Form 10-Q
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

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

For the quarterly period ended March 31, 2021

or

 

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

Commission file number 814-01132

 

 

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Maryland   47-3162282

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA   90025
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol

  

Name of each exchange on which registered

Common Stock, $0.001 par value per share    CCAP    The Nasdaq Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act: None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

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 Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files).    Yes  ☐    No  ☐

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

 

Large accelerated filer

 

  

Accelerated filer

 

Non-Accelerated filer

 

  

Smaller reporting company

 

Emerging growth company        

 

    

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes  ☐    No  ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at May 12, 2021 was 28,167,360

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021

Table of Contents

 

   

INDEX

   PAGE
NO.
 

PART I.

  FINANCIAL INFORMATION      2  

  Item 1.

  Financial Statements      2  
  Consolidated Statements of Assets and Liabilities as of March 31, 2021 (Unaudited) and December 31, 2020      2  
  Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (Unaudited)      5  
  Consolidated Schedule of Investments as of March 31, 2021 (Unaudited)      6  
  Consolidated Schedule of Investments as of December 31, 2020      22  
  Notes to Consolidated Financial Statements (Unaudited)      37  

  Item 2.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      61  

  Item 3.

  Quantitative and Qualitative Disclosures About Market Risk      73  

  Item 4.

  Controls and Procedures      75  

PART II.

  OTHER INFORMATION      75  

  Item 1.

  Legal Proceedings      75  

  Item 1A

  Risk Factors      75  

  Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      75  

  Item 3.

  Defaults Upon Senior Securities      76  

  Item 4.

  Mine Safety Disclosures      76  

  Item 5.

  Other Information      76  

  Item 6.

  Exhibits      77  


Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

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

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

 

   

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

 

   

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

 

   

potential fluctuation in quarterly operating results;

 

   

potential impact of economic recessions or downturns;

 

   

adverse developments in the credit markets;

 

   

regulations governing our operation as a business development company;

 

   

operation in a highly competitive market for investment opportunities;

 

   

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

 

   

the impact of changes in London Interbank Offered Rate (“LIBOR”) on our operating results;

 

   

financing investments with borrowed money;

 

   

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

 

   

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

 

   

lack of liquidity in investments;

 

   

the outcome and impact of any litigation;

 

   

the timing, form and amount of any dividend distributions;

 

   

risks regarding distributions;

 

   

potential adverse effects of new or modified laws and regulations;

 

   

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

 

   

potential resignation of the Adviser and or the Administrator;

 

   

uncertainty as to the value of certain portfolio investments;

 

   

defaults by portfolio companies;

 

   

our ability to successfully complete and integrate any acquisitions;

 

   

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

 

   

the market price of our common stock may fluctuate significantly.

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (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.

 

1


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

     As of
March 31, 2021
(Unaudited)
    As of
    December 31,    
2020
 

Assets

    

Investments, at fair value

    

Non-controlled non-affiliated (cost of $952,256 and $936,921, respectively)

     $ 962,915       $ 940,066  

Non-controlled affiliated (cost of $34,692 and $34,203, respectively)

     55,368       55,200  

Controlled (cost of $40,000 and $40,000, respectively)

     39,344       38,735  

Cash and cash equivalents

     2,262       1,896  

Restricted cash and cash equivalents

     10,292       12,953  

Interest receivable

     4,526       3,859  

Unrealized appreciation on foreign currency forward contracts

     996       264  

Deferred tax assets

     611       630  

Other assets

     438       543  

Receivable for investments sold

     63       6  
  

 

 

   

 

 

 

Total assets

     $ 1,076,815       $ 1,054,152  
  

 

 

   

 

 

 

Liabilities

 

Debt (net of deferred financing costs of $4,964 and $4,600, respectively)

     $ 482,950       $ 471,932  

Distributions payable

     11,549       11,549  

Interest and other debt financing costs payable

     3,382       3,923  

Accrued expenses and other liabilities

     2,940       2,563  

Management fees payable

     1,924       1,867  

Incentive fees payable

     1,577        

Deferred tax liabilities

     1,454       1,324  

Unrealized depreciation on foreign currency forward contracts

     933       896  

Directors’ fees payable

     119       98  
  

 

 

   

 

 

 

Total liabilities

     $ 506,828       $ 494,152  
  

 

 

   

 

 

 

Commitments and Contingencies (Note 8)

 

Net Assets

    
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)      $       $  
Common stock, par value $0.001 per share (200,000,000 shares authorized, 28,167,360 shares issued and outstanding, respectively)      28       28  

Paid-in capital in excess of par value

     594,658       594,658  

Accumulated loss

     (24,699     (34,686
  

 

 

   

 

 

 

Total Net Assets

     $ 569,987       $ 560,000  
  

 

 

   

 

 

 

Total Liabilities and Net Assets

     $     1,076,815       $     1,054,152  
  

 

 

   

 

 

 

Net asset value per share

     $ 20.24       $ 19.88  

 

See accompanying notes

 

2


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

     For the three
months ended
March 31, 2021
  For the three
months ended
March 31, 2020

Investment Income:

 

From non-controlled non-affiliated investments:

 

Interest income

   $ 18,087     $ 16,603  

Paid-in-kind interest

     368       549  

Dividend income

     516       892  

Other income

     92       440  

From non-controlled affiliated investments:

 

Interest income

     308       343  

Paid-in-kind interest

     500       4  

From controlled investments:

 

Dividend income

     700        
  

 

 

 

 

 

 

 

Total investment income

     20,571       18,831  
  

 

 

 

 

 

 

 

Expenses:

 

Interest and other debt financing costs

     4,194       4,349  

Management fees

     3,207       2,651  

Income based incentive fees

     2,277       1,932  

Capital gains based incentive fees

     1,577        

Professional fees

     497       342  

Directors’ fees

     119       129  

Other general and administrative expenses

     692       726  
  

 

 

 

 

 

 

 

Total expenses

     12,563       10,129  

Management fee waiver

     (1,283     (1,157

Income based incentive fees waiver

     (2,277     (1,932
  

 

 

 

 

 

 

 

Net expenses

     9,003       7,040  
  

 

 

 

 

 

 

 

Net investment income before taxes

     11,568       11,791  

Income and excise taxes

     130       238  
  

 

 

 

 

 

 

 

Net investment income

     11,438       11,553  
  

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments:

 

Net realized gain (loss) on:

 

Non-controlled non-affiliated investments

     1,746       113  

Foreign currency transactions

     9       (237

Net change in unrealized appreciation (depreciation) on:

 

Non-controlled non-affiliated investments and foreign currency translation

     7,509       (64,440

Non-controlled affiliated investments

     (321     (3,511

Controlled investments

     609       (16,843

Foreign currency forward contracts

     695       2,190  
  

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments

     10,247       (82,728
  

 

 

 

 

 

 

 

Realized loss on asset acquisition

           (3,825
  

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments and asset acquisition

     10,247       (86,553

Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments

     (149     455  
  

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

   $ 21,536     $ (74,545
  

 

 

 

 

 

 

 

Per Common Share Data:

 

Net increase (decrease) in net assets resulting from operations per share (basic and diluted):

   $ 0.76     $ (2.84

Net investment income per share (basic and diluted):

   $ 0.41     $ 0.44  

Weighted average shares outstanding (basic and diluted):

       28,167,360         26,212,991  

 

See accompanying notes

 

3


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

 

     Common Stock              
     Shares   Par Amount    Paid in Capital
in

Excess of Par
Value
  Accumulated
Earnings
(Loss)
   Total
Net Assets

Balance at December 31, 2020

     28,167,360     $ 28      $ 594,658     $ (34,686)      $ 560,000  

Net increase (decrease) in net assets resulting from operations:

 

