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, 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 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 every Interactive Data File required to be submitted 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, a smaller reporting company, or an emerging growth 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 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 9, 2022 was 30,887,360
CRESCENT CAPITAL BDC, INC.
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2022
Table of Contents
|
INDEX
|
PAGE
|
PART I. |
5 |
|
Item 1. |
5 |
|
|
5 |
|
|
6 |
|
|
8 |
|
|
10 |
|
|
Consolidated Schedule of Investments as of September 30, 2022 (Unaudited) |
11 |
|
Consolidated Schedule of Investments as of December 31, 2021 |
31 |
|
50 |
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
74 |
Item 3. |
88 |
|
Item 4. |
89 |
|
PART II. |
90 |
|
Item 1. |
90 |
|
Item 1A |
90 |
|
Item 2. |
94 |
|
Item 3. |
94 |
|
Item 4. |
94 |
|
Item 5. |
94 |
|
Item 6. |
95 |
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:
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 applicable1 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 |
|
|
As of |
|
||
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 |
|
|
|
|
|
|
|
||
(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) |
|
(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 |
|
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 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 |
|
|
|
6
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 |
|
|
|
See accompanying notes
7
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 |
|
|
Accumulated Earnings (Loss) |
|
|
Total Net Assets |
|
|||||
Balance at June 30, 2022 |
|
30,887,360 |
|
|
$ |
31 |
|
|
$ |
666,162 |
|
|
$ |
(27,005 |
) |
|
$ |
639,188 |
|
Net increase (decrease) in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net investment income |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,953 |
|
|
|
15,953 |
|
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,128 |
) |
|
|
(2,128 |
) |
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,602 |
) |
|
|
(15,602 |
) |
Benefit (provision) for taxes on realized gain on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(409 |
) |
|
|
(409 |
) |
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(192 |
) |
|
|
(192 |
) |
Distributions to stockholders |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,208 |
) |
|
|
(14,208 |
) |
Total increase (decrease) for the three months ended September 30, 2022 |
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(16,586 |
) |
|
$ |
(16,586 |
) |
Balance at September 30, 2022 |
|
30,887,360 |
|
|
$ |
31 |
|
|
$ |
666,162 |
|
|
$ |
(43,591 |
) |
|
$ |
622,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Shares |
|
|
Par Amount |
|
|
Paid in Capital in |
|
|
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 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
43,624 |
|
|
|
43,624 |
|
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,701 |
|
|
|
4,701 |
|
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34,737 |
) |
|
|
(34,737 |
) |
Benefit (provision) for taxes on realized gain on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(626 |
) |
|
|
(626 |
) |
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20 |
) |
|
|
(20 |
) |
Distributions to stockholders |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(42,625 |
) |
|
|
(42,625 |
) |
Total increase (decrease) for the nine months ended September 30, 2022 |
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(29,683 |
) |
|
$ |
(29,683 |
) |
Balance at September 30, 2022 |
|
30,887,360 |
|
|
$ |
31 |
|
|
$ |
666,162 |
|
|
$ |
(43,591 |
) |
|
$ |
622,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
See accompanying notes
8
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 |
|
|
Accumulated Earnings (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 |
) |
Provision for taxes on realized gain on investments |
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
2 |
|
|||
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(392 |
) |
|
|
(392 |
) |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Shares |
|
|
Par Amount |
|
|
Paid in Capital in |
|
|
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 |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
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 |
|
Provision for taxes on realized gain on investments |
|
|
|
|
|
|
|
|
|
|
(370 |
) |
|
|
(370 |
) |
|||
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(332 |
) |
|
|
(332 |
) |
Distributions to stockholders |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34,646 |
) |
|
|
(34,646 |
) |
Total increase (decrease) for the nine months ended September 30, 2022 |
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
36,152 |
|
|
$ |
36,152 |
|
Balance at September 30, 2021 |
|
28,167,360 |
|
|
$ |
28 |
|
|
$ |
594,658 |
|
|
$ |
1,466 |
|
|
$ |
596,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
See accompanying notes
9
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, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations |
|
$ |
12,942 |
|
|
$ |
70,798 |
|
|
|
|
|
|
|
|
|
|
||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |
|
|
|
|
|
|
|
||
Purchases of investments |
|
|
(262,099 |
) |
|
|
(367,663 |
) |
|
Paid-in-kind interest income |
|
|
(3,736 |
) |
|
|
(2,372 |
) |
|
Proceeds from sales of investments and principal repayments |
|
|
206,109 |
|
|
|
309,592 |
|
|
Net realized (gain) loss on investments, foreign currency transactions and foreign currency forward contracts |
|
|
(4,683 |
) |
|
|
(32,652 |
) |
|
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation |
|
|
46,023 |
|
|
|
(2,225 |
) |
|
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts |
|
|
(11,286 |
) |
|
|
(1,959 |
) |
|
Amortization of premium and accretion of discount, net |
|
|
(5,464 |
) |
|
|
(9,289 |
) |
|
Amortization of deferred financing costs |
|
|
1,300 |
|
|
|
1,956 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
||
(Increase) decrease in receivable for investments sold |
|
|
14,828 |
|
|
|
(15,296 |
) |
|
(Increase) decrease in interest receivable |
|
|
(1,577 |
) |
|
|
(3,722 |
) |
|
(Increase) decrease in deferred tax asset |
|
|
(57 |
) |
|
|
576 |
|
|
(Increase) decrease in other assets |
|
|
(2,828 |
) |
|
|
333 |
|
|
Increase (decrease) in management fees payable |
|
|
252 |
|
|
|
1,188 |
|
|
Increase (decrease) in incentive fees payable |
|
|
(3,180 |
) |
|
|
7,882 |
|
|
Increase (decrease) in directors’ fees payable |
|
|
34 |
|
|
|
29 |
|
|
Increase (decrease) in interest and other debt financing costs payable |
|
|
(374 |
) |
|
|
(420 |
) |
|
Increase (decrease) in deferred tax liability |
|
|
77 |
|
|
|
(245 |
) |
|
Increase (decrease) in accrued expenses and other liabilities |
|
|
(176 |
) |
|
|
(382 |
) |
|
Net cash provided by (used for) operating activities |
|
$ |
(13,895 |
) |
|
$ |
(43,871 |
) |
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||
Deferred financing and debt issuance costs paid |
|
|
(221 |
) |
|
|
(2,186 |
) |
|
Distributions paid |
|
|
(42,625 |
) |
|
|
(34,646 |
) |
|
Borrowings on credit facilities |
|
|
276,979 |
|
|
|
332,737 |
|
|
Repayments on credit facilities |
|
|
(221,611 |
) |
|
|
(365,950 |
) |
|
Issuance of unsecured debt |
|
|
- |
|
|
|
135,000 |
|
|
Repayments on InterNotes ® |
|
|
- |
|
|
|
(16,418 |
) |
|
Net cash provided by (used for) financing activities |
|
|
12,522 |
|
|
|
48,537 |
|
|
Effect of exchange rate changes on cash denominated in foreign currency |
|
|
- |
|
|
|
(21 |
) |
|
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency |
|
|
(1,373 |
) |
|
|
4,645 |
|
|
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) |
|
$ |
22,153 |
|
|
$ |
19,494 |
|
|
|
|
|
|
|
|
|
|
||
Supplemental and non-cash financing activities: |
|
|
|
|
|
|
|
||
Cash paid during the period for interest |
|
$ |
19,772 |
|
|
$ |
12,325 |
|
|
Cash paid during the period for taxes |
|
$ |
1,974 |
|
|
$ |
- |
|
|
Accrued but unpaid distributions |
|
$ |
12,664 |
|
|
$ |
11,549 |
|
|
See accompanying notes
10
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Investments (1)(2)(3) |
|
|
|||||||||||||||||
United States |
|
|
|||||||||||||||||
Debt Investments |
|
|
|||||||||||||||||
Automobiles & Components |
|
|
|||||||||||||||||
Auveco Holdings (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
05/2028 |
|
— |
|
|
|
(8 |
) |
|
|
(0.0 |
) |
|
|
(6 |
) |
Auveco Holdings (5) |
Unitranche First Lien Revolver |
S + 575 (100 Floor) |
7.62% |
05/2028 |
|
150 |
|
|
|
144 |
|
|
|
0.0 |
|
|
|
145 |
|
Auveco Holdings |
Unitranche First Lien Term Loan |
S + 575 (100 Floor) |
7.62% |
05/2028 |
|
4,040 |
|
|
|
3,963 |
|
|
|
0.6 |
|
|
|
4,010 |
|
Continental Battery Company |
Unitranche First Lien Term Loan |
L + 675 (100 Floor) |
10.42% |
01/2027 |
|
7,212 |
|
|
|
7,101 |
|
|
|
1.1 |
|
|
|
7,029 |
|
Continental Battery Company |
Unitranche First Lien Delayed Draw Term Loan |
L + 675 (100 Floor) |
10.42% |
01/2027 |
|
2,659 |
|
|
|
2,637 |
|
|
|
0.4 |
|
|
|
2,591 |
|
Sun Acquirer Corp. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
8.56% |
09/2028 |
|
6,918 |
|
|
|
6,794 |
|
|
|
1.1 |
|
|
|
6,918 |
|
Sun Acquirer Corp. (5) |
Unitranche First Lien Revolver |
L + 575 (75 Floor) |
8.03% |
09/2028 |
|
217 |
|
|
|
187 |
|
|
|
0.0 |
|
|
|
217 |
|
Sun Acquirer Corp. |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
8.56% |
09/2028 |
|
12,946 |
|
|
|
12,719 |
|
|
|
2.1 |
|
|
|
12,946 |
|
Sun Acquirer Corp. |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
8.56% |
09/2028 |
|
2,481 |
|
|
|
2,436 |
|
|
|
0.4 |
|
|
|
2,481 |
|
|
|
|
|
|
|
36,623 |
|
|
|
35,973 |
|
|
|
5.7 |
|
|
|
36,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Envocore Holding, LLC (7)(8) |
Senior Secured First Lien Term Loan |
750 |
7.50% |
12/2025 |
|
6,892 |
|
|
|
6,830 |
|
|
|
1.0 |
|
|
|
6,420 |
|
Envocore Holding, LLC (7)(8) |
Senior Secured Second Lien Term Loan |
1000 PIK |
10.00% |
12/2026 |
|
7,484 |
|
|
|
6,599 |
|
|
|
0.8 |
|
|
|
4,830 |
|
Envocore Holding, LLC (5)(7)(8) |
Senior Secured First Lien Revolver |
750 |
7.50% |
12/2025 |
|
833 |
|
|
|
828 |
|
|
|
0.1 |
|
|
|
643 |
|
Eshipping |
Senior Secured First Lien Term Loan |
L + 500 (100 Floor) |
8.12% |
11/2027 |
|
7,366 |
|
|
|
7,237 |
|
|
|
1.2 |
|
|
|
7,366 |
|
Eshipping (4)(5) |
Senior Secured First Lien Delayed Draw Term Loan |
|
|
11/2027 |
|
— |
|
|
|
(16 |
) |
|
|
— |
|
|
|
— |
|
Eshipping (4)(5) |
Senior Secured First Lien Revolver |
|
|
11/2027 |
|
— |
|
|
|
(20 |
) |
|
|
— |
|
|
|
— |
|
Oliver Packaging LLC |
Senior Secured First Lien Term Loan |
S + 500 (100 Floor) |
7.26% |
07/2028 |
|
3,400 |
|
|
|
3,366 |
|
|
|
0.5 |
|
|
|
3,367 |
|
Oliver Packaging LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
07/2028 |
|
— |
|
|
|
(5 |
) |
|
|
(0.0 |
) |
|
|
(5 |
) |
Painters Supply & Equipment Company (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
08/2027 |
|
— |
|
|
|
(7 |
) |
|
|
(0.0 |
) |
|
|
(25 |
) |
Painters Supply & Equipment Company (5) |
Unitranche First Lien Revolver |
L + 575 (100 Floor) |
9.42% |
08/2027 |
|
242 |
|
|
|
233 |
|
|
|
0.0 |
|
|
|
224 |
|
Painters Supply & Equipment Company |
Unitranche First Lien Term Loan |
L + 575 (100 Floor) |
9.42% |
08/2027 |
|
2,030 |
|
|
|
1,995 |
|
|
|
0.3 |
|
|
|
1,958 |
|
Potter Electric Signal Company |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
8.87% |
12/2025 |
|
1,108 |
|
|
|
1,097 |
|
|
|
0.2 |
|
|
|
1,078 |
|
Potter Electric Signal Company (5) |
Senior Secured First Lien Revolver |
P + 375 (100 Floor) |
9.25% |
12/2024 |
|
171 |
|
|
|
252 |
|
|
|
0.0 |
|
|
|
240 |
|
11
12
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Hercules Borrower LLC |
Unitranche First Lien Term Loan |
L + 550 (100 Floor) |
9.67% |
12/2026 |
|
245 |
|
|
|
241 |
|
|
|
0.0 |
|
|
|
238 |
|
Hsid Acquisition, LLC |
Senior Secured First Lien Term Loan |
S + 525 (100 Floor) |
8.38% |
01/2026 |
|
3,790 |
|
|
|
3,745 |
|
|
|
0.6 |
|
|
|
3,790 |
|
Hsid Acquisition, LLC |
Senior Secured First Lien Delayed Draw Term Loan |
S + 525 (100 Floor) |
8.38% |
01/2026 |
|
2,842 |
|
|
|
2,809 |
|
|
|
0.5 |
|
|
|
2,842 |
|
Hsid Acquisition, LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
01/2026 |
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
— |
|
Hsid Acquisition, LLC |
Senior Secured First Lien Term Loan |
S + 525 (100 Floor) |
8.38% |
01/2026 |
|
248 |
|
|
|
244 |
|
|
|
0.0 |
|
|
|
248 |
|
Infobase |
Senior Secured First Lien Term Loan |
S + 550 (100 Floor) |
7.71% |
06/2028 |
|
11,272 |
|
|
|
11,053 |
|
|
|
1.8 |
|
|
|
11,165 |
|
Infobase (4)(5) |
Senior Secured First Lien Delayed Draw Term Loan |
|
|
06/2028 |
|
— |
|
|
|
(18 |
) |
|
|
(0.0 |
) |
|
|
(18 |
) |
Infobase (4)(5) |
Senior Secured First Lien Revolver |
|
|
06/2028 |
|
— |
|
|
|
(28 |
) |
|
|
(0.0 |
) |
|
|
(14 |
) |
ISS Compressors Industries, Inc. (5) |
Senior Secured First Lien Revolver |
S + 550 (100 Floor) |
8.66% |
02/2026 |
|
646 |
|
|
|
641 |
|
|
|
0.1 |
|
|
|
636 |
|
ISS Compressors Industries, Inc. |
Senior Secured First Lien Term Loan |
S + 550 (100 Floor) |
9.20% |
02/2026 |
|
9,395 |
|
|
|
9,337 |
|
|
|
1.5 |
|
|
|
9,288 |
|
ISS Compressors Industries, Inc. |
Senior Secured First Lien Term Loan |
S + 550 (100 Floor) |
9.20% |
02/2026 |
|
333 |
|
|
|
327 |
|
|
|
0.1 |
|
|
|
330 |
|
MHS Acquisition Holdings, LLC (8) |
Unsecured Debt |
1350 PIK |
13.50% |
03/2026 |
|
245 |
|
|
|
237 |
|
|
|
0.0 |
|
|
|
230 |
|
MHS Acquisition Holdings, LLC (8) |
Unsecured Debt |
1350 PIK |
13.50% |
03/2026 |
|
737 |
|
|
|
733 |
|
|
|
0.1 |
|
|
|
692 |
|
MHS Acquisition Holdings, LLC |
Senior Secured First Lien Delayed Draw Term Loan |
S + 600 (100 Floor) |
9.50% |
07/2027 |
|
224 |
|
|
|
221 |
|
|
|
0.0 |
|
|
|
221 |
|
MHS Acquisition Holdings, LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
07/2027 |
|
— |
|
|
|
(2 |
) |
|
|
(0.0 |
) |
|
|
(1 |
) |
MHS Acquisition Holdings, LLC |
Senior Secured First Lien Term Loan |
S + 600 (100 Floor) |
9.50% |
07/2027 |
|
1,819 |
|
|
|
1,788 |
|
|
|
0.3 |
|
|
|
1,802 |
|
Nexant Volt MergerSub, Inc. |
Senior Secured First Lien Term Loan |
S + 500 (100 Floor) |
8.13% |
05/2027 |
|
5,629 |
|
|
|
5,537 |
|
|
|
0.9 |
|
|
|
5,629 |
|
Nexant Volt MergerSub, Inc. (5) |
Senior Secured First Lien Revolver |
P + 400 (100 Floor) |
10.25% |
05/2027 |
|
590 |
|
|
|
587 |
|
|
|
0.1 |
|
|
|
590 |
|
Pye-Barker Fire & Safety, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (100 Floor) |
9.17% |
11/2027 |
|
4,931 |
|
|
|
4,792 |
|
|
|
0.8 |
|
|
|
4,844 |
|
Pye-Barker Fire & Safety, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (100 Floor) |
9.17% |
11/2027 |
|
3,668 |
|
|
|
3,550 |
|
|
|
0.6 |
|
|
|
3,603 |
|
Pye-Barker Fire & Safety, LLC |
Unitranche First Lien Term Loan |
L + 550 (100 Floor) |
9.17% |
11/2027 |
|
9,847 |
|
|
|
9,547 |
|
|
|
1.6 |
|
|
|
9,674 |
|
Pye-Barker Fire & Safety, LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (75 Floor) |
9.17% |
11/2027 |
|
1,980 |
|
|
|
1,922 |
|
|
|
0.3 |
|
|
|
1,945 |
|
Pye-Barker Fire & Safety, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (75 Floor) |
9.17% |
11/2027 |
|
2,580 |
|
|
|
2,544 |
|
|
|
0.4 |
|
|
|
2,534 |
|
Pye-Barker Fire & Safety, LLC (5) |
Unitranche First Lien Revolver |
L + 550 (75 Floor) |
9.14% |
11/2027 |
|
714 |
|
|
|
697 |
|
|
|
0.1 |
|
|
|
687 |
|
Pye-Barker Fire & Safety, LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (75 Floor) |
9.17% |
11/2027 |
|
921 |
|
|
|
899 |
|
|
|
0.1 |
|
|
|
904 |
|
Pye-Barker Fire & Safety, LLC (5) |
Unitranche First Lien Revolver |
L + 550 (75 Floor) |
9.17% |
11/2024 |
|
66 |
|
|
|
63 |
|
|
|
0.0 |
|
|
|
66 |
|
13
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Receivable Solutions, Inc. (4)(5) |
Senior Secured First Lien Revolver |
|
|
10/2024 |
|
— |
|
|
|
(2 |
) |
|
|
(0.0 |
) |
|
|
(2 |
) |
Receivable Solutions, Inc. |
Senior Secured First Lien Term Loan |
L + 450 (100 Floor) |
7.62% |
10/2024 |
|
2,226 |
|
|
|
2,206 |
|
|
|
0.4 |
|
|
|
2,214 |
|
Seko Global Logistics Network, LLC (5)(11) |
Senior Secured First Lien Revolver |
P + 400 (100 Floor) |
10.25% |
12/2026 |
|
650 |
|
|
|
633 |
|
|
|
0.1 |
|
|
|
650 |
|
Seko Global Logistics Network, LLC (11) |
Senior Secured First Lien Term Loan |
L + 475 |
7.82% |
12/2026 |
|
5,000 |
|
|
|
4,937 |
|
|
|
0.8 |
|
|
|
5,000 |
|
Service Logic Acquisition, Inc. |
Senior Secured Second Lien Term Loan |
L + 850 (100 Floor) |
11.31% |
10/2028 |
|
8,755 |
|
|
|
8,542 |
|
|
|
1.4 |
|
|
|
8,842 |
|
Service Logic Acquisition, Inc. (5) |
Senior Secured Second Lien Delayed Draw Term Loan |
L + 850 (100 Floor) |
11.31% |
10/2028 |
|
2,043 |
|
|
|
1,979 |
|
|
|
0.3 |
|
|
|
2,073 |
|
Spear Education |
Senior Secured First Lien Term Loan |
L + 575 (100 Floor) |
9.42% |
02/2025 |
|
6,703 |
|
|
|
6,669 |
|
|
|
1.0 |
|
|
|
6,450 |
|
TecoStar Holdings, Inc. |
Senior Secured Second Lien Term Loan |
L + 850 (100 Floor) |
11.31% |
11/2024 |
|
5,000 |
|
|
|
4,956 |
|
|
|
0.7 |
|
|
|
4,565 |
|
UP Acquisition Corp. |
Unitranche First Lien Delayed Draw Term Loan |
L + 625 (100 Floor) |
9.37% |
05/2024 |
|
1,167 |
|
|
|
1,158 |
|
|
|
0.2 |
|
|
|
1,077 |
|
UP Acquisition Corp. (5) |
Unitranche First Lien Revolver |
L + 625 (100 Floor) |
9.37% |
05/2024 |
|
443 |
|
|
|
434 |
|
|
|
0.1 |
|
|
|
346 |
|
UP Acquisition Corp. |
Unitranche First Lien Term Loan |
L + 625 (100 Floor) |
9.37% |
05/2024 |
|
4,257 |
|
|
|
4,225 |
|
|
|
0.6 |
|
|
|
3,927 |
|
|
|
|
|
|
|
170,139 |
|
|
|
167,363 |
|
|
|
26.7 |
|
|
|
166,175 |
|
Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effective School Solutions LLC |
Senior Secured First Lien Term Loan |
L + 550 (100 Floor) |
8.57% |
11/2027 |
|
7,711 |
|
|
|
7,577 |
|
|
|
1.2 |
|
|
|
7,684 |
|
Effective School Solutions LLC (5) |
Senior Secured First Lien Revolver |
L + 550 (100 Floor) |
8.62% |
11/2027 |
|
232 |
|
|
|
207 |
|
|
|
0.0 |
|
|
|
227 |
|
Effective School Solutions LLC (4)(5) |
Senior Secured First Lien Delayed Draw Term Loan |
|
|
11/2027 |
|
— |
|
|
|
(19 |
) |
|
|
(0.0 |
) |
|
|
(8 |
) |
Everlast Parent Inc. |
Unitranche First Lien Term Loan |
L + 625 (100 Floor) |
9.92% |
10/2026 |
|
13,783 |
|
|
|
13,531 |
|
|
|
2.1 |
|
|
|
13,369 |
|
Everlast Parent Inc. (5) |
Unitranche First Lien Revolver |
L + 625 (100 Floor) |
9.54% |
10/2026 |
|
460 |
|
|
|
433 |
|
|
|
0.1 |
|
|
|
412 |
|
Everlast Parent Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (100 Floor) |
9.42% |
10/2026 |
|
3,387 |
|
|
|
3,315 |
|
|
|
0.5 |
|
|
|
3,268 |
|
FS Whitewater Borrower, LLC |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
9.42% |
12/2027 |
|
5,134 |
|
|
|
5,043 |
|
|
|
0.8 |
|
|
|
5,081 |
|
FS Whitewater Borrower, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
8.73% |
12/2027 |
|
1,723 |
|
|
|
1,708 |
|
|
|
0.3 |
|
|
|
1,705 |
|
FS Whitewater Borrower, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
9.42% |
12/2027 |
|
1,712 |
|
|
|
1,684 |
|
|
|
0.3 |
|
|
|
1,695 |
|
FS Whitewater Borrower, LLC (5) |
Unitranche First Lien Revolver |
L + 575 (75 Floor) |
9.39% |
12/2027 |
|
138 |
|
|
|
126 |
|
|
|
0.0 |
|
|
|
131 |
|
FS Whitewater Borrower, LLC (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 600 (75 Floor) |
8.98% |
12/2027 |
|
4 |
|
|
|
(31 |
) |
|
|
0.0 |
|
|
|
4 |
|
HGH Purchaser, Inc. |
Unitranche First Lien Delayed Draw Term Loan |
L + 600 (75 Floor) |
8.35% |
11/2025 |
|
3,345 |
|
|
|
3,323 |
|
|
|
0.5 |
|
|
|
3,345 |
|
HGH Purchaser, Inc. |
Unitranche First Lien Delayed Draw Term Loan |
L + 600 (75 Floor) |
8.35% |
11/2025 |
|
3,322 |
|
|
|
3,261 |
|
|
|
0.5 |
|
|
|
3,323 |
|
HGH Purchaser, Inc. (5) |
Unitranche First Lien Revolver |
L + 600 (75 Floor) |
8.35% |
11/2025 |
|
938 |
|
|
|
915 |
|
|
|
0.2 |
|
|
|
938 |
|
14
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
HGH Purchaser, Inc. |
Unitranche First Lien Term Loan |
L + 600 (75 Floor) |
8.35% |
11/2025 |
|
7,885 |
|
|
|
7,771 |
|
|
|
1.3 |
|
|
|
7,886 |
|
HS Spa Holdings Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
06/2028 |
|
— |
|
|
|
(29 |
) |
|
|
(0.0 |
) |
|
|
(8 |
) |
HS Spa Holdings Inc. |
Unitranche First Lien Term Loan |
S + 575 (75 Floor) |
7.51% |
06/2029 |
|
10,395 |
|
|
|
10,194 |
|
|
|
1.7 |
|
|
|
10,338 |
|
HS Spa Holdings Inc. (8)(10) |
Unitranche First Lien - Last Out Term Loan |
1237.5 |
12.38% |
06/2030 |
|
1,316 |
|
|
|
1,284 |
|
|
|
0.2 |
|
|
|
1,316 |
|
Learn-It Systems, LLC (5) |
Senior Secured First Lien Revolver |
L + 475 (100 Floor) |
7.63% |
03/2025 |
|
617 |
|
|
|
604 |
|
|
|
0.1 |
|
|
|
566 |
|
Learn-It Systems, LLC (5) |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
7.63% |
03/2025 |
|
2,518 |
|
|
|
2,481 |
|
|
|
0.4 |
|
|
|
2,377 |
|
Learn-It Systems, LLC |
Senior Secured First Lien Term Loan |
L + 475 (100 Floor) |
8.92% |
03/2025 |
|
4,260 |
|
|
|
4,199 |
|
|
|
0.6 |
|
|
|
4,021 |
|
Learn-It Systems, LLC (5) |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
7.63% |
05/2023 |
|
1,141 |
|
|
|
1,126 |
|
|
|
0.2 |
|
|
|
995 |
|
Mario Purchaser, LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
S + 575 (75 Floor) |
8.88% |
04/2029 |
|
1,532 |
|
|
|
1,483 |
|
|
|
0.2 |
|
|
|
1,516 |
|
Mario Purchaser, LLC (10) |
Unitranche First Lien - Last Out Term Loan |
S + 1075 PIK |
13.88% |
04/2032 |
|
2,976 |
|
|
|
2,866 |
|
|
|
0.5 |
|
|
|
2,976 |
|
Mario Purchaser, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
04/2028 |
|
— |
|
|
|
(20 |
) |
|
|
(0.0 |
) |
|
|
(3 |
) |
Mario Purchaser, LLC |
Unitranche First Lien Term Loan |
S + 575 (75 Floor) |
8.88% |
04/2029 |
|
9,887 |
|
|
|
9,696 |
|
|
|
1.6 |
|
|
|
9,857 |
|
PPV Intermediate Holdings LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
S + 575 (75 Floor) |
9.22% |
08/2029 |
|
60 |
|
|
|
44 |
|
|
|
0.0 |
|
|
|
60 |
|
PPV Intermediate Holdings LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
08/2029 |
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
PPV Intermediate Holdings LLC |
Unitranche First Lien Term Loan |
S + 575 (75 Floor) |
9.01% |
08/2029 |
|
2,781 |
|
|
|
2,729 |
|
|
|
0.4 |
|
|
|
2,781 |
|
PPV Intermediate Holdings LLC (8) |
Unsecured Debt |
1300 PIK |
13.00% |
08/2030 |
|
711 |
|
|
|
694 |
|
|
|
0.1 |
|
|
|
711 |
|
PPV Intermediate Holdings LLC (4)(5)(8) |
Unsecured Debt |
|
|
08/2030 |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
Stepping Stones Healthcare Services, LLC |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
9.42% |
12/2028 |
|
13,142 |
|
|
|
12,877 |
|
|
|
2.1 |
|
|
|
13,142 |
|
Stepping Stones Healthcare Services, LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
9.42% |
12/2028 |
|
376 |
|
|
|
343 |
|
|
|
0.1 |
|
|
|
376 |
|
Stepping Stones Healthcare Services, LLC (5) |
Unitranche First Lien Revolver |
P + 475 (75 Floor) |
11.00% |
12/2026 |
|
75 |
|
|
|
42 |
|
|
|
0.0 |
|
|
|
75 |
|
United Language Group, Inc. |
Senior Secured First Lien Revolver |
L + 875 (100 Floor) |
11.38% |
10/2022 |
|
400 |
|
|
|
400 |
|
|
|
0.1 |
|
|
|
391 |
|
United Language Group, Inc. |
Senior Secured First Lien Term Loan |
L + 875 (100 Floor) |
11.38% |
10/2022 |
|
4,558 |
|
|
|
4,559 |
|
|
|
0.7 |
|
|
|
4,458 |
|
Wrench Group LLC |
Senior Secured Second Lien Term Loan |
L + 787.5 |
11.55% |
04/2027 |
|
4,833 |
|
|
|
4,733 |
|
|
|
0.8 |
|
|
|
4,833 |
|
|
|
|
|
|
|
111,352 |
|
|
|
109,141 |
|
|
|
17.6 |
|
|
|
109,838 |
|
Diversified Financials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alera Group Inc. (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
09/2028 |
|
— |
|
|
|
(197 |
) |
|
|
— |
|
|
|
— |
|
Alera Group Inc. |
Unitranche First Lien Term Loan |
S + 600 (75 Floor) |
9.13% |
09/2028 |
|
5,000 |
|
|
|
4,901 |
|
|
|
0.8 |
|
|
|
5,000 |
|
King Mid LLC (5) |
Senior Secured First Lien Delayed Draw Term Loan |
S + 550 (100 Floor) |
9.20% |
12/2027 |
|
466 |
|
|
|
432 |
|
|
|
0.1 |
|
|
|
466 |
|
15
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
King Mid LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
12/2027 |
|
— |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
King Mid LLC |
Senior Secured First Lien Term Loan |
S + 550 (100 Floor) |
9.20% |
12/2027 |
|
3,450 |
|
|
|
3,385 |
|
|
|
0.6 |
|
|
|
3,450 |
|
|
|
|
|
|
|
8,916 |
|
|
|
8,518 |
|
|
|
1.5 |
|
|
|
8,916 |
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
BJ Services, LLC (10) |
Unitranche First Lien - Last Out Term Loan |
L + 968.612 (100 Floor) |
11.97% |
01/2023 |
|
5,090 |
|
|
|
2,866 |
|
|
|
0.3 |
|
|
|
2,085 |
|
|
|
|
|
|
|
5,090 |
|
|
|
2,866 |
|
|
|
0.3 |
|
|
|
2,085 |
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Isagenix International, LLC (9)(12) |
Senior Secured First Lien Term Loan |
|
|
06/2025 |
|
5,470 |
|
|
|
5,452 |
|
|
|
0.4 |
|
|
|
2,373 |
|
|
|
|
|
|
|
5,470 |
|
|
|
5,452 |
|
|
|
0.4 |
|
|
|
2,373 |
|
Food, Beverage & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
JTM Foods LLC |
Senior Secured First Lien Term Loan |
L + 525 (100 Floor) |
8.17% |
05/2027 |
|
4,987 |
|
|
|
4,915 |
|
|
|
0.8 |
|
|
|
4,987 |
|
JTM Foods LLC (5) |
Senior Secured First Lien Revolver |
L + 525 (100 Floor) |
8.17% |
05/2027 |
|
400 |
|
|
|
389 |
|
|
|
0.1 |
|
|
|
400 |
|
JTM Foods LLC (5) |
Senior Secured First Lien Delayed Draw Term Loan |
L + 525 (100 Floor) |
8.89% |
05/2027 |
|
500 |
|
|
|
494 |
|
|
|
0.1 |
|
|
|
500 |
|
Mann Lake Ltd. |
Senior Secured First Lien Revolver |
L + 675 (100 Floor) |
10.51% |
10/2024 |
|
908 |
|
|
|
902 |
|
|
|
0.1 |
|
|
|
871 |
|
Mann Lake Ltd. |
Senior Secured First Lien Term Loan |
L + 675 (100 Floor) |
10.51% |
10/2024 |
|
2,123 |
|
|
|
2,107 |
|
|
|
0.3 |
|
|
|
2,038 |
|
|
|
|
|
|
|
8,918 |
|
|
|
8,807 |
|
|
|
1.4 |
|
|
|
8,796 |
|
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ACI Group Holdings, Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (75 Floor) |
9.17% |
08/2028 |
|
667 |
|
|
|
645 |
|
|
|
0.1 |
|
|
|
654 |
|
ACI Group Holdings, Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
08/2027 |
|
— |
|
|
|
(12 |
) |
|
|
(0.0 |
) |
|
|
(10 |
) |
ACI Group Holdings, Inc. |
Unitranche First Lien Term Loan |
L + 550 (75 Floor) |
9.17% |
08/2028 |
|
6,940 |
|
|
|
6,783 |
|
|
|
1.1 |
|
|
|
6,905 |
|
Advanced Diabetes Supply |
Senior Secured First Lien Term Loan |
S + 525 (100 Floor) |
9.48% |
07/2025 |
|
3,484 |
|
|
|
3,457 |
|
|
|
0.6 |
|
|
|
3,478 |
|
Advanced Diabetes Supply |
Senior Secured First Lien Term Loan |
S + 525 (100 Floor) |
8.76% |
12/2027 |
|
4,975 |
|
|
|
4,900 |
|
|
|
0.8 |
|
|
|
4,965 |
|
Advanced Diabetes Supply (5) |
Senior Secured First Lien Revolver |
S + 525 (100 Floor) |
8.04% |
12/2027 |
|
263 |
|
|
|
257 |
|
|
|
0.0 |
|
|
|
262 |
|
Ameda, Inc. |
Senior Secured First Lien Term Loan |
L + 700 (100 Floor) |
10.15% |
10/2022 |
|
2,155 |
|
|
|
2,150 |
|
|
|
0.3 |
|
|
|
2,087 |
|
Ameda, Inc. (5) |
Senior Secured First Lien Revolver |
L + 700 (100 Floor) |
10.15% |
10/2022 |
|
188 |
|
|
|
187 |
|
|
|
0.0 |
|
|
|
178 |
|
Arrow Management Acquisition, LLC |
Senior Secured First Lien Term Loan |
L + 475 (100 Floor) |
7.87% |
10/2027 |
|
4,913 |
|
|
|
4,828 |
|
|
|
0.8 |
|
|
|
4,716 |
|
Arrow Management Acquisition, LLC |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
7.87% |
10/2027 |
|
2,197 |
|
|
|
2,178 |
|
|
|
0.3 |
|
|
|
2,120 |
|
Arrow Management Acquisition, LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
10/2027 |
|
— |
|
|
|
(12 |
) |
|
|
(0.0 |
) |
|
|
(28 |
) |
Avalign Technologies, Inc. |
Senior Secured First Lien Term Loan |
L + 450 |
7.62% |
12/2025 |
|
16,536 |
|
|
|
16,465 |
|
|
|
2.6 |
|
|
|
16,205 |
|
16
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Centria Subsidiary Holdings, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
12/2025 |
|
— |
|
|
|
(32 |
) |
|
|
(0.0 |
) |
|
|
(69 |
) |
Centria Subsidiary Holdings, LLC |
Unitranche First Lien Term Loan |
S + 600 (100 Floor) |
9.19% |
12/2025 |
|
11,546 |
|
|
|
11,410 |
|
|
|
1.8 |
|
|
|
11,142 |
|
CRA MSO, LLC |
Senior Secured First Lien Term Loan |
L + 700 (100 Floor) |
10.12% |
12/2023 |
|
1,203 |
|
|
|
1,197 |
|
|
|
0.2 |
|
|
|
1,154 |
|
CRA MSO, LLC (5) |
Senior Secured First Lien Revolver |
L + 700 (100 Floor) |
10.12% |
12/2023 |
|
108 |
|
|
|
107 |
|
|
|
0.0 |
|
|
|
100 |
|
EMS Buyer, Inc. |
Unitranche First Lien Term Loan |
S + 575 (100 Floor) |
8.88% |
11/2027 |
|
11,714 |
|
|
|
11,536 |
|
|
|
1.8 |
|
|
|
11,362 |
|
EMS Buyer, Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
11/2027 |
|
— |
|
|
|
(8 |
) |
|
|
(0.0 |
) |
|
|
(17 |
) |
EMS Buyer, Inc. |
Unitranche First Lien Term Loan |
S + 575 (100 Floor) |
8.88% |
11/2027 |
|
998 |
|
|
|
981 |
|
|
|
0.2 |
|
|
|
968 |
|
Explorer Investor, Inc. (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
06/2029 |
|
— |
|
|
|
(139 |
) |
|
|
(0.0 |
) |
|
|
(108 |
) |
Explorer Investor, Inc. |
Unitranche First Lien Term Loan |
S + 600 (50 Floor) |
9.03% |
06/2029 |
|
11,333 |
|
|
|
10,670 |
|
|
|
1.7 |
|
|
|
10,823 |
|
FH MD Buyer, Inc |
Senior Secured First Lien Term Loan |
L + 500 (75 Floor) |
8.12% |
07/2028 |
|
19,800 |
|
|
|
19,633 |
|
|
|
3.1 |
|
|
|
19,008 |
|
GrapeTree Medical Staffing, LLC |
Senior Secured First Lien Term Loan |
S + 500 (100 Floor) |
8.15% |
05/2024 |
|
6,203 |
|
|
|
6,129 |
|
|
|
1.0 |
|
|
|
6,171 |
|
GrapeTree Medical Staffing, LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
05/2024 |
|
— |
|
|
|
(7 |
) |
|
|
(0.0 |
) |
|
|
(3 |
) |
GrapeTree Medical Staffing, LLC |
Senior Secured First Lien Delayed Draw Term Loan |
S + 500 (100 Floor) |
8.15% |
05/2024 |
|
4,428 |
|
|
|
4,367 |
|
|
|
0.7 |
|
|
|
4,405 |
|
Great Lakes Dental Partners, LLC |
Unitranche First Lien Term Loan |
L + 625 (100 Floor) |
9.37% |
06/2026 |
|
4,938 |
|
|
|
4,857 |
|
|
|
0.8 |
|
|
|
4,786 |
|
Great Lakes Dental Partners, LLC (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
06/2026 |
|
— |
|
|
|
(13 |
) |
|
|
(0.0 |
) |
|
|
(26 |
) |
Great Lakes Dental Partners, LLC (5) |
Unitranche First Lien Revolver |
L + 625 (100 Floor) |
9.24% |
06/2026 |
|
300 |
|
|
|
294 |
|
|
|
0.0 |
|
|
|
288 |
|
HCOS Group Intermediate III LLC |
Senior Secured First Lien Term Loan |
L + 550 (100 Floor) |
9.17% |
09/2026 |
|
11,368 |
|
|
|
11,207 |
|
|
|
1.8 |
|
|
|
10,942 |
|
HCOS Group Intermediate III LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
09/2026 |
|
— |
|
|
|
(16 |
) |
|
|
(0.0 |
) |
|
|
(43 |
) |
HCOS Group Intermediate III LLC |
Senior Secured First Lien Term Loan |
L + 550 (100 Floor) |
9.17% |
09/2026 |
|
9,379 |
|
|
|
9,227 |
|
|
|
1.4 |
|
|
|
9,027 |
|
Homecare Partners Management, LLC |
Senior Secured First Lien Term Loan |
L + 575 (100 Floor) |
7.82% |
05/2027 |
|
4,505 |
|
|
|
4,429 |
|
|
|
0.7 |
|
|
|
4,397 |
|
Homecare Partners Management, LLC (5) |
Senior Secured First Lien Revolver |
P + 475 (100 Floor) |
11.00% |
05/2027 |
|
147 |
|
|
|
129 |
|
|
|
0.0 |
|
|
|
120 |
|
Homecare Partners Management, LLC |
Senior Secured First Lien Delayed Draw Term Loan |
L + 575 (100 Floor) |
9.42% |
05/2027 |
|
3,370 |
|
|
|
3,308 |
|
|
|
0.5 |
|
|
|
3,289 |
|
Homecare Partners Management, LLC |
Senior Secured First Lien Term Loan |
L + 575 (100 Floor) |
8.82% |
12/2027 |
|
1,097 |
|
|
|
1,097 |
|
|
|
0.2 |
|
|
|
1,071 |
|
Hospice Care Buyer, Inc. |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
10.17% |
12/2026 |
|
380 |
|
|
|
370 |
|
|
|
0.1 |
|
|
|
374 |
|
Hospice Care Buyer, Inc. |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
9.31% |
12/2026 |
|
14,199 |
|
|
|
13,909 |
|
|
|
2.2 |
|
|
|
13,958 |
|
Hospice Care Buyer, Inc. |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
9.31% |
12/2026 |
|
2,593 |
|
|
|
2,536 |
|
|
|
0.4 |
|
|
|
2,549 |
|
17
18
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Plasma Buyer LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
05/2029 |
|
— |
|
|
|
(15 |
) |
|
|
(0.0 |
) |
|
|
(7 |
) |
Plasma Buyer LLC |
Unitranche First Lien Term Loan |
S + 575 (75 Floor) |
9.30% |
05/2029 |
|
7,297 |
|
|
|
7,156 |
|
|
|
1.2 |
|
|
|
7,238 |
|
Premier Dental Care Management, LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
8.27% |
08/2028 |
|
4,333 |
|
|
|
4,312 |
|
|
|
0.7 |
|
|
|
4,269 |
|
Premier Dental Care Management, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
08/2027 |
|
— |
|
|
|
(25 |
) |
|
|
(0.0 |
) |
|
|
(19 |
) |
Premier Dental Care Management, LLC |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
8.87% |
08/2028 |
|
9,452 |
|
|
|
9,289 |
|
|
|
1.5 |
|
|
|
9,333 |
|
Professional Physical Therapy (9) |
Senior Secured First Lien Term Loan |
|
|
12/2022 |
|
9,201 |
|
|
|
8,907 |
|
|
|
0.9 |
|
|
|
5,622 |
|
Professional Physical Therapy (5) |
