 2023

By:

/s/ Jason A. Breaux

Jason A. Breaux

Chief Executive Officer

Date: August 9, 2023

By:

/s/ Gerhard Lombard

Gerhard Lombard

Chief Financial Officer

 

t

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