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, 2026

☐ 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 13, 2026 was 36,845,952

CRESCENT CAPITAL BDC, Inc.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

Table of Contents


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	4
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	8
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2025	47
	Notes to Consolidated Financial Statements (Unaudited)	84
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	111
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	123
Item 4.	Controls and Procedures	124
PART II	OTHER INFORMATION	125
Item 1.	Legal Proceedings	125
Item 1A.	Risk Factors	125
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	126
Item 3.	Defaults Upon Senior Securities	126
Item 4.	Mine Safety Disclosures	126
Item 5.	Other Information	126
Item 6.	Exhibits	127

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 impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies;

•

political and regulatory conditions that contribute to uncertainty and market volatility, including the impact of any prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration;

•

ongoing global conflict, including conflicts in the Middle East and the Russia-Ukraine war;

•

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, 2026 (Unaudited)			As of December 31, 2025
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,519,835 and $1,504,658, respectively)	$	1,486,650		$	1,479,473
Non-controlled affiliated investments (cost of $21,709 and $26,826, respectively)		21,331			29,594
Controlled investments (cost of $77,110 and $71,985, respectively)		54,489			60,351
Cash and cash equivalents		6,139			5,043
Restricted cash and cash equivalents		20,454			26,454
Interest and dividend receivable		10,944			9,333
Receivable from unsettled transactions		12,477			8,019
Unrealized appreciation on foreign currency forward contracts		1,806			2,135
Deferred tax assets		235			190
Other assets		3,129			1,543
Total assets	$	1,617,654		$	1,622,135

Liabilities
Debt (net of deferred financing costs of $6,710 and $5,841, respectively)	$	907,133		$	873,761
Distributions payable		15,497			15,527
Interest and other debt financing costs payable		8,353			12,370
Management fees payable		4,915			5,037
Incentive fees payable		1,575			3,468
Unrealized depreciation on foreign currency forward contracts		1,880			2,134
Unrealized depreciation on interest rate swaps		1,603			—
Deferred tax liabilities		235			190
Accrued expenses and other liabilities		2,435			3,610
Total liabilities		943,626			916,097

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, 36,897,356 and 36,969,285 shares issued and outstanding, respectively)		37			37
Paid-in capital in excess of par value		956,030			957,030
Accumulated earnings (loss)		(282,039	)		(251,029	)
Total net assets		674,028			706,038
Total liabilities and net assets	$	1,617,654		$	1,622,135
Net asset value per share	$	18.27		$	19.10

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,
	2026			2025
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	32,204		$	36,978
Paid-in-kind interest		1,484			1,493
Dividend income		761			—
Other income		380			870
From non-controlled affiliated investments:
Interest income		545			858
Paid-in-kind interest		163			264
Dividend income		—			258
From controlled investments:
Interest income		175			205
Dividend income		2,200			1,200
Other income		—			3
Total investment income		37,912			42,129

Expenses:
Interest and other debt financing costs		13,742			14,636
Management fees		4,922			5,038
Income based incentive fees		2,988			3,519
Professional fees		557			735
Directors’ fees		169			164
Other general and administrative expenses		909			967
Total expenses		23,287			25,059
Management fees waiver		(7	)		(20	)
Income based incentive fees waiver		(1,412	)		(32	)
Net expenses		21,868			25,007
Net investment income before taxes		16,044			17,122
Provision for income and excise taxes		552			501
Net investment income		15,492			16,621
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		(10,486	)		(3,060	)
Non-controlled affiliated investments		1,598			-
Controlled investments		(3,427	)		(3,800	)
Foreign currency transactions		712			357
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		(12,209	)		(10,159	)
Non-controlled affiliated investments		(3,146	)		333
Controlled investments		(3,972	)		4,469
Foreign currency forward contracts		(75	)		(857	)
Net realized and unrealized gains (losses) on investments		(31,005	)		(12,717	)
Net increase (decrease) in net assets resulting from operations	$	(15,513	)	$	3,904

Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	(0.42	)	$	0.11
Net investment income per share (basic and diluted):	$	0.42		$	0.45
Weighted average shares outstanding (basic and diluted):		36,923,308			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, 2025		36,969,285		$	37		$	957,030		$	(251,029	)	$	706,038
Net increase (decrease) in net assets resulting from operations:
Net investment income		-			-			-			15,492			15,492
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-			-			-			(11,603	)		(11,603	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-			-			-			(19,402	)		(19,402	)
Repurchases of common stock		(71,929	)		(0	)		(1,000	)		—			(1,000	)
Distributions from distributable earnings		-			-			-			(15,497	)		(15,497	)
Total increase (decrease) for the three months ended March 31, 2026		(71,929	)	$	(0	)	$	(1,000	)	$	(31,010	)	$	(32,010	)
Balance at March 31, 2026		36,897,356		$	37		$	956,030		$	(282,039	)	$	674,028

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 Cash Flows

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


	For the three months ended March 31,
	2026			2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(15,513	)	$	3,904

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(114,895	)		(104,663	)
Paid-in-kind interest income		(1,783	)		(2,217	)
Proceeds from sales of investments and principal repayments		93,100			78,020
Net realized (gain) loss on investments and foreign currency transactions		11,603			6,503
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		19,327			5,357
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		75			857
Amortization of premium and accretion of discount, net		(1,461	)		(2,043	)
Amortization of deferred financing costs		611			621
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions		(4,458	)		939
(Increase) decrease in interest and dividend receivable		(1,611	)		2,768
(Increase) decrease in deferred tax asset		(45	)		464
(Increase) decrease in other assets		(1,586	)		(1,977	)
Increase (decrease) in management fees payable		(122	)		(47	)
Increase (decrease) in incentive fees payable		(1,893	)		(818	)
Increase (decrease) in interest and other debt financing costs payable		(4,017	)		(1,292	)
Increase (decrease) in deferred tax liability		45			(464	)
Increase (decrease) in accrued expenses and other liabilities		(1,175	)		(1,040	)
Net cash provided by (used for) operating activities	$	(23,798	)	$	(15,128	)

Cash flows from financing activities:
Issuance of unsecured debt		135,000			115,000
Repayment of unsecured debt		(135,000	)		—
Repurchases of common stock		(1,000	)		—
Deferred financing and debt issuance costs paid		(1,479	)		(1,065	)
Distributions paid		(15,527	)		(17,419	)
Borrowings on credit facilities		214,141			142,867
Repayments on credit facilities		(177,385	)		(233,041	)
Net cash provided by (used for) financing activities		18,750			6,342
Effect of exchange rate changes on cash denominated in foreign currency		144			(108	)
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		(4,904	)		(8,894	)
Cash, cash equivalents, restricted cash and foreign currency, beginning of period		31,497			39,422
Cash, cash equivalents, restricted cash and foreign currency, end of period(1)	$	26,593		$	30,528

Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	17,152		$	15,084
Cash paid during the period for taxes	$	1,793		$	1,708
Accrued but unpaid distributions	$	15,497		$	15,566

(1)

As of March 31, 2026, the balance included cash and cash equivalents of $6,139 (including cash denominated in foreign currency of $2,000) and restricted cash and cash equivalents of $20,454 (including cash denominated in foreign currency of $426). 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).

See accompanying notes


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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 (4)(5)	Unitranche First Lien Revolver			05/2028		—	$	(2	)		0.0	%	$	—
Auveco Holdings	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.07%	05/2028		3,898		3,867			0.5			3,898
Continental Battery Company (9)	Unitranche First Lien Term Loan			07/2028		8,656		7,469			0.7			4,721
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			07/2028		3,192		2,765			0.3			1,741
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.17%	09/2028		12,489		12,395			1.8			12,358
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 75 Floor	8.17%	09/2028		8,832		8,772			1.3			8,738
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(13	)		0.0			(19	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.17%	09/2028		2,394		2,372			0.4			2,368
						39,461	$	37,625			5.0	%		33,805
Capital Goods
GB Eagle Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.15%	12/2030		2,973	$	2,959			0.4	%	$	2,943
GB Eagle Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 450, 100 Floor	8.15%	12/2030		436		425			0.1			425
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.15%	12/2030		5,815		5,757			0.9			5,757
GB Eagle Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.15%	12/2030		1,279		1,274			0.2			1,266
GB Eagle Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 450, 100 Floor	8.15%	12/2030		189		185			0.0			184
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.20%	12/2030		3,150		3,124			0.5			3,119


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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 + 600 (100 PIK), 100 Floor	9.85%	07/2028		3,334	$	3,308			0.5	%	$	2,940
Oliver Packaging LLC (5)	Senior Secured First Lien Revolver	S + 600 (100 PIK), 100 Floor	9.85%	07/2028		151		147			0.0			91
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 600 (100 PIK), 100 Floor	9.85%	07/2028		153		151			0.0			135
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	08/2027		1,958		1,950			0.3			1,892
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	08/2027		875		873			0.1			846
Painters Supply & Equipment Company (4)(5)	Unitranche First Lien Revolver			08/2027		—		(2	)		0.0			(17	)
Painters Supply & Equipment Company (5)	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	04/2030		169		169			0.0			144
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	04/2030		835		835			0.1			807
TriStrux, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 1000, 100 Floor	13.82%	12/2027		63		63			0.0			63
TriStrux, LLC (9)	Senior Secured First Lien Term Loan			12/2027		2,847		2,674			0.1			784
TriStrux, LLC (9)	Senior Secured First Lien Revolver			12/2027		1,118		1,055			0.0			307
TriStrux, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			12/2027		999		938			0.0			274
						26,344	$	25,885			3.2	%		21,960
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Term Loan	S + 640, 100 Floor	10.06%	02/2029		3,430	$	3,421			0.5	%	$	3,415
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 625, 100 Floor	9.91%	04/2029		124		124			0.0			124
American Refrigeration	Senior Secured First Lien Term Loan	S + 640, 100 Floor	10.06%	04/2029		197		197			0.0			196
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.46%	10/2026		2,976		2,956			0.4			2,949
Automated Control Concepts, Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		—		(5	)		0.0			(8	)
BV MRP Buyer, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			01/2032		—		(33	)		0.0			(25	)
BV MRP Buyer, LLC (4)(5)	Senior Secured First Lien Revolver			01/2032		—		(10	)		0.0			(7	)
BV MRP Buyer, LLC	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	01/2032		8,100		8,019			1.2			8,041


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Conservice Midco LLC (4)(5)	Unitranche First Lien Revolver			02/2033		—	$	(6	)		0.0	%	$	(7	)
Conservice Midco LLC	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.17%	02/2033		9,648		9,599			1.4			9,599
Career Certified, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.70%	02/2031		297		296			0.0			297
Career Certified, LLC (4)(5)	Senior Secured First Lien Revolver			02/2031		—		(2	)		0.0			—
Career Certified, LLC	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	02/2031		2,184		2,169			0.3			2,184
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.42%	06/2031		1,761		1,758			0.3			1,738
Duraserv LLC (5)	Senior Secured First Lien Revolver	S + 475, 75 Floor	8.42%	06/2030		321		315			0.0			310
Duraserv LLC	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.42%	06/2031		4,749		4,716			0.7			4,687
Duraserv LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.42%	06/2031		1,045		1,045			0.2			1,022
Flow Service Partners Intermediate Holdco LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.70%	11/2030		695		690			0.1			695
Flow Service Partners Intermediate Holdco LLC (4)(5)	Senior Secured First Lien Revolver			11/2030		—		(8	)		0.0			-
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	11/2030		2,518		2,493			0.4			2,518
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	S + 525, 100 Floor	8.92%	05/2029		12,581		12,507			1.8			12,418
GH Parent Holdings Inc. (5)	Unitranche First Lien Revolver	S + 525, 100 Floor	8.92%	05/2029		264		258			0.0			237
GH Parent Holdings Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.92%	05/2029		7,223		7,223			1.1			7,130
GH Parent Holdings Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.92%	05/2029		3,873		3,852			0.6			3,804
Guardian Access Solutions	Senior Secured First Lien Delayed Draw Term Loan	S + 600, 100 Floor	9.67%	08/2029		1,055		1,047			0.2			1,027
Guardian Access Solutions (5)	Senior Secured First Lien Revolver	S + 600, 100 Floor	9.70%	08/2029		600		589			0.1			580
Guardian Access Solutions	Senior Secured First Lien Term Loan	S + 600, 100 Floor	9.67%	08/2029		2,828		2,785			0.4			2,754
Halo Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 600, 100 Floor	9.67%	02/2029		161		153			0.0			160
Halo Buyer, Inc.	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.67%	02/2029		3,443		3,390			0.5			3,452


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Hamsard 3778 Limited (4)(5)(10)	Unitranche First Lien - Last Out Delayed Draw Term Loan			10/2031		—	$	(15	)		0.0	%	$	-
Hamsard 3778 Limited (10)	Unitranche First Lien - Last Out Term Loan	S + 550	9.23%	10/2031		7,132		9,065			1.4			9,440
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2028		-		(5	)		0.0			(6	)
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.45%	12/2028		12,730		12,639			1.9			12,687
HES Intermediate Holdings II, LLC (5)	Unitranche First Lien Revolver	S + 475, 75 Floor	8.42%	03/2033		155		144			0.0			144
HES Intermediate Holdings II, LLC	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.42%	03/2033		6,849		6,781			1.0			6,781
HES Intermediate Holdings II, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.45%	03/2033		644		634			0.1			623
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.48%	01/2028		3,638		3,621			0.5			3,565
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.48%	01/2028		2,741		2,727			0.4			2,685
Hsid Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			01/2028		-		-			0.0			(15	)
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525, 100 Floor	8.92%	10/2030		301		299			0.0			304
Infobase	Senior Secured First Lien Term Loan	S + 550, 100 Floor	9.35%	06/2028		10,210		10,121			1.5			10,172
Infobase (5)	Senior Secured First Lien Revolver	S + 550, 100 Floor	12.25%	06/2028		271		259			0.0			265
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525, 100 Floor	8.92%	10/2030		10,356		10,147			1.6			10,460
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 800 (600 PIK), 100 Floor	11.70%	10/2030		976		958			0.1			986
Iris Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2030		—		(25	)		0.0			-
Iris Buyer, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.95%	10/2030		1,557		1,548			0.2			1,580
Java Buyer, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.42%	12/2030		420		415			0.1			409
Java Buyer, Inc. (4)(5)	Senior Secured First Lien Revolver			12/2030		-		(4	)		0.0			(4	)
Java Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.45%	12/2030		4,582		4,560			0.7			4,560
Landscape Workshop, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.70%	05/2032		2,715		2,698			0.4			2,673
Landscape Workshop, LLC (4)(5)	Unitranche First Lien Revolver			05/2031		-		(19	)		0.0			(23	)
Landscape Workshop, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.70%	05/2032		12,908		12,793			1.9			12,779


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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		459	$	459			0.1	%	$	452
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		1,180		1,180			0.2			1,163
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600, 100 Floor	9.82%	07/2027		608		604			0.1			608
MHS Acquisition Holdings, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600, 100 Floor	9.82%	07/2027		216		214			0.0			216
MHS Acquisition Holdings, LLC (5)	Senior Secured First Lien Revolver	S + 600, 100 Floor	9.82%	07/2027		60		59			0.0			60
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 625, 100 Floor	10.07%	07/2027		39		39			0.0			39
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 650, 100 Floor	10.32%	07/2027		39		39			0.0			39
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2029		—		(11	)		0.0			(14	)
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.05%	02/2029		1,047		1,039			0.2			1,042
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.05%	02/2029		4,241		4,184			0.7			4,219
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.05%	02/2029		1,908		1,896			0.3			1,898
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(13	)		0.0			(5	)
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.05%	02/2029		2,619		2,619			0.4			2,605
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.05%	02/2029		2,505		2,505			0.5			2,492
NRG Controls (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.92%	10/2030		713		713			0.2			713
NRG Controls	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.92%	10/2030		400		400			0.2			400
NRG Controls	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.92%	10/2030		800		796			0.1			800
NRG Controls (4)(5)	Senior Secured First Lien Revolver			10/2030		—		(4	)		0.0			—
NRG Controls	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.92%	10/2030		3,054		3,023			0.6			3,054
Receivable Solutions, Inc. (5)	Senior Secured First Lien Revolver	P + 450, 100 Floor	11.25%	06/2026		210		210			0.0			210
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.03%	06/2026		2,039		2,038			0.2			2,039


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
RN Enterprises, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.97%	10/2031		632	$	621		0.1	%	$	640
RN Enterprises, LLC (5)	Unitranche First Lien Revolver	S + 500, 75 Floor	8.81%	10/2031		291		278		0.0			291
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.83%	10/2031		6,773		6,701		0.9			6,798
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.83%	10/2031		865		857		0.1			868
Seko Global Logistics Network, LLC (9)	Senior Secured First Lien Term Loan			05/2030		1,441		1,327		0.2			1,441
Seko Global Logistics Network, LLC (9)	Senior Secured First Lien Revolver			05/2030		537		484		0.1			537
Seko Global Logistics Network, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		-		-		0.0			-
Seko Global Logistics Network, LLC	Senior Secured First Lien Term Loan	S + 1050 (950 PIK), 100 Floor	14.36%	11/2029		111		111		0.0			111
UHY Advisors , Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.41%	11/2031		709		700		0.1			709
UHY Advisors , Inc. (5)	Unitranche First Lien Revolver	S + 475, 75 Floor	8.45%	11/2031		614		605		0.1			613
UHY Advisors , Inc.	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.42%	11/2031		4,530		4,503		0.6			4,529
Vensure Employer Services, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 50 Floor	8.67%	09/2031		1,480		1,443		0.1			1,421
						188,378	$	188,498		28.1	%		189,343
Consumer Services
Bandon Fitness (Texas) Inc.	Unitranche First Lien Term Loan	S + 650 (50 PIK), 100 Floor	10.32%	07/2028		4,680	$	4,639		0.6	%	$	4,364
Bandon Fitness (Texas) Inc.	Unitranche First Lien Revolver	S + 650 (50 PIK), 100 Floor	10.51%	07/2028		402		399		0.1			375
Bandon Fitness (Texas) Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (50 PIK), 100 Floor	10.31%	07/2028		2,078		2,063		0.3			1,937
Effective School Solutions LLC	Senior Secured First Lien Term Loan	S + 550, 100 Floor	9.43%	11/2027		7,440		7,409		1.1			7,218
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	S + 550, 100 Floor	9.28%	11/2027		1,375		1,367		0.2			1,331
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	S + 550, 100 Floor	9.28%	11/2027		278		278		0.0			270
Everlast Parent Inc.	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.17%	10/2028		13,292		13,254		1.9			13,039
Everlast Parent Inc. (5)	Unitranche First Lien Revolver	S + 650, 100 Floor	10.17%	10/2028		1,105		1,101		0.2			1,074
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575, 100 Floor	9.42%	10/2028		3,267		3,222		0.5			3,151


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 525, 75 Floor	9.10%	12/2029		4,149	$	4,104			0.6	%	$	4,149
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525, 75 Floor	9.10%	12/2029		1,393		1,386			0.2			1,393
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525, 75 Floor	9.10%	12/2029		1,384		1,370			0.2			1,384
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		-		(4	)		0.0			-
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525, 75 Floor	9.10%	12/2029		1,511		1,506			0.2			1,511
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 525, 75 Floor	9.10%	12/2029		576		567			0.1			576
FS Whitewater Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525, 75 Floor	9.10%	12/2029		1,618		1,590			0.2			1,618
FS Whitewater Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan			12/2029		-		-			0.0			-
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 700 (375 PIK), 75 Floor	10.80%	11/2029		3,453		3,450			0.5			3,258
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 700 (375 PIK), 75 Floor	10.80%	11/2029		3,420		3,414			0.5			3,227
HGH Purchaser, Inc. (5)	Unitranche First Lien Revolver	S + 650, 75 Floor	10.30%	11/2029		1,258		1,267			0.2			1,170
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	S + 700 (375 PIK), 75 Floor	10.80%	11/2029		8,135		8,075			1.1			7,676
HS Spa Holdings Inc. (Hand & Stone) (5)	Unitranche First Lien Revolver	S + 525, 75 Floor	8.92%	06/2028		538		527			0.1			538
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525, 75 Floor	8.92%	06/2029		10,030		9,953			1.5			10,030
HS Spa Holdings Inc. (Hand & Stone) (8)(10)	Unsecured Debt	1237.5 PIK	12.38%	06/2030		2,015		1,991			0.3			1,964
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525, 75 Floor	8.92%	06/2029		869		861			0.1			869
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Delayed Draw Term Loan	S + 525, 75 Floor	8.92%	06/2029		973		971			0.1			973
Ingenio, LLC	Unitranche First Lien Term Loan	S + 800 (600 PIK), 100 Floor	11.85%	08/2027		5,177		5,142			0.7			4,837
Ingenio, LLC	Unitranche First Lien Term Loan	S + 800 (600 PIK), 100 Floor	11.85%	08/2027		2,294		2,288			0.3			2,143
Just Right HVAC, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.46%	02/2029		36		34			0.0			31
Just Right HVAC, LLC (5)	Senior Secured First Lien Revolver	P + 475, 100 Floor	11.50%	02/2029		70		67			0.0			67
Just Right HVAC, LLC	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.31%	02/2029		1,900		1,887			0.3			1,886


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (200 PIK), 75 Floor	9.80%	04/2029		5,094	$	5,074			0.7	%	$	4,831
Mario Purchaser, LLC (5)(10)	Unsecured Debt	S + 1100 (1460 PIK)	14.60%	04/2032		4,974		4,911			0.7			4,560
Mario Purchaser, LLC (5)	Unitranche First Lien Revolver	S + 600 (200 PIK), 75 Floor	9.84%	04/2029		1,037		1,028			0.1			984
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 600 (200 PIK), 75 Floor	9.80%	04/2029		9,565		9,470			1.3			9,072
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (200 PIK), 100 Floor	9.80%	04/2029		470		464			0.1			446
Marlin DTC-LS Midco 2, LLC (4)(5)	Unitranche First Lien Revolver			07/2026		—		(0.0	)		0.0			(5	)
Marlin DTC-LS Midco 2, LLC	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.27%	07/2026		2,868		2,867			0.4			2,774
PPV Intermediate Holdings LLC (Vetcor) (5)(12)	Unitranche First Lien Revolver	S + 575, 75 Floor	9.41%	08/2029		85		83			0.0			77
PPV Intermediate Holdings LLC (Vetcor) (12)	Unitranche First Lien Term Loan	S + 575, 75 Floor	9.42%	08/2029		3,460		3,446			0.5			3,335
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		1,452		1,436			0.2			1,416
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1475 PIK	14.75%	08/2030		359		341			0.1			348
Stepping Stones Healthcare Services, LLC (4)(5)	Unitranche First Lien Revolver			01/2033		—		(16	)		0.1			(24	)
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.20%	01/2033		16,592		16,442			2.4			16,384
Tree Guardians Holdings LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			01/2032		—		(5	)		0.0			(14	)
Tree Guardians Holdings LLC (4)(5)	Senior Secured First Lien Revolver			01/2032		—		(1	)		0.0			(1	)
Tree Guardians Holdings LLC	Senior Secured First Lien Term Loan	S + 450, 100 Floor	8.17%	01/2032		1,150		1,142			0.2			1,142
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.95%	11/2029		1,466		1,459			0.2			1,466
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.95%	11/2029		1,621		1,613			0.2			1,621
USA Hometown Experts, Inc. (5)	Senior Secured First Lien Revolver	S + 525, 100 Floor	8.95%	11/2029		180		175			0.0			180
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	8.95%	11/2029		2,434		2,434			0.4			2,434
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 550, 100 Floor	9.20%	11/2029		1,538		1,516			0.2			1,539
USA Hometown Experts, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		—		(16	)		0.0			—
						139,061	$	138,041			19.9	%		134,624


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Diversified Financials
Cary Street Partners Financial LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.45%	05/2031		309	$	297			0.0	%	$	296
Cary Street Partners Financial LLC (4)(5)	Senior Secured First Lien Revolver			05/2031		—		(4	)		0.0			(2	)
Cary Street Partners Financial LLC	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.45%	05/2031		1,787		1,766			0.3			1,778
CRS TH Holdings, Corp. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2032		—		(1	)		0.0			(3	)
CRS TH Holdings, Corp. (4)(5)	Senior Secured First Lien Revolver			12/2032		—		(2	)		0.0			(2	)
CRS TH Holdings, Corp.	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.42%	12/2032		1,375		1,365			0.2			1,365
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2030		—		(6	)		0.0			(30	)
Essential Services Holding Corporation (5)	Unitranche First Lien Revolver	S + 500, 75 Floor	8.67%	06/2031		372		365			0.1			353
Essential Services Holding Corporation	Unitranche First Lien Term Loan	S + 550 (275 PIK), 75 Floor	9.17%	06/2031		7,584		7,523			1.1			7,428
iLending LLC (5)	Unitranche First Lien Revolver	S + 750 (100 PIK), 100 Floor	11.35%	12/2028		108		108			0.0			108
iLending LLC (9)	Unitranche First Lien Term Loan			12/2028		2,480		2,438			0.3			1,759
iLending LLC (8)(9)(10)	Unitranche First Lien - Last Out Term Loan			12/2028		2,489		—			0.0			—
King Mid LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			04/2031		—		(6	)		0.0			—
King Mid LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.17%	04/2031		4,307		4,294			0.6			4,307
King Mid LLC (4)(5)	Unitranche First Lien Revolver			04/2031		—		(9	)		0.0			—
King Mid LLC	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.17%	04/2031		6,749		6,705			1.0			6,749
Miracle Mile Holdings, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.67%	11/2028		2,322		2,308			0.3			2,322
Miracle Mile Holdings, LLC (5)	Unitranche First Lien Revolver	S + 500, 100 Floor	8.77%	11/2028		80		79			0.0			80
Miracle Mile Holdings, LLC	Unitranche First Lien Term Loan	S + 500, 100 Floor	8.77%	11/2028		2,123		2,108			0.3			2,123
PCS Retirement (5)	Unitranche First Lien Delayed Draw Term Loan	S + 575, 100 Floor	9.45%	03/2030		969		964			0.1			948
PCS Retirement (4)(5)	Unitranche First Lien Revolver			03/2030		—		(5	)		0.0			(9	)
PCS Retirement	Unitranche First Lien Term Loan	S + 575, 100 Floor	9.45%	03/2030		4,501		4,474			0.7			4,444