Senior Secured First Lien Revolver |
|
|
12/2022 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
PromptCare Intermediate, LP (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 600 (100 Floor) |
8.63% |
09/2027 |
|
1,010 |
|
|
|
965 |
|
|
|
0.2 |
|
|
|
938 |
|
PromptCare Intermediate, LP |
Unitranche First Lien Term Loan |
L + 600 (100 Floor) |
8.63% |
09/2027 |
|
10,395 |
|
|
|
10,219 |
|
|
|
1.6 |
|
|
|
10,226 |
|
Safco Dental Supply, LLC (5) |
Unitranche First Lien Revolver |
S + 400 (100 Floor) |
7.13% |
06/2025 |
|
120 |
|
|
|
115 |
|
|
|
0.0 |
|
|
|
101 |
|
Safco Dental Supply, LLC |
Unitranche First Lien Term Loan |
S + 400 (100 Floor) |
7.70% |
06/2025 |
|
4,043 |
|
|
|
4,007 |
|
|
|
0.6 |
|
|
|
3,912 |
|
Seniorlink Incorporated (4)(5) |
Unitranche First Lien Revolver |
|
|
07/2026 |
|
— |
|
|
|
(20 |
) |
|
|
— |
|
|
|
— |
|
Seniorlink Incorporated |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
9.19% |
07/2026 |
|
10,223 |
|
|
|
10,018 |
|
|
|
1.7 |
|
|
|
10,387 |
|
Smile Doctors LLC (12) |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
9.42% |
12/2028 |
|
11,201 |
|
|
|
11,002 |
|
|
|
1.8 |
|
|
|
10,977 |
|
Smile Doctors LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
9.42% |
12/2028 |
|
1,767 |
|
|
|
1,746 |
|
|
|
0.3 |
|
|
|
1,731 |
|
Smile Doctors LLC (5) |
Unitranche First Lien Revolver |
L + 575 (75 Floor) |
9.42% |
12/2027 |
|
293 |
|
|
|
270 |
|
|
|
0.0 |
|
|
|
268 |
|
Smile Doctors LLC (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
8.78% |
12/2028 |
|
1,066 |
|
|
|
1,032 |
|
|
|
0.2 |
|
|
|
995 |
|
Sydney US Buyer Corp. (11) |
Unitranche First Lien Term Loan |
S + 600 (50 Floor) |
6.50% |
07/2029 |
|
3,693 |
|
|
|
3,594 |
|
|
|
0.6 |
|
|
|
3,591 |
|
Sydney US Buyer Corp. (11) |
Unitranche First Lien Term Loan |
E + 600 |
6.00% |
07/2029 |
|
3,432 |
|
|
|
3,469 |
|
|
|
0.5 |
|
|
|
3,338 |
|
Sydney US Buyer Corp. (4)(5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
07/2029 |
|
— |
|
|
|
(52 |
) |
|
|
(0.0 |
) |
|
|
(54 |
) |
Sydney US Buyer Corp. (4)(5)(11) |
Senior Secured First Lien Revolver |
|
|
07/2029 |
|
— |
|
|
|
(3 |
) |
|
|
(0.0 |
) |
|
|
(18 |
) |
Unifeye Vision Partners |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
8.42% |
09/2025 |
|
3,015 |
|
|
|
2,977 |
|
|
|
0.5 |
|
|
|
2,994 |
|
Unifeye Vision Partners (5) |
Senior Secured First Lien Revolver |
L + 475 (100 Floor) |
8.42% |
09/2025 |
|
680 |
|
|
|
663 |
|
|
|
0.1 |
|
|
|
668 |
|
Unifeye Vision Partners |
Senior Secured First Lien Term Loan |
L + 475 (100 Floor) |
8.42% |
09/2025 |
|
5,252 |
|
|
|
5,195 |
|
|
|
0.8 |
|
|
|
5,215 |
|
Unifeye Vision Partners (5) |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
8.42% |
09/2025 |
|
2,600 |
|
|
|
2,592 |
|
|
|
0.4 |
|
|
|
2,564 |
|
Vital Care Buyer, LLC |
Unitranche First Lien Term Loan |
L + 575 (100 Floor) |
9.42% |
10/2025 |
|
6,910 |
|
|
|
6,831 |
|
|
|
1.1 |
|
|
|
6,741 |
|
19
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Vital Care Buyer, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
10/2025 |
|
— |
|
|
|
(24 |
) |
|
|
(0.0 |
) |
|
|
(54 |
) |
|
|
|
|
|
|
343,510 |
|
|
|
337,338 |
|
|
|
53.3 |
|
|
|
332,197 |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comet Acquisition, Inc. (12) |
Senior Secured Second Lien Term Loan |
L + 750 |
11.17% |
10/2026 |
|
1,782 |
|
|
|
1,780 |
|
|
|
0.3 |
|
|
|
1,746 |
|
Evolution BuyerCo, Inc. |
Unitranche First Lien Term Loan |
L + 625 (100 Floor) |
9.92% |
04/2027 |
|
8,229 |
|
|
|
8,153 |
|
|
|
1.3 |
|
|
|
8,135 |
|
Evolution BuyerCo, Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
04/2028 |
|
— |
|
|
|
(6 |
) |
|
|
(0.0 |
) |
|
|
(8 |
) |
Evolution BuyerCo, Inc. |
Unitranche First Lien Delayed Draw Term Loan |
L + 625 (100 Floor) |
9.92% |
04/2028 |
|
1,444 |
|
|
|
1,430 |
|
|
|
0.2 |
|
|
|
1,427 |
|
Evolution BuyerCo, Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 625 (100 Floor) |
9.92% |
04/2028 |
|
1,062 |
|
|
|
1,039 |
|
|
|
0.2 |
|
|
|
1,042 |
|
Integrity Marketing Acquisition, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (100 Floor) |
7.83% |
08/2025 |
|
4,978 |
|
|
|
4,908 |
|
|
|
0.8 |
|
|
|
4,816 |
|
Integrity Marketing Acquisition, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (100 Floor) |
7.83% |
08/2025 |
|
3,010 |
|
|
|
2,968 |
|
|
|
0.5 |
|
|
|
2,912 |
|
Integrity Marketing Acquisition, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
08/2025 |
|
— |
|
|
|
(25 |
) |
|
|
(0.0 |
) |
|
|
(46 |
) |
Integrity Marketing Acquisition, LLC |
Unitranche First Lien Term Loan |
L + 575 (100 Floor) |
7.83% |
08/2025 |
|
12,651 |
|
|
|
12,478 |
|
|
|
2.0 |
|
|
|
12,240 |
|
Integro Parent, Inc. (11)(12) |
Senior Secured First Lien Term Loan |
L + 1025 PIK |
13.80% |
10/2022 |
|
55 |
|
|
|
55 |
|
|
|
0.0 |
|
|
|
55 |
|
Integro Parent, Inc. (9)(11) |
Senior Secured Second Lien Term Loan |
|
|
10/2023 |
|
2,915 |
|
|
|
2,906 |
|
|
|
0.4 |
|
|
|
2,490 |
|
Integro Parent, Inc. (9)(11) |
Senior Secured Second Lien Delayed Draw Term Loan |
|
|
10/2023 |
|
380 |
|
|
|
379 |
|
|
|
0.1 |
|
|
|
325 |
|
Patriot Growth Insurance Services, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
10/2028 |
|
— |
|
|
|
(11 |
) |
|
|
(0.0 |
) |
|
|
(13 |
) |
Patriot Growth Insurance Services, LLC |
Unitranche First Lien Term Loan |
L + 550 (75 Floor) |
9.01% |
10/2028 |
|
8,509 |
|
|
|
8,391 |
|
|
|
1.3 |
|
|
|
8,339 |
|
Patriot Growth Insurance Services, LLC (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
10/2028 |
|
— |
|
|
|
(7 |
) |
|
|
(0.0 |
) |
|
|
(16 |
) |
Patriot Growth Insurance Services, LLC (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
10/2028 |
|
— |
|
|
|
(55 |
) |
|
|
(0.0 |
) |
|
|
(34 |
) |
The Hilb Group, LLC |
Unitranche First Lien Term Loan |
L + 575 (100 Floor) |
8.87% |
12/2026 |
|
3,539 |
|
|
|
3,481 |
|
|
|
0.5 |
|
|
|
3,389 |
|
The Hilb Group, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (100 Floor) |
8.87% |
12/2026 |
|
1,001 |
|
|
|
984 |
|
|
|
0.2 |
|
|
|
958 |
|
The Hilb Group, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
12/2025 |
|
— |
|
|
|
(5 |
) |
|
|
(0.0 |
) |
|
|
(14 |
) |
The Hilb Group, LLC |
Unitranche First Lien Term Loan |
L + 575 (100 Floor) |
8.87% |
12/2026 |
|
1,050 |
|
|
|
1,031 |
|
|
|
0.2 |
|
|
|
1,006 |
|
The Hilb Group, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (100 Floor) |
8.87% |
12/2026 |
|
1,766 |
|
|
|
1,737 |
|
|
|
0.3 |
|
|
|
1,691 |
|
The Hilb Group, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
12/2025 |
|
— |
|
|
|
(2 |
) |
|
|
(0.0 |
) |
|
|
(6 |
) |
20
21
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Apps Associates LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
07/2027 |
|
— |
|
|
|
(13 |
) |
|
|
(0.0 |
) |
|
|
(4 |
) |
Apps Associates LLC |
Unitranche First Lien Term Loan |
S + 500 (100 Floor) |
8.13% |
07/2027 |
|
5,594 |
|
|
|
5,501 |
|
|
|
0.9 |
|
|
|
5,569 |
|
Banker's Toolbox, Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 525 (75 Floor) |
8.74% |
07/2027 |
|
1,941 |
|
|
|
1,887 |
|
|
|
0.3 |
|
|
|
1,941 |
|
Banker's Toolbox, Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
07/2027 |
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
— |
|
Banker's Toolbox, Inc. |
Unitranche First Lien Term Loan |
S + 525 (75 Floor) |
9.23% |
07/2027 |
|
15,724 |
|
|
|
15,463 |
|
|
|
2.5 |
|
|
|
15,724 |
|
Belay Inc. |
Senior Secured First Lien Term Loan |
S + 525 (100 Floor) |
8.38% |
06/2026 |
|
4,888 |
|
|
|
4,822 |
|
|
|
0.8 |
|
|
|
4,888 |
|
Belay Inc. (4)(5) |
Senior Secured First Lien Revolver |
|
|
06/2026 |
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
Benesys Inc. |
Senior Secured First Lien Term Loan |
L + 475 (100 Floor) |
7.87% |
10/2024 |
|
1,389 |
|
|
|
1,381 |
|
|
|
0.2 |
|
|
|
1,372 |
|
Benesys Inc. |
Senior Secured First Lien Term Loan |
L + 475 (100 Floor) |
7.87% |
10/2024 |
|
295 |
|
|
|
291 |
|
|
|
0.0 |
|
|
|
291 |
|
Benesys Inc. (4)(5) |
Senior Secured First Lien Revolver |
|
|
10/2024 |
|
— |
|
|
|
(1 |
) |
|
|
(0.0 |
) |
|
|
(2 |
) |
C-4 Analytics, LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
08/2023 |
|
— |
|
|
|
(2 |
) |
|
|
(0.0 |
) |
|
|
(1 |
) |
C-4 Analytics, LLC |
Senior Secured First Lien Term Loan |
L + 450 (100 Floor) |
7.62% |
08/2023 |
|
9,357 |
|
|
|
9,328 |
|
|
|
1.5 |
|
|
|
9,341 |
|
Claritas, LLC (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
03/2026 |
|
— |
|
|
|
(21 |
) |
|
|
(0.0 |
) |
|
|
(23 |
) |
Claritas, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
03/2026 |
|
— |
|
|
|
(17 |
) |
|
|
(0.0 |
) |
|
|
(19 |
) |
Claritas, LLC |
Unitranche First Lien Term Loan |
S + 575 (100 Floor) |
9.30% |
03/2026 |
|
10,547 |
|
|
|
10,452 |
|
|
|
1.7 |
|
|
|
10,446 |
|
Granicus, Inc. |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
10.67% |
01/2027 |
|
9,080 |
|
|
|
8,913 |
|
|
|
1.4 |
|
|
|
8,899 |
|
Granicus, Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
01/2027 |
|
— |
|
|
|
(14 |
) |
|
|
(0.0 |
) |
|
|
(16 |
) |
Granicus, Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 600 (100 Floor) |
10.17% |
01/2027 |
|
4,745 |
|
|
|
4,643 |
|
|
|
0.7 |
|
|
|
4,588 |
|
Lexipol (Ranger Buyer, Inc.) |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
8.87% |
11/2028 |
|
13,191 |
|
|
|
12,956 |
|
|
|
2.1 |
|
|
|
13,164 |
|
Lexipol (Ranger Buyer, Inc.) (5) |
Unitranche First Lien Revolver |
L + 575 (75 Floor) |
8.87% |
11/2027 |
|
110 |
|
|
|
91 |
|
|
|
0.0 |
|
|
|
108 |
|
List Partners, Inc. (5) |
Senior Secured First Lien Revolver |
|
|
01/2023 |
|
— |
|
|
|
— |
|
|
|
(0.0 |
) |
|
|
(1 |
) |
List Partners, Inc. |
Senior Secured First Lien Term Loan |
S + 500 (100 Floor) |
8.13% |
01/2023 |
|
3,685 |
|
|
|
3,682 |
|
|
|
0.6 |
|
|
|
3,673 |
|
MRI Software LLC (12) |
Unitranche First Lien Term Loan |
L + 550 (100 Floor) |
9.17% |
02/2026 |
|
18,274 |
|
|
|
18,109 |
|
|
|
2.8 |
|
|
|
17,703 |
|
MRI Software LLC (4)(5)(12) |
Unitranche First Lien Revolver |
|
|
02/2026 |
|
— |
|
|
|
(11 |
) |
|
|
(0.0 |
) |
|
|
(40 |
) |
MRI Software LLC (12) |
Unitranche First Lien Term Loan |
L + 550 (100 Floor) |
9.17% |
02/2026 |
|
1,313 |
|
|
|
1,301 |
|
|
|
0.2 |
|
|
|
1,272 |
|
New Era Technology, Inc. |
Unitranche First Lien Term Loan |
L + 625 (100 Floor) |
9.06% |
10/2026 |
|
3,134 |
|
|
|
3,085 |
|
|
|
0.5 |
|
|
|
3,082 |
|
22
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
New Era Technology, Inc. (5) |
Unitranche First Lien Revolver |
L + 625 (100 Floor) |
8.86% |
10/2026 |
|
297 |
|
|
|
284 |
|
|
|
0.0 |
|
|
|
285 |
|
New Era Technology, Inc. |
Unitranche First Lien Delayed Draw Term Loan |
L + 625 (100 Floor) |
9.14% |
10/2026 |
|
2,013 |
|
|
|
1,986 |
|
|
|
0.3 |
|
|
|
1,980 |
|
New Era Technology, Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 625 (100 Floor) |
8.97% |
10/2026 |
|
5,591 |
|
|
|
5,501 |
|
|
|
0.9 |
|
|
|
5,480 |
|
Odessa Technologies, Inc. (4)(5) |
Senior Secured First Lien Delayed Draw Term Loan |
|
|
10/2027 |
|
— |
|
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
Odessa Technologies, Inc. (4)(5) |
Senior Secured First Lien Revolver |
|
|
10/2027 |
|
— |
|
|
|
(42 |
) |
|
|
— |
|
|
|
— |
|
Odessa Technologies, Inc. |
Senior Secured First Lien Term Loan |
L + 575 (75 Floor) |
8.74% |
10/2027 |
|
9,595 |
|
|
|
9,427 |
|
|
|
1.5 |
|
|
|
9,595 |
|
Ontario Systems, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (100 Floor) |
9.14% |
08/2025 |
|
1,089 |
|
|
|
1,087 |
|
|
|
0.2 |
|
|
|
1,061 |
|
Ontario Systems, LLC (5) |
Unitranche First Lien Revolver |
L + 550 (100 Floor) |
9.14% |
08/2025 |
|
113 |
|
|
|
110 |
|
|
|
0.0 |
|
|
|
100 |
|
Ontario Systems, LLC |
Unitranche First Lien Term Loan |
L + 550 (100 Floor) |
9.14% |
08/2025 |
|
3,153 |
|
|
|
3,135 |
|
|
|
0.5 |
|
|
|
3,072 |
|
Ontario Systems, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 550 (100 Floor) |
9.14% |
08/2025 |
|
547 |
|
|
|
533 |
|
|
|
0.1 |
|
|
|
533 |
|
Ontario Systems, LLC |
Unitranche First Lien Term Loan |
L + 550 (100 Floor) |
9.14% |
08/2025 |
|
446 |
|
|
|
439 |
|
|
|
0.1 |
|
|
|
434 |
|
Park Place Technologies, LLC (8) |
Unsecured Debt |
1250 PIK |
12.50% |
05/2029 |
|
858 |
|
|
|
858 |
|
|
|
0.1 |
|
|
|
734 |
|
Perforce Software, Inc. |
Senior Secured Second Lien Term Loan |
L + 800 |
11.12% |
07/2027 |
|
5,000 |
|
|
|
4,987 |
|
|
|
0.7 |
|
|
|
4,500 |
|
Right Networks, LLC |
Unitranche First Lien Revolver |
L + 600 (100 Floor) |
9.12% |
05/2026 |
|
233 |
|
|
|
230 |
|
|
|
0.0 |
|
|
|
233 |
|
Right Networks, LLC |
Unitranche First Lien Term Loan |
L + 600 (100 Floor) |
9.12% |
05/2026 |
|
9,297 |
|
|
|
9,200 |
|
|
|
1.5 |
|
|
|
9,297 |
|
Right Networks, LLC |
Unitranche First Lien Term Loan |
L + 600 (100 Floor) |
9.12% |
05/2026 |
|
8,244 |
|
|
|
8,116 |
|
|
|
1.3 |
|
|
|
8,244 |
|
Right Networks, LLC |
Unitranche First Lien Delayed Draw Term Loan |
L + 600 (100 Floor) |
9.12% |
05/2026 |
|
2,102 |
|
|
|
2,069 |
|
|
|
0.3 |
|
|
|
2,102 |
|
Ruffalo Noel Levitz, LLC (5) |
Unitranche First Lien Revolver |
L + 600 (100 Floor) |
8.94% |
05/2024 |
|
225 |
|
|
|
224 |
|
|
|
0.0 |
|
|
|
221 |
|
Ruffalo Noel Levitz, LLC |
Unitranche First Lien Term Loan |
L + 600 (100 Floor) |
9.67% |
05/2024 |
|
2,461 |
|
|
|
2,461 |
|
|
|
0.4 |
|
|
|
2,430 |
|
Saturn Borrower Inc |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
10.17% |
09/2026 |
|
20,164 |
|
|
|
19,734 |
|
|
|
3.1 |
|
|
|
19,216 |
|
Saturn Borrower Inc |
Unitranche First Lien Term Loan |
L + 650 (100 Floor) |
10.17% |
09/2026 |
|
2,456 |
|
|
|
2,401 |
|
|
|
0.4 |
|
|
|
2,341 |
|
Saturn Borrower Inc |
Unitranche First Lien Revolver |
L + 650 (100 Floor) |
10.17% |
09/2026 |
|
1,513 |
|
|
|
1,482 |
|
|
|
0.2 |
|
|
|
1,442 |
|
Smartronix, LLC |
Unitranche First Lien Term Loan |
L + 600 (100 Floor) |
10.17% |
11/2028 |
|
23,929 |
|
|
|
23,494 |
|
|
|
3.9 |
|
|
|
24,014 |
|
Smartronix, LLC (4)(5) |
Unitranche First Lien Revolver |
|
|
11/2028 |
|
— |
|
|
|
(58 |
) |
|
|
0.0 |
|
|
|
12 |
|
SQAD Holdco, Inc. (5) |
Unitranche First Lien Delayed Draw Term Loan |
S + 575 (100 Floor) |
9.30% |
04/2028 |
|
2,419 |
|
|
|
2,374 |
|
|
|
0.4 |
|
|
|
2,355 |
|
SQAD Holdco, Inc. (4)(5) |
Unitranche First Lien Revolver |
|
|
04/2028 |
|
— |
|
|
|
(21 |
) |
|
|
(0.0 |
) |
|
|
(14 |
) |
23
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
SQAD Holdco, Inc. |
Unitranche First Lien Term Loan |
S + 575 (100 Floor) |
9.30% |
04/2028 |
|
8,928 |
|
|
|
8,758 |
|
|
|
1.4 |
|
|
|
8,810 |
|
Summit 7 Systems, LLC (5) |
Senior Secured First Lien Revolver |
S + 550 (100 Floor) |
9.20% |
05/2028 |
|
65 |
|
|
|
53 |
|
|
|
0.0 |
|
|
|
63 |
|
Summit 7 Systems, LLC |
Senior Secured First Lien Term Loan |
S + 550 (100 Floor) |
9.20% |
05/2028 |
|
5,287 |
|
|
|
5,186 |
|
|
|
0.8 |
|
|
|
5,269 |
|
Transportation Insight, LLC |
Senior Secured First Lien Term Loan |
L + 425 |
7.37% |
12/2024 |
|
5,050 |
|
|
|
5,030 |
|
|
|
0.8 |
|
|
|
4,885 |
|
Transportation Insight, LLC |
Senior Secured First Lien Delayed Draw Term Loan |
L + 425 |
7.37% |
12/2024 |
|
1,255 |
|
|
|
1,250 |
|
|
|
0.2 |
|
|
|
1,214 |
|
Transportation Insight, LLC (5) |
Senior Secured First Lien Revolver |
L + 425 |
7.37% |
12/2024 |
|
216 |
|
|
|
214 |
|
|
|
0.0 |
|
|
|
192 |
|
Winxnet Holdings LLC |
Unitranche First Lien Delayed Draw Term Loan |
S + 650 (100 Floor) |
9.63% |
06/2023 |
|
630 |
|
|
|
627 |
|
|
|
0.1 |
|
|
|
630 |
|
Winxnet Holdings LLC |
Unitranche First Lien Delayed Draw Term Loan |
S + 650 (100 Floor) |
9.63% |
06/2023 |
|
1,032 |
|
|
|
1,025 |
|
|
|
0.2 |
|
|
|
1,032 |
|
Winxnet Holdings LLC (5) |
Unitranche First Lien Revolver |
S + 650 (100 Floor) |
9.63% |
06/2023 |
|
488 |
|
|
|
485 |
|
|
|
0.1 |
|
|
|
488 |
|
Winxnet Holdings LLC |
Unitranche First Lien Term Loan |
S + 650 (100 Floor) |
9.63% |
06/2023 |
|
1,915 |
|
|
|
1,907 |
|
|
|
0.3 |
|
|
|
1,915 |
|
Winxnet Holdings LLC |
Unitranche First Lien Term Loan |
S + 650 (100 Floor) |
9.63% |
06/2023 |
|
1,527 |
|
|
|
1,516 |
|
|
|
0.2 |
|
|
|
1,527 |
|
Winxnet Holdings LLC |
Unitranche First Lien Term Loan |
S + 650 (100 Floor) |
9.63% |
06/2023 |
|
1,139 |
|
|
|
1,130 |
|
|
|
0.2 |
|
|
|
1,139 |
|
Winxnet Holdings LLC |
Unitranche First Lien Term Loan |
S + 650 (100 Floor) |
9.63% |
12/2025 |
|
200 |
|
|
|
197 |
|
|
|
0.0 |
|
|
|
200 |
|
|
|
|
|
|
|
255,768 |
|
|
|
250,590 |
|
|
|
39.4 |
|
|
|
247,667 |
|
Total Debt Investments |
|
|
|
|
|
1,123,029 |
|
|
$ |
1,099,833 |
|
|
|
173.40 |
|
% |
$ |
1,082,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Automobiles & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sun Acquirer Corp. |
Common Stock |
|
|
|
|
6,148 |
|
|
|
615 |
|
|
|
0.1 |
|
|
|
615 |
|
Sun Acquirer Corp. |
Common Stock |
|
|
|
|
428 |
|
|
|
43 |
|
|
|
0.0 |
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
658 |
|
|
|
0.1 |
|
|
|
658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Envocore Holding, LLC (7) |
Preferred Stock |
|
|
|
|
534,722 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Envocore Holding, LLC (7) |
Common Stock |
|
|
|
|
521,354 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allied Universal Holdings, LLC |
Common Stock |
|
|
|
|
2,805,726 |
|
|
|
1,011 |
|
|
|
0.5 |
|
|
|
3,312 |
|
Allied Universal Holdings, LLC |
Common Stock |
|
|
|
|
684,903 |
|
|
|
685 |
|
|
|
0.1 |
|
|
|
809 |
|
ASP MCS Acquisition Corp. (6)(12) |
Common Stock |
|
|
|
|
11,792 |
|
|
|
1,150 |
|
|
|
0.1 |
|
|
|
442 |
|
ASP MCS Acquisition Corp. (6)(12) |
Common Stock |
|
|
|
|
891 |
|
|
|
29 |
|
|
|
0.0 |
|
|
|
33 |
|
ASP MCS Acquisition Corp. (6) |
Preferred Stock |
|
|
|
|
230 |
|
|
|
230 |
|
|
|
0.0 |
|
|
|
230 |
|
Hercules Borrower LLC |
Common Stock |
|
|
|
|
1,153,075 |
|
|
|
1,153 |
|
|
|
0.2 |
|
|
|
1,025 |
|
IGT Holdings LLC |
Preferred Stock |
|
|
|
|
645,730 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
IGT Holdings LLC |
Common Stock |
|
|
|
|
1,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
MHS Acquisition Holdings, LLC |
Preferred Stock |
|
|
|
|
1,018 |
|
|
|
923 |
|
|
|
0.2 |
|
|
|
1,154 |
|
MHS Acquisition Holdings, LLC |
Common Stock |
|
|
|
|
10 |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
24
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Receivable Solutions, Inc. |
Preferred Stock |
|
|
|
|
137,000 |
|
|
|
137 |
|
|
|
0.1 |
|
|
|
460 |
|
Service Logic Acquisition, Inc. |
Common Stock |
|
|
|
|
13,132 |
|
|
|
1,313 |
|
|
|
0.3 |
|
|
|
1,793 |
|
TecoStar Holdings, Inc. |
Common Stock |
|
|
|
|
500,000 |
|
|
|
500 |
|
|
|
0.0 |
|
|
|
211 |
|
|
|
|
|
|
|
|
|
|
7,140 |
|
|
|
1.5 |
|
|
|
9,469 |
|
|
Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Everlast Parent Inc. |
Common Stock |
|
|
|
|
948 |
|
|
|
948 |
|
|
|
0.2 |
|
|
|
1,211 |
|
FS Whitewater Borrower, LLC |
Common Stock |
|
|
|
|
6,897 |
|
|
|
690 |
|
|
|
0.1 |
|
|
|
672 |
|
HGH Purchaser, Inc. |
Common Stock |
|
|
|
|
4,171 |
|
|
|
417 |
|
|
|
0.1 |
|
|
|
720 |
|
HS Spa Holdings Inc. |
Common Stock |
|
|
|
|
1,804,502 |
|
|
|
1,805 |
|
|
|
0.3 |
|
|
|
1,805 |
|
Legalshield |
Common Stock |
|
|
|
|
372 |
|
|
|
372 |
|
|
|
0.1 |
|
|
|
530 |
|
Mario Purchaser, LLC |
Common Stock |
|
|
|
|
1,027 |
|
|
|
1,027 |
|
|
|
0.2 |
|
|
|
1,027 |
|
PPV Intermediate Holdings LLC |
Common Stock |
|
|
|
|
312,500 |
|
|
|
313 |
|
|
|
0.1 |
|
|
|
313 |
|
Southern Technical Institute, Inc. (6) |
Common Stock |
|
|
|
|
3,164,063 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Southern Technical Institute, Inc. (6) |
Common Stock |
|
|
|
|
6,000,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stepping Stones Healthcare Services, LLC |
Common Stock |
|
|
|
|
11,321 |
|
|
|
1,132 |
|
|
|
0.1 |
|
|
|
877 |
|
Wrench Group LLC |
Common Stock |
|
|
|
|
4,082 |
|
|
|
410 |
|
|
|
0.2 |
|
|
|
1,485 |
|
Wrench Group LLC |
Common Stock |
|
|
|
|
1,143 |
|
|
|
115 |
|
|
|
0.1 |
|
|
|
416 |
|
|
|
|
|
|
|
|
|
|
7,229 |
|
|
|
1.5 |
|
|
|
9,056 |
|
|
Diversified Financials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CBDC Senior Loan Fund LLC (7)(11)(13) |
Partnership Interest |
|
|
|
|
— |
|
|
|
8,579 |
|
|
|
1.3 |
|
|
|
7,866 |
|
GACP II LP (6)(11)(13)(14) |
Partnership Interest |
|
|
|
|
— |
|
|
|
10,278 |
|
|
|
1.6 |
|
|
|
9,998 |
|
WhiteHawk III Onshore Fund L.P. (6)(11)(13)(14) |
Partnership Interest |
|
|
|
|
— |
|
|
|
9,996 |
|
|
|
1.7 |
|
|
|
10,300 |
|
|
|
|
|
|
|
|
|
|
28,853 |
|
|
|
4.6 |
|
|
|
28,164 |
|
|
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ACI Group Holdings, Inc. |
Common Stock |
|
|
|
|
907,499 |
|
|
|
909 |
|
|
|
0.2 |
|
|
|
1,104 |
|
ACI Group Holdings, Inc. |
Preferred Stock |
|
|
|
|
3,719 |
|
|
|
3,645 |
|
|
|
0.7 |
|
|
|
4,056 |
|
Centria Subsidiary Holdings, LLC |
Common Stock |
|
|
|
|
11,911 |
|
|
|
1,191 |
|
|
|
0.1 |
|
|
|
764 |
|
Hospice Care Buyer, Inc. |
Common Stock |
|
|
|
|
13,895 |
|
|
|
1,398 |
|
|
|
0.2 |
|
|
|
1,430 |
|
Hospice Care Buyer, Inc. |
Common Stock |
|
|
|
|
844 |
|
|
|
75 |
|
|
|
0.0 |
|
|
|
77 |
|
NMN Holdings III Corp. |
Common Stock |
|
|
|
|
11,111 |
|
|
|
1,111 |
|
|
|
0.1 |
|
|
|
599 |
|
Patriot Acquisition Topco S.A.R.L (11) |
Common Stock |
|
|
|
|
1,055 |
|
|
|
1,055 |
|
|
|
0.2 |
|
|
|
1,187 |
|
Patriot Acquisition Topco S.A.R.L (11) |
Common Stock |
|
|
|
|
14,534 |
|
|
|
22 |
|
|
|
0.0 |
|
|
|
77 |
|
Seniorlink Incorporated |
Common Stock |
|
|
|
|
68,182 |
|
|
|
518 |
|
|
|
0.3 |
|
|
|
1,866 |
|
Smile Doctors LLC |
Common Stock |
|
|
|
|
227 |
|
|
|
714 |
|
|
|
0.1 |
|
|
|
651 |
|
|
|
|
|
|
|
|
|
|
10,638 |
|
|
|
1.9 |
|
|
|
11,811 |
|
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Evolution BuyerCo, Inc. |
Common Stock |
|
|
|
|
2,917 |
|
|
|
292 |
|
|
|
0.0 |
|
|
|
277 |
|
Integrity Marketing Acquisition, LLC |
Common Stock |
|
|
|
|
262,567 |
|
|
|
533 |
|
|
|
0.2 |
|
|
|
1,020 |
|
Integrity Marketing Acquisition, LLC |
Preferred Stock |
|
|
|
|
1,247 |
|
|
|
1,215 |
|
|
|
0.3 |
|
|
|
1,848 |
|
Integro Parent, Inc. (11) |
Common Stock |
|
|
|
|
4,468 |
|
|
|
454 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
2,494 |
|
|
|
0.5 |
|
|
|
3,145 |
|
|
Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kestrel Parent, LLC |
Common Stock |
|
|
|
|
41,791 |
|
|
|
209 |
|
|
|
0.1 |
|
|
|
767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
LSCS Holdings, Inc. (Eversana) |
Common Stock |
|
|
|
|
3,096 |
|
|
|
953 |
|
|
|
0.2 |
|
|
|
1,100 |
|
LSCS Holdings, Inc. (Eversana) |
Preferred Stock |
|
|
|
447 |
|
|
447 |
|
|
|
0.1 |
|
|
474 |
|
|||
Teal Acquisition Co., Inc |
Common Stock |
|
|
|
|
4,562 |
|
|
|
556 |
|
|
|
0.0 |
|
|
|
222 |
|
|
|
|
|
|
|
|
|
|
1,956 |
|
|
|
0.3 |
|
|
|
1,796 |
|
|
Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Palmetto Moon LLC |
Common Stock |
|
|
|
|
61 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
373 |
|
25
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Slickdeals Holdings, LLC (6) |
Common Stock |
|
|
|
|
99 |
|
|
|
891 |
|
|
|
0.2 |
|
|
|
1,429 |
|
Vivid Seats Ltd. (6)(11)(12) |
Common Stock |
|
|
|
|
608,109 |
|
|
|
608 |
|
|
|
0.1 |
|
|
|
926 |
|
|
|
|
|
|
|
|
|
|
1,499 |
|
|
|
0.4 |
|
|
|
2,728 |
|
|
Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lexipol (Ranger Buyer, Inc.) |
Common Stock |
|
|
|
|
638 |
|
|
|
638 |
|
|
|
0.1 |
|
|
|
680 |
|
Lexipol (Ranger Buyer, Inc.) |
Common Stock |
|
|
|
|
638 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Odessa Technologies, Inc. |
Common Stock |
|
|
|
|
10,714 |
|
|
|
1,071 |
|
|
|
0.2 |
|
|
|
1,202 |
|
Park Place Technologies, LLC |
Common Stock |
|
|
|
|
479 |
|
|
|
479 |
|
|
|
0.1 |
|
|
|
485 |
|
Park Place Technologies, LLC |
Common Stock |
|
|
|
|
442,203 |
|
|
|
27 |
|
|
|
— |
|
|
|
— |
|
Park Place Technologies, LLC |
Common Stock |
|
|
|
|
685,018 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Saturn Borrower Inc |
Common Stock |
|
|
|
|
434,163 |
|
|
|
434 |
|
|
|
0.0 |
|
|
|
306 |
|
|
|
|
|
|
|
|
|
|
2,649 |
|
|
|
0.4 |
|
|
|
2,673 |
|
|
Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Xpress Global Systems, LLC |
Common Stock |
|
|
|
|
12,544 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
1,254 |
|
Total Equity Investments |
|
|
|
|
|
|
|
$ |
63,325 |
|
|
|
11.5 |
|
% |
$ |
71,521 |
|
|
Total United States |
|
|
|
|
|
|
|
$ |
1,163,158 |
|
|
|
184.9 |
|
% |
$ |
1,154,073 |
|
|
Canada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
VetStrategy (11) |
Unsecured Debt |
C + 1050 PIK |
14.26% |
03/2031 |
|
C$3,011 |
|
|
$ |
2,311 |
|
|
|
0.4 |
|
|
$ |
2,180 |
|
VetStrategy (11) |
Unitranche First Lien Delayed Draw Term Loan |
C + 700 (100 Floor) |
10.76% |
07/2027 |
|
1,699 |
|
|
|
1,245 |
|
|
|
0.2 |
|
|
|
1,242 |
|
VetStrategy (11) |
Unitranche First Lien Delayed Draw Term Loan |
C + 700 (100 Floor) |
10.76% |
07/2027 |
|
1,699 |
|
|
|
1,298 |
|
|
|
0.2 |
|
|
|
1,242 |
|
VetStrategy (11) |
Unitranche First Lien Delayed Draw Term Loan |
C + 700 (100 Floor) |
10.76% |
07/2027 |
|
4,931 |
|
|
|
3,860 |
|
|
|
0.6 |
|
|
|
3,605 |
|
VetStrategy (11) |
Unitranche First Lien Term Loan |
C + 700 (100 Floor) |
10.76% |
07/2027 |
|
9,107 |
|
|
|
6,644 |
|
|
|
1.1 |
|
|
|
6,659 |
|
VetStrategy (11) |
Unitranche First Lien Delayed Draw Term Loan |
C + 575 (100 Floor) |
9.51% |
07/2027 |
|
8,720 |
|
|
|
6,760 |
|
|
|
1.0 |
|
|
|
6,324 |
|
VetStrategy (11) |
Unitranche First Lien Delayed Draw Term Loan |
C + 575 (100 Floor) |
9.51% |
07/2027 |
|
6,250 |
|
|
|
4,810 |
|
|
|
0.7 |
|
|
|
4,533 |
|
|
|
|
|
|
|
35,417 |
|
|
|
26,928 |
|
|
|
4.2 |
|
|
|
25,785 |
|
Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sandvine Corporation (11)(12) |
Senior Secured Second Lien Term Loan |
L + 800 |
11.67% |
11/2026 |
$ |
4,500 |
|
|
|
4,395 |
|
|
|
0.7 |
|
|
|
4,230 |
|
Total Debt Investments |
|
|
|
|
|
|
|
$ |
31,323 |
|
|
|
4.9 |
|
% |
$ |
30,015 |
|
|
Total Canada |
|
|
|
|
|
|
|
$ |
31,323 |
|
|
|
4.9 |
|
% |
$ |
30,015 |
|
|
United Kingdom |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Crusoe Bidco Limited (11) |
Unitranche First Lien Term Loan |
SN + 625 |
8.56% |
12/2025 |
£ |
6,067 |
|
|
$ |
7,480 |
|
|
|
1.1 |
|
% |
$ |
6,774 |
|
Crusoe Bidco Limited (5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
12/2025 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Crusoe Bidco Limited (5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
SN + 625 |
8.56% |
12/2025 |
|
303 |
|
|
|
400 |
|
|
|
0.1 |
|
|
|
339 |
|
Nurture Landscapes (11) |
Unitranche First Lien Term Loan |
SN + 650 |
8.19% |
06/2028 |
|
1,416 |
|
|
|
1,945 |
|
|
|
0.3 |
|
|
|
1,581 |
|
26
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Nurture Landscapes (11) |
Unitranche First Lien Delayed Draw Term Loan |
SN + 650 |
8.69% |
06/2028 |
|
392 |
|
|
|
520 |
|
|
|
0.1 |
|
|
|
437 |
|
Nurture Landscapes (5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
SN + 650 |
7.69% |
06/2028 |
|
7,682 |
|
|
|
9,367 |
|
|
|
1.4 |
|
|
|
8,577 |
|
|
|
|
|
|
|
15,860 |
|
|
|
19,712 |
|
|
|
3.0 |
|
|
|
17,708 |
|
Consumer Durables & Apparel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lion Cashmere Bidco Limited (11) |
Unitranche First Lien Term Loan |
L + 600 (50 Floor) |
10.12% |
03/2028 |
$ |
4,352 |
|
|
$ |
4,255 |
|
|
|
0.6 |
|
|
$ |
3,895 |
|
Lion Cashmere Bidco Limited (11) |
Unitranche First Lien Term Loan |
L + 600 (50 Floor) |
10.12% |
03/2028 |
|
9,939 |
|
|
|
9,719 |
|
|
|
1.4 |
|
|
|
8,897 |
|
Lion Cashmere Bidco Limited (11) |
Unitranche First Lien Term Loan |
L + 600 (50 Floor) |
10.12% |
03/2028 |
|
4,953 |
|
|
|
4,844 |
|
|
|
0.7 |
|
|
|
4,434 |
|
Lion Cashmere Bidco Limited (4)(5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
03/2028 |
€ |
— |
|
|
|
(76 |
) |
|
|
(0.0 |
) |
|
|
(283 |
) |
|
|
|
|
|
|
|
|
|
18,742 |
|
|
|
2.7 |
|
|
|
16,943 |
|
|
Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Jordan Bidco, Ltd. (5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
08/2028 |
£ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Jordan Bidco, Ltd. (11) |
Unitranche First Lien Term Loan |
SN + 600 |
7.47% |
08/2028 |
|
13,234 |
|
|
|
17,748 |
|
|
|
2.4 |
|
|
|
14,776 |
|
|
|
|
|
|
|
|
|
|
17,748 |
|
|
|
2.4 |
|
|
|
14,776 |
|
|
Total Debt Investments |
|
|
|
|
|
|
|
$ |
56,202 |
|
|
|
8.1 |
|
% |
$ |
49,427 |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
IVC Evidensia (f/k/a VetStrategy) (11) |
Common Stock |
|
|
|
|
1,353,474 |
|
|
$ |
776 |
|
|
|
0.3 |
|
|
$ |
1,633 |
|
Total Equity Investments |
|
|
|
|
|
|
|
|
776 |
|
|
|
0.3 |
|
% |
|
1,633 |
|
|
Total United Kingdom |
|
|
|
|
|
|
|
$ |
56,978 |
|
|
|
8.4 |
|
% |
$ |
51,060 |
|
|
Netherlands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PharComp Parent B.V. (11) |
Unitranche First Lien Delayed Draw Term Loan |
E + 650 |
7.17% |
02/2026 |
€ |
1,868 |
|
|
$ |
2,146 |
|
|
|
0.3 |
|
% |
$ |
1,830 |
|
PharComp Parent B.V. (10)(11) |
Unitranche First Lien - Last Out Term Loan |
E + 625 |
6.94% |
02/2026 |
|
6,910 |
|
|
|
7,697 |
|
|
|
1.1 |
|
|
|
6,772 |
|
PharComp Parent B.V. (5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
E + 650 |
7.19% |
02/2026 |
|
407 |
|
|
|
415 |
|
|
|
0.1 |
|
|
|
399 |
|
PharComp Parent B.V. (5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
02/2026 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Eagle Midco B.V. (11) |
Unitranche First Lien Term Loan |
E + 625 |
6.53% |
07/2029 |
|
1,840 |
|
|
|
1,853 |
|
|
|
0.3 |
|
|
|
1,768 |
|
Eagle Midco B.V. (4)(5)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
07/2029 |
|
— |
|
|
|
(97 |
) |
|
|
(0.0 |
) |
|
|
(96 |
) |
Eagle Midco B.V. (4)(5)(11) |
Senior Secured First Lien Revolver |
|
|
01/2029 |
|
— |
|
|
|
(19 |
) |
|
|
(0.0 |
) |
|
|
(19 |
) |
Eagle Midco B.V. (11) |
Unitranche First Lien Term Loan |
S + 600 |
7.46% |
07/2029 |
|
3,411 |
|
|
|
3,323 |
|
|
|
0.5 |
|
|
|
3,320 |
|
|
|
|
|
|
|
14,436 |
|
|
|
15,318 |
|
|
|
2.3 |
|
|
|
13,974 |
|
Total Debt Investments |
|
|
|
|
|
|
|
$ |
15,318 |
|
|
|
2.3 |
|
% |
$ |
13,974 |
|
|
27
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Total Netherlands |
|
|
|
|
|
|
|
$ |
15,318 |
|
|
|
2.3 |
|
% |
$ |
13,974 |
|
|
Belgium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Miraclon Corporation (11) |
Unitranche First Lien Term Loan |
E + 625 |
6.25% |
04/2026 |
€ |
9,507 |
|
|
$ |
10,554 |
|
|
|
1.5 |
|
|
$ |
9,318 |
|
Miraclon Corporation (11) |
Unitranche First Lien Term Loan |
L + 625 |
7.79% |
04/2026 |
|
4,162 |
|
|
|
4,091 |
|
|
|
0.7 |
|
|
|
4,162 |
|
|
|
|
|
|
|
|
|
|
14,645 |
|
|
|
2.2 |
|
|
|
13,480 |
|
|
Total Debt Investments |
|
|
|
|
|
|
|
$ |
14,645 |
|
|
|
2.2 |
|
% |
$ |
13,480 |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Miraclon Corporation (11) |
Common Stock |
|
|
|
|
921 |
|
|
$ |
1 |
|
|
|
— |
|
|
|
— |
|
Miraclon Corporation (11) |
Preferred Stock |
|
|
|
|
81,384 |
|
|
|
91 |
|
|
|
0.0 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
92 |
|
|
|
0.0 |
|
|
|
64 |
|
|
Total Equity Investments |
|
|
|
|
|
|
|
$ |
92 |
|
|
|
0.0 |
|
% |
$ |
64 |
|
|
Total Belgium |
|
|
|
|
|
|
|
$ |
14,737 |
|
|
|
2.2 |
|
% |
$ |
13,544 |
|
|
Australia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Vermont Aus Pty Ltd (11) |
Unitranche First Lien Term Loan |
B + 575 |
8.86% |
03/2028 |
|
A$29,850 |
|
|
$ |
21,761 |
|
|
|
3.2 |
|
|
$ |
19,087 |
|
Total Debt Investments |
|
|
|
|
|
|
|
$ |
21,761 |
|
|
|
3.2 |
|
% |
$ |
19,087 |
|
|
Total Australia |
|
|
|
|
|
|
|
$ |
21,761 |
|
|
|
3.2 |
|
% |
$ |
19,087 |
|
|
Sweden |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AX VI INV2 Holding AB (6)(11) |
Unitranche First Lien Term Loan |
E + 600 |
6.98% |
08/2029 |
€ |
8,795 |
|
|
$ |
8,596 |
|
|
|
1.3 |
|
|
$ |
8,382 |
|
AX VI INV2 Holding AB (4)(5)(6)(11) |
Senior Secured First Lien Revolver |
|
|
08/2029 |
|
— |
|
|
|
(10 |
) |
|
|
(0.0 |
) |
|
|
(10 |
) |
AX VI INV2 Holding AB (6)(11) |
Senior Secured Second Lien Term Loan |
E + 1000 |
10.98% |
08/2030 |
|
1,830 |
|
|
|
1,789 |
|
|
|
0.3 |
|
|
|
1,744 |
|
AX VI INV2 Holding AB (4)(5)(6)(11) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
08/2029 |
|
— |
|
|
|
(41 |
) |
|
|
(0.0 |
) |
|
|
(40 |
) |
Total Debt Investments |
|
|
|
|
|
|
|
$ |
10,334 |
|
|
$ |
1.6 |
|
% |
$ |
10,076 |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
AX VI INV2 Holding AB (6)(11) |
Common Stock |
|
|
|
|
11,583,011 |
|
|
$ |
1,086 |
|
|
|
0.2 |
|
|
$ |
1,044 |
|
Total Equity Investments |
|
|
|
|
|
|
|
$ |
1,086 |
|
|
|
0.2 |
|
% |
$ |
1,044 |
|
|
Total Sweden |
|
|
|
|
|
|
|
$ |
11,420 |
|
|
$ |
1.8 |
|
% |
$ |
11,120 |
|
|
Total Investments |
|
|
|
|
|
|
|
$ |
1,314,695 |
|
|
$ |
207.7 |
|
% |
$ |
1,292,873 |
|
|
28
*The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”), SOFR (“S”), CDOR (“C”), EURIBOR (“E”), SONIA (“SN”), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of September 30, 2022, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
