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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.~~

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

For the quarterly period ended ~~September 30, 2017~~March 31, 2023

ORor

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

~~For the transition period from to~~ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

Commission file number814-01132

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:


~~Delaware~~ Title of each class	Trading Symbol	~~47-3162282~~ Name of each exchange on which registered
~~(State or Other Jurisdiction of~~ ~~Incorporation or Organization)~~Common Stock, $0.001 par value per share	CCAP	~~(I.R.S. Employer~~ ~~Identification No.)~~The Nasdaq Stock Market LLC
5.00% Notes due 2026
~~11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA~~ FCRX		~~90025~~
~~(Address of Principal Executive Offices)~~		~~(Zip Code)~~ The New York Stock Exchange

~~Registrant’s Telephone Number, Including Area Code:(310) 235-5900~~Securities registered pursuant to Section 12(g) of the Act: None

~~Not applicable~~

~~Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.~~

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 ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of RegulationS-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). Yes ☐ ☒ No ☐

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


~~Large accelerated filer~~		☐		~~Accelerated filer~~	☐

~~Non-Accelerated~~Large accelerated filer	☐	☒ ~~(Do not check if a smaller reporting company)~~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 inRule 12b-2 of the ~~Securities~~ Exchange ~~Act of 1934)~~Act). Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at ~~November 13, 2017~~May 10, 2023 was ~~8,102,916.~~37,061,547

~~CRESENT~~CRESCENT CAPITAL BDC, INC.

FORM10-Q FOR THE QUARTER ENDED ~~SEPTEMBER 30, 2017~~MARCH 31, 2023

Table of Contents


			Page
	PART I	~~INDEX~~FINANCIAL INFORMATION		~~PAGE~~ ~~NO.~~
~~PART I.~~ Item 1.	Financial Statements	~~FINANCIAL INFORMATION~~			2	4
~~Item 1.~~		~~Financial Statements~~			2
		Consolidated Statements of Assets and Liabilities as of ~~September 30, 2017~~March 31, 2023 (Unaudited) and December 31, ~~2016~~ 2022			2	4
		Consolidated Statements of Operations for the three months ended ~~September 30, 2017~~March 31, 2023 and ~~September 30, 2016~~2022 (Unaudited)~~, and for the nine months ended September 30, 2017 and September 30, 2016 (Unaudited)~~			3	5
		Consolidated Statements of Changes in Net Assets for the ~~nine~~three months ended ~~September 30, 2017~~March 31, 2023 and ~~September 30, 2016~~2022 (Unaudited)			4	6
		Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September 30, 2017~~March 31, 2023 and ~~September 30, 2016~~2022 (Unaudited)			5	8
		Consolidated Schedule of Investments as of ~~September 30, 2017~~March 31, 2023 (Unaudited)			6	9
		Consolidated Schedule of Investments as of December 31, ~~2016~~2022			12	39
		Notes to Consolidated Financial Statements (Unaudited)			18	60
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations			37	88
Item 3.		Quantitative and Qualitative Disclosures About Market Risk			51	100
Item 4.		Controls and Procedures			52	101
PART ~~II.~~II		OTHER INFORMATION			53
Item 1.		Legal Proceedings			53	102
Item 1A.		Risk Factors			53	102
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds			53	103
Item 3.		Defaults Upon Senior Securities			53	103
Item 4.	Mine Safety Disclosures	~~[Reserved]~~			53	103
Item 5.		Other Information			53	103
Item 6.	Exhibits	~~Exhibits~~ 104

	54

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 ~~are intended to~~ identify forward-looking ~~statements.~~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:

~~Potential~~•

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

•

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

•

potential fluctuation in quarterly operating ~~results~~results;

~~Potential~~•

potential impact of economic recessions or ~~downturns~~downturns;

~~Adverse~~•

adverse developments in the credit ~~markets~~markets;

~~Operation~~•

regulations governing our operation as a business development company;

•

operation in a highly competitive market for investment ~~opportunities~~opportunities;

~~Regulations governing our operation as a business development company~~

•

~~Financing investments~~risks associated with ~~borrowed money~~

~~Lack of liquidity in investments~~

~~Defaults by portfolio companies~~

~~Uncertainty as to~~inflation and the ~~value of certain portfolio investments~~current interest rate environment;

~~Potential resignation of the Advisor and or the Administrator~~

•

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

~~Potential~~•

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

•

financing investments with borrowed money;

•

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

•

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

~~Risks~~•

lack of liquidity in investments;

•

the outcome and impact of any litigation;

•

the timing, form and amount of any dividend distributions;

•

risks regarding distributions;

•

potential adverse effects of new or modified laws and regulations;

•

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

•

potential resignation of the Adviser and or the Administrator;

•

uncertainty as to the value of certain portfolio investments;

•

defaults by portfolio companies;

•

our ability to successfully complete and integrate any acquisitions;

•

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

•

the market price of our common stock may fluctuate significantly;

~~Risks regarding distributions~~

~~Potential adverse effects of new or modified laws and regulations~~

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions ~~are~~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 onForm 10-K, quarterly reports onForm 10-Q and current reports onForm 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 ~~Act,~~(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.

~~See accompanying notes.~~3

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

   As of
    September 30, 2017
(Unaudited) As of
    December 31,
2016
Assets

Investments,non-controlled andnon-affiliated, at fair value (cost of $297,299,251 and $216,239,598, respectively)      $ 301,984,476   $ 217,920,952
Cash and cash equivalents    7,390,160 4,990,157
Cash denominated in foreign currency (cost of $378,272 and $137,495, respectively)    398,267 129,168
Receivable for investments sold    1,324 993,726
Interest receivable    1,156,614 1,478,221
Prepaid expenses and other assets    113,935 52,753


Total assets
     $ 311,044,776   $ 225,564,977


Liabilities

Debt (net of deferred financing costs of $1,055,442 and $979,874, respectively)      $ 137,887,574   $ 93,670,635
Payable for investments purchased    1,995,000 —
Distributions payable    2,470,579 1,750,000
Management fees payable - affiliate    710,175 521,866
Income incentive fee payable - affiliate    504,005 461,537
Due to Advisor - affiliate    38,924 27,247
Due to Administrator - affiliate    146,754 154,403
Professional fees payable    300,165 145,854
Directors’ fees payable    52,188 48,375
Interest and other debt financing costs payable    914,029 449,812
Accrued expenses and other liabilities    381,803 279,220
Deferred tax liability    380,145 —


Total liabilities
     $ 145,781,341   $ 97,508,949


Commitments and Contingencies (Note 7)

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, 8,102,916 and 6,376,850 shares issued and outstanding, respectively)    8,103 6,377
Paid-in capital in excess of par value    160,732,904 125,750,640
Accumulated net realized loss    (463,725 ) (112,155 )
Accumulated undistributed (distributions in excess of) net investment income    365,928 (49,518 )
Net unrealized appreciation (depreciation) on investments and foreign currency translation, net of deferred taxes    4,620,225 2,460,684


Total Net Assets
     $ 165,263,435   $ 128,056,028


Total Liabilities and Net Assets
     $     311,044,776   $     225,564,977


Net asset value per share      $ 20.40   $ 20.08
(in thousands, except share and per share data)


	As of March 31, 2023 (unaudited)			As of December 31, 2022
Assets
Investments, at fair value
Non-controlled non-affiliated (cost of $1,485,720 and $1,235,778, respectively)	$	1,453,364		$	1,208,501
Non-controlled affiliated (cost of $48,433 and $42,040, respectively)		49,838			43,080
Controlled (cost of $69,435 and $13,638, respectively)		62,843			11,375
Cash and cash equivalents		21,447			6,397
Restricted cash and cash equivalents		13,026			10,670
Interest and dividend receivable		13,455			9,945
Unrealized appreciation on foreign currency forward contracts		7,510			8,154
Deferred tax assets		74			91
Receivable for investments sold		7,687			5
Other assets		1,899			4,660

Total assets	$	1,631,143		$	1,302,878

Liabilities
Debt (net of deferred financing costs of $8,540 and $5,380)	$	875,791		$	654,456
Distributions payable		15,195			12,664
Interest and other debt financing costs payable		6,976			8,471
Management fees payable		4,410			4,056
Incentive fees payable		3,603			3,112
Deferred tax liabilities		1,478			899
Payable for investment purchased		-			514
Directors’ fees payable		168			151
Unrealized depreciation on foreign currency forward contracts		173			157
Accrued expenses and other liabilities		4,929			5,857
Total liabilities	$	912,723		$	690,337

Commitments and Contingencies (Note 8)

Net assets
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)	$	-		$	-
Common stock, par value $0.001 per share (200,000,000 shares authorized, 37,061,547 and 30,887,360 shares issued and outstanding, respectively)		37			31
Paid-in capital in excess of par value		788,299			675,008
Accumulated earnings (loss)		(69,916	)		(62,498	)
Total net assets	$	718,420		$	612,541
Total liabilities and net assets	$	1,631,143		$	1,302,878
Net asset value per share	$	19.38		$	19.83

See accompanying ~~notes.~~notes

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

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

       For the three months ended
September 30,        For the nine months ended
September 30,
   2017    2016    2017    2016
Investment Income:

Interest income fromnon-controlled andnon-affiliated investments    $ 6,164,352       $ 3,441,450       $ 15,900,326       $ 8,855,097
Paid-in-kind interest    21,785       14,609       42,483       14,609








Total investment income
   6,186,137       3,456,059       15,942,809       8,869,706








Expenses:

Interest and other debt financing costs    1,416,125       746,644       3,752,347       1,904,740
Management fees (net of waiver of $416,321, $304,000, $1,099,417 and $752,561, respectively)    710,176       432,213       1,982,695       1,179,301
Income incentive fees    504,005       63,956       1,118,540       63,956
Directors’ fees    72,500       67,250       217,500       217,167
Professional fees    184,802       160,000       536,368       546,273
Organization expenses    16,226       19,470       56,790       61,657
Other general and administrative expenses    426,276       383,854       1,226,985       1,102,270








Total expenses
   3,330,110       1,873,387       8,891,225       5,075,364








Net investment income before taxes    2,856,027       1,582,672       7,051,584       3,794,342








Income taxes    —       800       1,689       1,600








Net investment income after taxes    2,856,027       1,581,872       7,049,895       3,792,742








Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on investments
   (87,129)      929       (349,060)      (442,936)
Net realized gain (loss) on foreign currency transactions
   (514)      (1,396)      (2,510)      39,564
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation
   (37,227)      1,623,339       2,539,686       4,025,580








Net realized and unrealized gains (losses) on investments    (124,870)      1,622,872       2,188,116       3,622,208
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments    (380,145)      —       (380,145)      —








Net increase in net assets resulting from operations    $     2,351,012       $     3,204,744       $     8,857,866       $     7,414,950








Per Common Share Data:

Net increase in net assets resulting from operations per share (basic and diluted):    $ 0.30    $ 0.58    $ 1.21    $ 1.52
Net investment income per share (basic and diluted):    $ 0.36    $ 0.29    $ 0.96    $ 0.78
Weighted average shares outstanding (basic and diluted):    7,848,043      5,510,123      7,349,165      4,891,535
Distributions declared per share:    $ 0.30    $ 0.26    $ 0.87    $ 0.71
(Unaudited)


	For the three months ended March 31,
	2023			2022
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	34,245		$	20,951
Paid-in-kind interest		618			315
Dividend income		4			9
Other income		46			89
From non-controlled affiliated investments:
Interest income		612			348
Paid-in-kind interest		49			2,039
Dividend income		628			2,274
From controlled investments:
Interest income		167			182
Paid-in-kind interest		192			174
Dividend income		2,720			-
Total investment income		39,281			26,381

Expenses:
Interest and other debt financing costs		12,370			5,471
Management fees		4,456			4,015
Income based incentive fees		3,692			2,718
Capital gains based incentive fees		-			721
Professional fees		311			452
Directors’ fees		168			117
Other general and administrative expenses		726			696
Total expenses		21,723			14,190
Management fees waiver		(46	)		(56	)
Income based incentive fees waiver		(89	)		(44	)
Net expenses		21,588			14,090
Net investment income before taxes		17,693			12,291
(Benefit) provision for income and excise taxes		201			154
Net investment income		17,492			12,137
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		252			1,306
Non-controlled affiliated investments		-			7,113
Foreign currency transactions		-			153
Foreign currency forward contracts		-			24
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		(5,554	)		(853	)
Non-controlled affiliated investments		365			(3,077	)
Controlled investments		(4,329	)		(668	)
Foreign currency forward contracts		(661	)		95
Net realized and unrealized gains (losses) on investments		(9,927	)		4,093
Benefit (provision) for taxes on realized gain on investments		252			(217	)
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		(40	)		196
Net increase (decrease) in net assets resulting from operations	$	7,777		$	16,209

Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	0.24		$	0.52
Net investment income per share (basic and diluted):	$	0.54		$	0.39
Weighted average shares outstanding (basic and diluted):		32,465,208			30,887,360

See accompanying ~~notes.~~notes

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

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

   For the nine
    months ended
September 30, 2017 For the nine
    months ended
September 30, 2016
Increase (decrease) in net assets resulting from operations:
Net investment income    $ 7,049,895 $ 3,792,742
Net realized loss on investments and foreign currency transactions    (351,570 ) (403,372 )
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation    2,539,686 4,025,580
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments    (380,145 ) —


Net increase in net assets resulting from operations
   8,857,866 7,414,950


Distributions to shareholders from:
Net investment income    (6,634,449 ) (3,838,633 )


Total distributions to shareholders
   (6,634,449 ) (3,838,633 )


Capital transactions:
Issuance of common stock    35,000,000 38,000,000
Issuance of common stock pursuant to dividend reinvestment plan    63,435 24,701
Equity offering costs    (79,445 ) (86,255 )


Net increase in net assets resulting from capital transactions
   34,983,990 37,938,446


Total increase in net assets
   37,207,407 41,514,763
Net assets at beginning of period    128,056,028 77,586,238


Net assets at end of period    $ 165,263,435 $ 119,101,001


Accumulated undistributed (distributions in excess of) net investment income    $ 365,928 $ (211,317 )
Changes in Shares
Common stock, at beginning of period    6,376,850 4,056,316
Issuance of common stock    1,722,924 1,965,759
Issuance of common stock pursuant to dividend reinvestment plan    3,142 1,274


Common stock, at end of period    8,102,916 6,023,349


(Unaudited)



	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at December 31, 2022		30,887,360	$	31	$	675,008	$	(62,498	)	$	612,541
Net increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		17,492			17,492
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		252			252
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		(10,179	)		(10,179	)
Benefit (provision) for taxes on realized gain on investments		—		—		—		252			252
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		—		—		—		(40	)		(40	)
Issuance in connection with asset acquisition (Note 13)		6,174,187		6		91,251		—			91,257
Deemed contribution from Adviser (Note 13)						22,040					22,040
Distributions from distributable earnings		—		—		—		(15,195	)		(15,195	)
Total increase (decrease) for the three months ended March 31, 2023		6,174,187	$	6	$	113,291	$	(7,418	)	$	105,879
Balance at March 31, 2023		37,061,547	$	37	$	788,299	$	(69,916	)	$	718,420

See accompanying ~~notes.~~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, 2021		30,887,360	$	31	$	666,162	$	(13,908	)	$	652,285
Net increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		12,137			12,137
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		8,596			8,596
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		(4,503	)		(4,503	)
Provision for taxes on realized gain on investments								(217	)		(217	)
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		—		—		—		196			196
Distributions from distributable earnings		—		—		—		(14,208	)		(14,208	)
Total increase (decrease) for the three month ended March 31, 2022		-	$	-	$	-	$	2,001		$	2,001
Balance at March 31, 2022		30,887,360	$	31	$	666,162	$	(11,907	)	$	654,286

See accompanying notes

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

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

(Unaudited)

   For the nine
    months ended
September 30, 2017 For the nine
    months ended
September 30, 2016
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations    $ 8,857,866 $ 7,414,950
Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by (used for) operating activities:

Purchases of investments
   (123,484,975 ) (91,163,824 )
Paid-in-kind interest income
   (42,483 ) (14,609 )
Proceeds from sales of investments and principal repayments
   42,998,915 23,477,076
Net realized (gain) loss on investments
   349,060 442,936
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation
   (2,539,686 ) (4,025,580 )
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments
   380,145 —
Amortization of premium and accretion of discount, net
   (880,170 ) (211,346 )
Amortization of deferred financing costs
   568,144 466,458
Increase (decrease) in operating assets and liabilities:
(Increase) decrease in receivable for investments sold
   992,402 —
(Increase) decrease in interest receivable
   321,607 (354,743 )
(Increase) decrease in prepaid expenses and other assets
   (61,182 ) (24,955 )
Increase (decrease) in payable for investments purchased
   1,995,000 (9,179,625 )
Increase (decrease) in management fees payable - affiliate
   188,309 96,033
Increase (decrease) in income incentive fees payable - affiliate
   42,468 63,956
Increase (decrease) in due to Advisor - affiliate
   11,677 —
Increase (decrease) in due to Administrator - affiliate
   (7,649 ) (40,921 )
Increase (decrease) in professional fees payable
   154,311 103,838
Increase (decrease) in directors’ fees payable
   3,813 7,667
Increase (decrease) in interest and credit facility fees and expenses payable
   464,217 296,963
Increase (decrease) in accrued expenses and other liabilities
   102,583 (66,160 )


Net cash provided by (used for) operating activities    (69,585,628 ) (72,711,886 )


Cash flows from financing activities:
Issuance of common stock
   35,000,000 38,000,000
Financing costs paid related to revolving credit facility
   (643,712 ) (1,370,578 )
Distributions paid
   (5,850,435 ) (3,195,290 )
Equity offering costs
   (79,445 ) (86,255 )
Borrowings on revolving credit facility
   96,000,000 91,378,014
Repayments on revolving credit facility
   (52,200,000 ) (50,900,000 )


Net cash provided by (used for) financing activities    72,226,408 73,825,891


Effect of exchange rate changes on cash denominated in foreign currency    28,322 (2,837 )
Net increase (decrease) in cash, cash equivalents and foreign currency    2,669,102 1,111,168
Cash, cash equivalents and foreign currency, beginning of period    5,119,325 4,767,556


Cash, cash equivalents and foreign currency, end of period    $       7,788,427 $       5,878,724


Supplemental andnon-cash financing activities:
Cash paid during the period for interest    $ 2,570,120 $ 1,041,487
Issuance of common stock pursuant to distribution reinvestment plan    $ 63,435 $ 24,701
Accrued but unpaid equity offering costs    $ 22,698 $ 27,238
Accrued but unpaid distributions    $ 2,470,579 $ 1,543,640


	For the three months ended March 31,
	2023			2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	7,777		$	16,209

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(29,045	)		(60,014	)
Paid-in-kind interest income		(852	)		(2,482	)
Proceeds from sales of investments and principal repayments		54,351			49,573
Net realized (gain) loss on investments, foreign currency transactions and foreign currency forward contracts		(128	)		(8,444	)
Acquisition of First Eagle Alternative Capital BDC, Inc., net of cash acquired(2)		(14,981	)		—
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		9,518			4,598
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		661			(95	)
Amortization of premium and accretion of discount, net		(1,857	)		(1,509	)
Amortization of deferred financing costs		473			428
Change in operating assets and liabilities:
(Increase) decrease in receivable for investments sold		(7,682	)		14,235
(Increase) decrease in interest receivable		(3,510	)		48
(Increase) decrease in deferred tax asset		17			(2	)
(Increase) decrease in other assets		2,761			(409	)
Increase (decrease) in management fees payable		354			129
Increase (decrease) in incentive fees payable		491			2,795
Increase (decrease) in directors’ fees payable		17			3
Increase (decrease) in interest and other debt financing costs payable		(1,495	)		(2,176	)
Increase (decrease) in deferred tax liability		579			(194	)
Increase (decrease) in payable for investment purchased		(514	)		—
Increase (decrease) in accrued expenses and other liabilities		(928	)		(1,527	)
Net cash provided by (used for) operating activities	$	16,007		$	11,166

Cash flows from financing activities:
Deferred financing and debt issuance costs paid		(3,633	)		(221	)
Distributions paid		(12,664	)		(14,208	)
Borrowings on credit facilities		156,126			48,837
Repayments on credit facilities		(138,430	)		(50,955	)
Net cash provided by (used for) financing activities		1,399			(16,547	)
Effect of exchange rate changes on cash denominated in foreign currency		-			44
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		17,406			(5,337	)
Cash, cash equivalents, restricted cash and foreign currency, beginning of period		17,067			23,526
Cash, cash equivalents, restricted cash and foreign currency, end of period(1)	$	34,473		$	18,189

Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	14,914		$	7,209
Cash paid during the period for taxes	$	530		$	1,595
Accrued but unpaid distributions	$	15,195		$	12,664
Issuance of shares in connection with asset acquisition (Note 13)	$	91,257			—
Deemed contribution from the Adviser (non-cash) (Note 13)	$	22,040

(1)

As of March 31, 2023, the balance included cash and cash equivalents of $21,447 (including cash denominated in foreign currency of $1,401) and restricted cash and cash equivalents of $13,026. As of December 31, 2022, the balance included cash and cash equivalents of $6,397 (including cash denominated in foreign currency of $125) and restricted cash and cash equivalents of $10,670.

(2)

On March 9, 2023, in connection with the FCRD Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $129,511 which included $335,035 of investments, $1,233 cash and cash equivalents and $4,513 of other assets, net of $211,270 of assumed liabilities, for the total cash and stock consideration of $129,511, inclusive of $7,565 of the transaction costs.

See accompanying ~~notes.~~notes

CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Investments (1)(2)(3)

United States

Debt Investments

Automobiles & Components

Auveco Holdings (4)(5)
Unitranche First Lien Delayed Draw Term Loan
05/2028

—

$
(7
)

(0.0
)
%
$
(36
)
Auveco Holdings (5)
Unitranche First Lien Revolver
S + 525 (100 Floor)
10.29%
05/2028

120

115

0.0

94

Auveco Holdings
Unitranche First Lien Term Loan
S + 525 (100 Floor)
10.29%
05/2028

4,020

3,947

0.5

3,847

Continental Battery Company
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.55%
01/2027

7,175

7,077

0.9

6,557

Continental Battery Company
Unitranche First Lien Delayed Draw Term Loan
L + 650 (100 Floor)
11.55%
01/2027

2,645

2,627

0.3

2,417

Sun Acquirer Corp. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.59%
09/2028

9,101

8,988

1.2

8,817

Sun Acquirer Corp. (5)
Unitranche First Lien Revolver
P + 475 (75 Floor)
12.75%
09/2027

254

225

0.0

199

Sun Acquirer Corp.
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.59%
09/2028

12,880

12,676

1.7

12,496

Sun Acquirer Corp.
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.59%
09/2028

2,469

2,427

0.3

2,395

38,664

38,075

4.9

%

36,786

Capital Goods

Apex Services Partners, LLC
Senior Secured First Lien Term Loan
L + 525 (100 Floor)
9.46%
07/2025

5,219

5,219

0.7

5,115

Envocore Holding, LLC (7)(8)
Senior Secured First Lien Term Loan
750
7.50%
12/2025

6,858

6,799

1.0

6,858

Envocore Holding, LLC (7)(8)
Senior Secured Second Lien Term Loan
1000 PIK
10.00%
12/2026

7,868

7,055

0.7

4,982

Envocore Holding, LLC (4)(5)(7)(8)
Senior Secured First Lien Revolver
12/2025

—

(5
)

—

—

Eshipping
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.84%
11/2027

6,555

6,451

0.9

6,555

Eshipping (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
11/2027

—

(15
)

—

—

Eshipping (4)(5)
Senior Secured First Lien Revolver
11/2027

—

(18
)

—

—

Oliver Packaging LLC
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
10.05%
07/2028

3,383

3,329

0.5

3,269

Oliver Packaging LLC (5)
Senior Secured First Lien Revolver
S + 500 (100 Floor)
9.78%
07/2028

350

342

0.0

333

Painters Supply & Equipment Company (5)
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.66%
08/2027

229

222

0.0

198

Painters Supply & Equipment Company (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
10.66%
08/2027

293

286

0.0

276

Painters Supply & Equipment Company
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.66%
08/2027

2,019

1,989

0.3

1,949

9
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Potter Electric Signal Company
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.90%
12/2025

2,424

2,413

0.3

2,369

Potter Electric Signal Company
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.80%
12/2025

460

459

0.1

450

Potter Electric Signal Company
Senior Secured First Lien Delayed Draw Term Loan
L + 475 (100 Floor)
9.80%
12/2025

1,103

1,094

0.2

1,078

Potter Electric Signal Company (5)
Senior Secured First Lien Revolver
L + 475 (100 Floor)
9.80%
12/2024

44

42

0.0

32

TriStrux, LLC
Senior Secured First Lien Term Loan
L + 600 (100 Floor)
11.16%
12/2026

2,738

2,671

0.4

2,624

TriStrux, LLC (5)
Senior Secured First Lien Revolver
L + 600 (100 Floor)
11.16%
12/2026

491

465

0.1

447

TriStrux, LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
11.16%
12/2026

960

925

0.1

900

United Flow Technologies
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.58%
10/2027

8,465

8,331

1.1

8,238

United Flow Technologies
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.58%
10/2027

1,188

1,169

0.2

1,156

United Flow Technologies
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.59%
10/2027

3,716

3,666

0.5

3,616

United Flow Technologies (4)(5)
Unitranche First Lien Revolver
10/2027

—

(25
)

(0.0
)

(43
)

54,363

52,864

7.1

50,402

Commercial & Professional Services

ASP MCS Acquisition Corp. (12)
Senior Secured Second Lien Term Loan
L + 600 (100 Floor)
10.79%
10/2025

288

275

0.0

229

Automated Control Concepts, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.66%
10/2026

3,633

3,494

0.5

3,428

Automated Control Concepts, Inc. (5)
Unitranche First Lien Revolver
L + 650 (100 Floor)
11.66%
10/2026

167

134

0.0

120

Camin Cargo Control, Inc.
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.42%
06/2026

3,567

3,549

0.5

3,442

CHA Holdings, Inc.
Senior Secured First Lien Delayed Draw Term Loan
L + 450 (100 Floor)
9.66%
04/2025

989

988

0.1

952

CHA Holdings, Inc.
Senior Secured First Lien Term Loan
L + 450 (100 Floor)
9.66%
04/2025

4,691

4,686

0.6

4,515

Consolidated Label Co., LLC (4)(5)
Senior Secured First Lien Revolver
07/2026

—

(7
)

(0.0
)

(19
)
Consolidated Label Co., LLC
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.78%
07/2026

4,094

4,046

0.6

3,973

Consolidated Label Co., LLC
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.84%
07/2026

3,783

3,731

0.5

3,671

Galway Borrower, LLC
Unitranche First Lien Term Loan
S + 525 (75 Floor)
10.24%
09/2028

14,521

14,328

2.0

14,122

Galway Borrower, LLC (4)(5)
Unitranche First Lien Delayed Draw Term Loan
09/2028

—

(1
)

(0.0
)

(4
)
Galway Borrower, LLC (5)
Unitranche First Lien Revolver
L + 525 (75 Floor)
10.41%
09/2027

199

185

0.0

145

10
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

GH Parent Holdings Inc.
Unitranche First Lien Term Loan
S + 550 (100 Floor)
10.34%
05/2027

12,977

12,835

1.8

12,573

GH Parent Holdings Inc. (5)
Unitranche First Lien Revolver
S + 550 (100 Floor)
10.41%
05/2027

542

520

0.1

477

GH Parent Holdings Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.40%
05/2027

5,514

5,514

0.7

5,342

Hepaco, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 525 (100 Floor) (including 25 PIK)
10.16%
02/2025

4,105

4,098

0.6

3,996

Hepaco, LLC
Senior Secured First Lien Term Loan
S + 525 (100 Floor) (including 25 PIK)
10.16%
02/2025

5,037

5,026

0.7

4,903

Hepaco, LLC (5)
Senior Secured First Lien Revolver
S + 525 (100 Floor) (including 25 PIK)
10.16%
02/2025

588

588

0.1

564

Hercules Borrower LLC
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.34%
12/2026

18,743

18,411

2.6

18,633

Hercules Borrower LLC (5)
Unitranche First Lien Revolver
L + 650 (100 Floor)
11.34%
12/2026

237

202

0.0

224

Hercules Borrower LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 650 (100 Floor)
11.34%
12/2026

1,454

1,432

0.2

1,402

Hercules Borrower LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.34%
12/2026

243

240

0.0

238

Hsid Acquisition, LLC
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.72%
01/2026

3,768

3,730

0.5

3,706

Hsid Acquisition, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 500 (100 Floor)
9.72%
01/2026

2,828

2,800

0.4

2,780

Hsid Acquisition, LLC (4)(5)
Senior Secured First Lien Revolver
01/2026

—

(7
)

(0.0
)

(12
)
Hsid Acquisition, LLC
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.72%
01/2026

246

243

0.0

242

Infobase
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.54%
06/2028

11,215

11,015

1.5

10,995

Infobase (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
06/2028

—

(16
)

(0.0
)

(36
)
Infobase (5)
Senior Secured First Lien Revolver
S + 550 (100 Floor)
10.46%
06/2028

387

361

0.0

358

MHS Acquisition Holdings, LLC (8)
Unsecured Debt
1350 PIK
13.50%
03/2026

248

240

0.0

224

MHS Acquisition Holdings, LLC (8)
Unsecured Debt
1350 PIK
13.50%
03/2026

788

785

0.1

714

MHS Acquisition Holdings, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 600 (100 Floor)
10.91%
07/2027

222

220

0.0

219

MHS Acquisition Holdings, LLC (5)
Senior Secured First Lien Revolver
S + 600 (100 Floor)
10.82%
07/2027

21

19

0.0

19

MHS Acquisition Holdings, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.91%
07/2027

1,810

1,783

0.2

1,781

MHS Acquisition Holdings, LLC
Senior Secured First Lien Term Loan
S + 650 (100 Floor)
11.46%
07/2027

108

107

0.0

108

Nexant Volt MergerSub, Inc.
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.41%
05/2027

5,600

5,518

0.8

5,509

Nexant Volt MergerSub, Inc. (5)
Senior Secured First Lien Revolver
P + 450 (100 Floor)
12.50%
05/2027

600

597

0.1

579

11
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.66%
11/2027

4,906

4,789

0.7

4,787

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 550 (100 Floor)
10.55%
11/2027

3,649

3,549

0.5

3,561

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Term Loan
S + 550 (100 Floor)
10.55%
11/2027

9,796

9,543

1.3

9,559

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 550 (75 Floor)
10.55%
11/2027

1,970

1,921

0.3

1,922

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 550 (75 Floor)
10.55%
11/2027

2,567

2,535

0.3

2,505

Pye-Barker Fire & Safety, LLC (4)(5)
Unitranche First Lien Revolver
11/2027

—

(24
)

(0.0
)

(37
)
Pye-Barker Fire & Safety, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.80%
11/2027

1,152

1,131

0.2

1,098

Pye-Barker Fire & Safety, LLC (4)(5)
Unitranche First Lien Revolver
11/2024

—

(3
)

(0.0
)

(3
)
Pye-Barker Fire & Safety, LLC (4)(5)
Unitranche First Lien Revolver
11/2026

—

(95
)

(0.0
)

(44
)
Receivable Solutions, Inc. (4)(5)
Senior Secured First Lien Revolver
10/2024

—

(2
)

(0.0
)

(2
)
Receivable Solutions, Inc.
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.42%
10/2024

2,186

2,172

0.3

2,173

Seko Global Logistics Network, LLC (5)(11)
Senior Secured First Lien Revolver
P + 375 (100 Floor)
11.75%
12/2026

244

228

0.0

210

Seko Global Logistics Network, LLC (11)
Senior Secured First Lien Term Loan
L + 475
9.91%
12/2026

4,974

4,919

0.7

4,844

Service Logic Acquisition, Inc.
Senior Secured Second Lien Term Loan
L + 850 (100 Floor)
13.33%
10/2028

8,755

8,556

1.2

8,842

Service Logic Acquisition, Inc.
Senior Secured Second Lien Delayed Draw Term Loan
L + 850 (100 Floor)
13.33%
10/2028

2,359

2,301

0.3

2,383

SuperHero Fire Protection, LLC
Senior Secured First Lien Term Loan
L + 625 (100 Floor)
11.41%
09/2026

4,240

4,203

0.6

4,176

SuperHero Fire Protection, LLC (5)
Senior Secured First Lien Revolver
L + 625 (100 Floor)
11.08%
09/2026

371

367

0.1

364

SuperHero Fire Protection, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
11.08%
09/2026

1,291

1,280

0.2

1,272

TecoStar Holdings, Inc.
Senior Secured Second Lien Term Loan
L + 850 (100 Floor)
13.33%
11/2024

5,000

4,967

0.6

4,520

UP Acquisition Corp.
Unitranche First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.66%
05/2024

1,161

1,155

0.2

1,127

UP Acquisition Corp. (4)(5)
Unitranche First Lien Revolver
05/2024

—

(6
)

(0.0
)

(38
)
UP Acquisition Corp.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.66%
05/2024

4,235

4,213

0.6

4,108

172,069

169,368

23.3

167,439

Consumer Services

Bandon Fitness (Texas) Inc.
Unitranche First Lien Term Loan
S + 600 (100 Floor)
10.83%
07/2028

4,811

4,741

0.7

4,689

Bandon Fitness (Texas) Inc. (5)
Unitranche First Lien Revolver
S + 600 (100 Floor)
10.75%
07/2028

242

236

0.0

232

Bandon Fitness (Texas) Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 600 (100 Floor)
10.55%
07/2028

325

320

0.0

270

12
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Effective School Solutions LLC
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.45%
11/2027

7,673

7,551

1.0

7,171

Effective School Solutions LLC (5)
Senior Secured First Lien Revolver
L + 550 (100 Floor)
10.34%
11/2027

174

151

0.0

79

Effective School Solutions LLC (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
11/2027

—

(17
)

(0.0
)

(144
)
Everlast Parent Inc.
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.50%
10/2026

13,713

13,491

1.9

13,469

Everlast Parent Inc. (5)
Unitranche First Lien Revolver
P + 475 (100 Floor)
12.75%
10/2026

460

436

0.1

432

Everlast Parent Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.75%
10/2026

3,370

3,302

0.4

3,228

FS Whitewater Borrower, LLC
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.80%
12/2027

5,108

5,025

0.7

5,003

FS Whitewater Borrower, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.80%
12/2027

1,714

1,701

0.2

1,679

FS Whitewater Borrower, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.80%
12/2027

1,704

1,678

0.2

1,669

FS Whitewater Borrower, LLC (5)
Unitranche First Lien Revolver
S + 575 (75 Floor)
10.80%
12/2027

466

454

0.1

451

FS Whitewater Borrower, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 600 (75 Floor)
10.81%
12/2027

504

488

0.1

482

HGH Purchaser, Inc.
Unitranche First Lien Delayed Draw Term Loan
S + 650 (75 Floor)
11.23%
11/2025

3,328

3,311

0.5

3,301

HGH Purchaser, Inc.
Unitranche First Lien Delayed Draw Term Loan
S + 650 (75 Floor)
11.23%
11/2025

3,297

3,247

0.5

3,270

HGH Purchaser, Inc. (5)
Unitranche First Lien Revolver
S + 650 (75 Floor)
11.28%
11/2025

1,371

1,352

0.2

1,358

HGH Purchaser, Inc.
Unitranche First Lien Term Loan
S + 650 (75 Floor)
11.23%
11/2025

7,845

7,751

1.1

7,781

HS Spa Holdings Inc. (Hand & Stone) (4)(5)
Unitranche First Lien Revolver
06/2028

—

(26
)

(0.0
)

(31
)
HS Spa Holdings Inc. (Hand & Stone)
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.45%
06/2029

10,343

10,160

1.4

10,131

HS Spa Holdings Inc. (Hand & Stone) (8)(10)
Unitranche First Lien - Last Out Term Loan
1237.5 PIK
12.38%
06/2030

1,399

1,369

0.2

1,136

Ingenio, LLC
Unitranche First Lien Term Loan
S + 700 (100 Floor)
12.06%
08/2026

4,841

4,746

0.7

4,806

Ingenio, LLC (5)
Unitranche First Lien Term Loan
S + 700 (100 Floor)
12.06%
08/2026

2,142

2,100

0.3

2,126

Learn-It Systems, LLC (5)
Senior Secured First Lien Revolver
L + 750 (100 Floor) (including 275 PIK)
12.65%
03/2025

621

611

0.1

540

Learn-It Systems, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 475 (100 Floor)
9.90%
03/2025

2,523

2,493

0.3

2,297

Learn-It Systems, LLC
Senior Secured First Lien Term Loan
L + 750 (100 Floor) (including 275 PIK)
9.42%
03/2025

4,267

4,218

0.5

3,885

Learn-It Systems, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 475 (100 Floor)
9.90%
03/2025

1,143

1,142

0.1

1,038

13
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Mario Purchaser, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.66%
04/2029

1,524

1,511

0.2

1,470

Mario Purchaser, LLC (10)
Unitranche First Lien - Last Out Term Loan
S + 1075 PIK
15.66%
04/2032

3,207

3,103

0.4

3,107

Mario Purchaser, LLC (4)(5)
Unitranche First Lien Revolver
04/2028

—

(18
)

(0.0
)

(37
)
Mario Purchaser, LLC
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.66%
04/2029

9,837

9,661

1.3

9,491

Marlin DTC-LS Midco 2, LLC (4)(5)
Unitranche First Lien Revolver
07/2025

—

(1
)

(0.0
)

(2
)
Marlin DTC-LS Midco 2, LLC
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.45%
07/2025

3,029

3,014

0.4

2,990

Point Quest Acquisition, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.91%
08/2028

3,518

3,467

0.5

3,470

Point Quest Acquisition, LLC (5)
Senior Secured First Lien Revolver
S + 600 (100 Floor)
10.97%
08/2028

571

556

0.1

557

PPV Intermediate Holdings LLC (Vetcor) (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.53%
08/2029

34

33

0.0

29

PPV Intermediate Holdings LLC (Vetcor) (4)(5)
Unitranche First Lien Revolver
08/2029

—

(4
)

(0.0
)

(15
)
PPV Intermediate Holdings LLC (Vetcor)
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.53%
08/2029

3,327

3,279

0.4

3,210

PPV Intermediate Holdings LLC (Vetcor) (8)
Unsecured Debt
1300 PIK
0.00%
08/2030

758

741

0.1

646

PPV Intermediate Holdings LLC (Vetcor) (5)(8)
Unsecured Debt
1300 PIK
0.00%
08/2030

207

204

0.0

172

smarTours, LLC (5)(6)
Senior Secured First Lien Revolver
S + 675 (100 Floor)
11.80%
12/2026

1,511

1,511

0.2

1,511

smarTours, LLC (6)
Senior Secured First Lien Term Loan
L + 775 PIK
12.80%
12/2026

1,092

1,092

0.2

1,092

Stepping Stones Healthcare Services, LLC
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.91%
12/2028

13,075

12,829

1.8

12,685

Stepping Stones Healthcare Services, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.91%
12/2028

2,178

2,147

0.3

2,066

Stepping Stones Healthcare Services, LLC (5)
Unitranche First Lien Revolver
P + 475 (75 Floor)
12.75%
12/2026

1,208

1,175

0.2

1,151

The Mulch & Soil Company, LLC
Senior Secured First Lien Term Loan
L + 625 (100 Floor)
11.41%
04/2026

3,683

3,607

0.5

3,522

The Mulch & Soil Company, LLC (5)
Senior Secured First Lien Revolver
L + 625 (100 Floor)
11.08%
04/2026

295

272

0.0

250

United Language Group, Inc.
Senior Secured First Lien Revolver
S + 875 (100 Floor) (including 200 PIK)
13.66%
06/2024

400

400

0.1

384

United Language Group, Inc.
Senior Secured First Lien Term Loan
S + 875 (100 Floor) (including 200 PIK)
13.66%
06/2024

4,534

4,538

0.6

4,354

Wrench Group LLC
Senior Secured Second Lien Term Loan
L + 787.5
13.03%
04/2027

4,833

4,744

0.7

4,833

142,205

139,892

19.3

137,284

14
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Diversified Financials

Alera Group Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 650 (75 Floor)
11.41%
09/2028

7,941

7,761

1.1

7,741

Alera Group Inc.
Unitranche First Lien Term Loan
S + 650 (75 Floor)
11.41%
09/2028

4,975

4,884

0.7

4,875

Alpine X
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.85%
12/2027

1,411

1,398

0.2

1,396

Alpine X (5)
Unitranche First Lien Revolver
S + 600 (100 Floor)
10.85%
12/2027

91

89

0.0

89

Alpine X
Unitranche First Lien Delayed Draw Term Loan
S + 600 (100 Floor)
10.85%
12/2027

910

901

0.1

900

Alpine X
Unitranche First Lien Term Loan
S + 600 (100 Floor)
10.85%
12/2027

1,493

1,478

0.2

1,476

Alpine X (5)
Unitranche First Lien Revolver
S + 600 (100 Floor)
10.85%
12/2027

43

42

0.0

42

ECL Entertainment (12)
Unitranche First Lien Term Loan
S + 750 (75 Floor)
12.42%
05/2028

2,948

2,963

0.4

2,953

iLending LLC
Senior Secured First Lien Term Loan
L + 600 (100 Floor)
10.84%
06/2026

4,357

4,357

0.6

4,343

iLending LLC (5)
Senior Secured First Lien Revolver
06/2026

—

—

(0.0
)

(2
)
King Mid LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.80%
12/2027

1,640

1,609

0.2

1,594

King Mid LLC (4)(5)
Senior Secured First Lien Revolver
12/2027

—

(3
)

(0.0
)

(4
)
King Mid LLC
Senior Secured First Lien Term Loan
S + 575 (100 Floor)
10.80%
12/2027

3,450

3,391

0.5

3,405

Riveron Acquisition Holdings, Inc.
Senior Secured First Lien Term Loan
L + 575 (100 Floor)
10.48%
05/2025

8,015

8,015

1.1

8,015

37,274

36,885

5.1

36,823

Energy

Allied Wireline Services, LLC (8)(9)
Senior Secured First Lien Term Loan
06/2025

5,991

4,588

0.7

4,703

BJ Services, LLC (10)
Unitranche First Lien - Last Out Term Loan
L + 825 (100 Floor)
13.00%

5,090

3,117

0.3

2,209

Loadmaster Derrick & Equipment, Inc. (7)(9)
Senior Secured First Lien Term Loan
12/2023

14,225

—

—

—

Loadmaster Derrick & Equipment, Inc. (7)(9)
Senior Secured First Lien Term Loan
12/2023

6,962

—

—

—

Loadmaster Derrick & Equipment, Inc. (5)(7)(9)
Senior Secured First Lien Revolver
12/2023

17,886

1,807

0.3

1,807

Owl Landfill Services, LLC
Senior Secured First Lien Term Loan
L + 575 (100 Floor)
10.91%
06/2026

3,468

3,468

0.5

3,468

53,622

12,980

1.8

12,187

15
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Food & Staples Retailing

Isagenix International, LLC (9)(12)
Senior Secured First Lien Term Loan
06/2025

5,470

5,373

0.3

1,860

5,470

5,373

0.3

1,860

Food, Beverage & Tobacco

JTM Foods LLC
Senior Secured First Lien Term Loan
L + 525 (100 Floor)
10.12%
05/2027

4,962

4,899

0.7

4,874

JTM Foods LLC (5)
Senior Secured First Lien Revolver
L + 525 (100 Floor)
10.15%
05/2027

667

657

0.1

652

JTM Foods LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 525 (100 Floor)
10.41%
05/2027

500

495

0.1

487

Mann Lake Ltd. (5)
Senior Secured First Lien Revolver
L + 675 (100 Floor)
11.95%
10/2024

668

663

0.1

641

Mann Lake Ltd.
Senior Secured First Lien Term Loan
L + 675 (100 Floor)
11.95%
10/2024

1,735

1,725

0.2

1,684

8,532

8,439

1.2

8,338

Health Care Equipment & Services

ACI Group Holdings, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 625 (100 Floor) (including 125 PIK)
10.66%
08/2028

1,054

1,034

0.1

1,047

ACI Group Holdings, Inc. (4)(5)
Unitranche First Lien Revolver
08/2027

—

(11
)

(0.0
)

(2
)
ACI Group Holdings, Inc.
Unitranche First Lien Term Loan
S + 625 (100 Floor) (including 125 PIK)
10.66%
08/2028

6,927

6,783

1.0

6,909

Advanced Diabetes Supply
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
10.30%
12/2027

3,467

3,445

0.5

3,396

Advanced Diabetes Supply
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
10.30%
12/2027

4,950

4,881

0.7

4,849

Advanced Diabetes Supply (5)
Senior Secured First Lien Revolver
S + 525 (100 Floor)
10.11%
12/2027

175

171

0.0

168

Arrow Management Acquisition, LLC
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.59%
10/2027

4,888

4,812

0.7

4,757

Arrow Management Acquisition, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 475 (100 Floor)
9.59%
10/2027

2,186

2,170

0.3

2,127

Arrow Management Acquisition, LLC (4)(5)
Senior Secured First Lien Revolver
10/2027

—

(11
)

(0.0
)

(19
)
Avalign Technologies, Inc. (12)
Senior Secured First Lien Term Loan
S + 460
9.59%
12/2025

16,450

16,442

2.1

15,066

BCDI Rodeo Dental Buyer, LLC
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
10.04%
05/2025

5,723

5,625

0.8

5,567

BCDI Rodeo Dental Buyer, LLC (5)
Senior Secured First Lien Revolver
S + 500 (100 Floor)
10.04%
05/2025

1,131

1,103

0.2

1,087

BCDI Rodeo Dental Buyer, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
10.04%
05/2025

1,279

1,257

0.2

1,244

BCDI Rodeo Dental Buyer, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
10.04%
11/2027

124

122

0.0

121

16
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

CC Amulet Management, LLC
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
10.19%
08/2027

5,065

4,978

0.7

4,900

CC Amulet Management, LLC (5)
Senior Secured First Lien Revolver
S + 525 (100 Floor)
10.19%
08/2027

665

652

0.1

640

CC Amulet Management, LLC (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
08/2027

—

(16
)

(0.0
)

(30
)
Centria Subsidiary Holdings, LLC (5)
Unitranche First Lien Revolver
P + 475 (100 Floor)
12.75%
12/2025

632

605

0.1

630

Centria Subsidiary Holdings, LLC
Unitranche First Lien Term Loan
S + 600 (100 Floor)
11.06%
12/2025

11,487

11,378

1.6

11,478

ConvenientMD
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
10.16%
06/2027

5,404

5,301

0.7

5,214

ConvenientMD (4)(5)
Senior Secured First Lien Revolver
06/2027

—

(14
)

(0.0
)

(24
)
ConvenientMD (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 500 (100 Floor)
9.94%
06/2027

1,029

995

0.1

968

CRA MSO, LLC
Senior Secured First Lien Term Loan
S + 700 (100 Floor)
11.91%
12/2024

1,197

1,193

0.2

1,123

CRA MSO, LLC (5)
Senior Secured First Lien Revolver
S + 700 (100 Floor)
11.91%
12/2024

108

107

0.0

96

EMS Buyer, Inc.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.66%
11/2027

11,655

11,492

1.6

11,262

EMS Buyer, Inc. (4)(5)
Unitranche First Lien Revolver
11/2027

—

(8
)

(0.0
)

(19
)
EMS Buyer, Inc.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.66%
11/2027

993

977

0.1

959

Explorer Investor, Inc. (4)(5)
Unitranche First Lien Delayed Draw Term Loan
06/2029

—

(130
)

(0.0
)

(132
)
Explorer Investor, Inc.
Unitranche First Lien Term Loan
S + 575 (50 Floor)
10.64%
06/2029

11,276

10,655

1.5

10,656

FH MD Buyer, Inc
Senior Secured First Lien Term Loan
L + 500 (75 Floor)
9.84%
07/2028

19,700

19,550

2.6

18,716

GrapeTree Medical Staffing, LLC
Senior Secured First Lien Term Loan
S + 450 (100 Floor)
9.42%
05/2024

6,172

6,129

0.8

6,102

GrapeTree Medical Staffing, LLC (4)(5)
Senior Secured First Lien Revolver
05/2024

—

(5
)

(0.0
)

(7
)
GrapeTree Medical Staffing, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 450 (100 Floor)
9.42%
05/2024

4,406

4,381

0.6

4,356

Great Lakes Dental Partners, LLC
Unitranche First Lien Term Loan
S + 725 (100 Floor) (including 100 PIK)
12.16%
06/2026

4,935

4,866

0.6

4,455

Great Lakes Dental Partners, LLC (5)
Unitranche First Lien Revolver
S + 725 (100 Floor) (including 100 PIK)
12.16%
06/2026

301

296

0.0

262

HCOS Group Intermediate III LLC
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.66%
09/2026

11,310

11,169

1.6

11,139

HCOS Group Intermediate III LLC (5)
Senior Secured First Lien Revolver
L + 550 (100 Floor)
10.33%
09/2026

511

497

0.1

494

HCOS Group Intermediate III LLC
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.66%
09/2026

9,332

9,199

1.3

9,191

17
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

HealthDrive Corporation
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.66%
12/2023

9,576

9,515

1.3

9,493

HealthDrive Corporation
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.66%
12/2023

98

98

0.0

98

HealthDrive Corporation (5)
Unitranche First Lien Revolver
S + 575 (100 Floor)
10.41%
12/2023

166

151

0.0

151

HealthDrive Corporation (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.66%
12/2023

49

48

0.0

48

HealthDrive Corporation
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.66%
12/2023

248

246

0.0

246

Homecare Partners Management, LLC
Senior Secured First Lien Term Loan
L + 575 (100 Floor)
10.98%
05/2027

4,482

4,416

0.6

4,345

Homecare Partners Management, LLC (5)
Senior Secured First Lien Revolver
P + 475 (100 Floor)
8.00%
05/2027

528

513

0.1

494

Homecare Partners Management, LLC
Senior Secured First Lien Delayed Draw Term Loan
E + 575 (100 Floor)
10.91%
05/2027

3,353

3,295

0.5

3,250

Homecare Partners Management, LLC
Senior Secured First Lien Term Loan
E + 575 (100 Floor)
10.70%
05/2027

1,092

1,072

0.1

1,058

Hospice Care Buyer, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.33%
12/2026

14,127

13,873

1.9

13,738

Hospice Care Buyer, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.33%
12/2026

2,580

2,530

0.3

2,509

Hospice Care Buyer, Inc.
Unitranche First Lien Revolver
S + 650 (100 Floor)
11.41%
12/2026