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Pi Buyer, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.67%	08/2032		434	$	431			0.1	%	$	419
Pi Buyer, LLC (4)(5)	Unitranche First Lien Revolver			08/2032		—		(3	)		0.0			(5	)
Pi Buyer, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.67%	08/2032		3,042		3,021			0.4			3,011
RWA Wealth Partners, LLC. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.42%	11/2030		1,164		1,155			0.2			1,164
RWA Wealth Partners, LLC. (5)	Unitranche First Lien Revolver	S + 475, 75 Floor	8.45%	11/2030		40		32			0.0			40
RWA Wealth Partners, LLC.	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.40%	11/2030		6,089		6,053			0.9			6,089
Soltis (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.18%	08/2030		1,082		1,079			0.2			1,082
Soltis (4)(5)	Unitranche First Lien Revolver			08/2030		—		(6	)		0.0			—
Soltis	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.16%	08/2030		1,872		1,846			0.3			1,872
Staff Boom, LLC (4)(5)	Senior Secured First Lien Revolver			09/2031		—		(3	)		0.0			(2	)
Staff Boom, LLC	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	09/2031		4,527		4,496			0.6			4,505
						55,805	$	52,862			7.7	%		52,189
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8)	Senior Secured Second Lien Note	F + 1200	12.00%	03/2031		375	$	375			0.1	%		375
						375	$	375			0.1	%		375
Food & Staples Retailing
Isagenix International, LLC (6)(9)	Senior Secured First Lien Term Loan			04/2028		3,544	$	3,395			0.2	%		1,290
						3,544	$	3,395			0.2	%		1,290
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.05%	05/2029		4,810	$	4,778			0.7	%	$	4,822
JTM Foods LLC (5)	Senior Secured First Lien Revolver	S + 525, 100 Floor	9.05%	05/2029		780		777			0.1			782
JTM Foods LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.10%	05/2029		654		652			0.1			656
						6,244	$	6,207			0.9	%		6,260


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Health Care Equipment & Services
ACI Group Holdings, Inc. (9)	Unitranche First Lien Term Loan			08/2028		7,156	$	7,022			0.8	%	$	5,129
ACI Group Holdings, Inc. (9)	Unitranche First Lien Delayed Draw Term Loan			08/2028		1,268		1,254			0.1			909
ACI Group Holdings, Inc. (5)(9)	Unitranche First Lien Revolver			08/2027		731		726			0.1			522
ACI Group Holdings, Inc. (9)	Unitranche First Lien Delayed Draw Term Loan			08/2028		1,374		1,340			0.1			985
Acu-Serve, LLC	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.45%	10/2029		3,910		3,885			0.6			3,899
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	10/2029		1,986		1,981			0.3			1,981
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—		(4	)		0.0			(2	)
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(5	)		0.0			(10	)
Annuity Health	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.66%	02/2029		4,250		4,201			0.6			4,197
Annuity Health	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.67%	02/2029		4,021		4,000			0.6			3,971
Arrow Management Acquisition, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.66%	07/2032		411		409			0.1			503
Arrow Management Acquisition, LLC (5)	Unitranche First Lien Revolver	S + 500, 75 Floor	8.70%	07/2032		519		505			0.1			519
Arrow Management Acquisition, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.70%	07/2032		12,794		12,675			1.9			13,050
Avalign Technologies, Inc. (5)(9)	Unitranche First Lien Revolver			12/2028		1,139		1,093			0.1			715
Avalign Technologies, Inc. (9)	Unitranche First Lien Term Loan			12/2028		13,482		13,080			1.5			10,065
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725, 100 Floor	11.10%	05/2026		4,402		4,402			0.7			4,402
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725, 100 Floor	11.10%	05/2026		1,557		1,557			0.2			1,557
Bayside Opco, LLC (5)(6)	Senior Secured First Lien Revolver	S + 725, 100 Floor	11.09%	05/2026		113		113			0.0			113
Bayside Opco, LLC (6)	Unsecured Debt	S + 500	8.82%	05/2026		2,172		1,942			0.3			2,172
BVI Medical Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 625 (500 PIK), 75 Floor	9.91%	03/2032		335		332			0.0			335
BVI Medical Inc. (4)(5)	Unitranche First Lien Revolver			03/2032		—		(10	)		0.0			—
BVI Medical Inc.	Unitranche First Lien Term Loan	S + 625 (500 PIK), 75 Floor	9.92%	03/2032		10,661		10,526			1.6			10,661


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.18%	08/2027		4,911	$	4,887			0.7	%	$	4,886
CC Amulet Management, LLC (5)	Senior Secured First Lien Revolver	S + 525, 100 Floor	9.04%	08/2027		763		758			0.1			759
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525	9.18%	08/2027		902		892			0.1			897
Centria Subsidiary Holdings, LLC (5)	Unitranche First Lien Revolver	P + 425, 100 Floor	11.00%	06/2027		237		228			0.0			237
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 525, 100 Floor	8.99%	06/2027		11,132		11,093			1.7			11,132
ConvenientMD	Senior Secured First Lien Term Loan	S + 525	9.07%	06/2029		5,566		5,542			0.8			5,495
ConvenientMD (5)	Senior Secured First Lien Revolver	S + 550	9.32%	06/2029		550		546			0.1			541
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.02%	11/2027		11,301		11,237			1.7			11,301
EMS Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 525, 100 Floor	9.02%	11/2027		248		245			0.0			248
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.02%	11/2027		963		956			0.1			963
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.02%	11/2027		2,063		2,063			0.3			2,063
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.02%	11/2027		1,446		1,437			0.2			1,446
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600, 50 Floor	9.73%	06/2029		13,274		12,937			1.6			10,487
GrapeTree Medical Staffing, LLC (9)	Senior Secured First Lien Term Loan			04/2026		6,074		5,996			0.7			4,521
GrapeTree Medical Staffing, LLC (4)(5)(9)	Senior Secured First Lien Revolver			04/2026		—		(5	)		0.0			(153	)
GrapeTree Medical Staffing, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			04/2026		3,544		3,499			0.4			2,638
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	S + 725 (300 PIK), 100 Floor	11.10%	06/2027		5,015		4,991			0.7			4,994
Great Lakes Dental Partners, LLC (5)	Unitranche First Lien Revolver	S + 725 (300 PIK), 100 Floor	11.10%	06/2027		343		342			0.1			341
Headlands Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2032		—		(3	)		0.0			7
Headlands Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			09/2032		—		(3	)		0.0			—
Headlands Buyer, Inc.	Unitranche First Lien Term Loan	S + 575, 100 Floor	9.41%	09/2032		1,695		1,679			0.3			1,712


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.23%	05/2027		4,345	$	4,326			0.6	%	$	4,345
Homecare Partners Management, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.05%	05/2027		1,240		1,234			0.2			1,240
Homecare Partners Management, LLC (4)(5)	Senior Secured First Lien Revolver			05/2027		—		(1	)		0.0			—
Homecare Partners Management, LLC (4)(5)	Senior Secured First Lien Revolver			05/2027		—		(5	)		0.0			—
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.10%	05/2027		3,251		3,211			0.5			3,251
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.07%	05/2027		1,059		1,052			0.2			1,059
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525, 100 Floor	9.10%	06/2030		851		851			0.1			851
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.03%	01/2028		14,427		14,368			2.1			14,139
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.03%	01/2028		2,635		2,596			0.4			2,582
Hospice Care Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 650, 100 Floor	10.03%	01/2028		1,561		1,555			0.2			1,529
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650, 100 Floor	10.03%	01/2028		2,682		2,641			0.4			2,628
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.03%	01/2028		382		380			0.1			374
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.31%	06/2026		2,861		2,861			0.4			2,827
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650, 100 Floor	10.31%	06/2026		344		344			0.1			340
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Revolver	S + 650	10.31%	06/2026		442		442			0.1			437
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.31%	06/2026		788		788			0.1			778
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—		(6	)		0.0			(6	)
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500, 100 Floor	8.68%	06/2030		6,773		6,706			1.0			6,705
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—		(49	)		0.0			(36	)
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500, 100 Floor	8.70%	06/2030		16,856		16,598			2.5			16,686
Laseraway Intermediate Holdings II, LLC	Unitranche First Lien Term Loan	S + 575, 75 Floor	9.85%	10/2027		5,826		5,787			0.9			5,826
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Revolver	S + 850 (75 PIK), 100 Floor	12.41%	03/2028		1,166		1,163			0.2			1,030
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 650 (75 PIK), 100 Floor	10.43%	03/2028		467		466			0.1			412
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Term Loan	S + 850 (75 PIK), 100 Floor	12.46%	03/2028		2,241		2,237			0.3			1,979


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Lighthouse Lab Services	Senior Secured First Lien Term Loan	S + 575, 100 Floor	9.60%	10/2027		5,464	$	5,447			0.8	%	$	5,439
Lighthouse Lab Services	Senior Secured First Lien Revolver	S + 575, 100 Floor	9.60%	10/2027		1,227		1,220			0.2			1,222
Lightspeed Buyer, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2032		—		(6	)		0.0			(14	)
Lightspeed Buyer, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2032		—		(5	)		0.0			(5	)
Lightspeed Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.45%	02/2032		3,131		3,114			0.5			3,100
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550, 75 Floor	9.17%	02/2031		1,246		1,238			0.2			1,234
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550, 75 Floor	9.17%	02/2031		874		861			0.1			866
MB2 Dental (5)	Unitranche First Lien Revolver	S + 550, 75 Floor	9.17%	02/2031		17		14			0.0			13
MB2 Dental (4)(5)	Unitranche First Lien Delayed Draw Term Loan			02/2031		—		(4	)		0.0			(9	)
MB2 Dental	Unitranche First Lien Term Loan	S + 550, 75 Floor	9.17%	02/2031		6,037		5,994			0.9			5,977
Medical Review Institute of America (5)	Senior Secured First Lien Revolver	P + 500, 100 Floor	11.75%	07/2030		160		154			0.0			141
Medical Review Institute of America	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	07/2030		5,615		5,573			0.8			5,482
MWD Management LLC (United Derm)	Senior Secured First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.80%	06/2027		4,354		4,328			0.6			4,354
MWD Management LLC (United Derm)	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.80%	06/2027		5,404		5,371			0.8			5,404
MWD Management LLC (United Derm) (5)	Senior Secured First Lien Revolver	S + 500, 100 Floor	8.80%	06/2027		240		233			0.0			240
Omni Ophthalmic Management Consultants, LLC (8)	Unsecured Debt	600 PIK	6.00%	02/2027		301		301			0.0			301
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.42%	01/2028		2,805		2,778			0.4			2,814
Patriot Acquisition Topco S.A.R.L (4)(5)	Unitranche First Lien Revolver			01/2028		—		(12	)		0.0			—
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	01/2028		11,685		11,565			1.7			11,722
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.42%	01/2028		357		353			0.1			358
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	01/2028		4,359		4,333			0.6			4,372
Patriot Acquisition Topco S.A.R.L (8)	Unsecured Debt	1400 PIK	14.00%	02/2030		4,626		4,577			0.7			4,764
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	01/2028		1,670		1,666			0.2			1,675


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Plasma Buyer LLC (PathGroup) (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 625 (996 PIK), 75 Floor	9.96%	03/2027		166	$	166			0.0	%	$	166
Plasma Buyer LLC (PathGroup) (9)	Unitranche First Lien Delayed Draw Term Loan			05/2029		289		279			0.0			181
Plasma Buyer LLC (PathGroup) (5)(9)	Unitranche First Lien Revolver			05/2029		868		840			0.1			541
Plasma Buyer LLC (PathGroup) (9)	Unitranche First Lien Term Loan			05/2029		7,631		7,379			0.7			4,770
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.67%	08/2028		9,119		9,049			1.3			9,042
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.67%	08/2028		4,948		4,946			0.7			4,906
Premier Dental Care Management, LLC (4)(5)	Unitranche First Lien Revolver			08/2027		—		(10	)		0.0			(20	)
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.67%	08/2028		4,057		4,048			0.6			4,023
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.95%	09/2027		10,028		9,976			1.5			10,028
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600, 100 Floor	9.95%	09/2027		1,562		1,555			0.2			1,562
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600, 100 Floor	9.70%	04/2030		2,074		2,061			0.3			2,074
Quorum Health Resources	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.02%	05/2027		5,137		5,120			0.8			5,138
Quorum Health Resources (5)	Unitranche First Lien Revolver	S + 525	9.02%	05/2027		77		74			0.0			77
REP Behavioral Health, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	12/2030		419		410			0.1			413
REP Behavioral Health, LLC (5)	Unitranche First Lien Revolver	S + 475, 100 Floor	8.42%	12/2030		314		300			0.0			311
REP Behavioral Health, LLC	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.42%	12/2030		5,678		5,621			0.8			5,664
Safco Dental Supply, LLC (5)	Unitranche First Lien Revolver	S + 700 (400 PIK), 100 Floor	10.77%	06/2028		342		342			0.0			298
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	S + 700 (400 PIK), 100 Floor	10.85%	06/2028		4,042		4,000			0.6			3,743
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2029		—		(2	)		0.0			—
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 500, 100 Floor	8.77%	12/2029		8,593		8,574			1.3			8,656
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 500, 100 Floor	8.77%	12/2029		4,636		4,588			0.7			4,671
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2029		—		(4	)		0.0			—


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Smile Doctors LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—	$	(10	)		0.0	%	$	(23	)
Smile Doctors LLC	Unitranche First Lien Delayed Draw Term Loan	S + 590, 75 Floor	9.63%	12/2028		779		779			0.1			772
Smile Doctors LLC	Unitranche First Lien Term Loan	S + 590, 75 Floor	9.63%	12/2028		15,195		15,094			2.2			15,044
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Term Loan	S + 600, 50 Floor	10.05%	07/2029		3,693		3,633			0.5			3,693
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Term Loan	E + 600	8.00%	07/2029		3,502		3,517			0.6			4,048
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Delayed Draw Term Loan	S + 600, 50 Floor	9.66%	07/2029		2,011		1,974			0.3			1,992
Sydney US Buyer Corp. (3B Scientific) (5)	Unitranche First Lien Delayed Draw Term Loan	S + 600	9.65%	07/2029		6,310		6,136			0.9			6,310
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.42%	05/2029		6,127		6,090			0.9			6,081
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—		(3	)		0.0			(5	)
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	05/2029		1,187		1,181			0.2			1,177
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	06/2030		796		796			0.1			790
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.42%	06/2030		2,554		2,555			0.4			2,534
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	05/2029		994		994			0.1			988
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—		(2	)		0.0			(3	)
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.42%	05/2029		2,623		2,608			0.4			2,604
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 100 Floor	8.42%	05/2029		735		731			0.1			727
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—		—			0.0			(5	)
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.35%	09/2027		2,111		2,098			0.3			2,071
Unifeye Vision Partners (5)	Senior Secured First Lien Revolver	S + 550, 100 Floor	9.20%	09/2027		1,360		1,352			0.2			1,328
Unifeye Vision Partners	Senior Secured First Lien Term Loan	S + 550, 100 Floor	9.35%	09/2027		3,675		3,655			0.6			3,607
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.32%	09/2027		3,534		3,531			0.6			3,468
						399,243	$	395,000			56.6	%		382,056


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Household & Personal Products
Lash Opco LLC	Unitranche First Lien Term Loan	S + 775 (510 PIK), 100 Floor	11.52%	09/2027		3,258	$	3,255			0.5	%	$	3,157
Lash Opco LLC (4)(5)	Unitranche First Lien Revolver			09/2027		—		(0	)		0.0			(11	)
Lash Opco LLC	Unitranche First Lien Term Loan	S + 775 (510 PIK), 100 Floor	11.52%	09/2027		3,323		3,314			0.4			3,219
Lash Opco LLC	Unitranche First Lien Term Loan	S + 700 (200 PIK), 100 Floor	10.77%	09/2027		35		35			0.0			34
Lash Opco LLC	Unitranche First Lien Term Loan	S + 775 (510 PIK), 100 Floor	11.52%	09/2027		1,078		1,077			0.2			1,045
						7,694	$	7,681			1.1	%		7,444
Insurance
Balance Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.70%	04/2030		3,229	$	3,207			0.5	%	$	3,207
Balance Partners (4)(5)	Senior Secured First Lien Revolver			04/2030		—		(4	)		0.0			(4	)
Balance Partners	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	04/2030		2,162		2,146			0.3			2,147
Balance Partners (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			04/2030		—		(12	)		0.0			(38	)
Balance Partners	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	04/2030		3,840		3,815			0.6			3,814
Beyond Risk Management, Inc.	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.42%	03/2033		3,200		3,176			0.5			3,176
Beyond Risk Management, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			03/2033		—		(3	)		0.0			(9	)
Beyond Risk Management, Inc. (4)(5)	Unitranche First Lien Revolver			03/2033		—		(4	)		0.0			(4	)
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.45%	04/2030		11,309		11,290			1.7			11,207
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.45%	04/2030		388		384			0.1			384
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2030		—		(0	)		0.0			(7	)
Integrity Marketing Acquisition, LLC (5)	Unitranche First Lien Revolver			08/2028		—		—			0.0			—
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.67%	08/2028		19,972		19,861			3.0			19,972
Newcleus, LLC	Senior Secured First Lien Term Loan	S + 800 (200 PIK)	11.85%	08/2026		5,193		5,106			0.8			5,145
Newcleus, LLC (4)(5)	Senior Secured First Lien Revolver			08/2026		—		(3	)		0.0			(4	)


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.85%	10/2028		8,972	$	8,917			1.3	%	$	8,916
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Revolver			10/2028		—		(5	)		0.0			(4	)
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	9.15%	10/2028		2,755		2,744			0.4			2,738
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.85%	10/2028		990		983			0.1			984
SIG Parent Holdings, LLC (4)(5)	Unitranche First Lien Revolver			08/2031		—		—			0.0			(2	)
SIG Parent Holdings, LLC	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.42%	08/2031		2,893		2,878			0.3			2,878
SIG Parent Holdings, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2031		—		(33	)		0.0			(33	)
The Hilb Group, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.42%	10/2031		1,274		1,261			0.2			1,229
The Hilb Group, LLC (5)	Unitranche First Lien Revolver	S + 475, 75 Floor	8.42%	10/2031		411		397			0.1			388
The Hilb Group, LLC	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.42%	10/2031		14,838		14,722			2.1			14,634
Vantage Insurance Partners, Inc. (5)(11)	Unitranche First Lien Revolver	S + 650, 100 Floor	10.20%	12/2028		78		73			0.0			39
Vantage Insurance Partners, Inc. (11)	Unitranche First Lien Term Loan	S + 650, 100 Floor	10.20%	12/2028		4,320		4,297			0.6			4,107
						85,824	$	85,193			12.6	%		84,860
Materials
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,690	$	990			0.0	%	$	—
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,961		—			0.0			—
A&A Global Imports, LLC (9)	Senior Secured First Lien Revolver			06/2026		612		545			0.0			91
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		3,904		3,188			0.1			409
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		609		498			0.0			64
Action Signature Acquisition, Inc. (5)	Unitranche First Lien Revolver	S + 700	10.76%	12/2027		646		644			0.1			646
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		296		242			0.0			31
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		1,010		826			0.0			106


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	12/2029		4,203	$	4,174			0.7	%	$	4,203
Online Labels Group, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.70%	12/2029		260		258			0.0			260
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		—		(4	)		0.0			—
						15,191	$	11,359			0.9	%		5,810
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research	Senior Secured First Lien Term Loan	S + 625, 100 Floor	10.10%	12/2027		7,098	$	7,052			1.1	%	$	7,080
Alcanza Clinical Research (4)(5)	Senior Secured First Lien Revolver			12/2027		—		(1	)		0.0			—
BioAgilytix	Senior Secured First Lien Term Loan	S + 650 (400 PIK)	10.30%	12/2028		15,853		15,722			2.1			13,923
BioAgilytix (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 650 (400 PIK)	10.30%	12/2028		824		817			0.1			724
Nephron Pharmaceuticals, LLC (10)	Unitranche First Lien - Last Out Term Loan	S + 920	12.86%	12/2027		7,054		6,978			1.0			6,789
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625, 100 Floor	10.02%	09/2028		2,174		2,151			0.3			2,174
Teal Acquisition Co., Inc (5)	Unitranche First Lien Revolver	S + 625, 100 Floor	10.02%	09/2028		693		680			0.1			693
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625, 100 Floor	10.02%	09/2028		1,200		1,191			0.2			1,200
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625, 100 Floor	10.02%	09/2028		288		287			0.0			288
Teal Acquisition Co., Inc (5)	Unitranche First Lien Delayed Draw Term Loan	S + 600, 100 Floor	9.55%	09/2028		398		395			0.1			398
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.49%	09/2028		1,282		1,277			0.2			1,282
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.70%	12/2029		3,299		3,243			0.4			3,225
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(7	)		0.0			(10	)
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(2	)		0.0			(5	)
WCT Group Holdings, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.70%	12/2029		2,616		2,597			0.4			2,557
WCT Group Holdings, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500, 100 Floor	8.70%	12/2029		1,940		1,930			0.3			1,894
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(2	)		0.0			(4	)
						44,719	$	44,308			6.3	%		42,208


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
1959 Holdings, LLC	Senior Secured First Lien Term Loan	S + 650, 100 Floor	10.17%	07/2030		3,750	$	3,719			0.6	%	$	3,857
MeriCal, LLC (9)	Unitranche First Lien Term Loan			05/2026		8,736		7,021			0.7			4,721
MeriCal, LLC (5)(9)	Senior Secured First Lien Revolver			05/2026		920		919			0.1			773
Slickdeals Holdings, LLC (5)(7)	Unitranche First Lien Revolver			06/2030		—		—			0.0			—
Slickdeals Holdings, LLC (7)	Unitranche First Lien Term Loan	S + 525, 100 Floor	8.92%	06/2030		4,965		4,965			0.7			4,965
						18,371	$	16,624			2.1	%		14,316
Software & Services
Affinitiv, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—	$	(1	)		0.0	%	$	(16	)
Affinitiv, Inc.	Unitranche First Lien Term Loan	S + 700 (200 PIK), 100 Floor	10.93%	07/2027		5,960		5,921			0.9			5,739
Apps Associates LLC (4)(5)	Unitranche First Lien Revolver			07/2027		—		—			0.0			(1	)
Apps Associates LLC	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	07/2027		5,396		5,368			0.8			5,376
Apps Associates LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	07/2027		1,737		1,724			0.3			1,730
Apps Associates LLC (5)	Unitranche First Lien Revolver	S + 550, 100 Floor	9.27%	07/2027		480		477			0.1			477
Banker's Toolbox, Inc.	Unitranche First Lien Revolver	S + 450, 75 Floor	8.20%	07/2029		3,307		3,286			0.5			3,267
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.20%	07/2029		15,632		15,632			2.3			15,442
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2029		—		(11	)		0.0			(29	)
Belay Inc.	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.77%	06/2026		4,715		4,710			0.7			4,715
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		—		(1	)		0.0			—
Belay Inc.	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.85%	06/2026		743		741			0.1			743
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.02%	10/2026		1,338		1,337			0.2			1,338
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525, 100 Floor	9.02%	10/2026		284		284			0.0			284
Benesys Inc.	Senior Secured First Lien Revolver	S + 525, 100 Floor	9.02%	10/2026		150		150			0.0			150
Benesys Inc.	Senior Secured First Lien Revolver	S + 525, 100 Floor	9.02%	10/2026		163		166			0.0			163


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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	8.45%	08/2030		3,054	$	3,043			0.4	%	$	2,987
Blue Mantis (5)	Senior Secured First Lien Revolver	S + 475, 75 Floor	8.45%	08/2030		551		543			0.1			532
Blue Mantis	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.45%	08/2030		3,472		3,439			0.5			3,396
Blue Mantis	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.45%	08/2030		494		489			0.1			483
Blue Mantis (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.45%	08/2030		1,067		1,067			0.2			1,025
C-4 Analytics (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			05/2030		—		(16	)		0.0			—
C-4 Analytics (5)	Senior Secured First Lien Revolver	S + 525, 100 Floor	8.92%	05/2030		555		542			0.1			555
C-4 Analytics	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.92%	05/2030		18,176		18,050			2.7			18,176
Claritas, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.17%	03/2028		2,389		2,381			0.4			2,389
Claritas, LLC (4)(5)	Unitranche First Lien Revolver			03/2028		—		(7	)		0.0			—
Claritas, LLC	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.20%	03/2028		10,176		10,132			1.5			10,176
Concord III, LLC	Unitranche First Lien Term Loan	S + 625, 100 Floor	9.95%	12/2028		9,261		9,207			1.4			9,224
Concord III, LLC (5)	Unitranche First Lien Revolver	S + 625, 100 Floor	9.95%	12/2028		413		410			0.1			410
Concord III, LLC	Unitranche First Lien Term Loan	S + 625, 100 Floor	9.95%	12/2028		543		536			0.1			541
Concord III, LLC	Unitranche First Lien Term Loan	S + 625, 100 Floor	9.95%	12/2028		2,836		2,836			0.4			2,824
DataVail	Senior Secured First Lien Term Loan	S + 575, 100 Floor	9.45%	01/2029		6,989		6,948			1.0			6,879
DataVail	Senior Secured First Lien Delayed Draw Term Loan	S + 575, 100 Floor	9.42%	01/2029		398		396			0.1			392
DataVail (5)	Senior Secured First Lien Revolver	S + 575, 100 Floor	9.45%	01/2029		330		327			0.0			321
DataVail (5)	Senior Secured First Lien Revolver	S + 575, 100 Floor	9.45%	01/2029		180		178			0.0			175
DecisionHR Holdings, Inc (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2031		—		(1	)		0.0			(4	)
DecisionHR Holdings, Inc (4)(5)	Senior Secured First Lien Revolver			12/2031		—		(2	)		0.0			(2	)
DecisionHR Holdings, Inc	Senior Secured First Lien Term Loan	S + 450, 100 Floor	8.16%	12/2031		1,625		1,614			0.2			1,613