|
|
Tenor |
||||||||
Reference Rate |
|
Overnight |
|
1 month |
|
3 month |
|
6 Month |
|
12 Month |
LIBOR (“L”) |
|
- |
|
3.14% |
|
3.76% |
|
4.23% |
|
- |
Prime (“P”) |
|
6.25% |
|
- |
|
- |
|
- |
|
- |
SOFR (“S”) |
|
- |
|
3.03% |
|
3.55% |
|
3.98% |
|
- |
CDOR (“C”) |
|
- |
|
3.69% |
|
4.11% |
|
- |
|
- |
EURIBOR (“E”) |
|
- |
|
0.68% |
|
1.17% |
|
1.81% |
|
2.56% |
SONIA (“SN”) |
|
2.19% |
|
- |
|
- |
|
- |
|
- |
BBSY ("B") |
|
- |
|
- |
|
3.11% |
|
- |
|
- |
**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.
*** Percentage is based on net assets of $622,602 as of September 30, 2022
29
Foreign Currency Exchange
Contracts
Counterparty |
Currency Purchased |
Currency Sold |
Settlement |
Unrealized |
|
|
Wells Fargo Bank, N.A. |
USD 7,975 |
GBP 5,885 |
12/1/2023 |
$ |
1,379 |
|
Wells Fargo Bank, N.A. |
USD 395 |
GBP 294 |
12/1/2023 |
|
65 |
|
Wells Fargo Bank, N.A. |
USD 8,603 |
EUR 6,703 |
2/20/2024 |
|
1,716 |
|
Wells Fargo Bank, N.A. |
USD 209 |
EUR 187 |
2/20/2024 |
|
19 |
|
Wells Fargo Bank, N.A. |
USD 992 |
EUR 809 |
2/20/2024 |
|
163 |
|
Wells Fargo Bank, N.A. |
USD 308 |
EUR 249 |
2/20/2024 |
|
53 |
|
Wells Fargo Bank, N.A. |
USD 11,682 |
EUR 9,222 |
4/10/2024 |
|
2,182 |
|
Wells Fargo Bank, N.A. |
USD 1,049 |
CAD 1,348 |
7/15/2025 |
|
55 |
|
Wells Fargo Bank, N.A. |
USD 7,089 |
CAD 9,712 |
7/31/2025 |
|
(25 |
) |
Wells Fargo Bank, N.A. |
USD 635 |
CAD 864 |
7/31/2025 |
|
1 |
|
Wells Fargo Bank, N.A. |
USD 622 |
CAD 839 |
7/31/2025 |
|
7 |
|
Wells Fargo Bank, N.A. |
USD 612 |
CAD 801 |
7/31/2025 |
|
23 |
|
Wells Fargo Bank, N.A. |
USD 325 |
CAD 422 |
7/31/2025 |
|
14 |
|
Wells Fargo Bank, N.A. |
USD 576 |
CAD 738 |
7/31/2025 |
|
31 |
|
Wells Fargo Bank, N.A. |
USD 775 |
CAD 994 |
7/31/2025 |
|
42 |
|
Wells Fargo Bank, N.A. |
USD 789 |
CAD 1,005 |
7/31/2025 |
|
46 |
|
Wells Fargo Bank, N.A. |
USD 1,033 |
CAD 1,274 |
7/31/2025 |
|
88 |
|
Wells Fargo Bank, N.A. |
USD 193 |
CAD 244 |
7/31/2025 |
|
13 |
|
Wells Fargo Bank, N.A. |
USD 17 |
CAD 22 |
7/31/2025 |
|
1 |
|
Wells Fargo Bank, N.A. |
USD 493 |
CAD 632 |
7/31/2025 |
|
27 |
|
Wells Fargo Bank, N.A. |
USD 933 |
CAD 1,192 |
7/31/2025 |
|
53 |
|
Wells Fargo Bank, N.A. |
USD 1,035 |
CAD 1,336 |
7/31/2025 |
|
50 |
|
Wells Fargo Bank, N.A. |
USD 1,306 |
CAD 1,703 |
7/31/2025 |
|
52 |
|
Wells Fargo Bank, N.A. |
USD 1,914 |
CAD 2,432 |
7/31/2025 |
|
117 |
|
Wells Fargo Bank, N.A. |
USD 2,214 |
CAD 2,792 |
7/31/2025 |
|
150 |
|
Wells Fargo Bank, N.A. |
USD 768 |
EUR 623 |
2/20/2026 |
|
105 |
|
Wells Fargo Bank, N.A. |
USD 1,944 |
GBP 1,362 |
6/3/2026 |
|
412 |
|
Wells Fargo Bank, N.A. |
USD 170 |
GBP 121 |
6/3/2026 |
|
34 |
|
Wells Fargo Bank, N.A. |
USD 371 |
GBP 272 |
6/3/2026 |
|
67 |
|
Wells Fargo Bank, N.A. |
USD 3,074 |
GBP 2,237 |
6/3/2026 |
|
573 |
|
Wells Fargo Bank, N.A. |
USD 17,790 |
GBP 12,870 |
8/24/2026 |
|
3,376 |
|
Wells Fargo Bank, N.A. |
USD 1,107 |
SEK 11,583 |
8/20/2027 |
|
20 |
|
Wells Fargo Bank, N.A. |
USD 20,607 |
AUD 29,250 |
3/22/2028 |
|
1,838 |
|
Wells Fargo Bank, N.A. |
USD 1,795 |
CAD 2,370 |
2/28/2031 |
|
24 |
|
Total Foreign Currency Exchange Contracts |
|
|
|
$ |
12,771 |
|
|
|
|
|
|
|
|
AUD Australian Dollar ("A$") |
|
|
|
|
|
|
30
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Investments (1)(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
United States |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Automobiles & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Auto-Vehicle Parts, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
01/2023 |
|
$ |
- |
|
|
$ |
(2 |
) |
|
|
- |
|
% |
$ |
(1 |
) |
Auto-Vehicle Parts, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
01/2023 |
|
|
4,517 |
|
|
|
4,501 |
|
|
|
0.7 |
|
|
|
4,511 |
|
Auto-Vehicle Parts, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
01/2023 |
|
|
2,289 |
|
|
|
2,268 |
|
|
|
0.4 |
|
|
|
2,285 |
|
Continental Battery Company |
|
Unitranche First Lien Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
01/2027 |
|
|
7,267 |
|
|
|
7,138 |
|
|
|
1.1 |
|
|
|
7,121 |
|
Continental Battery Company |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
01/2027 |
|
|
2,679 |
|
|
|
2,655 |
|
|
|
0.0 |
|
|
|
2,625 |
|
Sun Acquirer Corp. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
09/2028 |
|
|
5,136 |
|
|
|
4,998 |
|
|
|
0.8 |
|
|
|
5,136 |
|
Sun Acquirer Corp. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
09/2028 |
|
|
- |
|
|
|
(35 |
) |
|
|
- |
|
|
|
- |
|
Sun Acquirer Corp. |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
09/2028 |
|
|
13,043 |
|
|
|
12,795 |
|
|
|
2.0 |
|
|
|
13,043 |
|
Sun Acquirer Corp. |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
09/2028 |
|
|
2,500 |
|
|
|
2,450 |
|
|
|
0.4 |
|
|
|
2,500 |
|
|
|
|
|
|
|
|
|
|
|
|
37,431 |
|
|
|
36,768 |
|
|
|
5.4 |
|
|
|
37,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Envocore , LLC (7)(8) |
|
Senior Secured First Lien Term Loan |
|
750 |
|
7.50% |
|
12/2025 |
|
|
6,944 |
|
|
|
6,872 |
|
|
|
1.1 |
|
|
|
6,872 |
|
Envocore , LLC (7)(8) |
|
Senior Secured Second Lien Term Loan |
|
1000 PIK |
|
10.00% |
|
12/2026 |
|
|
6,944 |
|
|
|
5,957 |
|
|
|
0.9 |
|
|
|
5,957 |
|
Envocore , LLC (5)(7)(8) |
|
Senior Secured First Lien Revolver |
|
750 |
|
7.50% |
|
12/2025 |
|
|
608 |
|
|
|
602 |
|
|
|
0.1 |
|
|
|
579 |
|
Eshipping |
|
Senior Secured First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
11/2027 |
|
|
8,050 |
|
|
|
7,891 |
|
|
|
1.2 |
|
|
|
7,972 |
|
Eshipping (4)(5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
11/2027 |
|
|
- |
|
|
|
(18 |
) |
|
|
- |
|
|
|
(18 |
) |
Eshipping (5) |
|
Senior Secured First Lien Revolver |
|
L + 575 (100 Floor) |
|
6.75% |
|
11/2027 |
|
|
197 |
|
|
|
175 |
|
|
|
- |
|
|
|
186 |
|
Painters Supply & Equipment Company (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
08/2027 |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
(13 |
) |
Painters Supply & Equipment Company (5) |
|
Unitranche First Lien Revolver |
|
L + 575 (100 Floor) |
|
6.75% |
|
08/2027 |
|
|
92 |
|
|
|
82 |
|
|
|
- |
|
|
|
84 |
|
Painters Supply & Equipment Company |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
08/2027 |
|
|
2,045 |
|
|
|
2,006 |
|
|
|
0.3 |
|
|
|
2,015 |
|
Potter Electric Signal Company |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
12/2025 |
|
|
1,117 |
|
|
|
1,103 |
|
|
|
0.2 |
|
|
|
1,108 |
|
Potter Electric Signal Company (5) |
|
Senior Secured First Lien Revolver |
|
L + 475 (100 Floor) |
|
5.75% |
|
12/2024 |
|
|
88 |
|
|
|
85 |
|
|
|
- |
|
|
|
84 |
|
Potter Electric Signal Company |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
12/2025 |
|
|
2,454 |
|
|
|
2,440 |
|
|
|
0.4 |
|
|
|
2,436 |
|
Potter Electric Signal Company |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
12/2025 |
|
|
466 |
|
|
|
464 |
|
|
|
0.1 |
|
|
|
463 |
|
31
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
United Flow Technologies |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
10/2027 |
|
|
8,550 |
|
|
|
8,384 |
|
|
|
1.3 |
|
|
|
8,467 |
|
United Flow Technologies |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
10/2027 |
|
|
1,200 |
|
|
|
1,177 |
|
|
|
0.2 |
|
|
|
1,188 |
|
United Flow Technologies (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
10/2027 |
|
|
- |
|
|
|
(37 |
) |
|
|
- |
|
|
|
(36 |
) |
United Flow Technologies (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
10/2027 |
|
|
- |
|
|
|
(31 |
) |
|
|
- |
|
|
|
(16 |
) |
|
|
|
|
|
|
|
|
|
|
|
38,755 |
|
|
|
37,144 |
|
|
|
5.8 |
|
|
|
37,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ASP MCS Acquisition Corp. (6) |
|
Senior Secured Second Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
10/2025 |
|
|
292 |
|
|
|
273 |
|
|
|
0.0 |
|
|
|
289 |
|
Battery Solutions, Inc. (6)(8) |
|
Unsecured Debt |
|
1400 PIK |
|
14.00% |
|
06/2023 |
|
|
1,436 |
|
|
|
1,428 |
|
|
|
0.2 |
|
|
|
1,398 |
|
Battery Solutions, Inc. (6)(8) |
|
Unsecured Debt |
|
1400 PIK |
|
14.00% |
|
06/2023 |
|
|
387 |
|
|
|
387 |
|
|
|
0.1 |
|
|
|
377 |
|
CHA Holdings, Inc. |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 450 (100 Floor) |
|
5.50% |
|
04/2025 |
|
|
1,002 |
|
|
|
1,000 |
|
|
|
0.1 |
|
|
|
962 |
|
CHA Holdings, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 450 (100 Floor) |
|
5.50% |
|
04/2025 |
|
|
4,753 |
|
|
|
4,742 |
|
|
|
0.7 |
|
|
|
4,562 |
|
Consolidated Label Co., LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
07/2026 |
|
|
- |
|
|
|
(10 |
) |
|
|
- |
|
|
|
(3 |
) |
Consolidated Label Co., LLC |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
07/2026 |
|
|
4,307 |
|
|
|
4,238 |
|
|
|
0.7 |
|
|
|
4,287 |
|
Consolidated Label Co., LLC |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
07/2026 |
|
|
3,831 |
|
|
|
3,762 |
|
|
|
0.6 |
|
|
|
3,813 |
|
Galway Borrower, LLC |
|
Unitranche First Lien Term Loan |
|
L + 525 (75 Floor) |
|
6.00% |
|
09/2028 |
|
|
12,886 |
|
|
|
12,655 |
|
|
|
2.0 |
|
|
|
12,757 |
|
Galway Borrower, LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
09/2028 |
|
|
- |
|
|
|
(24 |
) |
|
|
- |
|
|
|
(19 |
) |
Galway Borrower, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
09/2027 |
|
|
- |
|
|
|
(18 |
) |
|
|
- |
|
|
|
(17 |
) |
GH Parent Holdings Inc. |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
05/2027 |
|
|
13,142 |
|
|
|
12,958 |
|
|
|
2.0 |
|
|
|
12,828 |
|
GH Parent Holdings Inc. (5) |
|
Unitranche First Lien Revolver |
|
L + 550 (100 Floor) |
|
6.50% |
|
05/2027 |
|
|
208 |
|
|
|
180 |
|
|
|
0.0 |
|
|
|
158 |
|
GH Parent Holdings Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
05/2027 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(133 |
) |
Hepaco, LLC |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 550 (100 Floor) (including 50 PIK) |
|
6.50% |
|
08/2024 |
|
|
4,125 |
|
|
|
4,106 |
|
|
|
0.6 |
|
|
|
3,845 |
|
Hepaco, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 550 (100 Floor) (including 50 PIK) |
|
6.50% |
|
08/2024 |
|
|
5,059 |
|
|
|
5,036 |
|
|
|
0.7 |
|
|
|
4,716 |
|
Hepaco, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 550 (100 Floor) (including 50 PIK) |
|
6.50% |
|
08/2024 |
|
|
766 |
|
|
|
766 |
|
|
|
0.1 |
|
|
|
704 |
|
Hercules Borrower LLC |
|
Unitranche First Lien Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
12/2026 |
|
|
18,982 |
|
|
|
18,588 |
|
|
|
3.1 |
|
|
|
19,361 |
|
Hercules Borrower LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2026 |
|
|
- |
|
|
|
(46 |
) |
|
|
- |
|
|
|
44 |
|
Hercules Borrower LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
12/2026 |
|
|
- |
|
|
|
(21 |
) |
|
|
- |
|
|
|
20 |
|
Hercules Borrower LLC |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
12/2026 |
|
|
247 |
|
|
|
242 |
|
|
|
0.0 |
|
|
|
249 |
|
32
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Hsid Acquisition, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
01/2026 |
|
|
3,823 |
|
|
|
3,767 |
|
|
|
0.6 |
|
|
|
3,810 |
|
Hsid Acquisition, LLC |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
01/2026 |
|
|
2,864 |
|
|
|
2,824 |
|
|
|
0.4 |
|
|
|
2,854 |
|
Hsid Acquisition, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
01/2026 |
|
|
- |
|
|
|
(10 |
) |
|
|
- |
|
|
|
(3 |
) |
Hsid Acquisition, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
01/2026 |
|
|
249 |
|
|
|
245 |
|
|
|
0.0 |
|
|
|
249 |
|
ISS Compressors Industries, Inc. (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
02/2026 |
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
(39 |
) |
ISS Compressors Industries, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
02/2026 |
|
|
8,965 |
|
|
|
8,902 |
|
|
|
1.3 |
|
|
|
8,550 |
|
MHS Acquisition Holdings, LLC (8) |
|
Unsecured Debt |
|
1350 PIK |
|
13.50% |
|
03/2026 |
|
|
222 |
|
|
|
214 |
|
|
|
0.0 |
|
|
|
222 |
|
MHS Acquisition Holdings, LLC (8) |
|
Unsecured Debt |
|
1350 PIK |
|
13.50% |
|
03/2026 |
|
|
666 |
|
|
|
662 |
|
|
|
0.1 |
|
|
|
666 |
|
MHS Acquisition Holdings, LLC (5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
07/2027 |
|
|
130 |
|
|
|
127 |
|
|
|
0.0 |
|
|
|
130 |
|
MHS Acquisition Holdings, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
07/2027 |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
MHS Acquisition Holdings, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
07/2027 |
|
|
1,724 |
|
|
|
1,691 |
|
|
|
0.3 |
|
|
|
1,724 |
|
Nexant Volt MergerSub, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
05/2027 |
|
|
5,672 |
|
|
|
5,566 |
|
|
|
0.9 |
|
|
|
5,672 |
|
Nexant Volt MergerSub, Inc. (5) |
|
Senior Secured First Lien Revolver |
|
L + 500 (100 Floor) |
|
6.00% |
|
05/2027 |
|
|
400 |
|
|
|
391 |
|
|
|
0.1 |
|
|
|
400 |
|
Pye-Barker Fire & Safety, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
11/2027 |
|
|
4,968 |
|
|
|
4,799 |
|
|
|
0.8 |
|
|
|
5,012 |
|
Pye-Barker Fire & Safety, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
11/2027 |
|
|
3,696 |
|
|
|
3,553 |
|
|
|
0.6 |
|
|
|
3,728 |
|
Pye-Barker Fire & Safety, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
11/2027 |
|
|
9,923 |
|
|
|
9,558 |
|
|
|
1.5 |
|
|
|
10,015 |
|
Pye-Barker Fire & Safety, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
11/2027 |
|
|
1,995 |
|
|
|
1,925 |
|
|
|
0.3 |
|
|
|
2,013 |
|
Pye-Barker Fire & Safety, LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 550 (75 Floor) |
|
6.25% |
|
11/2027 |
|
|
1,193 |
|
|
|
1,156 |
|
|
|
0.2 |
|
|
|
1,217 |
|
Pye-Barker Fire & Safety, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
11/2027 |
|
|
- |
|
|
|
(30 |
) |
|
|
- |
|
|
|
14 |
|
Receivable Solutions, Inc. (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
10/2024 |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
Receivable Solutions, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
10/2024 |
|
|
2,400 |
|
|
|
2,371 |
|
|
|
0.4 |
|
|
|
2,400 |
|
Receivable Solutions, Inc. |
|
Senior Secured First Lien Term Loan |
|
|
|
|
|
10/2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Seko Global Logistics Network, LLC (4)(5)(11) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
12/2026 |
|
|
- |
|
|
|
(19 |
) |
|
|
- |
|
|
|
- |
|
Seko Global Logistics Network, LLC (11) |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
12/2026 |
|
|
5,037 |
|
|
|
4,965 |
|
|
|
0.8 |
|
|
|
5,037 |
|
Service Logic Acquisition, Inc. |
|
Senior Secured Second Lien Term Loan |
|
L + 850 (100 Floor) |
|
9.50% |
|
10/2028 |
|
|
8,755 |
|
|
|
8,522 |
|
|
|
1.4 |
|
|
|
9,012 |
|
Service Logic Acquisition, Inc. (5) |
|
Senior Secured Second Lien Delayed Draw Term Loan |
|
L + 850 (100 Floor) |
|
9.50% |
|
10/2028 |
|
|
2,043 |
|
|
|
1,974 |
|
|
|
0.3 |
|
|
|
2,092 |
|
Spear Education (4)(5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
02/2025 |
|
|
- |
|
|
|
(20 |
) |
|
|
- |
|
|
|
- |
|
33
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Spear Education |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
02/2025 |
|
|
6,755 |
|
|
|
6,710 |
|
|
|
1.0 |
|
|
|
6,755 |
|
TecoStar Holdings, Inc. |
|
Senior Secured Second Lien Term Loan |
|
L + 850 (100 Floor) |
|
9.50% |
|
11/2024 |
|
|
5,000 |
|
|
|
4,941 |
|
|
|
0.7 |
|
|
|
4,698 |
|
UP Acquisition Corp. |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
05/2024 |
|
|
1,176 |
|
|
|
1,163 |
|
|
|
0.2 |
|
|
|
1,110 |
|
UP Acquisition Corp. (5) |
|
Unitranche First Lien Revolver |
|
L + 625 (100 Floor) |
|
7.25% |
|
05/2024 |
|
|
443 |
|
|
|
431 |
|
|
|
0.1 |
|
|
|
372 |
|
UP Acquisition Corp. |
|
Unitranche First Lien Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
05/2024 |
|
|
4,290 |
|
|
|
4,244 |
|
|
|
0.6 |
|
|
|
4,048 |
|
Xcentric Mold and Engineering Acquisition Company, LLC |
|
Senior Secured First Lien Revolver |
|
L + 700 (100 Floor) (including 100 PIK) |
|
8.00% |
|
09/2022 |
|
|
717 |
|
|
|
717 |
|
|
|
0.1 |
|
|
|
625 |
|
Xcentric Mold and Engineering Acquisition Company, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 700 (100 Floor) (including 100 PIK) |
|
8.00% |
|
09/2022 |
|
|
4,410 |
|
|
|
4,410 |
|
|
|
0.6 |
|
|
|
3,839 |
|
|
|
|
|
|
|
|
|
|
|
|
158,939 |
|
|
|
155,979 |
|
|
|
24.2 |
|
|
|
156,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effective School Solutions LLC |
|
Senior Secured First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
11/2027 |
|
|
7,750 |
|
|
|
7,598 |
|
|
|
1.2 |
|
|
|
7,674 |
|
Effective School Solutions LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
11/2027 |
|
|
- |
|
|
|
(29 |
) |
|
|
- |
|
|
|
(14 |
) |
Effective School Solutions LLC (4)(5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
11/2027 |
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
|
(22 |
) |
Everlast Parent Inc. |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
10/2026 |
|
|
13,888 |
|
|
|
13,594 |
|
|
|
2.2 |
|
|
|
14,027 |
|
Everlast Parent Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
10/2026 |
|
|
- |
|
|
|
(33 |
) |
|
|
- |
|
|
|
(17 |
) |
Everlast Parent Inc. |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
|
|
3,412 |
|
|
|
3,335 |
|
|
|
0.5 |
|
|
|
3,379 |
|
|
FS Whitewater Borrower, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
|
|
5,172 |
|
|
|
5,070 |
|
|
|
0.8 |
|
|
|
5,069 |
|
|
FS Whitewater Borrower, LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
12/2027 |
|
|
- |
|
|
|
(17 |
) |
|
|
- |
|
|
|
(34 |
) |
FS Whitewater Borrower, LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
12/2027 |
|
|
1,290 |
|
|
|
1,258 |
|
|
|
0.2 |
|
|
|
1,255 |
|
FS Whitewater Borrower, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2027 |
|
|
- |
|
|
|
(14 |
) |
|
|
- |
|
|
|
(14 |
) |
HGH Purchaser, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
11/2025 |
|
|
2,811 |
|
|
|
2,784 |
|
|
|
0.4 |
|
|
|
2,784 |
|
HGH Purchaser, Inc. |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
11/2025 |
|
|
3,339 |
|
|
|
3,265 |
|
|
|
0.5 |
|
|
|
3,313 |
|
HGH Purchaser, Inc. (5) |
|
Unitranche First Lien Revolver |
|
L + 625 (100 Floor) |
|
7.25% |
|
11/2025 |
|
|
280 |
|
|
|
264 |
|
|
|
- |
|
|
|
272 |
|
HGH Purchaser, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
11/2025 |
|
|
7,946 |
|
|
|
7,805 |
|
|
|
1.2 |
|
|
|
7,882 |
|
Learn-It Systems, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 450 (100 Floor) |
|
5.50% |
|
03/2025 |
|
|
630 |
|
|
|
613 |
|
|
|
0.1 |
|
|
|
617 |
|
Learn-It Systems, LLC (5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 450 (100 Floor) |
|
5.50% |
|
03/2025 |
|
|
2,537 |
|
|
|
2,488 |
|
|
|
0.4 |
|
|
|
2,499 |
|
Learn-It Systems, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 450 (100 Floor) |
|
5.50% |
|
03/2025 |
|
|
4,293 |
|
|
|
4,212 |
|
|
|
0.6 |
|
|
|
4,228 |
|
34
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Learn-It Systems, LLC (5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
05/2023 |
|
|
676 |
|
|
|
641 |
|
|
|
0.1 |
|
|
|
656 |
|
Stepping Stones Healthcare Services, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
12/2028 |
|
|
13,208 |
|
|
|
12,917 |
|
|
|
2.0 |
|
|
|
13,009 |
|
Stepping Stones Healthcare Services, LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
12/2028 |
|
|
- |
|
|
|
(38 |
) |
|
|
- |
|
|
|
(57 |
) |
Stepping Stones Healthcare Services, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2026 |
|
|
- |
|
|
|
(38 |
) |
|
|
0.0 |
|
|
|
(28 |
) |
United Language Group, Inc. |
|
Senior Secured First Lien Revolver |
|
L + 675 (100 Floor) |
|
7.75% |
|
01/2022 |
|
|
400 |
|
|
|
400 |
|
|
|
0.1 |
|
|
|
391 |
|
United Language Group, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
01/2022 |
|
|
4,594 |
|
|
|
4,588 |
|
|
|
0.7 |
|
|
|
4,488 |
|
WeddingWire, Inc. (12) |
|
Senior Secured Second Lien Term Loan |
|
L + 825 |
|
8.38% |
|
12/2026 |
|
|
5,000 |
|
|
|
4,963 |
|
|
|
0.8 |
|
|
|
4,950 |
|
Wrench Group LLC |
|
Senior Secured Second Lien Term Loan |
|
L + 788 |
|
8.01% |
|
04/2027 |
|
|
4,833 |
|
|
|
4,720 |
|
|
|
0.7 |
|
|
|
4,833 |
|
|
|
|
|
|
|
|
|
|
|
|
82,059 |
|
|
|
80,324 |
|
|
|
12.5 |
|
|
|
81,140 |
|
Energy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
BJ Services, LLC |
|
Unitranche First Lien Term Loan |
|
L + 700 (150 Floor) |
|
8.50% |
|
01/2023 |
|
|
277 |
|
|
|
276 |
|
|
|
- |
|
|
|
277 |
|
BJ Services, LLC (9)(10) |
|
Unitranche First Lien - Last Out Term Loan |
|
|
|
|
|
01/2023 |
|
|
8,075 |
|
|
|
8,014 |
|
|
|
0.9 |
|
|
|
5,861 |
|
Black Diamond Oilfiefld Rentals, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 950 (100 Floor) |
|
10.50% |
|
03/2022 |
|
|
9,248 |
|
|
|
9,178 |
|
|
|
1.4 |
|
|
|
9,017 |
|
|
|
|
|
|
|
|
|
|
|
|
17,600 |
|
|
|
17,468 |
|
|
|
2.3 |
|
|
|
15,155 |
|
Food & Staples Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Isagenix International, LLC (12) |
|
Senior Secured First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
06/2025 |
|
|
5,616 |
|
|
|
5,602 |
|
|
|
0.6 |
|
|
|
4,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Food, Beverage & Tobacco |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
JTM Foods LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
05/2027 |
|
|
5,025 |
|
|
|
4,944 |
|
|
|
0.8 |
|
|
|
4,959 |
|
JTM Foods LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 475 (100 Floor) |
|
5.75% |
|
05/2027 |
|
|
320 |
|
|
|
307 |
|
|
|
0.0 |
|
|
|
310 |
|
JTM Foods LLC (4)(5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
05/2027 |
|
|
- |
|
|
|
(7 |
) |
|
|
- |
|
|
|
(10 |
) |
Mann Lake Ltd. |
|
Senior Secured First Lien Revolver |
|
L + 675 (100 Floor) |
|
7.75% |
|
10/2024 |
|
|
900 |
|
|
|
892 |
|
|
|
0.1 |
|
|
|
879 |
|
Mann Lake Ltd. |
|
Senior Secured First Lien Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
10/2024 |
|
|
3,787 |
|
|
|
3,747 |
|
|
|
0.6 |
|
|
|
3,700 |
|
|
|
|
|
|
|
|
|
|
|
|
10,032 |
|
|
|
9,883 |
|
|
|
1.5 |
|
|
|
9,838 |
|
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ACI Group Holdings, Inc. (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 550 (75 Floor) |
|
6.25% |
|
08/2028 |
|
|
18 |
|
|
|
(6 |
) |
|
|
- |
|
|
|
18 |
|
ACI Group Holdings, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
08/2027 |
|
|
- |
|
|
|
(14 |
) |
|
|
- |
|
|
|
- |
|
ACI Group Holdings, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 550 (75 Floor) |
|
6.25% |
|
08/2028 |
|
|
6,993 |
|
|
|
6,818 |
|
|
|
1.1 |
|
|
|
6,993 |
|
Advanced Diabetes Supply |
|
Senior Secured First Lien Term Loan |
|
L + 525 (100 Floor) |
|
6.25% |
|
07/2025 |
|
|
3,741 |
|
|
|
3,707 |
|
|
|
0.6 |
|
|
|
3,741 |
|
35
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Aegis Sciences Corporation (12) |
|
Senior Secured First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
05/2025 |
|
|
3,388 |
|
|
|
3,207 |
|
|
|
0.5 |
|
|
|
3,298 |
|
Ameda, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 700 (100 Floor) |
|
8.00% |
|
09/2022 |
|
|
2,174 |
|
|
|
2,167 |
|
|
|
0.3 |
|
|
|
2,063 |
|
Ameda, Inc. (5) |
|
Senior Secured First Lien Revolver |
|
L + 700 (100 Floor) |
|
8.00% |
|
09/2022 |
|
|
188 |
|
|
|
187 |
|
|
|
0.0 |
|
|
|
172 |
|
Arrow Management Acquisition, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
10/2027 |
|
|
4,950 |
|
|
|
4,853 |
|
|
|
0.8 |
|
|
|
4,925 |
|
Arrow Management Acquisition, LLC (5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
10/2027 |
|
|
172 |
|
|
|
150 |
|
|
|
0.0 |
|
|
|
161 |
|
Arrow Management Acquisition, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
10/2027 |
|
|
- |
|
|
|
(14 |
) |
|
|
- |
|
|
|
(4 |
) |
Avalign Technologies, Inc. (12) |
|
Senior Secured First Lien Term Loan |
|
L + 450 |
|
4.63% |
|
12/2025 |
|
|
16,665 |
|
|
|
16,565 |
|
|
|
2.5 |
|
|
|
16,332 |
|
Centria Subsidiary Holdings, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2025 |
|
|
- |
|
|
|
(39 |
) |
|
|
- |
|
|
|
(1 |
) |
Centria Subsidiary Holdings, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
12/2025 |
|
|
11,635 |
|
|
|
11,397 |
|
|
|
1.8 |
|
|
|
11,630 |
|
CRA MSO, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 700 (100 Floor) |
|
8.00% |
|
12/2023 |
|
|
1,213 |
|
|
|
1,202 |
|
|
|
0.2 |
|
|
|
1,181 |
|
CRA MSO, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 700 (100 Floor) |
|
8.00% |
|
12/2023 |
|
|
60 |
|
|
|
58 |
|
|
|
0.0 |
|
|
|
55 |
|
EMS Buyer, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
11/2027 |
|
|
9,850 |
|
|
|
9,680 |
|
|
|
1.5 |
|
|
|
9,753 |
|
EMS Buyer, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
11/2027 |
|
|
- |
|
|
|
(9 |
) |
|
|
- |
|
|
|
(5 |
) |
FH MD Buyer, Inc (12) |
|
Senior Secured First Lien Term Loan |
|
L + 500 (75 Floor) |
|
5.75% |
|
07/2028 |
|
|
19,950 |
|
|
|
19,760 |
|
|
|
3.1 |
|
|
|
19,851 |
|
GrapeTree Medical Staffing, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
05/2024 |
|
|
6,250 |
|
|
|
6,143 |
|
|
|
0.9 |
|
|
|
6,190 |
|
GrapeTree Medical Staffing, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
05/2024 |
|
|
- |
|
|
|
(10 |
) |
|
|
- |
|
|
|
(6 |
) |
GrapeTree Medical Staffing, LLC (5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
05/2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27 |
) |
Great Lakes Dental Partners, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2026 |
|
|
4,975 |
|
|
|
4,884 |
|
|
|
0.7 |
|
|
|
4,881 |
|
Great Lakes Dental Partners, LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
06/2026 |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
|
(16 |
) |
Great Lakes Dental Partners, LLC (5) |
|
Unitranche First Lien Revolver |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2026 |
|
|
210 |
|
|
|
203 |
|
|
|
- |
|
|
|
202 |
|
HCAT Acquisition, Inc. (5) |
|
Unitranche First Lien Term Loan |
|
L + 800 (100 Floor) |
|
9.00% |
|
11/2022 |
|
|
14,181 |
|
|
|
13,487 |
|
|
|
2.1 |
|
|
|
14,016 |
|
HCAT Acquisition, Inc. |
|
Unitranche First Lien Revolver |
|
L + 800 (100 Floor) |
|
9.00% |
|
11/2022 |
|
|
3,836 |
|
|
|
3,649 |
|
|
|
0.6 |
|
|
|
3,792 |
|
HCAT Acquisition, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 800 (100 Floor) |
|
9.00% |
|
11/2022 |
|
|
2,231 |
|
|
|
2,122 |
|
|
|
0.3 |
|
|
|
2,205 |
|
HCOS Group Intermediate III LLC |
|
Senior Secured First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
09/2026 |
|
|
11,455 |
|
|
|
11,266 |
|
|
|
1.7 |
|
|
|
11,312 |
|
HCOS Group Intermediate III LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
09/2026 |
|
|
- |
|
|
|
(19 |
) |
|
|
- |
|
|
|
(14 |
) |
HCOS Group Intermediate III LLC |
|
Senior Secured First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
09/2026 |
|
|
9,450 |
|
|
|
9,278 |
|
|
|
1.4 |
|
|
|
9,332 |
|
36
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Homecare Partners Management, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
05/2027 |
|
|
4,539 |
|
|
|
4,453 |
|
|
|
0.7 |
|
|
|
4,483 |
|
Homecare Partners Management, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 475 (100 Floor) |
|
5.75% |
|
05/2027 |
|
|
293 |
|
|
|
273 |
|
|
|
- |
|
|
|
280 |
|
Homecare Partners Management, LLC |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
05/2027 |
|
|
3,395 |
|
|
|
3,364 |
|
|
|
0.5 |
|
|
|
3,353 |
|
Hospice Care Buyer, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
12/2026 |
|
|
14,307 |
|
|
|
13,967 |
|
|
|
2.2 |
|
|
|
14,465 |
|
Hospice Care Buyer, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
12/2026 |
|
|
2,613 |
|
|
|
2,546 |
|
|
|
0.4 |
|
|
|
2,642 |
|
Hospice Care Buyer, Inc. (5) |
|
Unitranche First Lien Revolver |
|
L + 650 (100 Floor) |
|
7.50% |
|
12/2026 |
|
|
993 |
|
|
|
953 |
|
|
|
0.2 |
|
|
|
993 |
|
Hospice Care Buyer, Inc. |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
12/2026 |
|
|
2,667 |
|
|
|
2,596 |
|
|
|
0.4 |
|
|
|
2,697 |
|
IvyRehab Intermediate II, LLC |
|
Unitranche First Lien Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
12/2024 |
|
|
14,719 |
|
|
|
14,499 |
|
|
|
2.3 |
|
|
|
14,719 |
|
IvyRehab Intermediate II, LLC (5) |
|
Unitranche First Lien Revolver |
|
L + 675 (100 Floor) |
|
7.75% |
|
12/2024 |
|
|
130 |
|
|
|
123 |
|
|
|
- |
|
|
|
130 |
|
IvyRehab Intermediate II, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
12/2024 |
|
|
1,445 |
|
|
|
1,424 |
|
|
|
0.2 |
|
|
|
1,445 |
|
IvyRehab Intermediate II, LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
12/2024 |
|
|
1,049 |
|
|
|
1,027 |
|
|
|
0.2 |
|
|
|
1,049 |
|
IvyRehab Intermediate II, LLC |
|
Unitranche First Lien Term Loan |
|
|
|
|
|
12/2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Laserway Intermediate Holdings II, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
10/2027 |
|
|
6,085 |
|
|
|
5,968 |
|
|
|
0.9 |
|
|
|
6,062 |
|
Lightspeed Buyer, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
02/2026 |
|
|
9,825 |
|
|
|
9,682 |
|
|
|
1.5 |
|
|
|
9,576 |
|
Lightspeed Buyer, Inc. (5) |
|
Unitranche First Lien Revolver |
|
L + 575 (100 Floor) |
|
6.75% |
|
02/2026 |
|
|
280 |
|
|
|
266 |
|
|
|
- |
|
|
|
253 |
|
Lightspeed Buyer, Inc. |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
02/2026 |
|
|
1,779 |
|
|
|
1,758 |
|
|
|
0.3 |
|
|
|
1,734 |
|
Lightspeed Buyer, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
02/2026 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(129 |
) |
Lightspeed Buyer, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
02/2026 |
|
|
2,743 |
|
|
|
2,693 |
|
|
|
0.4 |
|
|
|
2,674 |
|
NMN Holdings III Corp. |
|
Senior Secured Second Lien Delayed Draw Term Loan |
|
L + 775 |
|
7.85% |
|
11/2026 |
|
|
1,667 |
|
|
|
1,632 |
|
|
|
0.2 |
|
|
|
1,624 |
|
NMN Holdings III Corp. |
|
Senior Secured Second Lien Term Loan |
|
L + 775 |
|
7.85% |
|
11/2026 |
|
|
7,222 |
|
|
|
7,074 |
|
|
|
1.1 |
|
|
|
7,036 |
|
NMSC Holdings, Inc. |
|
Senior Secured Second Lien Term Loan |
|
L + 1000 (100 Floor) |
|
11.00% |
|
10/2023 |
|
|
4,307 |
|
|
|
4,256 |
|
|
|
0.7 |
|
|
|
4,307 |
|
Omni Ophthalmic Management Consultants, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 700 (100 Floor) |
|
8.00% |
|
05/2023 |
|
|
340 |
|
|
|
336 |
|
|
|
0.1 |
|
|
|
340 |
|
Omni Ophthalmic Management Consultants, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 700 (100 Floor) |
|
8.00% |
|
05/2023 |
|
|
6,808 |
|
|
|
6,771 |
|
|
|
1.0 |
|
|
|
6,808 |
|
Omni Ophthalmic Management Consultants, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 700 (100 Floor) |
|
8.00% |
|
05/2023 |
|
|
893 |
|
|
|
881 |
|
|
|
0.1 |
|
|
|
893 |
|
Patriot Acquisition Topco S.A.R.L (11) |
|
Unitranche First Lien Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
01/2028 |
|
|
11,338 |
|
|
|
11,072 |
|
|
|
1.7 |
|
|
|
11,338 |
|
Patriot Acquisition Topco S.A.R.L (4)(5)(11) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
01/2026 |
|
|
- |
|
|
|
(36 |
) |
|
|
- |
|
|
|
- |
|
37
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Patriot Acquisition Topco S.A.R.L (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 675 (100 Floor) |
|
7.75% |
|
01/2028 |
|
|
12,169 |
|
|
|
11,902 |
|
|
|
1.9 |
|
|
|
12,169 |
|
Pharmalogics Recruiting, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
02/2027 |
|
|
10,135 |
|
|
|
10,006 |
|
|
|
1.6 |
|
|
|
10,186 |
|
Pharmalogics Recruiting, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
02/2027 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Pharmalogics Recruiting, LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
02/2027 |
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
|
|
23 |
|
Pinnacle Treatment Centers, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
12/2022 |
|
|
677 |
|
|
|
673 |
|
|
|
0.1 |
|
|
|
677 |
|
Pinnacle Treatment Centers, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
12/2022 |
|
|
8,052 |
|
|
|
8,023 |
|
|
|
1.2 |
|
|
|
8,052 |
|
Pinnacle Treatment Centers, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2022 |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
Premier Dental Care Management, LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
08/2028 |
|
|
1,364 |
|
|
|
1,340 |
|
|
|
0.2 |
|
|
|
1,375 |
|
Premier Dental Care Management, LLC (5) |
|
Unitranche First Lien Revolver |
|
L + 575 (75 Floor) |
|
6.50% |
|
08/2027 |
|
|
278 |
|
|
|
249 |
|
|
|
- |
|
|
|
281 |
|
Premier Dental Care Management, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
08/2028 |
|
|
9,524 |
|
|
|
9,340 |
|
|
|
1.5 |
|
|
|
9,544 |
|
Professional Physical Therapy |
|
Senior Secured First Lien Term Loan |
|
L + 850 (100 Floor) (including 250 PIK) |
|
9.50% |
|
12/2022 |
|
|
9,106 |
|
|
|
8,810 |
|
|
|
0.8 |
|
|
|
5,509 |
|
PromptCare Intermediate, LP (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
09/2027 |
|
|
956 |
|
|
|
905 |
|
|
|
0.2 |
|
|
|
989 |
|
PromptCare Intermediate, LP |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
09/2027 |
|
|
10,474 |
|
|
|
10,275 |
|
|
|
1.6 |
|
|
|
10,550 |
|
PT Network, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 750 (100 Floor) (including 200 PIK) |
|
8.50% |
|
11/2023 |
|
|
120 |
|
|
|
120 |
|
|
|
- |
|
|
|
120 |
|
PT Network, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 750 (100 Floor) (including 200 PIK) |
|
8.50% |
|
11/2023 |
|
|
4,840 |
|
|
|
4,835 |
|
|
|
0.7 |
|
|
|
4,840 |
|
Safco Dental Supply, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
06/2025 |
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
(2 |
) |
Safco Dental Supply, LLC |
|
Unitranche First Lien Term Loan |
|
L + 400 (100 Floor) |
|
5.00% |
|
06/2025 |
|
|
4,043 |
|
|
|
3,998 |
|
|
|
0.6 |
|
|
|
4,028 |
|
Seniorlink Incorporated (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
07/2026 |
|
|
- |
|
|
|
(24 |
) |
|
|
- |
|
|
|
31 |
|
Seniorlink Incorporated |
|
Unitranche First Lien Term Loan |
|
L + 700 (100 Floor) |
|
8.00% |
|
07/2026 |
|
|
10,747 |
|
|
|
10,491 |
|
|
|
1.7 |
|
|
|
11,069 |
|
Smile Doctors LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
12/2028 |
|
|
11,257 |
|
|
|
11,033 |
|
|
|
1.7 |
|
|
|
11,032 |
|
Smile Doctors LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
12/2028 |
|
|
113 |
|
|
|
94 |
|
|
|
- |
|
|
|
78 |
|
Smile Doctors LLC (5) |
|
Unitranche First Lien Revolver |
|
L + 575 (75 Floor) |
|
6.50% |
|
12/2027 |
|
|
61 |
|
|
|
35 |
|
|
|
- |
|
|
|
35 |
|
Unifeye Vision Partners |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
09/2025 |
|
|
3,038 |
|
|
|
2,991 |
|
|
|
0.5 |
|
|
|
3,038 |
|
Unifeye Vision Partners (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
09/2025 |
|
|
- |
|
|
|
(21 |
) |
|
|
- |
|
|
|
- |
|
