8-K
0001633336false00016333362022-11-092022-11-09

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

Pursuant to section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of Earliest Event Reported): November 9, 2022

 

 

Crescent Capital BDC, Inc.

 

(Exact name of registrant as specified in its charter)

 

 

Maryland

814-01132

47-3162282

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(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

 

Not Applicable

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to 12(b) of the Act:

 

Securities registered pursuant to Section 12(g) 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

 

Common Stock, par value $0.001 per share

 

 

 

(Title of class)

 

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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.

 

 


Item 2.02. Results of Operations and Financial Condition.

 

On November 9, 2022, the Registrant issued a press release announcing its financial results for the quarter ended September 30, 2022. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

 

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

 

(b) Departure of Officer.

 

On and effective as of November 4, 2022 (the "Effective Date"), the Board of Directors (the "Board") of Crescent Capital BDC, Inc. (the "Company") accepted the resignation of Joe Hanlon as the Chief Compliance Officer. Mr. Hanlon's decision to resign was not the result of any disagreement with management or the Board, or related to the Company's operations, policies or practices. Mr. Hanlon remains Head of Compliance at Crescent Capital Group ("Crescent"), an affiliate of the Company, and a member of Crescent's Management Committee. The Company and its Board appreciate the support and guidance Mr. Hanlon has provided as a member of the Company's Management Team.

 

(c) Appointment of Chief Compliance Officer.

 

Additionally, as of the Effective Date, the Board appointed Erik Barrios as the Company's Chief Compliance Officer. Mr. Barrios, 44, currently serves as a Senior Vice President of the Company and a Senior Vice President, Deputy Chief Compliance Officer and Legal Counsel at Crescent. Prior to joining Crescent in January 2022, Mr. Barrios was a Vice President, Legal & Compliance at The Carlyle Group, where he served as the chief compliance officer and corporate secretary for the business development companies within the Carlyle Global Credit platform.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibits

 

 

Number

Description

99.1

Press Release, dated November 9, 2022

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 


SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CRESCENT CAPITAL, BDC, INC.

Date: November 9, 2022

By:

/s/ Gerhard Lombard

 

Name:

Gerhard Lombard

 

Title:

Chief Financial Officer

 


EX-99.1

 

https://cdn.kscope.io/95fb8eeeeeb4d87a226368352dfefc4f-img9012598_0.jpg 

 

 

 

Crescent Capital BDC, Inc. Reports Third Quarter 2022 Financial Results;

Declares a Fourth Quarter 2022 Regular Dividend of $0.41 per Share

 

LOS ANGELES, November 9, 2022 — Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ: CCAP) today reported net investment income of $16.0 million, or $0.52 per share, and adjusted net investment income of $13.0 million, or $0.42 per share,1 for the quarter ended September 30, 2022. Reported net asset value per share was $20.16 at September 30, 2022.

 

The Company announced that its Board of Directors declared a regular cash dividend for the fourth quarter 2022 of $0.41 per share, which will be paid on January 17, 2023 to stockholders of record as of the close of business on December 30, 2022.

 

Selected Financial Highlights

($ in millions, except per share amounts)

 

As of and for the three months ended

 

 

 

September 30, 2022

 

 

June 30, 2022

 

 

September 30, 2021

 

 

Investments, at fair value

 

$

 

1,292.9

 

 

$

 

1,285.3

 

 

$

 

1,138.6

 

 

Total assets

 

$

 

1,339.3

 

 

$

 

1,323.0

 

 

$

 

1,183.2

 

 

Total net assets

 

$

 

622.6

 

 

$

 

639.2

 

 

$

 

596.2

 

 

Net asset value per share

 

$

 

20.16

 

 

$

 

20.69

 

 

$

 

21.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

$

 

29.0

 

 

$

 

26.7

 

 

$

 

25.5

 

 

Net investment income

 

$

 

16.0

 

 

$

 

15.5

 

 

$

 

12.7

 

 

Net realized gains (losses), net of taxes

 

$

 

(2.5

)

 

$

 

(1.8

)

 

$

 

27.9

 

 

Net change in unrealized gains (losses), net of taxes

 

$

 

(15.8

)

 

$

 

(14.6

)

 

$

 

(23.9

)

 

Net increase (decrease) in net assets resulting from operations

 

$

 

(2.4

)

