UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2017March 31, 2023
ORor
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:
Title of each class | Trading Symbol | Name of each exchange on which registered |
| CCAP |
|
5.00% Notes due 2026 | ||
FCRX | ||
The New York Stock Exchange |
Registrant’s Telephone Number, Including Area Code:(310) 235-5900Securities 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” andfiler,” “smaller reporting company” and “emerging growth company” inRule 12b-2 of the Exchange Act.
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| ☐ |
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Non-Accelerated filer | ☒ | Smaller reporting company | ☐ | |||
Emerging growth company | ☒ |
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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, 2017May 10, 2023 was 8,102,916.37,061,547
CRESENTCRESCENT CAPITAL BDC, INC.
FORM10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2017MARCH 31, 2023
Table of Contents
Page | ||||||
PART I | ||||||
Item 1. | 4 | |||||
4 | ||||||
5 | ||||||
6 | ||||||
8 | ||||||
Consolidated Schedule of Investments as of | 9 | |||||
Consolidated Schedule of Investments as of December 31, | 39 | |||||
60 | ||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 88 | ||||
Item 3. | 100 | |||||
Item 4. | 101 | |||||
PART | ||||||
Item 1. | 102 | |||||
Item 1A. | 102 | |||||
Item 2. | 103 | |||||
Item 3. | 103 | |||||
Item 4. | 103 | |||||
Item 5. | 103 | |||||
Item 6. | 104 | |||||
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:
2
Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions aremay 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 | ||||||
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Total assets | $ | 311,044,776 | $ | 225,564,977 | ||||
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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 | — | ||||||
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Total liabilities | $ | 145,781,341 | $ | 97,508,949 | ||||
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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 | ||||||
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Total Net Assets | $ | 165,263,435 | $ | 128,056,028 | ||||
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Total Liabilities and Net Assets | $ | 311,044,776 | $ | 225,564,977 | ||||
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Net asset value per share | $ | 20.40 | $ | 20.08 |
| As of |
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| As of |
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Assets |
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Investments, at fair value |
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Non-controlled non-affiliated (cost of $1,485,720 and $1,235,778, respectively) | $ | 1,453,364 |
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| $ | 1,208,501 |
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Non-controlled affiliated (cost of $48,433 and $42,040, respectively) |
| 49,838 |
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| 43,080 |
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Controlled (cost of $69,435 and $13,638, respectively) |
| 62,843 |
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| 11,375 |
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Cash and cash equivalents |
| 21,447 |
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| 6,397 |
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Restricted cash and cash equivalents |
| 13,026 |
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| 10,670 |
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Interest and dividend receivable |
| 13,455 |
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| 9,945 |
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Unrealized appreciation on foreign currency forward contracts |
| 7,510 |
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| 8,154 |
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Deferred tax assets |
| 74 |
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| 91 |
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Receivable for investments sold |
| 7,687 |
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| 5 |
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Other assets |
| 1,899 |
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| 4,660 |
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Total assets | $ | 1,631,143 |
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| $ | 1,302,878 |
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Liabilities |
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Debt (net of deferred financing costs of $8,540 and $5,380) | $ | 875,791 |
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| $ | 654,456 |
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Distributions payable |
| 15,195 |
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| 12,664 |
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Interest and other debt financing costs payable |
| 6,976 |
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| 8,471 |
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Management fees payable |
| 4,410 |
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| 4,056 |
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Incentive fees payable |
| 3,603 |
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| 3,112 |
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Deferred tax liabilities |
| 1,478 |
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| 899 |
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Payable for investment purchased |
| - |
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| 514 |
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Directors’ fees payable |
| 168 |
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| 151 |
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Unrealized depreciation on foreign currency forward contracts |
| 173 |
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| 157 |
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Accrued expenses and other liabilities |
| 4,929 |
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| 5,857 |
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Total liabilities | $ | 912,723 |
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| $ | 690,337 |
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Commitments and Contingencies (Note 8) |
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Net assets |
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Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively) | $ | - |
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| $ | - |
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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 |
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| 31 |
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Paid-in capital in excess of par value |
| 788,299 |
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| 675,008 |
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Accumulated earnings (loss) |
| (69,916 | ) |
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| (62,498 | ) |
Total net assets | $ | 718,420 |
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| $ | 612,541 |
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Total liabilities and net assets | $ | 1,631,143 |
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| $ | 1,302,878 |
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Net asset value per share | $ | 19.38 |
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| $ | 19.83 |
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See accompanying notes.notes
4
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: |
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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 | ||||||||||||
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Total investment income | 6,186,137 | 3,456,059 | 15,942,809 | 8,869,706 | ||||||||||||
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Expenses: |
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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 | ||||||||||||
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Total expenses | 3,330,110 | 1,873,387 | 8,891,225 | 5,075,364 | ||||||||||||
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Net investment income before taxes | 2,856,027 | 1,582,672 | 7,051,584 | 3,794,342 | ||||||||||||
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Income taxes | — | 800 | 1,689 | 1,600 | ||||||||||||
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Net investment income after taxes | 2,856,027 | 1,581,872 | 7,049,895 | 3,792,742 | ||||||||||||
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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 | ||||||||||||
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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) | — | ||||||||||||
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Net increase in net assets resulting from operations | $ | 2,351,012 | $ | 3,204,744 | $ | 8,857,866 | $ | 7,414,950 | ||||||||
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Per Common Share Data: |
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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 |
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| For the three months ended March 31, |
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| 2023 |
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| 2022 |
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Investment Income: |
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From non-controlled non-affiliated investments: |
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Interest income |
| $ | 34,245 |
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| $ | 20,951 |
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Paid-in-kind interest |
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| 618 |
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| 315 |
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Dividend income |
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| 4 |
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| 9 |
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Other income |
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| 46 |
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| 89 |
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From non-controlled affiliated investments: |
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Interest income |
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| 612 |
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| 348 |
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Paid-in-kind interest |
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| 49 |
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| 2,039 |
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Dividend income |
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| 628 |
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| 2,274 |
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From controlled investments: |
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Interest income |
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| 167 |
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| 182 |
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Paid-in-kind interest |
