# EDGAR Filing Document

**Accession Number:** 0001633336
**File Stem:** 0001193125-25-277533
**Filing Date:** 2025-11
**Character Count:** 536941
**Document Hash:** 3b0a9485e7e5af0f4282abf7938325e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-277533.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-277533

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 84

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crescent Capital BDC, Inc.
- **CENTRAL INDEX KEY:** 0001633336

**ORGANIZATION NAME:**
- **EIN:** 473162282
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01132
- **FILM NUMBER:** 251472716

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 2000
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 310-235-5971

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD.
- **STREET 2:** SUITE 2000
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

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**FORM** 10-Q

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**(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,** 2025

**or** 

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

**Commission file number** 814-01132

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Crescent Capital BDC, Inc.

**(Exact Name of Registrant as Specified in Its Charter)** 

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---

| | |
|:---|:---|
| Maryland | 47-3162282 |
| **(State or Other Jurisdiction of**<br>**Incorporation or Organization)** | **(I.R.S. Employer**<br>**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

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

---

| | | |
|:---|:---|:---|
| **Title of each class**<br>| &nbsp;&nbsp;&nbsp;**Trading**<br>**Symbol**<br>| &nbsp;&nbsp;&nbsp;**Name of each exchange on which registered**<br>|
| Common Stock, $0.001 par value per share | CCAP | The Nasdaq Stock Market LLC |
| 5.00% Notes due 2026 | FCRX | The New York Stock Exchange |

---

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

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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 such 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 Exchange Act). Yes ☐ No ☒

The number of shares of the Registrant's common stock, $.001 par value per share, outstanding at November 12, 2025 was 36,992,523

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**CRESCENT CAPITAL BDC, INC.**

**FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **PART I** | [**<u>FINANCIAL INFORMATION</u>**](#financial_information) |  |
| &nbsp;&nbsp;&nbsp;Item 1.  | [<u>Financial Statements</u>](#financial_statements) | [<u>4</u>](#financial_statements) |
|  | [<u>Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_stmnt_assets_liabilities) | [<u>4</u>](#consolidated_stmnt_assets_liabilities) |
|  | [<u>Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_statements_operations) | [<u>5</u>](#consolidated_statements_operations) |
|  | [<u>Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_statements_net_assets) | [<u>6</u>](#consolidated_statements_net_assets) |
|  | [<u>Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_statements_cash) | [<u>8</u>](#consolidated_statements_cash) |
|  | [<u>Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)</u>](#consolidated_sch_investments_current) | [<u>9</u>](#consolidated_sch_investments_current) |
|  | [<u>Consolidated Schedule of Investments as of December 31, 2024</u>](#consolidated_sch_investments_prior) | [<u>46</u>](#consolidated_sch_investments_prior) |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_consolidated_financial_statements) | [<u>80</u>](#notes_consolidated_financial_statements) |
| &nbsp;&nbsp;&nbsp;Item 2.  | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item2_mda) | [<u>107</u>](#item2_mda) |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3_market_risks) | [<u>119</u>](#item3_market_risks) |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item4_control_procedures) | [<u>120</u>](#item4_control_procedures) |
| **PART II** | [**<u>OTHER INFORMATION</u>**](#partii_other_information) | [<u>120</u>](#partii_other_information) |
| &nbsp;&nbsp;&nbsp;Item 1.  | [<u>Legal Proceedings</u>](#partii_item1_legal) | [<u>121</u>](#partii_item1_legal) |
| &nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#partii_item1a_risk_factors) | [<u>121</u>](#partii_item1a_risk_factors) |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#partii_item2_unregistered_sales) | [<u>122</u>](#partii_item2_unregistered_sales) |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#partii_item3_defaults) | [<u>122</u>](#partii_item3_defaults) |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#partii_item4_mine_safety) | [<u>122</u>](#partii_item4_mine_safety) |
| &nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#partii_item5_other) | [<u>122</u>](#partii_item5_other) |
| &nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#exhibits_1) | [<u>123</u>](#exhibits_1) |

---

------

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty surrounding the financial stability of the United States, Europe, Australia and China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential fluctuation in quarterly operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential impact of economic recessions or downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse developments in the credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulations governing our operation as a business development company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•operation in a highly competitive market for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with inflation and the current interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in interest rates may affect our cost of capital and net investment income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of changes in Secured Overnight Financing Rate ("SOFR"), or other benchmark rate on our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•financing investments with borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential adverse effects of price declines and illiquidity in the corporate debt markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•lack of liquidity in investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the outcome and impact of any litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks regarding distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential adverse effects of new or modified laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential resignation of the Adviser and or the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty as to the value of certain portfolio investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•defaults by portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to successfully complete and integrate any acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks associated with original issue discount ("OID") and payment-in-kind ("PIK") interest income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the market price of our common stock may fluctuate significantly;

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information

------

contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 (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.

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**Crescent** **Capital BDC, Inc.** 

**Consolidated Statements of Assets and Liabilities** 

**(in thousands, except share and per share data)** 

---

| | | |
|:---|:---|:---|
|  | **As of <br>September 30, 2025 (Unaudited)** | **As of <br>December 31, 2024** |
| **Assets** |  |  |
| Investments, at fair value |  |  |
| &nbsp;&nbsp;Non-controlled non-affiliated investments (cost of $1,501,749 and $1,511,386, respectively) | $1487246 | $1504013 |
| &nbsp;&nbsp;Non-controlled affiliated investments (cost of $27,556 and $46,104, respectively) | 30476 | 46793 |
| &nbsp;&nbsp;Controlled investments (cost of $73,794 and $66,416, respectively) | 62956 | 48051 |
| Cash and cash equivalents | 5786 | 10130 |
| Restricted cash and cash equivalents | 22017 | 29292 |
| Interest and dividend receivable | 9932 | 11008 |
| Receivable from unsettled transactions | 5285 | 1163 |
| Unrealized appreciation on foreign currency forward contracts | 2082 | 4815 |
| Deferred tax assets | 181 | 746 |
| Other assets | 1667 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1627628 | $1656274 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs of $6,448 and $8,214, respectively) | $875315 | $875837 |
| Distributions payable | 15557 | 15566 |
| Interest and other debt financing costs payable | 7943 | 10408 |
| Management fees payable | 5119 | 5066 |
| Incentive fees payable | 3574 | 4305 |
| Deferred tax liabilities | 181 | 746 |
| Unrealized depreciation on foreign currency forward contracts | 2271 | - |
| Accrued expenses and other liabilities | 3593 | 3709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 913553 | 915637 |
| Commitments and Contingencies **(Note 8)** |  |  |
| **Net assets** |  |  |
| Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively) |  |  |
| Common stock, par value $0.001 per share (200,000,000 shares authorized, 37,039,657 and 37,061,547 shares issued and outstanding, respectively) | 37 | 37 |
| Paid-in capital in excess of par value | 958765 | 959098 |
| Accumulated earnings (loss) | (244727) | (218498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | 714075 | 740637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $1627628 | $1656274 |
| Net asset value per share | $19.28 | $19.98 |

---

See accompanying notes

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**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 three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;From non-controlled non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $35351 | $42662 | $108507 | $128201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 2143 | 3527 | 6231 | 6742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 286 | 102 | 458 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 407 | 780 | 2325 | 2447 |
| &nbsp;&nbsp;From non-controlled affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 525 | 713 | 2025 | 2505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 294 | 708 | 1100 | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | - | 520 | 258 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | - | - | - | 16 |
| &nbsp;&nbsp;From controlled investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 379 | 273 | 794 | 881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 1960 | 2344 | 4760 | 7624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 7 | 3 | 15 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 41352 | 51632 | 126473 | 150945 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;Interest and other debt financing costs | 13876 | 16104 | 43663 | 47638 |
| &nbsp;&nbsp;Management fees | 5130 | 5119 | 15257 | 15133 |
| &nbsp;&nbsp;Income based incentive fees | 3586 | 4976 | 10684 | 14518 |
| &nbsp;&nbsp;Professional fees | 544 | 585 | 2177 | 1483 |
| &nbsp;&nbsp;Directors' fees | 159 | 151 | 486 | 459 |
| &nbsp;&nbsp;Other general and administrative expenses | 870 | 609 | 2698 | 1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 24165 | 27544 | 74965 | 81145 |
| &nbsp;&nbsp;Management fees waiver | (11) | (30) | (44) | (101) |
| &nbsp;&nbsp;Income based incentive fees waiver | (12) | (77) | (67) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net expenses** | 24142 | 27437 | 74854 | 80930 |
| Net investment income before taxes | 17210 | 24195 | 51619 | 70015 |
| &nbsp;&nbsp;Provision for income and excise taxes | 281 | 655 | 1182 | 1455 |
| **Net investment income** | 16929 | 23540 | 50437 | 68560 |
| **Net realized and unrealized gains (losses) on investments:** |  |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled non-affiliated investments | (2908) | 2095 | (8413) | (4841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | (1996) | (4828) | (1996) | (4828) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | - | 6443 | (3800) | 6443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (105) | 59 | (204) | (460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | - | - | - | 3223 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled non-affiliated investments and foreign currency translation | (8835) | (3773) | (14758) | 8288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated investments | 2642 | 4571 | 2231 | 5765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controlled investments | 403 | (11378) | 7527 | (15231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 972 | (1405) | (5005) | (3725) |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | (9827) | (8216) | (24418) | (5366) |
| &nbsp;&nbsp;Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments | - | (56) | - | 464 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $7102 | $15268 | $26019 | $63658 |
| **Per common share data:** |  |  |  |  |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations per share (basic and diluted): | $0.19 | $0.41 | $0.70 | $1.72 |
| &nbsp;&nbsp;Net investment income per share (basic and diluted): | $0.46 | $0.64 | $1.36 | $1.85 |
| &nbsp;&nbsp;Weighted average shares outstanding (basic and diluted): | 37060595 | 37061547 | 37061226 | 37061547 |

---

See accompanying notes

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**Crescent Capital BDC, Inc.** 

**Consolidated Statements of Changes in Net Assets** 

**(in thousands, except share and per share data) (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Par Amount** | **Paid in Capital in<br>Excess of Par<br>Value** | **Accumulated Earnings (Loss)** | **Total Net Assets** |
| **Balance at June 30, 2025** | 37061547 | $37 | $959098 | $(234419) | $724716 |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |  |  |  |
| Net investment income |  |  |  | 16929 | 16929 |
| Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |  |  |  | (5009) | (5009) |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |  |  |  | (4818) | (4818) |
| Repurchases of common stock | (21890) |  | (333) |  | (333) |
| Distributions from distributable earnings |  |  |  | (17410) | (17410) |
| Total increase (decrease) for the three months ended September 30, 2025 | (21890) | $— | $(333) | $(10308) | $(10641) |
| **Balance at September 30, 2025** | 37039657 | $37 | $958765 | $(244727) | $714075 |
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Par Amount** | **Paid in Capital in<br>Excess of Par<br>Value** | **Accumulated Earnings (Loss)** | **Total Net Assets** |
| **Balance at December 31, 2024** | 37061547 | $37 | $959098 | $(218498) | $740637 |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |  |  |  |
| Net investment income | - | - | - | 50437 | 50437 |
| Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards | - | - | - | (14413) | (14413) |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation | - | - | - | (10005) | (10005) |
| Repurchases of common stock | (21890) | - | (333) |  | (333) |
| Distributions from distributable earnings | - | - | - | (52248) | (52248) |
| Total increase (decrease) for the nine months ended September 30, 2025 | (21890) | $- | $(333) | $(26229) | $(26562) |
| **Balance at September 30, 2025** | 37039657 | $37 | $958765 | $(244727) | $714075 |

---

See accompanying notes

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**Crescent Capital BDC, Inc.** 

**Consolidated Statements of Changes in Net Assets** 

**(in thousands, except share and per share data) (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Par Amount** | **Paid in Capital in<br>Excess of Par<br>Value** | **Accumulated Earnings (Loss)** | **Total Net Assets** |
| **Balance at June 30, 2024** | 37061547 | $37 | $965895 | $(213492) | $752440 |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |  |  |  |
| Net investment income |  |  |  | 23540 | 23540 |
| Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |  |  |  | 3769 | 3769 |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |  |  |  | (11985) | (11985) |
| Benefit (provision) for taxes on realized gain on investments |  |  |  | (56) | (56) |
| Distributions from distributable earnings |  |  |  | (18901) | (18901) |
| Total increase (decrease) for the three months ended September 30, 2024 |  |  |  | $(3633) | $(3633) |
| **Balance at September 30, 2024** | 37061547 | $37 | $965895 | $(217125) | $748807 |
|  | **Common Stock** | **Common Stock** |  |  |  |
|  | **Shares** | **Par Amount** | **Paid in Capital in<br>Excess of Par<br>Value** | **Accumulated Earnings (Loss)** | **Total Net Assets** |
| **Balance at December 31, 2023** | 37061547 | $37 | $965895 | $(223338) | $742594 |
| **Net increase (decrease) in net assets resulting from operations:** |  |  |  |  |  |
| Net investment income |  |  |  | 68560 | 68560 |
| Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |  |  |  | (463) | (463) |
| Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |  |  |  | (4903) | (4903) |
| Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |  |  |  | 464 | 464 |
| Distributions from distributable earnings |  |  |  | (57445) | (57445) |
| Total increase (decrease) for the nine months ended September 30, 2024 |  |  |  | 6213 | 6213 |
| **Balance at September 30, 2024** | 37061547 | $37 | $965895 | $(217125) | $748807 |

---

See accompanying notes

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**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,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $26019 | $63658 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |  |  |
| &nbsp;&nbsp;Purchases of investments | (236087) | (265819) |
| &nbsp;&nbsp;Paid-in-kind interest income | (8197) | (8030) |
| &nbsp;&nbsp;Proceeds from sales of investments and principal repayments | 256683 | 263211 |
| &nbsp;&nbsp;Net realized (gain) loss on investments and foreign currency transactions | 14042 | 9067 |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments and foreign currency translation | 5000 | 1178 |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 5005 | 3725 |
| &nbsp;&nbsp;Amortization of premium and accretion of discount, net | (5511) | (6841) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 2831 | 1684 |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in receivable for unsettled transactions | (4122) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable | 1076 | 3360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in deferred tax asset | 565 | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (1404) | (1768) |
| &nbsp;&nbsp;Increase (decrease) in management fees payable | 53 | 63 |
| &nbsp;&nbsp;Increase (decrease) in incentive fees payable | (731) | 129 |
| &nbsp;&nbsp;Increase (decrease) in interest and other debt financing costs payable | (2465) | (1784) |
| &nbsp;&nbsp;Increase (decrease) in deferred tax liability | (565) | (75) |
| &nbsp;&nbsp;Increase (decrease) in accrued expenses and other liabilities | (116) | 307 |
| Net cash provided by (used for) operating activities | $52076 | $61796 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Issuance of unsecured debt | 115000 |  |
| &nbsp;&nbsp;Repurchases of common stock | (333) |  |
| &nbsp;&nbsp;Deferred financing and debt issuance costs paid | (1065) | (1904) |
| &nbsp;&nbsp;Distributions paid | (52248) | (57075) |
| &nbsp;&nbsp;Borrowings on credit facilities | 293009 | 239968 |
| &nbsp;&nbsp;Repayments on credit facilities | (417991) | (229427) |
| Net cash provided by (used for) financing activities | (63628) | (48438) |
| Effect of exchange rate changes on cash denominated in foreign currency | (67) | 9 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency | (11619) | 13367 |
| Cash, cash equivalents, restricted cash and foreign currency, beginning of period | 39422 | 24470 |
| **Cash, cash equivalents, restricted cash and foreign currency, end of period**<sup>(1)</sup> | $27803 | $37837 |
| **Supplemental and non-cash financing activities:** |  |  |
| Cash paid during the period for interest | $43290 | $47714 |
| Cash paid during the period for taxes | $1592 | $1262 |
| Accrued but unpaid distributions | $15557 | $15566 |

---

(1)As of September 30, 2025, the balance included cash and cash equivalents of $5,786 (including cash denominated in foreign currency of $3,035) and restricted cash and cash equivalents of $22,017 (including cash denominated in foreign currency of $520). As of December 31, 2024, the balance included cash and cash equivalents of $10,130 (including cash denominated in foreign currency of $692) and restricted cash and cash equivalents of $29,292 (including cash denominated in foreign currency of $13,514).