1,617

1,588

0.2

1,572

Hospice Care Buyer, Inc.
Unitranche First Lien Delayed Draw Term Loan
S + 650 (100 Floor)
11.49%
12/2026

2,632

2,579

0.4

2,560

Hospice Care Buyer, Inc.
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.50%
12/2026

377

368

0.1

367

Integrated Pain Management Medical Group, Inc.
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.24%
06/2026

3,103

3,103

0.4

3,093

Integrated Pain Management Medical Group, Inc.
Unitranche First Lien Delayed Draw Term Loan
S + 650 (100 Floor)
11.24%
06/2026

372

372

0.1

371

Integrated Pain Management Medical Group, Inc. (5)
Unitranche First Lien Revolver
06/2026

—

—

(0.0
)

(1
)
Integrated Pain Management Medical Group, Inc.
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.24%
06/2026

852

852

0.1

849

IRC Opco LLC (5)
Senior Secured First Lien Term Loan
S + 575 (100 Floor)
10.80%
01/2026

5,215

5,215

0.7

5,215

IRC Opco LLC
Senior Secured First Lien Revolver
S + 575 (100 Floor)
10.41%
01/2026

824

824

0.1

824

IRC Opco LLC
Senior Secured First Lien Term Loan
S + 575 (100 Floor)
10.80%
01/2026

985

985

0.1

985

IRC Opco LLC
Senior Secured First Lien Term Loan
S + 575 (100 Floor)
10.80%
01/2026

247

247

0.0

247

Laserway Intermediate Holdings II, LLC (12)
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.58%
10/2027

6,009

5,916

0.8

5,911

Lighthouse Behavioral Health Solutions, LLC
Senior Secured First Lien Revolver
S + 575 (100 Floor)
10.91%
03/2028

1,145

1,139

0.2

1,104

Lighthouse Behavioral Health Solutions, LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.69%
03/2028

474

463

0.1

393

Lighthouse Behavioral Health Solutions, LLC
Senior Secured First Lien Term Loan
S + 575 (100 Floor)
10.91%
03/2028

2,267

2,256

0.3

2,187

18
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Lighthouse Lab Services
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
10.16%
10/2027

5,326

5,235

0.7

5,138

Lighthouse Lab Services (5)
Senior Secured First Lien Revolver
L + 500 (100 Floor)
9.83%
10/2027

153

127

0.0

99

Lightspeed Buyer, Inc.
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.34%
02/2026

9,700

9,605

1.3

9,464

Lightspeed Buyer, Inc. (4)(5)
Unitranche First Lien Revolver
02/2026

—

(10
)

(0.0
)

(26
)
Lightspeed Buyer, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.34%
02/2026

1,757

1,744

0.2

1,714

Lightspeed Buyer, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.34%
02/2026

977

977

0.1

953

Lightspeed Buyer, Inc.
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.66%
02/2026

2,709

2,674

0.4

2,643

Multi Specialty Healthcare (AMM LLC)
Senior Secured First Lien Term Loan
S + 625 (100 Floor)
11.30%
12/2026

3,704

3,667

0.5

3,657

Multi Specialty Healthcare (AMM LLC) (5)
Senior Secured First Lien Revolver
S + 625 (100 Floor)
11.28%
12/2026

398

391

0.1

389

Multi Specialty Healthcare (AMM LLC)
Senior Secured First Lien Term Loan
S + 625 (100 Floor)
11.30%
12/2026

149

147

0.0

147

Multi Specialty Healthcare (AMM LLC)
Senior Secured First Lien Term Loan
S + 625 (100 Floor)
11.30%
12/2026

2,787

2,759

0.4

2,751

Multi Specialty Healthcare (AMM LLC)
Senior Secured First Lien Term Loan
S + 625 (100 Floor)
11.30%
12/2026

99

98

0.0

97

MWD Management LLC (United Derm)
Senior Secured First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
9.89%
06/2027

4,489

4,412

0.6

4,407

MWD Management LLC (United Derm)
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.89%
06/2027

5,572

5,475

0.8

5,471

MWD Management LLC (United Derm) (5)
Senior Secured First Lien Revolver
S + 500 (100 Floor)
10.00%
06/2027

560

540

0.1

538

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Revolver
S + 750 (100 Floor)
12.41%
09/2025

850

847

0.1

839

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Term Loan
S + 750 (100 Floor)
12.41%
09/2025

6,720

6,697

0.9

6,635

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Term Loan
S + 750 (100 Floor)
12.41%
09/2025

882

878

0.1

871

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Term Loan
S + 750 (100 Floor)
12.41%
09/2025

299

294

0.0

295

Omni Ophthalmic Management Consultants, LLC (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
09/2025

—

(12
)

(0.0
)

(19
)
Patriot Acquisition Topco S.A.R.L (11)
Unitranche First Lien Term Loan
S + 675 (100 Floor)
11.58%
01/2028

11,212

10,998

1.5

10,791

Patriot Acquisition Topco S.A.R.L (4)(5)(11)
Unitranche First Lien Revolver
01/2026

—

(25
)

(0.0
)

(66
)
Patriot Acquisition Topco S.A.R.L (11)
Unitranche First Lien Delayed Draw Term Loan
S + 675 (100 Floor)
11.58%
01/2028

12,016

11,803

1.6

11,565

Patriot Acquisition Topco S.A.R.L (11)
Unitranche First Lien Term Loan
S + 675 (100 Floor)
11.58%
01/2028

1,424

1,393

0.2

1,371

Plasma Buyer LLC (PathGroup) (4)(5)
Unitranche First Lien Delayed Draw Term Loan
05/2029

—

(33
)

(0.0
)

(89
)
Plasma Buyer LLC (PathGroup) (4)(5)
Unitranche First Lien Revolver
05/2029

—

(14
)

(0.0
)

(38
)
Plasma Buyer LLC (PathGroup)
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.65%
05/2029

7,261

7,131

1.0

6,920

19
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Premier Dental Care Management, LLC
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.56%
08/2028

5,102

5,086

0.7

4,895

Premier Dental Care Management, LLC (5)
Unitranche First Lien Revolver
S + 575 (75 Floor)
10.56%
08/2027

669

647

0.1

606

Premier Dental Care Management, LLC
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.59%
08/2028

9,405

9,256

1.3

9,022

Professional Physical Therapy (9)
Senior Secured First Lien Term Loan
05/2023

10,070

8,907

0.7

5,158

Professional Physical Therapy (5)
Senior Secured First Lien Revolver
L + 1050 (100 Floor) (including 450 PIK)
19.84%
05/2023

41

41

0.0

41

PromptCare Intermediate, LP
Unitranche First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
10.72%
09/2027

1,422

1,410

0.2

1,366

PromptCare Intermediate, LP
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.72%
09/2027

10,343

10,185

1.4

9,940

Quartermaster Newco, LLC
Unitranche First Lien Term Loan
S + 700 (125 Floor)
12.05%
07/2025

3,065

3,042

0.4

2,999

Quartermaster Newco, LLC (4)(5)
Unitranche First Lien Revolver
07/2025

—

(4
)

(0.0
)

(8
)
Quartermaster Newco, LLC
Unitranche First Lien Term Loan
S + 700 (125 Floor)
12.05%
07/2025

4,017

3,980

0.5

3,930

Quorum Health Resources
Unitranche First Lien Term Loan
S + 525 (100 Floor)
10.63%
05/2027

5,299

5,227

0.7

5,183

Quorum Health Resources (5)
Unitranche First Lien Revolver
S + 525 (100 Floor)
10.63%
05/2027

152

142

0.0

137

Safco Dental Supply, LLC (5)
Unitranche First Lien Revolver
S + 550 (100 Floor)
10.41%
06/2025

120

116

0.0

111

Safco Dental Supply, LLC
Unitranche First Lien Term Loan
S + 550 (100 Floor)
10.55%
06/2025

4,043

4,013

0.6

3,985

Seniorlink Incorporated (4)(5)
Unitranche First Lien Revolver
07/2026

—

(17
)

0.0

21

Seniorlink Incorporated
Unitranche First Lien Term Loan
L + 650 (100 Floor)
9.19%
07/2026

9,729

9,557

1.4

9,923

Smile Doctors LLC
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.75%
12/2028

11,144

10,961

1.5

10,921

Smile Doctors LLC
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.75%
12/2028

1,758

1,738

0.2

1,723

Smile Doctors LLC (5)
Unitranche First Lien Revolver
S + 575 (75 Floor)
10.75%
12/2027

1,121

1,100

0.1

1,056

Smile Doctors LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.75%
12/2028

2,464

2,433

0.3

2,394

SolutionReach, Inc.
Senior Secured First Lien Term Loan
L + 575 (100 Floor)
10.59%
01/2024

5,682

5,619

0.8

5,575

SolutionReach, Inc. (4)(5)
Senior Secured First Lien Revolver
01/2024

—

(13
)

(0.0
)

(18
)
Sydney US Buyer Corp. (3B Scientific) (11)
Unitranche First Lien Term Loan
S + 600 (50 Floor)
10.80%
07/2029

3,693

3,603

0.5

3,693

Sydney US Buyer Corp. (3B Scientific) (11)
Unitranche First Lien Term Loan
E + 600
9.02%
07/2029

3,798

3,477

0.5

3,798

Sydney US Buyer Corp. (3B Scientific) (4)(5)(11)
Unitranche First Lien Delayed Draw Term Loan
07/2029

—

(49
)

—

—

Sydney US Buyer Corp. (3B Scientific) (11)
Senior Secured First Lien Revolver
07/2029

—

—

—

—

20
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Technology Partners, LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.37%
11/2027

4,609

4,510

0.6

4,456

Technology Partners, LLC (4)(5)
Unitranche First Lien Revolver
11/2027

—

(17
)

(0.0
)

(25
)
Technology Partners, LLC (4)(5)
Unitranche First Lien Delayed Draw Term Loan
11/2027

—

(23
)

(0.0
)

(35
)
TTF Holdings, LLC (Soliant)
Senior Secured First Lien Term Loan
L + 400 (75 Floor)
8.88%
03/2028

3,384

3,384

0.5

3,380

Unifeye Vision Partners
Senior Secured First Lien Delayed Draw Term Loan
S + 525 (100 Floor)
10.30%
09/2025

3,000

2,968

0.4

2,984

Unifeye Vision Partners (5)
Senior Secured First Lien Revolver
S + 525 (100 Floor)
10.30%
09/2025

1,020

1,005

0.1

1,011

Unifeye Vision Partners
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
10.30%
09/2025

5,225

5,178

0.7

5,196

Unifeye Vision Partners
Senior Secured First Lien Delayed Draw Term Loan
S + 525 (100 Floor)
10.30%
09/2025

5,022

5,017

0.7

4,995

Vital Care Buyer, LLC
Unitranche First Lien Term Loan
S + 525 (100 Floor)
10.17%
10/2025

6,875

6,809

0.9

6,731

Vital Care Buyer, LLC (4)(5)
Unitranche First Lien Revolver
10/2025

—

(20
)

(0.0
)

(47
)

418,266

410,800

55.7

401,467

Household & Personal Products

Lash Opco LLC
Unitranche First Lien Term Loan
L + 700 (100 Floor)
11.84%
03/2026

2,962

2,932

0.4

2,930

Lash Opco LLC (5)
Unitranche First Lien Revolver
L + 700 (100 Floor)
11.84%
08/2026

264

260

0.0

260

Lash Opco LLC
Unitranche First Lien Term Loan
L + 700 (100 Floor)
11.84%
01/2027

3,019

2,990

0.4

2,956

Lash Opco LLC
Unitranche First Lien Term Loan
L + 700 (100 Floor)
11.84%
03/2026

980

970

0.1

970

7,225

7,152

0.9

7,116

Insurance

Comet Acquisition, Inc. (12)
Senior Secured Second Lien Term Loan
L + 750
12.34%
10/2026

1,782

1,781

0.2

1,742

Doxa Insurance Holdings, LLC
Senior Secured First Lien Term Loan
S + 625 (100 Floor)
11.16%
12/2026

1,564

1,534

0.2

1,519

Doxa Insurance Holdings, LLC (4)(5)
Senior Secured First Lien Revolver
12/2026

—

(7
)

(0.0
)

(10
)
Doxa Insurance Holdings, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 625 (100 Floor)
11.16%
12/2026

1,892

1,855

0.3

1,838

Doxa Insurance Holdings, LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
S + 625 (100 Floor)
11.16%
12/2026

712

670

0.1

651

Evolution BuyerCo, Inc.
Unitranche First Lien Term Loan
S + 625 (100 Floor)
11.30%
04/2028

8,188

8,119

1.1

8,024

Evolution BuyerCo, Inc. (4)(5)
Unitranche First Lien Revolver
04/2027

—

(6
)

(0.0
)

(15
)
Evolution BuyerCo, Inc.
Unitranche First Lien Delayed Draw Term Loan
S + 625 (100 Floor)
11.30%
04/2028

1,437

1,423

0.2

1,408

Evolution BuyerCo, Inc.
Unitranche First Lien Delayed Draw Term Loan
S + 625 (100 Floor)
11.30%
04/2028

1,754

1,733

0.2

1,719

Evolution BuyerCo, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 675 (100 Floor)
11.80%
04/2028

219

215

0.0

219

21
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Integrity Marketing Acquisition, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 580 (100 Floor)
10.75%
08/2025

4,953

4,896

0.7

4,807

Integrity Marketing Acquisition, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 580 (100 Floor)
10.75%
08/2025

2,995

2,961

0.4

2,907

Integrity Marketing Acquisition, LLC (4)(5)
Unitranche First Lien Revolver
08/2025

—

(20
)

(0.0
)

(41
)
Integrity Marketing Acquisition, LLC
Unitranche First Lien Term Loan
L + 580 (100 Floor)
10.75%
08/2025

12,586

12,450

1.7

12,216

Integro Parent, Inc. (11)
Senior Secured First Lien Term Loan
L + 1025 PIK
25.40%

612

586

0.1

612

Integro Parent, Inc. (9)(11)
Senior Secured Second Lien Term Loan
10/2023

2,915

2,904

0.4

2,915

Integro Parent, Inc. (9)(11)
Senior Secured Second Lien Delayed Draw Term Loan
10/2023

380

379

0.1

380

Newcleus, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
11.05%
08/2026

5,131

4,810

0.7

4,753

Newcleus, LLC (4)(5)
Senior Secured First Lien Revolver
08/2026

—

(28
)

(0.0
)

(32
)
Newcleus, LLC (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
08/2026

—

(29
)

(0.0
)

(34
)
Patriot Growth Insurance Services, LLC
Unitranche First Lien Delayed Draw Term Loan
10/2028

—

—

—

—

Patriot Growth Insurance Services, LLC (4)(5)
Unitranche First Lien Revolver
10/2028

—

(11
)

(0.0
)

(32
)
Patriot Growth Insurance Services, LLC
Unitranche First Lien Term Loan
L + 550 (75 Floor)
10.33%
10/2028

9,252

9,147

1.2

8,803

Patriot Growth Insurance Services, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.89%
10/2028

672

647

0.1

539

Socius Insurance Services, Inc.
Unitranche First Lien Term Loan
S + 500 (100 Floor)
10.05%
06/2027

2,903

2,877

0.4

2,820

Socius Insurance Services, Inc. (4)(5)
Unitranche First Lien Revolver
06/2027

—

(5
)

(0.0
)

(15
)
Socius Insurance Services, Inc. (4)(5)
Unitranche First Lien Delayed Draw Term Loan
06/2027

—

(18
)

(0.0
)

(52
)
The Hilb Group, LLC
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.59%
12/2026

3,521

3,470

0.5

3,521

The Hilb Group, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.59%
12/2026

996

981

0.1

996

The Hilb Group, LLC (5)
Unitranche First Lien Revolver
L + 575 (100 Floor)
10.59%
12/2025

57

53

0.0

57

The Hilb Group, LLC
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.59%
12/2026

1,045

1,028

0.1

1,045

The Hilb Group, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.59%
12/2026

1,757

1,732

0.2

1,757

The Hilb Group, LLC (5)
Unitranche First Lien Revolver
L + 575 (100 Floor)
10.59%
12/2025

24

22

0.0

24

The Hilb Group, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 550 (75 Floor)
10.34%
12/2026

3,122

3,088

0.4

3,088

The Hilb Group, LLC (5)
Unitranche First Lien Revolver
L + 575 (100 Floor)
10.59%
12/2025

19

17

0.0

19

22
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Tricor Borrower, LLC
Unitranche First Lien Term Loan
L + 500 (100 Floor)
9.88%
10/2026

3,183

3,131

0.4

3,079

Tricor Borrower, LLC (4)(5)
Unitranche First Lien Revolver
10/2026

—

(5
)

(0.0
)

(9
)
Tricor Borrower, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 500 (100 Floor)
9.88%
10/2026

670

641

0.1

616

74,341

73,021

9.9

71,834

Materials

A&A Global Imports, LLC
Senior Secured First Lien Term Loan
L + 600 (100 Floor)
10.84%
06/2026

2,214

2,018

0.3

1,970

A&A Global Imports, LLC (5)
Senior Secured First Lien Revolver
L + 600 (100 Floor)
10.84%
06/2026

528

461

0.1

444

Action Signature Acquisition, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.66%
06/2026

3,258

3,242

0.4

3,226

Action Signature Acquisition, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.66%
11/2026

508

506

0.1

503

Action Signature Acquisition, Inc. (5)
Unitranche First Lien Revolver
L + 650 (100 Floor)
11.26%
06/2026

334

330

0.0

326

Action Signature Acquisition, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.66%
11/2026

247

246

0.0

244

Action Signature Acquisition, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.66%
06/2026

842

837

0.1

833

Advanced Web Technologies
Unitranche First Lien Term Loan
L + 600 (100 Floor)
11.01%
12/2026

2,012

1,982

0.3

1,983

Advanced Web Technologies (5)
Unitranche First Lien Revolver
L + 600 (100 Floor)
11.01%
12/2026

46

41

0.0

41

Advanced Web Technologies
Unitranche First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
11.01%
12/2026

791

779

0.1

780

USALCO, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
11.16%
10/2027

2,963

2,878

0.4

2,868

13,743

13,320

1.8

13,218

Pharmaceuticals, Biotechnology & Life Sciences

Alcanza Clinical Research
Senior Secured First Lien Term Loan
L + 525 (100 Floor)
10.40%
12/2027

496

488

0.1

481

Alcanza Clinical Research (4)(5)
Senior Secured First Lien Revolver
12/2027

—

(2
)

(0.0
)

(4
)
Alcanza Clinical Research (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
12/2027

—

(4
)

(0.0
)

(7
)
Alcanza Clinical Research
Senior Secured First Lien Term Loan
L + 525 (100 Floor)
10.40%
12/2027

6,567

6,468

0.9

6,380

BioAgilytix
Senior Secured First Lien Term Loan
L + 625 (75 Floor) (including 275 PIK)
14.16%
12/2028

13,220

12,971

1.7

12,418

BioAgilytix (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 625 (75 Floor) (including 275 PIK)
14.16%
12/2028

682

661

0.1

527

LSCS Holdings, Inc. (Eversana)
Senior Secured Second Lien Term Loan
L + 800 (50 Floor)
12.84%
12/2029

14,700

14,393

1.9

13,377

23
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Teal Acquisition Co., Inc
Unitranche First Lien Term Loan
L + 625 (100 Floor)
11.00%
09/2026

8,919

8,749

1.0

7,135

Teal Acquisition Co., Inc (5)
Unitranche First Lien Revolver
L + 625 (100 Floor)
11.00%
09/2026

912

890

0.1

657

Teal Acquisition Co., Inc
Unitranche First Lien Term Loan
S + 625 (100 Floor)
11.26%
09/2026

4,937

4,868

0.5

3,950

50,433

49,482

6.3

44,914

Retailing

Matilda Jane Holdings, Inc. (9)
Senior Secured First Lien Term Loan
12/2022

11,961

—

0.0

291

Matilda Jane Holdings, Inc. (9)
Senior Secured First Lien Revolver
12/2022

1,426

196

0.0

35

MeriCal, LLC
Unitranche First Lien Term Loan
S + 675 (100 Floor)
11.91%
11/2023

7,254

6,858

1.0

6,927

Savers
Senior Secured First Lien Term Loan
S + 550 (75 Floor)
10.66%
04/2028

2,635

2,635

0.4

2,530

Slickdeals Holdings, LLC (4)(5)(6)
Unitranche First Lien Revolver
06/2023

—

(1
)

(0.0
)

(5
)
Slickdeals Holdings, LLC (6)
Unitranche First Lien Term Loan
L + 625 (100 Floor)
10.92%
06/2024

14,160

14,050

2.0

14,054

37,436

23,738

3.4

23,832

Semiconductor and Semiconductor Equipment

OEM Group, LLC (7)(9)
Senior Secured First Lien Term Loan
09/2025

9,385

9,011

1.3

9,314

OEM Group, LLC (7)(9)
Senior Secured Second Lien Term Loan
09/2025

27,025

—

—

—

OEM Group, LLC (7)(9)
Senior Secured Second Lien Revolver
09/2025

15,044

—

—

—

OEM Group, LLC (5)(7)(9)
Senior Secured Second Lien Term Loan
09/2025

12,993

—

—

—

64,447

9,011

1.3

9,314

Software & Services

ABACUS Holdings I LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
9.90%
06/2028

268

244

0.0

213

ABACUS Holdings I LLC (5)
Unitranche First Lien Revolver
S + 500 (100 Floor)
9.82%
06/2028

480

459

0.1

456

ABACUS Holdings I LLC
Unitranche First Lien Term Loan
S + 500 (100 Floor)
9.89%
06/2028

6,766

6,643

0.9

6,633

Affinitiv, Inc. (4)(5)
Unitranche First Lien Revolver
08/2024

—

(3
)

(0.0
)

(4
)
Affinitiv, Inc.
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.66%
08/2024

6,199

6,166

0.9

6,153

Alpine SG, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.83%
11/2027

1,351

1,325

0.2

1,312

Alpine SG, LLC (4)(5)
Senior Secured First Lien Revolver
11/2027

—

(2
)

(0.0
)

(3
)
Alpine SG, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.83%
11/2027

967

948

0.1

939

24
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Alpine SG, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.83%
11/2027

3,363

3,297

0.5

3,264

Alpine SG, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.83%
11/2027

536

525

0.1

520

Ansira Partners, Inc. (9)
Unitranche First Lien Term Loan
12/2024

8,568

6,622

0.3

2,364

Ansira Partners, Inc. (9)
Unitranche First Lien Delayed Draw Term Loan
12/2024

1,174

941

0.0

324

Ansira Partners, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 1000 (100 Floor) (including 800 PIK)
14.91%
12/2024

51

51

0.0

51

Apps Associates LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
9.91%
07/2027

891

872

0.1

852

Apps Associates LLC (5)
Unitranche First Lien Revolver
S + 500 (100 Floor)
9.91%
07/2027

400

389

0.1

383

Apps Associates LLC
Unitranche First Lien Term Loan
S + 500 (100 Floor)
9.91%
07/2027

5,565

5,482

0.8

5,444

Banker's Toolbox, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 550 (75 Floor)
10.41%
07/2027

2,913

2,865

0.4

2,676

Banker's Toolbox, Inc. (4)(5)
Unitranche First Lien Revolver
07/2027

—

(35
)

(0.0
)

(85
)
Banker's Toolbox, Inc.
Unitranche First Lien Term Loan
S + 550 (75 Floor)
10.41%
07/2027

15,644

15,413

2.1

15,090

Belay Inc.
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.91%
06/2026

4,863

4,806

0.7

4,833

Belay Inc. (4)(5)
Senior Secured First Lien Revolver
11/2025

—

(7
)

(0.0
)

(4
)
Benesys Inc.
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.60%
10/2024

1,382

1,376

0.2

1,329

Benesys Inc.
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.60%
10/2024

293

291

0.0

282

Benesys Inc.
Senior Secured First Lien Revolver
L + 475 (100 Floor)
9.60%
10/2024

150

149

0.0

144

Cedar Services Group, LLC
Senior Secured First Lien Term Loan
S + 650 (150 Floor)
11.55%
06/2027

2,867

2,782

0.4

2,772

Cedar Services Group, LLC (4)(5)
Senior Secured First Lien Revolver
06/2027

—

(24
)

(0.0
)

(27
)
Cedar Services Group, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 650 (150 Floor)
11.46%
06/2027

1,399

1,357

0.2

1,352

Cedar Services Group, LLC
Senior Secured First Lien Term Loan
S + 650 (150 Floor)
11.55%
06/2027

990

960

0.1

957

Cedar Services Group, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 650 (150 Floor)
11.46%
06/2027

713

692

0.1

689

Certify, Inc.
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.34%
02/2024

1,544

1,544

0.2

1,538

Certify, Inc.
Senior Secured First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.34%
02/2024

211

211

0.0

210

Certify, Inc. (5)
Senior Secured First Lien Revolver
L + 550 (100 Floor)
10.34%
02/2024

18

18

0.0

17

Claritas, LLC (4)(5)
Unitranche First Lien Delayed Draw Term Loan
03/2026

—

(18
)

(0.0
)

(18
)
Claritas, LLC (4)(5)
Unitranche First Lien Revolver
03/2026

—

(15
)

(0.0
)

(14
)
25
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Claritas, LLC
Unitranche First Lien Term Loan
S + 550 (100 Floor)
10.40%
03/2026

10,494

10,402

1.5

10,419

Granicus, Inc.
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.34%
01/2027

9,069

8,920

1.2

8,661

Granicus, Inc. (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
10.34%
01/2027

423

410

0.1

387

Granicus, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
10.84%
01/2027

7,856

7,766

1.0

7,503

Lexipol (Ranger Buyer, Inc.)
Unitranche First Lien Term Loan
S + 550 (75 Floor)
10.41%
11/2028

13,124

12,906

1.8

13,061

Lexipol (Ranger Buyer, Inc.) (4)(5)
Unitranche First Lien Revolver
11/2027

—

(18
)

(0.0
)

(5
)
List Partners, Inc. (4)(5)
Senior Secured First Lien Revolver
05/2024

—

(1
)

(0.0
)

(10
)
List Partners, Inc.
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.91%
05/2024

3,662

3,654

0.5

3,580

MRI Software LLC (12)
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.66%
02/2026

18,180

18,045

2.5

17,602

MRI Software LLC (4)(5)(12)
Unitranche First Lien Revolver
02/2026

—

(9
)

(0.0
)

(40
)
MRI Software LLC (12)
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.66%
02/2026

1,306

1,296

0.2

1,264

New Era Technology, Inc.
Unitranche First Lien Term Loan
L + 625 (100 Floor)
11.08%
10/2026

3,118

3,076

0.4

2,992

New Era Technology, Inc.
Unitranche First Lien Revolver
L + 625 (100 Floor)
11.41%
10/2026

249

248

0.0

240

New Era Technology, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
11.41%
10/2026

2,003

1,979

0.3

1,922

New Era Technology, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
11.41%
10/2026

6,123

6,051

0.8

5,856

New Era Technology, Inc. (5)
Unitranche First Lien Revolver
L + 625 (100 Floor)
11.41%
10/2026

344

336

0.0

324

NMN Holdings III Corp.
Senior Secured Second Lien Delayed Draw Term Loan
L + 775
12.59%
11/2026

1,667

1,640

0.2

1,424

NMN Holdings III Corp.
Senior Secured Second Lien Term Loan
L + 775
12.59%
11/2026

7,222

7,109

0.9

6,172

Odessa Technologies, Inc. (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
10/2027

—

(14
)

—

—

Odessa Technologies, Inc. (4)(5)
Senior Secured First Lien Revolver
10/2027

—

(38
)

—

—

Odessa Technologies, Inc.
Senior Secured First Lien Term Loan
L + 575 (75 Floor)
10.51%
10/2027

9,546

9,395

1.3

9,546

Ontario Systems, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.66%
08/2025

1,084

1,082

0.1

1,050

Ontario Systems, LLC (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
10.66%
08/2025

438

435

0.1

422

Ontario Systems, LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.66%
08/2025

3,136

3,123

0.4

3,038

Ontario Systems, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.66%
08/2025

546

533

0.1

529

Ontario Systems, LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.66%
08/2025

443

438

0.1

429

26
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Park Place Technologies, LLC (8)
Unsecured Debt
1250 PIK
12.50%
05/2029

912

912

0.1

770

Perforce Software, Inc. (12)
Senior Secured Second Lien Term Loan
L + 800
12.84%
07/2027

5,000

4,992

0.6

4,388

Right Networks, LLC
Unitranche First Lien Revolver
L + 600 (100 Floor)
10.85%
05/2026

233

231

0.0

231

Right Networks, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.85%
05/2026

9,292

9,220

1.3

9,221

Right Networks, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.85%
05/2026

8,203

8,091

1.1

8,140

Right Networks, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
10.85%
05/2026

2,091

2,063

0.3

2,075

Ruffalo Noel Levitz, LLC
Unitranche First Lien Revolver
L + 600 (100 Floor)
10.99%
05/2024

300

299

0.0

296

Ruffalo Noel Levitz, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
11.16%
05/2024

2,448

2,452

0.3

2,414

Saturn Borrower Inc
Unitranche First Lien Term Loan
L + 725 (100 Floor) (including 75 PIK)
12.41%
09/2026

20,130

19,736

2.5

18,239

Saturn Borrower Inc
Unitranche First Lien Term Loan
L + 725 (100 Floor) (including 75 PIK)
12.41%
09/2026

2,452

2,402

0.3

2,222

Saturn Borrower Inc
Unitranche First Lien Revolver
L + 650 (100 Floor)
11.66%
09/2026

1,513

1,485

0.2

1,371

Smartronix, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
11.21%
11/2028

23,808

23,400

3.2

23,402

Smartronix, LLC (4)(5)
Unitranche First Lien Revolver
11/2028

—

(54
)

(0.0
)

(56
)
SQAD Holdco, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.65%
04/2028

2,407

2,366

0.3

2,257

SQAD Holdco, Inc. (5)
Unitranche First Lien Revolver
S + 575 (100 Floor)
10.65%
04/2028

210

189

0.0

177

SQAD Holdco, Inc.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.65%
04/2028

8,883

8,728

1.2

8,607

Summit 7 Systems, LLC (5)
Senior Secured First Lien Revolver
S + 650 (100 Floor)
11.68%
05/2028

1,479

1,473

0.2

1,452

Summit 7 Systems, LLC
Senior Secured First Lien Term Loan
S + 650 (100 Floor)
11.55%
05/2028

5,260

5,169

0.7

5,176

Transportation Insight, LLC
Senior Secured First Lien Term Loan
L + 425
9.18%
12/2024

5,023

5,009

0.7

4,885

Transportation Insight, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 425
9.18%
12/2024

1,248

1,245

0.2

1,214

Transportation Insight, LLC (4)(5)
Senior Secured First Lien Revolver
12/2024

—

(2
)

(0.0
)

(21
)
TMA Buyer, LLC
Unitranche First Lien Term Loan
S + 725 (100 Floor)
12.30%
09/2027

3,097

2,979

0.4

2,942

TMA Buyer, LLC (4)(5)
Unitranche First Lien Revolver
09/2027

—

(15
)

(0.0
)

(19
)
TMA Buyer, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 725 (100 Floor)
12.16%
09/2027

369

308

0.0

291

27
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Winxnet Holdings LLC
Unitranche First Lien Delayed Draw Term Loan
S + 650 (100 Floor)
11.41%
12/2025

626

625

0.1

614

Winxnet Holdings LLC
Unitranche First Lien Delayed Draw Term Loan
S + 650 (100 Floor)
11.41%
12/2025

1,026

1,024

0.1

1,007

Winxnet Holdings LLC
Unitranche First Lien Revolver
S + 650 (100 Floor)
11.41%
12/2025

650

649

0.1

638

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.41%
12/2025

1,905

1,902

0.3

1,869

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.41%
12/2025

1,519

1,515

0.2

1,490

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.41%
12/2025

1,133

1,130

0.2

1,111

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
11.41%
12/2025

199

197

0.0

195

281,015

274,808

36.6

263,606

Technology, Hardware & Equipment

3SI Security Systems
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.50%
12/2024

3,702

3,597

0.5

3,562

Gener8, LLC
Senior Secured First Lien Term Loan
L + 600 (100 Floor)
10.95%
08/2024

5,738

5,738

0.8

5,489

Gener8, LLC (5)
Senior Secured First Lien Revolver
L + 600 (100 Floor)
10.81%
08/2024

1,200

1,200

0.2

1,135

Gener8, LLC
Senior Secured First Lien Term Loan
L + 600 (100 Floor)
11.16%
08/2024

246

246

0.0

236

10,886

10,781

1.5

10,422

Transportation

A&R Logistics Holdings, Inc.
Unitranche First Lien Term Loan
S + 550 (100 Floor)
10.33%
05/2025

2,343

2,343

0.3

2,320

A&R Logistics Holdings, Inc.
Unitranche First Lien Term Loan
S + 600 (100 Floor)
10.98%
05/2025

443

443

0.1

439

2,786

2,786

0.4

2,759

Total Debt Investments
United States

1,472,777

1,338,775

180.8

%

1,299,601

28
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Equity Investments

Automobiles & Components

Sun Acquirer Corp.
Common Stock

6,148

615

0.1

566

Sun Acquirer Corp.
Common Stock

428

43

0.0

39

658

0.1

605

Capital Goods

Envocore Holding, LLC (7)
Common Stock

521,354

—

—

—

Envocore Holding, LLC (7)
Preferred Stock

534,722

—

—

—

—

—

—

Commercial & Professional Services

Allied Universal Holdings, LLC
Common Stock

2,805,726

1,011

0.4

3,090

Allied Universal Holdings, LLC
Common Stock

684,903

685

0.1

755

ASP MCS Acquisition Corp. (6)
Common Stock

11,861

1,150

0.1

385

ASP MCS Acquisition Corp. (6)
Common Stock

891

29

0.0

29

ASP MCS Acquisition Corp. (6)(12)
Preferred Stock

230

338

0.0

314

Hercules Borrower LLC
Common Stock

1,153,075

1,153

0.2

1,265

IGT Holdings LLC
Preferred Stock

645,730

—

—

—

IGT Holdings LLC
Common Stock

1,000,000

—

—

—

MHS Acquisition Holdings, LLC
Preferred Stock

1,060

923

0.2

1,421

MHS Acquisition Holdings, LLC
Common Stock

11

9

0.0

344

Receivable Solutions, Inc.
Preferred Stock

137,000

137

0.0

325

Service Logic Acquisition, Inc.
Common Stock

13,132

1,313

0.3

2,194

TecoStar Holdings, Inc.
Common Stock

500,000

500

0.1

369

7,248

1.4

10,491

29
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Consumer Services

Everlast Parent Inc.
Common Stock

948

948

0.2

1,205

FS Whitewater Borrower, LLC
Common Stock

6,897

690

0.1

645

HGH Purchaser, Inc.
Common Stock

4,171

417

0.2

1,079

HS Spa Holdings Inc. (Hand & Stone)
Common Stock

1,804,502

1,805

0.3

2,023

Legalshield
Common Stock

372

372

0.1

549

Mario Purchaser, LLC
Common Stock

1,027

1,027

0.1

688

PPV Intermediate Holdings LLC (Vetcor)
Common Stock

312,500

313

0.1

412

smarTours, LLC (6)
Common Stock

2,403

1,682

0.2

1,651

Stepping Stones Healthcare Services, LLC
Common Stock

11,321

1,132

0.1

837

Wrench Group LLC
Common Stock

2,337

235

0.1

832

Wrench Group LLC
Common Stock

655

66

0.0

233

8,687

1.5

10,154

Diversified Financials

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

266

0.0

358

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

—

—

—

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

44,767

5.5

39,882

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

1,771

0.2

1,771

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

4,898

0.6

4,613

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

145

0.0

145

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

9,144

1.3

9,593

60,991

7.6

56,362

Energy

Allied Wireline Services, LLC
Common Stock

4,538

—

—

—

Allied Wireline Services, LLC
Common Stock

2,063

—

—

—

Loadmaster Derrick & Equipment, Inc. (7)
Preferred Stock

2,956

—

—

—

Loadmaster Derrick & Equipment, Inc. (7)
Common Stock

12,131

—

—

—

—

—

—

30
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Health Care Equipment & Services

ACI Group Holdings, Inc.
Common Stock

907,499

909

0.2

1,199

ACI Group Holdings, Inc.
Preferred Stock

3,719

3,645

0.6

4,298

Centria Subsidiary Holdings, LLC
Common Stock

11,911

1,191

0.2

1,131

Hospice Care Buyer, Inc.
Common Stock

13,895

1,398

0.1

1,053

Hospice Care Buyer, Inc.
Common Stock

844

75

0.0

57

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

1,122

1,122

0.2

1,241

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

15,444

36

0.0

13

Seniorlink Incorporated
Common Stock

68,182

518

0.3

2,044

Smile Doctors LLC
Common Stock

1,190

714

0.1

689

9,608

1.7

11,725

Insurance

Doxa Insurance Holdings, LLC
Common Stock

257,116

260

0.0

217

Evolution BuyerCo, Inc.
Common Stock

2,917

292

0.0

294

Integrity Marketing Acquisition, LLC
Common Stock

287,484

533

0.1

937

Integrity Marketing Acquisition, LLC
Preferred Stock

1,247

1,215

0.3

1,966

Integro Parent, Inc. (11)
Common Stock

4,468

454

—

—

2,754

0.4

3,414

Pharmaceuticals, Biotechnology & Life Sciences

LSCS Holdings, Inc. (Eversana)
Common Stock

3,096

953

0.2

1,135

LSCS Holdings, Inc. (Eversana)
Preferred Stock

447

447

0.1

482

Teal Acquisition Co., Inc
Common Stock

5,555

556

—

—

1,956

0.3

1,617

31
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Retailing

Palmetto Moon LLC
Common Stock

61

—

0.1

415

Matilda Jane Holdings, Inc.
Preferred Stock

2,587,855

—

—

—

MeriCal, LLC
Preferred Stock

521

103

0.0

102

MeriCal, LLC
Common Stock

5,334

—

—

—

Slickdeals Holdings, LLC (6)
Common Stock

99

891

0.2

1,255

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

608,109

608

0.1

955

1,602

0.4

2,727

Semiconductor and Semiconductor Equipment

OEM Group, LLC (7)
Common Stock

20,000

—

—

—

Software & Services

Certify, Inc.
Common Stock

841

246

0.0

216

Lexipol (Ranger Buyer, Inc.)
Common Stock

638

638

0.1

661

Lexipol (Ranger Buyer, Inc.)
Common Stock

638

—

—

—

NMN Holdings III Corp.
Common Stock

11,111

1,111

0.1

718

Odessa Technologies, Inc.
Common Stock

10,714

1,071

0.2

1,175

Park Place Technologies, LLC
Common Stock

479

479

—

—

Park Place Technologies, LLC
Common Stock

442,203

27

0.1

535

Park Place Technologies, LLC
Common Stock

685,018

—

—

—

Saturn Borrower Inc
Common Stock

434,163

434

0.0

239

4,006

0.5

3,544

Transportation

Xpress Global Systems, LLC (12)
Common Stock

12,544

—

0.2

1,254

Wheels Up Experience Inc. (11)(12)
Common Stock

460,392

534.0

0.1

401

534

0.3

1,655

Total Equity Investments
United States

$
98,044

14.2

%
$
102,294

Total United States

$
1,436,819

195.0

%
$
1,401,895

32
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Canada

Debt Investments

Health Care Equipment & Services

VetStrategy (11)
Unsecured Debt
C + 1050 PIK
15.45%
03/2031

C$2,400

$
2,486

0.3

$
2,400

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 700 (100 Floor)
11.95%
07/2027

C$1,250

1,241

0.2

1,252

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 700 (100 Floor)
11.95%
07/2027

C$1,250

1,294

0.2

1,252

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 700 (100 Floor)
11.95%
07/2027

C$3,629

3,847

0.5

3,635

VetStrategy (11)
Unitranche First Lien Term Loan
C + 700 (100 Floor)
11.95%
07/2027

C$6,702

6,625

0.9

6,755

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 575 (100 Floor)
10.70%
07/2027

C$6,385

6,708

0.9

6,118

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 575 (100 Floor)
10.70%
07/2027

C$4,566

4,760

0.6

4,375

26,182

26,961

3.6

25,787

Software & Services

PDFTron Systems Inc. (11)
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.31%
07/2027

C$1,616

$
1,602

0.2

$
1,576

PDFTron Systems Inc. (11)
Senior Secured First Lien Revolver
S + 550 (100 Floor)
10.31%
07/2026

C$298

296

0.0

291

PDFTron Systems Inc. (11)
Senior Secured First Lien Delayed Draw Term Loan
S + 550 (100 Floor)
10.31%
07/2027

C$522

517

0.1

509

PDFTron Systems Inc. (11)
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.31%
07/2027

C$4,963

4,916

0.7

4,838

7,399

7,331

1.0

7,214

Telecommunication Services

Sandvine Corporation (11)(12)
Senior Secured Second Lien Term Loan
L + 800
12.83%
11/2026

4,500

4,406

0.6

4,028

Total Debt Investments
Canada

$
38,698

5.2

%
$
37,029

Total Canada

$
38,698

5.2

%
$
37,029

33
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

United Kingdom

Debt Investments

Commercial & Professional Services

Crusoe Bidco Limited (11)
Unitranche First Lien Term Loan
SN + 625
10.55%
12/2025
£
7,484

$
7,502

1.0

%
$
7,484

Crusoe Bidco Limited (11)
Unitranche First Lien Delayed Draw Term Loan
SN + 625
10.55%
12/2025
£
1,012

990

0.1

1,012

Nurture Landscapes (11)
Unitranche First Lien Term Loan
SN + 650
10.43%
06/2028
£
1,747

1,949

0.2

1,747

Nurture Landscapes (11)
Unitranche First Lien Delayed Draw Term Loan
SN + 650
10.43%
06/2028
£
483

521

0.1

483

Nurture Landscapes (11)
Unitranche First Lien Delayed Draw Term Loan
SN + 650
10.43%
06/2028
£
13,569

13,279

1.9

13,569

24,295

24,241

3.3

24,295

Consumer Durables & Apparel

Lion Cashmere Bidco Limited (11)
Unitranche First Lien Term Loan
L + 600 (50 Floor)
11.01%
03/2028
£
4,352

$
4,266

0.6

$
4,352

Lion Cashmere Bidco Limited (11)
Unitranche First Lien Term Loan
L + 600 (50 Floor)
11.01%
03/2028
£
9,939

9,744

1.4

9,939

Lion Cashmere Bidco Limited (11)
Unitranche First Lien Term Loan
L + 600 (50 Floor)
11.01%
03/2028
£
4,953

4,853

0.7

4,953

Lion Cashmere Bidco Limited (4)(5)(11)
Unitranche First Lien Delayed Draw Term Loan
03/2028

—

(69
)

—

—

19,244

18,794

2.7

19,244

Software & Services

Jordan Bidco, Ltd. (5)(11)
Unitranche First Lien Delayed Draw Term Loan
08/2028

—

—

—

—

Jordan Bidco, Ltd. (11)
Unitranche First Lien Term Loan
SN + 600
10.18%
08/2028
£
16,324

17,783

2.3

16,324

17,783

2.3

16,324

Total Debt Investments
United Kingdom

$
60,818

8.3

%
$
59,863

Equity Investments

Health Care Equipment & Services

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

1,353,474

$
776

0.3

$
1,902

Total Equity Investments
United Kingdom

776

0.3

%

1,902

Total United Kingdom

$
61,594

8.6

%
$
61,765

34
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Netherlands

Debt Investments

Pharmaceuticals, Biotechnology & Life Sciences

PharComp Parent B.V. (11)
Unitranche First Lien Delayed Draw Term Loan
E + 625
8.90%
02/2026
€
2,025

$
2,153

0.3

%
$
2,025

PharComp Parent B.V. (10)(11)
Unitranche First Lien - Last Out Term Loan
E + 625
9.16%
02/2026
€
7,494

7,720

1.0

7,494

PharComp Parent B.V. (11)
Unitranche First Lien Delayed Draw Term Loan
E + 625
9.15%
02/2026
€
1,892

1,877

0.3

1,892

PharComp Parent B.V. (5)(11)
Unitranche First Lien Delayed Draw Term Loan
02/2026

—

—

—

—

Eagle Midco B.V. (Avania) (11)
Unitranche First Lien Term Loan
E + 600
8.69%
07/2029
€
1,995

1,855

0.3

1,995

Eagle Midco B.V. (Avania) (5)(11)
Unitranche First Lien Delayed Draw Term Loan
S + 625
10.05%
07/2029
€
420

280

0.1

368

Eagle Midco B.V. (Avania) (4)(5)(11)
Senior Secured First Lien Revolver
01/2029

—

(18
)

—

—

Eagle Midco B.V. (Avania) (11)
Unitranche First Lien Term Loan
S + 625
10.55%
07/2029
€
3,411

3,329

0.5

3,411

17,237

17,196

2.5

17,185

Total Debt Investments
Netherlands

$
17,196

2.5

%
$
17,185

Total Netherlands

$
17,196

2.5

%
$
17,185

Belgium

Debt Investments

Commercial & Professional Services

Miraclon Corporation (11)
Unitranche First Lien Term Loan
L + 600
7.96%
04/2026
€
10,311

$
10,582

1.4

$
10,311

Miraclon Corporation (11)
Unitranche First Lien Term Loan
L + 600
10.38%
04/2026
€
4,162

4,100

0.6

4,162

14,473

14,682

2.0

14,473

Total Debt Investments
Belgium

$
14,682

2.0

%
$
14,473

Equity Investments

Commercial & Professional Services

Miraclon Corporation (11)
Common Stock

921

$
1

—

—

Miraclon Corporation (11)
Preferred Stock

81,384

91

0.0

95

92

0.0

95

Total Equity Investments
Belgium

$
92

0.0

%
$
95

Total Belgium

$
14,774

2.0

%
$
14,568

35
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
March 31, 2023
(in thousands, except share and per share data) (Unaudited)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Australia

Debt Investments

Retailing

Greencross (Vermont Aus Pty Ltd) (11)
Unitranche First Lien Term Loan
B + 575
9.52%
03/2028

A$29,775

$
21,740

2.7

$
19,441

Total Debt Investments
Australia

$
21,740

2.7

%
$
19,441

Total Australia

$
21,740

2.7

%
$
19,441

Sweden

Debt Investments

Retailing

AX VI INV2 Holding AB (Voff) (6)(11)
Unitranche First Lien Term Loan
E + 475
7.98%
08/2029
€
9,538

$
8,617

1.3

$
9,538

AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)
Senior Secured First Lien Revolver
08/2029

—

(9
)

—

—

AX VI INV2 Holding AB (Voff) (6)(11)
Senior Secured Second Lien Term Loan
E + 1000 PIK
13.23%
08/2030
€
2,085

1,890

0.3

2,085

AX VI INV2 Holding AB (Voff) (5)(6)(11)
Unitranche First Lien Delayed Draw Term Loan
E + 475
7.56%
08/2029
€
1,233

1,183

0.2

1,233

Total Debt Investments
Sweden

$
11,681

1.8

%
$
12,856

Equity Investments

Retailing

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

11,583,011

$
1,086

0.2

$
1,306

Total Equity Investments
Sweden

$
1,086

0.2

%
$
1,306

Total Sweden

$
12,767

2.0

%
$
14,162

Total Investments

$
1,603,588

218.0

%
$
1,566,045

*The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”), SOFR (“S”), CDOR (“C”), EURIBOR (“E”), SONIA (“SN”), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of March 31, 2023, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.
*** Percentage is based on net assets of $718,420 as of March 31, 2023.
36

Tenor

Reference Rate

Overnight

1 month

3 month

6 Month

12 Month

LIBOR (“L”)

4.80%

4.86%

5.19%

5.19%

5.31%

Prime (“P”)

8.00%

-

-

-

-

SOFR (“S”)

-

4.80%

4.91%

4.90%

4.73%

CDOR (“C”)

-

4.95%

0.00%

0.00%

-

EURIBOR (“E”)

-

2.93%

3.05%

3.34%

3.65%

SONIA (“SN”)

4.18%

-

-

-

-

BBSY ("B")

-

-

3.77%

-

-

(1)
All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
(2)
All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
(3)
The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 “Summary of Significant Accounting Policies”.
(4)
The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
(5)
Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 “Commitments and Contingencies”.
(6)
As defined in the 1940 Act, the portfolio company is deemed to be a “non-controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Agreements and Related Party Transactions”.
(7)
As defined in the 1940 Act, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.
(8)
Fixed rate investment.
(9)
The investment is on non-accrual status as of March 31, 2023.
(10)
These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to “first-out” and “last-out” tranches, whereby the “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the “last-out” tranche.
(11)
Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 17.3% as of March 31, 2023.
(12)
This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.
(13)
This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.
(14)
Investment is not redeemable.
37
Foreign Currency Exchange
Contracts
Counterparty
Currency Purchased
Currency Sold
Settlement
Unrealized
Appreciation
(Depreciation)

Wells Fargo Bank, N.A.
USD 1,049
CAD 1,348
7/15/2025
$
41

Wells Fargo Bank, N.A.
USD 992
EUR 809
2/20/2024

97

Wells Fargo Bank, N.A.
USD 493
CAD 632
7/31/2025

21

Wells Fargo Bank, N.A.
USD 622
CAD 839
7/31/2025

(2
)
Wells Fargo Bank, N.A.
USD 933
CAD 1,192
7/31/2025

42

Wells Fargo Bank, N.A.
USD 612
CAD 801
7/31/2025

15

Wells Fargo Bank, N.A.
USD 20,607
AUD 29,250
3/22/2028

1,017

Wells Fargo Bank, N.A.
USD 1,306
CAD 1,703
7/31/2025

35

Wells Fargo Bank, N.A.
USD 2,214
CAD 2,792
7/31/2025

124

Wells Fargo Bank, N.A.
USD 1,914
CAD 2,432
7/31/2025

94

Wells Fargo Bank, N.A.
USD 395
GBP 294
12/1/2023

30

Wells Fargo Bank, N.A.
USD 308
EUR 249
2/20/2024

32

Wells Fargo Bank, N.A.
USD 3,074
GBP 2,237
6/3/2026

296

Wells Fargo Bank, N.A.
USD 768
EUR 623
2/20/2026

66

Wells Fargo Bank, N.A.
USD 325
CAD 422
7/31/2025

10

Wells Fargo Bank, N.A.
USD 576
CAD 738
7/31/2025

24

Wells Fargo Bank, N.A.
USD 1,795
CAD 2,370
2/28/2031

(1
)
Wells Fargo Bank, N.A.
USD 7,975
GBP 5,885
12/1/2023

672

Wells Fargo Bank, N.A.
USD 8,603
EUR 6,703
2/20/2024

1,168

Wells Fargo Bank, N.A.
USD 17,790
GBP 12,870
8/24/2026

1,793

Wells Fargo Bank, N.A.
USD 209
EUR 187
2/20/2024

3

Wells Fargo Bank, N.A.
USD 775
CAD 994
7/31/2025

32

Wells Fargo Bank, N.A.
USD 1,107
SEK 11,583
8/20/2027

(33
)
Wells Fargo Bank, N.A.
USD 371
GBP 272
6/3/2026

33

Wells Fargo Bank, N.A.
USD 789
CAD 1,005
7/31/2025

36

Wells Fargo Bank, N.A.
USD 7,089
CAD 9,712
7/31/2025

(129
)
Wells Fargo Bank, N.A.
USD 1,944
GBP 1,362
6/3/2026

245

Wells Fargo Bank, N.A.
USD 1,033
CAD 1,274
7/31/2025

77

Wells Fargo Bank, N.A.
USD 11,682
EUR 9,222
4/10/2024

1,439

Wells Fargo Bank, N.A.
USD 1,035
CAD 1,336
7/31/2025

37

Wells Fargo Bank, N.A.
USD 193
CAD 244
7/31/2025

10

Wells Fargo Bank, N.A.
USD 17
CAD 22
7/31/2025

1

Wells Fargo Bank, N.A.
USD 170
GBP 121
6/3/2026

20

Wells Fargo Bank, N.A.
USD 635
CAD 864
7/31/2025

(8
)
Total Foreign Currency Exchange Contracts

$
7,337

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

38
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Investments (1)(2)(3)

