10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

☐ 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 May 14, 2025 was 37,061,547

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	8
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2024	42
	Notes to Consolidated Financial Statements (Unaudited)	76
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	102
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	115
Item 4.	Controls and Procedures	116
PART II	OTHER INFORMATION	116
Item 1.	Legal Proceedings	116
Item 1A.	Risk Factors	116
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	118
Item 3.	Defaults Upon Senior Securities	118
Item 4.	Mine Safety Disclosures	118
Item 5.	Other Information	118
Item 6.	Exhibits	119

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

•

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

•

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

•

potential fluctuation in quarterly operating results;

•

potential impact of economic recessions or downturns;

•

adverse developments in the credit markets;

•

regulations governing our operation as a business development company;

•

operation in a highly competitive market for investment opportunities;

•

risks associated with inflation and the current interest rate environment;

•

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

•

the impact of changes in Secured Overnight Financing Rate (“SOFR”), or other benchmark rate on our operating results;

•

financing investments with borrowed money;

•

potential adverse effects of price declines and illiquidity in the corporate debt markets;

•

lack of liquidity in investments;

•

the outcome and impact of any litigation;

•

the timing, form and amount of any dividend distributions;

•

risks regarding distributions;

•

potential adverse effects of new or modified laws and regulations;

•

potential resignation of the Adviser and or the Administrator;

•

uncertainty as to the value of certain portfolio investments;

•

defaults by portfolio companies;

•

our ability to successfully complete and integrate any acquisitions;

•

risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income;

•

the market price of our common stock may fluctuate significantly;

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

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

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)


	As of March 31, 2025 (Unaudited)			As of December 31, 2024
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,541,656 and $1,511,386, respectively)	$	1,527,336		$	1,504,013
Non-controlled affiliated investments (cost of $44,783 and $46,104, respectively)		45,805			46,793
Controlled investments (cost of $61,496 and $66,416, respectively)		47,600			48,051
Cash and cash equivalents		12,033			10,130
Restricted cash and cash equivalents		18,495			29,292
Interest and dividend receivable		8,240			11,008
Receivable from unsettled transactions		224			1,163
Unrealized appreciation on foreign currency forward contracts		4,242			4,815
Deferred tax assets		282			746
Other assets		2,240			263

Total assets	$	1,666,497		$	1,656,274

Liabilities
Debt (net of deferred financing costs of $8,658 and $8,214, respectively)	$	902,952		$	875,837
Distributions payable		15,566			15,566
Interest and other debt financing costs payable		9,116			10,408
Management fees payable		5,019			5,066
Incentive fees payable		3,487			4,305
Deferred tax liabilities		282			746
Unrealized depreciation on foreign currency forward contracts		284			-
Accrued expenses and other liabilities		2,669			3,709
Total liabilities		939,375			915,637

Commitments and Contingencies (Note 8)

Net assets
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)		—			—
Common stock, par value $0.001 per share (200,000,000 shares authorized, 37,061,547 shares issued and outstanding)		37			37
Paid-in capital in excess of par value		959,098			959,098
Accumulated earnings (loss)		(232,013	)		(218,498	)
Total net assets		727,122			740,637
Total liabilities and net assets	$	1,666,497		$	1,656,274
Net asset value per share	$	19.62		$	19.98

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 March 31,
	2025			2024
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	36,978		$	43,564
Paid-in-kind interest		1,493			1,155
Dividend income		-			393
Other income		870			889
From non-controlled affiliated investments:
Interest income		858			692
Paid-in-kind interest		264			442
Dividend income		258			287
From controlled investments:
Interest income		205			299
Dividend income		1,200			2,640
Other income		3			-
Total investment income		42,129			50,361

Expenses:
Interest and other debt financing costs		14,636			15,604
Management fees		5,038			4,980
Income based incentive fees		3,519			4,937
Professional fees		735			447
Directors’ fees		164			156
Other general and administrative expenses		967			628
Total expenses		25,059			26,752
Management fees waiver		(20	)		(38	)
Income based incentive fees waiver		(32	)		(36	)
Net expenses		25,007			26,678
Net investment income before taxes		17,122			23,683
Provision for income and excise taxes		501			366
Net investment income		16,621			23,317
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		(3,060	)		(1,604	)
Controlled investments		(3,800	)		-
Foreign currency transactions		357			(11	)
Foreign currency forward contracts		-			1,447
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		(10,159	)		4,870
Non-controlled affiliated investments		333			228
Controlled investments		4,469			(225	)
Foreign currency forward contracts		(857	)		(356	)
Net realized and unrealized gains (losses) on investments		(12,717	)		4,349
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		-			339
Net increase (decrease) in net assets resulting from operations	$	3,904		$	28,005

Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	0.11		$	0.76
Net investment income per share (basic and diluted):	$	0.45		$	0.63
Weighted average shares outstanding (basic and diluted):		37,061,547			37,061,547

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

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


	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at December 31, 2024		37,061,547	$	37	$	959,098	$	(218,498	)	$	740,637
Net increase (decrease) in net assets resulting from operations:
Net investment income		-		-		-		16,621			16,621
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-		-		-		(6,503	)		(6,503	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-		-		-		(6,214	)		(6,214	)
Distributions from distributable earnings		-		-		-		(17,419	)		(17,419	)
Total increase (decrease) for the three months ended March 31, 2025		-	$	-	$	-	$	(13,515	)	$	(13,515	)
Balance at March 31, 2025		37,061,547	$	37	$	959,098	$	(232,013	)	$	727,122

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 December 31, 2023		37,061,547	$	37	$	965,895	$	(223,338	)	$	742,594
Net increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		23,317			23,317
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		(168	)		(168	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		4,517			4,517
Benefit (provision) for taxes on realized gain on investments		—		—		—		339			339
Distributions from distributable earnings		—		—		—		(18,901	)		(18,901	)
Total increase (decrease) for the three months ended March 31, 2024		—		—		—	$	9,104		$	9,104
Balance at March 31, 2024		37,061,547	$	37	$	965,895	$	(214,234	)	$	751,698

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

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


	For the three months ended March 31,
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	3,904		$	28,005

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(104,663	)		(73,855	)
Paid-in-kind interest income		(2,217	)		(1,629	)
Proceeds from sales of investments and principal repayments		78,020			98,415
Net realized (gain) loss on investments and foreign currency transactions		6,503			2,223
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		5,357			(4,873	)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		857			356
Amortization of premium and accretion of discount, net		(2,043	)		(2,305	)
Amortization of deferred financing costs		621			517
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions		939			(2,531	)
(Increase) decrease in interest and dividend receivable		2,768			(774	)
(Increase) decrease in deferred tax asset		464			(673	)
(Increase) decrease in other assets		(1,977	)		(681	)
Increase (decrease) in management fees payable		(47	)		(84	)
Increase (decrease) in incentive fees payable		(818	)		131
Increase (decrease) in interest and other debt financing costs payable		(1,292	)		(2,166	)
Increase (decrease) in deferred tax liability		(464	)		334
Increase (decrease) in accrued expenses and other liabilities		(1,040	)		(914	)
Net cash provided by (used for) operating activities	$	(15,128	)	$	39,496

Cash flows from financing activities:
Issuance of unsecured debt		115,000			—
Deferred financing and debt issuance costs paid		(1,065	)		—
Distributions paid		(17,419	)		(18,901	)
Borrowings on credit facilities		142,867			60,055
Repayments on credit facilities		(233,041	)		(73,100	)
Net cash provided by (used for) financing activities		6,342			(31,946	)
Effect of exchange rate changes on cash denominated in foreign currency		(108	)		(72	)
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		(8,894	)		7,478
Cash, cash equivalents, restricted cash and foreign currency, beginning of period		39,422			24,470
Cash, cash equivalents, restricted cash and foreign currency, end of period(1)	$	30,528		$	31,948

Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	15,084		$	18,252
Cash paid during the period for taxes	$	1,708		$	1,262
Accrued but unpaid distributions	$	15,566		$	15,195

(1)

As of March 31, 2025, the balance included cash and cash equivalents of $12,033 (including cash denominated in foreign currency of $4,727) and restricted cash and cash equivalents of $18,495 (including cash denominated in foreign currency of $898). As of December 31, 2024, the balance included cash and cash equivalents of $10,130 (including cash denominated in foreign currency of $692) and restricted cash and cash equivalents of $29,292 (including cash denominated in foreign currency of $13,514).

See accompanying notes


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.71%	05/2028		135		132			0.0		135
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.71%	05/2028		3,939		3,893			0.5		3,939
Continental Battery Company (9)	Unitranche First Lien Term Loan			01/2027		7,522		7,469			0.7		4,627
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			01/2027		2,775		2,765			0.2		1,707
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.32%	09/2028		8,921		8,844			1.2		8,899
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(18	)		0.0		(4	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.32%	09/2028		12,620		12,478			1.7		12,589
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.32%	09/2028		2,419		2,390			0.3		2,412
						38,331		37,953			4.6		34,304
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2026		6,719		6,698			0.9		6,719
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2026		9,615		7,053			0.2		1,461
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Revolver	750	7.50%	12/2026		2,083		2,082			0.3		2,083
Eshipping	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.32%	11/2027		5,353		5,300			0.8		5,353
Eshipping	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.32%	11/2027		824		820			0.1		824
Eshipping (4)(5)	Senior Secured First Lien Revolver			11/2027		—		(10	)		0.0		—
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2030		—		(6	)		0.0		(15	)
GB Eagle Buyer, Inc.	Unitranche First Lien Revolver	S + 475 (100 Floor)	9.05%	11/2030		64		59			0.0		58
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.05%	11/2030		3,189		3,159			0.4		3,151


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor) (including 100 PIK)	10.45%	07/2028		3,326		3,290			0.4		3,180
Oliver Packaging LLC	Senior Secured First Lien Revolver	S + 500 (100 Floor) (including 100 PIK)	10.45%	07/2028		149		144			0.0		127
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor) (including 100 PIK)	10.45%	07/2028		201		198			0.0		192
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.92%	08/2027		883		881			0.1		862
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.92%	04/2030		171		171			0.0		154
Painters Supply & Equipment Company	Unitranche First Lien Revolver	S + 550 (100 Floor)	9.92%	08/2027		167		162			0.0		155
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.82%	08/2027		1,978		1,960			0.3		1,932
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.91%	04/2030		844		844			0.1		824
TriStrux, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor) (including 200 PIK)	12.45%	12/2027		2,687		2,655			0.3		1,976
TriStrux, LLC	Senior Secured First Lien Revolver	S + 600 (100 Floor) (including 200 PIK)	12.45%	12/2027		964		951			0.1		683
TriStrux, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor) (including 200 PIK)	12.45%	12/2027		943		932			0.1		693
						40,160		37,343			4.1		30,412
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 640 (100 Floor)	10.86%	04/2029		125		125			0.0		125
American Refrigeration	Senior Secured First Lien Term Loan	S + 640 (100 Floor)	10.86%	02/2029		3,465		3,442			0.5		3,465
American Refrigeration	Senior Secured First Lien Term Loan	S + 640 (100 Floor)	10.71%	04/2029		199		199			0.0		199
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.09%	10/2026		3,560		3,493			0.5		3,557
Automated Control Concepts, Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		—		(15	)		0.0		(1	)
Career Certified, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2031		—		(1	)		0.0		(3	)
Career Certified, LLC (4)(5)	Senior Secured First Lien Revolver			02/2031		—		(3	)		0.0		(3	)
Career Certified, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.30%	02/2031		2,200		2,184			0.3		2,184
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.82%	06/2031		1,776		1,769			0.2		1,756
Duraserv LLC (4)(5)	Senior Secured First Lien Revolver			06/2030		—		(8	)		0.0		(9	)
Duraserv LLC	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.82%	06/2031		4,797		4,754			0.7		4,749
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.07%	06/2031		70		70			0.0		52
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.67%	05/2027		12,713		12,633			1.8		12,713
GH Parent Holdings Inc.	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.67%	05/2027		264		252			0.0		264
GH Parent Holdings Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.67%	05/2027		6,128		6,128			0.8		6,128


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Guardian Access Solutions	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.51%	08/2029		1,065		1,047			0.1		1,030
Guardian Access Solutions	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.51%	08/2029		338		323			0.0		324
Guardian Access Solutions	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.51%	08/2029		2,857		2,802			0.4		2,807
Flow Service Partners Intermediate Holdco LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2030		—		(6	)		0.0		(16	)
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.30%	11/2030		187		177			0.0		177
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.30%	11/2030		2,544		2,514			0.3		2,514
Halo Buyer, Inc.	Unitranche First Lien Revolver	S + 600 (100 Floor)	10.32%	02/2029		26		16			0.0		16
Halo Buyer, Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.32%	02/2029		3,478		3,411			0.5		3,409
Hamsard 3778 Limited (4)(5)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan			10/2031		—		(17	)		0.0		(18	)
Hamsard 3778 Limited (11)	Unitranche First Lien - Last Out Term Loan	S + 550	9.96%	10/2031		9,213		9,031			1.2		8,983
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.80%	12/2026		18,360		18,193			2.6		18,360
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—		(16	)		0.0		—
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.90%	12/2026		238		237			0.0		238
Hercules Borrower LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.90%	12/2026		1,425		1,416			0.2		1,425
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.00%	01/2028		3,681		3,653			0.5		3,681
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	01/2028		2,770		2,749			0.4		2,770
Hsid Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			01/2028		—		(2	)		0.0		—
Infobase	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.03%	06/2028		10,989		10,855			1.5		10,963
Infobase	Senior Secured First Lien Revolver	S + 550 (100 Floor)	10.03%	06/2028		1,020		1,004			0.1		1,016
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.54%	10/2030		10,462		10,215			1.5		10,562
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.54%	10/2030		986		953			0.1		1,001
Iris Buyer, LLC	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.54%	10/2030		454		423			0.1		454
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.54%	10/2030		114		103			0.0		136


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		344		343			0.0		344
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		1,032		1,031			0.1		1,032
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.44%	07/2027		608		602			0.1		608
MHS Acquisition Holdings, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.44%	07/2027		218		216			0.0		218
MHS Acquisition Holdings, LLC	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.44%	07/2027		60		59			0.0		60
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.69%	07/2027		39		39			0.0		39
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	10.97%	07/2027		39		39			0.0		39
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.65%	02/2029		4,285		4,210			0.6		4,285
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.65%	02/2029		1,928		1,911			0.3		1,928
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(18	)		0.0		—
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.65%	02/2029		1,718		1,718			0.2		1,718
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.65%	02/2029		2,531		2,531			0.3		2,531
NRG Controls (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2030		—		(6	)		0.0		(9	)
NRG Controls (4)(5)	Senior Secured First Lien Revolver			10/2030		—		(5	)		0.0		(5	)
NRG Controls	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.32%	10/2030		3,085		3,048			0.4		3,049
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Term Loan	S + 800	12.32%	05/2030		1,307		1,307			0.2		1,307
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Revolver	S + 800	12.32%	05/2030		473		473			0.1		473
RN Enterprises, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2031		—		(13	)		0.0		(22	)
RN Enterprises, LLC	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.55%	10/2031		247		232			0.0		234
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.55%	10/2031		6,841		6,762			1.0		6,774
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.55%	10/2031		873		865			0.1		865
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.80%	05/2031		1,141		1,141			0.2		1,126
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.80%	05/2030		327		327			0.0		293
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.80%	05/2031		26,428		26,428			3.7		26,081


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Receivable Solutions, Inc.	Senior Secured First Lien Revolver	P + 425 (100 Floor)	12.00%	10/2025		150		150			0.0		150
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.94%	10/2025		2,130		2,126			0.3		2,130
Service Logic Acquisition, Inc. (8)	Senior Secured Second Lien Term Loan	1150	11.50%	10/2028		5,107		5,023			0.7		5,068
Service Logic Acquisition, Inc. (8)	Senior Secured Second Lien Delayed Draw Term Loan	1150	11.50%	10/2028		2,359		2,316			0.3		2,341
UHY Advisors , Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2031		—		(11	)		0.0		(32	)
UHY Advisors , Inc.	Unitranche First Lien Revolver	S + 475 (75 Floor)	9.26%	11/2031		267		258			0.0		258
UHY Advisors , Inc.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.06%	11/2031		4,575		4,544			0.6		4,543
						173,616		171,749			23.5		172,434
Consumer Services
Bandon Fitness (Texas) Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.44%	07/2028		4,714		4,668			0.6		4,711
Bandon Fitness (Texas) Inc. (4)(5)	Unitranche First Lien Revolver			07/2028		—		(4	)		0.0		-
Bandon Fitness (Texas) Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.47%	07/2028		2,092		2,075			0.3		2,091
Effective School Solutions LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.93%	11/2027		7,518		7,458			1.0		7,463
Effective School Solutions LLC	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.93%	11/2027		1,044		1,030			0.1		1,034
Effective School Solutions LLC (4)(5)	Senior Secured First Lien Revolver			11/2027		-		-			0.0		(2	)
Everlast Parent Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.80%	10/2028		13,432		13,323			1.9		13,355
Everlast Parent Inc.	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.80%	10/2028		829		818			0.1		819
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.05%	10/2028		3,301		3,247			0.4		3,210
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.45%	12/2029		4,201		4,157			0.6		4,117
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.45%	12/2029		1,410		1,404			0.2		1,382
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.45%	12/2029		1,401		1,388			0.2		1,373
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(6	)		0.0		(14	)
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.45%	12/2029		1,530		1,522			0.2		1,499
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.45%	12/2029		583		572			0.1		571
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2029		-		(35	)		0.0		(35	)


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor) (including 250 PIK)	11.39%	11/2026		3,344		3,336			0.4		3,182
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor) (including 250 PIK)	11.39%	11/2026		3,313		3,303			0.4		3,152
HGH Purchaser, Inc.	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.89%	11/2026		542		548			0.1		466
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	S + 450 (75 Floor) (including 250 PIK)	11.39%	11/2026		7,881		7,810			1.0		7,499
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.56%	06/2028		491		475			0.1		491
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.56%	06/2029		10,134		10,022			1.4		10,134
HS Spa Holdings Inc. (Hand & Stone) (8)	Unitranche First Lien - Last Out Term Loan	1237.5 PIK	12.38%	06/2030		1,784		1,757			0.2		1,761
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.56%	06/2029		878		866			0.1		878
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.56%	06/2029		481		477			0.1		481
Ingenio, LLC	Unitranche First Lien Term Loan	S + 200 (100 Floor) (including 600 PIK)	12.44%	08/2027		4,682		4,651			0.6		4,343
Ingenio, LLC	Unitranche First Lien Term Loan	S + 200 (100 Floor) (including 600 PIK)	12.44%	08/2027		2,074		2,057			0.3		1,924
Learn-It Systems, LLC	Senior Secured First Lien Revolver	S + 475 (100 Floor) (including 75 PIK)	10.01%	09/2026		180		174			0.0		180
Learn-It Systems, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor) (including 75 PIK)	10.01%	09/2026		2,634		2,596			0.4		2,634
Learn-It Systems, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor) (including 75 PIK)	9.94%	09/2026		4,454		4,426			0.6		4,454
Learn-It Systems, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor) (including 75 PIK)	10.01%	09/2026		1,193		1,176			0.2		1,193
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.17%	04/2029		5,133		5,104			0.7		5,088
Mario Purchaser, LLC	Unitranche First Lien - Last Out Term Loan	S + 1079 PIK	15.17%	04/2032		4,422		4,343			0.6		4,499
Mario Purchaser, LLC	Unitranche First Lien Revolver	S + 575 (75 Floor)	10.17%	04/2028		383		371			0.1		374
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.17%	04/2029		9,639		9,514			1.3		9,555
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575.3 (100 Floor)	10.18%	04/2029		474		396			0.1		432
Marlin DTC-LS Midco 2, LLC (4)(5)	Unitranche First Lien Revolver			07/2025		—		—			0.0		(3	)
Marlin DTC-LS Midco 2, LLC	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.03%	07/2025		2,971		2,971			0.4		2,914
PPV Intermediate Holdings LLC (Vetcor) (4)(5)	Unitranche First Lien Revolver			08/2029		—		(3	)		0.0		(6	)
PPV Intermediate Holdings LLC (Vetcor) (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.06%	08/2029		3,495		3,473			0.5		3,488
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		1,264		1,245			0.2		1,237
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1475 PIK	14.75%	08/2030		314		303			0.0		305


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	12/2028		12,811		12,639			1.8		12,939
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.05%	12/2028		2,876		2,859			0.4		2,904
Stepping Stones Healthcare Services, LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—		(21	)		0.0		19
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.05%	12/2028		1,033		1,010			0.1		1,071
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.64%	11/2029		1,481		1,470			0.2		1,481
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.94%	11/2029		1,638		1,625			0.2		1,638
USA Hometown Experts, Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.94%	11/2029		180		173			0.0		180
USA Hometown Experts, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		—		—			0.0		—
Wrench Group LLC (8)	Senior Secured Second Lien Term Loan	1125	11.25%	04/2027		4,833		4,781			0.6		4,715
						139,067		137,544			18.8		137,176
Diversified Financials
Alera Group Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.07%	09/2028		9,779		9,658			1.5		9,871
Alera Group Inc.	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.07%	09/2028		4,875		4,813			0.7		4,921
Alera Group Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.07%	09/2028		3,111		3,066			0.4		3,142
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2030		—		(7	)		0.0		2
Essential Services Holding Corporation	Unitranche First Lien Revolver	S + 500 (75 Floor)	9.30%	06/2031		149		141			0.0		149
Essential Services Holding Corporation	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.30%	06/2031		7,584		7,514			1.0		7,596
iLending LLC (9)	Senior Secured First Lien Term Loan			06/2026		4,384		4,385			0.3		2,467
iLending LLC (4)(5)(9)	Senior Secured First Lien Revolver			06/2026		—		—			0.0		(314	)
King Mid LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.80%	12/2027		3,465		3,448			0.5		3,465
King Mid LLC (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(2	)		0.0		—
King Mid LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.80%	12/2027		3,365		3,328			0.5		3,365
King Mid LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.82%	12/2027		3,586		3,586			0.5		3,586
King Mid LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.82%	12/2027		1,194		1,186			0.2		1,194
King Mid LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.82%	12/2027		2,294		2,278			0.3		2,294
Miracle Mile Holdings, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2028		—		(19	)		0.0		(51	)
Miracle Mile Holdings, LLC	Unitranche First Lien Revolver	S + 500 (100 Floor)	9.40%	11/2028		50		49			0.0		49
Miracle Mile Holdings, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.42%	11/2028		2,145		2,124			0.3		2,124


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
PCS Retirement	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.05%	03/2030		835		828			0.1		835
PCS Retirement	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.05%	03/2030		123		117			0.0		123
PCS Retirement	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.05%	03/2030		5,049		5,010			0.7		5,049
RWA Wealth Partners, LLC.	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.07%	11/2030		309		297			0.0		275
RWA Wealth Partners, LLC. (4)(5)	Unitranche First Lien Revolver			11/2030		—		(10	)		0.0		(10	)
RWA Wealth Partners, LLC.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.07%	11/2030		6,150		6,106			0.8		6,108
Soltis (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2030		—		(6	)		0.0		—
Soltis (4)(5)	Unitranche First Lien Revolver			08/2030		—		(8	)		0.0		—
Soltis	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.32%	08/2030		1,891		1,859			0.3		1,891
						60,338		59,741			8.1		58,131
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8)	Senior Secured Second Lien Note	1200	12.00%	03/2031		1,250		1,250			0.2		1,250
						1,250		1,250			0.2		1,250
Food & Staples Retailing
Isagenix International, LLC (6)	Senior Secured First Lien Term Loan	S + 650 (100 Floor) (including 410 PIK)	14.91%	04/2028		3,237		3,045			0.2		1,698
						3,237		3,045			0.2		1,698
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.72%	05/2029		4,861		4,830			0.7		4,861
JTM Foods LLC	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.72%	05/2029		480		474			0.1		480
JTM Foods LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.70%	05/2029		661		658			0.1		661
						6,002		5,962			0.9		6,002
Health Care Equipment & Services
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	S + 275 (75 Floor) (including 325 PIK)	10.42%	08/2028		6,924		6,830			0.9		6,711
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 275 (75 Floor) (including 325 PIK)	10.42%	08/2028		1,227		1,222			0.2		1,191
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 275 (75 Floor) (including 325 PIK)	10.41%	08/2028		1,329		1,313			0.2		1,289
ACI Group Holdings, Inc.	Unitranche First Lien Revolver	S + 550 (75 Floor)	9.92%	08/2027		89		83			0.0		66