See accompanying notes

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **Investments (1)(2)(3)** |  |  |  |  |  |  |  |  |
| **United States** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles & Components** |  |  |  |  |  |  |  |  |
| Auveco Holdings | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.60% | 05/2028 | 75 | $73 | 0.0% | 75 |
| Auveco Holdings | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.60% | 05/2028 | 3918 | 3878 | 0.5 | 3918 |
| Continental Battery Company (9) | Unitranche First Lien Term Loan |  |  | 07/2028 | 8195 | 7469 | 0.5 | 3337 |
| Continental Battery Company (9) | Unitranche First Lien Delayed Draw Term Loan |  |  | 07/2028 | 3023 | 2765 | 0.2 | 1231 |
| Sun Acquirer Corp. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.82% | 09/2028 | 12554 | 12432 | 1.8 | 12554 |
| Sun Acquirer Corp. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.82% | 09/2028 | 8876 | 8807 | 1.2 | 8876 |
| Sun Acquirer Corp. (4)(5) | Unitranche First Lien Revolver |  |  | 09/2027 |  | (15) | 0.0 | - |
| Sun Acquirer Corp. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.66% | 09/2028 | 2406 | 2380 | 0.3 | 2407 |
|  |  |  |  |  | 39047 | $37789 | 4.5% | 32398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Goods** |  |  |  |  |  |  |  |  |
| Envocore Holding, LLC (7)(8) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;750 | 7.50% | 12/2027 | 6684 | $6677 | 0.9% | 6684 |
| Envocore Holding, LLC (7)(8)(9) | Senior Secured Second Lien Term Loan |  |  | 12/2028 | 10110 | 7053 | 0.4 | 2512 |
| Envocore Holding, LLC (7)(8) | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;750 | 7.50% | 12/2027 | 1111 | 1111 | 0.2 | 1111 |
| Eshipping | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.16% | 11/2027 | 4818 | 4781 | 0.7 | 4818 |
| Eshipping | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.16% | 11/2027 | 741 | 739 | 0.1 | 741 |
| Eshipping | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.36% | 11/2027 | 77 | 68 | 0.0 | 77 |
| GB Eagle Buyer, Inc. (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 11/2030 |  | (5) | 0.0 | (14) |
| GB Eagle Buyer, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 450, 100 Floor | 8.80% | 11/2030 | 192 | 188 | 0.0 | 187 |
| GB Eagle Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 100 Floor | 8.80% | 11/2030 | 3173 | 3144 | 0.4 | 3139 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Oliver Packaging LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600 (100 PIK), 100 Floor | 10.15% | 07/2028 | 3326 | $3294 | 0.4% | 3018 |
| Oliver Packaging LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600 (100 PIK), 100 Floor | 10.15% | 07/2028 | 150 | 145 | 0.0 | 104 |
| Oliver Packaging LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600 (100 PIK), 100 Floor | 10.15% | 07/2028 | 202 | 199 | 0.0 | 183 |
| Painters Supply & Equipment Company | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.92% | 08/2027 | 1968 | 1954 | 0.3 | 1924 |
| Painters Supply & Equipment Company | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.50% | 08/2027 | 880 | 876 | 0.1 | 860 |
| Painters Supply & Equipment Company | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.83% | 08/2027 | 21 | 18 | 0.0 | 10 |
| Painters Supply & Equipment Company | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.56% | 04/2030 | 170 | 170 | 0.0 | 154 |
| Painters Supply & Equipment Company | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.70% | 04/2030 | 839 | 839 | 0.1 | 821 |
| TriStrux, LLC (9) | Senior Secured First Lien Term Loan |  |  | 12/2027 | 2700 | 2674 | 0.2 | 1514 |
| TriStrux, LLC (9) | Senior Secured First Lien Revolver |  |  | 12/2027 | 969 | 958 | 0.1 | 500 |
| TriStrux, LLC (9) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 12/2027 | 948 | 938 | 0.1 | 531 |
|  |  |  |  |  | 39079 | $35821 | 4.0% | 28874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| American Refrigeration | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.69% | 02/2029 | 3448 | $3433 | 0.5% | 3421 |
| American Refrigeration | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.69% | 04/2029 | 125 | 125 | 0.0 | 124 |
| American Refrigeration | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.69% | 04/2029 | 198 | 198 | 0.0 | 196 |
| Automated Control Concepts, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.50% | 10/2026 | 2976 | 2937 | 0.4 | 2946 |
| Automated Control Concepts, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 10/2026 |  | (10) | 0.0 | (8) |
| Career Certified, LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 02/2031 |  | (1) | 0.0 |  |
| Career Certified, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 02/2031 |  | (2) | 0.0 |  |
| Career Certified, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.00% | 02/2031 | 2195 | 2179 | 0.3 | 2195 |
| Duraserv LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.88% | 06/2031 | 1770 | 1764 | 0.2 | 1754 |
| Duraserv LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 06/2030 |  | (7) | 0.0 | (8) |
| Duraserv LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.88% | 06/2031 | 4773 | 4734 | 0.7 | 4732 |
| Duraserv LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.88% | 06/2031 | 181 | 181 | 0.0 | 165 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Flow Service Partners Intermediate Holdco LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.30% | 11/2030 | 450 | $444 | 0.1% | 442 |
| Flow Service Partners Intermediate Holdco LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 8.94% | 11/2030 | 240 | 231 | 0.0 | 235 |
| Flow Service Partners Intermediate Holdco LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.00% | 11/2030 | 2531 | 2503 | 0.4 | 2516 |
| GH Parent Holdings Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.41% | 05/2029 | 12647 | 12562 | 1.8 | 12648 |
| GH Parent Holdings Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.41% | 05/2029 | 264 | 255 | 0.0 | 264 |
| GH Parent Holdings Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.41% | 05/2029 | 7260 | 7260 | 1.0 | 7260 |
| GH Parent Holdings Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.41% | 05/2029 | 645 | 620 | 0.1 | 645 |
| Guardian Access Solutions | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.00% | 08/2029 | 1060 | 1051 | 0.1 | 1060 |
| Guardian Access Solutions | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.00% | 08/2029 | 525 | 512 | 0.1 | 525 |
| Guardian Access Solutions | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.20% | 08/2029 | 2842 | 2792 | 0.4 | 2842 |
| Halo Buyer, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.32% | 02/2029 | 100 | 91 | 0.0 | 107 |
| Halo Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.32% | 02/2029 | 3461 | 3400 | 0.5 | 3507 |
| Hamsard 3778 Limited (4)(5)(11) | Unitranche First Lien - Last Out Delayed Draw Term Loan |  |  | 10/2031 |  | (16) | 0.0 |  |
| Hamsard 3778 Limited (11) | Unitranche First Lien - Last Out Term Loan | &nbsp;&nbsp;&nbsp;S + 550 | 9.47% | 10/2031 | 9591 | 9043 | 1.3 | 9591 |
| Hercules Borrower LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2028 | - | (12) | 0.0 | (22) |
| Hercules Borrower LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.07% | 12/2028 | 15991 | 15865 | 2.2 | 15832 |
| Hsid Acquisition, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.95% | 01/2028 | 3660 | 3637 | 0.5 | 3660 |
| Hsid Acquisition, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.95% | 01/2028 | 2755 | 2737 | 0.4 | 2755 |
| Hsid Acquisition, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 01/2028 | - | (1) | 0.0 | - |
| Infobase | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.65% | 06/2028 | 10933 | 10816 | 1.5 | 10776 |
| Infobase | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.65% | 06/2028 | 735 | 721 | 0.1 | 714 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Iris Buyer, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.56% | 10/2030 | 10409 | $10177 | 1.4% | 10306 |
| Iris Buyer, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (600 PIK), 100 Floor | 12.15% | 10/2030 | 981 | 961 | 0.1 | 972 |
| Iris Buyer, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.55% | 10/2030 | 303 | 275 | 0.0 | 288 |
| Iris Buyer, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.55% | 10/2030 | 385 | 375 | 0.1 | 362 |
| Landscape Workshop, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.30% | 05/2032 | 1397 | 1377 | 0.2 | 1412 |
| Landscape Workshop, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.30% | 05/2031 | 259 | 238 | 0.0 | 259 |
| Landscape Workshop, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.30% | 05/2032 | 12973 | 12847 | 1.8 | 13020 |
| MHS Acquisition Holdings, LLC (8) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1350 PIK | 13.50% | 03/2027 | 368 | 367 | 0.1 | 368 |
| MHS Acquisition Holdings, LLC (8) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1350 PIK | 13.50% | 03/2027 | 1104 | 1103 | 0.2 | 1104 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.46% | 07/2027 | 608 | 603 | 0.1 | 608 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.46% | 07/2027 | 217 | 215 | 0.0 | 217 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.46% | 07/2027 | 60 | 59 | 0.0 | 60 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.71% | 07/2027 | 39 | 39 | 0.0 | 39 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.96% | 07/2027 | 39 | 39 | 0.0 | 39 |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.35% | 02/2029 | 4263 | 4196 | 0.6 | 4263 |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.35% | 02/2029 | 1918 | 1903 | 0.3 | 1918 |
| Minuteman Security Technologies, Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 02/2029 |  | (15) | 0.0 | - |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.35% | 02/2029 | 2632 | 2632 | 0.4 | 2632 |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.35% | 02/2029 | 2518 | 2518 | 0.4 | 2518 |
| NRG Controls (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 10/2030 | - | (5) | 0.0 | - |
| NRG Controls (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2030 |  | (5) | 0.0 | - |
| NRG Controls | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.91% | 10/2030 | 3069 | 3036 | 0.4 | 3069 |
| Pye-Barker Fire & Safety, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 05/2031 | 1141 | 1141 | 0.2 | 1121 |
| Pye-Barker Fire & Safety, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 05/2030 | 327 | 327 | 0.0 | 281 |
| Pye-Barker Fire & Safety, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 05/2031 | 26428 | 26428 | 3.6 | 25964 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Receivable Solutions, Inc. | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;P + 450, 100 Floor | 12.00% | 04/2026 | 180 | $180 | 0.0% | 180 |
| Receivable Solutions, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.41% | 04/2026 | 2053 | 2053 | 0.4 | 2053 |
| RN Enterprises, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 8.97% | 10/2031 | 218 | 206 | 0.0 | 225 |
| RN Enterprises, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 8.77% | 10/2031 | 218 | 204 | 0.0 | 218 |
| RN Enterprises, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 8.77% | 10/2031 | 6806 | 6730 | 1.1 | 6829 |
| RN Enterprises, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 8.77% | 10/2031 | 869 | 861 | 0.1 | 872 |
| Seko Global Logistics Network, LLC (9)(11) | Senior Secured First Lien Term Loan |  |  | 05/2030 | 1364 | 1327 | 0.2 | 1314 |
| Seko Global Logistics Network, LLC (9)(11) | Senior Secured First Lien Revolver |  |  | 05/2030 | 501 | 484 | 0.1 | 501 |
| Service Logic Acquisition, Inc. (8) | Senior Secured Second Lien Term Loan | &nbsp;&nbsp;&nbsp;1150 | 11.50% | 10/2028 | 4475 | 4408 | 0.6 | 4517 |
| Service Logic Acquisition, Inc. (8) | Senior Secured Second Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;1150 | 11.50% | 10/2028 | 2358 | 2318 | 0.3 | 2381 |
| UHY Advisors , Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 9.26% | 11/2031 | 288 | 277 | 0.0 | 288 |
| UHY Advisors , Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 9.06% | 11/2031 | 93 | 85 | 0.0 | 93 |
| UHY Advisors , Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.95% | 11/2031 | 4552 | 4523 | 0.6 | 4552 |
|  |  |  |  |  | 186769 | $184529 | 25.9% | 185717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Services** |  |  |  |  |  |  |  |  |
| Bandon Fitness (Texas) Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.46% | 07/2028 | 4690 | $4647 | 0.6% | 4491 |
| Bandon Fitness (Texas) Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.46% | 07/2028 | 401 | 397 | 0.1 | 384 |
| Bandon Fitness (Texas) Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.35% | 07/2028 | 2081 | 2067 | 0.3 | 1993 |
| Effective School Solutions LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.96% | 11/2027 | 7479 | 7434 | 1.0 | 7432 |
| Effective School Solutions LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.78% | 11/2027 | 1415 | 1404 | 0.2 | 1406 |
| Effective School Solutions LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.93% | 11/2027 | 180 | 180 | 0.0 | 178 |
| Everlast Parent Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.66% | 10/2028 | 13362 | 13288 | 1.8 | 13204 |
| Everlast Parent Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.66% | 10/2028 | 1105 | 1097 | 0.2 | 1086 |
| Everlast Parent Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.91% | 10/2028 | 3284 | 3235 | 0.4 | 3182 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| FS Whitewater Borrower, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.15% | 12/2029 | 4175 | $4138 | 0.6% | 4205 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.15% | 12/2029 | 1401 | 1396 | 0.2 | 1412 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.15% | 12/2029 | 1393 | 1381 | 0.2 | 1403 |
| FS Whitewater Borrower, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2029 | - | (5) | 0.0 | - |
| FS Whitewater Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.15% | 12/2029 | 1520 | 1514 | 0.2 | 1531 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.15% | 12/2029 | 579 | 571 | 0.1 | 583 |
| FS Whitewater Borrower, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 12/2029 | - | (16) | 0.0 | 13 |
| HGH Purchaser, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 700 (250 PIK), 75 Floor | 11.33% | 11/2026 | 3370 | 3366 | 0.4 | 3141 |
| HGH Purchaser, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 700 (250 PIK), 75 Floor | 11.33% | 11/2026 | 3338 | 3337 | 0.4 | 3112 |
| HGH Purchaser, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650, 75 Floor | 10.78% | 11/2026 | 1160 | 1163 | 0.1 | 1056 |
| HGH Purchaser, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 700 (250 PIK), 75 Floor | 11.33% | 11/2026 | 7940 | 7888 | 1.0 | 7402 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 75 Floor | 9.41% | 06/2028 | 316 | 302 | 0.0 | 316 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 75 Floor | 9.45% | 06/2029 | 10082 | 9988 | 1.4 | 10083 |
| HS Spa Holdings Inc. (Hand & Stone) (8) | Unitranche First Lien - Last Out Term Loan | &nbsp;&nbsp;&nbsp;1238 PIK | 12.38% | 06/2030 | 1896 | 1871 | 0.3 | 1840 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 75 Floor | 9.45% | 06/2029 | 874 | 863 | 0.1 | 874 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 75 Floor | 9.45% | 06/2029 | 978 | 975 | 0.1 | 978 |
| Ingenio, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (600 PIK), 100 Floor | 12.15% | 08/2027 | 5100 | 5084 | 0.7 | 4795 |
| Ingenio, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (600 PIK), 100 Floor | 12.15% | 08/2027 | 2259 | 2247 | 0.3 | 2124 |
| Mario Purchaser, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 10.01% | 04/2029 | 5107 | 5081 | 0.7 | 4907 |
| Mario Purchaser, LLC | Unitranche First Lien - Last Out Term Loan | &nbsp;&nbsp;&nbsp;1501 PIK | 15.01% | 04/2032 | 4774 | 4703 | 0.6 | 4562 |
| Mario Purchaser, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 10.01% | 04/2028 | 383 | 372 | 0.0 | 342 |
| Mario Purchaser, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 10.01% | 04/2029 | 9590 | 9478 | 1.3 | 9215 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Mario Purchaser, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.01% | 04/2029 | 471 | $464 | 0.1% | 453 |
| Marlin DTC-LS Midco 2, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 07/2026 |  |  | 0.0 | (4) |
| Marlin DTC-LS Midco 2, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.76% | 07/2026 | 2884 | 2882 | 0.5 | 2806 |
| PPV Intermediate Holdings LLC (Vetcor) (4)(5) | Unitranche First Lien Revolver |  |  | 08/2029 |  | (3) | 0.0 | (6) |
| PPV Intermediate Holdings LLC (Vetcor) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 10.06% | 08/2029 | 3478 | 3461 | 0.6 | 3478 |
| PPV Intermediate Holdings LLC (Vetcor) (8) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1375 PIK | 13.75% | 08/2030 | 1356 | 1337 | 0.2 | 1317 |
| PPV Intermediate Holdings LLC (Vetcor) (8) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1475 PIK | 14.75% | 08/2030 | 336 | 325 | 0.0 | 324 |
| Stepping Stones Healthcare Services, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 12/2028 | 12745 | 12594 | 1.9 | 12865 |
| Stepping Stones Healthcare Services, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 12/2028 | 2861 | 2846 | 0.5 | 2887 |
| Stepping Stones Healthcare Services, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2026 |  | (18) | 0.0 |  |
| Stepping Stones Healthcare Services, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 12/2028 | 1030 | 1008 | 0.1 | 1063 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.66% | 11/2029 | 1474 | 1464 | 0.2 | 1448 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.66% | 11/2029 | 1629 | 1618 | 0.2 | 1601 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.66% | 11/2029 | 180 | 174 | 0.0 | 164 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.66% | 11/2029 | 2446 | 2446 | 0.3 | 2403 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.91% | 11/2029 | 1546 | 1519 | 0.2 | 1518 |
| USA Hometown Experts, Inc. (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 11/2029 |  | (18) | 0.0 | (43) |
|  |  |  |  |  | 132668 | $131545 | 18.1% | 129524 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials** |  |  |  |  |  |  |  |  |
| Cary Street Partners Financial LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 05/2031 |  | $(14) | 0.0% | (33) |
| Cary Street Partners Financial LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 05/2031 |  | (4) | 0.0 | (4) |
