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 September 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 November 10, 2021 was 28,167,360

 

 

 


Table of Contents

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 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 September 30, 2021 (Unaudited) and December 31, 2020      2  
  Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (Unaudited)      3  
  Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2021 and 2020 (Unaudited)      4  
  Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (Unaudited)      6  
  Consolidated Schedule of Investments as of September 30, 2021 (Unaudited)      7  
  Consolidated Schedule of Investments as of December 31, 2020      25  
  Notes to Consolidated Financial Statements (Unaudited)      44  

  Item 2.

  Management’s Discussion and Analysis of Financial Condition and Results of Operations      72  

  Item 3.

  Quantitative and Qualitative Disclosures About Market Risk      86  

  Item 4.

  Controls and Procedures      87  

PART II.

  OTHER INFORMATION      88  

  Item 1.

  Legal Proceedings      88  

  Item 1A

  Risk Factors      88  

  Item 2.

  Unregistered Sales of Equity Securities and Use of Proceeds      88  

  Item 3.

  Defaults Upon Senior Securities      89  

  Item 4.

  Mine Safety Disclosures      89  

  Item 5.

  Other Information      89  

  Item 6.

  Exhibits      90  


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
September 30, 2021

(Unaudited)
    As of
    December 31,    
2020
 

Assets

   

Investments, at fair value

   

Non-controlled non-affiliated (cost of $1,030,512 and $920,693, respectively)

    $     1,047,087       $ 923,912  

Non-controlled affiliated (cost of $42,997 and $50,431, respectively)

    51,336       71,354  

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

    40,207       38,735  

Cash and cash equivalents

    6,467       1,896  

Restricted cash and cash equivalents

    13,027       12,953  

Receivable for investments sold

    15,302       6  

Interest and dividend receivable

    7,581       3,859  

Unrealized appreciation on foreign currency forward contracts

    1,915       264  

Deferred tax assets

    54       630  

Other assets

    210       543  
 

 

 

   

 

 

 

Total assets

    $ 1,183,186       $ 1,054,152  
 

 

 

   

 

 

 

Liabilities

   

Debt (net of deferred financing costs of $4,830 and $4,600)

    $ 557,071       $ 471,932  

Distributions payable

    11,549       11,549  

Incentive fees payable

    7,882        

Interest and other debt financing costs payable

    3,503       3,923  

Management fees payable

    3,055       1,867  

Deferred tax liabilities

    1,079       1,324  

Unrealized depreciation on foreign currency forward contracts

    587       896  

Directors’ fees payable

    127       98  

Accrued expenses and other liabilities

    2,181       2,563  
 

 

 

   

 

 

 

Total liabilities

    $ 587,034       $ 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)

    1,466       (34,686
 

 

 

   

 

 

 

Total net assets

    $ 596,152       $ 560,000  
 

 

 

   

 

 

 

Total liabilities and net assets

    $ 1,183,186       $     1,054,152  
 

 

 

   

 

 

 

Net asset value per share

    $ 21.16       $ 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
September 30,
    For the nine
months ended
September 30,
 
    2021     2020     2021     2020  

Investment Income:

       

From non-controlled non-affiliated investments:

       

Interest income

  $ 22,232     $ 16,132     $ 60,570     $ 48,424  

Paid-in-kind interest

    184       501       966       1,747  

Dividend income

    1,373       7       1,427       182  

Other income

    254             577       1,060  

From non-controlled affiliated investments:

       

Interest income

    305       338       904       1,009  

Paid-in-kind interest

    139       485       1,168       970  

Dividend income

    291       511       2,134       1,940  

From controlled investments:

       

Dividend income

    700       700       2,100       1,500  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    25,478       18,674       69,846       56,832  
 

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

       

Interest and other debt financing costs

    5,695       3,504       14,482       11,484  

Management fees

    3,531       2,909       10,082       8,327  

Income based incentive fees

    2,663       2,136       7,528       6,335  

Capital gains based incentive fees

    757             6,150        

Professional fees

    522       354       1,516       1,060  

Directors’ fees

    127       100       361       339  

Other general and administrative expenses

    692       631       2,076       1,852  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    13,987       9,634       42,195       29,397  
 

 

 

   

 

 

   

 

 

   

 

 

 

Management fee waiver

    (476     (1,163     (3,096     (3,427

Income based incentive fees waiver

    (931     (2,136     (5,796     (6,335
 

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

    12,580       6,335       33,303       19,635  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income before taxes

    12,898       12,339       36,543       37,197  

Income and excise taxes

    170       131       1,403       480  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    12,728       12,208       35,140       36,717  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gains (losses) on investments:

       

Net realized gain (loss) on:

       

Non-controlled non-affiliated investments

    280       2       4,497       (1,021

Non-controlled affiliated investments

    27,513       (526     27,513       (526

Foreign currency transactions

    80       6       359       (155

Foreign currency forward contracts

    (56           (193      

Net change in unrealized appreciation (depreciation) on:

       

Non-controlled non-affiliated investments and foreign currency translation

    2,897       19,051       13,336       (20,274

Non-controlled affiliated investments

    (28,198     5,694       (12,583     14,086  

Controlled investments

    302       3,416       1,472       (5,513

Foreign currency forward contracts

    1,523       (1,349     1,959       623  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gains (losses) on investments

    4,341       26,294       36,360       (12,780
 

 

 

   

 

 

   

 

 

   

 

 

 

Realized loss on asset acquisition

                      (3,825
 

 

 

   

 

 

   

 

 

   

 

 

 

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

    4,341       26,294       36,360       (16,605

Benefit (provision) for taxes on realized gain on investments

    2             (370      

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

    (392     (161     (332     101  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

  $ 16,679     $ 38,341     $ 70,798     $ 20,213  
 

 

 

   

 

 

   

 

 

   

 

 

 

Per common share data:

       

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

  $ 0.59     $ 1.36     $ 2.51     $ 0.73  

Net investment income per share (basic and diluted):

  $ 0.45     $ 0.43     $ 1.25     $ 1.33  

Weighted average shares outstanding (basic and diluted):

        28,167,360           28,167,360           28,167,360           27,518,708  

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 June 30, 2021

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

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

 

 

Net investment income

                          12,728       12,728  
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards                           27,817       27,817  
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                           (23,476     (23,476
Benefit (provision) for taxes on realized gain on investments                           2       2  
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments                           (392     (392
Stockholder distributions:              
Distributions to stockholders                           (11,549     (11,549
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Total increase (decrease) for the three months ended September 30, 2021           $      $      $ 5,130     $ 5,130  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Balance at September 30, 2021      28,167,360      $ 28      $ 594,658      $ 1,466     $ 596,152  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