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| 192 |
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| 174 |
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Dividend income |
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| 2,720 |
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| - |
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Total investment income |
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| 39,281 |
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| 26,381 |
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Expenses: |
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Interest and other debt financing costs |
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| 12,370 |
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| 5,471 |
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Management fees |
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| 4,456 |
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| 4,015 |
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Income based incentive fees |
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| 3,692 |
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| 2,718 |
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Capital gains based incentive fees |
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| - |
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| 721 |
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Professional fees |
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| 311 |
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| 452 |
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Directors’ fees |
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| 168 |
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| 117 |
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Other general and administrative expenses |
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| 726 |
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| 696 |
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Total expenses |
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| 21,723 |
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| 14,190 |
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Management fees waiver |
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| (46 | ) |
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| (56 | ) |
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Income based incentive fees waiver |
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| (89 | ) |
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| (44 | ) |
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Net expenses |
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| 21,588 |
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| 14,090 |
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Net investment income before taxes |
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| 17,693 |
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| 12,291 |
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(Benefit) provision for income and excise taxes |
|
| 201 |
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| 154 |
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Net investment income |
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| 17,492 |
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| 12,137 |
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Net realized and unrealized gains (losses) on investments: |
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Net realized gain (loss) on: |
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Non-controlled non-affiliated investments |
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| 252 |
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| 1,306 |
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Non-controlled affiliated investments |
|
| - |
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| 7,113 |
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Foreign currency transactions |
|
| - |
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| 153 |
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Foreign currency forward contracts |
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| - |
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| 24 |
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Net change in unrealized appreciation (depreciation) on: |
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Non-controlled non-affiliated investments and foreign currency translation |
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| (5,554 | ) |
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| (853 | ) |
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Non-controlled affiliated investments |
|
| 365 |
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| (3,077 | ) |
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Controlled investments |
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| (4,329 | ) |
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| (668 | ) |
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Foreign currency forward contracts |
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| (661 | ) |
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| 95 |
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Net realized and unrealized gains (losses) on investments |
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| (9,927 | ) |
|
| 4,093 |
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Benefit (provision) for taxes on realized gain on investments |
|
| 252 |
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| (217 | ) |
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Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments |
|
| (40 | ) |
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| 196 |
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Net increase (decrease) in net assets resulting from operations |
| $ | 7,777 |
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| $ | 16,209 |
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Per common share data: |
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Net increase (decrease) in net assets resulting from operations per share (basic and diluted): |
| $ | 0.24 |
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| $ | 0.52 |
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Net investment income per share (basic and diluted): |
| $ | 0.54 |
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| $ | 0.39 |
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Weighted average shares outstanding (basic and diluted): |
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| 32,465,208 |
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| 30,887,360 |
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See accompanying notes.notes
5
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 | ) | — | |||||
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Net increase in net assets resulting from operations | 8,857,866 | 7,414,950 | ||||||
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Distributions to shareholders from: | ||||||||
Net investment income | (6,634,449 | ) | (3,838,633 | ) | ||||
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Total distributions to shareholders | (6,634,449 | ) | (3,838,633 | ) | ||||
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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 | ) | ||||
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Net increase in net assets resulting from capital transactions | 34,983,990 | 37,938,446 | ||||||
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Total increase in net assets | 37,207,407 | 41,514,763 | ||||||
Net assets at beginning of period | 128,056,028 | 77,586,238 | ||||||
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Net assets at end of period | $ | 165,263,435 | $ | 119,101,001 | ||||
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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 | ||||||
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Common stock, at end of period | 8,102,916 | 6,023,349 | ||||||
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| Common Stock |
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| Shares |
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| Par Amount |
|
| Paid in Capital in |
|
| 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 |
|
| 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
7
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 |
|
|
|
|
|
See accompanying notes.notes
8
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
| 1,472,777 |
|
|
| 1,338,775 |
|
|
| 180.8 |
| % |
| 1,299,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 98,044 |
|
|
| 14.2 |
| % | $ | 102,294 |
| |
Total United States |
|
|
|
|
|
|
| $ | 1,436,819 |
|
|
| 195.0 |
| % | $ | 1,401,895 |
|
32
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 38,698 |
|
|
| 5.2 |
| % | $ | 37,029 |
| |
Total Canada |
|
|
|
|
|
|
| $ | 38,698 |
|
|
| 5.2 |
| % | $ | 37,029 |
|
33
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
|
| 776 |
|
|
| 0.3 |
| % |
| 1,902 |
| |
Total United Kingdom |
|
|
|
|
|
|
| $ | 61,594 |
|
|
| 8.6 |
| % | $ | 61,765 |
|
34
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 92 |
|
|
| 0.0 |
| % | $ | 95 |
| |
Total Belgium |
|
|
|
|
|
|
| $ | 14,774 |
|
|
| 2.0 |
| % | $ | 14,568 |
|
35
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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% |
| - |
| - |
|
37
Foreign Currency Exchange
Contracts
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized |
| |
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$") |
|
|
|
|
|
38
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
| 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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 47,426 |
|
|
| 8.9 |
| % | $ | 55,610 |
| |
Total United States |
|
|
|
|
|
|
| $ | 1,135,451 |
|
|
| 181.5 |
| % | $ | 1,111,350 |
|
54
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 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. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
|
| 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 |
|
|
|
|
|
|
| $ | 15,738 |
|
|
| 2.4 |
| % | $ | 15,352 |
| |
Total Netherlands |
|
|
|
|
|
|
| $ | 15,738 |
|
|
| 2.4 |
| % | $ | 15,352 |
|
56
CRESCENT CAPITAL BDC, INC. |
| ||||||||||||||||||
Company/Security/Country | Investment Type | Interest | Interest | Maturity/ | Principal |
|
| Cost |
|
| Percentage |
|
| Fair |
| ||||
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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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 |
|
|
|
|
|
|
| $ | 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% |
| - |
| - |
58
Foreign Currency Exchange
Contracts
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized |
| |
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$") |
|
|
|
|
|
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 | 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 | Senior Secured First Lien | L + 550 | (2) | 6.83 | % | 12/2021 | 4,069,250 | 4,008,309 | 2.5 | 4,069,250 | ||||||||||||||||||||
Midwest Industrial | 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, | 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, | 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
See accompanying notes.