Net investment income                         11,438        11,438  
Net realized gain (loss) on investments and foreign currency transactions                         1,755        1,755  
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         8,492        8,492  
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                         (149)        (149

Stockholder transactions:

 

Distributions to stockholders

                        (11,549)        (11,549
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Total increase (decrease) for the three months ended March 31, 2021                         9,987        9,987  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Balance at March 31, 2021

     28,167,360     $ 28      $ 594,658     $ (24,699)      $ 569,987  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Distributions declared per share

             $ 0.41  

Balance at December 31, 2019

     20,862,314     $ 21      $ 414,293     $ (7,397)      $ 406,917  

Net increase (decrease) in net assets resulting from operations:

 

Net investment income

                        11,553        11,553  
Net realized gain (loss) on investments and foreign currency transactions                         (124)        (124
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         (82,604)        (82,604

Realized loss on asset acquisition

                        (3,825)        (3,825
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                         455        455  

Stockholder transactions:

 

Issuance of common stock

     2,265,021       2        44,295              44,297  
Issuance in connection with asset acquisition (Note 13)      5,202,312       5        101,944              101,949  
Issuance of common shares pursuant to dividend reinvestment plan      30,128              589              589  
Repurchase of common stock      (159,228            (1,882            (1,882
Distributions to stockholders                         (11,570)        (11,570
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Total increase (decrease) for the three months ended March 31, 2020      7,338,233       7        144,946       (86,115)        58,838  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Balance at March 31, 2020      28,200,547     $ 28      $ 559,239     $ (93,512)      $ 465,755  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

  

 

 

 

Distributions declared per share              $ 0.41  

 

See accompanying notes

 

4


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

     For the three
months ended

March 31,
2021
    For the three
months ended

March 31,
2020
 

Cash flows from operating activities:

 

Net increase (decrease) in net assets resulting from operations

   $ 21,536     $ (74,545

Adjustments to reconcile net increase (decrease) in net assets resulting from

operations to net cash provided by (used for) operating activities:

 

 

Purchases of investments

     (88,249     (117,424

Paid-in-kind interest income

     (868     (553

Proceeds from sales of investments and principal repayments

     77,174       73,751  

Net realized (gain) loss on investments and foreign currency transactions

     (2,330     197  

Realized loss on asset acquisition(2)

           3,825  

Acquisition of Alcentra Capital Corporation, net of cash acquired(2)

           (12,884

Net change in unrealized (appreciation) depreciation on investments and foreign currency translation

     (7,797     84,794  

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts

     (695     (2,190

Amortization of premium and accretion of discount, net

     (1,551     (1,804

Amortization of deferred financing costs

     361       332  

Change in operating assets and liabilities:

 

(Increase) decrease in receivable for investments sold

     (57     (6,378

(Increase) decrease in interest receivable

     (667     86  

(Increase) decrease in deferred tax asset

     19       (331

(Increase) decrease in other assets

     105       2,245  

Increase (decrease) in management fees payable

     57       151  

Increase (decrease) in incentive fees payable

     1,577        

Increase (decrease) in directors’ fees payable

     21       32  

Increase (decrease) in interest and other debt financing costs payable

     (541     (119

Increase (decrease) in deferred tax liability

     130       (72

Increase (decrease) in accrued expenses and other liabilities

     377       (436
  

 

 

   

 

 

 

Net cash provided by (used for) operating activities

     (1,398     (51,323
  

 

 

   

 

 

 

Cash flows from financing activities:

 

Issuance of common stock

           44,297  

Repurchase of common stock

           (1,882

Deferred financing and debt issuance costs paid

     (725     (1,688

Distributions paid

     (11,549     (7,965

Borrowings on credit facilities

     109,950       132,843  

Repayments on credit facilities

     (132,150     (99,350

Issuance of unsecured debt

     50,000        

Repayments on InterNotes ®

     (16,418     (16,853
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     (892     49,402  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

     (5     22  
  

 

 

   

 

 

 

Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency

     (2,295     (1,899

Cash, cash equivalents, restricted cash and foreign currency, beginning of period

     14,849       13,427  
  

 

 

   

 

 

 

Cash, cash equivalents, restricted cash and foreign currency, end of period(1)

   $ 12,554     $ 11,528  
  

 

 

   

 

 

 

Supplemental and non-cash financing activities:

 

Cash paid during the period for interest

   $ 4,341     $ 4,063  

Issuance of common stock pursuant to dividend reinvestment plan

   $     $ 589  

Accrued but unpaid distributions

   $ 11,549     $ 11,570  

Issuance of shares in connection with asset acquisition (Note 13)

   $     $ 101,949  

 

(1)

As of March 31, 2021, the balance included cash and cash equivalents of $1,492, cash denominated in foreign currency of $770 and restricted cash and cash equivalents of $10,292, respectively. As of March 31, 2020, the balance included cash and cash equivalents of $3,314 cash denominated in foreign currency of $394 and restricted cash and cash equivalents of $7,820, respectively.

(2)

After the close of business on January 31, 2020, in connection with the Alcentra Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $114,431 which included $195,682 of investments, $3,409 cash and cash equivalents and $1,398 of other assets, net of $86,058 of assumed liabilities, for the total cash and stock consideration of $118,256, inclusive of $7,250 of asset acquisition costs.

 

See accompanying notes

 

5


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Investments(1) (2)

 

United States

 

Debt Investments

 

Automobiles & Components

               

Auto-Vehicle Parts, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        01/2023     $     $ (3       $ (9

Auto-Vehicle Parts, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 450
(100 Floor)
 
(7) 
    5.50     01/2023       4,554       4,527       0.8       4,489  

Continental Battery Company(3) (4) (5) (6)

 

Unitranche First Lien Term Loan

        01/2027             (26           4  

Continental Battery Company(6)

 

Unitranche First Lien Term Loan

   

L + 600

(100 Floor)

 

(7) 

    7.00     01/2027       7,321       7,178       1.3       7,331  

Empire Auto Parts, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        09/2024             (5           (3

Empire Auto Parts, LLC(6)

 

Unitranche First Lien Term Loan

   

L + 550

(100 Floor)

 

(8) 

    6.50     09/2024       2,438       2,407       0.4       2,421  

Empire Auto Parts, LLC(6)

 

Unitranche First Lien Term Loan

   

L + 550

(100 Floor)

 

(8) 

    6.50     09/2024       2,364       2,330       0.4       2,348  
         

 

 

   

 

 

   

 

 

   

 

 

 
                16,677           16,408       2.9           16,581  
         

 

 

   

 

 

   

 

 

   

 

 

 

Capital Goods

               

Envocore Holding, LLC(6)

 

Senior Secured First Lien Term Loan

   



L + 900

(200 Floor)
(including
350 PIK)

 

 
 
(8) 

    11.00     06/2022       18,703       15,996       2.3       13,193  

Potter Electric Signal Company(5) (6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

   

L + 425

(100 Floor)

 

(8) 

    5.25     12/2025       853       837       0.2       836  

Potter Electric Signal Company(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        12/2024             (4           (8

Potter Electric Signal Company(6)

 

Senior Secured First Lien Term Loan

   

L + 425

(100 Floor)

 

(8) 

    5.25     12/2025       2,473       2,456       0.4       2,436  

Potter Electric Signal Company(6)

 

Senior Secured First Lien Term Loan

   

L + 425

(100 Floor)

 

(8) 

    5.25     12/2025       470       467       0.1       463  
         

 

 

   

 

 

   

 

 

   

 

 

 
            22,499       19,752       3.0       16,920  
         

 

 

   

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

             

ASP MCS Acquisition Corp.(6) (10)

 

Senior Secured Second Lien Term Loan

   

L + 600

(100 Floor)

 

(8) 

    7.00     10/2025       294       272       0.1       292  

Battery Solutions, Inc.(6) (10)

 

Unsecured Debt

   
1200 +
200 PIK
 
(11) 
    14.00     11/2021       1,294       1,284       0.2       1,173  

CHA Holdings, Inc.(6)

 

Senior Secured First Lien Delayed Draw Term Loan

   

L + 450

(100 Floor)

 

(8) 

    5.50     04/2025       1,011       1,008       0.2       1,002  

CHA Holdings, Inc.(6)

 

Senior Secured First Lien Term Loan

   

L + 450

(100 Floor)

 

(8) 

    5.50     04/2025       4,793       4,778       0.8       4,754  

Consolidated Label Co., LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        07/2026             (11           13  

Consolidated Label Co., LLC(6)

 

Senior Secured First Lien Term Loan

   

L + 575

(100 Floor)

 

(8) 

    6.75     07/2026       4,328       4,250       0.8       4,415  

Digital Room Holdings, Inc.