 

$

 

(0.9

)

 

$

 

16.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income per share

 

$

 

0.52

 

 

$

 

0.50

 

 

$

 

0.45

 

 

Net realized gains (losses) per share, net of taxes

 

$

 

(0.08

)

 

$

 

(0.06

)

 

$

 

0.99

 

 

Net change in unrealized gains (losses) per share, net of taxes

 

$

 

(0.51

)

 

$

 

(0.47

)

 

$

 

(0.85

)

 

Net increase (decrease) in net assets resulting from operations per share

 

$

 

(0.08

)

 

$

 

(0.03

)

 

$

 

0.59

 

 

Regular distributions paid per share

 

$

 

0.41

 

 

$

 

0.41

 

 

$

 

0.41

 

 

Special distributions paid per share

 

$

 

0.05

 

 

$

 

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP Financial Measures1:

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net investment income

 

$

 

13.0

 

 

$

 

12.7

 

 

$

 

13.5

 

 

Adjusted net investment income per share

 

$

 

0.42

 

 

$

 

0.41

 

 

$

 

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average yield on income producing securities (at cost)2

 

 

 

9.5

%

 

 

 

8.3

%

 

 

 

7.6

%

 

Percentage of debt investments at floating rates

 

 

 

98.7

%

 

 

 

98.7

%

 

 

 

99.7

%

 

 

Portfolio & Investment Activity

 

As of September 30, 2022 and December 31, 2021, the Company had investments in 136 and 134 portfolio companies with an aggregate fair value of $1,292.9 and $1,270.4 million, respectively. The portfolio at fair value was comprised of the following asset types:

Portfolio Asset Types:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

$ in millions

 

September 30, 2022

 

 

 

December 31, 2021

 

 

Investment Type

 

Fair Value

 

 

Percentage

 

 

 

Fair Value

 

 

Percentage

 

 

Senior secured first lien

 

$

 

328.0

 

 

 

25.4

 

%

 

$

 

329.9

 

 

 

26.0

 

%

Unitranche first lien3

 

 

 

811.1

 

 

 

62.7

 

 

 

 

 

731.0

 

 

 

57.5

 

 

Unitranche first lien - last out3

 

 

 

13.1

 

 

 

1.0

 

 

 

 

 

13.7

 

 

 

1.1

 

 

Senior secured second lien

 

 

 

61.9

 

 

 

4.8

 

 

 

 

 

72.7

 

 

 

5.7

 

 

Unsecured debt

 

 

 

4.5

 

 

 

0.3

 

 

 

 

 

5.6

 

 

 

0.4

 

 

Equity & other

 

 

 

46.1

 

 

 

3.6

 

 

 

 

 

59.5

 

 

 

4.7

 

 

LLC/LP equity interests

 

 

 

28.2

 

 

 

2.2

 

 

 

 

 

58.0

 

 

 

4.6

 

 

Total investments

 

$

 

1,292.9

 

 

 

100.0

 

%

 

$

 

1,270.4

 

 

 

100.0

 

%

 

 

 


 

https://cdn.kscope.io/95fb8eeeeeb4d87a226368352dfefc4f-img9012598_0.jpg 

 

 

 

For the quarter ended September 30, 2022, the Company invested $89.8 million across 7 new portfolio companies, 9 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $59.7 million in aggregate exits, sales and repayments.

For the quarter ended June 30, 2022, the Company invested $112.4 million across 11 new portfolio companies, 12 existing portfolio companies and several follow-on revolver and delayed draw fundings. For this period, the Company had $97.1 million in aggregate exits, sales and repayments.

Results of Operations

For the three months ended September 30, 2022 and 2021, investment income totaled $29.0 million and $25.5 million, respectively. Interest income, which includes amortization of upfront fees, increased from $22.8 million for the three months ended September 30, 2021 to $27.2 million for the three months ended September 30, 2022, due to an expansion of the income-producing investment portfolio and a rise in benchmark rates. Included in interest from investments for the three months ended September 30, 2022 and 2021 are $0.3 million and $3.9 million of accelerated accretion of OID related to paydown activity, respectively. Dividend income decreased from $2.4 million for the three months ended September 30, 2021 to $1.6 million for the three months ended September 30, 2022, due to lower one-time dividend distributions from portfolio companies. Other income, which includes consent, waiver, amendment, agency, underwriting and arranger fees associated with our investment activities, was $0.2 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively.