United States

Debt Investments

Automobiles & Components

Auveco Holdings (4)(5)
Unitranche First Lien Delayed Draw Term Loan

05/2028

—

(8
)

(0.0
)

(13
)
Auveco Holdings (5)
Unitranche First Lien Revolver
S + 550 (100 Floor)
9.83%
05/2028

150

145

0.0

141

Auveco Holdings
Unitranche First Lien Term Loan
S + 550 (100 Floor)
9.83%
05/2028

4,030

3,954

0.6

3,967

Continental Battery Company
Unitranche First Lien Term Loan
L + 675 (100 Floor)
11.48%
01/2027

7,193

7,087

1.1

6,586

Continental Battery Company
Unitranche First Lien Delayed Draw Term Loan
L + 675 (100 Floor)
11.48%
01/2027

2,652

2,631

0.4

2,428

Sun Acquirer Corp. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.13%
09/2028

9,044

8,924

1.5

8,974

Sun Acquirer Corp. (4)(5)
Unitranche First Lien Revolver

09/2027

—

(30
)

(0.0
)

(13
)
Sun Acquirer Corp.
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.13%
09/2028

12,913

12,696

2.1

12,819

Sun Acquirer Corp.
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.13%
09/2028

2,475

2,431

0.4

2,457

38,457

37,830

6.1

37,346

Capital Goods

Envocore Holding, LLC (7)(8)
Senior Secured First Lien Term Loan
750
7.50%
12/2025

6,875

6,816

1.1

6,875

Envocore Holding, LLC (7)(8)
Senior Secured Second Lien Term Loan
1000 PIK
10.00%
12/2026

7,674

6,827

0.7

4,500

Envocore Holding, LLC (4)(5)(7)(8)
Senior Secured First Lien Revolver
750

12/2025

—

(5
)

—

—

Eshipping
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.38%
11/2027

6,867

6,751

1.1

6,867

Eshipping (4)(5)
Senior Secured First Lien Delayed Draw Term Loan

11/2027

—

(15
)

—

—

Eshipping (4)(5)
Senior Secured First Lien Revolver

11/2027

—

(19
)

—

—

Oliver Packaging LLC
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.73%
07/2028

3,392

3,334

0.5

3,348

Oliver Packaging LLC (4)(5)
Senior Secured First Lien Revolver

07/2028

—

(8
)

(0.0
)

(6
)
Painters Supply & Equipment Company (5)
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.23%
08/2027

176

169

0.0

151

Painters Supply & Equipment Company (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
10.23%
08/2027

201

194

0.0

184

Painters Supply & Equipment Company
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
08/2027

2,024

1,991

0.3

1,954

Potter Electric Signal Company
Senior Secured First Lien Delayed Draw Term Loan
L + 475 (100 Floor)
9.94%
12/2025

1,108

1,098

0.2

1,078

Potter Electric Signal Company (4)(5)
Senior Secured First Lien Revolver

12/2024

—

(2
)

(0.0
)

(15
)
39
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Potter Electric Signal Company
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.90%
12/2025

2,436

2,424

0.4

2,369

Potter Electric Signal Company
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.90%
12/2025

463

461

0.1

450

United Flow Technologies
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.16%
10/2027

8,486

8,342

1.4

8,352

United Flow Technologies
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.16%
10/2027

1,191

1,171

0.2

1,172

United Flow Technologies (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.13%
10/2027

3,643

3,591

0.6

3,584

United Flow Technologies (4)(5)
Unitranche First Lien Revolver

10/2027

—

(26
)

(0.0
)

(25
)

44,536

43,094

6.6

40,838

Commercial & Professional Services

ASP MCS Acquisition Corp. (6)(12)
Senior Secured Second Lien Term Loan
L + 500 (100 Floor)
9.74%
10/2025

289

274

0.0

230

CHA Holdings, Inc.
Senior Secured First Lien Delayed Draw Term Loan
L + 450 (100 Floor)
9.23%
04/2025

992

990

0.2

955

CHA Holdings, Inc.
Senior Secured First Lien Term Loan
L + 450 (100 Floor)
9.23%
04/2025

4,703

4,696

0.7

4,527

Consolidated Label Co., LLC (4)(5)
Senior Secured First Lien Revolver

07/2026

—

(8
)

(0.0
)

(12
)
Consolidated Label Co., LLC
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.34%
07/2026

4,094

4,042

0.7

4,019

Consolidated Label Co., LLC
Senior Secured First Lien Term Loan
L + 500 (100 Floor)
9.38%
07/2026

3,792

3,736

0.6

3,723

Galway Borrower, LLC (12)
Unitranche First Lien Term Loan
L + 525 (75 Floor)
9.98%
09/2028

14,558

14,358

2.3

13,939

Galway Borrower, LLC (4)(5)(12)
Unitranche First Lien Delayed Draw Term Loan

09/2028

—

(1
)

(0.0
)

(6
)
Galway Borrower, LLC (4)(5)
Unitranche First Lien Revolver

09/2027

—

(15
)

(0.0
)

(25
)
GH Parent Holdings Inc.
Unitranche First Lien Term Loan
L + 550 (100 Floor)
9.84%
05/2027

13,010

12,855

2.0

12,460

GH Parent Holdings Inc. (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
9.84%
05/2027

542

519

0.1

454

GH Parent Holdings Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.18%
05/2027

5,528

5,528

0.9

5,294

Hepaco, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 525 (100 Floor) (including 25 PIK)
10.04%
02/2025

4,113

4,103

0.7

3,985

Hepaco, LLC
Senior Secured First Lien Term Loan
L + 525 (100 Floor) (including 25 PIK)
10.04%
02/2025

5,047

5,033

0.8

4,890

Hepaco, LLC (5)
Senior Secured First Lien Revolver
L + 525 (100 Floor) (including 25 PIK)
10.04%
02/2025

784

784

0.1

756

Hercules Borrower LLC
Unitranche First Lien Term Loan
L + 650 (100 Floor)
10.67%
12/2026

18,790

18,447

2.9

18,038

Hercules Borrower LLC (5)
Unitranche First Lien Revolver
L + 650 (100 Floor)
10.67%
12/2026

237

200

0.0

181

Hercules Borrower LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
9.67%
12/2026

1,151

1,129

0.2

1,067

40
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Hercules Borrower LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
9.67%
12/2026

244

240

0.0

234

Hsid Acquisition, LLC
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.42%
01/2026

3,779

3,737

0.6

3,757

Hsid Acquisition, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
9.42%
01/2026

2,835

2,804

0.5

2,818

Hsid Acquisition, LLC (4)(5)
Senior Secured First Lien Revolver
01/2026

—

(8
)

(0.0
)

(4
)
Hsid Acquisition, LLC
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.42%
01/2026

247

243

0.0

245

Infobase
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.54%
06/2028

11,244

11,035

1.8

11,081

Infobase (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
06/2028

—

(17
)

(0.0
)

(27
)
Infobase (4)(5)
Senior Secured First Lien Revolver
06/2028

—

(26
)

(0.0
)

(21
)
MHS Acquisition Holdings, LLC (8)
Unsecured Debt
1300 PIK
13.00%
03/2026

240

231

0.0

215

MHS Acquisition Holdings, LLC (8)
Unsecured Debt
1300 PIK
13.00%
03/2026

762

759

0.1

683

MHS Acquisition Holdings, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 600 (100 Floor)
9.50%
07/2027

223

220

0.0

216

MHS Acquisition Holdings, LLC (5)
Senior Secured First Lien Revolver
S + 600 (100 Floor)
10.94%
07/2027

21

19

0.0

17

MHS Acquisition Holdings, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
9.50%
07/2027

1,815

1,785

0.3

1,760

MHS Acquisition Holdings, LLC
Senior Secured First Lien Term Loan
S + 600 (100 Floor)
10.94%
07/2027

109

106

0.0

106

Nexant Volt MergerSub, Inc.
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
9.92%
05/2027

5,615

5,526

0.9

5,518

Nexant Volt MergerSub, Inc. (5)
Senior Secured First Lien Revolver
P + 450 (100 Floor)
12.00%
05/2027

800

797

0.1

778

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.23%
11/2027

4,918

4,789

0.8

4,644

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.23%
11/2027

3,658

3,548

0.6

3,454

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
11/2027

9,821

9,541

1.5

9,273

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (75 Floor)
10.23%
11/2027

1,975

1,921

0.3

1,865

Pye-Barker Fire & Safety, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (75 Floor)
10.23%
11/2027

2,573

2,538

0.4

2,429

Pye-Barker Fire & Safety, LLC (5)
Unitranche First Lien Revolver
L + 550 (75 Floor)
10.23%
11/2027

715

689

0.1

629

Pye-Barker Fire & Safety, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.48%
11/2027

1,155

1,133

0.2

1,026

Pye-Barker Fire & Safety, LLC (5)
Unitranche First Lien Revolver
L + 550 (75 Floor)
10.23%
11/2024

66

63

0.0

58

Receivable Solutions, Inc. (5)
Senior Secured First Lien Revolver
P + 350 (100 Floor)
11.00%
10/2024

42

40

0.0

37

Receivable Solutions, Inc.
Senior Secured First Lien Term Loan
L + 450 (100 Floor)
9.23%
10/2024

2,193

2,176

0.4

2,157

Seko Global Logistics Network, LLC (5)(11)
Senior Secured First Lien Revolver
P + 375 (100 Floor)
11.25%
12/2026

650

634

0.1

630

41
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Seko Global Logistics Network, LLC (11)
Senior Secured First Lien Term Loan
L + 475
9.48%
12/2026

4,987

4,929

0.8

4,909

Service Logic Acquisition, Inc.
Senior Secured Second Lien Term Loan
L + 850 (100 Floor)
12.91%
10/2028

8,755

8,547

1.4

8,842

Service Logic Acquisition, Inc.
Senior Secured Second Lien Delayed Draw Term Loan
L + 850 (100 Floor)
12.91%
10/2028

2,359

2,298

0.4

2,383

TecoStar Holdings, Inc.
Senior Secured Second Lien Term Loan
L + 850 (100 Floor)
12.91%
11/2024

5,000

4,960

0.7

4,069

UP Acquisition Corp.
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
10.67%
05/2024

1,164

1,156

0.2

1,093

UP Acquisition Corp. (5)
Unitranche First Lien Revolver
L + 625 (100 Floor)
10.67%
05/2024

443

435

0.1

366

UP Acquisition Corp.
Unitranche First Lien Term Loan
L + 625 (100 Floor)
10.67%
05/2024

4,246

4,218

0.7

3,985

160,284

157,736

25.2

153,700

Consumer Services

Effective School Solutions LLC
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.23%
11/2027

7,692

7,566

1.2

7,347

Effective School Solutions LLC (5)
Senior Secured First Lien Revolver
L + 550 (100 Floor)
9.88%
11/2027

174

150

0.0

109

Effective School Solutions LLC (4)(5)
Senior Secured First Lien Delayed Draw Term Loan

11/2027

—

(18
)

(0.0
)

(99
)
Everlast Parent Inc.
Unitranche First Lien Term Loan
L + 625 (100 Floor)
10.93%
10/2026

13,748

13,507

2.2

13,335

Everlast Parent Inc. (5)
Unitranche First Lien Revolver
L + 625 (100 Floor)
10.83%
10/2026

460

434

0.1

412

Everlast Parent Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.43%
10/2026

3,378

3,308

0.5

3,260

FS Whitewater Borrower, LLC
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.48%
12/2027

5,121

5,034

0.8

4,954

FS Whitewater Borrower, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.48%
12/2027

1,719

1,704

0.3

1,663

FS Whitewater Borrower, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.48%
12/2027

1,708

1,682

0.3

1,652

FS Whitewater Borrower, LLC (5)
Unitranche First Lien Revolver
L + 575 (75 Floor)
10.50%
12/2027

241

230

0.0

219

FS Whitewater Borrower, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 600 (75 Floor)
10.53%
12/2027

190

173

0.0

148

HGH Purchaser, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 650 (75 Floor)
10.28%
11/2025

3,336

3,316

0.5

3,283

HGH Purchaser, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 650 (75 Floor)
10.28%
11/2025

3,305

3,249

0.5

3,253

HGH Purchaser, Inc. (5)
Unitranche First Lien Revolver
L + 650 (75 Floor)
10.92%
11/2025

938

917

0.1

913

HGH Purchaser, Inc.
Unitranche First Lien Term Loan
L + 600 (75 Floor)
9.78%
11/2025

7,865

7,758

1.3

7,740

HS Spa Holdings Inc. (Hand & Stone) (4)(5)
Unitranche First Lien Revolver

06/2028

—

(27
)

(0.0
)

(28
)
42
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

HS Spa Holdings Inc. (Hand & Stone)
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.45%
06/2029

10,369

10,177

1.7

10,176

HS Spa Holdings Inc. (Hand & Stone) (8)(10)
Unitranche First Lien - Last Out Term Loan
1237.5 PIK
12.38%
06/2030

1,357

1,326

0.2

1,120

Learn-It Systems, LLC (5)
Senior Secured First Lien Revolver
L + 475 (100 Floor)
9.90%
03/2025

617

605

0.1

559

Learn-It Systems, LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 475 (100 Floor)
9.90%
03/2025

2,512

2,478

0.4

2,351

Learn-It Systems, LLC
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
8.92%
03/2025

4,249

4,195

0.6

3,976

Learn-It Systems, LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 475 (100 Floor)
9.90%
03/2025

1,138

1,128

0.2

972

Mario Purchaser, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (75 Floor)
10.17%
04/2029

1,528

1,481

0.2

1,458

Mario Purchaser, LLC (10)
Unitranche First Lien - Last Out Term Loan
S + 1075 PIK
15.17%
04/2032

3,086

2,978

0.5

3,125

Mario Purchaser, LLC (4)(5)
Unitranche First Lien Revolver

04/2028

—

(19
)

(0.0
)

(14
)
Mario Purchaser, LLC
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.17%
04/2029

9,862

9,676

1.6

9,730

PPV Intermediate Holdings LLC (Vetcor) (4)(5)
Unitranche First Lien Delayed Draw Term Loan

08/2029

—

(8
)

(0.0
)

(16
)
PPV Intermediate Holdings LLC (Vetcor) (5)
Unitranche First Lien Revolver
S + 575 (75 Floor)
10.07%
08/2029

62

57

0.0

46

PPV Intermediate Holdings LLC (Vetcor)
Unitranche First Lien Term Loan
S + 575 (75 Floor)
9.11%
08/2029

3,107

3,057

0.5

2,991

PPV Intermediate Holdings LLC (Vetcor) (8)
Unsecured Debt
1300 PIK
13.00%
08/2030

734

717

0.1

633

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

08/2030

—

(3
)

(0.0
)

(32
)
Stepping Stones Healthcare Services, LLC
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.48%
12/2028

13,108

12,853

2.1

13,108

Stepping Stones Healthcare Services, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.48%
12/2028

1,542

1,509

0.3

1,542

Stepping Stones Healthcare Services, LLC (5)
Unitranche First Lien Revolver
P + 475 (75 Floor)
11.75%
12/2026

1,358

1,326

0.2

1,358

United Language Group, Inc.
Senior Secured First Lien Revolver
L + 875 (100 Floor)
13.00%
02/2023

400

400

0.1

389

United Language Group, Inc.
Senior Secured First Lien Term Loan
L + 875 (100 Floor)
13.00%
02/2023

4,546

4,547

0.7

4,417

Wrench Group LLC
Senior Secured Second Lien Term Loan
L + 787.5
12.60%
04/2027

4,833

4,737

0.8

4,773

114,283

112,200

18.1

110,823

Diversified Financials

Alera Group Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 650 (75 Floor)
10.92%
09/2028

5,586

5,397

0.9

5,586

Alera Group Inc.
Unitranche First Lien Term Loan
S + 650 (75 Floor)
10.92%
09/2028

4,988

4,891

0.8

4,988

King Mid LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.48%
12/2027

1,191

1,159

0.2

1,191

43
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

King Mid LLC (4)(5)
Senior Secured First Lien Revolver

12/2027

—

(3
)

—

—

King Mid LLC
Senior Secured First Lien Term Loan
S + 575 (100 Floor)
10.48%
12/2027

3,450

3,388

0.6

3,450

15,215

14,832

2.5

15,215

Energy

BJ Services, LLC (10)
Unitranche First Lien - Last Out Term Loan
L + 825 (100 Floor)
11.99%

5,090

2,866

0.4

2,185

5,090

2,866

0.4

2,185

Food & Staples Retailing

Isagenix International, LLC (9)(12)
Senior Secured First Lien Term Loan

06/2025

5,470

5,373

0.3

1,664

5,470

5,373

0.3

1,664

Food, Beverage & Tobacco

JTM Foods LLC
Senior Secured First Lien Term Loan
L + 525 (100 Floor)
9.89%
05/2027

4,974

4,906

0.8

4,953

JTM Foods LLC (5)
Senior Secured First Lien Revolver
L + 525 (100 Floor)
9.81%
05/2027

453

443

0.1

450

JTM Foods LLC (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 525 (100 Floor)
9.98%
05/2027

500

494

0.1

497

Mann Lake Ltd.
Senior Secured First Lien Revolver
L + 675 (100 Floor)
11.52%
10/2024

908

902

0.1

887

Mann Lake Ltd.
Senior Secured First Lien Term Loan
L + 675 (100 Floor)
11.52%
10/2024

1,745

1,732

0.3

1,704

8,580

8,477

1.4

8,491

Health Care Equipment & Services

ACI Group Holdings, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor) (including 125 PIK)
10.13%
08/2028

890

869

0.1

800

ACI Group Holdings, Inc. (5)
Unitranche First Lien Revolver
L + 575 (75 Floor) (including 125 PIK)
10.13%
08/2027

81

70

0.0

32

ACI Group Holdings, Inc.
Unitranche First Lien Term Loan
L + 575 (75 Floor) (including 125 PIK)
10.13%
08/2028

6,922

6,770

1.1

6,680

Advanced Diabetes Supply
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
9.48%
12/2027

3,476

3,450

0.6

3,428

Advanced Diabetes Supply
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
9.48%
12/2027

4,963

4,888

0.8

4,895

Advanced Diabetes Supply (5)
Senior Secured First Lien Revolver
S + 525 (100 Floor)
9.01%
12/2027

263

257

0.0

258

Arrow Management Acquisition, LLC
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.13%
10/2027

4,901

4,819

0.8

4,704

44
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Arrow Management Acquisition, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 475 (100 Floor)
9.13%
10/2027

2,192

2,173

0.3

2,115

Arrow Management Acquisition, LLC (4)(5)
Senior Secured First Lien Revolver

10/2027

—

(11
)

(0.0
)

(28
)
Avalign Technologies, Inc. (12)
Senior Secured First Lien Term Loan
L + 450
8.91%
12/2025

16,493

16,434

2.5

15,049

Centria Subsidiary Holdings, LLC (4)(5)
Unitranche First Lien Revolver

12/2025

—

(29
)

—

—

Centria Subsidiary Holdings, LLC
Unitranche First Lien Term Loan
S + 600 (100 Floor)
10.72%
12/2025

11,516

11,395

1.9

11,516

CRA MSO, LLC
Senior Secured First Lien Term Loan
L + 700 (100 Floor)
11.42%
12/2024

1,200

1,194

0.2

1,117

CRA MSO, LLC (5)
Senior Secured First Lien Revolver
L + 700 (100 Floor)
11.42%
12/2024

108

107

0.0

94

EMS Buyer, Inc.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.17%
11/2027

11,684

11,511

1.8

11,317

EMS Buyer, Inc. (4)(5)
Unitranche First Lien Revolver

11/2027

—

(8
)

(0.0
)

(17
)
EMS Buyer, Inc.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.17%
11/2027

995

979

0.2

964

Explorer Investor, Inc. (4)(5)
Unitranche First Lien Delayed Draw Term Loan

06/2029

—

(135
)

(0.0
)

(132
)
Explorer Investor, Inc.
Unitranche First Lien Term Loan
S + 575 (50 Floor)
10.40%
06/2029

11,304

10,662

1.7

10,683

FH MD Buyer, Inc
Senior Secured First Lien Term Loan
L + 500 (75 Floor)
9.38%
07/2028

19,750

19,585

3.1

18,959

GrapeTree Medical Staffing, LLC
Senior Secured First Lien Term Loan
S + 450 (100 Floor)
8.94%
05/2024

6,188

6,122

1.0

6,144

GrapeTree Medical Staffing, LLC (4)(5)
Senior Secured First Lien Revolver

05/2024

—

(6
)

(0.0
)

(4
)
GrapeTree Medical Staffing, LLC
Senior Secured First Lien Delayed Draw Term Loan
S + 450 (100 Floor)
8.94%
05/2024

4,417

4,364

0.7

4,385

Great Lakes Dental Partners, LLC
Unitranche First Lien Term Loan
L + 725 (100 Floor) (including 100 PIK)
11.67%
06/2026

4,935

4,859

0.8

4,663

Great Lakes Dental Partners, LLC (5)
Unitranche First Lien Revolver
L + 725 (100 Floor) (including 100 PIK)
11.67%
06/2026

301

295

0.0

279

HCOS Group Intermediate III LLC
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.23%
09/2026

11,339

11,185

1.8

10,914

HCOS Group Intermediate III LLC (4)(5)
Senior Secured First Lien Revolver

09/2026

—

(15
)

(0.0
)

(43
)
HCOS Group Intermediate III LLC
Senior Secured First Lien Term Loan
L + 550 (100 Floor)
10.23%
09/2026

9,356

9,211

1.5

9,005

Homecare Partners Management, LLC
Senior Secured First Lien Term Loan
L + 575 (100 Floor)
10.98%
05/2027

4,493

4,422

0.7

4,436

Homecare Partners Management, LLC (5)
Senior Secured First Lien Revolver
P + 475 (100 Floor)
12.25%
05/2027

147

130

0.0

133

Homecare Partners Management, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.48%
05/2027

3,361

3,301

0.5

3,319

45
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Homecare Partners Management, LLC
Senior Secured First Lien Term Loan
L + 575 (100 Floor)
10.48%
05/2027

1,095

1,074

0.2

1,081

Hospice Care Buyer, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.23%
12/2026

14,163

13,892

2.2

13,469

Hospice Care Buyer, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
10.91%
12/2026

2,587

2,533

0.4

2,460

Hospice Care Buyer, Inc. (5)
Unitranche First Lien Revolver
L + 650 (100 Floor)
10.88%
12/2026

1,109

1,075

0.2

1,029

Hospice Care Buyer, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 650 (100 Floor)
11.23%
12/2026

2,639

2,582

0.4

2,510

Hospice Care Buyer, Inc.
Unitranche First Lien Term Loan
L + 650 (100 Floor)
11.23%
12/2026

378

368

0.1

360

Laserway Intermediate Holdings II, LLC (12)
Unitranche First Lien Term Loan
L + 575 (75 Floor)
9.76%
10/2027

6,024

5,926

1.0

5,919

Lightspeed Buyer, Inc.
Unitranche First Lien Term Loan
L + 550 (100 Floor)
9.88%
02/2026

9,725

9,615

1.6

9,507

Lightspeed Buyer, Inc. (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
9.88%
02/2026

455

444

0.1

431

Lightspeed Buyer, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
9.88%
02/2026

1,761

1,745

0.3

1,722

Lightspeed Buyer, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan

02/2026

—

—

(0.0
)

(114
)
Lightspeed Buyer, Inc.
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
02/2026

2,716

2,677

0.4

2,655

MWD Management LLC (United Derm)
Senior Secured First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
9.89%
06/2027

4,500

4,420

0.7

4,443

MWD Management LLC (United Derm)
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.89%
06/2027

5,586

5,484

0.9

5,516

MWD Management LLC (United Derm) (5)
Senior Secured First Lien Revolver
S + 500 (100 Floor)
9.68%
06/2027

640

619

0.1

625

NMN Holdings III Corp.
Senior Secured Second Lien Delayed Draw Term Loan
L + 775
12.13%
11/2026

1,667

1,638

0.2

1,458

NMN Holdings III Corp.
Senior Secured Second Lien Term Loan
L + 775
12.13%
11/2026

7,222

7,099

1.0

6,319

Omni Ophthalmic Management Consultants, LLC (5)
Senior Secured First Lien Revolver
S + 700 (100 Floor)
11.42%
09/2025

737

729

0.1

729

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Term Loan
S + 700 (100 Floor)
11.42%
09/2025

6,738

6,676

1.1

6,678

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Term Loan
S + 700 (100 Floor)
11.42%
09/2025

884

873

0.1

876

Omni Ophthalmic Management Consultants, LLC
Senior Secured First Lien Term Loan
S + 700 (100 Floor)
11.42%
09/2025

299

294

0.0

297

Omni Ophthalmic Management Consultants, LLC (4)(5)
Senior Secured First Lien Delayed Draw Term Loan

09/2025

—

(13
)

(0.0
)

(13
)
Patriot Acquisition Topco S.A.R.L (11)
Unitranche First Lien Term Loan
S + 675 (100 Floor)
10.99%
01/2028

11,240

11,013

1.8

10,912

Patriot Acquisition Topco S.A.R.L (5)(11)
Unitranche First Lien Revolver
L + 675 (100 Floor)
10.99%
01/2026

379

352

0.1

328

46
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Patriot Acquisition Topco S.A.R.L (11)
Unitranche First Lien Delayed Draw Term Loan
S + 675 (100 Floor)
10.99%
01/2028

12,046

11,819

1.9

11,695

Patriot Acquisition Topco S.A.R.L (11)
Unitranche First Lien Term Loan
S + 675 (100 Floor)
10.99%
01/2028

1,428

1,394

0.2

1,386

Plasma Buyer LLC (PathGroup) (4)(5)
Unitranche First Lien Delayed Draw Term Loan

05/2029

—

(35
)

(0.0
)

(112
)
Plasma Buyer LLC (PathGroup) (4)(5)
Unitranche First Lien Revolver

05/2029

—

(15
)

(0.0
)

(48
)
Plasma Buyer LLC (PathGroup)
Unitranche First Lien Term Loan
S + 575 (75 Floor)
10.07%
05/2029

7,279

7,142

1.1

6,848

Premier Dental Care Management, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 550 (75 Floor)
9.88%
08/2028

4,322

4,302

0.7

4,192

Premier Dental Care Management, LLC (5)
Unitranche First Lien Revolver
L + 550 (75 Floor)
9.89%
08/2027

515

491

0.1

475

Premier Dental Care Management, LLC
Unitranche First Lien Term Loan
L + 550 (75 Floor)
9.88%
08/2028

9,429

9,270

1.5

9,188

Professional Physical Therapy (9)
Senior Secured First Lien Term Loan

02/2023

9,698

8,907

1.0

6,114

Professional Physical Therapy (5)
Senior Secured First Lien Revolver

02/2023

—

—

—

—

PromptCare Intermediate, LP (5)
Unitranche First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
10.22%
09/2027

1,007

971

0.1

914

PromptCare Intermediate, LP
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.22%
09/2027

10,369

10,198

1.7

10,113

Safco Dental Supply, LLC (5)
Unitranche First Lien Revolver
S + 525 (100 Floor)
9.67%
06/2025

120

116

0.0

114

Safco Dental Supply, LLC
Unitranche First Lien Term Loan
S + 525 (100 Floor)
9.98%
06/2025

4,043

4,010

0.7

4,000

Seniorlink Incorporated (4)(5)
Unitranche First Lien Revolver

07/2026

—

(19
)

0.0

16

Seniorlink Incorporated
Unitranche First Lien Term Loan
L + 650 (100 Floor)
9.19%
07/2026

10,198

9,998

1.7

10,427

Smile Doctors LLC (12)
Unitranche First Lien Term Loan
L + 575 (75 Floor)
10.48%
12/2028

11,173

10,982

1.8

10,949

Smile Doctors LLC (12)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.16%
12/2028

1,762

1,742

0.3

1,727

Smile Doctors LLC (5)
Unitranche First Lien Revolver
L + 575 (75 Floor)
10.48%
12/2027

616

594

0.1

591

Smile Doctors LLC (5)(12)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.16%
12/2028

1,521

1,488

0.2

1,450

Sydney US Buyer Corp. (3B Scientific) (11)
Unitranche First Lien Term Loan
S + 600 (50 Floor)
10.30%
07/2029

3,693

3,599

0.6

3,591

Sydney US Buyer Corp. (3B Scientific) (11)
Unitranche First Lien Term Loan
E + 600
8.20%
07/2029

3,502

3,473

0.6

3,646

Sydney US Buyer Corp. (3B Scientific) (4)(5)(11)
Unitranche First Lien Delayed Draw Term Loan

07/2029

—

(50
)

(0.0
)

(54
)
Sydney US Buyer Corp. (3B Scientific) (4)(5)(11)
Senior Secured First Lien Revolver

07/2029

—

(3
)

(0.0
)

(18
)
47
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Unifeye Vision Partners
Senior Secured First Lien Delayed Draw Term Loan
L + 525 (100 Floor)
9.98%
09/2025

3,008

2,973

0.5

2,990

Unifeye Vision Partners (5)
Senior Secured First Lien Revolver
L + 525 (100 Floor)
9.98%
09/2025

907

891

0.1

897

Unifeye Vision Partners
Senior Secured First Lien Term Loan
L + 525 (100 Floor)
9.98%
09/2025

5,238

5,187

0.9

5,207

Unifeye Vision Partners (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 525 (100 Floor)
9.98%
09/2025

3,835

3,831

0.6

3,806

Vital Care Buyer, LLC
Unitranche First Lien Term Loan
L + 525 (100 Floor)
9.98%
10/2025

6,893

6,814

1.1

6,789

Vital Care Buyer, LLC (5)
Unitranche First Lien Revolver
P + 425 (100 Floor)
11.75%
10/2025

370

348

0.1

337

336,791

330,381

52.7

322,092

Insurance

Comet Acquisition, Inc.
Senior Secured Second Lien Term Loan
L + 750
12.23%
10/2026

1,782

1,780

0.3

1,710

Evolution BuyerCo, Inc.
Unitranche First Lien Term Loan
L + 625 (100 Floor)
10.98%
04/2028

8,209

8,134

1.3

7,927

Evolution BuyerCo, Inc. (4)(5)
Unitranche First Lien Revolver
04/2027

—

(6
)

(0.0
)

(25
)
Evolution BuyerCo, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
10.98%
04/2028

1,440

1,426

0.2

1,391

Evolution BuyerCo, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
10.98%
04/2028

1,758

1,736

0.3

1,698

Evolution BuyerCo, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 675 (100 Floor)
11.48%
04/2028

220

215

0.0

215

Integrity Marketing Acquisition, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 580 (100 Floor)
10.04%
08/2025

4,965

4,902

0.8

4,804

Integrity Marketing Acquisition, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 580 (100 Floor)
10.82%
08/2025

3,002

2,964

0.5

2,905

Integrity Marketing Acquisition, LLC (4)(5)
Unitranche First Lien Revolver
08/2025

—

(23
)

(0.0
)

(46
)
Integrity Marketing Acquisition, LLC
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.98%
08/2025

12,619

12,464

2.0

12,209

Integro Parent, Inc. (11)
Senior Secured First Lien Term Loan
L + 1025 PIK
13.80%

604

571

0.1

604

Integro Parent, Inc. (9)(11)
Senior Secured Second Lien Term Loan
10/2023

2,915

2,905

0.4

2,563

Integro Parent, Inc. (9)(11)
Senior Secured Second Lien Delayed Draw Term Loan
10/2023

380

379

0.1

334

Patriot Growth Insurance Services, LLC (4)(5)
Unitranche First Lien Revolver
10/2028

—

(11
)

(0.0
)

(13
)
Patriot Growth Insurance Services, LLC
Unitranche First Lien Term Loan
L + 550 (75 Floor)
8.56%
10/2028

9,274

9,163

1.5

9,089

Patriot Growth Insurance Services, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 575 (75 Floor)
10.47%
10/2028

204

178

0.0

147

48
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

The Hilb Group, LLC
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.13%
12/2026

3,530

3,475

0.6

3,380

The Hilb Group, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.13%
12/2026

998

982

0.2

956

The Hilb Group, LLC (4)(5)
Unitranche First Lien Revolver

12/2025

—

(4
)

(0.0
)

(14
)
The Hilb Group, LLC
Unitranche First Lien Term Loan
L + 575 (100 Floor)
10.13%
12/2026

1,048

1,029

0.2

1,003

The Hilb Group, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 575 (100 Floor)
10.13%
12/2026

1,761

1,734

0.3

1,686

The Hilb Group, LLC (4)(5)
Unitranche First Lien Revolver

12/2025

—

(2
)

(0.0
)

(6
)
The Hilb Group, LLC (5)
Unitranche First Lien Delayed Draw Term Loan
L + 550 (75 Floor)
9.88%
12/2026

2,614

2,577

0.4

2,468

The Hilb Group, LLC (4)(5)
Unitranche First Lien Revolver

12/2025

—

(2
)

(0.0
)

(5
)

57,323

56,566

9.2

54,980

Pharmaceuticals, Biotechnology & Life Sciences

BioAgilytix
Senior Secured First Lien Term Loan
L + 625 (75 Floor) (including 275 PIK)
10.98%
12/2028

13,160

12,907

2.0

12,425

BioAgilytix (5)
Senior Secured First Lien Delayed Draw Term Loan
L + 625 (75 Floor) (including 275 PIK)
10.98%
12/2028

675

653

0.1

533

LSCS Holdings, Inc. (Eversana)
Senior Secured Second Lien Term Loan
L + 800 (50 Floor)
12.38%
12/2029

14,700

14,378

2.2

13,229

Teal Acquisition Co., Inc
Unitranche First Lien Term Loan
L + 625 (100 Floor)
9.99%
09/2026

8,942

8,762

1.2

7,144

Teal Acquisition Co., Inc (5)
Unitranche First Lien Revolver
L + 625 (100 Floor)
11.00%
09/2026

1,018

994

0.1

761

Teal Acquisition Co., Inc
Unitranche First Lien Term Loan
L + 625 (100 Floor)
11.01%
09/2026

4,937

4,862

0.6

3,945

43,432

42,556

6.2

38,037

Retailing

Savers (12)
Senior Secured First Lien Term Loan
L + 550 (75 Floor)
10.34%
04/2028

6,707

6,684

1.1

6,500

Slickdeals Holdings, LLC (4)(5)(6)
Unitranche First Lien Revolver

06/2023

—

(2
)

(0.0
)

(1
)
Slickdeals Holdings, LLC (6)
Unitranche First Lien Term Loan
L + 625 (100 Floor)
10.92%
06/2024

14,170

14,037

2.3

14,144

20,877

20,719

3.4

20,643

49
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Software & Services

ABACUS Holdings I LLC (4)(5)
Unitranche First Lien Delayed Draw Term Loan

06/2028

—

(26
)

(0.0
)

(25
)
ABACUS Holdings I LLC (5)
Unitranche First Lien Revolver
S + 500 (100 Floor)
9.82%
06/2028

480

458

0.1

469

ABACUS Holdings I LLC
Unitranche First Lien Term Loan
S + 500 (100 Floor)
9.89%
06/2028

6,783

6,655

1.1

6,722

Affinitiv, Inc. (4)(5)
Unitranche First Lien Revolver

08/2024

—

(3
)

(0.0
)

(6
)
Affinitiv, Inc.
Unitranche First Lien Term Loan
S + 600 (100 Floor)
10.41%
08/2024

6,215

6,177

1.0

6,148

Ansira Partners, Inc. (9)
Unitranche First Lien Term Loan

12/2024

8,200

6,640

0.5

3,226

Ansira Partners, Inc. (9)
Unitranche First Lien Delayed Draw Term Loan

12/2024

1,141

943

0.1

449

Ansira Partners, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 1000 (100 Floor) (including 800 PIK)
14.27%
12/2024

51

51

0.0

51

Apps Associates LLC (5)
Unitranche First Lien Delayed Draw Term Loan
S + 500 (100 Floor)
9.42%
07/2027

893

873

0.1

873

Apps Associates LLC (4)(5)
Unitranche First Lien Revolver

07/2027

—

(12
)

(0.0
)

(9
)
Apps Associates LLC
Unitranche First Lien Term Loan
S + 500 (100 Floor)
9.42%
07/2027

5,579

5,490

0.9

5,517

Banker's Toolbox, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 525 (75 Floor)
9.57%
07/2027

2,518

2,466

0.4

2,317

Banker's Toolbox, Inc. (4)(5)
Unitranche First Lien Revolver

07/2027

—

(37
)

(0.0
)

(90
)
Banker's Toolbox, Inc.
Unitranche First Lien Term Loan
S + 525 (75 Floor)
9.23%
07/2027

15,684

15,434

2.5

15,095

Belay Inc.
Senior Secured First Lien Term Loan
S + 525 (100 Floor)
9.67%
06/2026

4,876

4,813

0.8

4,858

Belay Inc. (4)(5)
Senior Secured First Lien Revolver

11/2025

—

(8
)

(0.0
)

(2
)
Benesys Inc.
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.14%
10/2024

1,385

1,378

0.2

1,352

Benesys Inc.
Senior Secured First Lien Term Loan
L + 475 (100 Floor)
9.14%
10/2024

294

291

0.0

287

Benesys Inc. (5)
Senior Secured First Lien Revolver
L + 475 (100 Floor)
9.11%
10/2024

84

83

0.0

80

C-4 Analytics, LLC (4)(5)
Senior Secured First Lien Revolver

08/2023

—

(1
)

(0.0
)

(5
)
C-4 Analytics, LLC
Senior Secured First Lien Term Loan
L + 450 (100 Floor)
8.88%
08/2023

9,357

9,334

1.5

9,280

Claritas, LLC (4)(5)
Unitranche First Lien Delayed Draw Term Loan

03/2026

—

(20
)

(0.0
)

(7
)
Claritas, LLC (4)(5)
Unitranche First Lien Revolver

03/2026

—

(16
)

(0.0
)

(6
)
50
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Claritas, LLC
Unitranche First Lien Term Loan
S + 550 (100 Floor)
10.08%
03/2026

10,521

10,429

1.7

10,489

Granicus, Inc.
Unitranche First Lien Term Loan
L + 700 (100 Floor) (including 150 PIK)
12.64%
01/2027

9,080

8,918

1.5

8,899

Granicus, Inc. (5)
Unitranche First Lien Revolver
L + 650 (100 Floor)
10.64%
01/2027

270

256

0.0

254

Granicus, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 700 (100 Floor) (including 150 PIK)
12.64%
01/2027

7,880

7,781

1.3

7,722

Lexipol (Ranger Buyer, Inc.)
Unitranche First Lien Term Loan
L + 550 (75 Floor)
9.88%
11/2028

13,158

12,930

2.2

13,289

Lexipol (Ranger Buyer, Inc.) (4)(5)
Unitranche First Lien Revolver
11/2027

—

(19
)

—

—

List Partners, Inc. (5)
Senior Secured First Lien Revolver
05/2024

—

—

(0.0
)

(7
)
List Partners, Inc.
Senior Secured First Lien Term Loan
S + 500 (100 Floor)
9.42%
05/2024

3,674

3,673

0.6

3,618

MRI Software LLC (12)
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
02/2026

18,227

18,071

2.9

17,565

MRI Software LLC (4)(5)(12)
Unitranche First Lien Revolver
02/2026

—

(10
)

(0.0
)

(46
)
MRI Software LLC (12)
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
02/2026

1,309

1,298

0.2

1,262

New Era Technology, Inc.
Unitranche First Lien Term Loan
L + 625 (100 Floor)
10.66%
10/2026

3,126

3,080

0.5

3,048

New Era Technology, Inc. (5)
Unitranche First Lien Revolver
L + 625 (100 Floor)
10.49%
10/2026

449

437

0.1

431

New Era Technology, Inc.
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
10.49%
10/2026

2,008

1,982

0.3

1,958

New Era Technology, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
L + 625 (100 Floor)
10.49%
10/2026

6,138

6,060

1.0

5,972

Odessa Technologies, Inc. (4)(5)
Senior Secured First Lien Delayed Draw Term Loan
10/2027

—

(15
)

—

—

Odessa Technologies, Inc. (4)(5)
Senior Secured First Lien Revolver
10/2027

—

(40
)

—

—

Odessa Technologies, Inc.
Senior Secured First Lien Term Loan
L + 575 (75 Floor)
10.09%
10/2027

9,571

9,408

1.6

9,571

Ontario Systems, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.23%
08/2025

1,086

1,085

0.2

1,052

Ontario Systems, LLC (5)
Unitranche First Lien Revolver
L + 550 (100 Floor)
10.23%
08/2025

244

241

0.0

228

Ontario Systems, LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
08/2025

3,144

3,129

0.5

3,044

Ontario Systems, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 550 (100 Floor)
10.23%
08/2025

547

533

0.1

529

Ontario Systems, LLC
Unitranche First Lien Term Loan
L + 550 (100 Floor)
10.23%
08/2025

444

438

0.1

430

Park Place Technologies, LLC (8)
Unsecured Debt
1250 PIK
12.50%
05/2029

885

885

0.1

727

51
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Perforce Software, Inc.
Senior Secured Second Lien Term Loan
L + 800
12.38%
07/2027

5,000

4,988

0.7

4,500

Right Networks, LLC
Unitranche First Lien Revolver
L + 600 (100 Floor)
10.39%
05/2026

233

231

0.0

233

Right Networks, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.39%
05/2026

9,295

9,207

1.5

9,295

Right Networks, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.39%
05/2026

8,224

8,101

1.3

8,224

Right Networks, LLC
Unitranche First Lien Delayed Draw Term Loan
L + 600 (100 Floor)
10.39%
05/2026

2,096

2,066

0.3

2,096

Ruffalo Noel Levitz, LLC (5)
Unitranche First Lien Revolver
L + 600 (100 Floor)
10.65%
05/2024

225

224

0.0

221

Ruffalo Noel Levitz, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.73%
05/2024

2,461

2,463

0.4

2,430

Saturn Borrower Inc
Unitranche First Lien Term Loan
L + 725 (100 Floor) (including 75 PIK)
11.98%
09/2026

20,143

19,719

3.1

19,224

Saturn Borrower Inc
Unitranche First Lien Term Loan
L + 725 (100 Floor) (including 75 PIK)
11.98%
09/2026

2,454

2,399

0.4

2,342

Saturn Borrower Inc
Unitranche First Lien Revolver
L + 650 (100 Floor)
11.23%
09/2026

1,513

1,483

0.2

1,444

Smartronix, LLC
Unitranche First Lien Term Loan
L + 600 (100 Floor)
10.17%
11/2028

23,869

23,443

3.8

23,796

Smartronix, LLC (4)(5)
Unitranche First Lien Revolver

11/2028

—

(56
)

(0.0
)

(10
)
SQAD Holdco, Inc. (5)
Unitranche First Lien Delayed Draw Term Loan
S + 575 (100 Floor)
10.33%
04/2028

2,413

2,370

0.4

2,310

SQAD Holdco, Inc. (5)
Unitranche First Lien Revolver
S + 575 (100 Floor)
10.16%
04/2028

210

189

0.0

188

SQAD Holdco, Inc.
Unitranche First Lien Term Loan
S + 575 (100 Floor)
10.33%
04/2028

8,905

8,741

1.4

8,716

Summit 7 Systems, LLC (4)(5)
Senior Secured First Lien Revolver

05/2028

—

(6
)

(0.0
)

(12
)
Summit 7 Systems, LLC
Senior Secured First Lien Term Loan
S + 550 (100 Floor)
10.23%
05/2028

5,274

5,176

0.8

5,180

Transportation Insight, LLC
Senior Secured First Lien Term Loan
L + 425
9.18%
12/2024

5,036

5,019

0.8

4,873

Transportation Insight, LLC
Senior Secured First Lien Delayed Draw Term Loan
L + 425
9.18%
12/2024

1,251

1,247

0.2

1,211

Transportation Insight, LLC (4)(5)
Senior Secured First Lien Revolver

12/2024

—

(2
)

(0.0
)

(24
)
Winxnet Holdings LLC
Unitranche First Lien Delayed Draw Term Loan
S + 650 (100 Floor)
10.92%
12/2025

628

626

0.1

625

Winxnet Holdings LLC
Unitranche First Lien Delayed Draw Term Loan
S + 650 (100 Floor)
10.92%
12/2025

1,029

1,024

0.2

1,024

Winxnet Holdings LLC (5)
Unitranche First Lien Revolver
S + 650 (100 Floor)
10.92%
12/2025

488

485

0.1

485

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
10.92%
12/2025

1,910

1,904

0.3

1,901

52
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
10.92%
12/2025

1,523

1,515

0.2

1,516

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
10.92%
12/2025

1,136

1,129

0.2

1,131

Winxnet Holdings LLC
Unitranche First Lien Term Loan
S + 650 (100 Floor)
10.92%
12/2025

199

197

0.0

198

260,816

255,395

40.5

249,726

Total Debt Investments
United States

1,111,154

1,088,025

172.6

%

1,055,740

Equity Investments

Automobiles & Components

Sun Acquirer Corp.
Common Stock

6,148

615

0.1

615

Sun Acquirer Corp.
Common Stock

428

43

0.0

43

658

0.1

658

Capital Goods

Envocore Holding, LLC (7)
Common Stock

521,354

—

—

—

Envocore Holding, LLC (7)
Preferred Stock

534,722

—

—

—

—

—

—

Commercial & Professional Services

Allied Universal Holdings, LLC
Common Stock

2,805,726

1,011

0.5

3,244

Allied Universal Holdings, LLC
Common Stock

684,903

685

0.1

792

ASP MCS Acquisition Corp. (6)
Common Stock

11,861

1,150

0.1

368

ASP MCS Acquisition Corp. (6)
Common Stock

891

29

0.0

28

ASP MCS Acquisition Corp. (6)
Preferred Stock

230

230

0.0

200

Hercules Borrower LLC
Common Stock

1,153,075

1,153

0.2

1,147

IGT Holdings LLC
Preferred Stock

645,730

—

—

—

IGT Holdings LLC
Common Stock

1,000,000

—

—

—

MHS Acquisition Holdings, LLC
Preferred Stock

1,060

923

0.2

1,394

MHS Acquisition Holdings, LLC
Common Stock

11

9

0.0

176

Receivable Solutions, Inc.
Preferred Stock

137,000

137

0.1

392

Service Logic Acquisition, Inc.
Common Stock

13,132

1,313

0.3

1,977

TecoStar Holdings, Inc.
Common Stock

500,000

500

0.0

281

7,140

1.5

9,999

Consumer Services

Everlast Parent Inc.
Common Stock

948

948

0.2

1,176

FS Whitewater Borrower, LLC
Common Stock

6,897

690

0.1

597

HGH Purchaser, Inc.
Common Stock

4,171

417

0.1

910

HS Spa Holdings Inc. (Hand & Stone)
Common Stock

1,804,502

1,805

0.3

1,837

Legalshield
Common Stock

372

372

0.1

540

Mario Purchaser, LLC
Common Stock

1,027

1,027

0.1

703

PPV Intermediate Holdings LLC (Vetcor)
Common Stock

312,500

313

0.1

313

Stepping Stones Healthcare Services, LLC
Common Stock

11,321

1,132

0.1

908

Wrench Group LLC
Common Stock

2,337

235

0.1

852

Wrench Group LLC
Common Stock

655

66

0.0

239

7,005

1.2

8,075

53
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Diversified Financials

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

—

5,091

0.8

4,889

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

—

8,296

1.4

8,871

13,387

2.2

13,760

Health Care Equipment & Services

ACI Group Holdings, Inc.
Common Stock

907,499

909

0.2

1,168

ACI Group Holdings, Inc.
Preferred Stock

3,719

3,645

0.7

4,176

Centria Subsidiary Holdings, LLC
Common Stock

11,911

1,191

0.2

1,038

Hospice Care Buyer, Inc.
Common Stock

13,895

1,398

0.2

1,113

Hospice Care Buyer, Inc.
Common Stock

844

75

0.0

60

NMN Holdings III Corp.
Common Stock

11,111

1,111

0.1

490

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

1,055

1,055

0.2

1,207

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

14,534

22

0.0

88

Seniorlink Incorporated
Common Stock

68,182

518

0.3

1,976

Smile Doctors LLC
Common Stock

1,190

714

0.1

703

10,638

2.0

12,019

Insurance

Evolution BuyerCo, Inc.
Common Stock

2,917

292

0.0

247

Integrity Marketing Acquisition, LLC
Common Stock

287,484

533

0.1

898

Integrity Marketing Acquisition, LLC
Preferred Stock

1,247

1,215

0.3

1,907

Integro Parent, Inc. (11)
Common Stock

4,468

454

—

—

2,494

0.4

3,052

Pharmaceuticals, Biotechnology & Life Sciences

LSCS Holdings, Inc. (Eversana)
Common Stock

3,096

953

0.2

1,156

LSCS Holdings, Inc. (Eversana)
Preferred Stock

447

447

0.1

475

Teal Acquisition Co., Inc
Common Stock

5,555

556

—

—

1,956

0.3

1,631

Retailing

Palmetto Moon LLC
Common Stock

61

—

0.1

348

Slickdeals Holdings, LLC (6)
Common Stock

89

891

0.2

1,290

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

608,109

608

0.2

944

1,499

0.5

2,582

Software & Services

Lexipol (Ranger Buyer, Inc.)
Common Stock

638

638

0.1

646

Lexipol (Ranger Buyer, Inc.)
Common Stock

638

—

—

—

Odessa Technologies, Inc.
Common Stock

10,714

1,071

0.2

1,213

Park Place Technologies, LLC
Common Stock

479

479

—

—

Park Place Technologies, LLC
Common Stock

442,203

27

0.1

386

Park Place Technologies, LLC
Common Stock

685,018

—

—

—

Saturn Borrower Inc
Common Stock

434,163

434

0.1

335

2,649

0.5

2,580

Transportation

Xpress Global Systems, LLC
Common Stock

12,544

—

0.2

1,254

Total Equity Investments
United States

$
47,426

8.9

%
$
55,610

Total United States

$
1,135,451

181.5

%
$
1,111,350

54
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Canada

Debt Investments

Health Care Equipment & Services

VetStrategy (11)
Unsecured Debt
C + 1050 PIK
15.24%
03/2031

C$3,124

$
2,395

0.4

$
2,307

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 700 (100 Floor)
11.74%
07/2027

