10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended March 31, 2022

or

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

Commission file number 814-01132

 

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Maryland

47-3162282

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA

90025

(Address of Principal Executive Offices)

(Zip Code)

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

 

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

 

Title of each class

 

Trading

Symbol

 

Name of each exchange on which registered

 

Common Stock, $0.001 par value per share

CCAP

The Nasdaq Stock Market LLC

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

 

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

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

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit files). Yes ☐ No ☐

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

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-Accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

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

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

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

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at May 9, 2022 was 30,887,360

 

 


 

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

Table of Contents

 

 

INDEX

 

PAGE
NO.

 

PART I.

FINANCIAL INFORMATION

5

  Item 1.

Financial Statements

5

 

Consolidated Statements of Assets and Liabilities as of March 31, 2022 (Unaudited) and December 31, 2021

5

 

Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (Unaudited)

6

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (Unaudited)

7

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited)

8

 

Consolidated Schedule of Investments as of March 31, 2022 (Unaudited)

9

 

Consolidated Schedule of Investments as of December 31, 2021

28

 

Notes to Consolidated Financial Statements (Unaudited)

47

  Item 2.

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

69

  Item 3.

Quantitative and Qualitative Disclosures About Market Risk

81

  Item 4.

Controls and Procedures

82

PART II.

OTHER INFORMATION

83

  Item 1.

Legal Proceedings

83

  Item 1A

Risk Factors

83

  Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

84

  Item 3.

Defaults Upon Senior Securities

84

  Item 4.

Mine Safety Disclosures

84

  Item 5.

Other Information

84

  Item 6.

Exhibits

85

 

 

2


 

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”), Secured Overnight Financing Rate (“SOFR”), or other benchmark rate on our operating results;
financing investments with borrowed money;
potential adverse effects of price declines and illiquidity in the corporate debt markets;
the impact of COVID-19 on our portfolio companies and the markets in which they operate, interest rates and the economy in general;
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.

 

3


 

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.

 

4


 

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

 

As of
March 31, 2022 (Unaudited)

 

 

As of
December 31, 2021

 

Assets

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

Non-controlled non-affiliated (cost of $1,179,753 and $1,150,173, respectively)

$

1,194,625

 

 

$

1,165,897

 

Non-controlled affiliated (cost of $34,915 and $41,242, respectively)

 

42,297

 

 

 

51,701

 

Controlled (cost of $53,010 and $53,431, respectively)

 

51,679

 

 

 

52,768

 

Cash and cash equivalents

 

7,315

 

 

 

10,069

 

Restricted cash and cash equivalents

 

10,874

 

 

 

13,457

 

Interest and dividend receivable

 

6,715

 

 

 

6,763

 

Unrealized appreciation on foreign currency forward contracts

 

2,757

 

 

 

2,115

 

Receivable for Investments Sold

 

636

 

 

 

14,871

 

Deferred tax assets

 

44

 

 

 

42

 

Other assets

 

535

 

 

 

126

 

 

 

 

 

 

 

Total assets

$

1,317,477

 

 

$

1,317,809

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Debt (net of deferred financing costs of $6,689 and $6,897)

$

629,130

 

 

$

631,040

 

Distributions payable

 

12,664

 

 

 

12,664

 

Incentive fees payable

 

9,719

 

 

 

6,924

 

Interest and other debt financing costs payable

 

3,337

 

 

 

5,513

 

Management fees payable

 

3,959

 

 

 

3,830

 

Unrealized depreciation on foreign currency forward contracts

 

1,178

 

 

 

631

 

Deferred tax liabilities

 

762

 

 

 

956

 

Directors’ fees payable

 

117

 

 

 

114

 

Accrued expenses and other liabilities

 

2,325

 

 

 

3,852

 

 

 

 

 

 

 

Total liabilities

$

663,191

 

 

$

665,524

 

 

 

 

 

 

 

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, 30,887,360 shares issued and outstanding, respectively)

 

31

 

 

 

31

 

Paid-in capital in excess of par value

 

666,162

 

 

 

666,162

 

Accumulated earnings (loss)

 

(11,907

)

 

 

(13,908

)

Total net assets

$

654,286

 

 

$

652,285

 

Total liabilities and net assets

$

1,317,477

 

 

$

1,317,809

 

Net asset value per share

$

21.18

 

 

$

21.12

 

 

 

See accompanying notes

 

 

 

 

5


 

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the three months ended March 31,

 

 

 

 

2022

 

 

2021

 

 

Investment Income:

 

 

 

 

 

 

 

From non-controlled non-affiliated investments:

 

 

 

 

 

 

 

Interest income

 

$

20,951

 