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                           35,140       35,140  
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards                           32,176       32,176  
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                           4,184       4,184  
Benefit (provision) for taxes on realized gain on investments                           (370     (370
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments                           (332     (332
Stockholder distributions:                          
Distributions to stockholders                           (34,646     (34,646
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Total increase (decrease) for the nine months ended September 30, 2021           $      $      $ 36,152     $ 36,152  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Balance at September 30, 2021

     28,167,360      $ 28      $ 594,658      $ 1,466     $ 596,152  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

 

 

 

Distributions declared per share

              $ 1.23  

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 June 30, 2020

     28,167,360     $ 28      $ 558,913     $ (48,643   $ 510,298  

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

 

   

Net investment income

                        12,208       12.208  
Net realized gain (loss) on investments and foreign currency transactions                         (518     (518
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation                         26,812       26,812  
Benefit/(Provision)) for taxes on unrealized appreciation/(depreciation)) on investment                         ( 161     (161
Stockholder distributions:            

Distributions to stockholders

                        (11,549     (11,549
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total increase (decrease) for the three months ended September 30, 2020

            26,792       26,792  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Balance at September 30, 2020

     28,167,360     $ 28      $ 558,913     $ (21,851   $ 537,090  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Distributions declared

            $ 0.41  

Balance at December 31, 2019

     20,862.314     $ 21      $ 414,293     $ (7,397   $ 406,917  

Net increase (decrease) net assets resulting from operations:

 

 

Net investment income

                        36.717       36.717  
Net realized gain (loss) on investments and foreign currency transactions                         (1,702     (1,702
Net change in unrealized appreciation (depreciation) on investments. foreign currency Forward contracts and foreign currency translation                         (11,078     (11,078
Realized loss on asset acquisition                         (3,825     (3,825
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments                         101       101  
Stockholder distributions:            
Issuance of common stock      2,265,021       2        44,293             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

                        (34,667     (34,667
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 
Total increase (decrease) for the nine months ended September 30, 2020      7,305,046       7        144,620       (14,454     130,173  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Balance at September 30, 2020

     28,167,360     $ 28      $ 558,913     $ (21,851   $ 537,090  
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Distributions declared

            $ 1.23  

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 nine months ended September 30,  
    2021     2020  

Cash flows from operating activities:

   

Net increase (decrease) in net assets resulting from operations

    70,798       20,213  
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:    

Purchases of investments

    (367,663     (228,280

Paid-in-kind interest income

    (2,372     (2,717

Proceeds from sales of investments and principal repayments

    309,592       182,275  

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

    (32,652     1,903  

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

    (2,225     11,701  

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

    (1,959     (623

Amortization of premium and accretion of discount, net

    (9,289     (3,714

Amortization of deferred financing costs

    1,956       985  

Change in operating assets and liabilities:

   

(Increase) decrease in receivable for investments sold

    (15,296     (515

(Increase) decrease in interest receivable

    (3,722     232  

(Increase) decrease in deferred tax asset

    576       (355

(Increase) decrease in other assets

    333       2,421  

Increase (decrease) in management fees payable

    1,188       403  

Increase (decrease) in incentive fees payable

    7,882        

Increase (decrease) in directors’ fees payable

    29       26  

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

    (420     (1,286

Increase (decrease) in deferred tax liability

    (245     254  

Increase (decrease) in accrued expenses and other liabilities

    (382     (1,116
 

 

 

   

 

 

 

Net cash provided by (used for) operating activities

  $ (43,871   $ (27,252
 

 

 

   

 

 

 

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     (2,199

Distributions paid

    (34,646     (31,083

Borrowings on credit facilities

    332,737       279,592  

Repayments on credit facilities

    (365,950     (229,127

Issuance of unsecured debt

    135,000        

Repayments on InterNotes ®

    (16,418     (33,853
 

 

 

   

 

 

 

Net cash provided by (used for) financing activities

    48,537       25,419  
 

 

 

   

 

 

 

Effect of exchange rate changes on cash denominated in foreign currency

    (21     (25
 

 

 

   

 

 

 

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

    4,645       (1,858

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)

  $ 19,494     $ 11,569  
 

 

 

   

 

 

 

Supplemental and non-cash financing activities:

   

Cash paid during the period for interest

  $ 12,325     $ 11,407  

Issuance of common stock pursuant to dividend reinvestment plan

        $ 589  

Accrued but unpaid distributions

  $ 11,549     $ 11,549  

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

          101,949  

 

(1)

As of September 30, 2021, the balance included cash and cash equivalents of $6,467 (including cash denominated in foreign currency of $1,899) and restricted cash and cash equivalents of $13,027 (including cash denominated in foreign currency of $131). As of September 30, 2020, the balance included cash and cash equivalents of $3,047 (including cash denominated in foreign currency of $861) and restricted cash and cash equivalents of $8,522, 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

 

6


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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      $      $ (2       $  

Auto-Vehicle Parts, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     01/2023        4,529        4,510       0.8       4,529  

Auto-Vehicle Parts, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)
 
(7) 
    6.50     01/2023        2,294        2,270       0.4       2,294  

Continental Battery Company(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)
 
(7) 
    7.00     01/2027        7,285        7,152       1.2       7,299  

Continental Battery Company(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

         01/2027               (24     0.0       5  

Empire Auto Parts, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,352        2,324       0.4       2,352  

Empire Auto Parts, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)
 
(8) 
    6.50     09/2024        2,425        2,400       0.4       2,425  

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

 

Unitranche First Lien Revolver

         09/2024               (4            

Sun Acquirer Corp.(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(75 Floor)
 
(8) 
    6.50     09/2028        1,359        1,250       0.2       1,359  

Sun Acquirer Corp.(3)(4)(5)(6)

 

Unitranche First Lien Revolver

         09/2028               (36            

Sun Acquirer Corp.(6)

 

Unitranche First Lien Term Loan

    
L + 575
(75 Floor)
 
(8) 
    6.50     09/2028        13,043        12,785       2.2       13,043  
           

 

 

    

 

 

   

 

 

   

 

 

 
                  33,287            32,625       5.6           33,306  
           

 

 

    

 

 

   

 

 

   

 

 

 

Capital Goods

                

Envocore Holding, LLC(6)

 

Senior Secured First Lien Term Loan

    


L + 750
(200 Floor)
(including
150 PIK)
 
 
 
(8) 
    11.00     06/2022        18,619        15,971       2.1       12,361  

Painters Supply & Equipment Company(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