Unifeye Vision Partners |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
09/2025 |
|
|
5,292 |
|
|
|
5,223 |
|
|
|
0.8 |
|
|
|
5,292 |
|
38
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Unifeye Vision Partners (5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
09/2025 |
|
|
767 |
|
|
|
759 |
|
|
|
0.1 |
|
|
|
767 |
|
Vital Care Buyer, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
10/2025 |
|
|
6,963 |
|
|
|
6,866 |
|
|
|
1.1 |
|
|
|
6,963 |
|
Vital Care Buyer, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
10/2025 |
|
|
- |
|
|
|
(30 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
342,998 |
|
|
|
336,098 |
|
|
|
51.5 |
|
|
|
337,448 |
|
Household & Personal Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tranzonic (5) |
|
Senior Secured First Lien Revolver |
|
L + 450 (100 Floor) |
|
5.50% |
|
03/2023 |
|
|
338 |
|
|
|
334 |
|
|
|
0.1 |
|
|
|
338 |
|
Tranzonic |
|
Senior Secured First Lien Term Loan |
|
L + 450 (100 Floor) |
|
5.50% |
|
03/2023 |
|
|
3,772 |
|
|
|
3,760 |
|
|
|
0.6 |
|
|
|
3,772 |
|
|
|
|
|
|
|
|
|
|
|
|
4,110 |
|
|
|
4,094 |
|
|
|
0.7 |
|
|
|
4,110 |
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Comet Acquisition, Inc. (12) |
|
Senior Secured Second Lien Term Loan |
|
L + 750 |
|
7.63% |
|
10/2026 |
|
|
1,782 |
|
|
|
1,779 |
|
|
|
0.3 |
|
|
|
1,744 |
|
Evolution BuyerCo, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
04/2027 |
|
|
8,292 |
|
|
|
8,205 |
|
|
|
1.3 |
|
|
|
8,458 |
|
Evolution BuyerCo, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
04/2028 |
|
|
- |
|
|
|
(7 |
) |
|
|
- |
|
|
|
15 |
|
Evolution BuyerCo, Inc. |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
04/2028 |
|
|
1,455 |
|
|
|
1,439 |
|
|
|
0.2 |
|
|
|
1,484 |
|
Evolution BuyerCo, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
04/2028 |
|
|
697 |
|
|
|
679 |
|
|
|
0.1 |
|
|
|
732 |
|
Integrity Marketing Acquisition, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
08/2025 |
|
|
5,017 |
|
|
|
4,930 |
|
|
|
0.8 |
|
|
|
5,004 |
|
Integrity Marketing Acquisition, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
08/2025 |
|
|
3,033 |
|
|
|
2,980 |
|
|
|
0.5 |
|
|
|
3,026 |
|
Integrity Marketing Acquisition, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
08/2025 |
|
|
- |
|
|
|
(31 |
) |
|
|
- |
|
|
|
(4 |
) |
Integrity Marketing Acquisition, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
08/2025 |
|
|
12,749 |
|
|
|
12,546 |
|
|
|
1.9 |
|
|
|
12,717 |
|
Integro Parent, Inc. (11)(12) |
|
Senior Secured First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
10/2022 |
|
|
468 |
|
|
|
466 |
|
|
|
0.1 |
|
|
|
448 |
|
Integro Parent, Inc. (9)(11) |
|
Senior Secured Second Lien Term Loan |
|
|
|
|
|
10/2023 |
|
|
2,915 |
|
|
|
2,897 |
|
|
|
0.4 |
|
|
|
2,420 |
|
Integro Parent, Inc. (9)(11) |
|
Senior Secured Second Lien Delayed Draw Term Loan |
|
|
|
|
|
10/2023 |
|
|
380 |
|
|
|
378 |
|
|
|
- |
|
|
|
316 |
|
Patriot Growth Insurance Services, LLC |
|
Unitranche First Lien Term Loan |
|
L + 550 (75 Floor) |
|
6.25% |
|
10/2028 |
|
|
6,745 |
|
|
|
6,613 |
|
|
|
1.0 |
|
|
|
6,745 |
|
Patriot Growth Insurance Services, LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
10/2028 |
|
|
- |
|
|
|
(25 |
) |
|
|
- |
|
|
|
- |
|
Patriot Growth Insurance Services, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
10/2028 |
|
|
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
(5 |
) |
The Hilb Group, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
12/2026 |
|
|
3,567 |
|
|
|
3,500 |
|
|
|
0.5 |
|
|
|
3,558 |
|
The Hilb Group, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
12/2026 |
|
|
1,009 |
|
|
|
989 |
|
|
|
0.2 |
|
|
|
1,006 |
|
The Hilb Group, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2025 |
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
(7 |
) |
The Hilb Group, LLC |
|
Unitranche First Lien Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
12/2026 |
|
|
1,058 |
|
|
|
1,036 |
|
|
|
0.2 |
|
|
|
1,058 |
|
39
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
The Hilb Group, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
12/2026 |
|
|
1,779 |
|
|
|
1,746 |
|
|
|
0.3 |
|
|
|
1,779 |
|
The Hilb Group, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2025 |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
(3 |
) |
The Hilb Group, LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 550 (75 Floor) |
|
6.25% |
|
12/2026 |
|
|
87 |
|
|
|
41 |
|
|
|
- |
|
|
|
19 |
|
The Hilb Group, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
12/2025 |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
51,033 |
|
|
|
50,137 |
|
|
|
7.8 |
|
|
|
50,508 |
|
Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kestrel Parent, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
11/2023 |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
- |
|
Kestrel Parent, LLC |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
11/2025 |
|
|
6,604 |
|
|
|
6,504 |
|
|
|
1.0 |
|
|
|
6,604 |
|
|
|
|
|
|
|
|
|
|
|
|
6,604 |
|
|
|
6,496 |
|
|
|
1.0 |
|
|
|
6,604 |
|
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
BioAgilytix |
|
Senior Secured First Lien Term Loan |
|
L + 625 (75 Floor) (including 275 PIK) |
|
7.00% |
|
12/2028 |
|
|
12,885 |
|
|
|
12,629 |
|
|
|
1.9 |
|
|
|
12,628 |
|
BioAgilytix (4)(5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
12/2028 |
|
|
- |
|
|
|
(25 |
) |
|
|
- |
|
|
|
(51 |
) |
LSCS Holdings, Inc. (Eversana) (12) |
|
Senior Secured Second Lien Term Loan |
|
L + 800 (50 Floor) |
|
8.50% |
|
12/2029 |
|
|
14,000 |
|
|
|
13,687 |
|
|
|
2.1 |
|
|
|
13,965 |
|
Teal Acquisition Co., Inc |
|
Unitranche First Lien Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
09/2026 |
|
|
14,020 |
|
|
|
13,700 |
|
|
|
2.1 |
|
|
|
14,020 |
|
Teal Acquisition Co., Inc (5) |
|
Unitranche First Lien Revolver |
|
L + 625 (100 Floor) |
|
7.25% |
|
09/2026 |
|
|
310 |
|
|
|
280 |
|
|
|
- |
|
|
|
310 |
|
Teal Acquisition Co., Inc (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
09/2026 |
|
|
- |
|
|
|
(19 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
41,215 |
|
|
|
40,252 |
|
|
|
6.1 |
|
|
|
40,872 |
|
Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Savers (12) |
|
Senior Secured First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
04/2028 |
|
|
16,827 |
|
|
|
16,714 |
|
|
|
2.6 |
|
|
|
16,806 |
|
Slickdeals Holdings, LLC (4)(5)(6) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
06/2023 |
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
Slickdeals Holdings, LLC (6) |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
06/2024 |
|
|
14,318 |
|
|
|
14,096 |
|
|
|
2.2 |
|
|
|
14,318 |
|
|
|
|
|
|
|
|
|
|
|
|
31,145 |
|
|
|
30,804 |
|
|
|
4.8 |
|
|
|
31,124 |
|
Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affinitiv, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
08/2024 |
|
|
- |
|
|
|
(5 |
) |
|
|
- |
|
|
|
(4 |
) |
Affinitiv, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
08/2024 |
|
|
6,370 |
|
|
|
6,304 |
|
|
|
1.0 |
|
|
|
6,329 |
|
Ansira Partners, Inc. (9) |
|
Unitranche First Lien Term Loan |
|
|
|
|
|
12/2024 |
|
|
7,673 |
|
|
|
6,687 |
|
|
|
0.7 |
|
|
|
4,872 |
|
Ansira Partners, Inc. (9) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
12/2024 |
|
|
1,061 |
|
|
|
931 |
|
|
|
0.1 |
|
|
|
674 |
|
Apps Associates LLC (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
07/2027 |
|
|
- |
|
|
|
(8 |
) |
|
|
- |
|
|
|
- |
|
Apps Associates LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
07/2027 |
|
|
- |
|
|
|
(15 |
) |
|
|
- |
|
|
|
- |
|
40
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Apps Associates LLC |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
07/2027 |
|
|
5,636 |
|
|
|
5,530 |
|
|
|
0.9 |
|
|
|
5,636 |
|
Banker's Toolbox, Inc. (4)(5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
07/2027 |
|
|
- |
|
|
|
(63 |
) |
|
|
- |
|
|
|
- |
|
Banker's Toolbox, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
07/2027 |
|
|
- |
|
|
|
(45 |
) |
|
|
- |
|
|
|
- |
|
Banker's Toolbox, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 550 (75 Floor) |
|
6.25% |
|
07/2027 |
|
|
15,843 |
|
|
|
15,544 |
|
|
|
2.4 |
|
|
|
15,843 |
|
Belay Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
06/2026 |
|
|
4,925 |
|
|
|
4,846 |
|
|
|
0.8 |
|
|
|
4,925 |
|
Belay Inc. (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
06/2026 |
|
|
- |
|
|
|
(10 |
) |
|
|
- |
|
|
|
- |
|
Benesys Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
10/2024 |
|
|
1,400 |
|
|
|
1,389 |
|
|
|
0.2 |
|
|
|
1,398 |
|
Benesys Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
10/2024 |
|
|
297 |
|
|
|
293 |
|
|
|
0.0 |
|
|
|
297 |
|
Benesys Inc. (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
10/2024 |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
C-4 Analytics, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
08/2023 |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
C-4 Analytics, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
08/2023 |
|
|
9,811 |
|
|
|
9,755 |
|
|
|
1.5 |
|
|
|
9,811 |
|
CAT Buyer, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
04/2024 |
|
|
- |
|
|
|
(6 |
) |
|
|
- |
|
|
|
- |
|
CAT Buyer, LLC |
|
Unitranche First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
04/2024 |
|
|
5,903 |
|
|
|
5,845 |
|
|
|
0.9 |
|
|
|
5,903 |
|
Claritas, LLC (5) |
|
Senior Secured First Lien Revolver |
|
L + 575 (100 Floor) |
|
6.75% |
|
12/2023 |
|
|
23 |
|
|
|
21 |
|
|
|
0.0 |
|
|
|
23 |
|
Claritas, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
12/2023 |
|
|
1,064 |
|
|
|
1,059 |
|
|
|
0.2 |
|
|
|
1,064 |
|
Granicus, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
01/2027 |
|
|
9,149 |
|
|
|
8,956 |
|
|
|
1.4 |
|
|
|
9,127 |
|
Granicus, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
01/2027 |
|
|
- |
|
|
|
(17 |
) |
|
|
- |
|
|
|
(2 |
) |
Granicus, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
01/2027 |
|
|
4,781 |
|
|
|
4,663 |
|
|
|
0.7 |
|
|
|
4,761 |
|
Lexipol (Ranger Buyer, Inc.) |
|
Unitranche First Lien Term Loan |
|
L + 625 (75 Floor) |
|
7.00% |
|
11/2028 |
|
|
13,257 |
|
|
|
12,994 |
|
|
|
2.0 |
|
|
|
13,257 |
|
Lexipol (Ranger Buyer, Inc.) (5) |
|
Unitranche First Lien Revolver |
|
L + 625 (75 Floor) |
|
7.00% |
|
11/2027 |
|
|
221 |
|
|
|
199 |
|
|
|
- |
|
|
|
221 |
|
List Partners, Inc. (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
01/2023 |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
(6 |
) |
List Partners, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 500 (100 Floor) |
|
6.00% |
|
01/2023 |
|
|
4,097 |
|
|
|
4,079 |
|
|
|
0.6 |
|
|
|
4,043 |
|
MRI Software LLC (12) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
02/2026 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
MRI Software LLC (12) |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
02/2026 |
|
|
18,414 |
|
|
|
18,214 |
|
|
|
2.9 |
|
|
|
18,400 |
|
MRI Software LLC (4)(5)(12) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
02/2026 |
|
|
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
(1 |
) |
MRI Software LLC (12) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
02/2026 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
41
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
MRI Software LLC (12) |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
02/2026 |
|
|
1,323 |
|
|
|
1,309 |
|
|
|
0.2 |
|
|
|
1,322 |
|
New Era Technology, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
10/2026 |
|
|
3,158 |
|
|
|
3,100 |
|
|
|
0.5 |
|
|
|
3,164 |
|
New Era Technology, Inc. (5) |
|
Unitranche First Lien Revolver |
|
L + 625 (100 Floor) |
|
7.25% |
|
10/2026 |
|
|
76 |
|
|
|
72 |
|
|
|
- |
|
|
|
76 |
|
New Era Technology, Inc. (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 (100 Floor) |
|
7.25% |
|
10/2026 |
|
|
1,354 |
|
|
|
1,326 |
|
|
|
0.2 |
|
|
|
1,358 |
|
Odessa Technologies, Inc. (4)(5) |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
|
|
|
|
10/2027 |
|
|
- |
|
|
|
(17 |
) |
|
|
- |
|
|
|
- |
|
Odessa Technologies, Inc. (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
10/2027 |
|
|
- |
|
|
|
(48 |
) |
|
|
- |
|
|
|
- |
|
Odessa Technologies, Inc. |
|
Senior Secured First Lien Term Loan |
|
L + 575 (75 Floor) |
|
6.50% |
|
10/2027 |
|
|
9,643 |
|
|
|
9,453 |
|
|
|
1.5 |
|
|
|
9,643 |
|
Ontario Systems, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
08/2025 |
|
|
1,097 |
|
|
|
1,095 |
|
|
|
0.2 |
|
|
|
1,091 |
|
Ontario Systems, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
08/2025 |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
(3 |
) |
Ontario Systems, LLC |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
08/2025 |
|
|
3,177 |
|
|
|
3,156 |
|
|
|
0.5 |
|
|
|
3,159 |
|
Ontario Systems, LLC (5) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
08/2025 |
|
|
337 |
|
|
|
318 |
|
|
|
0.1 |
|
|
|
333 |
|
Ontario Systems, LLC |
|
Unitranche First Lien Term Loan |
|
L + 550 (100 Floor) |
|
6.50% |
|
08/2025 |
|
|
449 |
|
|
|
441 |
|
|
|
0.1 |
|
|
|
446 |
|
Park Place Technologies, LLC (8) |
|
Unsecured Debt |
|
1250 PIK |
|
12.50% |
|
05/2029 |
|
|
782 |
|
|
|
782 |
|
|
|
0.1 |
|
|
|
782 |
|
Perforce Software, Inc. |
|
Senior Secured Second Lien Term Loan |
|
L + 800 |
|
8.09% |
|
07/2027 |
|
|
5,000 |
|
|
|
4,981 |
|
|
|
0.8 |
|
|
|
5,000 |
|
Prism Bidco, Inc. (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
06/2026 |
|
|
- |
|
|
|
(19 |
) |
|
|
- |
|
|
|
17 |
|
Prism Bidco, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 700 (100 Floor) |
|
8.00% |
|
06/2026 |
|
|
7,388 |
|
|
|
7,213 |
|
|
|
1.2 |
|
|
|
7,535 |
|
Prism Bidco, Inc. |
|
Unitranche First Lien Term Loan |
|
L + 575 (100 Floor) |
|
6.75% |
|
06/2026 |
|
|
1,463 |
|
|
|
1,436 |
|
|
|
0.2 |
|
|
|
1,492 |
|
Right Networks, LLC |
|
Unitranche First Lien Revolver |
|
L + 600 (100 Floor) |
|
7.00% |
|
05/2026 |
|
|
233 |
|
|
|
230 |
|
|
|
- |
|
|
|
233 |
|
Right Networks, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
05/2026 |
|
|
9,301 |
|
|
|
9,171 |
|
|
|
1.4 |
|
|
|
9,301 |
|
Right Networks, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
05/2026 |
|
|
8,307 |
|
|
|
8,153 |
|
|
|
1.3 |
|
|
|
8,307 |
|
Right Networks, LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
05/2026 |
|
|
2,117 |
|
|
|
2,079 |
|
|
|
0.3 |
|
|
|
2,117 |
|
Ruffalo Noel Levitz, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
05/2022 |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
(1 |
) |
Ruffalo Noel Levitz, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
05/2022 |
|
|
2,480 |
|
|
|
2,474 |
|
|
|
0.4 |
|
|
|
2,474 |
|
Saturn Borrower Inc |
|
Unitranche First Lien Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
09/2026 |
|
|
20,318 |
|
|
|
19,816 |
|
|
|
3.1 |
|
|
|
19,826 |
|
Saturn Borrower Inc |
|
Unitranche First Lien Term Loan |
|
L + 650 (100 Floor) |
|
7.50% |
|
09/2026 |
|
|
2,475 |
|
|
|
2,410 |
|
|
|
0.4 |
|
|
|
2,415 |
|
Saturn Borrower Inc (5) |
|
Unitranche First Lien Revolver |
|
L + 650 (100 Floor) |
|
7.50% |
|
09/2026 |
|
|
908 |
|
|
|
871 |
|
|
|
0.1 |
|
|
|
871 |
|
42
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Smartronix, LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
11/2028 |
|
|
24,110 |
|
|
|
23,630 |
|
|
|
3.8 |
|
|
|
24,111 |
|
Smartronix, LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
11/2028 |
|
|
- |
|
|
|
(65 |
) |
|
|
- |
|
|
|
- |
|
Transportation Insight, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 450 |
|
4.59% |
|
12/2024 |
|
|
5,089 |
|
|
|
5,062 |
|
|
|
0.8 |
|
|
|
5,076 |
|
Transportation Insight, LLC |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 450 |
|
4.59% |
|
12/2024 |
|
|
1,264 |
|
|
|
1,258 |
|
|
|
0.2 |
|
|
|
1,261 |
|
Transportation Insight, LLC (4)(5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
12/2024 |
|
|
- |
|
|
|
(4 |
) |
|
|
0.0 |
|
|
|
(2 |
) |
Winxnet Holdings LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2023 |
|
|
634 |
|
|
|
629 |
|
|
|
0.1 |
|
|
|
634 |
|
Winxnet Holdings LLC |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2023 |
|
|
1,040 |
|
|
|
1,026 |
|
|
|
0.2 |
|
|
|
1,040 |
|
Winxnet Holdings LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
06/2023 |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
|
- |
|
Winxnet Holdings LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2023 |
|
|
1,930 |
|
|
|
1,917 |
|
|
|
0.3 |
|
|
|
1,930 |
|
Winxnet Holdings LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2023 |
|
|
1,538 |
|
|
|
1,517 |
|
|
|
0.2 |
|
|
|
1,538 |
|
Winxnet Holdings LLC (4)(5) |
|
Unitranche First Lien Revolver |
|
|
|
|
|
06/2023 |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
Winxnet Holdings LLC |
|
Unitranche First Lien Term Loan |
|
L + 600 (100 Floor) |
|
7.00% |
|
06/2023 |
|
|
1,147 |
|
|
|
1,130 |
|
|
|
0.2 |
|
|
|
1,147 |
|
|
|
|
|
|
|
|
|
|
|
|
228,063 |
|
|
|
223,014 |
|
|
|
34.7 |
|
|
|
224,264 |
|
Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pilot Air Freight, LLC |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
07/2024 |
|
|
763 |
|
|
|
762 |
|
|
|
0.1 |
|
|
|
763 |
|
Pilot Air Freight, LLC (5) |
|
Senior Secured First Lien Revolver |
|
|
|
|
|
07/2024 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Pilot Air Freight, LLC |
|
Senior Secured First Lien Delayed Draw Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
07/2024 |
|
|
1,179 |
|
|
|
1,179 |
|
|
|
0.2 |
|
|
|
1,179 |
|
Pilot Air Freight, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
07/2024 |
|
|
5,307 |
|
|
|
5,292 |
|
|
|
0.8 |
|
|
|
5,307 |
|
Pilot Air Freight, LLC |
|
Senior Secured First Lien Term Loan |
|
L + 475 (100 Floor) |
|
5.75% |
|
07/2024 |
|
|
794 |
|
|
|
783 |
|
|
|
0.1 |
|
|
|
794 |
|
|
|
|
|
|
|
|
|
|
|
|
8,043 |
|
|
|
8,016 |
|
|
|
1.2 |
|
|
|
8,043 |
|
Total Debt Investments |
|
|
|
|
|
|
|
|
|
$ |
1,063,643 |
|
|
$ |
1,042,079 |
|
|
|
160.1 |
|
% |
$ |
1,044,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Automobiles & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sun Acquirer Corp. |
|
Common Stock |
|
|
|
|
|
|
|
|
6,148 |
|
|
|
615 |
|
|
|
0.1 |
|
|
|
615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
615 |
|
|
|
0.1 |
|
|
|
615 |
|
|
Capital Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Envocore, LLC (7) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
534,722 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Envocore, LLC (7) |
|
Common Stock |
|
|
|
|
|
|
|
|
521,354 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allied Universal Holdings, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
2,805,726 |
|
|
|
1,011 |
|
|
|
0.7 |
|
|
|
4,579 |
|
43
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Allied Universal Holdings, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
684,903 |
|
|
|
685 |
|
|
|
0.2 |
|
|
|
1,117 |
|
ASP MCS Acquisition Corp. (6) |
|
Common Stock |
|
|
|
|
|
|
|
|
11,792 |
|
|
|
1,150 |
|
|
|
0.2 |
|
|
|
1,327 |
|
Battery Solutions, Inc. (6) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
5,719,738 |
|
|
|
3,669 |
|
|
|
0.8 |
|
|
|
5,256 |
|
Battery Solutions, Inc. (6) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
50,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Battery Solutions, Inc. (6) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
3,333,333 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Hercules Borrower LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
1,153,075 |
|
|
|
1,153 |
|
|
|
0.2 |
|
|
|
1,246 |
|
IGT Holdings LLC |
|
Preferred Stock |
|
|
|
|
|
|
|
|
645,730 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
IGT Holdings LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
1,000,000 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
MHS Acquisition Holdings, LLC |
|
Preferred Stock |
|
|
|
|
|
|
|
|
1,018 |
|
|
|
923 |
|
|
|
0.1 |
|
|
|
949 |
|
MHS Acquisition Holdings, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
10 |
|
|
|
9 |
|
|
|
- |
|
|
|
- |
|
Receivable Solutions, Inc. |
|
Preferred Stock |
|
|
|
|
|
|
|
|
137,000 |
|
|
|
137 |
|
|
|
0.1 |
|
|
|
329 |
|
Service Logic Acquisition, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
13,132 |
|
|
|
1,313 |
|
|
|
0.2 |
|
|
|
1,432 |
|
TecoStar Holdings, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
500,000 |
|
|
|
500 |
|
|
|
- |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,550 |
|
|
|
2.5 |
|
|
|
16,355 |
|
|
Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Everlast Parent Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
948 |
|
|
|
948 |
|
|
|
0.2 |
|
|
|
1,404 |
|
FS Whitewater Borrower, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
6,897 |
|
|
|
690 |
|
|
|
0.1 |
|
|
|
690 |
|
HGH Purchaser, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
4,171 |
|
|
|
417 |
|
|
|
0.1 |
|
|
|
782 |
|
Legalshield |
|
Common Stock |
|
|
|
|
|
|
|
|
372 |
|
|
|
372 |
|
|
|
0.1 |
|
|
|
503 |
|
Southern Technical Institute, Inc. (6) |
|
Common Stock |
|
|
|
|
|
|
|
|
3,164,063 |
|
|
|
- |
|
|
|
- |
|
|
|
282 |
|
Southern Technical Institute, Inc. (6) |
|
Common Stock |
|
|
|
|
|
|
|
|
6,000,000 |
|
|
|
- |
|
|
|
1.1 |
|
|
|
7,404 |
|
Stepping Stones Healthcare Services, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
11,321 |
|
|
|
1,132 |
|
|
|
0.2 |
|
|
|
1,132 |
|
Wrench Group LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
4,082 |
|
|
|
410 |
|
|
|
0.1 |
|
|
|
746 |
|
Wrench Group LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
1,143 |
|
|
|
115 |
|
|
|
0.0 |
|
|
|
209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,084 |
|
|
|
1.9 |
|
|
|
13,152 |
|
|
Diversified Financials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CBDC Senior Loan Fund LLC (7)(11)(13) |
|
Partnership Interest |
|
|
|
|
|
|
|
|
40,000,000 |
|
|
|
40,000 |
|
|
|
6.1 |
|
|
|
39,361 |
|
GACP II LP (6)(11)(13)(14) |
|
Partnership Interest |
|
|
|
|
|
|
|
|
12,895,313 |
|
|
|
12,895 |
|
|
|
1.9 |
|
|
|
12,619 |
|
WhiteHawk III Onshore Fund L.P. (5)(6)(11)(13)(14) |
|
Partnership Interest |
|
|
|
|
|
|
|
|
5,792,014 |
|
|
|
5,851 |
|
|
|
0.9 |
|
|
|
5,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,746 |
|
|
|
8.9 |
|
|
|
57,960 |
|
|
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
ACI Group Holdings, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
907,499 |
|
|
|
909 |
|
|
|
0.1 |
|
|
|
907 |
|
ACI Group Holdings, Inc. |
|
Preferred Stock |
|
|
|
|
|
|
|
|
3,719 |
|
|
|
3,645 |
|
|
|
0.6 |
|
|
|
3,719 |
|
Centria Subsidiary Holdings, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
11,911 |
|
|
|
1,191 |
|
|
|
0.2 |
|
|
|
979 |
|
Hospice Care Buyer, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
13,895 |
|
|
|
1,398 |
|
|
|
0.3 |
|
|
|
1,835 |
|
Hospice Care Buyer, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
844 |
|
|
|
75 |
|
|
|
- |
|
|
|
99 |
|
NMN Holdings III Corp. |
|
Common Stock |
|
|
|
|
|
|
|
|
11,111 |
|
|
|
1,111 |
|
|
|
0.2 |
|
|
|
1,138 |
|
Patriot Acquisition Topco S.A.R.L (11) |
|
Common Stock |
|
|
|
|
|
|
|
|
1,055 |
|
|
|
1,055 |
|
|
|
0.2 |
|
|
|
1,123 |
|
Patriot Acquisition Topco S.A.R.L (11) |
|
Common Stock |
|
|
|
|
|
|
|
|
14,534 |
|
|
|
22 |
|
|
|
0.0 |
|
|
|
228 |
|
PT Network, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
0.93 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
891 |
|
Seniorlink Incorporated |
|
Common Stock |
|
|
|
|
|
|
|
|
68,182 |
|
|
|
518 |
|
|
|
0.2 |
|
|
|
1,331 |
|
Smile Doctors LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
227 |
|
|
|
714 |
|
|
|
0.1 |
|
|
|
714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,638 |
|
|
|
2.0 |
|
|
|
12,964 |
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Evolution BuyerCo, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
2,917 |
|
|
|
292 |
|
|
|
0.0 |
|
|
|
292 |
|
Integrity Marketing Acquisition, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
262,567 |
|
|
|
607 |
|
|
|
0.3 |
|
|
|
1,953 |
|
Integrity Marketing Acquisition, LLC |
|
Preferred Stock |
|
|
|
|
|
|
|
|
1,247 |
|
|
|
1,215 |
|
|
|
0.3 |
|
|
|
1,686 |
|
Integro Parent, Inc. (11) |
|
Common Stock |
|
|
|
|
|
|
|
|
4,468 |
|
|
|
454 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,568 |
|
|
|
0.6 |
|
|
|
3,931 |
|
|
Materials |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kestrel Parent, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
41,791 |
|
|
|
209 |
|
|
|
0.0 |
|
|
|
308 |
|
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
LSCS Holdings, Inc. (Eversana) |
|
Common Stock |
|
|
|
|
|
|
|
|
3,096 |
|
|
|
953 |
|
|
|
0.1 |
|
|
|
953 |
|
LSCS Holdings, Inc. (Eversana) |
|
Preferred Stock |
|
|
|
|
|
|
|
447 |
|
|
447 |
|
|
0.1 |
|
|
447 |
|
||||
Teal Acquisition Co., Inc |
|
Common Stock |
|
|
|
|
|
|
|
|
5,555 |
|
|
|
556 |
|
|
|
0.1 |
|
|
|
746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,956 |
|
|
|
0.3 |
|
|
|
2,146 |
|
|
Retailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Palmetto Moon LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
61 |
|
|
|
- |
|
|
|
0.1 |
|
|
|
700 |
|
Slickdeals Holdings, LLC (6) |
|
Common Stock |
|
|
|
|
|
|
|
|
99 |
|
|
|
891 |
|
|
|
0.2 |
|
|
|
1,529 |
|
Vivid Seats Ltd. (6)(11)(12) |
|
Common Stock |
|
|
|
|
|
|
|
|
608,109 |
|
|
|
608 |
|
|
|
0.1 |
|
|
|
922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,499 |
|
|
|
0.4 |
|
|
|
3,151 |
|
|
Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Curvature (15) |
|
Common Stock |
|
|
|
|
|
|
|
|
1,975,461 |
|
|
|
1,975 |
|
|
|
0.2 |
|
|
|
1,072 |
|
Lexipol (Ranger Buyer, Inc.) |
|
Common Stock |
|
|
|
|
|
|
|
|
638 |
|
|
|
638 |
|
|
|
0.1 |
|
|
|
638 |
|
Odessa Technologies, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
10,714 |
|
|
|
1,071 |
|
|
|
0.2 |
|
|
|
1,071 |
|
Park Place Technologies, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
479 |
|
|
|
479 |
|
|
|
0.1 |
|
|
|
479 |
|
Park Place Technologies, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
685,018 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Park Place Technologies, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
442,203 |
|
|
|
27 |
|
|
|
0.0 |
|
|
|
27 |
|
Saturn Borrower Inc |
|
Common Stock |
|
|
|
|
|
|
|
|
434,163 |
|
|
|
434 |
|
|
|
0.1 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,624 |
|
|
|
0.7 |
|
|
|
3,732 |
|
|
Transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Xpress Global Systems, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
12,544 |
|
|
|
- |
|
|
|
0.2 |
|
|
|
1,254 |
|
Total Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
95,489 |
|
|
|
17.6 |
|
% |
$ |
115,568 |
|
|
Total United States |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,137,568 |
|
|
|
177.7 |
|
% |
$ |
1,159,851 |
|
|
Canada |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
VetStrategy (11) |
|
Unsecured Debt |
|
1150 PIK |
|
11.50% |
|
03/2031 |
|
|
C$2,750 |
|
|
$ |
2,104 |
|
|
|
0.3 |
|
|
$ |
2,175 |
|
VetStrategy (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
C + 700 (100 Floor) |
|
8.00% |
|
07/2027 |
|
|
1,712 |
|
|
|
1,251 |
|
|
|
0.2 |
|
|
|
1,381 |
|
VetStrategy (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
C + 700 (100 Floor) |
|
8.00% |
|
07/2027 |
|
|
1,712 |
|
|
|
1,305 |
|
|
|
0.2 |
|
|
|
1,381 |
|
VetStrategy (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
C + 700 (100 Floor) |
|
8.00% |
|
07/2027 |
|
|
4,968 |
|
|
|
3,876 |
|
|
|
0.6 |
|
|
|
4,008 |
|
VetStrategy (11) |
|
Unitranche First Lien Term Loan |
|
C + 700 (100 Floor) |
|
8.00% |
|
07/2027 |
|
|
9,176 |
|
|
|
6,676 |
|
|
|
1.1 |
|
|
|
7,403 |
|
VetStrategy (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
C + 575 (100 Floor) |
|
6.75% |
|
07/2027 |
|
|
8,742 |
|
|
|
6,757 |
|
|
|
1.1 |
|
|
|
6,914 |
|
VetStrategy (5)(11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
C + 575 (100 Floor) |
|
6.75% |
|
07/2027 |
|
|
5,720 |
|
|
|
4,380 |
|
|
|
0.7 |
|
|
|
4,524 |
|
|
|
|
|
|
|
|
|
|
|
|
34,780 |
|
|
|
26,349 |
|
|
|
4.2 |
|
|
|
27,786 |
|
45
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sandvine Corporation (11)(12) |
|
Senior Secured Second Lien Term Loan |
|
L + 800 |
|
8.09% |
|
11/2026 |
|
$ |
4,500 |
|
|
|
4,379 |
|
|
|
0.7 |
|
|
|
4,480 |
|
Total Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
30,728 |
|
|
|
4.9 |
|
% |
$ |
32,266 |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Health Care Equipment & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
VetStrategy (11) |
|
Common Stock |
|
|
|
|
|
|
|
|
1,016,357 |
|
|
$ |
776 |
|
|
|
0.3 |
|
|
$ |
1,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity Investments |
|
|
|
|
|
|
|
|
|
|
1,016,357 |
|
|
|
776 |
|
|
|
0.3 |
|
% |
|
1,848 |
|
Total Canada |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
31,504 |
|
|
|
5.2 |
|
% |
$ |
34,114 |
|
|
United Kingdom |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Crusoe Bidco Limited (11) |
|
Unitranche First Lien Term Loan |
|
L + 625 |
|
6.31% |
|
12/2025 |
|
£ |
6,067 |
|
|
$ |
7,463 |
|
|
|
1.3 |
|
% |
$ |
8,209 |
|
Crusoe Bidco Limited (5)(11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
12/2025 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Crusoe Bidco Limited (5)(11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
L + 625 |
|
6.31% |
|
12/2025 |
|
|
303 |
|
|
|
399 |
|
|
|
0.1 |
|
|
|
410 |
|
Nurture Landscapes (11) |
|
Unitranche First Lien Term Loan |
|
SN + 650 |
|
6.55% |
|
06/2028 |
|
|
1,416 |
|
|
|
1,942 |
|
|
|
0.3 |
|
|
|
1,916 |
|
Nurture Landscapes (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
SN + 650 |
|
6.55% |
|
06/2028 |
|
|
392 |
|
|
|
519 |
|
|
|
0.1 |
|
|
|
530 |
|
Nurture Landscapes (5)(11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
SN + 650 |
|
6.55% |
|
06/2028 |
|
|
2,567 |
|
|
|
3,068 |
|
|
|
0.5 |
|
|
|
3,473 |
|
|
|
|
|
|
|
|
|
|
|
|
10,745 |
|
|
|
13,391 |
|
|
|
2.3 |
|
|
|
14,538 |
|
Consumer Durables & Apparel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lion Cashmere Bidco Limited (11) |
|
Unitranche First Lien Term Loan |
|
L + 600 (50 Floor) |
|
6.50% |
|
03/2028 |
|
$ |
4,352 |
|
|
$ |
4,244 |
|
|
|
0.6 |
|
|
$ |
4,160 |
|
Lion Cashmere Bidco Limited (11) |
|
Unitranche First Lien Term Loan |
|
L + 600 (50 Floor) |
|
6.50% |
|
03/2028 |
|
|
9,939 |
|
|
|
9,693 |
|
|
|
1.5 |
|
|
|
9,502 |
|
Lion Cashmere Bidco Limited (11) |
|
Unitranche First Lien Term Loan |
|
L + 600 (50 Floor) |
|
6.50% |
|
03/2028 |
|
|
4,953 |
|
|
|
4,830 |
|
|
|
0.7 |
|
|
|
4,735 |
|
Lion Cashmere Bidco Limited (5)(11) |
|
Unitranche First Lien Revolver |
|
L + 600 |
|
6.50% |
|
03/2026 |
|
€ |
276 |
|
|
|
374 |
|
|
|
- |
|
|
|
263 |
|
Lion Cashmere Bidco Limited (4)(5)(11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
03/2028 |
|
|
- |
|
|
|
(83 |
) |
|
|
- |
|
|
|
(138 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,058 |
|
|
|
2.8 |
|
|
|
18,522 |
|
|
46
CRESCENT CAPITAL BDC, INC. |
|
|||||||||||||||||||||||
Company/Security/Country |
|
Investment Type |
|
Interest |
|
Interest |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Jordan Bidco, Ltd. (5)(11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
|
|
|
|
08/2028 |
|
£ |
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
(112 |
) |
Jordan Bidco, Ltd. (5)(11) |
|
Senior Secured First Lien Revolver |
|
SN + 650 |
|
6.50% |
|
02/2028 |
|
|
1,102 |
|
|
|
1,090 |
|
|
|
0.2 |
|
|
|
1,046 |
|
Jordan Bidco, Ltd. (11) |
|
Unitranche First Lien Term Loan |
|
SN + 650 |
|
6.50% |
|
08/2028 |
|
|
13,234 |
|
|
|
17,714 |
|
|
|
2.8 |
|
|
|
17,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,804 |
|
|
|
3.0 |
|
|
|
18,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
51,253 |
|
|
|
8.1 |
|
% |
$ |
51,416 |
|
|
Total United Kingdom |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
51,253 |
|
|
|
8.1 |
|
% |
$ |
51,416 |
|
|
Netherlands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
PharComp Parent B.V. (11) |
|
Unitranche First Lien Delayed Draw Term Loan |
|
E + 650 |
|
6.50% |
|
02/2026 |
|
€ |
1,868 |
|
|
$ |
2,139 |
|
|
|
0.3 |
|
% |
$ |
2,125 |
|
PharComp Parent B.V. (10)(11) |
|
Unitranche First Lien - Last Out Term Loan |
|
E + 650 |
|
6.50% |
|
02/2026 |
|
|
6,910 |
|
|
|
7,684 |
|
|
|
1.2 |
|
|
|
7,862 |
|
|
|
|
|
|
|
|
|
|
|
|
8,778 |
|
|
|
9,823 |
|
|
|
1.5 |
|
|
|
9,987 |
|
Total Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,823 |
|
|
|
1.5 |
|
% |
$ |
9,987 |
|
|
Total Netherlands |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,823 |
|
|
|
1.5 |
|
% |
$ |
9,987 |
|
|
Belgium |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Miraclon Corporation (11) |
|
Unitranche First Lien Term Loan |
|
E + 625 |
|
6.25% |
|
04/2026 |
|
€ |
9,507 |
|
|
|
10,529 |
|
|
|
1.7 |
|
|
|
10,764 |
|
Miraclon Corporation (11) |
|
Unitranche First Lien Term Loan |
|
L + 625 |
|
6.41% |
|
04/2026 |
|
$ |
4,162 |
|
|
|
4,077 |
|
|
|
0.6 |
|
|
|
4,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,606 |
|
|
|
2.3 |
|
|
|
14,926 |
|
|
Total Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,606 |
|
|
|
2.3 |
|
% |
$ |
14,926 |
|
|
Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial & Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Miraclon Corporation (11) |
|
Common Stock |
|
|
|
|
|
|
|
|
921 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
Miraclon Corporation (11) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
81,384 |
|
|
|
91 |
|
|
|
0.0 |
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92 |
|
|
|
0.0 |
|
|
|
72 |
|
|
Total Equity Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
92 |
|
|
|
0.0 |
|
% |
$ |
72 |
|
|
Total Belgium |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
14,698 |
|
|
|
2.3 |
|
% |
$ |
14,998 |
|
|
Total Investments |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,244,846 |
|
|
|
194.8 |
|
% |
$ |
1,270,366 |
|
|
* The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”), Prime (“P”), CDOR (“C”), EURIBOR (“E”), or SONIA (“SN”) and which reset monthly, bi-monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR or
47
Prime and the current interest rate in effect at December 31, 2021. As of December 31, 2021, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to a reference rate floor. For fixed rate loans, a spread above a reference rate is not applicable.