 

$

18,087

 

 

Paid-in-kind interest

 

 

315

 

 

 

368

 

 

Dividend income

 

 

9

 

 

 

516

 

 

Other income

 

 

89

 

 

 

92

 

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

Interest income

 

 

348

 

 

 

308

 

 

Paid-in-kind interest

 

 

2,039

 

 

 

500

 

 

Dividend income

 

 

2,274

 

 

 

-

 

 

From controlled investments:

 

 

 

 

 

 

 

Interest income

 

 

182

 

 

 

-

 

 

Paid-in-kind interest

 

 

174

 

 

 

-

 

 

Dividend income

 

 

-

 

 

 

700

 

 

Total investment income

 

 

26,381

 

 

 

20,571

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

Interest and other debt financing costs

 

 

5,471

 

 

 

4,194

 

 

Management fees

 

 

4,015

 

 

 

3,207

 

 

Income based incentive fees

 

 

2,718

 

 

 

2,277

 

 

Capital gains based incentive fees

 

 

721

 

 

 

1,577

 

 

Professional fees

 

 

452

 

 

 

497

 

 

Directors’ fees

 

 

117

 

 

 

119

 

 

Other general and administrative expenses

 

 

696

 

 

 

692

 

 

Total expenses

 

 

14,190

 

 

 

12,563

 

 

Management fees waiver

 

 

(56

)

 

 

(1,283

)

 

Income based incentive fees waiver

 

 

(44

)

 

 

(2,277

)

 

Net expenses

 

 

14,090

 

 

 

9,003

 

 

Net investment income before taxes

 

 

12,291

 

 

 

11,568

 

 

Income and excise taxes

 

 

154

 

 

 

130

 

 

Net investment income

 

 

12,137

 

 

 

11,438

 

 

Net realized and unrealized gains (losses) on investments:

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

Non-controlled non-affiliated investments

 

 

1,306

 

 

 

1,746

 

 

Non-controlled affiliated investments

 

 

7,113

 

 

 

-

 

 

Foreign currency transactions

 

 

153

 

 

 

9

 

 

Foreign currency forward contracts

 

 

24

 

 

 

-

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

Non-controlled non-affiliated investments and foreign currency translation

 

 

(853

)

 

 

7,509

 

 

Non-controlled affiliated investments

 

 

(3,077

)

 

 

(321

)

 

Controlled investments

 

 

(668

)

 

 

609

 

 

Foreign currency forward contracts

 

 

95

 

 

 

695

 

 

Net realized and unrealized gains (losses) on investments

 

 

4,093

 

 

 

10,247

 

 

Benefit (provision) for taxes on realized gain on investments

 

 

(217

)

 

 

-

 

 

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

 

 

196

 

 

 

(149

)

 

Net increase (decrease) in net assets resulting from operations

 

$

16,209

 

 

$

21,536

 

 

 

 

 

 

 

 

 

 

Per common share data:

 

 

 

 

 

 

 

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

 

$

0.52

 

 

$

0.76

 

 

Net investment income per share (basic and diluted):

 

$

0.39

 

 

$

0.41

 

 

Weighted average shares outstanding (basic and diluted):

 

 

30,887,360

 

 

 

28,167,360

 

 

See accompanying notes

 

6


 

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at December 31, 2021

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(13,908

)

 

$

652,285

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

12,137

 

 

 

12,137

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

8,596

 

 

 

8,596

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,503

)

 

 

(4,503

)

Benefit (provision) for taxes on realized gain on investments

 

-

 

 

 

-

 

 

 

-

 

 

 

(217

)

 

 

(217

)

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

 

-

 

 

 

-

 

 

 

-

 

 

 

196

 

 

 

196

 

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,208

)

 

 

(14,208

)

Total increase (decrease) for the three months ended March 31, 2022

 

-

 

 

$

-

 

 

$

-

 

 

$

2,001

 

 

$

2,001

 

Balance at March 31, 2022

 

30,887,360

 

 

$

31

 

 

$

666,162

 

 

$

(11,907

)

 

$

654,286

 

Distributions declared per share

 

 

 

 

 

 

 

 

 

 

 

 

$

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital in
Excess of Par
Value

 

 

Accumulated Earnings (Loss)

 

 

Total Net Assets

 

Balance at December 31, 2020

 

28,167,360

 

 

$

28

 

 

$

594,658

 

 

$

(34,686

)

 

$

560,000

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

-

 

 

 

-

 

 

 

-

 

 

 

11,438

 

 

 

11,438

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

1,755

 

 

 

1,755

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

8,492

 

 

 

8,492

 

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

 

-

 

 

 

-

 

 

 

-

 

