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 June 30, 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 August 11, 2021 was 28,167,360

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 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 June 30, 2021 (Unaudited) and December 31, 2020      2  
  Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2021 and 2020 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (Unaudited)      6  
  Consolidated Schedule of Investments as of June 30, 2021 (Unaudited)      7  
  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      62  

  Item 3.

  Quantitative and Qualitative Disclosures About Market Risk      75  

  Item 4.

  Controls and Procedures      77  

PART II.

  OTHER INFORMATION      77  

  Item 1.

  Legal Proceedings      77  

  Item 1A

  Risk Factors      77  

  Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      77  

  Item 3.

  Defaults Upon Senior Securities      78  

  Item 4.

  Mine Safety Disclosures      78  

  Item 5.

  Other Information      79  

  Item 6.

  Exhibits      79  


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
June 30, 2021
(Unaudited)
    As of
    December 31,    
2020
 

Assets

    

Investments, at fair value

    

Non-controlled non-affiliated (cost of $953,309 and $920,693, respectively)

     $ 967,002       $ 923,912  

Non-controlled affiliated (cost of $51,536 and $50,431, respectively)

     88,073       71,354  

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

     39,905       38,735  

Cash and cash equivalents

     12,991       1,896  

Restricted cash and cash equivalents

     12,790       12,953  

Interest and dividend receivable

     6,158       3,859  

Unrealized appreciation on foreign currency forward contracts

     968       264  

Deferred tax assets

     161       630  

Receivable for investments sold

     56       6  

Other assets

     379       543  
  

 

 

   

 

 

 

Total assets

     $ 1,128,483       $ 1,054,152  
  

 

 

   

 

 

 

Liabilities

    

Debt (net of deferred financing costs of $6,020 and $4,600)

     508,844       471,932  

Distributions payable

     11,549       11,549  

Incentive fees payable

     5,393       —    

Interest and other debt financing costs payable

     5,105       3,923  

Management fees payable

     2,007       1,867  

Unrealized depreciation on foreign currency forward contracts

     1,163       896  

Deferred tax liabilities

     794       1,324  

Directors’ fees payable

     115       98  

Accrued expenses and other liabilities

     2,491       2,563  
  

 

 

   

 

 

 

Total liabilities

     $ 537,461       $ 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 earnings (loss)

     (3,664     (34,686
  

 

 

   

 

 

 

Total net assets

     $ 591,022       $ 560,000  
  

 

 

   

 

 

 

Total liabilities and net assets

     $     1,128,483       $     1,054,152  
  

 

 

   

 

 

 

Net asset value per share

     $ 20.98       $ 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
June 30,
  For the six
months ended
June 30,
    2021   2020   2021   2020

Investment Income:

       

From non-controlled non-affiliated investments:

       

Interest income

  $ 20,252     $ 15,689     $ 38,338     $ 32,292  

Paid-in-kind interest

    415       697       783       1,246  

Dividend income

    43             54       175  

Other income

    232       620       324       1,060  

From non-controlled affiliated investments:

       

Interest income

    291       328       600       671  

Paid-in-kind interest

    528       481       1,028       485  

Dividend income

    1,338       712       1,843       1,429  

From controlled investments:

       

Dividend income

    700       800       1,400       800  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investment income

  $ 23,799     $ 19,327     $ 44,370     $ 38,158  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

       

Interest and other debt financing costs

    4,594       3,631       8,788       7,980  

Management fees

    3,344       2,767       6,551       5,418  

Income based incentive fees

    2,588       2,267       4,866       4,199  

Capital gains based incentive fees

    3,816             5,393        

Professional fees

    497       364       994       706  

Directors’ fees

    115       110       234       239  

Other general and administrative expenses

    691       495       1,384       1,221  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

    15,645       9,634       28,210       19,763  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fee waiver

    (1,337     (1,107     (2,620     (2,264

Income based incentive fees waiver

    (2,588     (2,267     (4,866     (4,199
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net expenses

    11,720       6,260       20,724       13,300  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before taxes

    12,079       13,067       23,646       24,858  

Income and excise taxes

    1,103       111       1,233       349  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

    10,976       12,956       22,413       24,509  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments:

       

Net realized gain (loss) on:

       

Non-controlled non-affiliated investments

    2,471       (1,136     4,217       (1,023

Foreign currency transactions

    133       76       142       (161

Net change in unrealized appreciation (depreciation) on:

       

Non-controlled non-affiliated investments and foreign currency translation

    2,830       25,470       10,439       (39,225

Non-controlled affiliated investments

    16,036       11,548       15,614       8,292  

Controlled investments

    560       7,914       1,170       (8,929

Foreign currency forward contracts

    (259     (218     436       1,972  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses) on investments

    21,771       43,654       32,018       (39,074
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized loss on asset acquisition

                      (3,825
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

    21,771       43,654       32,018       (42,899

Provision for taxes on realized gain on investments

    (372     —         (372     —    

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

    209       (193     60       262  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

  $ 32,584     $ 56,417     $ 54,119     $ (18,128
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data:

       
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):   $ 1.16     $ 2.00     $ 1.92     $ (0.67

Net investment income per share (basic and diluted):

  $ 0.39     $ 0.46     $ 0.80     $ 0.90  

Weighted average shares outstanding (basic and diluted):

      28,167,360         28,168,643         28,167,360         27,190,817  

 

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
Loss
  Total
Net Assets

Balance at March 31, 2021

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

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

 

Net investment income

                          10,976       10,976  
Net realized gain (loss) on investments and foreign currency transactions                           2,604       2,604  
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                           19,167       19,167  

Provision for taxes on realized gain on investments

                          (372     (372
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                           209       209  

Stockholder distributions:

             

Distributions to stockholders

                          (11,549     (11,549
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended June 30, 2021           $      $      $ 21,035     $ 21,035  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Balance at June 30, 2021

     28,167,360      $ 28      $ 594,658      $ (3,664   $ 591,022  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Distributions declared per share

              $ 0.41  

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

                          22,413       22,413  
Net realized gain (loss) on investments and foreign currency transactions                           4,359       4,359  
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                           27,659       27,659  

Provision for taxes on realized gain on investments

                          (372     (372
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                           60       60  

Stockholder distributions:

                         

Distributions to stockholders

                          (23,097     (23,097
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Total increase (decrease) for the six months ended June 30, 2021           $      $      $ 31,022     $ 31,022  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Balance at June 30, 2021