         08/2027               (9           (9

Painters Supply & Equipment Company (3)(4)(5)(6)

 

Unitranche First Lien Revolver

         08/2027               (10           (5

Painters Supply & Equipment Company(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(7)
 
 
    6.75     08/2027        2,050        2,009       0.3       2,030  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2025        848        834       0.1       846  

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

 

Senior Secured First Lien Revolver

         12/2024               (3           (2

Potter Electric Signal Company(6)

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2025        2,461        2,445       0.4       2,455  

Potter Electric Signal Company(6)

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)
 
(8) 
    5.25     12/2025        468        465       0.1       466  
           

 

 

    

 

 

   

 

 

   

 

 

 
              24,446        21,702       3.0       18,142  
           

 

 

    

 

 

   

 

 

   

 

 

 

Commercial & Professional Services

                

ASP MCS Acquisition Corp.(6)(10)

 

Senior Secured Second Lien Term Loan

    
L + 600
(100 Floor)
 
(8) 
    7.00     10/2025        293        272       0.0       289  

Battery Solutions, Inc.(6)(10)

 

Unsecured Debt

     1400 PIK (11)      14.00     06/2023        1,387        1,378       0.2       1,306  

 

See accompanying notes

 

7


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Battery Solutions, Inc.(6)(10)

 

Unsecured Debt

     1400 PIK(11)        14.00     06/2023        370        370       0.1        348  

CHA Holdings, Inc.(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)(8)
 
 
     5.50     04/2025        1,005        1,002       0.2        954  

CHA Holdings, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)(8)
 
 
     5.50     04/2025        4,765        4,753       0.8        4,527  

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

 

Senior Secured First Lien Revolver

          07/2026               (10            (1

Consolidated Label Co., LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(8)
 
 
     6.00     07/2026        4,317        4,246       0.7        4,313  

Consolidated Label Co., LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(8)
 
 
     6.00     07/2026        3,840        3,768       0.6        3,836  

GH Parent Holdings Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(7)
 
 
     6.50     05/2027        13,175        12,985       2.2        13,057  

GH Parent Holdings Inc.(4)(5)(6)

 

Unitranche First Lien Revolver

    
L + 550
(100 Floor)(7)
 
 
     6.50     05/2027        208        179       0.0        190  

GH Parent Holdings Inc.(5)(6)

 

Unitranche First Lien Delayed Draw Term Loan

          05/2027                            (50

Hepaco, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    


L + 500
(100 Floor)
(including
50 PIK)(7)
 
 
 
 
     6.50     08/2024        4,131        4,110       0.6        3,866  

Hepaco, LLC(6)

 

Senior Secured First Lien Term Loan

    


L + 500
(100 Floor)
(including
50 PIK)(7)
 
 
 
 
     6.50     08/2024        5,065        5,040       0.8        4,741  

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

 

Senior Secured First Lien Revolver

    


L + 500
(100 Floor)
(including
50 PIK)(7)
 
 
 
 
     6.50     08/2024        765        765       0.1        706  

Hercules Borrower LLC(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     12/2026        19,030        18,615       3.4        19,409  

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

 

Unitranche First Lien Revolver

          12/2026               (48            44  

Hercules Borrower LLC(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          12/2026                             

Hercules Borrower LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     12/2026        247        242       0.0        247  

Hsid Acquisition, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(7)
 
 
     6.00     01/2026        3,834        3,776       0.6        3,834  

Hsid Acquisition, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)(7)
 
 
     6.00     01/2026        2,871        2,829       0.5        2,871  

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

 

Senior Secured First Lien Revolver

          01/2026               (11             

Hsid Acquisition, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(7)
 
 
     5.75     01/2026        250        245       0.0        250  

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

 

Senior Secured First Lien Revolver

          02/2026               (6            (19

ISS Compressors Industries, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     02/2026        8,988        8,922       1.5        8,779  

MHS Acquisition Holdings, LLC(6)

 

Unsecured Debt

     1350 PIK(11)        13.50     03/2026        214        206       0.0        214  

MHS Acquisition Holdings, LLC(6)

 

Unsecured Debt

     1350 PIK(11)        13.50     03/2026        644        640       0.1        644  

MHS Acquisition Holdings, LLC(5)(6)(9)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     07/2027        11        9       0.0        11  

MHS Acquisition Holdings, LLC(3)(4)(5)(6)

 

Senior Secured First Lien Revolver

          07/2027               (3             

MHS Acquisition Holdings, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     07/2027        1,728        1,694       0.3        1,728  

 

See accompanying notes

 

8


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Nexant Volt MergerSub, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(8)
 
 
     6.00     05/2027        5,686        5,575       1.0        5,686  

Nexant Volt MergerSub, Inc.(4)(5)(6)

 

Senior Secured First Lien Revolver

    
L + 500
(100 Floor)(8)
 
 
     6.00     05/2027        335        325       0.1        335  

Pinstripe Holdings, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     01/2025        9,750        9,584       1.6        9,652  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     11/2025        4,981        4,892       0.8        5,030  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     11/2025        3,705        3,620       0.6        3,742  

Pye-Barker Fire & Safety, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     11/2025        9,948        9,740       1.7        10,047  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(75 Floor)
 
 
     6.50     11/2025        1,188        1,157       0.2        1,188  

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        1,837        1,816       0.3        1,837  

Receivable Solutions, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(7)
 
 
     6.00     10/2024        718        706       0.1        718  

SavATree, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 525
(100 Floor)(8)
 
 
     6.25     06/2022        888        885       0.1        888  

SavATree, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)(8)
 
 
     6.25     06/2022        3,880        3,868       0.7        3,880  

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

 

Senior Secured First Lien Revolver

          06/2022               (1             

Seko Global Logistics Network, LLC(4)(5)(6)(17)

 

Senior Secured First Lien Revolver

          12/2026                            (13

Seko Global Logistics Network, LLC(6)(17)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)
 
 
     6.00     12/2026        5,050        4,974       0.8        5,000  

Service Logic Acquisition, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 850
(100 Floor)(8)
 
 
     9.50     10/2028        8,755        8,515       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               (22             

Spear Education(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(8)
 
 
     6.00     02/2025        6,772        6,723       1.1        6,772  

TecoStar Holdings, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 850
(100 Floor)(8)
 
 
     9.50     11/2024        5,000        4,938       0.8        4,840  

UP Acquisition Corp.(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)(7)
 
 
     7.25     05/2024        1,179        1,165       0.2        1,160  

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

 

Unitranche First Lien Revolver

    
L + 625
(100 Floor)(7)
 