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Acu-Serve, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.30%	10/2029		3,950		3,918			0.5		3,950
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.30%	10/2029		218		210			0.0		218
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—		(6	)		0.0		—
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.45%	12/2027		3,397		3,383			0.5		3,397
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.45%	12/2027		4,850		4,807			0.7		4,850
Advanced Diabetes Supply (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(3	)		0.0		—
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(6	)		0.0		—
Annuity Health	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.29%	02/2029		4,158		4,127			0.6		4,158
Arrow Management Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.05%	10/2027		4,789		4,742			0.7		4,789
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.05%	10/2027		2,142		2,131			0.3		2,142
Arrow Management Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			10/2027		—		(6	)		0.0		—
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.05%	10/2027		1,638		1,638			0.2		1,638
Avalign Technologies, Inc.	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.82%	12/2028		501		475			0.1		382
Avalign Technologies, Inc.	Unitranche First Lien Term Loan	S +362.5 (75 Floor) (including 362.5 PIK)	11.56%	12/2028		13,124		12,916			1.7		12,190
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.70%	05/2026		4,442		4,442			0.6		4,442
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.70%	05/2026		1,571		1,571			0.2		1,571
Bayside Opco, LLC (5)(6)	Senior Secured First Lien Revolver			05/2026		—		—			0.0		—
Bayside Opco, LLC (6)(8)	Unsecured Debt	1445 PIK	14.45%	05/2026		1,885		1,461			0.3		1,885
BVI Medical Inc. (4)(5)(6)	Unitranche First Lien Delayed Draw Term Loan	S + 125 (75 Floor) (including 500 PIK)		03/2032		—		(3	)		0.0		(7	)
BVI Medical Inc. (4)(5)(6)	Unitranche First Lien Revolver	S + 125 (75 Floor) (including 500 PIK)		03/2032		—		(12	)		0.0		(12	)
BVI Medical Inc. (6)	Unitranche First Lien Term Loan	S + 125 (75 Floor) (including 500 PIK)	10.57%	03/2032		10,135		9,983			1.4		9,983
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.55%	08/2027		4,962		4,917			0.7		4,962
CC Amulet Management, LLC	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.55%	08/2027		671		663			0.1		671
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.55%	08/2027		902		893			0.1		902


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Centria Subsidiary Holdings, LLC	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.54%	06/2027		237		230			0.0		237
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.54%	06/2027		11,250		11,222			1.5		11,250
ConvenientMD	Senior Secured First Lien Term Loan	S + 500	9.46%	06/2029		5,623		5,571			0.8		5,623
ConvenientMD (4)(5)	Senior Secured First Lien Revolver			06/2029		—		(7	)		0.0		—
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.17%	11/2027		11,419		11,318			1.6		11,419
EMS Buyer, Inc.	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.17%	11/2027		403		399			0.1		403
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.17%	11/2027		973		962			0.1		973
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.17%	11/2027		2,084		2,084			0.3		2,084
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.31%	06/2029		13,412		12,965			1.7		12,473
FH MD Buyer, Inc	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	9.44%	07/2028		19,300		19,214			2.6		19,204
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.94%	04/2026		5,953		5,934			0.8		5,680
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			04/2026		—		(6	)		0.0		(28	)
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.94%	04/2026		3,479		3,468			0.5		3,319
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	S + 425 (100 Floor) (including 300 PIK)	11.69%	06/2027		4,964		4,935			0.7		4,755
Great Lakes Dental Partners, LLC	Unitranche First Lien Revolver	S + 425 (100 Floor) (including 300 PIK)	11.69%	06/2027		310		308			0.0		292
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.43%	05/2027		4,391		4,351			0.6		4,391
Homecare Partners Management, LLC	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.43%	05/2027		792		783			0.1		792
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.43%	05/2027		3,285		3,238			0.5		3,285
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.43%	05/2027		1,070		1,059			0.1		1,070
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.43%	06/2030		860		860			0.1		860
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		14,571		14,457			2.0		14,571
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		2,661		2,622			0.4		2,661
Hospice Care Buyer, Inc.	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.99%	12/2026		1,099		1,086			0.2		1,099
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.99%	12/2026		2,709		2,668			0.4		2,709
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		386		381			0.1		386


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.96%	06/2026		2,942		2,942			0.4		2,847
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.96%	06/2026		353		353			0.0		342
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Revolver	S + 650	10.95%	06/2026		442		442			0.1		428
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.96%	06/2026		809		809			0.1		783
IVX Health Merger Sub, Inc. (8)	Unsecured Debt	1350 PIK	13.50%	06/2031		7,968		7,803			1.1		8,207
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—		(61	)		0.0		—
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.30%	06/2030		17,027		16,718			2.4		17,197
Laseraway Intermediate Holdings II, LLC (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.31%	10/2027		5,887		5,827			0.8		5,681
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Revolver	S + 575 (100 Floor) (including 75 PIK)	11.06%	03/2028		1,157		1,153			0.1		1,050
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor) (including 75 PIK)	11.06%	03/2028		468		467			0.1		425
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor) (including 75 PIK)	11.06%	03/2028		2,247		2,240			0.3		2,039
Lighthouse Lab Services	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.20%	10/2027		5,521		5,467			0.7		5,285
Lighthouse Lab Services	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.20%	10/2027		1,074		1,063			0.1		1,021
Lightspeed Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.05%	02/2027		786		786			0.1		786
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Revolver			02/2027		—		—			0.0		—
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.05%	02/2027		17,606		17,606			2.4		17,606
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	9.82%	02/2031		690		672			0.1		693
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	9.82%	02/2031		883		861			0.1		885
MB2 Dental (4)(5)	Unitranche First Lien Revolver			02/2031		—		(4	)		0.0		1
MB2 Dental	Unitranche First Lien Term Loan	S + 550 (75 Floor)	9.82%	02/2031		6,099		6,046			0.8		6,106
Medical Review Institute of America	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.30%	07/2030		112		105			0.0		112
Medical Review Institute of America	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.30%	07/2030		5,672		5,620			0.8		5,672


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***		Fair Value
MWD Management LLC (United Derm)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.40%	06/2027		4,399		4,354		0.6		4,399
MWD Management LLC (United Derm)	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.40%	06/2027		5,460		5,402		0.8		5,460
MWD Management LLC (United Derm)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.40%	06/2027		480		468		0.1		480
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Revolver	S + 450 (100 Floor) (including 350 PIK)	12.40%	09/2025		981		981		0.1		932
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 450 (100 Floor) (including 350 PIK)	12.40%	09/2025		6,814		6,815		0.9		6,469
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 450 (100 Floor) (including 350 PIK)	12.40%	09/2025		895		890		0.1		849
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 450 (100 Floor) (including 350 PIK)	12.40%	09/2025		303		303		0.0		288
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 450 (100 Floor) (including 350 PIK)	12.40%	09/2025		252		249		0.0		239
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Revolver	S + 450 (100 Floor) (including 350 PIK)	14.40%	09/2025		176		176		0.0		176
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.69%	01/2028		2,834		2,798		0.4		2,834
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.69%	01/2026		948		941		0.1		948
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.69%	01/2028		11,805		11,664		1.6		11,805
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.69%	01/2028		360		355		0.0		360
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.69%	01/2028		3,519		3,487		0.5		3,519
Patriot Acquisition Topco S.A.R.L (8)(11)	Unsecured Debt	1400 PIK	14.00%	02/2030		4,031		3,972		0.6		4,075
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Delayed Draw Term Loan	S + 625 (75 Floor)	10.55%	05/2029		269		265		0.0		259
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Revolver	S + 575 (75 Floor)	10.05%	05/2029		670		660		0.1		641
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.05%	05/2029		7,115		7,021		0.9		6,858
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.57%	08/2028		9,214		9,115		1.3		9,214
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.57%	08/2028		4,999		4,994		0.7		4,999
Premier Dental Care Management, LLC	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.57%	08/2027		236		218		0.0		236
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.57%	08/2028		1,992		1,976		0.3		1,992


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.42%	09/2027		10,133		10,035			1.4		10,119
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.42%	09/2027		1,578		1,569			0.2		1,576
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.42%	04/2030		2,095		2,060			0.3		2,090
Quorum Health Resources	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.93%	05/2027		5,191		5,161			0.7		5,171
Quorum Health Resources (4)(5)	Unitranche First Lien Revolver			05/2027		—		(5	)		0.0		(3	)
Safco Dental Supply, LLC	Unitranche First Lien Revolver	S + 550 (100 Floor)	9.95%	06/2025		342		342			0.0		333
REP Behavioral Health, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2030		—		(12	)		0.0		(30	)
REP Behavioral Health, LLC	Unitranche First Lien Revolver	S + 500 (100 Floor)	9.32%	12/2030		184		166			0.0		166
REP Behavioral Health, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.32%	12/2030		5,736		5,668			0.8		5,667
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.95%	06/2025		4,043		4,039			0.5		3,984
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2027		—		(7	)		0.0		—
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.55%	12/2027		8,884		8,813			1.2		8,974
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.55%	12/2027		4,713		4,643			0.7		4,760
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2027		—		(6	)		0.0		—
Smile Doctors LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—		(14	)		0.0		(12	)
Smile Doctors LLC	Unitranche First Lien Delayed Draw Term Loan	S + 590 (75 Floor)	10.32%	12/2028		786		787			0.1		786
Smile Doctors LLC	Unitranche First Lien Term Loan	S + 590 (75 Floor)	10.32%	12/2028		15,350		15,266			2.1		15,326
SolutionReach, Inc.	Senior Secured First Lien Term Loan	S + 700 (100 Floor)	11.44%	07/2025		4,624		4,613			0.6		4,581
SolutionReach, Inc.	Senior Secured First Lien Revolver	S + 600	10.45%	07/2025		465		465			0.1		462
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.36%	07/2029		3,693		3,616			0.5		3,693
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Term Loan	E + 600	8.38%	07/2029		3,786		3,501			0.5		3,786
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Delayed Draw Term Loan	S + 600 (50 Floor)	10.36%	07/2029		1,935		1,902			0.3		1,946
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Delayed Draw Term Loan	S + 600	10.36%	07/2029		6,040		5,820			0.8		6,040


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.92%	05/2029		6,190		6,143			0.9		6,190
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—		(4	)		0.0		—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.92%	05/2029		356		348			0.0		356
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Delayed Draw Term Loan			06/2030		—		—			0.0		—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.92%	06/2030		2,581		2,581			0.4		2,581
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.45%	09/2025		2,939		2,932			0.4		2,939
Unifeye Vision Partners	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.45%	09/2025		1,700		1,697			0.2		1,700
Unifeye Vision Partners	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.45%	09/2025		5,117		5,103			0.7		5,117
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.45%	09/2025		4,921		4,918			0.7		4,921
Vital Care Buyer, LLC (4)(5)	Unitranche First Lien Revolver			07/2031		—		(3	)		0.0		—
Vital Care Buyer, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.80%	07/2031		2,152		2,132			0.3		2,155
						435,164		430,079			59.2		430,448
Household & Personal Products
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (including 510 PIK)	12.14%	03/2026		3,126		3,116			0.4		3,017
Lash Opco LLC	Unitranche First Lien Revolver	S + 265 (100 Floor) (including 510 PIK)	12.14%	09/2025		389		387			0.1		375
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (including 510 PIK)	12.14%	03/2026		3,188		3,172			0.4		3,076
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (including 510 PIK)	12.14%	03/2026		1,035		1,031			0.1		998
						7,738		7,706			1.0		7,466
Insurance
Balance Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.29%	04/2030		1,744		1,717			0.2		1,744
Balance Partners (4)(5)	Senior Secured First Lien Revolver			04/2030		—		(5	)		0.0		—
Balance Partners	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.30%	04/2030		2,184		2,165			0.3		2,184


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2030		—		(5	)		0.0		(7	)
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.45%	04/2030		11,423		11,344			1.6		11,309
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.45%	04/2030		392		388			0.1		388
Galway Borrower, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.80%	09/2028		6,446		6,390			0.9		6,453
Galway Borrower, LLC	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.80%	09/2028		176		172			0.0		174
Galway Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.80%	09/2028		34		32			0.0		35
Galway Borrower, LLC (4)(5)	Unitranche First Lien Revolver			09/2028		—		(1	)		0.0		(3	)
Integrity Marketing Acquisition, LLC (5)	Unitranche First Lien Revolver			08/2028		—		—			0.1		2
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.31%	08/2028		20,174		20,174			2.9		20,202
Newcleus, LLC	Senior Secured First Lien Term Loan	S + 600	10.45%	08/2026		5,205		5,009			0.7		5,096
Newcleus, LLC (4)(5)	Senior Secured First Lien Revolver			08/2026		—		(11	)		0.0		(9	)
Newcleus, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			08/2026		—		(12	)		0.0		(10	)
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.45%	10/2028		9,065		8,990			1.2		9,060
Patriot Growth Insurance Services, LLC	Unitranche First Lien Revolver	S + 500 (75 Floor)	9.45%	10/2028		330		323			0.0		330
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.45%	10/2028		2,784		2,767			0.4		2,781
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.45%	10/2028		702		691			0.1		701
The Hilb Group, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.07%	10/2031		59		43			0.0		31
The Hilb Group, LLC	Unitranche First Lien Revolver	S + 475 (75 Floor)	9.07%	10/2031		76		61			0.0		62
The Hilb Group, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.07%	10/2031		14,987		14,850			2.0		14,862


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Vantage Insurance Partners, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2028		—		(18	)		0.0		(152	)
Vantage Insurance Partners, Inc.	Unitranche First Lien Revolver	S + 600 (100 Floor)	10.30%	12/2028		78		71			0.0		52
Vantage Insurance Partners, Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.30%	12/2028		4,450		4,413			0.6		4,302
						80,309		79,548			11.1		79,587
Materials
A&A Global Imports, LLC (4)(9)	Senior Secured First Lien Term Loan			06/2026		1,469		992			0.0		(1	)
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,720		—			0.0		3
A&A Global Imports, LLC	Senior Secured First Lien Revolver	S + 650 (100 Floor)	10.90%	06/2026		545		545			0.1		545
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan	1140 PIK		12/2027		3,200		3,188			0.1		646
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan	1140 PIK		12/2027		499		498			0.0		101
Action Signature Acquisition, Inc.	Unitranche First Lien Revolver	S + 700 PIK	11.40%	12/2027		415		413			0.1		415
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan	1140 PIK		12/2027		265		242			0.0		53
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan	1140 PIK		12/2027		830		826			0.0		167
Formulations Parent Corporation	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.07%	11/2030		9,808		9,642			1.4		9,906
Formulations Parent Corporation (4)(5)	Unitranche First Lien Revolver			11/2029		—		(27	)		0.0		—
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.55%	12/2029		4,246		4,211			0.6		4,246
Online Labels Group, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.55%	12/2029		263		260			0.0		263
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2029		—		(2	)		0.0		—
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Revolver			12/2029		—		(5	)		0.0		—
						23,260		20,783			2.3		16,344
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.45%	12/2027		7,172		7,102			1.0		7,046
Alcanza Clinical Research (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(1	)		0.0		(2	)


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
BioAgilytix	Senior Secured First Lien Term Loan	1121 PIK	11.21%	12/2028		15,086		14,915			1.7		12,433
BioAgilytix	Senior Secured First Lien Delayed Draw Term Loan	1121 PIK	11.21%	12/2028		791		783			0.1		652
Nephron Pharmaceuticals, LLC	Unitranche First Lien - Last Out Term Loan	S + 800	12.36%	12/2027		7,500		7,395			1.0		7,388
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.66%	09/2026		2,174		2,154			0.3		2,174
Teal Acquisition Co., Inc	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.64%	09/2026		1,277		1,267			0.2		1,277
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.66%	09/2026		1,200		1,192			0.2		1,200
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.76%	09/2026		291		290			0.0		291
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	12/2029		3,333		3,263			0.5		3,330
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(9	)		0.0		—
						38,824		38,351			5.0		35,789
Retailing
MeriCal, LLC (9)	Unitranche First Lien Term Loan			11/2025		7,543		7,232			0.5		3,567
MeriCal, LLC (9)	Senior Secured First Lien Revolver			11/2025		800		800			0.0		215
Slickdeals Holdings, LLC (4)(5)(6)	Unitranche First Lien Revolver			06/2025		—		(1	)		0.0		(2	)
Slickdeals Holdings, LLC (6)	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.64%	06/2025		13,837		13,822			1.9		13,803
						22,180		21,853			2.4		17,583


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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	Unitranche First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.34%	06/2028		2,776		2,761			0.4		2,776
ABACUS Holdings I LLC	Unitranche First Lien Revolver	S + 500 (100 Floor)	9.39%	06/2028		692		678			0.1		692
ABACUS Holdings I LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.39%	06/2028		6,630		6,549			0.9		6,630
ABACUS Holdings I LLC (5)	Unitranche First Lien Delayed Draw Term Loan			06/2028		—		—			0.0		—
ABACUS Holdings I LLC (5)	Unitranche First Lien Revolver			06/2028		—		—			0.0		—
Affinitiv, Inc.	Unitranche First Lien Revolver	S + 700 (100 Floor) (including 200 PIK)	13.56%	07/2027		57		55			0.0		41
Affinitiv, Inc.	Unitranche First Lien Term Loan	S + 700 (100 Floor) (including 200 PIK)	13.56%	07/2027		6,132		6,079			0.8		5,907
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.44%	11/2027		746		737			0.1		746
Alpine SG, LLC (4)(5)	Senior Secured First Lien Revolver			11/2027		—		(1	)		0.0		—
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.44%	11/2027		534		527			0.1		534
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.44%	11/2027		1,857		1,834			0.3		1,857
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600	10.44%	11/2027		296		292			0.0		296
Apps Associates LLC	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.17%	07/2027		5,452		5,404			0.7		5,391
Apps Associates LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.17%	07/2027		1,755		1,740			0.2		1,735
Apps Associates LLC	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.17%	07/2027		160		154			0.0		151
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.80%	07/2027		19,137		19,137			2.6		18,951
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—		(19	)		0.0		(23	)
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.32%	06/2026		4,743		4,719			0.6		4,683
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		—		(3	)		0.0		(8	)
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.30%	06/2026		750		741			0.1		741
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.67%	10/2025		1,353		1,351			0.2		1,329
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.67%	10/2025		287		286			0.0		282
Benesys Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.92%	10/2025		150		150			0.0		147
Benesys Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.92%	10/2025		162		162			0.0		160


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Blue Mantis	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.05%	08/2030		3,085		3,072			0.4		3,046
Blue Mantis	Senior Secured First Lien Revolver	S + 475 (75 Floor)	9.05%	08/2030		245		235			0.0		234
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	9.05%	08/2030		3,507		3,468			0.5		3,464
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	9.05%	08/2030		499		493			0.1		493
C-4 Analytics (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			05/2030		—		(20	)		0.0		—
C-4 Analytics	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.81%	05/2030		555		539			0.1		555
C-4 Analytics	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.81%	05/2030		18,361		18,202			2.5		18,361
Claritas, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.81%	03/2028		2,413		2,401			0.3		2,413
Claritas, LLC (4)(5)	Unitranche First Lien Revolver			03/2028		—		(10	)		0.0		—
Claritas, LLC	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.81%	03/2028		10,282		10,217			1.4		10,282
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.57%	12/2028		9,356		9,281			1.3		9,356
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.57%	12/2028		413		409			0.1		413
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.57%	12/2028		549		539			0.1		549
DataVail	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.05%	01/2029		7,061		7,005			1.0		7,028
DataVail	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.05%	01/2029		402		385			0.1		392
DataVail	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.05%	01/2029		550		546			0.1		547
DataVail	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.05%	01/2029		300		298			0.0		299
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	09/2030		13,331		13,041			1.8		13,360
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		—		(28	)		0.0		—
Imagenet, LLC (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(8	)		0.0		(8	)
Imagenet, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.30%	12/2030		3,042		3,005			0.4		3,006
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	09/2030		2,779		2,754			0.4		2,785


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	11/2028		12,859		12,711			1.8		12,951
Lexipol (Ranger Buyer, Inc.) (4)(5)	Unitranche First Lien Revolver			11/2027		—		(12	)		0.0		—
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	11/2028		1,099		1,090			0.2		1,107
List Partners, Inc. (9)	Senior Secured First Lien Revolver			06/2025		316		314			0.0		244
List Partners, Inc. (9)	Senior Secured First Lien Term Loan			06/2025		3,607		3,592			0.4		3,031
MRI Software LLC (12)	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.05%	02/2026		19,637		19,553			2.7		19,490
MRI Software LLC	Unitranche First Lien Revolver	S + 475 (100 Floor)	9.05%	02/2026		86		79			0.0		43
MRI Software LLC (12)	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.05%	02/2026		1,279		1,274			0.2		1,270
MRI Software LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.17%	02/2027		323		318			0.0		317
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			07/2030		—		(6	)		0.0		—
Medicus IT	Unitranche First Lien Revolver	S + 475 (75 Floor)	9.01%	07/2030		110		100			0.0		110
Medicus IT	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.05%	07/2030		6,070		6,014			0.8		6,070
Net Health Acquisition Corp.	Unitranche First Lien Revolver	S + 475 (75 Floor)	9.07%	07/2031		170		155			0.0		169
Net Health Acquisition Corp.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.07%	07/2031		13,262		13,144			1.8		13,251
New Era Technology, Inc. (9)	Unitranche First Lien Term Loan			10/2026		2,994		2,976			0.3		2,116
New Era Technology, Inc. (9)	Unitranche First Lien Revolver			10/2026		228		226			0.0		161
New Era Technology, Inc. (9)	Unitranche First Lien Delayed Draw Term Loan			10/2026		1,924		1,908			0.2		1,359
New Era Technology, Inc. (9)	Unitranche First Lien Delayed Draw Term Loan			10/2026		6,377		6,339			0.6		4,506
New Era Technology, Inc. (9)	Unitranche First Lien Revolver			10/2026		486		481			0.0		343
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		—		(22	)		0.0		—
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	9.90%	10/2027		9,354		9,265			1.3		9,354
Omega Systems Intermediate Holdings, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			01/2031		—		(4	)		0.0		(12	)
Omega Systems Intermediate Holdings, Inc. (4)(5)	Unitranche First Lien Revolver			01/2031		—		(4	)		0.0		(4	)
Omega Systems Intermediate Holdings, Inc.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.30%	01/2031		2,100		2,080			0.3		2,080