C$1,694

1,243

0.2

1,264

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 700 (100 Floor)
11.74%
07/2027

C$1,694

1,296

0.2

1,264

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 700 (100 Floor)
11.74%
07/2027

C$4,918

3,852

0.6

3,668

VetStrategy (11)
Unitranche First Lien Term Loan
C + 700 (100 Floor)
11.74%
07/2027

C$9,083

6,634

1.1

6,775

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 575 (100 Floor)
10.49%
07/2027

C$8,654

6,717

1.0

6,259

VetStrategy (11)
Unitranche First Lien Delayed Draw Term Loan
C + 575 (100 Floor)
10.49%
07/2027

C$6,189

4,767

0.7

4,476

35,356

26,904

4.2

26,013

Telecommunication Services

Sandvine Corporation (11)(12)
Senior Secured Second Lien Term Loan
L + 800
12.38%
11/2026

4,500

4,400

0.7

4,061

Total Debt Investments
Canada

$
31,304

4.9

%
$
30,074

Total Canada

$
31,304

4.9

%
$
30,074

United Kingdom

Debt Investments

Commercial & Professional Services

Crusoe Bidco Limited (11)
Unitranche First Lien Term Loan
SN + 625
9.80%
12/2025
£
6,067

$
7,494

1.2

%
$
7,336

Crusoe Bidco Limited (11)
Unitranche First Lien Delayed Draw Term Loan
SN + 625
9.80%
12/2025
£
820

990

0.2

992

Nurture Landscapes (11)
Unitranche First Lien Term Loan
SN + 650
9.43%
06/2028
£
1,416

1,947

0.3

1,712

Nurture Landscapes (11)
Unitranche First Lien Delayed Draw Term Loan
SN + 650
9.93%
06/2028
£
392

521

0.1

474

Nurture Landscapes (5)(11)
Unitranche First Lien Delayed Draw Term Loan
SN + 650
8.76%
06/2028
£
10,615

12,790

2.1

12,834

19,310

23,742

3.9

23,348

55
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Consumer Durables & Apparel

Lion Cashmere Bidco Limited (11)
Unitranche First Lien Term Loan
L + 600 (50 Floor)
10.12%
03/2028

4,352

$
4,259

0.7

$
4,352

Lion Cashmere Bidco Limited (11)
Unitranche First Lien Term Loan
L + 600 (50 Floor)
10.12%
03/2028

9,939

9,728

1.6

9,939

Lion Cashmere Bidco Limited (11)
Unitranche First Lien Term Loan
L + 600 (50 Floor)
10.12%
03/2028

4,953

4,848

0.8

4,953

Lion Cashmere Bidco Limited (4)(5)(11)
Unitranche First Lien Delayed Draw Term Loan

03/2028

—

(72
)

—

—

19,244

18,763

3.1

19,244

Software & Services

Jordan Bidco, Ltd. (5)(11)
Unitranche First Lien Delayed Draw Term Loan

08/2028

—

—

—

—

Jordan Bidco, Ltd. (11)
Unitranche First Lien Term Loan
SN + 600
8.64%
08/2028
£
13,234

17,765

2.6

15,999

17,765

2.6

15,999

Total Debt Investments
United Kingdom

$
60,270

9.6

%
$
58,591

Equity Investments

Health Care Equipment & Services

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

1,353,474

$
776

0.3

$
1,816

Total Equity Investments
United Kingdom

776

0.3

%

1,816

Total United Kingdom

$
61,046

9.9

%
$
60,407

Netherlands

Debt Investments

Pharmaceuticals, Biotechnology & Life Sciences

PharComp Parent B.V. (11)
Unitranche First Lien Delayed Draw Term Loan
E + 625
7.94%
02/2026
€
1,868

$
2,150

0.3

%
$
1,999

PharComp Parent B.V. (10)(11)
Unitranche First Lien - Last Out Term Loan
E + 650
8.40%
02/2026
€
6,910

7,709

1.2

7,397

PharComp Parent B.V. (5)(11)
Unitranche First Lien Delayed Draw Term Loan
E + 650
8.40%
02/2026
€
407

419

0.1

436

PharComp Parent B.V. (5)(11)
Unitranche First Lien Delayed Draw Term Loan

02/2026

—

—

—

—

Eagle Midco B.V. (Avania) (11)
Unitranche First Lien Term Loan
E + 600
6.28%
07/2029
€
1,840

1,854

0.3

1,931

Eagle Midco B.V. (Avania) (5)(11)
Unitranche First Lien Delayed Draw Term Loan
E + 625
10.05%
07/2029
€
368

298

0.0

290

Eagle Midco B.V. (Avania) (4)(5)(11)
Senior Secured First Lien Revolver

01/2029

—

(18
)

(0.0
)

(21
)
Eagle Midco B.V. (Avania) (11)
Unitranche First Lien Term Loan
S + 625
10.60%
07/2029

3,411

3,326

0.5

3,320

14,804

15,738

2.4

15,352

Total Debt Investments
Netherlands

$
15,738

2.4

%
$
15,352

Total Netherlands

$
15,738

2.4

%
$
15,352

56
CRESCENT CAPITAL BDC, INC.
Consolidated Schedule of Investments
December 31, 2022
(in thousands, except share and per share data)

Company/Security/Country
Investment Type
Interest
Term *
Interest
Rate
Maturity/
Dissolution
Date
Principal
Amount,
Par Value
or Shares **

Cost

Percentage
of Net
Assets ***

Fair
Value

Belgium

Debt Investments

Commercial & Professional Services

Miraclon Corporation (11)
Unitranche First Lien Term Loan
E + 625
8.21%
04/2026
€
9,507

$
10,570

1.6

$
9,958

Miraclon Corporation (11)
Unitranche First Lien Term Loan
L + 625
10.63%
04/2026

4,162

4,095

0.7

4,133

13,669

14,665

2.3

14,091

Total Debt Investments
Belgium

$
14,665

2.3

%
$
14,091

Equity Investments

Commercial & Professional Services

Miraclon Corporation (11)
Common Stock

921

$
1

—

—

Miraclon Corporation (11)
Preferred Stock

81,384

91

0.0

75

92

0.0

75

Total Equity Investments
Belgium

$
92

0.0

%
$
75

Total Belgium

$
14,757

2.3

%
$
14,166

Australia

Debt Investments

Retailing

Greencross (Vermont Aus Pty Ltd) (11)
Unitranche First Lien Term Loan
B + 575
9.06%
03/2028

A$29,775

$
21,724

3.2

$
19,490

Total Debt Investments
Australia

$
21,724

3.2

%
$
19,490

Total Australia

$
21,724

3.2

%
$
19,490

Sweden

Debt Investments

Retailing

AX VI INV2 Holding AB (Voff) (6)(11)
Unitranche First Lien Term Loan
E + 625
7.23%
08/2029
€
8,795

$
8,608

1.5

$
9,156

AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)
Senior Secured First Lien Revolver
08/2029

—

(10
)

(0.0
)

(11
)
AX VI INV2 Holding AB (Voff) (6)(11)
Senior Secured Second Lien Term Loan
E + 1000
10.98%
08/2030
€
1,830

1,791

0.3

1,906

AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)
Unitranche First Lien Delayed Draw Term Loan
08/2029

—

(39
)

(0.0
)

(44
)
Total Debt Investments
Sweden

$
10,350

1.8

%
$
11,007

Equity Investments

Retailing

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

11,583,011

$
1,086

0.2

$
1,110

Total Equity Investments
Sweden

$
1,086

0.2

%
$
1,110

Total Sweden

$
11,436

2.0

%
$
12,117

Total Investments

$
1,291,456

206.2

%
$
1,262,956

57
*The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”), SOFR (“S”), CDOR (“C”), EURIBOR (“E”), SONIA (“SN”), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2022, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.
*** Percentage is based on net assets of $612,541 as of December 31, 2022

Tenor
Reference Rate

Overnight

1 month

3 month

6 Month

12 Month
LIBOR (“L”)

4.32%

4.39%

4.77%

5.14%

5.48%
Prime (“P”)

7.50%

-

-

-

-
SOFR (“S”)

-

4.36%

4.59%

4.78%

4.87%
CDOR (“C”)

-

4.74%

4.82%

4.94%

-
EURIBOR (“E”)

-

1.87%

2.13%

2.69%

3.29%
SONIA (“SN”)

3.43%

-

-

-

-
BBSY ("B")

-

-

3.31%

-

-
(1)
All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
(2)
All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
(3)
The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 “Summary of Significant Accounting Policies”.
(4)
The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
(5)
Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 “Commitments and Contingencies”.
(6)
As defined in the 1940 Act, the portfolio company is deemed to be a “non-controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Agreements and Related Party Transactions”.
(7)
As defined in the 1940 Act, the portfolio company is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Agreements and Related Party Transactions”.
(8)
Fixed rate investment.
(9)
The investment is on non-accrual status as of December 31, 2022.
(10)
These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to “first-out” and “last-out” tranches, whereby the “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the “last-out” tranche.
(11)
Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 17.1% as of December 31, 2022.
(12)
This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.
(13)
This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.
(14)
Investment is not redeemable.
58
Foreign Currency Exchange
Contracts
Counterparty
Currency Purchased
Currency Sold
Settlement
Unrealized
Appreciation
(Depreciation)

Wells Fargo Bank, N.A.
USD 395
GBP 294
12/1/2023
$
37

Wells Fargo Bank, N.A.
USD 7,975
GBP 5,885
12/1/2023

809

Wells Fargo Bank, N.A.
USD 209
EUR 187
2/20/2024

5

Wells Fargo Bank, N.A.
USD 308
EUR 249
2/20/2024

35

Wells Fargo Bank, N.A.
USD 8,603
EUR 6,703
2/20/2024

1,236

Wells Fargo Bank, N.A.
USD 992
EUR 809
2/20/2024

105

Wells Fargo Bank, N.A.
USD 11,682
EUR 9,222
4/10/2024

1,529

Wells Fargo Bank, N.A.
USD 1,049
CAD 1,348
7/15/2025

42

Wells Fargo Bank, N.A.
USD 612
CAD 801
7/31/2025

15

Wells Fargo Bank, N.A.
USD 17
CAD 22
7/31/2025

1

Wells Fargo Bank, N.A.
USD 576
CAD 738
7/31/2025

24

Wells Fargo Bank, N.A.
USD 1,033
CAD 1,274
7/31/2025

77

Wells Fargo Bank, N.A.
USD 933
CAD 1,192
7/31/2025

42

Wells Fargo Bank, N.A.
USD 1,035
CAD 1,336
7/31/2025

38

Wells Fargo Bank, N.A.
USD 2,214
CAD 2,792
7/31/2025

125

Wells Fargo Bank, N.A.
USD 7,089
CAD 9,712
7/31/2025

(117
)
Wells Fargo Bank, N.A.
USD 775
CAD 994
7/31/2025

33

Wells Fargo Bank, N.A.
USD 193
CAD 244
7/31/2025

10

Wells Fargo Bank, N.A.
USD 789
CAD 1,005
7/31/2025

37

Wells Fargo Bank, N.A.
USD 325
CAD 422
7/31/2025

10

Wells Fargo Bank, N.A.
USD 635
CAD 864
7/31/2025

(7
)
Wells Fargo Bank, N.A.
USD 1,306
CAD 1,703
7/31/2025

36

Wells Fargo Bank, N.A.
USD 1,914
CAD 2,432
7/31/2025

95

Wells Fargo Bank, N.A.
USD 622
CAD 839
7/31/2025

(1
)
Wells Fargo Bank, N.A.
USD 493
CAD 632
7/31/2025

21

Wells Fargo Bank, N.A.
USD 768
EUR 623
2/20/2026

71

Wells Fargo Bank, N.A.
USD 1,944
GBP 1,362
6/3/2026

272

Wells Fargo Bank, N.A.
USD 170
GBP 121
6/3/2026

22

Wells Fargo Bank, N.A.
USD 3,074
GBP 2,237
6/3/2026

342

Wells Fargo Bank, N.A.
USD 371
GBP 272
6/3/2026

39

Wells Fargo Bank, N.A.
USD 17,790
GBP 12,870
8/24/2026

2,048

Wells Fargo Bank, N.A.
USD 1,107
SEK 11,583
8/20/2027

(32
)
Wells Fargo Bank, N.A.
USD 20,607
AUD 29,250
3/22/2028

987

Wells Fargo Bank, N.A.
USD 1,795
CAD 2,370
2/28/2031

11

Total Foreign Currency Exchange Contracts

$
7,997

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

59

CRESCENT CAPITAL BDC, INC.

~~Consolidated Schedule of Investments (Unaudited)~~

~~September 30, 2017~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount, Par
Value or Shares Cost Percentage
of Net
Assets** Fair
Value
Investments⁽¹⁾

United States

Debt Investments

Automobiles & Components

AP Exhaust Acquisition, LLC

Senior Secured Second Lien
L + 850 ⁽²⁾ 9.95 % 05/2025 $ 9,072,563 $ 8,765,404 5.4 % $ 8,891,111
POC Investors, LLC⁽³⁾

Senior Secured First Lien
L + 550 ⁽²⁾ 6.80 % 10/2021 5,468,750 5,396,218 3.3 5,468,750
POC Investors, LLC^{(3) (4) (5)}

Senior Secured First Lien
10/2021 — (9,504 ) — —

14,541,313 14,152,118 8.7 14,359,861

Capital Goods

Alion Science and Technology
Corporation⁽³⁾

Unsecured Debt
11.00 % 08/2022 5,000,000 4,883,657 3.0 4,875,000
MB Aerospace Holdings Inc.⁽⁶⁾

Senior Secured First Lien
L + 550 ⁽⁷⁾ 6.75 % 12/2022 4,327,809 4,295,381 2.6 4,327,809
Midwest Industrial
Rubber⁽³⁾

Senior Secured First Lien
L + 550 ⁽²⁾ 6.83 % 12/2021 4,069,250 4,008,309 2.5 4,069,250
Midwest Industrial
Rubber^{(3) (4) (5)}

Senior Secured First Lien
12/2021 — (6,203 ) — —
Pro Mach Group, Inc.

Senior Secured First Lien
L + 375 ⁽⁷⁾ 4.99 % 10/2021 733,040 736,838 0.4 739,150

14,130,099 13,917,982 8.5 14,011,209

Commercial & Professional Services

ADMI Corp.
Senior Secured First Lien L + 375 ⁽²⁾ 5.06 % 04/2022 977,500 985,812 0.6 990,027
Advantage Sales & Marketing, Inc.

Senior Secured First Lien
L + 325 ⁽⁷⁾ 4.49 % 07/2021 830,730 831,018 0.5 783,657
Advantage Sales & Marketing, Inc.

Senior Secured Second Lien
L + 650 ⁽⁷⁾ 7.74 % 07/2022 500,000 502,543 0.3 451,145
ASP MCS Acquisition Corp.

Senior Secured First Lien
L + 475 ⁽²⁾ 6.06 % 05/2024 5,361,562 5,335,804 3.3 5,435,284
Brickman Group Ltd. LLC

Senior Secured Second Lien
L + 650 ⁽⁷⁾ 7.73 % 12/2021 234,043 234,875 0.1 235,542
DFS Intermediate Holdings, LLC^{(3) (4)}

Senior Secured First Lien
L + 525 ⁽⁷⁾ 6.49 % 09/2018 386,400 375,221 0.2 386,400
DFS Intermediate Holdings, LLC⁽³⁾

Senior Secured First Lien
L + 525 ⁽⁷⁾ 6.49 % 03/2022 7,313,250 7,179,682 4.4 7,313,250
DFS Intermediate Holdings, LLC^{(3) (4)}

Senior Secured First Lien
L + 525 ⁽⁷⁾ 6.49 % 03/2022 165,000 129,031 0.1 165,000
Hepaco, LLC^{(3) (4)}

Senior Secured First Lien
P + 400 ⁽⁸⁾ 8.25 % 08/2021 416,667 411,817 0.2 416,667
Hepaco, LLC⁽³⁾

Senior Secured First Lien
L + 500 ⁽²⁾ 6.26 % 08/2022 2,920,500 2,889,847 1.8 2,920,500
Hepaco, LLC^{(3) (4) (5)}

Senior Secured First Lien
08/2022 — (14,742 ) — —
Jordan Healthcare Inc.^{(3) (4) (5)}

Senior Secured First Lien
08/2021 — (4,274 ) — —
Jordan Healthcare Inc.⁽³⁾

Senior Secured First Lien
L + 600 ⁽²⁾ 7.33 % 07/2022 4,113,900 4,072,434 2.5 4,113,900
Jordan Healthcare Inc.^{(3) (4) (5)}

Senior Secured First Lien
07/2022 — (13,935 ) — —
MHS Acquisition Holdings, LLC⁽³⁾

Senior Secured Second Lien
L + 875 ⁽²⁾ 10.08 % 03/2026 8,101,633 7,877,275 4.9 8,101,633
MHS Acquisition Holdings, LLC^{(3) (4)}

Senior Secured Second Lien
L + 875 ⁽²⁾ 10.08 % 03/2026 466,576 445,147 0.3 466,576
MHS Acquisition Holdings, LLC⁽³⁾

Unsecured Debt
13.50% PIK 03/2026 527,285 517,853 0.3 510,676
MHS Acquisition Holdings, LLC⁽³⁾

Unsecured Debt
13.50 % 03/2026 140,887 138,258 0.1 136,449
NS Intermediate Holdings, LLC^{(3) (4)}

Senior Secured First Lien
P + 450 ⁽⁸⁾ 8.75 % 09/2021 17,500 14,007 — 17,500
NS Intermediate Holdings, LLC⁽³⁾

Senior Secured First Lien
L + 550 ⁽⁷⁾ 6.74 % 09/2021 2,578,881 2,541,695 1.6 2,578,881
PowerTeam Services, LLC

Senior Secured First Lien
L + 325 ⁽²⁾ 4.58 % 05/2020 977,961 976,597 0.6 977,961
SavATree, LLC^{(3) (4) (5)}

Senior Secured First Lien
05/2022 — (6,536 ) — —

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments (Unaudited)~~

~~September 30, 2017~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount, Par
Value or Shares Cost Percentage
of Net
Assets** Fair
Value
SavATree, LLC⁽³⁾

Senior Secured First Lien
L + 525 ⁽²⁾ 6.58 % 06/2022 $ 2,842,875 $ 2,789,236 1.7 % $ 2,842,875
SavATree, LLC^{(3) (4) (5)}

Senior Secured First Lien
06/2022 — (10,271 ) — —
Survey Sampling International, LLC

Senior Secured First Lien
L + 500 ⁽⁹⁾ 6.27 % 12/2020 3,159,582 3,137,047 1.9 3,112,188
TecoStar Holdings,
Inc.⁽³⁾

Senior Secured Second Lien
L + 850 ⁽²⁾ 9.81 % 11/2024 5,000,000     4,879,837 3.0 5,000,000
USAGM HoldCo LLC⁽³⁾

Senior Secured Second Lien
11.00 % 07/2023 2,000,000 1,955,922 1.3 2,070,023
USAGM HoldCo LLC

Senior Secured Second Lien
L + 850 ⁽²⁾ 9.81 % 07/2023     10,000,000 9,679,344 6.0 9,962,500
Valet Waste Holdings, Inc.⁽³⁾

Senior Secured First Lien
L + 700 ⁽⁷⁾ 8.24 % 09/2021 4,802,989 4,751,569 2.9 4,815,339
Valet Waste Holdings, Inc.^{(3) (4) (5)}

Senior Secured First Lien
09/2021 — (5,607 ) — 1,397
Vencore, Inc.

Senior Secured First Lien
L + 475 ⁽²⁾ 6.08 % 11/2019 483,260 483,620 0.3 488,395
William Morris Endeavor Entertainment, LLC

Senior Secured Second Lien
L + 725 ⁽⁷⁾ 8.49 % 05/2022 166,667 163,604 0.1 168,958
Xcentric Mold and Engineering Acquisition Company, LLC⁽³⁾

Senior Secured First Lien
L + 550 ⁽⁷⁾ 6.73 % 01/2022 5,024,750 4,937,172 3.1 5,074,997
Xcentric Mold and Engineering Acquisition Company, LLC^{(3) (4) (5)}

Senior Secured First Lien
01/2022 — (11,922 ) — 7,000

69,510,398 68,168,980 42.1 69,544,720

Consumer Durables & Apparel

C.F. Stinson, LLC⁽³⁾

Senior Secured First Lien
L + 656 ^(10) (11) 7.76 % 05/2021 3,000,000 2,953,264 1.8 3,030,000

Consumer Services

Catapult Learning,
LLC⁽³⁾

Senior Secured First Lien
L + 650 ^(2) (10) 7.81 % 07/2020 5,000,000 4,969,394 3.0 4,918,296
Centerplate, Inc.

Senior Secured First Lien
L + 375 ⁽⁷⁾ 4.98 % 11/2019 702,182 702,182 0.4 703,938
Oncourse Learning Corporation⁽³⁾

Senior Secured First Lien
L + 650 ⁽²⁾ 7.79 % 09/2021 10,968,625 10,832,788 6.6 10,968,625
Oncourse Learning Corporation^{(3) (4)}

Senior Secured First Lien
L + 650 ⁽²⁾ 7.79 % 09/2021 240,000 232,893 0.1 240,000
SkillSoft Corporation

Senior Secured First Lien
L + 475 ⁽⁷⁾ 5.99 % 04/2021 969,713 956,838 0.6 919,258
Teaching Company, LLC⁽³⁾

Senior Secured First Lien
L + 475 ⁽²⁾ 6.08 % 02/2023 4,975,000 4,929,517 3.0 4,975,000
Wrench Group LLC^{(3) (4) (5)}

Senior Secured First Lien
03/2022 — (12,215 ) — 5,556
Wrench Group LLC⁽³⁾

Senior Secured First Lien
L + 525 ⁽¹¹⁾ 6.49 % 03/2022 3,772,222 3,728,497 2.3 3,791,083

26,627,742 26,339,894 16.0 26,521,756

Diversified Financials

Edelman Financial Group, The

Senior Secured First Lien
L + 550 ⁽²⁾ 6.81 % 12/2022 2,947,500 2,901,210 1.8 2,962,237

Energy

Fairmount Santrol, Inc.⁽⁶⁾

Senior Secured First Lien
L + 350 ⁽⁷⁾ 4.74 % 09/2019 312,627 304,083 0.2 310,478
Murray Energy Corporation

Senior Secured First Lien
L + 725 ⁽²⁾ 8.58 % 04/2020 352,527 339,280 0.2 324,485

665,154 643,363 0.4 634,963

Food & Staples Retailing

Good Source Solutions, Inc.⁽³⁾

Senior Secured First Lien
L + 725 ⁽²⁾ 8.58 % 07/2021 2,623,621 2,602,679 1.6 2,647,159
HLF Financing S.a r.l.⁽⁶⁾

Senior Secured First Lien
L + 550 ⁽⁷⁾ 6.74 % 02/2023 4,812,500 4,724,617 3.0 4,871,646

7,436,121 7,327,296 4.6 7,518,805

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments (Unaudited)~~

~~September 30, 2017~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount, Par
Value or Shares Cost Percentage
of Net
Assets** Fair
Value
Food, Beverage & Tobacco

Shearer’s Foods, Inc.

Senior Secured First Lien
L + 425 ⁽²⁾ 5.58 % 06/2021 $ 736,875 $ 731,726 0.4 % $ 738,257

Health Care Equipment & Services

Alere, Inc.⁽⁶⁾

Senior Secured First Lien
L + 325 ⁽²⁾ 4.49 % 06/2022 774,313 778,592 0.5 774,960
Ameda, Inc.⁽³⁾

Senior Secured First Lien
L + 600 ⁽¹¹⁾ 7.00 % 09/2022 2,650,000 2,601,184 1.6 2,623,515
Ameda, Inc.^{(3) (4) (5)}

Senior Secured First Lien
09/2022 — (5,526 ) — (2,998 )
Beaver-Visitec International, Inc.⁽⁶⁾

Senior Secured First Lien
L + 500 ⁽²⁾ 6.33 % 08/2023 9,419,962 9,355,203 5.7 9,467,062
CDRH Parent, Inc.

Senior Secured First Lien
L + 425 ⁽²⁾ 5.57 % 07/2021 366,190 368,403 0.2 299,818
Centauri Health Solutions, Inc⁽³⁾

Senior Secured First Lien
L + 550 ⁽⁷⁾ 6.73 % 01/2022 8,258,500 8,112,399 5.1 8,423,670
Centauri Health Solutions, Inc^{(3) (4)}

Senior Secured First Lien
L + 550 ⁽⁷⁾ 6.73 % 01/2022 525,000 506,795 0.3 556,500
ExamWorks Group, Inc.⁽³⁾

Senior Secured Second Lien
L + 1050 ⁽²⁾ 11.00 % 07/2024 5,000,000 4,864,898 3.1 5,124,703
NMSC Holdings, Inc.⁽³⁾

Senior Secured Second Lien
L + 1000 ⁽¹¹⁾ 11.33 % 10/2023 4,307,480 4,158,130 2.6 4,307,480
NVA Holdings, Inc.

Senior Secured First Lien
L + 350 ⁽²⁾ 4.83 % 08/2021 4,023,756 3,949,146 2.5 4,061,478
Onex Carestream Finance LP⁽⁶⁾

Senior Secured First Lien
L + 400 ⁽²⁾ 5.33 % 06/2019 233,956 234,109 0.2 234,541
Onex Carestream Finance LP⁽⁶⁾

Senior Secured Second Lien
L + 850 ⁽²⁾ 9.83 % 12/2019 174,449 174,449 0.1 171,359
Professional Physical Therapy

Senior Secured First Lien
L + 600 ⁽²⁾ 7.33 % 12/2022 7,964,812 7,899,166 4.8 7,984,724
PT Network, LLC^{(3) (4)}

Senior Secured First Lien
P + 550 ⁽⁸⁾ 9.75 % 11/2021 50,000 48,334 — 50,000
PT Network, LLC^{(3) (4)}

Senior Secured First Lien
L + 650 ⁽²⁾ 7.82 % 11/2021 212,670 205,173 0.1 212,670
PT Network, LLC⁽³⁾

Senior Secured First Lien
L + 650 ⁽²⁾ 7.82 % 11/2021 2,282,750 2,263,185 1.4 2,282,750
Snow Companies LLC⁽³⁾

Senior Secured First Lien
L + 600 ⁽⁷⁾ 7.24 % 01/2022 9,279,875 9,115,793 5.7 9,372,674
Zest Holdings, LLC

Senior Secured First Lien
L + 425 ⁽⁷⁾ 5.49 % 08/2023 4,925,250 4,892,372 3.0 5,011,442

60,448,963 59,521,805 36.9 60,956,348

Household & Personal Products

Paris Presents Incorporated

Senior Secured First Lien
L + 500 ⁽⁷⁾ 6.24 % 01/2021 1,727,903 1,713,950 1.0 1,727,903
Paris Presents Incorporated

Senior Secured Second Lien
L + 875 ⁽⁷⁾ 9.99 % 01/2022 504,468 495,776 0.3 499,423

2,232,371 2,209,726 1.3 2,227,326

Insurance

Integro Parent Inc.

Senior Secured First Lien
L + 575 ⁽²⁾ 7.06 % 09/2022 457,133 450,395 0.3 455,990
Integro Parent Inc.

Senior Secured First Lien
L + 575 ⁽²⁾ 7.07 % 10/2022 34,259 33,743 — 34,174
Integro Parent Inc.

Senior Secured Second Lien
L + 925 ⁽²⁾ 10.55 % 10/2023 380,282 374,504 0.2 372,676
Integro Parent Inc.

Senior Secured Second Lien
L + 925 ⁽²⁾ 10.56 % 10/2023 2,408,451 2,365,837 1.5 2,360,282

3,280,125 3,224,479 2.0 3,223,122

Materials

Emerald Performance Materials, LLC

Senior Secured First Lien
L + 350 ⁽⁷⁾ 4.74 % 08/2021 966,690 969,567 0.6 973,539
IBC Capital Limited⁽⁶⁾

Senior Secured First Lien
L + 375 ⁽²⁾ 5.07 % 09/2021 830,827 821,840 0.5 826,324
Royal Holdings, Inc.

Senior Secured First Lien
L + 325 ⁽²⁾ 4.58 % 06/2022 833,064 835,083 0.5 836,712
Tank Holding Corp.

Senior Secured First Lien
L + 425 ⁽²⁾ 5.55 % 03/2022 $ 865,168 $ 871,271 0.5 % $ 871,121

3,495,749 3,497,761 2.1 3,507,696

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments (Unaudited)~~

~~September 30, 2017~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount, Par
Value or Shares Cost Percentage
of Net
Assets** Fair
Value
Media

Acosta Holdco, Inc.

Senior Secured First Lien
L + 325 ⁽⁷⁾ 4.49 % 09/2021 975,253 975,956 0.5 866,757
Charter Communications Operating, LLC⁽⁶⁾

Senior Secured First Lien
L + 225 ⁽⁷⁾ 3.49 % 01/2024 320,125 319,521 0.2 321,770
Tribune Media Company⁽⁶⁾

Senior Secured First Lien
L + 300 ⁽⁷⁾ 4.24 % 12/2020 155,650 156,146 0.1 156,331
Vivid Seats Ltd.

Senior Secured Second Lien
L + 975 ⁽²⁾ 10.99 % 06/2025 2,500,000 2,356,903 1.4 2,354,054

3,951,028 3,808,526 2.2 3,698,912

Real Estate

DTZ U.S. Borrower, LLC⁽⁶⁾

Senior Secured Second Lien
L + 825 ⁽²⁾ 9.56 % 11/2022 425,532 420,415 0.3 427,304

Retailing

Academy, Ltd.

Senior Secured First Lien
L + 400 ⁽⁷⁾ 5.24 % 07/2022 922,689 926,622 0.4 630,058
Petco Animal Supplies, Inc.

Senior Secured First Lien
L + 300 ⁽²⁾ 4.31 % 01/2023 164,167 161,682 0.1 135,985
Strategic Partners, Inc.

Senior Secured First Lien
L + 450 ⁽⁷⁾ 5.74 % 06/2023 6,451,331 6,437,133 3.9 6,523,909

7,538,187 7,525,437 4.4 7,289,952

Software & Services

Ansira Partners, Inc.

Senior Secured First Lien
L + 650 ⁽²⁾ 7.84 % 12/2022 6,496,364 6,438,322 3.9 6,447,641
Ansira Partners, Inc.⁽⁴⁾

Senior Secured First Lien
L + 650 ⁽²⁾ 7.82 % 12/2022 528,173 519,881 0.3 521,024
C-4 Analytics, LLC^{(3) (4) (5)}

Senior Secured First Lien
08/2023 — (10,308 ) — —
C-4 Analytics, LLC⁽³⁾

Senior Secured First Lien
L + 525 ⁽²⁾ 6.49 % 08/2023 10,550,000 10,368,139 6.4 10,550,000
Epicor Software Corporation

Senior Secured First Lien
L + 375 ⁽⁷⁾ 4.99 % 06/2022 970,883 972,201 0.6 974,068
Informatica Corporation⁽⁶⁾

Senior Secured First Lien
L + 350 ⁽²⁾ 4.83 % 08/2022 821,432 822,315 0.5 823,267
Mediaocean LLC

Senior Secured First Lien
L + 425 ⁽⁷⁾ 5.49 % 08/2022 8,474,023 8,416,612 5.1 8,509,360
Merrill Communications, LLC

Senior Secured First Lien
L + 525 ⁽²⁾ 6.56 % 06/2022 979,274 981,935 0.6 987,843
Ministry Brands Intermediate, LLC⁽⁴⁾

Senior Secured First Lien
L + 500 ⁽⁷⁾ 6.24 % 12/2022 184,680 179,851 0.1 181,404
Ministry Brands Intermediate, LLC⁽³⁾

Senior Secured First Lien
L + 500 ⁽⁷⁾ 6.24 % 11/2023 5,213,450 5,166,654 3.2 5,187,383
SMS Systems Maintenance Services, Inc.⁽³⁾

Senior Secured Second Lien
L + 850 ⁽²⁾ 9.75 % 10/2024 4,703,478 4,559,371 2.8 4,651,740
SMS Systems Maintenance Services, Inc.⁽³⁾

Senior Secured Second Lien
10.00 % 10/2024 9,015,000 8,744,920 5.4 8,850,869
Transportation Insight, LLC⁽³⁾

Senior Secured First Lien
L + 525 ⁽⁷⁾ 6.49 % 09/2019 2,146,395 2,131,063 1.3 2,146,395
Zoom Information, Inc.⁽³⁾

Senior Secured First Lien
L + 794 ^(2) (10) 9.18 % 08/2022 9,000,000 8,765,317 5.4 9,000,000

59,083,152 58,056,273 35.6 58,830,994

Technology Hardware & Equipment

Onvoy, LLC⁽³⁾

Senior Secured Second Lien
L + 1050 ⁽²⁾ 11.83 % 02/2025 2,635,052 2,515,692 1.6 2,635,052

Transportation

Kenan Advantage Group, Inc.

Senior Secured First Lien
L + 300 ⁽⁷⁾ 4.24 % 07/2022 778,444 780,111 0.5 780,779
Pilot Air Freight, LLC⁽³⁾

Senior Secured First Lien
L + 525 ⁽⁷⁾ 6.49 % 10/2022 $ 3,324,875 $ 3,296,015 2.0 % $ 3,324,875

4,103,319 4,076,126 2.5 4,105,654

Total Debt Investments
United States
$ 286,788,680 $ 281,992,073 173.2 % $ 286,224,168

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments (Unaudited)~~

~~September 30, 2017~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount, Par
Value or Shares Cost Percentage
of Net
Assets** Fair
Value
Equity Investments

Automobiles & Components

AP Centric^{(3) (12)}

Common Stock
841 927,437 0.6 927,437

Capital Goods

Alion Science and Technology Corp.^{(3) (12)}

Common Stock
535,714 535,714 0.2 406,154

Commercial & Professional Services

MHS Acquisition Holdings, LLC^{(3) (12)}

Common Stock
891 890,485 0.5 890,484
TecoStar Holdings Inc.^{(3) (12)}

Common Stock
500,000 500,000 0.3 500,000
Universal Services Equity Investments^{(3) (12)}

Common Stock
1,000,000 1,000,000 1.1 1,770,790
USAGM HoldCo, LLC^{(3) (12)}

Common Stock
238,095 238,095 0.3 421,618

1,738,986 2,628,580 2.2 3,582,892

Health Care Equipment & Services

ExamWorks Group, Inc.^{(3) (12)}

Common Stock
7,500 750,000 0.4 701,987

Insurance

Integro Equity^{(3) (12)}

Common Stock
4,225 422,535 0.3 435,385

Media

Vivid Seats Ltd.^{(3) (12)}

Common Stock
608,108 608,108 0.3 548,501
Vivid Seats Ltd.^{(3) (12)}

Preferred Stock
1,891,892 1,891,892 1.2 1,951,500

2,500,000 2,500,000 1.5 2,500,001

Software & Services

SMS Systems Maintenance Services, Inc.^{(3) (12)}

Common Stock
1,142,789 1,144,521 0.7 1,142,789

Technology Hardware & Equipment

Onvoy, LLC^{(3) (12)}

Common Stock, Class A
3,650 364,948 0.2 364,948
Onvoy, LLC^{(3) (12)}

Common Stock, Class B
253,572 — — —

257,222 364,948 0.2 364,948

Total Equity Investments
United States
$ 6,187,277 $ 9,273,735 6.1 % $ 10,061,593

Total United States $ 291,265,808 179.3 % $ 296,285,761

France
Debt Investments

Technology Hardware & Equipment

Parkeon, Inc.⁽⁶⁾

Senior Secured First Lien
L + 575 ⁽¹³⁾ 5.75 % 03/2023 € 1,994,499 2,062,014 1.4 2,296,990

Total Debt Investments
France
€ 1,994,499 $ 2,062,014 1.4 % $ 2,296,990

Total France $ 2,062,014 1.4 % $ 2,296,990

United Kingdom
Debt Investments

Software & Services

CB-SDG Limited^{(3) (6)}

Senior Secured First Lien

L + 650, 0.5
PIK
%
⁽¹⁴⁾
7.50 % 07/2022 £ 1,980,782 3,001,702 1.5 2,577,791
CB-SDG Limited^{(3) (4) (6)}

Senior Secured First Lien
L + 600 ⁽¹⁴⁾ 7.00 % 07/2022 443,669 969,727 0.5 823,934

Total Debt Investments
United Kingdom
£ 2,424,451 $ 3,971,429 2.0 % $ 3,401,725

Total United Kingdom $ 3,971,429 2.0 % $ 3,401,725

Total Investments $ 297,299,251 182.7 % $ 301,984,476

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments (Unaudited)~~

~~September 30, 2017~~

The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”) and which reset daily, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at September ~~30, 2017. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.~~

^**	~~Percentage is based on net assets of $165,263,435 as of September~~ ~~30, 2017.~~

~~PIK~~

~~PaymentIn-Kind~~

~~(1)~~

~~All positions held arenon-controlled/non-affiliated~~ ~~investments as defined by the Investment Company Act of 1940, as amended (“1940 Act”).Non-controlled/non-affiliated~~ ~~investments are investments that are neither controlled investments nor affiliated investments.~~

~~(2)~~

~~The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate. The 3 month LIBOR as of September 30, 2017 was 1.33%.~~

~~(3)~~

~~The fair value of the investment was determined using significant unobservable inputs. See Note 2 “Summary of Significant Accounting Policies”.~~

~~(4)~~

~~Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 “Commitments and Contingencies”.~~

~~(5)~~

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.

~~(6)~~

Investment is not a qualifying investment as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition.

~~(7)~~

~~The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate. The 1 month LIBOR as of September~~ ~~30, 2017 was 1.23%.~~

~~(8)~~

~~The interest rate on these loans is subject to the U.S. Prime rate, which as of September~~ ~~30, 2017 was 4.25%.~~

~~(9)~~

~~The interest rate on these loans is subject to the greater of a LIBOR floor or 2 month LIBOR plus a base rate. The 2 month LIBOR as of September~~ ~~30, 2017 was 1.27%.~~

~~(10)~~

~~These loans are firstlien/last-out~~ ~~term loans.~~

~~(11)~~

~~The interest rate on these loans is subject to the greater of a LIBOR floor or 1 week LIBOR plus a base rate. The 1 week LIBOR as of September~~ ~~30, 2017 was 1.21%.~~

~~(12)~~

~~Non-income~~ ~~producing security.~~

~~(13)~~

~~The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base rate. The 3 month EURIBOR as of September~~ ~~30, 2017 was (0.33)%.~~

~~(14)~~

~~The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 3 month GBP LIBOR plus a base rate. The 3 month GBP LIBOR as of September~~ ~~30, 2017 was 0.34%.~~

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2016~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount,
Par Value or
Shares Cost Percentage
of Net
Assets ** Fair
Value
Investments (1)

United States

Debt Investments

Automobiles & Components

POC Investors, LLC (2)

Senior Secured First Lien
L + 550 (3) 6.50 % 10/2021 $ 83,333 $ 76,042 0.1 % $ 83,333
POC Investors, LLC

Senior Secured First Lien
L + 550 (4) 6.50 % 10/2021 3,100,000 3,054,645 2.4 3,100,000

3,183,333 3,130,687 2.5 3,183,333

Capital Goods

Alion Science and Technology Corp.

Unsecured Debt
11.00 % 08/2022 5,000,000 4,870,817 3.8 4,950,000
Brand Energy & Infrastructure Services, Inc.

Senior Secured First Lien
L + 375 (4) 4.75 % 11/2020 835,809 821,808 0.6 835,588
Doosan Infracore International, Inc. (5)

Senior Secured First Lien
L + 350 (3) 4.50 % 05/2021 598,673 601,635 0.5 608,030
MB Aerospace Holdings I, Inc. (5)

Senior Secured First Lien
L + 550 (4) 6.50 % 12/2022 4,360,845 4,324,305 3.4 4,349,943
Midwest Industrial Rubber (2)

Senior Secured First Lien
12/2021 85,000 77,680 0.1 80,818
Midwest Industrial Rubber

Senior Secured First Lien
L + 550 (3) 6.50 % 12/2021 4,100,000 4,029,260 3.2 4,059,651
Pro Mach Group, Inc.

Senior Secured First Lien
L + 375 (4) 4.75 % 10/2021 738,693 743,154 0.6 739,247
Silver II US Holdings, LLC (5)

Senior Secured First Lien
L + 300 (4) 4.00 % 12/2019 830,597 813,397 0.6 787,435
Univar Inc. (5)

Senior Secured First Lien
L + 325 (4) 4.25 % 07/2022 740,625 743,672 0.6 748,802

17,290,242 17,025,728 13.4 17,159,514

Commercial & Professional Services

ADMI Corp.

Senior Secured First Lien
L + 425 (4) 5.25 % 04/2022 985,000 994,587 0.8 994,234
Advantage Sales & Marketing, Inc.

Senior Secured Second Lien
L + 650 (4) 7.50 % 07/2022 500,000 502,868 0.4 489,690
Advantage Sales & Marketing, Inc.

Senior Secured First Lien
L + 325 (4) 4.25 % 07/2021 837,154 837,496 0.6 841,549
Asurion, LLC

Senior Secured Second Lien
L + 750 (3) 8.50 % 03/2021 275,000 279,388 0.2 280,071
Asurion, LLC

Senior Secured First Lien
L + 400 (3) 5.00 % 08/2022 486,875 486,294 0.4 493,996
Brickman Group, Ltd. LLC

Senior Secured Second Lien
L + 650 (3) 7.50 % 12/2021 500,000 502,043 0.4 504,690
Emerald Expositions Holding, Inc.

Senior Secured First Lien
L + 375 (4) 4.75 % 06/2020 696,535 699,151 0.5 701,759
Hepaco, LLC (2)

Senior Secured First Lien
08/2021 208,333 202,513 0.2 208,333
Hepaco, LLC

Senior Secured First Lien
L + 500 (4) 6.00 % 08/2022 2,942,625 2,907,744 2.3 2,942,625
Hepaco, LLC (2)(6)

Senior Secured First Lien
08/2022 — (17,089 ) — —
Jordon Healthcare Inc.

Senior Secured First Lien
L + 525 (4) 6.25 % 07/2021 2,388,000 2,360,651 1.9 2,388,000
Jordon Healthcare Inc.(2)(6)

Senior Secured First Lien
08/2021 — (18,741 ) — —
NS Intermediate Holdings, LLC

Senior Secured First Lien
L + 550 (4) 6.50 % 09/2021 2,981,250 2,931,417 2.3 2,981,250
NS Intermediate Holdings, LLC (2)

Senior Secured First Lien
09/2021 16,199 12,047 — 16,199

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2016~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount,
Par Value or
Shares Cost Percentage
of Net
Assets ** Fair
Value
PowerTeam Services, LLC

Senior Secured First Lien
L + 325 (4) 4.25 % 05/2020 $ 985,474 $ 983,730 0.8 % $ 988,553
Survey Sampling International, LLC

Senior Secured First Lien
L + 500 (4) 6.00 % 12/2020 3,175,749 3,148,350 2.5 3,175,749
USAGM HoldCo, LLC

Senior Secured Second Lien
L + 850 (4) 9.50 % 07/2023 10,000,000 9,650,208 8.0 10,200,000
USAGM HoldCo, LLC

Senior Secured Second Lien
11.00 % 07/2023 2,000,000 1,952,052 1.6 2,060,000
Valet Waste Holdings, Inc.

Senior Secured First Lien
L + 700 (4) 8.00 % 09/2021 4,293,479 4,239,662 3.4 4,336,413
Valet Waste Holdings, Inc. (2)

Senior Secured First Lien
09/2021 326,087 319,427 0.2 331,522
Vencore, Inc.

Senior Secured First Lien
L + 475 (4) 5.75 % 11/2019 487,121 487,601 0.4 493,364
William Morris Endeavor Entertainment, LLC

Senior Secured Second Lien
L + 725 (4) 8.25 % 05/2022 250,000 244,808 0.2 253,750
William Morris Endeavor Entertainment, LLC

Senior Secured First Lien
L + 425 (4) 5.25 % 05/2021 984,810 987,734 0.8 997,125

35,319,691 34,693,941 27.9 35,678,872

Consumer Durables & Apparel

C.F. Stinson, LLC

Senior Secured First Lien
L + 670 (7)(14) 7.32 % 05/2021 3,000,000 2,944,942 2.3 3,000,000
Varsity Brands, Inc.

Senior Secured First Lien
L + 400 (4) 5.00 % 12/2021 984,925 993,379 0.8 1,001,176

3,984,925 3,938,321 3.1 4,001,176

Consumer Services

Catapult Learning, LLC

Senior Secured First Lien
L + 650 (4)(14) 7.50 % 07/2020 5,000,000 4,962,140 3.8 4,875,000
Centerplate, Inc.

Senior Secured First Lien
L + 375 (4) 4.75 % 11/2019 707,640 707,640 0.5 706,755
Oncourse Learning Corp.