     28,167,360      $ 28      $ 594,658      $ (3,664   $ 591,022  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Distributions declared per share

              $ 0.82  

 

See accompanying notes

 

4


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
Loss
  Total
Net Assets
Balance at March 31, 2020      28,200,547     $ 28      $ 559,239     $ (93,512   $ 465,755  
Net increase (decrease) in net assets resulting from operations:

 

Net investment income                         12,956       12,956  
Net realized gain (loss) on investments and foreign currency transactions                         (1,060     (1,060
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         44,714       44,714  
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                         (193     (193
Stockholder distributions:

 

Repurchase of common stock      (33,187            (326           (326
Distributions to stockholders                         (11,548     (11,548
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended June 30, 2020      (33,187            (326     44,869       44,543  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30,2020      28,167,360     $ 28      $ 558,913     $ (48,643   $ 510,298  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Distributions declared             $ 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                         24,509       24,509  
Net realized gain (loss) on investments and foreign currency transactions                         (1,184     (1,184
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         (37,890     (37,890
Realized loss on asset acquisition                         (3,825     (3,825
Benefit/(Provision) for taxes on unrealized appreciation/depreciation) on investments                         262       262  
Stockholder distributions:

 

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      (192,415            (2,208           (2,208
Distributions to stockholders                         (23,118     (23,118
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) for the six months ended June 30, 2020      7,305,046       7        144,620       (41,246     103,381  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2020      28,167,360     $ 28      $ 558,913     $ (48,643   $ 510,298  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

Distributions declared             $ 0.82  

 

See accompanying notes

 

5


Table of Contents

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

     For the six months ended June 30,  
     2021     2020  

Cash flows from operating activities:

    

Net increase (decrease) in net assets resulting from operations

     54,119       (18,128

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

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

    

Purchases of investments

     (209,203     (143,856

Paid-in-kind interest income

     (1,827     (1,731

Proceeds from sales of investments and principal repayments

     186,799       134,110  

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

     (4,899     1,376  

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

     (27,223     39,862  

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

     (436     (1,972

Amortization of premium and accretion of discount, net

     (4,622     (2,761

Amortization of deferred financing costs

     766       615  

Change in operating assets and liabilities:

    

(Increase) decrease in receivable for investments sold

     (50     (10,838

(Increase) decrease in interest receivable

     (2,299     (146

(Increase) decrease in deferred tax asset

     469       (341

(Increase) decrease in other assets

     164       2,339  

Increase (decrease) in management fees payable

     140       317  

Increase (decrease) in incentive fees payable

     5,393        

Increase (decrease) in directors’ fees payable

     17       36  

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

     1,182       (1,034

Increase (decrease) in deferred tax liability

     (530     80  

Increase (decrease) in accrued expenses and other liabilities

     (72     (1,630
  

 

 

   

 

 

 

Net cash provided by (used for) operating activities

   $ (2,112   $ (12,761
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Issuance of common stock

           44,297  

Repurchase of common stock

           (2,208

Deferred financing and debt issuance costs paid

     (2,186     (1,688

Distributions paid

     (23,097     (19,535

Borrowings on credit facilities

     220,450       169,843  

Repayments on credit facilities

     (300,700     (145,927

Issuance of unsecured debt

     135,000        

Repayments on InterNotes ®

     (16,418     (33,853
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     13,049       10,929  
  

 

 

   

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

     (5     (38
  

 

 

   

 

 

 

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

     10,932       (1,870

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)

     25,781       11,557  
  

 

 

   

 

 

 

Supplemental and non-cash financing activities:

    

Cash paid during the period for interest

     6,961       7,990  

Issuance of common stock pursuant to dividend reinvestment plan

           589  

Accrued but unpaid distributions

     11,549       11,548  

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

           101,949  

 

(1)

As of June 30, 2021, the balance included cash and cash equivalents of $10,145, cash denominated in foreign currency of $2,846 and restricted cash and cash equivalents of $12,790. As of June 30, 2020, the balance included cash and cash equivalents of $3,514, cash denominated in foreign currency of $391 and restricted cash and cash equivalents of $8,043.

(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

 

6


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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)        $  

Auto-Vehicle Parts, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(7) 
    5.50     01/2023        4,541        4,519       0.8       4,541  

Auto-Vehicle Parts, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     01/2023        2,300        2,271       0.4       2,300  

Continental Battery Company(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     01/2027        7,303        7,166       1.2       7,327  

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

 

Unitranche First Lien Delayed Draw Term Loan

         01/2027               (25           9  

Empire Auto Parts, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,358        2,327       0.4       2,358  

Empire Auto Parts, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,431        2,403       0.4       2,431  

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

 

Unitranche First Lien Revolver

         09/2024               (4            
           

 

 

    

 

 

   

 

 

   

 

 

 
              18,933        18,654       3.2       18,966  
           

 

 

    

 

 

   

 

 

   

 

 

 

Capital Goods

 

Envocore Holding, LLC(6)

 

Senior Secured First Lien Term Loan

    


L + 750
(200 Floor)
(including
150 PIK)
 
 
 
(8) 
    11.00     06/2022        18,869        16,161       2.1       12,673  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2025        850        836       0.1       839  

Potter Electric Signal Company(4) (5)

 

Senior Secured First Lien Revolver

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2024        33        29             21  

Potter Electric Signal Company

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2025        2,467        2,451       0.4       2,442  

Potter Electric Signal Company

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2025        469        466       0.1       464  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  22,688            19,943       2.7           16,439  
           

 

 

    

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

 

ASP MCS Acquisition Corp.(10)

 

Senior Secured Second Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025        293        272             289  

Battery Solutions, Inc.(6) (10)

 

Unsecured Debt

     1400 PIK (11)      14.00     06/2023        1,339        1,330       0.2       1,237  

Battery Solutions, Inc.(6) (10)

 

Unsecured Debt

     1400 PIK (11)      14.00     06/2023        361        361       0.1       333  

CHA Holdings, Inc.

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     04/2025        1,008        1,005       0.2       958  

CHA Holdings, Inc.

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     04/2025        4,781        4,767       0.8       4,542  

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

 

Senior Secured First Lien Revolver

         07/2026               (11            

Consolidated Label Co., LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     07/2026        4,317        4,243       0.7       4,317  

Consolidated Label Co., LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     07/2026        3,850        3,775       0.7       3,850  

Digital Room Holdings, Inc.