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.45%	09/2030		13,196	$	12,951			2.0	%	$	13,196
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		—		(22	)		0.0			—
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.45%	09/2030		2,751		2,730			0.4			2,751
Imagenet, LLC (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(6	)		0.0			—
Imagenet, LLC	Senior Secured First Lien Term Loan	S + 500, 100 Floor	8.70%	12/2030		3,012		2,980			0.4			3,012
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.45%	11/2028		12,727		12,617			1.9			12,727
Lexipol (Ranger Buyer, Inc.) (4)(5)	Unitranche First Lien Revolver			11/2027		—		(9	)		0.0			—
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.45%	11/2028		1,088		1,081			0.2			1,088
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2032		—		(5	)		0.0			(8	)
Medicus IT (5)	Unitranche First Lien Revolver	P + 500, 75 Floor	11.75%	06/2032		138		130			0.0			134
Medicus IT	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.70%	06/2032		6,070		6,021			0.9			6,052
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2032		—		(1	)		0.0			—
Medicus IT (5)	Unitranche First Lien Revolver	P + 500, 75 Floor	11.75%	06/2032		66		63			0.0			65
Medicus IT	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.70%	06/2032		6,843		6,796			1.0			6,823
MRI Software LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475, 75 Floor	8.45%	02/2028		1,041		1,038			0.2			1,026
MRI Software LLC	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.45%	02/2028		19,431		19,362			2.8			19,159
MRI Software LLC (5)	Unitranche First Lien Revolver	S + 475, 100 Floor	8.45%	02/2028		386		381			0.1			365
MRI Software LLC	Unitranche First Lien Term Loan	S + 475, 100 Floor	8.45%	02/2028		1,266		1,261			0.2			1,248
Net Health Acquisition Corp. (4)(5)	Unitranche First Lien Revolver			07/2031		—		(13	)		0.0			(7	)
Net Health Acquisition Corp.	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.42%	07/2031		13,129		13,029			1.9			13,073
New Era Technology, Inc. (5)	Unitranche First Lien Revolver	S + 625, 100 Floor	10.09%	06/2030		200		200			0.0			200
New Era Technology, Inc.	Unitranche First Lien Term Loan	S + 625, 100 Floor	9.85%	06/2030		4,769		4,769			0.7			4,769


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		—	$	(13	)		0.0	%	$	—
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	S + 550, 75 Floor	9.30%	10/2027		9,257		9,205			1.4			9,257
Omega Systems Intermediate Holdings, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500, 75 Floor	8.70%	01/2031		379		376			0.1			370
Omega Systems Intermediate Holdings, Inc. (5)	Unitranche First Lien Revolver	S + 500, 75 Floor	8.70%	01/2031		53		50			0.0			50
Omega Systems Intermediate Holdings, Inc.	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.70%	01/2031		2,100		2,083			0.3			2,084
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 PIK), 100 Floor	10.35%	09/2028		1,092		1,092			0.2			1,078
Ontario Systems, LLC (4)(5)	Unitranche First Lien Revolver			09/2028		—		(1	)		0.0			(7	)
Ontario Systems, LLC	Unitranche First Lien Term Loan	S + 650 (100 PIK), 100 Floor	10.35%	09/2028		3,159		3,152			0.5			3,117
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 PIK), 100 Floor	10.35%	09/2028		548		540			0.1			541
Ontario Systems, LLC	Unitranche First Lien Term Loan	S + 650 (100 PIK), 100 Floor	10.35%	09/2028		447		443			0.1			441
Perforce Software, Inc.	Senior Secured First Lien Term Loan	S + 600	9.60%	03/2031		5,000		4,945			0.6			3,957
Right Networks, LLC (5)	Unitranche First Lien Revolver	S + 500, 100 Floor	8.67%	05/2029		330		330			0.0			321
Right Networks, LLC	Unitranche First Lien Term Loan	S + 500, 100 Floor	8.67%	05/2029		23,812		23,812			3.5			23,574
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.70%	11/2028		19,627		19,565			2.9			19,512
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.70%	11/2028		2,391		2,382			0.4			2,377
Saturn Borrower Inc (5)	Unitranche First Lien Revolver	S + 600, 100 Floor	9.70%	11/2028		472		467			0.1			461
SQAD Holdco, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575, 100 Floor	9.45%	04/2028		2,334		2,325			0.3			2,307
SQAD Holdco, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—		(7	)		0.0			(12	)
SQAD Holdco, Inc.	Unitranche First Lien Term Loan	S + 575, 100 Floor	9.45%	04/2028		8,614		8,545			1.2			8,514
Strata Information Group, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 450, 75 Floor	8.17%	12/2030		315		311			0.0			279
Strata Information Group, Inc. (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(6	)		0.0			(21	)
Strata Information Group, Inc.	Senior Secured First Lien Term Loan	S + 450, 75 Floor	8.17%	12/2030		1,188		1,179			0.2			1,152


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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 (5)	Senior Secured First Lien Revolver	S + 525, 100 Floor	11.75%	05/2028		627	$	625			0.1	%	$	614
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.95%	05/2028		3,092		3,059			0.5			3,054
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.95%	05/2028		5,101		5,059			0.6			5,038
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 525, 100 Floor	8.92%	05/2028		2,340		2,340			0.3			2,312
Transportation Insight, LLC (5)(6)	Senior Secured First Lien Revolver	S + 700 (1070 PIK)	10.70%	01/2029		196		196			0.0			197
Transportation Insight, LLC (6)	Senior Secured First Lien Term Loan	S + 700 (1070 PIK)	10.70%	01/2029		2,548		2,548			0.4			2,549
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.77%	12/2026		948		946			0.1			947
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	12/2026		607		606			0.1			607
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	12/2026		996		993			0.1			994
Winxnet Holdings LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—		(1	)		0.0			(1	)
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	12/2026		1,847		1,844			0.3			1,844
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	12/2026		1,474		1,469			0.2			1,471
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	12/2026		1,100		1,091			0.2			1,097
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	12/2026		193		192			0.0			192
						290,714	$	288,990			42.7	%		287,410
Technology, Hardware & Equipment
3SI Security Systems	Unitranche First Lien Term Loan	S + 600, 100 Floor	9.98%	12/2026		3,371	$	3,330			0.4	%	$	2,705
CallRevu, LLC (4)(5)	Unitranche First Lien Revolver			10/2032		—		(1	)		0.0			(4	)
CallRevu, LLC	Unitranche First Lien Term Loan	S + 475, 75 Floor	8.45%	10/2032		1,450		1,440			0.2			1,424
Gener8, LLC (9)	Senior Secured First Lien Term Loan			02/2026		6,162		6,005			0.3			1,779
Gener8, LLC (5)(9)	Senior Secured First Lien Revolver			02/2026		1,322		1,289			0.0			169
Gener8, LLC (9)	Senior Secured First Lien Term Loan			02/2026		265		259			0.0			77


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Security Risk Advisors Intl, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2031		—	$	(1	)		0.0	%	$	—
Security Risk Advisors Intl, LLC (5)	Unitranche First Lien Revolver	S + 450, 75 Floor	8.20%	09/2031		67		63			0.0			67
Security Risk Advisors Intl, LLC	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.17%	09/2031		3,850		3,825			0.6			3,850
Trintech, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			01/2033		—		(5	)		0.0			(10	)
Trintech, Inc. (4)(5)	Senior Secured First Lien Revolver			01/2033		—		(7	)		0.0			(7	)
Trintech, Inc.	Senior Secured First Lien Term Loan	S + 475, 75 Floor	8.42%	01/2033		5,806		5,749			0.9			5,748
						22,293	$	21,946			2.4	%		15,798
Transportation
Breeze Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.42%	01/2028		2,750	$	2,730			0.4	%	$	2,729
Breeze Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475, 100 Floor	8.45%	01/2028		4,236		4,197			0.6			4,204
						6,986	$	6,927			1.0	%		6,933
Total Debt Investments United States						1,350,247	$	1,330,916			190.8	%		1,286,681
Equity Investments
Automobiles & Components
Continental Battery Company	Common Stock					12,345	$	—			0.0	%	$	—
Sun Acquirer Corp.	Common Stock					6,148		615			0.1			860
Sun Acquirer Corp.	Common Stock					428		43			0.0			60
							$	658			0.1	%	$	920
Commercial & Professional Services
Allied Universal Holdings, LLC	Common Stock					2,805,726	$	1,011			0.6	%	$	3,615
Allied Universal Holdings, LLC	Common Stock					684,903		685			0.1			882
ASP MCS Acquisition Corp. (6)(12)	Common Stock					13,293		1,183			0.0			52
ASP MCS Acquisition Corp. (6)	Common Stock					791		5			0.0			23


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Hercules Borrower LLC	Common Stock					1,153,075	$	1,153		0.4	%	$	2,127
Iris Buyer, LLC	Common Stock					577		577		0.1			749
Iris Buyer, LLC	Common Stock					576,923		-		0.0			202
Landscape Workshop, LLC	Common Stock					540,541		541		0.1			724
MHS Acquisition Holdings, LLC	Preferred Stock					1,060		923		0.1			568
MHS Acquisition Holdings, LLC	Common Stock					11		9		0.0			-
Receivable Solutions, Inc.	Preferred Stock					137,000		137		0.1			580
RN Enterprises, LLC	Common Stock					776		791		0.1			881
Seko Global Logistics Network, LLC	Common Stock					625		2,372		0.0			126
TecoStar Holdings, Inc.	Common Stock					500,000		500		0.0			3
							$	9,887		1.6	%	$	10,532
Consumer Services
Everlast Parent Inc.	Common Stock					948	$	948		0.1	%	$	546
FS Whitewater Borrower, LLC	Common Stock					6,897		690		0.1			934
FS Whitewater Borrower, LLC	Common Stock					238		31		0.0			32
HGH Purchaser, Inc.	Common Stock					4,171		417		0.0			128
HS Spa Holdings Inc. (Hand & Stone)	Common Stock					1,791,160		1,791		0.2			1,186
Ingenio, LLC	Common Stock					104		-		0.0			-
Legalshield (11)	Common Stock					372		372		0.1			629
Mario Purchaser, LLC	Common Stock					118		118		0.0			42
Mario Purchaser, LLC	Common Stock					43		43		0.0			43
Mario Purchaser, LLC	Common Stock					1,027		1,027		0.1			363


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
PPV Intermediate Holdings LLC (Vetcor)	Common Stock					312,500	$	313		0.0	%	$	203
Stepping Stones Healthcare Services, LLC	Common Stock					11,321		1,132		0.2			1,423
Wrench Group LLC	Common Stock					2,337		235		0.1			600
Wrench Group LLC	Common Stock					655		67		0.0			168
							$	7,184		0.9	%	$	6,297
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14)	Partnership Interest						$	266		0.0	%	$	331
First Eagle Logan JV, LLC (2)(7)(11)(13)(14)	Partnership Interest							41,413		4.3			28,848
Freeport Financial SBIC Fund LP (11)(13)(14)	Partnership Interest							1,189		0.1			812
Gryphon Partners 3.5, L.P. (11)(13)(14)	Partnership Interest							145		0.0			20
iLending LLC	Common Stock					9,924,110		—		0.0			—
WhiteHawk III Onshore Fund L.P. (2)(11)(13)(14)	Partnership Interest							1,268		0.2			1,298
							$	44,281		4.6	%	$	31,309
Energy
Loadmaster Derrick & Equipment, Inc. (7)	Preferred Stock					3,000,000	$	3,000		0.4		$	3,000
							$	3,000		0.4	%	$	3,000
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	$	909		0.0	%	$	—
ACI Group Holdings, Inc.	Preferred Stock					3,719		3,645		0.0			—
ACI Group Holdings, Inc.	Preferred Stock					684,903		40		0.0			—


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Arrow Management Acquisition, LLC	Common Stock					10,664	$	11		0.0	%	$	—
Arrow Management Acquisition, LLC	Preferred Stock					1,056		1,056		0.2			1,078
Bayside Opco, LLC (6)	Common Stock					1,976		—		0.3			1,909
BVI Medical Inc.	Common Stock					852		1,137		0.1			784
Centria Subsidiary Holdings, LLC	Common Stock					11,911		1,191		0.4			3,012
Headlands Buyer, Inc.	Common Stock					20,614		206		0.0			234
Hospice Care Buyer, Inc.	Common Stock					13,985		1,398		0.2			1,466
Hospice Care Buyer, Inc.	Common Stock					754		75		0.0			79
IVX Health Merger Sub, Inc.	Common Stock					2,199		2,199		0.7			4,610
Omni Ophthalmic Management Consultants, LLC	Common Stock					—		202		0.0			202
Patriot Acquisition Topco S.A.R.L	Common Stock					1,192		1,192		0.2			1,614
Patriot Acquisition Topco S.A.R.L	Common Stock					16,416		46		0.0			—
Seniorlink Incorporated	Common Stock					68,182		218		0.4			2,057
Smile Doctors LLC	Common Stock					1,191		714		0.1			519
Vital Care Buyer, LLC	Common Stock					649		1		0.0			33
Vital Care Buyer, LLC	Common Stock					64		64		0.0			62
							$	14,304		2.6	%	$	17,659
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917	$	292		0.1	%	$	530
Integrity Marketing Acquisition, LLC	Common Stock					287,484		533		0.2			1,373
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247		1,218		0.4			2,860
							$	2,043		0.7	%	$	4,763


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Materials
A&A Global Imports, LLC	Common Stock					69	$	—		0.0	%	$	—
Action Signature Acquisition, Inc.	Common Stock					50		—		0.0			—
							$	—		0.0	%	$	—
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096	$	953		0.1	%	$	641
LSCS Holdings, Inc. (Eversana)	Preferred Stock					447		447		0.1			544
Nephron Pharmaceuticals, LLC	Common Stock					128,000		—		0.0			—
Teal Acquisition Co., Inc	Common Stock					5,555		556		0.1			474
WCT Group Holdings, LLC	Common Stock					118		1,176		0.3			2,373
							$	3,132		0.6	%	$	4,032
Retailing
MeriCal, LLC	Preferred Stock					521	$	103		0.1	%	$	—
MeriCal, LLC	Common Stock					5,334		—		0.0			—
Palmetto Moon LLC	Common Stock					61		—		0.1			718
Slickdeals Holdings, LLC (7)	Common Stock					4,965		8,305		0.9			5,967
Slickdeals Holdings, LLC (7)	Common Stock					283		—		0.0			—
Vivid Seats Ltd. (15)	Common Stock					5,446		239		0.0			32
Vivid Seats Ltd. (15)	Common Stock					576		7		0.0			3
Vivid Seats Ltd. (12)	Common Stock					143		—		0.0			—
Vivid Seats Ltd. (12)	Common Stock					143		—		0.0			—
							$	8,654		1.1	%	$	6,720


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Certify, Inc.	Common Stock					841	$	246			0.0	%	$	93
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		638			0.1			899
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		—			0.0			8
Lexipol (Ranger Buyer, Inc.)	Common Stock					5		5			0.0			6
New Era Technology, Inc.	Common Stock					4,269		—			0.0			—
New Era Technology, Inc.	Preferred Stock					4,269		4,878			0.5			2,795
NMN Holdings III Corp.	Common Stock					11,111		1,111			0.3			2,081
Odessa Technologies, Inc.	Common Stock					10,714		1,071			0.2			932
Saturn Borrower Inc	Common Stock					434,163		481			0.1			645
Transportation Insight, LLC (6)	Common Stock					9		—			0.0			—
Transportation Insight, LLC (6)	Preferred Stock					13		2,349			0.3			2,349
							$	10,779			1.5	%	$	9,808
Total Equity Investments United States							$	103,922			14.1	%	$	95,040
Total United States							$	1,434,838			204.9	%	$	1,381,721
Canada
Debt Investments
Commercial & Professional Services
Klick Inc. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2032		—	$	(5	)		0.0	%	$	(19	)
Klick Inc. (4)(5)(11)	Unitranche First Lien Revolver			11/2032		—		(10	)		0.0			(19	)
Klick Inc. (11)	Unitranche First Lien Term Loan	S + 500, 75 Floor	8.67%	11/2032	$	20,604		20,508			3.0			20,421
					$	20,604	$	20,493			3.0	%	$	20,383
Diversified Financials
Dawson Logan 2025-L5, LP (5)(8)(11)	Unsecured Debt	+ 1232	12.32%	10/2040	$	918	$	918			0.1	%	$	918
Total Debt Investments Canada							$	21,411			3.1	%	$	21,301


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Telecommunication Services
Sandvine Corporation (11)	Common Stock					81,818	$	—		0.0	%	$	—
Total Equity Investments Canada							$	—		0.0	%	$	—
Total Canada							$	21,411		3.1	%	$	21,301
Finland
Debt Investments
Software & Services
SC MidCo Oy (11)	Unitranche First Lien Delayed Draw Term Loan	E + 525	7.58%	03/2032	€	70	$	83		0.0	%	$	81
SC MidCo Oy (11)	Unitranche First Lien Term Loan	E + 525	7.58%	03/2032	€	1,795		1,922		0.3			2,075
Total Debt Investments Finland					€	1,865	$	2,005		0.3	%		2,156
Total Finland					€	1,865	$	2,005		0.3	%	$	2,156
United Kingdom
Debt Investments
Commercial & Professional Services
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	10.25%	06/2028	£	1,416	$	1,973		0.3	%	$	1,874
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.23%	06/2028	£	392		528		0.1			518
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.25%	06/2028	£	11,000		13,471		2.1			14,560
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.23%	06/2028	£	2,135		2,666		0.4			2,826
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.22%	06/2028	£	2,846		3,632		0.6			3,767
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.23%	06/2028	£	4,981		6,334		1.0			6,592
					£	22,770	$	28,604		4.5	%	$	30,137


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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 (7)(11)	Unitranche First Lien Term Loan	S + 600, 50 Floor	9.84%	03/2028	$	4,352	$	4,308		0.4	%	$	2,563
Lion Cashmere Bidco Limited (7)(11)	Unitranche First Lien Term Loan	S + 600, 50 Floor	9.85%	03/2028		9,939		9,845		0.9			5,854
Lion Cashmere Bidco Limited (7)(11)	Unitranche First Lien Term Loan	S + 600, 50 Floor	9.86%	03/2028		4,953		4,900		0.4			2,918
					$	19,244	$	19,053		1.7	%	$	11,335
Food, Beverage & Tobacco
APC Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 636.93	10.11%	10/2030	£	4,339	$	5,234		0.9	%	$	5,743
APC Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 636.93	10.13%	10/2030		2,289		2,937		0.4			3,030
					£	6,628	$	8,171		1.3	%	$	8,773
Software & Services
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 600	9.73%	08/2028	£	13,234	$	17,973		2.5	%	$	17,516
Jordan Bidco, Ltd. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 600	9.87%	08/2028		407		522		0.1			539
					£	13,641	$	18,495		2.6	%	$	18,055
Total Debt Investments United Kingdom					£	62,283	$	74,323		10.1	%	$	68,300
Equity Investments
Health Care Equipment & Services
VetStrategy (11)	Common Stock					37,612	$	30		—	%	$	—
VetStrategy (11)	Preferred Stock					2,126,875		968		0.3			2,050
							$	998		0.3	%	$	2,050
Total Equity Investments United Kingdom							$	998		0.3	%	$	2,050
Total United Kingdom							$	75,321		10.4	%	$	70,350


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited (11)	Unitranche First Lien Term Loan	S + 550	9.23%	11/2031	£	5,000	$	6,155		1.0	%	$	6,618
Total Debt Investments Jersey					£	5,000	$	6,155		1.0	%	$	6,618
Total Jersey							$	6,155		1.0	%	$	6,618
Netherlands
Debt Investments
Commercial & Professional Services
Avidity Acquisition B.V. (5)(10)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan	E + 525	7.37%	03/2032	€	90	$	105		—	%	$	104
Avidity Acquisition B.V. (10)(11)	Unitranche First Lien - Last Out Term Loan	E + 525	7.37%	03/2032	€	2,190		2,284		0.4			2,532
Pitch MidCo B.V. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 550	7.54%	04/2031	€	432		478		0.1			499
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 550	7.63%	04/2031	€	2,864		3,001		0.4			3,311
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 625	8.28%	04/2031	€	1,607		1,805		0.3			1,858
					€	7,183	$	7,673		1.2	%	$	8,304
Pharmaceuticals, Biotechnology & Life Sciences
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	E + 750 (953 PIK)	9.53%	07/2029	€	2,428	$	2,520		0.3	%	$	1,698
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Delayed Draw Term Loan	S + 775 (1139 PIK)	11.55%	07/2029	€	1,410		1,410		0.1			853
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	S + 775 (1139 PIK)	11.39%	07/2029	€	3,779		3,727		0.3			2,287
					€	7,617	$	7,657		0.7	%	$	4,838
Total Debt Investments Netherlands					€	14,800	$	15,330		1.9	%	$	13,142
Total Netherlands							$	15,330		1.9	%	$	13,142


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
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			103
Total Equity Investments Belgium							$	74		0.0	%	$	103
Total Belgium							$	74		0.0	%	$	103
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (5)(11)	Unitranche First Lien Delayed Draw Term Loan	B + 500, 50 Floor	5.50%	11/2030		AUD 1,837	$	1,243		0.2	%	$	1,280
Ancora Bidco PTY LTD (11)	Unitranche First Lien Term Loan	B + 500, 50 Floor	9.20%	11/2030		AUD 10,382		6,735		1.1			7,234
						AUD 12,219	$	7,978		1.3	%	$	8,514
Retailing
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 450	8.70%	03/2028		AUD 28,800	$	21,265		3.0	%	$	19,870
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 450, 75 Floor	8.70%	03/2028		AUD 4,802		3,306		0.5			3,314
						AUD 33,602	$	24,571		3.5	%	$	23,184
Total Debt Investments Australia						AUD 45,821	$	32,549		4.8	%	$	31,698


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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
Commercial & Professional Services
Ancora Bidco PTY LTD (11)	Common Stock					128,654,071	$	1,325			0.3	%	$	1,616
Ancora Bidco PTY LTD (11)	Common Stock					6,771,267		70			0.0			85
Total Equity Investments Australia							$	1,395			0.3	%	$	1,701
Total Australia							$	33,944			5.1	%	$	33,399
Germany
Debt Investments
Commercial & Professional Services
Pipe Bidco GMBH (11)	Unitranche First Lien Term Loan	E + 450	6.60%	01/2033	€	3,853	$	4,401			0.6	%	$	4,364
Pipe Bidco GMBH (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			01/2033	€	-		(38	)		0.0			(38	)
Total Debt Investments Germany					€	3,853	$	4,363			0.6	%	$	4,326
Total Germany							$	4,363			0.6	%	$	4,326
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)	Senior Secured First Lien Revolver			08/2029	€	—	$	(4	)		0.0	%	$	—
AX VI INV2 Holding AB (Voff) (6)(11)	Senior Secured Second Lien Term Loan	E + 1206.2 (1420 PIK)	14.20%	08/2030	€	2,845		2,937			0.5			3,289
						2,845	$	2,933			0.5	%	$	3,289
Total Debt Investments Sweden					€	2,845	$	2,933			0.5	%	$	3,289


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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			0.2	%	$	1,434
Total Equity Investments Sweden							$	1,086			0.2	%	$	1,434
Total Sweden							$	4,019			0.7	%	$	4,723
Switzerland
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
Solvias AG (4)(5)(11)	Senior Secured First Lien Revolver			02/2032		CHF 0	$	(55	)		0.0	%	$	—
Solvias AG (11)	Senior Secured First Lien Term Loan	S + 550, 75 Floor	6.25%	02/2032		CHF 19,058		20,741			3.7			24,074
						CHF 19,058	$	20,686			3.7	%	$	24,074
Total Debt Investments Switzerland						CHF 19,058	$	20,686			3.7	%		24,074
Equity Investments
Pharmaceuticals, Biotechnology & Life Sciences
Sequence Parent (11)	Common Stock					47,124	$	409			0.1	%	$	443
Sequence Parent (11)	Preferred Stock					685		99			0.0			114
Total Equity Investments Switzerland							$	508			0.1	%	$	557
Total Switzerland							$	21,194			3.8	%	$	24,631
Total Investments							$	1,618,654			231.8	%	$	1,562,470

Cash, Cash Equivalents, and Restricted Cash
Goldman Sachs Financial Square Government Fund - Institutional Shares							$	7,236			1.1		$	7,236
Other Cash							$	19,743			3.0		$	19,357
Total Cash, Cash Equivalents, and Restricted Cash							$	26,979			4.1	%	$	26,593

*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 March 31, 2026, 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 $674,028 as of March 31, 2026


	Tenor
Reference Rate	Overnight		1 month		3 month		6 Month		12 Month
Prime (“P”)	6.75%			-		-		-		-
SOFR (“S”)		-	3.65%		3.68%		3.86%		3.69%
EURIBOR (“E”)		-	1.89%		2.08%		2.48%		2.87%
SONIA (“SN”)	3.73%			-		-		-		-
BBSY ("B")		-		-	4.33%			-		-
SARON ("SR")		-	-0.07%			-		-		-

(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, 2026.

(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 8.2% as of March 31, 2026.