Senior Secured First Lien
L + 650 (4) 7.50 % 09/2021 10,450,000 10,301,281 8.2 10,450,000
Oncourse Learning Corp. (2)

Senior Secured First Lien
09/2021 240,000 231,528 0.2 240,000
Scientific Games International, Inc. (5)

Senior Secured First Lien
L + 500 (8) 6.00 % 10/2021 983,690 986,750 0.8 997,491
SkillSoft Corporation

Senior Secured First Lien
L + 475 (9) 5.84 % 04/2021 984,887 969,364 0.7 902,713
Wrench Group, LLC (2)(6)

Senior Secured First Lien
03/2022 — (14,433 ) — —
Wrench Group, LLC

Senior Secured First Lien
L + 525 (4) 6.25 % 03/2022 3,840,278 3,789,365 3.0 3,840,278

22,206,495 21,933,635 17.2 22,012,237

Diversified Financials

Edelman Financial Group, The
Senior Secured First Lien L + 550 (4) 6.50 % 12/2022 2,970,000 2,917,848 2.3 2,993,211

Energy

Fairmount Santrol, Inc. (5)
Senior Secured First Lien L + 350 (4) 4.50 % 09/2019 335,198 322,749 0.2 326,749
Murray Energy Corporation
Senior Secured First Lien L + 725 (4) 8.25 % 04/2020 356,470 339,701 0.3 342,213

691,668 662,450 0.5 668,962

Food & Staples Retailing

BJ’s Wholesale Club, Inc.
Senior Secured First Lien L + 350 (4) 4.50 % 09/2019 818,327 820,823 0.7 827,407
BJ’s Wholesale Club, Inc.
Senior Secured Second Lien L + 750 (4) 8.50 % 03/2020 248,809 250,649 0.2 252,281
Good Source Solutions, Inc.
Senior Secured First Lien L + 725 (4) 8.25 % 07/2021 $ 2,699,449 $ 2,674,347 2.1 % $ 2,699,448

3,766,585 3,745,819 3.0 3,779,136

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2016~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount,
Par Value or
Shares Cost Percentage
of Net
Assets ** Fair
Value
Food, Beverage & Tobacco

American Seafoods Group LLC
Senior Secured Second Lien L + 900 (4) 10.00 % 02/2022 5,000,000 4,884,333 3.8 4,850,000
Shearer’s Foods, Inc.
Senior Secured First Lien L + 425 (4) 5.25 % 06/2021 742,500 736,390 0.6 746,213

5,742,500 5,620,723 4.4 5,596,213

Health Care Equipment & Services

Alere, Inc. (5)
Senior Secured First Lien L + 325 (3) 4.25 % 06/2022 780,254 785,178 0.6 781,339
ATI Holdings Acquisition, Inc.
Senior Secured First Lien P + 350 (10) 7.25 % 05/2023 1,169,125 1,158,311 0.9 1,186,662
Beaver-Visitec International, Inc. (5)
Senior Secured First Lien L + 500 (4) 6.00 % 08/2023 7,481,250 7,409,181 5.8 7,481,250
CDRH Parent, Inc.
Senior Secured First Lien L + 425 (4) 5.25 % 07/2021 369,021 371,653 0.3 338,577
Epic Health Services, Inc.
Senior Secured First Lien L + 475 (4) 5.75 % 02/2021 171,445 169,798 0.1 171,445
Epic Health Services, Inc.
Senior Secured Second Lien L + 825 (4) 10.25 % 08/2021 928,125 910,225 0.7 928,125
ExamWorks Group, Inc.
Senior Secured Second Lien 10.50 % 07/2024 5,000,000 4,855,211 3.9 5,000,000
Heartland Dental, LLC
Senior Secured First Lien L + 450 (4) 5.50 % 12/2018 984,925 989,007 0.8 987,692
NMSC Holdings, Inc.
Senior Secured Second Lien L + 1000 (4) 11.00 % 10/2023 4,307,480 4,145,844 3.4 4,350,555
NVA Holdings, Inc.
Senior Secured First Lien L + 450 (4) 5.50 % 08/2021 4,054,162 3,966,046 3.2 4,074,433
Onex Carestream Finance LP (5)
Senior Secured First Lien L + 400 (4) 5.00 % 06/2019 423,553 423,947 0.3 412,610
Onex Carestream Finance LP (5)
Senior Secured Second Lien L + 850 (4) 9.50 % 12/2019 197,728 197,728 0.1 163,126
Professional Physical Therapy
Senior Secured First Lien L + 500 (4) 6.00 % 12/2022 7,500,000 7,425,376 5.9 7,518,750
PT Network, LLC (2)(6)
Senior Secured First Lien 11/2021 — (10,811 ) — —
PT Network, LLC
Senior Secured First Lien L + 650 (4) 7.50 % 11/2021 2,300,000 2,277,339 1.8 2,300,000
Zest Holdings LLC
Senior Secured First Lien L + 475 (4) 5.75 % 08/2020 4,962,500 4,924,402 3.9 4,937,687

40,629,568 39,998,435 31.7 40,632,251

Household & Personal Products

Paris Presents Incorporated
Senior Secured First Lien L + 500 (3) 6.00 % 01/2021 1,741,127 1,724,253 1.3 1,732,421
Paris Presents Incorporated
Senior Secured Second Lien L + 875 (3) 9.75 % 01/2022 504,468 494,600 0.4 494,379

2,245,595 2,218,853 1.7 2,226,800

Insurance

Confie Seguros Holding II Co.
Senior Secured First Lien L + 475 (3) 5.75 % 04/2022 179,147 177,390 0.1 180,357
Edgewood Partners Insurance Center
Senior Secured First Lien L + 600 (3) 7.00 % 03/2023 2,977,500 2,923,345 2.4 2,999,831
Integro Parent, Inc.
Senior Secured First Lien L + 575 (4) 6.75 % 09/2022 460,883 453,252 0.4 456,274
Integro Parent, Inc.
Senior Secured First Lien L + 575 (4) 6.75 % 10/2022 34,259 33,650 — 33,917
Integro Parent, Inc.
Senior Secured Second Lien L + 925 (4) 10.25 % 10/2023 $ 380,282 $ 373,449 0.3 % $ 370,775
Integro Parent, Inc.
Senior Secured Second Lien L + 925 (4) 10.25 % 10/2023 2,408,451 2,362,284 1.8 2,348,240

6,440,522 6,323,370 5.0 6,389,394

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2016~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount,
Par Value or
Shares Cost Percentage
of Net
Assets ** Fair
Value
Materials

Berlin Packaging LLC
Senior Secured First Lien L + 350 (3) 4.50 % 10/2021 979,804 983,603 0.8 989,676
Emerald Performance Materials, LLC
Senior Secured First Lien L + 350 (3) 4.50 % 08/2021 967,618 971,009 0.8 975,600
IBC Capital Limited (5)
Senior Secured First Lien L + 375 (9) 4.99 % 09/2021 837,218 826,618 0.6 830,591
Ineos US Finance LLC (5)
Senior Secured First Lien L + 325 (3) 4.25 % 03/2022 492,477 493,470 0.4 499,365
Royal Holdings, Inc.
Senior Secured First Lien L + 350 (4) 4.50 % 06/2022 837,250 839,571 0.7 847,017
Tank Holding Corp.
Senior Secured First Lien L + 425 (4) 5.25 % 03/2022 932,584 940,133 0.7 924,811

5,046,951 5,054,404 4.0 5,067,060

Media

Acosta Holdco, Inc.
Senior Secured First Lien L + 325 (4) 4.25 % 09/2021 985,370 986,201 0.7 963,510
iHeartCommunications, Inc. (5)
Senior Secured First Lien L + 675 (7) 7.52 % 01/2019 738,673 708,375 0.5 603,865
Rentpath, Inc. (5)
Senior Secured First Lien L + 525 (3) 6.25 % 12/2021 984,925 992,930 0.8 970,151
Tribune Media Co. (5)
Senior Secured First Lien L + 300 (7) 3.77 % 12/2020 492,500 494,408 0.4 497,272

3,201,468 3,181,914 2.4 3,034,798

Pharmaceuticals, Biotechnology & Life Sciences

Ortho-Clinical Diagnostics, Inc.
Senior Secured First Lien L + 375 (4) 4.75 % 06/2021 837,121 828,864 0.6 832,638

Real Estate

Capital Automotive L.P. (5)
Senior Secured Second Lien L + 500 (3) 6.00 % 04/2020 500,000 507,232 0.4 507,915
DTZ U.S. Borrower, LLC (5)
Senior Secured Second Lien L + 825 (4) 9.25 % 11/2022 425,532 419,844 0.3 426,772

925,532 927,076 0.7 934,687

Retailing

Academy, Ltd.
Senior Secured First Lien L + 400 (3) 5.00 % 07/2022 930,205 934,721 0.7 862,766
Midas Intermediate Holdco II, LLC
Senior Secured First Lien L + 350 (4) 4.50 % 08/2021 984,887 991,511 0.8 998,429
Petco Animal Supplies, Inc.
Senior Secured First Lien L + 400 (4) 5.00 % 01/2023 165,417 162,602 0.1 166,540
Strategic Partners, Inc.
Senior Secured First Lien L + 525 (4) 6.25 % 06/2023 6,483,750 6,468,222 5.1 6,548,587

8,564,259 8,557,056 6.7 8,576,322

Software & Services

Ansira Partners, Inc. (2)(6)
Senior Secured First Lien 12/2022 — (9,495 ) — (7,159 )
Ansira Partners, Inc.
Senior Secured First Lien L + 650 (4) 7.50 % 12/2022 6,545,455 6,480,290 5.1 6,496,364
Cision US Inc.
Senior Secured First Lien L + 600 (4) 7.00 % 06/2023 4,975,000 4,787,830 3.9 4,940,797
Compuware Corporation
Senior Secured First Lien L + 525 (4) 6.25 % 12/2021 983,690 969,250 0.8 991,191

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2016~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount,
Par Value or
Shares Cost Percentage
of Net
Assets ** Fair
Value
Epicor Software Corporation
Senior Secured First Lien L + 375 (3) 4.75 % 06/2022 $ 970,883 $ 972,387 0.8 % $ 976,432
Informatica Corporation (5)
Senior Secured First Lien L + 350 (4) 4.50 % 08/2022 839,375 840,401 0.6 837,365
Magic Newco LLC (5)
Senior Secured First Lien L + 400 (3) 5.00 % 12/2018 984,595 986,788 0.8 995,366
Mediaocean LLC
Senior Secured First Lien L + 475 (3) 5.75 % 08/2022 6,523,509 6,463,692 5.1 6,564,281
Merrill Communications, LLC
Senior Secured First Lien L + 525 (4) 6.25 % 06/2022 986,768 989,816 0.8 984,302
Ministry Brands Intermediate, LLC
Senior Secured First Lien L + 500 (4) 6.00 % 11/2023 4,120,000 4,079,195 3.2 4,078,800
Ministry Brands Intermediate, LLC (2)(6)
Senior Secured First Lien 11/2023 — (11,300 ) — (11,300)
SMS Systems Maintenance Services, Inc.
Senior Secured Second Lien 10.00 % 10/2024 9,015,000 8,726,344 7.0 9,015,000
Tibco Software Inc.
Senior Secured First Lien L + 550 (3) 6.50 % 12/2020 399,614 400,396 0.3 402,029
Transportation Insight, LLC
Senior Secured First Lien L + 525 (3) 6.25 % 09/2019 1,862,644 1,846,176 1.4 1,862,644

38,206,533 37,521,770 29.8 38,126,112

Technology Hardware & Equipment

Riverbed Technology, Inc.
Senior Secured First Lien L + 325 (3) 4.25 % 04/2022 — 114 — —

Telecommunication Services

Birch Communications, Inc.
Senior Secured First Lien L + 725 (4) 8.25 % 07/2020 948,068 951,686 0.7 853,261
Charter Communications Operating, LLC (5)
Senior Secured First Lien L + 225 (7) 2.51 % 01/2024 322,562 321,888 0.2 324,880
Level 3 Financing Inc. (5)
Senior Secured First Lien L + 300 (4) 4.00 % 01/2020 500,000 501,315 0.4 507,500
U.S. Telepacific Corporation
Senior Secured First Lien L + 500 (4) 6.00 % 11/2020 982,787 984,672 0.8 985,347

2,753,417 2,759,561 2.1 2,670,988

Transportation

Kenan Advantage Group, Inc. (2)
Senior Secured First Lien 01/2017 — 8 — 196
Kenan Advantage Group, Inc.
Senior Secured First Lien L + 300 (3) 4.00 % 07/2022 778,569 780,484 0.6 782,221
Keurig Green Mountain, Inc. (5)
Senior Secured First Lien L + 450 (7) 5.31 % 03/2023 229,188 225,056 0.2 233,074
Pilot Air Freight, LLC
Senior Secured First Lien L + 525 (4) 6.25 % 10/2022 3,350,000 3,317,358 2.6 3,350,000

4,357,757 4,322,906 3.4 4,365,491

Utilities

Eastern Power, LLC
Senior Secured First Lien L + 400 (4) 5.00 % 10/2021 938,787 943,975 0.7 949,151

Total Debt Investments United States $ 209,302,949 $ 206,307,450 163.1 % $ 208,878,346

Equity Investments

Capital Goods

Alion Science and Technology Corp. (11)
Common Stock 535,714 535,715 0.4 554,894

Commercial & Professional Services
Universal Services Equity Investments (11)
Common Stock 1,000,000 1,000,000 0.8 1,000,000
USAGM HoldCo, LLC (11)
Common Stock 238,095 238,095 0.2 238,095

1,238,095 1,238,095 1.0 1,238,095

Health Care Equipment & Services
ExamWorks Group, Inc. (11)
Common Stock $ 7,500 $ 750,000 0.6 % $ 750,000

Insurance

Integro Equity (11)
Common Stock 4,226 422,535 0.3 415,645

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

~~Consolidated Schedule of Investments~~

~~December 31, 2016~~

Investment Type
Spread
Above
Index * Interest
Rate Maturity
Date Principal
Amount,
Par Value or
Shares Cost Percentage
of Net
Assets ** Fair
Value
Software & Services

SMS Systems Maintenance Services, Inc. (11)
Common Stock 985,000 985,000 0.8 985,000

Total Equity Investments United States $ 2,770,535 $ 3,931,345 3.1 % $ 3,943,634

Total United States $ 210,238,795 166.2 % $ 212,821,980

France
Debt Investments

Technology Hardware & Equipment
Parkeon, Inc. (5)
Senior Secured First Lien E + 575 (12) 5.75 % 03/2023 € 1,994,499 2,041,092 1.6 2,022,011

Total Debt Investments France € 1,994,499 $ 2,041,092 1.6 % $ 2,022,011

Total France $ 2,041,092 1.6 % $ 2,022,011

United Kingdom
Debt Investments

Software & Services

CB SDG , Ltd. (5)
Senior Secured First Lien L + 650 (13) 7.18 % 07/2022 £ 1,978,200 2,993,723 1.8 2,336,810
CB SDG , Ltd. (2)(5)
Senior Secured First Lien L + 650 (13) 7.18 % 07/2022 442,828 965,988 0.6 740,151

Total Debt Investments United Kingdom £ 2,421,028 $ 3,959,711 2.4 % $ 3,076,961

Total United Kingdom $ 3,959,711 2.4 % $ 3,076,961

Total Investments $ 216,239,598 170.2 % $ 217,920,952

The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) or Prime (“P”) and which reset daily, quarterly or semiannually. For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in effect at December 31, 2016. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**	~~Percentage is based on net assets of $128,056,028 as of December 31, 2016.~~

~~(1)~~

~~(2)~~

~~Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 “Commitments and Contingencies”.~~

~~(3)~~

The interest rate on these loans is subject to a base rate plus 1 month LIBOR. As the interest rate is subject to a minimum LIBOR floor which was greater than the 1 month LIBOR rate at December 31, 2016, the prevailing rate in effect as of December 31, 2016 was the base rate plus the LIBOR floor.

~~(4)~~

The interest rate on these loans is subject to a base rate plus 3 month LIBOR. As the interest rate is subject to a minimum LIBOR floor which was greater than the 3 month LIBOR rate at December 31, 2016, the prevailing rate in effect as of December 31, 2016 was the base rate plus the LIBOR floor.

~~(5)~~

~~(6)~~

~~(7)~~

~~The interest rate on these loans is subject to a base rate plus 1 month LIBOR.~~

~~(8)~~

The interest rate on these loans is subject to a base rate plus 2 month LIBOR. As the interest rate is subject to a minimum LIBOR floor which was greater than the 2 month LIBOR rate at December 31, 2016, the prevailing rate in effect as of December 31, 2016 was the base rate plus the LIBOR floor.

~~(9)~~

~~The interest rate on these loans is subject to a base rate plus 6 month LIBOR.~~

~~(10)~~

~~The interest rate on these loans is subject to the U.S. Prime rate, which as of December 31, 2016 was 3.75%.~~

~~(11)~~

~~Non-income~~ ~~producing security.~~

~~(12)~~

The interest rate on these loans is subject to a base rate plus 3 month EURIBOR. As the interest rate is subject to a minimum EURIBOR floor which was greater than the 3 month EURIBOR rate at December 31, 2016, the prevailing rate in effect as of December 31, 2016 was the base rate plus the EURIBOR floor.

~~(13)~~

The interest rate on these loans is subject to a base rate plus 6 month GBP LIBOR. As the interest rate is subject to a minimum GBP LIBOR floor which was greater than the 6 month LIBOR rate at December 31, 2016, the prevailing rate in effect as of December 31, 2016 was the base rate plus the GBP LIBOR floor.

~~(14)~~

~~These loans are firstlien/last-out~~ ~~term loans.~~

~~See accompanying notes.~~

~~CRESCENT CAPITAL BDC, INC.~~

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

~~September 30, 2017~~(in thousands, except share and per share amounts)

March 31, 2023 (Unaudited)

Note 1. Organization and Basis of Presentation

Crescent Capital BDC, Inc. (the “Company”) was formed on February 5, 2015 ~~(“Inception”)~~ as a Delaware corporation structured as an externally managed,closed-end~~non-diversified~~ management investment company. The Company commenced investment operations on June 26, ~~2015 (“Commencement”).~~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 ~~as amended~~ (the “1940 Act”). and currently operates as a diversified investment company. In addition, the Company has elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 ~~as amended~~ (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

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

The Company is managed by ~~CBDC~~Crescent Cap Advisors, LLC (the ~~“Advisor”~~“Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of ~~1940, as amended. CBDC~~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 ~~Advisor~~Adviser and Administrator, along with the Company’s Board of Directors (the “Board”). The ~~Advisor~~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 ~~investment~~portfolio assets to the ~~Advisor.~~Adviser. The Board consists of ~~five~~six directors, ~~three~~five of whom are independent.

~~On July 23, 2015,~~From time to time, the Company ~~formed CBDC Universal Equity, Inc., a wholly-owned subsidiary. This subsidiary allows~~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 ~~securities of~~or equity-like investments in portfolio companies organized as ~~a pass-through entity while continuing to satisfy the requirements of a RIC under the Code. On February 25, 2016, the Company formed Crescent Capital BDC Funding, LLC (“CBDC SPV”), a Delaware~~ limited liability ~~company~~companies or other forms of pass-through entities. These corporate subsidiaries are not consolidated for income tax purposes and ~~wholly owned subsidiary. The financial statements~~may incur income tax expenses as a result of ~~these two entities are consolidated into the financial statements~~its ownership of ~~the Company. All intercompany balances and transactions have been eliminated.~~

The Company’s primary investment objective is to maximize the total return to the Company’s stockholders in the form of current income and capital appreciation through debt and related equity investments. The Company will seek to achieve its investment objectives by investing primarily in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured, mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-marketportfolio companies. The Company ~~may purchase interests in loans or make~~has also formed a special purpose vehicle that holds certain debt investments ~~either (i) directly from our target companies as primary market or private~~in connection with a credit ~~investments (~~~~i.e~~.facility.

On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent Capital Group LP (“Crescent”), ~~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)~~majority member of the Adviser (the “Sun Life Transaction”). ~~Although~~Consummation of the ~~Company’s focus is to invest in private credit transactions, in certain circumstances it will also invest in broadly syndicated loans and bonds.~~

~~“Unitranche” loans are first lien loans that may extend deeper~~Sun Life Transaction resulted in a ~~company’s capital structure than traditional first lien debt~~change of control of Crescent.

On March 9, 2023, the Company completed a transaction to acquire First Eagle Alternative Capital BDC, Inc. ("FCRD") in a cash and ~~may provide~~stock transaction (the “FCRD Acquisition”). See “Note 13. First Eagle Alternative Capital BDC, Inc. Acquisition” 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. We use the term “mezzanine” to refer to debt that ranks senior only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness. We may make multiple investments in the same portfolio company.more information.

Basis of Presentation

The Company’s functional currency is the United States dollar and these consolidated financial statements have been prepared in that currency. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to RegulationS-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.

~~Additionally, the~~The accompanying consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form10-Q and ~~Article 10 of~~ RegulationS-X. ~~Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted.~~ In the opinion of management, the ~~unaudited interim~~consolidated financial ~~results included herein contain~~statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of ~~consolidated~~ financial ~~statements~~results as of and for the periods ~~included herein.~~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 ~~ended~~ending December 31, ~~2017.~~2023.

~~See accompanying notes.~~

~~The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946,~~~~Financial Services – Investment Companies.~~

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. Cash and cash equivalents other than money market mutual funds, are carried at cost plus accrued interest, which approximates fair value. Money market mutual funds are carried at their net asset value, which approximates fair value. Restricted cash and cash equivalents consists of deposits and cash collateral held at Wells Fargo Bank N.A. related to the Company’s credit facility. The Company holds cash and cash equivalents denominated in foreign currencies. The Company deposits its cash, ~~and~~ cash equivalents and restricted cash with ~~highly-rated~~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. ~~Loan originations are recorded on the date of the binding commitment.~~ Realized gains or losses are recorded onusing the ~~First In, First Out (“FIFO”)~~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 ~~business~~ 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

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Advisor, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board.

~~The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following:~~

~~The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.~~

~~The Advisor’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee.~~

~~The Audit Committee reviews the valuations presented and recommends values for each investment to the Board.~~

The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Advisor, Audit Committee and, where applicable, other third parties.

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

~~See accompanying notes.~~

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.

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

The Securities and Exchange Commission (the “SEC”) has adopted Rule 2a-5 (the “Rule”) under the 1940 Act. The Rule establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Rule, the Board has designated the Adviser as valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations. As required by the Rule, the Valuation Designee 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 ~~inputs in investment valuations, the~~hierarchy.

The Company applies the valuation policy approved by ~~its~~the Board that is consistent with ASC 820. Consistent with the valuation policy, the ~~Company~~Adviser, in its capacity as the Board’s valuation designee, evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment. For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. During the nine months ended September 30, 2017, the Company recorded $0 in transfers from Level 3 to Level 2. During the nine months ended September 30, 2016, the Company recorded $17,000,233 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data.

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 ~~than~~from the unrealized gains or losses reflected herein. ~~See Note 4. Investments and Note 5. Fair Value of Financial Instruments for additional information on the Company’s investment portfolio.~~

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 ~~current~~ approach to hedging the foreign currency exposure in itsnon-U.S. dollar denominated investments is ~~primarily~~ to borrow local currency under the Company’s ~~revolving~~ credit ~~facility~~facilities or to ~~partially or fully fund these investments.~~

enter into foreign currency forward contracts.

Foreign currency forward contracts

~~See accompanying notes.~~

~~Equity Offering and Organization Expenses~~

The Company ~~has agreed~~may enter into foreign currency forward contracts to ~~repay~~reduce the ~~Advisor~~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 ~~initial organization costs and equity offering costs incurred prior to~~another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the ~~commencement of its operations up to a maximum of $1.5 million~~applicable forward rate. Unrealized appreciation (depreciation) on ~~a pro rata basis over the first $350 million of invested capital not to exceed 3 years from the initial capital commitment~~foreign currency forward contracts are recorded on June 26, 2015. To the extent such costs relate to equity offerings, these costs are charged as a reduction of capital upon the issuance of common shares. To the extent such costs relate to organization costs, these costs are expensed in the Consolidated Statements of ~~Operations upon~~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 ~~issuance~~gross fair value of ~~common shares. The Advisor is responsible for organization~~foreign currency forward contract assets and ~~private equity offerings costs~~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 ~~excess~~a net foreign currency position of ~~$1.5 million. See Note 7. Commitments, Contingencies and Indemnifications for additional discussion of certain related party transactions~~zero with the ~~Advisor.~~counterparty) and any realized gains or losses are recognized on the settlement date.

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

Debt Issuance Costs

The Company records costs related to the issuance of debt obligations as deferred financing costs. These costs are ~~deferred and~~ amortized over the life of the related debt instrument using the straight-line method or the effective yield method, or straight-line method for revolving credit facilities, over the stated maturity life of the obligation. As of September 30, 2017 and December 31, 2016, there were $1,055,442 and $979,874, respectively, of deferred financing costs netted against debt balancesdepending on the ~~Company’s~~type of debt instrument. See Note 6 for details.

Equity Offering Expenses

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

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the amortization of purchase discounts and premiums. Discounts and premiums to par value ~~on securities purchased~~ 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. ~~Dividend~~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 ~~common~~ equity ~~securities~~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 onas a reduction in the ~~record date for private portfolio companies or on~~cost basis of the~~ex-dividend~~ ~~date for publicly-traded portfolio companies.~~ investment.

Certain investments have contractualpayment-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 ~~or dividend~~ income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed onnon-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed onnon-accrual status.

Loans are generally placed onnon-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 onnon-accrual status. Interest payments received onnon-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 onnon-accrual status if the loan has sufficient collateral value and is in the process of collection. As of ~~September 30, 2017~~March 31, 2023, we had sixteen investments across eight portfolio companies on non-accrual status, which represented 2.7% and 2.0% of the total debt investments at cost and fair value, respectively. As of December 31, 2022, we had six investments across four portfolio companies on non-accrual status, which represented 2.0% and 1.2% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of March 31, 2023 and December 31, ~~2016, no loans had been placed onnon-accrual~~ ~~status by~~2022.

Other Income

Other income may include income such as consent, waiver, amendment, agency, underwriting and arranger fees associated with the ~~Company.~~

~~Other Income~~

~~From time to time, the Company may receive~~Company’s investment activities. Such fees for services provided to portfolio companies by the Advisor under the Investment Advisory Agreement. The services that the Advisor provides vary by investment, but generally include syndication, structuring or diligence fees, and fees for providing managerial assistance to the portfolio companies. The Company may also generate revenue in the form of commitment or origination fees. Loan origination fees, original issue discount and market discount or premium are capitalized; such amounts are accreted or amortized into income over the life of the loan. Fees for providing managerial assistance to the portfolio companies are generally~~non-recurring~~ ~~and~~ are recognized as ~~revenue~~income when earned or the services are ~~provided.~~rendered.

~~In certain instances where the Company is invited to participate as aco-lender~~ in a transaction and does not provide significant services in connection with the investment, all or a portion of any loan fees received by the Company in such situations will be deferred and amortized over the investment’s life using the effective yield method.

~~See accompanying notes.~~

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”~~ “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the~~“more-likely-than-not”~~ “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 ~~Topic~~ 740 — Income Taxes (“ASC ~~Topic~~ 740”). ASC ~~Topic~~ 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements.

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of ~~September 30, 2017, all tax filings of~~March 31, 2023 the Company ~~since the inception on February 5, 2015 remain~~is subject to examination by U.S. federal tax ~~authorities. No such examinations are currently pending.~~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 ~~will accrue~~accrues excise tax on estimated undistributed taxable income as ~~required.~~required on a quarterly basis.

CBDC Universal Equity, Inc. ~~has elected to be a~~, First Eagle Alternative Capital Holdings, Inc., First Eagle Merical Holdings, Inc. and First Eagle OEMG Investor, Inc., are all wholly-owned subsidiaries of the Company, and taxable ~~entity (the “Taxable Subsidiary”~~entities (“Taxable Subsidiaries”). The Taxable ~~Subsidiary permits~~Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and ~~continue~~continues to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable ~~Subsidiary is~~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. For the three and nine months ended September 30, 2017, the Company recognized a benefit/(provision) for taxes on unrealized appreciation/(depreciation) on investments of $(380,145) related to the Taxable Subsidiary. As of September 30, 2017, the Company had a deferred tax liability of $380,145 related to the Taxable Subsidiary. There were no deferred tax assets or liabilities related to the Taxable Subsidiary at December 31, 2016.

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 and is generally based upon the earnings estimated by management.~~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 ~~has~~ adopted a dividend reinvestment plan that provides for reinvestment of ~~any~~the Company’s dividends and other distributions ~~the Company declares in cash~~ on behalf of the ~~Company’s~~ stockholders ~~for those stockholders electing not~~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 ~~the Company’s~~ stockholders who ~~have “opted in” to~~are participating in the ~~Company’s~~ dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of ~~the Company’s~~ common stock, rather than receiving cash dividends and distributions.

Acquisitions

The Company evaluates each purchase transaction to determine whether the ~~cash dividend.~~

~~See accompanying notes.~~

~~New Accounting Standards~~

~~In May 2014,~~set of acquired assets meet the ~~FASB issued Accounting Standards Update (“ASU”)2014-09~~ ~~(“ASU2014-09”),~~ ~~“Revenue from Contracts with Customers (Topic 606).”~~ ~~The guidance~~definition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in ~~this ASU supersedes~~a single identifiable asset or a group of similar identifiable assets, then the ~~revenue recognition requirements in Topic 605, Revenue Recognition. Under~~set of transferred assets and activities is not a business. If the ~~new guidance,~~“substantially all” threshold is not met, the set of acquired assets has to include an ~~entity should recognize revenue~~input and a substantive process that together significantly contribute to ~~depict~~ the ~~transfer of promised goods or services~~ability to ~~customers in an amount that reflects the consideration to which the entity expects~~create outputs to be ~~entitled in exchange for those goods~~considered a business. A substantive process, which is typically comprised of an organized workforce with the necessary skills, knowledge and experience, is not ancillary or ~~services. The amendments in ASU2014-09~~minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. For acquisitions that are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 and interim periods therein. This standard will not ~~have a material impact~~deemed to be businesses, total consideration paid, which, under certain circumstances, may also include consideration paid by affiliates on ~~the consolidated financial statements, primarily because the majority~~behalf of the ~~Company’s revenue~~Company, is ~~accounted for under FASB ASC Topic 320,~~~~“Investments – Debt~~allocated to individual assets acquired and ~~Equity Securities”~~~~, which is scoped out~~liabilities assumed based on their relative fair values at the acquisition date and does not give rise to goodwill. Transaction costs related to acquisition of ~~this standard.~~

~~In December 2016,~~assets are included in the ~~FASB issued ASU2016-19,~~ “~~Technical Corrections and Improvements.~~~~” As part~~cost basis of ~~this guidance, ASU2016-19~~ ~~amends FASB ASC Topic 820, “~~~~Fair Value Measurement and Disclosures~~~~” (“ASC 820”) to clarify~~ the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. ASU~~2016-19~~ is effective on a prospective basis for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. The Company adopted this guidance during the quarter ended March 31, 2017. The adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, cash flows or disclosures.assets acquired.

Note 3. Agreements and Related Party Transactions

Administration Agreement

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

For the three ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2023 and 2022, the Company incurred administrative services expenses of ~~$141,590~~$426 and ~~$424,769,~~$329, respectively, which isare included in other general and administrative expenses on the Consolidated Statements of ~~Operations, under the terms~~Operations. As of ~~the Administration Agreement, of which $146,754~~March 31, 2023 and December 31, 2022, $692 and $511, respectively, was payable ~~at September 30, 2017. For~~to the ~~three and nine months ended September 30, 2016, the Company incurred~~Administrator. In addition to administrative services expenses, ~~of $136,926 and $382,644, respectively, which is included in~~the payable balances may include other ~~general and administrative~~operating expenses paid by the Administrator on ~~the Consolidated Statements of Operations, under the terms~~behalf of the ~~Administration Agreement, of which $142,431 was payable at September 30, 2016.~~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 ~~Chief Compliance Officer, Chief Financial Officer,~~accounting professionals, legal counsel, and ~~other~~compliance professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend ~~meetings.~~

~~See accompanying notes.~~

~~On June 5, 2015, the Company entered intosub-administration,~~ accounting, transfer agent, and custodian agreements with State Street Bank and Trust Company (“SSB”) to perform certain administrative, custodian, transfer agent and other services on behalf of the Company. The sub-administration agreements with SSB have an initial term of three years ending June 5, 2018. The Company does not reimburse the Administrator for any services formeetings, which ~~it pays a separatesub-administrator~~ ~~and custodian fee to SSB. For the three and nine months ended September 30, 2017, the Company incurred expenses of $170,238 and $494,247, respectively, which is~~are included ~~in other general and administrative expenses~~as directors’ fees on the Consolidated Statements of ~~Operations, under the terms of thesub-administration~~ agreements, of which $169,968 was payable at September 30, 2017. For the three and nine months ended September 30, 2016, the Company incurred expenses of $157,752 and $464,189, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations, under the terms of the~~sub-administration~~ ~~agreements, of which $156,604 was payable at September 30, 2016.~~Operations.

Investment Advisory Agreement

On June 2, 2015, the Company entered into ~~the Investment Advisory Agreement~~an investment advisory agreement with the ~~Advisor.~~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 ~~Advisor will provide~~Adviser provides investment advisory services to the Company and its portfolio investments. The ~~Advisor’s~~Adviser’s services under the Investment Advisory Agreement are not exclusive, and the ~~Advisor~~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 ~~Company will pay the Advisor the Base Management Fee, as discussed below,~~Adviser is entitled to receive a base management fee and may also ~~pay certain Incentive Fees,~~receive incentive fees, as discussed below.

~~The~~ Base Management Fee

The base management fee is calculated and payable quarterly in arrears at an annual rate of ~~1.5%~~1.25% of the Company’s gross assets, including assets acquired through the incurrence of debt but excluding any cash, cash equivalents and ~~cash equivalents.~~restricted cash. The ~~Base Management Fee~~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.

The Advisor, however, has agreed to waive its right to receive management fees in excess of the sum of (i) 0.25% of the aggregate committed but undrawn capital and (ii) 0.75% of the aggregate gross assets excluding cash and cash equivalents (including capital drawn to pay the Company’s expenses) during any period prior to a qualified initial public offering, as defined by the Investment Advisory Agreement (“Qualified IPO”). The Advisor will not be permitted to recoup any waived amounts at any time and the waiver agreement may only be modified or terminated prior to a Qualified IPO with the approval of the Board. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within one year of purchase.Under the terms of the Investment Advisory Agreement, the Adviser has voluntarily waived its right to receive management fees on the Company’s investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP for any period in which these investments remain in the investment portfolio.

For the three ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2023 and 2022, the Company incurred management fees ~~which are net~~ of ~~waived amounts, of $710,176~~$4,456 and ~~$1,982,695, respectively,~~$4,015, of which ~~$710,175 was payable at September 30, 2017. For the three~~$46 and ~~nine months ended September 30, 2016, the Company incurred~~$56, respectively, were waived. As of March 31, 2023 and December 31, 2022, management fees ~~which are net~~ of ~~waived amounts, of $432,213~~$4,410 and ~~$1,179,301,~~$4,056, respectively, ~~of which $432,213 was payable at September 30, 2016.~~were unpaid.

Incentive Fee per Investment Advisory Agreement

~~The Incentive Fees~~Under the Investment Advisory Agreement, the incentive fee consists of two ~~parts.~~ parts:

The first part, the income incentive fee, is calculated and payable quarterly in arrears and (a) equals ~~100%~~100% of the excess of thepre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of ~~1.5%~~1.75% per quarter ~~(6%~~(7.0% annualized) (the “Hurdle”), and acatch-up feature until the ~~Advisor~~Adviser has received ~~(i) prior to a Qualified IPO, 15%, or (ii) after a Qualified IPO, 17.5%,~~17.5% of thepre-incentive fee net investment income for the current quarter up to ~~(i) prior to a Qualified IPO, 1.7647%, or (ii) after a Qualified IPO, 1.8182%~~2.1212% (the~~“Catch-up”~~ “Catch-up”), and (b) ~~(i) prior to a Qualified IPO, 15% or (ii) after a Qualified IPO, 17.5%,~~17.5% of all remainingpre-incentive fee net investment income above the~~“Catch-up.~~ “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.

~~See accompanying notes.~~On February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver became effective on July 31, 2021 and, pursuant to an extension of the waiver announced on October 4, 2022, will continue through December 31, 2023. The Adviser has also voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company as a result of its investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP.

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus operating expenses for such quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and distributions paid on any issued and outstanding debt or preferred stock, but excluding the incentive fee).Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, ~~OID,~~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 ~~1.50%~~1.75% per quarter, ~~(6.00% annualized)~~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”~~ “catch-up” provision incurred at the end of each calendar quarter. ~~Our netpre-incentive~~ ~~fee investment income used to calculate this part of the incentive fee is also included in the amount of our gross assets used to calculate the 1.5% Base Management Fee.~~

For the three ~~and nine~~ months ended ~~September 30, 2017,~~March 31, 2023 and 2022, the Company incurred income incentive fees of ~~$504,005~~$3,692 and ~~$1,118,540, respectively,~~$2,718, of which ~~$504,005 was payable at September 30, 2017. For the three~~$89 and ~~nine months ended September 30, 2016, the Company incurred~~$44, respectively, were waived. As of March 31, 2023 and December 31, 2022, income incentive fees of ~~$63,956~~$3,603 and ~~$63,956,~~$3,112, respectively, ~~which was payable at September 30, 2016.~~were unpaid.

GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation

The ~~second part,~~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 ~~is determined~~based on capital gains that includes net realized capital gains and ~~payable in arrears as of~~losses and net unrealized capital appreciation and depreciation on investments held at the end of each ~~fiscal year (or upon a Qualified IPO or termination of~~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), (i) prior to a Qualified IPO, 15.0%, or (ii) after a Qualified IPO, 17.5% of~~Agreement. This accrual is calculated using the ~~Company’s~~aggregate cumulative realized capital gains ~~if any, on a~~and losses and aggregate cumulative ~~basis from inception through~~unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then 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. If a Qualified IPO occurs on a date other than the first day of a calendar quarter, the income incentive fee shall be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after a Qualified IPO based on the number of days in such calendar quarter before and after a Qualified IPO. If a Qualified IPO occurs on a date other than the first day of a fiscal year,Company records a capital gains incentive fee shall be calculated as of the day before the Qualified IPO, with such capital gains incentive fee paid to the Advisor following the end of the fiscal year in which the Qualified IPO occurred. For the avoidance of doubt, such capital gains incentive fee shall be equal to ~~15.0%~~17.5% of the Company’s realized capital gains on a cumulative basis from inception through the day before the Qualified IPO, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, lesssuch amount, minus the aggregate amount of ~~any previously paid~~actual incentive fees based on capital gains ~~incentive fees. Following a Qualified IPO, solely~~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 ~~purposes of calculating~~future.

For the ~~capital gains incentive fee,~~three months ended March 31, 2023 and 2022, the Company ~~will be deemed to have previously paid~~recorded capital gains incentive fees ~~prior to a Qualified IPO equal to the product obtained by multiplying (a) the actual aggregate amount~~on unrealized capital appreciation of ~~previously paid~~$0 and $721, respectively. As of March 31, 2023 and December 31, 2022, no capital gains incentive fees for all periods prior to a Qualified IPO by (b) the percentage obtained by dividing (x) 17.5% by (y) 15.0%. 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.remain outstanding.

~~No capital gains incentive fees were incurred for the nine months ended September 30, 2017 and 2016.~~Other Related Party Transactions

From time to time, the ~~Advisor~~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 ~~Advisor~~Administrator for such amounts paid on its behalf. Amounts payable to the ~~Advisor~~Administrator are settled in the normal course of business without formal payment terms. ~~See Note 7. Commitments, Contingencies and Indemnifications for additional discussion of certain related party transactions with the Advisor.~~

A portion of the outstanding shares of the Company’s common stock ~~are~~is owned by Crescent, ~~Capital Group LP (“CCG LP”). CCG LP~~its employees and certain officers and directors of the Company. As of March 31, 2023 and December 31, 2022, Crescent, its employees and certain officers and directors of the Company owned 2.58% and 3.10%, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the ~~Advisor~~Adviser and sole member of the Administrator. The Company has entered into a license agreement with ~~CCG LP~~Crescent under which ~~CCG LP~~Crescent granted the Company anon-exclusive, royalty-free license to use the name “Crescent Capital”. The ~~Advisor~~Adviser has entered into a resource sharing agreement with ~~CCG LP. CCG LP~~Crescent. Crescent will provide the ~~Advisor~~Adviser with the resources necessary for the ~~Advisor~~Adviser to fulfill its obligations under the Investment Advisory Agreement.

~~See accompanying notes.~~

~~Directors Fees~~

~~Each~~On January 5, 2021, Sun Life acquired a majority interest in Crescent. Consummation of the Sun Life Transaction resulted in a change of control of Crescent. There were no changes to the Company’s investment objective, strategies and process or to the Crescent team responsible for the investment operations of the Company as a result of the Sun Life Transaction. As of March 31, 2023 and December 31, 2022, Sun Life owned 2.91% and 3.49%, respectively, of the Company’s ~~independent directors receive (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonableout-of-pocket~~ ~~expenses incurred in connection with attending each regular Board meeting and $500 each special meeting. The Company’s independent directors also receive $1,000 plus reimbursement of reasonableout-of-pocket~~ ~~expenses incurred in connection with each committee meeting attended. The Chairman of~~outstanding common stock. Sun Life is the Audit Committee receives an additional annual fee of $7,500. The Chairperson of the Nominating and Corporate Governance Committee and the Compensation Committee receive an additional annual fee of $2,500 and $2,500, respectively. The Company has obtained directors’ and officers’ liability insurance on behalfsole lender of the Company’s ~~directors~~2023 Unsecured Notes and ~~officers. For~~a $10,000 participating lender in the ~~three and nine months ended September 30, 2017,~~Company’s 2026 Unsecured Notes, both described further in Note 6.

As further described in Note 13 "FCRD Acquisition", the ~~Company recorded directors’ fees~~Adviser paid $35,000 of ~~$72,500 and $217,500, respectively,~~cash consideration to FCRD shareholders as part of the FCRD Acquisition, a portion of which ~~$52,188 was payable at September 30, 2017. For~~has been included in consideration paid for the ~~three~~net assets acquired as a deemed capital contribution to the Company.

Investments in and ~~nine months ended September 30, 2016, the Company recorded directors’ fees of $67,250~~affiliated and ~~$217,167, respectively, of which $47,250 was payable at September 30, 2016.~~controlled companies

~~Note 4. Investments~~

The Company’s investments at any time may include securities and other financial instruments or other assets of any sort, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (including, but not limited to credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these consolidated financial statements as “investments”).

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

The Company’s investments in non-controlled affiliates for the three months ended March 31, 2023 were as follows (in thousands):


	Fair Value as of December 31, 2022		Gross Additions (1)		Gross Reductions (2)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2023		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
AX VI INV2 Holding AB	$	12,117	$	1,330	$	—		$	—	$	715		$	14,162	$	241
ASP MCS Acquisition		826		110		(1	)		—		22			957		8
GACP II, LP		4,889		—		(192	)		—		(84	)		4,613		286
Slickdeals Holdings, LLC		15,433		23		(10	)		—		(142	)		15,304		411
smarTours, LLC		—		4,285		—			—		(31	)		4,254		1
Vivid Seats Ltd.		944		—		—			—		11			955		—
WhiteHawk III Onshore Fund L.P.		8,871		848		—			—		(126	)		9,593		342
Total Non-Controlled Affiliates	$	43,080	$	6,596	$	(203	)	$	—	$	365		$	49,838	$	1,289

The Company’s investments in non-controlled affiliates for the three months ended March 31, 2022 were as follows (in thousands):


	Fair Value as of December 31, 2021		Gross Additions (1)		Gross Reductions (2)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2022		Dividend, Interest, PIK and Other Income
Non-Controlled Affiliates
ASP MCS Acquisition	$	1,616	$	1	$	(1	)	$	—	$	(300	)	$	1,316	$	5
Battery Solutions, Inc.		7,031		2,116		(14,712	)		7,113		(1,548	)		—		2,114
GACP II, LP		12,619		—		(1,309	)		—		479			11,789		167
Slickdeals Holdings, LLC		15,847		24		(37	)		—		(84	)		15,750		267
Southern Technical Institute, Inc.		7,686		—		—			—		(1,147	)		6,539		1,923
Vivid Seats Ltd.		922		—		—			—		16			938	—
WhiteHawk III Onshore Fund L.P.		5,980		478		—			—		(493	)		5,965		185
Total Non-Controlled Affiliates	$	51,701	$	2,619	$	(16,059	)	$	7,113	$	(3,077	)	$	42,297	$	4,661

(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, 2023 were as follows (in thousands):


	Fair Value as of December 31, 2022		Gross Additions (3)		Gross Reductions (4)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2023		Dividend, Interest, PIK and Other Income
Controlled Affiliates
Envocore LLC	$	11,375	$	229	$	(17	)	$	—	$	253		$	11,840	$	359
First Eagle Logan JV, LLC(2)		—		44,767		—			—		(4,885	)		39,882		2,720
Loadmaster Derrick & Equipment, Inc.		—		1,807		—			—		—			1,807		—
OEM Group, LLC		—		9,011		—			—		303			9,314		—
Total Controlled Affiliates	$	11,375	$	55,814	$	(17	)	$	—	$	(4,329	)	$	62,843	$	3,079

The Company’s investments in controlled affiliates for the three months ended March 31, 2022 were as follows (in thousands):


	Fair Value as of December 31, 2021		Gross Additions (3)		Gross Reductions (4)			Net Realized Gains/ (Losses)		Change in Unrealized Gains/ (Losses)			Fair Value as of March 31, 2022		Dividend, Interest, PIK and Other Income
Controlled Affiliates
CBDC Senior Loan Fund LLC(1)	$	39,360	$	—	$	—		$	—	$	6		$	39,366	$	—
Envocore LLC		13,408		205		(626	)		—		(674	)		12,313		356
Total Controlled Affiliates	$	52,768	$	205	$	(626	)	$	—	$	(668	)	$	51,679	$	356

(1)

Prior to the dissolution of the CBDC Senior Loan Fund LLC (the “Senior Loan Fund”) during the fourth quarter of 2022, the Company owned more than 25% of the voting securities of the Senior Loan Fund, but the Company did not have control over the Senior Loan Fund (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Senior Loan Fund focused on senior secured syndicated loans to larger issuers.

(2)

Together with Perspecta Trident LLC (“Perspecta”), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company’s investment operations given shared power/voting rights with Perspecta. The Company owns more than 25% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. See Note 4 “Investments” for further detail. Additionally, the Company’s investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.

(3)

(4)

Note 4. Investments

The information in the following tables ~~below~~ is presented on an aggregate portfolio basis, without regard to whether they are~~non-controllednon-affiliated,~~non-controlled, non-affiliated, non-controlled, affiliated or controlled affiliated, investments. ~~As of September 30, 2017 and December 31, 2016, all investments held arenon-controlled/non-affiliated~~ ~~investments.~~

~~Certain Risk Factors~~69

In the ordinary course of business, the Company manages a variety of risks including market risk and liquidity risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

The Company’s investments may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.

~~See accompanying notes.~~

Investments at fair value consisted of the following ~~at September 30, 2017:~~(in thousands):


							As of March 31, 2023							As of December 31, 2022
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)		Cost		Fair Value		Unrealized Appreciation/ (Depreciation)			Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	216,950,902	$	219,298,328	$	2,347,426	$	460,037	$	445,475	$	(14,562	)	$	312,345	$	301,001	$	(11,344	)
Unitranche First Lien								955,484		933,801		(21,683	)		842,867		824,107		(18,760	)
Unitranche First Lien - Last Out								15,309		13,946		(1,363	)		14,879		13,827		(1,052	)
Senior Secured Second Lien		65,534,846		67,102,430		1,567,584		67,392		62,300		(5,092	)		67,001		60,877		(6,124	)
Unsecured Debt		5,539,768		5,522,125		(17,643)		5,368		4,926		(442	)		4,984		4,533		(451	)
Preferred Stock		1,891,892		1,951,500		59,608
Common Stock		7,381,843		8,110,093		728,250

Total Investments	$	297,299,251	$	301,984,476	$	4,685,225

Equity & Other								39,007		49,235		10,228			35,993		44,851		8,858
LLC/LP Equity Interests								60,991		56,362		(4,629	)		13,387		13,760		373
Total investments							$	1,603,588	$	1,566,045	$	(37,543	)	$	1,291,456	$	1,262,956	$	(28,500	)

~~Investments at fair value consisted of the following at December 31, 2016:~~

Investment Type
   Cost    Fair Value    Unrealized
Appreciation/
(Depreciation)
Senior Secured First Lien
   $         166,178,326      $ 166,531,949      $ 353,623
Senior Secured Second Lien
   41,259,110      42,495,369      1,236,259
Unsecured Debt
   4,870,817      4,950,000      79,183
Common Stock
   3,931,345      3,943,634      12,289






Total Investments
   $ 216,239,598      $ 217,920,952      $ 1,681,354

The industry composition of investments at fair value ~~at September 30, 2017 and December 31, 2016~~ is as ~~follows:~~follows (in thousands):


Industry	Fair Value September 30, 2017		Percentage of Fair Value			Fair Value December 31, 2016		Percentage of Fair Value			Fair Value as of March 31, 2023		Percentage of Fair Value			Fair Value as of December 31, 2022		Percentage of Fair Value
Automobiles & Components	$	15,287,298		5.06	%	$	3,183,333		1.46	%
Capital Goods		14,417,363		4.78			17,714,408		8.13
Health Care Equipment & Services											$	440,881		28.1	%	$	361,940		28.7	%
Software & Services												290,688		18.6			268,305		21.3
Commercial & Professional Services		73,127,612		24.22			36,916,967		16.94			216,793		13.8			201,213		15.9
Consumer Durables & Apparel		3,030,000		1.00			4,001,176		1.84
Consumer Services		26,521,756		8.78			22,012,237		10.10			147,438		9.4			118,898		9.4
Diversified Financials		2,962,237		0.98			2,993,211		1.37			93,185		6.0			28,975		2.3
Insurance												75,248		4.8			58,032		4.6
Pharmaceuticals, Biotechnology & Life Sciences												63,716		4.1			55,020		4.4
Retailing												60,162		3.8			54,832		4.3
Capital Goods												50,402		3.2			40,838		3.2
Automobiles & Components												37,391		2.4			38,004		3.0
Consumer Durables & Apparel												19,244		1.2			19,244		1.5
Materials												13,218		0.8			-		-
Energy		634,963		0.21			668,962		0.31			12,187		0.8			2,185		0.2
Technology, Hardware & Equipment												10,422		0.7			-		-
Semiconductor and Semiconductor Equipment												9,314		0.6			-		-
Food, Beverage & Tobacco												8,338		0.5			8,491		0.7
Household & Personal Products												7,116		0.5			-		-
Transportation												4,414		0.3			1,254		0.1
Telecommunication Services												4,028		0.3			4,061		0.3
Food & Staples Retailing		7,518,805		2.49			3,779,136		1.73			1,860		0.1			1,664		0.1
Food, Beverage & Tobacco		738,257		0.25			5,596,213		2.57
Health Care Equipment & Services		61,658,335		20.42			41,382,251		18.99
Household & Personal Products		2,227,326		0.74			2,226,800		1.02
Insurance		3,658,507		1.21			6,805,039		3.12
Materials		3,507,696		1.16			5,067,060		2.32
Media		6,198,913		2.05			3,034,798		1.39
Pharmaceuticals, Biotechnology & Life Sciences		—		—			832,638		0.38
Real Estate		427,304		0.14			934,687		0.43
Retailing		7,289,952		2.41			8,576,322		3.94
Software & Services		63,375,508		20.99			42,188,073		19.36
Technology Hardware & Equipment		5,296,990		1.75			2,022,011		0.93
Telecommunication Services		—		—			2,670,988		1.23
Transportation		4,105,654		1.36			4,365,491		2.00
Utilities		—		—			949,151		0.44

Total Investments	$	301,984,476		100.00	%	$	217,920,952		100.00	%

Total investments											$	1,566,045		100.0	%	$	1,262,956		100.0	%

~~See accompanying notes.~~

The geographic composition of investments at fair value ~~at September 30, 2017 and December 31, 2016~~ is as ~~follows:~~follows (in thousands):


Geographic Region	Fair Value September 30, 2017		Percentage of Fair Value			Fair Value December 31, 2016		Percentage of Fair Value			Fair Value as of March 31, 2023		Percentage of Fair Value			Fair Value as of December 31, 2022		Percentage of Fair Value
United States	$	296,285,761		98.11	%	$	212,821,980		97.66	%	$	1,401,895		89.6	%	$	1,111,350		88.1	%
United Kingdom		3,401,725		1.13			3,076,961		1.41			61,765		3.9			58,591		4.6
France		2,296,990		0.76			2,022,011		0.93

Total Investments	$	301,984,476		100.00	%	$	217,920,952		100.00	%

Canada												37,029		2.4			31,890		2.5
Australia												19,441		1.2			19,490		1.5
Netherlands												17,185		1.1			15,352		1.2
Belgium												14,568		0.9			14,166		1.1
Sweden												14,162		0.9			12,117		1.0
Total investments											$	1,566,045		100.0	%	$	1,262,956		100.0	%

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of ~~September 30, 2017:~~March 31, 2023 (in thousands):


Fair Value Hierarchy	Fair Value Hierarchy									Fair Value Hierarchy
										Level 1		Level 2			Level 3		Total
		Level 1		Level 2		Level 3		Total

Senior Secured First Lien		$	—	$	91,401,744	$	127,896,584	$	219,298,328	$	—	$	19,456		$	426,019	$	445,475
Unitranche First Lien											—		27,689			906,111		933,800
Unitranche First Lien – Last Out											—		—			13,946		13,946
Senior Secured Second Lien			—		23,540,300		43,562,130		67,102,430		—		10,387			51,913		62,300
Unsecured Debt			—		—		5,522,125		5,522,125		—		—			4,926		4,926
Preferred Stock			—		—		1,951,500		1,951,500
Common Stock			—		—		8,110,093		8,110,093

Equity & Other											401		955			47,879		49,235
Subtotal										$	401	$	58,487		$	1,450,794	$	1,509,682
Investments Measured at NAV (1)																		56,363
Total Investments		$	—	$	114,942,044	$	187,042,432	$	301,984,476								$	1,566,045

Foreign Currency Forward Contracts - Assets											—		7,510			—		7,510
Foreign Currency Forward Contracts - Liabilities											—		(173	)		—		(173	)

The following table presents fair value measurements of investments as of December 31, ~~2016:~~2022 (in thousands):


Fair Value Hierarchy	Fair Value Hierarchy									Fair Value Hierarchy
										Level 1		Level 2			Level 3		Total
			Level 1		Level 2		Level 3		Total

Senior Secured First Lien		$	—	$	101,132,842	$	65,399,107	$	166,531,949	$	—	$	23,214		$	277,786	$	301,000
Unitranche First Lien											—		52,760			771,348		824,108
Unitranche First Lien – Last Out											—		—			13,827		13,827
Senior Secured Second Lien			—		21,141,689		21,353,680		42,495,369		—		4,291			56,586		60,877
Unsecured Debt			—		—		4,950,000		4,950,000		—		—			4,533		4,533
Common Stock			—		—		3,943,634		3,943,634

Equity & Other											—		944			43,907		44,851
Subtotal										$	—	$	81,209		$	1,167,987	$	1,249,196
Investments Measured at NAV (1)																		13,760
Total Investments		$	—	$	122,274,531	$	95,646,421	$	217,920,952								$	1,262,956

Foreign Currency Forward Contracts - Assets											—		8,154			—		8,154
Foreign Currency Forward Contracts - Liabilities											—		(157	)		—		(157	)

(1)

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

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the ~~nine~~three months ended ~~September 30, 2017,~~March 31, 2023, based off of the fair value hierarchy ~~at September 30, 2017:~~as of March 31, 2023 (in thousands):


	Senior			Senior														Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out			Senior Secured Second Lien			Unsecured Debt		Equity & Other		Total
	Secured			Secured			Unsecured			Preferred		Common
	First Lien			Second Lien			Debt			Stock		Stock			Total
Balance as of December 31, 2016	$	65,399,107		$	21,353,680		$	4,950,000		$	-	$	3,943,634		$	95,646,421
Balance as of January 1, 2023																		$	277,786		$	771,348		$	13,827		$	56,586		$	4,533	$	43,907	$	1,167,987
Amortized discounts/premiums		225,371			78,638			13,368			-		-			317,377			422			1,234			3			87			2		—		1,748
Paidin-kind interest		4,405			-			38,078			-		-			42,483			167			104			161			241			179		—		852
Net realized gain (loss)		19,060			51,847			19			-		-			70,926			180			1			—			—			—		—		181
Net change in unrealized appreciation (depreciation)		1,968,119			440,031			(96,825	)		59,608		715,960			3,086,893			(3,497	)		(2,994	)		(311	)		1,158			9		1,500		(4,135	)
Purchases		71,189,955			23,614,442			618,473			1,891,892		4,327,003			101,641,765			193,362			116,424			266			51			203		2,472		312,778
Sales/return of capital/principal repayments/paydowns		(10,909,433	)		(1,976,508	)		(988	)		-		(876,504	)		(13,763,433	)		(42,401	)		(8,066	)		—			—			—		—		(50,467	)
Transfers in		-			-			-			-		-			-			—			28,060			—			—			—		—		28,060
Transfers out		-			-			-			-		-			-			—			—			—			(6,210	)		—		—		(6,210	)

Balance as of September 30, 2017	$	127,896,584		$	43,562,130		$	5,522,125		$	1,951,500	$	8,110,093		$	187,042,432


Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2017	$	2,113,471		$	457,930		$	(96,825	)	$	59,608	$	715,960		$	3,250,144

Balance as of March 31, 2023																		$	426,019		$	906,111		$	13,946		$	51,913		$	4,926	$	47,879	$	1,450,794
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023																		$	(3,555	)	$	(2,994	)	$	(311	)	$	1,158		$	9	$	1,500	$	(4,193	)

~~See accompanying notes.~~

During the ~~nine~~three months ended ~~September 30, 2017,~~March 31, 2023, the Company recorded $0$6,210 in transfers from Level 3 to Level 2.2 due to an increase in observable inputs in market data and $28,060 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the ~~nine~~three months ended ~~September 30, 2016~~March 31, 2022, based off of the fair value hierarchy ~~at September 30, 2016:~~as of March 31, 2022 (in thousands):


	Senior			Senior												Senior Secured First Lien			Unitranche First Lien			Unitranche First - Last Out			Senior Secured Second Lien			Unsecured Debt			Equity & Other			Total
	Secured			Secured			Unsecured			Common
	First Lien			Second Lien			Debt			Stock			Total
Balance as of December 31, 2015	$	32,607,633		$	12,236,479		$	5,000,000		$	1,958,249		$	51,802,361
Balance as of January 1, 2022																$	268,851		$	711,296		$	13,723		$	47,584		$	5,620		$	58,606		$	1,105,680
Amortized discounts/premiums		87,217			9,860			11,466			-			108,543			302			868			2			131			79			—			1,382
Paidin-kind interest		-			-			-			-			-			152			—			—			174			158			1,998			2,482
Net realized gain (loss)		16,662			10,669			-			-			27,331			3			(5	)		—			—			—			8,288			8,286
Net change in unrealized appreciation (depreciation)		(59,666	)		735,237			(111,466	)		(10,715	)		553,390			614			266			217			(1,318	)		24			(3,248	)		(3,445	)
Purchases		38,210,710			12,147,240			-			988,095			51,346,045			9,438			50,098			—			—			—			—			59,536
Sales/return of capital/principal repayments/paydowns		(2,928,147	)		(1,222,849	)		-			-			(4,150,996	)		(10,389	)		(3,682	)		(2,298	)		(4,306	)		(1,932	)		(14,030	)		(36,637	)
Transfers in		-			-			-			-			-			—			—			—			13,965			—			—			13,965
Transfers out		(4,391,077	)		(12,609,156	)		-			-			(17,000,233	)		—			—			—			—			—			(1,327	)		(1,327	)

Balance as of September 30, 2016	$	63,543,332		$	11,307,480		$	4,900,000		$	2,935,629		$	82,686,441

Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2016	$	(145,758	)	$	362,560		$	(111,466	)	$	(10,715	)	$	94,621

Balance as of March 31, 2022																$	268,971		$	758,841		$	11,644		$	56,230		$	3,949		$	50,287		$	1,149,922
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022																$	624		$	160		$	217		$	(1,266	)	$	(15	)	$	(768	)	$	(1,048	)

During the ~~nine~~three months ended ~~September 30, 2016,~~March 31, 2022, the Company recorded ~~$17,000,233~~$1,327 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $13,965 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016.~~2022. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.