 

 

(149

)

 

 

(149

)

Distributions to stockholders

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,549

)

 

 

(11,549

)

Total increase (decrease) for the three months ended March 31, 2022

 

-

 

 

$

-

 

 

$

-

 

 

$

9,987

 

 

$

9,987

 

Balance at March 31, 2021

 

28,167,360

 

 

$

28

 

 

$

594,658

 

 

$

(24,699

)

 

$

569,987

 

Distributions declared per share

 

 

 

 

 

 

 

 

 

 

 

 

$

0.41

 

See accompanying notes

 

7


 

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

 

For the three months ended March 31,

 

 

 

 

2022

 

 

2021

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

16,209

 

 

$

21,536

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Purchases of investments

 

 

(60,014

)

 

 

(88,249

)

 

Paid-in-kind interest income

 

 

(2,482

)

 

 

(868

)

 

Proceeds from sales of investments and principal repayments

 

 

49,573

 

 

 

77,174

 

 

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

 

 

(8,444

)

 

 

(2,330

)

 

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

 

 

4,598

 

 

 

(7,797

)

 

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

 

 

(95

)

 

 

(695

)

 

Amortization of premium and accretion of discount, net

 

 

(1,509

)

 

 

(1,551

)

 

Amortization of deferred financing costs

 

 

428

 

 

 

361

 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in receivable for investments sold

 

 

14,235

 

 

 

(57

)

 

(Increase) decrease in interest receivable

 

 

48

 

 

 

(667

)

 

(Increase) decrease in deferred tax asset

 

 

(2

)

 

 

19

 

 

(Increase) decrease in other assets

 

 

(409

)

 

 

105

 

 

Increase (decrease) in management fees payable

 

 

129

 

 

 

57

 

 

Increase (decrease) in incentive fees payable

 

 

2,795

 

 

 

1,577

 

 

Increase (decrease) in directors’ fees payable

 

 

3

 

 

 

21

 

 

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

 

 

(2,176

)

 

 

(541

)

 

Increase (decrease) in deferred tax liability

 

 

(194

)

 

 

130

 

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(1,527

)

 

 

377

 

 

Net cash provided by (used for) operating activities

 

$

11,166

 

 

$

(1,398

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Deferred financing and debt issuance costs paid

 

 

(221

)

 

 

(725

)

 

Distributions paid

 

 

(14,208

)

 

 

(11,549

)

 

Borrowings on credit facilities

 

 

48,837

 

 

 

109,950

 

 

Repayments on credit facilities

 

 

(50,955

)

 

 

(132,150

)

 

Issuance of unsecured debt

 

 

-

 

 

 

50,000

 

 

Repayments on InterNotes ®

 

 

-

 

 

 

(16,418

)

 

Net cash provided by (used for) financing activities

 

 

(16,547

)

 

 

(892

)

 

Effect of exchange rate changes on cash denominated in foreign currency

 

 

44

 

 

 

(5

)

 

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

 

 

(5,337

)

 

 

(2,295

)

 

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

 

 

23,526

 

 

 

14,849

 

 

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

 

$

18,189

 

 

$

12,554

 

 

 

 

 

 

 

 

 

 

Supplemental and non-cash financing activities:

 

 

 

 

 

 

 

Cash paid during the period for interest

 

$

7,209

 

 

$

4,341

 

 

Cash paid during the period for taxes

 

$

1,595

 

 

$

-

 

 

Accrued but unpaid distributions

 

$

12,664

 

 

$

11,549

 

 

 

(1)
As of March 31, 2022, the balance included cash and cash equivalents of $7,315 (including cash denominated in foreign currency of $2,542) and restricted cash and cash equivalents of $10,874 (including cash denominated in foreign currency of $905). As of March 31, 2021, the balance included cash and cash equivalents of $ 1,492, (including cash denominated in foreign currency of $770) and restricted cash and cash equivalents of $ 10,292.

See accompanying notes

 

8


 

 

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

 

Company/Security/Country

Investment Type

Interest
Term *

Interest
Rate

Maturity/
Dissolution
Date

Principal
Amount, Par
Value or Shares **

 

 

Cost

 

 

Percentage
of Net
Assets ***

 

 

Fair
Value

 

Investments (1)(2)(3)

 

 

United States

 

 

Debt Investments

 

 

Automobiles & Components

 

 

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

Senior Secured First Lien Revolver

 

 

01/2023

$

 

 

$

(1

)

 

 

 

%

$

 

Auto-Vehicle Parts, LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

6.50%

01/2023

 

4,505

 

 

 

4,493

 

 

 

0.7

 

 

 

4,505

 