| Cary Street Partners Financial LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 05/2031 | 1796 | 1773 | 0.2 | 1775 |
| Essential Services Holding Corporation (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 06/2030 |  | (6) | 0.0 | (10) |
| Essential Services Holding Corporation | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.19% | 06/2031 | 186 | 179 | 0.0 | 179 |
| Essential Services Holding Corporation | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.32% | 06/2031 | 7584 | 7517 | 1.1 | 7530 |
| iLending LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2028 |  |  | 0.0 | (10) |
| iLending LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600 (500 PIK), 100 Floor | 10.26% | 12/2028 | 2419 | 2419 | 0.3 | 2354 |
| iLending LLC (8)(9) | Unitranche First Lien - Last Out Term Loan |  |  | 12/2028 | 2368 |  | 0.0 |  |
| King Mid LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 100 Floor | 8.82% | 04/2031 | 1270 | 1255 | 0.2 | 1270 |
| King Mid LLC (4)(5) | Unitranche First Lien Revolver |  |  | 04/2031 |  | (10) | 0.0 |  |
| King Mid LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 100 Floor | 8.82% | 04/2031 | 6783 | 6735 | 0.9 | 6783 |
| Miracle Mile Holdings, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.46% | 11/2028 | 173 | 157 | 0.0 | 173 |
| Miracle Mile Holdings, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.46% | 11/2028 | 62 | 61 | 0.0 | 62 |
| Miracle Mile Holdings, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.46% | 11/2028 | 2134 | 2115 | 0.3 | 2134 |
| PCS Retirement | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 03/2030 | 892 | 886 | 0.1 | 890 |
| PCS Retirement (4)(5) | Unitranche First Lien Revolver |  |  | 03/2030 |  | (5) | 0.0 | (1) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| PCS Retirement | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 03/2030 | 5024 | $4989 | 0.8% | 5016 |
| Pi Buyer, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 08/2032 |  | (4) | 0.0 | (11) |
| Pi Buyer, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 08/2032 |  | (4) | 0.0 | (4) |
| Pi Buyer, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.32% | 08/2032 | 3049 | 3027 | 0.4 | 3027 |
| RWA Wealth Partners, LLC. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.88% | 11/2030 | 592 | 581 | 0.1 | 592 |
| RWA Wealth Partners, LLC. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.94% | 11/2030 | 60 | 51 | 0.0 | 60 |
| RWA Wealth Partners, LLC. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.94% | 11/2030 | 6119 | 6078 | 0.9 | 6119 |
| Soltis | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.36% | 08/2030 | 963 | 957 | 0.1 | 963 |
| Soltis (4)(5) | Unitranche First Lien Revolver |  |  | 08/2030 |  | (7) | 0.0 |  |
| Soltis | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.36% | 08/2030 | 1881 | 1852 | 0.3 | 1881 |
| Staff Boom, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 09/2031 |  | (3) | 0.0 | (3) |
| Staff Boom, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.30% | 09/2031 | 4549 | 4517 | 0.6 | 4516 |
|  |  |  |  |  | 47904 | $45092 | 6.3% | 45248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |  |  |  |  |  |
| Loadmaster Derrick & Equipment, Inc. (7)(8) | Senior Secured Second Lien Note | &nbsp;&nbsp;&nbsp;1200 | 12.00% | 03/2031 | 1125 | $1125 | 0.2% | 1125 |
|  |  |  |  |  | 1125 | $1125 | 0.2% | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |  |
| Isagenix International, LLC (6) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 750 (500 PIK), 100 Floor | 11.81% | 04/2028 | 3383 | $3218 | 0.2% | 1539 |
|  |  |  |  |  | 3383 | $3218 | 0.2% | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food, Beverage & Tobacco** |  |  |  |  |  |  |  |  |
| JTM Foods LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.60% | 05/2029 | 4835 | $4808 | 0.7% | 4835 |
| JTM Foods LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.60% | 05/2029 | 700 | 696 | 0.1 | 700 |
| JTM Foods LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.40% | 05/2029 | 658 | 655 | 0.1 | 658 |
|  |  |  |  |  | 6193 | $6159 | 0.9% | 6193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| ACI Group Holdings, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600 (325 PIK), 75 Floor | 10.26% | 08/2028 | 7040 | $6958 | 0.9% | 6582 |
| ACI Group Holdings, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600 (325 PIK), 75 Floor | 10.26% | 08/2028 | 1248 | 1243 | 0.2 | 1167 |
| ACI Group Holdings, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 75 Floor | 9.76% | 08/2027 | 384 | 379 | 0.0 | 336 |
| ACI Group Holdings, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600 (325 PIK), 75 Floor | 10.26% | 08/2028 | 1351 | 1338 | 0.2 | 1263 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Acu-Serve, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 10/2029 | 3930 | $3901 | 0.5% | 3930 |
| Acu-Serve, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 10/2029 | 1996 | 1989 | 0.3 | 1996 |
| Acu-Serve, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2029 |  | (5) | 0.0 |  |
| Annuity Health (4)(5) | Senior Secured First Lien Revolver |  |  | 02/2029 |  | (5) | 0.0 |  |
| Annuity Health | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.56% | 02/2029 | 4021 | 3996 | 0.6 | 4021 |
| Arrow Management Acquisition, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 07/2032 |  |  | 0.0 | (46) |
| Arrow Management Acquisition, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 07/2032 |  | (15) | 0.0 | (15) |
| Arrow Management Acquisition, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 07/2032 | 12826 | 12698 | 1.8 | 12698 |
| Avalign Technologies, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650, 75 Floor | 10.66% | 12/2028 | 501 | 478 | 0.1 | 359 |
| Avalign Technologies, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 725 (362.5 PIK), 75 Floor | 11.45% | 12/2028 | 13301 | 13127 | 1.7 | 12171 |
| Bayside Opco, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 725, 100 Floor | 11.40% | 05/2026 | 4422 | 4422 | 0.6 | 4422 |
| Bayside Opco, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 725, 100 Floor | 11.40% | 05/2026 | 1564 | 1564 | 0.2 | 1564 |
| Bayside Opco, LLC (5) | Senior Secured First Lien Revolver |  |  | 05/2026 |  |  | 0.0 |  |
| Bayside Opco, LLC | Unsecured Debt | &nbsp;&nbsp;&nbsp;1415 PIK | 14.15% | 05/2026 | 2026 | 1706 | 0.3 | 2026 |
| BVI Medical Inc. (4)(5)(6) | Unitranche First Lien Delayed Draw Term Loan |  |  | 03/2032 |  | (3) | 0.0 |  |
| BVI Medical Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 03/2032 |  | (11) | 0.0 | (7) |
| BVI Medical Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625 (500 PIK), 75 Floor | 10.58% | 03/2032 | 10395 | 10252 | 1.5 | 10395 |
| CC Amulet Management, LLC (8) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.83% | 08/2027 | 4936 | 4902 | 0.7 | 4936 |
| CC Amulet Management, LLC (6) | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.69% | 08/2027 | 763 | 756 | 0.1 | 763 |
| CC Amulet Management, LLC (6) | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500 | 9.55% | 08/2027 | 902 | 890 | 0.1 | 902 |
| Centria Subsidiary Holdings, LLC (4)(5)(6) | Unitranche First Lien Revolver |  |  | 06/2027 |  | (2) | 0.0 |  |
| Centria Subsidiary Holdings, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.05% | 06/2027 | 11191 | 11183 | 1.6 | 11192 |
| ConvenientMD | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525 | 9.45% | 06/2029 | 5594 | 5556 | 0.8 | 5438 |
| ConvenientMD | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525 | 9.73% | 06/2029 | 275 | 269 | 0.0 | 256 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| EMS Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.01% | 11/2027 | 11360 | $11276 | 1.6% | 11360 |
| EMS Buyer, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.01% | 11/2027 | 403 | 400 | 0.1 | 403 |
| EMS Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.01% | 11/2027 | 968 | 959 | 0.1 | 968 |
| EMS Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.01% | 11/2027 | 2074 | 2074 | 0.3 | 2074 |
| Explorer Investor, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 50 Floor | 10.32% | 06/2029 | 13343 | 12950 | 1.7 | 11810 |
| GrapeTree Medical Staffing, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.78% | 04/2026 | 5875 | 5863 | 0.8 | 5377 |
| GrapeTree Medical Staffing, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 04/2026 |  | (5) | 0.0 | (51) |
| GrapeTree Medical Staffing, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.78% | 04/2026 | 3423 | 3417 | 0.4 | 3133 |
| Great Lakes Dental Partners, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 725 (300 PIK), 100 Floor | 11.40% | 06/2027 | 5014 | 4993 | 0.7 | 4892 |
| Great Lakes Dental Partners, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 725 (300 PIK), 100 Floor | 11.40% | 06/2027 | 314 | 313 | 0.0 | 304 |
| Headlands Buyer, Inc. (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 09/2032 |  | (3) | 0.0 | (7) |
| Headlands Buyer, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 09/2032 |  | (3) | 0.0 | (3) |
| Headlands Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.97% | 09/2032 | 1695 | 1678 | 0.2 | 1678 |
| Homecare Partners Management, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.29% | 05/2027 | 4368 | 4337 | 0.6 | 4368 |
| Homecare Partners Management, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.29% | 05/2027 | 543 | 535 | 0.1 | 543 |
| Homecare Partners Management, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.40% | 05/2027 | 3268 | 3223 | 0.5 | 3268 |
| Homecare Partners Management, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 10.10% | 05/2027 | 1064 | 1055 | 0.1 | 1064 |
| Homecare Partners Management, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.90% | 06/2030 | 855 | 855 | 0.1 | 855 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.69% | 12/2026 | 14499 | 14415 | 2.0 | 14499 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.69% | 12/2026 | 2648 | 2609 | 0.4 | 2648 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.69% | 12/2026 | 984 | 974 | 0.1 | 984 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.69% | 12/2026 | 2695 | 2655 | 0.4 | 2695 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Hospice Care Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.69% | 12/2026 | 384 | $381 | 0.1% | 384 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.94% | 06/2026 | 2901 | 2901 | 0.4 | 2825 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.94% | 06/2026 | 348 | 348 | 0.0 | 339 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650 | 10.94% | 06/2026 | 442 | 442 | 0.1 | 430 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.94% | 06/2026 | 798 | 798 | 0.1 | 777 |
| IVX Health Merger Sub, Inc. (8) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1350 PIK | 13.50% | 06/2031 | 8525 | 8365 | 1.2 | 8780 |
| IVX Health Merger Sub, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 06/2030 |  | (55) | 0.0 |  |
| IVX Health Merger Sub, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.00% | 06/2030 | 16941 | 16655 | 2.4 | 17110 |
| Laseraway Intermediate Holdings II, LLC (12) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 10.33% | 10/2027 | 5857 | 5804 | 0.8 | 5769 |
| Lighthouse Behavioral Health Solutions, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650 (75 PIK), 100 Floor | 10.33% | 03/2028 | 1161 | 1159 | 0.1 | 1006 |
| Lighthouse Behavioral Health Solutions, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (75 PIK), 100 Floor | 11.07% | 03/2028 | 467 | 466 | 0.1 | 405 |
| Lighthouse Behavioral Health Solutions, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (75 PIK), 100 Floor | 10.76% | 03/2028 | 2244 | 2239 | 0.3 | 1944 |
| Lighthouse Lab Services | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.90% | 10/2027 | 5493 | 5447 | 0.8 | 5471 |
| Lighthouse Lab Services | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.90% | 10/2027 | 1074 | 1065 | 0.1 | 1069 |
| Lightspeed Buyer, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.91% | 02/2027 | 782 | 782 | 0.1 | 782 |
| Lightspeed Buyer, Inc. (5) | Unitranche First Lien Revolver |  |  | 02/2027 |  |  | 0.0 |  |
| Lightspeed Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 02/2027 | 17518 | 17518 | 2.4 | 17518 |
| MB2 Dental | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 75 Floor | 9.66% | 02/2031 | 969 | 953 | 0.1 | 990 |
| MB2 Dental | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 75 Floor | 9.66% | 02/2031 | 879 | 858 | 0.1 | 891 |
| MB2 Dental (4)(5) | Unitranche First Lien Revolver |  |  | 02/2031 |  | (3) | 0.0 |  |
| MB2 Dental | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 75 Floor | 9.66% | 02/2031 | 6068 | 6020 | 0.9 | 6129 |
| Medical Review Institute of America | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.30% | 07/2030 | 208 | 202 | 0.0 | 183 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Medical Review Institute of America | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.30% | 07/2030 | 5643 | $5595 | 0.8% | 5468 |
| MWD Management LLC (United Derm) | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.26% | 06/2027 | 4376 | 4340 | 0.6 | 4376 |
| MWD Management LLC (United Derm) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.26% | 06/2027 | 5432 | 5386 | 0.8 | 5432 |
| MWD Management LLC (United Derm) | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.26% | 06/2027 | 400 | 391 | 0.1 | 400 |
| Omni Ophthalmic Management Consultants, LLC (9) | Senior Secured First Lien Revolver |  |  | 01/2026 | 1010 | 981 | 0.1 | 698 |
| Omni Ophthalmic Management Consultants, LLC (9) | Senior Secured First Lien Term Loan |  |  | 01/2026 | 7014 | 6811 | 0.7 | 4851 |
| Omni Ophthalmic Management Consultants, LLC (9) | Senior Secured First Lien Term Loan |  |  | 01/2026 | 921 | 889 | 0.1 | 637 |
| Omni Ophthalmic Management Consultants, LLC (9) | Senior Secured First Lien Term Loan |  |  | 01/2026 | 307 | 303 | 0.0 | 213 |
| Omni Ophthalmic Management Consultants, LLC (9) | Senior Secured First Lien Term Loan |  |  | 01/2026 | 260 | 249 | 0.0 | 180 |
| Omni Ophthalmic Management Consultants, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 800 (575 PIK), 100 Floor | 12.40% | 01/2026 | 176 | 176 | 0.0 | 176 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.06% | 01/2028 | 2819 | 2788 | 0.4 | 2810 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.06% | 01/2026 | 126 | 123 | 0.0 | 120 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.06% | 01/2028 | 11745 | 11621 | 1.6 | 11706 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.06% | 01/2028 | 359 | 354 | 0.1 | 358 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.06% | 01/2028 | 4381 | 4352 | 0.6 | 4366 |
| Patriot Acquisition Topco S.A.R.L (8)(11) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1400 PIK | 14.00% | 02/2030 | 4319 | 4263 | 0.6 | 4371 |
| Patriot Acquisition Topco S.A.R.L | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.06% | 01/2028 | 814 | 808 | 0.1 | 808 |
| Plasma Buyer LLC (PathGroup) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 75 Floor | 10.25% | 05/2029 | 268 | 265 | 0.0 | 235 |
| Plasma Buyer LLC (PathGroup) | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 9.75% | 05/2029 | 807 | 798 | 0.1 | 709 |
| Plasma Buyer LLC (PathGroup) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 75 Floor | 9.75% | 05/2029 | 7097 | 7013 | 0.9 | 6235 |
| Premier Dental Care Management, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.16% | 08/2028 | 9167 | 9082 | 1.3 | 9075 |
| Premier Dental Care Management, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.16% | 08/2028 | 4974 | 4969 | 0.7 | 4921 |
| Premier Dental Care Management, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 08/2027 |  | (14) | 0.0 | (24) |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Premier Dental Care Management, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.16% | 08/2028 | 4075 | $4062 | 0.6% | 4034 |
| PromptCare Intermediate, LP | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.14% | 09/2027 | 10080 | 10005 | 1.4 | 10074 |
| PromptCare Intermediate, LP | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.14% | 09/2027 | 1570 | 1562 | 0.2 | 1569 |
| PromptCare Intermediate, LP | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.14% | 04/2030 | 2085 | 2053 | 0.3 | 2082 |
| Quorum Health Resources | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.41% | 05/2027 | 5164 | 5140 | 0.7 | 5164 |
| Quorum Health Resources | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525 | 9.41% | 05/2027 | 77 | 73 | 0.0 | 77 |
| REP Behavioral Health, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 12/2030 |  | (11) | 0.0 |  |
| REP Behavioral Health, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.07% | 12/2030 | 48 | 33 | 0.0 | 48 |
| REP Behavioral Health, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 9.07% | 12/2030 | 5707 | 5645 | 0.8 | 5707 |
| Safco Dental Supply, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.16% | 03/2026 | 342 | 342 | 0.0 | 319 |
| Safco Dental Supply, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.00% | 03/2026 | 4015 | 4008 | 0.5 | 3864 |
| Seniorlink Incorporated (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (4) | 0.0 |  |
| Seniorlink Incorporated | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.02% | 12/2027 | 8636 | 8579 | 1.2 | 8698 |
| Seniorlink Incorporated | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.02% | 12/2027 | 4660 | 4601 | 0.7 | 4693 |
| Seniorlink Incorporated (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (5) | 0.0 |  |
| Smile Doctors LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (12) | 0.0 | (23) |
| Smile Doctors LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 590, 75 Floor | 10.13% | 12/2028 | 783 | 782 | 0.1 | 776 |
| Smile Doctors LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 590, 75 Floor | 10.13% | 12/2028 | 15274 | 15203 | 2.1 | 15121 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 50 Floor | 10.41% | 07/2029 | 3693 | 3618 | 0.5 | 3693 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 600 | 8.38% | 07/2029 | 4111 | 3510 | 0.6 | 4111 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 50 Floor | 10.41% | 07/2029 | 1978 | 1924 | 0.3 | 2004 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 600 | 10.29% | 07/2029 | 6310 | $6112 | 0.9% | 6310 |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.28% | 05/2029 | 6158 | 6115 | 0.8 | 6158 |
| Team Select (CSC TS Merger SUB, LLC) (4)(5) | Senior Secured First Lien Revolver |  |  | 05/2029 |  | (4) | 0.0 |  |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.28% | 05/2029 | 593 | 586 | 0.1 | 593 |