(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.

(15)

This investment is valued using observable inputs and is considered a Level 1 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value

Interest Rate Swap Contracts


Description	Hedged Item	Company Receives	Company Pays	Counterparty	Settlement Date	Notional Amount		Unrealized Appreciation
Interest Rate Swap	Series 2025A Unsecured Notes - 2029	5.87%	SOFR + 2.5325%	Goldman Sachs Bank USA	2/13/2029	$	67,500	$	(641	)
Interest Rate Swap	Series 2025A Unsecured Notes - 2031	6.20%	SOFR + 2.8050%	Goldman Sachs Bank USA	2/13/2031	$	67,500	$	(962	)
Total Interest Rate Swap Contracts								$	(1,603	)

Foreign Currency Exchange Contracts


Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD 1,053	SEK 11,583	8/20/2027	$	(132	)
Wells Fargo Bank, N.A.	USD 19,204	AUD 29,250	3/22/2028	$	768
Wells Fargo Bank, N.A.	USD 3,407	AUD 5,401	3/22/2028	$	3
Wells Fargo Bank, N.A.	USD 6,185	AUD 10,174	10/6/2028	$	(73	)
Wells Fargo Bank, N.A.	USD 21,744	CHF 18,703	2/24/2028	$	(1,675	)
Wells Fargo Bank, N.A.	USD 169	GBP 121	6/3/2026	$	10
Wells Fargo Bank, N.A.	USD 1,932	GBP 1,362	6/3/2026	$	141
Wells Fargo Bank, N.A.	USD 368	GBP 272	6/3/2026	$	11
Wells Fargo Bank, N.A.	USD 3,054	GBP 2,237	6/3/2026	$	113
Wells Fargo Bank, N.A.	USD 17,530	GBP 12,870	8/24/2026	$	760
Total Foreign Currency Exchange Contracts				$	(74	)

AUD Australian Dollar ("AUD") CHF Swiss Franc EUR Euro ("€") GBP Great British Pound ("£")	PIK Payment-In-Kind SEK Swedish Krona USD United States Dollar ("$")


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.22%	05/2028		75	$	73			0.0	%		75
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.22%	05/2028		3,908		3,872			0.7			3,908
Continental Battery Company (9)	Unitranche First Lien Term Loan			07/2028		8,428		7,469			0.6			3,884
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			07/2028		3,108		2,765			0.2			1,432
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.22%	09/2028		12,522		12,407			1.8			12,398
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.22%	09/2028		8,854		8,786			1.2			8,766
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(14	)		0.0			(18	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.22%	09/2028		2,400		2,376			0.3			2,376
						39,295	$	37,734			4.8	%		32,821
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2027		6,667	$	6,667			0.9	%		6,667
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2028		10,368		7,053			0.5			3,666
Envocore Holding, LLC (5)(7)(8)	Senior Secured First Lien Revolver			12/2027		—		-			0.0			-
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2030		—		(14	)		0.0			(30	)
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			12/2030		—		(12	)		0.0			(12	)
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.35%	12/2030		5,830		5,772			0.8			5,771
GB Eagle Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.35%	12/2030		1,282		1,277			0.2			1,269
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			12/2030		—		(4	)		0.0			(5	)
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.17%	12/2030		3,162		3,134			0.4			3,130


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 + 500 (100 Floor) (plus 100 PIK)	9.82%	07/2028		3,326	$	3,296			0.4	%		2,942
Oliver Packaging LLC (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor) (plus 100 PIK)	9.82%	07/2028		150		146			0.0			92
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor) (plus 100 PIK)	9.82%	07/2028		202		200			0.0			179
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.42%	08/2027		1,963		1,951			0.3			1,904
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.57%	08/2027		877		875			0.1			851
Painters Supply & Equipment Company (4)(5)	Unitranche First Lien Revolver			08/2027		—		(3	)		0.0			(15	)
Painters Supply & Equipment Company (5)	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.33%	04/2030		170		170			0.0			147
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.42%	04/2030		837		837			0.1			812
TriStrux, LLC (9)	Senior Secured First Lien Term Loan			12/2027		2,798		2,674			0.1			930
TriStrux, LLC (9)	Senior Secured First Lien Revolver			12/2027		1,100		1,054			0.1			365
TriStrux, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			12/2027		982		937			0.0			326
						39,714	$	36,010			3.9	%		28,989
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Term Loan	S + 640 (100 Floor)	10.39%	02/2029		3,439	$	3,424			0.5	%		3,416
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.24%	04/2029		124		124			0.0			124
American Refrigeration	Senior Secured First Lien Term Loan	S + 640 (100 Floor)	10.39%	04/2029		197		197			0.0			196
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.43%	10/2026		2,976		2,946			0.4			2,969
Automated Control Concepts, Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		—		(8	)		0.0			(2	)
Career Certified, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	02/2031		298		297			0.0			298
Career Certified, LLC (4)(5)	Senior Secured First Lien Revolver			02/2031		—		(2	)		0.0			—
Career Certified, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	02/2031		2,189		2,174			0.3			2,189
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.48%	06/2031		1,766		1,761			0.2			1,748
Duraserv LLC (5)	Senior Secured First Lien Revolver	S + 475 (75 Floor)	8.57%	06/2030		119		112			0.0			110
Duraserv LLC	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.48%	06/2031		4,761		4,725			0.7			4,714
Duraserv LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.48%	06/2031		1,048		1,048			0.1			1,030


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Flow Service Partners Intermediate Holdco LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	11/2030		449	$	443			0.1	%		449
Flow Service Partners Intermediate Holdco LLC (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	8.62%	11/2030		293		285			0.0			293
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	11/2030		2,525		2,497			0.4			2,525
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	8.97%	05/2029		12,614		12,532			1.8			12,614
GH Parent Holdings Inc. (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	8.97%	05/2029		264		256			0.0			264
GH Parent Holdings Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.97%	05/2029		7,242		7,242			1.0			7,242
GH Parent Holdings Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.97%	05/2029		643		620			0.1			643
Guardian Access Solutions	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.84%	08/2029		1,057		1,049			0.1			1,044
Guardian Access Solutions (5)	Senior Secured First Lien Revolver	S + 600 (100 Floor)	9.67%	08/2029		600		588			0.1			591
Guardian Access Solutions	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	9.82%	08/2029		2,835		2,788			0.4			2,799
Halo Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 600 (100 Floor)	9.72%	02/2029		187		178			0.0			194
Halo Buyer, Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.72%	02/2029		3,452		3,394			0.5			3,499
Hamsard 3778 Limited (4)(5)(10)	Unitranche First Lien - Last Out Delayed Draw Term Loan			10/2031		—		(16	)		0.0			—
Hamsard 3778 Limited (10)	Unitranche First Lien - Last Out Term Loan	S + 550	9.22%	10/2031		9,616		9,059			1.4			9,616
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2028		-		(7	)		0.0			(15	)
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	12/2028		12,762		12,663			1.8			12,657
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.48%	01/2028		3,649		3,628			0.5			3,649
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.48%	01/2028		2,748		2,732			0.4			2,748
Hsid Acquisition, LLC (5)	Senior Secured First Lien Revolver			01/2028		-		-			0.0			-
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	8.92%	10/2030		303		300			0.0			300
Infobase	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.35%	06/2028		10,905		10,799			1.5			10,823
Infobase (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.32%	06/2028		812		799			0.1			801


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.09%	10/2030		10,383	$	10,160			1.5	%		10,279
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 200 (100 Floor) (plus 600 PIK)	11.67%	10/2030		979		959			0.1			969
Iris Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2030		—		(26	)		0.0			(15	)
Iris Buyer, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.92%	10/2030		1,564		1,554			0.2			1,541
Landscape Workshop, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	05/2032		1,662		1,642			0.2			1,746
Landscape Workshop, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.67%	05/2031		376		356			0.1			376
Landscape Workshop, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	05/2032		12,941		12,816			1.9			13,199
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		380		380			0.1			380
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		1,142		1,142			0.2			1,142
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	9.99%	07/2027		608		604			0.1			608
MHS Acquisition Holdings, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.99%	07/2027		216		214			0.0			216
MHS Acquisition Holdings, LLC (5)	Senior Secured First Lien Revolver	S + 600 (100 Floor)	9.99%	07/2027		60		59			0.0			60
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.24%	07/2027		39		39			0.0			39
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	10.49%	07/2027		39		39			0.0			39
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2029		—		(12	)		0.0			(33	)
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.02%	02/2029		1,050		1,037			0.1			1,037
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.02%	02/2029		4,252		4,188			0.7			4,199
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.02%	02/2029		1,913		1,898			0.3			1,889
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(14	)		0.0			(13	)
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.02%	02/2029		2,626		2,626			0.4			2,593
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.02%	02/2029		2,512		2,512			0.5			2,480
NRG Controls (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2030		—		(5	)		0.0			—
NRG Controls (4)(5)	Senior Secured First Lien Revolver			10/2030		—		(5	)		0.0			—
NRG Controls	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	10/2030		3,061		3,029			0.5			3,061


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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. (5)	Senior Secured First Lien Revolver	P + 450 (100 Floor)	11.25%	04/2026		180	$	180		0.0	%		180
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.08%	04/2026		2,046		2,046		0.3			2,046
RN Enterprises, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.97%	10/2031		217		206		0.0			217
RN Enterprises, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.77%	10/2031		146		132		0.0			146
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.77%	10/2031		6,790		6,716		1.0			6,790
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.77%	10/2031		867		859		0.1			867
Seko Global Logistics Network, LLC (9)	Senior Secured First Lien Term Loan			05/2030		1,403		1,327		0.2			1,403
Seko Global Logistics Network, LLC (9)	Senior Secured First Lien Revolver			05/2030		519		484		0.1			519
Seko Global Logistics Network, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		-		-		0.0			-
Seko Global Logistics Network, LLC	Senior Secured First Lien Term Loan	S + 100 (100 Floor) (plus 950 PIK)	11.50%	11/2029		107		108		0.0			108
UHY Advisors , Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	11/2031		545		536		0.1			546
UHY Advisors , Inc. (5)	Unitranche First Lien Revolver	S + 475 (75 Floor)	8.42%	11/2031		346		339		0.0			347
UHY Advisors , Inc.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.57%	11/2031		4,540		4,513		0.7			4,540
						153,382	$	151,265		21.8	%		153,029
Consumer Services
Bandon Fitness (Texas) Inc. (5)	Unitranche First Lien Term Loan	S + 600 (100 Floor) (plus 50 PIK)	10.49%	07/2028		4,685	$	4,640		0.6	%		4,422
Bandon Fitness (Texas) Inc.	Unitranche First Lien Revolver	S + 600 (100 Floor) (plus 50 PIK)	10.51%	07/2028		401		398		0.1			379
Bandon Fitness (Texas) Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor) (plus 50 PIK)	10.54%	07/2028		2,080		2,064		0.3			1,936
Effective School Solutions LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.58%	11/2027		7,459		7,422		1.0			7,365
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.33%	11/2027		1,426		1,416		0.2			1,408
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.33%	11/2027		169		169		0.0			166
Everlast Parent Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.22%	10/2028		13,327		13,269		1.9			13,193
Everlast Parent Inc. (5)	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.22%	10/2028		1,105		1,099		0.2			1,089
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.47%	10/2028		3,276		3,228		0.5			3,184


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	12/2029		4,162	$	4,130			0.6	%		4,079
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.07%	12/2029		1,397		1,392			0.2			1,369
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	8.92%	12/2029		1,388		1,378			0.2			1,360
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		-		(5	)		0.0			(14	)
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.07%	12/2029		1,516		1,510			0.2			1,485
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	12/2029		577		570			0.1			566
FS Whitewater Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.26%	12/2029		1,622		1,592			0.2			1,587
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2029		-		-			0.0			(50	)
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 325 (75 Floor) (plus 375 PIK)	11.03%	11/2029		3,429		3,426			0.4			3,176
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 325 (75 Floor) (plus 375 PIK)	10.77%	11/2029		3,397		3,391			0.4			3,146
HGH Purchaser, Inc. (5)	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.59%	11/2029		1,010		1,022			0.1			896
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	S + 325 (75 Floor) (plus 375 PIK)	10.77%	11/2029		8,079		8,019			1.1			7,484
HS Spa Holdings Inc. (Hand & Stone) (5)	Unitranche First Lien Revolver	S + 525 (75 Floor)	8.97%	06/2028		334		322			0.0			334
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	06/2029		10,056		9,971			1.4			10,056
HS Spa Holdings Inc. (Hand & Stone) (8)(10)	Unitranche First Lien - Last Out Term Loan	1237.5 PIK	12.38%	06/2030		1,955		1,931			0.3			1,890
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	06/2029		872		862			0.1			872
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.09%	06/2029		976		973			0.1			976
Ingenio, LLC	Unitranche First Lien Term Loan	S + 200 (100 Floor) (plus 600 PIK)	11.82%	08/2027		5,145		5,138			0.7			4,849
Ingenio, LLC	Unitranche First Lien Term Loan	S + 200 (100 Floor) (plus 600 PIK)	11.82%	08/2027		2,279		2,270			0.3			2,148
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	9.84%	04/2029		5,094		5,070			0.7			4,965
Mario Purchaser, LLC (10)	Unitranche First Lien - Last Out Term Loan	1483.5 PIK	14.84%	04/2032		4,792		4,723			0.7			4,720
Mario Purchaser, LLC (5)	Unitranche First Lien Revolver	S + 575 (75 Floor)	9.59%	04/2028		954		944			0.1			928
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	9.84%	04/2029		9,565		9,460			1.3			9,325


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.84%	04/2029		470	$	463			0.1	%		458
Marlin DTC-LS Midco 2, LLC (4)(5)	Unitranche First Lien Revolver			07/2026		—		(0.0	)		0.0			(6	)
Marlin DTC-LS Midco 2, LLC	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.32%	07/2026		2,876		2,872			0.4			2,758
PPV Intermediate Holdings LLC (Vetcor) (5)(12)	Unitranche First Lien Revolver	S + 575 (75 Floor)	9.63%	08/2029		28		26			0.0			23
PPV Intermediate Holdings LLC (Vetcor) (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	9.67%	08/2029		3,469		3,452			0.5			3,448
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		1,403		1,386			0.2			1,366
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1475 PIK	14.75%	08/2030		347		329			0.0			336
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	12/2028		12,712		12,572			1.9			12,650
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	12/2028		2,855		2,840			0.4			2,839
Stepping Stones Healthcare Services, LLC (5)	Unitranche First Lien Revolver	P + 500 (75 Floor)	11.75%	12/2026		1,133		1,115			0.2			1,123
Stepping Stones Healthcare Services, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	12/2028		1,027		1,007			0.1			1,007
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	8.92%	11/2029		1,470		1,462			0.2			1,470
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.92%	11/2029		1,625		1,616			0.2			1,625
USA Hometown Experts, Inc. (4)(5)	Senior Secured First Lien Revolver			11/2029		—		(6	)		0.0			—
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.92%	11/2029		2,440		2,440			0.4			2,440
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.17%	11/2029		1,542		1,518			0.2			1,542
USA Hometown Experts, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		—		(17	)		0.0			—
						135,924	$	134,869			18.8	%		132,368


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Diversified Financials
Cary Street Partners Financial LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.42%	05/2031		178	$	165			0.0	%		178
Cary Street Partners Financial LLC (4)(5)	Senior Secured First Lien Revolver			05/2031		—		(4	)		0.0			—
Cary Street Partners Financial LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.42%	05/2031		1,791		1,770			0.3			1,791
CRS TH Holdings, Corp. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2032		—		(1	)		0.0			(3	)
CRS TH Holdings, Corp. (4)(5)	Senior Secured First Lien Revolver			12/2032		—		(2	)		0.0			(2	)
CRS TH Holdings, Corp.	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.42%	12/2032		1,375		1,365			0.2			1,365
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2030		—		(6	)		0.0			—
Essential Services Holding Corporation (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.87%	06/2031		372		365			0.1			372
Essential Services Holding Corporation	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.88%	06/2031		7,584		7,520			1.1			7,584
iLending LLC (4)(5)	Unitranche First Lien Revolver			12/2028		—		—			0.0			(11	)
iLending LLC	Unitranche First Lien Term Loan	S + 100 (100 Floor) (plus 500 PIK)	9.82%	12/2028		2,450		2,450			0.3			2,377
iLending LLC (8)(9)(10)	Unitranche First Lien - Last Out Term Loan			12/2028		2,368		—			0.0			—
King Mid LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.22%	04/2031		3,714		3,699			0.5			3,714
King Mid LLC (4)(5)	Unitranche First Lien Revolver			04/2031		—		(9	)		0.0			—
King Mid LLC	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.22%	04/2031		6,766		6,719			1.0			6,766
Miracle Mile Holdings, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.82%	11/2028		173		158			0.0			173
Miracle Mile Holdings, LLC (5)	Unitranche First Lien Revolver	S + 500 (100 Floor)	8.82%	11/2028		80		79			0.0			80
Miracle Mile Holdings, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.82%	11/2028		2,128		2,111			0.3			2,128
PCS Retirement (5)	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.42%	03/2030		890		884			0.1			890
PCS Retirement (4)(5)	Unitranche First Lien Revolver			03/2030		—		(5	)		0.0			—


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 Term Loan	S + 575 (100 Floor)	9.42%	03/2030		5,011	$	4,979			0.7	%		5,011
Pi Buyer, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2032		—		(3	)		0.0			(10	)
Pi Buyer, LLC (4)(5)	Unitranche First Lien Revolver			08/2032		—		(4	)		0.0			(4	)
Pi Buyer, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.72%	08/2032		3,050		3,028			0.4			3,028
RWA Wealth Partners, LLC. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.49%	11/2030		1,167		1,157			0.2			1,167
RWA Wealth Partners, LLC. (4)(5)	Unitranche First Lien Revolver			11/2030		—		(9	)		0.0			—
RWA Wealth Partners, LLC.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.63%	11/2030		6,104		6,064			0.9			6,104
Soltis (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.51%	08/2030		1,085		1,081			0.2			1,085
Soltis (4)(5)	Unitranche First Lien Revolver			08/2030		—		(7	)		0.0			—
Soltis	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.35%	08/2030		1,876		1,849			0.3			1,876
Staff Boom, LLC (4)(5)	Senior Secured First Lien Revolver			09/2031		—		(3	)		0.0			(3	)
Staff Boom, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	09/2031		4,538		4,506			0.5			4,506
						52,700	$	49,896			7.1	%		50,162
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8)	Senior Secured Second Lien Note	1200	12.00%	03/2031		438	$	438			0.1	%		438
						438	$	438			0.1	%		438
Food & Staples Retailing
Isagenix International, LLC (6)	Senior Secured First Lien Term Loan	S + 250 (100 Floor) (plus 500 PIK)	11.39%	04/2028		3,465	$	3,314			0.2	%		1,355
						3,465	$	3,314			0.2	%		1,355
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.28%	05/2029		4,823	$	4,799			0.7	%		4,823
JTM Foods LLC (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.25%	05/2029		740		736			0.1			740
JTM Foods LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.07%	05/2029		656		654			0.1			656
						6,219	$	6,189			0.9	%		6,219
Health Care Equipment & Services
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	S + 275 (75 Floor) (plus 325 PIK)	9.77%	08/2028		7,098	$	7,022			0.9	%		6,538
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 275 (75 Floor) (plus 325 PIK)	9.77%	08/2028		1,258		1,254			0.2			1,154
ACI Group Holdings, Inc. (5)	Unitranche First Lien Revolver	S + 550 (75 Floor)	9.27%	08/2027		731		726			0.1			667
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 275 (75 Floor) (plus 325 PIK)	9.77%	08/2028		1,363		1,350			0.2			1,250


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 + 475 (100 Floor)	8.42%	10/2029		3,920	$	3,892			0.6	%		3,920
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.42%	10/2029		1,991		1,985			0.3			1,991
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—		(5	)		0.0			—
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—		(5	)		0.0			—
Annuity Health	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.09%	02/2029		4,021		3,997			0.6			4,021
Arrow Management Acquisition, LLC (5)	Unitranche First Lien Delayed Draw Term Loan			07/2032		—		—			0.0			59
Arrow Management Acquisition, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.67%	07/2032		519		505			0.1			519
Arrow Management Acquisition, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	07/2032		12,826		12,699			1.8			12,992
Avalign Technologies, Inc. (5)	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.22%	12/2028		835		814			0.1			689
Avalign Technologies, Inc.	Unitranche First Lien Term Loan	S + 362.5 (75 Floor) (plus 362.5 PIK)	11.07%	12/2028		13,391		13,227			1.7			12,218
Bayside Opco, LLC	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.07%	05/2026		4,412		4,412			0.6			4,412
Bayside Opco, LLC	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.07%	05/2026		1,560		1,560			0.2			1,560
Bayside Opco, LLC (5)	Senior Secured First Lien Revolver			05/2026		—		—			0.0			—
Bayside Opco, LLC	Unsecured Debt	1415.2 PIK	14.15%	05/2026		2,099		1,821			0.3			2,099
BVI Medical Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 125 (75 Floor) (plus 500 PIK)	10.13%	03/2032		158		155			0.0			155
BVI Medical Inc. (4)(5)	Unitranche First Lien Revolver			03/2032		—		(11	)		0.0			(11	)
BVI Medical Inc.	Unitranche First Lien Term Loan	S + 125 (75 Floor) (plus 500 PIK)	9.97%	03/2032		10,528		10,388			1.5			10,469
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.35%	08/2027		4,923		4,895			0.7			4,923
CC Amulet Management, LLC (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.10%	08/2027		763		757			0.1			763
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525	9.28%	08/2027		902		892			0.1			902
Centria Subsidiary Holdings, LLC (5)	Unitranche First Lien Revolver			06/2027		—		—			0.0			—
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.05%	06/2027		11,161		11,147			1.6			11,163
ConvenientMD	Senior Secured First Lien Term Loan	S + 525	9.22%	06/2029		5,580		5,549			0.8			5,411
ConvenientMD (5)	Senior Secured First Lien Revolver	S + 550	9.44%	06/2029		275		270			0.0			254


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	11/2027		11,331	$	11,254			1.6	%		11,246
EMS Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.07%	11/2027		248		244			0.0			243
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	11/2027		965		957			0.1			958
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	11/2027		2,069		2,069			0.3			2,053
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.82%	06/2029		13,309		12,945			1.7			11,714
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	S + 350 (100 Floor) (plus 450 PIK)	11.43%	04/2026		6,006		5,997			0.8			5,360
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			04/2026		—		(5	)		0.0			(64	)
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 350 (100 Floor) (plus 450 PIK)	11.76%	04/2026		3,505		3,499			0.4			3,127
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	S + 425 (100 Floor) (plus 300 PIK)	11.07%	06/2027		5,015		5,001			0.7			4,941
Great Lakes Dental Partners, LLC (5)	Unitranche First Lien Revolver	S + 425 (100 Floor) (plus 300 PIK)	11.07%	06/2027		342		341			0.0			337
Headlands Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2032		—		(3	)		0.0			1
Headlands Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			09/2032		—		(3	)		0.0			—
Headlands Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	9.74%	09/2032		1,695		1,678			0.2			1,698
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.23%	05/2027		4,357		4,330			0.6			4,358
Homecare Partners Management, LLC (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.22%	05/2027		455		448			0.1			456
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.07%	05/2027		3,259		3,216			0.5			3,260
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.22%	05/2027		1,062		1,053			0.2			1,063
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.07%	06/2030		853		853			0.1			854
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.13%	01/2028		14,463		14,395			2.0			14,464
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.13%	01/2028		2,642		2,603			0.4			2,643
Hospice Care Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.41%	01/2028		1,215		1,207			0.2			1,216
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.69%	01/2028		2,688		2,648			0.4			2,689


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.69%	01/2028		383	$	380			0.1	%		383
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.64%	06/2026		2,881		2,881			0.4			2,821
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.64%	06/2026		346		346			0.0			340
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Revolver	S + 650	10.64%	06/2026		442		442			0.1			434
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.64%	06/2026		793		793			0.1			776
IVX Health Merger Sub, Inc. (8)	Unsecured Debt	1350 PIK	13.50%	06/2031		8,819		8,667			1.3			9,083
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—		(52	)		0.0			—
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.67%	06/2030		16,898		16,628			2.4			17,067
Laseraway Intermediate Holdings II, LLC (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	9.89%	10/2027		5,842		5,795			0.8			5,820
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Revolver	S + 775 (100 Floor) (plus 75 PIK)	12.37%	03/2028		1,164		1,162			0.1			1,019
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor) (plus 75 PIK)	10.60%	03/2028		467		466			0.1			409
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor) (plus 75 PIK)	10.33%	03/2028		2,242		2,238			0.3			1,962
Lighthouse Lab Services	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	9.90%	10/2027		5,479		5,437			0.8			5,442
Lighthouse Lab Services (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	9.57%	10/2027		1,074		1,066			0.2			1,066
Lightspeed Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.47%	02/2027		780		780			0.1			780
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Revolver			02/2027		—		—			0.0			—
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	02/2027		17,474		17,474			2.5			17,474
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	9.22%	02/2031		1,104		1,095			0.2			1,115
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	9.22%	02/2031		876		863			0.1			885
MB2 Dental (5)	Unitranche First Lien Revolver	S + 550 (75 Floor)	9.22%	02/2031		77		74			0.0			77
MB2 Dental	Unitranche First Lien Term Loan	S + 550 (75 Floor)	9.22%	02/2031		6,053		6,006			0.9			6,113
Medical Review Institute of America (5)	Senior Secured First Lien Revolver	P + 500 (100 Floor)	11.75%	07/2030		64		58			0.0			48