For the three months ended September 30, 2022 and 2021, total net expenses, including income and excise taxes, totaled $13.0 million and $12.8 million, respectively. Interest and other debt financing costs increased from $5.7 million for the three months ended September 30, 2021 to $8.7 million for the three months ended September 30, 2022, due to higher weighted average debt outstanding and higher weighted average cost of debt related to a rise in benchmark rates. The increase in total net expenses was partially offset by a $(3.1) million reversal of capital gains based incentive fees for the three months ended September 30, 2022.

Liquidity and Capital Resources

As of September 30, 2022, the Company had $22.2 million in cash and cash equivalents and restricted cash and $193.0 million of undrawn capacity on its credit facilities, subject to borrowing base and other limitations. The weighted average interest rate on the Company’s debt outstanding as of September 30, 2022 was 5.31%.

The Company’s debt to equity ratio was 1.11x as of September 30, 2022.

Non-GAAP Financial Measures

On a supplemental basis, the Company is disclosing adjusted net investment income and adjusted net investment income per share, each of which is a financial measure that is calculated and presented on a basis of methodology other than in accordance with U.S. GAAP (“non-GAAP”). Adjusted net investment income represents net investment income, excluding capital gains incentive fees. We use this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believe that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends without giving effect to capital gains incentive fees. The Company’s investment advisory agreement provides that a capital gains-based incentive fee is determined and paid annually with respect to realized capital gains (but not unrealized capital appreciation) to the extent such realized capital gains exceed realized capital losses and unrealized capital depreciation on a cumulative basis. We believe that adjusted net investment income is a useful performance measure because it reflects the net investment income produced on the Company’s investments during a period without giving effect to any changes in the value of such investments and any related capital gains incentive fees between periods. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.

The following table provides an unaudited reconciliation of net investment income (the most comparable U.S. GAAP measure) to adjusted net investment income for the periods presented:

 

 

 

For the three months ended

For the nine months ended September 30,

 

 

 

September 30, 2022
(unaudited)

 

 

June 30, 2022
(unaudited)

 

 

September 30, 2021
(unaudited)

 

 

2022

 

 

2021

 

$ in millions, except per share data

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

GAAP net investment income

 

$

 

16.0

 

 

$

 

0.52

 

 

$

 

15.5

 

 

$

 

0.50

 

 

$

 

12.7

 

 

$

 

0.45

 

 

$

 

43.6

 

 

$

 

1.41

 

 

$

 

35.1

 

 

$

 

1.25

 

Capital gains based incentive fee

 

 

 

(3.0

)

 

 

 

(0.10

)

 

 

 

(2.8

)

 

 

 

(0.09

)

 

 

 

0.8

 

 

 

 

0.03

 

 

 

 

(5.3

)

 

 

 

(0.17

)

 

 

 

6.2

 

 

 

 

0.22

 

Adjusted net investment income

 

$

 

13.0

 

 

$

 

0.42

 

 

$

 

12.7

 

 

$

 

0.41

 

 

$

 

13.5

 

 

$

 

0.48

 

 

$

 

38.3

 

 

$

 

1.24

 

 

$

 

41.3

 

 

$

 

1.47

 

 

 


 

https://cdn.kscope.io/95fb8eeeeeb4d87a226368352dfefc4f-img9012598_0.jpg 

 

 

 

Conference Call

The Company will host a webcast/conference call on Thursday, November 10, 2022 at 12:00 p.m. (Eastern Time) to discuss its financial results for the quarter ended September 30, 2022. Please visit Crescent BDC’s webcast link located on the Events & Presentations page of the Investor Relations section of Crescent BDC’s website for a slide presentation that complements the earnings conference call.

Those interested in participating via webcast in listen-only mode can access the event on the Investor Relations section of Crescent BDC’s website at www.crescentbdc.com. Please visit the website to test your connection before the webcast. For participants who would like to participate via telephone, please register here to receive the dial-in number along with a unique PIN number that is required to access the call.

 

An archived replay will be available via a webcast link located on the Investor Relations section of Crescent BDC's website.

Endnotes

Note: Numbers may not sum due to rounding.