 
     7.25     05/2024        339        325       0.1        318  

UP Acquisition Corp. (6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(7)
 
 
     7.25     05/2024        4,301        4,251       0.7        4,232  

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        716        715       0.1        608  

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        4,411        4,404       0.6        3,750  
            

 

 

    

 

 

   

 

 

    

 

 

 
                   156,577            154,051               25.8            154,855  
            

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying notes

 

9


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Consumer Durables & Apparel

                  

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

 

Senior Secured First Lien Revolver

          06/2023               (5             

EiKo Global, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     06/2023        3,142        3,116       0.5        3,142  
            

 

 

    

 

 

   

 

 

    

 

 

 
               3,142        3,111       0.5        3,142  
            

 

 

    

 

 

   

 

 

    

 

 

 

Consumer Services

                  

Everlast Parent Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     10/2026            13,923        13,618       2.3        13,819  

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

 

Unitranche First Lien Revolver

          10/2026               (34            (12

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

 

Unitranche First Lien Delayed Draw Term Loan

          10/2026               (36            (26

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     11/2025        989        969       0.2        1,023  

HGH Purchaser, Inc.(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     11/2025        3,348        3,269       0.6        3,381  

HGH Purchaser, Inc.(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          11/2025               (17            10  

HGH Purchaser, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     11/2025        7,966        7,820       1.3        8,046  

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

 

Senior Secured First Lien Revolver

    
L + 450
(100 Floor)(13)
 
 
     5.50     03/2025        150        132       0.0        143  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 450
(100 Floor)(8)
 
 
     5.50     03/2025        2,544        2,491       0.4        2,524  

Learn-It Systems, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)(8)
 
 
     5.50     03/2025        4,304        4,215       0.7        4,270  

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

 

Senior Secured First Lien Delayed Draw Term Loan

          05/2023               (41             

Southern HVAC Corporation(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     10/2025        7,215        7,091       1.2        7,287  

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

 

Unitranche First Lien Revolver

    
L + 625
(100 Floor)(8)
 
 
     7.25     10/2025        329        312       0.1        339  

Southern HVAC Corporation(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625 (100
Floor)(8)

 
     7.25     10/2025        2,444        2,410       0.4        2,468  

Stepping Stones Healthcare Services, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     03/2027        5,871        5,790       1.0        5,871  

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

 

Unitranche First Lien Revolver

          03/2026               (10             

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       0.0        253  

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

 

Senior Secured First Lien Revolver

    
L + 675
(100 Floor)(7)
 
 
     7.75     12/2021        400        400       0.1        388  

United Language Group, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 675
(100 Floor)(7)
 
 
     7.75     12/2021        4,605        4,601       0.7        4,468  

WeddingWire, Inc.

 

Senior Secured Second Lien Term Loan

     L + 825(8)        8.38     12/2026        5,000        4,960       0.8        4,950  

Wrench Group LLC(6)

 

Senior Secured Second Lien Term Loan

     L + 788(8)        8.01     04/2027        2,500        2,442       0.4        2,525  
            

 

 

    

 

 

   

 

 

    

 

 

 
               61,841            60,624               10.2            61,727  
            

 

 

    

 

 

   

 

 

    

 

 

 

Energy

                    

BJ Services, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 700 (150
Floor)(8)
 
 
     8.50     01/2023        1,195        1,191       0.2        1,195  

 

See accompanying notes

 

10


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

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

 

Unitranche First Lien—Last Out Term Loan

          01/2023        8,075        8,014       0.9        5,507  

Black Diamond Oilfiefld Rentals, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 950
(100 Floor)(8)
 
 
     10.50     03/2022        9,533        9,533       1.6        9,294  
            

 

 

    

 

 

   

 

 

    

 

 

 
                   18,803            18,738       2.7            15,996  
            

 

 

    

 

 

   

 

 

    

 

 

 

Food & Staples Retailing

                  

Isagenix International, LLC

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     06/2025        5,729        5,712       0.8        4,798  
            

 

 

    

 

 

   

 

 

    

 

 

 

Food, Beverage & Tobacco

                  

JTM Foods LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     05/2027        5,037        4,953       0.8        4,995  

JTM Foods LLC(4)(5)(6)

 

Senior Secured First Lien Revolver

    
L + 475
(100 Floor)(8)
 
 
     5.75     05/2027        160        147       0.0        153  

JTM Foods LLC(3)(4)(5)(6)

 

Senior Secured First Lien Delayed Draw Term Loan

          05/2027               (7            (6

Mann Lake Ltd.(4)(5)(6)

 

Senior Secured First Lien Revolver

    
L + 675
(100 Floor)(8)
 
 
     7.75     10/2024        720        711       0.1        712  

Mann Lake Ltd.(6)

 

Senior Secured First Lien Term Loan

    
L + 675
(100 Floor)(8)
 
 
     7.75     10/2024        3,797        3,754       0.6        3,764  
            

 

 

    

 

 

   

 

 

    

 

 

 
               9,714        9,558               1.5        9,618  
            

 

 

    

 

 

   

 

 

    

 

 

 

Health Care Equipment & Services

                  

ACI Group Holdings, Inc.(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          08/2028               (25             

ACI Group Holdings, Inc.(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          08/2027               (14             

ACI Group Holdings, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 550
(75 Floor)(7)
 
 
     6.25     08/2028        7,010        6,870       1.2        7,010  

Advanced Diabetes Supply(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)(8)
 
 
     6.25     07/2025        3,750        3,714       0.6        3,713  

Aegis Sciences Corporation(6)

 

Senior Secured First Lien Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     05/2025        5,942        5,624       1.0        5,772  

Ameda, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)(7)
 
 
     8.00     09/2022        2,181        2,172       0.3        2,068  

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

 

Senior Secured First Lien Revolver

    
L + 700
(100 Floor)(7)
 
 
     8.00     09/2022        188        186       0.0        172  

Anne Arundel Dermatology Management, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     10/2025        2,432        2,391       0.4        2,432  

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

 

Senior Secured First Lien Revolver

    
L + 600
(100 Floor)(8)
 
 
     7.00     10/2025        110        101       0.0        110  

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        1,291        1,265       0.2        1,291  

Avalign Technologies, Inc.(6)

 

Senior Secured First Lien Term Loan

     L + 450(8)        4.63     12/2025        16,708        16,602       2.8        16,457  

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

 

Unitranche First Lien Revolver

          12/2025               (41            9  

 

See accompanying notes

 

11


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Centria Subsidiary Holdings, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     12/2025        11,664        11,409       2.0        11,718  

CRA MSO, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 700
(100 Floor)(7)
 