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Medical Review Institute of America	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	07/2030		5,629	$	5,582		0.8	%		5,515
MWD Management LLC (United Derm)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.82%	06/2027		4,365		4,333		0.6			4,365
MWD Management LLC (United Derm)	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.82%	06/2027		5,418		5,377		0.8			5,418
MWD Management LLC (United Derm) (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	8.82%	06/2027		240		232		0.0			240
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Revolver			01/2026		1,025		981		0.1			372
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		7,014		6,808		0.4			2,545
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		921		889		0.0			334
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		312		303		0.0			113
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		260		249		0.0			94
Omni Ophthalmic Management Consultants, LLC (5)	Senior Secured First Lien Revolver	S + 225 (100 Floor) (plus 575 PIK)	11.82%	01/2026		575		575		0.1			575
Omni Ophthalmic Management Consultants, LLC (5)	Senior Secured First Lien Revolver			01/2026		—		-		0.0			—
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.06%	01/2028		2,812		2,783		0.4			2,809
Patriot Acquisition Topco S.A.R.L (5)	Unitranche First Lien Revolver	S + 475 (100 Floor)	8.59%	01/2026		126		126		0.0			125
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.59%	01/2028		11,715		11,603		1.7			11,703
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.59%	01/2028		358		353		0.1			358
Patriot Acquisition Topco S.A.R.L (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.06%	01/2028		4,370		4,341		0.6			4,365
Patriot Acquisition Topco S.A.R.L (8)	Unsecured Debt	1400 PIK	14.00%	02/2030		4,471		4,419		0.7			4,597
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.59%	01/2028		1,674		1,669		0.2			1,672
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Delayed Draw Term Loan	993 PIK (75 Floor)	9.93%	05/2029		282		280		0.0			221
Plasma Buyer LLC (PathGroup) (5)	Unitranche First Lien Revolver	942 PIK (75 Floor)	9.42%	05/2029		830		822		0.1			648
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Term Loan	912 PIK (75 Floor)	9.12%	05/2029		7,456		7,377		0.8			5,828
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.72%	08/2028		9,143		9,063		1.3			9,072
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.72%	08/2028		4,961		4,957		0.7			4,922
Premier Dental Care Management, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.72%	08/2027		236		224		0.0			218


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.72%	08/2028		4,067	$	4,055			0.6	%		4,036
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.95%	09/2027		10,054		9,991			1.4			10,048
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.95%	09/2027		1,566		1,558			0.2			1,565
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.95%	04/2030		2,079		2,065			0.3			2,078
Quorum Health Resources	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	05/2027		5,151		5,129			0.7			5,157
Quorum Health Resources (5)	Unitranche First Lien Revolver	S + 525	9.07%	05/2027		77		74			0.0			78
REP Behavioral Health, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2030		—		(10	)		0.0			—
REP Behavioral Health, LLC (5)	Unitranche First Lien Revolver	S + 475 (100 Floor)	8.42%	12/2030		242		227			0.0			242
REP Behavioral Health, LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.47%	12/2030		5,693		5,632			0.8			5,693
Safco Dental Supply, LLC (5)	Unitranche First Lien Revolver	S + 600 (100 Floor)	9.82%	03/2026		342		342			0.0			312
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.82%	03/2026		4,002		3,997			0.5			3,803
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2029		—		(3	)		0.0			(5	)
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.02%	12/2029		8,615		8,576			1.2			8,572
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.77%	12/2029		4,648		4,595			0.7			4,625
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2029		—		(4	)		0.0			(2	)
Smile Doctors LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—		(11	)		0.0			(23	)
Smile Doctors LLC	Unitranche First Lien Delayed Draw Term Loan	S + 590 (75 Floor)	9.84%	12/2028		781		781			0.1			774
Smile Doctors LLC	Unitranche First Lien Term Loan	S + 590 (75 Floor)	9.84%	12/2028		15,235		15,176			2.1			15,082
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.05%	07/2029		3,693		3,625			0.5			3,693
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Term Loan	E + 600	8.00%	07/2029		4,116		3,513			0.6			4,116
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Delayed Draw Term Loan	S + 600 (50 Floor)	9.66%	07/2029		1,978		1,929			0.3			2,005


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Sydney US Buyer Corp. (3B Scientific) (5)	Unitranche First Lien Delayed Draw Term Loan	S + 600	10.01%	07/2029		6,310	$	6,120			0.9	%		6,310
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	05/2029		6,143		6,102			0.9			6,143
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 + 475 (100 Floor)	8.47%	05/2029		1,190		1,183			0.2			1,190
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.62%	06/2030		798		798			0.1			798
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	06/2030		2,560		2,561			0.4			2,561
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.62%	05/2029		997		995			0.1			998
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—		(2	)		0.0			—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	05/2029		2,629		2,613			0.4			2,630
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.59%	05/2029		737		732			0.1			738
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Revolver			05/2029		—		—			0.0			—
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	09/2027		2,111		2,098			0.3			2,111
Unifeye Vision Partners (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.65%	09/2027		680		673			0.1			680
Unifeye Vision Partners	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.32%	09/2027		3,674		3,653			0.5			3,675
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	09/2027		3,533		3,531			0.5			3,534
						416,945	$	412,258			57.2	%		403,175
Household & Personal Products
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (plus 510 PIK)	11.69%	09/2027		3,249	$	3,247			0.5	%		3,086
Lash Opco LLC (4)(5)	Unitranche First Lien Revolver			09/2027		—		(0.0	)		0.0			(19	)
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (plus 510 PIK)	11.69%	09/2027		3,313		3,303			0.4			3,146
Lash Opco LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor) (plus 200 PIK)	10.82%	09/2027		35		35			0.0			33
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (plus 510 PIK)	11.69%	09/2027		1,075		1,074			0.1			1,022
						7,672	$	7,659			1.0	%		7,268


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Insurance
Balance Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	04/2030		3,237	$	3,213			0.5	%		3,213
Balance Partners (4)(5)	Senior Secured First Lien Revolver			04/2030		—		(4	)		0.0			(4	)
Balance Partners	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	04/2030		2,167		2,150			0.3			2,151
Balance Partners (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			04/2030		—		(13	)		0.0			(41	)
Balance Partners	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	04/2030		3,850		3,822			0.5			3,821
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	04/2030		11,337		11,312			1.6			11,287
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	04/2030		389		385			0.1			387
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2030		—		(0.0	)		0.0			(3	)
Galway Borrower, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.17%	09/2028		6,392		6,347			0.9			6,408
Galway Borrower, LLC (5)	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.19%	09/2028		94		91			0.0			92
Galway Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.17%	09/2028		124		123			0.0			126
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		—		—			0.0			—
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.82%	08/2028		20,022		19,901			2.8			20,022
Newcleus, LLC	Senior Secured First Lien Term Loan	S + 600 (plus 200 PIK)	11.82%	08/2026		5,189		5,072			0.7			4,985
Newcleus, LLC (4)(5)	Senior Secured First Lien Revolver			08/2026		—		(5	)		0.0			(17	)
Newcleus, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			08/2026		—		(5	)		0.0			(18	)
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.82%	10/2028		8,995		8,933			1.3			8,995
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Revolver			10/2028		—		(5	)		0.0			—
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.82%	10/2028		2,763		2,749			0.4			2,763
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	10/2028		992		984			0.1			992
The Hilb Group, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.47%	10/2031		969		955			0.1			936
The Hilb Group, LLC (5)	Unitranche First Lien Revolver	S + 475 (75 Floor)	8.47%	10/2031		220		206			0.0			203
The Hilb Group, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.47%	10/2031		14,876		14,751			2.1			14,727


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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. (5)(11)	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.17%	12/2028		78	$	73			0.0	%		33
Vantage Insurance Partners, Inc. (11)	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.17%	12/2028		4,344		4,317			0.6			4,094
						86,038	$	85,351			12.0	%		85,149
Materials
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,645	$	992			0.0	%		—
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,895		—			0.0			—
A&A Global Imports, LLC (9)	Senior Secured First Lien Revolver			06/2026		594		545			0.0			127
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		3,801		3,188			0.1			453
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		593		498			0.0			71
Action Signature Acquisition, Inc. (5)	Unitranche First Lien Revolver	1099.4 PIK	10.99%	12/2027		534		517			0.1			534
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		288		242			0.0			34
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		984		826			0.0			117
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	12/2029		4,214		4,183			0.6			4,215
Online Labels Group, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	12/2029		261		259			0.0			261
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		—		(4	)		0.0			—
						14,809	$	11,244			0.8	%		5,812
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.07%	12/2027		7,117	$	7,065			1.0	%		7,117
Alcanza Clinical Research (5)	Senior Secured First Lien Revolver	S + 625	10.24%	12/2027		63		62			0.0			63


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 + 250 (plus 400 PIK)	10.27%	12/2028		15,696	$	15,552			1.8	%		12,928
BioAgilytix	Senior Secured First Lien Delayed Draw Term Loan	S + 250 (plus 400 PIK)	10.27%	12/2028		816		808			0.1			672
Nephron Pharmaceuticals, LLC (10)	Unitranche First Lien - Last Out Term Loan	S + 920	13.19%	12/2027		7,385		7,296			1.0			7,384
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.02%	09/2028		2,174		2,163			0.3			2,163
Teal Acquisition Co., Inc (5)	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.02%	09/2028		401		396			0.1			395
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.02%	09/2028		1,200		1,196			0.2			1,194
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.02%	09/2028		289		288			0.0			288
Teal Acquisition Co., Inc (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2028		—		(3	)		0.0			(6	)
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.49%	09/2028		1,282		1,276			0.2			1,276
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.47%	12/2029		3,308		3,247			0.4			3,290
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(8	)		0.0			(2	)
WCT Group Holdings, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.47%	12/2029		1,900		1,890			0.3			1,890
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—		(2	)		0.0			(1	)
						41,631	$	41,226			5.4	%		38,651
Retailing
1959 Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	10.37%	07/2030		5,000	$	4,956			0.7	%		5,150
MeriCal, LLC (9)	Unitranche First Lien Term Loan			01/2026		8,470		7,053			0.5			3,768
MeriCal, LLC (5)(9)	Senior Secured First Lien Revolver			01/2026		920		919			0.1			632
Slickdeals Holdings, LLC (5)(7)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.12%	06/2030		145		145			0.0			145
Slickdeals Holdings, LLC (7)	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.12%	06/2030		4,965		4,965			0.7			4,965
						19,500	$	18,038			2.0	%		14,660


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Affinitiv, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—	$	(1	)		0.0	%		(12	)
Affinitiv, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor) (plus 200 PIK)	10.93%	07/2027		5,977		5,933			0.8			5,801
Apps Associates LLC (5)	Unitranche First Lien Revolver			07/2027		—		—			0.0			—
Apps Associates LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	07/2027		5,410		5,375			0.8			5,410
Apps Associates LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	07/2027		1,742		1,728			0.2			1,742
Apps Associates LLC (5)	Unitranche First Lien Revolver	S + 550 (100 Floor)	9.32%	07/2027		240		236			0.0			240
Banker's Toolbox, Inc.	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.17%	07/2029		3,624		3,597			0.5			3,596
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.17%	07/2029		15,365		15,365			2.2			15,249
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2029		—		(13	)		0.0			(18	)
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.82%	06/2026		4,727		4,716			0.7			4,727
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		—		(1	)		0.0			—
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.82%	06/2026		744		741			0.1			744
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.07%	10/2026		1,342		1,340			0.2			1,342
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.07%	10/2026		285		284			0.0			285
Benesys Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.07%	10/2026		150		150			0.0			150
Benesys Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.07%	10/2026		163		164			0.0			163


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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)	8.42%	08/2030		3,061	$	3,049			0.4	%		3,048
Blue Mantis (5)	Senior Secured First Lien Revolver	S + 475 (75 Floor)	8.42%	08/2030		551		542			0.1			547
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.42%	08/2030		3,481		3,445			0.5			3,465
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.42%	08/2030		495		489			0.1			493
Blue Mantis (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	08/2030		639		639			0.1			620
C-4 Analytics (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			05/2030		—		(17	)		0.0			—
C-4 Analytics (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.07%	05/2030		555		541			0.1			555
C-4 Analytics	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.07%	05/2030		18,223		18,082			2.6			18,223
Claritas, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.32%	03/2028		2,395		2,385			0.3			2,395
Claritas, LLC (4)(5)	Unitranche First Lien Revolver			03/2028		—		(8	)		0.0			—
Claritas, LLC	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.17%	03/2028		10,203		10,150			1.4			10,203
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	9.92%	12/2028		9,285		9,227			1.3			9,285
Concord III, LLC (5)	Unitranche First Lien Revolver	S + 625 (100 Floor)	9.92%	12/2028		413		409			0.1			413
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	9.92%	12/2028		544		537			0.1			544
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.25%	12/2028		2,843		2,843			0.4			2,843
DataVail	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	9.42%	01/2029		7,007		6,960			1.0			6,938
DataVail	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.47%	01/2029		399		397			0.1			395
DataVail (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	9.42%	01/2029		330		326			0.0			325
DataVail (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	9.42%	01/2029		180		178			0.0			177
DecisionHR Holdings, Inc (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2031		—		(1	)		0.0			(4	)
DecisionHR Holdings, Inc (4)(5)	Senior Secured First Lien Revolver			12/2031		—		(2	)		0.0			(2	)
DecisionHR Holdings, Inc	Senior Secured First Lien Term Loan	S + 450 (100 Floor)	8.28%	12/2031		1,625		1,613			0.2			1,613
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	09/2030		13,230		12,974			1.9			13,230
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		—		(24	)		0.0			—


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	09/2030		2,758	$	2,735			0.4	%		2,758
Imagenet, LLC (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(7	)		0.0			—
Imagenet, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	12/2030		3,020		2,986			0.4			3,020
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	11/2028		12,760		12,634			1.8			12,760
Lexipol (Ranger Buyer, Inc.) (4)(5)	Unitranche First Lien Revolver			11/2027		—		(9	)		0.0			—
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	11/2028		1,091		1,083			0.2			1,091
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2032		—		(6	)		0.0			—
Medicus IT (5)	Unitranche First Lien Revolver	P + 500 (75 Floor)	11.75%	06/2032		83		74			0.0			83
Medicus IT	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	06/2032		6,070		6,018			0.9			6,070
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2032		—		(1	)		0.0			—
Medicus IT (5)	Unitranche First Lien Revolver	P + 500 (75 Floor)	11.75%	06/2032		40		36			0.0			40
Medicus IT	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	06/2032		6,843		6,792			1.0			6,843
MRI Software LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	02/2028		1,044		1,041			0.1			1,044
MRI Software LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	02/2028		19,483		19,394			2.8			19,483
MRI Software LLC (5)	Unitranche First Lien Revolver	S + 475 (100 Floor)	8.44%	02/2028		309		303			0.0			267
MRI Software LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	02/2028		1,269		1,263			0.2			1,269
Net Health Acquisition Corp. (4)(5)	Unitranche First Lien Revolver			07/2031		—		(13	)		0.0			(4	)
Net Health Acquisition Corp.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.47%	07/2031		13,162		13,056			1.9			13,131
New Era Technology, Inc. (5)	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.09%	06/2030		357		357			0.1			357


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
New Era Technology, Inc.	Unitranche First Lien Term Loan	S + 625 (100 Floor)	9.92%	06/2030		4,652	$	4,652			0.7	%		4,652
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		—		(15	)		0.0			—
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	9.27%	10/2027		9,281		9,218			1.3			9,282
Omega Systems Intermediate Holdings, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	01/2031		379		375			0.1			379
Omega Systems Intermediate Holdings, Inc. (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.69%	01/2031		53		50			0.0			53
Omega Systems Intermediate Holdings, Inc.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	01/2031		2,100		2,082			0.3			2,100
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		1,085		1,085			0.2			1,085
Ontario Systems, LLC	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.32%	03/2027		500		499			0.1			500
Ontario Systems, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		3,138		3,133			0.4			3,138
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		544		544			0.1			544
Ontario Systems, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		444		444			0.1			444
Perforce Software, Inc.	Senior Secured Second Lien Term Loan	S + 800	11.82%	07/2027		5,000		5,000			0.7			4,925
Right Networks, LLC (5)	Unitranche First Lien Revolver	S + 500 (100 Floor)	8.72%	05/2029		330		330			0.0			330
Right Networks, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.72%	05/2029		23,870		23,870			3.4			23,868
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.67%	11/2028		19,677		19,577			2.8			19,664
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.67%	11/2028		2,397		2,383			0.3			2,395
Saturn Borrower Inc (5)	Unitranche First Lien Revolver	S + 600 (100 Floor)	9.67%	11/2028		460		453			0.1			459
SQAD Holdco, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.42%	04/2028		2,340		2,330			0.3			2,340


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
SQAD Holdco, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—	$	(8	)		0.0	%		—
SQAD Holdco, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	9.42%	04/2028		8,637		8,556			1.2			8,635
Strata Information Group, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.70%	12/2030		316		312			0.0			316
Strata Information Group, Inc. (4)(5)	Senior Secured First Lien Revolver			12/2030		—		(6	)		0.0			—
Strata Information Group, Inc.	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.70%	12/2030		1,191		1,181			0.2			1,191
Summit 7 Systems, LLC (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.47%	05/2028		396		393			0.1			396
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.32%	05/2028		5,115		5,065			0.7			5,113
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.49%	05/2028		2,346		2,346			0.3			2,346
Transportation Insight, LLC (5)	Senior Secured First Lien Revolver	S + 450 (plus 100 PIK)	9.22%	03/2026		8		—			0.0			8
Transportation Insight, LLC (9)	Senior Secured First Lien Term Loan			06/2027		5,056		5,037			0.6			3,488
Transportation Insight, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			06/2027		1,257		1,252			0.1			867
Transportation Insight, LLC (5)(9)	Senior Secured First Lien Revolver			06/2027		713		710			0.1			475
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.82%	12/2026		949		948			0.1			948
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	12/2026		609		608			0.1			608
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	12/2026		998		996			0.1			996
Winxnet Holdings LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—		(2	)		0.0			(2	)
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	12/2026		1,850		1,849			0.4			1,847
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	12/2026		1,477		1,474			0.3			1,474
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	12/2026		1,101		1,094			0.2			1,099
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.22%	12/2026		193		193			0.0			193
						291,979	$	290,092			41.4	%		289,093


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Technology, Hardware & Equipment
3SI Security Systems	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.09%	12/2026		3,371	$	3,322			0.5	%		3,275
CallRevu, LLC (4)(5)	Unitranche First Lien Revolver			10/2032		—		(1	)		0.0			(1	)
CallRevu, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	10/2032		1,450		1,439			0.2			1,439
Gener8, LLC (9)	Senior Secured First Lien Term Loan			02/2026		6,131		6,005			0.3			2,340
Gener8, LLC (5)(9)	Senior Secured First Lien Revolver			02/2026		1,316		1,289			0.0			318
Gener8, LLC (9)	Senior Secured First Lien Term Loan			02/2026		264		259			0.0			101
Security Risk Advisors Intl, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2031		—		(2	)		0.0			(5	)
Security Risk Advisors Intl, LLC (5)	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.49%	09/2031		65		63			0.0			63
Security Risk Advisors Intl, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.49%	09/2031		3,850		3,822			0.5			3,822
						16,447	$	16,196			1.5	%		11,352
Transportation
Breeze Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.45%	01/2028		4,246		4,204			0.6			4,246
						4,246	$	4,204			0.6	%		4,246
Total Debt Investments United States						1,330,404	$	1,305,983			179.5	%		1,264,787
Equity Investments
Automobiles & Components
Continental Battery Company	Common Stock					12,345	$	-			0.0	%		-
Sun Acquirer Corp.	Common Stock					6,148		615			0.1			892
Sun Acquirer Corp.	Common Stock					428		43			0.0			62
							$	658			0.1	%	$	954


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
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	%		3,747
Allied Universal Holdings, LLC	Common Stock					684,903		685		0.1			915
ASP MCS Acquisition Corp. (6)(12)	Common Stock					13,293		1,183		0.0			47
ASP MCS Acquisition Corp. (6)	Common Stock					791		5		0.0			14
Hercules Borrower LLC	Common Stock					1,153,075		1,153		0.3			2,005
Iris Buyer, LLC	Common Stock					577		577		0.1			681
Iris Buyer, LLC	Common Stock					576,923		-		0.0			248
Landscape Workshop, LLC	Common Stock					540,541		541		0.1			604
MHS Acquisition Holdings, LLC	Preferred Stock					1,060		923		0.1			508
MHS Acquisition Holdings, LLC	Common Stock					11		9		0.0			-
Receivable Solutions, Inc.	Preferred Stock					137,000		137		0.1			484
RN Enterprises, LLC	Common Stock					776		791		0.1			936
Seko Global Logistics Network, LLC	Common Stock					625		2,372		0.0			55
TecoStar Holdings, Inc.	Common Stock					500,000		500		0.0			3
							$	9,887		1.4	%		10,247


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 Services
Everlast Parent Inc.	Common Stock					948	$	948		0.1	%		593
FS Whitewater Borrower, LLC	Common Stock					6,897		690		0.1			904
FS Whitewater Borrower, LLC	Common Stock					238		31		0.0			31
HGH Purchaser, Inc.	Common Stock					4,171		417		0.0			103
HS Spa Holdings Inc. (Hand & Stone)	Common Stock					1,791,160		1,791		0.2			1,190
Ingenio, LLC	Common Stock					104		-		0.0			-
Legalshield (11)	Common Stock					372		372		0.1			559
Mario Purchaser, LLC	Common Stock					118		118		0.0			54
Mario Purchaser, LLC	Common Stock					1,027		1,027		0.1			472
PPV Intermediate Holdings LLC (Vetcor)	Common Stock					312,500		313		0.0			213
Stepping Stones Healthcare Services, LLC	Common Stock					11,321		1,132		0.2			1,231
Wrench Group LLC	Common Stock					2,337		235		0.1			610
Wrench Group LLC	Common Stock					655		67		0.0			171
							$	7,141		0.9	%		6,131
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14)	Partnership Interest						$	266		0.0	%		330
First Eagle Logan JV, LLC (2)(7)(11)(13)(14)	Partnership Interest							41,413		4.8			33,387
Freeport Financial SBIC Fund LP (11)(13)(14)	Partnership Interest							1,189		0.1			822
Gryphon Partners 3.5, L.P. (11)(13)(14)	Partnership Interest							145		0.0			20
iLending LLC	Common Stock							—		0.0			-
WhiteHawk III Onshore Fund L.P. (2)(11)(13)(14)	Partnership Interest							1,584		0.2			1,619
							$	44,597		5.1	%		36,178


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Energy
Loadmaster Derrick & Equipment, Inc. (7)	Preferred Stock					3,000,000	$	3,000		0.4			3,000
							$	3,000		0.4	%		3,000
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	$	909		0.0	%		-
ACI Group Holdings, Inc.	Preferred Stock					3,719		3,645		0.7			4,905
ACI Group Holdings, Inc.	Preferred Stock					684,903		40		0.0			-
Arrow Management Acquisition, LLC (6)	Common Stock					10,664		11		0.0			11
Arrow Management Acquisition, LLC	Preferred Stock					1,056		1,056		0.1			1,056
Bayside Opco, LLC	Common Stock					1,976		-		0.3			1,847
BVI Medical Inc.	Common Stock					852		1,137		0.1			879
Centria Subsidiary Holdings, LLC	Common Stock					11,911		1,191		0.5			3,193
Headlands Buyer, Inc.	Common Stock					20,614		206		0.0			206
Hospice Care Buyer, Inc.	Common Stock					13,985		1,398		0.2			1,501
Hospice Care Buyer, Inc.	Common Stock					754		75		0.0			81
IVX Health Merger Sub, Inc.	Common Stock					2,199		2,199		0.6			4,502
Patriot Acquisition Topco S.A.R.L	Common Stock					1,192		1,192		0.2			1,600
Patriot Acquisition Topco S.A.R.L	Common Stock					16,416		46		0.0			-
Seniorlink Incorporated	Common Stock					68,182		249		0.3			1,954
Smile Doctors LLC	Common Stock					1,191		714		0.1			582
Vital Care Buyer, LLC	Common Stock					649		1		0.0			37
Vital Care Buyer, LLC	Common Stock					64		64		0.0			61
							$	14,133		3.1	%		22,415


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917		292		0.1	%		568
Integrity Marketing Acquisition, LLC	Common Stock					287,484		533		0.2			1,182
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247		1,218		0.4			2,773
							$	2,043		0.7	%		4,523
Materials
A&A Global Imports, LLC	Common Stock					69		—		0.0			—
Action Signature Acquisition, Inc.	Common Stock					50		—		0.0			—
								—		0.0	%		—
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096		953		0.1	%		759
LSCS Holdings, Inc. (Eversana)	Preferred Stock					447		447		0.1			534
Nephron Pharmaceuticals, LLC	Common Stock					128,000		-		0.0			117
Teal Acquisition Co., Inc	Common Stock					5,555		556		0.1			480
WCT Group Holdings, LLC	Common Stock					118		1,176		0.4			2,542
							$	3,132		0.7	%		4,432
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			812
Slickdeals Holdings, LLC (7)	Common Stock					4,965		8,305		1.0			8,084
Slickdeals Holdings, LLC (7)	Common Stock					283		-		0.0			—
Vivid Seats Ltd. (6)(15)	Common Stock					5,446		239		0.0			39
Vivid Seats Ltd. (6)(15)	Common Stock					576		7		0.0			4
Vivid Seats Ltd. (6)(12)(15)	Common Stock					143		-		0.0			—
Vivid Seats Ltd. (6)(12)(15)	Common Stock					143		-		0.0			—
							$	8,654		1.1	%		8,939