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S +550 (100 Floor) (including 100 PIK)	10.97%	03/2027		1,083		1,082			0.1		1,076
Ontario Systems, LLC	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.97%	03/2027		500		499			0.1		497
Ontario Systems, LLC	Unitranche First Lien Term Loan	S +550 (100 Floor) (including 100 PIK)	10.97%	03/2027		3,133		3,125			0.4		3,114
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S +550 (100 Floor) (including 100 PIK)	10.97%	03/2027		543		538			0.1		540
Ontario Systems, LLC	Unitranche First Lien Term Loan	S +550 (100 Floor) (including 100 PIK)	10.97%	03/2027		444		441			0.1		441
Park Place Technologies, LLC (8)	Unsecured Debt	1250 PIK	12.50%	05/2029		1,167		1,167			0.2		1,122
Perforce Software, Inc.	Senior Secured Second Lien Term Loan	S + 800	12.42%	07/2027		5,000		5,000			0.7		5,000
Right Networks, LLC	Unitranche First Lien Revolver	S + 500 (100 Floor)	9.32%	05/2029		330		330			0.0		330
Right Networks, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.32%	05/2029		24,042		24,042			3.3		24,042
Ruffalo Noel Levitz, LLC (9)	Unitranche First Lien Revolver			12/2026		316		310			0.0		127
Ruffalo Noel Levitz, LLC (9)	Unitranche First Lien Term Loan			12/2026		2,619		2,572			0.1		1,055
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.30%	11/2028		19,826		19,642			2.7		19,821
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.30%	11/2028		2,415		2,392			0.3		2,414
Saturn Borrower Inc (4)(5)	Unitranche First Lien Revolver			11/2028		—		(14	)		0.0		—
SQAD Holdco, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.05%	04/2028		2,358		2,346			0.3		2,358
SQAD Holdco, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—		(11	)		0.0		—
SQAD Holdco, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.05%	04/2028		8,704		8,603			1.2		8,704
Strata Information Group, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.86%	12/2030		318		314			0.0		306
Strata Information Group, Inc. (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(7	)		0.0		(7	)
Strata Information Group, Inc.	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.86%	12/2030		1,200		1,189			0.2		1,188


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.20%	05/2028		528		525			0.1		528
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.20%	05/2028		5,154		5,094			0.8		5,154
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.19%	05/2028		2,364		2,364			0.3		2,364
TMA Buyer, LLC	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.20%	09/2027		3,035		2,961			0.4		3,035
TMA Buyer, LLC (4)(5)	Unitranche First Lien Revolver			09/2027		—		(9	)		0.0		—
TMA Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.70%	09/2027		361		353			0.0		361
Transportation Insight, LLC	Senior Secured First Lien Term Loan	S + 350 (including 100 PIK)	8.93%	06/2027		4,958		4,949			0.5		3,644
Transportation Insight, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 350 (including 100 PIK)	8.93%	06/2027		1,232		1,230			0.1		906
Transportation Insight, LLC	Senior Secured First Lien Revolver	S + 350 (including 100 PIK)	8.93%	06/2027		698		697			0.1		501
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.42%	12/2025		614		613			0.1		614
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.42%	12/2025		1,006		1,003			0.1		1,006
Winxnet Holdings LLC	Unitranche First Lien Revolver	S + 600 (100 Floor)	10.42%	12/2025		407		404			0.1		407
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.42%	12/2025		1,867		1,864			0.3		1,869
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.42%	12/2025		1,489		1,484			0.2		1,489
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.42%	12/2025		1,111		1,102			0.2		1,111
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.42%	12/2025		195		195			0.0		195
						311,697		309,117			41.4		302,861
Technology, Hardware & Equipment
3SI Security Systems	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.49%	12/2026		3,465		3,391			0.5		3,465
Gener8, LLC	Senior Secured First Lien Term Loan	S + 200 (including 600 PIK)	12.56%	08/2025		5,872		5,872			0.5		3,610
Gener8, LLC	Senior Secured First Lien Revolver	S + 200 (including 600 PIK)	12.56%	08/2025		1,257		1,257			0.1		658
Gener8, LLC	Senior Secured First Lien Term Loan	S + 200 (100 Floor) (including 600 PIK)	12.56%	08/2025		253		253			0.0		155
						10,847		10,773			1.1		7,888


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Transportation
A&R Logistics Holdings, Inc.	Unitranche First Lien Term Loan	S + 265 (including 425 PIK)	11.36%	08/2026		2,346		2,320		0.3			2,335
A&R Logistics Holdings, Inc.	Unitranche First Lien Term Loan	S + 265 (including 425 PIK)	11.36%	08/2026		439		439		0.1			437
A&R Logistics Holdings, Inc.	Unitranche First Lien Term Loan	S + 265 (100 Floor) (including 425 PIK)	11.36%	08/2026		43		42		0.0			43
Breeze Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.17%	01/2028		4,278		4,228		0.6			4,232
						7,106		7,029		1.0			7,047
Total Debt Investments United States						1,399,126		1,379,826		185	%		1,346,420
Equity Investments
Automobiles & Components
Sun Acquirer Corp.	Common Stock					6,148		615		0.1			824
Sun Acquirer Corp.	Common Stock					428		43		0.0			57
								658		0.1			881

Capital Goods
Envocore Holding, LLC (7)	Common Stock					521,354		—		0.0			—
Envocore Holding, LLC (7)	Preferred Stock					534,722		—		0.0			—
								—		0.0			—
Commercial & Professional Services
Allied Universal Holdings, LLC	Common Stock					2,805,726		1,011		0.5			3,350
Allied Universal Holdings, LLC	Common Stock					684,903		685		0.1			765
ASP MCS Acquisition Corp. (6)(12)	Common Stock					13,293		1,183		0.0			223
ASP MCS Acquisition Corp. (6)	Common Stock					791		-		0.0			68
ASP MCS Acquisition Corp. (6)	Preferred Stock					792		333		0.1			462
Hercules Borrower LLC	Common Stock					1,153,075		1,153		0.2			1,812
Iris Buyer, LLC	Common Stock					577		577		0.1			646
Iris Buyer, LLC	Common Stock					576,923		—		0.0			27
MHS Acquisition Holdings, LLC	Preferred Stock					1,060		923		0.1			890
MHS Acquisition Holdings, LLC	Common Stock					11		9		0.0			—
RN Enterprises, LLC	Common Stock					776		791		0.1			791
Receivable Solutions, Inc.	Preferred Stock					137,000		137		0.0			343


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***		Fair Value
Service Logic Acquisition, Inc.	Common Stock					13,132		1,313		0.6		4,064
Seko Global Logistics Network, LLC (11)	Common Stock					625		2,373		0.3		2,318
TecoStar Holdings, Inc.	Common Stock					500,000		500		0.0		3
								10,988		2.1		15,762
Consumer Services
Everlast Parent Inc.	Common Stock					948		949		0.1		713
FS Whitewater Borrower, LLC	Common Stock					6,897		690		0.1		792
FS Whitewater Borrower, LLC	Common Stock					238		31		0.0		27
HGH Purchaser, Inc.	Common Stock					4,171		417		0.0		198
HS Spa Holdings Inc. (Hand & Stone)	Common Stock					1,791,160		1,791		0.2		1,425
Legalshield	Common Stock					372		372		0.1		759
Mario Purchaser, LLC	Common Stock					1,027		1,027		0.1		656
Mario Purchaser, LLC	Common Stock					118		118		0.0		75
PPV Intermediate Holdings LLC (Vetcor)	Common Stock					312,500		313		0.0		327
Stepping Stones Healthcare Services, LLC	Common Stock					11,321		1,132		0.2		1,206
Wrench Group LLC	Common Stock					2,337		235		0.1		605
Wrench Group LLC	Common Stock					655		66		0.0		170
								7,141		0.9		6,953
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14)	Partnership Interest							266		0.0		336
First Eagle Greenway Fund II, LLC (11)(13)(14)	Partnership Interest							—		0.0		1
First Eagle Logan JV, LLC (2)(7)(11)(13)(14)	Partnership Interest							41,413		4.8		34,051
Freeport Financial SBIC Fund LP (11)(13)(14)	Partnership Interest							1,312		0.2		1,131
Gryphon Partners 3.5, L.P. (11)(13)(14)	Partnership Interest							145		0.0		31
WhiteHawk III Onshore Fund L.P. (2)(6)(11)(13)(14)	Partnership Interest							3,227		0.5		3,490
								46,363		5.5		39,040
Energy
Loadmaster Derrick & Equipment, Inc. (7)	Preferred Stock					3,000,000		3,000		0.3		2,035
								3,000		0.3		2,035


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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					202,844		—		0.0		—
								—		0.0		—
Health Care Equipment & Services
ACI Group Holdings, Inc.	Common Stock					907,499		910		0.1		453
ACI Group Holdings, Inc.	Preferred Stock					3,719		3,645		0.7		4,953
ACI Group Holdings, Inc.	Preferred Stock					684,903		40		0.0		40
Bayside Opco, LLC (6)	Common Stock					1,976		—		0.1		881
BVI Medical Inc. (6)	Common Stock					7,495		1,137		0.2		1,137
Centria Subsidiary Holdings, LLC	Common Stock					11,911		1,191		0.4		3,068
Hospice Care Buyer, Inc.	Common Stock					13,985		1,398		0.2		1,512
Hospice Care Buyer, Inc.	Common Stock					754		75		0.0		82
IVX Health Merger Sub, Inc.	Common Stock					2,199		2,199		0.4		3,011
Patriot Acquisition Topco S.A.R.L (11)	Common Stock					1,192		1,192		0.2		1,331
Patriot Acquisition Topco S.A.R.L (11)	Common Stock					16,416		46		0.0		—
Seniorlink Incorporated	Common Stock					68,182		423		0.3		2,237
Smile Doctors LLC	Common Stock					1,191		714		0.1		711
Vital Care Buyer, LLC	Common Stock					649		1		0.0		15
Vital Care Buyer, LLC	Common Stock					64		64		0.0		56
								13,035		2.7		19,487
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917		292		0.1		571
Integrity Marketing Acquisition, LLC	Common Stock					287,484		533		0.2		1,322
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247		1,215		0.3		2,524
								2,040		0.6		4,417
Materials
A&A Global Imports, LLC	Common Stock					69		—		0.0		—
								—		0.0		—


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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
Nephron Pharmaceuticals, LLC	Common Stock					128,000		-		0.0		128
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096		953		0.1		948
LSCS Holdings, Inc. (Eversana)	Preferred Stock					447		447		0.1		565
Teal Acquisition Co., Inc	Common Stock					5,555		556		0.0		353
WCT Group Holdings, LLC	Common Stock					118		1,176		0.3		1,886
								3,132		0.5		3,880
Retailing
MeriCal, LLC	Preferred Stock					521		103		0.0		—
MeriCal, LLC	Common Stock					5,334		—		0.0		—
Palmetto Moon LLC	Common Stock					61		—		0.1		676
Slickdeals Holdings, LLC (6)	Common Stock					89		891		0.0		222
Vivid Seats Ltd. (6)(11)(12)	Common Stock					608,108		608		0.1		728
								1,602		0.2		1,626
Software & Services
Certify, Inc.	Common Stock					841		247		0.0		241
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		638		0.1		855
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		—		0.0		—
Lexipol (Ranger Buyer, Inc.)	Common Stock					5		5		0.0		6
NMN Holdings III Corp.	Common Stock					11,111		1,111		0.3		2,063
Odessa Technologies, Inc.	Common Stock					10,714		1,070		0.2		1,159
Park Place Technologies, LLC	Common Stock					479		479		0.0		—
Park Place Technologies, LLC	Common Stock					442,203		27		0.1		453
Park Place Technologies, LLC	Common Stock					685,018		—		0.0		—
Saturn Borrower Inc	Common Stock					434,163		481		0.1		934
								4,058		0.8		5,711


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Transportation
Xpress Global Systems, LLC	Common Stock					12,544		—		-			-
								—		-			-
Total Equity Investments United States								92,017		14	%		99,792
Total United States							$	1,471,843		198.6	%	$	1,446,212
Canada
Equity Investments
Telecommunication Services
Sandvine Corporation (11)	Common Stock					81,818		—		0.0			—
Total Equity Investments Canada								—		0.0			—
Total Canada							$	—		0.0	%	$	—
Finland
Debt Investments
Software & Services
SC MidCo Oy (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2032	€	-		-		0.0	%		(3	)
SC MidCo Oy (11)	Unitranche First Lien Term Loan	SN + 525	7.67%	03/2032	€	1,941	$	1,917		0.3	%	$	1,902
						1,941		1,917		0.3			1,899
Total Debt Investments Finland						1,941		1,917		0.3			1,899
Total Finland					€	1,941	$	1,917		0.3	%	$	1,899
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 652.66	10.98%	12/2027	£	7,917	$	7,658		1.1	%	$	7,917
Crusoe Bidco Limited (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 652.66	10.98%	12/2027	£	1,070		1,007		0.1			1,070
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	11.20%	06/2028	£	1,829		1,963		0.3			1,829
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.96%	06/2028	£	506		719		0.1			506
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.99%	06/2028	£	14,209		13,397		2.0			14,209
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.96%	06/2028	£	2,757		2,642		0.4			2,757
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.99%	06/2028	£	3,677		3,605		0.5			3,677
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.99%	06/2028	£	6,434		6,092		0.9			6,434
						38,399		37,083		5.4			38,399


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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	S + 600 (50 Floor)	10.45%	03/2028	£	4,352	$	4,298			0.5		$	3,921
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.45%	03/2028	£	9,939		9,812			1.2			8,955
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.58%	03/2028	£	4,953		4,882			0.6			4,463
Lion Cashmere Bidco Limited (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2028	£	—		(47	)		0.0			(295	)
						19,244		18,945			2.3			17,044
Food, Beverage & Tobacco
APC Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 636.93	11.19%	10/2030	£	5,605	$	5,214			0.8		$	5,605
APC Bidco Limited (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 636.93	11.19%	10/2030	£	1,607		1,499			0.2			1,607
						7,212		6,713			1.0			7,212
Software & Services
Jordan Bidco, Ltd. (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 575	10.35%	08/2028	£	526	$	522			0.1		$	526
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 575	10.35%	08/2028	£	17,095		17,894			2.4			17,095
						17,621		18,416			2.5			17,621
Total Debt Investments United Kingdom					£	82,476	$	81,157			11.2	%	$	80,276
Equity Investments
Health Care Equipment & Services
VetStrategy (11)	Preferred Stock				£	2,126,875	$	968			0.3		$	2,014
VetStrategy (11)	Common Stock				£	37,612		30			—			—
						2,164,487		998			0.3			2,014
Total Equity Investments United Kingdom								998			0.3	%		2,014
Total United Kingdom							$	82,155			11.5	%	$	82,290


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
France
Debt Investments
Commercial & Professional Services
Efor Holding (11)	Unitranche First Lien Term Loan	E + 650	9.18%	10/2030	€	3,116	$	3,073			0.4	%	$	3,116
Efor Holding (11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	9.18%	10/2030	€	1,199		1,166			0.2			1,199
Efor Holding (11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	9.18%	10/2030	€	162		153			-			162
Efor Holding (11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	9.18%	10/2030	€	963		906			0.1			963
					€	5,440		5,298			0.7			5,440
Total Debt Investments France						5,440		5,298			0.7	%		5,440
Total France							$	5,298			0.7	%	$	5,440
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited (11)	Unitranche First Lien Term Loan	S + 550	9.92%	11/2031	£	6,459	$	6,130			0.9	%	$	6,281
					£	6,459		6,130			0.9			6,281
Total Debt Investments Jersey					£	6,459		6,130			0.9	%		6,281
Total Jersey							$	6,130			0.9	%	$	6,281
Netherlands
Debt Investments
Commercial & Professional Services
Avidity Acquisition B.V. (4)(5)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan			03/2032	€	—		(11	)		—			(11	)
Avidity Acquisition B.V. (11)	Unitranche First Lien - Last Out Term Loan	E + 525	7.68%	03/2032	€	2,368	$	2,278			0.3		$	2,320
Pitch MidCo B.V. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			04/2031	€	—		(18	)		—			—
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 625	8.61%	04/2031	€	3,097		2,988			0.4			3,097
						5,465		5,237			1			5,406


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	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
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	E + 600 (including 187.5 PIK)	10.20%	07/2029	€	2,429	$	2,304			0.3		$	2,172
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Delayed Draw Term Loan	E + 413 (including 187.5 PIK)	8.32%	07/2029	€	1,301		1,262			0.1			881
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	S + 381 (including 218.75 PIK)	10.53%	07/2029	€	3,487		3,423			0.4			3,117
						7,217		6,989			0.8			6,170
Total Debt Investments Netherlands						12,682		12,226			1.5	%		11,576
Total Netherlands							$	12,226			1.5	%	$	11,576
Belgium
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11)	Common Stock				€	1,025	$	1			0.0		$	—
Miraclon Corporation (11)	Preferred Stock				€	90,601		73			0.0			104
								74			0.0			104
Total Equity Investments Belgium							$	74			0.0	%	$	104
Total Belgium							$	74			0.0	%	$	104
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2030		AUD 0	$	(27	)		0.0		$	(8	)
Ancora Bidco PTY LTD (11)	Unitranche First Lien Term Loan	B + 500 (50 Floor)	9.15%	11/2030		AUD 6,487		6,692			0.9			6,446
						AUD 6,487		6,665			0.9			6,438


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Retailing
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 575	9.93%	03/2028		AUD 18,181	$	21,376			2.5		$	18,182
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 575 (75 Floor)	9.93%	03/2028		AUD 3,032		3,341			0.4			3,032
						AUD 21,213		24,717			2.9			21,214
Total Debt Investments Australia						AUD 27,700		31,382			3.8	%		27,652
Equity Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (11)	Common Stock					AUD 128,654,071	$	1,325			0.2		$	1,237
Ancora Bidco PTY LTD (11)	Common Stock					AUD 6,771,267		70			0.0			65
								1,395			0.2			1,302
Total Equity Investments Australia								1,395			0.2	%		1,302
Total Australia							$	32,777			4.0	%	$	28,954
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11)	Unitranche First Lien Term Loan	E + 450 (including 150 PIK)	8.43%	08/2029	€	9,802	$	8,960			1.4		$	9,802
AX VI INV2 Holding AB (Voff) (4)(6)(11)	Senior Secured First Lien Revolver			08/2029	€	—		(6	)		0.0			—
AX VI INV2 Holding AB (Voff) (6)(11)	Senior Secured Second Lien Term Loan	E + 1000 PIK	12.39%	08/2030	€	2,729		2,548			0.4			2,729
AX VI INV2 Holding AB (Voff) (6)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 500 (including 150 PIK)	8.93%	08/2029	€	1,652		1,612			0.2			1,652
						14,183		13,114			2.0			14,183
Total Debt Investments Sweden						14,183		13,114			2.0	%		14,183


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2025 (in thousands, except share and per share data) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Equity Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11)	Common Stock					1,140,447		1,086			0.3			2,153
								1,086			0.3			2,153
Total Equity Investments Sweden								1,086			0.3	%		2,153
Total Sweden							$	14,200			2.3	%	$	16,336
Switzerland
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
Solvias AG (4)(5)(6)(11)	Senior Secured First Lien Revolver			02/2032		CHF -		(71	)		0.1			(74	)
Solvias AG (6)(11)	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	6.25%	02/2032		CHF 21,759		20,878			2.9			21,215
						21,759		20,807			3.0			21,141
Total Debt Investments Switzerland						21,759		20,807			3.0	%		21,141
Equity Investments
Pharmaceuticals, Biotechnology & Life Sciences
Sequence Parent (6)(11)	Common Stock					CHF 47,124		409			0.1			409
Sequence Parent (6)(11)	Preferred Stock					CHF 685.00		99			-			99
								508			0.1			508
Total Equity Investments Switzerland								508			0.1	%		508
Total Switzerland							$	21,315		$	3.1	%	$	21,649
Total Investments							$	1,647,935		$	222.9	%	$	1,620,741

Cash Equivalents
Goldman Sachs Financial Square Government Fund			4.41%				$	2,110			0.3		$	2,110
Cash Equivalents Total							$	2,110			0.3	%	$	2,110
Investments and Cash Equivalents Total							$	1,650,045			223.2	%	$	1,622,851

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), Prime (“P”), EURIBOR (“E”), SONIA (“SN”), SARON ("SR"), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of March 31, 2025, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

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

*** Percentage is based on net assets of $727,122 as of March 31, 2025


	Tenor
Reference Rate	Overnight		1 month		3 month		6 Month		12 Month
Prime (“P”)	7.50%			-		-		-		-
SOFR (“S”)		-	4.32%		4.29%		4.19%		4.01%
EURIBOR (“E”)		-	2.36%		2.34%		2.34%		2.31%
SONIA (“SN”)	4.46%			-		-		-		-
BBSY ("B")		-		-	4.13%			-		-
SARON (“SR”)		-	0.20%			-		-		-

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

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

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

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

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

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

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

(8) Fixed rate investment.

(9) The investment is on non-accrual status as of March 31, 2025.

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

(11) Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 13.8% as of March 31, 2025.

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

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

(14) Capital contributed to this investment is subject to restrictions on withdrawal.


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.91%	05/2028		135		131			0.0		135
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.91%	05/2028		3,949		3,898			0.5		3,949
Continental Battery Company	Unitranche First Lien Term Loan	S + 700 (100 Floor) (including 407.5 PIK)	11.48%	01/2027		7,523		7,469			0.7		5,207
Continental Battery Company	Unitranche First Lien Delayed Draw Term Loan	S + 700 (100 Floor) (including 407.5 PIK)	11.48%	01/2027		2,775		2,765			0.3		1,920
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.36%	09/2028		8,943		8,859			1.2		8,898
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(19	)		0.0		(9	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.53%	09/2028		12,652		12,497			1.7		12,589
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.36%	09/2028		2,425		2,394			0.3		2,413
						38,402		37,994			4.7		35,102
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2025		6,736		6,715			0.9		6,736
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2026		9,381		7,052			0.2		1,514
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Revolver	750	7.50%	12/2025		972		971			0.1		972
Eshipping	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.47%	11/2027		5,620		5,558			0.8		5,620
Eshipping	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.47%	11/2027		865		860			0.1		865
Eshipping (4)(5)	Senior Secured First Lien Revolver			11/2027		—		(11	)		0.0		—
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2030		—		(6	)		0.0		(13	)
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			11/2030		—		(5	)		0.0		(5	)
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.34%	11/2030		3,197		3,166			0.4		3,165


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor) (including 50 PIK)	9.75%	07/2028		3,329		3,290			0.4		3,276
Oliver Packaging LLC	Senior Secured First Lien Revolver	S + 550 (100 Floor) (including 50 PIK)	10.25%	07/2028		149		143			0.0		141
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor) (including 50 PIK)	10.25%	07/2028		250		246			0.0		246
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.93%	08/2027		886		882			0.1		878
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	10.12%	04/2030		172		172			0.0		165
Painters Supply & Equipment Company	Unitranche First Lien Revolver	S + 550 (100 Floor)	10.41%	08/2027		317		312			0.0		312
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.93%	08/2027		1,983		1,963			0.3		1,965
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.19%	04/2030		846		846			0.1		838
TriStrux, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 200 PIK)	12.48%	12/2026		2,717		2,679			0.3		1,970
TriStrux, LLC	Senior Secured First Lien Revolver	S + 800 (100 Floor) (including 200 PIK)	12.48%	12/2026		959		945			0.1		669
TriStrux, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 800 (100 Floor) (including 200 PIK)	12.48%	12/2026		953		940			0.1		691
						39,332		36,718			3.9		30,005
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.99%	04/2029		126		126			0.0		126
American Refrigeration	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.99%	02/2029		3,474		3,446			0.5		3,474
American Refrigeration	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.99%	04/2029		199		199			0.0		199
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.09%	10/2026		3,569		3,491			0.5		3,569
Automated Control Concepts, Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		—		(17	)		0.0		—
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.90%	06/2031		882		874			0.1		851
Duraserv LLC (4)(5)	Senior Secured First Lien Revolver			06/2030		—		(8	)		0.0		(14	)
Duraserv LLC	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.90%	06/2031		4,809		4,763			0.6		4,731
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.71%	05/2027		12,746		12,654			1.7		12,746
GH Parent Holdings Inc.	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.71%	05/2027		264		251			0.0		264
GH Parent Holdings Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.71%	05/2027		6,143		6,143			0.8		6,143