 
     8.00     12/2023        1,216        1,204       0.2        1,188  

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

 

Senior Secured First Lien Revolver

    
L + 700
(100 Floor)(7)
 
 
     8.00     12/2023        60        58       0.0        56  

ExamWorks Group, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 725
(100 Floor)(8)
 
 
     8.25     07/2024        5,735        5,657       1.0        5,793  

FH MD Buyer, Inc

 

Senior Secured First Lien Term Loan

    
L + 500
(75 Floor)(8)
 
 
     5.75     722/2028        20,000        19,805       3.5        19,974  

GrapeTree Medical Staffing, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)(7)
 
 
     6.25     10/2022        1,299        1,290       0.2        1,299  

GrapeTree Medical Staffing, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)(7)
 
 
     6.25     10/2022        1,545        1,539       0.3        1,545  

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

 

Senior Secured First Lien Revolver

          10/2022               (2             

Great Lakes Dental Partners, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     06/2026        4,988        4,892       0.8        4,944  

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

 

Unitranche First Lien Delayed Draw Term Loan

          06/2026               (16            (7

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

 

Unitranche First Lien Revolver

          06/2026               (8            (3

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 825
(100 Floor)(8)
 
 
     9.25     11/2022        14,302        13,603       2.3        13,873  

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Revolver

    
L + 825
(100 Floor)(8)
 
 
     9.25     11/2022        3,836        3,649       0.6        3,721  

HCAT Acquisition, Inc.(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 825
(100 Floor)(8)
 
 
     9.25     11/2022        2,250        2,140       0.4        2,183  

HCOS Group Intermediate III LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     09/2026        11,484        11,287       1.9        11,254  

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

 

Senior Secured First Lien Revolver

          09/2026               (15            (18

Homecare Partners Management, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     05/2027        4,550        4,461       0.8        4,489  

Homecare Partners Management, LLC(3)(4)(5)(6)

 

Senior Secured First Lien Revolver

          05/2027               (21            (15

Homecare Partners Management, LLC(5)(6)(9)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     05/2027        1,836        1,804       0.3        1,791  

Hospice Care Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     12/2026        14,343        13,991       2.4        14,343  

Hospice Care Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     12/2026        2,620        2,549       0.4        2,620  

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

 

Unitranche First Lien Revolver

    
L + 650
(100 Floor)(7)
 
 
     7.50     12/2026        577        535       0.1        577  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 650
(100 Floor)(13)
 
 
     7.50     12/2026        1,287        1,235       0.2        1,287  

IvyRehab Intermediate II, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)(8)
 
 
     7.75     12/2024        7,970        7,839       1.3        7,970  

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

 

Unitranche First Lien Revolver

          12/2024               (8             

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 675
(100 Floor)(8)
 
 
     7.75     12/2024        1,379        1,356       0.2        1,379  

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

 

Unitranche First Lien Delayed Draw Term Loan

          12/2024               (18             

IvyRehab Intermediate II, LLC (6)

 

Unitranche First Lien Term Loan

    
L + 675 (100
Floor)(8)
 
 
     7.75     12/2024        6,800        6,688       1.1        6,800  

Lightspeed Buyer, Inc. (6)

 

Unitranche First Lien Term Loan

    
L + 550 (100
Floor)(7)
 
 
     6.50     02/2026        9,850        9,700       1.7        9,850  

 

See accompanying notes

 

12


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Lightspeed Buyer, Inc.(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          02/2026               (15             

Lightspeed Buyer, Inc.(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)(7)
 
 
     6.50     02/2026        1,784        1,762       0.3        1,784  

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

 

Unitranche First Lien Delayed Draw Term Loan

          02/2026                             

Lightspeed Buyer, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(7)
 
 
     6.75     02/2026        2,750        2,696       0.5        2,750  

MDVIP, Inc.

 

Senior Secured First Lien Term Loan

    
L + 425
(100 Floor)(7)
 
 
     5.25     11/2024        9,487        9,487       1.6        9,487  

NMN Holdings III Corp.(6)

 

Senior Secured Second Lien Delayed Draw Term Loan

     L + 775(7)        7.83     11/2026        1,667        1,630       0.3        1,646  

NMN Holdings III Corp.(6)

 

Senior Secured Second Lien Term Loan

     L + 775(7)        7.83     11/2026        7,222        7,067       1.2        7,131  

NMSC Holdings, Inc.(6)

 

Senior Secured Second Lien Term Loan

    
L + 1000
(100 Floor)(8)
 
 
     11.00     10/2023        4,307        4,249       0.7        4,307  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Revolver

    
L + 750
(100 Floor)(7)
 
 
     8.50     05/2023        850        845       0.1        850  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)(7)
 
 
     8.50     05/2023        6,825        6,784       1.1        6,825  

Omni Ophthalmic Management Consultants, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 750
(100 Floor)(7)
 
 
     8.50     05/2023        896        881       0.2        896  

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

 

Unitranche First Lien Term Loan

    
L + 675
(100 Floor)(8)
 
 
     7.75     01/2028        5,031        4,915       0.9        5,116  

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

 

Unitranche First Lien Revolver

          01/2026               (38            30  

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        12,200        11,921       2.1        12,406  

Pharmalogics Recruiting, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     02/2027        7,384        7,249       1.2        7,310  

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

 

Unitranche First Lien Delayed Draw Term Loan

          02/2027               (26            (14

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     12/2022        679        674       0.1        679  

Pinnacle Treatment Centers, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     12/2022        8,052        8,015       1.4        8,052  

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

 

Unitranche First Lien Revolver

          12/2022               (3             

Premier Dental Care Management, LLC(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          08/2028               (25            (103

Premier Dental Care Management, LLC(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          08/2027               (30            (31

Premier Dental Care Management, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(75 Floor)(7)
 
 
     6.50     08/2028        9,524        9,335       1.6        9,333  

Professional Physical Therapy(6)

 

Senior Secured First Lien Term Loan

    


L + 600
(100 Floor)
(including
250 PIK)(8)
 
 
 
 
     9.50     12/2022        9,079        8,783       1.1        6,261  

PromptCare Intermediate, LP(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          09/2027               (44            (89

PromptCare Intermediate, LP(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     09/2027        10,500        10,292       1.7        10,290  

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

 

Senior Secured First Lien Revolver

          11/2023                             

 

See accompanying notes

 

13


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

PT Network, LLC(6)

 

Senior Secured First Lien Term Loan

    


L + 550
(100 Floor)
(including
200 PIK)(8)
 
 
 
 
     8.50     11/2023        4,827        4,821       0.8        4,827  

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

 