 

Senior Secured First Lien Term Loan

    L + 500( 12)      5.20     05/2026       6,877       6,597       1.2       6,771  

GH Holding Company(6)

 

Senior Secured First Lien Term Loan

    L + 450 (7)      4.61     02/2023       1,455       1,452       0.2       1,430  

GI Revelation Acquisition, LLC(6)

 

Senior Secured First Lien Term Loan

    L + 500 (7)      5.11     04/2025       7,302       7,278       1.3       7,185  

Hepaco, LLC(5) (6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

   

L + 500

(100 Floor)

 

(7) 

    6.00     08/2024       4,146       4,122       0.7       3,881  

 

See accompanying notes

 

6


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Hepaco, LLC(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024     $ 825     $ 824       0.1   $ 768  

Hepaco, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024       5,085       5,055       0.8       4,768  

Hercules Borrower LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        12/2026             (53            

Hercules Borrower LLC(6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     12/2026       19,125       18,666       3.4       19,125  

Hsid Acquisition, LLC(6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     01/2026       2,886       2,839       0.5       2,886  

Hsid Acquisition, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        01/2026             (12            

Hsid Acquisition, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     01/2026       3,855       3,791       0.7       3,855  

Impact Group, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 737
(100 Floor)
 
(8) 
    8.37     06/2023       6,983       5,411       1.2       6,586  

Impact Sales, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 737
(100 Floor)
 
(8) 
    8.37     06/2023       6,591       5,107       1.1       6,217  

ISS Compressors Industries, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        02/2026             (7           (56

ISS Compressors Industries, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026       9,033       8,958       1.5       8,427  

Jordan Healthcare, Inc.(6)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022       689       687       0.1       686  

Jordan Healthcare, Inc.(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022       279       278             277  

Jordan Healthcare, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022       4,420       4,404       0.8       4,398  

MHS Acquisition Holdings, LLC(6)

 

Senior Secured Second Lien Delayed Draw Term Loan

   
L + 875
(100 Floor)
 
(8) 
    9.75     03/2025       467       462       0.1       459  

MHS Acquisition Holdings, LLC(6)

 

Senior Secured Second Lien Term Loan

   
L + 875
(100 Floor)
 
(8) 
    9.75     03/2025       8,102       7,963       1.4       7,974  

MHS Acquisition Holdings, LLC(6)

 

Unsecured Debt

    1350 PIK (11)      13.50     03/2026       282       280             276  

MHS Acquisition Holdings, LLC(6)

 

Unsecured Debt

    1350 PIK (11)      13.50     03/2026       845       838       0.1       830  

Pinstripe Holdings, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     01/2025       9,800       9,605       1.7       9,800  

Pye-Barker Fire & Safety, LLC(4) (5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 600
(100 Floor)
 
(7) 
    7.00     11/2025       2,275       2,177       0.4       2,275  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     11/2025       3,724       3,631       0.6       3,724  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     11/2025       9,998       9,772       1.8       9,998  

Receivable Solutions, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        10/2024             (4            

Receivable Solutions, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     10/2024       2,014       1,988       0.3       2,014  

SavATree, LLC(6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022       893       887       0.2       893  

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

SavATree, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        06/2022     $     $ (3       $  

SavATree, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022       3,900       3,881       0.7       3,900  

Service Logic Acquisition, Inc(3) (5) (6) (9)

 

Senior Secured Second Lien Delayed Draw Term Loan

        10/2028             (69            

Service Logic Acquisition, Inc(6)

 

Senior Secured Second Lien Term Loan

   
L + 850
(100 Floor)
 
(8) 
    9.50     10/2028       8,755       8,501       1.5       8,755  

Spear Education(3) (5) (6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

        02/2025             (24            

Spear Education(6)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(8) 
    6.00     02/2025       6,806       6,751       1.2       6,806  

TecoStar Holdings, Inc.(6)

 

Senior Secured Second Lien Term Loan

   
L + 850
(100 Floor)
 
(8) 
        9.50     11/2024       5,000       4,929       0.9       5,000  

UP Acquisition Corp.(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024       1,185       1,168       0.2       1,166  

UP Acquisition Corp.(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024       391       375       0.1       370  

UP Acquisition Corp.(6)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024       4,323       4,265       0.7       4,252  

Xcentric Mold and Engineering Acquisition Company, LLC(6)

 

Senior Secured First Lien Revolver

   


L + 700
(100 Floor)
(including
100 PIK)
 
 
 
(7) 
    8.00     01/2022       712       710       0.1       603  

Xcentric Mold and Engineering Acquisition Company, LLC(6)

 

Senior Secured First Lien Term Loan

   


L + 700
(100 Floor)
(including
100 PIK)
 
 
 
(7) 
    8.00     01/2022       4,414       4,399       0.7       3,737  
         

 

 

   

 

 

   

 

 

   

 

 

 
                165,157       159,460       28.4       161,685  
         

 

 

   

 

 

   

 

 

   

 

 

 

Consumer Durables & Apparel

 

         

EiKo Global, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        06/2023             (7            

EiKo Global, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     06/2023       3,215       3,183       0.6       3,215  
         

 

 

   

 

 

   

 

 

   

 

 

 
            3,215       3,176       0.6       3,215  
         

 

 

   

 

 

   

 

 

   

 

 

 

Consumer Services

 

           

BJH Holdings III Corp.(6)

 

Unitranche First Lien Term Loan

   
L + 525
(100 Floor)
 
(7) 
    6.25     08/2025       13,119       12,967       2.3       13,053  

Colibri Group LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     05/2025       1,333       1,310       0.2       1,346  

Colibri Group LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        05/2025             (17           10  

Colibri Group LLC(6)

 

Unitranche First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     05/2025       8,106       7,958       1.4       8,187  

Everlast Parent Inc.(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        10/2026             (40            

Everlast Parent Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        10/2026             (37            

Everlast Parent Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     10/2026       13,993       13,663       2.5       13,993  

HGH Purchaser, Inc.(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        11/2025             (16            

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

HGH Purchaser, Inc.(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 675
(100 Floor)
 
(8) 
        7.75     11/2025     $ 2,946     $ 2,859       0.5   $ 2,946  

HGH Purchaser, Inc.(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025       51       31             51  

HGH Purchaser, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025       8,007       7,846       1.4       8,007  

JLL XDD, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     12/2023           5,955       5,820       1.1       6,014  

JLL XDD, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 550
(100 Floor)
 
(12) 
    6.50     12/2023       2,107       2,073       0.4       2,102  

Learn-It Systems, LLC(5) (6) (14)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 450
(100 Floor)
 
(8) 
    5.50     03/2025       1,235       1,175       0.2       1,209  

Learn-It Systems, LLC(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 450
(100 Floor)
 
(13) 
    5.50     03/2025       300       286       0.1       294  

Learn-It Systems, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 450
(100 Floor)
 
(8) 
    5.50     03/2025       4,326       4,225       0.7       4,282  

Southern HVAC Corporation(3) (5) (6) (14)

 

Unitranche First Lien Delayed Draw Term Loan

        10/2025             (22            

Southern HVAC Corporation(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        10/2025             (18            

Southern HVAC Corporation(6)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(8) 
    7.25     10/2025       5,536       5,433       1.0       5,536  

Stepping Stones Healthcare Services , LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        03/2027             (12           (8

Stepping Stones Healthcare Services , LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        03/2026             (11           (7

Stepping Stones Healthcare Services , LLC(6)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(8) 
    7.25     03/2027       5,900       5,812       1.0       5,842  

Teaching Strategies LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        05/2024             (8            

Teaching Strategies LLC(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     05/2024       9,117       8,985       1.6       9,117  

United Language Group, Inc.(4) (6)

 

Senior Secured First Lien Revolver

   
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021       400       398       0.1       387  

United Language Group, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 675
(100 Floor)(7)
 
 
    7.75     12/2021       4,629       4,611       0.8       4,480  

Vistage Worldwide, Inc.