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Guardian Access Solutions	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.33%	08/2029		1,068		1,048			0.1		1,060
Guardian Access Solutions	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.33%	08/2029		338		322			0.0		334
Guardian Access Solutions	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.51%	08/2029		2,864		2,806			0.4		2,852
Flow Service Partners Intermediate Holdco LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2030		—		(7	)		0.0		(17	)
Flow Service Partners Intermediate Holdco LLC (4)(5)	Senior Secured First Lien Revolver			11/2030		—		(10	)		0.0		(10	)
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.33%	11/2030		2,550		2,518			0.3		2,519
Hamsard 3778 Limited (4)(5)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan			10/2031		—		(18	)		0.0		(17	)
Hamsard 3778 Limited (11)	Unitranche First Lien - Last Out Term Loan	S + 550	10.20%	10/2031		8,939		9,025			1.2		8,707
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.20%	12/2026		18,408		18,221			2.5		18,408
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—		(19	)		0.0		—
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.93%	12/2026		239		237			0.0		239
Hercules Borrower LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	10.20%	12/2026		1,428		1,419			0.2		1,428
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.21%	01/2026		3,692		3,677			0.5		3,692
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.21%	01/2026		2,777		2,765			0.4		2,777
Hsid Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			01/2026		—		(3	)		0.0		—
Infobase	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.03%	06/2028		11,018		10,875			1.5		10,946
Infobase	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.98%	06/2028		807		790			0.1		798
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.68%	10/2030		10,489		10,230			1.4		10,594
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.58%	10/2030		989		953			0.1		1,004
Iris Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2029		—		(33	)		0.0		15


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2026		332		332			0.0		320
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2026		998		997			0.1		961
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.59%	07/2027		608		601			0.1		608
MHS Acquisition Holdings, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.74%	07/2027		219		216			0.0		219
MHS Acquisition Holdings, LLC	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.74%	07/2027		30		29			0.0		30
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	11.65%	07/2027		39		39			0.0		39
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	11.17%	07/2027		39		39			0.0		39
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.68%	02/2029		4,296		4,214			0.6		4,296
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.68%	02/2029		1,933		1,914			0.3		1,933
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(19	)		0.0		—
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.68%	02/2029		1,723		1,723			0.2		1,723
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.68%	02/2029		2,537		2,537			0.3		2,537
NRG Controls (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2030		—		(6	)		0.0		(10	)
NRG Controls (4)(5)	Senior Secured First Lien Revolver			10/2030		—		(5	)		0.0		(5	)
NRG Controls	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.36%	10/2030		3,092		3,054			0.4		3,055
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Term Loan	S + 800	12.69%	05/2030		1,310		1,310			0.2		1,310
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Revolver	S + 800	12.67%	05/2030		474		474			0.1		474
RN Enterprises, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2031		—		(13	)		0.0		(27	)
RN Enterprises, LLC	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.58%	10/2031		204		188			0.0		187
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.58%	10/2031		6,841		6,756			0.9		6,756
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.83%	05/2031		1,141		1,141			0.2		1,129
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Revolver	S + 450 (75 Floor)	9.10%	05/2030		327		327			0.0		299
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.83%	05/2031		26,428		26,428			3.5		26,143


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Receivable Solutions, Inc.	Senior Secured First Lien Revolver	P + 425 (100 Floor)	12.00%	10/2025		120		120			0.0		120
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.19%	10/2025		2,137		2,131			0.3		2,137
Service Logic Acquisition, Inc. (8)	Senior Secured Second Lien Term Loan	1150	11.50%	10/2028		5,107		5,016			0.7		5,075
Service Logic Acquisition, Inc. (8)	Senior Secured Second Lien Delayed Draw Term Loan	1150	11.50%	10/2028		2,359		2,313			0.3		2,344
UHY Advisors , Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2031		—		(11	)		0.0		(34	)
UHY Advisors , Inc. (4)(5)	Unitranche First Lien Revolver			11/2031		—		(9	)		0.0		(9	)
UHY Advisors , Inc.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.26%	11/2031		4,575		4,542			0.6		4,541
						164,687		163,096			21.7		163,608
Consumer Services
Bandon Fitness (Texas) Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.67%	07/2028		4,728		4,675			0.6		4,719
Bandon Fitness (Texas) Inc. (4)(5)	Unitranche First Lien Revolver			07/2028		—		(4	)		0.0		(1	)
Bandon Fitness (Texas) Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.67%	07/2028		2,047		2,028			0.3		2,043
Effective School Solutions LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.78%	11/2027		7,537		7,471			1.0		7,537
Effective School Solutions LLC	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.97%	11/2027		1,102		1,087			0.1		1,102
Everlast Parent Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.86%	10/2028		13,467		13,340			1.8		13,255
Everlast Parent Inc.	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.86%	10/2028		829		816			0.1		803
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.11%	10/2028		3,310		3,254			0.4		3,196
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.23%	12/2027		5,017		4,961			0.7		5,017
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.23%	12/2027		1,684		1,676			0.2		1,684
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.23%	12/2027		1,674		1,656			0.2		1,674
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—		(7	)		0.0		—
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (75 Floor)	10.48%	12/2027		1,827		1,817			0.2		1,838
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.23%	12/2027		696		683			0.1		696


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 700 (75 Floor) (including 250 PIK)	11.78%	11/2026		3,332		3,322			0.4		3,151
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 700 (75 Floor) (including 250 PIK)	11.78%	11/2026		3,300		3,283			0.4		3,122
HGH Purchaser, Inc. (4)(5)	Unitranche First Lien Revolver			11/2026		—		3			0.0		(84	)
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	S + 700 (75 Floor) (including 250 PIK)	11.78%	11/2026		7,851		7,815			1.0		7,426
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.61%	06/2028		302		285			0.0		302
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.76%	06/2029		10,160		10,040			1.4		10,160
HS Spa Holdings Inc. (Hand & Stone) (8)	Unitranche First Lien - Last Out Term Loan	1237.5 PIK	12.38%	06/2030		1,731		1,704			0.2		1,707
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.76%	06/2029		880		867			0.1		884
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.76%	06/2029		482		478			0.1		485
Ingenio, LLC	Unitranche First Lien Term Loan	S + 700 (100 Floor)	11.65%	08/2026		4,656		4,612			0.6		4,377
Ingenio, LLC	Unitranche First Lien Term Loan	S + 700 (100 Floor)	11.65%	08/2026		2,063		2,041			0.3		1,939
Learn-It Systems, LLC (4)(5)	Senior Secured First Lien Revolver			09/2026		—		(1	)		0.0		—
Learn-It Systems, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor) (including 275 PIK)	10.76%	09/2026		2,621		2,599			0.4		2,621
Learn-It Systems, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor) (including 275 PIK)	10.00%	09/2026		4,432		4,400			0.6		4,432
Learn-It Systems, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor) (including 275 PIK)	10.76%	09/2026		1,187		1,177			0.2		1,187
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.21%	04/2029		5,146		5,113			0.7		5,146
Mario Purchaser, LLC	Unitranche First Lien - Last Out Term Loan	S + 1075 PIK	15.21%	04/2032		4,258		4,177			0.6		4,344
Mario Purchaser, LLC	Unitranche First Lien Revolver	S + 575 (75 Floor)	10.21%	04/2028		313		300			0.0		313
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.21%	04/2029		9,664		9,528			1.3		9,664
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575.3 (100 Floor)	10.21%	04/2029		475		392			0.1		475
Marlin DTC-LS Midco 2, LLC (4)(5)	Unitranche First Lien Revolver			07/2025		—		—			0.0		(2	)
Marlin DTC-LS Midco 2, LLC	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.03%	07/2025		2,971		2,971			0.4		2,936
PPV Intermediate Holdings LLC (Vetcor) (4)(5)	Unitranche First Lien Revolver			08/2029		—		(3	)		0.0		(6	)
PPV Intermediate Holdings LLC (Vetcor) (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.26%	08/2029		3,504		3,480			0.5		3,507
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		1,221		1,201			0.2		1,181
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		304		292			0.0		290


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.08%	12/2028		12,844		12,663			1.7		13,030
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.35%	12/2028		2,883		2,865			0.4		2,924
Stepping Stones Healthcare Services, LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—		(22	)		0.0		—
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.35%	12/2028		375		351			0.1		430
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.94%	11/2029		1,485		1,473			0.2		1,485
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.86%	11/2029		1,642		1,628			0.2		1,642
USA Hometown Experts, Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.95%	11/2029		180		173			0.0		180
USA Hometown Experts, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		—		—			0.0		—
Wrench Group LLC (8)	Senior Secured Second Lien Term Loan	1125	11.25%	04/2027		4,833		4,773			0.6		4,793
						139,013		137,433			18.4		137,604
Diversified Financials
Alera Group Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.82%	09/2028		9,804		9,672			1.4		9,874
Alera Group Inc.	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.82%	09/2028		4,888		4,820			0.7		4,922
Alera Group Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.09%	09/2028		2,952		2,903			0.4		2,983
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2030		—		(7	)		0.0		(4	)
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Revolver			06/2031		—		(8	)		0.0		(2	)
Essential Services Holding Corporation	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.65%	06/2031		7,584		7,511			1.0		7,564
iLending LLC (9)	Senior Secured First Lien Term Loan			06/2026		4,385		4,385			0.3		2,407
iLending LLC (4)(5)(9)	Senior Secured First Lien Revolver			06/2026		—		—			0.0		(324	)
King Mid LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.83%	12/2027		3,474		3,455			0.5		3,474
King Mid LLC (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(2	)		0.0		—
King Mid LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.83%	12/2027		3,373		3,334			0.5		3,373
King Mid LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.83%	12/2027		2,003		2,003			0.3		2,003


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
PCS Retirement	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.08%	03/2030		837		830			0.1		837
PCS Retirement	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.08%	03/2030		123		116			0.0		123
PCS Retirement	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.08%	03/2030		5,062		5,018			0.7		5,062
RWA Wealth Partners, LLC.	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.10%	11/2030		309		297			0.0		273
RWA Wealth Partners, LLC. (4)(5)	Unitranche First Lien Revolver			11/2030		—		(10	)		0.0		(10	)
RWA Wealth Partners, LLC.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.27%	11/2030		6,150		6,105			0.8		6,105
Soltis (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2030		—		(6	)		0.0		(42	)
Soltis (4)(5)	Unitranche First Lien Revolver			08/2030		—		(8	)		0.0		(8	)
Soltis	Unitranche First Lien Term Loan	S + 500 (100 Floor)	10.07%	08/2030		1,895		1,863			0.2		1,864
						52,839		52,271			6.9		50,474
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8)	Senior Secured Second Lien Note	1200	12.00%	03/2031		1,250		1,250			0.2		1,142
						1,250		1,250			0.2		1,142
Food & Staples Retailing
Isagenix International, LLC (6)	Senior Secured First Lien Term Loan	S + 650 (100 Floor) (including 410 PIK)	15.35%	04/2028		3,166		2,962			0.3		2,005
						3,166		2,962			0.3		2,005
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.89%	05/2027		4,872		4,836			0.7		4,872
JTM Foods LLC	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.89%	05/2027		747		740			0.1		747
JTM Foods LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.73%	05/2027		663		660			0.1		663
Mann Lake Ltd. (9)	Senior Secured First Lien Revolver			01/2025		850		848			0.1		498
Mann Lake Ltd. (9)	Senior Secured First Lien Term Loan			01/2025		1,686		1,683			0.1		1,030
						8,818		8,767			1.1		7,810
Health Care Equipment & Services
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2028		6,865		6,770			0.9		6,687
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2028		1,217		1,211			0.2		1,186
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2028		1,318		1,301			0.2		1,285
ACI Group Holdings, Inc.	Unitranche First Lien Revolver	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2027		74		67			0.0		55


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Acu-Serve, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.08%	10/2029		3,960		3,926			0.5		3,960
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.08%	10/2029		218		210			0.0		218
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—		(6	)		0.0		—
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.48%	12/2027		3,406		3,391			0.5		3,406
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.48%	12/2027		4,863		4,816			0.6		4,863
Advanced Diabetes Supply (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(3	)		0.0		—
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(7	)		0.0		—
Annuity Health	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.59%	02/2029		4,169		4,133			0.6		4,169
Arrow Management Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.00%	10/2027		4,802		4,749			0.6		4,802
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	10/2027		2,148		2,136			0.3		2,148
Arrow Management Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			10/2027		—		(7	)		0.0		—
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	10/2027		1,541		1,541			0.2		1,541
Avalign Technologies, Inc.	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.86%	12/2028		501		473			0.1		462
Avalign Technologies, Inc.	Unitranche First Lien Term Loan	S +725 (75 Floor) (including 362.5 PIK)	11.76%	12/2028		13,037		12,558			1.7		12,728
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.58%	05/2026		4,452		4,452			0.6		4,452
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.58%	05/2026		1,575		1,575			0.2		1,575
Bayside Opco, LLC (5)(6)	Senior Secured First Lien Revolver			05/2026		—		—			0.0		—
Bayside Opco, LLC (6)	Unsecured Debt	S + 1000 PIK (100 Floor)	14.48%	05/2026		1,819		1,363			0.2		1,819
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.83%	08/2027		4,975		4,925			0.7		4,975
CC Amulet Management, LLC	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.73%	08/2027		671		662			0.1		671
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 500	9.78%	08/2027		911		901			0.1		911


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Acu-Serve, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.08%	10/2029		3,960		3,926			0.5		3,960
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.08%	10/2029		218		210			0.0		218
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—		(6	)		0.0		—
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.48%	12/2027		3,406		3,391			0.5		3,406
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.48%	12/2027		4,863		4,816			0.6		4,863
Advanced Diabetes Supply (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(3	)		0.0		—
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(7	)		0.0		—
Annuity Health	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.59%	02/2029		4,169		4,133			0.6		4,169
Arrow Management Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.00%	10/2027		4,802		4,749			0.6		4,802
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	10/2027		2,148		2,136			0.3		2,148
Arrow Management Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			10/2027		—		(7	)		0.0		—
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	10/2027		1,541		1,541			0.2		1,541
Avalign Technologies, Inc.	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.86%	12/2028		501		473			0.1		462
Avalign Technologies, Inc.	Unitranche First Lien Term Loan	S +725 (75 Floor) (including 362.5 PIK)	11.76%	12/2028		13,037		12,558			1.7		12,728
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.58%	05/2026		4,452		4,452			0.6		4,452
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.58%	05/2026		1,575		1,575			0.2		1,575
Bayside Opco, LLC (5)(6)	Senior Secured First Lien Revolver			05/2026		—		—			0.0		—
Bayside Opco, LLC (6)	Unsecured Debt	S + 1000 PIK (100 Floor)	14.48%	05/2026		1,819		1,363			0.2		1,819
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.83%	08/2027		4,975		4,925			0.7		4,975
CC Amulet Management, LLC	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.73%	08/2027		671		662			0.1		671
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 500	9.78%	08/2027		911		901			0.1		911


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Centria Subsidiary Holdings, LLC (4)(5)	Unitranche First Lien Revolver			06/2027		—		(9	)		0.0		(3	)
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.68%	06/2027		11,280		11,245			1.5		11,263
ConvenientMD	Senior Secured First Lien Term Loan	S + 500	9.66%	06/2029		5,637		5,579			0.8		5,632
ConvenientMD (4)(5)	Senior Secured First Lien Revolver			06/2029		—		(8	)		0.0		(1	)
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.21%	11/2027		11,449		11,335			1.5		11,449
EMS Buyer, Inc.	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.21%	11/2027		403		398			0.1		403
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.42%	11/2027		975		963			0.1		975
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.21%	11/2027		2,090		2,090			0.3		2,090
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.48%	06/2029		13,446		12,975			1.7		12,505
FH MD Buyer, Inc	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	9.47%	07/2028		19,350		19,249			2.6		19,302
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.97%	04/2026		5,992		5,966			0.8		5,858
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			04/2026		—		(6	)		0.0		(13	)
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.97%	04/2026		3,507		3,492			0.5		3,428
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	S + 725 (100 Floor) (including 100 PIK)	11.71%	06/2026		4,935		4,899			0.6		4,805
Great Lakes Dental Partners, LLC	Unitranche First Lien Revolver	S + 725 (100 Floor) (including 100 PIK)	11.71%	06/2026		307		304			0.0		296
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.43%	05/2027		4,402		4,357			0.6		4,402
Homecare Partners Management, LLC	Senior Secured First Lien Revolver	A + 575 (100 Floor)	10.23%	05/2027		851		837			0.1		851
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.23%	05/2027		3,293		3,244			0.4		3,293
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.96%	05/2027		1,073		1,060			0.1		1,073
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.23%	06/2030		862		862			0.1		862
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		14,607		14,483			2.0		14,607
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		2,668		2,629			0.4		2,668
Hospice Care Buyer, Inc.	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.93%	12/2026		961		945			0.1		961
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.99%	12/2026		2,715		2,674			0.4		2,715
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		387		381			0.1		387


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.24%	06/2026		2,962		2,962			0.4		2,895
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	11.24%	06/2026		356		356			0.0		348
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Revolver	S + 650	10.98%	06/2026		442		442			0.1		432
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.24%	06/2026		814		814			0.1		796
IVX Health Merger Sub, Inc. (8)	Unsecured Debt	1350 PIK	13.50%	06/2031		7,708		7,537			1.1		7,939
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—		(64	)		0.0		—
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.33%	06/2030		17,070		16,749			2.3		17,332
Laseraway Intermediate Holdings II, LLC (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.66%	10/2027		5,902		5,836			0.8		5,681
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Revolver	S + 650 (100 Floor) (including 75 PIK)	11.28%	03/2028		1,154		1,151			0.1		1,030
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 650 (100 Floor) (including 75 PIK)	11.35%	03/2028		468		467			0.1		418
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor) (including 75 PIK)	11.37%	03/2028		2,248		2,242			0.3		2,006
Lighthouse Lab Services	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.23%	10/2027		5,536		5,474			0.7		5,417
Lighthouse Lab Services	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.50%	10/2027		1,074		1,062			0.1		1,047
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan			02/2027		—		—			0.0		—
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Revolver			02/2027		—		—			0.0		—
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.08%	02/2027		17,650		17,650			2.4		17,650
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	10.02%	02/2031		435		416			0.1		435
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	10.02%	02/2031		883		860			0.1		883
MB2 Dental (4)(5)	Unitranche First Lien Revolver			02/2031		—		(4	)		0.0		—
MB2 Dental	Unitranche First Lien Term Loan	S + 550 (75 Floor)	9.86%	02/2031		6,114		6,057			0.8		6,114
Medical Review Institute of America (4)(5)	Senior Secured First Lien Revolver			07/2030		—		(7	)		0.0		—
Medical Review Institute of America	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.33%	07/2030		5,686		5,631			0.8		5,686


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
MWD Management LLC (United Derm)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.43%	06/2027		4,410		4,362			0.6		4,410
MWD Management LLC (United Derm)	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.43%	06/2027		5,474		5,411			0.7		5,474
MWD Management LLC (United Derm)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.43%	06/2027		480		467			0.1		480
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Revolver	S + 800 (100 Floor) (including 350 PIK)	12.70%	09/2025		967		966			0.1		941
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 350 PIK)	12.70%	09/2025		6,732		6,734			0.9		6,554
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 350 PIK)	12.70%	09/2025		884		877			0.1		860
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 350 PIK)	12.70%	09/2025		299		299			0.0		291
Omni Ophthalmic Management Consultants, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 350 PIK)	12.70%	09/2025		249		249			0.0		243
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.99%	01/2028		2,841		2,801			0.4		2,833
Patriot Acquisition Topco S.A.R.L (4)(5)(11)	Unitranche First Lien Revolver			01/2026		—		(10	)		0.0		(5	)
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.99%	01/2028		11,834		11,679			1.6		11,798
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.99%	01/2028		361		356			0.0		360
Patriot Acquisition Topco S.A.R.L (11)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.99%	01/2028		3,528		3,492			0.5		3,514
Patriot Acquisition Topco S.A.R.L (8)(11)	Unsecured Debt	1400 PIK	14.00%	02/2030		3,896		3,836			0.5		3,927
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Delayed Draw Term Loan	S + 625 (75 Floor)	10.58%	05/2029		215		212			0.0		205
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Revolver	S + 575 (75 Floor)	10.08%	05/2029		454		443			0.1		421
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.08%	05/2029		7,133		7,031			0.9		6,841
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.61%	08/2028		9,238		9,129			1.2		9,155
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.61%	08/2028		5,012		5,005			0.7		4,967
Premier Dental Care Management, LLC	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.59%	08/2027		236		216			0.0		215
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.61%	08/2028		1,524		1,506			0.2		1,487


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.44%	09/2027		10,159		10,048			1.4		10,158
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.46%	09/2027		1,582		1,571			0.2		1,582
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.46%	04/2030		2,101		2,063			0.3		2,100
Quorum Health Resources	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.93%	05/2027		5,204		5,171			0.7		5,185
Quorum Health Resources (4)(5)	Unitranche First Lien Revolver			05/2027		—		(6	)		0.0		(2	)
Safco Dental Supply, LLC	Unitranche First Lien Revolver	S + 550 (100 Floor)	9.98%	06/2025		342		341			0.0		334
REP Behavioral Health, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2030		—		(12	)		0.0		(31	)
REP Behavioral Health, LLC	Unitranche First Lien Revolver	S + 500 (100 Floor)	9.36%	12/2030		121		103			0.0		103
REP Behavioral Health, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.36%	12/2030		5,750		5,678			0.8		5,678
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.98%	06/2025		4,043		4,036			0.5		3,986
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2027		—		(8	)		0.0		(2	)
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.55%	12/2027		9,115		9,031			1.2		9,099
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.55%	12/2027		4,725		4,657			0.6		4,717
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2027		—		(7	)		0.0		(1	)
Smile Doctors LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—		(15	)		0.0		(12	)
Smile Doctors LLC	Unitranche First Lien Delayed Draw Term Loan	S + 590 (75 Floor)	10.81%	12/2028		789		789			0.1		788
Smile Doctors LLC	Unitranche First Lien Term Loan	S + 590 (75 Floor)	10.81%	12/2028		15,391		15,293			2.1		15,372
SolutionReach, Inc.	Senior Secured First Lien Term Loan	S + 700 (100 Floor)	12.40%	07/2025		4,624		4,607			0.6		4,624
SolutionReach, Inc.	Senior Secured First Lien Revolver	P + 600	13.75%	07/2025		467		465			0.1		467
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.30%	07/2029		3,693		3,622			0.5		3,693
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Term Loan	E + 600	8.72%	07/2029		3,628		3,495			0.5		3,628
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Delayed Draw Term Loan	S + 600 (50 Floor)	10.30%	07/2029		1,936		1,899			0.3		1,916
Sydney US Buyer Corp. (3B Scientific) (11)	Unitranche First Lien Delayed Draw Term Loan	S + 600	10.90%	07/2029		6,040		5,808			0.8		6,040


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.17%	05/2029		6,206		6,153			0.8		6,206
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—		(5	)		0.0		—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.96%	05/2029		357		348			0.0		357
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Delayed Draw Term Loan			06/2030		—		—			0.0		—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.96%	06/2030		2,587		2,587			0.3		2,587
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.48%	09/2025		2,947		2,937			0.4		2,889
Unifeye Vision Partners	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.48%	09/2025		1,247		1,243			0.2		1,213
Unifeye Vision Partners	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.48%	09/2025		5,130		5,111			0.7		5,029
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.48%	09/2025		4,933		4,930			0.6		4,837
Vital Care Buyer, LLC (4)(5)	Unitranche First Lien Revolver			07/2031		—		(3	)		0.0		(4	)
Vital Care Buyer, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.83%	07/2031		2,152		2,131			0.3		2,122
						421,250		415,834			56.0		417,459
Household & Personal Products
Lash Opco LLC	Unitranche First Lien Term Loan	S + 775 (100 Floor) (including 510 PIK)	12.94%	03/2026		3,086		3,075			0.4		2,991
Lash Opco LLC	Unitranche First Lien Revolver	S + 775 (100 Floor) (including 510 PIK)	12.94%	09/2025		384		382			0.0		372
Lash Opco LLC	Unitranche First Lien Term Loan	S + 775 (100 Floor) (including 510 PIK)	12.94%	03/2026		3,147		3,129			0.4		3,050
Lash Opco LLC	Unitranche First Lien Term Loan	S + 775 (including 510 PIK)	12.94%	03/2026		1,021		1,017			0.1		990
						7,638		7,603			0.9		7,403
Insurance
Balance Partners (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			04/2030		—		(29	)		0.0		—
Balance Partners (4)(5)	Senior Secured First Lien Revolver			04/2030		—		(5	)		0.0		—
Balance Partners	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.33%	04/2030		2,189		2,167			0.3		2,190