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 | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
5,742,500 | 5,620,723 | 4.4 | 5,596,213 | |||||||||||||||||||||||||||
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|
|
| |||||||||||||||||||||
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 | |||||||||||||||||||||
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Insurance | ||||||||||||||||||||||||||||||
Integro Equity (11) | Common Stock | 4,226 | 422,535 | 0.3 | 415,645 | |||||||||||||||||||||||||
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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 | |||||||||||||||||||||||||
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Total Equity Investments United States | $ | 2,770,535 | $ | 3,931,345 | 3.1 | % | $ | 3,943,634 | ||||||||||||||||||||||
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Total United States | $ | 210,238,795 | 166.2 | % | $ | 212,821,980 | ||||||||||||||||||||||||
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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 | |||||||||||||||||||
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Total Debt Investments France | € | 1,994,499 | $ | 2,041,092 | 1.6 | % | $ | 2,022,011 | ||||||||||||||||||||||
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Total France | $ | 2,041,092 | 1.6 | % | $ | 2,022,011 | ||||||||||||||||||||||||
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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 | ||||||||||||||||||||
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Total Debt Investments United Kingdom | £ | 2,421,028 | $ | 3,959,711 | 2.4 | % | $ | 3,076,961 | ||||||||||||||||||||||
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Total United Kingdom | $ | 3,959,711 | 2.4 | % | $ | 3,076,961 | ||||||||||||||||||||||||
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Total Investments | $ | 216,239,598 | 170.2 | % | $ | 217,920,952 | ||||||||||||||||||||||||
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See accompanying notes.
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-endnon-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 CBDCCrescent 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. CBDC1940. 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 AdvisorAdviser and Administrator, along with the Company’s Board of Directors (the “Board”). The AdvisorAdviser 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 investmentportfolio assets to the Advisor.Adviser. The Board consists of fivesix directors, threefive 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 allowsmay 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 ofor 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 companycompanies or other forms of pass-through entities. These corporate subsidiaries are not consolidated for income tax purposes and wholly owned subsidiary. The financial statementsmay incur income tax expenses as a result of these two entities are consolidated into the financial statementsits 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 makehas also formed a special purpose vehicle that holds certain debt investments either (i) directly from our target companies as primary market or privatein 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”). AlthoughConsummation 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 deeperSun Life Transaction resulted in a company’s capital structure than traditional first lien debtchange 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 providestock 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, theThe 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 interimconsolidated financial results included herein containstatements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of consolidated financial statementsresults 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 endedending December 31, 2017.2023.
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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-ratedhighly 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 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 additionInvestments 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.
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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:
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, thehierarchy.
The Company applies the valuation policy approved by itsthe Board that is consistent with ASC 820. Consistent with the valuation policy, the CompanyAdviser, 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 thanfrom 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:
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.
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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 facilityfacilities or to partially or fully fund these investments.
Foreign currency forward contracts
See accompanying notes.
Equity Offering and Organization Expenses
The Company has agreedmay enter into foreign currency forward contracts to repayreduce the AdvisorCompany’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 toanother, 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 millionapplicable 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 commitmentforeign 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 uponAssets 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 issuancegross fair value of common shares. The Advisor is responsible for organizationforeign currency forward contract assets and private equity offerings costsliabilities 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 excessa net foreign currency position of $1.5 million. See Note 7. Commitments, Contingencies and Indemnifications for additional discussion of certain related party transactionszero 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’stype 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. DividendEach 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 securitiesinvestments 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 oncost basis of theex-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.
63
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, 2017March 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 by2022.
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 receiveCompany’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 generallynon-recurring and are recognized as revenueincome 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 ofMarch 31, 2023 the Company since the inception on February 5, 2015 remainis 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 accrueaccrues 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 permitsSubsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and continuecontinues to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiary isSubsidiaries 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.