 

Senior Secured First Lien Term Loan

   
L + 400
(100 Floor)
 
(8) 
    5.00     02/2025       6,134       6,143       1.1       6,115  

WeddingWire, Inc.(6)

 

Senior Secured Second Lien Term Loan

    L + 825 (8)      8.46     12/2026       5,000       4,957       0.8       4,840  

Wrench Group LLC(6)

 

Senior Secured Second Lien Term Loan

    L + 788 (8)      8.08     04/2027       2,500       2,438       0.4       2,482  
         

 

 

   

 

 

   

 

 

   

 

 

 
            100,694       98,809       17.6       100,278  
         

 

 

   

 

 

   

 

 

   

 

 

 

Energy

               

BJ Services, LLC(6) (15) (16)

 

Unitranche First Lien - Last Out Term Loan

        01/2023       8,075       8,014       1.0       5,732  

BJ Services, LLC(6) (16)

 

Unitranche First Lien Term Loan

   
L + 700
(150 Floor)
 
(8) 
    8.50     01/2023       1,880       1,870       0.3       1,880  

Black Diamond Oilfield Rentals, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     09/2021       10,101       10,066       1.7       9,670  
         

 

 

   

 

 

   

 

 

   

 

 

 
            20,056       19,950       3.0       17,282  
         

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Food & Staples Retailing

 

           

Isagenix International, LLC

 

Senior Secured First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
        6.75     06/2025     $ 5,955     $ 5,935       0.8   $ 4,494  

PetIQ, LLC(6) (17)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     07/2025           14,775       14,671       2.6       14,775  
         

 

 

   

 

 

   

 

 

   

 

 

 
            20,730       20,606       3.4       19,269  
         

 

 

   

 

 

   

 

 

   

 

 

 

Food, Beverage & Tobacco

 

           

Mann Lake Ltd.(4) (6)

 

Senior Secured First Lien Revolver

   
L + 550
(100 Floor)
 
(8) 
    6.50     10/2024       900       889       0.1       899  

Mann Lake Ltd.(6)

 

Senior Secured First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     10/2024       3,817       3,767       0.7       3,812  
         

 

 

   

 

 

   

 

 

   

 

 

 
            4,717       4,656       0.8       4,711  
         

 

 

   

 

 

   

 

 

   

 

 

 

Health Care Equipment & Services

 

       

Abode Healthcare, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        08/2025             (17            

Abode Healthcare, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(8) 
    6.25     08/2025       1,995       1,956       0.4       1,995  

Abode Healthcare, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(8) 
    6.25     08/2025       4,728       4,655       0.8       4,728  

Aegis Sciences Corporation

 

Senior Secured First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     05/2025       7,249       6,861       1.2       6,760  

Ameda, Inc.(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 700
(100 Floor)
 
(7) 
    8.00     09/2022       188       186             167  

Ameda, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 700
(100 Floor)
 
(7) 
    8.00     09/2022       2,194       2,181       0.4       2,042  

Anne Arundel Dermatology Management, LLC(5) (6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025       800       770       0.1       800  

Anne Arundel Dermatology Management, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        10/2025             (10            

Anne Arundel Dermatology Management, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025       2,444       2,399       0.4       2,444  

Avalign Technologies, Inc.(6)

 

Senior Secured First Lien Term Loan

    L + 450 (8)      4.69     12/2025       16,794       16,672       2.9       16,587  

BAART Programs, Inc.(6)

 

Senior Secured Second Lien Delayed Draw Term Loan

   
L + 800
(100 Floor)
 
(8) 
    9.00     03/2025       1,000       957       0.2       1,000  

BAART Programs, Inc.(6)

 

Senior Secured Second Lien Term Loan

   
L + 825
(100 Floor)
 
(8) 
    9.25     03/2025       7,000       6,700       1.2       7,000  

Centria Subsidiary Holdings, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        12/2025             (46           6  

Centria Subsidiary Holdings, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     12/2025       11,724       11,436       2.1       11,762  

CRA MSO, LLC(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 700
(100 Floor)
 
(7) 
    8.00     12/2023       60       58             51  

CRA MSO, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 700
(100 Floor)
 
(7) 
    8.00     12/2023       1,222       1,208       0.2       1,169  

ExamWorks Group, Inc.(6)

 

Senior Secured Second Lien Term Loan

   
L + 725
(100 Floor)
 
(8) 
    8.25     07/2024       5,735       5,648       1.0       5,841  

FH MD Buyer, Inc(6)

 

Senior Secured First Lien Term Loan

   
L + 575
(100 Floor)
 
(7) 
    6.75     10/2026       19,635       19,208       3.4       19,635  

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

GrapeTree Medical Staffing, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        10/2022     $     $ (2       $ (3

GrapeTree Medical Staffing, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022       1,641       1,631       0.3       1,630  

GrapeTree Medical Staffing, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022       1,379       1,366       0.2       1,370  

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022       2,288       2,176       0.4       2,174  

HCAT Acquisition, Inc.(6) (19)

 

Unitranche First Lien Revolver

   
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022       3,837       3,649       0.6       3,645  

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022       14,544       13,833       2.4       13,817  

HCOS Group Intermediate III LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        09/2026             (17           (13

HCOS Group Intermediate III LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     09/2026       11,542       11,327       2.0       11,369  

Hospice Care Buyer, Inc.(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     12/2026       1,293       1,236       0.2       1,293  

Hospice Care Buyer, Inc.(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 650
(100 Floor)
 
(7) 
    7.50     12/2026       162       116             162  

Hospice Care Buyer, Inc.(5) (6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(7) 
    7.50     12/2026       12,743       12,353       2.2       12,743  

Hospice Care Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     12/2026       2,633       2,555       0.5       2,633  

IvyRehab Intermediate II, LLC(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 675
(100 Floor)
 
(8) 
    7.75     12/2024       137       111             137  

IvyRehab Intermediate II, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        12/2024             (9            

IvyRehab Intermediate II, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 675
(100 Floor)
 
(8) 
    7.75     12/2024       8,010       7,861       1.4       8,010  

Lightspeed Buyer, Inc.(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 550
(100 Floor)(7)
 
 
    6.50     02/2026       1,143       1,119       0.2       1,117  

Lightspeed Buyer, Inc.(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 550
(100 Floor)
 
(7) 
    6.50     02/2026       350       333       0.1       334  

Lightspeed Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(7) 
    6.50     02/2026       9,900       9,734       1.7       9,752  

MDVIP, Inc.