| Team Select (CSC TS Merger SUB, LLC) (5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 06/2030 |  |  | 0.0 |  |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.28% | 06/2030 | 2568 | 2568 | 0.4 | 2568 |
| Team Select (CSC TS Merger SUB, LLC) (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 05/2029 |  | (2) | 0.0 |  |
| Team Select (CSC TS Merger SUB, LLC) (4)(5) | Senior Secured First Lien Revolver |  |  | 05/2029 |  | (3) | 0.0 |  |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.28% | 05/2029 | 2637 | 2619 | 0.4 | 2637 |
| Unifeye Vision Partners | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.65% | 09/2027 | 2111 | 2095 | 0.3 | 2111 |
| Unifeye Vision Partners | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.95% | 09/2027 | 340 | 331 | 0.0 | 340 |
| Unifeye Vision Partners | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.65% | 09/2027 | 3675 | 3649 | 0.4 | 3675 |
| Unifeye Vision Partners | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.65% | 09/2027 | 3534 | 3532 | 0.5 | 3534 |
| Vital Care Buyer, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 07/2031 |  | (2) | 0.0 |  |
| Vital Care Buyer, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 07/2031 | 2152 | 2133 | 0.3 | 2152 |
|  |  |  |  |  | 411909 | $406861 | 56.2% | 402223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household & Personal Products** |  |  |  |  |  |  |  |  |
| Lash Opco LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 775 (510 PIK), 100 Floor | 12.16% | 09/2027 | 3207 | $3202 | 0.4% | 3069 |
| Lash Opco LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 775 (510 PIK), 100 Floor | 12.16% | 09/2027 | 261 | 260 | 0.0 | 244 |
| Lash Opco LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 775 (510 PIK), 100 Floor | 12.16% | 09/2027 | 3270 | 3259 | 0.4 | 3129 |
| Lash Opco LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 775 (510 PIK), 100 Floor | 12.16% | 09/2027 | 1061 | 1060 | 0.2 | 1015 |
|  |  |  |  |  | 7799 | $7781 | 1.0% | 7457 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |
| Balance Partners | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.00% | 04/2030 | 1735 | $1711 | 0.2% | 1735 |
| Balance Partners (4)(5) | Senior Secured First Lien Revolver |  |  | 04/2030 |  | (4) | 0.0 |  |
| Balance Partners | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.00% | 04/2030 | 2173 | 2155 | 0.3 | 2173 |
| Evolution BuyerCo, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 04/2030 |  | (4) | 0.0 | (5) |
| Evolution BuyerCo, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 04/2030 | 11366 | 11338 | 1.6 | 11282 |
| Evolution BuyerCo, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 04/2030 | 390 | 386 | 0.1 | 387 |
| Galway Borrower, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 09/2028 | 6410 | 6360 | 0.9 | 6426 |
| Galway Borrower, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 09/2028 | 114 | 110 | 0.0 | 111 |
| Galway Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.50% | 09/2028 | 99 | 97 | 0.0 | 100 |
| Galway Borrower, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 09/2028 |  | (1) | 0.0 | (3) |
| Integrity Marketing Acquisition, LLC (5) | Unitranche First Lien Revolver |  |  | 08/2028 |  |  | 0.0 |  |
| Integrity Marketing Acquisition, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.20% | 08/2028 | 20073 | 19937 | 2.8 | 20073 |
| Newcleus, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (200 PIK) | 12.45% | 08/2026 | 5175 | 5029 | 0.7 | 5000 |
| Newcleus, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 08/2026 |  | (7) | 0.0 | (15) |
| Newcleus, LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 08/2026 |  | (7) | 0.0 | (16) |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.15% | 10/2028 | 9018 | 8952 | 1.3 | 9018 |
| Patriot Growth Insurance Services, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 10/2028 |  | (6) | 0.0 |  |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.30% | 10/2028 | 2770 | 2754 | 0.4 | 2770 |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 10/2028 | 891 | 883 | 0.1 | 891 |
| The Hilb Group, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.91% | 10/2031 | 542 | 528 | 0.1 | 483 |
| The Hilb Group, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.91% | 10/2031 | 124 | 110 | 0.0 | 94 |
| The Hilb Group, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 9.07% | 10/2031 | 14913 | 14786 | 2.0 | 14648 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Vantage Insurance Partners, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.79% | 12/2028 | 78 | $72 | 0.0% | 50 |
| Vantage Insurance Partners, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.79% | 12/2028 | 4373 | 4342 | 0.6 | 4218 |
|  |  |  |  |  | 80244 | $79521 | 11.1% | 79420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials** |  |  |  |  |  |  |  |  |
| A&A Global Imports, LLC (9) | Senior Secured First Lien Term Loan |  |  | 06/2026 | 1601 | $992 | 0.0% |  |
| A&A Global Imports, LLC (9) | Senior Secured First Lien Term Loan |  |  | 06/2026 | 1835 |  | 0.0 |  |
| A&A Global Imports, LLC (9) | Senior Secured First Lien Revolver |  |  | 06/2026 | 576 | 545 | 0.0 | 130 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 12/2027 | 3696 | 3188 | 0.1 | 409 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 12/2027 | 577 | 498 | 0.0 | 64 |
| Action Signature Acquisition, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;1110 PIK | 11.10% | 12/2027 | 519 | 476 | 0.1 | 519 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 12/2027 | 280 | 242 | 0.0 | 31 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 12/2027 | 957 | 826 | 0.0 | 106 |
| Online Labels Group, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.55% | 12/2029 | 4225 | 4192 | 0.6 | 4225 |
| Online Labels Group, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.55% | 12/2029 | 261 | 260 | 0.0 | 261 |
| Online Labels Group, LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 12/2029 |  | (2) | 0.0 |  |
| Online Labels Group, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2029 |  | (5) | 0.0 |  |
|  |  |  |  |  | 14527 | $11212 | 0.8% | 5745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |
| Alcanza Clinical Research | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.40% | 12/2027 | 7135 | $7076 | 1.0% | 7135 |
| Alcanza Clinical Research (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2027 |  | (1) | 0.0 |  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| BioAgilytix | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (400 PIK) | 10.90% | 12/2028 | 15537 | $15393 | 1.8% | 12697 |
| BioAgilytix | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (400 PIK) | 10.90% | 12/2028 | 808 | 800 | 0.1 | 660 |
| Nephron Pharmaceuticals, LLC | Unitranche First Lien - Last Out Term Loan | &nbsp;&nbsp;&nbsp;S + 920 | 13.50% | 12/2027 | 7500 | 7411 | 1.0 | 7500 |
| Teal Acquisition Co., Inc | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.12% | 09/2026 | 2174 | 2159 | 0.3 | 2174 |
| Teal Acquisition Co., Inc | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.12% | 09/2026 | 1277 | 1269 | 0.2 | 1277 |
| Teal Acquisition Co., Inc | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.12% | 09/2026 | 1200 | 1194 | 0.2 | 1200 |
| Teal Acquisition Co., Inc | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.12% | 09/2026 | 290 | 289 | 0.0 | 290 |
| WCT Group Holdings, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 12/2029 | 3317 | 3251 | 0.5 | 3284 |
| WCT Group Holdings, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2029 |  | (8) | 0.0 | (5) |
| WCT Group Holdings, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 12/2029 |  | (9) | 0.0 | (19) |
| WCT Group Holdings, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2029 |  | (2) | 0.0 | (2) |
|  |  |  |  |  | 39238 | $38822 | 5.1% | 36191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |
| 1959 Holdings, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.79% | 07/2030 | 5000 | $4953 | 0.7% | 4950 |
| MeriCal, LLC (9) | Unitranche First Lien Term Loan |  |  | 11/2025 | 7527 | 7099 | 0.5 | 3731 |
| MeriCal, LLC (9) | Senior Secured First Lien Revolver |  |  | 11/2025 | 865 | 865 | 0.1 | 594 |
| Slickdeals Holdings, LLC (7) | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.60% | 06/2030 | 145 | 145 | 0.0 | 145 |
| Slickdeals Holdings, LLC (7) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.60% | 06/2030 | 4965 | 4965 | 0.7 | 4965 |
|  |  |  |  |  | 18502 | $18027 | 2.0% | 14385 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| Affinitiv, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 07/2027 |  | $(2) | 0.0% | (13) |
| Affinitiv, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 700 (200 PIK), 100 Floor | 11.26% | 07/2027 | 6162 | 6113 | 0.8 | 5970 |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.96% | 11/2027 | 746 | 738 | 0.1 | 748 |
| Alpine SG, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 11/2027 |  | (1) | 0.0 |  |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.96% | 11/2027 | 534 | 529 | 0.1 | 535 |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.96% | 11/2027 | 1857 | 1838 | 0.3 | 1859 |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550 | 9.96% | 11/2027 | 296 | 293 | 0.0 | 297 |
| Apps Associates LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.66% | 07/2027 | 5424 | 5385 | 0.8 | 5424 |
| Apps Associates LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.66% | 07/2027 | 1746 | 1732 | 0.2 | 1746 |
| Apps Associates LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.66% | 07/2027 | 400 | 395 | 0.1 | 400 |
| Banker's Toolbox, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.66% | 07/2027 | 19038 | 19038 | 2.7 | 19038 |
| Banker's Toolbox, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 07/2027 |  | (15) | 0.0 |  |
| Belay Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.26% | 06/2026 | 4740 | 4724 | 0.7 | 4740 |
| Belay Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 06/2026 |  | (2) | 0.0 |  |
| Belay Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.15% | 06/2026 | 746 | 741 | 0.1 | 746 |
| Benesys Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.51% | 10/2026 | 1345 | 1345 | 0.2 | 1332 |
| Benesys Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.51% | 10/2026 | 286 | 286 | 0.0 | 283 |
| Benesys Inc. | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.51% | 10/2026 | 150 | 150 | 0.0 | 149 |
| Benesys Inc. | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.51% | 10/2026 | 163 | 165 | 0.0 | 161 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Blue Mantis | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 08/2030 | 3069 | $3056 | 0.4% | 3069 |
| Blue Mantis | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 08/2030 | 613 | 603 | 0.1 | 613 |
| Blue Mantis | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 08/2030 | 3490 | 3453 | 0.5 | 3490 |
| Blue Mantis | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 08/2030 | 496 | 490 | 0.1 | 496 |
| Blue Mantis | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 08/2030 | 640 | 640 | 0.1 | 640 |
| C-4 Analytics (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 05/2030 |  | (18) | 0.0 |  |
| C-4 Analytics | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.45% | 05/2030 | 555 | 540 | 0.1 | 555 |
| C-4 Analytics | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525, 100 Floor | 9.45% | 05/2030 | 18269 | 18120 | 2.6 | 18269 |
| Claritas, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 100 Floor | 8.70% | 03/2028 | 2401 | 2390 | 0.3 | 2401 |
| Claritas, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 03/2028 |  | (8) | 0.0 |  |
| Claritas, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 100 Floor | 8.50% | 03/2028 | 10229 | 10173 | 1.4 | 10229 |
| Concord III, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.25% | 12/2028 | 9308 | 9244 | 1.3 | 9308 |
| Concord III, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.25% | 12/2028 | 413 | 409 | 0.1 | 413 |
| Concord III, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.25% | 12/2028 | 546 | 537 | 0.1 | 546 |
| Concord III, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.25% | 12/2028 | 2850 | 2850 | 0.4 | 2850 |
| DataVail | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 01/2029 | 7025 | 6975 | 1.0 | 6902 |
| DataVail | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 01/2029 | 400 | 397 | 0.1 | 393 |
| DataVail | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 01/2029 | 367 | 362 | 0.0 | 357 |
| DataVail | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 01/2029 | 200 | 198 | 0.0 | 195 |
| Evergreen IX Borrower 2023, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 9.05% | 09/2030 | 13264 | 12994 | 1.9 | 13264 |
| Evergreen IX Borrower 2023, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 09/2029 |  | (25) | 0.0 |  |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Evergreen IX Borrower 2023, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 9.05% | 09/2030 | 2765 | $2741 | 0.4% | 2765 |
| Imagenet, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2030 |  | (7) | 0.0 |  |
| Imagenet, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.00% | 12/2030 | 3027 | 2992 | 0.4 | 3027 |
| Lexipol (Ranger Buyer, Inc.) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 11/2028 | 12793 | 12660 | 1.8 | 12793 |
| Lexipol (Ranger Buyer, Inc.) (4)(5) | Unitranche First Lien Revolver |  |  | 11/2027 |  | (10) | 0.0 |  |
| Lexipol (Ranger Buyer, Inc.) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 11/2028 | 1094 | 1085 | 0.2 | 1094 |
| Medicus IT (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 06/2032 |  | (6) | 0.0 | (18) |
| Medicus IT (4)(5) | Unitranche First Lien Revolver |  |  | 06/2032 |  | (9) | 0.0 | (7) |
| Medicus IT | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 06/2032 | 6070 | 6017 | 0.8 | 6031 |
| Medicus IT (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 06/2032 |  | (1) | 0.0 | (1) |
| Medicus IT (4)(5) | Unitranche First Lien Revolver |  |  | 06/2032 |  | (4) | 0.0 | (3) |
| Medicus IT | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 06/2032 | 6843 | 6792 | 1.0 | 6800 |
| MRI Software LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.75% | 02/2027 | 1046 | 1043 | 0.1 | 1046 |
| MRI Software LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 02/2026 | 19534 | 19467 | 2.7 | 19559 |
| MRI Software LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 02/2026 | 155 | 147 | 0.0 | 112 |
| MRI Software LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.75% | 02/2026 | 1273 | 1268 | 0.2 | 1274 |
| Net Health Acquisition Corp. (4)(5) | Unitranche First Lien Revolver |  |  | 07/2031 |  | (14) | 0.0 | (17) |
| Net Health Acquisition Corp. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 75 Floor | 8.91% | 07/2031 | 13196 | 13087 | 1.8 | 13064 |
| New Era Technology, Inc. | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.25% | 06/2030 | 357 | 357 | 0.0 | 357 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| New Era Technology, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 625, 100 Floor | 10.25% | 06/2030 | 4532 | $4532 | 0.6% | 4532 |
| Odessa Technologies, Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2027 |  | (17) | 0.0 |  |
| Odessa Technologies, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 75 Floor | 9.60% | 10/2027 | 9305 | 9236 | 1.3 | 9305 |
| Omega Systems Intermediate Holdings, Inc. (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 01/2031 |  | (4) | 0.0 |  |
| Omega Systems Intermediate Holdings, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 01/2031 |  | (4) | 0.0 |  |
| Omega Systems Intermediate Holdings, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 75 Floor | 9.00% | 01/2031 | 2100 | 2081 | 0.3 | 2100 |
| Ontario Systems, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (100 PIK), 100 Floor | 10.97% | 03/2027 | 1085 | 1085 | 0.2 | 1085 |
| Ontario Systems, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 650, 100 Floor | 10.97% | 03/2027 | 500 | 500 | 0.1 | 500 |
| Ontario Systems, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (100 PIK), 100 Floor | 10.50% | 03/2027 | 3140 | 3133 | 0.4 | 3140 |
| Ontario Systems, LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (100 PIK), 100 Floor | 10.97% | 03/2027 | 545 | 543 | 0.1 | 545 |
| Ontario Systems, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 650 (100 PIK), 100 Floor | 10.50% | 03/2027 | 444 | 443 | 0.1 | 444 |
| Park Place Technologies, LLC (8) | Unsecured Debt | &nbsp;&nbsp;&nbsp;1250 PIK | 12.50% | 05/2029 | 1241 | 1241 | 0.2 | 1241 |
| Perforce Software, Inc. | Senior Secured Second Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 | 12.26% | 07/2027 | 5000 | 5000 | 0.7 | 4964 |
| Right Networks, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.16% | 05/2029 | 330 | 330 | 0.0 | 330 |
| Right Networks, LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500, 100 Floor | 9.16% | 05/2029 | 23927 | 23927 | 3.3 | 23927 |
| Ruffalo Noel Levitz, LLC (9) | Unitranche First Lien Revolver |  |  | 12/2026 | 321 | 308 | 0.0 | 63 |
| Ruffalo Noel Levitz, LLC (9) | Unitranche First Lien Term Loan |  |  | 12/2026 | 2633 | 2560 | 0.1 | 516 |
| Ruffalo Noel Levitz, LLC | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 700, 100 Floor | 11.43% | 12/2026 | 1 | 1 | 0.0 | 1 |
| Saturn Borrower Inc | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.00% | 11/2028 | 19725 | 19600 | 2.8 | 19699 |
| Saturn Borrower Inc | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.30% | 11/2028 | 2403 | 2387 | 0.3 | 2400 |
| Saturn Borrower Inc | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.16% | 11/2028 | 436 | 427 | 0.1 | 433 |
| SQAD Holdco, Inc. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 04/2028 | 2346 | 2335 | 0.3 | 2346 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| SQAD Holdco, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 04/2028 |  | $(9) | 0.0% |  |
| SQAD Holdco, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 575, 100 Floor | 9.75% | 04/2028 | 8659 | 8573 | 1.2 | 8659 |
| Strata Information Group, Inc. | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.80% | 12/2030 | 316 | 313 | 0.0 | 316 |
| Strata Information Group, Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2030 |  | (6) | 0.0 |  |
| Strata Information Group, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 450, 75 Floor | 8.80% | 12/2030 | 1194 | 1183 | 0.2 | 1194 |