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.73%	04/2028		8,042		7,992			1.1		8,042
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2027		—		(3	)		0.0		—
Evolution BuyerCo, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.73%	04/2028		1,411		1,399			0.2		1,411
Evolution BuyerCo, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.73%	04/2028		1,723		1,705			0.2		1,723
Evolution BuyerCo, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 675 (100 Floor)	11.23%	04/2028		247		243			0.0		247
Galway Borrower, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	9.78%	09/2028		6,464		6,406			0.9		6,481
Galway Borrower, LLC	Unitranche First Lien Revolver	S + 450 (75 Floor)	9.78%	09/2028		45		40			0.0		42
Galway Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.83%	09/2028		11		9			0.0		12
Galway Borrower, LLC (4)(5)	Unitranche First Lien Revolver			09/2028		—		(1	)		0.0		1
Integrity Marketing Acquisition, LLC (5)	Unitranche First Lien Revolver			08/2028		—		—			0.1		2
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.51%	08/2028		20,225		20,225			2.8		20,261
Integro Parent, Inc. (11)	Senior Secured Second Lien Term Loan	S + 1225 PIK (100 Floor)	16.85%			2,337		2,337			0.3		2,035
Newcleus, LLC	Senior Secured First Lien Term Loan	S + 800 (including 200 PIK)	10.48%	08/2026		5,217		4,993			0.7		5,075
Newcleus, LLC (4)(5)	Senior Secured First Lien Revolver			08/2026		—		(13	)		0.0		(12	)
Newcleus, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			08/2026		—		(14	)		0.0		(12	)
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.75%	10/2028		9,088		9,011			1.2		9,056
Patriot Growth Insurance Services, LLC	Unitranche First Lien Revolver	S + 500 (75 Floor)	9.46%	10/2028		330		323			0.0		328
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.48%	10/2028		2,791		2,772			0.4		2,781
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.33%	10/2028		703		691			0.1		699
The Hilb Group, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2031		—		(16	)		0.0		(33	)
The Hilb Group, LLC	Unitranche First Lien Revolver	S + 475 (75 Floor)	9.11%	10/2031		124		108			0.0		107
The Hilb Group, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.11%	10/2031		14,988		14,839			2.0		14,838


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Vantage Insurance Partners, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2028		—		(19	)		0.0		(107	)
Vantage Insurance Partners, Inc.	Unitranche First Lien Revolver	S + 600 (100 Floor)	10.33%	12/2028		78		71			0.0		59
Vantage Insurance Partners, Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.33%	12/2028		4,483		4,445			0.6		4,378
						80,496		79,676			10.9		79,604
Materials
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,470		992			0.0		116
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,662		—			0.0		—
A&A Global Imports, LLC	Senior Secured First Lien Revolver	S + 665 (100 Floor)	10.98%	06/2026		545		545			0.1		545
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			06/2026		3,183		3,171			0.1		1,103
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			11/2026		497		495			0.0		172
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Revolver			06/2026		623		620			0.0		77
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			11/2026		242		241			0.0		84
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			06/2026		829		826			0.0		287
Formulations Parent Corporation	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.27%	11/2030		9,832		9,660			1.3		9,807
Formulations Parent Corporation (4)(5)	Unitranche First Lien Revolver			11/2029		—		(28	)		0.0		(4	)
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.58%	12/2029		4,257		4,220			0.6		4,257
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2029		—		(2	)		0.0		—
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2029		—		(2	)		0.0		—
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Revolver			12/2029		—		(5	)		0.0		—
						23,140		20,733			2.1		16,444
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.48%	12/2027		7,191		7,114			1.0		7,189
Alcanza Clinical Research	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.48%	12/2027		125		124			0.0		125


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
BioAgilytix	Senior Secured First Lien Term Loan	S + 650 PIK (75 Floor)	11.21%	12/2028		15,068		14,884			1.7		12,380
BioAgilytix	Senior Secured First Lien Delayed Draw Term Loan	S + 650 PIK (75 Floor)	11.21%	12/2028		783		774			0.1		643
LSCS Holdings, Inc. (Eversana) (12)	Senior Secured Second Lien Term Loan	S + 800 (50 Floor)	12.47%	12/2029		14,700		14,449			1.9		14,186
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.96%	09/2026		2,174		2,152			0.3		2,163
Teal Acquisition Co., Inc	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.81%	09/2026		1,095		1,084			0.1		1,089
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.96%	09/2026		1,200		1,191			0.2		1,194
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.76%	09/2026		292		291			0.0		291
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	10.01%	12/2029		3,341		3,268			0.4		3,333
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(9	)		0.0		(1	)
						45,969		45,322			5.7		42,592
Retailing
MeriCal, LLC (9)	Unitranche First Lien Term Loan			11/2025		7,290		7,307			0.5		3,706
MeriCal, LLC (9)	Senior Secured First Lien Revolver			11/2025		630		630			0.0		82
Slickdeals Holdings, LLC (4)(5)(6)	Unitranche First Lien Revolver			06/2025		—		(2	)		0.0		—
Slickdeals Holdings, LLC (6)	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.94%	06/2025		13,874		13,842			1.9		13,874
						21,794		21,777			2.4		17,662
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7)(9)	Senior Secured First Lien Term Loan			09/2025		8,853		6,014			0.4		2,779
OEM Group, LLC (7)(9)	Senior Secured Second Lien Term Loan			09/2025		32,125		—			0.0		—
OEM Group, LLC (7)(9)	Senior Secured Second Lien Revolver			09/2025		17,887		—			0.0		—
OEM Group, LLC (7)(9)	Senior Secured Second Lien Term Loan			09/2025		15,445		—			0.0		—
						74,310		6,014			0.4		2,779


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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	Unitranche First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.28%	06/2028		2,780		2,761			0.4		2,779
ABACUS Holdings I LLC	Unitranche First Lien Revolver	S + 500 (100 Floor)	9.28%	06/2028		517		502			0.1		517
ABACUS Holdings I LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.28%	06/2028		6,647		6,560			0.9		6,647
ABACUS Holdings I LLC (5)	Unitranche First Lien Delayed Draw Term Loan			06/2028		—		—			0.0		—
ABACUS Holdings I LLC (5)	Unitranche First Lien Revolver			06/2028		—		—			0.0		—
Affinitiv, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—		(2	)		0.0		(14	)
Affinitiv, Inc.	Unitranche First Lien Term Loan	S + 700 (100 Floor) (including 200 PIK)	11.59%	07/2027		6,118		6,061			0.8		5,909
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.74%	11/2027		1,350		1,332			0.2		1,350
Alpine SG, LLC (4)(5)	Senior Secured First Lien Revolver			11/2027		—		(1	)		0.0		—
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.74%	11/2027		967		953			0.1		967
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.74%	11/2027		3,361		3,315			0.4		3,361
Alpine SG, LLC	Senior Secured First Lien Term Loan	S + 600	10.74%	11/2027		535		528			0.1		535
Apps Associates LLC	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.21%	07/2027		5,466		5,412			0.7		5,371
Apps Associates LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.21%	07/2027		1,760		1,744			0.2		1,729
Apps Associates LLC (4)(5)	Unitranche First Lien Revolver			07/2027		—		(7	)		0.0		(14	)
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.83%	07/2027		19,186		19,186			2.5		19,081
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—		(21	)		0.0		(13	)
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.46%	06/2026		4,743		4,713			0.6		4,743
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		—		(3	)		0.0		—
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.71%	10/2025		1,356		1,353			0.2		1,333
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.92%	10/2025		288		287			0.0		283
Benesys Inc.	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.92%	10/2025		152		155			0.0		150
Benesys Inc.	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.92%	10/2025		138		137			0.0		135


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Blue Mantis	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.08%	08/2030		3,092		3,077			0.4		3,092
Blue Mantis	Senior Secured First Lien Revolver	S + 475 (75 Floor)	9.08%	08/2030		245		235			0.0		245
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	9.08%	08/2030		3,516		3,474			0.5		3,516
C-4 Analytics (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			05/2030		—		(21	)		0.0		—
C-4 Analytics	Senior Secured First Lien Revolver	S + 550 (100 Floor)	10.01%	05/2030		555		538			0.1		555
C-4 Analytics	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.01%	05/2030		18,408		18,234			2.5		18,408
Claritas, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.33%	03/2026		2,419		2,411			0.3		2,419
Claritas, LLC (4)(5)	Unitranche First Lien Revolver			03/2026		—		(6	)		0.0		—
Claritas, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.33%	03/2026		10,309		10,254			1.4		10,309
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.61%	12/2028		9,379		9,296			1.2		9,206
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.61%	12/2028		275		271			0.0		265
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.82%	12/2028		550		540			0.1		540
DataVail	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.08%	01/2029		7,079		7,017			0.9		7,079
DataVail	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.11%	01/2029		173		154			0.0		173
DataVail	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.35%	01/2029		567		563			0.1		567
DataVail	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.35%	01/2029		108		106			0.0		108
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.08%	09/2030		13,365		13,064			1.8		13,341
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		—		(30	)		0.0		(3	)
Imagenet, LLC (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(8	)		0.0		(8	)
Imagenet, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.33%	12/2030		3,050		3,012			0.4		3,012
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.08%	09/2030		2,786		2,759			0.4		2,781


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.08%	11/2028		12,892		12,729			1.7		13,021
Lexipol (Ranger Buyer, Inc.) (4)(5)	Unitranche First Lien Revolver			11/2027		—		(13	)		0.0		—
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.08%	11/2028		1,102		1,092			0.1		1,113
List Partners, Inc.	Senior Secured First Lien Revolver	S + 650 (100 Floor) (including 50 PIK)	10.96%	06/2025		316		315			0.0		281
List Partners, Inc.	Senior Secured First Lien Term Loan	S + 650 (100 Floor) (including 50 PIK)	10.96%	06/2025		3,591		3,586			0.4		3,310
MRI Software LLC (12)	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.08%	02/2026		19,689		19,583			2.6		19,738
MRI Software LLC	Unitranche First Lien Revolver	S + 475 (100 Floor)	9.08%	02/2026		86		78			0.0		39
MRI Software LLC (12)	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.08%	02/2026		1,283		1,276			0.2		1,286
MRI Software LLC	Unitranche First Lien Delayed Draw Term Loan			02/2027		—		—			0.0		—
MRI Software LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.08%	02/2027		100		95			0.0		95
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			07/2030		—		(7	)		0.0		(25	)
Medicus IT (4)(5)	Unitranche First Lien Revolver			07/2030		—		(10	)		0.0		(10	)
Medicus IT	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.58%	07/2030		6,085		6,026			0.8		6,030
Net Health Acquisition Corp.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.09%	07/2031		273		257			0.0		273
Net Health Acquisition Corp.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.11%	07/2031		13,295		13,168			1.8		13,386
New Era Technology, Inc.	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.99%	10/2026		2,994		2,974			0.4		2,897
New Era Technology, Inc.	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.83%	10/2026		228		226			0.0		221
New Era Technology, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.73%	10/2026		1,924		1,908			0.2		1,861
New Era Technology, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.73%	10/2026		6,377		6,339			0.8		6,170
New Era Technology, Inc.	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.83%	10/2026		486		481			0.1		470
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		—		(24	)		0.0		—
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	9.96%	10/2027		9,378		9,279			1.3		9,378


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S +650 (100 Floor) (including 100 PIK)	11.00%	03/2027		1,083		1,082			0.1		1,069
Ontario Systems, LLC	Unitranche First Lien Revolver	S +650 (100 Floor) (including 100 PIK)	11.98%	03/2027		500		499			0.1		494
Ontario Systems, LLC	Unitranche First Lien Term Loan	S +650 (100 Floor) (including 100 PIK)	11.25%	03/2027		3,133		3,125			0.4		3,094
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S +650 (100 Floor) (including 100 PIK)	11.00%	03/2027		545		538			0.1		538
Ontario Systems, LLC	Unitranche First Lien Term Loan	S +650 (100 Floor) (including 100 PIK)	11.00%	03/2027		444		440			0.1		439
Park Place Technologies, LLC (8)	Unsecured Debt	1250 PIK	12.50%	05/2029		1,132		1,132			0.1		1,088
Perforce Software, Inc.	Senior Secured Second Lien Term Loan	S + 800	12.46%	07/2027		5,000		5,000			0.7		5,000
Right Networks, LLC (5)	Unitranche First Lien Revolver			05/2026		—		—			0.0		—
Right Networks, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.96%	05/2026		9,255		9,218			1.2		9,255
Right Networks, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.96%	05/2026		8,057		7,999			1.1		8,057
Right Networks, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.46%	05/2026		2,054		2,040			0.3		2,054
Ruffalo Noel Levitz, LLC	Unitranche First Lien Revolver	S + 650 (100 Floor) (including 425 PIK)	11.26%	12/2026		314		310			0.0		248
Ruffalo Noel Levitz, LLC	Unitranche First Lien Term Loan	S + 650 (100 Floor) (including 425 PIK)	11.20%	12/2026		2,591		2,572			0.3		2,043
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.98%	09/2026		19,826		19,613			2.6		19,826
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.98%	09/2026		2,415		2,389			0.3		2,415
Saturn Borrower Inc	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.98%	09/2026		1,816		1,800			0.2		1,816
Smartronix, LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.35%	11/2028		23,387		23,070			3.1		23,387
Smartronix, LLC (4)(5)	Unitranche First Lien Revolver			11/2028		—		(38	)		0.0		—
SQAD Holdco, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.08%	04/2028		2,364		2,350			0.3		2,364
SQAD Holdco, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—		(12	)		0.0		—
SQAD Holdco, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.08%	04/2028		8,726		8,616			1.2		8,726
Strata Information Group, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2030		—		(5	)		0.0		(12	)
Strata Information Group, Inc. (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(3	)		0.0		(4	)
Strata Information Group, Inc.	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.80%	12/2030		1,200		1,188			0.2		1,188


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.23%	05/2028		792		788			0.1		792
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.23%	05/2028		5,168		5,100			0.7		5,168
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.49%	05/2028		2,370		2,370			0.3		2,370
TMA Buyer, LLC	Unitranche First Lien Term Loan	S + 575 (100 Floor)	11.00%	09/2027		3,042		2,962			0.4		2,997
TMA Buyer, LLC (4)(5)	Unitranche First Lien Revolver			09/2027		—		(9	)		0.0		(6	)
TMA Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.92%	09/2027		362		353			0.0		357
Transportation Insight, LLC	Senior Secured First Lien Term Loan	S + 550 (including 245 PIK)	8.93%	06/2027		4,949		4,940			0.5		3,978
Transportation Insight, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (including 245 PIK)	8.93%	06/2027		1,230		1,228			0.1		989
Transportation Insight, LLC	Senior Secured First Lien Revolver	S + 550 (including 245 PIK)	8.93%	06/2027		338		336			0.0		191
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.46%	12/2025		616		614			0.1		616
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.46%	12/2025		1,009		1,004			0.1		1,009
Winxnet Holdings LLC	Unitranche First Lien Revolver	S + 600 (100 Floor)	10.46%	12/2025		407		404			0.1		407
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.46%	12/2025		1,872		1,867			0.2		1,872
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.46%	12/2025		1,493		1,486			0.2		1,493
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.46%	12/2025		1,114		1,104			0.1		1,114
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.46%	12/2025		195		194			0.0		195
						330,138		326,927			43.0		326,615
Technology, Hardware & Equipment
3SI Security Systems	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.64%	12/2026		3,513		3,433			0.5		3,513
Gener8, LLC	Senior Secured First Lien Term Loan	S + 800 (including 200 PIK)	12.59%	08/2025		5,798		5,798			0.5		3,604
Gener8, LLC	Senior Secured First Lien Revolver	S + 800 (including 200 PIK)	12.59%	08/2025		1,238		1,238			0.1		656
Gener8, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 200 PIK)	12.59%	08/2025		250		250			0.0		155
						10,799		10,719			1.1		7,928


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Transportation
A&R Logistics Holdings, Inc.	Unitranche First Lien Term Loan	S + 690 (including 425 PIK)	11.49%	08/2026		2,327		2,326		0.3			2,280
A&R Logistics Holdings, Inc.	Unitranche First Lien Term Loan	S + 690 (including 425 PIK)	11.49%	08/2026		440		440		0.1			431
A&R Logistics Holdings, Inc.	Unitranche First Lien Term Loan	S + 690 (including 425 PIK)	11.49%	08/2026		42		42		0.0			42
Breeze Buyer, Inc.	Senior Secured First Lien Term Loan	S + 675 (including 425 PIK)	9.17%	01/2028		4,289		4,239		0.6			4,238
						7,098		7,047		1.0			6,991
Total Debt Investments United States						1,470,139		1,382,143		180.7	%		1,353,227
Equity Investments
Automobiles & Components
Sun Acquirer Corp.	Common Stock					6,148		615		0.1			828
Sun Acquirer Corp.	Common Stock					428		43		0.0			58
								658		0.1			886

Capital Goods
Envocore Holding, LLC (7)	Common Stock					521,354		—		0.0			—
Envocore Holding, LLC (7)	Preferred Stock					534,722		—		0.0			—
								—		0.0			—
Commercial & Professional Services
Allied Universal Holdings, LLC	Common Stock Class A					2,805,726		1,011		0.5			3,490
Allied Universal Holdings, LLC	Common Stock Class A					684,903		685		0.1			852
ASP MCS Acquisition Corp. (6)(12)	Common Stock					13,293		1,183		0.0			216
ASP MCS Acquisition Corp. (6)	Common Stock					791		-		0.0			66
ASP MCS Acquisition Corp. (6)	Preferred Stock					792		333		0.1			446
Hercules Borrower LLC	Common Stock					1,153,075		1,153		0.3			1,879
Iris Buyer, LLC	Common Stock					577		577		0.1			635
Iris Buyer, LLC	Common Stock					576,923		—		0.0			56
MHS Acquisition Holdings, LLC	Preferred Stock					1,060		923		0.1			1,104
MHS Acquisition Holdings, LLC	Common Stock					11		9		0.0			—
RN Enterprises, LLC	Common Stock					776		776		0.1			776
Receivable Solutions, Inc.	Preferred Stock Class A					137,000		137		0.0			328


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***		Fair Value
Service Logic Acquisition, Inc.	Common Stock					13,132		1,313		0.5		3,820
Seko Global Logistics Network, LLC (11)	Common Stock					625		2,372		0.3		2,372
TecoStar Holdings, Inc.	Common Stock					500,000		500		0.0		3
								10,972		2.1		16,043
Consumer Services
Everlast Parent Inc.	Common Stock					948		949		0.1		699
FS Whitewater Borrower, LLC	Common Stock					6,897		690		0.1		682
FS Whitewater Borrower, LLC	Common Stock					238		31		0.0		24
HGH Purchaser, Inc.	Common Stock Class A					4,171		417		0.0		201
HS Spa Holdings Inc. (Hand & Stone)	Common Stock					1,791,160		1,791		0.2		1,357
Legalshield	Common Stock					372		372		0.1		751
Mario Purchaser, LLC	Common Stock					1,027		1,027		0.1		786
Mario Purchaser, LLC	Common Stock					118		118		0.0		91
PPV Intermediate Holdings LLC (Vetcor)	Common Stock					312,500		313		0.0		342
Stepping Stones Healthcare Services, LLC	Common Stock					11,321		1,132		0.2		1,370
Wrench Group LLC	Common Stock					2,337		235		0.1		597
Wrench Group LLC	Common Stock					655		66		0.0		167
								7,141		0.9		7,067
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14)	Partnership Interest							267		0.0		336
First Eagle Greenway Fund II, LLC (11)(13)(14)	Partnership Interest							—		0.0		—
First Eagle Logan JV, LLC (2)(7)(11)(13)(14)	Partnership Interest							41,413		4.4		32,574
Freeport Financial SBIC Fund LP (11)(13)(14)	Partnership Interest							1,312		0.2		1,131
Gryphon Partners 3.5, L.P. (11)(13)(14)	Partnership Interest							145		0.0		31
WhiteHawk III Onshore Fund L.P. (2)(6)(11)(13)(14)	Partnership Interest							4,957		0.7		5,354
								48,094		5.3		39,426
Energy
Loadmaster Derrick & Equipment, Inc. (7)	Preferred Stock					3,000,000		3,000		0.3		2,334
								3,000		0.3		2,334


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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					202,844		—		0.0		—
								—		0.0		—
Health Care Equipment & Services
ACI Group Holdings, Inc.	Common Stock					907,499		910		0.1		456
ACI Group Holdings, Inc.	Preferred Stock					3,719		3,645		0.7		5,030
ACI Group Holdings, Inc.	Preferred Stock					684,903		40		0.0		40
Bayside Opco, LLC (6)	Common Stock					1,976		—		0.0		74
Centria Subsidiary Holdings, LLC	Common Stock					11,911		1,191		0.3		2,545
Hospice Care Buyer, Inc.	Common Stock					13,985		1,398		0.2		1,567
Hospice Care Buyer, Inc.	Common Stock					754		75		0.0		84
IVX Health Merger Sub, Inc.	Common Stock					2,199		2,199		0.3		2,487
Patriot Acquisition Topco S.A.R.L (11)	Common Stock Class A					1,192		1,192		0.2		1,416
Patriot Acquisition Topco S.A.R.L (11)	Common Stock Class B					16,416		46		0.0		—
Seniorlink Incorporated	Common Stock					68,182		423		0.3		2,273
Smile Doctors LLC	Common Stock					1,191		714		0.1		668
Vital Care Buyer, LLC	Common Stock					649		1		0.0		5
Vital Care Buyer, LLC	Common Stock					64		64		0.0		56
								11,898		2.2		16,701
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917		292		0.1		475
Integrity Marketing Acquisition, LLC	Common Stock					287,484		533		0.2		1,143
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247		1,215		0.3		2,448
Integro Parent, Inc. (11)	Common Stock					4,468		454		0.0		—
								2,494		0.6		4,066
Materials
A&A Global Imports, LLC	Common Stock					69		—		0.0		—
								—		0.0		—


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096		952		0.2		1,140
LSCS Holdings, Inc. (Eversana)	Preferred Stock					447		447		0.1		554
Teal Acquisition Co., Inc	Common Stock					5,555		556		0.0		214
WCT Group Holdings, LLC	Common Stock					118		1,177		0.2		1,675
								3,132		0.5		3,583
Retailing
MeriCal, LLC	Preferred Stock					521		103		0.0		—
MeriCal, LLC	Common Stock					5,334		—		0.0		—
Palmetto Moon LLC	Common Stock					61		—		0.1		569
Slickdeals Holdings, LLC (6)	Common Stock					89		891		0.1		892
Vivid Seats Ltd. (6)(11)(12)	Common Stock					608,108		608		0.1		910
								1,602		0.3		2,371
Semiconductor and Semiconductor Equipment
OEM Group, LLC (7)	Common Stock					20,000		—		0.0		—
								—		0.0		—
Software & Services
Certify, Inc.	Common Stock					841		247		0.0		289
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		638		0.1		867
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		—		0.0		—
Lexipol (Ranger Buyer, Inc.)	Common Stock					5		5		0.0		6
NMN Holdings III Corp.	Common Stock					11,111		1,111		0.3		1,982
Odessa Technologies, Inc.	Common Stock					10,714		1,071		0.2		1,294
Park Place Technologies, LLC	Common Stock Class A2					479		479		0.0		—
Park Place Technologies, LLC	Common Stock Class B2					442,203		27		0.1		461
Park Place Technologies, LLC	Common Stock Class W					685,018		—		0.0		—
Saturn Borrower Inc	Common Stock					434,163		434		0.1		386
								4,012		0.8		5,285