 

Senior Secured First Lien Term Loan

     L + 500 (12)      5.20     05/2026        6,860        6,592       1.2       6,860  

GH Parent Holdings Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     05/2027        13,208        13,013       2.2       13,078  

GH Parent Holdings Inc.(5) (6)

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor)
 
(7) 
    6.50     05/2027        208        178             188  

GH Parent Holdings Inc.(3) (5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

         05/2027                           (55

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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(5) (6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        4,136        4,114       0.7        3,980  

Hepaco, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        5,073        5,045       0.8        4,880  

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

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)
 
(7) 
    6.00     08/2024        825        825       0.1        791  

Hercules Borrower LLC(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     12/2026            19,077        18,640       3.4            19,460  

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

 

Unitranche First Lien Revolver

         12/2026               (51            44  

Hsid Acquisition, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     01/2026        3,845        3,784       0.7        3,845  

Hsid Acquisition, LLC(6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     01/2026            2,878            2,834       0.5        2,878  

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

 

Senior Secured First Lien Revolver

         01/2026               (11             

Impact Group, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 737
(100 Floor)
 
(8) 
    8.37     06/2023        6,926        5,367       1.2        6,926  

Impact Group, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 737
(100 Floor)
 
(8) 
    8.37     06/2023        6,538        5,066       1.1        6,538  

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

 

Senior Secured First Lien Revolver

         02/2026               (6            (44

ISS Compressors Industries, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026        9,052        8,982       1.5        8,577  

Jordan Healthcare, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        4,409        4,396       0.7        4,386  

Jordan Healthcare, Inc.(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     07/2022        688        686       0.1        684  

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

 

Senior Secured First Lien Revolver

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

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        460  

MHS Acquisition Holdings, LLC(6)

 

Senior Secured Second Lien Term Loan

    
L + 875
(100 Floor)
 
(8) 
    9.75     03/2025        8,102        7,970       1.4        7,982  

MHS Acquisition Holdings, LLC(6)

 

Unsecured Debt

     1350 PIK (11)      13.50     03/2026        291        280              286  

MHS Acquisition Holdings, LLC(6)

 

Unsecured Debt

     1350 PIK (11)      13.50     03/2026        874        867       0.1        859  

Nexant Volt MergerSub, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     05/2027        5,700        5,587       1.0        5,644  

Nexant Volt MergerSub, Inc.(5) (6)

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)
 
(8) 
    6.00     05/2027        362        352       0.1        357  

Pinstripe Holdings, LLC

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     01/2025        9,800        9,618       1.6        9,702  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     11/2025        2,756        2,662       0.5        2,771  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     11/2025        3,714        3,626       0.6        3,726  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     11/2025        9,973        9,756       1.7        10,004  

Pye-Barker Fire & Safety, LLC(3) (5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

         11/2025               (20            6  

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

 

Senior Secured First Lien Revolver

         10/2024               (3             

Receivable Solutions, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     10/2024        1,946        1,923       0.3        1,946  

Receivable Solutions, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     10/2024        748        735       0.1        748  

SavATree, LLC(6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)
 
(8) 
    6.25     06/2022        891        886       0.2        891  

SavATree, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor
 
(8) 
    6.25     06/2022        3,890        3,874       0.7        3,890  

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

 

Senior Secured First Lien Revolver

         06/2022               (2             

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Service Logic Acquisition, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     10/2028        8,755        8,509       1.5        9,018  

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

 

Senior Secured Second Lien Delayed Draw Term Loan

         10/2028               (69            73  

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

 

Senior Secured First Lien Delayed Draw Term Loan

         02/2025               (23             

Spear Education(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(8) 
    6.00     02/2025        6,789        6,738       1.1        6,789  

TecoStar Holdings, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 850
(100 Floor)
 
(8) 
    9.50     11/2024        5,000        4,934       0.8        4,859  

UP Acquisition Corp.(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        1,182        1,166       0.2        1,171  

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

 

Unitranche First Lien Revolver

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        391        376       0.1        378  

UP Acquisition Corp.(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(7) 
    7.25     05/2024        4,312        4,259       0.7        4,270  

Xcentric Mold and Engineering Acquisition Company, LLC(6)

 

Senior Secured First Lien Revolver

    


L + 600
(100 Floor)
(including
100 PIK)
 
 
 
(7) 
    8.00     01/2022        714        712       0.1        597  

Xcentric Mold and Engineering Acquisition Company, LLC(6)

 

Senior Secured First Lien Term Loan

    


L + 600
(100 Floor)
(including
100 PIK)
 
 
 
(7) 
    8.00     01/2022        4,413        4,397       0.6        3,688  
           

 

 

    

 

 

   

 

 

    

 

 

 
                  181,021            175,046       30.4            178,934  
           

 

 

    

 

 

   

 

 

    

 

 

 

Consumer Durables & Apparel

                 

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

 

Senior Secured First Lien Revolver

         06/2023               (6             

EiKo Global, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     06/2023        3,150        3,121       0.5        3,150  
           

 

 

    

 

 

   

 

 

    

 

 

 
              3,150        3,115       0.5        3,150  
           

 

 

    

 

 

   

 

 

    

 

 

 

Consumer Services

                   

Everlast Parent Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     10/2026        13,958        13,643       2.4        13,958  

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

 

Unitranche First Lien Revolver

         10/2026               (36             

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

 

Unitranche First Lien Delayed Draw Term Loan

         10/2026               (38             

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        155        139              155  

HGH Purchaser, Inc.(6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        3,365        3,273       0.6        3,356  

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

 

Unitranche First Lien Revolver

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        101        83              101  

HGH Purchaser, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     11/2025        7,986        7,833       1.4        7,986  

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

 

Senior Secured First Lien Revolver

    
L + 450
(100 Floor)
 
(13) 
    5.50     03/2025        228        208              220  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    

L + 450

(100 Floor)

 

(8) 

    5.50     03/2025        2,426        2,369       0.4        2,403  

Learn-It Systems, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(8) 
    5.50     03/2025        4,315        4,220       0.7        4,276  

Learn-It Systems, LLC(3) (5) (6) (14)

 

Senior Secured First Lien Delayed Draw Term Loan

         05/2023               (48            (23

Southern HVAC Corporation(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     10/2025        7,866        7,723       1.3        7,866  

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

 

Unitranche First Lien Revolver

         10/2025               (17             

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

 

Unitranche First Lien Delayed Draw Term Loan

    

L + 625
(100 Floor)
 
(8) 
 
    7.25     10/2025        1,507        1,482       0.3        1,507  

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Stepping Stones Healthcare Services, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     03/2027        5,885        5,800       1.0        5,885  

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

 

Unitranche First Lien Revolver

         03/2026               (11             

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     03/2027        253        242              253  

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        9,094        8,971       1.5        9,094  

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

 

Senior Secured First Lien Revolver

    
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021        400        399       0.1        387  

United Language Group, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 675
(100 Floor)
 
(7) 
    7.75     12/2021        4,617        4,606       0.8        4,467  

Vistage Worldwide, Inc

 

Senior Secured First Lien Term Loan

    
L + 400
(100 Floor)
 
(8) 
    5.00     02/2025        6,134        6,143       1.0        6,142  

WeddingWire, Inc.