| Summit 7 Systems, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.85% | 05/2028 | 462 | 459 | 0.1 | 462 |
| Summit 7 Systems, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.65% | 05/2028 | 5128 | 5074 | 0.6 | 5128 |
| Summit 7 Systems, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.96% | 05/2028 | 2352 | 2352 | 0.2 | 2352 |
| Transportation Insight, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 PIK) | 9.76% | 06/2027 | 5041 | 5037 | 0.5 | 3619 |
| Transportation Insight, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 PIK) | 9.76% | 06/2027 | 1254 | 1252 | 0.1 | 899 |
| Transportation Insight, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550 (100 PIK) | 9.76% | 06/2027 | 712 | 710 | 0.1 | 495 |
| Winxnet Holdings LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.76% | 06/2026 | 611 | 609 | 0.1 | 611 |
| Winxnet Holdings LLC | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.76% | 06/2026 | 1001 | 998 | 0.1 | 1001 |
| Winxnet Holdings LLC (4)(5) | Unitranche First Lien Revolver |  |  | 06/2026 |  | (2) | 0.0 |  |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.76% | 06/2026 | 1857 | 1856 | 0.3 | 1857 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.76% | 06/2026 | 1482 | 1478 | 0.2 | 1482 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.76% | 06/2026 | 1105 | 1100 | 0.2 | 1105 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550, 100 Floor | 9.76% | 06/2026 | 194 | 193 | 0.0 | 194 |
|  |  |  |  |  | 297303 | $295251 | 40.8% | 292226 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Hardware & Equipment** |  |  |  |  |  |  |  |  |
| 3SI Security Systems | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 600, 100 Floor | 10.09% | 12/2026 | 3371 | $3314 | 0.5% | 3371 |
| Gener8, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (600 PIK) | 12.26% | 02/2026 | 6004 | 6004 | 0.5 | 3335 |
| Gener8, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 800 (600 PIK) | 12.26% | 02/2026 | 1289 | 1289 | 0.1 | 583 |
| Gener8, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (600 PIK), 100 Floor | 12.26% | 02/2026 | 259 | 259 | 0.0 | 144 |
|  |  |  |  |  | 10923 | $10866 | 1.1% | 7433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |
| Breeze Buyer, Inc. | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475, 100 Floor | 8.88% | 01/2028 | 4257 | 4210 | 0.6 | 4257 |
|  |  |  |  |  | 4257 | $4210 | 0.6% | 4257 |
| **Total Debt Investments <br>United States** |  |  |  |  | 1340870 | $1317829 | 178.8% | 1279955 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles & Components** |  |  |  |  |  |  |  |  |
| Sun Acquirer Corp. | Common Stock |  |  |  | 6148 | $615 | 0.1% | 894 |
| Sun Acquirer Corp. | Common Stock |  |  |  | 428 | 43 | 0.0 | 62 |
|  |  |  |  |  |  | $658 | 0.1% | 956 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Goods** |  |  |  |  |  |  |  |  |
| Envocore Holding, LLC (7) | Common Stock |  | ` |  | 521354 |  | 0.0% |  |
| Envocore Holding, LLC (7) | Preferred Stock |  |  |  | 534722 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Allied Universal Holdings, LLC | Common Stock |  |  |  | 2805726 | $1011 | 0.5% | 3597 |
| Allied Universal Holdings, LLC | Common Stock |  |  |  | 684903 | 685 | 0.1 | 878 |
| ASP MCS Acquisition Corp. (6)(12) | Common Stock |  |  |  | 13293 | 1183 | 0.0 | 173 |
| ASP MCS Acquisition Corp. (6) | Common Stock |  |  |  | 791 | 5 | 0.0 | 75 |
| ASP MCS Acquisition Corp. (6) | Preferred Stock |  |  |  | 792 | 333 | 0.1 | 444 |
| Hercules Borrower LLC | Common Stock |  |  |  | 1153075 | 1153 | 0.3 | 2006 |
| Iris Buyer, LLC | Common Stock |  |  |  | 577 | 577 | 0.1 | 669 |
| Iris Buyer, LLC | Common Stock |  |  |  | 576923 | - | 0.0 | 150 |
| Landscape Workshop, LLC | Common Stock |  |  |  | 540541 | 541 | 0.1 | 541 |
| MHS Acquisition Holdings, LLC | Preferred Stock |  |  |  | 1060 | 923 | 0.1 | 625 |
| MHS Acquisition Holdings, LLC | Common Stock |  |  |  | 11 | 9 | 0.0 | - |
| Receivable Solutions, Inc. | Preferred Stock |  |  |  | 137000 | 137 | 0.1 | 425 |
| RN Enterprises, LLC | Common Stock |  |  |  | 776 | 791 | 0.1 | 969 |
| Seko Global Logistics Network, LLC (11) | Common Stock |  |  |  | 625 | 2372 | 0.2 | 1292 |
| Service Logic Acquisition, Inc. | Common Stock |  |  |  | 13132 | 1313 | 0.6 | 4587 |
| TecoStar Holdings, Inc. | Common Stock |  |  |  | 500000 | 500 | 0.0 | 3 |
|  |  |  |  |  |  | $11533 | 2.3% | 16434 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Services** |  |  |  |  |  |  |  |  |
| Everlast Parent Inc. | Common Stock |  |  |  | 948 | $948 | 0.1% | 684 |
| FS Whitewater Borrower, LLC | Common Stock |  |  |  | 6897 | 690 | 0.1 | 940 |
| FS Whitewater Borrower, LLC | Common Stock |  |  |  | 238 | 31 | 0.0 | 32 |
| HGH Purchaser, Inc. | Common Stock |  |  |  | 4171 | 417 | 0.0 | 141 |
| HS Spa Holdings Inc. (Hand & Stone) | Common Stock |  |  |  | 1791160 | 1791 | 0.2 | 1289 |
| Legalshield | Common Stock |  |  |  | 372 | 372 | 0.1 | 623 |
| Mario Purchaser, LLC | Common Stock |  |  |  | 118 | 118 | 0.0 | 44 |
| Mario Purchaser, LLC | Common Stock |  |  |  | 1027 | 1027 | 0.1 | 385 |
| PPV Intermediate Holdings LLC (Vetcor) | Common Stock |  |  |  | 312500 | 313 | 0.0 | 271 |
| Stepping Stones Healthcare Services, LLC | Common Stock |  |  |  | 11321 | 1132 | 0.2 | 1129 |
| Wrench Group LLC | Common Stock |  |  |  | 2337 | 235 | 0.1 | 611 |
| Wrench Group LLC | Common Stock |  |  |  | 655 | 67 | 0.0 | 171 |
|  |  |  |  |  |  | $7141 | 0.9% | 6320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials** |  |  |  |  |  |  |  |  |
| ACON Igloo Investors I, LLC (11)(13)(14) | Partnership Interest |  |  |  |  | $266 | 0.0% | 319 |
| First Eagle Greenway Fund II, LLC (11)(13)(14) | Partnership Interest |  |  |  |  |  | 0.0 | 1 |
| First Eagle Logan JV, LLC (2)(7)(11)(13)(14) | Partnership Interest |  |  |  |  | 41413 | 5.0 | 35328 |
| Freeport Financial SBIC Fund LP (11)(13)(14) | Partnership Interest |  |  |  |  | 1312 | 0.1 | 947 |
| Gryphon Partners 3.5, L.P. (11)(13)(14) | Partnership Interest |  |  |  |  | 145 | 0.0 | 21 |
| iLending LLC | Common Stock |  |  |  |  |  | 0.0 | - |
| WhiteHawk III Onshore Fund L.P. (2)(11)(13)(14) | Partnership Interest |  |  |  |  | 2209 | 0.4 | 2364 |
|  |  |  |  |  |  | $45345 | 5.5% | 38980 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |  |  |  |  |  |
| Loadmaster Derrick & Equipment, Inc. (7) | Preferred Stock |  |  |  | 3000000 | $3000 | 0.4 | 3000 |
|  |  |  |  |  |  | $3000 | 0.4% | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |  |
| Isagenix International, LLC (6) | Common Stock |  |  |  | 202844 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| ACI Group Holdings, Inc. | Common Stock |  |  |  | 907499 | $909 | 0.0% | - |
| ACI Group Holdings, Inc. | Preferred Stock |  |  |  | 3719 | 3645 | 0.7 | 4900 |
| ACI Group Holdings, Inc. | Preferred Stock |  |  |  | 684903 | 40 | 0.0 | - |
| Arrow Management Acquisition, LLC | Common Stock |  |  |  | 10664 | 11 | 0.0 | 11 |
| Arrow Management Acquisition, LLC | Preferred Stock |  |  |  | 1056 | 1056 | 0.2 | 1056 |
| Bayside Opco, LLC | Common Stock |  |  |  | 1976 | - | 0.3 | 1893 |
| BVI Medical Inc. | Common Stock |  |  |  | 7495 | 1137 | 0.1 | 852 |
| Centria Subsidiary Holdings, LLC | Common Stock |  |  |  | 11911 | 1191 | 0.5 | 3484 |
| Headlands Buyer, Inc. | Common Stock |  |  |  | 20614 | 206 | 0.0 | 206 |
| Hospice Care Buyer, Inc. | Common Stock |  |  |  | 13985 | 1398 | 0.2 | 1423 |
| Hospice Care Buyer, Inc. | Common Stock |  |  |  | 754 | 75 | 0.0 | 77 |
| IVX Health Merger Sub, Inc. | Common Stock |  |  |  | 2199 | 2199 | 0.5 | 3822 |
| Patriot Acquisition Topco S.A.R.L (11) | Common Stock |  |  |  | 1192 | 1192 | 0.2 | 1385 |
| Patriot Acquisition Topco S.A.R.L (11) | Common Stock |  |  |  | 16416 | 46 | 0.0 | - |
| Seniorlink Incorporated | Common Stock |  |  |  | 68182 | 423 | 0.3 | 2351 |
| Smile Doctors LLC | Common Stock |  |  |  | 1191 | 715 | 0.1 | 510 |
| Vital Care Buyer, LLC | Common Stock |  |  |  | 649 | 1 | 0.0 | 27 |
| Vital Care Buyer, LLC | Common Stock |  |  |  | 64 | 64 | 0.0 | 60 |
|  |  |  |  |  |  | $14308 | 3.1% | 22057 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |
| Evolution BuyerCo, Inc. | Common Stock |  |  |  | 2917 | 292 | 0.1% | 555 |
| Integrity Marketing Acquisition, LLC | Common Stock |  |  |  | 287484 | 533 | 0.2 | 1252 |
| Integrity Marketing Acquisition, LLC | Preferred Stock |  |  |  | 1247 | 1219 | 0.3 | 2688 |
|  |  |  |  |  |  | $2044 | 0.6% | 4495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials** |  |  |  |  |  |  |  |  |
| A&A Global Imports, LLC | Common Stock |  |  |  | 69 |  | 0.0 |  |
| Action Signature Acquisition, Inc. | Common Stock |  |  |  | 50 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |
| LSCS Holdings, Inc. (Eversana) | Common Stock |  |  |  | 3096 | 953 | 0.1% | 737 |
| LSCS Holdings, Inc. (Eversana) | Preferred Stock |  |  |  | 447 | 447 | 0.1 | 588 |
| Nephron Pharmaceuticals, LLC | Common Stock |  |  |  | 128000 | - | 0.0 | 127 |
| Teal Acquisition Co., Inc | Common Stock |  |  |  | 5555 | 556 | 0.1 | 376 |
| WCT Group Holdings, LLC | Common Stock |  |  |  | 118 | 1176 | 0.3 | 2675 |
|  |  |  |  |  |  | $3132 | 0.6% | 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |
| MeriCal, LLC | Preferred Stock |  |  |  | 521 | 103 | 0.0% |  |
| MeriCal, LLC | Common Stock |  |  |  | 5334 | - | 0.0 |  |
| Palmetto Moon LLC | Common Stock |  |  |  | 61 | - | 0.1 | 635 |
| Slickdeals Holdings, LLC (7) | Common Stock |  |  |  | 4965 | 8305 | 1.1 | 8083 |
| Slickdeals Holdings, LLC (7) | Common Stock |  |  |  | 283 | - | 0.0 |  |
| Vivid Seats Ltd. (6)(11)(12) | Common Stock |  |  |  | 608108 | 608 | 0.1 | 496 |
|  |  |  |  |  |  | $9016 | 1.3% | 9214 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| Certify, Inc. | Common Stock |  |  |  | 841 | $246 | 0.0% | 240 |
| Lexipol (Ranger Buyer, Inc.) | Common Stock |  |  |  | 638 | 638 | 0.1 | 864 |
| Lexipol (Ranger Buyer, Inc.) | Common Stock |  |  |  | 638 | - | 0.0 | 155 |
| Lexipol (Ranger Buyer, Inc.) | Common Stock |  |  |  | 5 | 5 | 0.0 | 6 |
| New Era Technology, Inc. | Common Stock |  |  |  | 4269 | - | 0.0 | - |
| New Era Technology, Inc. | Preferred Stock |  |  |  | 4269 | 4879 | 0.7 | 4878 |
| NMN Holdings III Corp. | Common Stock |  |  |  | 11111 | 1111 | 0.5 | 1968 |
| Odessa Technologies, Inc. | Common Stock |  |  |  | 10714 | 1071 | 0.1 | 1036 |
| Park Place Technologies, LLC | Common Stock |  |  |  | 479 | 479 | 0.1 | 584 |
| Park Place Technologies, LLC | Common Stock |  |  |  | 442203 | 27 | 0.0 | 269 |
| Park Place Technologies, LLC | Common Stock |  |  |  | 685018 | - | 0.0 | 216 |
| Saturn Borrower Inc | Common Stock |  |  |  | 434163 | 481 | 0.1 | 757 |
|  |  |  |  |  |  | $8937 | 1.6% | 10973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |
| Xpress Global Systems, LLC | Common Stock |  |  |  | 12544 |  | 0.0 | - |
|  |  |  |  |  |  |  | 0.0 | - |
| &nbsp;&nbsp;**Total Equity Investments<br>United States** |  |  |  |  |  | $105114 | 16.4% | 116932 |
| **Total United States** |  |  |  |  |  | $1422943 | 195.2% | $1396887 |
| **Canada** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunication Services** |  |  |  |  |  |  |  |  |
| Sandvine Corporation (11) | Common Stock |  |  |  | 81818 |  | 0.0 |  |
| &nbsp;&nbsp;**Total Equity Investments<br>Canada** |  |  |  |  |  |  | 0.0% |  |
| **Total Canada** |  |  |  |  |  | $— | 0.0% | $— |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **Finland** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| SC MidCo Oy (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 525 | 7.67% | 03/2032 | 83 | $83 | 0.0% | $83 |
| SC MidCo Oy (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 525 | 7.67% | 03/2032 | 2107 | 1919 | 0.3 | 2107 |
|  |  |  |  |  | 2190 | 2002 | 0.3% | 2190 |
| &nbsp;&nbsp;**Total Debt Investments<br>Finland** |  |  |  |  | 2190 | $2002 | 0.3% | 2190 |
| **Total Finland** |  |  |  |  | 2190 | $2002 | 0.3% | $2190 |
| **United Kingdom** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Crusoe Bidco Limited (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 625 | 10.59% | 12/2027 | £8241 | $7684 | 1.2% | $8241 |
| Crusoe Bidco Limited (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 625 | 10.59% | 12/2027 | £1114 | 1008 | 0.2 | 1114 |
| Nurture Landscapes (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 650 | 10.47% | 06/2028 | £1904 | 1968 | 0.3 | 1904 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 650 | 10.47% | 06/2028 | £527 | 526 | 0.1 | 527 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 650 | 10.72% | 06/2028 | £14793 | 13436 | 2.0 | 14792 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 650 | 10.47% | 06/2028 | £2871 | 2656 | 0.4 | 2871 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 650 | 10.47% | 06/2028 | £3827 | 3618 | 0.5 | 3827 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 650 | 10.47% | 06/2028 | £6698 | 6310 | 0.9 | 6698 |
|  |  |  |  |  | £39975 | $37206 | 5.6 | 39974 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Durables & Apparel** |  |  |  |  |  |  |  |  |
| Lion Cashmere Bidco Limited (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 600, 50 Floor | 10.15% | 03/2028 | £4352 | $4303 | 0.4% | $3107 |
| Lion Cashmere Bidco Limited (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 600, 50 Floor | 10.15% | 03/2028 | £9939 | 9832 | 1.0 | 7097 |
| Lion Cashmere Bidco Limited (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 600, 50 Floor | 10.15% | 03/2028 | £4953 | 4893 | 0.5 | 3537 |
| Lion Cashmere Bidco Limited (4)(5)(11) | Unitranche First Lien Delayed Draw Term Loan |  |  | 03/2028 |  | (36) | (0.1) | (926) |
|  |  |  |  |  | £19244 | $18992 | 1.8% | 12815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food, Beverage & Tobacco** |  |  |  |  |  |  |  |  |
| APC Bidco Limited (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 637 | 10.59% | 10/2030 | £5835 | $5226 | 0.8% | $5835 |
| APC Bidco Limited (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 637 | 10.34% | 10/2030 | £2678 | 2530 | 0.4 | 2678 |
|  |  |  |  |  | £8513 | $7756 | 1.2% | 8513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| Jordan Bidco, Ltd. (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 600 | 10.33% | 08/2028 | £17796 | $17933 | 2.5% | $17796 |
| Jordan Bidco, Ltd. (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;SN + 600 | 10.33% | 08/2028 | £548 | 522 | 0.1 | 548 |
|  |  |  |  |  | £18344 | $18455 | 2.6% | 18344 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>United Kingdom** |  |  |  |  | £86076 | $82409 | 11.2% | $79646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| VetStrategy (11) | Common Stock |  |  |  | £37612 | $30 | —% | - |
| VetStrategy (11) | Preferred Stock |  |  |  | £2126875 | 968 | 0.3 | 2074 |
|  |  |  |  |  | 2164487 | $998 | 0.3% | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>United Kingdom** |  |  |  |  |  | $998 | 0.3% | 2074 |
| **Total United Kingdom** |  |  |  |  |  | $83407 | 11.5% | $81720 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **France** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Efor Holding (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 650 | 9.18% | 10/2030 | 3383 | $3074 | 0.5% | $3383 |
| Efor Holding (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 650 | 9.18% | 10/2030 | 1301 | 1167 | 0.2 | 1301 |
| Efor Holding (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 650 | 9.18% | 10/2030 | 176 | 153 | 0.0 | 176 |
| Efor Holding (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 650 | 9.18% | 10/2030 | 1046 | 908 | 0.1 | 1046 |
|  |  |  |  |  | 5906 | $5302 | 0.8% | 5906 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>France** |  |  |  |  | 5906 | $5302 | 0.8% | 5906 |
| **Total France** |  |  |  |  |  | $5302 | 0.8% | $5906 |
| **Jersey** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials** |  |  |  |  |  |  |  |  |
| Primrose Bidco Limited (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;SN + 550 | 9.72% | 11/2031 | £6724 | $6146 | 0.9% | $6724 |
|  |  |  |  |  | £6724 | 6146 | 0.9 | 6724 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Jersey** |  |  |  |  | £6724 | 6146 | 0.9% | 6724 |
| **Total Jersey** |  |  |  |  |  | $6146 | 0.9% | $6724 |
| **Netherlands** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Avidity Acquisition B.V. (11) | Unitranche First Lien - Last Out Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 525 | 7.68% | 03/2032 | 106 | $105 | 0.0% | $106 |
| Avidity Acquisition B.V. (11) | Unitranche First Lien - Last Out Term Loan | &nbsp;&nbsp;&nbsp;E + 525 | 7.29% | 03/2032 | 2571 | 2281 | 0.4 | 2571 |
| Pitch MidCo B.V. (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 550 | 7.63% | 04/2031 | 269 | 241 | 0.0 | 269 |
| Pitch MidCo B.V. (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 550 | 7.63% | 04/2031 | 3362 | 2995 | 0.4 | 3362 |
| Pitch MidCo B.V. (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 625 | 8.23% | 04/2031 | 1887 | 1802 | 0.3 | 1887 |
|  |  |  |  |  | 8195 | $7424 | 1.1% | 8195 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |  |
| Eagle Midco B.V. (Avania) (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 750 (750 PIK) | 9.53% | 07/2029 | € | 2744 | $2409 | 0.3% | $2006 |
| Eagle Midco B.V. (Avania) (11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 775 (775 PIK) | 12.09% | 07/2029 | € | 1356 | 1324 | 0.0 | 213 |
| Eagle Midco B.V. (Avania) (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 775 (775 PIK) | 12.09% | 07/2029 | € | 3634 | 3574 | 0.4 | 2656 |
|  |  |  |  |  |  | 7734 | $7307 | 0.7% | 4875 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Netherlands** |  |  |  |  |  | 15929 | $14731 | 1.8% | 13070 |
| **Total Netherlands** |  |  |  |  |  |  | $14731 | 1.8% | $13070 |
| **Belgium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |  |
| Miraclon Corporation (11) | Common Stock |  |  |  | € | 1025 | $1 | 0.0% | $— |
| Miraclon Corporation (11) | Preferred Stock |  |  |  | € | 90601 | 73 | 0.0 | 118 |
|  |  |  |  |  |  |  | 74 | 0.0 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Belgium** |  |  |  |  |  |  | $74 | 0.0% | $118 |
| **Total Belgium** |  |  |  |  |  |  | $74 | 0.0% | $118 |
| **Australia** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |  |
| Ancora Bidco PTY LTD (4)(5)(11) | Unitranche First Lien Delayed Draw Term Loan |  |  | 11/2030 |  | AUD 0 | $(24) | 0.0% | $6 |
| Ancora Bidco PTY LTD (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;B + 500, 50 Floor | 8.60% | 11/2030 |  | AUD 6,869 | 6722 | 1.0 | 6899 |
|  |  |  |  |  |  | AUD 6,869 | $6698 | 1.0% | 6905 |