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Transportation
Xpress Global Systems, LLC	Common Stock					12,544		—		0.2			1,254
								—		0.2			1,254
Total Equity Investments United States								93,003		13.3	%		99,016
Total United States							$	1,475,146		194.0	%	$	1,452,243
Canada
Equity Investments
Telecommunication Services
Sandvine Corporation	Common Stock					81,818		—		0.0			—
Total Equity Investments Canada								—		0.0			—
Total Canada							$	—		0.0	%	$	—
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 652.66	11.72%	12/2027	£	7,681	$	7,645		1.0	%	$	7,673
Crusoe Bidco Limited (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 652.66	11.48%	12/2027	£	1,038		1,006		0.1			1,037
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	11.57%	06/2028	£	1,775		1,960		0.2			1,773
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	11.59%	06/2028	£	491		524		0.1			490
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	11.22%	06/2028	£	13,786		13,361		1.8			13,773
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	11.20%	06/2028	£	2,675		2,641		0.4			2,673
Nurture Landscapes	Unitranche First Lien Delayed Draw Term Loan	SN + 650	11.20%	06/2028	£	3,567		3,598		0.5			3,564
Nurture Landscapes	Unitranche First Lien Delayed Draw Term Loan	SN + 650	11.24%	06/2028	£	6,243		6,079		0.8			6,236
						37,256		36,814		4.9			37,219


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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	S + 600 (50 Floor)	10.33%	03/2028	£	4,352	$	4,293			0.6		$	4,352
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.58%	03/2028	£	9,939		9,805			1.3			9,939
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.58%	03/2028	£	4,953		4,878			0.7			4,953
Lion Cashmere Bidco Limited (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2028	£	—		(52	)		0.0			—
						19,244		18,924			2.6			19,244
Food, Beverage & Tobacco
APC Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 625	11.32%	10/2030	£	5,439	$	5,210			0.7		$	5,433
APC Bidco Limited (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 625	11.07%	10/2030	£	1,559		1,495			0.2			1,558
						6,998		6,705			0.9			6,991
Software & Services
Jordan Bidco, Ltd. (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 575	10.73%	08/2028	£	510	$	522			0.1		$	510
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 575	10.73%	08/2028	£	16,586		17,873			2.2			16,569
						17,096		18,395			2.3			17,079
Total Debt Investments United Kingdom					£	80,594	$	80,838			10.7	%	$	80,533
Equity Investments
Health Care Equipment & Services
VetStrategy (11)	Preferred Stock				£	2,126,875	$	968			0.3		$	2,023
VetStrategy (11)	Common Stock				£	37,612		30			—			—
						2,164,487		998			0.3			2,023
Total Equity Investments United Kingdom								998			0.3	%		2,023
Total United Kingdom							$	81,836			11.0	%	$	82,556


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
France
Debt Investments
Commercial & Professional Services
Efor Holding (11)	Unitranche First Lien Term Loan	E + 650	9.36%	10/2030	€	2,985	$	3,072			0.4	%	$	2,986
Efor Holding (11)	Unitranche First Lien Delayed Draw Term Loan	E + 650	9.36%	10/2030	€	1,029		1,046			0.1			1,029
					€	4,014		4,118			0.5			4,015
Total Debt Investments France						4,014		4,118			0.5	%		4,015
Total France							$	4,118			0.5	%	$	4,015
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited (11)	Unitranche First Lien Term Loan	S + 550	10.20%	11/2031	£	6,267	$	6,130			0.8	%	$	6,088
					£	6,267		6,130			0.8			6,088
Total Debt Investments Jersey					£	6,267		6,130			0.8	%		6,088
Total Jersey							$	6,130			0.8	%	$	6,088
Netherlands
Debt Investments
Commercial & Professional Services
Pitch MidCo B.V. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			04/2031	€	—		(19	)		—			—
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 625	9.60%	04/2031	€	2,967		2,986			0.4			2,967
						2,967		2,967			0.4			2,967


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	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
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	E + 600 (including 187.5 PIK)	11.55%	07/2029	€	2,305	$	2,283			0.3		$	2,305
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Delayed Draw Term Loan	E + 600 (including 187.5 PIK)	9.68%	07/2029	€	1,301		1,258			0.2			1,301
Eagle Midco B.V. (Avania) (4)(5)(11)	Senior Secured First Lien Revolver			01/2029	€	—		—			0.0			—
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	S + 600 (including 218.75 PIK)	11.34%	07/2029	€	3,449		3,381			0.5			3,449
						7,055		6,922			1.0			7,055
Total Debt Investments Netherlands						10,022		9,889			1.4	%		10,022
Total Netherlands							$	9,889			1.4	%	$	10,022
Belgium
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11)	Common Stock				€	1,025	$	1			0.0		$	—
Miraclon Corporation (11)	Preferred Stock				€	90,601		73			0.0			122
								74			0.0			122
Total Equity Investments Belgium							$	74			0.0	%	$	122
Total Belgium							$	74			0.0	%	$	122
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2030		AUD 0	$	(28	)		0.0		$	(27	)
Ancora Bidco PTY LTD (11)	Unitranche First Lien Term Loan	B + 500 (50 Floor)	9.38%	11/2030		AUD 6,430		6,686			0.8			6,298
						AUD 6,430		6,658			0.8			6,271


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Retailing
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 575	10.23%	03/2028		AUD 18,070	$	21,410			2.4		$	18,061
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 575 (75 Floor)	10.23%	03/2028		AUD 3,013		3,350			0.4			3,012
						AUD 21,083		24,760			2.8			21,073
Total Debt Investments Australia						AUD 27,513		31,418			3.6	%		27,344
Equity Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (11)	Common Stock Class A					AUD 128,654,071	$	1,286			0.2		$	1,286
Ancora Bidco PTY LTD (11)	Common Stock Class B					AUD 6,771,267		68			0.0			68
								1,354			0.2			1,354
Total Equity Investments Australia								1,354			0.2	%		1,354
Total Australia							$	32,772			3.8	%	$	28,698
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11)	Unitranche First Lien Term Loan	E + 600 (including 150 PIK)	9.39%	08/2029	€	9,319	$	8,883			1.3		$	9,322
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)	Senior Secured First Lien Revolver			08/2029	€	—		(7	)		0.0			—
AX VI INV2 Holding AB (Voff) (6)(11)	Senior Secured Second Lien Term Loan	E + 1000 (including 1339 PIK)	13.39%	08/2030	€	2,448		2,381			0.3			2,448
AX VI INV2 Holding AB (Voff) (6)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 600 (including 150 PIK)	10.18%	08/2029	€	1,572		1,598			0.2			1,572
						13,339		12,855			1.8			13,342
Total Debt Investments Sweden						13,339		12,855			1.8	%		13,342


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Equity Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11)	Common Stock					1,140,447		1,086		0.2			1,771
								1,086		0.2			1,771
Total Equity Investments Sweden								1,086		0.2	%		1,771
Total Sweden							$	13,941		2.0	%	$	15,113
Total Investments							$	1,623,906		213.5	%	$	1,598,857

Cash Equivalents
Goldman Sachs Financial Square Government Fund			4.41%				$	2,110		0.3		$	2,110
Cash Equivalents Total							$	2,110		0.3	%	$	2,110
Investments and Cash Equivalents Total							$	1,626,016		213.8	%	$	1,600,967

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), Prime (“P”), EURIBOR (“E”), SONIA (“SN”), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2024, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

*** Percentage is based on net assets of $740,637 as of December 31, 2024.


	Tenor
Reference Rate	Overnight		1 month		3 month		6 Month		12 Month
Prime (“P”)	7.50%			-		-		-		-
SOFR (“S”)		-	4.33%		4.31%		4.25%		4.18%
EURIBOR (“E”)		-	2.79%		2.74%		2.56%		2.45%
SONIA (“SN”)	4.70%			-		-		-		-
BBSY ("B")		-		-	4.42%			-		-

(8) Fixed rate investment.

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

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

(14) Capital contributed to this investment is subject to restrictions on withdrawal.

CRESCENT CAPITAL BDC, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

March 31, 2025 (Unaudited)

Note 1. Organization and Basis of Presentation

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

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

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

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

Basis of Presentation

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

The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2025.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of

the results for the periods presented. Although management believes that the estimates and assumptions are reasonable, changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Cash and Cash Equivalents

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

Investment Transactions

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

Investment Valuation

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

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

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

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

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

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

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

•

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

•

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

•

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

•

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

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

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

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

Foreign Currency

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

•

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

•

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

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

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

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are

recorded on the Consolidated Statements of Assets and Liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. All foreign currency forward contracts are currently held with a single counterparty. Notional amounts and the gross fair value of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and sales of foreign currency forward contracts having the same notional value, settlement date and counterparty are generally settled net (which results in a net foreign currency position of zero with the counterparty) and any realized gains or losses are recognized on the settlement date.

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

Debt Issuance Costs

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

Equity Offering Expenses

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

Interest and Dividend Income Recognition

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

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

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

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2025, we had twenty two investments across nine portfolio companies on non-accrual status, which represented 3.5% and 1.8% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had eighteen investments across seven portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of March 31, 2025 and December 31, 2024.

Other Income

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

Income Taxes

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

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

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of March 31, 2025 the Company is subject to potential examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.

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

CBDC Universal Equity, Inc. and First Eagle OEMG Investor, Inc., are wholly-owned subsidiaries of the Company, and taxable entities (“Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and continues to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements. See Note 11 for details.

Dividends and Distributions to Stockholders

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

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

Segment Reporting

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

Note 3. Agreements and Related Party Transactions

Administration Agreement

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

For the three months ended March 31, 2025 and 2024, the Company incurred administrative services expenses of $445 and $343, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of March 31, 2025 and December 31, 2024, $725 and $555, respectively, was payable to the Administrator which is included in the accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

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

Investment Advisory Agreement

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

Base Management Fee

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

For the three months ended March 31, 2025 and 2024, the Company incurred management fees of $5,038 and $4,980, respectively, of which $20 and $38, respectively, were waived. As of March 31, 2025 and December 31, 2024, management fees of $5,019 and $5,066, respectively, were unpaid.

Incentive Fee per Investment Advisory Agreement

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

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

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

The Adviser voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company as a result of its investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP.

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

For the three months ended March 31, 2025 and 2024, the Company incurred income incentive fees of $3,519 and $4,937, respectively, of which $32 and $36, respectively, were waived. As of March 31, 2025 and December 31, 2024, income incentive fees of $3,487 and $4,305, 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 months ended March 31, 2025 and 2024, the Company recorded no capital gains incentive fees on unrealized capital appreciation. As of March 31, 2025 and December 31, 2024, no capital gains incentive fees remain outstanding.

Other Related Party Transactions

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

A portion of the outstanding shares of the Company’s common stock is owned by Crescent Capital Group LP ("Crescent"), its employees and certain officers and directors of the Company. As of March 31, 2025 and December 31, 2024, Crescent, its employees and certain officers and directors of the Company owned 2.75% and 2.74%, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the Adviser and sole member of the Administrator. The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free license to use the name “Crescent Capital”. The Adviser has entered into a resource sharing agreement with Crescent. Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the Investment Advisory Agreement.

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

Investments in affiliated and controlled companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns, either directly or indirectly, 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns, either directly or indirectly, more than 25% of a portfolio

company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedule of Investments and the summary tables below.

The Company’s investments in non-controlled affiliates for the three months ended March 31, 2025 were as follows (in thousands):


	Fair Value as of December 31, 2024		Gross Additions (1)		Gross Reductions (2)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2025		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
AX VI INV2 Holding AB	$	15,110	$	261	$	—		$	—	$	965		$	16,336	$	353
ASP MCS Acquisition		728		—		—			—		25			753		—
Bayside Opco, LLC		7,920		98		(14	)		—		774			8,778		276
Isagenix International, LLC		2,005		83		—			—		(390	)		1,698		101
Slickdeals Holdings, LLC		14,766		19		(38	)		—		(725	)		14,022		392
Vivid Seats Ltd.		910		—		—			—		(182	)		728		—
WhiteHawk III Onshore Fund L.P.		5,354		—		(1,730	)		—		(134	)		3,490		258
Total Non-Controlled Affiliates	$	46,793	$	461	$	(1,782	)	$	—	$	333		$	45,805	$	1,380

The Company’s investments in non-controlled affiliates for the three months ended March 31, 2024 were as follows (in thousands):


	Fair Value as of December 31, 2023		Gross Additions (1)		Gross Reductions (2)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2024		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
AX VI INV2 Holding AB	$	14,152	$	248	$	—		$	—	$	(43	)	$	14,357	$	339
ASP MCS Acquisition		799		346		(1	)		—		14			1,158		10
Bayside Opco, LLC		6,704		189		—			—		252			7,145		190
GACP II, LP		3,927		—		(2,855	)		—		71			1,143		—
Isagenix International, LLC		2,546		72		—			—		(32	)		2,586		91
Slickdeals Holdings, LLC		15,192		26		(37	)		—		(72	)		15,109		444
smarTours, LLC		—		23		—			—		(23	)		—		—
Vivid Seats Ltd.		1,021		—		—			—		20			1,041		—
WhiteHawk III Onshore Fund L.P.		8,278		—		(240	)		—		41			8,079		287
Total Non-Controlled Affiliates	$	52,619	$	904	$	(3,133	)	$	—	$	228		$	50,618	$	1,361

(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 three months ended March 31, 2025 were as follows (in thousands):


	Fair Value as of December 31, 2024		Gross Additions (2)		Gross Reductions (3)			Net Realized Gains/ (Losses)			Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2025		Dividend, Interest, PIK and Other Income
Controlled Affiliates
Envocore LLC	$	9,221	$	1,112	$	(17	)	$	—		$	(53	)	$	10,264	$	170
First Eagle Logan JV, LLC(1)		32,575		—		(1	)		—			1,477			34,051		1,200
Loadmaster Derrick & Equipment, Inc.		3,476		—		—			—			(190	)		3,285		38
OEM Group, LLC		2,779		—		(2,214	)		(3,800	)		3,235			—		—
Total Controlled Affiliates	$	48,051	$	1,112	$	(2,232	)	$	(3,800	)	$	4,469		$	47,600	$	1,408

The Company’s investments in controlled affiliates for the three months ended March 31, 2024 were as follows (in thousands)


	Fair Value as of December 31, 2023		Gross Additions (2)			Gross Reductions (3)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2024		Dividend, Interest, PIK and Other Income
Controlled Affiliates
Envocore LLC	$	10,375	$	1,615		$	(695	)	$	—	$	(2,074	)	$	9,221	$	614
First Eagle Logan JV, LLC(1)		39,004		—			(2,559	)		—		(3,870	)		32,575		9,784
Loadmaster Derrick & Equipment, Inc.		6,287		—			(3,750	)		6,443		(5,504	)		3,476		471
OEM Group, LLC		8,253		(322	)		(1,669	)		—		(3,483	)		2,779		—
Total Controlled Affiliates	$	63,919	$	1,293		$	(8,673	)	$	6,443	$	(14,931	)	$	48,051	$	10,869

(1)

Together with Perspecta Trident LLC (“Perspecta”), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company’s investment operations given shared power/voting rights with Perspecta. The Company owns 80% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.

(2)

(3)

Note 4. Investments

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

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


	As of March 31, 2025							As of December 31, 2024
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)			Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	414,229	$	400,297	$	(13,932	)	$	395,736	$	379,627	$	(16,109	)
Unitranche First Lien		1,067,556		1,048,878		(18,678	)		1,055,506		1,044,141		(11,365	)
Unitranche First Lien - Last Out		24,776		24,922		146			14,888		14,741		(147	)
Senior Secured Second Lien		27,971		22,564		(5,407	)		44,571		38,537		(6,034	)
Unsecured Debt		17,325		18,207		882			16,690		17,525		835
Equity & Other		49,715		66,833		17,118			48,421		64,860		16,439
LLC/LP Equity Interests		46,363		39,040		(7,323	)		48,094		39,426		(8,668	)
Total investments	$	1,647,935	$	1,620,741	$	(27,194	)	$	1,623,906	$	1,598,857	$	(25,049	)

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


Industry	Fair Value as of March 31, 2025		Percentage of Fair Value			Fair Value as of December 31, 2024		Percentage of Fair Value
Health Care Equipment & Services	$	451,949		27.8	%	$	436,183		27.3	%
Software & Services		328,092		20.2			348,979		21.8
Commercial & Professional Services		245,285		15.1			231,599		14.6
Consumer Services		144,129		8.9			144,671		9.0
Diversified Financials		103,452		6.4			95,988		6.0
Insurance		84,004		5.2			83,670		5.2
Pharmaceuticals, Biotechnology & Life Sciences		67,488		4.2			53,230		3.3
Retailing		56,759		3.5			56,219		3.5
Automobiles & Components		35,185		2.2			35,988		2.3
Capital Goods		30,412		1.9			30,005		1.9
Consumer Durables & Apparel		17,044		1.1			19,244		1.2
Materials		16,344		1.0			16,444		1.0
Food, Beverage & Tobacco		13,214		0.8			14,801		0.9
Technology, Hardware & Equipment		7,888		0.5			7,928		0.5
Household & Personal Products		7,466		0.5			7,403		0.5
Transportation		7,047		0.4			8,245		0.5
Energy		3,285		0.2			3,476		0.2
Food & Staples Retailing		1,698		0.1			2,005		0.1
Telecommunication Services		0		0.0			0		0.0
Semiconductor and Semiconductor Equipment		-		-			2,779		0.2
Total investments	$	1,620,741		100.0	%	$	1,598,857		100.0	%

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


Geographic Region	Fair Value as of March 31, 2025		Percentage of Fair Value			Fair Value as of December 31, 2024		Percentage of Fair Value
United States	$	1,446,212		89.3	%	$	1,452,243		90.8	%
United Kingdom		82,290		5.1			82,556		5.2
Australia		28,954		1.8			28,698		1.8
Switzerland		21,649		1.3			-		-
Sweden		16,336		1.0			15,113		0.9
Netherlands		11,576		0.7			10,022		0.6
Jersey		6,281		0.4			6,088		0.4
France		5,440		0.3			4,015		0.3
Finland		1,899		0.1			-		-
Belgium		104		0.0			122		0.0
Total investments	$	1,620,741		100.0	%	$	1,598,857		100.0	%

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of March 31, 2025 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	400,297	$	400,297
Unitranche First Lien		—		26,441		1,022,437		1,048,878
Unitranche First Lien – Last Out		—		—		24,922		24,922
Senior Secured Second Lien		—		—		22,564		22,564
Unsecured Debt		—		—		18,207		18,207
Equity & Other		—		949		65,884		66,833
Subtotal	$	—	$	27,390	$	1,554,311	$	1,581,701
Investments Measured at NAV (1)								39,040
Total Investments							$	1,620,741

Foreign Currency Forward Contracts - Assets		—		4,242		—		4,242
Foreign Currency Forward Contracts - Liabilities		—		284		—		284

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


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	379,628	$	379,628
Unitranche First Lien		—		30,206		1,013,934		1,044,140
Unitranche First Lien – Last Out		—		—		14,741		14,741
Senior Secured Second Lien		—		14,186		24,351		38,537
Unsecured Debt		—		—		17,525		17,525
Equity & Other		—		1,125		63,735		64,860
Subtotal	$	—	$	45,517	$	1,513,914	$	1,559,431
Investments Measured at NAV (1)								39,426
Total Investments							$	1,598,857

Foreign Currency Forward Contracts - Assets		—		4,815		—		4,815
Foreign Currency Forward Contracts - Liabilities		—		—		—		—

(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 three months ended March 31, 2025, based off of the fair value hierarchy as of March 31, 2025 (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, 2025	$	379,628		$	1,013,934		$	14,741	$	24,351		$	17,525	$	63,735		$	1,513,914
Amortized discounts/premiums		368			1,343			11		(4	)		41		—			1,759
Paid in-kind interest		432			809			216		167			593		—			2,217
Net realized gain (loss)		(5,669	)		3			—		(693	)		—		(454	)		(6,813	)
Net change in unrealized appreciation (depreciation)		2,176			(7,124	)		295		364			46		856			(3,387	)
Purchases		32,597			60,658			9,659		—			2		1,747			104,663
Sales/return of capital/principal repayments/paydowns		(9,235	)		(50,693	)		—		(1,621	)		—		—			(61,549	)
Transfers in		—			3,507			—		—			—		—			3,507
Transfers out		—			—			—		—			—		—			-
Balance as of March 31, 2025	$	400,297		$	1,022,437		$	24,922	$	22,564		$	18,207	$	65,884		$	1,554,311
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(2,062	)	$	(6,577	)	$	295	$	62		$	46	$	402		$	(7,834	)

During the three months ended March 31, 2025, the Company recorded no transfers from Level 3 to Level 2 and $3,507 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024, based off of the fair value hierarchy as of March 31, 2024 (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, 2024	$	409,945		$	948,781		$	13,544		$	44,907		$	4,061	$	48,909		$	1,470,147
Amortized discounts/premiums		697			1,468			13			99			2		—			2,279
Paid in-kind interest		442			467			192			355			109		—			1,565
Net realized gain (loss)		(1,323	)		(12	)		(1,947	)		—			—		1,678			(1,604	)
Net change in unrealized appreciation (depreciation)		(606	)		2,174			1,647			(1,800	)		263		2,397			4,075
Purchases		25,789			45,257			—			—			3,393		463			74,902
Sales/return of capital/principal repayments/paydowns		(29,375	)		(42,536	)		(906	)		(2,432	)		—		(1,690	)		(76,939	)
Transfers in		—			19,186			—			13,083			—		—			32,269
Transfers out		—			—			—			(3,330	)		—		—			(3,330	)
Balance as of March 31, 2024	$	405,569		$	974,785		$	12,543		$	50,882		$	7,828	$	51,757		$	1,503,364
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	(606	)	$	2,174		$	1,647		$	(1,800	)	$	263	$	2,397		$	4,075

During the three months ended March 31, 2024, the Company recorded $3,330 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $32,269 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 March 31, 2025 and December 31, 2024. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.


Security Type	Fair Value as of March 31, 2025 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	324,245	Discounted Cash Flows	Discount Rate	7.1%			-	17.7%	(10.8%)
		30,480	Enterprise Value	Comparable EBITDA Multiple	2.8x			-	12.0x	(7.1x)
		21,317	Transaction Precedent	Transaction Price					N/A
		24,255	Broker Quoted	Broker Quote					N/A
	$	400,297

Unitranche First Lien	$	946,535	Discounted Cash Flows	Discount Rate	8.8%			-	18.9%	(10.7%)
		19,769	Enterprise Value	Comparable EBITDA Multiple		7.0	x	-	11.0x	(10.2x)
		39,660	Transactions Precedent	Transaction Price					N/A
		16,473	Broker Quoted	Broker Quote					N/A
	$	1,022,437

Unitranche First Lien - Last Out	$	15,224	Discounted Cash Flows	Discount Rate	10.9%			-	16.0%	(12.6%)
		9,698	Transaction Precedent	Transaction Price					N/A
	$	24,922

Senior Secured Second Lien	$	19,853	Discounted Cash Flows	Discount Rate	11.5%			-	13.4%	(12.6%)
		2,711	Enterprise Value	Comparable EBITDA Multiple	3.4x			-	6.2x	(4.9x)
	$	22,564

Unsecured Debt	$	16,322	Discounted Cash Flows	Discount Rate	13.3%			-	15.3%	(13.9%)
		1,885	Enterprise Value	Comparable EBITDA Multiple					12.0x
	$	18,207

Equity & Other	$	64,111	Enterprise Value	Comparable EBITDA Multiple	2.8x			-	28.8x	(15.2x)
		1,773	Transaction Precedent	Transaction Price					N/A
	$	65,884

Total	$	1,554,311


Security Type	Fair Value as of December 31, 2024 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	324,549	Discounted Cash Flows	Discount Rate	8.0%	-	18.3%	(10.8%)
		27,840	Enterprise Value	Comparable EBITDA Multiple	3.1x	-	10.6x	(8.1x)
		2,779	Discounted Cash Flows	Royalty Payment Discount Rate			22.4%
		24,460	Broker Quoted	Broker Quote			N/A
	$	379,628

Unitranche First Lien	$	988,714	Discounted Cash Flows	Discount Rate	8.9%	-	18.3%	(10.7%)
		12,556	Enterprise Value	Comparable Revenue Multiple			10.9x
		12,664	Broker Quoted	Broker Quote			N/A
	$	1,013,934

Unitranche First Lien - Last Out	$	14,741	Discounted Cash Flows	Discount Rate	11.2%	-	16.0%	(12.8%)
	$	14,741

Senior Secured Second Lien	$	15,802	Discounted Cash Flows	Discount Rate	12.4%	-	14.1%	(12.9%)
		3,549	Enterprise Value	Comparable EBITDA Multiple	1.4x	-	10.1x	(5.1x)
		5,000	Broker Quoted	Broker Quote			N/A
	$	24,351

Unsecured Debt	$	15,706	Discounted Cash Flows	Discount Rate	13.3%	-	17.2%	(14.2%)
		1,819	Enterprise Value	Comparable EBITDA Multiple			10.6x
	$	17,525

Equity & Other	$	63,735	Enterprise Value	Comparable EBITDA Multiple	3.1x	-	27.4x	(15.3x)
	$	63,735

Total	$	1,513,914

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

•

The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments.