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Certify, Inc.	Common Stock					841	$	246			0.0	%		149
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		638			0.1			881
Lexipol (Ranger Buyer, Inc.)	Common Stock					638		-			0.0			173
Lexipol (Ranger Buyer, Inc.)	Common Stock					5		5			0.0			6
New Era Technology, Inc.	Common Stock					4,269		-			0.0			-
New Era Technology, Inc.	Preferred Stock					4,269		4,878			0.6			4,391
NMN Holdings III Corp.	Common Stock					11,111		1,111			0.3			2,061
Odessa Technologies, Inc.	Common Stock					10,714		1,071			0.1			1,050
Saturn Borrower Inc	Common Stock					434,163		481			0.1			699
							$	8,430			1.2	%		9,410
Transportation
Xpress Global Systems, LLC	Common Stock					12,544		—			-			-
								—			-			-
Total Equity Investments United States							$	101,675			14.7	%		106,229
Total United States							$	1,407,658			194.2	%	$	1,371,016
Canada
Debt Investments
Commercial & Professional Services
Klick Inc. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2032		—		(5	)		0.0			(11	)
Klick Inc. (4)(5)(11)	Unitranche First Lien Revolver			11/2032		—		(11	)		0.0			(11	)
Klick Inc. (11)	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.72%	11/2032	$	20,604	$	20,501			2.9			20,501
Total Debt Investments Canada								20,485			2.9	%		20,479
Equity Investments
Telecommunication Services
Sandvine Corporation (11)	Common Stock					81,818		—			0.0			—
Total Equity Investments Canada								—			0.0	%		—
Total Canada							$	20,485		$	2.9	%	$	20,479


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Finland
Debt Investments
Software & Services
SC MidCo Oy (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 525	7.33%	03/2032	€	83	$	83		0.0	%	$	83
SC MidCo Oy (11)	Unitranche First Lien Term Loan	SN + 525	7.67%	03/2032	€	2,110		1,921		0.3			2,109
						2,193		2,004		0.3	%		2,192
Total Debt Investments Finland					€	2,193	$	2,004		0.3	%		2,192
Total Finland					€	2,193	$	2,004		0.3	%	$	2,192
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 625	9.98%	12/2027	£	8,262	$	7,692		1.2	%	$	8,262
Crusoe Bidco Limited (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 625	9.98%	12/2027	£	1,117		1,008		0.2			1,117
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	10.46%	06/2028	£	1,909		1,970		0.3			1,909
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.22%	06/2028	£	528		527		0.1			528
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.47%	06/2028	£	14,831		13,455		2.0			14,831
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.47%	06/2028	£	2,878		2,661		0.4			2,878
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.44%	06/2028	£	3,837		3,625		0.5			3,837
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.47%	06/2028	£	6,715		6,322		1.0			6,715
					£	40,077	$	37,260		5.7			40,077


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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)	9.84%	03/2028	$	4,352	$	4,308			0.4		%	$	2,950
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.84%	03/2028	$	9,939		9,845			1.0				6,739
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.84%	03/2028	$	4,953		4,900			0.5				3,358
Lion Cashmere Bidco Limited (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2028		—		(33	)		(0.1	)			(1,043	)
					£	19,244	$	19,020			1.8		%		12,004
Food, Beverage & Tobacco
APC Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 636.93	10.34%	10/2030	£	5,850	$	5,229			0.8		%	$	5,850
APC Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 636.93	10.10%	10/2030	£	2,685		2,534			0.4				2,685
					£	8,535	$	7,763			1.2		%		8,535
Software & Services
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 600	9.97%	08/2028	£	17,842	$	17,953			2.4		%	$	17,843
Jordan Bidco, Ltd. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 600	9.99%	08/2028	£	549		522			0.1				549
					£	18,391	$	18,475			2.5		%		18,392
Total Debt Investments United Kingdom					£	86,247	$	82,518			11.2		%	$	79,008
Equity Investments
Health Care Equipment & Services
VetStrategy (11)	Common Stock				£	37,612	$	30			—		%		-
VetStrategy (11)	Preferred Stock				£	2,126,875		968			0.3				2,051
						2,164,487	$	998			0.3		%		2,051
Total Equity Investments United Kingdom							$	998			0.3		%		2,051
Total United Kingdom							$	83,516			11.5		%	$	81,059


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited (11)	Unitranche First Lien Term Loan	S + 550	9.47%	11/2031	£	6,741	$	6,150		1.0	%	$	6,741
					£	6,741		6,150		1.0			6,741
Total Debt Investments Jersey					£	6,741		6,150		1.0	%		6,741
Total Jersey							$	6,150		1.0	%	$	6,741
Netherlands
Debt Investments
Commercial & Professional Services
Avidity Acquisition B.V. (5)(10)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan	E + 525	7.37%	03/2032	€	106	$	105		—	%	$	106
Avidity Acquisition B.V. (10)(11)	Unitranche First Lien - Last Out Term Loan	E + 525	7.37%	03/2032	€	2,574		2,284		0.4			2,574
Pitch MidCo B.V. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 550	5.50%	04/2031	€	508		477		0.1			508
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 550	7.52%	04/2031	€	3,366		2,997		0.4			3,366
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 625	8.28%	04/2031	€	1,889		1,803		0.3			1,889
						8,443	$	7,666		1.2	%		8,443


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 + 750 (plus 750 PIK)	9.53%	07/2029	€	2,800	$	2,465			0.3	%	$	2,047
Eagle Midco B.V. (Avania) (5)(11)	Unitranche First Lien Delayed Draw Term Loan	S + 775 (plus 775 PIK)	11.87%	07/2029	€	1,383		1,354			0.0			232
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	S + 775 (plus 775 PIK)	11.72%	07/2029	€	3,705		3,649			0.4			2,708
						7,888	$	7,468			0.7	%		4,987
Total Debt Investments Netherlands						16,331	$	15,134			1.9	%		13,430
Total Netherlands							$	15,134			1.9	%	$	13,430
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			106
								74			0.0			106
Total Equity Investments Belgium							$	74			0.0	%	$	106
Total Belgium							$	74			0.0	%	$	106
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2030		AUD 0	$	(23	)		0.0	%	$	14
Ancora Bidco PTY LTD (11)	Unitranche First Lien Term Loan	B + 500 (50 Floor)	8.60%	11/2030		AUD 6,928		6,726			1.0			6,998
						AUD 6,928	$	6,703			1.0	%		7,012


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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 + 450	8.29%	03/2028		AUD 19,270	$	21,283			2.7	%	$	19,269
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 450 (75 Floor)	8.29%	03/2028		AUD 3,214		3,316			0.5			3,214
						AUD 22,484	$	24,599			3.2	%		22,483
Total Debt Investments Australia						AUD 29,412	$	31,302			4.2	%		29,495
Equity Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (11)	Common Stock					128,654,071	$	1,325			0.3	%	$	1,778
Ancora Bidco PTY LTD (11)	Common Stock					6,771,267		70			0.0			94
								1,395			0.3			1,872
Total Equity Investments Australia							$	1,395			0.2	%		1,872
Total Australia							$	32,697			4.4	%	$	31,367
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (5)(6)(11)	Unitranche First Lien Term Loan	E + 450 (plus 150 PIK)	8.06%	08/2029	€	10,735	$	9,076			1.5	%	$	10,736
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)	Senior Secured First Lien Revolver			08/2029	€	—		(5	)		0.0			—
AX VI INV2 Holding AB (Voff) (6)(11)	Senior Secured Second Lien Term Loan	1206.2 PIK	12.06%	08/2030	€	3,151		2,743			0.4			3,151
AX VI INV2 Holding AB (Voff) (6)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 450 (plus 150 PIK)	8.02%	08/2029	€	1,814		1,632			0.3			1,814
						15,700		13,446			2.2	%		15,701
Total Debt Investments Sweden					€	15,700	$	13,446			2.2	%		15,701


CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (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			0.4	%		2,561
								1,086			0.4	%		2,561
Total Equity Investments Sweden								1,086			0.4	%		2,561
Total Sweden							$	14,532			2.6	%	$	18,262
Switzerland
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
Solvias AG (4)(5)(11)	Senior Secured First Lien Revolver			02/2032		CHF 0		(59	)		0.0	%		-
Solvias AG (11)	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	6.25%	02/2032		CHF 24,122		20,770			3.4			24,182
						CHF 24,122		20,711			3.4	%		24,182
Total Debt Investments Switzerland						CHF 24,122	$	20,711			3.4	%		24,182
Equity Investments
Pharmaceuticals, Biotechnology & Life Sciences
Sequence Parent (11)	Common Stock					47,124		409			0.1	%		472
Sequence Parent (11)	Preferred Stock					685		99			-			112
								508			0.1	%		584
Total Equity Investments Switzerland								508			0.1	%		584
Total Switzerland							$	21,219		$	3.5	%	$	24,766
Total Investments							$	1,603,469		$	222.3	%	$	1,569,418

Cash and Cash Equivalents
Goldman Sachs Financial Square Government Fund - Institutional Shares							$	2,967			0.4		$	2,967
Other Cash							$	28,831			4.1		$	28,530
Cash and Cash Equivalents Total							$	31,798			4.5	%	$	31,497

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, 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.

*** Percentage is based on net assets of $706,038 as of December 31, 2025.


	Tenor
Reference Rate	Overnight		1 month		3 month		6 Month		12 Month
Prime (“P”)	6.75%			-		-		-		-
SOFR (“S”)		-	3.69%		3.65%		3.57%		3.14%
EURIBOR (“E”)		-	1.96%		2.06%		2.12%		2.22%
SONIA (“SN”)	3.73%			-		-		-		-
BBSY ("B")		-		-	3.60%			-		-
SARON ("SR")		-	-0.04%			-		-		-

(1)

(2)

(3)

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

(4)

(5)

(6)

(7)

(8)

Fixed rate investment.

(9)

The investment is on non-accrual status as of December 31, 2025.

(10)

(11)

(12)

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

(13)

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

(14)

Capital contributed to this investment is subject to restrictions on withdrawal.

(15)

This investment is valued using observable inputs and is considered a Level 1 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value

Foreign Currency Exchange Contracts


Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD 1,049	SEK 11,583	8/20/2027	$	(170	)
Wells Fargo Bank, N.A.	USD 19,163	AUD 29,250	3/22/2028	$	1,311
Wells Fargo Bank, N.A.	USD 3,400	AUD 5,401	3/22/2028	$	103
Wells Fargo Bank, N.A.	USD 6,173	AUD 10,174	10/6/2028	$	104
Wells Fargo Bank, N.A.	USD 21,697	CHF 18,703	2/24/2028	$	(1,964	)
Wells Fargo Bank, N.A.	USD 167	GBP 121	6/3/2026	$	7
Wells Fargo Bank, N.A.	USD 1,915	GBP 1,362	6/3/2026	$	107
Wells Fargo Bank, N.A.	USD 365	GBP 272	6/3/2026	$	4
Wells Fargo Bank, N.A.	USD 3,027	GBP 2,237	6/3/2026	$	58
Wells Fargo Bank, N.A.	USD 17,391	GBP 12,870	8/24/2026	$	441
Total Foreign Currency Exchange Contracts				$	1

AUD Australian Dollar ("AUD") CHF Swiss Franc EUR Euro ("€") GBP Great British Pound ("£")	PIK Payment-In-Kind SEK Swedish Krona USD United States Dollar ("$")

CRESCENT CAPITAL BDC, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

March 31, 2026 (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, 2026.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

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

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and cash equivalents and restricted 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 and restricted 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, cash collateral held at Wells Fargo Bank N.A. related to the Company’s credit facility and cash collateral held at US Bank N.A. related to the Company’s interest rate swap. The Company deposits its cash and cash equivalents and restricted cash and cash equivalents 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.

Interest Rate Swaps

The Company uses interest rate swaps to hedge some of the Company’s fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in collateral on derivatives and collateral payable on derivatives on the Company’s Consolidated Statements of Assets and Liabilities. Please see Note 6 and Note 7 for additional detail.

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 which approximates the effective interest 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, 2026, we had investments in thirteen portfolio companies on non-accrual status, which represented 5.7% and 3.6% of the total debt investments at cost and fair value, respectively. As of December 31, 2025, we had investments in eleven portfolio companies on non-accrual status, which represented 4.1% and 2.0% 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, 2026 and December 31, 2025.

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, 2026 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, 2026 and 2025, the Company incurred administrative services expenses of $437 and $445, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of March 31, 2026 and December 31, 2025, $751 and $592, respectively, was payable to the Administrator . In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s accounting professionals, legal counsel, and compliance professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). The allocable portion of the compensation for these officers and other professionals 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 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, 2026 and 2025, the Company incurred management fees of $4,922 and $5,038 respectively, of which $7 and $20, respectively, were waived. As of March 31, 2026 and December 31, 2025, management fees of $4,915 and $5,037, 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 agreed to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver was effective for the three month ended March 31, 2026. The Adviser has also voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company as a result of its investments in 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, 2026 and 2025, the Company incurred income incentive fees of $2,988 and $3,519, respectively, of which $1,412 and $32, respectively, were waived. As of March 31, 2026 and December 31, 2025, income incentive fees of $1,575 and $3,468, respectively, were unpaid.

Capital Gains Based Fee on Cumulative Unrealized Capital Appreciation

The Company accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 17.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three months ended March 31, 2026 and 2025, the Company recorded no capital gains incentive fees on unrealized capital appreciation. As of March 31, 2026 and December 31, 2025, 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, 2026 and December 31, 2025, Crescent, its employees and certain officers and directors of the Company owned 2.87% and 2.83%, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the Adviser and sole member of the Administrator. The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free license to use the name “Crescent Capital”. The Adviser has entered into a resource sharing agreement with Crescent. Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the Investment Advisory Agreement.

On January 5, 2021, Sun Life acquired a majority interest in Crescent. Consummation of the Sun Life Transaction resulted in a change of control of Crescent. Subsequently on March 30, 2026, Sun Life acquired the remaining equity interest in Crescent. There were no changes to the Company’s investment objective, strategies and process or to the Crescent team responsible for the investment operations of the Company as a result of the Sun Life Transaction.

As of March 31, 2026 and December 31, 2025, Sun Life Financial Inc. ("Sun Life"), a parent of Crescent, owned 6.03% and 6.02% of the Company’s outstanding common stock, respectively. Sun Life is also the sole lender of the Company’s $50,000 Series 2023A Unsecured Notes, a $2,000 participating lender the Company's Series 2024A Unsecured Notes - 2028, a $10,000 participating lender the Company's Series 2024A Unsecured Notes - 2030 and a $10,000 participating lender the Company's Series 2025A Unsecured Notes - 2029 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, 2026 were as follows (in thousands):


	Fair Value as of December 31, 2025		Gross Additions (1)		Gross Reductions (2)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2026		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
AX VI INV2 Holding AB	$	18,262	$	401	$	(12,512	)	$	1,598	$	(3,026	)	$	4,723	$	348
ASP MCS Acquisition		60		—		—			—		14			74		—
Bayside Opco, LLC		9,918		234		(14	)		—		13			10,151		288
Isagenix International, LLC		1,354		83		—			—		(147	)		1,290		19
Transportation Insight, LLC		—		5,093		—			—		—			5,093		53
Total Non-Controlled Affiliates	$	29,594	$	5,811	$	(12,526	)	$	1,598	$	(3,146	)	$	21,331	$	708

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

(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, 2026 were as follows (in thousands):


	Fair Value as of December 31, 2025		Gross Additions (2)		Gross Reductions (3)			Net Realized Gains/ (Losses)			Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2026		Dividend, Interest, PIK and Other Income
Controlled Affiliates
Envocore LLC	$	10,333	$	—	$	(10,292	)	$	(3,427	)	$	3,386		$	-	$	53
First Eagle Logan JV, LLC(1)		33,386		—		—			—			(4,538	)		28,848		2,200
Loadmaster Derrick & Equipment, Inc.		3,438		—		(63	)		—			—			3,375		13
Lion Cashmere Bidco Limited		—		12,037		—			—			(702	)		11,335		—
Slickdeals Holdings, LLC		13,194		—		(145	)		—			(2,118	)		10,931		109
Total Controlled Affiliates	$	60,351	$	12,037	$	(10,500	)	$	(3,427	)	$	(3,972	)	$	54,489	$	2,375

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

(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, 2026							As of December 31, 2025
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)			Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	392,522	$	376,958	$	(15,564	)	$	370,529	$	350,795	$	(19,734	)
Unitranche First Lien		1,078,364		1,044,040		(34,324	)		1,068,444		1,047,747		(20,697	)
Unitranche First Lien - Last Out		18,417		18,865		448			25,382		26,290		908
Senior Secured Second Lien		3,312		3,664		352			15,234		12,180		(3,054	)
Unsecured Debt		18,056		18,058		2			18,144		19,003		859
Equity & Other		63,702		69,576		5,874			61,139		77,225		16,086
LLC/LP Equity Interests		44,281		31,309		(12,972	)		44,597		36,178		(8,419	)
Total investments	$	1,618,654	$	1,562,470	$	(56,184	)	$	1,603,469	$	1,569,418	$	(34,051	)

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


Industry	Fair Value as of March 31, 2026		Percentage of Fair Value			Fair Value as of December 31, 2025		Percentage of Fair Value
Health Care Equipment & Services	$	401,765		25.9	%	$	427,641		27.3	%
Software & Services		317,429		20.3			319,087		20.3
Commercial & Professional Services		273,343		17.5			241,265		15.4
Consumer Services		140,921		9.0			138,499		8.8
Diversified Financials		91,034		5.8			93,081		5.9
Insurance		89,623		5.7			89,672		5.7
Pharmaceuticals, Biotechnology & Life Sciences		75,709		4.8			72,836		4.6
Retailing		48,943		3.1			64,344		4.1
Automobiles & Components		34,725		2.2			33,775		2.2
Capital Goods		21,960		1.4			28,989		1.8
Technology, Hardware & Equipment		15,798		1.0			11,352		0.7
Food, Beverage & Tobacco		15,033		1.0			14,754		0.9
Consumer Durables & Apparel		11,335		0.7			12,004		0.8
Household & Personal Products		7,444		0.5			7,268		0.5
Transportation		6,933		0.4			4,246		0.3
Materials		5,810		0.4			5,812		0.4
Energy		3,375		0.2			3,438		0.2
Food & Staples Retailing		1,290		0.1			1,355		0.1
Total investments	$	1,562,470		100.0	%	$	1,569,418		100.0	%

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


Geographic Region	Fair Value as of March 31, 2026		Percentage of Fair Value			Fair Value as of December 31, 2025		Percentage of Fair Value
United States	$	1,381,721		88.5	%	$	1,371,016		87.3	%
United Kingdom		70,350		4.5			81,059		5.2
Australia		33,399		2.1			31,367		2.0
Switzerland		24,631		1.6			24,766		1.6
Canada		21,301		1.4			20,479		1.3
Netherlands		13,142		0.8			13,430		0.9
Jersey		6,618		0.4			6,741		0.4
Sweden		4,723		0.3			18,262		1.2
Germany		4,326		0.3			-		-
Finland		2,156		0.1			2,192		0.1
Belgium		103		0.0			106		0.0
Total investments	$	1,562,470		100.0	%	$	1,569,418		100.0	%

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of March 31, 2026 (in thousands):


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	376,958	$	376,958
Unitranche First Lien		—		3,412		1,040,628		1,044,040
Unitranche First Lien – Last Out		—		—		18,865		18,865
Senior Secured Second Lien		—		—		3,664		3,664
Unsecured Debt		—		—		18,058		18,058
Equity & Other		36		51		69,489		69,576
Subtotal	$	36	$	3,463	$	1,527,662	$	1,531,161
Investments Measured at NAV (1)								31,309
Total Investments							$	1,562,470

Cash Equivalents	$	7,236	$	—	$	—	$	7,236
Interest Rate Swaps - Liabilities		—		1,603		—		1,603
Foreign Currency Forward Contracts - Assets		—		1,806		—		1,806
Foreign Currency Forward Contracts - Liabilities		—		1,880		—		1,880

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


Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	—	$	350,795	$	350,795
Unitranche First Lien		—		9,290		1,038,457		1,047,747
Unitranche First Lien – Last Out		—		—		26,290		26,290
Senior Secured Second Lien		—		-		12,180		12,180
Unsecured Debt		—		—		19,003		19,003
Equity & Other		43		46		77,136		77,225
Subtotal	$	43	$	9,336	$	1,523,861	$	1,533,240
Investments Measured at NAV (1)								36,178
Total Investments							$	1,569,418

Cash Equivalents	$	2,967	$	—	$	—	$	2,967
Foreign Currency Forward Contracts - Assets		—		2,135		—		2,135
Foreign Currency Forward Contracts - Liabilities		—		2,134		—		2,134

(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, 2026, based off of the fair value hierarchy as of March 31, 2026 (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, 2026	$	350,795		$	1,038,457		$	26,290		$	12,180		$	19,003		$	77,136		$	1,523,861
Amortized discounts/premiums		390			858			20			2			211			—			1,481
Paid in-kind interest		311			632			-			193			647			—			1,783
Net realized gain (loss)		(8,760	)		2,324			—			(3,482	)		—			—			(9,918	)
Net change in unrealized appreciation (depreciation)		4,203			(13,529	)		(505	)		3,405			(815	)		(10,211	)		(17,452	)
Purchases		49,766			61,225			(6,610	)		—			7,831			2,594			114,806
Sales/return of capital/principal repayments/paydowns		(19,747	)		(55,159	)		(330	)		(8,634	)		(8,819	)		(30	)		(92,719	)
Transfers in		—			5,820			—			—			—			—			5,820
Transfers out		—			—			—			—			—			—			-
Balance as of March 31, 2026	$	376,958		$	1,040,628		$	18,865		$	3,664		$	18,058		$	69,489		$	1,527,662
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026	$	(3,750	)	$	(11,873	)	$	(505	)	$	(58	)	$	(398	)	$	(10,208	)	$	(26,792	)

During the three months ended March 31, 2026, the Company recorded no transfers from Level 3 to Level 2 and $5,820 of 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, 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			1,346			11		(4	)		41		—			1,762
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			60,655			9,659		—			2		1,747			104,660
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	$	(10,581	)	$	(7,266	)	$	20	$	(3,815	)	$	690	$	4,889		$	(16,063	)

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 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, 2026 and December 31, 2025. 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, 2026 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	242,764	Discounted Cash Flows	Discount Rate	6.3%	-	19.7%	(9.9%)
		23,685	Enterprise Value	Comparable EBITDA Multiple	2.1x	-	11.3x	(8.4x)
		110,509	Transaction Precedent	Transaction Price			N/A
	$	376,958

Unitranche First Lien		673,521	Discounted Cash Flows	Discount Rate	7.7%	-	17.4%	(9.9%)
		61,968	Enterprise Value	Comparable EBITDA Multiple	4.6x	-	12.0x	(8.9x)
		294,675	Transactions Precedent	Transaction Price			N/A
		10,464	Broker Quoted	Broker Quote			N/A
	$	1,040,628

Unitranche First Lien - Last Out		18,865	Discounted Cash Flows	Discount Rate	7.6%	-	15.4%	(11.3%)
	$	18,865

Senior Secured Second Lien		3,289	Discounted Cash Flows	Discount Rate	10.8%	-	10.8%	(10.8%)
		375	Enterprise Value	Comparable EBITDA Multiple			3.2x
	$	3,664

Unsecured Debt		14,667	Discounted Cash Flows	Discount Rate	10.6%	-	17.3%	(14.7%)
		2,473	Enterprise Value	Comparable EBITDA Multiple			11.3x
		918	Transactions Precedent	Transaction Price			N/A
	$	18,058

Equity & Other		69,489	Enterprise Value	Comparable EBITDA Multiple	2.1x	-	25.5x	(14.5x)
	$	69,489

Total	$	1,527,662


Security Type	Fair Value as of December 31, 2025 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	303,854	Discounted Cash Flows	Discount Rate	4.7%	-	19.5%	(9.8%)
		38,452	Enterprise Value	Comparable EBITDA Multiple	2.3x	-	11.7x	(9.0x)
		8,489	Transaction Precedent	Transaction Price			N/A
	$	350,795

Unitranche First Lien		897,161	Discounted Cash Flows	Discount Rate	7.6%	-	19.1%	(9.8%)
		41,357	Enterprise Value	Comparable EBITDA Multiple	6.7x	-	12.0x	(9.1x)
		33,097	Transactions Precedent	Transaction Price			N/A
		66,842	Broker Quoted	Broker Quote			N/A
	$	1,038,457

Unitranche First Lien - Last Out		18,905	Discounted Cash Flows	Discount Rate	7.6%	-	15.9%	(11.3%)
		7,385	Enterprise Value	Comparable EBITDA Multiple			10.6x
	$	26,290

Senior Secured Second Lien		8,076	Discounted Cash Flows	Discount Rate	11.7%	-	12.7%	(12.3%)
		4,104	Enterprise Value	Comparable EBITDA Multiple			3.3x
	$	12,180

Unsecured Debt		16,904	Discounted Cash Flows	Discount Rate	10.6%	-	15.5%	(13.6%)
		2,099	Enterprise Value	Comparable EBITDA Multiple			11.7x
	$	19,003

Equity & Other		77,136	Enterprise Value	Comparable EBITDA Multiple	2.3x	-	28.0x	(13.7x)
	$	77,136

Total	$	1,523,861

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 enterprise value approach are comparable EBITDA and revenue multiples. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively.

Note 6. Debt

Debt consisted of the following (in thousands):


	March 31, 2026								December 31, 2025
	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	$	400,000		362,800	$	37,200	$	359,819	$	400,000	$	329,600	$	70,400	$	326,385
SMBC Corporate Revolving Facility		310,000		141,022		168,978		139,526		310,000		138,402		171,598		136,698
Series 2021A Unsecured Notes(4)		—		—		—		—		135,000		135,000		—		134,963
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		—		49,976		50,000		50,000		—		49,957
Series 2024A Unsecured Notes - 2028(7)		35,000		35,000		—		34,796		35,000		35,000		—		34,770
Series 2024A Unsecured Notes - 2030(8)		80,000		80,000		—		79,424		80,000		80,000		—		79,388
Series 2025A Unsecured Notes - 2029(9)(10)		67,500		67,500		—		66,162				—		—		—
Series 2025A Unsecured Notes - 2031(10)(11)		67,500		67,500		—		65,830				—		—		—
Total Debt	$	1,121,600	$	915,422	$	206,178	$	907,133	$	1,121,600	$	879,602	$	241,998	$	873,761

(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 includes netting of deferred financing costs.