64
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 anythe Company’s dividends and other distributions the Company declares in cash on behalf of the Company’s stockholders for those stockholders electing notunless 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” toare 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 guidancedefinition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in this ASU supersedesa single identifiable asset or a group of similar identifiable assets, then the revenue recognition requirements in Topic 605, Revenue Recognition. Underset 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 revenueinput and a substantive process that together significantly contribute to depict the transfer of promised goods or servicesability to customers in an amount that reflects the consideration to which the entity expectscreate outputs to be entitled in exchange for those goodsconsidered 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 ASU2014-09minor, 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 impactdeemed 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 majoritybehalf of the Company’s revenueCompany, is accounted for under FASB ASC Topic 320,“Investments – Debtallocated to individual assets acquired and Equity Securities”, which is scoped outliabilities 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 partcost 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. ASU2016-19 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 Agreementadministration 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 termsOperations. As of the Administration Agreement, of which $146,754March 31, 2023 and December 31, 2022, $692 and $511, respectively, was payable at September 30, 2017. Forto the three and nine months ended September 30, 2016, the Company incurredAdministrator. In addition to administrative services expenses, of $136,926 and $382,644, respectively, which is included inthe payable balances may include other general and administrativeoperating expenses paid by the Administrator on the Consolidated Statements of Operations, under the termsbehalf 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 othercompliance 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 isare included in other general and administrative expensesas 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 thesub-administration agreements, of which $156,604 was payable at September 30, 2016.Operations.
65
Investment Advisory Agreement
On June 2, 2015, the Company entered into the Investment Advisory Agreementan 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 provideAdviser provides investment advisory services to the Company and its portfolio investments. The Advisor’sAdviser’s services under the Investment Advisory Agreement are not exclusive, and the AdvisorAdviser 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 Feebase 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 FeesUnder 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 AdvisorAdviser 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.
66
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 determinedbased on capital gains that includes net realized capital gains and payable in arrears as oflosses and net unrealized capital appreciation and depreciation on investments held at the end of each fiscal year (or upon a Qualified IPO or termination ofperiod. 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% ofAgreement. This accrual is calculated using the Company’saggregate cumulative realized capital gains if any, on aand losses and aggregate cumulative basis from inception throughunrealized 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 paidactual incentive fees based on capital gains incentive fees. Following a Qualified IPO, solelypaid 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 calculatingfuture.
For the capital gains incentive fee,three months ended March 31, 2023 and 2022, the Company will be deemed to have previously paidrecorded capital gains incentive fees prior to a Qualified IPO equal to the product obtained by multiplying (a) the actual aggregate amounton 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 AdvisorAdministrator 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 AdvisorAdministrator for such amounts paid on its behalf. Amounts payable to the AdvisorAdministrator 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 areis owned by Crescent, Capital Group LP (“CCG LP”). CCG LPits 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 AdvisorAdviser and sole member of the Administrator. The Company has entered into a license agreement with CCG LPCrescent under which CCG LPCrescent granted the Company anon-exclusive, royalty-free license to use the name “Crescent Capital”. The AdvisorAdviser has entered into a resource sharing agreement with CCG LP. CCG LPCrescent. Crescent will provide the AdvisorAdviser with the resources necessary for the AdvisorAdviser to fulfill its obligations under the Investment Advisory Agreement.
See accompanying notes.
Directors Fees
EachOn 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 ofoutstanding 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 directors2023 Unsecured Notes and officers. Fora $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’ feesAdviser 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. Forhas been included in consideration paid for the threenet assets acquired as a deemed capital contribution to the Company.
67
Investments in and nine months ended September 30, 2016, the Company recorded directors’ fees of $67,250affiliated 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 |
| Gross |
| Gross |
| Net Realized |
| Change in |
| Fair Value as of March 31, 2023 |
| Dividend, |
| |||||||
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 |
| Gross |
| Gross |
| Net Realized |
| Change in |
| Fair Value as of March 31, 2022 |
| Dividend, |
| |||||||
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 |
|
68
The Company’s investments in controlled affiliates for the three months ended March 31, 2023 were as follows (in thousands):
| Fair Value as of |
| Gross |
| Gross |
| Net Realized |
| Change in |
| Fair Value as of March 31, 2023 |
| Dividend, |
| |||||||
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 |
| Gross |
| Gross |
| Net Realized |
| Change in |
| Fair Value as of March 31, 2022 |
| Dividend, |
| |||||||
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 |
|
Note 4. Investments
The information in the following tables below is presented on an aggregate portfolio basis, without regard to whether they arenon-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 Factors69
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 |
|
| Percentage of Fair Value |
|
| Fair Value as of |
|
| 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 |
|
| Percentage of Fair Value |
|
|
| Fair Value as of |
|
| 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 |
| % |
70
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 | ) |
The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the ninethree 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 |
|
| Unitranche |
|
| Unitranche |
|
| Senior |
|
| Unsecured |
|
| Equity |
|
| 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 | ) |
71
See accompanying notes.
During the ninethree 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 ninethree months ended September 30, 2016March 31, 2022, based off of the fair value hierarchy at September 30, 2016:as of March 31, 2022 (in thousands):
Senior | Senior | Senior |
|
| Unitranche |
|
| Unitranche |
|
| Senior |
|
| Unsecured |
|
| Equity |
|
| 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 ninethree 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.
72
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, 2017March 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.
| ||||||||||
|
|
|
| |||||||
| ||||||||||
| ||||||||||
| ||||||||||
| ||||||||||
|
Security Type |
| Fair Value as of |
|
| 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 |
|
|
|
|
|
|
|
|
|
|
73
See accompanying notes.
Security Type |
| Fair Value as of |
|
| 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 Valuation Techniques Unobservable Input Range (Weighted Average) Senior Secured First Lien Senior Secured Second Lien Unsecured Debt Common Stock Fair value as of
December 31, 2016
$65,399,107 Discounted Cash Flows Discount Rate 5.7% - 9.9% (7.1%) $21,353,680 Discounted Cash Flows Discount Rate 9.8% - 10.5% (10.1%) $4,950,000 Discounted Cash Flows Discount Rate 11.2% $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, 2017March 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 increaseIncreases 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.