 

Senior Secured Second Lien Term Loan

     L + 825 (8)      8.46     12/2026        5,000        4,958       0.8        4,888  

Wrench Group LLC(6)

 

Senior Secured Second Lien Term Loan

     L + 788 (8)      8.08     04/2027        2,500        2,440       0.4        2,470  
           

 

 

    

 

 

   

 

 

    

 

 

 
                  75,790            74,374       12.7            75,391  
           

 

 

    

 

 

   

 

 

    

 

 

 

Energy

                   

BJ Services, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 700
(150 Floor)
 
(8) 
    8.50     01/2023        1,652        1,646       0.3        1,652  

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

 

Unitranche First Lien - Last Out Term Loan

         01/2023        8,075        8,014       1.0        5,656  

Black Diamond Oilfiefld
Rentals, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     09/2021        9,817        9,800       1.6        9,423  
           

 

 

    

 

 

   

 

 

    

 

 

 
              19,544        19,460       2.9        16,731  
           

 

 

    

 

 

   

 

 

    

 

 

 

Food & Staples Retailing

                   

Isagenix International, LLC

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     06/2025        5,842        5,823       0.8        4,795  
           

 

 

    

 

 

   

 

 

    

 

 

 

Food, Beverage & Tobacco

                   

JTM Foods LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(8) 
    5.75     05/2027        5,050        4,963       0.8        5,000  

JTM Foods LLC(5) (6)

 

Senior Secured First Lien Revolver

    
L + 475
(100 Floor)
 
(8) 
    5.75     05/2027        160        146              152  

JTM Foods LLC(3) (5) (6)

 

Senior Secured First Lien Delayed Draw Term Loan

         05/2027               (7            (7

Mann Lake Ltd.(4) (6)

 

Senior Secured First Lien Revolver

    
L + 550
(100 Floor)
 
(8) 
    6.50     10/2024        210        200              210  

Mann Lake Ltd.(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     10/2024        3,807        3,761       0.6        3,807  
           

 

 

    

 

 

   

 

 

    

 

 

 
              9,227        9,063       1.4        9,162  
           

 

 

    

 

 

   

 

 

    

 

 

 

Health Care Equipment & Services

                   

Aegis Sciences Corporation

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     05/2025        6,347        6,008       1.0        6,167  

Ameda, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     09/2022        2,188        2,176       0.4        2,083  

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

 

Senior Secured First Lien Revolver

    
L + 700
(100 Floor)
 
(7) 
    8.00     09/2022        188        186              173  

Anne Arundel Dermatology Management, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025        2,438        2,395       0.4        2,438  

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

 

Senior Secured First Lien Revolver

         10/2025               (9             

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        798        770       0.1        798  

Avalign Technologies, Inc.

 

Senior Secured First Lien Term Loan

     L + 450 (8)      4.69     12/2025        16,751        16,638       2.8        16,500  

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

 

Unitranche First Lien Revolver

         12/2025               (44            (20

Centria Subsidiary Holdings, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     12/2025        11,694        11,422       2.0        11,577  

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

CRA MSO, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2023        1,219        1,206       0.2        1,184  

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

 

Senior Secured First Lien Revolver

    
L + 700
(100 Floor)
 
(7) 
    8.00     12/2023        60        58              54  

ExamWorks Group, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 725
(100 Floor)
 
(8) 
    8.25     07/2024        5,735        5,655       1.0        5,793  

FH MD Buyer, Inc(6)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(7) 
    6.75     10/2026        19,606        19,198       3.3        19,411  

GrapeTree Medical Staffing, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022        1,303        1,292       0.2        1,301  

GrapeTree Medical Staffing, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)
 
(7) 
    6.25     10/2022        1,549        1,542       0.3        1,548  

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

 

Senior Secured First Lien Revolver

         10/2022               (2            (1

Great Lakes Dental Partners, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     06/2026        5,000        4,900       0.8        4,950  

Great Lakes Dental Partners, LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

         06/2026               (17            (8

Great Lakes Dental Partners, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         06/2026               (8            (4

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022        14,423        13,718       2.3        13,735  

HCAT Acquisition, Inc.(6) (19)

 

Unitranche First Lien Revolver

    
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022        3,836        3,649       0.6        3,653  

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 925
(100 Floor)
 
(8) 
    10.25     11/2022        2,269        2,158       0.4        2,161  

HCOS Group Intermediate III LLC

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     09/2026        11,513        11,309       1.9        11,196  

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

 

Senior Secured First Lien Revolver

         09/2026               (16            (25

Homecare Partners Management, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(8) 
    5.75     05/2027        4,550        4,460       0.8        4,505  

Homecare Partners Management, LLC(5) (6)

 

Senior Secured First Lien Revolver

    
L + 475
(100 Floor)
 
(8) 
    5.75     05/2027        220        198              209  

Homecare Partners Management, LLC(3) (5) (6)

 

Senior Secured First Lien Delayed Draw Term Loan

         05/2027               (34            (34

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

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     12/2026            14,379            14,014       2.4            14,379  

Hospice Care Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     12/2026        2,626        2,552       0.4        2,626  

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

 

Unitranche First Lien Revolver

    
L + 650
(100 Floor)
 
(7) 
    7.50     12/2026        162        118              162  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 650
(100 Floor)
 
(13) 
    7.50     12/2026        1,290        1,236       0.2        1,290  

IvyRehab Intermediate II, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     12/2024        7,990        7,850       1.4        7,990  

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

 

Unitranche First Lien Revolver

         12/2024               (9             

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     12/2024        334        309       0.1        334  

Lightspeed Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     02/2026        9,875        9,718       1.7        9,772  

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

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor)
 
(7) 
    6.50     02/2026        350        334       0.1        339  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     02/2026        1,140        1,117       0.2        1,122  

MDVIP, Inc.