---

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |  |
| Greencross (Vermont Aus Pty Ltd) (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;B + 575 | 9.40% | 03/2028 |  | AUD 19,153 | $21314 | 2.7% | $19153 |
| Greencross (Vermont Aus Pty Ltd) (11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;B + 575, 75 Floor | 9.40% | 03/2028 |  | AUD 3,194 | 3325 | 0.4 | 3194 |
|  |  |  |  |  |  | AUD 22,347 | $24639 | 3.1% | 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Australia** |  |  |  |  |  | AUD 29,216 | $31337 | 4.1% | 29252 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  | % |  |
| Ancora Bidco PTY LTD (11) | Common Stock |  |  |  |  | AUD 128,654,071 | $1325 | 0.3 | $1745 |
| Ancora Bidco PTY LTD (11) | Common Stock |  |  |  |  | AUD 6,771,267 | 70 | 0.0 | 92 |
|  |  |  |  |  |  |  | 1395 | 0.3 | 1837 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Australia** |  |  |  |  |  |  | $1395 | 0.3% | 1837 |
| **Total Australia** |  |  |  |  |  |  | $32732 | 4.4% | $31089 |
| **Sweden** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |  |
| AX VI INV2 Holding AB (Voff) (6)(11) | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;E + 600 (150 PIK) | 8.43% | 08/2029 | € | 10723 | $9067 | 1.5% | $10724 |
| AX VI INV2 Holding AB (Voff) (4)(6)(11) | Senior Secured First Lien Revolver |  |  | 08/2029 | € |  | (5) | 0.0 |  |
| AX VI INV2 Holding AB (Voff) (6)(11) | Senior Secured Second Lien Term Loan | &nbsp;&nbsp;&nbsp;1206 PIK | 12.06% | 08/2030 | € | 3148 | 2740 | 0.4 | 3148 |
| AX VI INV2 Holding AB (Voff) (6)(11) | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;E + 600 (150 PIK) | 8.02% | 08/2029 | € | 1807 | 1629 | 0.3 | 1807 |
|  |  |  |  |  |  | 15678 | 13431 | 2.2% | 15679 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Sweden** |  |  |  |  | € | 15678 | $13431 | 2.2% | 15679 |

---

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>September 30, 2025<br>(in thousands, except share and per share data) (Unaudited)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |
| AX VI INV2 Holding AB (Voff) (6)(11) | Common Stock |  |  |  | 1140447 | 1086 | 0.3% | 2165 |
|  |  |  |  |  |  | 1086 | 0.3% | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Sweden** |  |  |  |  |  | 1086 | 0.3% | 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Sweden** |  |  |  |  |  | $14517 | 2.5% | $17844 |
| **Switzerland** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |
| Solvias AG (4)(5)(6)(11) | Senior Secured First Lien Revolver |  |  | 02/2032 | CHF - | (63) | 0.0% | - |
| Solvias AG (6)(11) | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;SR + 550, 75 Floor | 6.25% | 02/2032 | CHF 24,061 | 20800 | 3.4 | 24542 |
|  |  |  |  |  | 24061 | 20737 | 3.4% | 24542 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Switzerland** |  |  |  |  | 24061 | $20737 | 3.4% | 24542 |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |
| Sequence Parent (6)(11) | Common Stock |  |  |  | CHF 47,124 | 409 | 0.1% | 477 |
| Sequence Parent (6)(11) | Preferred Stock |  |  |  | CHF 685.00 | 99 | - | 111 |
|  |  |  |  |  |  | 508 | 0.1% | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Switzerland** |  |  |  |  |  | 508 | 0.1% | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Switzerland** |  |  |  |  |  | $21245 | $3.5% | $25130 |
| **Total Investments** |  |  |  |  |  | $1603099 | $220.9% | $1580678 |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  | 4.03% |  |  | $3926 | 0.5 | $3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents Total** |  |  |  |  |  | $3926 | 0.5% | $3926 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investments and Cash Equivalents Total** |  |  |  |  |  | $1607025 | 221.4% | $1584604 |

---

\*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), Prime ("P"), EURIBOR ("E"), SONIA ("SN"), SARON ("SR"), 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, 2025, 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.

\*\*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 $714,075 as of September 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Tenor | Tenor | Tenor | Tenor | Tenor |
| Reference Rate | Overnight | 1 month | 3 month | 6 Month | 12 Month |
| Prime ("P") | 7.25% |  |  |  |  |
| SOFR ("S") |  | 4.13% | 3.98% | 3.85% | 3.66% |
| EURIBOR ("E") |  | 1.93% | 2.03% | 2.10% | 2.19% |
| SONIA ("SN") | 3.97% |  |  |  |  |
| BBSY ("B") |  |  | 3.58% |  |  |
| SARON ("SR") |  | -0.05% |  |  |  |

---

(1) All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

(2) All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

(3) The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 "Summary of Significant Accounting Policies".

(4) The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

(5) Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 "Commitments, Contingencies and Indemnifications".

(6) As defined in the 1940 Act, the portfolio company is deemed to be a "non-controlled affiliated person" of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company's outstanding voting securities. See Note 3 "Agreements and Related Party Transactions".