•

The significant unobservable inputs used in the market multiple approach are the multiples of similar companies’ EBITDA, revenue and comparable market transactions. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively.

•

The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment.

Note 6. Debt

Debt consisted of the following (in thousands):


	March 31, 2025								December 31, 2024
	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(9)	$	500,000	$	344,550	$	155,450	$	344,550	$	500,000	$	344,850	$	155,150	$	344,850
SMBC Corporate Revolving Facility		310,000		155,460		154,540		155,460		310,000		242,601		67,399		242,601
Series 2021A Unsecured Notes(4)		135,000		135,000		—		135,000		135,000		135,000		—		135,000
FCRX Unsecured Notes(5)		111,600		111,600		—		111,600		111,600		111,600		—		111,600
Series 2023A Unsecured Notes(6)		50,000		50,000		—		50,000		50,000		50,000		—		50,000
Series 2024A Unsecured Notes - 2028(7)		35,000		35,000		—		35,000		35,000		—		35,000		—
Series 2024A Unsecured Notes - 2030(8)		80,000		80,000		—		80,000		80,000		—		80,000		—
Total Debt	$	1,221,600	$	911,610	$	309,990	$	911,610	$	1,221,600	$	884,051	$	337,549	$	884,051

(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 March 31, 2025 and December 31, 2024, the carrying amount of the Company’s outstanding debt approximated fair value unless otherwise noted.

(4)

As of March 31, 2025 and December 31, 2024, the fair value of the Series 2021A Unsecured Notes was approximately $131,888 and $133,280, respectively.

(5)

As of March 31, 2025 and December 31, 2024, the fair value of the FCRX Unsecured Notes was approximately $110,261 and $109,680.

(6)

As of March 31, 2025 and December 31, 2024, the fair value of the Series 2023A Unsecured Notes was approximately $50,876 and $52,027.

(7)

As of March 31, 2025, the fair value of the Series 2024A Unsecured Notes -2028 was approximately $35,088.

(8)

As of March 31, 2025, the fair value of the Series 2024A Unsecured Notes -2030 was approximately $80,387.

(9)

On April 10, 2025, the commitment amount was reduced from $500,000 to $400,000. See Note 13 for detail.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2025 and 2024 was 6.49% and 7.29% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2025 and 2024 was $902,376 and $858,637 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 March 31, 2025 and December 31, 2024, all the debt except for FCRX Unsecured Notes would be deemed to be Level 3 of the fair value hierarchy. FCRX Unsecured Notes FCRX would be deemed to be Level 2 of the fair value hierarchy.

As of March 31, 2025 and December 31, 2024, the Company was in compliance with the terms and covenants of its debt arrangements.

SPV Asset Facility

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

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

The maximum commitment amount under the SPV Asset Facility is $500,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses.

The maturity date is the earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.45% margin with no floor. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on a straight line basis. As of March 31, 2025 and December 31, 2024, deferred financing costs related to the SPV Asset Facility were $4,968 and $5,262, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

SMBC Corporate Revolving Facility

On October 27, 2021, the Company entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). On December 3, 2024, the Company amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350,000 to $285,000, (ii) added an initial term commitment of $25,000 for an aggregate facility size of $310,000, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310,000, comprised of $25,000 term loan and $285,000 revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. The Company pays unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on December 3, 2029.

Costs incurred in connection with obtaining the SMBC Corporate Revolving Facility were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Facility on an a straight line basis. As of March 31, 2025 and December 31, 2024, deferred financing costs related to the SMBC Corporate Revolving Facility were $2,302 and $2,511, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Series 2021A Unsecured Notes

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

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

Costs incurred in connection with issuing the Series 2021A Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the Series 2021A Unsecured Notes on a straight line basis. As of March 31, 2025 and December 31, 2024, deferred financing costs related to the Series 2021A Unsecured Notes were $252 and $323, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

FCRX Unsecured Notes

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

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

Series 2023A Unsecured Notes

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

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

Costs incurred in connection with issuing the Series 2023A Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2026 Unsecured Notes - Series 2023A on a straight line basis. As of March 31, 2025 and December 31, 2024, deferred financing costs related to the Series 2023A Unsecured Notes of $99 and $118 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Series 2024A Unsecured Notes - 2028 and 2030

On February 18, 2025, the Company issued $115,000 aggregate principal amount of two tranches of senior unsecured notes: (a) $35,000 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028") and (b) $80,000 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030") . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable.

Costs incurred in connection with issuing the Series 2024A Unsecured Notes - 2028 were recorded as deferred financing costs and are being amortized over the life of the Series 2024A Unsecured Notes - 2028 on a straight line basis. As of March 31, 2025 and December 31, 2024, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $312 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Costs incurred in connection with issuing the Series 2024A Unsecured Notes - 2030 were recorded as deferred financing costs and are being amortized over the life of the Series 2024A Unsecured Notes - 2030 on a straight line basis. As of March 31, 2025 and December 31, 2024, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $724 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the Company's credit facilities and unsecured debt were as follows (in thousands):


	For the three months ended March 31,
	2025		2024
Borrowing interest expense	$	13,726	$	14,661
Unused facility fees		289		426
Amortization of financing costs		621		517
Total interest and credit facility expenses	$	14,636	$	15,604
Weighted average outstanding balance	$	902,376	$	858,637

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 three months ended March 31, 2025 and 2024 the Company’s average USD notional exposure, calculated daily on a weighted average basis on the duration of each forward contract, of foreign currency forward contracts was $64,788 and $63,179, 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)
March 31, 2025	Wells Fargo Bank, N.A.	$	4,242	$	(284	)	$	3,958	$	—	$	3,958
December 31, 2024	Wells Fargo Bank, N.A.	$	4,815	$	—		$	4,815	$	—	$	4,815

(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 March 31,
	2025			2024

Net realized gain (loss) on foreign currency forward contracts	$	-		$	1,447
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		(857	)		(356	)
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	(857	)	$	1,091

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 March 31, 2025 and December 31, 2024, the Company had aggregated unfunded commitments totaling $212,378 and $212,459, respectively, including foreign denominated commitments converted to USD at the balance sheet date, under loan and financing agreements.

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


		As of March 31, 2025			As of December 31, 2024
Company	Investment Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Commitment Expiration Date (1)	Unfunded Commitment (2)
3SI Security Systems (7)	Term Loan	12/16/2026	$	47	12/16/2026	$	—
ABACUS Holdings I LLC (7)	Revolver	6/22/2028		550	6/22/2028		550
ABACUS Holdings I LLC (7)	Revolver	6/24/2028		508	6/24/2028		689
ABACUS Holdings I LLC (7)	Delayed Draw Term Loan	7/24/2026		4,000	6/22/2028		4,000
ACI Group Holdings, Inc. (6)	Revolver	8/2/2027		649	8/2/2027		664
Action Signature Acquisition, Inc. (5)	Revolver	6/17/2026		420	6/17/2026		212
Acu-Serve, LLC (7)	Revolver	10/18/2029		750	10/18/2029		750
Acu-Serve, LLC (7)	Delayed Draw Term Loan	10/18/2025		1,780	10/18/2029		1,780
Advanced Diabetes Supply (7)	Revolver	12/30/2027		350	12/30/2027		350
Affinitiv, Inc. (7)	Revolver	7/26/2027		368	7/26/2027		425
Alcanza Clinical Research (5)	Revolver	12/15/2027		125	12/15/2027		—
Alera Group Inc.	Delayed Draw Term Loan	11/17/2025		—	9/30/2028		167
Alpine SG, LLC (5)	Revolver	11/5/2027		105	11/5/2027		105
Ancora Bidco PTY LTD (5)	Delayed Draw Term Loan	11/6/2030		1,354	11/6/2030		1,342
Annuity Health (7)	Revolver	2/8/2029		800	2/8/2029		800
APC Bidco Limited	Delayed Draw Term Loan	11/10/2027		2,130	10/11/2030		2,067
Apps Associates LLC (7)	Revolver	7/2/2027		640	7/2/2027		800
Arrow Management Acquisition, LLC (7)	Revolver	10/14/2027		1,200	10/14/2027		1,200
Arrow Management Acquisition, LLC (7)	Delayed Draw Term Loan	11/28/2025		1,709	10/14/2027		1,809
Automated Control Concepts, Inc. (5)	Revolver	10/22/2026		833	10/22/2026		833
Auveco Holdings (7)	Revolver	5/5/2028		465	5/5/2028		465
Avalign Technologies, Inc. (6)	Revolver	12/20/2028		1,169	12/20/2028		1,169
Avidity Acquisition B.V. (7)	Delayed Draw Term Loan	3/4/2029		575	n/a		—
AX VI INV2 Holding AB (Voff) (8)	Revolver	8/31/2029		402	8/31/2029		385
Balance Partners (7)	Revolver	4/3/2030		550	4/3/2030		550
Balance Partners (7)	Delayed Draw Term Loan	4/3/2030		1,506	4/3/2030		3,250
Bandon Fitness (Texas) Inc. (7)	Revolver	7/27/2028		401	7/27/2028		401
Banker's Toolbox, Inc. (6)	Revolver	7/27/2027		2,406	7/27/2027		2,406
Bayside Opco, LLC (7)	Revolver	5/31/2026		634	5/31/2026		634
Belay Inc. (7)	Revolver	11/15/2025		650	6/25/2026		650
Benesys Inc.	Revolver	10/3/2025		—	10/3/2025		(2	)
Benesys Inc.	Revolver	10/3/2025		—	10/3/2025		24
Blue Mantis (6)	Revolver	8/5/2030		630	8/19/2030		630
BVI Medical Inc. (6)	Delayed Draw Term Loan	9/7/2027		442	n/a		—
BVI Medical Inc. (6)	Revolver	3/7/2032		821	n/a		—
C-4 Analytics (7)	Revolver	5/14/2030		1,295	5/14/2030		1,295
C-4 Analytics (7)	Delayed Draw Term Loan	5/14/2026		4,650	5/14/2030		4,650
Career Certified, LLC (7)	Delayed Draw Term Loan	2/19/2031		450	n/a		—
Career Certified, LLC (7)	Revolver	2/19/2031		350	n/a		—
CC Amulet Management, LLC (7)	Revolver	8/31/2027		97	8/31/2027		97
Centria Subsidiary Holdings, LLC (7)	Revolver	12/9/2025		1,737	6/9/2027		1,974
Claritas, LLC (7)	Revolver	3/31/2026		1,950	3/31/2026		1,950
Concord III, LLC (7)	Term Loan	12/20/2028		138	12/20/2028		275
ConvenientMD (5)	Revolver	6/15/2027		688	6/15/2029		688
DataVail	Revolver	1/4/2029		—	1/4/2029		(4	)
DataVail	Revolver	1/4/2029		—	1/4/2029		192
DataVail (7)	Delayed Draw Term Loan	1/4/2029		1,898	1/4/2029		2,128
Duraserv LLC	Delayed Draw Term Loan	6/10/2026		—	6/10/2031		899
Duraserv LLC (6)	Delayed Draw Term Loan	3/3/2027		1,715	n/a		—
Duraserv LLC (6)	Revolver	6/10/2030		893	6/10/2030		893
Eagle Midco B.V. (Avania) (10)	Delayed Draw Term Loan	7/5/2029		2,664	7/5/2029		2,552
Effective School Solutions LLC (7)	Revolver	11/30/2027		290	n/a		—
Effective School Solutions LLC (7)	Revolver	11/30/2027		406	11/30/2027		348
Efor Holding	Delayed Draw Term Loan	10/4/2026		—	10/4/2030		120
EMS Buyer, Inc. (7)	Revolver	11/23/2027		147	11/23/2027		147
Envocore Holding, LLC (5)	Revolver	12/31/2025		694	12/31/2025		1,806
Eshipping (7)	Revolver	11/5/2027		1,150	11/5/2027		1,150
Essential Services Holding Corporation (6)	Revolver	6/17/2031		781	6/17/2031		929
Essential Services Holding Corporation (6)	Delayed Draw Term Loan	6/17/2030		1,487	6/17/2030		1,487
Evergreen IX Borrower 2023, LLC (6)	Revolver	9/29/2029		1,500	9/29/2029		1,500
Everlast Parent Inc. (7)	Revolver	10/30/2026		783	10/30/2028		783
Evolution BuyerCo, Inc. (7)	Revolver	4/30/2030		729	4/30/2027		729
Flow Service Partners Intermediate Holdco LLC (7)	Revolver	11/19/2030		613	11/19/2030		800
Flow Service Partners Intermediate Holdco LLC (7)	Delayed Draw Term Loan	11/19/2030		1,350	11/19/2030		1,350
Formulations Parent Corporation (6)	Revolver	11/15/2029		1,651	11/15/2029		1,651
FS Whitewater Borrower, LLC (3)	Delayed Draw Term Loan	3/31/2027		1,744	n/a		—
FS Whitewater Borrower, LLC (6)	Revolver	12/21/2027		690	12/21/2027		690
Galway Borrower, LLC (6)	Revolver	9/30/2027		286	9/30/2028		417
Galway Borrower, LLC (6)	Revolver	9/30/2028		565	9/30/2028		565
Galway Borrower, LLC (6)	Delayed Draw Term Loan	2/7/2026		595	9/30/2028		599
GB Eagle Buyer, Inc. (7)	Revolver	11/29/2030		449	11/29/2030		513
GB Eagle Buyer, Inc. (7)	Delayed Draw Term Loan	11/29/2030		1,282	11/29/2030		1,282
Gener8, LLC (5)	Revolver	8/14/2025		299	8/14/2025		299
GH Parent Holdings Inc. (7)	Delayed Draw Term Loan	5/4/2027		1,172	5/4/2027		1,172
GH Parent Holdings Inc. (7)	Revolver	5/4/2027		1,819	5/4/2027		1,819


GrapeTree Medical Staffing, LLC (7)	Revolver	4/30/2026	600	4/30/2026	600
Great Lakes Dental Partners, LLC (7)	Revolver	6/23/2026	100	6/23/2026	100
Guardian Access Solutions (7)	Revolver	8/1/2029	413	8/24/2029	413
Guardian Access Solutions (7)	Delayed Draw Term Loan	8/1/2029	974	8/24/2029	974
Halo Buyer, Inc. (7)	Revolver	8/7/2029	496	n/a	—
Hamsard 3778 Limited	Delayed Draw Term Loan	10/28/2031	1,417	10/28/2031	1,375
Hercules Borrower LLC (7)	Revolver	12/15/2026	2,222	12/15/2026	2,222
HGH Purchaser, Inc. (6)	Revolver	11/3/2025	1,006	11/1/2026	1,547
Homecare Partners Management, LLC (7)	Revolver	5/25/2027	308	5/25/2027	249
Homecare Partners Management, LLC (7)	Delayed Draw Term Loan	6/18/2030	1,836	6/18/2030	1,836
Hospice Care Buyer, Inc. (7)	Revolver	12/9/2026	522	12/9/2026	660
HS Spa Holdings Inc. (Hand & Stone) (6)	Delayed Draw Term Loan	6/2/2029	501	6/2/2029	501
HS Spa Holdings Inc. (Hand & Stone) (6)	Revolver	6/2/2028	1,020	6/2/2028	1,209
Hsid Acquisition, LLC (7)	Revolver	1/31/2026	750	1/31/2026	750
iLending LLC (5)	Revolver	6/21/2026	718	6/21/2026	718
Imagenet, LLC (7)	Revolver	12/31/2030	650	12/31/2030	650
Infobase (7)	Revolver	6/14/2028	430	6/14/2028	643
Integrity Marketing Acquisition, LLC (6)	Revolver	8/28/2028	1,409	8/28/2028	1,409
Iris Buyer, LLC (7)	Delayed Draw Term Loan	8/4/2026	2,156	n/a	—
Iris Buyer, LLC (7)	Delayed Draw Term Loan	3/29/2025	515	10/2/2030	515
Iris Buyer, LLC (7)	Revolver	10/2/2029	1,059	10/2/2029	1,514
IVX Health Merger Sub, Inc. (7)	Revolver	6/7/2030	3,519	6/7/2030	3,519
Jordan Bidco, Ltd. (10)	Delayed Draw Term Loan	2/29/2027	3,419	8/31/2028	3,317
JTM Foods LLC (7)	Revolver	5/14/2027	320	5/14/2027	53
King Mid LLC	Delayed Draw Term Loan	6/7/2026	—	12/15/2027	1,592
King Mid LLC (7)	Delayed Draw Term Loan	4/23/2031	1,106	n/a	—
King Mid LLC (7)	Revolver	12/15/2027	300	12/15/2027	300
Lash Opco LLC (7)	Revolver	9/18/2025	4	9/18/2025	4
Learn-It Systems, LLC (7)	Revolver	3/18/2025	720	9/18/2026	900
Lexipol (Ranger Buyer, Inc.) (6)	Revolver	11/18/2027	1,105	11/18/2027	1,105
Lighthouse Lab Services (7)	Revolver	10/25/2027	153	10/25/2027	153
Lightspeed Buyer, Inc. (7)	Revolver	2/3/2027	1,100	2/3/2027	1,100
Lightspeed Buyer, Inc. (7)	Delayed Draw Term Loan	2/3/2027	464	2/3/2027	1,250
Lion Cashmere Bidco Limited (5)	Delayed Draw Term Loan	3/23/2028	2,981	3/23/2028	2,856
List Partners, Inc. (7)	Revolver	6/30/2025	135	6/30/2025	135
Mann Lake Ltd.	Revolver	—	—	1/31/2025	56
Mario Purchaser, LLC (6)	Revolver	4/26/2028	661	4/26/2028	731
Mario Purchaser, LLC (7)	Delayed Draw Term Loan	4/26/2029	4,305	4/26/2029	4,305
Marlin DTC-LS Midco 2, LLC (7)	Revolver	7/1/2025	143	7/1/2025	143
MB2 Dental (6)	Delayed Draw Term Loan	2/13/2027	397	2/13/2031	397
MB2 Dental (6)	Revolver	2/13/2031	427	2/13/2031	427
MB2 Dental (6)	Delayed Draw Term Loan	2/13/2026	1,442	2/13/2031	1,698
Medical Review Institute of America (7)	Revolver	7/1/2030	688	7/1/2030	800
Medicus IT (6)	Revolver	7/9/2030	990	7/9/2030	1,100
Medicus IT (6)	Delayed Draw Term Loan	7/9/2026	2,800	7/9/2030	2,800
MeriCal, LLC (5)	Revolver	11/16/2025	315	11/16/2025	485
MHS Acquisition Holdings, LLC (7)	Delayed Draw Term Loan	7/21/2027	1	7/21/2027	1
MHS Acquisition Holdings, LLC (7)	Revolver	7/21/2027	90	7/21/2027	120
Minuteman Security Technologies, Inc. (7)	Delayed Draw Term Loan	2/2/2025	928	2/2/2029	928
Minuteman Security Technologies, Inc. (7)	Revolver	2/1/2029	1,000	2/2/2029	1,000
Miracle Mile Holdings, LLC (7)	Delayed Draw Term Loan	2/28/2027	5,200	n/a	—
Miracle Mile Holdings, LLC (7)	Revolver	11/1/2028	100	n/a	—
MRI Software LLC (6)	Delayed Draw Term Loan	2/10/2027	727	2/10/2027	949
MRI Software LLC (7)	Revolver	2/10/2026	1,460	2/10/2026	1,460
MWD Management LLC (United Derm) (7)	Revolver	6/15/2027	720	6/15/2027	720
Net Health Acquisition Corp. (6)	Revolver	7/5/2031	1,534	7/5/2031	1,432
Newcleus, LLC (5)	Revolver	8/2/2026	435	8/2/2026	435
Newcleus, LLC (5)	Delayed Draw Term Loan	8/2/2026	458	8/2/2026	458
NRG Controls (7)	Revolver	10/28/2030	450	10/28/2030	450
NRG Controls (7)	Delayed Draw Term Loan	10/28/2030	800	10/28/2030	800
Nurture Landscapes	Delayed Draw Term Loan	6/3/2028	—	6/3/2028	6,243
Odessa Technologies, Inc. (6)	Revolver	10/19/2027	2,500	10/19/2027	2,500
Oliver Packaging LLC (7)	Revolver	7/6/2028	351	7/6/2028	351
Omega Systems Intermediate Holdings, Inc. (6)	Delayed Draw Term Loan	1/15/2027	1,200	n/a	—
Omega Systems Intermediate Holdings, Inc. (6)	Revolver	1/15/2031	400	n/a	—
Omni Ophthalmic Management Consultants, LLC (7)	Revolver	9/30/2025	323	n/a	—
Online Labels Group, LLC (7)	Delayed Draw Term Loan	12/19/2025	263	12/19/2029	525
Online Labels Group, LLC (7)	Delayed Draw Term Loan	12/19/2025	525	12/19/2029	525
Online Labels Group, LLC (7)	Revolver	12/19/2029	650	12/19/2029	650
Painters Supply & Equipment Company (7)	Revolver	8/10/2027	333	8/10/2027	183
Painters Supply & Equipment Company (7)	Delayed Draw Term Loan	4/29/2030	578	4/29/2030	578
Patriot Acquisition Topco S.A.R.L (7)	Delayed Draw Term Loan	10/13/2025	897	1/29/2028	890
Patriot Acquisition Topco S.A.R.L (7)	Revolver	1/29/2026	822	1/29/2026	1,770
Patriot Growth Insurance Services, LLC (6)	Delayed Draw Term Loan	11/16/2025	295	10/14/2028	295
Patriot Growth Insurance Services, LLC (6)	Revolver	10/14/2028	330	10/14/2028	330
PCS Retirement (7)	Revolver	3/1/2030	578	3/1/2030	578
PCS Retirement (7)	Delayed Draw Term Loan	2/27/2026	860	3/1/2030	860
Pitch MidCo B.V.	Delayed Draw Term Loan	4/26/2028	1,548	4/26/2031	1,484
Plasma Buyer LLC (PathGroup)	Delayed Draw Term Loan	5/12/2029	—	5/12/2029	54