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(7) 
    5.25     11/2024        9,511        9,511       1.6        9,541  

NMN Holdings III Corp.(6)

 

Senior Secured Second Lien Delayed Draw Term Loan

     L + 775 (7)      7.86     11/2026        1,667       
1,629
 
    0.3        1,667  

NMN Holdings III Corp.(6)

 

Senior Secured Second Lien Term Loan

     L + 775 (7)      7.86     11/2026        7,222        7,062       1.2        7,222  

NMSC Holdings, Inc.(6)

 

Senior Secured Second Lien Term Loan    

    
L + 1000
(100 Floor)
 
(8) 
    11.00     10/2023        4,307        4,243       0.7        4,307  

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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        826  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023        6,843        6,797       1.1        6,648  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)
 
(7) 
    8.50     05/2023        898        882       0.1        872  

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

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     01/2028        5,043        4,924       0.9        5,043  

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

 

Unitranche First Lien Revolver

         01/2026               (41             

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)
 
(8) 
    7.75     01/2028        12,230        11,942       2.1        12,230  

Pharmalogics Recruiting, LLC

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     02/2027        7,402        7,262       1.2        7,254  

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

 

Unitranche First Lien Delayed Draw Term Loan

         02/2027               (27            (29

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2022        681        675       0.1        669  

Pinnacle Treatment Centers, Inc.

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2022        8,052        8,009       1.3        7,972  

Pinnacle Treatment Centers, Inc.(3)

 

Unitranche First Lien Revolver

         12/2022               (4            (6

Professional Physical Therapy(6)

 

Senior Secured First Lien Term Loan

    


L + 600
(100 Floor)
(including
250 PIK)
 
 
 
(8) 
    9.50     12/2022        9,048        8,939       1.1        6,712  

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

 

Senior Secured First Lien Revolver

         11/2023                             

PT Network, LLC(6)

 

Senior Secured First Lien Term Loan

    


L + 550
(100 Floor)
(including
200 PIK)
 
 
 
 (8) 
    8.50     11/2023        4,814        4,808       0.8        4,814  

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

 

Unitranche First Lien Revolver

    
L + 400
(100 Floor)
 
(8) 
    5.00     06/2025        180        173              177  

Safco Dental Supply, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 400
(100 Floor)
 
(8) 
    5.00     06/2025        4,043        3,992       0.7        4,025  

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

 

Unitranche First Lien Revolver

         07/2026               (26             

Seniorlink Incorporated(6)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor)
 
(8) 
    8.00     07/2026            11,248            10,959       1.9            11,248  

Smile Brands, Inc.

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 517 (8)       5.42     10/2024        616        612       0.1        617  

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

 

Senior Secured First Lien Revolver

         09/2024               (2            (4

Smile Brands, Inc.

 

Senior Secured First Lien Term Loan

     L + 517 (8)      5.42     10/2024        2,048        2,036       0.3        2,053  

Smile Doctors LLC(4) (5)

 

Senior Secured First Lien Revolver

         10/2022                             

Smile Doctors LLC

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2022        16,198        16,185       2.7        16,198  

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

 

Senior Secured First Lien Delayed Draw Term Loan

     P + 375 (20)       7.00     09/2025        1,523        1,495       0.2        1,436  

Unifeye Vision Partners(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         09/2025               (24            (48

Unifeye Vision Partners(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(8) 
    5.75     09/2025        5,319        5,240       0.9        5,168  

Vital Care Buyer, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025        6,998        6,891       1.2        6,998  

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

 

Unitranche First Lien Revolver

         10/2025               (33             

Zest Acquisition Corp.

 

Senior Secured First Lien Term Loan

     L + 350 (7)      3.61     03/2025        8,603        8,604       1.4        8,412  
           

 

 

    

 

 

   

 

 

    

 

 

 
              285,177        279,604       47.0        279,380  
           

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Household & Personal Products

 

Tranzonic(4) (5) (6)

 

Senior Secured First Lien Revolver

    
L + 450
(100 Floor)
 
(7) 
    5.50     03/2023        513        511       0.1        513  

Tranzonic(6)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)
 
(7) 
    5.50     03/2023        3,792        3,777       0.6        3,792  
           

 

 

    

 

 

   

 

 

    

 

 

 
              4,305        4,288       0.7        4,305  
           

 

 

    

 

 

   

 

 

    

 

 

 

Insurance

                   

Comet Acquisition, Inc.

 

Senior Secured Second Lien Term Loan

     L + 750 (8)      7.70     10/2026        1,782        1,779       0.3        1,740  

Evolution BuyerCo, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     04/2028        8,313        8,221       1.4        8,219  

Evolution BuyerCo, Inc.(3) (5) (6)

 

Unitranche First Lien Revolver

         04/2028               (8            (8

Evolution BuyerCo, Inc.(3) (5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

         04/2028               (8            (16

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025        5,042        4,945       0.8        4,992  

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025        3,049        2,989       0.5        3,018  

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

 

Unitranche First Lien Revolver

         08/2025               (35            (14

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     08/2025        12,814        12,579       2.1        12,686  

Integro Parent, Inc.(17)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     10/2022        469        467       0.1        461  

Integro Parent, Inc.(17)

 

Senior Secured Second Lien Term Loan

    
L + 925
(100 Floor)
 
(7) 
    10.25     10/2023        2,915        2,894       0.5        2,755  

Integro Parent, Inc.(17)

 

Senior Secured Second Lien Delayed Draw Term Loan

    
L + 925
(100 Floor)
 
(7) 
    10.25     10/2023        380        378       0.1        359  

The Hilb Group, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2026        3,585        3,512       0.6        3,495  

The Hilb Group, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     12/2026        1,014        993       0.2        988  

The Hilb Group, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         12/2025               (6            (9

The Hilb Group, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     12/2026        1,064        1,039       0.2        1,064  

The Hilb Group, LLC(5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     12/2026        299        276       0.1        299  

The Hilb Group, LLC(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         12/2025               (3             
           

 

 

    

 

 

   

 

 

    

 

 

 
              40,726        40,012       6.9        40,029  
           

 

 

    

 

 

   

 

 

    

 

 

 

Materials

                   

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

 

Unitranche First Lien Revolver

         11/2023               (10             

Kestrel Parent, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     11/2025        6,638        6,526       1.1        6,638  
           