 

Senior Secured First Lien Term Loan

   
L + 425
(100 Floor)
 
(7) 
    5.25     11/2024       9,536       9,536       1.7       9,512  

Medsurant Holdings, LLC(6)

 

Senior Secured Second Lien Term Loan

   

1400 (including

175 PIK)

 

(11) 

    14.00     03/2022       7,945       7,914       1.4       7,945  

NMN Holdings III Corp.(6)

 

Senior Secured Second Lien Delayed Draw Term Loan

    L + 775 (7)      7.86     11/2026       1,667       1,627       0.3       1,667  

NMN Holdings III Corp.(6)

 

Senior Secured Second Lien Term Loan

    L + 775 (7)      7.86     11/2026       7,222       7,055       1.3       7,222  

NMSC Holdings, Inc.(6)

 

Senior Secured Second Lien Term Loan

   
L + 1000
(100 Floor)
 
(8) 
    11.00     10/2023       4,308       4,236       0.8       4,307  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 750
(100 Floor)
 
(8) 
    8.50     05/2023       900       882       0.2       863  

Omni Ophthalmic Management Consultants, LLC(3) (5) (6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

        03/2021                         (26

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Omni Ophthalmic Management Consultants, LLC(4) (6)

 

Senior Secured First Lien Revolver

   
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023     $ 850     $ 844       0.1   $ 815  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023       6,860       6,808       1.2       6,577  

Patriot Acquisition Topco S.A.R.L(3) (4) (5) (6) (17)

 

Unitranche First Lien Term Loan

        01/2026             (43            

Patriot Acquisition Topco S.A.R.L(6) (17)

 

Unitranche First Lien Term Loan

   
L + 675
(100 Floor)
 
(8) 
    7.75     01/2028       12,261       11,962       2.2       12,261  

Patriot Acquisition Topco S.A.R.L(6) (17)

 

Unitranche First Lien Term Loan

   
L + 675
(100 Floor)
 
(8) 
    7.75     01/2028       5,056       4,932       0.9       5,056  

Pharmalogics Recruiting, LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        02/2027             (28           3  

Pharmalogics Recruiting, LLC(5) (6)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(8) 
    7.25     02/2027       6,463       6,317       1.1       6,479  

Pinnacle Treatment Centers, Inc.(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        12/2022       682       676       0.1       682  

Pinnacle Treatment Centers, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        12/2022             (4            

Pinnacle Treatment Centers, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     12/2022       8,052       8,002       1.4       8,052  

Professional Physical Therapy(6)

 

Senior Secured First Lien Term Loan

   


L + 850
(100 Floor)
(including
250 PIK)
 
 
 
(8) 
    9.50     12/2022       9,014       8,822       1.2       6,896  

PT Network, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        11/2023             (1           (6

PT Network, LLC(6)

 

Senior Secured First Lien Term Loan

   


L + 750
(100 Floor)
(including
200 PIK)
 
 
 
(8) 
    8.50     11/2023       4,802       4,795       0.8       4,731  

Safco Dental Supply, LLC(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 400
(100 Floor)
 
(8) 
    5.00     06/2025       240       233             230  

Safco Dental Supply, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 400
(100 Floor)
 
(8) 
    5.00     06/2025       4,043       3,990       0.7       3,973  

Seniorlink Incorporated(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        07/2026             (28            

Seniorlink Incorporated(6)

 

Unitranche First Lien Term Loan

   
L + 700
(100 Floor)
 
(8) 
    8.00     07/2026       6,801       6,616       1.2       6,801  

Smile Brands, Inc.(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    L + 517 (8)      5.38     10/2024       618       614       0.1       608  

Smile Brands, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        09/2024             (2           (4

Smile Brands, Inc.(6)

 

Senior Secured First Lien Term Loan

    L + 517 (8)      5.38     10/2024       2,053       2,040       0.4       2,023  

Smile Doctors LLC(4) (5) (6)

 

Senior Secured First Lien Revolver

        10/2022                          

Smile Doctors LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022       16,239       16,223       2.9       16,239  

Unifeye Vision Partners(5) (6) (14)

 

Senior Secured First Lien Delayed Draw Term Loan

    P + 375 (20)      7.00     09/2025       811       781       0.1       739  

Unifeye Vision Partners(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 475
(100 Floor)
 
(8) 
    5.75     09/2025       453       428       0.1       413  

Unifeye Vision Partners(6)

 

Senior Secured First Lien Term Loan

   
L + 475
(100 Floor)
 
(8) 
    5.75     09/2025       5,333       5,250       0.9       5,205  

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Vital Care Buyer, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        10/2025     $     $ (35       $  

Vital Care Buyer, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025       7,758       7,633       1.4       7,758  

Zest Acquisition Corp.

 

Senior Secured First Lien Term Loan

    L + 350 (7)      3.61     03/2025       8,603       8,604       1.5       8,458  
         

 

 

   

 

 

   

 

 

   

 

 

 
            292,940       286,873       50.5       287,636  
         

 

 

   

 

 

   

 

 

   

 

 

 

Household & Personal Products

 

           

Tranzonic(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 450
(100 Floor)
 
(7) 
    5.50     03/2023       367       365       0.1       367  

Tranzonic(6)

 

Senior Secured First Lien Term Loan

   
L + 450
(100 Floor)
 
(7) 
    5.50     03/2023       3,802       3,785       0.6       3,802  
         

 

 

   

 

 

   

 

 

   

 

 

 
            4,169       4,150       0.7       4,169  
         

 

 

   

 

 

   

 

 

   

 

 

 

Insurance

             

Comet Acquisition, Inc.(6)

 

Senior Secured Second Lien Term Loan

    L + 750 (8)      7.70     10/2026       1,782       1,778       0.3       1,739  

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025       3,057       2,993       0.5       3,026  

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025       5,055       4,952       0.9       5,005  

Integrity Marketing Acquisition, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        08/2025             (37           (14

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025       12,846       12,598       2.2       12,718  

Integro Parent, Inc.(6) (17)

 

Senior Secured First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     10/2022       471       469       0.1       471  

Integro Parent, Inc.(6) (17)

 

Senior Secured Second Lien Delayed Draw Term Loan

   
L + 925
(100 Floor)
 
(7) 
    10.25     10/2023       380       378       0.1       369  

Integro Parent, Inc.(6) (17)

 

Senior Secured Second Lien Term Loan

   
L + 925
(100 Floor)
 
(7) 
    10.25     10/2023       2,915       2,891       0.5       2,828  

The Hilb Group, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     12/2026       1,016       994       0.2       991  

The Hilb Group, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        12/2025             (7           (9

The Hilb Group, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     12/2026       3,594       3,518       0.6       3,504  

THG Acquisition, LLC(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 625
(100 Floor)(8)
 
 
    7.25     12/2026       191       167             191  

THG Acquisition, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        12/2025             (3            

THG Acquisition, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(8) 
    7.25     12/2026       1,066       1,041       0.2       1,066  
         

 

 

   

 

 

   

 

 

   

 

 

 
            32,373       31,732       5.6       31,885  
         

 

 

   

 

 

   

 

 

   

 

 

 

Materials

             

Kestrel Parent, LLC(3) (5) (6) (19)

 

Unitranche First Lien Revolver

        11/2023             (11            

Kestrel Parent, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 575
(100 Floor)
 
(8) 
    6.75     11/2025       6,655       6,536       1.2       6,655  
         

 

 

   

 

 

   

 

 

   

 

 

 
            6,655       6,525       1.2       6,655  
         

 

 

   

 

 

   

 

 

   

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

 

           

Teal Acquisition Co., Inc(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        09/2026             (22            

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Teal Acquisition Co., Inc(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 625
(100 Floor)
 
(8) 
    7.25     09/2026     $ 310     $ 275       0.1   $ 310  

Teal Acquisition Co., Inc(6)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(8) 
    7.25     09/2026       9,101       8,847       1.6       9,101  

Trinity Partners, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        02/2025             (4            

Trinity Partners, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     02/2025       3,700       3,675       0.6       3,700  
         

 

 

   

 

 

   

 

 

   

 

 

 
            13,111       12,771       2.3       13,111  
         

 

 

   

 

 