74
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 |
|
| Drawn |
|
| Amount Available (1) |
|
| Carrying |
|
| Aggregate Principal |
|
| Drawn |
|
| Amount Available (1) |
|
| Carrying |
| ||||||||
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 |
|
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 | ||||||||
|
|
|
|
|
|
|
|
See accompanying notes.
(4)
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 (“CBDCCCAP 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, CBDCCCAP 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. TheCCAP SPV Asset Facility is effective asconsolidated 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 limitassets 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 CBDCCCAP SPV’s assets from time to time, and satisfaction of certain conditions, including an asset coverage test and certain concentration limits.limits.
75
Costs incurred in connection with obtaining the SPV Asset Facility have beenwere recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on a straight-linean effective yield basis. As of September 30, 2017March 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 innetted 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 floor1.875% 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 isAny 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 arewere recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Credit Facility on a straight-linean effective yield basis. As of September 30, 2017March 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 inwere netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.
Revolving Credit Facility II2023 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 interestThe 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 obtainingissuing the Revolving Credit Facility II have been2023 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the Revolving Credit Facility II2023 Unsecured Notes on a straight-linean effective yield basis. As of September 30, 2017,March 31, 2023 and December 31, 2022, deferred financing costs related to the Revolving Credit Facility II2023 Unsecured Notes were $121,003$90 and $157, respectively, and were included innetted 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 regardinginitial 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.
76
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 |
| |||||
|
| 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 forimpact 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, 2017March 31, 2023 and 2016 were2022 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 |
|
| Gross Amount |
|
| Net Amount of Assets |
|
| Collateral |
|
| Net |
| |||||
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 |
|
77
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 |
| $ | - |
|
| $ | 24 |
|
|
Net change in unrealized appreciation (depreciation) on |
|
| (661 | ) |
|
| 95 |
|
|
Total net realized and unrealized gains (losses) on |
| $ | (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 andor 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, 2017March 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 hadhas the following unfunded commitments to portfolio companies (in thousands):
78
|
|
|
| As of March 31, 2023 |
|
| As of December 31, 2022 |
| ||||||||||
Company |
| Investment Type |
| Commitment |
|
| Unfunded |
|
| Commitment |
|
| Unfunded |
| ||||
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 |
|
|
| 88 |
| ||
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 |
|
|
| 64 |
|
|
| — |
|
|
| — |
| |
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 |
|
|
| 66 |
| ||
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 |
|
|
| 53 |
|
|
| — |
|
|
| — |
| |
Claritas, LLC (5) |
| Delayed Draw Term Loan |
| 9/30/2023 |
|
|
| 2,450 |
|
| 9/30/2023 |
|
|
| 2,450 |
| ||
Claritas, LLC (5) |
| Revolver |
| 3/31/2026 |
|
|
| 1,950 |
|
| 3/31/2026 |
|
|
| 1,950 |
| ||
Consolidated Label Co., LLC (5) |
| Revolver |
| 7/15/2026 |
|
|
| 650 |
|
| 7/15/2026 |
|
|
| 650 |
| ||
ConvenientMD (5) |
| Revolver |
| 6/15/2027 |
|
|
| 688 |
|
|
| — |
|
|
| — |
| |
ConvenientMD (7) |
| Delayed Draw Term Loan |
| 6/15/2027 |
|
|
| 688 |
|
|
| — |
|
|
| — |
| |
CRA MSO, LLC (5) |
| Revolver |
| 12/17/2023 |
|
|
| 92 |
|
| 12/17/2023 |
|
|
| 92 |
| ||
Doxa Insurance Holdings, LLC (5) |
| Revolver |
| 12/4/2026 |
|
|
| 344 |
|
|
| — |
|
|
| — |
| |
Doxa Insurance Holdings, LLC (7) |
| Delayed Draw Term Loan |
| 12/4/2026 |
|
|
| 1,419 |
|
|
| — |
|
|
| — |
| |
Eagle Midco B.V. (Avania) (9) |
| Delayed Draw Term Loan |
| 7/5/2029 |
|
|
| 3,569 |
|
| 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 |
|
|
| 31 |
|
| 12/23/2023 |
|
|
| 31 |
| ||
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 |
|
|
| 49 |
|
|
| — |
|
|
| — |
| |
Hercules Borrower LLC (5) |
| Revolver |
| 12/15/2026 |
|
|
| 1,985 |
|
| 12/15/2026 |
|
|
| 1,985 |
| ||
Hercules Borrower LLC (7) |
| Delayed Draw Term Loan |
| 9/10/2023 |
|
|
| 786 |
|
| 9/10/2023 |
|
|
| 1,092 |
| ||
HGH Purchaser, Inc. (5) |
| Revolver |
| 11/3/2025 |
|
|
| 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 |
|
79
|
|
|
| As of March 31, 2023 |
|
| As of December 31, 2022 |
| |||||||||
Company |
| Investment Type |
| Commitment |
|
| Unfunded |
|
| Commitment |
|
| Unfunded |
| |||
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 |
|
|
| - |
|
| 5/31/2023 |
|
|
| 113 |
| |
Ontario Systems, LLC (5) |
| Revolver |
| 8/30/2025 |
|
|
| 63 |
|
| 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 |
|
|
| 32 |
|
| 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 |
|
|
| 75 |
| |
Pye-Barker Fire & Safety, LLC (5) |
| Revolver |
| 11/26/2026 |
|
|
| 1,811 |
|
|
| — |
|
|
| — |
|
Quartermaster Newco, LLC (5) |
| Revolver |
| 7/31/2025 |
|
|
| 365 |
|
|
| — |
|
|
| — |
|
Quorum Health Resources (5) |
| Revolver |
| 5/26/2027 |
|
|
| 522 |
|
|
| — |
|
|
| — |
|
Receivable Solutions, Inc. (5) |
| Revolver |
| 10/1/2024 |
|
|
| 300 |
|
| 10/1/2024 |
|
|
| 258 |
| |
Ruffalo Noel Levitz, LLC |
| Revolver |
| 5/29/2024 |
|
|
| - |
|
| 5/29/2024 |
|
|
| 75 |
| |
Safco Dental Supply, LLC (5) |
| Revolver |
| 6/14/2025 |
|
|
| 480 |
|