 

 

    

 

 

   

 

 

    

 

 

 
              6,638        6,516       1.1        6,638  
           

 

 

    

 

 

   

 

 

    

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

 

Teal Acquisition Co., Inc(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     09/2026        9,078        8,834       1.5        9,078  

Teal Acquisition Co., Inc(3) (4) (5) (6)

 

Unitranche First Lien Revolver

         09/2026               (34             

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

 

Unitranche First Lien Delayed Draw Term Loan

         09/2026               (21             

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

 

Senior Secured First Lien Revolver

         02/2025               (3             

Trinity Partners, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     02/2025        3,690        3,667       0.6        3,690  
           

 

 

    

 

 

   

 

 

    

 

 

 
                  12,768            12,443       2.1            12,768  
           

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Retailing

                   

Savers

 

Senior Secured First Lien Term Loan

    
L + 575
(75 Floor)
 
(8) 
    6.50     04/2028        20,000        19,805       3.5        20,234  

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

 

Unitranche First Lien Revolver

         06/2023               (8            1  

Slickdeals Holdings, LLC(6) (10)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     06/2024        14,454        14,183       2.4        14,475  
           

 

 

    

 

 

   

 

 

    

 

 

 
                  34,454            33,980       5.9            34,710  
           

 

 

    

 

 

   

 

 

    

 

 

 

Software & Services

                   

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

 

Unitranche First Lien Revolver

         08/2024               (6             

Affinitiv, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     08/2024        6,403        6,326       1.1        6,403  

Ansira Partners, Inc.(6) (15)

 

Unitranche First Lien Term Loan

         12/2024        7,252        6,687       0.9        5,347  

Ansira Partners, Inc.(6) (15)

 

Unitranche First Lien Delayed Draw Term Loan

         12/2024        997        931       0.1        735  

Belay Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     06/2026        4,950        4,864       0.8        4,901  

Belay Inc.(3) (4) (5) (6)

 

Senior Secured First Lien Revolver

         06/2026               (11            (7

Benesys Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(7) 
    5.75     10/2024        1,407        1,395       0.2        1,407  

Benesys Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)
 
(7) 
    5.75     10/2024        299        293       0.1        299  

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

 

Senior Secured First Lien Revolver

         10/2024               (1             

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        9,864        9,795       1.7        9,864  

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

 

Unitranche First Lien Revolver

         04/2024               (7            (8

CAT Buyer, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     04/2024        6,129        6,058       1.0        6,043  

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

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)
 
(7) 
    7.00     12/2023        38        36              38  

Claritas, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     12/2023        1,078        1,072       0.2        1,078  

Granicus, Inc.

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     01/2027        8,841        8,649       1.5        8,642  

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

 

Unitranche First Lien Revolver

         01/2027               (18            (18

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

 

Unitranche First Lien Delayed Draw Term Loan

         01/2027               (6            (8

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

 

Unitranche First Lien Delayed Draw Term Loan

         01/2027               (77            (178

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

 

Senior Secured First Lien Revolver

         01/2023               (3            (6

List Partners, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
(7) 
    6.00     01/2023        4,121        4,094       0.7        4,068  

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

 

Unitranche First Lien Delayed Draw Term Loan

         02/2026               (7            1  

MRI Software LLC

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026        17,988        17,771       3.0        18,011  

MRI Software LLC(3) (4) (5)

 

Unitranche First Lien Revolver

         02/2026               (15            (6

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

 

Unitranche First Lien Delayed Draw Term Loan

         02/2026               (4            1  

MRI Software LLC

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     02/2026        905        890       0.2        906  

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

New Era Technology, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)
 
(8) 
    7.25     10/2026        3,173        3,111       0.5        3,110  

New Era Technology, Inc.(3) (5) (6)

 

Unitranche First Lien Revolver

         10/2026               (4            (5

New Era Technology, Inc.(5) (6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)
 
(13) 
    7.25     10/2026        179        157              138  

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

 

Unitranche First Lien Delayed Draw Term Loan

         08/2025               (4            (17

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

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor)
 
(8) 
    6.50     08/2025        500        497       0.1        492  

Ontario Systems, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     08/2025        3,193        3,169       0.5        3,145  

Park Place Technologies, LLC(6)

 

Unsecured Debt

     1250 PIK (11)      12.50     05/2029        735        735       0.1        735  

Perforce Software, Inc.(6)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.11     07/2027        5,000        4,980       0.8        5,000  

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

 

Unitranche First Lien Revolver

         06/2026               (21            17  

Prism Bidco, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor)
 
(8) 
    8.00     06/2026        7,425        7,232       1.3        7,574  

Prism Bidco, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)
 
(8) 
    6.75     06/2026        1,470        1,441       0.2        1,470  

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

 

Unitranche First Lien Revolver

         05/2026               (4            (2

Right Networks, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     05/2026        9,301        9,153       1.6        9,208  

Right Networks, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     05/2026        8,349        8,183       1.4        8,265  

Right Networks, LLC(3) (5) (6) (9)

 

Unitranche First Lien Delayed Draw Term Loan

         05/2026               (42            (21

Ruffalo Noel Levitz, LLC(4) (5)

 

Unitranche First Lien Revolver

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2022        75        74              73  

Ruffalo Noel Levitz, LLC

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     05/2022        2,493        2,481       0.4        2,474  

Saturn Borrower Inc(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     09/2026        20,421        19,876       3.6        20,422  

Saturn Borrower Inc(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)
 
(8) 
    7.50     09/2026        2,488        2,417       0.4        2,488  

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

 

Unitranche First Lien Revolver

         09/2026               (40             

Transportation Insight, LLC

 

Senior Secured First Lien Term Loan

     L + 450 (7)      4.61     12/2024        5,115        5,085       0.9        5,064  

Transportation Insight, LLC(9)

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 450 (7)      4.61     12/2024        1,271        1,263       0.2        1,258  

Transportation Insight, LLC(4) (5)

 

Senior Secured First Lien Revolver

     P + 350 (20)      6.75     12/2024        179        174              171  

Trident Technologies, LLC

 

Senior Secured First Lien Term Loan

    
L + 600
(150 Floor)
 
(8) 
    7.50     12/2025        14,775        14,599       2.5        14,775  

Trident Technologies, LLC

 

Senior Secured First Lien Term Loan

    
L + 600
(150 Floor)
 