|
|
Tenor |
||||||||
Reference Rate |
|
Overnight |
|
1 month |
|
3 month |
|
6 Month |
|
12 Month |
LIBOR (“L”) |
|
- |
|
0.10% |
|
0.21% |
|
0.34% |
|
0.58% |
Prime (“P”) |
|
3.25% |
|
- |
|
- |
|
- |
|
- |
CDOR (“C”) |
|
- |
|
0.45% |
|
- |
|
- |
|
- |
EURIBOR (“E”) |
|
- |
|
-0.58% |
|
-0.57% |
|
-0.55% |
|
- |
SONIA (“SN”) |
|
0.19% |
|
- |
|
- |
|
- |
|
- |
** The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.
*** Percentage is based on net assets of $652,285 as of December 31, 2021
48
Foreign Currency Exchange
Contracts
Counterparty |
|
Currency Purchased |
|
Currency Sold |
|
Settlement |
|
Unrealized |
|
|
Wells Fargo Bank, N.A. |
|
USD 1,049 |
|
CAD 1,348 |
|
7/15/2025 |
|
$ |
(3 |
) |
Wells Fargo Bank, N.A. |
|
USD 933 |
|
CAD 1,192 |
|
7/31/2025 |
|
|
3 |
|
Wells Fargo Bank, N.A. |
|
USD 193 |
|
CAD 244 |
|
7/31/2025 |
|
|
2 |
|
Wells Fargo Bank, N.A. |
|
USD 17 |
|
CAD 22 |
|
7/31/2025 |
|
|
- |
|
Wells Fargo Bank, N.A. |
|
USD 1,035 |
|
CAD 1,336 |
|
7/31/2025 |
|
|
(7 |
) |
Wells Fargo Bank, N.A. |
|
USD 1,306 |
|
CAD 1,703 |
|
7/31/2025 |
|
|
(22 |
) |
Wells Fargo Bank, N.A. |
|
USD 1,914 |
|
CAD 2,432 |
|
7/31/2025 |
|
|
15 |
|
Wells Fargo Bank, N.A. |
|
USD 2,214 |
|
CAD 2,792 |
|
7/31/2025 |
|
|
34 |
|
Wells Fargo Bank, N.A. |
|
USD 622 |
|
CAD 839 |
|
7/31/2025 |
|
|
(31 |
) |
Wells Fargo Bank, N.A. |
|
USD 775 |
|
CAD 994 |
|
7/31/2025 |
|
|
(1 |
) |
Wells Fargo Bank, N.A. |
|
USD 789 |
|
CAD 1,005 |
|
7/31/2025 |
|
|
4 |
|
Wells Fargo Bank, N.A. |
|
USD 635 |
|
CAD 864 |
|
7/31/2025 |
|
|
(38 |
) |
Wells Fargo Bank, N.A. |
|
USD 325 |
|
CAD 422 |
|
7/31/2025 |
|
|
(4 |
) |
Wells Fargo Bank, N.A. |
|
USD 7,089 |
|
CAD 9,712 |
|
7/31/2025 |
|
|
(472 |
) |
Wells Fargo Bank, N.A. |
|
USD 612 |
|
CAD 801 |
|
7/31/2025 |
|
|
(12 |
) |
Wells Fargo Bank, N.A. |
|
USD 493 |
|
CAD 632 |
|
7/31/2025 |
|
|
- |
|
Wells Fargo Bank, N.A. |
|
USD 576 |
|
CAD 738 |
|
7/31/2025 |
|
|
(1 |
) |
Wells Fargo Bank, N.A. |
|
USD 1,033 |
|
CAD 1,274 |
|
7/31/2025 |
|
|
37 |
|
Wells Fargo Bank, N.A. |
|
USD 1,795 |
|
CAD 2,370 |
|
2/28/2031 |
|
|
(28 |
) |
Wells Fargo Bank, N.A. |
|
USD 992 |
|
EUR 809 |
|
2/20/2024 |
|
|
44 |
|
Wells Fargo Bank, N.A. |
|
USD 308 |
|
EUR 249 |
|
2/20/2024 |
|
|
16 |
|
Wells Fargo Bank, N.A. |
|
USD 209 |
|
EUR 187 |
|
2/20/2024 |
|
|
(10 |
) |
Wells Fargo Bank, N.A. |
|
USD 8,603 |
|
EUR 6,703 |
|
2/20/2024 |
|
|
742 |
|
Wells Fargo Bank, N.A. |
|
USD 11,682 |
|
EUR 9,222 |
|
4/10/2024 |
|
|
844 |
|
Wells Fargo Bank, N.A. |
|
USD 768 |
|
EUR 623 |
|
2/20/2026 |
|
|
15 |
|
Wells Fargo Bank, N.A. |
|
USD 7,975 |
|
GBP 5,885 |
|
12/1/2023 |
|
|
35 |
|
Wells Fargo Bank, N.A. |
|
USD 395 |
|
GBP 294 |
|
12/1/2023 |
|
|
(2 |
) |
Wells Fargo Bank, N.A. |
|
USD 193 |
|
GBP 138 |
|
2/13/2025 |
|
|
6 |
|
Wells Fargo Bank, N.A. |
|
USD 191 |
|
GBP 138 |
|
2/13/2025 |
|
|
4 |
|
Wells Fargo Bank, N.A. |
|
USD 170 |
|
GBP 121 |
|
6/3/2026 |
|
|
5 |
|
Wells Fargo Bank, N.A. |
|
USD 371 |
|
GBP 272 |
|
6/3/2026 |
|
|
- |
|
Wells Fargo Bank, N.A. |
|
USD 3,074 |
|
GBP 2,237 |
|
6/3/2026 |
|
|
22 |
|
Wells Fargo Bank, N.A. |
|
USD 1,944 |
|
GBP 1,362 |
|
6/3/2026 |
|
|
83 |
|
Wells Fargo Bank, N.A. |
|
USD 17,790 |
|
GBP 12,870 |
|
8/24/2026 |
|
|
204 |
|
Wells Fargo Bank, N.A. |
|
USD 1,097 |
|
GBP 803 |
|
8/24/2026 |
|
|
- |
|
Total Foreign Currency Exchange Contracts |
|
|
|
|
|
|
|
$ |
1,484 |
|
|
|
|||||||||
CAD Canadian Dollar ("C$") |
|
|||||||||
49
CRESCENT CAPITAL BDC, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)
September 30, 2022 (Unaudited)
Note 1. Organization and Basis of Presentation
Crescent Capital BDC, Inc. (the “Company”) was formed on February 5, 2015 as a Delaware corporation structured as an externally managed, closed-end management investment company. The Company commenced investment operations on June 26, 2015. On January 30, 2020, the Company changed its state of incorporation from the State of Delaware to the State of Maryland. The Company has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”) and currently operates as a diversified investment company. In addition, the Company has elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.
The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments. The Company invests primarily in secured debt (including first lien, unitranche first lien and second lien debt) and unsecured debt (including mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-market companies. Although the Company’s focus is to invest in private credit transactions, in certain circumstances it may also invest in broadly syndicated loans and bonds.
The Company is managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. CCAP Administration LLC (the “Administrator”) provides the administrative services necessary for the Company to operate. Company management consists of investment and administrative professionals from the Adviser and Administrator, along with the Company’s Board of Directors (the “Board”). The Adviser directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board, which sets the broad policies of the Company. The Board has delegated investment management of the Company’s portfolio assets to the Adviser. The Board consists of six directors, five of whom are independent.
From time to time, the Company may form wholly owned subsidiaries to facilitate the normal course of business if the Adviser determines that for legal, tax, regulatory, accounting or other similar reasons it is in the best interest of the Company to do so. The Company has formed a wholly owned subsidiary that is structured as a tax blocker, to hold equity or equity-like investments in portfolio companies organized as limited liability companies or other forms of pass-through entities. This corporate subsidiary is not consolidated for income tax purposes and may incur income tax expenses as a result of its ownership of portfolio companies. The Company has also formed a special purpose vehicle that holds certain debt investments in connection with a credit facility.
On January 31, 2020, the Company completed a transaction to acquire Alcentra Capital Corporation in a cash and stock transaction (the “Alcentra Acquisition”). The Company was listed and began trading on the NASDAQ stock exchange on February 3, 2020.
On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent Capital Group LP (“Crescent”), the majority member of the Adviser (the “Sun Life Transaction”). Consummation of the Sun Life Transaction resulted in a change of control of Crescent.
Basis of Presentation
The Company’s functional currency is the United States dollar and these consolidated financial statements have been prepared in that currency. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.
The accompanying interim consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited interim financial results included herein contain all adjustments and reclassifications that are necessary for the fair presentation of consolidated financial statements for the periods included herein. All significant intercompany balances and
50
transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2022.
Note 2. Summary of Significant Accounting Policies
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the results for the periods presented. Although management believes that the estimates and assumptions are reasonable, changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.
Cash and Cash Equivalents
Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. Cash and cash equivalents other than money market mutual funds, are carried at cost plus accrued interest, which approximates fair value. Money market mutual funds are carried at their net asset value, which approximates fair value. Restricted cash and cash equivalents consists of deposits and cash collateral held at Wells Fargo Bank N.A. related to the Company’s credit facility and foreign currency forward contracts. The Company holds cash and cash equivalents denominated in foreign currencies. The Company deposits its cash, cash equivalents and restricted cash with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.
Investment Transactions
Loan originations are recorded on the date of the binding commitment. Investments purchased on a secondary market are recorded on the trade date. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.
Investment Valuation
The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), as amended, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:
Level 1—Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Adviser utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the Adviser, as the Board’s valuation designee, determines the fair value of the investments in good faith, based on, among other things, the fair valuation recommendations from investment professionals, the input of the Company’s Audit Committee and independent third-party valuation firms.
The Securities and Exchange Commission (the “SEC”) has adopted Rule 2a-5 (the “Rule”) under the 1940 Act. The Rule establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Rule, the Board has
51
designated the Adviser as valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations. As required by the Rule, the Valuation Designee will provide periodic fair valuation reporting and notifications on behalf of the Company to the Board to facilitate the Board’s oversight duties.
The Adviser, as the valuation designee, undertakes a multi-step valuation process under the supervision of the Board, which includes, among other procedures, the following:
Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.
The Company applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, in its capacity as the Board’s valuation designee, evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment. For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the unrealized gains or losses reflected herein.
Foreign Currency
Foreign currency amounts are translated into U.S. dollars on the following basis:
Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Gains or losses on foreign currency transactions are included with net realized gain (loss) on foreign currency transactions on the Consolidated Statements of Operations. Fluctuations arising from the translation of foreign currency on cash, investments and borrowings are included with net change in unrealized appreciation (depreciation) on investments and foreign currency translation on the Consolidated Statements of Operations.
52
The Company’s approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is to borrow local currency under the Company’s credit facilities or to enter into foreign currency forward contracts.
Foreign currency forward contracts
The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded on the Consolidated Statements of Assets and Liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. All foreign currency forward contracts are currently held with a single counterparty. Notional amounts and the gross fair value of foreign currency forward contract assets and liabilities are presented separately on the Consolidated Schedules of Investments. Purchases and sales of foreign currency forward contracts having the same notional value, settlement date and counterparty are generally settled net (which results in a net foreign currency position of zero with the counterparty) and any realized gains or losses are recognized on the settlement date.
The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized appreciation (depreciation) on foreign currency forward contracts recorded on the Consolidated Statements of Operations.
Debt Issuance Costs
The Company records costs related to the issuance of debt obligations as deferred financing costs. These costs are amortized over the life of the related debt instrument using the straight-line method or the effective yield method, depending on the type of debt instrument. See Note 6 for details.
Equity Offering Expenses
Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings and are included in other assets on the Consolidated Statements of Assets and Liabilities. These costs are charged as a reduction of paid-in-capital upon the closing of the related offering.
Interest and Dividend Income Recognition
Interest income is recorded on an accrual basis and includes the amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.
Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Certain investments have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.
Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past
53
due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2022, the Company had four portfolio companies with six investment positions on non-accrual status, which represented 2.0% and 1.3% of the total debt investments at cost and fair value, respectively. As of December 31, 2021, the Company had three portfolio companies with five investment positions on non-accrual status, which represented 1.6% and 1.2% of the total debt investments at cost and fair value, respectively.
Other Income
Other income may include income such as consent, waiver, amendment, agency, underwriting and arranger fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered.
Income Taxes
The Company has elected to be treated as a BDC under the 1940 Act. The Company also has elected to be treated as a RIC under the Internal Revenue Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.
The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company accounts for income taxes in conformity with ASC 740 — Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements.
The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of September 30, 2022 the Company is subject to examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.
In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections), (ii) 98.2% of its net capital gains from the current year and (iii) any undistributed ordinary income and net capital gains from preceding years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.
CBDC Universal Equity, Inc., a wholly-owned subsidiary of the Company, is a taxable entity (“Taxable Subsidiary”). The Taxable Subsidiary permits the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes and continues to comply with the “source income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiary is not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements.
Dividends and Distributions to Stockholders
Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.
The Company adopted a dividend reinvestment plan that provides for reinvestment of the Company’s dividends and other distributions on behalf of the stockholders unless a stockholder elects to receive cash. As a result, if the Company’s Board authorizes, and the Company declares, a cash dividend, or other distribution then stockholders who are participating in the dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of common stock, rather than receiving cash dividends and distributions.
54
New Accounting Standards
In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and in January 2021, the FASB issued Accounting Standards Update 2021-01 (“ASU 2021-01”) “Reference Rate Reform (Topic 848): Scope. This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 and 2021-01 are elective and can be adopted between March 12, 2020 and December 31, 2022. The Company adopted this guidance during the second quarter of 2022 and its adoption had no material impact on the Company's consolidated financial statements.
Note 3. Agreements and Related Party Transactions
Administration Agreement
On June 2, 2015, the Company entered into the administration agreement with the Administrator, as amended and restated on February 1, 2020 (the “Administration Agreement”). Under the terms of the Administration Agreement, the Administrator provides administrative services to the Company. These services include providing office space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. Certain of these services are reimbursable to the Administrator under the terms of the Administration Agreement. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator. The Administration Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.
For the three and nine months ended September 30, 2022, the Company incurred administrative services expenses of $329 and $987, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, the Company incurred administrative services expenses of $257 and $771, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company. As of September 30, 2022 and December 31, 2021, $391 and $354, respectively, was payable to the Administrator.
No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s accounting professionals, legal counsel, and compliance professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings, which are included as directors’ fees on the Consolidated Statements of Operations.
Investment Advisory Agreement
On June 2, 2015, the Company entered into an investment advisory agreement with the Adviser which was most recently amended and restated on January 5, 2021 (the “Investment Advisory Agreement”). Under the terms of the Investment Advisory Agreement, the Adviser provides investment advisory services to the Company and its portfolio investments. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below.
Base Management Fee
The base management fee is calculated and payable quarterly in arrears at an annual rate of 1.25% of the Company’s gross assets, including assets acquired through the incurrence of debt but excluding any cash, cash equivalents and restricted cash. The base management fee is calculated based on the average value of gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within one year of purchase.
55
Under the terms of the Investment Advisory Agreement, the Adviser agreed to waive a portion of the management fee from February 1, 2020 through July 31, 2021 after the closing of the Alcentra Acquisition so that only 0.75% was charged for such time period. The Adviser has also voluntarily waived its right to receive management fees on the Company’s investments in GACP II LP and WhiteHawk III Onshore Fund LP for any period in which these investments remain in the investment portfolio.
For the three and nine months ended September 30, 2022, the Company incurred management fees of $4,144 and $12,235, of which $62 and $175, respectively, were waived. For the three and nine months ended September 30, 2021, the Company incurred management fees of $3,531 and $10,082, of which $476 and $3,096, respectively, were waived. As of September 30, 2022 and December 31, 2021, management fees of $4,082 and $3,830, respectively, were unpaid.
Incentive Fee per Investment Advisory Agreement
Under the Investment Advisory Agreement, the incentive fee consists of two parts:
The first part, the income incentive fee, is calculated and payable quarterly in arrears and (a) equals 100% of the excess of the pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.75% per quarter (7.0% annualized) (the “Hurdle”), and a catch-up feature until the Adviser has received 17.5% of the pre-incentive fee net investment income for the current quarter up to 2.1212% (the “Catch-up”), and (b) 17.5% of all remaining pre-incentive fee net investment income above the “Catch-up.”
The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year at a rate of 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from the Company’s inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement shall terminate as of a date that is not a fiscal year end, the termination date shall be treated as though it were a fiscal year end for purposes of calculating and paying a capital gains incentive fee.
Under the terms of the Investment Advisory Agreement, the Adviser agreed to waive the income based portion of the incentive fee from February 1, 2020 through July 31, 2021. Additionally, on February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver became effective on July 31, 2021 and, pursuant to an extension of the waiver announced on October 4, 2022, will continue through December 31, 2023. The Adviser has also voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company as a result of its investments in GACP II and WhiteHawk III Onshore Fund LP.
Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus operating expenses for such quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and distributions paid on any issued and outstanding debt or preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income will be compared to a “Hurdle Amount” equal to the product of (i) the Hurdle rate of 1.75% per quarter, or 7.0% annualized, and (ii) our net assets (defined as total assets less indebtedness, before taking into account any incentive fees payable during the period), at the end of the immediately preceding calendar quarter, subject to a “catch-up” provision incurred at the end of each calendar quarter.
For the three and nine months ended September 30, 2022, the Company incurred income incentive fees of $2,717 and $8,039, of which $45 and $474, respectively, were waived. For the three and nine months ended September 30, 2021, the Company incurred income incentive fees of $2,663 and $7,528, of which $931 and $5,796, respectively, were waived. As of September 30, 2022 and December 31, 2021, income incentive fees of $2,672 and $600, respectively, were unpaid.
GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation
The Company accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Company considers the cumulative aggregate unrealized capital
56
appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 17.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.
For the three and nine months ended September 30, 2022, the Company recorded a reversal of capital gains incentive fees on unrealized capital appreciation of $(3,103) and $(5,252), respectively. For the three and nine months ended September 30, 2021, the Company recorded capital gains incentive fees on unrealized capital appreciation of $757 and $6,150, respectively. As of September 30, 2022 and December 31, 2021, capital gains incentive fees of $1,072 and $6,324, respectively, were accrued and unpaid.
Other Related Party Transactions
From time to time, the Administrator may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Administrator for such amounts paid on its behalf. Amounts payable to the Administrator are settled in the normal course of business without formal payment terms.
A portion of the outstanding shares of the Company’s common stock is owned by Crescent, its employees and certain officers and directors of the Company. As of September 30, 2022 and December 31, 2021, Crescent, its employees and certain officers and directors of the Company owned 3.15% and 2.95%, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the Adviser and sole member of the Administrator. The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free license to use the name “Crescent Capital”. The Adviser has entered into a resource sharing agreement with Crescent. Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the Investment Advisory Agreement.
On January 5, 2021, Sun Life acquired a majority interest in Crescent. Consummation of the Sun Life Transaction resulted in a change of control of Crescent. There were no changes to the Company’s investment objective, strategies and process or to the Crescent team responsible for the investment operations of the Company as a result of the Sun Life Transaction. As of September 30, 2022 and December 31, 2021, Sun Life owned 3.49% and 2.15%, respectively, of the Company’s outstanding common stock. Sun Life is the sole lender of the Company’s 2023 Unsecured Notes and a $10,000 participating lender in the Company’s 2026 Unsecured Notes, both described further in Note 6.
In connection with the November 18, 2021 common equity offering totaling $58,018, the Adviser provided transaction support of $5,386, which is reflective of the difference between the actual public offering price and the net proceeds per share received by the Company in this offering and represents payments to the underwriters. In addition, the Adviser paid the sales load payable to the underwriters totaling $2,105. The Company is not obligated to repay the transaction support and sales load paid by the Adviser.
Investments in and affiliated and controlled companies
Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedule of Investments and the summary tables below.
57
The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2022 were as follows (in thousands):
|
Fair Value as of |
|
Gross |
|
Gross |
|
Net Realized |
|
Change in |
|
Fair Value as of September 30, 2022 |
|
Dividend, |
|
|||||||
Non-Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AX VI INV2 Holding AB |
$ |
— |
|
$ |
11,420 |
|
$ |
— |
|
|
|
$ |
(300 |
) |
$ |
11,120 |
|
$ |
60 |
|
|
ASP MCS Acquisition |
|
1,616 |
|
|
262 |
|
|
(2 |
) |
|
— |
|
|
(933 |
) |
|
943 |
|
|
21 |
|
Battery Solutions, Inc. |
|
7,031 |
|
|
2,116 |
|
|
(14,712 |
) |
|
7,113 |
|
|
(1,548 |
) |
|
— |
|
|
2,114 |
|
GACP II, LP |
|
12,619 |
|
|
— |
|
|
(2,617 |
) |
|
— |
|
|
(4 |
) |
|
9,998 |
|
|
1,337 |
|
Slickdeals Holdings, LLC |
|
15,847 |
|
|
64 |
|
|
(111 |
) |
|
— |
|
|
(164 |
) |
|
15,636 |
|
|
851 |
|
Southern Technical Institute, Inc. |
|
7,686 |
|
|
— |
|
|
— |
|
|
— |
|
|
(7,686 |
) |
|
— |
|
|
1,923 |
|
Vivid Seats Ltd. |
|
922 |
|
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
926 |
|
|
— |
|
WhiteHawk III Onshore Fund L.P. |
|
5,980 |
|
|
4,710 |
|
|
(565 |
) |
|
— |
|
|
175 |
|
|
10,300 |
|
|
412 |
|
Total Non-Controlled Affiliates |
$ |
51,701 |
|
$ |
18,572 |
|
$ |
(18,007 |
) |
$ |
7,113 |
|
$ |
(10,456 |
) |
$ |
48,923 |
|
$ |
6,718 |
|
The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2021 were as follows (in thousands):
|
Fair Value as of |
|
Gross |
|
Gross |
|
Net Realized |
|
Change in |
|
Fair Value as of September 30, 2021 |
|
Dividend, |
|
|||||||
Non-Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ASP MCS Acquisition |
$ |
1,793 |
|
$ |
2 |
|
$ |
(2 |
) |
|
— |
|
$ |
(142 |
) |
$ |
1,651 |
|
$ |
18 |
|
Battery Solutions, Inc. |
|
3,565 |
|
|
499 |
|
|
— |
|
|
— |
|
|
(1,209 |
) |
|
2,855 |
|
|
165 |
|
Conisus, LLC |
|
22,865 |
|
|
1,026 |
|
|
(38,628 |
) |
|
27,441 |
|
|
(12,704 |
) |
|
— |
|
|
1,026 |
|
GACP II, LP(1) |
|
16,154 |
|
|
— |
|
|
(2,563 |
) |
|
— |
|
|
(154 |
) |
|
13,437 |
|
|
1,093 |
|
Slickdeals Holdings, LLC |
|
16,010 |
|
|
61 |
|
|
(282 |
) |
|
72 |
|
|
126 |
|
|
15,987 |
|
|
863 |
|
Southern Technical Institute, Inc. |
|
7,253 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,191 |
|
|
8,444 |
|
|
1,041 |
|
Vivid Seats Ltd. |
|
3,714 |
|
|
— |
|
|
— |
|
|
— |
|
|
329 |
|
|
4,043 |
|
|
— |
|
WhiteHawk III Onshore Fund L.P. |
|
— |
|
|
4,939 |
|
|
— |
|
|
— |
|
|
(20 |
) |
|
4,919 |
|
|
— |
|
Total Non-Controlled Affiliates |
$ |
71,354 |
|
$ |
6,527 |
|
$ |
(41,475 |
) |
$ |
27,513 |
|
$ |
(12,583 |
) |
$ |
51,336 |
|
$ |
4,206 |
|
The Company’s investments in controlled affiliates for the nine months ended September 30, 2022 were as follows (in thousands):
|
Fair Value as of |
|
Gross |
|
Gross |
|
Net Realized |
|
Change in |
|
Fair Value as of September 30, 2022 |
|
Dividend, |
|
|||||||
Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CBDC Senior Loan Fund LLC(1) |
$ |
39,360 |
|
$ |
— |
|
$ |
(28,970 |
) |
|
(2,451 |
) |
$ |
(73 |
) |
$ |
7,866 |
|
$ |
2,280 |
|
Envocore LLC |
|
13,408 |
|
|
1,487 |
|
|
(660 |
) |
|
— |
|
|
(2,342 |
) |
|
11,893 |
|
|
1,096 |
|
Total Controlled Affiliates |
$ |
52,768 |
|
$ |
1,487 |
|
$ |
(29,630 |
) |
$ |
(2,451 |
) |
$ |
(2,415 |
) |
$ |
19,759 |
|
$ |
3,376 |
|
58
The Company’s investments in controlled affiliates for the nine months ended September 30, 2021 were as follows (in thousands):
|
Fair Value as of |
|
Gross |
|
Gross |
|
Net Realized |
|
Change in |
|
Fair Value as of September 31, 2021 |
|
Dividend, |
|
|||||||
Controlled Affiliates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CBDC Senior Loan Fund LLC(1) |
$ |
38,735 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,472 |
|
$ |
40,207 |
|
$ |
2,100 |
|
Note 4. Investments
The information in the following tables is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated, non-controlled, affiliated or controlled affiliated, investments.