1)
See “Non-GAAP Financial Measures” above for a description of this non-GAAP measure and a reconciliation from net investment income to adjusted net investment income. The Company's management uses this non-GAAP financial measure internally to analyze and evaluate financial results and performance and believes that this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing results and trends for the Company without giving effect to capital gains incentive fees. The presentation of adjusted net investment income is not intended to be a substitute for financial results prepared in accordance with GAAP and should not be considered in isolation.
2)
Yield excludes investments on non-accrual status.
3)
Unitranche loans are first lien loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, the Company may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that the Company would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

 

 

 


 

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Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands except share and per share data)

 

 

As of
September 30, 2022 (Unaudited)

 

 

As of
December 31, 2021

 

Assets

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

Non-controlled non-affiliated (cost of $1,242,938 and $1,150,173, respectively)

$

1,224,191

 

 

$

1,165,897

 

Non-controlled affiliated (cost of $48,920 and $41,242, respectively)

 

48,923

 

 

 

51,701

 

Controlled (cost of $22,837 and $53,431, respectively)

 

19,759

 

 

 

52,768

 

Cash and cash equivalents

 

12,742

 

 

 

10,069

 

Restricted cash and cash equivalents

 

9,411

 

 

 

13,457

 

Unrealized appreciation on foreign currency forward contracts

 

12,796

 

 

 

2,115

 

Interest and dividend receivable

 

8,340

 

 

 

6,763

 

Deferred tax assets

 

99

 

 

 

42

 

Receivable for investments sold

 

43

 

 

 

14,871

 

Other assets

 

2,954

 

 

 

126

 

 

 

 

 

 

 

Total assets

$

1,339,258

 

 

$

1,317,809

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Debt (net of deferred financing costs of $5,818 and $6,897)

$

686,145

 

 

$

631,040

 

Distributions payable

 

12,664

 

 

 

12,664

 

Interest and other debt financing costs payable

 

5,139

 

 

 

5,513

 

Management fees payable

 

4,082

 

 

 

3,830

 

Incentive fees payable

 

3,744

 

 

 

6,924

 

Deferred tax liabilities

 

1,033

 

 

 

956

 

Directors’ fees payable

 

148

 

 

 

114

 

Unrealized depreciation on foreign currency forward contracts

 

25

 

 

 

631

 

Accrued expenses and other liabilities

 

3,676

 

 

 

3,852

 

 

 

 

 

 

 

Total liabilities

$

716,656

 

 

$

665,524

 

 

 

 

 

 

 

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)

 

(43,591

)

 

 

(13,908

)

Total net assets

$

622,602

 

 

$

652,285

 

Total liabilities and net assets

$

1,339,258

 

 

$

1,317,809

 

Net asset value per share

$

20.16

 

 

$

21.12

 

 

 

 

 


 

https://cdn.kscope.io/95fb8eeeeeb4d87a226368352dfefc4f-img9012598_0.jpg 

 

 

 

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,

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

26,047

 

 

$

22,232

 

 

$

70,490

 

 

$

60,570

 

 

Paid-in-kind interest

 

 

401

 

 

 

184

 

 

 

1,091

 

 

 

966

 

 

Dividend income

 

 

18

 

 

 

1,373

 

 

 

33

 

 

 

1,427

 

 

Other income

 

 

174

 

 

 

254

 

 

 

434

 

 

 

577

 

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

374

 

 

 

305

 

 

 

993

 

 

 

904

 

 

Paid-in-kind interest

 

 

15

 

 

 

139

 

 

 

2,054

 

 

 

1,168

 

 

Dividend income

 

 

400

 

 

 

291

 

 

 

3,671

 

 

 

2,134

 

 

From controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

192

 

 

 

-

 

 

 

558

 

 

 

-

 

 

Paid-in-kind interest

 

 

187

 

 

 

-

 

 

 

538

 

 

 

-

 

 

Dividend income

 

 

1,180

 

 

 

700

 

 

 

2,280

 

 

 

2,100

 

 

Total investment income

 

 

28,988

 

 

 

25,478

 

 

 

82,142

 

 

 

69,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt financing costs

 

 

8,651

 

 

 

5,695

 

 

 

20,693

 

 

 

14,482

 

 

Management fees

 

 

4,144

 

 

 

3,531

 

 

 

12,235

 

 

 

10,082

 

 

Income based incentive fees

 