| 6/14/2025 |
|
|
| 480 |
| |
Seko Global Logistics Network, LLC (5) |
| Revolver |
| 12/20/2026 |
|
|
| 1,056 |
|
| 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 |
|
80
|
|
|
| As of March 31, 2023 |
|
| As of December 31, 2022 |
| |||||||||
Company |
| Investment Type |
| Commitment |
|
| Unfunded |
|
| Commitment |
|
| Unfunded |
| |||
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 |
|
|
| 65 |
|
|
| — |
|
|
| — |
|
Sydney US Buyer Corp. (3B Scientific) (9) |
| Delayed Draw Term Loan |
| 7/8/2029 |
|
|
| 1,961 |
|
| 7/8/2029 |
|
|
| 1,961 |
| |
Sydney US Buyer Corp. (3B Scientific) |
| Revolver |
| 7/8/2029 |
|
|
| — |
|
| 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 |
|
|
| 95 |
|
| 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 |
|
|
| 82 |
| |
United Flow Technologies (5) |
| Revolver |
| 10/29/2027 |
|
|
| 1,600 |
|
| 10/29/2027 |
|
|
| 1,600 |
| |
UP Acquisition Corp. (5) |
| Revolver |
| 5/23/2024 |
|
|
| 1,250 |
|
| 5/23/2024 |
|
|
| 807 |
| |
Vital Care Buyer, LLC (5) |
| Revolver |
| 10/19/2025 |
|
|
| 2,222 |
|
| 10/19/2025 |
|
|
| 1,852 |
| |
WhiteHawk III Onshore Fund L.P. |
| Partnership Interest |
| 7/5/2024 |
|
|
| 852 |
|
| 7/5/2024 |
|
|
| 1,700 |
| |
Winxnet Holdings LLC |
| Revolver |
| 6/29/2023 |
|
|
| - |
|
| 6/29/2023 |
|
|
| 163 |
| |
Total |
|
|
|
|
|
| $ | 159,634 |
|
|
|
|
| $ | 158,905 |
|
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.
81
Note 8. Stockholders’ Equity9. 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 anas-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 toCompany’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 common6,174,187 shares to CCG LP. On April 15, 2015, CCG LP contributed $499,000as part of additionalpaid-in-capital to the Company. On June 29, 2015, CCG LP exchanged its 1,000 shares issued on February 5, 2015consideration paid for 25,000 common shares, which were subsequently redeemed on June 30, 2015.net assets acquired.
At September 30, 2017March 31, 2023 and December 31, 2016, CCG LP2022, Crescent, Sun Life and its affiliatesother 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 shareholdersstockholders 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, 2017March 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 |
| $ | 7,777 |
|
| $ | 16,209 |
|
|
Weighted average common shares outstanding |
|
| 32,465,208 |
|
|
| 30,887,360 |
|
|
Net increase (decrease) in net assets resulting from |
| $ | 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):
| ||||
| ||||
| ||||
| ||||
|
|
| As of |
|
| As of |
| |||
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 investmentfollowing benefits (provisions) for taxes on realized and unrealized appreciation and depreciation for federal incomeon investments:
|
| For the three months ended March 31, |
|
| |||||
|
| 2023 |
|
| 2022 |
|
| ||
Benefit (provision) for taxes on realized gain on |
| $ | 252 |
|
| $ | (217 | ) |
|
Benefit (provision) for taxes on unrealized appreciation |
|
| (40 | ) |
|
| 196 |
|
|
Benefit (provision) for taxes on realized and unrealized |
| $ | 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.
83
| ||||
| ||||
| ||||
| ||||
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 | % |
|
84
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, 2017Company (“Acquisition Sub 2”), and 2016, relatingthe 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 sharesstock, par value $0.001 per share (the “FCRD Common Stock”), issued through September 30, 2017 and 2016 pursuantoutstanding 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 |
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.”
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.
85
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.
86
Note 12.14. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. ThereOther 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, 2017March 31, 2023 and for the ninethree months ended SeptemberMarch 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.
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.
87
See accompanying notes.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 1 of this Quarterly Report 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 arecompanies. 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 haswe 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 isWe are managed by CBDCCrescent 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. CBDC1940 Act. CCAP Administration, LLC (the “Administrator”), provides the administrative services necessary for the Companyus to operate. CompanyOur management consists of investment and administrative professionals from the AdvisorAdviser and Administrator along with the Company’s Board of Directors (the “Board”).our Board. The AdvisorAdviser directs and executes theour investment operations and capital raising activities of the Company subject to oversight from the Board, which sets theour broad policies of the Company.policies. The Board has delegated investment management of the Company’sour investment assets to the Advisor.Adviser. The Board consists of fivesix directors, threefive of whom are independent.
The Company’s primaryOur investment objective is to maximize the total return to the Company’sour 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 investingWe 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 andto complement our private credit transactions.
“Unitranche”First lien” investments are senior loans areon 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 lienlien” 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 debtportfolio 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 ranksgenerally 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
88
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 investaggregate, 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 companyCompany, (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 generallynon-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 oursub-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 otherout-of-pocket costs and expenses of our operations and transactions, including:
See accompanying notes.