Investments at fair value consisted of the following (in thousands):
|
|
As of September 30, 2022 |
|
|
As of December 31, 2021 |
|
||||||||||||||||||
Investment Type |
|
Cost |
|
|
Fair Value |
|
|
Unrealized Appreciation/ (Depreciation) |
|
|
Cost |
|
|
Fair Value |
|
|
Unrealized Appreciation/ (Depreciation) |
|
||||||
Senior Secured First Lien |
|
$ |
337,227 |
|
|
$ |
327,899 |
|
|
|
(9,328 |
) |
|
$ |
335,207 |
|
|
$ |
329,795 |
|
|
|
(5,412 |
) |
Unitranche First Lien |
|
|
826,229 |
|
|
|
811,079 |
|
|
|
(15,150 |
) |
|
|
719,594 |
|
|
|
731,017 |
|
|
|
11,423 |
|
Unitranche First Lien - Last Out |
|
|
14,713 |
|
|
|
13,149 |
|
|
|
(1,564 |
) |
|
|
15,698 |
|
|
|
13,723 |
|
|
|
(1,975 |
) |
Senior Secured Second Lien |
|
|
66,417 |
|
|
|
61,937 |
|
|
|
(4,480 |
) |
|
|
72,413 |
|
|
|
72,723 |
|
|
|
310 |
|
Unsecured Debt |
|
|
4,830 |
|
|
|
4,547 |
|
|
|
(283 |
) |
|
|
5,577 |
|
|
|
5,620 |
|
|
|
43 |
|
Equity & Other |
|
|
36,426 |
|
|
|
46,098 |
|
|
|
9,672 |
|
|
|
37,611 |
|
|
|
59,528 |
|
|
|
21,917 |
|
LLC/LP Equity Interests |
|
|
28,853 |
|
|
|
28,164 |
|
|
|
(689 |
) |
|
|
58,746 |
|
|
|
57,960 |
|
|
|
(786 |
) |
Total investments |
|
$ |
1,314,695 |
|
|
$ |
1,292,873 |
|
|
$ |
(21,822 |
) |
|
$ |
1,244,846 |
|
|
$ |
1,270,366 |
|
|
$ |
25,520 |
|
59
The industry composition of investments at fair value is as follows (in thousands):
Industry |
|
Fair Value as of |
|
|
Percentage of Fair Value |
|
|
|
Fair Value as of |
|
|
Percentage of Fair Value |
|
|
||||
Health Care Equipment & Services |
|
$ |
371,426 |
|
|
|
28.6 |
|
% |
|
$ |
380,046 |
|
|
|
29.9 |
|
% |
Software & Services |
|
|
265,116 |
|
|
|
20.5 |
|
|
|
|
246,352 |
|
|
|
19.4 |
|
|
Commercial & Professional Services |
|
|
206,896 |
|
|
|
16.0 |
|
|
|
|
202,311 |
|
|
|
15.9 |
|
|
Consumer Services |
|
|
118,894 |
|
|
|
9.2 |
|
|
|
|
94,292 |
|
|
|
7.4 |
|
|
Retailing |
|
|
60,385 |
|
|
|
4.7 |
|
|
|
|
34,275 |
|
|
|
2.7 |
|
|
Pharmaceuticals, Biotechnology & Life Sciences |
|
|
56,311 |
|
|
|
4.4 |
|
|
|
|
53,005 |
|
|
|
4.2 |
|
|
Insurance |
|
|
54,420 |
|
|
|
4.2 |
|
|
|
|
54,439 |
|
|
|
4.3 |
|
|
Capital Goods |
|
|
41,592 |
|
|
|
3.2 |
|
|
|
|
37,328 |
|
|
|
2.9 |
|
|
Diversified Financials |
|
|
37,080 |
|
|
|
2.9 |
|
|
|
|
57,960 |
|
|
|
4.6 |
|
|
Automobiles & Components |
|
|
36,989 |
|
|
|
2.9 |
|
|
|
|
37,835 |
|
|
|
3.0 |
|
|
Consumer Durables & Apparel |
|
|
16,943 |
|
|
|
1.3 |
|
|
|
|
18,522 |
|
|
|
1.5 |
|
|
Food, Beverage & Tobacco |
|
|
8,796 |
|
|
|
0.7 |
|
|
|
|
9,838 |
|
|
|
0.8 |
|
|
Materials |
|
|
8,083 |
|
|
|
0.6 |
|
|
|
|
6,912 |
|
|
|
0.5 |
|
|
Telecommunication Services |
|
|
4,230 |
|
|
|
0.3 |
|
|
|
|
4,480 |
|
|
|
0.4 |
|
|
Food & Staples Retailing |
|
|
2,373 |
|
|
|
0.2 |
|
|
|
|
4,209 |
|
|
|
0.3 |
|
|
Energy |
|
|
2,085 |
|
|
|
0.2 |
|
|
|
|
15,155 |
|
|
|
1.2 |
|
|
Transportation |
|
|
1,254 |
|
|
|
0.1 |
|
|
|
|
9,297 |
|
|
|
0.7 |
|
|
Household & Personal Products |
|
|
- |
|
|
|
- |
|
|
|
|
4,110 |
|
|
|
0.3 |
|
|
Total investments |
|
$ |
1,292,873 |
|
|
|
100.0 |
|
% |
|
$ |
1,270,366 |
|
|
|
100.0 |
|
% |
The geographic composition of investments at fair value is as follows (in thousands):
Geographic Region |
|
Fair Value as of |
|
|
Percentage of Fair Value |
|
|
|
Fair Value as of |
|
|
Percentage of Fair Value |
|
|
||||
United States |
|
$ |
1,154,073 |
|
|
|
89.3 |
|
% |
|
$ |
1,159,851 |
|
|
|
91.3 |
|
% |
United Kingdom |
|
|
49,427 |
|
|
|
3.8 |
|
|
|
|
51,416 |
|
|
|
4.0 |
|
|
Canada |
|
|
31,648 |
|
|
|
2.4 |
|
|
|
|
34,114 |
|
|
|
2.7 |
|
|
Australia |
|
|
19,087 |
|
|
|
1.5 |
|
|
|
|
- |
|
|
|
- |
|
|
Netherlands |
|
|
13,974 |
|
|
|
1.1 |
|
|
|
|
9,987 |
|
|
|
0.8 |
|
|
Belgium |
|
|
13,544 |
|
|
|
1.0 |
|
|
|
|
14,998 |
|
|
|
1.2 |
|
|
Sweden |
|
|
11,120 |
|
|
|
0.9 |
|
|
|
|
- |
|
|
|
- |
|
|
Total investments |
|
$ |
1,292,873 |
|
|
|
100.0 |
|
% |
|
$ |
1,270,366 |
|
|
|
100.0 |
|
% |
Note 5. Fair Value of Financial Instruments
Investments
The following table presents fair value measurements of investments as of September 30, 2022 (in thousands):
Fair Value Hierarchy |
|
||||||||||||||
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Senior Secured First Lien |
$ |
— |
|
|
$ |
15,616 |
|
|
$ |
312,283 |
|
|
$ |
327,899 |
|
Unitranche First Lien |
|
— |
|
|
|
35,853 |
|
|
|
775,226 |
|
|
|
811,079 |
|
Unitranche First Lien – Last Out |
|
— |
|
|
|
— |
|
|
|
13,149 |
|
|
|
13,149 |
|
Senior Secured Second Lien |
|
— |
|
|
|
6,214 |
|
|
|
55,723 |
|
|
|
61,937 |
|
Unsecured Debt |
|
— |
|
|
|
— |
|
|
|
4,547 |
|
|
|
4,547 |
|
Equity & Other |
|
— |
|
|
|
1,401 |
|
|
|
44,697 |
|
|
|
46,098 |
|
Subtotal |
$ |
— |
|
|
$ |
59,084 |
|
|
$ |
1,205,625 |
|
|
$ |
1,264,709 |
|
Investments Measured at NAV (1) |
|
|
|
|
|
|
|
|
|
|
28,164 |
|
|||
Total Investments |
|
|
|
|
|
|
|
|
|
$ |
1,292,873 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign Currency Forward Contracts - Assets |
|
— |
|
|
|
12,796 |
|
|
|
— |
|
|
|
12,796 |
|
Foreign Currency Forward Contracts - Liabilities |
|
— |
|
|
|
(25 |
) |
|
|
— |
|
|
|
(25 |
) |
60
The following table presents fair value measurements of investments as of December 31, 2021 (in thousands):
Fair Value Hierarchy |
|
||||||||||||||
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Senior Secured First Lien |
$ |
— |
|
|
$ |
60,944 |
|
|
$ |
268,851 |
|
|
$ |
329,795 |
|
Unitranche First Lien |
|
— |
|
|
|
19,721 |
|
|
|
711,296 |
|
|
|
731,017 |
|
Unitranche First Lien – Last Out |
|
— |
|
|
|
— |
|
|
|
13,723 |
|
|
|
13,723 |
|
Senior Secured Second Lien |
|
— |
|
|
|
25,139 |
|
|
|
47,584 |
|
|
|
72,723 |
|
Unsecured Debt |
|
— |
|
|
|
— |
|
|
|
5,620 |
|
|
|
5,620 |
|
Equity & Other |
|
— |
|
|
|
922 |
|
|
|
58,606 |
|
|
|
59,528 |
|
Subtotal |
$ |
— |
|
|
$ |
106,726 |
|
|
$ |
1,105,680 |
|
|
$ |
1,212,406 |
|
Investments Measured at NAV (1) |
|
|
|
|
|
|
|
|
|
|
57,960 |
|
|||
Total Investments |
|
|
|
|
|
|
|
|
|
$ |
1,270,366 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign Currency Forward Contracts - Assets |
|
— |
|
|
|
2,115 |
|
|
|
— |
|
|
|
2,115 |
|
Foreign Currency Forward Contracts - Liabilities |
|
— |
|
|
|
(631 |
) |
|
|
— |
|
|
|
(631 |
) |
The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2022, based off of the fair value hierarchy as of September 30, 2022 (in thousands):
|
Senior Secured |
|
|
Unitranche |
|
|
Unitranche |
|
|
Senior |
|
|
Unsecured |
|
|
Equity |
|
|
Total |
|
|||||||
Balance as of January 1, 2022 |
$ |
268,851 |
|
|
$ |
711,296 |
|
|
$ |
13,723 |
|
|
$ |
47,584 |
|
|
$ |
5,620 |
|
|
$ |
58,606 |
|
|
$ |
1,105,680 |
|
Amortized discounts/premiums |
|
949 |
|
|
|
3,980 |
|
|
|
16 |
|
|
|
275 |
|
|
|
80 |
|
|
|
— |
|
|
|
5,300 |
|
Paid in-kind interest |
|
596 |
|
|
|
— |
|
|
|
180 |
|
|
|
540 |
|
|
|
422 |
|
|
|
1,998 |
|
|
|
3,736 |
|
Net realized gain (loss) |
|
(252 |
) |
|
|
(19 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,257 |
|
|
|
6,986 |
|
Net change in unrealized appreciation (depreciation) |
|
(1,637 |
) |
|
|
(25,787 |
) |
|
|
411 |
|
|
|
(4,488 |
) |
|
|
(326 |
) |
|
|
(11,367 |
) |
|
|
(43,194 |
) |
Purchases |
|
62,716 |
|
|
|
182,922 |
|
|
|
3,967 |
|
|
|
2,443 |
|
|
|
683 |
|
|
|
4,503 |
|
|
|
257,234 |
|
Sales/return of capital/principal repayments/paydowns |
|
(55,570 |
) |
|
|
(80,072 |
) |
|
|
(5,148 |
) |
|
|
(4,307 |
) |
|
|
(1,932 |
) |
|
|
(14,973 |
) |
|
|
(162,002 |
) |
Transfers in |
|
36,630 |
|
|
|
— |
|
|
|
— |
|
|
|
13,965 |
|
|
|
— |
|
|
|
— |
|
|
|
50,595 |
|
Transfers out |
|
— |
|
|
|
(17,094 |
) |
|
|
— |
|
|
|
(289 |
) |
|
|
— |
|
|
|
(1,327 |
) |
|
|
(18,710 |
) |
Balance as of September 30, 2022 |
$ |
312,283 |
|
|
$ |
775,226 |
|
|
$ |
13,149 |
|
|
$ |
55,723 |
|
|
$ |
4,547 |
|
|
$ |
44,697 |
|
|
$ |
1,205,625 |
|
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2022 |
$ |
(2,361 |
) |
|
$ |
(24,149 |
) |
|
$ |
411 |
|
|
$ |
(4,437 |
) |
|
$ |
(365 |
) |
|
$ |
(9,793 |
) |
|
$ |
(40,694 |
) |
During the nine months ended September 30, 2022, the Company recorded $18,710 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $50,595 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.
The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the nine months ended September 30, 2021, based off of the fair value hierarchy as of September 30, 2021 (in thousands):
|
Senior |
|
|
Unitranche |
|
|
Unitranche |
|
|
Senior |
|
|
Unsecured |
|
|
Equity |
|
|
Total |
|
|||||||
Balance as of January 1, 2021 |
$ |
339,898 |
|
|
$ |
413,543 |
|
|
$ |
14,917 |
|
|
$ |
104,656 |
|
|
$ |
3,032 |
|
|
$ |
67,831 |
|
|
$ |
943,877 |
|
Amortized discounts/premiums |
|
5,612 |
|
|
|
2,448 |
|
|
|
22 |
|
|
|
1,000 |
|
|
|
14 |
|
|
|
3 |
|
|
|
9,099 |
|
Paid in-kind interest |
|
890 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
455 |
|
|
|
1,026 |
|
|
|
2,371 |
|
Net realized gain (loss) |
|
(11 |
) |
|
|
298 |
|
|
|
— |
|
|
|
1 |
|
|
|
(104 |
) |
|
|
32,330 |
|
|
|
32,514 |
|
Net change in unrealized appreciation (depreciation) |
|
(3,341 |
) |
|
|
5,813 |
|
|
|
(1,428 |
) |
|
|
653 |
|
|
|
68 |
|
|
|
(4,741 |
) |
|
|
(2,976 |
) |
Purchases |
|
61,363 |
|
|
|
250,625 |
|
|
|
— |
|
|
|
— |
|
|
|
2,257 |
|
|
|
7,334 |
|
|
|
321,579 |
|
Sales/return of capital/principal repayments/paydowns |
|
(120,744 |
) |
|
|
(76,455 |
) |
|
|
— |
|
|
|
(48,791 |
) |
|
|
(343 |
) |
|
|
(47,412 |
) |
|
|
(293,745 |
) |
Transfers in |
|
6,092 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,501 |
|
|
|
7,593 |
|
Transfers out |
|
(7,006 |
) |
|
|
(18,147 |
) |
|
|
— |
|
|
|
(7,835 |
) |
|
|
— |
|
|
|
— |
|
|
|
(32,988 |
) |
Balance as of September 30, 2021 |
$ |
282,753 |
|
|
$ |
578,125 |
|
|
$ |
13,511 |
|
|
$ |
49,684 |
|
|
$ |
5,379 |
|
|
$ |
57,872 |
|
|
$ |
987,324 |
|
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2021 |
$ |
(899 |
) |
|
$ |
6,120 |
|
|
$ |
(1,429 |
) |
|
$ |
636 |
|
|
$ |
68 |
|
|
$ |
8,581 |
|
|
$ |
13,078 |
|
61
During the nine months ended September 30, 2021, the Company recorded $32,988 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $7,593 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.
The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of September 30, 2022 and December 31, 2021. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.
Security Type |
|
Fair Value as of |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Avg) |
||||
Senior Secured First Lien |
|
$ |
228,748 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
7.4% |
- |
18.0% |
(9.3%) |
|
|
|
5,677 |
|
|
Enterprise Value |
|
Comparable EBITDA Multiple |
|
9.8x |
- |
11.9x |
(11.9x) |
|
|
|
77,858 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
312,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unitranche First Lien |
|
$ |
672,854 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
6.2% |
- |
14.7% |
(9.4%) |
|
|
|
4,844 |
|
|
Enterprise Value |
|
Comparable EBITDA Multiple |
|
6.0x |
- |
6.0x |
(6.0x) |
|
|
|
97,528 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
775,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unitranche First Lien - Last Out |
|
$ |
11,064 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
6.9% |
- |
13.9% |
(9.4%) |
|
|
|
2,085 |
|
|
Collateral Analysis |
|
Recovery Rate |
|
|
|
41.0% |
|
|
|
$ |
13,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Second Lien |
|
$ |
30,201 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
11.1% |
- |
16.3% |
(12.6%) |
|
|
|
7,645 |
|
|
Enterprise Value |
|
Comparable EBITDA Multiple |
|
8.0x |
- |
9.8x |
(8.6x) |
|
|
|
17,877 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
55,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Debt |
|
$ |
4,547 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
13.0% |
- |
16.1% |
(14.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity & Other |
|
$ |
44,697 |
|
|
Enterprise Value |
|
Comparable EBITDA Multiple |
|
10.7x |
- |
28.1x |
(15.6x) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,205,625 |
|
|
|
|
|
|
|
|
|
|
62
Security Type |
|
Fair Value as of December 31, 2021 |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Avg) |
||||
Senior Secured First Lien |
|
$ |
227,225 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
5.5% |
- |
23.0% |
(8.0%) |
|
|
|
5,509 |
|
|
Enterprise Value |
|
Comparable EBITDA Multiple |
|
10.3x |
- |
10.3x |
(10.3x) |
|
|
|
36,117 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
268,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unitranche First Lien |
|
$ |
665,759 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
5.1% |
- |
10.4% |
(7.1%) |
|
|
|
277 |
|
|
Collateral Analysis |
|
Recovery Rate |
|
|
|
100.0% |
|
|
|
|
45,260 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
711,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unitranche First Lien - Last Out |
|
$ |
7,862 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
6.5% |
- |
6.5% |
(6.5%) |
|
|
|
5,861 |
|
|
Collateral Analysis |
|
Recovery Rate |
|
|
|
72.6% |
|
|
|
$ |
13,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Secured Second Lien |
|
$ |
47,295 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
8.0% |
- |
21.7% |
(10.5%) |
|
|
|
289 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
47,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecured Debt |
|
$ |
5,620 |
|
|
Discounted Cash Flows |
|
Discount Rate |
|
11.5% |
- |
16.0% |
(13.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity & Other |
|
$ |
57,279 |
|
|
Enterprise Value |
|
Comparable EBITDA Multiple |
|
6.3x |
- |
32.4x |
(9.8x) |
|
|
|
1,327 |
|
|
Broker Quoted |
|
Broker Quote |
|
|
|
N/A |
|
|
|
$ |
58,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,105,680 |
|
|
|
|
|
|
|
|
|
|
As noted above, the discounted cash flows and market multiple approaches were used in the determination of fair value of certain Level 3 assets as of September 30, 2022 and December 31, 2021. The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market multiple approach are the multiples of similar companies’ earnings before income taxes, depreciation and amortization (“EBITDA”) and comparable market transactions. Increases and decreases in market EBITDA multiples would result in an increase or decrease in the fair value, respectively. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment.
Note 6. Debt
Debt consisted of the following (in thousands):
|
September 30, 2022 |
|||||||||||||||||||||||
|
Aggregate Principal |
|
|
Drawn |
|
|
Amount Available (1) |
|
|
Carrying |
|
|
Weighted Average |
|
|
Weighted Average |
|
|
||||||
SPV Asset Facility |
$ |
350,000 |
|
|
$ |
241,750 |
|
|
$ |
108,250 |
|
|
$ |
241,750 |
|
|
$ |
245,167 |
|
|
|
6.09 |
|
% |
SMBC Corporate Revolving Facility |
|
350,000 |
|
|
|
265,213 |
|
|
|
84,787 |
|
|
|
265,213 |
|
|
|
235,436 |
|
|
|
4.94 |
|
% |
2023 Unsecured Notes |
|
50,000 |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
6.50 |
|
% |
2026 Unsecured Notes(4) |
|
135,000 |
|
|
|
135,000 |
|
|
|
— |
|
|
|
135,000 |
|
|
|
135,000 |
|
|
|
4.21 |
|
% |
Total Debt |
$ |
885,000 |
|
|
$ |
691,963 |
|
|
$ |
193,037 |
|
|
$ |
691,963 |
|
|
$ |
665,603 |
|
|
|
5.31 |
|
% |
63
|
December 31, 2021 |
|||||||||||||||||||||||
|
Aggregate Principal |
|
|
Drawn |
|
|
Amount Available (1) |
|
|
Carrying |
|
|
Weighted Average |
|
|
Weighted Average |
|
|
||||||
SPV Asset Facility |
$ |
350,000 |
|
|
$ |
249,500 |
|
|
$ |
100,500 |
|
|
$ |
249,500 |
|
|
$ |
269,805 |
|
|
|
2.53 |
|
% |
SMBC Corporate Revolving Facility |
|
300,000 |
|
|
|
203,437 |
|
|
|
96,563 |
|
|
|
203,437 |
|
|
|
25,033 |
|
|
|
2.39 |
|
% |
2023 Unsecured Notes |
|
50,000 |
|
|
|
50,000 |
|
|
|
— |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
6.50 |
|
% |
2026 Unsecured Notes |
|
135,000 |
|
|
|
135,000 |
|
|
|
— |
|
|
|
135,000 |
|
|
|
99,685 |
|
|
|
4.21 |
|
% |
Ally Corporate Revolving Facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83,147 |
|
|
|
0.00 |
|
% |
InterNotes® |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,005 |
|
|
|
0.00 |
|
% |
Total Debt |
$ |
835,000 |
|
|
$ |
637,937 |
|
|
$ |
197,063 |
|
|
$ |
637,937 |
|
|
$ |
530,675 |
|
|
|
3.15 |
|
% |
The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company’s debt is estimated based upon market interest rates and entities with similar credit risk. As of September 30, 2022 and December 31, 2021, the debt would be deemed to be Level 3 of the fair value hierarchy.
As of September 30, 2022 and December 31, 2021, the Company was in compliance with the terms and covenants of its debt arrangements.
SPV Asset Facility
On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with the Company as the collateral manager, seller and equityholder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. CCAP SPV is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from CCAP SPV.
The maximum commitment amount under the SPV Asset Facility is $350,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) June 22, 2026 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at LIBOR plus a margin with no LIBOR floor. The margin is between 1.65% and 2.10% as determined by the proportion of liquid and illiquid loans pledged to the SPV Asset Facility. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.
Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the SPV Asset Facility were $2,263 and $2,718, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.
64
SMBC Corporate Revolving Facility
On October 27, 2021, the Company entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). The maximum principal amount of the SMBC Corporate Revolving Facility is $350,000, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at LIBOR or adjusted SOFR plus 1.875% or 2.000%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. The Company pays unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on
Costs incurred in connection with obtaining the SMBC Corporate Revolving Facility were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Facility on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the SMBC Corporate Revolving Facility were $2,362 and $2,569, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.
Ally Corporate Revolving Facility
On August 20, 2019, the Company entered into a senior secured revolving credit facility with Ally Bank, as administrative agent
and arranger (the “Ally Corporate Revolving Facility”). The maximum principal amount of the Ally Corporate Revolving Facility was $200,000, subject to availability under the borrowing base. Borrowings under the Ally Corporate Revolving Facility bore interest at LIBOR plus a 2.35% margin with no LIBOR floor.
The Company terminated the Ally Corporate Revolving Facility concurrent with the closing of the SMBC Corporate Revolving Facility on October 27, 2021.
2023 Unsecured Notes
On July 30, 2020, the Company completed a private offering of $50,000 aggregate principal amount of 5.95% senior unsecured notes due July 30, 2023 (the “2023 Unsecured Notes”). The 2023 Unsecured Notes were issued in two $25,000 issuances on July 30, 2020 and October 28, 2020.
The 2023 Unsecured Notes will mature on July 30, 2023 and may be redeemed in whole or in part, at the Company’s option, any time on or after January 30, 2023 at par plus accrued interest or any time prior to January 30, 2023 at par plus a “make-whole” premium and accrued interest. Interest on the 2023 Unsecured Notes is due and payable semiannually in arrears on January 30th and July 30th of each year.
Costs incurred in connection with issuing the 2023 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2023 Unsecured Notes on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the 2023 Unsecured Notes were $226 and $429, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.
2026 Unsecured Notes
On February 17, 2021, the Company completed a private offering of $135,000 aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “2026 Unsecured Notes”). The initial issuance of $50,000 of 2026 Unsecured Notes closed February 17, 2021. The issuance of the remaining $85,000 of 2026 Unsecured Notes closed on May 5, 2021.
The 2026 Unsecured Notes will mature on February 17, 2026 and may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the 2026 Unsecured Notes is due and payable semiannually in arrears on February 17th and August 17th of each year.
Costs incurred in connection with issuing the 2026 Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2026 Unsecured Notes on an effective yield basis. As of September 30, 2022 and December 31, 2021, deferred financing costs related to the 2026 Unsecured Notes were $967 and $1,181, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.
65
InterNotes®
On January 31, 2020, in connection with the Alcentra Acquisition, the Company assumed direct unsecured fixed interest rate obligations or “InterNotes®”. The InterNotes® bore interest at fixed interest rates ranging between 6.25% and 6.75% and offered a variety of maturities ranging between February 15, 2021 and April 15, 2022. The Company redeemed or paid down the remaining $16,418 of InterNotes® during the first quarter of 2021.
Summary of Interest and Credit Facility Expenses
The borrowing expenses incurred by the SPV Asset Facility, Ally Corporate Revolving Facility, SMBC Corporate Revolving Facility, 2023 Unsecured Notes, 2026 Unsecured Notes, and InterNotes® were as follows (in thousands):
|
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Borrowing interest expense |
|
|
$ |
7,992 |
|
|
$ |
4,172 |
|
|
$ |
18,692 |
|
|
$ |
11,707 |
|
Unused facility fees |
|
|
|
221 |
|
|
|
334 |
|
|
|
701 |
|
|
|
819 |
|
Amortization of financing costs |
|
|
|
438 |
|
|
|
1,189 |
|
|
|
1,300 |
|
|
|
1,956 |
|
Total interest and credit facility expenses |
|
|
$ |
8,651 |
|
|
$ |
5,695 |
|
|
$ |
20,693 |
|
|
$ |
14,482 |
|
Weighted average outstanding balance |
|
|
|
694,932 |
|
|
|
507,072 |
|
|
|
665,603 |
|
|
|
529,842 |
|
Note 7. Derivatives
The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.
In order to better define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included under restricted cash and cash equivalents on the Consolidated Statement of Assets and Liabilities. As of September 30, 2022 and December 31, 2021, $0 and $210, respectively, has been pledged to cover obligations of the Company. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties. All of the forward contracts qualify as Level 2 financial instruments.
During the three months ended September 30, 2022 and 2021 the Company’s average USD notional exposure to foreign currency forward contracts was $98,738 and $70,100, respectively.
The following table sets forth the Company’s net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements (in thousands):
Reporting Date |
|
Counterparty |
|
Gross Amount |
|
|
Gross Amount |
|
|
Net Amount of Assets |
|
|
Collateral |
|
|
Net |
|
|||||
September 30, 2022 |
|
Wells Fargo Bank, N.A. |
|
$ |
12,796 |
|
|
$ |
(25 |
) |
|
$ |
12,771 |
|
|
$ |
— |
|
|
$ |
12,771 |
|
December 31, 2021 |
|
Wells Fargo Bank, N.A. |
|
$ |
2,115 |
|
|
$ |
(631 |
) |
|
$ |
1,484 |
|
|
$ |
210 |
|
|
$ |
1,484 |
|
66
The effect of transactions in derivative instruments to the Consolidated Statements of Operations was as follows (in thousands):
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss) on foreign currency forward |
|
$ |
- |
|
|
$ |
(56 |
) |
|
$ |
24 |
|
|
$ |
(193 |
) |
|
Net change in unrealized appreciation (depreciation) on |
|
|
5,699 |
|
|
|
1,523 |
|
|
|
11,286 |
|
|
|
1,959 |
|
|
Total net realized and unrealized gains (losses) on |
|
$ |
5,699 |
|
|
$ |
1,467 |
|
|
$ |
11,310 |
|
|
$ |
1,766 |
|
|
Note 8. Commitments, Contingencies and Indemnifications
The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2022 and December 31, 2021, the Company had aggregated unfunded commitments totaling $193,414 and $195,622 including foreign denominated commitments converted to USD at the balance sheet date, respectively, under loan and financing agreements.
The Company has the following unfunded commitments to portfolio companies (in thousands):
|
|
|
|
As of September 30, 2022 |
|
|
As of December 31,2021 |
|
||||||||||
Company |
|
Investment Type |
|
Commitment |
|
|
Unfunded |
|
|
Commitment |
|
|
Unfunded |
|
||||
ABACUS Holdings I LLC (7) |
|
Delayed Draw Term Loan |
|
6/24/2024 |
|
|
$ |
2,800 |
|
|
|
— |
|
|
|
— |
|
|
ABACUS Holdings I LLC (5) |
|
Revolver |
|
6/24/2028 |
|
|
|
1,020 |
|
|
|
— |
|
|
|
— |
|
|
ACI Group Holdings, Inc. (7) |
|
Delayed Draw Term Loan |
|
8/2/2023 |
|
|
|
1,914 |
|
|
8/2/2023 |
|
|
$ |
2,564 |
|
||
ACI Group Holdings, Inc. (5) |
|
Revolver |
|
8/2/2027 |
|
|
|
738 |
|
|
8/2/2027 |
|
|
|
738 |
|
||
Advanced Diabetes Supply (5) |
|
Revolver |
|
12/30/2027 |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
Affinitiv, Inc. (5) |
|
Revolver |
|
8/26/2024 |
|
|
|
567 |
|
|
8/26/2024 |
|
|
|
567 |
|
||
Alera Group Inc. (7) |
|
Delayed Draw Term Loan |
|
3/2/2024 |
|
|
|
10,000 |
|
|
|
— |
|
|
|
— |
|
|
Ameda, Inc. (5) |
|
Revolver |
|
10/31/2022 |
|
|
|
113 |
|
|
9/29/2022 |
|
|
|
113 |
|
||
Apps Associates LLC (7) |
|
Delayed Draw Term Loan |
|
7/2/2023 |
|
|
|
900 |
|
|
7/2/2023 |
|
|
|
1,800 |
|
||
Apps Associates LLC (5) |
|
Revolver |
|
7/2/2027 |
|
|
|
800 |
|
|
7/2/2027 |
|
|
|
800 |
|
||
Arrow Management Acquisition, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
10/14/2023 |
|
|
|
2,028 |
|
|
Arrow Management Acquisition, LLC (5) |
|
Revolver |
|
10/14/2027 |
|
|
|
700 |
|
|
10/14/2027 |
|
|
|
700 |
|
||
Auto-Vehicle Parts, LLC |
|
Revolver |
|
|
— |
|
|
|
|
|
1/3/2023 |
|
|
|
600 |
|
||
Auveco Holdings (7) |
|
Delayed Draw Term Loan |
|
5/5/2024 |
|
|
|
850 |
|
|
|
— |
|
|
|
|
||
Auveco Holdings (5) |
|
Revolver |
|
5/5/2028 |
|
|
|
450 |
|
|
|
— |
|
|
|
|
||
AX VI INV2 Holding AB |
|
Revolver |
|
8/31/2029 |
|
|
|
365 |
|
|
|
— |
|
|
|
|
||
AX VI INV2 Holding AB |
|
Delayed Draw Term Loan |
|
8/31/2029 |
|
|
|
1,458 |
|
|
|
— |
|
|
|
|
||
Banker's Toolbox, Inc. (7) |
|
Delayed Draw Term Loan |
|
7/27/2023 |
|
|
|
4,765 |
|
|
7/27/2023 |
|
|
|
6,711 |
|
||
Banker's Toolbox, Inc. (5) |
|
Revolver |
|
7/27/2027 |
|
|
|
2,406 |
|
|
7/27/2027 |
|
|
|
2,406 |
|
||
Belay Inc. (5) |
|
Revolver |
|
11/15/2025 |
|
|
|
650 |
|
|
11/15/2025 |
|
|
|
650 |
|
||
Benesys Inc. (5) |
|
Revolver |
|
10/5/2024 |
|
|
|
150 |
|
|
10/5/2024 |
|
|
|
150 |
|
||
BioAgilytix (7) |
|
Delayed Draw Term Loan |
|
12/21/2023 |
|
|
|
1,865 |
|
|
12/21/2023 |
|
|
|
2,543 |
|
||
C-4 Analytics, LLC (5) |
|
Revolver |
|
8/22/2023 |
|
|
|
600 |
|
|
8/22/2023 |
|
|
|
600 |
|
||
CAT Buyer, LLC (4)(5) |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
4/11/2024 |
|
|
|
550 |
|
|
Centria Subsidiary Holdings, LLC (5) |
|
Revolver |
|
12/9/2025 |
|
|
|
1,974 |
|
|
12/9/2025 |
|
|
|
1,974 |
|
||
Claritas, LLC |
|
Revolver |
|
|
— |
|
|
|
|
|
12/21/2023 |
|
|
|
278 |
|
||
Claritas, LLC (5) |
|
Delayed Draw Term Loan |
|
9/30/2023 |
|
|
|
2,450 |
|
|
|
— |
|
|
|
— |
|
|
Claritas, LLC (5) |
|
Revolver |
|
3/31/2026 |
|
|
|
1,950 |
|
|
|
— |
|
|
|
— |
|
|
Consolidated Label Co., LLC (5) |
|
Revolver |
|
7/15/2026 |
|
|
|
650 |
|
|
7/15/2026 |
|
|
|
650 |
|
||
CRA MSO, LLC (5) |
|
Revolver |
|
12/17/2023 |
|
|
|
92 |
|
|
12/17/2023 |
|
|
|
140 |
|
||
Crusoe Bidco Limited (9) |
|
Delayed Draw Term Loan |
|
12/10/2022 |
|
|
|
439 |
|
|
12/10/2022 |
|
|
|
532 |
|
||
Crusoe Bidco Limited (9) |
|
Delayed Draw Term Loan |
|
12/10/2022 |
|
|
|
138 |
|
|
12/10/2022 |
|
|
|
167 |
|
||
Eagle Midco B.V. |
|
Delayed Draw Term Loan |
|
7/5/2029 |
|
|
|
3,606 |
|
|
|
— |
|
|
|
— |
|
|
Eagle Midco B.V. |
|
Revolver |
|
1/5/2029 |
|
|
|
721 |
|
|
|
— |
|
|
|
— |
|
|
Effective School Solutions LLC (5) |
|
Revolver |
|
11/30/2027 |
|
|
|
1,218 |
|
|
11/30/2027 |
|
|
|
1,450 |
|
||
Effective School Solutions LLC (7) |
|
Delayed Draw Term Loan |
|
11/30/2023 |
|
|
|
2,200 |
|
|
11/30/2023 |
|
|
|
2,200 |
|
||
EMS Buyer, Inc. (5) |
|
Revolver |
|
11/23/2027 |
|
|
|
550 |
|
|
11/23/2027 |
|
|
|
550 |
|
||
Envocore Holding, LLC (5) |
|
Revolver |
|
12/31/2025 |
|
|
|
1,944 |
|
|
12/31/2025 |
|
|
|
2,169 |
|
||
Eshipping (7) |
|
Delayed Draw Term Loan |
|
11/5/2023 |
|
|
|
1,850 |
|
|
11/5/2023 |
|
|
|
1,850 |
|
||
67
|
|
|
|
As of September 30, 2022 |
|
|
As of December 31,2021 |
|
||||||||||
Company |
|
Investment Type |
|
Commitment |
|
|
Unfunded |
|
|
Commitment |
|
|
Unfunded |
|
||||
Eshipping (5) |
|
Revolver |
|
11/5/2027 |
|
|
|
1,150 |
|
|
11/5/2027 |
|
|
|
953 |
|
||
Everlast Parent Inc. (5) |
|
Revolver |
|
10/30/2026 |
|
|
|
1,151 |
|
|
10/30/2026 |
|
|
|
1,611 |
|
||
Evolution BuyerCo, Inc. |
|
Revolver |
|
4/30/2027 |
|
|
|
729 |
|
|
4/30/2027 |
|
|
|
729 |
|
||
Evolution BuyerCo, Inc. (7) |
|
Delayed Draw Term Loan |
|
4/30/2023 |
|
|
|
700 |
|
|
4/30/2023 |
|
|
|
1,072 |
|
||
Explorer Investor, Inc. (7) |
|
Delayed Draw Term Loan |
|
6/28/2024 |
|
|
|
2,400 |
|
|
|
— |
|
|
|
— |
|
|
FS Whitewater Borrower, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
12/21/2022 |
|
|
|
1,724 |
|
|
FS Whitewater Borrower, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
12/21/2023 |
|
|
|
435 |
|
|
FS Whitewater Borrower, LLC (3) |
|
Revolver |
|
12/21/2027 |
|
|
|
552 |
|
|
12/21/2027 |
|
|
|
690 |
|
||
FS Whitewater Borrower, LLC (7) |
|
Delayed Draw Term Loan |
|
7/1/2024 |
|
|
|
1,847 |
|
|
|
— |
|
|
|
— |
|
|
Galway Borrower, LLC (5) |
|
Delayed Draw Term Loan |
|
9/30/2023 |
|
|
|
729 |
|
|
9/30/2023 |
|
|
|
1,945 |
|
||
Galway Borrower, LLC (5) |
|
Revolver |
|
9/30/2027 |
|
|
|
926 |
|
|
9/30/2027 |
|
|
|
926 |
|
||
GrapeTree Medical Staffing, LLC (5) |
|
Revolver |
|
5/29/2024 |
|
|
|
600 |
|
|
5/29/2024 |
|
|
|
600 |
|
||
GrapeTree Medical Staffing, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
3/31/2022 |
|
|
|
2,750 |
|
|
GH Parent Holdings Inc. (5) |
|
Revolver |
|
5/4/2027 |
|
|
|
1,875 |
|
|
5/4/2027 |
|
|
|
1,875 |
|
||
GH Parent Holdings Inc. |
|
Delayed Draw Term Loan |
|
5/4/2023 |
|
|
|
5,543 |
|
|
5/4/2023 |
|
|
|
5,542 |
|
||
Granicus, Inc. (5) |
|
Revolver |
|
1/29/2027 |
|
|
|
805 |
|
|
1/29/2027 |
|
|
|
805 |
|
||
Granicus, Inc. (7) |
|
Delayed Draw Term Loan |
|
4/23/2023 |
|
|
|
3,135 |
|
|
4/23/2023 |
|
|
|
3,135 |
|
||
Great Lakes Dental Partners, LLC (7) |
|
Delayed Draw Term Loan |
|
6/23/2023 |
|
|
|
850 |
|
|
6/23/2023 |
|
|
|
850 |
|
||
Great Lakes Dental Partners, LLC (5) |
|
Revolver |
|
6/23/2026 |
|
|
|
100 |
|
|
6/23/2026 |
|
|
|
190 |
|
||
HCOS Group Intermediate III LLC (5) |
|
Revolver |
|
9/30/2026 |
|
|
|
1,150 |
|
|
9/30/2026 |
|
|
|
1,150 |
|
||
Hepaco, LLC (5) |
|
Revolver |
|
8/18/2024 |
|
|
|
140 |
|
|
8/18/2024 |
|
|
|
152 |
|
||
Hercules Borrower LLC (5) |
|
Revolver |
|
12/15/2026 |
|
|
|
1,985 |
|
|
12/15/2026 |
|
|
|
2,222 |
|
||
Hercules Borrower LLC (7) |
|
Delayed Draw Term Loan |
|
9/10/2023 |
|
|
|
1,226 |
|
|
9/10/2023 |
|
|
|
2,252 |
|
||
HGH Purchaser, Inc. |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
2/10/2023 |
|
|
|
557 |
|
|
HGH Purchaser, Inc. (5) |
|
Revolver |
|
11/3/2025 |
|
|
|
610 |
|
|
11/3/2025 |
|
|
|
733 |
|
||
Homecare Partners Management, LLC (5) |
|
Revolver |
|
5/25/2023 |
|
|
|
953 |
|
|
5/25/2027 |
|
|
|
807 |
|
||
Hospice Care Buyer, Inc. (5) |
|
Revolver |
|
12/9/2026 |
|
|
|
647 |
|
|
12/9/2026 |
|
|
|
624 |
|
||
Hsid Acquisition, LLC (5) |
|
Revolver |
|
1/31/2026 |
|
|
|
750 |
|
|
1/31/2026 |
|
|
|
750 |
|
||
HS Spa Holdings Inc. (5) |
|
Revolver |
|
6/2/2028 |
|
|
|
1,511 |
|
|
|
— |
|
|
|
— |
|
|
Infobase (7) |
|
Delayed Draw Term Loan |
|
6/14/2024 |
|
|
|
1,850 |
|
|
|
— |
|
|
|
— |
|
|
Infobase (5) |
|
Revolver |
|
6/14/2028 |
|
|
|
1,450 |
|
|
|
— |
|
|
|
— |
|
|
Integrity Marketing Acquisition, LLC (5) |
|
Revolver |
|
8/27/2025 |
|
|
|
1,409 |
|
|
8/27/2025 |
|
|
|
1,409 |
|
||
Integro Parent, Inc. |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
ISS Compressors Industries, Inc. (5) |
|
Revolver |
|
2/5/2026 |
|
|
|
187 |
|
|
2/5/2026 |
|
|
|
833 |
|
||
IvyRehab Intermediate II, LLC |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
12/4/2024 |
|
|
|
370 |
|
|
IvyRehab Intermediate II, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
9/13/2023 |
|
|
|
1,351 |
|
|
Jordan Bidco, Ltd. |
|
Delayed Draw Term Loan |
|
8/31/2024 |
|
|
|
3,410 |
|
|
8/31/2024 |
|
|
|
4,132 |
|
||
Jordan Bidco, Ltd. |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
2/28/2028 |
|
|
|
964 |
|
|
JTM Foods LLC (5) |
|
Revolver |
|
5/14/2027 |
|
|
|
400 |
|
|
5/14/2027 |
|
|
|
480 |
|
||
JTM Foods LLC (5) |
|
Delayed Draw Term Loan |
|
11/14/2022 |
|
|
|
250 |
|
|
11/14/2022 |
|
|
|
750 |
|
||
Kestrel Parent, LLC (4) |
|
Revolver |
|
11/13/2023 |
|
|
|
801 |
|
|
11/13/2023 |
|
|
|
871 |
|
||
King Mid LLC (7) |
|
Delayed Draw Term Loan |
|
6/17/2024 |
|
|
|
3,084 |
|
|
|
— |
|
|
|
— |
|
|
King Mid LLC (5) |
|
Revolver |
|
12/15/2027 |
|
|
|
300 |
|
|
|
— |
|
|
|
— |
|
|
Learn-It Systems, LLC (5) |
|
Revolver |
|
3/18/2025 |
|
|
|
283 |
|
|
3/18/2025 |
|
|
|
270 |
|
||
Learn-It Systems, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
3/18/2022 |
|
|
|
42 |
|
|
Learn-It Systems, LLC (6) |
|
Delayed Draw Term Loan |
|
5/4/2023 |
|
|
|
1,451 |
|
|
5/4/2023 |
|
|
|
1,924 |
|
||
Lexipol (Ranger Buyer, Inc.) (5) |
|
Revolver |
|
11/18/2027 |
|
|
|
994 |
|
|
11/18/2027 |
|
|
|
884 |
|
||
Lightspeed Buyer, Inc. (5) |
|
Revolver |
|
2/3/2026 |
|
|
|
595 |
|
|
2/3/2026 |
|
|
|
770 |
|
||
Lightspeed Buyer, Inc. (7) |
|
Delayed Draw Term Loan |
|
2/28/2023 |
|
|
|
5,101 |
|
|
2/28/2023 |
|
|
|
5,100 |
|
||
Lion Cashmere Bidco Limited |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
2/23/2026 |
|
|
|
1,989 |
|
|
Lion Cashmere Bidco Limited (8) |
|
Delayed Draw Term Loan |
|
9/23/2024 |
|
|
|
2,702 |
|
|
9/23/2024 |
|
|
|
3,137 |
|
||
List Partners, Inc. (5) |
|
Revolver |
|
1/5/2023 |
|
|
|
450 |
|
|
1/5/2023 |
|
|
|
450 |
|
||
Mario Purchaser, LLC (7) |
|
Delayed Draw Term Loan |
|
4/26/2024 |
|
|
|
3,690 |
|
|
|
— |
|
|
|
— |
|
|
Mario Purchaser, LLC (13) |
|
Revolver |
|
4/26/2028 |
|
|
|
1,044 |
|
|
|
— |
|
|
|
— |
|
|
MHS Acquisition Holdings, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
7/21/2023 |
|
|
|
95 |
|
|
MHS Acquisition Holdings, LLC (5) |
|
Revolver |
|
7/21/2027 |
|
|
|
150 |
|
|
7/21/2027 |
|
|
|
150 |
|
||
MRI Software LLC (5) |
|
Revolver |
|
2/10/2026 |
|
|
|
1,266 |
|
|
2/10/2026 |
|
|
|
1,266 |
|
||
MWD Management LLC (United Derm) |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
MWD Management LLC (United Derm) (5) |
|
Revolver |
|
6/15/2027 |
|
|
|
960 |
|
|
|
— |
|
|
|
— |
|
|
New Era Technology, Inc. (5) |
|
Revolver |
|
10/31/2026 |
|
|
|
417 |
|
|
10/31/2026 |
|
|
|
152 |
|
||
New Era Technology, Inc. |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
10/31/2022 |
|
|
|
673 |
|
|
New Era Technology, Inc. (7) |
|
Delayed Draw Term Loan |
|
10/31/2026 |
|
|
|
1,081 |
|
|
|
— |
|
|
|
— |
|
|
Nexant Volt MergerSub, Inc. (5) |
|
Revolver |
|
5/11/2027 |
|
|
|
568 |
|
|
5/11/2027 |
|
|
|
100 |
|
||
Nurture Landscapes (10) |
|
Delayed Draw Term Loan |
|
6/2/2028 |
|
|
|
3,705 |
|
|
6/2/2028 |
|
|
|
11,411 |
|
||
Odessa Technologies, Inc. (7) |
|
Delayed Draw Term Loan |
|
10/19/2023 |
|
|
|
1,786 |
|
|
10/19/2023 |
|
|
|
1,786 |
|
||
Odessa Technologies, Inc. (5) |
|
Revolver |
|
10/19/2027 |
|
|
|
2,500 |
|
|
10/19/2027 |
|
|
|
2,500 |
|
||
Oliver Packaging LLC (5) |
|
Revolver |
|
7/6/2028 |
|
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
Omni Ophthalmic Management Consultants, LLC (7) |
|
Delayed Draw Term Loan |
|
3/7/2024 |
|
|
|
1,500 |
|
|
|
— |
|
|
|
— |
|
|
Omni Ophthalmic Management Consultants, LLC (5) |
|
Revolver |
|
5/31/2023 |
|
|
|
567 |
|
|
5/31/2023 |
|
|
|
510 |
|
||
Ontario Systems, LLC (5) |
|
Revolver |
|
8/30/2025 |
|
|
|
388 |
|
|
8/30/2025 |
|
|
|
500 |
|
||
Ontario Systems, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
8/19/2023 |
|
|
|
213 |
|
|
Painters Supply & Equipment Company (7) |
|
Delayed Draw Term Loan |
|
8/10/2023 |
|
|
|
900 |
|
|
8/10/2023 |
|
|
|
900 |
|
||
Painters Supply & Equipment Company (5) |
|
Revolver |
|
8/10/2027 |
|
|
|
258 |
|
|
8/10/2027 |
|
|
|
408 |
|
||
Patriot Acquisition Topco S.A.R.L (5) |
|
Revolver |
|
1/29/2026 |
|
|
|
1,770 |
|
|
1/29/2026 |
|
|
|
1,770 |
|
||
Patriot Growth Insurance Services, LLC (5) |
|
Revolver |
|
10/14/2028 |
|
|
|
660 |
|
|
10/14/2028 |
|
|
|
660 |
|
||
Patriot Growth Insurance Services, LLC (6) |
|
Delayed Draw Term Loan |
|
10/14/2023 |
|
|
|
802 |
|
|
10/14/2023 |
|
|
|
2,594 |
|
||
Patriot Growth Insurance Services, LLC (6) |
|
Delayed Draw Term Loan |
|
7/8/2024 |
|
|
|
2,830 |
|
|
|
— |
|
|
|
— |
|
|
PharComp Parent B.V. (11) |
|
Delayed Draw Term Loan |
|
2/18/2023 |
|
|
|
1,311 |
|
|
|
— |
|
|
|
— |
|
|
PharComp Parent B.V. (11) |
|
Delayed Draw Term Loan |
|
2/18/2023 |
|
|
|
2,631 |
|
|
|
— |
|
|
|
— |
|
|