Unitranche First Lien Revolver

    
L + 400
(100 Floor)(8)
 
 
     5.00     06/2025        240        233       0.0        240  

Safco Dental Supply, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 400
(100 Floor)(8)
 
 
     5.00     06/2025        4,043        3,995       0.7        4,043  

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

 

Unitranche First Lien Revolver

          07/2026               (25             

Seniorlink Incorporated(6)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor)(8)
 
 
     8.00     07/2026        11,220        10,940       1.9        11,220  

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        16,158        16,146       2.7        16,158  

Unifeye Vision Partners(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 500
(100 Floor)(8)
 
 
     6.00     09/2025        3,042        2,991       0.5        3,042  

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

 

Senior Secured First Lien Revolver

          09/2025               (23             

Unifeye Vision Partners(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(8)
 
 
     6.00     09/2025        5,306        5,231       0.9        5,306  

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

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     09/2025        45        45       0.0        45  

Vital Care Buyer, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     10/2025        6,981        6,878       1.2        6,981  

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

 

Unitranche First Lien Revolver

          10/2025               (32             

Zest Acquisition Corp.

 

Senior Secured First Lien Term Loan

     L + 350(7)        3.59     03/2025        6,586        6,583       1.1        6,444  
            

 

 

    

 

 

   

 

 

    

 

 

 
                   325,888            319,635               54.1            320,867  
            

 

 

    

 

 

   

 

 

    

 

 

 

Household & Personal Products

                  

Tranzonic(4)(5)(6)

 

Senior Secured First Lien Revolver

    
L + 450
(100 Floor)(7)
 
 
     5.50     03/2023        713        708       0.1        713  

Tranzonic(6)

 

Senior Secured First Lien Term Loan

    
L + 450
(100 Floor)(7)
 
 
     5.50     03/2023        3,782        3,769       0.6        3,782  
            

 

 

    

 

 

   

 

 

    

 

 

 
               4,495        4,477       0.7        4,495  
            

 

 

    

 

 

   

 

 

    

 

 

 

Insurance

                  

Comet Acquisition, Inc.

 

Senior Secured Second Lien Term Loan

     L + 750(8)        7.63     10/2026        1,782        1,779       0.3        1,741  

Evolution BuyerCo, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     04/2028        8,313        8,224       1.4        8,479  

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

 

Unitranche First Lien Revolver

          04/2028               (8            15  

Evolution BuyerCo, Inc.(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          04/2028               (8            29  

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     08/2025        5,029        4,936       0.8        5,017  

Integrity Marketing Acquisition, LLC(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     08/2025        3,041        2,985       0.5        3,033  

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

 

Unitranche First Lien Revolver

          08/2025               (33            (4

Integrity Marketing Acquisition, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     08/2025        12,781        12,562       2.1        12,749  

Integro Parent, Inc.(17)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     10/2022        469        468       0.1        461  

 

See accompanying notes

 

14


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Integro Parent, Inc.(6)(17)

 

Senior Secured Second Lien Term Loan

    
L + 925
(100 Floor)(7)
 
 
     10.25     10/2023        2,915        2,897       0.5        2,755  

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        359  

The Hilb Group, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     12/2026        3,576        3,506       0.6        3,562  

The Hilb Group, LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     12/2026        1,011        991       0.2        1,007  

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

 

Unitranche First Lien Revolver

          12/2025               (6            (1

The Hilb Group, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     12/2026        1,061        1,037       0.2        1,072  

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     12/2026        512        490       0.1        530  

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

 

Unitranche First Lien Revolver

          12/2025               (3            1  
            

 

 

    

 

 

   

 

 

    

 

 

 
                   40,870            40,195               6.9            40,805  
            

 

 

    

 

 

   

 

 

    

 

 

 

Materials

                  

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

 

Unitranche First Lien Revolver

          11/2023               (9             

Kestrel Parent, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     11/2025        6,621        6,516       1.1        6,621  
            

 

 

    

 

 

   

 

 

    

 

 

 
               6,621        6,507       1.1        6,621  
            

 

 

    

 

 

   

 

 

    

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences

                  

Teal Acquisition Co., Inc(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     09/2026        9,056        8,821       1.5        9,056  

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

 

Unitranche First Lien Revolver

          09/2026               (32             

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

 

Unitranche First Lien Delayed Draw Term Loan

          09/2026               (20             

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        3,681        3,659       0.6        3,681  
            

 

 

    

 

 

   

 

 

    

 

 

 
               12,737        12,425       2.1        12,737  
            

 

 

    

 

 

   

 

 

    

 

 

 

Retailing

                  

Savers

 

Senior Secured First Lien Term Loan

    
L + 575
(75 Floor)(8)
 
 
     6.50     04/2028        20,000        19,813       3.5        20,249  

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

 

Unitranche First Lien Revolver

          06/2023               (7            2  

Slickdeals Holdings, LLC(6)(10)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     06/2024        14,417        14,170       2.4        14,456  
            

 

 

    

 

 

   

 

 

    

 

 

 
               34,417        33,976       5.9        34,707  
            

 

 

    

 

 

   

 

 

    

 

 

 

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        6,386        6,315       1.1        6,386  

Ansira Partners, Inc.(6)(15)

 

Unitranche First Lien Term Loan

          12/2024        7,518        6,687       0.9        5,454  

Ansira Partners, Inc.(6)(15)

 

Unitranche First Lien Delayed Draw Term Loan

          12/2024        1,029        931       0.1        747  

Apps Associates LLC(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          07/2027               (9            (18

 

See accompanying notes

 

15


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Apps Associates LLC(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          07/2027               (15            (8

Apps Associates LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(7)
 
 
     6.50     07/2027        5,650        5,540       0.9        5,594  

Banker’s Toolbox, Inc.(3)(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

          07/2027               (65             

Banker’s Toolbox, Inc.(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          07/2027               (47             

Banker’s Toolbox, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 550
(75 Floor)(8)
 
 
     6.25     07/2027        15,883        15,572       2.7        15,883  

Belay Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(7)
 
 
     6.00     06/2026        4,938        4,855       0.8        4,938  

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

 

Senior Secured First Lien Revolver

          06/2026               (11             

Benesys Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(7)
 
 
     5.75     10/2024        1,403        1,392       0.2        1,403  

Benesys Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(7)
 
 
     5.75     10/2024        298        293       0.0        298  

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               (3             

C-4 Analytics, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 525
(100 Floor)(7)
 
 
     6.25     08/2023        9,837        9,775       1.7        9,837  

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

 

Unitranche First Lien Revolver

          04/2024               (6             

CAT Buyer, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(7)
 