(8) 
    7.50     12/2025        5,000        4,963       0.8        5,000  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        638        631       0.1        638  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        1,045        1,028       0.2        1,045  

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

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        240        237              240  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        1,940        1,923       0.3        1,940  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     06/2023        1,546        1,519       0.3        1,546  

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

 

Unitranche First Lien Revolver

         06/2023               (4             
           

 

 

    

 

 

   

 

 

    

 

 

 
              166,823        163,511       27.7        163,756  
           

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Technology, Hardware & Equipment

                 

Onvoy, LLC(6)

 

Senior Secured Second Lien Term Loan

    
L + 1050
(100 Floor)(7)
 
 
    11.50     02/2025        1,966        1,913        0.3       1,966  
           

 

 

    

 

 

    

 

 

   

 

 

 

Transportation

                 

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor)
 
(8) 
    5.75     07/2024        767        766        0.1       767  

Pilot Air Freight, LLC(5) (6)

 

Senior Secured First Lien Revolver

         07/2024                             

Pilot Air Freight, LLC(6) (9)

 

Senior Secured First Lien Delayed Draw Term Loan

    

L + 475
(100 Floor)
 
(8) 
 
    5.75     07/2024        1,188        1,188        0.2       1,188  

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Term Loan

    

L + 475
(100 Floor)
 
(8) 
 
    5.75     07/2024        5,335        5,318        0.9       5,335  
           

 

 

    

 

 

    

 

 

   

 

 

 
              7,290        7,272        1.2       7,290  
           

 

 

    

 

 

    

 

 

   

 

 

 

Total Debt Investments

United States

            $ 896,342      $ 875,017        147.5   $ 874,410  
           

 

 

    

 

 

    

 

 

   

 

 

 

Equity Investments

 

              

Capital Goods

 

            

Alion Science and Technology Corporation(6) 

 

Common Stock

            745,504      $ 766        0.3   $ 1,705  

Envocore Holding, LLC(6)

 

Preferred Stock

            1,139,725                      
           

 

 

    

 

 

    

 

 

   

 

 

 
                 766        0.3       1,705  
              

 

 

    

 

 

   

 

 

 

Commercial & Professional Services

 

              

Allied Universal Holdings, LLC(6)

 

Common Stock Class A

            2,805,726        1,011        0.7       3,988  

Allied Universal Holdings, LLC(6)

 

Common Stock Class A

            684,903        685        0.2       973  

ASP MCS Acquisition Corp.(10)

 

Common Stock

            11,792        1,150        0.3       1,728  

Battery Solutions, Inc.(6) (10)

 

Preferred Stock Class E

            5,417,655        3,669        0.2       944  

Battery Solutions, Inc.(6) (10)

 

Preferred Stock Class A

            50,000                      

Battery Solutions, Inc.(6) (10)

 

Preferred Stock Class F

            3,333,333                      

Hercules Borrower LLC(6)

 

Common Stock

            1,153,075        1,153        0.2       1,071  

IGT Holdings LLC(6)

 

Preferred Stock

            645,730                      

IGT Holdings LLC(6)

 

Common Stock

            1,000,000                      

MHS Acquisition Holdings, LLC(6)

 

Preferred Stock

            1,018        923        0.2       1,106  

MHS Acquisition Holdings, LLC(6)

 

Common Stock

            10        9               

Receivable Solutions, Inc.(6)

 

Preferred Stock Class A

            137,000        137        0.1       304  

Service Logic Acquisition, Inc.(6)

 

Common Stock

            13,132        1,313        0.3       1,500  

TecoStar Holdings, Inc.(6)

 

Common Stock

            500,000        500        0.1       740  
           

 

 

    

 

 

    

 

 

   

 

 

 
                 10,550        2.3       12,354  
              

 

 

    

 

 

   

 

 

 

Consumer Services

 

              

Everlast Parent Inc.(6)

 

Common Stock

            948        948        0.1       811  

HGH Purchaser, Inc.(6)

 

Common Stock Class A

            4,171        417        0.1       660  

Legalshield(6)

 

Common Stock

            372        372        0.1       597  

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

 

Common Stock

            3,164,063               0.1       327  

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

 

Common Stock

            6,000,000               1.5       8,589  

Wrench Group LLC(6)

 

Common Stock

            4,082        410        0.1       653  

Wrench Group LLC(6)

 

Common Stock

            1,143        115              183  
           

 

 

    

 

 

    

 

 

   

 

 

 
                 2,262        2.0       11,820  
              

 

 

    

 

 

   

 

 

 

Diversified Financials

 

            

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

 

Partnership Interest

            40,000,000        40,000        6.9       39,906  

GACP II LP(10) (17) (22) (23)

 

Partnership Interest

            13,763,514        13,764        2.3       13,597  

WhiteHawk III Onshore Fund L.P.(5) (10) (17) (22) (23) 

 

Partnership Interest

            2,116,996        2,222        0.4       2,117  
           

 

 

    

 

 

    

 

 

   

 

 

 
                 55,986        9.6       55,620  
              

 

 

    

 

 

   

 

 

 

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Health Care Equipment & Services

 

          

Centria Subsidiary Holdings, LLC(6)

  Common Stock              11,911        1,191        0.3       1,797  

ExamWorks Group, Inc.(6)

  Common Stock              7,500        750        0.3       1,612  

Hospice Care Buyer, Inc.(6)

  Common Stock              13,895        1,398        0.3       1,840  

MDVIP, Inc.(6)

  Common Stock              46,807        648        0.3       1,631  

NMN Holdings III Corp.(6)

  Common Stock              11,111        1,111        0.2       1,375  

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                      

PT Network, LLC(6)

  Common Stock Class C              1                      

Seniorlink Incorporated(6)

  Common Stock              68,182        518        0.2       1,075  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  6,529        1.8       10,243  
               

 

 

    

 

 

   

 

 

 

Insurance

 

          

Evolution BuyerCo, Inc.(6)

  Common Stock              2,917        292              292  

Integrity Marketing Acquisition, LLC(6)

  Common Stock              539,693        648        0.3       1,732  

Integrity Marketing Acquisition, LLC(6)

  Preferred Stock              1,247        1,215        0.3       1,581  

Integro Parent, Inc.(6) (17)

  Common Stock              4,468        454        0.1       577  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  2,609        0.7       4,182  
               

 

 

    

 

 

   

 

 

 

Materials

 

          

Kestrel Parent, LLC(6)

