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

☐ 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

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

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	As of 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

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	)


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

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

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

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


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


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	)


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


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


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


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


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


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


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


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


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


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	)


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


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


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


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


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			—			—


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	)


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


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


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


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		—		—		—
								—		—		—


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


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


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


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


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


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.


	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.

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 ("$")


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	)


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


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


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	)


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


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


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


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


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	)


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


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


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	)


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


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


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


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


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


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


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

*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.


	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)

(2)

(3)

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

(4)

(5)

(6)

(7)

(8)

Fixed rate investment.

(9)

The investment is on non-accrual status as of December 31, 2022.

(10)

(11)

(12)

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

(13)

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

(14)

Investment is not redeemable.

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 ("$")

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.

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.

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

•

Each investment is initially valued by the investment professionals responsible for monitoring that investment.

•

The Adviser has established pricing and valuation committees, which are responsible for reviewing and approving the fair valuation recommendations from the investment professionals.

•

The valuations of certain portfolio investments are independently corroborated by third-party valuation firms based on certain criteria including investment size and risk profile.

•

Final valuation determinations and supporting materials are provided to the Board quarterly as part of the Board's oversight of the Adviser as the valuation designee.

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

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

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

Foreign Currency

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

•

cash and cash equivalents, fair value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

•

purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

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

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

Foreign currency forward contracts

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

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

Debt Issuance Costs

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

Equity Offering Expenses

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

Interest and Dividend Income Recognition

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

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

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of 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.

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.

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.

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.

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.

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)

(4)

Note 4. Investments

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

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


	As of June 30, 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	%

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.

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.

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


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.

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

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.

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.

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):

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

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

—

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

Benesys Inc. (5)

Revolver

10/5/2024

—

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

—

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

—

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

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

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

—

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

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

—

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

347

JTM Foods LLC (5)

Delayed Draw Term Loan

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

—

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

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

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

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


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.

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	)

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.

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.

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.

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


Consideration paid by the Company
Aggregate Share Consideration (1)	$	91,257
CCAP Cash Consideration		8,649
Deemed contribution from the Adviser		22,040
Transaction costs		7,565
Total Purchase Price	$	129,511

Assets/(Liabilities) acquired by the Company
Investments, at fair value (2)	$	335,035
Cash and cash equivalents		1,233
Interest and dividend receivable		3,995
Other assets		518
Secured credit facility		(95,200	)
2026 Unsecured Notes - FCRX		(111,600	)
Interest and other debt financing costs payable		(1,198	)
Accrued expenses and other liabilities		(3,272	)
Net Assets Acquired	$	129,511

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

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

Note 14. Subsequent Events

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

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.

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.

Revenues

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

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

Expenses

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

•

the cost of calculating our net asset value, including the cost of any third-party valuation services;

•

fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;

•

fees and expenses associated with independent audits and outside legal costs;

•

independent directors’ fees and expenses;

•

administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, rent and the allocable portion of the cost of certain professional services provided to us, including but not limited to, our accounting professionals, our legal counsel and compliance professionals);

•

U.S. federal, state and local taxes;

•

the cost of effecting sales and repurchases of shares of our common stock and other securities;

•

fees payable to third parties relating to making investments, including out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;

•

out-of-pocket fees and expenses associated with marketing efforts;

•

federal and state registration fees and any stock exchange listing fees;

•

brokerage commissions;

•

costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws;

•

debt service and other costs of borrowings or other financing arrangements; and

•

all other expenses reasonably incurred by us in connection with making investments and administering our business.

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

Leverage

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

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

PORTFOLIO INVESTMENT ACTIVITY

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

Our portfolio at fair value was comprised of the following:


($ in millions)	As of 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	%

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.

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

•

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

•

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

•

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

•

comparisons to other companies in the industry; and

•

attendance and participation in board meetings.

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

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

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

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

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

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

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


($ in millions)	As of June 30, 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	%

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.

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

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.

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.

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.

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.

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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.

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.

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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.

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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.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 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.

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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.

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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).
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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

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