 
     6.50     04/2024        6,114        6,048       1.0        6,114  

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

 

Senior Secured First Lien Revolver

    
L + 575
(100 Floor)(7)
 
     6.75     12/2023        23        21       0.0        23  

Claritas, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     12/2023        1,071        1,065       0.2        1,071  

Granicus, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     01/2027        9,172        8,976       1.5        8,988  

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

 

Unitranche First Lien Revolver

          01/2027               (17            (16

Granicus, Inc.(6)

 

Unitranche First Lien Delayed Draw Term Loan

          01/2027                             

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     01/2027        4,781        4,658       0.8        4,623  

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

 

Senior Secured First Lien Revolver

          01/2023               (2            (6

List Partners, Inc.(6)

 

Senior Secured First Lien Term Loan

    
L + 500
(100 Floor)(7)
 
 
     6.00     01/2023        4,109        4,087       0.7        4,053  

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

 

Unitranche First Lien Delayed Draw Term Loan

          02/2026               (2             

MRI Software LLC

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     02/2026        17,943        17,736       3.1        17,931  

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

 

Unitranche First Lien Revolver

          02/2026               (14            (1

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

 

Unitranche First Lien Delayed Draw Term Loan

          02/2026               (2             

MRI Software LLC

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     02/2026        935        921       0.2        935  

New Era Technology, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 625
(100 Floor)(8)
 
 
     7.25     10/2026        3,166        3,105       0.5        3,180  

New Era Technology, Inc.(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          10/2026               (4            1  

New Era Technology, Inc.(5)(6)(9)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 625
(100 Floor)(13)
 
 
     7.25     10/2026        1,126        1,098       0.2        1,135  

 

See accompanying notes

 

16


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

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

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     08/2025        1,100        1,081       0.2        1,079  

Ontario Systems, LLC(3)(4)(5)(6)

 

Unitranche First Lien Revolver

          08/2025               (3            (6

Ontario Systems, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 550
(100 Floor)(8)
 
 
     6.50     08/2025        3,634        3,602       0.6        3,587  

Park Place Technologies, LLC(6)

 

Unsecured Debt

     1250 PIK(11)        12.50     05/2029        758        758       0.1        758  

Perforce Software, Inc.(6)

 

Senior Secured Second Lien Term Loan

     L + 800(7)        8.08     07/2027        5,000        4,981       0.8        5,000  

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

 

Unitranche First Lien Revolver

          06/2026               (20            17  

Prism Bidco, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 700
(100 Floor)(8)
 
 
     8.00     06/2026        7,406        7,222       1.3        7,554  

Prism Bidco, Inc.(6)

 

Unitranche First Lien Term Loan

    
L + 575
(100 Floor)(8)
 
 
     6.75     06/2026        1,466        1,438       0.2        1,466  

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

 

Unitranche First Lien Revolver

          05/2026               (3             

Right Networks, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     05/2026        9,301        9,162       1.6        9,301  

Right Networks, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     05/2026        8,328        8,167       1.4        8,328  

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

 

Unitranche First Lien Delayed Draw Term Loan

          05/2026               (40             

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

 

Unitranche First Lien Revolver

          05/2022               (1            (1

Ruffalo Noel Levitz, LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(8)
 
 
     7.00     05/2022        2,486        2,477       0.4        2,480  

Saturn Borrower Inc(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     09/2026        20,370        19,845       3.4        19,906  

Saturn Borrower Inc(6)

 

Unitranche First Lien Term Loan

    
L + 650
(100 Floor)(8)
 
 
     7.50     09/2026        2,481        2,414       0.4        2,425  

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

 

Unitranche First Lien Revolver

    
L + 650
(100 Floor)(8)
 
 
     7.50     09/2026        605        567       0.1        571  

Transportation Insight, LLC(6)

 

Senior Secured First Lien Term Loan

     L + 450(7)        4.58     12/2024        5,102        5,074       0.9        5,089  

Transportation Insight, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

     L + 450(7)        4.58     12/2024        1,268        1,260       0.2        1,264  

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

 

Senior Secured First Lien Revolver

     L + 450(7)        4.58     12/2024        179        175       0.0        177  

Trident Technologies, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(150 Floor)(8)
 
 
     7.50     12/2025        14,738        14,572       2.5        14,738  

Trident Technologies, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 600
(150 Floor)(8)
 
 
     7.50     12/2025        4,988        4,953       0.8        4,988  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     06/2023        636        630       0.1        636  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Delayed Draw Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     06/2023        1,042        1,027       0.2        1,042  

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

 

Unitranche First Lien Revolver

          06/2023               (3             

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     06/2023        1,935        1,920       0.3        1,935  

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     06/2023        1,542        1,518       0.3        1,542  

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

 

Unitranche First Lien Revolver

          06/2023               (4             

Winxnet Holdings LLC(6)

 

Unitranche First Lien Term Loan

    
L + 600
(100 Floor)(7)
 
 
     7.00     06/2023            1,150            1,130               0.2            1,150  
            

 

 

    

 

 

   

 

 

    

 

 

 
                   196,897            192,770       32.6            193,571  
            

 

 

    

 

 

   

 

 

    

 

 

 

 

See accompanying notes

 

17


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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        1,459        1,422        0.2       1,459  
            

 

 

    

 

 

    

 

 

   

 

 

 

Transportation

                  

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     07/2024        765        764        0.1       765  

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

 

Senior Secured First Lien Revolver

          07/2024                             

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Delayed Draw Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     07/2024        1,184        1,184        0.2       1,184  

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     07/2024        5,321        5,305        0.9       5,321  

Pilot Air Freight, LLC(6)

 

Senior Secured First Lien Term Loan

    
L + 475
(100 Floor)(8)
 
 
     5.75     07/2024        800        788        0.1       800  
            

 

 

    

 

 

    

 

 

   

 

 

 
               8,070        8,041        1.3       8,070  
            

 

 

    

 

 

    

 

 

   

 

 

 

Total Debt Investments

United States

             $ 944,993      $     925,569                155.0   $     924,916  
            

 

 

    

 

 

    

 

 

   

 

 

 

Equity Investments

                  

Automobiles & Components

                  

Sun Acquirer Corp.(6)

 

Common Stock Common Equity

             5,435        543        0.1       543  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  543        0.1       543  
               

 

 

    

 

 

   

 

 

 

Capital Goods

                  

Envocore Holding, LLC(6)

 

Preferred Stock

                 1,139,725                      
            

 

 

    

 

 

    

 

 

   

 

 

 
                                
               

 

 

    

 

 

   

 

 

 

Commercial & Professional Services

                  