 

2,717

 

 

 

2,663

 

 

 

8,039

 

 

 

7,528

 

 

Capital gains based incentive fees

 

 

(3,103

)

 

 

757

 

 

 

(5,252

)

 

 

6,150

 

 

Professional fees

 

 

306

 

 

 

522

 

 

 

1,014

 

 

 

1,516

 

 

Directors’ fees

 

 

142

 

 

 

127

 

 

 

373

 

 

 

361

 

 

Other general and administrative expenses

 

 

635

 

 

 

692

 

 

 

2,001

 

 

 

2,076

 

 

Total expenses

 

 

13,492

 

 

 

13,987

 

 

 

39,103

 

 

 

42,195

 

 

Management fees waiver

 

 

(62

)

 

 

(476

)

 

 

(175

)

 

 

(3,096

)

 

Income based incentive fees waiver

 

 

(45

)

 

 

(931

)

 

 

(474

)

 

 

(5,796

)

 

Net expenses

 

 

13,385

 

 

 

12,580

 

 

 

38,454

 

 

 

33,303

 

 

Net investment income before taxes

 

 

15,603

 

 

 

12,898

 

 

 

43,688

 

 

 

36,543

 

 

(Benefit) provision for income and excise taxes

 

 

(350

)

 

 

170

 

 

 

64

 

 

 

1,403

 

 

Net investment income

 

 

15,953

 

 

 

12,728

 

 

 

43,624

 

 

 

35,140

 

 

Net realized and unrealized gains (losses) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled non-affiliated investments

 

 

(1,285

)

 

 

280

 

 

 

21

 

 

 

4,497

 

 

Non-controlled affiliated investments

 

 

-

 

 

 

27,513

 

 

 

7,113

 

 

 

27,513

 

 

Controlled investments

 

 

(770

)

 

 

-

 

 

 

(2,451

)

 

 

-

 

 

Foreign currency transactions

 

 

(73

)

 

 

80

 

 

 

(6

)

 

 

359

 

 

Foreign currency forward contracts

 

 

-

 

 

 

(56

)

 

 

24

 

 

 

(193

)

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled non-affiliated investments and foreign currency translation

 

 

(14,413

)

 

 

2,897

 

 

 

(33,152

)

 

 

13,336

 

 

Non-controlled affiliated investments

 

 

(5,916

)

 

 

(28,198

)

 

 

(10,456

)

 

 

(12,583

)

 

Controlled investments

 

 

(972

)

 

 

302

 

 

 

(2,415

)

 

 

1,472

 

 

Foreign currency forward contracts

 

 

5,699

 

 

 

1,523

 

 

 

11,286

 

 

 

1,959

 

 

Net realized and unrealized gains (losses) on investments

 

 

(17,730

)

 

 

4,341

 

 

 

(30,036

)

 

 

36,360

 

 

Benefit (provision) for taxes on realized gain on investments

 

 

(409

)

 

 

2

 

 

 

(626

)

 

 

(370

)

 

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

 

 

(192

)

 

 

(392

)

 

 

(20

)

 

 

(332

)

 

Net increase (decrease) in net assets resulting from operations

 

$

(2,378

)

 

$

16,679

 

 

$

12,942

 

 

$

70,798

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per common share data:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.08

)

 

$

0.59

 

 

$

0.42

 

 

$

2.51

 

 

Net investment income per share (basic and diluted):

 

$

0.52

 

 

$

0.45

 

 

$

1.41

 

 

$

1.25

 

 

Weighted average shares outstanding (basic and diluted):

 

 

30,887,360

 

 

 

28,167,360

 

 

 

30,887,360

 

 

 

28,167,360

 

 

 

 

 


 

https://cdn.kscope.io/95fb8eeeeeb4d87a226368352dfefc4f-img9012598_0.jpg 

 

 

 

About Crescent BDC

Crescent BDC is a business development company that seeks to maximize the total return of its stockholders in the form of current income and capital appreciation by providing capital solutions to middle market companies with sound business fundamentals and strong growth prospects. Crescent BDC utilizes the extensive experience, origination capabilities and disciplined investment process of Crescent. Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a business development company under the Investment Company Act of 1940. For more information about Crescent BDC, visit www.crescentbdc.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.

About Crescent Capital Group

Crescent is a global credit inve