Plasma Buyer LLC (PathGroup) (6)	Revolver	5/12/2029		141	5/12/2029		357
PPV Intermediate Holdings LLC (Vetcor) (6)	Revolver	8/31/2029		228	8/31/2029		228
Premier Dental Care Management, LLC (6)	Revolver	8/5/2027		2,125	8/5/2027		2,125
Premier Dental Care Management, LLC (6)	Delayed Draw Term Loan	8/5/2028		2,093	8/5/2028		2,562
PromptCare Intermediate, LP (7)	Delayed Draw Term Loan	10/20/2025		2,111	4/19/2030		2,111
Pye-Barker Fire & Safety, LLC (6)	Revolver	5/24/2030		2,289	5/24/2030		2,289
Quorum Health Resources (5)	Revolver	5/26/2027		674	5/26/2027		674
Receivable Solutions, Inc. (7)	Revolver	10/1/2025		150	10/1/2025		180
REP Behavioral Health, LLC (7)	Revolver	12/31/2030		1,266	12/31/2030		1,329
REP Behavioral Health, LLC (7)	Delayed Draw Term Loan	12/31/2030		2,500	12/31/2030		2,500
Right Networks, LLC	Revolver	—		—	5/21/2026		233
Right Networks, LLC (7)	Revolver	5/29/2029		570	n/a		—
RN Enterprises, LLC (6)	Revolver	10/17/2031		1,063	10/17/2031		1,106
RN Enterprises, LLC (6)	Delayed Draw Term Loan	10/17/2031		2,183	10/17/2031		2,183
RWA Wealth Partners, LLC. (6)	Revolver	11/15/2030		1,400	11/15/2030		1,400
RWA Wealth Partners, LLC. (6)	Delayed Draw Term Loan	11/15/2030		4,641	11/15/2030		4,641
Safco Dental Supply, LLC (7)	Revolver	6/14/2025		258	6/14/2025		258
Saturn Borrower Inc (7)	Revolver	9/30/2026		1,816	9/30/2026		—
SC MidCo Oy (7)	Delayed Draw Term Loan	3/19/2032		162	n/a		—
Seniorlink Incorporated (7)	Revolver	12/31/2027		458	12/31/2027		458
Seniorlink Incorporated (7)	Revolver	12/31/2027		1,038	12/31/2027		1,038
Slickdeals Holdings, LLC (7)	Revolver	6/30/2025		727	6/30/2025		727
Smartronix, LLC	Revolver	—		—	11/23/2028		3,290
Smile Doctors LLC (6)	Revolver	12/23/2027		1,262	12/23/2027		1,262
Soltis (7)	Revolver	8/5/2030		500	8/5/2030		500
Soltis (7)	Delayed Draw Term Loan	8/5/2026		2,600	8/5/2030		2,600
Solvias AG (6)	Revolver	2/27/2032		2,956	n/a		—
SQAD Holdco, Inc. (7)	Revolver	4/25/2028		1,050	4/25/2028		1,050
Stepping Stones Healthcare Services, LLC (6)	Revolver	12/30/2026		1,887	12/30/2026		1,887
Stepping Stones Healthcare Services, LLC (6)	Delayed Draw Term Loan	4/25/2026		2,736	12/30/2028		3,396
Strata Information Group, Inc. (6)	Revolver	12/31/2030		700	12/31/2030		350
Strata Information Group, Inc. (6)	Delayed Draw Term Loan	12/31/2030		882	12/31/2030		1,200
Summit 7 Systems, LLC (7)	Revolver	5/23/2028		528	5/23/2028		264
Sun Acquirer Corp. (6)	Revolver	9/8/2027		1,812	9/5/2027		1,812
Sydney US Buyer Corp. (3B Scientific) (10)	Delayed Draw Term Loan	12/14/2026		3,960	7/8/2029		3,960
Sydney US Buyer Corp. (3B Scientific) (5)	Delayed Draw Term Loan	7/8/2029		25	7/8/2029		25
Teal Acquisition Co., Inc	Revolver	9/22/2026		—	9/22/2026		182
Team Select (CSC TS Merger SUB, LLC) (7)	Revolver	5/4/2029		650	5/4/2029		650
Team Select (CSC TS Merger SUB, LLC) (7)	Delayed Draw Term Loan	6/17/2030		800	6/17/2030		800
Team Select (CSC TS Merger SUB, LLC) (7)	Delayed Draw Term Loan	5/4/2029		840	5/4/2029		840
The Hilb Group, LLC (6)	Revolver	12/2/2025		1,594	10/31/2031		1,547
The Hilb Group, LLC (6)	Delayed Draw Term Loan	10/31/2026		3,282	10/31/2031		3,341
TMA Buyer, LLC (5)	Revolver	9/30/2027		385	9/30/2027		385
Transportation Insight, LLC (5)	Revolver	6/18/2027		51	6/18/2027		412
TriStrux, LLC (7)	Revolver	12/15/2026		97	12/15/2026		97
UHY Advisors , Inc. (6)	Revolver	11/21/2031		933	11/21/2031		1,200
UHY Advisors , Inc. (6)	Delayed Draw Term Loan	11/21/2031		4,575	11/21/2031		4,575
Unifeye Vision Partners	Revolver	9/13/2025		—	9/15/2025		453
USA Hometown Experts, Inc. (7)	Revolver	11/8/2029		720	11/8/2029		720
USA Hometown Experts, Inc. (7)	Delayed Draw Term Loan	11/18/2025		2,450	11/8/2029		2,450
Vantage Insurance Partners, Inc. (7)	Revolver	12/22/2028		698	12/22/2028		698
Vantage Insurance Partners, Inc. (7)	Delayed Draw Term Loan	3/20/2026		4,600	12/22/2028		4,600
Vital Care Buyer, LLC (6)	Revolver	7/30/2031		283	7/30/2031		283
WCT Group Holdings, LLC (6)	Revolver	12/12/2029		457	12/12/2029		457
Winxnet Holdings LLC (7)	Revolver	12/29/2025		244	12/29/2025		244
Total			$	212,378		$	212,459

(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 March 31, 2025 and December 31, 2024.

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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

(12)

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

(13)

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

(14)

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

Other Commitments and Contingencies

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

Note 9. Net Assets

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


Date Declared	Record Date	Payment Date	Dividend Type	Amount Per Share
February 12, 2025	August 29, 2025	September 15, 2025	Special	$	0.05
February 12, 2025	May 30, 2025	June 14, 2025	Special	$	0.05
February 12, 2025	March 31, 2025	April 15, 2025	Regular	$	0.42
February 12, 2025	February 28, 2025	March 14, 2025	Special	$	0.05
November 12, 2024	December 31, 2024	January 15, 2025	Regular	$	0.42
November 12, 2024	November 29, 2024	December 16, 2024	Supplemental	$	0.07
August 7, 2024	September 30, 2024	October 15, 2024	Regular	$	0.42
August 7, 2024	August 31, 2024	September 16, 2024	Supplemental	$	0.09
May 2, 2024	June 28, 2024	July 15, 2024	Regular	$	0.42
May 2, 2024	May 31, 2024	June 17, 2024	Supplemental	$	0.11
February 15, 2024	March 29, 2024	April 15, 2024	Regular	$	0.41
February 15, 2024	February 29, 2024	March 15, 2024	Supplemental	$	0.10
November 2, 2023	December 29, 2023	January 16, 2024	Regular	$	0.41

At March 31, 2025 and December 31, 2024, Crescent, Sun Life and other related parties owned 8.76% and 8.75%, respectively, of the outstanding common shares of the Company.

Note 10. Earnings Per Share

In accordance with the provisions of ASC 260 – Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of March 31, 2025 and December 31, 2024, there are no dilutive shares.

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


	For the three months ended March 31,
	2025		2024

Net increase (decrease) in net assets resulting from operations	$	3,904	$	28,005
Weighted average common shares outstanding		37,061,547		37,061,547
Net increase (decrease) in net assets resulting from operations per common share-basic and diluted	$	0.11	$	0.76

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 March 31, 2025			As of December 31, 2024
Tax Cost		$	1,683,924		$	1,663,941
Gross Unrealized Appreciation		$	41,927		$	40,639
Gross Unrealized Depreciation			(107,688	)		(100,760	)
	Net Unrealized Investment Appreciation (Depreciation)	$	(65,761	)	$	(60,121	)

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


	For the three months ended March 31,
	2025		2024
Income tax (benefit) provision	$	6	$	-
Excise tax (benefit) provision		495		366
Provision (benefit) for income and excise taxes	$	501	$	366

As of March 31, 2025 and December 31, 2024, $196 and $1,408, respectively, of accrued income and excise taxes remained payable.

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


	For the three months ended March 31,
	2025		2024
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		-		339
Benefit (provision) for taxes on realized and unrealized appreciation (depreciation) on investments	$	-	$	339

As of March 31, 2025 and December 31, 2024, $282 and $746, respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of March 31, 2025 and December 31, 2024, $282 and $746, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.

Note 12. Financial Highlights

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



	For the three months ended March 31,
	2025			2024
Per Share Data:(1)
Net asset value, beginning of period	$	19.98		$	20.04
Net investment income after tax		0.45			0.63
Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes		(0.34	)		0.13
Net increase (decrease) in net assets resulting from operations		0.11			0.76
Distributions declared from net investment income(2)		(0.47	)		(0.51	)
Effects of rounding		—			(0.01	)
Total increase (decrease) in net assets		(0.36	)		0.24
Net asset value, end of period	$	19.62		$	20.28
Shares outstanding, end of period		37,061,547			37,061,547
Market value, end of period	$	17.12		$	17.26
Weighted average shares outstanding		37,061,547			37,061,547
Total return based on market value (3)		(8.49	%)		2.28	%
Total return based on net asset value (4)		0.55	%		3.74	%
Ratio/Supplemental Data:
Net assets, end of period	$	727,122		$	751,698
Ratio of total net expenses to average net assets(5)		14.10	%		14.56	%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets		4.08	%		3.52	%
Ratio of net investment income before taxes to average net assets (6)		9.46	%		12.75	%
Ratio of interest and credit facility expenses to average net assets (6)		8.09	%		8.40	%
Ratio of net incentive fees to average net assets (6)		1.93	%		2.64	%
Portfolio turnover (7)		4.82	%		4.70	%
Asset coverage ratio		179	%		189	%

(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 14.21% and 14.60% for the three months ended March 31, 2025 and 2024, respectively.

(6) Annualized.

(7) Not annualized.

100

Note 13. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of March 31, 2025 and for the three months ended March 31, 2025.

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

On May 8, 2025, the Company's Board of Directors declared a regular second quarter cash dividend of $0.42 per share, which will be paid on July 15, 2025 to stockholders of record as of June 30, 2025.

101

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.

102

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.

103

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.

104

Leverage

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

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

PORTFOLIO INVESTMENT ACTIVITY

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

Our portfolio at fair value was comprised of the following:


($ in millions)	As of March 31, 2025					As of December 31, 2024
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior Secured First Lien	$	400.3		24.8	%	$	379.7		23.7	%
Unitranche First Lien		1,048.9		64.7			1,044.1		65.3
Unitranche First Lien - Last Out		25.0		1.5			14.8		0.9
Senior Secured Second Lien		22.5		1.4			38.5		2.4
Unsecured Debt		18.2		1.1			17.5		1.1
Equity & Other		66.8		4.1			64.9		4.1
LLC/LP Equity Interests		39.0		2.4			39.4		2.5
Total investments	$	1,620.7		100.0	%	$	1,598.9		100.0	%

105

The following table shows our investment activity by investment type:


($ in millions)	For the three months ended
	March 31, 2025		March 31, 2024
New investments at cost:
Senior Secured First Lien	$	32.6	$	26.1
Unitranche First Lien		60.7		44.0
Unitranche First Lien - Last Out		9.7		—
Senior Secured Second Lien		—		—
Unsecured Debt		—		3.4
Equity & Other		1.7		0.4
LLC/LP Equity Interests		—		—
Total	$	104.7	$	73.9
Proceeds from investments sold or repaid:
Senior Secured First Lien	$	9.2	$	46.1
Unitranche First Lien		50.8		42.7
Unitranche First Lien - Last Out		—		0.9
Senior Secured Second Lien		16.3		2.4
Unsecured Debt		—		—
Equity & Other		—		1.0
LLC/LP Equity Interests		1.7		5.3
Total	$	78.0	$	98.4
Net increase (decrease) in portfolio	$	26.7	$	(24.5	)

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


	As of March 31, 2025			As of December 31, 2024
Weighted average yield on income producing securities (at cost) (1)		10.4	%		10.9	%
Percentage of debt bearing a floating rate (at fair value)		97.2	%		97.3	%
Percentage of debt bearing a fixed rate (at fair value)		2.8	%		2.7	%
Number of portfolio companies	191			185

(1)

Includes performing debt and other income-producing investments (excluding investments on non-accrual).

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


($ in millions)	As of March 31, 2025										As of December 31, 2024
	Cost		% of Cost			Fair Value		% of Fair Value			Cost		% of Cost			Fair Value		% of Fair Value
Performing	$	1,497.7		96.5	%	$	1,487.2		98.2	%	$	1,492.7		97.8	%	$	1,480.7		99.1	%
Non-Accrual		54.2		3.5	%		27.6		1.8	%		34.3		2.2	%		13.5		0.9	%
Total	$	1,551.9		100.0	%	$	1,514.8		100.0	%	$	1,527.0		100.0	%	$	1,494.2		100.0	%

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

As of March 31, 2025, we had twenty two investments across nine portfolio companies on non-accrual status, which represented 3.5% and 1.8% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had seventeen investments across nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of March 31, 2025 and December 31, 2024.

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser

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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 March 31, 2025					As of December 31, 2024
	Investments at		Percentage of			Investments at		Percentage of
Investment Performance Rating	Fair Value		Total Portfolio			Fair Value		Total Portfolio
1		30.5		1.9	%		29.9		1.9	%
2		1,373.0		84.7			1,360.9		85.0
3		189.5		11.7			194.6		12.2
4		23.2		1.4			12.0		0.8
5		4.5		0.3			1.5		0.1
Total		1,620.7		100.0	%		1,598.9		100.0	%

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RESULTS OF OPERATIONS

Summarized Statement of Operations


(in $ millions)	For the three months ended March 31,
	2025			2024
Total investment income	$	42.1		$	50.4
Total net expenses, including taxes		25.5			27.0
Net investment income	$	16.6		$	23.4
Net realized gain (loss) on investments and forward contracts		(6.5	)		(0.2	)
Net unrealized appreciation (depreciation) on investments, forward contracts and foreign transactions		(6.2	)		4.5
Net realized and unrealized gains (losses)	$	(12.7	)	$	4.3
Benefit (provision) for taxes on realized and unrealized appreciation (depreciation) on investments		-			0.3
Net increase (decrease) in net assets resulting from operations	$	3.9		$	28.0

Investment Income


(in $ millions)	For the three months ended March 31,
	2025		2024
Interest from investments	$	39.7	$	46.2
Dividend income		1.5		3.3
Other income		0.9		0.9
Total investment income	$	42.1	$	50.4

Interest income, which includes amortization of upfront fees, decreased from $46.2 million for the three months ended March 31, 2024, to $39.7 million for the three months ended March 31, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the three months ended March 31, 2025 and 2024 are $0.8 million and $0.9 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $3.3 million for the three months ended March 31, 2024 to $1.5 million for the three months ended March 31, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended March 31, 2025 and 2024, we recorded $0.9 million and $0.9 million of other income related to one-time arranger fees, respectively.

Expenses


(in $ millions)	For the three months ended March 31,
	2025		2024
Interest and other debt financing costs	$	14.6	$	15.6
Management fees, net of waiver		5.0		5.0
Income based incentive fees, net of waiver		3.5		4.9
Professional fees		0.7		0.4
Directors’ fees		0.2		0.2
Other general and administrative expenses		1.0		0.5
Total net expenses	$	25.0	$	26.6
Provision for income and excise taxes		0.5		0.4
Total net expenses, including taxes	$	25.5	$	27.0

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 March 31, 2025 and 2024 interest and other debt financing

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costs were $14.6 million and $15.6 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates offset by higher weighted average outstanding balance.

Base Management Fees

For the three months ended March 31, 2025 and 2024, we incurred management fees, net of waivers, of $5.0 million and $5.0 million, respectively.

Incentive Fees

For the three months ended March 31, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.5 million and $4.9 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.

Professional Fees and Other General and Administrative Expenses

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

For the three months ended March 31, 2025 and 2024, professional fees were $0.7 million and $0.4 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.

For the three months ended March 31, 2025 and 2024, other general and administrative expenses were $1.0 million and $0.5 million, respectively. The increase is related to higher costs primarily related to certain one-time administrative fees.

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Income and Excise Taxes

For the three months ended March 31, 2025 and 2024, we expensed income and excise taxes of $0.5 million and $0.4 million, respectively, due to higher undistributed taxable income balance.

Net Investment Income

For the three months ended March 31, 2025 and 2024, net investment income was $16.6 million or $0.45 per share and $23.4 million or $0.63 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned year to date.

Net Realized and Unrealized Gains and Losses

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


($ in millions)	For the three months ended March 31,
	2025			2024
Realized losses on non-controlled and non-affiliated investments	$	(3.0	)	$	(3.4	)
Realized gains on non-controlled and non-affiliated investments		—			1.8
Realized losses on non-controlled and affiliated investments		—			—
Realized gains on non-controlled and affiliated investments		—			—
Realized losses on controlled investments		(3.8	)		—
Realized gains on controlled investments		—			—
Realized losses on foreign currency forwards		—			—
Realized gains on foreign currency forwards		—			1.4
Realized losses on foreign currency transactions		—			—
Realized gains on foreign currency transactions		0.4			—
Net realized gains (losses) on investments	$	(6.4	)	$	(0.2	)
Change in unrealized depreciation on non-controlled and non-affiliated investments	$	(18.8	)	$	(12.3	)
Change in unrealized appreciation on non-controlled and non-affiliated investments		11.8			16.4
Change in unrealized depreciation on foreign currency translation		(3.1	)		—
Change in unrealized appreciation on foreign currency translation		—			0.8
Change in unrealized depreciation on non-controlled and affiliated investments		(1.5	)		(0.2	)
Change in unrealized appreciation on non-controlled and affiliated investments		1.8			0.4
Change in unrealized depreciation on controlled and affiliated investments		(0.4	)		(2.2	)
Change in unrealized appreciation on controlled and affiliated investments		4.8			2.0
Change in unrealized depreciation on foreign currency forwards		(0.9	)		(0.4	)
Change in unrealized appreciation on foreign currency forwards		—			—
Net unrealized appreciation (depreciation) on investments	$	(6.3	)	$	4.5
Net realized and unrealized gains (losses) on investments	$	(12.7	)	$	4.3

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 three months ended March 31, 2025 and 2024, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $64.8 million and $63.2 million, respectively.

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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 March 31, 2025, we had $30.5 million in cash and cash equivalents and restricted cash and cash equivalents and $310.0 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of March 31, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of March 31, 2025, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of March 31, 2025. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.

Debt


($ in millions)	March 31, 2025								December 31, 2024
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)
SPV Asset Facility(3)	$	500.0	$	344.5	$	155.5	$	344.5	$	500.0	$	344.9	$	155.1	$	344.9
SMBC Corporate Revolving Facility		310.0		155.5		154.5		155.5		310.0		242.6		67.4		242.6
Series 2021A Unsecured Notes		135.0		135.0		—		135.0		135.0		135.0		—		135.0
FCRX Unsecured Notes		111.6		111.6		—		111.6		111.6		111.6		—		111.6
Series 2023A Unsecured Notes		50.0		50.0		—		50.0		50.0		50.0		—		50.0
Series 2024A Unsecured Notes - 2028		35.0		35.0		—		35.0		35.0		—		35.0		—
Series 2024A Unsecured Notes - 2030		80.0		80.0		—		80.0		80.0		—		80.0		—
Total Debt	$	1,221.6	$	911.6	$	310.0	$	911.6	$	1,221.6	$	884.1	$	337.5	$	884.1

(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.

(3)

On April 10, 2025, the commitment amount was reduced from $500.0 million to $400.0 million. See Recent Developments for detail.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2025 and 2024 was 6.49% and 6.97%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2025 and 2024 was $902.4 million and $858.6 million, respectively. As of March 31, 2025 and December 31, 2024, the weighted average cost of debt was 6.36% and 6.38%, respectively.

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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) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.45% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

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

SMBC Corporate Revolving Facility

On October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). On December 3, 2024, we amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350.0 million to $285.0 million, (ii) added an initial term commitment of $25.0 million for an aggregate facility size of $310.0 million, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310.0 million, comprised of $25.0 million term loan and $285.0 million revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on December 3, 2029.

Series 2021A Unsecured Notes

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

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

FCRX Unsecured Notes

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

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

Series 2023A Unsecured Notes

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

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

Series 2024A Unsecured Notes - 2028 and 2030

On February 18, 2025, we issued $115.0 million aggregate principal amount of two tranches of senior unsecured notes: (a) $35.0 million 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028") and (b) $80.0 million 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030") . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable.

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


($ in millions)	For the three months ended March 31,
	2025		2024
Borrowing interest expense	$	13.7	$	14.7
Unused facility fees		0.3		0.4
Amortization of financing costs		0.6		0.5
Total interest and credit facility expenses	$	14.6	$	15.6
Weighted average outstanding balance	$	902.4	$	858.6

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

As of March 31, 2025 and December 31, 2024, our asset coverage ratio was 179% and 183%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.

OFF BALANCE SHEET ARRANGEMENTS

Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $212.4 million and $212.5 million, respectively.

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RECENT DEVELOPMENTS

On May 8, 2025, our Board of Directors declared a regular second quarter cash dividend of $0.42 per share, which will be paid on July 15, 2025 to stockholders of record as of June 30, 2025.

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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 March 31, 2025, 97.2% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility and SMBC Corporate Revolving Facility also bear interest at variable rates.

Assuming that our Consolidated Statement of Assets and Liabilities as of March 31, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)


Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points		14.6			5.0			9.6
Up 75 basis points		11.0			3.8			7.2
Up 50 basis points		7.3			2.5			4.8
Up 25 basis points		3.7			1.3			2.4
Down 25 basis points		(3.7	)		(1.3	)		(2.4	)
Down 50 basis points		(7.3	)		(2.5	)		(4.8	)
Down 75 basis points		(11.0	)		(3.8	)		(7.2	)
Down 100 basis points		(14.6	)		(5.0	)		(9.6	)

(1)

Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

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

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

Currency Risk

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

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positions from changes in currency exchange rates. As of March 31, 2025, we had £16.9 million, CHF 18.7 million, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £18.9 million, CHF 21.9 million, AUD $46.5, and SEK 11.6 at par.

ITEM 4. CONTROLS AND PROCEDURES

(a)

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 March 31, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of March 31, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

(b)

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 March 31, 2025, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

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

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. These risks are not the only risk factors facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Tariffs may adversely affect us or our portfolio companies.

The current United States administration has threatened or imposed tariffs on certain imports from a number of countries, including China. Tariffs and international trade arrangements may continue to change, potentially without warning and to an extent that is difficult to predict. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain or our portfolio companies or reduce demand for their products, which could affect the results of their operations, and may cause a general economic slowdown or recession. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us, our portfolio companies or the economy.

Economic recessions or downturns could impair our portfolio companies and harm our operating results.

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing our loans. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or

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result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors.

Efforts by the Federal Reserve and other central banks globally to combat inflation and restore price stability, as well as other global events, may raise the prospect or severity of a recession. Wars have added, and other international tensions or escalations of conflict may add, instability to the uncertainty driving socioeconomic forces, which may continue to have an impact on global trade and result in inflation or economic instability. Present conditions and the state of the U.S. and global economies make it difficult to predict whether and/or to what extent a recession will occur in the near future.

Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include:

•

severe declines in the market price of our securities or net asset value;

•

inability of the Company to accurately or reliably value its portfolio;

•

inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to shareholders and that could result breaches of covenants or events of default under our credit arrangements;

•

inability of the Company to pay any dividends and distributions or service its debt;

•

declines in the value of our investments;

•

increased risk of default or bankruptcy by the companies in which we invest;

•

increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern;

•

limited availability of new investment opportunities;

•

inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and

•

general threats to the Company’s ability to continue investment operations and to operate successfully as a BDC.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2025, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

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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 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).

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

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

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

101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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: May 14, 2025	By:	/s/ Jason A. Breaux
		Jason A. Breaux
		Chief Executive Officer

Date: May 14, 2025	By:	/s/ Gerhard Lombard
		Gerhard Lombard
		Chief Financial Officer

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