   

 

 

   

 

 

 

Retailing

             

Palmetto Moon LLC,(6)

 

Senior Secured First Lien Term Loan

   
1150 + 250
PIK
 
(11) 
    14.00     04/2022       4,113       3,367       0.7       3,904  

Slickdeals Holdings, LLC(3) (5) (6) (10) (19)

 

Unitranche First Lien Revolver

        06/2023             (9            

Slickdeals Holdings, LLC(6) (10)

 

Unitranche First Lien Term Loan

   
L + 625
(100 Floor)
 
(8) 
    7.25     06/2024       14,491       14,206       2.5       14,488  
         

 

 

   

 

 

   

 

 

   

 

 

 
            18,604       17,564       3.2       18,392  
         

 

 

   

 

 

   

 

 

   

 

 

 

Software & Services

 

           

Affinitiv, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        08/2024             (7            

Affinitiv, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     08/2024       6,419       6,338       1.1       6,419  

Ansira Partners, Inc.(6) (15)

 

Unitranche First Lien Delayed Draw Term Loan

        12/2024       983       931       0.1       726  

Ansira Partners, Inc.(6) (15)

 

Unitranche First Lien Term Loan

        12/2024       7,252       6,687       0.9       5,355  

Avaap USA LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 650
(100 Floor)
 
(7) 
    7.50     03/2023       343       340       0.1       340  

Avaap USA LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        03/2023             (6           (5

Avaap USA LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 650
(100 Floor)
 
(7) 
    7.50     03/2023       3,760       3,722       0.7       3,730  

Benesys Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 475
(100 Floor)
 
(7) 
    5.75     10/2024       299       294       0.1       296  

Benesys, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        10/2024             (1           (2

Benesys, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 475
(100 Floor)(7)
 
 
    5.75     10/2024       1,411       1,397       0.2       1,393  

C-4 Analytics, LLC(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        08/2023             (4            

C-4 Analytics, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 525
(100 Floor)
 
(7) 
    6.25     08/2023       9,890       9,813       1.7       9,890  

CAT Buyer, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        04/2024             (8           (13

CAT Buyer, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)(7)
 
 
    6.50     04/2024       6,223       6,144       1.1       6,072  

Claritas, LLC(4) (5) (6)

 

Senior Secured First Lien Revolver

   
L + 600
(100 Floor)
 
(8) 
    7.00     12/2023       37       36             37  

Claritas, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     12/2023       1,085       1,079       0.2       1,085  

Granicus, Inc.(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        01/2027             (33           3  

Granicus, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        01/2027             (19           1  

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Granicus, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(13) 
    7.50     01/2027     $ 7,184     $ 7,014       1.3   $ 7,193  

List Partners, Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

        01/2023             (3           (5

List Partners, Inc.(6)

 

Senior Secured First Lien Term Loan

   
L + 500
(100 Floor)
 
(7) 
    6.00     01/2023       4,321       4,287       0.8       4,270  

MRI Software LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        02/2026             (13            

MRI Software LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        02/2026             (4            

MRI Software LLC(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026       63       48             63  

MRI Software LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026       585       569       0.1       585  

MRI Software LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026       18,034       17,806       3.2       18,034  

Ontario Systems, LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

        08/2025             (4           (38

Ontario Systems, LLC(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 550
(100 Floor)
 
(8) 
    6.50     08/2025       400       396       0.1       383  

Ontario Systems, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     08/2025       3,201       3,176       0.5       3,090  

Park Place Technologies, LLC(6)

 

Unsecured Debt

    1250 PIK (11)      12.50     05/2029       822       822       0.1       822  

Perforce Software, Inc.(6)

 

Senior Secured Second Lien Term Loan

    L + 800 (7)      8.11     07/2027       5,000       4,978       0.9       5,000  

Prism Bidco, Inc.(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        06/2026             (22           (21

Prism Bidco, Inc.(6)

 

Unitranche First Lien Term Loan

   
L + 700
(100 Floor)
 
(8) 
    8.00     06/2026       7,444       7,243       1.3       7,258  

Right Networks, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        11/2024             (4            

Right Networks, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(7) 
    6.50     11/2024       9,621       9,458       1.7       9,621  

Ruffalo Noel Levitz, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        05/2022             (1           (3

Ruffalo Noel Levitz, LLC(6)

 

Unitranche First Lien Term Loan

   
L + 600
(100 Floor)
 
(8) 
    7.00     05/2022       2,499       2,485       0.4       2,474  

Saturn Borrower Inc(6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     09/2026       2,494       2,420       0.4       2,494  

Saturn Borrower Inc(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        09/2026             (42            

Saturn Borrower Inc(6)

 

Unitranche First Lien Term Loan

   
L + 650
(100 Floor)
 
(8) 
    7.50     09/2026       20,473       19,899       3.6       20,473  

Transportation Insight, LLC(6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

    L + 450 (7)      4.61     12/2024       1,274       1,266       0.2       1,261  

Transportation Insight, LLC(4) (5) (6)

 

Senior Secured First Lien Revolver

    P + 350 (20)      6.75     12/2024       89       85             82  

Transportation Insight, LLC(6)

 

Senior Secured First Lien Term Loan

    L + 450 (7)      4.61     12/2024       5,129       5,096       0.9       5,077  

Trident Technologies, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 600
(150 Floor)
 
(8) 
    7.50     12/2025       14,812       14,629       2.6       14,812  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023       639       631       0.1       639  

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Winxnet Holdings LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

   
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023     $ 1,047     $ 1,029       0.2   $ 1,047  

Winxnet Holdings LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

        06/2023             (5            

Winxnet Holdings LLC(4) (5) (6)

 

Unitranche First Lien Revolver

   
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023       240       236             240  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(8) 
    6.50     06/2023       1,550       1,520       0.3       1,550  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

   
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023       1,945       1,926       0.3       1,945  
         

 

 

   

 

 

   

 

 

   

 

 

 
            146,568       143,624       25.2       143,673  
         

 

 

   

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

 

       

Onvoy, LLC(6)

 

Senior Secured Second Lien Term Loan

   
L + 1050
(100 Floor)
 
(7) 
    11.50     02/2025       2,635       2,559       0.4       2,635  
         

 

 

   

 

 

   

 

 

   

 

 

 

Transportation

 

       

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 475
(100 Floor)
 
(8) 
    5.75     07/2024       769       767       0.1       769  

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

   
L + 475
(100 Floor)
 
(8) 
    5.75     07/2024       1,193       1,193       0.2       1,193  

Pilot Air Freight, LLC(5) (6) (9)

 

Senior Secured First Lien Revolver

   
L + 475
(100 Floor)
 
(8) 
    5.75     07/2024       98       98             98  

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Term Loan

   
L + 475
(100 Floor)
 
(8) 
    5.75     07/2024       5,349       5,331       1.0       5,349  
         

 

 

   

 

 

   

 

 

   

 

 

 
            7,409       7,389       1.3       7,409  
         

 

 

   

 

 

   

 

 

   

 

 

 

Total Debt Investments

United States

          $ 878,209     $ 856,004       150.1   $ 855,506  
         

 

 

   

 

 

   

 

 

   

 

 

 

Equity Investments

               

Capital Goods

               

Alion Science and Technology Corporation(6)

 

Common Stock

          745,504       766       0.3       1,619  

Envocore Holding, LLC(6)

 

Preferred Stock

          1,139,725                    
         

 

 

   

 

 

   

 

 

   

 

 

 
            766       0.3       1,619  
           

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

 

Allied Universal holdings, LLC(6)

 

Common Stock, Class A

          2,242,341       1,011       0.5       2,806  

ASP MCS Acquisition Corp.(6) (10)

 

Common Stock

          11,792       1,150       0.3       1,722  

Battery Solutions, Inc.(6) (10)

 