~~Quantitative information about Level 3 Fair Value Measurements~~
	~~Fair value as of~~ ~~September 30, 2017~~	~~Valuation~~ ~~Techniques~~	~~Unobservable~~ ~~Input~~	~~Range~~ ~~(Weighted Average)~~

~~Senior Secured First Lien~~	~~$127,896,584~~	~~Discounted Cash Flows~~	~~Discount Rate~~	~~5.7% - 9.8% (6.9%)~~


~~Senior Secured Second Lien~~	~~$43,562,130~~	~~Discounted Cash Flows~~	~~Discount Rate~~	~~8.5% - 10.9% (9.7%)~~

~~Unsecured Debt~~	~~$5,522,125~~	~~Discounted Cash Flows~~	~~Discount Rate~~	~~11.7% - 14.1% (12.0%)~~

~~Preferred Stock~~	~~$1,951,500~~	~~Market Multiple~~	~~Comparable EBITDA Multiple~~	~~16.2x - 16.2x (16.2x)~~

~~Common Stock~~	~~$8,110,093~~	~~Market Multiple~~	~~Comparable EBITDA Multiple~~	~~6.5x - 16.2x (11.2x)~~


Security Type	Fair Value as of March 31, 2023 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	355,842	Discounted Cash Flows	Discount Rate	8.9%	-	18.2%	(11.6%)
		21,782	Enterprise Value	Comparable EBITDA Multiple	0.3x	-	14.8x	(5.0x)
		326	Collateral Analysis	Recovery Rate			2.4%
		9,314	Discounted Cash Flows	Royalty Payment Discount Rate	6.0%	-	16.5%	(15.5%)
				Revenue Growth Rate	(2.0%)	-	5.0%	(3.0%)
		38,755	Broker Quoted	Broker Quote			N/A
	$	426,019

Unitranche First Lien	$	827,532	Discounted Cash Flows	Discount Rate	7.6%	-	19.7%	(11.6%)
		14,481	Enterprise Value	Comparable EBITDA Multiple	4.5x	-	13.7x	(12.0x)
		64,098	Broker Quoted	Broker Quote			N/A
	$	906,111

Unitranche First Lien - Last Out	$	11,737	Discounted Cash Flows	Discount Rate	9.2%	-	16.9%	(11.8%)
		2,209	Collateral Analysis	Recovery Rate			43.4%
	$	13,946

Senior Secured Second Lien	$	30,259	Discounted Cash Flows	Discount Rate	13.0%	-	20.6%	(15.5%)
		8,277	Enterprise Value	Comparable EBITDA Multiple	4.6x	-	14.8x	(8.6x)
		13,377	Broker Quoted	Broker Quote			N/A
	$	51,913

Unsecured Debt	$	4,926	Discounted Cash Flows	Discount Rate	15.4%	-	17.7%	(16.2%)

Equity & Other	$	314	Discounted Cash Flows	Discount Rate	20.6%	-	20.6%	(20.6%)
		47,151	Enterprise Value	Comparable EBITDA Multiple	1.1x	-	28.4x	(15.5x)
		414	Broker Quoted	Broker Quote			N/A
	$	47,879

Total	$	1,450,794

~~See accompanying notes.~~


Security Type	Fair Value as of December 31, 2022 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	201,043	Discounted Cash Flows	Discount Rate	9.4%	-	19.4%	(10.9%)
		13,593	Enterprise Value	Comparable EBITDA Multiple	8.3x	-	14.8x	(9.1x)
		63,150	Broker Quoted	Broker Quote			N/A
	$	277,786

Unitranche First Lien	$	620,221	Discounted Cash Flows	Discount Rate	6.8%	-	15.7%	(10.8%)
		15,576	Enterprise Value	Comparable EBITDA Multiple	13.1x	-	6.8x	(11.5x)
		135,551	Broker Quoted	Broker Quote			N/A
	$	771,348

Unitranche First Lien - Last Out	$	11,642	Discounted Cash Flows	Discount Rate	8.4%	-	16.5%	(10.9%)
		2,185	Collateral Analysis	Recovery Rate			42.9%
	$	13,827

Senior Secured Second Lien	$	29,749	Discounted Cash Flows	Discount Rate	11.5%	-	26.0%	(15.6%)
		7,397	Enterprise Value	Comparable EBITDA Multiple	8.3x	-	14.8x	(10.8x)
		19,440	Broker Quoted	Broker Quote			N/A
	$	56,586

Unsecured Debt	$	4,533	Discounted Cash Flows	Discount Rate	15.2%	-	17.3%	(16.1%)

Equity & Other	$	200	Discounted Cash Flows	Discount Rate	22.1%	-	22.1%	(22.1%)
		43,311	Enterprise Value	Comparable EBITDA Multiple	10.9x	-	27.8x	(15.7x)
		396	Broker Quoted	Broker Quote			N/A
	$	43,907

Total	$	1,167,987

Quantitative information about Level 3 Fair Value Measurements


Fair value as of
December 31, 2016

Valuation
Techniques

Unobservable
Input

Range
(Weighted Average)

  Senior Secured First Lien
   $65,399,107    Discounted Cash Flows    Discount Rate    5.7% - 9.9% (7.1%)


  Senior Secured Second Lien
   $21,353,680    Discounted Cash Flows    Discount Rate    9.8% - 10.5% (10.1%)

  Unsecured Debt
   $4,950,000    Discounted Cash Flows    Discount Rate    11.2%

  Common Stock
   $3,943,634    Market Multiple    Comparable EBITDA Multiple    10.5x - 13.4x (11.8x)

As noted above, the discounted cash flows ~~market rate~~ and market multiple approaches were used in the determination of fair value of certain Level 3 assets as of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016.~~2022. The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. ~~An increase~~Increases and decreases in the discount rate would result in a decrease and increase in the fair ~~value.~~value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market rate approach are the effective yield on a loan given its current fair value mark and the market yields for that type of loan. An increase in the market yield would result in a decrease in the fair value. The significant unobservable inputs used in the market multiple approach are the multiples of similar companies’ earnings before income taxes, depreciation and amortization (“EBITDA”) and comparable market transactions. Increases orand decreases in market EBITDA multiples would result in an increase or decrease in the fair value, respectively. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment.

~~Financial Instruments Not Carried at Fair Value~~

~~Debt~~

The carrying value of the Company’s revolving credit facility, as of September 30, 2017 and December 31, 2016, approximates its fair value as the revolving credit facility, issued at market terms, includes a variable interest rate, as discussed in Note 6.

Note 6. Debt

Debt consisted of the following as(in thousands):


	March 31, 2023								December 31, 2022
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)(3)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)(3)
SPV Asset Facility	$	500,000	$	248,800	$	251,200	$	248,800	$	350,000	$	233,000	$	117,000	$	233,000
SMBC Corporate Revolving Facility		385,000		338,931		46,069		338,931		350,000		241,836		108,164		241,836
2023 Unsecured Notes		50,000		50,000		—		50,000		50,000		50,000		—		50,000
2026 Unsecured Notes(4)		135,000		135,000		—		135,000		135,000		135,000		—		135,000
2026 Unsecured Notes - FCRX(5)		111,600		111,600		—		111,600		—		—		—		—
Total Debt	$	1,181,600	$	884,331	$	297,269	$	884,331	$	885,000	$	659,836	$	225,164	$	659,836

(1)

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

(2)

The amount presented excludes netting of ~~September 30, 2017~~deferred financing costs.

(3)

As of March 31, 2023 and December 31, ~~2016:~~

2022, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted.

   September 30, 2017
   Aggregate Principal    Drawn    Amount    Carrying
   Amount Committed    Amount⁽⁴⁾    Available⁽¹⁾    Value⁽²⁾
SPV Asset Facility
   $ 125,000,000    $ 80,928,575    $ 44,071,425    $ 80,928,575
Revolving Credit Facility
   -    -    -    -
Revolving Credit Facility II⁽³⁾⁽⁵⁾
   75,000,000    58,309,591    17,089,581    58,014,441








            Total Debt
   $ 200,000,000    $     139,238,166    $     61,161,006    $     138,943,016








   December 31, 2016
   Aggregate Principal    Drawn    Amount    Carrying
   Amount Committed    Amount⁽⁴⁾    Available⁽¹⁾    Value⁽²⁾
SPV Asset Facility
   $ 75,000,000    $ 47,628,575    $ 27,371,425    $ 47,628,575
Revolving Credit Facility⁽³⁾⁽⁵⁾
   50,000,000    47,809,591    2,998,009    47,021,934








            Total Debt
   $ 125,000,000    $ 95,438,166    $ 30,369,434    $ 94,650,509

~~(1)~~

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

~~See accompanying notes.~~

~~(2)~~ ~~The difference between the drawn amount and the carrying value is attributable to the effect of foreign currency translation adjustments.~~
~~(3)~~ ~~The Company had outstanding debt denominated in Pound Sterling (GBP) of 2.5 million and Euro (EUR) of 1.8 million on its Revolving Credit Facility and Revolving Credit Facility II.~~
~~(4)~~ ~~For borrowings innon-USD,~~ ~~the drawn amount represents the USD equivalent at the time of borrowing (i.e. cost).~~
~~(5)~~ ~~Total drawn amount payable after the effect of foreign currency translation as of September 30, 2017 and December 31, 2016, was $57,910,419 and $47,006,114, respectively.~~

(4)

As of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016,~~2022, the fair value of the 2026 Unsecured Notes was approximately $123,667 and $123,223, respectively.

(5)

As of March 31, 2023, the fair value of the 2026 Unsecured Notes - FCRX was approximately $102,538.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2023 and 2022 was 6.73% and 3.43% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2023 and 2022 was $735,181 and $638,602 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, 2023 and December 31, 2022, all the debt except for 2026 Unsecured Notes - FCRX would be deemed to be Level 3 of the fair value hierarchy. 2026 Unsecured Notes - FCRX would be deemed to be Level 2 of the fair value hierarchy.

As of March 31, 2023 and December 31, 2022, the Company was in compliance with the terms and covenants of its debt arrangements.

SPV Asset Facility

On March 28, 2016, Crescent Capital BDC Funding, LLC (“~~CBDC~~CCAP SPV”), a ~~Delaware limited liability company and~~ wholly owned ~~and consolidated~~ subsidiary of ~~the Company,~~CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with the Company as the collateral manager, seller and equityholder, ~~CBDC~~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. ~~The~~CCAP SPV ~~Asset Facility~~ is ~~effective as~~consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of ~~March 28, 2016. On February 8, 2017, the Company amended the SPV Asset Facility increasing the facility limit~~assets to and from ~~$75 million to $125 million.~~CCAP SPV.

The maximum commitment amount under the SPV Asset Facility is ~~$125 million,~~$500,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier ~~of:~~of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) ~~the Facility Maturity Date (March 28, 2021)~~March 7, 2028 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of ~~Default.~~Default. Borrowings under the SPV Asset Facility bear interest at ~~London Interbank Offered Rate (“LIBOR”)~~daily simple SOFR plus a 2.75% margin with no ~~LIBOR floor.~~floor. The Company pays unused facility fees of ~~0.50%~~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.

Also on March 28, 2016, the Company, as Seller, and CBDC SPV, as Purchaser, entered into a loan sale agreement whereby the Company will sell certain assets to CBDC SPV. CBDC SPV will be consolidated into the Company’s financial statements and no gain or loss is expected to result from the sale of assets to CBDC SPV. The Company retains a residual interest in assets contributed to or acquired by CBDC SPV through its 100% ownership of CBDC SPV. The facility size is subject to availability under the borrowing base, which is based on the amount of ~~CBDC~~CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including ~~an asset coverage test and~~ certain concentration ~~limits.~~limits.

Costs incurred in connection with obtaining the SPV Asset Facility ~~have been~~were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on ~~a straight-line~~an effective yield basis. As of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016,~~2022, deferred financing costs related to the SPV Asset Facility were ~~$934,439~~$5,444 and ~~$900,020,~~$2,110, respectively, and were ~~included in~~netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

SMBC Corporate Revolving ~~Credit~~ Facility

On ~~June 29, 2015,~~October 27, 2021, the Company entered into ~~the “Revolving Credit Facility”~~a senior secured revolving credit agreement, as amended from time to time, with ~~Natixis, New York Branch (“Natixis”),~~Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the ~~“Administrative Agent”), and Natixis and certain of its affiliates as lenders. Proceeds from the~~“SMBC Corporate Revolving Credit Facility may be used for investment activities, expenses, working capital requirements and general corporate purposes. The Company’s obligations to the lenders are secured by a first priority security interest in the unused capital commitments (See Note 7. Commitments, Contingencies and Indemnifications) and certain investments and cash held by the Company. The Revolving Credit Facility contains certain covenants, including, but not limited to maintaining an asset coverage ratio of total assets to total borrowings of at least 2 to 1.Facility”). The maximum principal amount of the SMBC Corporate Revolving ~~Credit~~ Facility is ~~$50 million,~~$385,000, subject to availability under the borrowing base. On October 23, 2015, the Company amended the Revolving Credit Facility to include a multi-currency tranche allowing the Company to borrow up to 15% of the principal amount committed under an alternative currency including Euro, Canadian Dollar and Pound Sterling (GBP). On June 29, 2016, the Company amended the Revolving Credit Facility decreasing the facility limit from $75 million to $50 million and extending the maturity date to June 29, 2017. The Company paid down in full and terminated the Revolving Credit Facility on June 29, 2017.

~~See accompanying notes.~~

Borrowings under the SMBC Corporate Revolving ~~Credit~~ Facility bear interest at ~~either (i) London Interbank Offered Rate (“LIBOR”)~~adjusted SOFR plus ~~a margin with no LIBOR floor~~1.875% or ~~(ii) at lenders’ cost of funds plus a margin. The Company may elect either the LIBOR or prime rate at the time of draw-down, and loans may be converted from one rate to another at any time,~~2.000%, subject to certain ~~conditions.~~provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. The Company pays unused facility fees of ~~0.20%~~0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving ~~Credit~~ Facility. ~~Interest is~~Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, ~~monthly in arrears.~~on October 27, 2026.

Costs incurred in connection with obtaining the SMBC Corporate Revolving ~~Credit~~ Facility ~~are~~were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving ~~Credit~~ Facility on ~~a straight-line~~an effective yield basis. As of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016,~~2022, deferred financing costs related to the SMBC Corporate Revolving ~~Credit~~ Facility were $0$2,181 and ~~$79,854,~~$2,217, respectively, and ~~are included in~~were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

~~Revolving Credit Facility II~~2023 Unsecured Notes

On ~~June 29, 2017,~~July 30, 2020, the Company entered into the “Revolving Credit Facility II” with Capital One, National Association (“CONA”), as Administrative Agent, Lead Arranger, Managing Agent and Committed Lender. Proceeds from the Revolving Credit Facility II may be used for investment activities, expenses, working capital requirements and general corporate purposes. The Company’s obligations to the Committed Lender are secured bycompleted a first priority security interest in the unused capital commitments (See Note 7. Commitments, Contingencies and Indemnifications) and certain investments and cash held by the Company. The Revolving Credit Facility II contains certain covenants, including, but not limited to maintaining an asset coverage ratioprivate offering of ~~total assets to total borrowings of at least 2 to 1. The maximum~~$50,000 aggregate principal amount of ~~the Revolving Credit Facility II is $75 million, subject to availability under the borrowing base.~~5.95% senior unsecured notes due July 30, 2023 (the “2023 Unsecured Notes”). The 2023 Unsecured Notes were issued in two $25,000 issuances on July 30, 2020 and October 28, 2020.

~~Borrowings under the Revolving Credit Facility II bear interest~~The 2023 Unsecured Notes will mature on July 30, 2023 and may be redeemed in whole or in part, at the ~~London Interbank Offered Rate (“LIBOR”)~~Company’s option, at par plus a ~~margin with no LIBOR floor. The Company may elect either~~“make-whole” premium and accrued interest. Interest on the LIBOR or prime rate at the time of draw-down, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company pays unused facility fees of 0.20% per annum on committed but undrawn amounts under the Revolving Credit Facility II. Interest2023 Unsecured Notes is ~~payable monthly in arrears. Any amounts borrowed under the Revolving Credit Facility II, and all accrued and unpaid interest, will be~~ due and payable semiannually in arrears on ~~June 29, 2018.~~January 30 and July 30 of each year.

Costs incurred in connection with ~~obtaining~~issuing the ~~Revolving Credit Facility II have been~~2023 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the ~~Revolving Credit Facility II~~2023 Unsecured Notes on ~~a straight-line~~an effective yield basis. As of ~~September 30, 2017,~~March 31, 2023 and December 31, 2022, deferred financing costs related to the ~~Revolving Credit Facility II~~2023 Unsecured Notes were ~~$121,003~~$90 and $157, respectively, and were ~~included in~~netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

2026 Unsecured Notes

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

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

Costs incurred in connection with issuing the 2026 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2026 Unsecured Notes on an effective yield basis. As of March 31, 2023 and December 31, 2022, deferred financing costs related to the 2026 Unsecured Notes were $825 and $895, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

2026 Unsecured Notes - FCRX

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

Summary of Interest and Credit Facility Expenses

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


	For the three months ended March 31,
	2023		2022
Borrowing interest expense	$	11,331	$	4,811
Unused facility fees		566		231
Amortization of financing costs		473		429
Total interest and credit facility expenses	$	12,370	$	5,471
Weighted average outstanding balance	$	735,181	$	638,602

Note 7. Derivatives

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

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

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

During the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2023 and ~~2016 were~~2022 the Company’s average USD notional exposure to foreign currency forward contracts was $99,340 and $98,293, respectively.

The following table sets forth the Company’s net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements (in thousands):


Reporting Date	Counterparty	Gross Amount of Assets on the Consolidated Statements of Assets and Liabilities		Gross Amount of (Liabilities) on the Consolidated Statements of Assets and Liabilities			Net Amount of Assets or (Liabilities)		Collateral (Received) Pledged (1)		Net Amounts (2)
March 31, 2023	Wells Fargo Bank, N.A.	$	7,510	$	(173	)	$	7,337	$	—	$	7,337
December 31, 2022	Wells Fargo Bank, N.A.	$	8,154	$	(157	)	$	7,997	$	—	$	7,997

(1)

Amount excludes excess cash collateral paid.

(2)

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

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

         For the three months ended
September 30, For the nine months ended
September 30,
   2017 2016 2017 2016
Borrowing interest expense
   $ 1,152,097   $ 554,851   $ 3,012,006   $ 1,298,341
Facility fees
   64,630   48,841   172,197   139,941
Amortization of financing costs
   199,398   142,952   568,144   466,458


Total
   $ 1,416,125   $ 746,644   $ 3,752,347   $ 1,904,740


Weighted average interest rate
   3.27   % 2.59   % 3.16   % 2.34   %
Average outstanding balance
   $ 139,727,139   $ 85,171,506   $ 127,512,491   $ 74,170,227


	For the three months ended March 31,
	2023			2022

Net realized gain (loss) on foreign currency forward contracts	$	-		$	24
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		(661	)		95
Total net realized and unrealized gains (losses) on foreign currency forward contracts	$	(661	)	$	119

~~See accompanying notes.~~

Note 7.8. Commitments, Contingencies and Indemnifications

The Company’s investment portfolio may contain ~~debt~~ investments that are in the form of lines of credit ~~and~~or unfunded ~~delayed draw~~ commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying ~~loan~~ agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016,~~2022, the Company had aggregated unfunded commitments totaling $159,634 and $158,905 including foreign denominated incommitments converted to USD ~~totaling $16,348,767 and $9,297,035,~~at the balance sheet date, respectively, under loan and financing agreements.

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

As of March 31, 2023

As of December 31, 2022

Company

Investment Type

Commitment
Expiration Date (1)

Unfunded
Commitment (2)

Commitment
Expiration Date (1)

Unfunded
Commitment (2)

A&A Global Imports, LLC (5)

Revolver

6/1/2026

234

—

ABACUS Holdings I LLC (7)

Delayed Draw Term Loan

6/24/2024

2,531

6/24/2024

2,800

ABACUS Holdings I LLC (5)

Revolver

6/24/2028

720

6/24/2028

720

ACI Group Holdings, Inc. (7)

Delayed Draw Term Loan

8/2/2023

1,525

8/2/2023

1,688

ACI Group Holdings, Inc. (5)

Revolver

8/2/2027

738

8/2/2027

657

Action Signature Acquisition, Inc. (5)

Revolver

6/17/2026

473

—

Advanced Diabetes Supply (5)

Revolver

12/30/2027

175

12/30/2027

Advanced Web Technologies (5)

Revolver

12/17/2026

297

—

Affinitiv, Inc. (5)

Revolver

8/26/2024

567

8/26/2024

567

Alcanza Clinical Research (5)

Revolver

12/15/2027

125

—

Alcanza Clinical Research (7)

Delayed Draw Term Loan

12/15/2027

250

—

Alera Group Inc. (7)

Delayed Draw Term Loan

3/2/2024

2,025

3/2/2024

4,401

Alpine SG, LLC (5)

Revolver

11/5/2027

105

—

Alpine X (5)

Revolver

12/27/2027

137

—

Alpine X (5)

Revolver

12/27/2027

—

Ansira Partners, Inc. (12)

Delayed Draw Term Loan

12/20/2024

254

12/20/2024

254

Apps Associates LLC (7)

Delayed Draw Term Loan

7/2/2023

900

7/2/2023

900

Apps Associates LLC (5)

Revolver

7/2/2027

400

7/2/2027

800

Arrow Management Acquisition, LLC (5)

Revolver

10/14/2027

700

10/14/2027

700

Automated Control Concepts, Inc. (5)

Revolver

10/22/2026

667

—

Auveco Holdings (7)

Delayed Draw Term Loan

5/5/2024

850

5/5/2024

850

Auveco Holdings (5)

Revolver

5/5/2028

480

5/5/2028

450

AX VI INV2 Holding AB (Voff) (8)

Revolver

8/31/2029

403

8/31/2029

398

AX VI INV2 Holding AB (Voff) (9)

Delayed Draw Term Loan

8/31/2029

381

8/31/2029

1,593

Bandon Fitness (Texas) Inc. (5)

Revolver

7/27/2028

159

—

Bandon Fitness (Texas) Inc.

Delayed Draw Term Loan

7/27/2028

1,875

—

Banker's Toolbox, Inc. (7)

Delayed Draw Term Loan

7/27/2023

3,780

7/27/2023

4,184

Banker's Toolbox, Inc. (5)

Revolver

7/27/2027

2,406

7/27/2027

2,406

BCDI Rodeo Dental Buyer, LLC (5)

Revolver

5/14/2025

485

—

Belay Inc. (5)

Revolver

11/15/2025

650

11/15/2025

650

Benesys Inc.

Revolver

10/5/2024

—

10/5/2024

BioAgilytix (7)

Delayed Draw Term Loan

12/21/2023

1,867

12/21/2023

1,865

C-4 Analytics, LLC (5)

Revolver

—

8/22/2023

600

CC Amulet Management, LLC (5)

Revolver

8/31/2027

102

—

CC Amulet Management, LLC (7)

Delayed Draw Term Loan

8/31/2027

922

—

Cedar Services Group, LLC (5)

Revolver

6/11/2027

802

—

Centria Subsidiary Holdings, LLC (5)

Revolver

12/9/2025

1,342

12/9/2025

1,974

Certify, Inc. (5)

Revolver

2/28/2024

—

Claritas, LLC (5)

Delayed Draw Term Loan

9/30/2023

2,450

9/30/2023

2,450

Claritas, LLC (5)

Revolver

3/31/2026

1,950

3/31/2026

1,950

Consolidated Label Co., LLC (5)

Revolver

7/15/2026

650

7/15/2026

650

ConvenientMD (5)

Revolver

6/15/2027

688

—

ConvenientMD (7)

Delayed Draw Term Loan

6/15/2027

688

—

CRA MSO, LLC (5)

Revolver

12/17/2023

Doxa Insurance Holdings, LLC (5)

Revolver

12/4/2026

344

—

Doxa Insurance Holdings, LLC (7)

Delayed Draw Term Loan

12/4/2026

1,419

—

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

Delayed Draw Term Loan

7/5/2029

3,569

7/5/2029

3,545

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

Revolver

1/5/2029

798

1/5/2029

788

Effective School Solutions LLC (5)

Revolver

11/30/2027

1,276

11/30/2027

1,276

Effective School Solutions LLC (7)

Delayed Draw Term Loan

11/30/2023

2,200

11/30/2023

2,200

EMS Buyer, Inc. (5)

Revolver

11/23/2027

550

11/23/2027

550

Envocore Holding, LLC (5)

Revolver

12/31/2025

2,778

12/31/2025

2,778

Eshipping (7)

Delayed Draw Term Loan

11/5/2023

1,850

11/5/2023

1,850

Eshipping (5)

Revolver

11/5/2027

1,150

11/5/2027

1,150

Everlast Parent Inc. (5)

Revolver

10/30/2026

1,151

10/30/2026

1,151

Evolution BuyerCo, Inc. (5)

Revolver

4/30/2027

729

4/30/2027

729

Evolution BuyerCo, Inc. (7)

Delayed Draw Term Loan

12/23/2023

Explorer Investor, Inc. (7)

Delayed Draw Term Loan

6/28/2024

2,400

6/28/2024

2,400

FS Whitewater Borrower, LLC (3)

Revolver

12/21/2027

224

12/21/2027

448

FS Whitewater Borrower, LLC (7)

Delayed Draw Term Loan

7/1/2024

1,347

7/1/2024

1,662

Galway Borrower, LLC (5)

Delayed Draw Term Loan

9/30/2023

134

9/30/2023

134

Galway Borrower, LLC (5)

Revolver

9/30/2027

727

9/30/2027

926

Gener8, LLC (5)

Revolver

8/14/2024

300

—

GrapeTree Medical Staffing, LLC (5)

Revolver

5/29/2024

600

5/29/2024

600

GH Parent Holdings Inc. (5)

Revolver

5/4/2027

1,542

5/4/2027

1,542

Granicus, Inc. (5)

Revolver

1/29/2027

382

1/29/2027

535

Great Lakes Dental Partners, LLC (5)

Revolver

6/23/2026

100

6/23/2026

100

HCOS Group Intermediate III LLC (5)

Revolver

9/30/2026

639

9/30/2026

1,150

Hepaco, LLC (5)

Revolver

8/18/2024

331

8/18/2024

135

HealthDrive Corporation (5)

Revolver

12/21/2023

1,665

—

HealthDrive Corporation (7)

Delayed Draw Term Loan

12/21/2023

—

Hercules Borrower LLC (5)

Revolver

12/15/2026

1,985

12/15/2026

1,985

Hercules Borrower LLC (7)

Delayed Draw Term Loan

9/10/2023

786

9/10/2023

1,092

HGH Purchaser, Inc. (5)

Revolver

11/3/2025

176

11/3/2025

610

Homecare Partners Management, LLC (5)

Revolver

5/25/2023

572

5/25/2023

953

Hospice Care Buyer, Inc.

Revolver

12/9/2026

—

12/9/2026

508

Hsid Acquisition, LLC (5)

Revolver

1/31/2026

750

1/31/2026

750

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

Revolver

6/2/2028

1,511

6/2/2028

1,511

iLending LLC (5)

Revolver

6/21/2026

718

—

Infobase (7)

Delayed Draw Term Loan

6/14/2024

1,850

6/14/2024

1,850

As of March 31, 2023

As of December 31, 2022

Company

Investment Type

Commitment
Expiration Date (1)

Unfunded
Commitment (2)

Commitment
Expiration Date (1)

Unfunded
Commitment (2)

Infobase (5)

Revolver

6/14/2028

1,063

6/14/2028

1,450

Integrated Pain Management Medical Group, Inc. (5)

Revolver

6/17/2026

442

—

Integrity Marketing Acquisition, LLC (5)

Revolver

8/27/2025

1,409

8/27/2025

1,409

Jordan Bidco, Ltd. (9)

Delayed Draw Term Loan

8/31/2024

3,766

8/31/2024

3,692

JTM Foods LLC (5)

Revolver

5/14/2027

133

5/14/2027

347

JTM Foods LLC (5)

Delayed Draw Term Loan

5/14/2027

250

5/14/2027

250

King Mid LLC (7)

Delayed Draw Term Loan

6/17/2024

1,903

6/17/2024

2,356

King Mid LLC (5)

Revolver

12/15/2027

300

12/15/2027

300

Lash Opco LLC (5)

Revolver

8/18/2026

106

—

Learn-It Systems, LLC (5)

Revolver

3/18/2025

283

3/18/2025

283

Learn-It Systems, LLC

Delayed Draw Term Loan

—

5/4/2023

1,451

Lexipol (Ranger Buyer, Inc.) (5)

Revolver

11/18/2027

1,105

11/18/2027

1,105

Lighthouse Behavioral Health Solutions, LLC (7)

Delayed Draw Term Loan

3/28/2028

1,809

—

Lighthouse Lab Services (5)

Revolver

10/25/2027

1,381

—

Lightspeed Buyer, Inc. (5)

Revolver

2/3/2026

1,050

2/3/2026

595

Lightspeed Buyer, Inc.

Delayed Draw Term Loan

—

2/28/2023

5,101

Lion Cashmere Bidco Limited (9)

Delayed Draw Term Loan

9/23/2024

2,757

9/23/2024

2,952

List Partners, Inc. (5)

Revolver

5/1/2024

450

1/5/2023

450

Loadmaster Derrick & Equipment, Inc. (5)

Revolver

12/31/2023

225

—

Mann Lake Ltd. (5)

Revolver

10/4/2024

240

—

Mario Purchaser, LLC

Delayed Draw Term Loan

—

4/26/2024

3,690

Mario Purchaser, LLC (12)

Revolver

4/26/2028

1,044

4/26/2028

1,044

Marlin DTC-LS Midco 2, LLC (5)

Revolver

7/1/2025

143

—

MHS Acquisition Holdings, LLC (5)

Revolver

7/21/2027

129

7/21/2027

129

MRI Software LLC (5)

Revolver

2/10/2026

1,266

2/10/2026

1,266

Multi Specialty Healthcare (AMM LLC) (5)

Revolver

12/18/2026

313

—

MWD Management LLC (United Derm) (5)

Revolver

6/15/2027

640

6/15/2027

560

New Era Technology, Inc. (5)

Revolver

10/31/2026

(21

)

10/31/2026

265

New Era Technology, Inc. (7)

Delayed Draw Term Loan

10/31/2026

504

10/31/2026

504

New Era Technology, Inc. (5)

Revolver

10/31/2026

142

—

Newcleus, LLC (5)

Revolver

8/2/2026

435

—

Newcleus, LLC (5)

Delayed Draw Term Loan

8/2/2026

458

—

Nexant Volt MergerSub, Inc. (5)

Revolver

5/11/2027

700

5/11/2027

500

Nurture Landscapes

Delayed Draw Term Loan

—

6/2/2028

465

Odessa Technologies, Inc. (7)

Delayed Draw Term Loan

10/19/2023

1,786

10/19/2023

1,786

Odessa Technologies, Inc. (5)

Revolver

10/19/2027

2,500

10/19/2027

2,500

Oliver Packaging LLC (5)

Revolver

7/6/2028

150

7/6/2028

500

Omni Ophthalmic Management Consultants, LLC (7)

Delayed Draw Term Loan

3/7/2024

1,500

3/7/2024

1,500

Omni Ophthalmic Management Consultants, LLC

Revolver

5/31/2023

113

Ontario Systems, LLC (5)

Revolver

8/30/2025

256

Painters Supply & Equipment Company (7)

Delayed Draw Term Loan

8/10/2023

670

8/10/2023

724

Painters Supply & Equipment Company (5)

Revolver

8/10/2027

207

8/10/2027

299

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

Revolver

1/29/2026

1,770

1/29/2026

1,390

Patriot Growth Insurance Services, LLC (5)

Revolver

10/14/2028

660

10/14/2028

660

Patriot Growth Insurance Services, LLC (6)

Delayed Draw Term Loan

7/8/2024

2,158

7/8/2024

2,626

PharComp Parent B.V.

Delayed Draw Term Loan

—

2/18/2023

1,432

PharComp Parent B.V. (10)

Delayed Draw Term Loan

3/19/2024

2,911

2/18/2023

2,873

Plasma Buyer LLC (PathGroup) (7)

Delayed Draw Term Loan

5/12/2024

1,892

5/12/2024

1,892

Plasma Buyer LLC (PathGroup) (5)

Revolver

5/12/2029

811

5/12/2029

811

Point Quest Acquisition, LLC (5)

Revolver

8/12/2028

500

—

Potter Electric Signal Company (5)

Revolver

12/19/2024

506

12/19/2024

550

PPV Intermediate Holdings LLC (Vetcor) (7)

Delayed Draw Term Loan

2/29/2024

111

2/29/2024

415

PPV Intermediate Holdings LLC (Vetcor) (5)

Revolver

8/31/2029

228

8/31/2029

166

PPV Intermediate Holdings LLC (Vetcor) (7)

Delayed Draw Term Loan

2/29/2024

234

Professional Physical Therapy (5)

Revolver

5/1/2023

148

2/28/2023

188

Premier Dental Care Management, LLC

Delayed Draw Term Loan

—

8/5/2023

793

Premier Dental Care Management, LLC (5)

Revolver

8/5/2027

875

8/5/2027

1,030

PromptCare Intermediate, LP

Delayed Draw Term Loan

—

9/1/2023

2,778

Pye-Barker Fire & Safety, LLC (5)

Revolver

11/26/2027

1,531

11/26/2027

816

Pye-Barker Fire & Safety, LLC (11)

Delayed Draw Term Loan

6/15/2024

1,200

6/15/2024

1,200

Pye-Barker Fire & Safety, LLC (5)

Revolver

10/1/2024

142

10/1/2024

Pye-Barker Fire & Safety, LLC (5)

Revolver

11/26/2026

1,811

—

Quartermaster Newco, LLC (5)

Revolver

7/31/2025

365

—

Quorum Health Resources (5)

Revolver

5/26/2027

522

—

Receivable Solutions, Inc. (5)

Revolver

10/1/2024

300

10/1/2024

258

Ruffalo Noel Levitz, LLC

Revolver

5/29/2024

Safco Dental Supply, LLC (5)

Revolver

6/14/2025

480

6/14/2025

480

Seko Global Logistics Network, LLC (5)

Revolver

12/20/2026

1,056

12/20/2026

650

Seniorlink Incorporated (5)

Revolver

7/17/2026

1,038

7/17/2026

1,038

Slickdeals Holdings, LLC (4)

Revolver

6/12/2023

727

6/12/2023

727

smarTours, LLC

Revolver

12/31/2026

432

—

Smartronix, LLC (5)

Revolver

11/23/2027

3,290

11/23/2027

3,290

Smile Doctors LLC (5)

Revolver

12/23/2027

141

12/23/2027

646

Smile Doctors LLC (7)

Delayed Draw Term Loan

12/23/2028

1,065

12/23/2028

2,010

Socius Insurance Services, Inc. (5)

Revolver

6/30/2027

525

—

Socius Insurance Services, Inc. (5)

Delayed Draw Term Loan

6/30/2027

1,842

—

SolutionReach, Inc. (5)

Revolver

1/17/2024

933

—

SQAD Holdco, Inc. (7)

Delayed Draw Term Loan

4/25/2024

2,425

4/25/2024

2,425

SQAD Holdco, Inc. (5)

Revolver

4/25/2028

840

4/25/2028

840

Stepping Stones Healthcare Services, LLC (7)

Delayed Draw Term Loan

12/30/2023

1,585

12/30/2023

2,226

As of March 31, 2023

As of December 31, 2022

Company

Investment Type

Commitment
Expiration Date (1)

Unfunded
Commitment (2)

Commitment
Expiration Date (1)

Unfunded
Commitment (2)

Stepping Stones Healthcare Services, LLC (7)

Revolver

12/30/2026

679

12/30/2026

528

Summit 7 Systems, LLC (5)

Revolver

5/23/2028

211

5/23/2028

650

Sun Acquirer Corp. (7)

Delayed Draw Term Loan

9/8/2027

411

9/8/2027

491

Sun Acquirer Corp. (5)

Revolver

9/8/2027

1,558

9/8/2027

1,812

SuperHero Fire Protection, LLC (5)

Revolver

9/1/2026

—

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

Delayed Draw Term Loan

7/8/2029

1,961

7/8/2029

1,961

Sydney US Buyer Corp. (3B Scientific)

Revolver

7/8/2029

—

7/8/2029

654

Teal Acquisition Co., Inc (5)

Revolver

9/22/2026

365

9/22/2026

259

Technology Partners, LLC (7)

Revolver

11/16/2027

747

—

Technology Partners, LLC (5)

Delayed Draw Term Loan

11/16/2027

1,037

—

The Hilb Group, LLC (5)

Revolver

12/2/2025

283

12/2/2025

340

The Hilb Group, LLC (5)

Revolver

12/2/2025

119

12/2/2025

143

The Hilb Group, LLC (5)

Delayed Draw Term Loan

12/10/2023

1,366

12/10/2023

1,880

The Hilb Group, LLC (5)

Revolver

12/2/2025

113

The Mulch & Soil Company, LLC (5)

Revolver

4/30/2026

755

—

TMA Buyer, LLC (5)

Revolver

9/30/2027

385

—

TMA Buyer, LLC (7)

Delayed Draw Term Loan

9/30/2027

1,170

—

Transportation Insight, LLC (5)

Revolver

12/3/2024

750

12/3/2024

750

Tricor Borrower, LLC (5)

Revolver

10/22/2026

288

—

Tricor Borrower, LLC (7)

Delayed Draw Term Loan

10/22/2026

999

—

TriStrux, LLC (5)

Revolver

12/15/2026

555

—

TriStrux, LLC (7)

Delayed Draw Term Loan

12/15/2026

483

—

Unifeye Vision Partners (5)

Revolver

9/13/2025

680

9/13/2025

793

Unifeye Vision Partners

Delayed Draw Term Loan

—

9/7/2023

1,199

United Flow Technologies

Delayed Draw Term Loan

—

10/29/2023

United Flow Technologies (5)

Revolver

10/29/2027

1,600

10/29/2027

1,600

UP Acquisition Corp. (5)

Revolver

5/23/2024

1,250

5/23/2024

807

Vital Care Buyer, LLC (5)

Revolver

10/19/2025

2,222

10/19/2025

1,852

WhiteHawk III Onshore Fund L.P.

Partnership Interest

7/5/2024

852

7/5/2024

1,700

Winxnet Holdings LLC

Revolver

6/29/2023

163

Total

159,634

158,905

(1)

Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an ~~unfunded commitment~~applicable loan expires, which may be shorter than its maturity.

(2)

Unfunded commitments denominated in ~~GBP totaling £377,841 and £377,841 at September 30, 2017~~currencies other than USD have been converted to USD using the applicable foreign currency exchange rate as of March 31, 2023 and December 31, ~~2016, respectively.~~

2022.

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

Investment pays 4.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(12)

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

Other Commitments and Contingencies

As of September 30, 2017, the Company had $389 million in total capital commitments from investors. Of this amount, $10 million was from Crescent Capital Group LP (“CCG LP”) and its affiliates. The remaining unfunded capital commitments totaled $228 million as of September 30, 2017.

Up to June 25, 2015, the Company’s efforts had been limited to organizational activities, the cost of which has been borne by the Advisor. The Company has agreed to repay the Advisor for initial organization costs and equity offering costs incurred prior to the commencement of its operations up to a maximum of $1.5 million on a pro rata basis over the first $350 million of invested capital not to exceed 3 years from the initial capital commitment. The Advisor incurred costs on behalf of the Company of $794,450 of equity offering costs and $567,895 of organization costs through Commencement. For the nine months ended September 30, 2017, the Advisor allocated to the Company $79,445 of equity offering costs and $56,790 of organization costs, of which $38,924 was included in Due from Advisor on the Consolidated Statements of Assets and Liabilities at September 30, 2017. Since June 26, 2015 (Commencement) through September 30, 2017, the Advisor has allocated to the Company $365,447 of equity offering costs and $261,232 of organization costs.

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 ~~8. Stockholders’ Equity~~9. Net Assets

On June 26, 2015, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) with several investors, including CCG LP and its affiliates, providing for the private placement of the Company’s common stock. Under the terms of the Subscription Agreements, investors are required to fund capital drawdowns to purchase the Company’s common stock up to the amount of their respective capital commitments on an~~as-needed~~ basis as determined by the Company with a minimum of 10 business days’ prior notice. The remaining unfunded capital commitments related to these Subscription Agreements totaled $228.0 million and $246.7 million as of September 30, 2017 and December 31, 2016, respectively.

The following table summarizes the ~~total shares issued and amount received related to capital drawdowns delivered pursuant to~~Company’s recent distributions declared:


Date Declared	Record Date	Payment Date	Amount Per Share
February 16, 2023	March 31, 2023	April 17, 2023	$	0.41
November 4, 2022	December 30, 2022	January 17, 2023	$	0.41
August 5, 2022	September 30, 2022	October 17, 2022	$	0.41
May 3, 2022	June 30, 2022	July 15, 2022	$	0.41
February 18, 2022	March 31, 2022	April 15, 2022	$	0.41
November 5, 2021	September 2, 2022	September 15, 2022	$	0.05
November 5, 2021	June 3, 2022	June 15, 2022	$	0.05
November 5, 2021	March 4, 2022	March 15, 2022	$	0.05
November 5, 2021	December 3, 2021	December 15, 2021	$	0.05
November 5, 2021	December 31, 2021	January 17, 2022	$	0.41

In connection with the ~~Subscription Agreements during the nine months ended September 30, 2017 and 2016:~~

                   For the nine months ended
September 30, 2017
Quarter Ended
   Shares    Amount
September 30, 2017
   488,138    $ 10,000,000
June 30, 2017
   490,701    10,000,000
March 31, 2017
   744,085    15,000,000




Total Capital Drawdowns
   1,722,924    $ 35,000,000




                   For the nine months ended
September 30, 2016
Quarter Ended
   Shares    Amount
September 30, 2016
   613,121    $ 12,000,000
June 30, 2016
   728,257    14,000,000
March 31, 2016
   624,382    12,000,000




Total Capital Drawdowns
                           1,965,760    $                     38,000,000

~~See accompanying notes.~~

Prior to the listing of the Company’s shares on an exchange, stockholders who “opt in” to the Company’s dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash dividends and distributions. The number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a stockholder by the net asset value per share of the common stock as of the last day of the Company’s fiscal quarter or such other date and price per share as determined by the Board preceding the date such dividend was declared.

The Company has authorized 200,000,000 shares of its common stock with a par value of $0.001 per share. The Company has authorized 10,000 shares of its preferred stock with a par value of $0.001 per share. Shares of preferred stock have not been issued. On February 5, 2015,FCRD Acquisition, the Company issued ~~1,000 common~~6,174,187 shares ~~to CCG LP. On April 15, 2015, CCG LP contributed $499,000~~as part of ~~additionalpaid-in-capital~~ to the ~~Company. On June 29, 2015, CCG LP exchanged its 1,000 shares issued on February 5, 2015~~consideration paid for ~~25,000 common shares, which were subsequently redeemed on June 30, 2015.~~net assets acquired.

At ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016, CCG LP~~2022, Crescent, Sun Life and ~~its affiliates~~other related parties owned ~~3.52%~~5.49% and ~~4.47%~~6.59%, respectively, of the outstanding common shares of the Company.

~~For the nine months ended September 30, 2017, distributions made by the Company are as follows:~~

Quarter Ended
   Total Amount                    Per Share Amount
September 30, 2017
   $ 2,470,579    $ 0.30
June 30, 2017
   $ 2,169,823    $ 0.29
March 31, 2017
   $ 1,994,047    $ 0.28

~~For the nine months ended September 30, 2016, distributions made by the Company are as follows:~~

Quarter Ended
   Total Amount                    Per Share Amount
September 30, 2016
   $ 1,543,640    $ 0.26
June 30, 2016
   $ 1,164,992    $ 0.22
March 31, 2016
   $ 1,130,001    $ 0.24

Note 9.10. Earnings Per Share

In accordance with the provisions of ASC ~~Topic~~ 260 –Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common ~~shareholders~~stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of ~~September 30, 2017~~March 31, 2023 and December 31, ~~2016,~~2022, there are no dilutive shares.