Auto-Vehicle Parts, LLC

Senior Secured First Lien Term Loan

L + 550 (100 Floor)

6.50%

01/2023

 

2,283

 

 

 

2,268

 

 

 

0.3

 

 

 

2,283

 

Continental Battery Company

Unitranche First Lien Term Loan

L + 675 (100 Floor)

7.76%

01/2027

 

7,248

 

 

 

7,128

 

 

 

1.1

 

 

 

7,211

 

Continental Battery Company

Unitranche First Lien Delayed Draw Term Loan

L + 675 (100 Floor)

7.75%

01/2027

 

2,672

 

 

 

2,650

 

 

 

0.4

 

 

 

2,658

 

Sun Acquirer Corp. (5)

Unitranche First Lien Delayed Draw Term Loan

L + 575 (75 Floor)

6.76%

09/2028

 

5,125

 

 

 

4,987

 

 

 

0.8

 

 

 

5,125

 

Sun Acquirer Corp. (4)(5)

Unitranche First Lien Revolver

 

 

09/2028

 

 

 

 

(33

)

 

 

 

 

 

 

Sun Acquirer Corp.

Unitranche First Lien Term Loan

L + 575 (75 Floor)

6.76%

09/2028

 

13,011

 

 

 

12,770

 

 

 

2.0

 

 

 

13,011

 

Sun Acquirer Corp.

Unitranche First Lien Term Loan

L + 575 (75 Floor)

6.76%

09/2028

 

2,500

 

 

 

2,451

 

 

 

0.4

 

 

 

2,500

 

 

 

 

 

 

 

37,344

 

 

 

36,713

 

 

 

5.7

 

 

 

37,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envocore Holding, LLC (7)(8)

Senior Secured First Lien Term Loan

750

7.50%

12/2025

 

6,927

 

 

 

6,856

 

 

 

1.0

 

 

 

6,756

 

Envocore Holding, LLC (7)(8)

Senior Secured Second Lien Term Loan

1000 PIK

10.00%

12/2026

 

7,118

 

 

 

6,160

 

 

 

0.9

 

 

 

5,625

 

Envocore Holding, LLC (4)(5)(7)(8)

Senior Secured First Lien Revolver

750

 

12/2025

 

 

 

 

(6

)

 

 

(0.0

)

 

 

(68

)

Eshipping

Senior Secured First Lien Term Loan

L + 575 (100 Floor)

6.75%

11/2027

 

8,030

 

 

 

7,879

 

 

 

1.2

 

 

 

8,030

 

Eshipping (4)(5)

Senior Secured First Lien Delayed Draw Term Loan

 

 

11/2027

 

 

 

 

(17

)

 

 

 

 

 

 

Eshipping (5)

Senior Secured First Lien Revolver

L + 575 (100 Floor)

6.75%

11/2027

 

513

 

 

 

491

 

 

 

0.1

 

 

 

513

 

Painters Supply & Equipment Company (4)(5)

Unitranche First Lien Delayed Draw Term Loan

 

 

08/2027

 

 

 

 

(8

)

 

 

(0.0

)

 

 

(20

)

Painters Supply & Equipment Company (5)

Unitranche First Lien Revolver

L + 575 (100 Floor)

6.75%

08/2027

 

158

 

 

 

149

 

 

 

0.0

 

 

 

147

 

Painters Supply & Equipment Company

Unitranche First Lien Term Loan

L + 575 (100 Floor)

6.76%

08/2027

 

2,040

 

 

 

2,003

 

 

 

0.3

 

 

 

1,994

 

Potter Electric Signal Company

Senior Secured First Lien Delayed Draw Term Loan

L + 475 (100 Floor)

5.75%

12/2025

 

1,117

 

 

 

1,104

 

 

 

0.2

 

 

 

1,106

 

Potter Electric Signal Company (5)

Senior Secured First Lien Revolver

L + 475 (100 Floor)

5.75%

12/2024

 

207

 

 

 

204

 

 

 

0.0

 

 

 

201

 

Potter Electric Signal Company

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

5.75%

12/2025

 

2,448

 

 

 

2,435

 

 

 

0.4

 

 

 

2,424

 

 

9


 

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

 

Company/Security/Country

Investment Type

Interest
Term *

Interest
Rate

Maturity/
Dissolution
Date

Principal
Amount, Par
Value or Shares **

 

 

Cost

 

 

Percentage
of Net
Assets ***

 

 

Fair
Value

 

Potter Electric Signal Company

Senior Secured First Lien Term Loan

L + 475 (100 Floor)

5.75%

12/2025

 

465

 

 

 

463

 

 

 

0.1

 

 

 

460

 

United Flow Technologies