Preferred Stock, Class E

          5,381,776       3,669       0.1       779  

Battery Solutions, Inc.(6) (10)

 

Preferred Stock, Class F

          3,333,333                    

Battery Solutions, Inc.(6) (10)

 

Preferred Stock, Class A

          50,000                    

Hercules Borrower LLC(6)

 

Common Stock

          1,153,075       1,153       0.2       1,153  

IGT Holding LLC(6)

 

Preferred Stock

          645,730                    

IGT Holding LLC(6)

 

Common Stock

          1,000,000                    

MHS Acquisition Holdings, LLC(6)

 

Common Stock

          10       10              

MHS Acquisition Holdings, LLC(6)

 

Preferred Stock

          1,019       923       0.2       1,042  

My Alarm Center, LLC(6)

 

Junior Preferred Stock

          2,420                    

My Alarm Center, LLC(6)

 

Common Stock

          129,582                    

My Alarm Center, LLC(6)

 

Senior Preferred Stock

          2,999                    

PB Parent, LP(6)

 

Common Stock

          1,125,000       1,125       0.2       1,234  

RSI Acquisition, LLC(6)

 

Preferred Stock, Class A

          137,000       137       0.1       237  

Saber Parent Holdings(6)

 

Common Stock

          13,132       1,313       0.2       1,313  

TecoStar Holdings, Inc.(6)

 

Common Stock

          500,000       500       0.2       898  
         

 

 

   

 

 

   

 

 

   

 

 

 
            10,991       2.0       11,184  
           

 

 

   

 

 

   

 

 

 

Consumer Services

 

Everlast Holding, Inc.(6)

 

Common Stock

          948       948       0.2       948  

Green Wrench Acquisition, LLC(6)

 

Common Stock

          4,082       410       0.1       584  

HGH Investment, LP(6)

 

Common Stock, Class A

          4,171       417       0.1       585  

Legalshield(6)

 

Common Stock

          372       372       0.1       504  

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Southern Technical Institute, Inc.(6) (10)

 

Common Stock, Class A1

          6,000,000     $       1.3   $ 7,310  

Southern Technical Institute, Inc.(6) (10)

 

Common Stock, Class A

          3,164,063                   278  

Wrench Group Holdings, LLC(6)

 

Common Stock, Class A

          1,143       115             163  
         

 

 

   

 

 

   

 

 

   

 

 

 
              2,262       1.8       10,372  
           

 

 

   

 

 

   

 

 

 

Diversified Financials

             

CBDC Senior Loan Fund LLC(17) (21) (22)

 

Partnership Interest

          40,000,000       40,000       6.9       39,344  

GACP II LP(17) (22) (23)

 

Partnership Interest

          14,456,614       14,457       2.5       14,282  
         

 

 

   

 

 

   

 

 

   

 

 

 
              54,457       9.4       53,626  
           

 

 

   

 

 

   

 

 

 

Health Care Equipment & Services

             

ExamWorks Group, Inc.(6)

 

Common Stock

          7,500       750       0.3       1,675  

Hospice Care Buyer, Inc.(6)

 

Common Stock

          12,317       1,232       0.2       1,232  

MDVIP, Inc.(6)

 

Common Stock

          46,807       648       0.2       1,366  

NMN Holdings LP(6)

 

Common Stock

          11,111       1,111       0.2       1,258  

Patriot Acquisition Topco S.A.R.L(6) (17)

 

Common Stock, Class A

          913       913       0.2       913  

Patriot Acquisition Topco S.A.R.L(6) (17)

 

Common Stock, Class B

          12,576       0       0.0       0  

PT Network, LLC(6)

 

Common Stock, Class C

          1                    

SL Topco Holdings, Inc.(6)

 

Common Stock

          68,182       682       0.2       1,220  

Spartan Healthcare Holdings, LLC(6)

 

Common Stock

          11,910       1,191       0.3       1,407  
         

 

 

   

 

 

   

 

 

   

 

 

 
              6,527       1.6       9,071  
           

 

 

   

 

 

   

 

 

 

Insurance

             

Integrity Marketing Acquisition, LLC(6)

 

Preferred Stock

          1,246       1,216       0.3       1,532  

Integrity Marketing Acquisition, LLC(6)

 

Common Stock

          539,693       648       0.3       1,549  

Integro Parent, Inc.(6) (17)

 

Common Stock

          4,468       454       0.1       803  
         

 

 

   

 

 

   

 

 

   

 

 

 
              2,318       0.7       3,884  
           

 

 

   

 

 

   

 

 

 

Materials

             

Kestrel Upperco, LLC(6)

 

Common Stock, Class A

          41,791       209             235  
         

 

 

   

 

 

   

 

 

   

 

 

 

Media & Entertainment

             

Conisus, LLC(6) (10) (24)

 

Preferred Stock, Series B

   
1500
PIK
 
 
    15.00       19,013,276       10,629       3.3       19,013  

Conisus, LLC(6) (10)

 

Common Stock

          4,914,556             0.9       5,011  
         

 

 

   

 

 

   

 

 

   

 

 

 
              10,629       4.2       24,024  
           

 

 

   

 

 

   

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

             

Teal Parent Holdings, LP(6)

 

Common Stock

          4,562       456       0.1       472  
         

 

 

   

 

 

   

 

 

   

 

 

 

Retailing

             

Palmetto Moon, LLC(6)

 

Common Stock

          61                    

Slickdeals Holdings, LLC(6) (10)

 

Common Stock

          99       991       0.3       1,483  

Vivid Seats Ltd.(6) (10)

 

Preferred Stock

          1,891,892       1,892       0.5       3,003  

Vivid Seats Ltd.(6) (10)

 

Common Stock

          608,108       608       0.1       816  
         

 

 

   

 

 

   

 

 

   

 

 

 
              3,491       0.9       5,302  
           

 

 

   

 

 

   

 

 

 

Software & Services

             

Curvature(6) (25)

 

Residual Interest

          1,975,461       1,976       0.3       1,976  

Park Place Technologies, LLC(6)

 

Common Stock, Class W

          685,018                    

Park Place Technologies, LLC(6)

 

Common Stock, Class B2

          442,203       27             27  

Park Place Technologies, LLC(6)

 

Preferred Stock, Class A2

          479       479       0.1       479  

Saturn Topco LP(6)

 

Common Stock

          411,511       411       0.1       445  
         

 

 

   

 

 

   

 

 

   

 

 

 
              2,893       0.5       2,927  
           

 

 

   

 

 

   

 

 

 

Technology Hardware & Equipment

             

Onvoy, LLC(6)

 

Common Stock, Class A

          3,649       365       0.1       451  

Onvoy, LLC(6)

 

Common Stock, Class B

          2,536                   63  
         

 

 

   

 

 

   

 

 

   

 

 

 
              365       0.1       514  
           

 

 

   

 

 

   

 

 

 

Transportation

             

Xpress Global Systems, LLC(6)

 

Common Stock

          12,544                    
         

 

 

   

 

 

   

 

 

   

 

 

 

Total Equity Investments United States

          $ 95,364       21.6   $ 123,230  
           

 

 

   

 

 

   

 

 

 

Total United States

            $ 951,368       171.7   $ 978,736  
           

 

 

   

 

 

   

 

 

 

Canada

               

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Debt Investments

             

Health Care Equipment & Services

             

VetStrategy(6) (17)

 

Unsecured Debt

   
C + 1000 PIK
(100 Floor)
 
(26) 
    11.00     03/2031     C$ 2,500     $ 1,902       0.4   $ 1,989  

VetStrategy(5) (6) (9) (11) (17)

 

Unitranche First Lien Delayed Draw Term Loan

   
C + 700
(100 Floor)
 
(27) 
    8.00     07/2027     C$ 3,170       2,032       0.4       2,137  

VetStrategy(6) (9) (17)