(7) As defined in the 1940 Act, the portfolio company is deemed to be a "controlled affiliated person" of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 "Agreements and Related Party Transactions".

(8) Fixed rate investment.

(9) The investment is on non-accrual status as of September 30, 2025.

(10) These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to "first-out" and "last-out" tranches, whereby the "first-out" tranche will have priority as to the "last-out" tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the "last-out" tranche.

(11) Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company's percentage of non-qualifying assets based on fair value was 13.5% as of September 30, 2025.

(12) This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.

(13) This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.

(14) Capital contributed to this investment is subject to restrictions on withdrawal.

------

**Foreign Currency Exchange Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Sold** | **Settlement** | **Unrealized <br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 1,040 | &nbsp;&nbsp;SEK 11,583 | &nbsp;&nbsp;8/20/2027 | $(148) |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 18,996 | &nbsp;&nbsp;AUD 29,250 | &nbsp;&nbsp;3/22/2028 | $1235 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 3,370 | &nbsp;&nbsp;AUD 5,401 | &nbsp;&nbsp;3/22/2028 | $91 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 6,123 | &nbsp;&nbsp;AUD 10,174 | &nbsp;&nbsp;10/6/2028 | $68 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 21,505 | &nbsp;&nbsp;CHF 18,703 | &nbsp;&nbsp;2/24/2028 | $(2123) |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 166 | &nbsp;&nbsp;GBP 121 | &nbsp;&nbsp;6/3/2026 | $8 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 1,896 | &nbsp;&nbsp;GBP 1,362 | &nbsp;&nbsp;6/3/2026 | $112 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 362 | &nbsp;&nbsp;GBP 272 | &nbsp;&nbsp;6/3/2026 | $5 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 2,998 | &nbsp;&nbsp;GBP 2,237 | &nbsp;&nbsp;6/3/2026 | $67 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 17,223 | &nbsp;&nbsp;GBP 12,870 | &nbsp;&nbsp;8/24/2026 | $496 |
| &nbsp;&nbsp;**Total Foreign Currency Exchange Contracts** |  |  |  | $(189) |
| AUD Australian Dollar ("AUD")<br>CHF Swiss Franc<br>EUR Euro ("€")<br>GBP Great British Pound ("£") | PIK Payment-In-Kind <br>SEK Swedish Krona<br>USD United States Dollar ("$") | PIK Payment-In-Kind <br>SEK Swedish Krona<br>USD United States Dollar ("$") |  |  |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **Investments (1)(2)(3)** |  |  |  |  |  |  |  |  |
| **United States** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles & Components** |  |  |  |  |  |  |  |  |
| Auveco Holdings | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 525 (100 Floor) | 9.91% | 05/2028 | 135 | 131 | 0.0 | 135 |
| Auveco Holdings | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 525 (100 Floor) | 9.91% | 05/2028 | 3949 | 3898 | 0.5 | 3949 |
| Continental Battery Company | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 700 (100 Floor) (plus 407.5 PIK) | 11.48% | 01/2027 | 7523 | 7469 | 0.7 | 5207 |
| Continental Battery Company | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 700 (100 Floor) (plus 407.5 PIK) | 11.48% | 01/2027 | 2775 | 2765 | 0.3 | 1920 |
| Sun Acquirer Corp. | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500 (75 Floor) | 9.36% | 09/2028 | 8943 | 8859 | 1.2 | 8898 |
| Sun Acquirer Corp. (4)(5) | Unitranche First Lien Revolver |  |  | 09/2027 |  | (19) | 0.0 | (9) |
| Sun Acquirer Corp. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500 (75 Floor) | 9.53% | 09/2028 | 12652 | 12497 | 1.7 | 12589 |
| Sun Acquirer Corp. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500 (75 Floor) | 9.36% | 09/2028 | 2425 | 2394 | 0.3 | 2413 |
|  |  |  |  |  | 38402 | 37994 | 4.7 | 35102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Goods** |  |  |  |  |  |  |  |  |
| Envocore Holding, LLC (7)(8) | Senior Secured First Lien Term Loan | 750 | 7.50% | 12/2025 | 6736 | 6715 | 0.9 | 6736 |
| Envocore Holding, LLC (7)(8)(9) | Senior Secured Second Lien Term Loan |  |  | 12/2026 | 9381 | 7052 | 0.2 | 1514 |
| Envocore Holding, LLC (7)(8) | Senior Secured First Lien Revolver | 750 | 7.50% | 12/2025 | 972 | 971 | 0.1 | 972 |
| Eshipping | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 500 (100 Floor) | 9.47% | 11/2027 | 5620 | 5558 | 0.8 | 5620 |
| Eshipping | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 500 (100 Floor) | 9.47% | 11/2027 | 865 | 860 | 0.1 | 865 |
| Eshipping (4)(5) | Senior Secured First Lien Revolver |  |  | 11/2027 |  | (11) | 0.0 |  |
| GB Eagle Buyer, Inc. (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 11/2030 |  | (6) | 0.0 | (13) |
| GB Eagle Buyer, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 11/2030 |  | (5) | 0.0 | (5) |
| GB Eagle Buyer, Inc. | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 475 (100 Floor) | 9.34% | 11/2030 | 3197 | 3166 | 0.4 | 3165 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Oliver Packaging LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) (plus 50 PIK) | 9.75% | 07/2028 | 3329 | 3290 | 0.4 | 3276 |
| Oliver Packaging LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) (plus 50 PIK) | 10.25% | 07/2028 | 149 | 143 | 0.0 | 141 |
| Oliver Packaging LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) (plus 50 PIK) | 10.25% | 07/2028 | 250 | 246 | 0.0 | 246 |
| Painters Supply & Equipment Company | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) | 9.93% | 08/2027 | 886 | 882 | 0.1 | 878 |
| Painters Supply & Equipment Company | Unitranche First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) | 10.12% | 04/2030 | 172 | 172 | 0.0 | 165 |
| Painters Supply & Equipment Company | Unitranche First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) | 10.41% | 08/2027 | 317 | 312 | 0.0 | 312 |
| Painters Supply & Equipment Company | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) | 9.93% | 08/2027 | 1983 | 1963 | 0.3 | 1965 |
| Painters Supply & Equipment Company | Unitranche First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 550 (100 Floor) | 10.19% | 04/2030 | 846 | 846 | 0.1 | 838 |
| TriStrux, LLC | Senior Secured First Lien Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (100 Floor) (plus 200 PIK) | 12.48% | 12/2026 | 2717 | 2679 | 0.3 | 1970 |
| TriStrux, LLC | Senior Secured First Lien Revolver | &nbsp;&nbsp;&nbsp;S + 800 (100 Floor) (plus 200 PIK) | 12.48% | 12/2026 | 959 | 945 | 0.1 | 669 |
| TriStrux, LLC | Senior Secured First Lien Delayed Draw Term Loan | &nbsp;&nbsp;&nbsp;S + 800 (100 Floor) (plus 200 PIK) | 12.48% | 12/2026 | 953 | 940 | 0.1 | 691 |
|  |  |  |  |  | 39332 | 36718 | 3.9 | 30005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| American Refrigeration | Senior Secured First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.99% | 04/2029 | 126 | 126 | 0.0 | 126 |
| American Refrigeration | Senior Secured First Lien Term Loan | S + 625 (100 Floor) | 10.99% | 02/2029 | 3474 | 3446 | 0.5 | 3474 |
| American Refrigeration | Senior Secured First Lien Term Loan | S + 625 (100 Floor) | 10.99% | 04/2029 | 199 | 199 | 0.0 | 199 |
| Automated Control Concepts, Inc. | Unitranche First Lien Term Loan | S + 550 (100 Floor) | 10.09% | 10/2026 | 3569 | 3491 | 0.5 | 3569 |
| Automated Control Concepts, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 10/2026 |  | (17) | 0.0 |  |
| Duraserv LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 450 (75 Floor) | 8.90% | 06/2031 | 882 | 874 | 0.1 | 851 |
| Duraserv LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 06/2030 |  | (8) | 0.0 | (14) |
| Duraserv LLC | Senior Secured First Lien Term Loan | S + 450 (75 Floor) | 8.90% | 06/2031 | 4809 | 4763 | 0.6 | 4731 |
| GH Parent Holdings Inc. | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.71% | 05/2027 | 12746 | 12654 | 1.7 | 12746 |
| GH Parent Holdings Inc. | Unitranche First Lien Revolver | S + 525 (100 Floor) | 9.71% | 05/2027 | 264 | 251 | 0.0 | 264 |
| GH Parent Holdings Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.71% | 05/2027 | 6143 | 6143 | 0.8 | 6143 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Guardian Access Solutions | Senior Secured First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.33% | 08/2029 | 1068 | 1048 | 0.1 | 1060 |
| Guardian Access Solutions | Senior Secured First Lien Revolver | S + 600 (100 Floor) | 10.33% | 08/2029 | 338 | 322 | 0.0 | 334 |
| Guardian Access Solutions | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.51% | 08/2029 | 2864 | 2806 | 0.4 | 2852 |
| Flow Service Partners Intermediate Holdco LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 11/2030 |  | (7) | 0.0 | (17) |
| Flow Service Partners Intermediate Holdco LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 11/2030 |  | (10) | 0.0 | (10) |
| Flow Service Partners Intermediate Holdco LLC | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.33% | 11/2030 | 2550 | 2518 | 0.3 | 2519 |
| Hamsard 3778 Limited (4)(5)(11) | Unitranche First Lien - Last Out Delayed Draw Term Loan |  |  | 10/2031 |  | (18) | 0.0 | (17) |
| Hamsard 3778 Limited (11) | Unitranche First Lien - Last Out Term Loan | S + 550 | 10.20% | 10/2031 | 8939 | 9025 | 1.2 | 8707 |
| Hercules Borrower LLC | Unitranche First Lien Term Loan | S + 550 (100 Floor) | 10.20% | 12/2026 | 18408 | 18221 | 2.5 | 18408 |
| Hercules Borrower LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2026 |  | (19) | 0.0 |  |
| Hercules Borrower LLC | Unitranche First Lien Term Loan | S + 550 (100 Floor) | 9.93% | 12/2026 | 239 | 237 | 0.0 | 239 |
| Hercules Borrower LLC | Unitranche First Lien Delayed Draw Term Loan | S + 550 (100 Floor) | 10.20% | 12/2026 | 1428 | 1419 | 0.2 | 1428 |
| Hsid Acquisition, LLC | Senior Secured First Lien Term Loan | S + 475 (100 Floor) | 9.21% | 01/2026 | 3692 | 3677 | 0.5 | 3692 |
| Hsid Acquisition, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 475 (100 Floor) | 9.21% | 01/2026 | 2777 | 2765 | 0.4 | 2777 |
| Hsid Acquisition, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 01/2026 |  | (3) | 0.0 |  |
| Infobase | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 10.03% | 06/2028 | 11018 | 10875 | 1.5 | 10946 |
| Infobase | Senior Secured First Lien Revolver | S + 550 (100 Floor) | 9.98% | 06/2028 | 807 | 790 | 0.1 | 798 |
| Iris Buyer, LLC | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.68% | 10/2030 | 10489 | 10230 | 1.4 | 10594 |
| Iris Buyer, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.58% | 10/2030 | 989 | 953 | 0.1 | 1004 |
| Iris Buyer, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 10/2029 |  | (33) | 0.0 | 15 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| MHS Acquisition Holdings, LLC (8) | Unsecured Debt | 1350 PIK | 13.50% | 03/2026 | 332 | 332 | 0.0 | 320 |
| MHS Acquisition Holdings, LLC (8) | Unsecured Debt | 1350 PIK | 13.50% | 03/2026 | 998 | 997 | 0.1 | 961 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.59% | 07/2027 | 608 | 601 | 0.1 | 608 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.74% | 07/2027 | 219 | 216 | 0.0 | 219 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Revolver | S + 600 (100 Floor) | 10.74% | 07/2027 | 30 | 29 | 0.0 | 30 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Term Loan | S + 625 (100 Floor) | 11.65% | 07/2027 | 39 | 39 | 0.0 | 39 |
| MHS Acquisition Holdings, LLC | Senior Secured First Lien Term Loan | S + 650 (100 Floor) | 11.17% | 07/2027 | 39 | 39 | 0.0 | 39 |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Term Loan | S + 525 (100 Floor) | 9.68% | 02/2029 | 4296 | 4214 | 0.6 | 4296 |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.68% | 02/2029 | 1933 | 1914 | 0.3 | 1933 |
| Minuteman Security Technologies, Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 02/2029 |  | (19) | 0.0 |  |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.68% | 02/2029 | 1723 | 1723 | 0.2 | 1723 |
| Minuteman Security Technologies, Inc. | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.68% | 02/2029 | 2537 | 2537 | 0.3 | 2537 |
| NRG Controls (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 10/2030 |  | (6) | 0.0 | (10) |
| NRG Controls (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2030 |  | (5) | 0.0 | (5) |
| NRG Controls | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.36% | 10/2030 | 3092 | 3054 | 0.4 | 3055 |
| Seko Global Logistics Network, LLC (11) | Senior Secured First Lien Term Loan | S + 800 | 12.69% | 05/2030 | 1310 | 1310 | 0.2 | 1310 |
| Seko Global Logistics Network, LLC (11) | Senior Secured First Lien Revolver | S + 800 | 12.67% | 05/2030 | 474 | 474 | 0.1 | 474 |
| RN Enterprises, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 10/2031 |  | (13) | 0.0 | (27) |
| RN Enterprises, LLC | Unitranche First Lien Revolver | S + 525 (75 Floor) | 9.58% | 10/2031 | 204 | 188 | 0.0 | 187 |
| RN Enterprises, LLC | Unitranche First Lien Term Loan | S + 525 (75 Floor) | 9.58% | 10/2031 | 6841 | 6756 | 0.9 | 6756 |
| Pye-Barker Fire & Safety, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 450 (75 Floor) | 8.83% | 05/2031 | 1141 | 1141 | 0.2 | 1129 |
| Pye-Barker Fire & Safety, LLC | Unitranche First Lien Revolver | S + 450 (75 Floor) | 9.10% | 05/2030 | 327 | 327 | 0.0 | 299 |
| Pye-Barker Fire & Safety, LLC | Unitranche First Lien Term Loan | S + 450 (75 Floor) | 8.83% | 05/2031 | 26428 | 26428 | 3.5 | 26143 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Receivable Solutions, Inc. | Senior Secured First Lien Revolver | P + 425 (100 Floor) | 12.00% | 10/2025 | 120 | 120 | 0.0 | 120 |
| Receivable Solutions, Inc. | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 10.19% | 10/2025 | 2137 | 2131 | 0.3 | 2137 |
| Service Logic Acquisition, Inc. (8) | Senior Secured Second Lien Term Loan | 1150 | 11.50% | 10/2028 | 5107 | 5016 | 0.7 | 5075 |
| Service Logic Acquisition, Inc. (8) | Senior Secured Second Lien Delayed Draw Term Loan | 1150 | 11.50% | 10/2028 | 2359 | 2313 | 0.3 | 2344 |
| UHY Advisors , Inc. (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 11/2031 |  | (11) | 0.0 | (34) |
| UHY Advisors , Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 11/2031 |  | (9) | 0.0 | (9) |
| UHY Advisors , Inc. | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.26% | 11/2031 | 4575 | 4542 | 0.6 | 4541 |
|  |  |  |  |  | 164687 | 163096 | 21.7 | 163608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Services** |  |  |  |  |  |  |  |  |
| Bandon Fitness (Texas) Inc. | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.67% | 07/2028 | 4728 | 4675 | 0.6 | 4719 |