(3)

As of March 31, 2026 and December 31, 2025, the carrying amount of the Company’s outstanding debt approximated fair value unless otherwise noted.

(4)

As of December 31, 2025, the fair value of the Series 2021A Unsecured Notes was approximately $134,487.

(5)

As of March 31, 2026 and December 31, 2025, the fair value of the FCRX Unsecured Notes was approximately $111,243 and $111,823.

(6)

As of March 31, 2026 and December 31, 2025, the fair value of the Series 2023A Unsecured Notes was approximately $50,073 and $50,207.

(7)

As of March 31, 2026 and December 31, 2025, the fair value of the Series 2024A Unsecured Notes -2028 was approximately $34,881 and $35,074.

(8)

As of March 31, 2026 and December 31, 2025, the fair value of the Series 2024A Unsecured Notes -2030 was approximately $79,823 and $80,660.

(9)

As of March 31, 2026 the fair value of the Series 2025A Unsecured Notes -2029 was approximately $66,807, net the effective portion of the fair value of the interest rate swap.

(10)

Carrying value includes the effective portion of the fair value of the interest rate swaps, as further discussed in Note 7.

(11)

As of March 31, 2026 the fair value of the Series 2025A Unsecured notes - 2031 was approximately $66,411, net the effective portion of the fair value of the interest rate swap.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was 6.04% and 6.49% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was $907,671 and $902,376 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, 2026 and December 31, 2025, all the debt except for FCRX Unsecured Notes would be deemed to be Level 3 of the fair value hierarchy. FCRX Unsecured Notes would be deemed to be Level 2 of the fair value hierarchy.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with the terms and covenants of its debt arrangements.

SPV Asset Facility

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

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

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

The maximum commitment amount under the SPV Asset Facility is $400,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 1.95% margin with no floor. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on a straight line basis which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, deferred financing costs related to the SPV Asset Facility were $2,982 and $3,215, 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 which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, deferred financing costs related to the SMBC Corporate Revolving Facility were $1,496 and $1,704, 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 matured and were repaid on February 17, 2026.

Costs incurred in connection with issuing the Series 2021A Unsecured Notes were recorded as deferred financing costs and were being amortized over the life of the Series 2021A Unsecured Notes on a straight line basis which approximates the effective interest method. As of December 31, 2025, deferred financing costs related to the Series 2021A Unsecured Notes was $36 and was netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

100

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 which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, deferred financing costs related to the Series 2023A Unsecured Notes of $24 and $43 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 is 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, 2026 and December 31, 2025, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $204 and $231 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 which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, deferred financing costs related to the Series 2024A Unsecured Notes - 2030 of $576 and $612 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Series 2025A Unsecured Notes - 2029 and 2031

On February 13, 2026, the Company issued $135,000 aggregate principal amount of two tranches of senior unsecured notes: (a) $67,500 5.87% notes due February 13, 2029 ("Series 2025A Unsecured Notes - 2029") and (b) $67,500 6.20% notes due February 13, 2031 ("Series 2025A Unsecured Notes – 2031"). Interest on both unsecured notes is payable semiannually, on the 13th day of February and August in each year, commencing with August 13, 2026. 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 2025A Unsecured Notes - 2029 were recorded as deferred financing costs and are being amortized over the life of the Series 2025A Unsecured Notes - 2029 on a straight line basis which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, deferred financing costs related to the Series 2025A Unsecured Notes - 2029 of $708 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Costs incurred in connection with issuing the Series 2025A Unsecured Notes - 2031 were recorded as deferred financing costs and are being amortized over the life of the Series 2025A Unsecured Notes - 2031 on a straight line basis which approximates the effective interest method. As of March 31, 2026 and December 31, 2025, deferred financing costs related to the Series 2025A Unsecured Notes - 2031 of $720 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

101

In connection with the issuance of the Series 2025A Unsecured Notes - 2029 and 2031, the Company entered into an interest rate swap to swap from a fixed rate of interest to a floating rate of interest. With respect to the Series 2025A Unsecured Notes - 2029, the notional amount of the interest rate swap is $67,500, pursuant to which the Company receives fixed rate interest at 5.87% and pays floating rate interest based on three month term SOFR plus 2.5325%. Such interest rate swap matures on February 13, 2029. With respect to the Series 2025A Unsecured Notes - 2031, the notional amount of the interest rate swap is $67,500, pursuant to which the Company receives a fixed rate interest at 6.20% and pays floating rate interest based on three month term SOFR plus 2.8050%. Such interest rate swap matures on February 13, 2031.

The issuance of the $50,000 in aggregate principal amount of senior unsecured notes is expected to occur on May 22, 2026. These unsecured notes have a fixed interest rate of 5.97% and will be due on May 22, 2029 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms.

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,
	2026		2025
Borrowing interest expense(1)		12,913	$	13,726
Unused facility fees		218		289
Amortization of financing costs		611		621
Total interest and credit facility expenses	$	13,742	$	14,636
Weighted average outstanding balance	$	907,671	$	902,376

(1) For the three months ended March 31, 2026, includes $23 and $1 of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.

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.

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, 2026 and 2025 the Company’s average U.S. dollar ("USD") notional exposure to foreign currency forward contracts was $74,645 and $64,788, 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, 2026	Wells Fargo Bank, N.A.	$	1,806	$	(1,880	)	$	(74	)	$	20	$	(54	)
March 31, 2026	Goldman Sachs Bank USA	$	—	$	(1,603	)	$	(1,603	)	$	2,020	$	417
December 31, 2025	Wells Fargo Bank, N.A.	$	2,135	$	(2,134	)	$	1		$	—	$	1

102

(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,
	2026			2025
Net realized gain (loss) on foreign currency forward contracts	$	—		$	—
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		(75	)		(857	)
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	(75	)	$	(857	)

The Company's interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three months ended March 31, 2026 and 2025, for the Company’s interest rate swap, are in the following locations in the Consolidated Statement of Operations:


	For the Three Months Ended March 31,						Financial Statement Location
			2026		2025
Interest rate swaps		$		23	$	-	Interest and debt financing expenses
Hedged items				1		-	Interest and debt financing expenses

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, 2026 and December 31, 2025, the Company had aggregated unfunded commitments totaling $220,447 and $211,864, 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):

103


		As of March 31, 2026			As of December 31, 2025
Company	Investment Type	Commitment Expiration Date (1)	Unfunded Commitment (2)		Commitment Expiration Date (1)		Unfunded Commitment (2)
ACI Group Holdings, Inc. (5)	Revolver	8/2/2027		7	8/2/2027			7
Action Signature Acquisition, Inc. (5)	Revolver	12/17/2027		300	12/17/2027			397
Acu-Serve, LLC (5)	Revolver	10/18/2029		750	10/18/2029			750
Affinitiv, Inc. (5)	Revolver	7/26/2027		425	7/26/2027			425
Alcanza Clinical Research (5)	Revolver	12/15/2027		125	12/15/2027			63
Ancora Bidco PTY LTD (9)	Delayed Draw Term Loan	11/6/2030		228	11/6/2030			1,446
Annuity Health (17)	Revolver	2/8/2029		800	2/8/2029			800
APC Bidco Limited (12)	Delayed Draw Term Loan	11/10/2027		800	11/10/2027			1,216
Apps Associates LLC (5)	Revolver	7/2/2027		320	7/2/2027			560
Apps Associates LLC (5)	Revolver	7/2/2027		200	7/2/2027			200
Arrow Management Acquisition, LLC (5)	Revolver	7/25/2032		1,008	7/25/2032			1,008
Arrow Management Acquisition, LLC (7)	Delayed Draw Term Loan	7/25/2027		4,168	7/25/2032			4,581
Automated Control Concepts, Inc. (5)	Revolver	10/22/2026		833	10/22/2026			833
Auveco Holdings (5)	Revolver	5/5/2028		600	5/5/2028			525
Avalign Technologies, Inc. (5)	Revolver	12/20/2028		532	12/20/2028			835
Avidity Acquisition B.V. (7)	Delayed Draw Term Loan	3/4/2029		510	3/4/2032			518
AX VI INV2 Holding AB (Voff) (8)	Revolver	8/31/2029		430	8/31/2029			437
AX VI INV2 Holding AB (Voff) (8)	Term Loan	—		—	8/31/2029			81
Balance Partners (5)	Revolver	4/3/2030		550	4/3/2030			550
Balance Partners (7)	Delayed Draw Term Loan	11/20/2027		5,450	11/20/2027			5,450
Bandon Fitness (Texas) Inc.	Delayed Draw Term Loan	—		—	7/27/2028			560
Bandon Fitness (Texas) Inc.	Term Loan	—		—	7/27/2028			125
Banker's Toolbox, Inc. (5)	Revolver	7/27/2029		2,406	7/27/2029			2,406
Bayside Opco, LLC (5)	Revolver	5/31/2026		521	5/31/2026			634
Belay Inc. (5)	Revolver	6/25/2026		650	6/25/2026			650
Beyond Risk Management, Inc. (5)	Revolver	3/13/2033		550		—		—
Beyond Risk Management, Inc. (6)	Delayed Draw Term Loan	3/9/2028		1,250		—		—
Blue Mantis (5)	Revolver	8/19/2030		324	8/19/2030			324
Blue Mantis (7)	Delayed Draw Term Loan	4/24/2027		860	4/24/2027			3,657
BV MRP Buyer, LLC (5)	Revolver	1/21/2032		1,000		—		—
BV MRP Buyer, LLC (7)	Delayed Draw Term Loan	1/21/2028		3,400		—		—
BVI Medical Inc. (5)	Revolver	3/7/2032		821	3/7/2032			821
BVI Medical Inc. (7)	Delayed Draw Term Loan	9/7/2027		107	3/7/2032			284
C-4 Analytics (5)	Revolver	5/14/2030		1,295	5/14/2030			1,295
C-4 Analytics (7)	Delayed Draw Term Loan	5/14/2026		4,650	5/14/2026			4,650
CallRevu, LLC (5)	Revolver	10/10/2032		200	10/10/2032			200
Career Certified, LLC (5)	Revolver	2/19/2031		350	2/19/2031			350
Career Certified, LLC (7)	Delayed Draw Term Loan	2/19/2031		152	2/19/2031			152
Cary Street Partners Financial LLC (5)	Revolver	5/30/2031		350	5/30/2031			350
Cary Street Partners Financial LLC (7)	Delayed Draw Term Loan	5/30/2027		2,540	5/30/2031			2,672
CC Amulet Management, LLC (5)	Revolver	8/31/2027		5	8/31/2027			5
Centria Subsidiary Holdings, LLC (5)	Revolver	6/9/2027		1,737	6/9/2027			1,974
Claritas, LLC (5)	Revolver	3/31/2028		1,950	3/31/2028			1,950
Concord III, LLC (17)	Revolver	12/20/2028		138	12/20/2028			138
Conservice Midco LLC (5)	Revolver	2/25/2033		1,314		—		—
ConvenientMD (5)	Revolver	6/15/2029		138	6/15/2029			413
CRS TH Holdings, Corp. (5)	Revolver	12/31/2032		300	12/31/2032			300
CRS TH Holdings, Corp. (7)	Delayed Draw Term Loan	12/31/2027		450	12/31/2027			450
DataVail (5)	Revolver	1/4/2029		220	1/4/2029			220
DataVail (5)	Revolver	1/4/2029		120	1/4/2029			120
Dawson Logan 2025-L5, LP (17)	Unsecured Debt	10/9/2040		4,082		—		—
DecisionHR Holdings, Inc (5)	Delayed Draw Term Loan	12/8/2027		500	12/8/2031			500
DecisionHR Holdings, Inc (5)	Revolver	12/8/2031		250	12/8/2031			250
Duraserv LLC (5)	Revolver	6/10/2030		571	6/10/2030			774
Duraserv LLC (7)	Delayed Draw Term Loan	3/3/2027		735	3/3/2027			735
Eagle Midco B.V. (Avania) (11)	Delayed Draw Term Loan	7/5/2029		—	7/5/2029			2,895
Effective School Solutions LLC (5)	Revolver	11/30/2027		12	11/30/2027			121
Effective School Solutions LLC (5)	Revolver	11/30/2027		75	11/30/2027			24
EMS Buyer, Inc. (5)	Revolver	11/23/2027		303	11/23/2027			303
Envocore Holding, LLC (5)	Revolver	—		—	12/31/2027			2,778
Essential Services Holding Corporation (5)	Revolver	6/17/2031		558	6/17/2031			558
Essential Services Holding Corporation (7)	Delayed Draw Term Loan	6/17/2026		1,487	6/17/2030			1,487
Evergreen IX Borrower 2023, LLC (5)	Revolver	9/29/2029		1,500	9/29/2029			1,500
Everlast Parent Inc. (5)	Revolver	10/30/2028		506	10/30/2028			506
Evolution BuyerCo, Inc. (5)	Revolver	4/30/2030		729	4/30/2030			729
Flow Service Partners Intermediate Holdco LLC (5)	Revolver	11/19/2030		800	11/19/2030			507
Flow Service Partners Intermediate Holdco LLC (7)	Delayed Draw Term Loan	11/19/2030		653	11/19/2030			900
FS Whitewater Borrower, LLC (3)	Revolver	12/21/2029		690	12/21/2029			690
FS Whitewater Borrower, LLC (7)	Delayed Draw Term Loan	3/31/2027		122	3/31/2027			122
FS Whitewater Borrower, LLC (7)	Delayed Draw Term Loan	3/31/2027		2,500	3/31/2027			2,500
Galway Borrower, LLC (5)	Revolver	—		—	9/30/2028			368
Galway Borrower, LLC (5)	Revolver	—		—	9/30/2028			565
Galway Borrower, LLC (5)	Delayed Draw Term Loan	—		—	9/30/2028			485
GB Eagle Buyer, Inc. (7)	Delayed Draw Term Loan	11/14/2027		—	11/29/2030			2,973
GB Eagle Buyer, Inc. (5)	Revolver	11/29/2030		324	11/29/2030			513

104


GB Eagle Buyer, Inc. (5)	Revolver	12/1/2030	747	12/1/2030		1,183
Gener8, LLC (5)	Revolver	2/19/2026	299	2/19/2026		299
GH Parent Holdings Inc. (5)	Revolver	5/4/2029	1,819	5/4/2029		1,819
GH Parent Holdings Inc. (7)	Delayed Draw Term Loan	5/4/2027	1,512	5/4/2029		4,752
GrapeTree Medical Staffing, LLC (5)	Revolver	4/30/2026	600	4/30/2026		600
Great Lakes Dental Partners, LLC (5)	Revolver	6/23/2027	73	6/23/2027		73
Guardian Access Solutions (5)	Revolver	8/24/2029	150	8/24/2029		150
Halo Buyer, Inc. (5)	Revolver	8/7/2029	361	8/7/2029		335
Hamsard 3778 Limited (10)	Delayed Draw Term Loan	10/28/2031	1,452	10/28/2031		1,479
Headlands Buyer, Inc. (5)	Delayed Draw Term Loan	9/29/2027	687	9/29/2027		687
Headlands Buyer, Inc. (5)	Revolver	9/29/2032	321	9/29/2032		321
Hercules Borrower LLC (5)	Revolver	12/15/2028	1,778	12/15/2028		1,778
HES Intermediate Holdings II, LLC (17)	Delayed Draw Term Loan	3/2/2028	1,411		—	—
HES Intermediate Holdings II, LLC (5)	Revolver	3/2/2033	941		—	—
HGH Purchaser, Inc. (5)	Revolver	11/1/2029	297	11/1/2029		545
Homecare Partners Management, LLC (5)	Revolver	5/25/2027	1,100	5/25/2027		645
Homecare Partners Management, LLC (5)	Revolver	5/25/2027	150		—	—
Homecare Partners Management, LLC (7)	Delayed Draw Term Loan	12/31/2026	1,610		—	—
Hospice Care Buyer, Inc. (5)	Revolver	1/28/2028	60	1/28/2028		406
HS Spa Holdings Inc. (Hand & Stone) (5)	Revolver	6/2/2028	973	6/2/2028		1,177
Hsid Acquisition, LLC (5)	Revolver	1/31/2028	750	1/31/2028		750
iLending LLC (5)	Revolver	12/21/2028	251	12/21/2028		359
Imagenet, LLC (5)	Revolver	12/31/2030	650	12/31/2030		650
Infobase (5)	Revolver	6/14/2028	1,179	6/14/2028		638
Integrity Marketing Acquisition, LLC (17)	Revolver	8/28/2028	1,409	8/28/2028		1,409
Iris Buyer, LLC (5)	Revolver	10/2/2030	1,514	10/2/2030		1,514
Iris Buyer, LLC (7)	Delayed Draw Term Loan	8/4/2026	703	10/2/2030		705
IVX Health Merger Sub, Inc. (5)	Revolver	6/7/2030	3,519	6/7/2030		3,519
IVX Health Merger Sub, Inc. (5)	Revolver	6/7/2030	610		—	—
Java Buyer, Inc. (5)	Delayed Draw Term Loan	2/6/2028	1,734		—	—
Java Buyer, Inc. (5)	Revolver	2/6/2028	764		—	—
Jordan Bidco, Ltd. (11)	Delayed Draw Term Loan	2/28/2027	3,503	8/31/2028		3,568
JTM Foods LLC (5)	Revolver	5/14/2029	20	5/14/2029		60
Just Right HVAC, LLC (5)	Revolver	2/13/2029	280		—	—
Just Right HVAC, LLC (7)	Delayed Draw Term Loan	2/13/2028	614		—	—
King Mid LLC (5)	Revolver	4/23/2031	1,400	4/23/2031		1,400
King Mid LLC (6)	Delayed Draw Term Loan	4/23/2027	2,478	4/23/2031		3,080
King Mid LLC (7)	Delayed Draw Term Loan	1/30/2028	2,500		—	—
Klick Inc. (5)	Revolver	11/5/2032	2,198	11/5/2032		2,198
Klick Inc. (7)	Delayed Draw Term Loan	11/5/2027	2,198	11/5/2032		2,198
Landscape Workshop, LLC (5)	Revolver	5/16/2031	2,270	5/16/2031		1,894
Landscape Workshop, LLC (7)	Delayed Draw Term Loan	5/16/2027	1,490	5/16/2032		2,551
Lash Opco LLC (5)	Revolver	9/18/2027	375	9/18/2027		375
Lexipol (Ranger Buyer, Inc.) (5)	Revolver	11/18/2027	1,105	11/18/2027		1,105
Lighthouse Lab Services (5)	Revolver	10/25/2027	—	10/25/2027		153
Lightspeed Buyer, Inc. (17)	Delayed Draw Term Loan	2/6/2028	1,402		—	—
Lightspeed Buyer, Inc. (5)	Revolver	—	—	2/3/2027		1,100
Lightspeed Buyer, Inc. (5)	Revolver	2/6/2032	467		—	—
Lion Cashmere Bidco Limited (15)	Delayed Draw Term Loan	—	—	3/23/2028		3,240
Mario Purchaser, LLC (5)	Revolver	4/26/2029	7	4/26/2028		91
Marlin DTC-LS Midco 2, LLC (5)	Revolver	7/1/2026	143	7/1/2026		143
MB2 Dental (5)	Revolver	2/13/2031	410	2/13/2031		350
MB2 Dental (7)	Delayed Draw Term Loan	3/11/2027	865		—	—
Medical Review Institute of America (5)	Revolver	7/1/2030	640	7/1/2030		736
Medicus IT (5)	Revolver	6/30/2032	963	6/30/2032		1,018
Medicus IT (5)	Revolver	6/30/2032	464	6/30/2032		490
Medicus IT (7)	Delayed Draw Term Loan	7/9/2026	2,800	6/30/2032		2,800
Medicus IT (7)	Delayed Draw Term Loan	6/30/2027	157	6/30/2032		157
MeriCal, LLC (5)	Revolver	5/1/2026	195	1/23/2026		195
MHS Acquisition Holdings, LLC	Delayed Draw Term Loan	—	—	7/21/2027		1
MHS Acquisition Holdings, LLC (5)	Revolver	7/21/2027	90	7/21/2027		90
Minuteman Security Technologies, Inc. (5)	Revolver	2/2/2029	1,000	2/2/2029		1,000
Minuteman Security Technologies, Inc. (7)	Delayed Draw Term Loan	10/17/2027	2,650	2/2/2029		2,650
Miracle Mile Holdings, LLC (5)	Revolver	11/1/2028	70	11/1/2028		70
Miracle Mile Holdings, LLC (7)	Delayed Draw Term Loan	2/28/2027	2,877	11/1/2028		5,027
MRI Software LLC (5)	Revolver	2/10/2028	1,159	2/10/2028		1,236
MWD Management LLC (United Derm) (5)	Revolver	6/15/2027	960	6/15/2027		960
Net Health Acquisition Corp. (5)	Revolver	7/5/2031	1,705	7/5/2031		1,705
New Era Technology, Inc. (5)	Revolver	6/30/2030	514	6/30/2030		357
Newcleus, LLC (5)	Revolver	8/2/2026	435	8/2/2026		435
Newcleus, LLC	Delayed Draw Term Loan	—	—	8/2/2026		458
NRG Controls (7)	Delayed Draw Term Loan	10/28/2030	—	10/28/2030		800
NRG Controls (5)	Revolver	10/28/2030	450	10/28/2030		450
NRG Controls (7)	Delayed Draw Term Loan	4/6/2026	238		—	—
Odessa Technologies, Inc. (5)	Revolver	10/19/2027	2,500	10/19/2027		2,500
Oliver Packaging LLC (5)	Revolver	7/6/2028	351	7/6/2028		351
Omega Systems Intermediate Holdings, Inc. (5)	Delayed Draw Term Loan	1/15/2027	821	1/15/2031		821
Omega Systems Intermediate Holdings, Inc. (5)	Revolver	1/15/2031	347	1/15/2031		347
Omni Ophthalmic Management Consultants, LLC (5)	Revolver	—	—	1/31/2026		225