Pharmalogics Recruiting, LLC (4)(5) |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
9/27/2023 |
|
|
|
4,644 |
|
|
Pilot Air Freight, LLC |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
7/25/2024 |
|
|
|
100 |
|
|
68
|
|
|
|
As of September 30, 2022 |
|
|
As of December 31,2021 |
|
||||||||||
Company |
|
Investment Type |
|
Commitment |
|
|
Unfunded |
|
|
Commitment |
|
|
Unfunded |
|
||||
Pinnacle Treatment Centers, Inc. |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
1/17/2022 |
|
|
|
457 |
|
|
Pinnacle Treatment Centers, Inc. (5) |
|
Revolver |
|
12/31/2022 |
|
|
|
214 |
|
|
12/31/2022 |
|
|
|
571 |
|
||
Plasma Buyer LLC (7) |
|
Delayed Draw Term Loan |
|
5/12/2024 |
|
|
|
1,892 |
|
|
|
— |
|
|
|
— |
|
|
Plasma Buyer LLC (5) |
|
Revolver |
|
5/12/2029 |
|
|
|
811 |
|
|
|
— |
|
|
|
— |
|
|
Potter Electric Signal Company (5) |
|
Revolver |
|
12/19/2024 |
|
|
|
379 |
|
|
12/19/2024 |
|
|
|
462 |
|
||
PPV Intermediate Holdings LLC (7) |
|
Delayed Draw Term Loan |
|
2/29/2024 |
|
|
|
680 |
|
|
|
— |
|
|
|
— |
|
|
PPV Intermediate Holdings LLC (5) |
|
Revolver |
|
8/31/2029 |
|
|
|
228 |
|
|
|
— |
|
|
|
— |
|
|
PPV Intermediate Holdings LLC (7) |
|
Delayed Draw Term Loan |
|
2/29/2024 |
|
|
|
234 |
|
|
|
— |
|
|
|
— |
|
|
Professional Physical Therapy (5) |
|
Revolver |
|
12/16/2022 |
|
|
|
188 |
|
|
|
— |
|
|
|
— |
|
|
Premier Dental Care Management, LLC (7) |
|
Delayed Draw Term Loan |
|
8/5/2023 |
|
|
|
793 |
|
|
8/5/2023 |
|
|
|
3,784 |
|
||
Premier Dental Care Management, LLC (5) |
|
Revolver |
|
8/5/2027 |
|
|
|
1,544 |
|
|
8/5/2027 |
|
|
|
1,266 |
|
||
Prism Bidco, Inc. (4)(5) |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
6/25/2026 |
|
|
|
833 |
|
|
PromptCare Intermediate, LP (7) |
|
Delayed Draw Term Loan |
|
9/1/2023 |
|
|
|
2,778 |
|
|
9/1/2023 |
|
|
|
3,486 |
|
||
PT Network, LLC |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
11/30/2023 |
|
|
|
280 |
|
|
Pye-Barker Fire & Safety, LLC |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
11/26/2023 |
|
|
|
1,401 |
|
|
Pye-Barker Fire & Safety, LLC (5) |
|
Revolver |
|
11/26/2027 |
|
|
|
816 |
|
|
11/26/2027 |
|
|
|
1,531 |
|
||
Pye-Barker Fire & Safety, LLC (7) |
|
Delayed Draw Term Loan |
|
6/15/2024 |
|
|
|
1,437 |
|
|
|
— |
|
|
|
— |
|
|
Pye-Barker Fire & Safety, LLC (5) |
|
Delayed Draw Term Loan |
|
11/26/2023 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
Pye-Barker Fire & Safety, LLC (5) |
|
Revolver |
|
10/1/2024 |
|
|
|
75 |
|
|
|
— |
|
|
|
— |
|
|
Receivable Solutions, Inc. (5) |
|
Revolver |
|
10/1/2024 |
|
|
|
300 |
|
|
10/1/2024 |
|
|
|
300 |
|
||
Ruffalo Noel Levitz, LLC (5) |
|
Revolver |
|
5/29/2024 |
|
|
|
75 |
|
|
5/29/2022 |
|
|
|
300 |
|
||
Safco Dental Supply, LLC (5) |
|
Revolver |
|
6/14/2025 |
|
|
|
480 |
|
|
6/14/2025 |
|
|
|
600 |
|
||
Saturn Borrower Inc |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
9/30/2026 |
|
|
|
605 |
|
|
Seko Global Logistics Network, LLC (5) |
|
Revolver |
|
12/20/2026 |
|
|
|
650 |
|
|
12/20/2026 |
|
|
|
1,300 |
|
||
Seniorlink Incorporated (5) |
|
Revolver |
|
7/17/2026 |
|
|
|
1,038 |
|
|
7/17/2026 |
|
|
|
1,038 |
|
||
Service Logic Acquisition, Inc. (12) |
|
Delayed Draw Term Loan |
|
10/30/2022 |
|
|
|
389 |
|
|
10/30/2022 |
|
|
|
389 |
|
||
Slickdeals Holdings, LLC (4) |
|
Revolver |
|
6/12/2023 |
|
|
|
727 |
|
|
6/12/2023 |
|
|
|
727 |
|
||
Smartronix, LLC (5) |
|
Revolver |
|
11/23/2027 |
|
|
|
3,290 |
|
|
11/23/2027 |
|
|
|
3,290 |
|
||
Smile Doctors LLC |
|
Delayed Draw Term Loan |
|
12/23/2023 |
|
|
|
— |
|
|
12/23/2023 |
|
|
|
1,654 |
|
||
Smile Doctors LLC (5) |
|
Revolver |
|
12/23/2027 |
|
|
|
969 |
|
|
12/23/2027 |
|
|
|
1,201 |
|
||
Smile Doctors LLC (7) |
|
Delayed Draw Term Loan |
|
12/23/2028 |
|
|
|
2,467 |
|
|
|
— |
|
|
|
— |
|
|
SQAD Holdco, Inc. (7) |
|
Delayed Draw Term Loan |
|
4/25/2024 |
|
|
|
2,425 |
|
|
|
— |
|
|
|
— |
|
|
SQAD Holdco, Inc. (5) |
|
Revolver |
|
4/25/2028 |
|
|
|
1,050 |
|
|
|
— |
|
|
|
— |
|
|
Spear Education |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
2/26/2022 |
|
|
|
3,125 |
|
|
Stepping Stones Healthcare Services, LLC (7) |
|
Delayed Draw Term Loan |
|
12/30/2023 |
|
|
|
3,396 |
|
|
12/30/2023 |
|
|
|
3,774 |
|
||
Stepping Stones Healthcare Services, LLC (7) |
|
Revolver |
|
12/30/2026 |
|
|
|
1,811 |
|
|
12/30/2026 |
|
|
|
1,887 |
|
||
Summit 7 Systems, LLC (5) |
|
Revolver |
|
5/23/2028 |
|
|
|
585 |
|
|
|
— |
|
|
|
— |
|
|
Sun Acquirer Corp. (7) |
|
Delayed Draw Term Loan |
|
9/8/2027 |
|
|
|
2,639 |
|
|
9/8/2023 |
|
|
|
4,466 |
|
||
Sun Acquirer Corp. (5) |
|
Revolver |
|
9/8/2027 |
|
|
|
1,594 |
|
|
9/8/2027 |
|
|
|
1,812 |
|
||
Sydney US Buyer Corp. |
|
Delayed Draw Term Loan |
|
7/8/2029 |
|
|
|
1,961 |
|
|
|
— |
|
|
|
— |
|
|
Sydney US Buyer Corp. |
|
Revolver |
|
7/8/2029 |
|
|
|
654 |
|
|
|
— |
|
|
|
— |
|
|
Teal Acquisition Co., Inc (5) |
|
Revolver |
|
9/22/2026 |
|
|
|
274 |
|
|
9/22/2026 |
|
|
|
967 |
|
||
Teal Acquisition Co., Inc (7) |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
9/22/2026 |
|
|
|
1,642 |
|
|
The Hilb Group, LLC (5) |
|
Revolver |
|
12/2/2025 |
|
|
|
340 |
|
|
12/2/2025 |
|
|
|
340 |
|
||
The Hilb Group, LLC (5) |
|
Revolver |
|
12/2/2025 |
|
|
|
143 |
|
|
12/2/2025 |
|
|
|
143 |
|
||
The Hilb Group, LLC (5) |
|
Delayed Draw Term Loan |
|
12/10/2023 |
|
|
|
3,508 |
|
|
12/10/2023 |
|
|
|
4,413 |
|
||
The Hilb Group, LLC (5) |
|
Revolver |
|
12/2/2025 |
|
|
|
113 |
|
|
12/2/2025 |
|
|
|
113 |
|
||
Transportation Insight, LLC (5) |
|
Revolver |
|
12/3/2024 |
|
|
|
534 |
|
|
12/3/2024 |
|
|
|
750 |
|
||
Tranzonic (5) |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
3/27/2023 |
|
|
|
356 |
|
|
Unifeye Vision Partners (5) |
|
Revolver |
|
9/13/2025 |
|
|
|
1,020 |
|
|
9/13/2025 |
|
|
|
1,700 |
|
||
Unifeye Vision Partners (6) |
|
Delayed Draw Term Loan |
|
9/7/2023 |
|
|
|
2,444 |
|
|
9/7/2023 |
|
|
|
4,286 |
|
||
United Flow Technologies (7) |
|
Delayed Draw Term Loan |
|
10/29/2023 |
|
|
|
626 |
|
|
10/29/2023 |
|
|
|
3,750 |
|
||
United Flow Technologies (5) |
|
Revolver |
|
10/29/2027 |
|
|
|
1,600 |
|
|
10/29/2027 |
|
|
|
1,600 |
|
||
UP Acquisition Corp. (5) |
|
Revolver |
|
5/23/2024 |
|
|
|
807 |
|
|
5/23/2024 |
|
|
|
807 |
|
||
VetStrategy |
|
Delayed Draw Term Loan |
|
|
— |
|
|
|
— |
|
|
1/31/2022 |
|
|
|
419 |
|
|
Vital Care Buyer, LLC (5) |
|
Revolver |
|
10/19/2025 |
|
|
|
2,222 |
|
|
10/19/2025 |
|
|
|
2,222 |
|
||
WhiteHawk III Onshore Fund L.P. |
|
Partnership Interest |
|
|
— |
|
|
|
— |
|
|
7/5/2024 |
|
|
|
4,208 |
|
|
Winxnet Holdings LLC (5) |
|
Revolver |
|
6/29/2023 |
|
|
|
163 |
|
|
6/29/2023 |
|
|
|
400 |
|
||
Winxnet Holdings LLC (4)(5) |
|
Revolver |
|
|
— |
|
|
|
— |
|
|
6/29/2023 |
|
|
|
250 |
|
|
Total |
|
|
|
|
|
|
$ |
193,414 |
|
|
|
|
|
$ |
195,622 |
|
||
69
Other Commitments and Contingencies
In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.
Note 9. Net Assets
On November 18, 2021, the Company issued 2,720,000 shares of common stock for total cash proceeds of $58,018 in connection with a public equity offering.
The following table summarizes the Company’s recent distributions declared:
Date Declared |
|
Record Date |
|
Payment Date |
|
Amount Per Share |
|
|
August 5, 2022 |
|
September 30, 2022 |
|
October 17, 2022 |
|
$ |
0.41 |
|
May 3, 2022 |
|
June 30, 2022 |
|
July 15, 2022 |
|
$ |
0.41 |
|
February 18, 2022 |
|
March 31, 2022 |
|
April 15, 2022 |
|
$ |
0.41 |
|
November 5, 2021 |
|
September 2, 2022 |
|
September 15, 2022 |
|
$ |
0.05 |
|
November 5, 2021 |
|
June 3, 2022 |
|
June 15, 2022 |
|
$ |
0.05 |
|
November 5, 2021 |
|
March 4, 2022 |
|
March 15, 2022 |
|
$ |
0.05 |
|
November 5, 2021 |
|
December 3, 2021 |
|
December 15, 2021 |
|
$ |
0.05 |
|
November 5, 2021 |
|
December 31, 2021 |
|
January 17, 2022 |
|
$ |
0.41 |
|
August 6, 2021 |
|
September 30, 2021 |
|
October 15, 2021 |
|
$ |
0.41 |
|
May 10, 2021 |
|
June 30, 2021 |
|
July 15, 2021 |
|
$ |
0.41 |
|
At September 30, 2022 and December 31, 2021, Crescent, Sun Life and other related parties owned 6.64% and 5.10%, respectively, of the outstanding common shares of the Company.
Note 10. Earnings Per Share
In accordance with the provisions of ASC 260 – Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. As of September 30, 2022 and December 31, 2021, there are no dilutive shares.
The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations for the following periods (in thousands):
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting |
|
$ |
(2,378 |
) |
|
$ |
16,679 |
|
|
$ |
12,942 |
|
|
$ |
70,798 |
|
|
|
Weighted average common shares outstanding |
|
|
30,887,360 |
|
|
|
28,167,360 |
|
|
|
30,887,360 |
|
|
|
28,167,360 |
|
|
|
Net increase (decrease) in net assets resulting from |
|
$ |
(0.08 |
) |
|
$ |
0.59 |
|
|
$ |
0.42 |
|
|
$ |
2.51 |
|
|
|
70
Note 11. Income Taxes
The Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):
|
|
|
|
As of |
|
|
As of |
|
||
Tax Cost |
|
|
|
$ |
1,316,045 |
|
|
$ |
1,260,862 |
|
Gross Unrealized Appreciation |
|
|
|
$ |
2,699 |
|
|
$ |
34,877 |
|
Gross Unrealized Depreciation |
|
|
|
|
(25,871 |
) |
|
|
(25,373 |
) |
|
|
Net Unrealized Investment Appreciation (Depreciation) |
|
$ |
(23,172 |
) |
|
$ |
9,504 |
|
The Company recognized the following income taxes related to Taxable Subsidiary and excise taxes related to the Company’s status as a RIC:
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
||||||||||||
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
||
Income tax (benefit) provision |
|
$ |
(274 |
) |
|
$ |
- |
|
|
$ |
(163 |
) |
|
$ |
- |
|
|
Excise tax (benefit) provision |
|
|
(76 |
) |
|
|
170 |
|
|
|
227 |
|
|
|
1,403 |
|
|
(Benefit) provision for income and excise taxes |
|
$ |
(350 |
) |
|
$ |
170 |
|
|
$ |
64 |
|
|
$ |
1,403 |
|
|
As of September 30, 2022 and December 31, 2021, $452 and $1,733 of accrued income and excise taxes remained payable.
The Company recognized the following benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments:
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
||||||||||||
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
||
Benefit (provision) for taxes on realized gain on |
|
$ |
(409 |
) |
|
$ |
2 |
|
|
$ |
(626 |
) |
|
$ |
(370 |
) |
|
Benefit (provision) for taxes on unrealized appreciation |
|
|
(192 |
) |
|
|
(392 |
) |
|
|
(20 |
) |
|
|
(332 |
) |
|
Benefit (provision) for taxes on realized and unrealized |
|
$ |
(601 |
) |
|
$ |
(390 |
) |
|
$ |
(646 |
) |
|
$ |
(702 |
) |
|
As of September 30, 2022 and December 31, 2021, $99 and $42, respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of September 30, 2022 and December 31, 2021, $1,033 and $956, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiary and other temporary book to tax differences of the corporate subsidiary.
71
Note 12. Financial Highlights
Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):
|
|
|
|
|
|
|
|
||
|
|
For the nine months ended September 30, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
Per Share Data:(1) |
|
|
|
|
|
|
|
||
Net asset value, beginning of period |
|
$ |
21.12 |
|
|
$ |
19.88 |
|
|
Net investment income after tax |
|
|
1.41 |
|
|
|
1.25 |
|
|
Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes |
|
|
(0.99 |
) |
|
|
1.26 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
0.42 |
|
|
|
2.51 |
|
|
Distributions declared from net investment income(2) |
|
|
(1.38 |
) |
|
|
(1.23 |
) |
|
Total increase (decrease) in net assets |
|
|
(0.96 |
) |
|
|
1.28 |
|
|
Net asset value, end of period |
|
$ |
20.16 |
|
|
$ |
21.16 |
|
|
Shares outstanding, end of period |
|
|
30,887,360 |
|
|
|
28,167,360 |
|
|
Market value, end of period |
|
$ |
15.02 |
|
|
$ |
19.13 |
|
|
Weighted average shares outstanding |
|
|
30,887,360 |
|
|
|
28,167,360 |
|
|
Total return based on market value (3) |
|
|
-7.14 |
% |
|
40.31% |
|
|
|
Total return based on net asset value (4) |
|
|
1.99 |
% |
|
12.63% |
|
|
|
Ratio/Supplemental Data: |
|
|
|
|
|
|
|
||
Net assets, end of period |
|
$ |
622,602 |
|
|
$ |
596,152 |
|
|
Ratio of total net expenses to average net assets(5)(6) |
|
|
8.02 |
% |
|
8.01% |
|
|
|
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6) |
|
|
3.23 |
% |
|
2.85% |
|
|
|
Ratio of net investment income before taxes to average net assets (6) |
|
|
9.10 |
% |
|
8.43% |
|
|
|
Ratio of interest and credit facility expenses to average net assets(6) |
|
|
4.31 |
% |
|
3.34% |
|
|
|
Ratio of net incentive fees to average net assets(6) |
|
|
0.48 |
% |
|
1.82% |
|
|
|
Ratio of portfolio turnover to average investments at fair value(7) |
|
|
15.98 |
% |
|
28.50% |
|
|
|
Asset coverage ratio |
|
|
189 |
% |
|
205% |
|
|
|
Note 13. Subsequent Events
The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of September 30, 2022 and for the nine months ended September 30, 2022.
On November 4, 2022, the Company’s Board of Directors declared a regular cash dividend of $0.41 per share, which will be paid on January 17, 2023 to stockholders of record as of December 30, 2022.
72
Pending Acquisition of First Eagle Alternative Capital BDC, Inc.
On October 3, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with First Eagle Alternative Capital BDC, Inc., a Delaware corporation, Echelon Acquisition Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Acquisition Sub”), Echelon Acquisition Sub LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company (“Acquisition Sub 2”), and the Adviser. The Merger Agreement provides that (i) Acquisition Sub will merge with and into FCRD (the “First Merger”), with FCRD continuing as the surviving company and as a wholly-owned subsidiary of the Company (the “Surviving Company”), and (ii) immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into Acquisition Sub 2 (collectively with the First Merger, the “FCRD Acquisition”), with Acquisition Sub 2 continuing as the surviving company and as a wholly-owned subsidiary of the Company. The boards of directors of both the Company and FCRD have each unanimously approved the FCRD Acquisition.
At the date and time when the First Merger becomes effective (the “Effective Time”), each share of common stock, par value $0.001 per share, of FCRD (“FCRD Common Stock”) issued and outstanding as of two days prior to the closing (the “Determination Date”) (excluding shares held by subsidiaries of FCRD or held, directly or indirectly, by the Company or Acquisition Sub (“Cancelled Shares”) and Dissenting Shares (as defined in Exhibit 2.4)) shall be converted into the right to receive (i) a portion of the CCAP Aggregate Merger Consideration (as defined below) pursuant to the election and proration procedures described below and in Exhibit 2.4 and (ii) from the Adviser, an amount equal to (a) $35.0 million divided by (b) the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares) (the “CCAP Advisor Cash Consideration”). The “CCAP Aggregate Merger Consideration” means the sum of (A) a number of shares of the Company’s common stock equal to the number of shares of FRCD Common Stock issued and outstanding as of the Determination Date, multiplied by the Exchange Ratio (as defined below); provided, that in no event will the aggregate number of shares of the Company’s common stock to be issued pursuant to the Merger Agreement (the “Total CCAP Stock Consideration”) exceed 19.99% of the number of shares of the Company’s common stock issued and outstanding as of October 3, 2022, and (B) if the Total CCAP Stock Consideration is less than the FCRD Closing Net Asset Value (as defined below), an amount in cash, without interest, to be paid by the Company equal to (a) the FCRD Closing Net Asset Value (as defined below) minus the Aggregate Share Consideration Value (as defined below) (such cash amount, the “CCAP Aggregate Cash Consideration”).
On the Determination Date, each of the Company and FCRD shall deliver to the other party a calculation of its estimated net asset value, as adjusted pursuant to the terms of the Merger Agreement, as of 5:00 p.m. New York City time on the Determination Date, calculated in good faith (the Company’s total net asset value as of the Determination Date, the “CCAP Closing Net Asset Value” and the total net asset value of FCRD as of the Determination Date, the “FCRD Closing Net Asset Value”); provided, that each party shall update and redeliver such calculation in certain circumstances described in the Merger Agreement. Based on such calculations, the parties will calculate the “CCAP Per Share NAV”, which will equal the CCAP Closing Net Asset Value divided by the number of shares of the Company’s common stock issued and outstanding as of the Determination Date, and the “FCRD per Share NAV”, which will equal the FCRD Closing Net Asset Value divided by the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares). The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the FCRD Per Share NAV divided by (ii) the CCAP Per Share NAV. The “Aggregate Share Consideration Value” shall refer to (a) the Total CCAP Stock Consideration multiplied by (b) the CCAP Per Share NAV.
In addition, in connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary-market support and will purchase $20.0 million of the combined company’s common stock via a share purchase program over time following the consummation of the Merger Agreement.
The completion of the FCRD Acquisition is subject to certain conditions, including, among others, FCRD stockholder approval, required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), and other customary closing conditions.
As of September 30, 2022, the Company incurred $1,534 of costs related to the acquisition, which were recorded as Other assets on the Consolidated Statements of Assets and Liabilities.
73
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 1 of this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “Company” refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries.
OVERVIEW
We are a specialty finance company focused on lending to middle-market companies. We were incorporated under the laws of the State of Delaware on February 5, 2015 and on January 30, 2020, we changed our state of incorporation from the State of Delaware to the State of Maryland. We were listed and began trading on the NASDAQ stock exchange on February 3, 2020. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (“1940 Act”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.
We are managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the SEC under the 1940 Act. CCAP Administration, LLC (the “Administrator”), provides the administrative services necessary for us to operate. Our management consists of investment and administrative professionals from the Adviser and Administrator along with our Board. The Adviser directs and executes our investment operations and capital raising activities subject to oversight from the Board, which sets our broad policies. The Board has delegated investment management of our investment assets to the Adviser. The Board consists of six directors, five of whom are independent.
Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments. We invest primarily in secured debt (including first lien, unitranche first lien and second-lien debt) and unsecured debt (including mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-market companies. We may purchase interests in loans or make debt investments, either (i) directly from our target companies as primary market or private credit investments (i.e., private credit transactions), or (ii) primary or secondary market bank loan or high yield transactions in the broadly syndicated “over-the-counter” market (i.e., broadly syndicated loans and bonds). Although our focus is to invest in less liquid private credit transactions, we may from time to time invest in more liquid broadly syndicated loans to complement our private credit transactions.
“First lien” investments are senior loans on a lien basis to other liabilities in the issuer’s capital structure that have the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets.
“Unitranche first lien” investments are 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, we 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 we would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.
“Second lien” investments are loans with a second priority lien on all existing and future assets of the portfolio company. The security interest ranks below the security interests of any first lien and unitranche first lien lenders in those assets.
“Unsecured debt” investments are loans that generally rank senior to a borrower’s equity securities and junior in right of payment to such borrower’s other senior indebtedness.
74
Pending FCRD Acquisition
On October 3, 2022, we entered into a definitive agreement (the “Merger Agreement”) with First Eagle Alternative Capital BDC, Inc., a Delaware corporation that has elected to be treated as a BDC under the 1940 Act (“FCRD”), Echelon Acquisition Sub, Inc., a Delaware corporation and our direct wholly-owned subsidiary (“Acquisition Sub”), Echelon Acquisition Sub LLC, a Delaware limited liability company and our direct wholly-owned subsidiary (“Acquisition Sub 2”), and the Adviser. The Merger Agreement provides that (i) Acquisition Sub will merge with and into FCRD (the “First Merger”), with FCRD continuing as the surviving company and as our wholly-owned subsidiary (the “Surviving Company”), and (ii) immediately after the effectiveness of the First Merger, the Surviving Company will merge with and into Acquisition Sub 2 (the “Second Merger” and, together with the First Merger, the “Mergers”), with Acquisition Sub 2 continuing as the surviving company and as a wholly-owned subsidiary of the Company. The boards of directors of both companies have each unanimously approved the FCRD Acquisition.
In addition, in connection with the Merger Agreement, Sun Life, which owns a majority interest in the Adviser, has committed to provide secondary-market support and will purchase $20.0 million of the combined company’s common stock via a share purchase program over time following the consummation of the Merger Agreement.
Merger Consideration
At the date and time when the First Merger becomes effective (the “Effective Time”), each share of common stock, par value $0.001 per share, of FCRD (“FCRD Common Stock”) issued and outstanding as of two days prior to the closing (the “Determination Date”) (excluding shares held by subsidiaries of FCRD or held, directly or indirectly, by us or Acquisition Sub (“Cancelled Shares”) and Dissenting Shares (as defined in Exhibit 2.4)) shall be converted into the right to receive (i) a portion of the CCAP Aggregate Merger Consideration (as defined below) pursuant to the election and proration procedures described below and in Exhibit 2.4 and (ii) from our Adviser, an amount equal to (a) $35.0 million divided by (b) the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares) (the “CCAP Advisor Cash Consideration”). The “CCAP Aggregate Merger Consideration” means the sum of (A) a number of shares of our common stock equal to the number of shares of FRCD Common Stock issued and outstanding as of the Determination Date, multiplied by the Exchange Ratio (as defined below); provided, that in no event will the aggregate number of shares of our common stock to be issued pursuant to the Merger Agreement (the “Total CCAP Stock Consideration”) exceed 19.99% of the number of shares of our common stock issued and outstanding as of October 3, 2022, and (B) if the Total CCAP Stock Consideration is less than the FCRD Closing Net Asset Value (as defined below), an amount in cash, without interest, to be paid by us equal to (a) the FCRD Closing Net Asset Value (as defined below) minus the Aggregate Share Consideration Value (as defined below) (such cash amount, the “CCAP Aggregate Cash Consideration”).
On the Determination Date, each of us and FCRD shall deliver to the other party a calculation of its estimated net asset value, as adjusted pursuant to the terms of the Merger Agreement, as of 5:00 p.m. New York City time on the Determination Date, calculated in good faith (our total net asset value as of the Determination Date, the “CCAP Closing Net Asset Value” and the total net asset value of FCRD as of the Determination Date, the “FCRD Closing Net Asset Value”); provided, that each party shall update and redeliver such calculation in certain circumstances described in the Merger Agreement. Based on such calculations, the parties will calculate the “CCAP Per Share NAV”, which will equal the CCAP Closing Net Asset Value divided by the number of shares of our common stock issued and outstanding as of the Determination Date, and the “FCRD per Share NAV”, which will equal the FCRD Closing Net Asset Value divided by the number of shares of FCRD Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares). The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the FCRD Per Share NAV divided by (ii) the CCAP Per Share NAV. The “Aggregate Share Consideration Value” shall refer to (a) the Total CCAP Stock Consideration multiplied by (b) the CCAP Per Share NAV.
Representations, Warranties and Covenants
The Merger Agreement contains customary representations and warranties of FCRD, us and our Adviser. Additionally, the Merger Agreement contains customary pre-closing covenants, including covenants requiring FCRD and us (i) to use reasonable best efforts to cause the consummation of the transactions contemplated by the Merger Agreement, (ii) to use reasonable best efforts conduct its business in the ordinary course and (iii) to refrain from taking certain actions prior to the consummation of the Mergers without the other party’s consent (which consent shall not be unreasonably withheld, delayed or conditioned).
The Merger Agreement contains “no-shop” provisions that restrict FCRD’s ability to solicit or initiate discussions or negotiations with third parties regarding other proposals to acquire FCRD, and FCRD is restricted in its ability to respond to such proposals. In addition, FCRD must (i) call and hold a meeting of the holders of FCRD stockholders solely for the purpose of seeking the adoption of the Merger Agreement by the holders of at least a majority of the outstanding shares of FCRD Common Stock entitled to vote thereon (such approval, the “FCRD Stockholder Approval” and such meeting, the “FCRD Stockholders Meeting”), (ii) include, in the Proxy Statement, the recommendation of the board of directors of FCRD that the stockholders of FCRD adopt the Merger Agreement and approve the transactions contemplated thereby (the “FCRD Recommendation”) and (iii) not withhold or withdraw, or modify or qualify in a manner adverse to us or Acquisition Sub, the FCRD Recommendation.
75
Conditions to the Mergers
The consummation of the Mergers is subject to the satisfaction or (to the extent permitted by law) waiver of certain customary closing conditions, including obtaining the FCRD Stockholder Approval. The obligation of each party to consummate the Mergers is also conditioned upon the other party’s representations and warranties being true and correct (subject to certain materiality exceptions) and the other party having performed in all material respects its obligations under the Merger Agreement.
Termination
The Merger Agreement contains customary termination rights. In particular, at any time prior to receipt of the FCRD Stockholder Approval, FCRD may terminate the Merger Agreement in order to substantially concurrently enter into a binding definitive agreement providing for the consummation of a superior proposal, subject to FCRD’s compliance with notice and other specified conditions contained in the non-solicitation covenants, including giving us the opportunity to propose revisions to the terms of the transactions contemplated by the Merger Agreement during a period following notice, and provided that FCRD has not otherwise materially breached any provision of the non-solicitation covenants.
If the Merger Agreement is terminated by FCRD as provided in the foregoing paragraph or is terminated under certain other circumstances, upon notice by us, FCRD must pay us a termination fee equal to $5,555,550 (“FCRD Termination Fee”), minus any amounts that FCRD previously paid to us in the form of expense reimbursement. Similarly, if the Merger Agreement is terminated under certain other circumstances by us, upon notice by FCRD, we must pay FCRD a termination fee equal to $7,142,850.
Voting Agreement
Concurrently with us entering into the Merger Agreement, we also entered into a letter agreement (the “Voting Agreement”) with First Eagle Investment Management LLC (“FEIM”), with respect to 5,004,000 shares FCRD Common Stock (the “Voting Agreement Shares”). Pursuant to the Voting Agreement, FEIM has agreed to (i) grant an irrevocable proxy to us and vote (or direct the Voting Agreement Shares to vote) in favor of the Mergers, and any other matter contemplated as necessary or advisable to the consummation of the Mergers at the FCRD Stockholders Meeting, (ii) not to vote in favor of any competing proposal, alternative acquisition agreements, or any proposal, transaction, agreement or action that would, or could reasonably be expected to, prevent, impede, frustrate, interfere with, delay, postpone or adversely affect the Mergers or any of the other transactions contemplated by the Merger Agreement, in contravention of the terms and conditions set forth in the Merger Agreement or change in any manner the voting rights of any class of shares of FCRD, and (iii) not, directly or indirectly, transfer, sell, offer, exchange, assign, pledge, convey any legal or beneficial ownership interest in or otherwise dispose of, or encumber any of the Voting Agreement Shares or enter into any contract, option, or other agreement with respect to, or consent to, a transfer of, any of the Voting Agreement Shares or their voting or economic interest therein other than pursuant to the Merger Agreement and in connection with the Merger during the period commencing on the date of the Voting Agreement and ending on the earlier of (a) the closing date, or (b) the termination of the Merger Agreement.
Acquisition Costs
As of September 30, 2022, we incurred $1.5 million of costs related to the acquisition, which were recorded as Other assets on the Consolidated Statements of Assets and Liabilities.
76
CRITICAL ACCOUNTING POLICIES
Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. The critical accounting policies should be read in connection with our risk factors as disclosed herein.
For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, Non-Accrual Investments, Distribution Policy, and Income Taxes.
COMPONENTS OF OPERATIONS
Investments
We expect our investment activity to vary substantially from period to period depending on many factors, the general economic environment, the amount of capital we have available to us, the level of merger and acquisition activity for middle-market companies, including the amount of debt and equity capital available to such companies and the competitive environment for the type of investments we make. In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.
We may not invest in any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the investments are made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.
The Investment Adviser
Our investment activities are managed by the Adviser, which is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. The Adviser has entered into a resource sharing agreement with Crescent Capital Group LP (“Crescent”), pursuant to which Crescent provides the Adviser with experienced investment professionals (including the members of the Adviser’s investment committee) and access to Crescent’s resources so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the resource sharing agreement, the Adviser intends to capitalize on the deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Crescent’s investment professionals. On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent (the “Sun Life Transaction”). There were no changes to our investment objective, strategies and process or to the Crescent team responsible for the investment operations as a result of the Sun Life Transaction.
Revenues
We generate revenue primarily in the form of interest income on debt investments, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. We also generate revenue in the form of commitment or origination fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into income over the life of the loan using the effective yield method.
Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.
We may receive other income, which may include income such as consent, waiver, amendment, underwriting, and arranger fees associated with our investment activities as well as any fees for managerial assistance services rendered to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.
77
Expenses
Our primary operating expenses include the payment of management fees and incentive fees to the Adviser under the Investment Advisory Agreement, as amended, our allocable portion of overhead expenses under the administration agreement with our Administrator (the “Administration Agreement”), operating costs associated with our sub-administration agreement and other operating costs described below. The management and incentive fees compensate the Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:
We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.
Leverage
Our financing facilities allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks.
In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with shareholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.
78
PORTFOLIO INVESTMENT ACTIVITY
We seek to create a broad and diversified portfolio that generally includes senior secured first lien, unitranche, senior secured second lien, unsecured loans and minority equity securities of U.S. middle market companies. The size of our individual investments varies proportionately with the size of our capital base. We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities have speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity.
Our portfolio at fair value was comprised of the following:
($ in millions) |
|
As of September 30, 2022 |
|
As of 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 Lien |
|
|
811.1 |
|
|
|
62.7 |
|
|
|
|
731.0 |
|
|
|
57.5 |
|
|
Unitranche First Lien - Last Out |
|
|
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 |
|
% |
The following table shows our investment activity by investment type:
($ in millions) |
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
||||
New investments at cost: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Senior Secured First Lien |
|
$ |
18.4 |
|
|
$ |
36.4 |
|
|
$ |
62.7 |
|
|
$ |
101.0 |
|
Unitranche First Lien |
|
|
64.5 |
|
|
|
114.1 |
|
|
|
183.0 |
|
|
|
252.2 |
|
Unitranche First Lien - Last Out |
|
|
— |
|
|
|
— |
|
|
|
4.0 |
|
|
|
— |
|
Senior Secured Second Lien |
|
|
2.5 |
|
|
|
— |
|
|
|
2.5 |
|
|
|
— |
|
Unsecured Debt |
|
|
0.7 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
2.3 |
|
Equity & Other |
|
|
1.4 |
|
|
|
5.3 |
|
|
|
4.5 |
|
|
|
7.3 |
|
LLC/LP Equity Interests |
|
|
2.3 |
|
|
|
2.7 |
|
|
|
4.7 |
|
|
|
4.9 |
|
Total |
|
$ |
89.8 |
|
|
$ |
158.5 |
|
|
$ |
262.1 |
|
|
$ |
367.7 |
|
Proceeds from investments sold or repaid: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Senior Secured First Lien |
|
$ |
24.7 |
|
|
$ |
59.0 |
|
|
$ |
62.2 |
|
|
$ |
131.3 |
|
Unitranche First Lien |
|
|
21.6 |
|
|
|
14.5 |
|
|
|
80.5 |
|
|
|
77.4 |
|
Unitranche First Lien - Last Out |
|
|
1.2 |
|
|
|
— |
|
|
|
5.1 |
|
|
|
— |
|
Senior Secured Second Lien |
|
|
— |
|
|
|
9.1 |
|
|
|
9.3 |
|
|
|
50.6 |
|
Unsecured Debt |
|
|
— |
|
|
|
0.3 |
|
|
|
1.9 |
|
|
|
0.3 |
|
Equity & Other |
|
|
0.9 |
|
|
|
39.8 |
|
|
|
14.9 |
|
|
|
47.4 |
|
LLC/LP Equity Interests |
|
|
11.3 |
|
|
|
0.1 |
|
|
|
32.2 |
|
|
|
2.6 |
|
Total |
|
$ |
59.7 |
|
|
$ |
122.8 |
|
|
$ |
206.1 |
|
|
$ |
309.6 |
|
Net increase (decrease) in portfolio |
|
$ |
30.1 |
|
|
$ |
35.7 |
|
|
$ |
56.0 |
|
|
$ |
58.1 |
|
The following table presents certain selected information regarding our investment portfolio:
|
|
As of |
|
|
|
As of |
|
|
||
Weighted average yield on income producing securities (at cost) (1) |
|
|
9.5 |
|
% |
|
|
7.5 |
|
% |
Percentage of debt bearing a floating rate (at fair value) |
|
|
98.7 |
|
% |
|
|
98.5 |
|
% |
Percentage of debt bearing a fixed rate (at fair value) |
|
|
1.3 |
|
% |
|
|
1.5 |
|
% |
Number of portfolio companies |
|
136 |
|
|
|
134 |
|
|
||
79
The following table shows the amortized cost of our performing and non-accrual debt and income producing debt securities.