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 basiswill over the first $350time 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 | ||||||||||||
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Total investments | $ | 318.8 | 100.0% | $ | 227.7 | 100.0% | ||||||||||
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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 | ||||||||||||
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Total investment commitments | $ | 35.5 | 100.0% | $ | 50.0 | 100.0% | ||||||||||
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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 | ||||||||||||
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Total investment commitments | $ | 129.1 | 100.0% | $ | 95.7 | 100.0% | ||||||||||
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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 $67.5 million aggregate principal amount (amortized cost).
The following table presents certain selected information regarding our investment portfolio at fair value as of September 30, 2017 and December 31, 2016:
September 30, 2017 | December 31, 2016 | |||
Weighted average total yield to maturity of | 7.6% | 7.3% | ||
Weighted average total yield to maturity of | 8.0% | 7.5% | ||
Weighted average interest rate of debt and | 7.6% | 7.2% | ||
Percentage of debt bearing a floating rate | 91.8% | 90.8% | ||
Percentage of debt bearing a fixed rate | 8.2% | 9.2% | ||
Number of portfolio companies | 79 | 95 |
See accompanying notes.
The following table shows the amortized cost of our performing andnon-accrual investments as of September 30, 2017 and December 31, 2016.
September 30, 2017 | December 31, 2016 | |||||||||||||||
($ in millions) | Amortized Cost (1) | Percentage | Amortized Cost (1) | Percentage | ||||||||||||
Performing | $ | 314.3 | 100.0% | $ | 226.1 | 100.0% | ||||||||||
Non-accrual | — | — | — | — | ||||||||||||
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Total assets | $ | 314.3 | 100.0% | $ | 226.1 | 100.0% | ||||||||||
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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:
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:
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 | — | — | — | — | ||||||||||||
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Total | $ | 318.8 | 100.0% | $ | 227.7 | 100.0% | ||||||||||
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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 | ||||||||||||
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Net investment income before taxes | $ | 2,856,027 | $ | 1,582,672 | $ | 7,051,584 | $ | 3,794,342 | ||||||||
Income taxes | — | 800 | 1,689 | 1,600 | ||||||||||||
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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) | — | ||||||||||||
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Net increase in net assets resulting from operations | $ | 2,351,012 | $ | 3,204,744 | $ | 8,857,866 | $ | 7,414,950 | ||||||||
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(1) Includes foreign exchange hedging activity.
Investment Income
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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 | ||||||||||||
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Total | $ | 6,186,137 | $ | 3,456,059 | $ | 15,942,809 | $ | 8,869,706 | ||||||||
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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 | ||||||||||||
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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 thePre-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 ofPre-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 theSub-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 toPaid-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 toPaid-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) | ||||||||||||
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Net realized gains (losses) | $ | (87,643) | $ | (467) | $ | (351,570) | $ | (403,372) | ||||||||
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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 | ||||||||||||
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Net unrealized appreciation (depreciation) | $ | (37,227) | $ | 1,623,339 | $ | 2,539,686 | $ | 4,025,580 | ||||||||
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Income Taxes
The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Internal Revenue Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are“more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the“more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to,on-going analyses of tax laws, regulations and interpretations thereof. The Company accounts for income taxes in conformity with ASC 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 the Company since the inception on February 5, 2015 remain subject to examination by federal tax authorities. No such examinations are currently pending.
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 anas-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 $24,701.
See accompanying notes.
Debt
Debt consisted of the following as of September 30, 2017 and December 31, 2016:
September 30, 2017 | ||||||||||||||||
($ 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 | ||||||||||||
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Total Debt | $ | 200.0 | $ | 139.2 | $ | 61.2 | $ | 138.9 | ||||||||
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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 | ||||||||||||
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Total Debt | $ | 125.0 | $ | 95.4 | $ | 30.4 | $ | 94.6 | ||||||||
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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 | ||||||||||||
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Total interest and credit facility expenses | $ | 1,416,125 | $ | 746,644 | $ | 3,752,347 | $ | 1,904,740 | ||||||||
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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 insee Note 2. Summary of Significant2 “Significant Accounting PoliciesPolicies” 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 valuestatements included in accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair valuethis 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 ongeneral 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 marketsmerger 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 numberamount 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:
See accompanying notes.
The Company currently conducts this valuation process on a quarterly basis.
In connection with debt and equity securities thatcapital 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 valuedmade, at fair valueleast 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 performSEC, “eligible portfolio companies” include certain limited procedures that the Board has identified.
Due to the inherent uncertainty of determining the fair value of investmentscompanies 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 millionlisted on a pro rata basis overnational 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 organizationoriginating prospective investments, conducting research and private equity offerings costs in excess of $1.5 million. See Note 7. Commitments, Contingenciesdue diligence investigations on potential investments, analyzing investment opportunities, negotiating and Indemnifications for additional discussion of certain related party transactionsstructuring 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 behalfAdviser with experienced investment professionals (including the members of the CompanyAdviser’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 costsCrescent’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 allocatedjoint 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 $79,445Crescent team responsible for the investment operations as a result of equity offering costs and $56,790the Sun Life Transaction.
89
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 ofon debt investments, represents the original cost adjusted for the accretioncapital 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 preferredon 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 theex-dividend date for publicly-tradedwe may acquire in portfolio companies.
Certain investments may have contractualpayment-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 pointWe also generate revenue in the Company believes PIKform 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 notrecorded 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:
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.