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

       For the three months ended
September 30,        For the nine months ended
September 30,
   2017    2016    2017    2016
Net increase (decrease) in net assets resulting from
operations
   $ 2,351,012    $ 3,204,744    $ 8,857,866    $ 7,414,950
Weighted average common shares outstanding
   7,848,043    5,510,123    7,349,165    4,891,535
Net increase (decrease) in net assets resulting from
operations per common share-basic and diluted
   $ 0.30    $ 0.58    $ 1.21    $ 1.52


	For the three months ended March 31,
	2023		2022

Net increase (decrease) in net assets resulting from operations	$	7,777	$	16,209
Weighted average common shares outstanding		32,465,208		30,887,360
Net increase (decrease) in net assets resulting from operations per common share-basic and diluted	$	0.24	$	0.52

~~See accompanying notes.~~82

Note ~~10.~~11. Income Taxes

~~As of September 30, 2017, the~~

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


~~Tax cost~~	$	~~297,299,251~~


~~Gross unrealized appreciation~~	$	~~6,255,725~~
~~Gross unrealized depreciation~~		~~(1,570,500~~	)

~~Net unrealized investment appreciation~~	$	~~4,685,225~~


		As of March 31, 2023			As of December 31, 2022
Tax Cost		$	1,609,941		$	1,295,847
Gross Unrealized Appreciation		$	11,201		$	9,274
Gross Unrealized Depreciation			(55,097	)		(42,164	)
	Net Unrealized Investment Appreciation (Depreciation)	$	(43,896	)	$	(32,890	)

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


	For the three months ended March 31,
	2023		2022
Income tax (benefit) provision	$	-	$	64
Excise tax (benefit) provision		201		90
(Benefit) provision for income and excise taxes	$	201	$	154

As of March 31, 2023 and December 31, ~~2016,~~2022, $221 and $657 of accrued income and excise taxes remained payable.

The Company recognized the ~~Company’s aggregate investment~~following benefits (provisions) for taxes on realized and unrealized appreciation and depreciation ~~for federal income~~on investments:


	For the three months ended March 31,
	2023			2022
Benefit (provision) for taxes on realized gain on investments	$	252		$	(217	)
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		(40	)		196
Benefit (provision) for taxes on realized and unrealized appreciation (depreciation) on investments	$	212		$	(21	)

As of March 31, 2023 and December 31, 2022 and 2021, $74 and $91, respectively, was included in deferred tax ~~purposes was:~~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, 2023 and December 31, 2022, $1,478 and $899, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.


~~Tax cost~~	$	~~216,264,636~~


~~Gross unrealized appreciation~~	$	~~2,754,130~~
~~Gross unrealized depreciation~~		~~(1,097,814~~	)

~~Net unrealized investment appreciation~~	$	~~1,656,316~~

Note ~~11.~~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,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	19.83		$	21.12
Net investment income after tax		0.54			0.39
Net realized and unrealized gains (losses) on investments, asset acquisition and forward contracts, net of taxes		(0.30	)		0.13
Net increase (decrease) in net assets resulting from operations		0.24			0.52
Effects of First Eagle Alternative Capital BDC, Inc. acquisition (Note 13)		(0.28	)		—
Distributions declared from net investment income(2)		(0.41	)		(0.46	)
Total increase (decrease) in net assets		(0.45	)		0.06
Net asset value, end of period	$	19.38		$	21.18
Shares outstanding, end of period		37,061,547			30,887,360
Market value, end of period	$	13.62			17.80
Weighted average shares outstanding		32,465,208			30,887,360
Total return based on market value (3)		9.78	%		3.76	%
Total return based on net asset value (4)		-0.20	%		2.46	%
Ratio/Supplemental Data:
Net assets, end of period	$	718,420		$	654,286
Ratio of total net expenses to average net assets(5)(6)		13.28	%		8.84	%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)		3.54	%		3.34	%
Ratio of net investment income before taxes to average net assets (6)		10.78	%		7.63	%
Ratio of interest and credit facility expenses to average net assets (6)		7.54	%		3.40	%
Ratio of net incentive fees to average net assets (6)		2.20	%		2.11	%
Portfolio turnover (7)		2.16	%		3.90	%
Asset coverage ratio		181	%		202	%

(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 13.36% and 8.90% for the three months ended March 31, 2023 and 2022, respectively.

(6)

Annualized.

(7)

Not annualized.

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

On March 9, 2023, the Company completed its previously announced acquisition of First Eagle Alternative Capital BDC, Inc., a Delaware corporation, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 3, 2022, by and among the Company, FCRD, Echelon Acquisition Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company ~~for~~(“Acquisition Sub”), Echelon Acquisition Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the ~~nine months ended September 30, 2017~~Company (“Acquisition Sub 2”), and ~~2016, relating~~the Adviser (together “FCRD Acquisition”). Pursuant to the Merger Agreement, Acquisition Sub was merged with and into FCRD (the “First Merger”), with FCRD continuing as the surviving corporation and a direct wholly-owned subsidiary of CCAP. Immediately following the First Merger, FCRD was merged with and into Acquisition Sub 2 (the “Second Merger” and, together with the First Merger, the “Mergers”), with Acquisition Sub 2 continuing as the surviving entity (the “Surviving Company”). As a result of, and as of the effective time of, the Second Merger, FCRD’s separate corporate existence ceased.

In accordance with the terms of the Merger Agreement, at the effective time of the First Merger (the “Effective Time”), holders of shares of FCRD’s common ~~shares~~stock, par value $0.001 per share (the “FCRD Common Stock”), issued ~~through September 30, 2017~~ and ~~2016 pursuant~~outstanding immediately prior to the ~~Subscription Agreements:~~Effective Time (excluding shares held by subsidiaries of FCRD or held, directly or indirectly, by the Company or Acquisition Sub (“Cancelled Shares”)) had their shares of FCRD Common Stock converted to the right to receive, in the aggregate, approximately (1) $8,649 in cash payable by the Company (the “CCAP Cash Consideration”), (2) 6,174,187 validly issued, fully paid and non-assessable shares of the Company’s common stock, par value $0.001 per share (the “Aggregate Share Consideration” and, together with the CCAP Cash Consideration, the “CCAP Aggregate Merger Consideration”) and (3) $35,000 in cash payable by the Adviser (the “CCAP Adviser Cash Consideration”), subject to adjustments for cash payable in lieu of fractional shares.

   For the nine months ended
September 30, 2017    For the nine months ended
September 30, 2016
Per Share Data:⁽¹⁾

Net asset value, beginning of period
     $ 20.08         $ 19.13
Net investment income after tax
   0.96       0.78
Net realized and unrealized gains (losses) on investments⁽²⁾
   0.25       0.58




Net increase (decrease) in net assets resulting from operations
   1.21       1.36




Distributions declared from net investment income⁽³⁾
   (0.87)      (0.71)
Offering costs
   (0.02)      (0.01)




Total increase (decrease) in net assets
   0.36       0.64




Net asset value, end of period
     $ 20.40         $ 19.77
Shares outstanding, end of period
   8,102,916       6,023,349
Weighted average shares outstanding
   7,349,165       4,891,535
Total return⁽⁴⁾⁽⁵⁾
   7.85%    9.50%
Ratio/Supplemental Data:

Net assets, end of period
     $ 165,263,435         $ 119,101,001
Ratio of total expenses to average net assets⁽⁶⁾
   7.97%    6.91%
Ratio of net investment income to average net assets⁽⁶⁾
   6.34%    5.20%
Ratio of interest and credit facility expenses to average net assets⁽⁵⁾
   3.37%    2.60%
Ratio of incentive fees to average net assets⁽⁵⁾
   1.00%    0.09%
Portfolio turnover rate⁽⁷⁾
   15.88% ��    14.00%
Asset coverage ratio⁽⁸⁾
   2.18       2.25

⁽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.~~

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

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

⁽²⁾ ~~The amount shown does not correspond with the aggregate realized and unrealized gains (losses) on investment transactions for the period as it includes the effect of the timing of equity issuances.~~
⁽³⁾ ~~The per share data for distributions per share reflects the actual amount of distributions declared per share for the applicable period.~~
⁽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.
⁽⁵⁾ ~~Annualized.~~
⁽⁶⁾ ~~Annualized except for organization expenses.~~
⁽⁷⁾ ~~Not annualized.~~
⁽⁸⁾ ~~Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.~~

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

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

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

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


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

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

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

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

Note ~~12.~~14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. ~~There~~Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form10-Q or would be required to be recognized in the consolidated financial statements as of ~~September 30, 2017~~March 31, 2023 and for the ~~nine~~three months ended ~~September~~March 31, 2023.

On May 4, 2023, the Company’s Board of Directors declared a regular cash dividend of $0.41 per share, which will be paid on July 17, 2023 to stockholders of record as of June 30, ~~2017.~~

2023.

On May 9, 2023, the Company completed a private offering of $50,000 aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026. These notes will become effective upon repayment of $50,000 of the existing 2023 Unsecured Notes at their maturity on July 30, 2023.

~~See accompanying notes.~~

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

~~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 onForm 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 and are~~companies. We were incorporated under the laws of the State of Delaware on February 5, 2015 ~~(Inception).~~and on January 30, 2020, we changed our state of incorporation from the State of Delaware to the State of Maryland. We were listed and began trading on the NASDAQ stock exchange on February 3, 2020. We have elected to be treated as a business development company ~~(BDC)~~(“BDC”) under the Investment Company Act of 1940 ~~as amended (the~~ (“1940 ~~Act)~~Act”). In addition, ~~the Company has~~we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 ~~as amended~~ (the ~~“Code)~~“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 andtax-exempt interest.

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

~~The Company’s primary~~Our investment objective is to maximize the total return to ~~the Company’s~~our stockholders in the form of current income and capital appreciation through debt and related equity investments. ~~The Company seeks to achieve its investment objectives by investing~~We invest primarily in secured debt (including ~~senior secured first-lien,~~first lien, unitranche first lien and ~~senior secured~~ second-lien debt) and unsecured debt (including ~~senior unsecured,~~ 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.~~(i.e., private credit transactions), or (ii) primary or secondary market bank loan or high yield transactions in the broadly syndicated~~“over-the-counter”~~ “over-the-counter” market (~~i.e.~~(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 ~~and bonds are generally more liquid than and~~to complement our private credit transactions.

“~~Unitranche”~~First lien” investments are senior loans ~~are~~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~~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. ~~We use~~

“Second lien” investments are loans with a second priority lien on all existing and future assets of the ~~term “mezzanine” to refer to debt~~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 ~~ranks~~generally rank senior ~~only~~ to a borrower’s equity securities and ~~ranks~~ junior in right of payment to ~~all of~~ such borrower’s other senior indebtedness. ~~We may make multiple investments~~

FCRD Acquisition

On March 9, 2023, we completed its previously announced acquisition of First Eagle Alternative Capital BDC, Inc., a Delaware corporation, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 3, 2022. The board of directors of both companies each unanimously approved the FCRD Acquisition and on March 7, 2023, FCRD’s stockholders approved the merger. In accordance with the terms of the Merger Agreement, holders of shares of FCRD’s common stock had their shares of FCRD common stock converted to the right to receive, in the ~~same portfolio company.~~

From February 5, 2015 (Inception) through June 25, 2015, the Company devoted substantially all of its efforts to establishing the business and raising capital commitments from private investors. On June 26, 2015, we entered into subscription agreements with several investors, including Crescent Capital Group LP and its affiliates (CCG LP), providing for the private placement of the Company’s common stock. The Company commenced investment operations on June 26, 2015 (Commencement).

~~KEY 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.

~~See accompanying notes.~~

~~We must not invest~~aggregate, approximately (1) $8.6 million 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 Advisor~~

Our investment activities are managed by the Advisor, which will be 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 Advisor has entered into a Resource Sharing Agreement (the “Resource Sharing Agreement”) with Crescent Capital Group LP (“CCG LP”), pursuant to which CCG LP will provide the Advisor with experienced investment professionals (including the members of the Advisor’s investment committee) and access to the resources of CCG LP so as to enable the Advisor to fulfill its obligations under the Investment Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of CCG LP’s investment professionals.

~~Revenues~~

We generate revenue primarily in the form of interest income on debt investments and, to a lesser extent, 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.~~

~~Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are~~ payable by the ~~portfolio company~~Company, (2) 6,174,187 validly issued, fully paid and ~~are expected to be collected. Dividend income from common equity securities is recorded on the record date for private portfolio companies or on theex-dividend~~ ~~date for publicly-traded portfolio companies.~~

In addition, we may receive fees for services provided to portfolio companies by the Advisor under the Investment Advisory Agreement. The services that the Advisor provides vary by investment, but generally include syndication, structuring or diligence fees, and fees for providing managerial assistance to our portfolio companies. 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. Fees for providing managerial assistance to our portfolio companies are generally~~non-recurring~~ ~~and are recognized as revenue when services are provided. In certain instances where the Company is invited to participate as aco-lender~~ in a transaction and does not provide significant services in connection with the investment, all or a portion of any loan fees received by the Company in such situations will be deferred and amortized over the investment’s life using the effective yield method.

~~Expenses~~

Our primary operating expenses include the payment of Management fees and Incentive fees to the Advisor under the Investment Advisory Agreement, our allocable portion of overhead expenses under the administration agreement with our Administrator (the “Administration Agreement”), operating costs associated with our~~sub-administration,~~ ~~custodian and transfer agent agreements with State Street Bank and Trust Company (the“Sub-Administration~~ Agreements”) and other operating costs described below. The Management and Incentive fees compensate our investment 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:~~

~~allocated organization costs from the Advisor incurred prior to the commencement of our operations up to a maximum of $1.5 million;~~

~~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;~~

~~direct costs, such as printing, mailing, long distance telephone and staff;~~

~~See accompanying notes.~~

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

~~independent directors’ fees and expenses;~~

~~U.S. federal, state and local taxes;~~

~~the cost of effecting sales and repurchases of~~non-assessable shares of our common stock, and ~~other securities;~~

~~fees~~(3) $35.0 million in cash payable ~~to third parties relating to making investments, includingout-of-pocket~~ ~~fees~~by the Adviser. This transaction resulted in our then-existing stockholders owning approximately 83% and ~~expenses associated with performing due diligence and reviews~~FCRD’s then-existing stockholders owning approximately 17% 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;~~

Company's common stock.

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

~~all other expenses reasonably incurred by us~~In addition, in connection with ~~making investments~~the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary-market support and ~~administering our business.~~

~~We have agreed to repay the Advisor for initial organization costs and equity offering costs incurred prior to the commencement of operations up to a maximum of $1.5 million on a pro rata basis~~will over ~~the first $350~~time purchase $20.0 million of ~~invested capital not to exceed 3 years from~~ the ~~initial capital commitment. The Advisor is responsible for organization and private equity offerings costs in excess of $1.5 million.~~

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. Incentive Fees and costs relating to future offerings of securities would be incremental.

~~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. As a BDC, with certain limited exceptions, we will only be permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, equals at least 2 to 1 after such borrowing. 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 will depend on our Advisor’s and our Board assessment of market conditions and other factors at the time of any proposed borrowing.

~~PORTFOLIO INVESTMENT ACTIVITY~~

We seek to create a broad and varied portfolio that generally includes senior secured first-lien, “unitranche” (which are loans that combine features of first-lien, second-lien and mezzanine debt, generally in a first-lien position), senior secured second lien and subordinated loans and minority equity securities by investing in the securities of U.S. middle market companies. The size of our individual investments will vary 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, which may increase our risk of losing part or all of our investment.

~~As of September 30, 2017 and December 31, 2016, our portfolio at fair value was comprised of the following:~~

   September 30, 2017    December 31, 2016
($ in millions)


    Fair Value (1)
       Percentage            Fair Value (1)            Percentage
Senior secured first-lien
   $ 205.7    64.5%    $ 156.9    68.9%
Unitranche
   29.8    9.4        19.4    8.5
Senior secured second-lien
   67.7    21.2        42.5    18.7
Unsecured
   5.5    1.7        5.0    2.2
Equity
   10.1    3.2        3.9    1.7








Total investments
   $ 318.8    100.0%    $ 227.7    100.0%

~~(1)~~

~~Includes unfunded commitments at fair value of $16.9 million and $9.8 million as of September 30, 2017 and December 31, 2016, respectively.~~

~~See accompanying notes.~~

The following table shows the asset mix of our new investment commitments for the three months ended September 30, 2017 and September 30, 2016, and for the nine months ended September 30, 2017 and September 30, 2016:

   Three Months Ended
September 30, 2017    Three Months Ended
September 30, 2016
($ in millions)


    Cost
       Percentage            Cost            Percentage
Senior secured first-lien
   $ 24.4    68.6%    $ 40.6    81.2%
Unitranche
   9.3    26.2        0.5    1.1
Senior secured second-lien
   1.8    5.2        7.9    15.7
Unsecured
   —      —        —      —
Equity
   0.0    0.0        1.0    2.0








Total investment commitments
   $ 35.5    100.0%    $ 50.0    100.0%








   Nine Months Ended
September 30, 2017    Nine Months Ended
September 30, 2016
($ in millions)
       Cost            Percentage            Cost            Percentage
Senior secured first-lien
   $ 80.8    62.5%    $ 78.3    81.8%
Unitranche
   9.3    7.2        4.3    4.5
Senior secured second-lien
   33.1    25.7        12.1    12.7
Unsecured
   0.6    0.5        —      —
Equity
   5.3    4.1        1.0    1.0








Total investment commitments
   $ 129.1    100.0%    $ 95.7    100.0%

For the three months ended September 30, 2017, we had principal repayments of $16.5 million. For this period, we had sales of securities in three portfolio companies aggregating approximately $3.2 million in net proceeds. For the three months ended September 30, 2017, we had a net portfolio increase of $14.2 million aggregate principal amount (amortized cost).

For the nine months ended September 30, 2017, we had principal repayments of $32.2 million. For this period, we had sales of securities in fifteen portfolio companies aggregating approximately $10.8 million in net proceeds. For the nine months ended September 30, 2017, we had a net portfolio increase of $81.1 million aggregate principal amount (amortized cost).

For the three months ended September 30, 2016, we had principal repayments of $6.8 million. For this period, we had sales of securities in six portfolio companies aggregating approximately $5.8 million in net proceeds. For the three months ended September 30, 2016, we had a net portfolio increase of $33.4 million aggregate principal amount (amortized cost).

For the nine months ended September 30, 2016, we had principal repayments of $13.2 million. For this period, we had sales of securities in nineteen portfolio companies aggregating approximately $10.3 million in net proceeds. For the nine months ended September 30, 2016, we had a net portfolio increase of $67.5 million aggregate principal amount (amortized cost).

~~The following table presents certain selected information regarding our investment portfolio at fair value as of September 30, 2017 and December 31, 2016:~~

       September 30, 2017         December 31, 2016
Weighted average total yield to maturity of
debt and income producing securities (at
fair value)
             7.6%           7.3%
Weighted average total yield to maturity of
debt and income producing securities (at
cost)
             8.0%           7.5%
Weighted average interest rate of debt and
income producing securities
             7.6%           7.2%
Percentage of debt bearing a floating rate
           91.8%         90.8%
Percentage of debt bearing a fixed rate
             8.2%           9.2%
Number of portfolio companies
             79              95

~~See accompanying notes.~~

~~The following table shows the amortized cost of our performing andnon-accrual~~ ~~investments as of September 30, 2017 and December 31, 2016.~~

   September 30, 2017    December 31, 2016
($ in millions)
       Amortized Cost (1)            Percentage            Amortized Cost (1)            Percentage
Performing
     $ 314.3    100.0%      $ 226.1    100.0%
Non-accrual
   —        —        —        —








Total assets
     $ 314.3    100.0%      $ 226.1    100.0%

~~(1)~~

~~Includes unfunded commitments at cost of $16.9 million and $9.9 million as of September 30, 2017 and December 31, 2016, respectively.~~

~~Loans are generally placed onnon-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 onnon-accrual~~ ~~status if the loan has sufficient collateral value and is in the process of collection.~~

The Advisor monitors our portfolio companies on an ongoing basis. The Advisor 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 Advisor 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~~

~~possible attendance at, and participation in, board meetings.~~

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

1	Involves the least amount of risk in our portfolio. The investment/borrower is performing above expectations since investment, and the trends and risk factors are generally favorable, which may include the financial performance of the borrower or a potential exit.

2	~~Involves an acceptable level of risk that is similar to the risk at the time of investment. The investment/borrower is generally performing as expected, and the risk factors are neutral to favorable.~~

Involves an investment/borrower performing below expectations and indicates that the investment’s risk has increased somewhat since investment. The borrower’s loan payments are generally not past due and more likely than not the borrower will remain in compliance with debt covenants. An investment rating of 3 requires closer monitoring.

Involves an investment/borrower performing materially below expectations and indicates that the loan’s risk has increased materially since investment. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 180 days past due). Placing loans on~~non-accrual~~ ~~status should be considered for investments rated 4.~~

Involves an investment/borrower performing substantially below expectations and indicates that the loan’s risk has substantially increased since investment. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and the fair market value of the loan should be reduced to the anticipated recovery amount. Loans with an investment rating of 5 should be placed on~~non-accrual~~ ~~status.~~

~~See accompanying notes.~~

The following table shows the distribution of our investments on the 1 to 5 investment performance rating scale at fair value as of September 30, 2017 and December 31, 2016. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfoliocombined company’s ~~business or financial condition, market conditions or developments, and other factors.~~

   September 30, 2017 (1)    December 31, 2016 (1)
Investment Performance Rating
   Investments at
Fair Value
    ($ in millions)        Percentage of
    Total Portfolio        Investments at
Fair Value
    ($ in millions)        Percentage of
    Total Portfolio
1
   $ 0.8    0.3%    $ —      — %
2
   273.2    85.7        220.4    96.8
3
   44.8    14.0        7.3    3.2
4
   —      —        —      —
5
   —      —        —      —








Total
   $ 318.8    100.0%    $ 227.7    100.0%

~~(1)~~

~~Includes unfunded commitments at fair value of $16.9 million and $9.8 million as of September 30, 2017 and December 31, 2016, respectively.~~

~~RESULTS OF OPERATIONS~~

~~Operating results for the three months ended September 30, 2017 and September 30, 2016 and for the nine months ended September 30, 2017 and September 30, 2016, were as follows:~~

For the three
months ended
      September 30, 2017       For the three
months ended
      September 30, 2016       For the nine
months ended
      September 30, 2017      For the nine months
      ended September 30, 2016
Total investment income
$ 6,186,137 $ 3,456,059 $ 15,942,809 $ 8,869,706
Less: Total expenses
3,330,110 1,873,387 8,891,225 5,075,364

Net investment income before taxes
$ 2,856,027 $ 1,582,672 $ 7,051,584 $ 3,794,342
Income taxes
— 800 1,689 1,600

Net investment income
2,856,027 1,581,872 7,049,895 3,792,742
Net realized gain (loss) on investments (1)
(87,643) (467) (351,570) (403,372)
Net unrealized appreciation (depreciation) on investments (1)
(37,227) 1,623,339 2,539,686 4,025,580
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments
(380,145) — (380,145) —

Net increase in net assets resulting from operations
$ 2,351,012 $ 3,204,744 $ 8,857,866 $ 7,414,950

(1)    Includes foreign exchange hedging activity.

Investment Income



For the three
months ended
      September 30, 2017       For the three
months ended
      September 30, 2016       For the nine
months ended
      September 30, 2017      For the nine months
      ended September 30, 2016
Interest from investments
$ 6,092,354 $ 3,451,311 $ 15,775,733 $ 8,864,374
Dividend Income
— — — —
Other income
93,783 4,748 167,076 5,332

Total
$ 6,186,137 $ 3,456,059 $ 15,942,809 $ 8,869,706

~~See accompanying notes.~~

Interest from investments, which includes amortization of upfront fees and prepayment fees, increased from $3.5 million for the three months ended September 30, 2016 compared to $6.1 million for the three months ended September 30, 2017, due to the increase in the size of our portfolio. The average size of our total investment portfolio increased from $196.5 million during the three months ended September 30, 2016 to $306.2 million during the three months ended September 30, 2017. We did not have dividend income for the three months ended September 30, 2017 and September 30, 2016. Other income primarily relates to the amortization of loan administration fees earned as the administration agent.

Interest from investments, which includes amortization of upfront fees and prepayment fees, increased from $8.9 million for the nine months ended September 30, 2016 compared to $15.7 million for the nine months ended September 30, 2017, due to the increase in the size of our portfolio. The average size of our total investment portfolio increased from $174.7 million during the nine months ended September 30, 2016 to $278.7 million during the nine months ended September 30, 2017. We did not have dividend income for the nine months ended September 30, 2017 and September 30, 2016. Other income primarily relates to the amortization of loan administration fees earned as the administration agent.

~~Expenses~~

For the three
months ended
        September 30, 2017         For the three
months ended
        September 30, 2016          For the nine
months ended
        September 30, 2017          For the nine months ended
September 30, 2016
Interest and credit facility expenses
$ 1,416,125 $ 746,644 $ 3,752,347 $ 1,904,740
Management fees
710,176 432,213 1,982,695 1,179,301
Income Incentive Fees
504,005 63,956 1,118,540 63,956
Directors’ fees
72,500 67,250 217,500 217,167
Professional fees
184,802 160,000 536,368 546,273
Organization expenses
16,226 19,470 56,790 61,657
Other general and administrative expenses
426,276 383,854 1,226,985 1,102,270

Total expenses
$ 3,330,110 $ 1,873,387 $ 8,891,225 $ 5,075,364

~~Interest and Credit Facility Expenses~~

Interest and credit facility expenses include interest, amortization of deferred financing costs, upfront commitment fees and unused fees on the Revolving Credit Facility, Revolving Credit Facility II and SPV Asset Facility. The Company first drew on the Revolving Credit Facility in July 2015, on the SPV Asset Facility in April 2016, and on the Revolving Credit Facility II in June 2017. Interest and credit facility expenses increased from $0.7 million for the three months ended September 30, 2016 to $1.4 million for the three months ended September 30, 2017. This increase was primarily due to an increase in the weighted average debt outstanding from $85.2 million for the three months ended September 30, 2016 to $139.7 million for the three months ended September 30, 2017. Average interest rate (excludes deferred upfront financing costs and unused fees) on our weighted average debt outstanding for the three months ended September 30, 2017 and September 30, 2016 were 3.3% and 2.6%, respectively.

Interest and credit facility expenses increased from $1.9 million for the nine months ended September 30, 2016 to $3.8 million for the nine months ended September 30, 2017. This increase was primarily due to an increase in the weighted average debt outstanding from $74.2 million for the nine months ended September 30, 2016 to $127.5 million for the nine months ended September 30, 2017. Average interest rate (excludes deferred upfront financing costs and unused fees) on our weighted average debt outstanding for the nine months ended September 30, 2017 and September 30, 2016 were 3.2% and 2.3%, respectively.

~~Management fees~~

Management fees will be calculated and payable quarterly in arrears at an annual rate of 1.5% of our gross assets, including assets acquired through the incurrence of debt but excluding any cash and cash equivalents. The Advisor, however, has agreed to waive its right to receive management fees in excess of the sum of (i) 0.25% of the aggregate committed but undrawn capital and (ii) 0.75% of the aggregate gross assets excluding cash and cash equivalents (including capital drawn to pay the Company’s expenses) during any

period prior to a qualified initial public offering, as defined by the Investment Advisory Agreement (“Qualified IPO”). Management fees, net of waived management fees, increased from $0.4 million for the three months ended September 30, 2016 to $0.7 million for the three months ended September 30, 2017 due to the increase in total assets, which increased from an average of $199.3 million for the three months ended September 30, 2016 to an average of $304.0 million for the three months ended September 30, 2017. Waived management fees for the three months ended September 30, 2017 and September 30, 2016 were approximately $0.4 million and $0.3 million, respectively. The Advisor will not be permitted to recoup any waived amounts at any time.

~~See accompanying notes.~~

Management fees, net of waived management fees, increased from $1.2 million for the nine months ended September 30, 2016 to $2.0 million for the nine months ended September 30, 2017 due to the increase in total assets, which increased from an average of $176.2 million for the nine months ended September 30, 2016 to an average of $277.0 million for the nine months ended September 30, 2017. Waived management fees for the nine months ended September 30, 2017 and September 30, 2016 were approximately $1.1 million and $0.8 million, respectively.

~~Income incentive fees~~

Income incentive fees increased from $0.1 million for the three and nine months ended September 30, 2016 to $0.5 million and $1.1 million for the three and nine months ended September 30, 2017, respectively. The increase was due to the~~Pre-Incentive~~ Fee Net Investment Income (as defined below), expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness, before taking into account any incentive fees payable during the period) as of the preceding quarter, exceeding 1.5% per quarter (the hurdle rate). For the three and nine months ended September 30, 2017, income incentive fees as a percentage of~~Pre-Incentive~~ ~~Fee Net Investment Income was 15.0% and 13.7% compared to 3.9% and 1.7% for the three and nine months ended September 30, 2016, respectively.“Pre-Incentive~~ Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies, but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement and any interest expense, but excluding the Incentive fee).~~Pre-Incentive~~ ~~Fee Net Investment Income includes accrued income that we have not yet received in cash, such as debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities.~~

~~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 expenses from the~~Sub-Administration~~ Agreements, insurance premiums, overhead and staffing costs allocated from the Administrator and other miscellaneous general and administrative costs associated with the operations and investment activity of the Company. Professional fees remained flat at $0.2 million for the three months ended September 30, 2016 and September 30, 2017, respectively, while other general and administrative expenses also remained flat at $0.4 million for the three months ended September 30, 2016 and September 30, 2017, respectively.

Professional fees remained flat at $0.5 million for the nine months ended September 30, 2016 and September 30, 2017, respectively, while other general and administrative expenses increased from $1.1 million for the nine months ended September 30, 2016 to $1.2 million for the nine months ended September 30, 2017. The net increase in costs was due to an increase in costs associated with servicing a growing investment portfolio.

~~Organization expenses~~

We have agreed to repay the Advisor for the organization costs and offering costs (not to exceed $1.5 million) on a pro rata basis over the first $350 million of capital contributed to the Company. For the three and nine months ended September 30, 2017, we called $10.0 million and $35.0 million, respectively, and the Advisor allocated $0.0 million and $0.1 million, respectively of organization costs to the Company, which was included in the Consolidated Statements of Operations.

For the three and nine months ended September 30, 2017, the Advisor also allocated $0.0 million and $0.1 million, respectively of equity offering costs to the Company that was recorded as an offset to~~Paid-in~~ ~~capital in excess of par value on the Consolidated Statement of Assets and Liabilities.~~

During the three and nine months ended September 30, 2016, we called $12.0 million and $38.0 million, respectively, and the Advisor allocated $0.0 million and $0.1 million, respectively of organization costs to the Company, which was included in the Consolidated Statements of Operations. During the three and nine months ended September 30, 2016, the Advisor also allocated $0.0 million and $0.1 million, respectively of equity offering costs to the Company that was recorded as an offset to~~Paid-in~~ ~~capital in excess of par value on the Consolidated Statement of Assets and Liabilities.~~

~~See accompanying notes.~~

~~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. For the three and nine months ended September 30, 2017 and September 30, 2016, net realized gains (losses) and net unrealized appreciation (depreciation) on our investment portfolio were comprised of the following:

For the three
months ended
        September 30, 2017          For the three
months ended
        September 30, 2016          For the nine
months ended
        September 30, 2017          For the nine months
    ended September 30, 2016
Realized losses on investments
$ (121,126) $ (3,869) $ (408,679) $ (467,821)
Realized gains on investments
33,998 4,798 59,618 24,886
Realized gains on foreign currency transactions
327 373 1,075 59,239
Realized losses on foreign currency transactions
(842) (1,769) (3,584) (19,676)

Net realized gains (losses)
$ (87,643) $ (467) $ (351,570) $ (403,372)

Change in unrealized depreciation on investments
$ (97,551) $ 372,048 $ 16,482 $ 1,809,834
Change in unrealized appreciation on investments
228,673 1,141,466 2,987,389 1,761,430
Change in unrealized depreciation on foreign currency translation
(181,099) (23,891) (492,508) (25,061)
Change in unrealized appreciation on foreign currency translation
12,750 133,716 28,323 479,377

Net unrealized appreciation (depreciation)
$ (37,227) $ 1,623,339 $ 2,539,686 $ 4,025,580

~~Income Taxes~~

~~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 Topic 740 —~~ ~~Income Taxes~~ ~~(“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements.~~

~~See accompanying notes.~~

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 will accrue excise tax on estimated undistributed taxable income as required.

CBDC Universal Equity, Inc. has elected to be a taxable entity (the “Taxable Subsidiary”). The Taxable Subsidiary permits the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and continue to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiary is not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements. For the three and nine months ended September 30, 2017, the Company recognized a benefit/(provision) for taxes on unrealized appreciation/(depreciation) on investments of $(380,145) related to the Taxable Subsidiary. As of September 30, 2017, the Company had a deferred tax liability of $380,145 related to the Taxable Subsidiary. There were no deferred tax assets or liabilities related to the Taxable Subsidiary at December 31, 2016.

~~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 the Company’s business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of various instruments, including futures, options and forward contracts. We will 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.

~~We did not enter into any interest rate, foreign exchange or other derivative agreements during the three and nine months ended September 30, 2017 and September 30, 2016.~~

~~FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES~~

At September 30, 2017, we had $7.8 million in cash on hand. The primary uses of our cash and cash equivalents are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) the cost of operations (including paying our Advisor); (3) debt service, repayment, and other financing costs; and, (4) cash distributions to the holders of our common shares.

We expect to generate additional cash from (1) future offerings of our common or preferred shares; (2) borrowings from our Revolving Credit Facility II, SPV Asset Facility and from other banks or lenders; and, (3) cash flows from operations.

Cash on hand of $7.8 million combined with our uncalled capital commitments of $228.0 million, $17.1 million undrawn amount on our Revolving Credit Facility II and $44.1 million undrawn amount on our SPV Asset Facility, is expected to be sufficient for our investing activities and to conduct our operations for the foreseeable future.

~~Capital Share Activity~~

Since June 26, 2015 (Commencement), we have entered into subscription agreements (collectively, the “Subscription Agreements”) with several investors, including CCG LP, providing for the private placement of our common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase our common shares up to the amount of their respective capital commitments on an~~as-needed~~ ~~basis with a minimum of 10 business days’ prior notice. At September 30, 2017, we had received capital commitments totaling $389.0 million, of which $10.0 million was from CCG LP.~~

Since June 26, 2015 (Commencement), pursuant to the Subscription Agreements, we have delivered eleven capital drawdown notices to our investors relating to the issuance of 8,097,569 of our common shares for an aggregate offering of $161.0 million. Proceeds from the issuance were used to fund our investing activities and for other general corporate purposes. As of September 30, 2017, the Company received all amounts relating to the eleven capital drawdown notices.

~~During the three and nine months ended September 30, 2017, we issued 1,364.08 and 3,141.93 shares of our~~ common stock respectively, to investors who have opted into our dividend reinvestment plan for proceeds of $27,799 and $63,435. For the three and nine months ended September 30, 2016, we issued 468.90 and 1,274.03 shares of our common stock, respectively, to investors who have opted into our dividend reinvestment plan for proceeds of $9,014 and $24,701.

via a share purchase program.

~~See accompanying notes.~~

~~Debt~~

~~Debt consisted of the following as of September 30, 2017 and December 31, 2016:~~

   September 30, 2017
($ in millions)
   Aggregate Principal
    Amount Committed            Drawn
    Amount (4)        Amount
    Available (1)        Carrying
    Value (2)
SPV Asset Facility
   $ 125.0    $ 80.9    $ 44.1    $ 80.9
Revolving Credit Facility
   —    —    —    —
Revolving Credit Facility II (3)(5)
   75.0    58.3    17.1    58.0








Total Debt
   $ 200.0    $ 139.2    $ 61.2    $ 138.9

   December 31, 2016
($ in millions)
   Aggregate Principal
    Amount Committed            Drawn
    Amount (4)        Amount
    Available (1)        Carrying
    Value (2)
SPV Asset Facility
   $ 75.0    $ 47.6    $ 27.4    $ 47.6
Revolving Credit Facility (3)(5)
   50.0    47.8    3.0    47.0








Total Debt
   $ 125.0    $ 95.4    $ 30.4    $ 94.6

~~(1)~~

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

~~(2)~~

The difference between the drawn amount and the carrying value is attributable to the effect of foreign currency rates as of the balance sheet dates versus foreign currency rates at the time of the respective~~non-USD~~ ~~borrowings.~~

~~(3)~~

~~The Company had outstanding debt denominated in Pound Sterling (GBP) of 2.5 million and Euro (EUR) of 1.8 million on its Revolving Credit Facility, and Revolving Credit Facility II.~~

~~(4)~~

~~For borrowings innon-USD,~~ ~~the drawn amount represents the USD equivalent at the time of borrowing (i.e. cost).~~

~~(5)~~

~~Total drawn amount payable after the effect of foreign currency translation as of September 30, 2017 and December 31, 2016, was $57,910,419 and $47,006,114, respectively.~~

~~SPV Asset Facility~~

On March 28, 2016 Crescent Capital BDC Funding, LLC (“CBDC SPV”), a Delaware limited liability company and wholly owned and consolidated subsidiary of the Company, entered into a loan and security agreement (the “SPV Asset Facility”) with the Company as the collateral manager, seller and equityholder, CBDC 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. The SPV Asset Facility is effective as of March 28, 2016. On February 8, 2017 the Company amended the SPV Asset Facility increasing the facility limit from $75 million to $125 million.

The maximum commitment amount under the SPV Asset Facility is $125 million, 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) the Facility Maturity Date (March 28, 2021) 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 London Interbank Offered Rate (“LIBOR”) plus a margin with no LIBOR floor. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. 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.

Also on March 28, 2016, the Company, as seller, and CBDC SPV, as purchaser, entered into a loan sale agreement whereby the Company will sell certain assets to CBDC SPV. We consolidate CBDC SPV in our consolidated financial statements and no gain or loss is expected to result from the sale of assets to CBDC SPV. We retain a residual interest in assets contributed to or acquired by CBDC SPV through our 100% ownership of CBDC SPV. The facility size is subject to availability under the borrowing base, which is based on the amount of CBDC SPV’s assets from time to time, and satisfaction of certain conditions, including an asset coverage test and certain concentration limits.

~~See accompanying notes.~~

~~Revolving Credit Facility~~

On June 29, 2015, we entered into the Revolving Credit Facility with Natixis, New York Branch (“Natixis”) as administrative agent (the “Administrative Agent”), and Natixis and certain of its affiliates as lenders. Proceeds from the Revolving Credit Facility may be used for investment activities, expenses, working capital requirements and general corporate purposes. The maximum principal amount of the Revolving Credit Facility is $50 million, subject to availability under the borrowing base. On October 23, 2015, the Company amended the Revolving Credit Facility to include a multi-currency tranche allowing the Company to borrow up to 15% of the principal amount committed under an alternative currency including Euro, Canadian Dollar and Pound Sterling (GBP). On June 29, 2016, the Company amended the Revolving Credit Facility decreasing the facility limit from $75 million to $50 million and extending the maturity date to June 29, 2017. The Company paid down in full and terminated the Revolving Credit Facility on June 29, 2017.

Borrowings under the Revolving Credit Facility bear interest at either (i) London Interbank Offered Rate (“LIBOR”) plus a margin with no LIBOR floor or (ii) at lenders’ cost of funds plus a margin. The Company may elect either the LIBOR or prime rate at the time of draw-down, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company pays unused facility fees of 0.20% per annum on committed but undrawn amounts under the Revolving Credit Facility. Interest is payable monthly in arrears.

~~Revolving Credit Facility II~~

On June 29, 2017, the Company entered into the “Revolving Credit Facility II” with Capital One, National Association (“CONA”), as Administrative Agent, Lead Arranger, Managing Agent and Committed Lender. Proceeds from the Revolving Credit Facility II may be used for investment activities, expenses, working capital requirements and general corporate purposes. The maximum principal amount of the Revolving Credit Facility II is $75 million, subject to availability under the borrowing base.

Borrowings under the Revolving Credit Facility II bear interest at London Interbank Offered Rate (“LIBOR”) plus a margin with no LIBOR floor. The Company may elect either the LIBOR or prime rate at the time of draw-down, and loans may be converted from one rate to another at any time, subject to certain conditions. The Company pays unused facility fees of 0.20% per annum on committed but undrawn amounts under the Revolving Credit Facility II. Interest is payable monthly in arrears. Any amounts borrowed under the Revolving Credit Facility II, and all accrued and unpaid interest, will be due and payable, on June 29, 2018.

For the three
months ended
      September 30, 2017      For the three
months ended
      September 30, 2016      For the nine
months ended
      September 30, 2017      For the nine months ended
September 30, 2016
Borrowing interest expense
$ 1,152,097 $ 554,851 $ 3,012,006 $ 1,298,341
Unused facility fees
64,630 48,841 172,197 139,941
Amortization of upfront commitment fees
160,336 110,274 459,932 275,287
Amortization of deferred financing costs
39,062 32,678 108,212 191,171

Total interest and credit facility expenses
$ 1,416,125 $ 746,644 $ 3,752,347 $ 1,904,740

Weighted average interest rate
3.3 % 2.6 % 3.2 % 2.3 %
Weighted average outstanding balance
$         139,727,139 $         85,171,506 $         127,512,491 $         74,170,227

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 debt financing 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 credit facilities in addition to our Revolving Credit Facility and SPV Asset Facility. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the 1940 Act, is at least 2 to 1 after such borrowing. As of September 30, 2017 and December 31, 2016, our asset coverage ratio was 2.18 to 1 and 2.35 to 1, 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.

~~See accompanying notes.~~

~~OFF BALANCE SHEET ARRANGEMENTS~~

~~Information on our off balance sheet arrangements is contained in Note 7. Commitments, Contingencies and Indemnifications to our consolidated financial statements.~~

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 and in our Registration Statement on Form 10.~~herein.

~~In addition to the discussion below,~~For a description of our critical accounting policies, ~~are further described in~~see Note ~~2. Summary of Significant~~2 “Significant Accounting ~~Policies~~Policies” to our consolidated financial ~~statements.~~

~~Investment Valuation~~

~~The Company applies Financial Accounting Standards Board ASC 820,~~ ~~Fair Value Measurement~~ ~~(ASC 820), as amended, which establishes a framework for measuring fair value~~statements included in ~~accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair value~~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 ~~price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on~~general economic environment, 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 ableamount of capital we have available 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 ranksus, 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 in active markets~~merger and acquisition activity 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.~~

In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company 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. During the nine months ended September 30, 2017, the Company recorded $0 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data. During the nine months ended September 30, 2016, the Company recorded $17,000,233 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data.

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value,middle-market companies, including the ~~source and number~~amount of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Advisor, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board.

~~The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following:~~

~~The Advisor’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee.~~

~~See accompanying notes.~~

~~The Audit Committee reviews the valuations presented and recommends values for each investment to the Board.~~

~~The Company currently conducts this valuation process on a quarterly basis.~~

~~In connection with~~ debt and equity ~~securities that~~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 ~~valued~~made, at ~~fair value~~least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in ~~good faith~~“eligible portfolio companies.” Pursuant to rules adopted by the ~~Board, the Board will engage independent third-party valuation firms to perform~~SEC, “eligible portfolio companies” include certain ~~limited procedures that the Board has identified.~~

~~Due to the inherent uncertainty of determining the fair value of investments~~companies 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 tradedany 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 than the unrealized gains or losses reflected herein. See Note 4. Investments and Note 5. Fair Value of Financial Instruments for additional information on the Company’s investment portfolio.

~~Equity Offering and Organization Expenses~~

~~The Company has agreed to repay the Advisor for initial organization costs and equity offering costs incurred prior to the commencement of its operations up to a maximum of $1.5 million~~listed on a ~~pro rata basis over~~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 first $350 million of invested capital not to exceed 3 years from the initial capital commitment on June 26, 2015. To the extent such costs relate to equity offerings, these costs are charged as a reduction of capital upon the issuance of common shares. To the extent such costs relate to organization costs, these costs are expensed in the Consolidated Statements of Operations upon the issuance of common shares. The AdvisorAdviser, which is responsible for ~~organization~~originating prospective investments, conducting research and ~~private equity offerings costs in excess of $1.5 million. See Note 7. Commitments, Contingencies~~due diligence investigations on potential investments, analyzing investment opportunities, negotiating and ~~Indemnifications for additional discussion of certain related party transactions~~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 ~~Advisor.~~

~~The Advisor incurred costs on behalf~~Adviser with experienced investment professionals (including the members of the ~~Company~~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 ~~$794,450 of equity offering costs~~Crescent’s investment professionals. On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and ~~$567,895 of organization costs through Commencement. For the nine months ended September 30, 2017, the Advisor allocated~~joint ventures, “Sun Life”) acquired a majority interest in Crescent (the “Sun Life Transaction”). There were no changes to our investment objective, strategies and process or to the ~~Company $79,445~~Crescent team responsible for the investment operations as a result of ~~equity offering costs and $56,790~~the Sun Life Transaction.

Revenues

We generate revenue primarily in the form of organization costs, of which $136,235 was included in Due to Advisor on the Consolidated Statements of Assets and Liabilities at September 30, 2017. Since June 26, 2015 (Commencement) through September 30, 2017, the Advisor has allocated to the Company $365,447 of equity offering costs and $261,232 of organization costs.

~~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 on securities purchased are accreted or amortized into interest income ~~over the contractual life of the respective security using the effective yield method. The amortized cost of~~on debt investments, ~~represents the original cost adjusted for the accretion~~capital gains and ~~amortization of discounts and premiums,~~distributions, 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 preferred~~on 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. 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~~we may acquire in portfolio companies.

Certain investments may have contractual~~payment-in-kind~~ ~~(“PIK”)~~ 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 or dividend income, as applicable. ~~If at any point~~We also generate revenue in the ~~Company believes PIK~~form of commitment or origination fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into income over the life of the loan using the effective yield method.

Dividend income from common equity securities is ~~not~~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 ~~realized,~~collected.

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

Expenses

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

•

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

•

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

•

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

•

independent directors’ fees and expenses;

•

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

•

U.S. federal, state and local taxes;

•

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

•

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

•

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

•

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

•

brokerage commissions;

•

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

•

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

•

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

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

Leverage

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

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with shareholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be ~~placed~~considered borrowings for these purposes. The amount of leverage that we employ depends on~~non-accrual~~ ~~status. Accrued PIK~~ 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 ~~or dividends are generally reversed through~~and repay principal. In addition, many of our debt investments have floating interest ~~or dividend~~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, 2023					As of December 31, 2022
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior Secured First Lien	$	445.5		28.4	%	$	301.0		23.8	%
Unitranche First Lien		933.8		59.6			824.1		65.2
Unitranche First Lien - Last Out		13.9		0.9			13.8		1.1
Senior Secured Second Lien		62.3		4.0			60.9		4.8
Unsecured Debt		4.9		0.3			4.5		0.4
Equity & Other		49.2		3.2			44.9		3.6
LLC/LP Equity Interests		56.4		3.6			13.8		1.1
Total investments	$	1,566.0		100.0	%	$	1,263.0		100.0	%

The following table shows our investment activity by investment type:


($ in millions)	For the three months ended
	March 31, 2023(1)			March 31, 2022
New investments at cost:
Senior Secured First Lien	$	9.4		$	9.4
Unitranche First Lien		18.0			50.1
Unitranche First Lien - Last Out		0.3			—
Senior Secured Second Lien		0.1			—
Unsecured Debt		0.2			—
Equity & Other		0.2			—
LLC/LP Equity Interests		0.8			0.5
Total	$	29.0		$	60.0
Proceeds from investments sold or repaid:
Senior Secured First Lien	$	46.1		$	17.0
Unitranche First Lien		8.1			3.7
Unitranche First Lien - Last Out		—			2.3
Senior Secured Second Lien		—			9.3
Unsecured Debt		—			1.9
Equity & Other		—			14.1
LLC/LP Equity Interests		0.2			1.3
Total	$	54.4		$	49.6
Net increase (decrease) in portfolio	$	(25.4	)	$	10.4

(1)

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

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


	As of March 31, 2023			As of December 31, 2022
Weighted average yield on income producing securities (at cost) (1)		11.4	%		10.8	%
Percentage of debt bearing a floating rate (at fair value)		98.6	%		98.8	%
Percentage of debt bearing a fixed rate (at fair value)		1.4	%		1.2	%
Number of portfolio companies	187			129

(1)

Yield excludes investments on non-accrual status.

The following table shows the amortized cost and fair value of our performing and non-accrual debt and income ~~respectively, when an investment is placed onnon-accrual~~ ~~status.~~

producing debt securities:


($ in millions)	As of March 31, 2023										As of December 31, 2022
	Cost		% of Cost			Fair Value		% of Fair Value			Cost		% of Cost			Fair Value		% of Fair Value
Performing	$	1,462.9		97.3	%	$	1,431.3		98.0	%	$	1,216.9		98.0	%	$	1,190.0		98.8	%
Non-Accrual		40.7		2.7	%		29.1		2.0	%		25.1		2.0	%		14.3		1.2	%
Total	$	1,503.6		100.0	%	$	1,460.4		100.0	%	$	1,242.0		100.0	%	$	1,204.3		100.0	%

~~See accompanying notes.~~

Loans are generally placed onnon-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 onnon-accrual~~ ~~status. Interest payments received onnon-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 onnon-accrual status if the loan has sufficient collateral value and is in the process of collection.

As of ~~September 30, 2017~~March 31, 2023, we had sixteen investments across eight portfolio companies on non-accrual status, which represented 2.7% and 2.0% of the total debt investments at cost and fair value, respectively. Excluding investments acquired in the FCRD Acquisition, we had eight investments across four portfolio companies on non-accrual status, which represented 2.0 % and 1.1% of the total debt investments at cost and fair value, respectively. As of December 31, 2022, we had six investments across four portfolio companies on non-accrual status, which represented 2.0% and 1.2% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of March 31, 2023 and December 31, 2022.

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

•

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

•

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

•

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

•

comparisons to other companies in the industry; and

•

attendance and participation in board meetings.

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

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

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

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

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

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

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


($ in millions)	As of March 31, 2023					As of December 31, 2022
	Investments at		Percentage of			Investments at		Percentage of
Investment Performance Rating	Fair Value		Total Portfolio			Fair Value		Total Portfolio
1		12.0		0.8	%		12.4		1.0	%
2		1,325.9		84.6			1,087.6		86.1
3		187.2		12.0			136.7		10.8
4		40.9		2.6			26.3		2.1
5		—		0.0			—		0.0
Total		1,566.0		100.0	%		1,263.0		100.0	%

RESULTS OF OPERATIONS

Summary Statement of Operations


(in $ millions)	For the three months ended March 31,
	2023			2022
Total investment income	$	39.3		$	26.4
Total net expenses		21.8			14.3
Net investment income	$	17.5		$	12.1
Net realized gain (loss) on investments and forward contracts		0.3			8.6
Net unrealized appreciation (depreciation) on investments, forward contracts and foreign transactions		(10.2	)		(4.5	)
Net realized and unrealized gains (losses)	$	(9.9	)	$	4.1
Benefit (provision) for taxes on realized and unrealized appreciation (depreciation) on investments		0.2			(0.0	)
Net increase (decrease) in net assets resulting from operations	$	7.8		$	16.2

Investment Income


(in $ millions)	For the three months ended March 31,
	2023		2022
Interest from investments	$	35.9	$	24.0
Dividend Income		3.4		2.3
Other Income		0.0		0.1
Total investment income	$	39.3	$	26.4

Interest income, which includes amortization of upfront fees, increased from $24.0 million, for the three months ended March 31, 2022, to $35.9 million for the three months ended March 31, 2023, due to a rise in benchmark rates and a larger income producing portfolio. Included in interest from investments for the three months ended March 31, 2023 and 2022 are $0.1 million and $0.3 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income increased from $2.3 million for the three months ended March 31, 2022 to $3.4 million for the three months ended March 31, 2023 due to higher dividend distributions from the portfolio companies. Other income which includes consent, waiver, amendment, agency, underwriting and arranger fees associated with our investment activities decreased from $0.1 million for the three months ended March 31, 2022 to $0.0 million for the three months ended March 31, 2023.