  Common Stock Class A              41,791        209              270  
               

 

 

    

 

 

   

 

 

 

Media & Entertainment

                    

Conisus, LLC(6) (10)

  Common Stock              4,914,556               3.4       19,453  

Conisus, LLC(6) (10) (24)

  Preferred Stock Series B      1500 PIK        15.00        19,487,392        11,103        3.4       19,573  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  11,103        6.8       39,026  

Pharmaceuticals, Biotechnology & Life Sciences

 

          

Teal Acquisition Co., Inc(6)

  Common Stock              4,562        456        0.1       524  
            

 

 

    

 

 

    

 

 

   

 

 

 

Retailing

 

          

Palmetto Moon LLC(6)

  Common Stock              61                      

Slickdeals Holdings, LLC(6) (10)

  Common Stock              99        991        0.3       1,482  

Vivid Seats Ltd.(6) (10)

  Common Stock              608,109        608        0.1       832  

Vivid Seats Ltd.(6) (10)

  Preferred Stock              1,891,892        1,892        0.5       3,096  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  3,491        0.9       5,410  
               

 

 

    

 

 

   

 

 

 

Software & Services

 

          

Curvature (6) (25)

  Residual Interest              1,975,461        1,975        0.3       1,975  

Park Place Technologies, LLC(6)

  Common Stock Class A2              479        479        0.1       479  

Park Place Technologies, LLC(6)

  Common Stock Class W              685,018                      

Park Place Technologies, LLC(6)

  Common Stock Class B2              442,203        27              27  

Saturn Borrower Inc(6)

  Common Stock              434,163        434        0.1       495  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  2,915        0.5       2,976  
               

 

 

    

 

 

   

 

 

 

Technology, Hardware & Equipment

 

          

Onvoy, LLC(6)

  Common Stock Class A              3,649        365        0.1       458  

Onvoy, LLC(6)

  Common Stock Class B              2,536                     83  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  365        0.1       541  

Transportation

 

          

Xpress Global Systems, LLC(6)

  Common Stock              12,544                      
            

 

 

    

 

 

    

 

 

   

 

 

 

Total Equity Investments

United States

              $ 97,241        25.1   $ 144,671  
               

 

 

    

 

 

   

 

 

 

Total United States

                $ 972,258        172.6   $ 1,019,081  
               

 

 

    

 

 

   

 

 

 

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

June 30, 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
 

Canada

 

Debt Investments

 

Health Care Equipment & Services

                

VetStrategy(6) (17)

 

Unsecured Debt

     1150 PIK (26)      11.50     03/2031      C$ 2,095      $ 1,980       0.4   $ 2,095  

VetStrategy(5) (6) (9) (17)

 

Unitranche First Lien Delayed Draw Term Loan

    

C + 700

(100 Floor

 

)(27) 

    8.00     07/2027        1,388        1,255       0.2       1,388  

VetStrategy(5) (6) (9) (17)

 

Unitranche First Lien Delayed Draw Term Loan

    

C + 700

(100 Floor

 

)(27) 

    8.00     07/2027        1,388        1,310       0.2       1,388  

VetStrategy(5) (6) (9) (17)

 

Unitranche First Lien Delayed Draw Term Loan

    

C + 700

(100 Floor

 

)(27) 

    8.00     07/2027        4,029        3,890       0.7       4,029  

VetStrategy(6) (17)

 

Unitranche First Lien Term Loan

    

C + 700

(100 Floor

 

)(27) 

    8.00     07/2027        7,442        6,701       1.3       7,442  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  16,342            15,136       2.8           16,342  
           

 

 

    

 

 

   

 

 

   

 

 

 

Telecommunication Services

                

Sandvine Corporation(17)

 

Senior Secured Second Lien Term Loan

     L + 800 (7)      8.11     11/2026      $ 4,500        4,369       0.8       4,455  
           

 

 

    

 

 

   

 

 

   

 

 

 

Total Debt Investments

Canada

               $ 19,505       3.6   $ 20,797  
              

 

 

   

 

 

   

 

 

 

Equity Investments

                  

Health Care Equipment & Services

                

VetStrategy(6) (17)

 

Common Stock

            750,000      $ 560       0.1   $ 790  
           

 

 

    

 

 

   

 

 

   

 

 

 

Total Equity Investments

Canada

              750,000        560       0.1       790  
              

 

 

   

 

 

   

 

 

 

Total Canada

               $ 20,065       3.7   $ 21,587  
              

 

 

   

 

 

   

 

 

 

United Kingdom

                  

Debt Investments

                

Commercial & Professional Services

                

Crusoe Bidco Limited(6) (17)

 

Unitranche First Lien Term Loan

     L + 625 (29)      6.34     12/2025      £ 8,392      $ 7,447       1.4   $ 8,392  

Crusoe Bidco Limited(5) (6) (17)

 

Unitranche First Lien Delayed Draw Term Loan

         12/2025                            

Crusoe Bidco Limited(5) (6) (17)

 

Unitranche First Lien Delayed Draw Term Loan

     L + 625 (29)      6.34     12/2025        420        398       0.1       420  

Nurture Landscapes(6) (17)

 

Unitranche First Lien Term Loan

     S + 650 (35)      6.50     06/2028        1,959        1,938       0.3       1,900  

Nurture Landscapes(5) (6) (17)

 

Unitranche First Lien Delayed Draw Term Loan

     S + 650 (35)      6.50     06/2028        167        151             150  
           

 

 

    

 

 

   

 

 

   

 

 

 
              10,938        9,934       1.8       10,862  
           

 

 

    

 

 

   

 

 

   

 

 

 

Consumer Durables & Apparel

                  

Lion Cashmere Bidco
Limited(6) (17)

 

Unitranche First Lien Term Loan

    

L + 600

(50 Floor

 

)(29) 

    6.50     03/2028      $ 4,352      $ 4,237       0.7     $ 4,232  

Lion Cashmere Bidco
Limited(6) (17)

 

Unitranche First Lien Term Loan

    

L + 600

(50 Floor

 

)(29) 

    6.50     03/2028        9,939        9,677       1.6       9,666  

Lion Cashmere Bidco Limited(6) (17)

 

Unitranche First Lien Term Loan

    

L + 600

(50 Floor

 

)(29) 

    6.50     03/2028        4,953        4,823       0.8       4,817  

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

 

Unitranche First Lien Revolver

    

L + 600

(50 Floor

 

)(29) 

    6.50