90
Leverage
Our financing facilities allow us to borrow money and lever our investment generating PIKportfolio, 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 placedconsidered borrowings for these purposes. The amount of leverage that we employ depends onnon-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 throughand repay principal. In addition, many of our debt investments have floating interest or dividendrates 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 |
| % |
91
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 |
|
The following table presents certain selected information regarding our investment portfolio:
As of |
| As of |
| |||||||
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 |
|
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.
($ 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, 2017March 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.
92
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:
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:
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 |
| % |
93
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 |
|
| 0.3 |
|
|
| 8.6 |
|
|
Net unrealized appreciation (depreciation) on investments, |
|
| (10.2 | ) |
|
| (4.5 | ) |
|
Net realized and unrealized gains (losses) |
| $ | (9.9 | ) |
| $ | 4.1 |
|
|
Benefit (provision) for taxes on realized and unrealized |
|
| 0.2 |
|
|
| (0.0 | ) |
|
Net increase (decrease) in net assets resulting from |
| $ | 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
94
$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
95
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 |
| |||||
|
| 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.
96
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 |
|
| Drawn |
|
| Amount Available (1) |
|
| Carrying |
|
| Aggregate Principal |
|
| Drawn |
|
| Amount Available (1) |
|
| Carrying |
| ||||||||
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 |
|
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.
97
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”), “Revenuegain 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 goodsassets 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 servicesreduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to customersacquire 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.
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2026 Unsecured Notes - FCRX
On March 9, 2023, in connection with the FCRD Acquisition, we assumed $111.6 million of unsecured notes ("2026 Unsecured Notes - FCRX"). The 2026 Unsecured Notes - FCRX mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after May 25, 2023. The 2026 Unsecured Notes - FCRX bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The 2026 Unsecured Notes - FCRX trade on the New York Stock Exchange under the trading symbol “FCRX”.
The summary of costs incurred in connection with the SPV Asset Facility, SMBC Corporate Revolving Facility, 2023 Unsecured Notes, 2026 Unsecured Notes and 2026 Unsecured Notes - FCRX is presented below:
($ in millions) |
|
| For the three months ended |
| |||||
|
|
| 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 reflectsadditional capital would allow us to take advantage of additional investment opportunities, if the considerationmarket 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 whichour existing debt. The pricing and other terms of any such opportunities would depend upon market conditions and the entity expectsperformance 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 exchangeborrow 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 standardarrangements with respect to securities lending will not have a material impactbe 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 becausefor more detail on the majoritydebt 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 – Debtunderlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Equity Securities”, which is scoped outLiabilities. 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. ASU2016-19 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 on2023 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, resultsBoard 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.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including valuation risk, interest rate risk and currency risk.
Valuation Risk
We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our BoardAdviser, 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 CreditSPV Asset Facility and SPV AssetSMBC Corporate Revolving Facility also bear interest at variable rates.
See accompanying notes.
Assuming that our Consolidated StatementsStatement of Assets and Liabilities as of September 30, 2017March 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 | ) |
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 €1.8SEK 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, investmentCAD $30.8 million, AUD $29.8, and €1.8 million investment, respectively.SEK 11.6 at par.
ITEM 4. CONTROLS AND PROCEDURES
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 supervisionExchange 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 Officerprincipal executive officer and Chief Financial Officer, ofprincipal 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 Actas of 1934).March 31, 2023. Based onupon that evaluation and subject to the foregoing, our Chief Executive Officerprincipal executive officer and Chief Financial Officer haveprincipal financial officer concluded that, as of March 31, 2023, the design and operation of our current disclosure controls and procedures arewere effective to accomplish their objectives at the reasonable assurance level.
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 usaccordance with accounting principles generally accepted in the reports we fileUnited 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 underdisposition 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 Acteffectiveness 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.
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 fiscalthe quarter ended March 31, 2023, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
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See accompanying notes.
ITEM 1. LEGAL PROCEEDINGS
From time to time, we may be aWe are party to certain legal proceedingslawsuits in the ordinarynormal 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 subjectFurthermore, 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 materialsuch 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 anythe 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 legalomissions 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
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.
SalesSignificant 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 securitiescredit, 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 purchases102
For example, in response to the rapidly declining financial condition of equity securitiesregional 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.
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PART IV
ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
The following table provides information regarding purchasesdocuments 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:
| Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial | this quarterly report on Form 10-Q. | ||||||||||||||
| ||||||||||||||||
| 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. | |||||||||||||||
| ||||||||||||||||
| 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 | ||||||||||||||||
2.2 |
None.
None.
See accompanying notes.
(a) Exhibits.
2.3 | ||
2.4 | ||
3.1 | ||
3.2 | ||
4.1 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 |
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10.10 | ||
10.11 | ||
10.12 | Form of 5.95% Series 2020A Senior Notes due July 30, 2023 (included in Exhibit 10.11). | |
10.13 | ||
10.14 | Form of 4.00% Series 2021A Senior Note Due February 17, 2026 (included in Exhibit 10.13). | |
10.15 | ||
10.16 | Form of 7.54% Series 2023A Senior Note Due July 28, 2026 (included in Exhibit 10.15). | |
10.17 | ||
10.18 | ||
10.19 | ||
10.20 | ||
10.21 | ||
10.22 | ||
10.23 | ||
14.1 | ||
31.1 | ||
31.2 | ||
32 | ||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
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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: May 10, 2023 | By: | /s/ Jason A. Breaux | ||||||
Jason A. Breaux | ||||||||
Chief Executive Officer | ||||||||
| ||||||||
Date: May 10, 2023 | By: | /s/ Gerhard Lombard | ||||||
Gerhard Lombard | ||||||||
Chief Financial Officer |
t
See accompanying notes.106
55