Allied Universal Holdings, LLC(6)

 

Common Stock Class A

             2,805,726        1,011        0.8       4,919  

Allied Universal Holdings, LLC(6)

 

Common Stock Class A

             684,903        685        0.2       1,201  

ASP MCS Acquisition Corp.(10)

 

Common Stock

             11,792        1,150        0.2       1,362  

Battery Solutions, Inc.(6)(10)

 

Preferred Stock Class E

             5,417,655        3,669        0.2       1,201  

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       1,126  

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       1,030  

MHS Acquisition Holdings, LLC(6)

 

Common Stock

             10        9               

Receivable Solutions, Inc.(6)

 

Preferred Stock Class A

             137,000        137        0.1       309  

Service Logic Acquisition, Inc.(6)

 

Common Stock

             13,132        1,313        0.2       1,416  

TecoStar Holdings, Inc.(6)

 

Common Stock

             500,000        500        0.1       460  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  10,550        2.2       13,024  
               

 

 

    

 

 

   

 

 

 

 

See accompanying notes

 

18


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Consumer Services

                    

Everlast Parent Inc.(6)

 

Common Stock

              948        948        0.2        1,305  

HGH Purchaser, Inc.(6)

 

Common Stock Class A

              4,171        417        0.1        770  

Legalshield(6)

 

Common Stock

              372        372        0.1        663  

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

 

Common Stock Common Equity

              3,164,063               0.1        309  

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

 

Common Stock Common Equity

                  6,000,000               1.4        8,135  

Wrench Group LLC(6)

 

Common Stock Common Equity

              4,082        410        0.1        770  

Wrench Group LLC(6)

 

Common Stock Common Equity

              1,143        115        0.0        216  
             

 

 

    

 

 

    

 

 

    

 

 

 
                       2,262                2.0                12,168  
                

 

 

    

 

 

    

 

 

 

Diversified Financials

                    

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

 

Partnership Interest

              40,000,000        40,000        6.8        40,207  

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

 

Partnership Interest

              13,763,514        13,665        2.3        13,437  

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

 

Partnership Interest

              4,835,531        4,939        0.8        4,919  
             

 

 

    

 

 

    

 

 

    

 

 

 
                   58,604        9.9        58,563  
                

 

 

    

 

 

    

 

 

 

Health Care Equipment & Services

                    

ACI Group Holdings, Inc.(6)

 

Common Stock

              907,499        909        0.1        800  

ACI Group Holdings, Inc.(6)

 

Preferred Stock

              3,719        3,645        0.6        3,719  

Centria Subsidiary Holdings, LLC(6)

 

Common Stock

              11,911        1,191        0.3        1,719  

ExamWorks Group, Inc.(6)

 

Common Stock

              7,500        750        0.3        1,646  

Hospice Care Buyer, Inc.(6)

 

Common Stock

              13,985        1,398        0.4        2,147  

MDVIP, Inc.(6)

 

Common Stock

              46,807        648        0.4        2,117  

NMN Holdings III Corp.(6)

 

Common Stock

              11,111        1,111        0.2        1,321  

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

 

Common Stock Class A

              913        913        0.2        962  

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

 

Common Stock Class B

              12,576               0.0        95.0  

PT Network, LLC(6)

 

Common Stock Class C

              0.93                       

Seniorlink Incorporated(6)

 

Common Stock

              68,182        518        0.2        1,098  
             

 

 

    

 

 

    

 

 

    

 

 

 
                   11,083        2.7        15,624  
                

 

 

    

 

 

    

 

 

 

Insurance

                    

Evolution BuyerCo, Inc.(6)

 

Common Stock

              2,917        292        0.0        292  

Integrity Marketing Acquisition, LLC(6)

 

Common Stock

              539,693        648        0.3        2,075  

Integrity Marketing Acquisition, LLC(6)

 

Preferred Stock

              1,247        1,215        0.3        1,631  

Integro Parent, Inc.(6)(17)

 

Common Stock

              4,468        454        0.1        542  
             

 

 

    

 

 

    

 

 

    

 

 

 
                   2,609        0.7        4,540  
                

 

 

    

 

 

    

 

 

 

Materials

                    

Kestrel Parent, LLC(6)

 

Common Stock Class A

              41,791        209        0.0        286  
             

 

 

    

 

 

    

 

 

    

 

 

 

 

See accompanying notes

 

19


Table of Contents

CRESCENT CAPITAL BDC, INC.

Consolidated Schedule of Investments (Unaudited)

September 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
 

Pharmaceuticals, Biotechnology & Life Sciences

                  

Teal Acquisition Co., Inc(6)

 

Common Stock

             4,562        456        0.1       492  
            

 

 

    

 

 

    

 

 

   

 

 

 

Retailing

                  

Palmetto Moon LLC(6)

 

Common Stock

             61               0.2       928  

Slickdeals Holdings, LLC(6)(10)

 

Common Stock

             89        891        0.3       1,529  

Vivid Seats Ltd.(6)(10)

 

Common Stock

             608,109        608        0.1       849  

Vivid Seats Ltd.(6)(10)

 

Preferred Stock

             1,891,892        1,892        0.5       3,194  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  3,391        1.1       6,500  
            

 

 

    

 

 

    

 

 

   

 

 

 

Software & Services

                  

Curvature(6)(24)

 

Residual Interest

             1,975,461        1,975        0.3       1,603  

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        0.0       27  

Saturn Borrower Inc(6)

 

Common Stock

             434,163        434        0.1       444  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  2,915        0.5       2,553  
            

 

 

    

 

 

    

 

 

   

 

 

 

Technology, Hardware & Equipment

                  

Onvoy, LLC(6)

 

Common Stock Class A

             3,649        365        0.1       464  

Onvoy, LLC(6)

 

Common Stock Class B

             2,536               0.0       88  
            

 

 

    

 

 

    

 

 

   

 

 

 
                  365        0.1       552  
            

 

 

    

 

 

    

 

 

   

 

 

 

Transportation

                  

Xpress Global Systems, LLC(6)

 

Common Stock

             12,544                      
            

 

 

    

 

 

    

 

 

   

 

 

 

Total Equity Investments

United States

                $ 92,987      $ 19.4   $ 114,845  
  

 

 

    

 

 

   

 

 

 

Total United States

                $     1,018,556                174.4   $     1,039,761  
               

 

 

    

 

 

   

 

 

 
Canada                   

Debt Investments

                  

Health Care Equipment & Services

                  

VetStrategy(6)(17)

 

Unsecured Debt

     1050 PIK(25)        11.50     03/2031      C$ 2,671      $