Expenses


(in $ millions)	For the three months ended March 31,
	2023			2022
Interest and other debt financing costs	$	12.4		$	5.5
Management fees		4.5			4.0
Income based incentive fees		3.7			2.7
Capital gains based incentive fees		-			0.7
Professional fees		0.3			0.5
Directors’ fees		0.2			0.1
Other general and administrative expenses		0.7			0.7
Total expenses	$	21.8		$	14.2
Management fee waiver		(0.1	)		(0.1	)
Income based incentive fees waiver		(0.1	)		(0.0	)
Net expenses	$	21.6		$	14.1
Provision for income and excise taxes		0.2			0.2
Total	$	21.8		$	14.3

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, 2023 and 2022 interest and other debt financing costs were

$12.4 million and $5.5 million, respectively. The increase was due to a higher weighted average debt outstanding and higher weighted average cost of debt related to a rise in benchmark rates.

Base Management Fees

For the three months ended March 31, 2023 and 2022, we incurred management fees of $4.5 million and $4.0 million, respectively, of which $0.1 million and $0.1 million, respectively, were waived. The increase in net management fees was driven by growing assets under management.

Incentive Fees

For the three months ended March 31, 2023 and 2022, we incurred income based incentive fees of $3.7 million and $2.7 million, of which $0.1 million and $0.0 million, respectively, were waived. The increase in net incentive fees was driven by growing investment income.

For the three months ended March 31, 2023 and 2022 we recorded $0 and $0.7 million, respectively, of capital gains based incentive fees. As of March 31, 2023 and December 31, 2022, no capital gains based incentive fees were outstanding. The fluctuation in accumulated incentive fees on cumulative unrealized capital appreciation was attributable to the inception to date performance of the investment portfolio.

Professional Fees and Other General and Administrative Expenses

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

For the three months ended March 31, 2023 and 2022, professional fees were $0.3 million and $0.5 million, respectively. The decrease in the comparative periods' professional fees was attributable to lower legal expense during the current quarter.

For the three months ended March 31, 2023 and 2022, other general and administrative expenses were $0.7 million and $0.7 million, respectively.

Income and Excise Taxes

For the three months ended March 31, 2023 and 2022, we expensed income and excise taxes of $0.2 million and $0.2 million, respectively.

Net Investment Income

For the three months ended March 31, 2023 and 2022, GAAP net investment income was $17.5 million or $0.54 per share and $12.1 million or $0.39 per share, respectively. The increase in the per share net investment income was due to higher investment income earned during the current quarter.

For the three months ended March 31, 2023 and 2022, net investment income excluding capital gains incentive fees (“Adjusted Net Investment Income”) was $17.5 million or $0.54 per share and $12.9 million or $0.42 per share, respectively. The increase in the per share Adjusted Net Investment Income was due to higher investment income earned during the current quarter.

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


(in $ millions)	For the three months ended March 31,
	2023				2022
	Amount		Per Share		Amount		Per Share
GAAP net investment income	$	17.5	$	0.54	$	12.1	$	0.39
Capital gains based incentive fee		-		-		0.8		0.03
Adjusted Net Investment Income	$	17.5	$	0.54	$	12.9	$	0.42

On a supplemental basis, we are disclosing Adjusted Net Investment Income and per share Adjusted Net Investment Income, each of which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (“non-GAAP”). Adjusted Net Investment Income represents net investment income, excluding capital gains incentive fees. We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believe that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends without giving effect to capital gains incentive fees. The Investment Advisory Agreement provides that a capital gains-based incentive fee is determined and paid annually

with respect to realized capital gains (but not unrealized capital appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized capital depreciation on a cumulative basis. We believe that Adjusted Net Investment Income is a useful performance measure because it reflects the net investment income produced on the Company’s investments during a period without giving effect to any changes in the value of such investments and any related capital gains incentive fees between periods. The presentation of Adjusted Net Investment Income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

Net Realized and Unrealized Gains and Losses

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


($ in millions)	For the three months ended March 31,
	2023			2022
Realized losses on non-controlled and non-affiliated investments	$	(0.1	)	$	—
Realized gains on non-controlled and non-affiliated investments		0.3			1.3
Realized losses on non-controlled and affiliated investments		—			—
Realized gains on non-controlled and affiliated investments		—			7.1
Realized losses on controlled investments		—			—
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		—			0.2
Net realized gains (losses) on investments	$	0.2		$	8.6
Change in unrealized depreciation on non-controlled and non-affiliated investments		(16.3	)		(8.5	)
Change in unrealized appreciation on non-controlled and non-affiliated investments		11.2			7.7
Change in unrealized depreciation on foreign currency translation		(0.5	)		—
Change in unrealized appreciation on foreign currency translation		—			—
Change in unrealized depreciation on non-controlled and affiliated investments		(0.4	)		(3.8	)
Change in unrealized appreciation on non-controlled and affiliated investments		0.8			0.7
Change in unrealized depreciation on controlled and affiliated investments		(4.9	)		(0.7	)
Change in unrealized appreciation on controlled and affiliated investments		0.6			—
Change in unrealized depreciation on foreign currency forwards		—			—
Change in unrealized appreciation on foreign currency forwards		(0.6	)		0.1
Net unrealized appreciation (depreciation) on investments		(10.1	)		(4.5	)
Net realized and unrealized gains (losses) on investments and asset acquisition		(9.9	)		4.1

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, 2023 and 2022, our average U.S. Dollar notional exposure to foreign currency forward contracts were $99.4 million and $98.3 million, respectively.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

As of March 31, 2023, we had $34.5 million in cash and cash equivalents and restricted cash and cash equivalents and $297.3 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of March 31, 2023, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of March 31, 2023, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of March 31, 2023. However, any increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.

Capital Share Activity

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

Debt


($ in millions)	March 31, 2023								December 31, 2022
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value(2)(3)
SPV Asset Facility	$	500.0	$	248.8	$	251.2	$	248.8	$	350.0	$	233.0	$	117.0	$	233.0
SMBC Corporate Revolving Facility		385.0		338.9		46.1		338.9		350.0		241.8		108.2		241.8
2023 Unsecured Notes		50.0		50.0		—		50.0		50.0		50.0		—		50.0
2026 Unsecured Notes		135.0		135.0		—		135.0		135.0		135.0		—		135.0
2026 Unsecured Notes - FCRX		111.6		111.6		—		111.6		—		—		—		—
Total Debt	$	1,181.6	$	884.3	$	297.3	$	884.3	$	885.0	$	659.8	$	225.2	$	659.8

(1)

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

(2)

Amount presented excludes netting of deferred financing costs.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2023 and 2022 was 6.73% and 3.43%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2023 and 2022 was $735.2 million and $638.6 million, respectively. As of March 31, 2023 and December 31, 2022, the weighted average cost of debt was 6.52% and 6.23%, respectively.

SPV Asset Facility

On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with us as the collateral manager, seller and equity holder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. We consolidate CCAP SPV in our consolidated financial statements and no ~~loans had been placed onnon-accrual~~ ~~status by the Company.~~

~~New Accounting Standards~~

~~In May 2014, the FASB issued Accounting Standards Update (“ASU”)2014-09~~ ~~(“ASU2014-09”),~~ ~~“Revenue~~gain or loss is recognized from ~~Contracts with Customers (Topic 606).”~~ ~~The guidance in this ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict~~ the transfer of ~~promised goods~~assets to and from CCAP SPV.

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

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

SMBC Corporate Revolving Facility

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

2023 Unsecured Notes

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

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

2026 Unsecured Notes

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

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

2026 Unsecured Notes - FCRX

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

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


($ in millions)	For the three months ended March 31,
	2023		2022
Borrowing interest expense	$	11.3	$	4.8
Unused facility fees		0.6		0.2
Amortization of financing costs		0.5		0.5
Total interest and credit facility expenses	$	12.4	$	5.5
Weighted average outstanding balance	$	735.2	$	638.6

To the extent we determine that ~~reflects~~additional capital would allow us to take advantage of additional investment opportunities, if the ~~consideration~~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 ~~which~~our existing debt. The pricing and other terms of any such opportunities would depend upon market conditions and the ~~entity expects~~performance of our business, among other factors.

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with shareholder approval, we, as a BDC, are permitted to ~~be entitled in exchange~~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 ~~those goods or services. The amendments in ASU2014-09~~ are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016the settlement of securities transactions and ~~interim periods therein. This standard~~arrangements with respect to securities lending will not ~~have a material impact~~be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

As of March 31, 2023 and December 31, 2022, our asset coverage ratio was 181% and 192%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements ~~primarily because~~for more detail on the ~~majority~~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 ~~Company’s revenue is accounted for under FASB ASC Topic 320,~~~~“Investments – Debt~~underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and ~~Equity Securities”~~~~, which is scoped out~~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 ~~this standard.~~

~~In December 2016, the FASB issued ASU2016-19,~~ “~~Technical Corrections and Improvements.~~~~” As part of this guidance, ASU2016-19~~ ~~amends FASB ASC Topic 820, “~~~~Fair Value Measurement and Disclosures~~” (“ASC 820”) to clarify the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. ASU~~2016-19~~ is effective on a prospective basis for financial statements issued for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016 on a prospective basis. The Company adopted this guidance during the quarter ended March 31, ~~2017. The adoption of this guidance did not have a material impact on~~2023 and December 31, 2022, we had aggregate unfunded commitments totaling $159.6 million and $158.9 million, respectively.

RECENT DEVELOPMENTS

On May 4, 2023, the Company’s ~~financial position, results~~Board of ~~operations,~~Directors declared a regular cash ~~flows or disclosures.~~dividend of $0.41 per share, which will be paid on July 17, 2023 to stockholders of record as of June 30, 2023.

On May 9, 2023, we completed a private offering of $50.0 million aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026. These notes will become effective upon repayment of $50.0 million of the existing 2023 Unsecured Notes at their maturity on July 30, 2023.

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 ~~Board~~Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2. Summary of Significant Account Policies to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Interest Rate Risk

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

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

As of ~~September 30, 2017, 91.8%~~March 31, 2023, 98.6% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The ~~Revolving Credit~~SPV Asset Facility and ~~SPV Asset~~SMBC Corporate Revolving Facility also bear interest at variable rates.

~~See accompanying notes.~~

Assuming that our Consolidated ~~Statements~~Statement of Assets and Liabilities as of ~~September 30, 2017~~March 31, 2023 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)


Basis Point Change	Interest Income		Interest Expense		Increase (decrease) in net assets resulting from operations		Interest Income			Interest Expense			Net Interest Income (1)
Up 300 basis points	$	8.6	$	4.2	$	4.4
Up 200 basis points	$	5.7	$	2.8	$	2.9		32.4			11.8			20.6
Up 100 basis points	$	2.9	$	1.4	$	1.5		16.2			5.9			10.3
Down 25 basis points	$	(0.7)	$	(0.3)	$	(0.4)
Up 75 basis points								12.2			4.4			7.8
Up 50 basis points								8.1			2.9			5.2
Down 50 basis points								(8.1	)		(2.9	)		(5.2	)
Down 75 basis points								(12.2	)		(4.4	)		(7.8	)
Down 100 basis points								(16.2	)		(5.9	)		(10.3	)
Down 200 basis points								(32.4	)		(11.8	)		(20.6	)

(1)

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

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

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

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our Revolving Credit Facility. Instead of entering into a foreign exchange forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate, ~~other than a rate under which we can borrow under our Revolving Credit Facility,~~ we may seek to utilize

100

interest rate derivatives to hedge our exposure to changes in the associated rate. As of ~~September 30, 2017,~~March 31, 2023, we had ~~£2.5~~£23.0 million, €17.8 million, CAD $30.7 million, AUD $29.3, and ~~€1.8~~SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £23.0 million, ~~outstanding on the Revolving Credit Facility II as a natural hedge against a £3.0~~€18.3 million, ~~investment~~CAD $30.8 million, AUD $29.8, and ~~€1.8 million investment, respectively.~~SEK 11.6 at par.

ITEM 4. CONTROLS AND PROCEDURES

~~Item 4.~~

~~Controls and Procedures~~

(a)

Evaluation of Disclosure Controls and ~~Procedures.~~ ~~As of the end of the period covered by this report, we carried out an evaluation,~~Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the ~~supervision~~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 ~~management, including our Chief Executive Officer~~principal executive officer and ~~Chief Financial Officer, of~~principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures ~~(as defined inRule 13a-15~~ ~~under the Securities Exchange Act~~as of ~~1934).~~March 31, 2023. Based onupon that evaluation and subject to the foregoing, our ~~Chief Executive Officer~~principal executive officer and ~~Chief Financial Officer have~~principal financial officer concluded that, as of March 31, 2023, the design and operation of our ~~current~~ disclosure controls and procedures ~~are~~were effective to accomplish their objectives at the reasonable assurance level.

(b)

Management’s Report on Internal Control Over Financial Reporting

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

Management conducted an evaluation of the ~~Securities Exchange Act~~effectiveness of ~~1934.~~our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of March 31, 2023.

(c)

Changes in Internal Control over Financial Reporting.

There have been no changes in our internal control over financial reporting ~~that occurred~~(as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during ~~our most recently completed fiscal~~the quarter ended March 31, 2023, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

101

~~See accompanying notes.~~

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

~~Item 1.~~

~~Legal Proceedings~~

~~From time to time, we may be a~~We are party to certain ~~legal proceedings~~lawsuits in the ~~ordinary~~normal course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. ~~We are not currently subject~~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 ~~material~~such legal proceedings ~~nor,~~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.

Prior to ~~our knowledge, is any~~the consummation of the FCRD Acquisition, five stockholder demand letters from stockholders of FCRD, one of which included a draft complaint, were sent to FCRD and one complaint was filed in the District Court of the Southern District of New York on behalf of FCRD stockholders in connection with the FCRD Acquisition (the “Merger Litigation”). The Merger Litigation alleged breach of

fiduciary claims against the Board of Directors of FCRD (the “FCRD Board”), violations of Section 14(a) and 20(a) of the Exchange Act

against FCRD and the FCRD Board and/or material ~~legal~~omissions in the draft proxy statement filed with the SEC on November 4, 2022. We assumed indemnification responsibilities owed by FCRD to its former directors and officers with respect to this proceeding ~~threatened against us.~~in connection with the FCRD Acquisition. On April 26, 2023, parties to the Merger Litigation fully resolved the matter, including a release of all defendants and the dismissal of the lawsuit with prejudice.

ITEM 1A. RISK FACTORS

~~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 onForm 10-K for the fiscal year ended December 31, ~~2016,~~2022, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

~~Item 2.~~

~~Unregistered Sales of Equity Securities and Use of Proceeds~~

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

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

~~(a) None~~

~~(b) None~~

~~(c) Issuer purchases~~102

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

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

103

PART IV

ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

The following ~~table provides information regarding purchases~~documents are filed as part of ~~our common shares by CCG LP for each month in the three month period ended September 30, 2017:~~this Annual Report:


~~Period~~ 1.		~~Average Price Paid~~ ~~per Share~~		~~Total Number~~ Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial Statements on page F-1 of ~~Shares Purchased~~		~~Total Number of~~ ~~Shares Purchased as~~ ~~Part of Publicly~~ ~~Announced Plans or~~ ~~Programs~~		~~Maximum Number~~ ~~(or Approximate~~ ~~Dollar Value) of~~ ~~Shares that May Yet~~ ~~Be Purchased Under~~ ~~the Plans or~~ ~~Programs~~		this quarterly report on Form 10-Q.
~~July 2017~~		$	—		—		—	$	~~4,362,861~~
~~August 2017~~ 2			—		—		—		~~4,362,861~~	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.
~~September 2017~~			—		—		—		~~4,362,861~~

~~Total~~ 3.		$	—		—		—	$	~~4,362,861~~	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.

~~Item 3.~~

~~Defaults Upon Senior Securities~~

~~None.~~

~~Item 4.~~

~~[Reserved]~~

~~Item 5.~~

~~Other Information~~

~~None.~~

~~See accompanying notes.~~

~~Item 6.~~ ~~Exhibits.~~

~~(a) Exhibits.~~



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		~~Amended~~Articles of Amendment and ~~Restated Certificate of Incorporation~~Restatement (incorporated by reference to Exhibit 3.1 to the Company’s ~~Registration Statement on~~ Form ~~10 (FileNo. 000-55380)~~8-K filed on ~~June 5, 2015)~~January 30, 2020).

3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s ~~Registration Statement on~~ Form ~~10 (FileNo. 000-55380)~~8-K filed on ~~June 5, 2015)~~January 30, 2020).

4.1		Amended and Restated Dividend Reinvestment Plan (incorporated by reference to Exhibit ~~10.6~~4.1 to the Company’s ~~Registration Statement on~~ Form ~~10 (FileNo. 000-55380)~~10-K filed on ~~June 5, 2015)~~March 4, 2020).

10.1		Investment Advisory Agreement ~~dated June 2, 2015,~~ by and between the Company and ~~the Advisor~~Crescent Cap Advisors, LLC, dated as of January 5, 2021 (incorporated by reference to Exhibit 10.1 to the Company’s ~~Registration Statement on~~ Form ~~10 (FileNo. 000-55380)~~8-K filed on ~~June 5, 2015)~~January 6, 2021).

10.2		Amended and Restated Administration Agreement ~~dated June 2, 2015,~~ by and between the Company and ~~the Administrator~~CCAP Administration LLC (incorporated by reference to Exhibit 10.2 to the Company’s ~~Registration Statement on~~ Form ~~10 (FileNo. 000-55380)~~8-K filed on ~~June 5, 2015)~~February 3, 2020).

10.3		Trademark License Agreement, dated April 30, 2015, by and between the Company and ~~CCG LP~~Crescent (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (FileNo. 000-55380) filed on June 5, 2015).

10.4		Form of ~~Advisory Fee Waiver~~Indemnification Agreement ~~by and between the Company and the Advisor~~ (incorporated by reference to Exhibit ~~10.4~~10.3 to the Company’s ~~Registration Statement on~~ Form ~~10 (FileNo. 000-55380)~~8-K filed on ~~June 5, 2015)~~January 31, 2020).

10.5		Form of Subscription Agreement (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (FileNo. 000-55380) filed on June 5, 2015).

10.6		~~Custodian~~Custodial Agreement, dated as of May 21, 2021, by and between the Company and ~~State Street~~U.S. Bank ~~and Trust Company~~National Association (incorporated by reference to Exhibit ~~10.7~~10.9 to the Company’s ~~Registration Statement~~current report on Form ~~10 (FileNo. 000-55380)~~10-Q filed on ~~June 5, 2015)~~August 11, 2021).

10.7		~~Revolving Credit~~Transaction Support Agreement, dated ~~June 29, 2015, among~~August 12, 2019, between the Company ~~as Borrower, Natixis, New York Branch, as Administrative Agent~~ and ~~Lender~~Crescent Cap Advisors, LLC (f/k/a CBDC Advisors, LLC) (incorporated by reference to Exhibit 10.1 to the Company’s ~~Registration Statement~~Current Report on Form8-K (File No. 814-01132), filed on ~~July 2, 2015)~~August 13, 2019).

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

10.9	Fifth Amendment to Loan and Security Agreement, dated ~~March 28, 2016,~~June 21, 2021, among the Company, as the ~~Collateral Manager, Seller~~collateral manager, seller and ~~Equityholder,~~equityholder, Crescent Capital BDC Funding, LLC, as the ~~Borrower,~~borrower, the banks and other financial institutions from time to time party thereto as ~~Lenders,~~lenders, and Wells Fargo Bank, National Association, as ~~Administrative Agent, Collateral Agent,~~administrative agent, collateral agent, and ~~Lender~~lender (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed on June 25, 2021).

104



10.10	Sixth Amendment to Loan and Security Agreement, dated March 7, 2023, by and among the Company, as the collateral manager, seller and equity holder, Crescent Capital BDC Funding, LLC, as the borrower, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender (incorporated by reference to Exhibit 10.1 to the Company’s ~~copy of the Revolving Credit Agreement on~~ Form8-K filed on March ~~31, 2016)~~8, 2023).

~~10.9~~ 10.11	Master Note Purchase Agreement, dated July 30, 2020, by and among the Company and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on July 30, 2020).

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

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

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

10.15	Second Supplement to Note Purchase Agreement, dated May 8, 2023, by and among the Company and the Purchasers signatory thereto (filed herewith).

10.16	Form of 7.54% Series 2023A Senior Note Due July 28, 2026 (included in Exhibit 10.15).

10.17	Senior Secured Revolving Credit Agreement dated ~~June 29, 2017, with~~October 27, 2021, by and among the Company as ~~Initial~~the Borrower, certain lenders party thereto and ~~Capital One, National Association,~~Sumitomo Mitsui Banking Corporation, as ~~Administrative Agent, Lead Arranger, Managing Agent~~administrative agent, arranger, and ~~Committed Lender~~lender (incorporated by reference to ~~Item 1.01~~Exhibit 10.1 to the Company’s Form 8-K filed on October 29, 2021).

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

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

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

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

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

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

14.1	Code of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s Form 10-K filed on ~~June 30, 2017)~~March 4, 2020).

31.1		Certification of Chief Executive Officer, Pursuant to Rule13a-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 Rule13a-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.
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101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
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104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

105

~~See accompanying notes.~~SIGNATURES

~~SIGNATURES~~

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


			~~Crescent Capital BDC, INC.~~

~~Date: November 13, 2017~~			~~By:~~
	Crescent Capital BDC, Inc.

Date: May 10, 2023	By:	/s/ Jason A. Breaux
				Jason A. Breaux
				Chief Executive Officer

~~Date: November 13, 2017~~			~~By:~~	~~/s/ Mike L. Wilhelms~~
				~~Mike L. Wilhelms~~
Date: May 10, 2023	By:	/s/ Gerhard Lombard
		Gerhard Lombard
		Chief Financial Officer

~~See accompanying notes.~~106


	As of September 30, 2017 (Unaudited)			As of December 31, 2016
Assets
Investments,non-controlled andnon-affiliated, at fair value (cost of $297,299,251 and $216,239,598, respectively)	$	301,984,476		$	217,920,952
Cash and cash equivalents		7,390,160			4,990,157
Cash denominated in foreign currency (cost of $378,272 and $137,495, respectively)		398,267			129,168
Receivable for investments sold		1,324			993,726
Interest receivable		1,156,614			1,478,221
Prepaid expenses and other assets		113,935			52,753

Total assets	$	311,044,776		$	225,564,977


Liabilities
Debt (net of deferred financing costs of $1,055,442 and $979,874, respectively)	$	137,887,574		$	93,670,635
Payable for investments purchased		1,995,000			—
Distributions payable		2,470,579			1,750,000
Management fees payable - affiliate		710,175			521,866
Income incentive fee payable - affiliate		504,005			461,537
Due to Advisor - affiliate		38,924			27,247
Due to Administrator - affiliate		146,754			154,403
Professional fees payable		300,165			145,854
Directors’ fees payable		52,188			48,375
Interest and other debt financing costs payable		914,029			449,812
Accrued expenses and other liabilities		381,803			279,220
Deferred tax liability		380,145			—

Total liabilities	$	145,781,341		$	97,508,949


Commitments and Contingencies (Note 7)

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, 8,102,916 and 6,376,850 shares issued and outstanding, respectively)		8,103			6,377
Paid-in capital in excess of par value		160,732,904			125,750,640
Accumulated net realized loss		(463,725	)		(112,155	)
Accumulated undistributed (distributions in excess of) net investment income		365,928			(49,518	)
Net unrealized appreciation (depreciation) on investments and foreign currency translation, net of deferred taxes		4,620,225			2,460,684

Total Net Assets	$	165,263,435		$	128,056,028

Total Liabilities and Net Assets	$	311,044,776		$	225,564,977

Net asset value per share	$	20.40		$	20.08


	For the three months ended September 30,				For the nine months ended September 30,
	2017		2016		2017		2016
Investment Income:
Interest income fromnon-controlled andnon-affiliated investments	$	6,164,352	$	3,441,450	$	15,900,326	$	8,855,097
Paid-in-kind interest		21,785		14,609		42,483		14,609

Total investment income		6,186,137		3,456,059		15,942,809		8,869,706


Expenses:
Interest and other debt financing costs		1,416,125		746,644		3,752,347		1,904,740
Management fees (net of waiver of $416,321, $304,000, $1,099,417 and $752,561, respectively)		710,176		432,213		1,982,695		1,179,301
Income incentive fees		504,005		63,956		1,118,540		63,956
Directors’ fees		72,500		67,250		217,500		217,167
Professional fees		184,802		160,000		536,368		546,273
Organization expenses		16,226		19,470		56,790		61,657
Other general and administrative expenses		426,276		383,854		1,226,985		1,102,270

Total expenses		3,330,110		1,873,387		8,891,225		5,075,364

Net investment income before taxes		2,856,027		1,582,672		7,051,584		3,794,342

Income taxes		—		800		1,689		1,600

Net investment income after taxes		2,856,027		1,581,872		7,049,895		3,792,742


Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on investments		(87,129)		929		(349,060)		(442,936)
Net realized gain (loss) on foreign currency transactions		(514)		(1,396)		(2,510)		39,564
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		(37,227)		1,623,339		2,539,686		4,025,580

Net realized and unrealized gains (losses) on investments		(124,870)		1,622,872		2,188,116		3,622,208
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments		(380,145)		—		(380,145)		—

Net increase in net assets resulting from operations	$	2,351,012	$	3,204,744	$	8,857,866	$	7,414,950


Per Common Share Data:
Net increase in net assets resulting from operations per share (basic and diluted):	$	0.30	$	0.58	$	1.21	$	1.52
Net investment income per share (basic and diluted):	$	0.36	$	0.29	$	0.96	$	0.78
Weighted average shares outstanding (basic and diluted):		7,848,043		5,510,123		7,349,165		4,891,535
Distributions declared per share:	$	0.30	$	0.26	$	0.87	$	0.71


	For the nine months ended September 30, 2017			For the nine months ended September 30, 2016
Increase (decrease) in net assets resulting from operations:
Net investment income	$	7,049,895		$	3,792,742
Net realized loss on investments and foreign currency transactions		(351,570	)		(403,372	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		2,539,686			4,025,580
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments		(380,145	)		—

Net increase in net assets resulting from operations		8,857,866			7,414,950


Distributions to shareholders from:
Net investment income		(6,634,449	)		(3,838,633	)

Total distributions to shareholders		(6,634,449	)		(3,838,633	)


Capital transactions:
Issuance of common stock		35,000,000			38,000,000
Issuance of common stock pursuant to dividend reinvestment plan		63,435			24,701
Equity offering costs		(79,445	)		(86,255	)

Net increase in net assets resulting from capital transactions		34,983,990			37,938,446

Total increase in net assets		37,207,407			41,514,763
Net assets at beginning of period		128,056,028			77,586,238

Net assets at end of period	$	165,263,435		$	119,101,001

Accumulated undistributed (distributions in excess of) net investment income	$	365,928		$	(211,317	)

Changes in Shares
Common stock, at beginning of period		6,376,850			4,056,316
Issuance of common stock		1,722,924			1,965,759
Issuance of common stock pursuant to dividend reinvestment plan		3,142			1,274

Common stock, at end of period		8,102,916			6,023,349


CRESCENT CAPITAL BDC, INC. Consolidated Schedule of Investments March 31, 2023 (in thousands, except share and per share data) (Unaudited)
Company/Security/Country	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***				Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auveco Holdings (4)(5)	Unitranche First Lien Delayed Draw Term Loan			05/2028		—	$	(7	)		(0.0	)	%	$	(36	)
Auveco Holdings (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	10.29%	05/2028		120		115			0.0				94
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	10.29%	05/2028		4,020		3,947			0.5				3,847
Continental Battery Company	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.55%	01/2027		7,175		7,077			0.9				6,557
Continental Battery Company	Unitranche First Lien Delayed Draw Term Loan	L + 650 (100 Floor)	11.55%	01/2027		2,645		2,627			0.3				2,417
Sun Acquirer Corp. (5)	Unitranche First Lien Delayed Draw Term Loan	L + 575 (75 Floor)	10.59%	09/2028		9,101		8,988			1.2				8,817
Sun Acquirer Corp. (5)	Unitranche First Lien Revolver	P + 475 (75 Floor)	12.75%	09/2027		254		225			0.0				199
Sun Acquirer Corp.	Unitranche First Lien Term Loan	L + 575 (75 Floor)	10.59%	09/2028		12,880		12,676			1.7				12,496
Sun Acquirer Corp.	Unitranche First Lien Term Loan	L + 575 (75 Floor)	10.59%	09/2028		2,469		2,427			0.3				2,395
						38,664		38,075			4.9		%		36,786
Capital Goods
Apex Services Partners, LLC	Senior Secured First Lien Term Loan	L + 525 (100 Floor)	9.46%	07/2025		5,219		5,219			0.7				5,115
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2025		6,858		6,799			1.0				6,858
Envocore Holding, LLC (7)(8)	Senior Secured Second Lien Term Loan	1000 PIK	10.00%	12/2026		7,868		7,055			0.7				4,982
Envocore Holding, LLC (4)(5)(7)(8)	Senior Secured First Lien Revolver			12/2025		—		(5	)		—				—
Eshipping	Senior Secured First Lien Term Loan	L + 500 (100 Floor)	9.84%	11/2027		6,555		6,451			0.9				6,555
Eshipping (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2027		—		(15	)		—				—
Eshipping (4)(5)	Senior Secured First Lien Revolver			11/2027		—		(18	)		—				—
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	10.05%	07/2028		3,383		3,329			0.5				3,269
Oliver Packaging LLC (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.78%	07/2028		350		342			0.0				333
Painters Supply & Equipment Company (5)	Unitranche First Lien Delayed Draw Term Loan	L + 550 (100 Floor)	10.66%	08/2027		229		222			0.0				198
Painters Supply & Equipment Company (5)	Unitranche First Lien Revolver	L + 550 (100 Floor)	10.66%	08/2027		293		286			0.0				276
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	L + 550 (100 Floor)	10.66%	08/2027		2,019		1,989			0.3				1,949


	Tenor
Reference Rate	Overnight		1 month	3 month	6 Month	12 Month
LIBOR (“L”)	4.80%		4.86%	5.19%	5.19%	5.31%
Prime (“P”)	8.00%		-	-	-	-
SOFR (“S”)	-		4.80%	4.91%	4.90%	4.73%
CDOR (“C”)		-	4.95%	0.00%	0.00%		-
EURIBOR (“E”)		-	2.93%	3.05%	3.34%	3.65%
SONIA (“SN”)	4.18%		-	-	-	-
BBSY ("B")	-		-	3.77%	-	-


Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD 1,049	CAD 1,348	7/15/2025	$	41
Wells Fargo Bank, N.A.	USD 992	EUR 809	2/20/2024		97
Wells Fargo Bank, N.A.	USD 493	CAD 632	7/31/2025		21
Wells Fargo Bank, N.A.	USD 622	CAD 839	7/31/2025		(2	)
Wells Fargo Bank, N.A.	USD 933	CAD 1,192	7/31/2025		42
Wells Fargo Bank, N.A.	USD 612	CAD 801	7/31/2025		15
Wells Fargo Bank, N.A.	USD 20,607	AUD 29,250	3/22/2028		1,017
Wells Fargo Bank, N.A.	USD 1,306	CAD 1,703	7/31/2025		35
Wells Fargo Bank, N.A.	USD 2,214	CAD 2,792	7/31/2025		124
Wells Fargo Bank, N.A.	USD 1,914	CAD 2,432	7/31/2025		94
Wells Fargo Bank, N.A.	USD 395	GBP 294	12/1/2023		30
Wells Fargo Bank, N.A.	USD 308	EUR 249	2/20/2024		32
Wells Fargo Bank, N.A.	USD 3,074	GBP 2,237	6/3/2026		296
Wells Fargo Bank, N.A.	USD 768	EUR 623	2/20/2026		66
Wells Fargo Bank, N.A.	USD 325	CAD 422	7/31/2025		10
Wells Fargo Bank, N.A.	USD 576	CAD 738	7/31/2025		24
Wells Fargo Bank, N.A.	USD 1,795	CAD 2,370	2/28/2031		(1	)
Wells Fargo Bank, N.A.	USD 7,975	GBP 5,885	12/1/2023		672
Wells Fargo Bank, N.A.	USD 8,603	EUR 6,703	2/20/2024		1,168
Wells Fargo Bank, N.A.	USD 17,790	GBP 12,870	8/24/2026		1,793
Wells Fargo Bank, N.A.	USD 209	EUR 187	2/20/2024		3
Wells Fargo Bank, N.A.	USD 775	CAD 994	7/31/2025		32
Wells Fargo Bank, N.A.	USD 1,107	SEK 11,583	8/20/2027		(33	)
Wells Fargo Bank, N.A.	USD 371	GBP 272	6/3/2026		33
Wells Fargo Bank, N.A.	USD 789	CAD 1,005	7/31/2025		36
Wells Fargo Bank, N.A.	USD 7,089	CAD 9,712	7/31/2025		(129	)
Wells Fargo Bank, N.A.	USD 1,944	GBP 1,362	6/3/2026		245
Wells Fargo Bank, N.A.	USD 1,033	CAD 1,274	7/31/2025		77
Wells Fargo Bank, N.A.	USD 11,682	EUR 9,222	4/10/2024		1,439
Wells Fargo Bank, N.A.	USD 1,035	CAD 1,336	7/31/2025		37
Wells Fargo Bank, N.A.	USD 193	CAD 244	7/31/2025		10
Wells Fargo Bank, N.A.	USD 17	CAD 22	7/31/2025		1
Wells Fargo Bank, N.A.	USD 170	GBP 121	6/3/2026		20
Wells Fargo Bank, N.A.	USD 635	CAD 864	7/31/2025		(8	)
Total Foreign Currency Exchange Contracts				$	7,337

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


	Investment Type	Spread Above Index *			Interest Rate			Maturity Date		Principal Amount, Par Value or Shares		Cost			Percentage of Net Assets**			Fair Value
Investments⁽¹⁾
United States
Debt Investments
Automobiles & Components
AP Exhaust Acquisition, LLC	Senior Secured Second Lien		L + 850	⁽²⁾		9.95	%		05/2025	$	9,072,563	$	8,765,404			5.4	%	$	8,891,111
POC Investors, LLC⁽³⁾	Senior Secured First Lien		L + 550	⁽²⁾		6.80	%		10/2021		5,468,750		5,396,218			3.3			5,468,750
POC Investors, LLC^{(3) (4) (5)}	Senior Secured First Lien								10/2021		—		(9,504	)		—			—

											14,541,313		14,152,118			8.7			14,359,861

Capital Goods
Alion Science and Technology Corporation⁽³⁾	Unsecured Debt					11.00	%		08/2022		5,000,000		4,883,657			3.0			4,875,000
MB Aerospace Holdings Inc.⁽⁶⁾	Senior Secured First Lien		L + 550	⁽⁷⁾		6.75	%		12/2022		4,327,809		4,295,381			2.6			4,327,809
Midwest Industrial Rubber⁽³⁾	Senior Secured First Lien		L + 550	⁽²⁾		6.83	%		12/2021		4,069,250		4,008,309			2.5			4,069,250
Midwest Industrial Rubber^{(3) (4) (5)}	Senior Secured First Lien								12/2021		—		(6,203	)		—			—
Pro Mach Group, Inc.	Senior Secured First Lien		L + 375	⁽⁷⁾		4.99	%		10/2021		733,040		736,838			0.4			739,150

											14,130,099		13,917,982			8.5			14,011,209

Commercial & Professional Services
ADMI Corp.	Senior Secured First Lien		L + 375	⁽²⁾		5.06	%		04/2022		977,500		985,812			0.6			990,027
Advantage Sales & Marketing, Inc.	Senior Secured First Lien		L + 325	⁽⁷⁾		4.49	%		07/2021		830,730		831,018			0.5			783,657
Advantage Sales & Marketing, Inc.	Senior Secured Second Lien		L + 650	⁽⁷⁾		7.74	%		07/2022		500,000		502,543			0.3			451,145
ASP MCS Acquisition Corp.	Senior Secured First Lien		L + 475	⁽²⁾		6.06	%		05/2024		5,361,562		5,335,804			3.3			5,435,284
Brickman Group Ltd. LLC	Senior Secured Second Lien		L + 650	⁽⁷⁾		7.73	%		12/2021		234,043		234,875			0.1			235,542
DFS Intermediate Holdings, LLC^{(3) (4)}	Senior Secured First Lien		L + 525	⁽⁷⁾		6.49	%		09/2018		386,400		375,221			0.2			386,400
DFS Intermediate Holdings, LLC⁽³⁾	Senior Secured First Lien		L + 525	⁽⁷⁾		6.49	%		03/2022		7,313,250		7,179,682			4.4			7,313,250
DFS Intermediate Holdings, LLC^{(3) (4)}	Senior Secured First Lien		L + 525	⁽⁷⁾		6.49	%		03/2022		165,000		129,031			0.1			165,000
Hepaco, LLC^{(3) (4)}	Senior Secured First Lien		P + 400	⁽⁸⁾		8.25	%		08/2021		416,667		411,817			0.2			416,667
Hepaco, LLC⁽³⁾	Senior Secured First Lien		L + 500	⁽²⁾		6.26	%		08/2022		2,920,500		2,889,847			1.8			2,920,500
Hepaco, LLC^{(3) (4) (5)}	Senior Secured First Lien								08/2022		—		(14,742	)		—			—
Jordan Healthcare Inc.^{(3) (4) (5)}	Senior Secured First Lien								08/2021		—		(4,274	)		—			—
Jordan Healthcare Inc.⁽³⁾	Senior Secured First Lien		L + 600	⁽²⁾		7.33	%		07/2022		4,113,900		4,072,434			2.5			4,113,900
Jordan Healthcare Inc.^{(3) (4) (5)}	Senior Secured First Lien								07/2022		—		(13,935	)		—			—
MHS Acquisition Holdings, LLC⁽³⁾	Senior Secured Second Lien		L + 875	⁽²⁾		10.08	%		03/2026		8,101,633		7,877,275			4.9			8,101,633
MHS Acquisition Holdings, LLC^{(3) (4)}	Senior Secured Second Lien		L + 875	⁽²⁾		10.08	%		03/2026		466,576		445,147			0.3			466,576
MHS Acquisition Holdings, LLC⁽³⁾	Unsecured Debt					13.50% PIK			03/2026		527,285		517,853			0.3			510,676
MHS Acquisition Holdings, LLC⁽³⁾	Unsecured Debt					13.50	%		03/2026		140,887		138,258			0.1			136,449
NS Intermediate Holdings, LLC^{(3) (4)}	Senior Secured First Lien		P + 450	⁽⁸⁾		8.75	%		09/2021		17,500		14,007			—			17,500
NS Intermediate Holdings, LLC⁽³⁾	Senior Secured First Lien		L + 550	⁽⁷⁾		6.74	%		09/2021		2,578,881		2,541,695			1.6			2,578,881
PowerTeam Services, LLC	Senior Secured First Lien		L + 325	⁽²⁾		4.58	%		05/2020		977,961		976,597			0.6			977,961
SavATree, LLC^{(3) (4) (5)}	Senior Secured First Lien								05/2022		—		(6,536	)		—			—


	Investment Type	Spread Above Index *			Interest Rate			Maturity Date		Principal Amount, Par Value or Shares		Cost			Percentage of Net Assets **			Fair Value
Investments (1)
United States
Debt Investments
Automobiles & Components
POC Investors, LLC (2)	Senior Secured First Lien		L + 550	(3)		6.50	%		10/2021	$	83,333	$	76,042			0.1	%	$	83,333
POC Investors, LLC	Senior Secured First Lien		L + 550	(4)		6.50	%		10/2021		3,100,000		3,054,645			2.4			3,100,000

											3,183,333		3,130,687			2.5			3,183,333

Capital Goods
Alion Science and Technology Corp.	Unsecured Debt					11.00	%		08/2022		5,000,000		4,870,817			3.8			4,950,000
Brand Energy & Infrastructure Services, Inc.	Senior Secured First Lien		L + 375	(4)		4.75	%		11/2020		835,809		821,808			0.6			835,588
Doosan Infracore International, Inc. (5)	Senior Secured First Lien		L + 350	(3)		4.50	%		05/2021		598,673		601,635			0.5			608,030
MB Aerospace Holdings I, Inc. (5)	Senior Secured First Lien		L + 550	(4)		6.50	%		12/2022		4,360,845		4,324,305			3.4			4,349,943
Midwest Industrial Rubber (2)	Senior Secured First Lien								12/2021		85,000		77,680			0.1			80,818
Midwest Industrial Rubber	Senior Secured First Lien		L + 550	(3)		6.50	%		12/2021		4,100,000		4,029,260			3.2			4,059,651
Pro Mach Group, Inc.	Senior Secured First Lien		L + 375	(4)		4.75	%		10/2021		738,693		743,154			0.6			739,247
Silver II US Holdings, LLC (5)	Senior Secured First Lien		L + 300	(4)		4.00	%		12/2019		830,597		813,397			0.6			787,435
Univar Inc. (5)	Senior Secured First Lien		L + 325	(4)		4.25	%		07/2022		740,625		743,672			0.6			748,802

											17,290,242		17,025,728			13.4			17,159,514

Commercial & Professional Services
ADMI Corp.	Senior Secured First Lien		L + 425	(4)		5.25	%		04/2022		985,000		994,587			0.8			994,234
Advantage Sales & Marketing, Inc.	Senior Secured Second Lien		L + 650	(4)		7.50	%		07/2022		500,000		502,868			0.4			489,690
Advantage Sales & Marketing, Inc.	Senior Secured First Lien		L + 325	(4)		4.25	%		07/2021		837,154		837,496			0.6			841,549
Asurion, LLC	Senior Secured Second Lien		L + 750	(3)		8.50	%		03/2021		275,000		279,388			0.2			280,071
Asurion, LLC	Senior Secured First Lien		L + 400	(3)		5.00	%		08/2022		486,875		486,294			0.4			493,996
Brickman Group, Ltd. LLC	Senior Secured Second Lien		L + 650	(3)		7.50	%		12/2021		500,000		502,043			0.4			504,690
Emerald Expositions Holding, Inc.	Senior Secured First Lien		L + 375	(4)		4.75	%		06/2020		696,535		699,151			0.5			701,759
Hepaco, LLC (2)	Senior Secured First Lien								08/2021		208,333		202,513			0.2			208,333
Hepaco, LLC	Senior Secured First Lien		L + 500	(4)		6.00	%		08/2022		2,942,625		2,907,744			2.3			2,942,625
Hepaco, LLC (2)(6)	Senior Secured First Lien								08/2022		—		(17,089	)		—			—
Jordon Healthcare Inc.	Senior Secured First Lien		L + 525	(4)		6.25	%		07/2021		2,388,000		2,360,651			1.9			2,388,000
Jordon Healthcare Inc.(2)(6)	Senior Secured First Lien								08/2021		—		(18,741	)		—			—
NS Intermediate Holdings, LLC	Senior Secured First Lien		L + 550	(4)		6.50	%		09/2021		2,981,250		2,931,417			2.3			2,981,250
NS Intermediate Holdings, LLC (2)	Senior Secured First Lien								09/2021		16,199		12,047			—			16,199


Quantitative information about Level 3 Fair Value Measurements
	Fair value as of December 31, 2016	Valuation Techniques	Unobservable Input	Range (Weighted Average)

Senior Secured First Lien	$65,399,107	Discounted Cash Flows	Discount Rate	5.7% - 9.9% (7.1%)


Senior Secured Second Lien	$21,353,680	Discounted Cash Flows	Discount Rate	9.8% - 10.5% (10.1%)

Unsecured Debt	$4,950,000	Discounted Cash Flows	Discount Rate	11.2%

Common Stock	$3,943,634	Market Multiple	Comparable EBITDA Multiple	10.5x - 13.4x (11.8x)


	September 30, 2017
	Aggregate Principal		Drawn		Amount		Carrying
	Amount Committed		Amount⁽⁴⁾		Available⁽¹⁾		Value⁽²⁾
SPV Asset Facility	$	125,000,000	$	80,928,575	$	44,071,425	$	80,928,575
Revolving Credit Facility		-		-		-		-
Revolving Credit Facility II⁽³⁾⁽⁵⁾		75,000,000		58,309,591		17,089,581		58,014,441

Total Debt	$	200,000,000	$	139,238,166	$	61,161,006	$	138,943,016


	December 31, 2016
	Aggregate Principal		Drawn		Amount		Carrying
	Amount Committed		Amount⁽⁴⁾		Available⁽¹⁾		Value⁽²⁾
SPV Asset Facility	$	75,000,000	$	47,628,575	$	27,371,425	$	47,628,575
Revolving Credit Facility⁽³⁾⁽⁵⁾		50,000,000		47,809,591		2,998,009		47,021,934

Total Debt	$	125,000,000	$	95,438,166	$	30,369,434	$	94,650,509


	For the nine months ended September 30, 2017
Quarter Ended	Shares		Amount
September 30, 2017		488,138	$	10,000,000
June 30, 2017		490,701		10,000,000
March 31, 2017		744,085		15,000,000

Total Capital Drawdowns		1,722,924	$	35,000,000


	For the nine months ended September 30, 2016
Quarter Ended	Shares		Amount
September 30, 2016		613,121	$	12,000,000
June 30, 2016		728,257		14,000,000
March 31, 2016		624,382		12,000,000

Total Capital Drawdowns		1,965,760	$	38,000,000


Quarter Ended	Total Amount		Per Share Amount
September 30, 2017	$	2,470,579	$	0.30
June 30, 2017	$	2,169,823	$	0.29
March 31, 2017	$	1,994,047	$	0.28


	For the nine months ended September 30, 2017			For the nine months ended September 30, 2016
Per Share Data:⁽¹⁾
Net asset value, beginning of period	$	20.08		$	19.13

Net investment income after tax		0.96			0.78
Net realized and unrealized gains (losses) on investments⁽²⁾		0.25			0.58

Net increase (decrease) in net assets resulting from operations		1.21			1.36


Distributions declared from net investment income⁽³⁾		(0.87)			(0.71)
Offering costs		(0.02)			(0.01)

Total increase (decrease) in net assets		0.36			0.64


Net asset value, end of period	$	20.40		$	19.77
Shares outstanding, end of period		8,102,916			6,023,349
Weighted average shares outstanding		7,349,165			4,891,535
Total return⁽⁴⁾⁽⁵⁾		7.85%			9.50%

Ratio/Supplemental Data:
Net assets, end of period	$	165,263,435		$	119,101,001
Ratio of total expenses to average net assets⁽⁶⁾		7.97%			6.91%
Ratio of net investment income to average net assets⁽⁶⁾		6.34%			5.20%
Ratio of interest and credit facility expenses to average net assets⁽⁵⁾		3.37%			2.60%
Ratio of incentive fees to average net assets⁽⁵⁾		1.00%			0.09%
Portfolio turnover rate⁽⁷⁾		15.88%	��		14.00%
Asset coverage ratio⁽⁸⁾		2.18			2.25


	September 30, 2017	December 31, 2016
Weighted average total yield to maturity of debt and income producing securities (at fair value)	7.6%	7.3%
Weighted average total yield to maturity of debt and income producing securities (at cost)	8.0%	7.5%
Weighted average interest rate of debt and income producing securities	7.6%	7.2%
Percentage of debt bearing a floating rate	91.8%	90.8%
Percentage of debt bearing a fixed rate	8.2%	9.2%
Number of portfolio companies	79	95


	September 30, 2017 (1)				December 31, 2016 (1)
Investment Performance Rating	Investments at Fair Value ($ in millions)		Percentage of Total Portfolio		Investments at Fair Value ($ in millions)		Percentage of Total Portfolio
1	$	0.8		0.3%	$	—		— %
2		273.2		85.7		220.4		96.8
3		44.8		14.0		7.3		3.2
4		—		—		—		—
5		—		—		—		—

Total	$	318.8		100.0%	$	227.7		100.0%


	For the three months ended September 30, 2017		For the three months ended September 30, 2016		For the nine months ended September 30, 2017		For the nine months ended September 30, 2016
Total investment income	$	6,186,137	$	3,456,059	$	15,942,809	$	8,869,706
Less: Total expenses		3,330,110		1,873,387		8,891,225		5,075,364

Net investment income before taxes	$	2,856,027	$	1,582,672	$	7,051,584	$	3,794,342
Income taxes		—		800		1,689		1,600

Net investment income		2,856,027		1,581,872		7,049,895		3,792,742
Net realized gain (loss) on investments (1)		(87,643)		(467)		(351,570)		(403,372)
Net unrealized appreciation (depreciation) on investments (1)		(37,227)		1,623,339		2,539,686		4,025,580
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments		(380,145)		—		(380,145)		—

Net increase in net assets resulting from operations	$	2,351,012	$	3,204,744	$	8,857,866	$	7,414,950

(1) Includes foreign exchange hedging activity. Investment Income
	For the three months ended September 30, 2017		For the three months ended September 30, 2016		For the nine months ended September 30, 2017		For the nine months ended September 30, 2016
Interest from investments	$	6,092,354	$	3,451,311	$	15,775,733	$	8,864,374
Dividend Income		—		—		—		—
Other income		93,783		4,748		167,076		5,332

Total	$	6,186,137	$	3,456,059	$	15,942,809	$	8,869,706


	September 30, 2017
($ in millions)	Aggregate Principal Amount Committed		Drawn Amount (4)		Amount Available (1)		Carrying Value (2)
SPV Asset Facility	$	125.0	$	80.9	$	44.1	$	80.9
Revolving Credit Facility		—		—		—		—
Revolving Credit Facility II (3)(5)		75.0		58.3		17.1		58.0

Total Debt	$	200.0	$	139.2	$	61.2	$	138.9