105


Omni Ophthalmic Management Consultants, LLC (5)	Revolver	—	—	1/31/2026		300
Online Labels Group, LLC (5)	Revolver	12/19/2029	650	12/19/2029		650
Online Labels Group, LLC (7)	Delayed Draw Term Loan	12/19/2027	263	12/19/2029		263
Online Labels Group, LLC (7)	Delayed Draw Term Loan	12/19/2027	525	12/19/2029		525
Ontario Systems, LLC	Revolver	9/1/2028	500	3/2/2027		—
Painters Supply & Equipment Company (5)	Revolver	8/10/2027	500	8/10/2027		500
Painters Supply & Equipment Company (7)	Delayed Draw Term Loan	4/29/2026	578	4/29/2030		578
Patriot Acquisition Topco S.A.R.L	Delayed Draw Term Loan	—	—	1/29/2028		13
Patriot Acquisition Topco S.A.R.L (7)	Revolver	1/29/2028	1,770	1/29/2026		1,643
Patriot Growth Insurance Services, LLC (5)	Revolver	10/14/2028	660	10/14/2028		660
PCS Retirement (5)	Revolver	3/1/2030	700	3/1/2030		700
PCS Retirement (7)	Delayed Draw Term Loan	3/25/2028	717	3/1/2030		798
Pi Buyer, LLC (5)	Revolver	8/29/2032	500	8/29/2032		500
Pi Buyer, LLC (7)	Delayed Draw Term Loan	8/29/2027	1,015	8/29/2032		1,450
Pipe Bidco GMBH (7)	Delayed Draw Term Loan	1/13/2030	3,849		—	—
Pitch MidCo B.V. (5)	Delayed Draw Term Loan	4/26/2028	1,156	4/26/2031		1,175
Plasma Buyer LLC (PathGroup) (12)	Delayed Draw Term Loan	3/31/2027	388		—	—
Plasma Buyer LLC (PathGroup) (5)	Revolver	5/12/2029	4	5/12/2029		4
PPV Intermediate Holdings LLC (Vetcor) (5)	Revolver	8/31/2029	142	8/31/2029		199
Premier Dental Care Management, LLC (5)	Revolver	8/5/2027	2,361	8/5/2027		2,125
Quorum Health Resources (5)	Revolver	5/26/2027	597	5/26/2027		597
Receivable Solutions, Inc. (5)	Revolver	6/30/2026	90	4/1/2026		120
REP Behavioral Health, LLC (5)	Revolver	12/31/2030	1,136	12/31/2030		1,208
REP Behavioral Health, LLC (5)	Delayed Draw Term Loan	12/31/2030	2,081	12/31/2030		2,500
Right Networks, LLC (5)	Revolver	5/21/2029	570	5/21/2029		570
RN Enterprises, LLC (5)	Revolver	10/17/2031	1,019	10/17/2031		1,164
RN Enterprises, LLC (5)	Delayed Draw Term Loan	10/17/2031	1,549	10/17/2031		1,965
RWA Wealth Partners, LLC. (5)	Revolver	11/15/2030	1,360	11/15/2030		1,400
RWA Wealth Partners, LLC. (6)	Delayed Draw Term Loan	11/15/2030	3,778	11/15/2030		3,778
Safco Dental Supply, LLC (5)	Revolver	6/30/2028	258	3/31/2026		258
Saturn Borrower Inc (5)	Revolver	11/10/2028	1,343	11/10/2028		1,356
SC MidCo Oy (7)	Delayed Draw Term Loan	3/19/2032	—	3/19/2032		93
Security Risk Advisors Intl, LLC (5)	Revolver	9/30/2031	433	9/30/2031		433
Security Risk Advisors Intl, LLC (7)	Delayed Draw Term Loan	9/30/2027	650	9/30/2031		650
Seko Global Logistics Network, LLC (7)	Delayed Draw Term Loan	5/10/2027	61	11/27/2029		61
Seniorlink Incorporated (5)	Revolver	12/31/2029	458	12/31/2029		458
Seniorlink Incorporated (5)	Revolver	12/31/2029	1,038	12/31/2029		1,038
SIG Parent Holdings, LLC	Revolver	8/21/2031	350		—	—
SIG Parent Holdings, LLC (4)	Delayed Draw Term Loan	2/25/2028	6,750		—	—
Slickdeals Holdings, LLC (5)	Revolver	6/30/2030	731	6/30/2030		582
Smile Doctors LLC (5)	Revolver	12/23/2027	1,262	12/23/2027		1,262
Soltis (5)	Revolver	8/5/2030	500	8/5/2030		500
Soltis (7)	Delayed Draw Term Loan	8/5/2026	1,513	8/5/2030		1,513
Solvias AG (5)	Revolver	2/27/2032	3,271	2/27/2032		3,302
SQAD Holdco, Inc. (5)	Revolver	4/25/2028	1,050	4/25/2028		1,050
Staff Boom, LLC (5)	Revolver	9/19/2031	450	9/19/2031		450
Stepping Stones Healthcare Services, LLC (5)	Revolver	1/5/2033	1,887		—	—
Stepping Stones Healthcare Services, LLC (7)	Revolver	—	—	12/30/2026		755
Stepping Stones Healthcare Services, LLC (7)	Delayed Draw Term Loan	—	—	12/30/2028		2,736
Strata Information Group, Inc. (5)	Revolver	12/31/2030	700	12/31/2030		700
Strata Information Group, Inc. (7)	Delayed Draw Term Loan	12/31/2030	882	12/31/2030		882
Summit 7 Systems, LLC (5)	Revolver	5/23/2028	429	5/23/2028		660
Sun Acquirer Corp. (5)	Revolver	9/5/2027	1,812	9/5/2027		1,812
Sydney US Buyer Corp. (3B Scientific) (9)	Delayed Draw Term Loan	12/14/2026	3,690	7/8/2029		3,690
Teal Acquisition Co., Inc (5)	Revolver	9/22/2028	584	9/22/2028		876
Teal Acquisition Co., Inc (5)	Delayed Draw Term Loan	12/17/2026	885	9/22/2028		1,282
Team Select (CSC TS Merger SUB, LLC) (5)	Revolver	5/4/2029	650	5/4/2029		650
Team Select (CSC TS Merger SUB, LLC) (5)	Revolver	5/4/2029	400	5/4/2029		400
Team Select (CSC TS Merger SUB, LLC) (5)	Revolver	5/4/2029	650	5/4/2029		650
Team Select (CSC TS Merger SUB, LLC) (7)	Delayed Draw Term Loan	9/4/2026	460	5/4/2029		460
The Hilb Group, LLC (5)	Revolver	10/31/2031	1,260	10/31/2031		1,451
The Hilb Group, LLC (5)	Delayed Draw Term Loan	10/31/2026	2,060	10/31/2031		2,368
Transportation Insight, LLC (5)	Revolver	—	—	6/18/2027		55
Transportation Insight, LLC (5)	Revolver	1/28/2029	316	3/31/2026		380
Tree Guardians Holdings LLC (5)	Revolver	1/26/2032	200		—	—
Tree Guardians Holdings LLC (7)	Delayed Draw Term Loan	1/26/2028	1,950		—	—
Trintech, Inc. (5)	Revolver	1/29/2033	726		—	—
Trintech, Inc. (6)	Delayed Draw Term Loan	1/29/2028	968		—	—
UHY Advisors , Inc. (5)	Revolver	11/21/2031	587	11/21/2031		853
UHY Advisors , Inc. (6)	Delayed Draw Term Loan	11/21/2031	3,865	11/21/2031		4,029
Unifeye Vision Partners (5)	Revolver	9/13/2027	340	9/13/2027		1,020
USA Hometown Experts, Inc. (5)	Revolver	11/8/2029	720	11/8/2029		900
USA Hometown Experts, Inc. (7)	Delayed Draw Term Loan	7/29/2027	2,450	11/8/2029		2,450
Vantage Insurance Partners, Inc. (5)	Revolver	12/22/2028	698	12/22/2028		698
Vensure Employer Services, Inc. (5)	Delayed Draw Term Loan	3/4/2028	4,371		—	—
WCT Group Holdings, LLC (5)	Delayed Draw Term Loan	8/25/2027	—	12/12/2029		43
WCT Group Holdings, LLC (17)	Revolver	12/12/2029	229		—	—
WCT Group Holdings, LLC (5)	Revolver	12/12/2029	457	12/12/2029		457
WCT Group Holdings, LLC (7)	Revolver	12/12/2029	229	12/12/2029		229

106


Winxnet Holdings LLC (5)	Revolver	12/31/2026		650	12/31/2026		650
Total			$	220,447		$	211,864

(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, 2026 and December 31, 2025.

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

Investment pays 1.75% fee on the unfunded portion of the delayed draw term loan and/or revolving credit facilities.

(11)

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

(12)

Investment pays 2.00% fee on the unfunded portion of the delayed draw term loan and/or revolving credit facilities.

(13)

Investment pays 2.19% fee on the unfunded portion of the delayed draw term loan and/or revolving credit facilities.

(14)

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

(15)

Investment pays 2.50% fee on the unfunded portion of the delayed draw term loan and/or revolving credit facilities.

(16)

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

(17)

Investment pays no fee on the unfunded portion of the 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, 2026	March 31, 2026	April 15, 2026	Regular	$	0.42
November 12, 2025	December 31, 2025	January 15, 2026	Regular	$	0.42
August 13, 2025	September 30, 2025	October 15, 2025	Regular	$	0.42
May 8, 2025	June 30, 2025	July 15, 2025	Regular	$	0.42
February 12, 2025	August 29, 2025	September 15, 2025	Special	$	0.05
February 12, 2025	May 30, 2025	June 13, 2025	Special	$	0.05
February 12, 2025	March 31, 2025	April 15, 2025	Regular	$	0.42
February 12, 2025	February 28, 2025	March 14, 2025	Special	$	0.05
November 12, 2024	December 31, 2024	January 15, 2025	Regular	$	0.42
November 12, 2024	November 29, 2024	December 16, 2024	Supplemental	$	0.07
August 7, 2024	September 30, 2024	October 15, 2024	Regular	$	0.42
August 7, 2024	August 31, 2024	September 16, 2024	Supplemental	$	0.09
May 2, 2024	June 28, 2024	July 15, 2024	Regular	$	0.42
May 2, 2024	May 31, 2024	June 17, 2024	Supplemental	$	0.11
February 15, 2024	March 29, 2024	April 15, 2024	Regular	$	0.41
February 15, 2024	February 29, 2024	March 15, 2024	Supplemental	$	0.10
November 2, 2023	December 29, 2023	January 16, 2024	Regular	$	0.41
November 2, 2023	November 30, 2023	December 15, 2023	Supplemental	$	0.09

At March 31, 2026 and December 31, 2025, Crescent, Sun Life and other related parties owned 8.90% and 8.85%, respectively, of the outstanding common shares of the Company.

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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, 2026 and December 31, 2025, 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,
	2026			2025
Net increase (decrease) in net assets resulting from operations	$	(15,513	)	$	3,904
Weighted average common shares outstanding		36,923,308			37,061,547
Net increase (decrease) in net assets resulting from operations per common share-basic and diluted	$	(0.42	)	$	0.11

Note 11. Income Taxes

The Company’s aggregate unrealized appreciation and depreciation on investments for federal income tax purposes was as follows (in thousands):


		As of March 31, 2026			As of December 31, 2025
Tax Cost(1)		$	1,657,726		$	1,636,409
Gross Unrealized Appreciation		$	37,057		$	45,347
Gross Unrealized Depreciation			(131,181	)		(118,198	)
	Net Unrealized Investment Appreciation (Depreciation)	$	(94,124	)	$	(72,851	)

(1)

Tax cost includes cash equivalents.

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,
		2026		2025
Income tax (benefit) provision	$	-	$	6
Excise tax (benefit) provision		552		495
Provision (benefit) for income and excise taxes	$	552	$	501

As of March 31, 2026 and December 31, 2025, $165 and $1,770, respectively, of accrued income and excise taxes remained payable.

As of March 31, 2026 and December 31, 2025, $235 and $190, 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, 2026 and December 31, 2025, $235 and $190, 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. For the three months ended March 31, 2026 and 2025, the Company recognized no benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments.

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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,
	2026			2025
Per Share Data:(1)
Net asset value, beginning of period	$	19.10		$	19.98
Net investment income, net of taxes		0.42			0.45
Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes		(0.84	)		(0.34	)
Net increase (decrease) in net assets resulting from operations		(0.42	)		0.11
Distributions declared from net investment income(2)		(0.42	)		(0.47	)
Effects of rounding		0.01			—
Total increase (decrease) in net assets		(0.83	)		(0.36	)
Net asset value, end of period	$	18.27		$	19.62
Shares outstanding, end of period		36,897,356			36,969,285
Market value, end of period	$	12.15		$	17.12
Weighted average shares outstanding		36,923,308			37,061,547
Total return based on market value (3)		-10.53	%		-8.49	%
Total return based on net asset value (4)		-2.15	%		0.55	%
Ratio/Supplemental Data:
Net assets, end of period	$	674,028		$	727,122
Ratio of total net expenses to average net assets(5)(6)		13.18	%		14.10	%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)		4.17	%		4.08	%
Ratio of net investment income before taxes to average net assets (6)		9.43	%		9.46	%
Ratio of interest and credit facility expenses to average net assets (6)		8.07	%		8.09	%
Ratio of net incentive fees to average net assets (6)		0.93	%		1.93	%
Portfolio turnover (7)		5.84	%		4.82	%
Asset coverage ratio		173	%		179	%

(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 14.01% and 14.21% for the three months ended March 31, 2026 and 2025, respectively, on an annualized basis.

(6) Annualized.

(7) Not annualized.

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Note 13. Stock Repurchase Program

On August 7, 2025, the Company’s Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20,000 of its common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any stock repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

For the three months ended March 31, 2026, the Company repurchased 71,929 shares totaling $1,000 at weighted average price of $13.90 per share. There were no share repurchases for the three months ended March 31, 2025.

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of March 31, 2026 and for the three months ended March 31, 2026.

On May 7, 2026, the Company's Board of Directors declared a regular second quarter cash dividend of $0.34 per share, payable on July 15, 2026 to stockholders of record as of June 30, 2026. The Board also declared three special dividends of $0.03 per share, payable on June 15, September 15, and December 15, 2026 to stockholders of record as of May 31, August 31, and November 30, 2026, respectively.

On May 7, 2026, the Company's Board of Directors approved, and the Company entered into, an amended and restated investment management agreement (the "Amended and Restated IMA") with the Company's investment adviser. The Amended and Restated IMA amends and restates the prior investment management agreement in its entirety to (i) reduce the incentive fee on income from 17.5% to 15.0% of ordinary income that exceeds the applicable hurdle rate and catch-up, (ii) adjust the catch-up amount such that the incentive fee equals 15.0% of ordinary income above the hurdle rate, (iii) reduce the incentive fee cap from 17.5% to 15.0%, (iv) reduce the incentive fee on capital gains from 17.5% to 15.0%, and (v) reduce the base management fee rate from 1.25% to 1.00%. Each of these changes is effective as of April 1, 2026.

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

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

OVERVIEW

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

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

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

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

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

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

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

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CRITICAL ACCOUNTING POLICIES

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

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

COMPONENTS OF OPERATIONS

Investments

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

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

The Investment Adviser

Our investment activities are managed by the Adviser, which is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. The Adviser has entered into a resource sharing agreement with Crescent Capital Group LP (“Crescent”), pursuant to which Crescent provides the Adviser with experienced investment professionals (including the members of the Adviser’s investment committee) and access to Crescent’s resources so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the resource sharing agreement, the Adviser intends to capitalize on the deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Crescent’s investment professionals. On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent and on March 30, 2026, Sun Life acquired the remaining equity interest of Crescent (the “Sun Life Transaction”). There were no changes to our investment objective, strategies and process or to the Crescent team responsible for the investment operations as a result of the Sun Life Transaction.

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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.

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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, 2026					As of December 31, 2025
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior Secured First Lien	$	377.0		24.2	%	$	350.8		22.4	%
Unitranche First Lien		1,044.0		66.7			1,047.8		66.7
Unitranche First Lien - Last Out		18.8		1.2			26.2		1.7
Senior Secured Second Lien		3.7		0.2			12.2		0.8
Unsecured Debt		18.1		1.2			19.0		1.2
Equity & Other		69.6		4.5			77.2		4.9
LLC/LP Equity Interests		31.3		2.0			36.2		2.3
Total investments	$	1,562.5		100.0	%	$	1,569.4		100.0	%

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The following table shows our investment activity by investment type:


($ in millions)	For the three months ended
	March 31, 2026		March 31, 2025
New investments at cost:
Senior Secured First Lien	$	49.8	$	32.6
Unitranche First Lien		61.3		60.7
Unitranche First Lien - Last Out		—		9.7
Senior Secured Second Lien		—		—
Unsecured Debt		1.2		—
Equity & Other		2.6		1.7
LLC/LP Equity Interests		—		—
Total	$	114.9	$	104.7
Proceeds from investments sold or repaid:
Senior Secured First Lien	$	19.9	$	9.2
Unitranche First Lien		55.2		50.8
Unitranche First Lien - Last Out		0.3		—
Senior Secured Second Lien		8.6		16.3
Unsecured Debt		8.8		—
Equity & Other		—		—
LLC/LP Equity Interests		0.3		1.7
Total	$	93.1	$	78.0
Net increase (decrease) in portfolio	$	21.8	$	26.7

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


	As of March 31, 2026			As of December 31, 2025
Weighted average yield on income producing securities (at cost) (1)		9.8	%		10.0	%
Percentage of debt bearing a floating rate (at fair value)		99.2	%		98.0	%
Percentage of debt bearing a fixed rate (at fair value)		0.8	%		2.0	%
Number of portfolio companies	192			184

(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, 2026										As of December 31, 2025
	Cost		% of Cost			Fair Value		% of Fair Value			Cost		% of Cost			Fair Value		% of Fair Value
Performing	$	1,423.9		94.3	%	$	1,409.7		96.4	%	$	1,435.9		95.9	%	$	1,427.2		98.0	%
Non-Accrual		86.8		5.7	%		51.9		3.6	%		61.8		4.1	%		28.8		2.0	%
Total	$	1,510.7		100.0	%	$	1,461.6		100.0	%	$	1,497.7		100.0	%	$	1,456.0		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, 2026, we had investments in thirteen portfolio companies on non-accrual status, which represented 5.7% and 3.6% of the total debt investments at cost and fair value, respectively. As of December 31, 2025, we had investments in eleven portfolio companies on non-accrual status, which represented 4.1% and 2.0% 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, 2026 and December 31, 2025.

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

115

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, 2026					As of December 31, 2025
	Investments at		Percentage of			Investments at		Percentage of
Investment Performance Rating	Fair Value		Total Portfolio			Fair Value		Total Portfolio
1		65.2		4.1	%		67.9		4.3	%
2		1,274.3		81.6			1,290.2		82.2
3		154.6		9.9			165.5		10.5
4		61.1		3.9			33.8		2.2
5		7.3		0.5			12.0		0.8
Total		1,562.5		100.0	%		1,569.4		100.0	%

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RESULTS OF OPERATIONS

Summarized Statement of Operations


(in $ millions)	For the three months ended March 31,
	2026			2025
Total investment income	$	37.9		$	42.1
Total net expenses, including taxes		22.4			25.5
Net investment income	$	15.5		$	16.6
Net realized gain (loss) on investments and forward contracts		(11.6	)		(6.5	)
Net unrealized appreciation (depreciation) on investments, forward contracts and foreign transactions		(19.4	)		(6.2	)
Net realized and unrealized gains (losses)	$	(31.0	)	$	(12.7	)
Net increase (decrease) in net assets resulting from operations	$	(15.5	)	$	3.9

Investment Income


(in $ millions)	For the three months ended March 31,
	2026		2025
Interest from investments	$	34.5	$	39.7
Dividend income		3.0		1.5
Other income		0.4		0.9
Total investment income	$	37.9	$	42.1

Interest income, which includes amortization of upfront fees, decreased from $39.7 million for the three months ended March 31, 2025, to $34.5 million for the three months ended March 31, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended March 31, 2026 and 2025 are $0.6 million and $0.8 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income increased from $1.5 million for the three months ended March 31, 2025 to $3.0 million for the three months ended March 31, 2026 due to higher dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended March 31, 2026 and 2025, we recorded $0.4 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,
	2026		2025
Interest and other debt financing costs	$	13.7	$	14.6
Management fees, net of waiver		4.9		5.0
Income based incentive fees, net of waiver		1.6		3.5
Professional fees		0.5		0.7
Directors’ fees		0.2		0.2
Other general and administrative expenses		0.9		1.0
Total net expenses	$	21.8	$	25.0
Provision for income and excise taxes		0.6		0.5
Total	$	22.4	$	25.5

Interest and other debt financing costs

Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended March 31, 2026 and 2025 interest and other debt financing costs were $13.7 million and $14.6 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.

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Base Management Fees

For the three months ended March 31, 2026 and 2025, we incurred management fees, net of waivers, of $4.9 and $5.0 million, respectively.

Incentive Fees

For the three months ended March 31, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $1.6 million and $3.5 million, respectively. The decrease in net incentive fees was driven by the impact of the fee waiver applied to the income incentive fees for the three months ended March 31, 2026.

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, 2026 and 2025, professional fees were $0.5 million and $0.7 million, respectively.

For the three months ended March 31, 2026 and 2025, other general and administrative expenses were $0.9 million and $1.0 million, respectively.

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Income and Excise Taxes

For the three months ended March 31, 2026 and 2025, we expensed income and excise taxes of $0.6 million and $0.5 million, respectively.

Net Investment Income

For the three months ended March 31, 2026 and 2025, net investment income was $15.5 million or $0.42 per share and $16.6 million or $0.45 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned.

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,
	2026			2025
Realized losses on non-controlled and non-affiliated investments	$	(11.1	)	$	(3.0	)
Realized gains on non-controlled and non-affiliated investments		0.6			—
Realized losses on non-controlled and affiliated investments	$	—			—
Realized gains on non-controlled and affiliated investments		1.6			—
Realized losses on controlled investments		(3.4	)		(3.8	)
Realized gains on controlled investments		—			—
Realized losses on foreign currency forwards		—			—
Realized gains on foreign currency forwards		—			—
Realized losses on foreign currency transactions		—			—
Realized gains on foreign currency transactions		0.7			0.4
Net realized gains (losses) on investments	$	(11.6	)	$	(6.4	)
Change in unrealized depreciation on non-controlled and non-affiliated investments	$	(33.5	)	$	(18.8	)
Change in unrealized appreciation on non-controlled and non-affiliated investments		21.2			11.8
Change in unrealized depreciation on foreign currency translation		—			(3.1	)
Change in unrealized appreciation on foreign currency translation		0.1			—
Change in unrealized depreciation on non-controlled and affiliated investments		(3.2	)		(1.5	)
Change in unrealized appreciation on non-controlled and affiliated investments		0.1			1.8
Change in unrealized depreciation on controlled and affiliated investments		(8.4	)		(0.4	)
Change in unrealized appreciation on controlled and affiliated investments		4.4			4.8
Change in unrealized depreciation on foreign currency forwards		(0.1	)		(0.9	)
Change in unrealized appreciation on foreign currency forwards		—			—
Net unrealized appreciation (depreciation) on investments	$	(19.4	)	$	(6.3	)
Net realized and unrealized gains (losses) on investments	$	(31.0	)	$	(12.7	)

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, 2026 and 2025, 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 $74.6 million and $64.8 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, 2026, we had $26.6 million in cash and cash equivalents and restricted cash and cash equivalents and $206.2 million of undrawn capacity on the unfunded unsecured notes, our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of March 31, 2026, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of March 31, 2026, 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, 2026. 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, 2026								December 31, 2025
	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	$	400.0	$	362.8	$	37.2	$	359.8	$	400.0	$	329.6	$	70.4	$	326.4
SMBC Corporate Revolving Facility		310.0		141.0		169.0		139.5		310.0		138.4		171.6		136.7
Series 2021A Unsecured Notes		—		—		—		—		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		—		34.8		35.0		35.0		—		34.8
Series 2024A Unsecured Notes - 2030		80.0		80.0		—		79.4		80.0		80.0		—		79.4
Series 2025A Unsecured Notes - 2029		67.5		67.5		—		66.2		—		—		—		—
Series 2025A Unsecured Notes - 2031		67.5		67.5		—		65.8		—		—		—		—
Total Debt	$	1,121.6	$	915.4	$	206.2	$	907.1	$	1,121.6	$	879.6	$	242.0	$	873.9

(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 includes netting of deferred financing costs.

(3)

Carrying value includes the effective portion of the fair value of the interest rate swap, as further discussed in Note 7, Derivatives, to the consolidated financial statements.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was 6.04% and 6.49%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was $907.7 million and $902.4 million, respectively. As of March 31, 2026 and December 31, 2025, the weighted average cost of debt was 6.09% and 5.83%, 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 $400.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 1.95% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

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

SMBC Corporate Revolving Facility

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

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

Series 2021A Unsecured Notes

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

FCRX Unsecured Notes

On March 9, 2023, in connection with the FCRD Acquisitions, 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

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fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol “FCRX”.

Series 2023A Unsecured Notes

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

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

Series 2024A Unsecured Notes - 2028 and 2030

On February 18, 2025, we issued $115.0 million aggregate principal amount of two tranches of senior unsecured notes: (a) $35.0 million 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028") and (b) $80.0 million 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030") . Interest on both unsecured notes is 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.

Series 2025A Unsecured Notes - 2029 and 2031

On February 13, 2026, we issued $135.0 million aggregate principal amount of two tranches of senior unsecured notes: (a) $67.5 million 5.87% notes due February 13, 2029 ("Series 2025A Unsecured Notes - 2029") and (b) $67.5 million 6.20% notes due February 13, 2031 ("Series 2025A Unsecured Notes – 2031"). Interest on both unsecured notes is payable semiannually, on the 13th day of February and August in each year, commencing with August 13, 2026. Both tranches 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.

In connection with the issuance of the Series 2025A Unsecured Notes - 2029 and 2031, we entered into an interest rate swap to swap from a fixed rate of interest to a floating rate of interest. With respect to the Series 2025A Unsecured Notes - 2029, the notional amount of the interest rate swap is $67.5 million, pursuant to which we receive fixed rate interest at 5.87% and pay floating rate interest based on three month term SOFR plus 2.5325%. Such interest rate swap matures on February 13, 2029. With respect to the Series 2025A Unsecured Notes - 2031, the notional amount of the interest rate swap is $67.5 million, pursuant to which we receive a fixed rate interest at 6.20% and pay floating rate interest based on three month term SOFR plus 2.8050%. Such interest rate swap matures on February 13, 2031.

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,
	2026		2025
Borrowing interest expense(1)	$	12.9	$	13.7
Unused facility fees		0.2		0.3
Amortization of financing costs		0.6		0.6
Total interest and credit facility expenses	$	13.7	$	14.6
Weighted average outstanding balance	$	907.7	$	902.4

(1) For the three months ended March 31, 2026, includes $0.023 and $0.001 million of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.

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.

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As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 173% and 179%, 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, 2026 and December 31, 2025, we had aggregate unfunded commitments totaling $220.4 million and $211.9 million, respectively.

RECENT DEVELOPMENTS

On May 7, 2026, our Board of Directors declared a regular second quarter cash dividend of $0.34 per share, payable on July 15, 2026 to stockholders of record as of June 30, 2026. The Board also declared three special dividends of $0.03 per share, payable on June 15, September 15, and December 15, 2026 to stockholders of record as of May 31, August 31, and November 30, 2026, respectively.

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

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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, 2026, 99.2% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility, SMBC Corporate Revolving Facility and Series 2025A Unsecured Notes - 2029 and 2031 (synthetically via an interest rate swap) also bear interest at variable rates .

Assuming that our Consolidated Statement of Assets and Liabilities as of March 31, 2026 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)


Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points		14.3			6.4			7.9
Up 75 basis points		10.7			4.8			5.9
Up 50 basis points		7.2			3.2			4.0
Up 25 basis points		3.6			1.6			2.0
Down 25 basis points		(3.6	)		(1.6	)		(2.0	)
Down 50 basis points		(7.2	)		(3.2	)		(4.0	)
Down 75 basis points		(10.7	)		(4.8	)		(5.9	)
Down 100 basis points		(14.3	)		(6.4	)		(7.9	)

(1)

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

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

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

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. As of March 31, 2026, 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 £16.9 million, CHF 19.1 million, AUD $44.1, 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, 2026. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of March 31, 2026, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

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(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, 2026, 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, 2025, which could materially affect our business, financial condition and/or operating results. These risks are not the only risk factors facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

On August 7, 2025, our Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20.0 million of our common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

For the three months ended March 31, 2026, the Company repurchased 71,929 shares totaling $1.0 million at a weighted average price of $13.90 per share. There were no share repurchases for the three months ended March 31, 2025.

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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, 2026, 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).

10.1	Amended and Restated Investment Advisory Agreement (filed herewith),

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 13, 2026	By:	/s/ Jason A. Breaux
		Jason A. Breaux
		Chief Executive Officer

Date: May 13, 2026	By:	/s/ Gerhard Lombard
		Gerhard Lombard
		Chief Financial Officer

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