($ in millions) |
|
As of September 30, 2022 |
|
|
As of December 31, 2021 |
|
||||||||||||||||||||||||||
|
|
Cost |
|
|
% of Cost |
|
|
Fair Value |
|
|
% of Fair Value |
|
|
Cost |
|
|
% of Cost |
|
|
Fair Value |
|
|
% of Fair Value |
|
||||||||
Performing |
|
$ |
1,224.2 |
|
|
|
98.0 |
% |
|
$ |
1,203.0 |
|
|
|
98.7 |
% |
|
$ |
1,129.6 |
|
|
|
98.4 |
% |
|
$ |
1,138.7 |
|
|
|
98.8 |
% |
Non-Accrual |
|
|
25.2 |
|
|
|
2.0 |
% |
|
|
15.7 |
|
|
|
1.3 |
% |
|
|
18.9 |
|
|
|
1.6 |
% |
|
|
14.1 |
|
|
|
1.2 |
% |
Total |
|
$ |
1,249.4 |
|
|
|
100.0 |
% |
|
$ |
1,218.7 |
|
|
|
100.0 |
% |
|
$ |
1,148.5 |
|
|
|
100.0 |
% |
|
$ |
1,152.8 |
|
|
|
100.0 |
% |
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
As of September 30, 2022, we had six investments across four portfolio companies on non-accrual status, which represented 2.0% and 1.3% of the total debt investments at cost and fair value, respectively. As of December 31, 2021, we had five investments across three portfolio companies on non-accrual status, which represented 1.6% and 1.2% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of September 30, 2022 and December 31, 2021.
The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:
80
The following table shows the composition of our portfolio on the 1 to 5 investment performance rating scale. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.
($ in millions) |
|
As of September 30, 2022 |
|
|
|
As of December 31, 2021 |
|
|
||||||||||
|
|
Investments at |
|
|
Percentage of |
|
|
|
Investments at |
|
|
Percentage of |
|
|
||||
Investment Performance Rating |
|
Fair Value |
|
|
Total Portfolio |
|
|
|
Fair Value |
|
|
Total Portfolio |
|
|
||||
1 |
|
|
12.3 |
|
|
|
1.0 |
|
% |
|
— |
|
|
— |
|
% |
||
2 |
|
|
1,131.1 |
|
|
|
87.5 |
|
|
|
|
1,155.8 |
|
|
|
91.0 |
|
|
3 |
|
|
133.8 |
|
|
|
10.3 |
|
|
|
|
100.5 |
|
|
|
7.9 |
|
|
4 |
|
|
15.7 |
|
|
|
1.2 |
|
|
|
|
14.1 |
|
|
|
1.1 |
|
|
5 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
||
Total |
|
|
1,292.9 |
|
|
|
100.0 |
|
% |
|
|
1,270.4 |
|
|
|
100.0 |
|
% |
RESULTS OF OPERATIONS
Summary Statement of Operations
(in $ millions) |
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Total investment income |
|
$ |
29.0 |
|
|
$ |
25.5 |
|
|
$ |
82.1 |
|
|
$ |
69.8 |
|
Total net expenses |
|
|
13.0 |
|
|
|
12.8 |
|
|
|
38.5 |
|
|
|
34.7 |
|
Net investment income |
|
$ |
16.0 |
|
|
$ |
12.7 |
|
|
$ |
43.6 |
|
|
$ |
35.1 |
|
Net realized gain (loss) on investments and forward |
|
|
(2.1 |
) |
|
|
27.9 |
|
|
|
4.7 |
|
|
|
32.2 |
|
Net unrealized appreciation (depreciation) on investments, |
|
|
(15.6 |
) |
|
|
(23.5 |
) |
|
|
(34.7 |
) |
|
|
4.2 |
|
Net realized and unrealized gains (losses) |
|
$ |
(17.7 |
) |
|
$ |
4.4 |
|
|
$ |
(30.0 |
) |
|
$ |
36.4 |
|
Benefit (provision) for taxes on realized and unrealized |
|
|
(0.7 |
) |
|
|
(0.4 |
) |
|
|
(0.7 |
) |
|
|
(0.7 |
) |
Net increase (decrease) in net assets resulting from |
|
$ |
(2.4 |
) |
|
$ |
16.7 |
|
|
$ |
12.9 |
|
|
$ |
70.8 |
|
Investment Income
(in $ millions) |
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Interest from investments |
|
$ |
27.2 |
|
|
$ |
22.8 |
|
|
$ |
75.7 |
|
|
$ |
63.5 |
|
Dividend Income |
|
|
1.6 |
|
|
|
2.4 |
|
|
|
6.0 |
|
|
|
5.7 |
|
Other Income |
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.6 |
|
Total investment income |
|
$ |
29.0 |
|
|
$ |
25.5 |
|
|
$ |
82.1 |
|
|
$ |
69.8 |
|
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.
Interest income, which includes amortization of upfront fees, increased from $63.5 million, for the nine months ended September 30, 2021, to $75.7 million for the nine 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 nine months ended September 30, 2022 and 2021 are $2.1 million and $7.0 million of accelerated accretion of OID related to paydown activity, respectively.
81
Dividend income increased from $5.7 million for the nine months ended September 30, 2021 to $6.0 million for the three months ended September 30, 2022 due to higher dividend distributions from the Senior Loan Fund. Other income which includes consent, waiver, amendment, agency, underwriting and arranger fees associated with our investment activities decreased from $0.6 million for the nine months ended September 30, 2021 to $0.4 million for the nine months ended September 30, 2022, due to lower amendment fees received.
Expenses
(in $ millions) |
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Interest and other debt financing costs |
|
$ |
8.7 |
|
|
$ |
5.7 |
|
|
$ |
20.7 |
|
|
$ |
14.5 |
|
Management fees |
|
|
4.1 |
|
|
|
3.5 |
|
|
|
12.2 |
|
|
|
10.1 |
|
Income based incentive fees |
|
|
2.7 |
|
|
|
2.7 |
|
|
|
8.0 |
|
|
|
7.5 |
|
Capital gains based incentive fees |
|
|
(3.1 |
) |
|
|
0.8 |
|
|
|
(5.3 |
) |
|
|
6.2 |
|
Professional fees |
|
|
0.3 |
|
|
|
0.5 |
|
|
|
1.0 |
|
|
|
1.5 |
|
Directors’ fees |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.4 |
|
|
|
0.4 |
|
Other general and administrative expenses |
|
|
0.6 |
|
|
|
0.7 |
|
|
|
2.1 |
|
|
|
2.0 |
|
Total expenses |
|
$ |
13.4 |
|
|
$ |
14.0 |
|
|
$ |
39.1 |
|
|
$ |
42.2 |
|
Management fee waiver |
|
|
(0.1 |
) |
|
|
(0.5 |
) |
|
|
(0.2 |
) |
|
|
(3.1 |
) |
Income based incentive fees waiver |
|
|
(0.1 |
) |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(5.8 |
) |
Net expenses |
|
$ |
13.4 |
|
|
$ |
12.6 |
|
|
$ |
38.4 |
|
|
$ |
33.3 |
|
(Benefit) provision for income and excise taxes |
|
|
(0.4 |
) |
|
|
0.2 |
|
|
|
0.1 |
|
|
|
1.4 |
|
Total |
|
$ |
13.0 |
|
|
$ |
12.8 |
|
|
$ |
38.5 |
|
|
$ |
34.7 |
|
Interest and other debt financing costs
Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended September 30, 2022 and 2021 interest and other debt financing costs were $8.7 million and $5.7 million, respectively. For the nine months ended September 30, 2022 and 2021 interest and other debt financing costs were $20.7 million and $14.5 million, respectively. The increase for both periods was due to a higher weighted average debt outstanding and higher weighted average cost of debt related to a rise in benchmark rates.
Base Management Fees
For the three months ended September 30, 2022 and 2021, we incurred management fees of $4.1 million and $3.5 million, respectively, of which $0.1 million and $0.5 million, respectively, were waived. For the nine months ended September 30, 2022 and 2021, we incurred management fees of $12.2 million and $10.1 million, respectively, of which $0.2 million and $3.1 million, respectively, were waived. The increase in net management fees was driven by growing assets under management and the expiration of the management fee waiver on July 31, 2021.
Incentive Fees
For the three months ended September 30, 2022 and 2021, we incurred income based incentive fees of $2.7 million and $2.7 million, of which $0.1 million and $0.9 million, respectively, were waived. For the nine months ended September 30, 2022 and 2021, we incurred income based incentive fees of $8.0 million and $7.5 million, of which $0.5 million and $5.8 million, respectively, were waived. The increase in net incentive fees was driven by growing investment income and the expiration of the income based incentive fee waiver on July 31, 2021.
For the three months ended September 30, 2022 and 2021 we (reversed) accrued $(3.1) million and $0.8 million, respectively, of capital gains based incentive fees. For the nine months ended September 30, 2022 and 2021 we (reversed) accrued $(5.3) million and $6.2 million, respectively, of capital gains based incentive fees. As of September 30, 2022 and December 31, 2021, $1.1 million and $6.3 million, respectively, was accrued and unpaid. The fluctuation in accumulated incentive fees on cumulative unrealized capital appreciation was attributable to the inception to date performance of the investment portfolio.
82
Professional Fees and Other General and Administrative Expenses
Professional fees generally include expenses from independent auditors, tax advisors, legal counsel and third party valuation agents. Other general and administrative expenses generally include overhead and staffing costs allocated from the Administrator, insurance premiums, sub-administration expenses and miscellaneous administrative costs associated with our operations and investment activity.
For the three months ended September 30, 2022 and 2021, professional fees were $0.3 million and $0.5 million, respectively. For the nine months ended September 30, 2022 and 2021, professional fees were $1.0 million and $1.5 million, respectively. The decrease in the comparative periods' professional fees was attributable to lower legal expense during the current year.
For the three months ended September 30, 2022 and 2021, other general and administrative expenses were $0.6 million and $0.7 million, respectively. For the nine months ended September 30, 2022 and 2021, other general and administrative expenses were $2.1 million and $2.0 million, respectively.
Income and Excise Taxes
For the three months ended September 30, 2022 and 2021, we (reversed) expensed income and excise taxes of $(0.4) million and $0.2 million. For the nine months ended September 30, 2022 and 2021, we expensed income and excise taxes of $0.1 million and $1.4 million. The decrease in the comparative periods' income and excise tax was attributable to a true-up as a result of the filing of the 2021 tax returns.
Net Investment Income
For the three months ended September 30, 2022 and 2021, GAAP net investment income was $16.0 million or $0.52 per share and $12.7 million or $0.45 per share, respectively. For the nine months ended September 30, 2022 and 2021, GAAP net investment income was $43.6 million or $1.41 per share and $35.1 million or $1.25 per share, respectively. The increase in the per share net investment income was due to a reversal of previously recorded capital gains incentive fees.
For the three months ended September 30, 2022 and 2021, net investment income excluding capital gains incentive fees (“Adjusted Net Investment Income”), was $13.0 million or $0.42 per share and $13.5 million or $0.48 per share, respectively. For the nine months ended September 30, 2022 and 2021, Adjusted Net Investment Income was $38.3 million or $1.24 per share and $41.3 million or $1.47 per share, respectively. The decrease in the per share Adjusted Net Investment Income was due to the expiration of management fee and income based incentive fee waivers on July 31, 2021.
The following table provides a reconciliation of net investment income (the most comparable U.S. GAAP measure) to Adjusted Net Investment Income for the periods presented:
(in $ millions) |
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
||||||||||||||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||||||||||||||||||
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
||||||||
GAAP net investment income |
|
$ |
16.0 |
|
|
$ |
0.52 |
|
|
$ |
12.7 |
|
|
$ |
0.45 |
|
|
$ |
43.6 |
|
|
$ |
1.41 |
|
|
$ |
35.1 |
|
|
$ |
1.25 |
|
Capital gains based incentive fee |
|
|
(3.0 |
) |
|
|
(0.10 |
) |
|
|
0.8 |
|
|
|
0.03 |
|
|
|
(5.3 |
) |
|
|
(0.17 |
) |
|
|
6.2 |
|
|
|
0.22 |
|
Adjusted Net Investment Income |
|
$ |
13.0 |
|
|
$ |
0.42 |
|
|
$ |
13.5 |
|
|
$ |
0.48 |
|
|
$ |
38.3 |
|
|
$ |
1.24 |
|
|
$ |
41.3 |
|
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
On a supplemental basis, we are disclosing Adjusted Net Investment Income and per share Adjusted Net Investment Income, 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 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.
83
Net Realized and Unrealized Gains and Losses
We value our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation (depreciation) on investments. Net realized gains (losses) and net unrealized appreciation (depreciation) on our investment portfolio were comprised of the following:
($ in millions) |
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Realized losses on non-controlled and non-affiliated investments |
|
$ |
(1.5 |
) |
|
$ |
(0.1 |
) |
|
$ |
(1.6 |
) |
|
$ |
(0.2 |
) |
Realized gains on non-controlled and non-affiliated investments |
|
|
0.3 |
|
|
|
0.5 |
|
|
|
1.6 |
|
|
|
5.1 |
|
Realized losses on non-controlled and affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Realized gains on non-controlled and affiliated investments |
|
|
— |
|
|
|
27.5 |
|
|
|
7.1 |
|
|
|
27.5 |
|
Realized losses on controlled investments |
|
|
(0.8 |
) |
|
|
— |
|
|
|
(2.5 |
) |
|
|
(0.1 |
) |
Realized gains on controlled investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Realized losses on foreign currency forwards |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
|
|
— |
|
Realized gains on foreign currency forwards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Realized losses on foreign currency transactions |
|
|
(0.1 |
) |
|
|
|
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
Realized gains on foreign currency transactions |
|
|
— |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.1 |
|
Net realized gains (losses) on investments |
|
$ |
(2.1 |
) |
|
$ |
27.9 |
|
|
$ |
4.7 |
|
|
$ |
32.2 |
|
Change in unrealized depreciation on non-controlled and non-affiliated investments |
|
|
(24.2 |
) |
|
|
(9.3 |
) |
|
|
(45.2 |
) |
|
|
(15.0 |
) |
Change in unrealized appreciation on non-controlled and non-affiliated investments |
|
|
8.7 |
|
|
|
12.2 |
|
|
|
10.8 |
|
|
|
28.2 |
|
Change in unrealized depreciation on foreign currency translation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in unrealized appreciation on foreign currency translation |
|
|
1.1 |
|
|
|
— |
|
|
|
1.3 |
|
|
|
— |
|
Change in unrealized depreciation on non-controlled and affiliated investments |
|
|
(6.1 |
) |
|
|
(28.8 |
) |
|
|
(10.7 |
) |
|
|
(14.2 |
) |
Change in unrealized appreciation on non-controlled and affiliated investments |
|
|
0.2 |
|
|
|
0.6 |
|
|
|
0.2 |
|
|
|
1.7 |
|
Change in unrealized depreciation on controlled and affiliated investments |
|
|
(1.0 |
) |
|
|
— |
|
|
|
(2.4 |
) |
|
|
— |
|
Change in unrealized appreciation on controlled and affiliated investments |
|
|
— |
|
|
|
0.3 |
|
|
|
— |
|
|
|
1.5 |
|
Change in unrealized depreciation on foreign currency forwards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in unrealized appreciation on foreign currency forwards |
|
|
5.7 |
|
|
|
1.5 |
|
|
|
11.3 |
|
|
|
2.0 |
|
Net unrealized appreciation (depreciation) on investments |
|
|
(15.6 |
) |
|
|
(23.5 |
) |
|
|
(34.7 |
) |
|
|
4.2 |
|
Net realized and unrealized gains (losses) on investments and asset acquisition |
|
|
(17.7 |
) |
|
|
4.4 |
|
|
|
(30.0 |
) |
|
|
36.4 |
|
Hedging
We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks. Generally, we do not intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, which are in compliance with applicable legal and regulatory requirements, may include the use of various instruments, including futures, options and forward contracts. We bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.
During the nine months ended September 30, 2022 and 2021, our average U.S. Dollar notional exposure to foreign currency forward contracts were $98.7 million and $70.1 million, respectively.
84
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
The primary uses of our cash and cash equivalents are for (1) investments in portfolio companies and other investments; (2) the cost of operations (including paying the Adviser); (3) debt service, repayment, and other financing costs; and (4) cash distributions to the holders of our common stock. We expect to generate additional liquidity from (1) future offerings of securities, (2) future borrowings and (3) cash flows from operations, including investment sales and repayments as well as income earned on investments.
As of September 30, 2022, we had $22.2 million in cash and cash equivalents and restricted cash and cash equivalents and $193.0 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of September 30, 2022, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
As of September 30, 2022, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of September 30, 2022. However, any increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the COVID-19 pandemic, the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.
Capital Share Activity
There were no equity issuances of our common stock during the nine months ended September 30, 2022. During the year ended December 31, 2021, we issued 2,720,000 shares of our common stock for total proceeds of $58.0 million in connection with the equity offering on November 18, 2021.
Debt
($ in millions) |
September 30, 2022 |
|||||||||||||||||||||||
|
Aggregate Principal |
|
|
Drawn |
|
|
Amount Available (1) |
|
|
Carrying |
|
|
Weighted Average |
|
|
Weighted Average |
|
|
||||||
SPV Asset Facility |
$ |
350.0 |
|
|
$ |
241.8 |
|
|
$ |
108.2 |
|
|
$ |
241.8 |
|
|
$ |
245.2 |
|
|
|
6.09 |
|
% |
SMBC Corporate Revolving Facility |
|
350.0 |
|
|
|
265.2 |
|
|
|
84.8 |
|
|
|
265.2 |
|
|
|
235.4 |
|
|
|
4.94 |
|
% |
2023 Unsecured Notes |
|
50.0 |
|
|
|
50.0 |
|
|
|
— |
|
|
|
50.0 |
|
|
|
50.0 |
|
|
|
6.50 |
|
% |
2026 Unsecured Notes |
|
135.0 |
|
|
|
135.0 |
|
|
|
— |
|
|
|
135.0 |
|
|
|
135.0 |
|
|
|
4.21 |
|
% |
Total Debt |
$ |
885.0 |
|
|
$ |
692.0 |
|
|
$ |
193.0 |
|
|
$ |
692.0 |
|
|
$ |
665.6 |
|
|
|
5.31 |
|
% |
($ in millions) |
December 31, 2021 |
|||||||||||||||||||||||
|
Aggregate Principal |
|
|
Drawn |
|
|
Amount Available (1) |
|
|
Carrying |
|
|
Weighted Average |
|
|
Weighted Average |
|
|
||||||
SPV Asset Facility |
$ |
350.0 |
|
|
$ |
249.5 |
|
|
$ |
100.5 |
|
|
$ |
249.5 |
|
|
$ |
269.8 |
|
|
|
2.53 |
|
% |
SMBC Corporate Revolving Facility |
|
300.0 |
|
|
|
203.4 |
|
|
|
96.6 |
|
|
|
203.4 |
|
|
|
25.0 |
|
|
|
2.39 |
|
% |
2023 Unsecured Notes |
|
50.0 |
|
|
|
50.0 |
|
|
|
— |
|
|
|
50.0 |
|
|
|
50.0 |
|
|
|
6.50 |
|
% |
2026 Unsecured Notes |
|
135.0 |
|
|
|
135.0 |
|
|
|
— |
|
|
|
135.0 |
|
|
|
99.7 |
|
|
|
4.21 |
|
% |
Ally Corporate Revolving Facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
83.2 |
|
|
|
0.00 |
|
% |
InterNotes® |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.0 |
|
|
|
0.00 |
|
% |
Total Debt |
$ |
835.0 |
|
|
$ |
637.9 |
|
|
$ |
197.1 |
|
|
$ |
637.9 |
|
|
$ |
530.7 |
|
|
|
3.15 |
|
% |
85
SPV Asset Facility
On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with us as the collateral manager, seller and equity holder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. We consolidate CCAP SPV in our consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CCAP SPV.
The maximum commitment amount under the SPV Asset Facility is $350.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) June 22, 2026 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at LIBOR plus a margin with no LIBOR floor. The margin is between 1.65% and 2.10% as determined by the proportion of liquid and illiquid loans pledged to the SPV Asset Facility. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.
The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including an asset coverage test and certain concentration limits.
SMBC Corporate Revolving Facility
On October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). The maximum principal amount of the SMBC Corporate Revolving Facility is $350.0 million, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at LIBOR or adjusted SOFR plus 1.875% or 2.000%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on October 27, 2026.
Ally Corporate Revolving Facility
On August 20, 2019, the Company entered into a senior secured revolving credit facility with Ally Bank, as Administrative Agent and Arranger (the “Ally Corporate Revolving Facility”). The maximum principal amount of the Ally Corporate Revolving Facility was $200.0 million, subject to availability under the borrowing base. Borrowings under the Ally Corporate Revolving Facility bore interest at LIBOR plus a 2.35% margin with no LIBOR floor.
We terminated the Ally Corporate Revolving Facility concurrent with the closing of the SMBC Corporate Revolving Facility, on October 27, 2021.
2023 Unsecured Notes
On July 30, 2020, we completed a private offering of $50.0 million aggregate principal amount of 5.95% senior unsecured notes due July 30, 2023 (the “2023 Unsecured Notes”). The 2023 Unsecured Notes were issued in two $25.0 million issuances on July 30, 2020 and October 28, 2020.
The 2023 Unsecured Notes will mature on July 30, 2023 and may be redeemed in whole or in part, at the Company’s option, any time on or after January 30, 2023 at par plus accrued interest or any time prior to January 30, 2023 at par plus a “make-whole” premium and accrued interest. Interest on the 2023 Unsecured Notes is due and payable semiannually in arrears on January 30th and July 30th of each year.
2026 Unsecured Notes
On February 17, 2021, we completed a private offering of $135,000 aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “2026 Unsecured Notes”). The initial issuance of $50,000 of 2026 Unsecured Notes closed February 17, 2021. The issuance of the remaining $85,000 of 2026 Unsecured Notes closed on May 5, 2021.
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The 2026 Unsecured Notes will mature on February 17, 2026 and may be redeemed in whole or in part, at our option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the 2026 Unsecured Notes is due and payable semiannually in arrears on February 17th and August 17th of each year.
InterNotes®
On January 31, 2020, in connection with the Alcentra Acquisition, we assumed direct unsecured fixed interest rate obligations or “InterNotes®”. The InterNotes® bore interest at fixed interest rates ranging between 6.25% and 6.75% and offered a variety of maturities ranging between February 15, 2021 and April 15, 2022. We redeemed or paid down the remaining $16.4 million of InterNotes® during the first quarter of 2021.
The summary of costs incurred in connection with the SPV Asset Facility, SMBC Corporate Revolving Facility, Ally Corporate Revolving Facility, 2023 Unsecured Notes, 2026 Unsecured Notes and InterNotes® is presented below:
($ in millions) |
|
|
For the three months ended |
|
|
For the nine months ended |
|
||||||||||
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Borrowing interest expense |
|
|
$ |
8.1 |
|
|
$ |
4.2 |
|
|
$ |
18.7 |
|
|
$ |
11.7 |
|
Unused facility fees |
|
|
|
0.2 |
|
|
|
0.3 |
|
|
|
0.7 |
|
|
|
0.8 |
|
Amortization of financing costs |
|
|
|
0.4 |
|
|
|
1.2 |
|
|
|
1.3 |
|
|
|
2.0 |
|
Total interest and credit facility expenses |
|
|
$ |
8.7 |
|
|
$ |
5.7 |
|
|
$ |
20.7 |
|
|
$ |
14.5 |
|
Weighted average outstanding balance |
|
|
|
694.9 |
|
|
|
507.1 |
|
|
|
665.6 |
|
|
|
529.8 |
|
To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced opportunities, or if our Board otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into new debt financing opportunities in addition to our existing debt. The pricing and other terms of any such opportunities would depend upon market conditions and the performance of our business, among other factors.
In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with shareholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.
As of September 30, 2022 and December 31, 2021, our asset coverage ratio was 189% and 201%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.
OFF BALANCE SHEET ARRANGEMENTS
Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2022 and December 31, 2021, we had aggregate unfunded commitments totaling $193.4 million and $195.6 million, respectively.
RECENT DEVELOPMENTS
On November 4, 2022, our Board of Directors declared a regular cash dividend of $0.41 per share, which will be paid on January 17, 2023 to stockholders of record as of December 30, 2022.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including valuation risk, interest rate risk and currency risk.
Valuation Risk
We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2. Summary of Significant Account Policies to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.
Interest Rate Risk
Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.
As of September 30, 2022, 98.7% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility and SMBC Corporate Revolving Facility also bear interest at variable rates.
Assuming that our Consolidated Statements of Assets and Liabilities as of September 30, 2022 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):
($ in millions)
Basis Point Change |
|
Interest Income |
|
|
Interest Expense |
|
|
Net Interest Income (1) |
|
|||
Up 200 basis points |
|
|
24.2 |
|
|
|
10.1 |
|
|
|
14.1 |
|
Up 100 basis points |
|
|
12.1 |
|
|
|
5.1 |
|
|
|
7.0 |
|
Up 75 basis points |
|
|
9.1 |
|
|
|
3.8 |
|
|
|
5.3 |
|
Up 50 basis points |
|
|
6.1 |
|
|
|
2.5 |
|
|
|
3.6 |
|
Down 50 basis points |
|
|
(6.1 |
) |
|
|
(2.5 |
) |
|
|
(3.6 |
) |
Down 75 basis points |
|
|
(9.1 |
) |
|
|
(3.8 |
) |
|
|
(5.3 |
) |
Down 100 basis points |
|
|
(12.1 |
) |
|
|
(5.1 |
) |
|
|
(7.0 |
) |
Down 200 basis points |
|
|
(24.2 |
) |
|
|
(10.1 |
) |
|
|
(14.1 |
) |
Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.
We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.
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Currency Risk
From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. To the extent the loan or investment is based on a floating rate, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate. As of September 30, 2022, we had £23.0 million, €17.8 million, CAD $30.7 million, AUD $29.3, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £23.0 million, €18.3 million, CAD $30.8 million, AUD $29.9, and SEK 11.6 at par.
ITEM 4. CONTROLS AND PROCEDURES
We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2022. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2022, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.
Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintaining records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our consolidated financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our consolidated financial statements would be prevented or detected on a timely basis. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a material misstatement of our consolidated financial statements would be prevented or detected.
Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of September 30, 2022.
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2022, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are party to certain lawsuits in the normal course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. Furthermore, third parties may try to seek to impose liability on us in connection with our activities or the activities of our portfolio companies. While the outcome of any such legal proceedings cannot at this time be predicted with certainty, we do not expect that these legal proceedings will materially affect our business, financial condition or results of operations.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
Market Risk Factors
Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.
Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. In addition, a decreased U.S. government credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.
Deterioration in the economic conditions in the Eurozone and globally, including instability in financial markets, may pose a risk to our business. In recent years, financial markets have been affected at times by a number of global macroeconomic and political events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the potential effect of any European country leaving the Eurozone, the potential effect of the United Kingdom leaving the European Union, and market volatility and loss of investor confidence driven by political events. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. We cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.
The current global financial market situation, as well as various social and political circumstances in the U.S. and around the world, including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, adverse effects of climate crisis and global health epidemics (including the COVID-19), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. In particular, the consequences of the Russian military invasion of Ukraine, including comprehensive international sanctions, the impact on inflation and increased disruption to supply chains and energy resources may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited “cold” wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Company’s returns and net asset value. We have no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond our control. Prolonged unrest, military activities, or broad-based sanctions could have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets.
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Additionally, the U.S. government’s credit and deficit concerns, the European sovereign debt crisis, and the potential trade war with China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets on favorable terms. In this period of rising interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income.
We are subject to risks associated with the current interest rate environment, and to the extent we use debt to finance our investments, changes in interest rates may affect our cost of capital and net investment income. Further, changes in LIBOR or its discontinuation may adversely affect the value of LIBOR-indexed securities, loans, and other financial obligations or extensions of credit in our portfolio.
A further increase in interest rates during this period of rising interest rates may make it more difficult for our portfolio companies to service their obligations under the debt investments that we hold. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults.
In July 2017, the head of the United Kingdom Financial Conduct Authority announced the desire to phase out the use of LIBOR by the end of 2021. However, in March 2021, the FCA announced that most U.S. dollar LIBOR would continue to be published through June 30, 2023 effectively extending the LIBOR transition period to June 30, 2023. However, the FCA has indicated it will not compel panel banks to continue to contribute to LIBOR after the end of 2021 and the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation have encouraged banks to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate no later than December 31, 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, supports replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate, or SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. Although there have been a few issuances utilizing SOFR or the Sterling Over Night Index Average, an alternative reference rate that is based on transactions, it is unknown whether these alternative reference rates will attain market acceptance as replacements for LIBOR. Any transition away from LIBOR to alternative reference rates is complex and could have a material adverse effect on our business, financial condition and results of operations, including as a result of any changes in the pricing of our investments, changes to the documentation for certain of our investments and the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation or modifications to processes and systems.
There can be no assurance that all of the LIBOR-indexed securities, loans, and other financial obligations or extensions of credit in which we are invested do or will include, or be amended to include, an alternative rate-setting methodology to be used in the event that LIBOR ceases to exist. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market for or value of any LIBOR- linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations.
To the extent we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In this period of rising interest rates, our cost of funds may further increase, which could reduce our net investment income.
In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, any further increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income, which could make it easier for us to meet or exceed the Hurdle Amount and, as a result, increase the in incentive fees payable to the Adviser.
In anticipation of the cessation of LIBOR, we may need to renegotiate credit facilities and any credit agreements extending beyond 2022 with our prospective portfolio companies that utilize LIBOR as a factor in determining the interest rate or rely on certain fallback provisions that could cause interest rates to shift to a base rate plus a margin. Any such renegotiations may have a material adverse effect on our business, financial condition and results of operations, including as a result of changes in interest rates payable to us by our portfolio companies or payable by us under our credit facilities.
We are subject to risks related to inflation.
Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Recently, inflation has increased to its highest level in decades. As inflation increases, the real value of our shares and distributions therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Company would likely increase, which would tend to further reduce returns to shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our shareholders. This risk is greater for fixed-income instruments with longer maturities.
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Risks Factors Relating to the Merger
Sales of shares of our common stock after the completion of the Mergers may cause the market price of our common stock to decline.
Based on the number of outstanding shares of our common stock as of October 3, 2022 and the net asset values of each of us and FCRD as of June 30, 2022, we would issue approximately 6.2 million shares of our common stock pursuant to the Merger Agreement to FCRD stockholders. Many FCRD stockholders may decide not to hold the shares of our common stock they will receive pursuant to the Merger Agreement. In addition, our existing stockholders may decide not to hold their shares of our common Stock after completion of the Mergers. In each case, such sales of our common stock could have the effect of depressing the market price for our common stock and may take place promptly following the completion of the Mergers.
We and FCRD may fail to consummate the Mergers. If the Mergers do not close, we will not benefit from the expenses incurred in their pursuit.
While there can be no assurances as to the exact timing, or that the Mergers will be completed at all, we and FCRD are working to complete the Mergers late in the fourth quarter of 2022 or early in the first quarter of 2023. The consummation of the Mergers is subject to certain conditions, including, among others, the FCRD Stockholder Approval, required regulatory approvals and other customary closing conditions. We and FCRD intend to consummate the Mergers as soon as possible; however, there can be no assurance that the conditions required to consummate the Mergers will be satisfied or waived on the anticipated schedule, or at all. If the Mergers are not completed, we will have incurred substantial expenses for which no ultimate benefit will have been received.
Consummation of the Mergers will cause immediate dilution to our stockholders’ voting interests and may cause immediate dilution to the net asset value per share of the combined company’s common stock.
Our stockholders will experience a substantial reduction in their respective percentage ownership interests and effective voting power in respect of the combined company relative to their respective ownership interests in us prior to the Mergers. Consequently, our stockholders should expect to exercise less influence over the management and policies of the combined company following the Mergers than they currently exercise over our management and policies.
If the Mergers are consummated, based on the number of shares of our common stock issued and outstanding as of June 30, 2022 and the net asset values of each of us and FCRD on June 30, 2022, it is expected that our current stockholders will own approximately 83% of our outstanding common stock and former FCRD Stockholders will own approximately 17% of our outstanding common stock immediately following consummation of the Mergers. In addition, subject to certain restrictions in the Merger Agreement, we may issue additional shares of our common stock (including, subject to certain restrictions under the 1940 Act, at prices below our common stock’s then current NAV per share), all of which would further reduce the percentage ownership of the combined company held by former FCRD Stockholders and our current stockholders. In addition, the issuance or sale of shares of our common stock at a discount to our net asset value per share poses a risk of economic dilution to stockholders.
The combined company may be unable to realize the benefits anticipated by the Mergers, including estimated cost savings and synergies, or it may take longer than anticipated to achieve such benefits.
The realization of certain benefits anticipated as a result of the Mergers will depend in part on the integration of FCRD’s investment portfolio with our investment portfolio and the integration of FCRD’s business with our business. There can be no assurance that FCRD’s and our businesses can be operated profitably or integrated successfully into our operations in a timely fashion, or at all. The dedication of management resources to such integration may detract attention from our day-to-day business and, following completion of the Mergers, of the day-to-day business of the combined company, and there can be no assurance that there will not be substantial costs associated with the transition process or there will not be other material adverse effects as a result of these integration efforts. Such effects, including incurring unexpected costs or delays in connection with such integration and failure of FCRD’s investment portfolio to perform as expected, could have a material adverse effect on financial results of the combined company.
We also expect to achieve certain cost savings and synergies from the Mergers when the two companies have fully integrated their portfolios. It is possible that our estimates of the potential cost savings and synergies could turn out to be incorrect. If the
92
estimates turn out to be incorrect or the combined company cannot integrate their investment portfolios and businesses, the anticipated cost savings and synergies may not be fully realized, or realized at all, or may take longer to realize than expected.
The Mergers may trigger certain “change of control” provisions and other restrictions in certain of our and FCRD’s contracts and the failure to obtain any required consents or waivers could adversely impact the combined company.
Certain agreements of us and FCRD or our respective controlled affiliates will or may require the consent of one or more counterparties in connection with the Mergers. The failure to obtain any such consent may permit such counterparties to terminate, or otherwise increase their rights or our or FCRD’s obligations under, any such agreement because the Mergers may violate an anti-assignment, change of control or similar provision. If this happens, we or FCRD may have to seek to replace that agreement with a new agreement or seek a waiver or amendment to such agreement. We cannot assure you that we or FCRD will be able to replace, amend or obtain a waiver under any such agreement on comparable terms or at all.
If any such agreement is material, the failure to obtain consents, amendments or waivers under, or to replace on similar terms or at all, any of these agreements could adversely affect the financial performance or results of operations of the combined company following the Mergers, including preventing us from operating a material part of FCRD’s business.
In addition, the consummation of the Mergers may violate, conflict with, result in a breach of any provision of or the loss of any benefit under, constitute a default (or an event that, with or without notice or lapse of time or both, would constitute a default) under, or result in the termination, cancellation, acceleration or other change of any right or obligation (including any payment obligation) under our or FCRD’s agreements. Any such violation, conflict, breach, loss, default or other effect could, either individually or in the aggregate, have a material adverse effect on the financial condition, results of operations, assets or business of the combined company following completion of the Mergers.
Litigation which may be filed against us or FCRD in connection with the Mergers, regardless of its merits, could result in substantial costs and could delay or prevent the Mergers from being completed.
From time to time, we and FCRD may be subject to legal actions, including securities class action lawsuits and derivative lawsuits, as well as various regulatory, governmental and law enforcement inquiries, investigations and subpoenas in connection with the Mergers. These or any similar securities class action lawsuits and derivative lawsuits, regardless of their merits, may result in substantial costs and divert management time and resources. An adverse judgment in such cases could have a negative impact on our liquidity and financial condition or could prevent the Mergers from being completed.
Termination of the Merger Agreement could negatively impact us.
If the Merger Agreement is terminated, there may be various consequences, including:
Under certain circumstances, we may be obligated to pay a termination fee upon termination of the Merger Agreement.
No assurance can be given that the Mergers will be completed. The Merger Agreement provides for the payment by us to FCRD of a termination fee under certain circumstances.
The Mergers are subject to closing conditions, including the FCRD Stockholder Approval, that, if not satisfied or waived, will result in the Mergers not being completed, which may result in material adverse consequences to our business and operations.
The Mergers are subject to closing conditions, including the FCRD Stockholder Approval, that, if not satisfied, will prevent the Mergers from being completed. The closing condition that FCRD Stockholders approve the First Merger may not be waived under applicable law and must be satisfied for the Mergers to be completed. FCRD currently expects that all directors and executive officers
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of FCRD will vote their shares of FCRD Common Stock in favor of the proposals presented at the FCRD Special Meeting required to complete the Mergers. In addition, First Eagle Investment Management LLC (“FEIM”) has entered into a voting agreement pursuant to which it has agreed to vote the shares of FCRD Common Stock held by FEIM in favor of the proposals presented at the FCRD Special Meeting required to complete the Mergers. If FCRD stockholders do not approve the First Merger and the Mergers are not completed, the resulting failure of the Mergers could have a material adverse impact on our businesses and operations.
In addition to the FCRD Stockholder Approval, the Mergers are subject to a number of other conditions beyond our control that may prevent, delay or otherwise materially adversely affect its completion. We cannot predict with certainty whether and when these other conditions will be satisfied.
We may waive one or more conditions to the Mergers.
Certain conditions to our obligations to complete the Mergers may be waived, in whole or in part, to the extent legally allowed, either unilaterally or by agreement with FCRD. In the event that any such waiver does not require resolicitation of FCRD’s stockholders, the parties to the Merger Agreement will have the discretion to complete the Mergers without seeking further stockholder approval. The conditions requiring the approval of FCRD’s stockholders, however, cannot be waived.
We will be subject to operational uncertainties and contractual restrictions while the Mergers are pending.
Uncertainty about the effect of the Mergers may have an adverse effect on us and, consequently, on the combined company following completion of the Mergers. These uncertainties may cause those that deal with us to seek to change their existing business relationships. In addition, the Mergers agreement restricts us from taking actions that they might otherwise consider to be in our best interests. These restrictions may prevent us from pursuing certain business opportunities that may arise prior to the completion of the Mergers.
The market price of our common stock after the Mergers may be affected by factors different from those affecting our common stock currently.
Our businesses and FCRD’s business differ in some respects and, accordingly, the results of operations of the combined company and the market price of our common stock after the Mergers may be affected by factors different from those currently affecting the independent results of operations of each of us and FCRD. These factors include:
Accordingly, our historical trading prices and financial results may not be indicative of these matters for the combined company following the Mergers.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
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ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
The following documents are filed as part of this Quarterly Report:
1. |
Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial Statements on page F-1 of this quarterly report on Form 10-Q. |
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2 |
Financial Statement Schedules—None. We have omitted financial statements schedules because they are not required or are not applicable, or the required information is shown in the consolidated financial statements or notes to the consolidated financial statements included in this quarterly report on Form 10-Q. |
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3. |
Exhibits—The following is a list of all exhibits filed as a part of this quarterly report on Form 10-Q, including those incorporated by reference. |
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2.1 |
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2.2 |
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2.3 |
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2.4 |
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3.1 |
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3.2 |
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4.1 |
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4.2 |
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10.1 |
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10.2 |
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10.3 |
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10.4 |
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10.5 |
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10.6 |
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10.7 |
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10.8 |
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10.9 |
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10.10 |
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10.11 |
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10.12 |
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10.13 |
Form of 5.95% Series 2020A Senior Notes due July 30, 2023 (included in Exhibit 10.12). |
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10.14 |
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10.15 |
Form of 4.00% SERIES 2021A Senior Note Due February 17, 2026 (included in Exhibit 10.14). |
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10.16 |
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10.17 |
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14.1 |
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21.1 |
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31.1 |
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31.2 |
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32 |
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101.INS |
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
101.SCH |
Inline XBRL Taxonomy Extension Schema Document |
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Crescent Capital BDC, Inc. |
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Date: November 9, 2022 |
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By: |
/s/ Jason A. Breaux
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Jason A. Breaux |
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Chief Executive Officer |
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Date: November 9, 2022 |
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By: |
/s/ Gerhard Lombard
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Gerhard Lombard |
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Chief Financial Officer |
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Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I, Jason A. Breaux, certify that:
Date: November 9, 2022 |
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By: |
/s/ Jason A. Breaux |
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Jason A. Breaux |
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Chief Executive Officer |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
I, Gerhard Lombard, certify that:
Date: November 9, 2022 |
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By: |
/s/ Gerhard Lombard |
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Gerhard Lombard |
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Chief Financial Officer |
Exhibit 32
Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002
In connection with the Quarterly Report on Form 10-Q of Crescent Capital BDC, Inc. (the “Company”) for the quarter ended September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company, does hereby certify, to the best of such officer’s knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
/s/ Jason A. Breaux |
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Name: |
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Jason A. Breaux |
Title: |
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Chief Executive Officer |
Date: |
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November 9, 2022 |
/s/ Gerhard Lombard |
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Name: |
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Gerhard Lombard |
Title: |
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Chief Financial Officer |
Date: |
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November 9, 2022 |