 

Unitranche First Lien Delayed Draw Term Loan

   
C + 700
(100 Floor)
 
(27) 
    8.00     07/2027       1,725       1,312       0.2       1,372  

VetStrategy(6) (9) (17)

 

Unitranche First Lien Delayed Draw Term Loan

   
C + 700
(100 Floor)
 
(27) 
    8.00     07/2027       1,724       1,257       0.2       1,372  

VetStrategy(6) (17)

 

Unitranche First Lien Term Loan

   
C + 700
(100 Floor)
 
(27) 
    8.00     07/2027       9,246       6,711       1.3       7,357  
         

 

 

   

 

 

   

 

 

   

 

 

 
              13,214       2.5       14,227  
           

 

 

   

 

 

   

 

 

 

Telecommunication Services

             

Sandvine Corporation(6) (17)

 

Senior Secured Second Lien Term Loan

    L + 800 (7)      8.11     11/2026     $ 4,500       4,364       0.8       4,271  
         

 

 

   

 

 

   

 

 

   

 

 

 

Total Debt Investments

Canada

            $ 17,578       3.3   $ 18,498  
           

 

 

   

 

 

   

 

 

 

Equity Investments

             

Health Care Equipment & Services

               

VetStrategy(6) (17)

 

Common Stock

          750,000       560       0.1       665  
         

 

 

   

 

 

   

 

 

   

 

 

 
              560       0.1       665  
           

 

 

   

 

 

   

 

 

 

Total Equity Investments

Canada

            $ 560       0.1   $ 665  
           

 

 

   

 

 

   

 

 

 

Total Canada

            $ 18,138       3.4   $ 19,163  
           

 

 

   

 

 

   

 

 

 

United Kingdom

               

Debt Investments

             

Commercial & Professional Services

             

Crusoe Bidco Limited(5) (6) (17) (28)

 

Unitranche First Lien Delayed Draw Term Loan

    L + 625 (29)      6.34     12/2025     £ $272     $ 399       0.1   $ 419  

Crusoe Bidco Limited(5) (6) (17)

 

Unitranche First Lien Delayed Draw Term Loan

    (29)        12/2025       (99                  

Crusoe Bidco Limited(6) (17)

 

Unitranche First Lien Term Loan

    L + 625 (29)      6.34     12/2025       6,067       7,439       1.4       8,371  
         

 

 

   

 

 

   

 

 

   

 

 

 
            6,240       7,838       1.5       8,790  
         

 

 

   

 

 

   

 

 

   

 

 

 

Consumer Durables & Apparel

             

Lion Cashmere Bidco Limited (6) (17)

 

Unitranche First Lien Term Loan

   
L + 600
(50 Floor)
 
(8) 
    6.50     03/2028     $ 9,939       9,667       1.7       9,666  

Lion Cashmere Bidco Limited (6) (17)

 

Unitranche First Lien Term Loan

   
L + 600
(50 Floor)
 
(8) 
    6.50     03/2028       4,352       4,232       0.7       4,232  

Lion Cashmere Bidco Limited(3) (5) (6) (17)

 

Unitranche First Lien Delayed Draw Term Loan

        03/2028     (516     (90           (89

Lion Cashmere Bidco Limited(3) (4) (5) (6) (17)

 

Unitranche First Lien Revolver

        03/2026       (387     (12           (67

Lion Cashmere Bidco Limited(6) (17)

 

Unitranche First Lien Term Loan

   
L + 600
(50 Floor)
 
(12) 
    6.50     03/2028     $ 4,953       4,818       0.9       4,817  
         

 

 

   

 

 

   

 

 

   

 

 

 
              18,615       3.3       18,559  
           

 

 

   

 

 

   

 

 

 

Consumer Services

             

Auction Technology Group(6) (17)

 

Unitranche First Lien Term Loan

    L + 650 (8)      6.69     02/2027       6,253       6,089       1.1       6,315  

Auction Technology Group(5) (6) (17) (31)

 

Unitranche First Lien Revolver

        08/2026     £                   42  

Auction Technology Group(6) (17)

 

Unitranche First Lien Term Loan

    L + 650 (29)      6.56     02/2027       1,158       1,471       0.3       1,613  
         

 

 

   

 

 

   

 

 

   

 

 

 
              7,560       1.4       7,970  
           

 

 

   

 

 

   

 

 

 

Total Debt Investments United Kingdom

            $ 34,013       6.2   $ 35,319  
           

 

 

   

 

 

   

 

 

 

Total United Kingdom

            $ 34,013       6.2   $ 35,319  
           

 

 

   

 

 

   

 

 

 

 

See accompanying notes

 

18


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

(in thousands, except share and per share data)

 

Company/Security/Country

 

Investment Type

        Interest      
Term*
      Interest  
Rate
    Maturity/
  Dissolution  
Date
        Principal    
Amount,

Par
Value or
Shares
            Cost               Percentage  
of Net
Assets**
    Fair
      Value      
 

Netherlands

               

Debt Investments

               

Pharmaceuticals, Biotechnology & Life Sciences

               

PharComp Parent B.V.(6) (16) (17)

 

Unitranche First Lien - Last Out Term Loan

    E + 625 (32) (33)      6.25     02/2026     6,910     $ 7,661       1.4   $ 8,121  

PharComp Parent B.V.(5) (6) (17) (28)

 

Unitranche First Lien Term Loan

    E + 625  (32) (33)      6.25     02/2026     $ 881       1,110       0.2       1,171  
         

 

 

   

 

 

   

 

 

   

 

 

 
              8,771       1.6       9,292  
           

 

 

   

 

 

   

 

 

 

Total Debt Investments

Netherlands

            $ 8,771       1.6   $ 9,292  
           

 

 

   

 

 

   

 

 

 

Total Netherlands

            $ 8,771       1.6   $ 9,292  
           

 

 

   

 

 

   

 

 

 

Belgium

               

Debt Investments

             

Commercial & Professional Services

             

MIR Bidco SA(6) (17)

 

Unitranche First Lien Term Loan

    E + 625 (33) (34)      6.25     04/2026     9,507       10,501       1.9       10,913  

Miraclon Corporation(6) (17)

 

Unitranche First Lien Term Loan

    L + 625 (12)      6.46     04/2026     $ 4,162       4,065       0.8       4,154  
         

 

 

   

 

 

   

 

 

   

 

 

 
              14,566       2.7       15,067  
           

 

 

   

 

 

   

 

 

 

Total Debt Investments

Belgium

            $ 14,566       2.7   $ 15,067  
           

 

 

   

 

 

   

 

 

 

Equity Investments

             

Commercial & Professional Services

             

MIR Bidco SA(6) (17)

 

Common Stock

          921       1              

MIR Bidco SA(6) (17)

 

Preferred Stock

          81,384       91             50  
         

 

 

   

 

 

   

 

 

   

 

 

 
              92             50  
           

 

 

   

 

 

   

 

 

 

Total Equity Investments

Belgium

            $ 92         $ 50  
           

 

 

   

 

 

   

 

 

 

Total Belgium

            $ 14,658       2.7   $ 15,117  
           

 

 

   

 

 

   

 

 

 

Total Investments

            $ 1,026,948       185.6   $ 1,057,627  
           

 

 

   

 

 

   

 

 

 

 

*

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”), CDOR (“C”) or EURIBOR (“E”) and which reset monthly, bi-monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR or Prime and the current interest rate in effect at March 31, 2021. Certain investments are subject to a LIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**

Percentage is based on net assets of $569,987 as of March 31, 2021.

(1)

All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940, as amended (“1940 Act”). Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

(2)

All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(3)

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

(4)

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

(5)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 7 “Commitments and Contingencies”.

(6)

The fair value of the investment was determined using significant unobservable inputs. See Note 2 “Summary of Significant Accounting Policies”.