| Bandon Fitness (Texas) Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 07/2028 |  | (4) | 0.0 | (1) |
| Bandon Fitness (Texas) Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.67% | 07/2028 | 2047 | 2028 | 0.3 | 2043 |
| Effective School Solutions LLC | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.78% | 11/2027 | 7537 | 7471 | 1.0 | 7537 |
| Effective School Solutions LLC | Senior Secured First Lien Revolver | S + 550 (100 Floor) | 9.97% | 11/2027 | 1102 | 1087 | 0.1 | 1102 |
| Everlast Parent Inc. | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 10.86% | 10/2028 | 13467 | 13340 | 1.8 | 13255 |
| Everlast Parent Inc. | Unitranche First Lien Revolver | S + 650 (100 Floor) | 10.86% | 10/2028 | 829 | 816 | 0.1 | 803 |
| Everlast Parent Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.11% | 10/2028 | 3310 | 3254 | 0.4 | 3196 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.23% | 12/2027 | 5017 | 4961 | 0.7 | 5017 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 575 (75 Floor) | 10.23% | 12/2027 | 1684 | 1676 | 0.2 | 1684 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 575 (75 Floor) | 10.23% | 12/2027 | 1674 | 1656 | 0.2 | 1674 |
| FS Whitewater Borrower, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (7) | 0.0 |  |
| FS Whitewater Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 600 (75 Floor) | 10.48% | 12/2027 | 1827 | 1817 | 0.2 | 1838 |
| FS Whitewater Borrower, LLC | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.23% | 12/2027 | 696 | 683 | 0.1 | 696 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| HGH Purchaser, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 700 (75 Floor) (plus 250 PIK) | 11.78% | 11/2026 | 3332 | 3322 | 0.4 | 3151 |
| HGH Purchaser, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 700 (75 Floor) (plus 250 PIK) | 11.78% | 11/2026 | 3300 | 3283 | 0.4 | 3122 |
| HGH Purchaser, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 11/2026 |  | 3 | 0.0 | (84) |
| HGH Purchaser, Inc. | Unitranche First Lien Term Loan | S + 700 (75 Floor) (plus 250 PIK) | 11.78% | 11/2026 | 7851 | 7815 | 1.0 | 7426 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Revolver | S + 525 (75 Floor) | 9.61% | 06/2028 | 302 | 285 | 0.0 | 302 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Term Loan | S + 525 (75 Floor) | 9.76% | 06/2029 | 10160 | 10040 | 1.4 | 10160 |
| HS Spa Holdings Inc. (Hand & Stone) (8) | Unitranche First Lien - Last Out Term Loan | 1237.5 PIK | 12.38% | 06/2030 | 1731 | 1704 | 0.2 | 1707 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Term Loan | S + 525 (75 Floor) | 9.76% | 06/2029 | 880 | 867 | 0.1 | 884 |
| HS Spa Holdings Inc. (Hand & Stone) | Unitranche First Lien Delayed Draw Term Loan | S + 525 (75 Floor) | 9.76% | 06/2029 | 482 | 478 | 0.1 | 485 |
| Ingenio, LLC | Unitranche First Lien Term Loan | S + 700 (100 Floor) | 11.65% | 08/2026 | 4656 | 4612 | 0.6 | 4377 |
| Ingenio, LLC | Unitranche First Lien Term Loan | S + 700 (100 Floor) | 11.65% | 08/2026 | 2063 | 2041 | 0.3 | 1939 |
| Learn-It Systems, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 09/2026 |  | (1) | 0.0 |  |
| Learn-It Systems, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) (plus 275 PIK) | 10.76% | 09/2026 | 2621 | 2599 | 0.4 | 2621 |
| Learn-It Systems, LLC | Senior Secured First Lien Term Loan | S + 525 (100 Floor) (plus 275 PIK) | 10.00% | 09/2026 | 4432 | 4400 | 0.6 | 4432 |
| Learn-It Systems, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) (plus 275 PIK) | 10.76% | 09/2026 | 1187 | 1177 | 0.2 | 1187 |
| Mario Purchaser, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 575 (75 Floor) | 10.21% | 04/2029 | 5146 | 5113 | 0.7 | 5146 |
| Mario Purchaser, LLC | Unitranche First Lien - Last Out Term Loan | S + 1075 PIK | 15.21% | 04/2032 | 4258 | 4177 | 0.6 | 4344 |
| Mario Purchaser, LLC | Unitranche First Lien Revolver | S + 575 (75 Floor) | 10.21% | 04/2028 | 313 | 300 | 0.0 | 313 |
| Mario Purchaser, LLC | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.21% | 04/2029 | 9664 | 9528 | 1.3 | 9664 |
| Mario Purchaser, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 575.3 (100 Floor) | 10.21% | 04/2029 | 475 | 392 | 0.1 | 475 |
| Marlin DTC-LS Midco 2, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 07/2025 |  |  | 0.0 | (2) |
| Marlin DTC-LS Midco 2, LLC | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 11.03% | 07/2025 | 2971 | 2971 | 0.4 | 2936 |
| PPV Intermediate Holdings LLC (Vetcor) (4)(5) | Unitranche First Lien Revolver |  |  | 08/2029 |  | (3) | 0.0 | (6) |
| PPV Intermediate Holdings LLC (Vetcor) (12) | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.26% | 08/2029 | 3504 | 3480 | 0.5 | 3507 |
| PPV Intermediate Holdings LLC (Vetcor) (8) | Unsecured Debt | 1375 PIK | 13.75% | 08/2030 | 1221 | 1201 | 0.2 | 1181 |
| PPV Intermediate Holdings LLC (Vetcor) (8) | Unsecured Debt | 1375 PIK | 13.75% | 08/2030 | 304 | 292 | 0.0 | 290 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Stepping Stones Healthcare Services, LLC | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.08% | 12/2028 | 12844 | 12663 | 1.7 | 13030 |
| Stepping Stones Healthcare Services, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 475 (75 Floor) | 9.35% | 12/2028 | 2883 | 2865 | 0.4 | 2924 |
| Stepping Stones Healthcare Services, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2026 |  | (22) | 0.0 |  |
| Stepping Stones Healthcare Services, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 475 (75 Floor) | 9.35% | 12/2028 | 375 | 351 | 0.1 | 430 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Term Loan | S + 525 (100 Floor) | 9.94% | 11/2029 | 1485 | 1473 | 0.2 | 1485 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.86% | 11/2029 | 1642 | 1628 | 0.2 | 1642 |
| USA Hometown Experts, Inc. | Senior Secured First Lien Revolver | S + 525 (100 Floor) | 9.95% | 11/2029 | 180 | 173 | 0.0 | 180 |
| USA Hometown Experts, Inc. (5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 11/2029 |  |  | 0.0 |  |
| Wrench Group LLC (8) | Senior Secured Second Lien Term Loan | 1125 | 11.25% | 04/2027 | 4833 | 4773 | 0.6 | 4793 |
|  |  |  |  |  | 139013 | 137433 | 18.4 | 137604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials** |  |  |  |  |  |  |  |  |
| Alera Group Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 525 (75 Floor) | 9.82% | 09/2028 | 9804 | 9672 | 1.4 | 9874 |
| Alera Group Inc. | Unitranche First Lien Term Loan | S + 525 (75 Floor) | 9.82% | 09/2028 | 4888 | 4820 | 0.7 | 4922 |
| Alera Group Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 575 (75 Floor) | 10.09% | 09/2028 | 2952 | 2903 | 0.4 | 2983 |
| Essential Services Holding Corporation (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 06/2030 |  | (7) | 0.0 | (4) |
| Essential Services Holding Corporation (4)(5) | Unitranche First Lien Revolver |  |  | 06/2031 |  | (8) | 0.0 | (2) |
| Essential Services Holding Corporation | Unitranche First Lien Term Loan | S + 500 (75 Floor) | 9.65% | 06/2031 | 7584 | 7511 | 1.0 | 7564 |
| iLending LLC (9) | Senior Secured First Lien Term Loan |  |  | 06/2026 | 4385 | 4385 | 0.3 | 2407 |
| iLending LLC (4)(5)(9) | Senior Secured First Lien Revolver |  |  | 06/2026 |  |  | 0.0 | (324) |
| King Mid LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 550 (100 Floor) | 9.83% | 12/2027 | 3474 | 3455 | 0.5 | 3474 |
| King Mid LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2027 |  | (2) | 0.0 |  |
| King Mid LLC | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 9.83% | 12/2027 | 3373 | 3334 | 0.5 | 3373 |
| King Mid LLC | Unitranche First Lien Delayed Draw Term Loan | S + 550 (100 Floor) | 9.83% | 12/2027 | 2003 | 2003 | 0.3 | 2003 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| PCS Retirement | Unitranche First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.08% | 03/2030 | 837 | 830 | 0.1 | 837 |
| PCS Retirement | Unitranche First Lien Revolver | S + 575 (100 Floor) | 10.08% | 03/2030 | 123 | 116 | 0.0 | 123 |
| PCS Retirement | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 10.08% | 03/2030 | 5062 | 5018 | 0.7 | 5062 |
| RWA Wealth Partners, LLC. | Unitranche First Lien Delayed Draw Term Loan | S + 475 (75 Floor) | 9.10% | 11/2030 | 309 | 297 | 0.0 | 273 |
| RWA Wealth Partners, LLC. (4)(5) | Unitranche First Lien Revolver |  |  | 11/2030 |  | (10) | 0.0 | (10) |
| RWA Wealth Partners, LLC. | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.27% | 11/2030 | 6150 | 6105 | 0.8 | 6105 |
| Soltis (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 08/2030 |  | (6) | 0.0 | (42) |
| Soltis (4)(5) | Unitranche First Lien Revolver |  |  | 08/2030 |  | (8) | 0.0 | (8) |
| Soltis | Unitranche First Lien Term Loan | S + 500 (100 Floor) | 10.07% | 08/2030 | 1895 | 1863 | 0.2 | 1864 |
|  |  |  |  |  | 52839 | 52271 | 6.9 | 50474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |  |  |  |  |  |
| Loadmaster Derrick & Equipment, Inc. (7)(8) | Senior Secured Second Lien Note | 1200 | 12.00% | 03/2031 | 1250 | 1250 | 0.2 | 1142 |
|  |  |  |  |  | 1250 | 1250 | 0.2 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |  |
| Isagenix International, LLC (6) | Senior Secured First Lien Term Loan | S + 650 (100 Floor) (plus 410 PIK) | 15.35% | 04/2028 | 3166 | 2962 | 0.3 | 2005 |
|  |  |  |  |  | 3166 | 2962 | 0.3 | 2005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food, Beverage & Tobacco** |  |  |  |  |  |  |  |  |
| JTM Foods LLC | Senior Secured First Lien Term Loan | S + 525 (100 Floor) | 9.89% | 05/2027 | 4872 | 4836 | 0.7 | 4872 |
| JTM Foods LLC | Senior Secured First Lien Revolver | S + 525 (100 Floor) | 9.89% | 05/2027 | 747 | 740 | 0.1 | 747 |
| JTM Foods LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.73% | 05/2027 | 663 | 660 | 0.1 | 663 |
| Mann Lake Ltd. (9) | Senior Secured First Lien Revolver |  |  | 01/2025 | 850 | 848 | 0.1 | 498 |
| Mann Lake Ltd. (9) | Senior Secured First Lien Term Loan |  |  | 01/2025 | 1686 | 1683 | 0.1 | 1030 |
|  |  |  |  |  | 8818 | 8767 | 1.1 | 7810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| ACI Group Holdings, Inc. | Unitranche First Lien Term Loan | S + 600 (75 Floor) (plus 325 PIK) | 10.46% | 08/2028 | 6865 | 6770 | 0.9 | 6687 |
| ACI Group Holdings, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 600 (75 Floor) (plus 325 PIK) | 10.46% | 08/2028 | 1217 | 1211 | 0.2 | 1186 |
| ACI Group Holdings, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 600 (75 Floor) (plus 325 PIK) | 10.46% | 08/2028 | 1318 | 1301 | 0.2 | 1285 |
| ACI Group Holdings, Inc. | Unitranche First Lien Revolver | S + 600 (75 Floor) (plus 325 PIK) | 10.46% | 08/2027 | 74 | 67 | 0.0 | 55 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Acu-Serve, LLC | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.08% | 10/2029 | 3960 | 3926 | 0.5 | 3960 |
| Acu-Serve, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.08% | 10/2029 | 218 | 210 | 0.0 | 218 |
| Acu-Serve, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2029 |  | (6) | 0.0 |  |
| Advanced Diabetes Supply | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.48% | 12/2027 | 3406 | 3391 | 0.5 | 3406 |
| Advanced Diabetes Supply | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.48% | 12/2027 | 4863 | 4816 | 0.6 | 4863 |
| Advanced Diabetes Supply (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2027 |  | (3) | 0.0 |  |
| Annuity Health (4)(5) | Senior Secured First Lien Revolver |  |  | 02/2029 |  | (7) | 0.0 |  |
| Annuity Health | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.59% | 02/2029 | 4169 | 4133 | 0.6 | 4169 |
| Arrow Management Acquisition, LLC | Senior Secured First Lien Term Loan | S + 475 (100 Floor) | 9.00% | 10/2027 | 4802 | 4749 | 0.6 | 4802 |
| Arrow Management Acquisition, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 475 (100 Floor) | 9.00% | 10/2027 | 2148 | 2136 | 0.3 | 2148 |
| Arrow Management Acquisition, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2027 |  | (7) | 0.0 |  |
| Arrow Management Acquisition, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 475 (100 Floor) | 9.00% | 10/2027 | 1541 | 1541 | 0.2 | 1541 |
| Avalign Technologies, Inc. | Unitranche First Lien Revolver | S + 650 (75 Floor) | 10.86% | 12/2028 | 501 | 473 | 0.1 | 462 |
| Avalign Technologies, Inc. | Unitranche First Lien Term Loan | S +725 (75 Floor) (plus 362.5 PIK) | 11.76% | 12/2028 | 13037 | 12558 | 1.7 | 12728 |
| Bayside Opco, LLC (6) | Senior Secured First Lien Term Loan | S + 725 (100 Floor) | 11.58% | 05/2026 | 4452 | 4452 | 0.6 | 4452 |
| Bayside Opco, LLC (6) | Senior Secured First Lien Term Loan | S + 725 (100 Floor) | 11.58% | 05/2026 | 1575 | 1575 | 0.2 | 1575 |
| Bayside Opco, LLC (5)(6) | Senior Secured First Lien Revolver |  |  | 05/2026 |  |  | 0.0 |  |
| Bayside Opco, LLC (6) | Unsecured Debt | S + 1000 PIK (100 Floor) | 14.48% | 05/2026 | 1819 | 1363 | 0.2 | 1819 |
| CC Amulet Management, LLC | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.83% | 08/2027 | 4975 | 4925 | 0.7 | 4975 |
| CC Amulet Management, LLC | Senior Secured First Lien Revolver | S + 500 (100 Floor) | 9.73% | 08/2027 | 671 | 662 | 0.1 | 671 |
| CC Amulet Management, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 500 | 9.78% | 08/2027 | 911 | 901 | 0.1 | 911 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Acu-Serve, LLC | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.08% | 10/2029 | 3960 | 3926 | 0.5 | 3960 |
| Acu-Serve, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.08% | 10/2029 | 218 | 210 | 0.0 | 218 |
| Acu-Serve, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2029 |  | (6) | 0.0 |  |
| Advanced Diabetes Supply | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.48% | 12/2027 | 3406 | 3391 | 0.5 | 3406 |
| Advanced Diabetes Supply | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.48% | 12/2027 | 4863 | 4816 | 0.6 | 4863 |
| Advanced Diabetes Supply (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2027 |  | (3) | 0.0 |  |
| Annuity Health (4)(5) | Senior Secured First Lien Revolver |  |  | 02/2029 |  | (7) | 0.0 |  |
| Annuity Health | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.59% | 02/2029 | 4169 | 4133 | 0.6 | 4169 |
| Arrow Management Acquisition, LLC | Senior Secured First Lien Term Loan | S + 475 (100 Floor) | 9.00% | 10/2027 | 4802 | 4749 | 0.6 | 4802 |
| Arrow Management Acquisition, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 475 (100 Floor) | 9.00% | 10/2027 | 2148 | 2136 | 0.3 | 2148 |
| Arrow Management Acquisition, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2027 |  | (7) | 0.0 |  |
| Arrow Management Acquisition, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 475 (100 Floor) | 9.00% | 10/2027 | 1541 | 1541 | 0.2 | 1541 |
| Avalign Technologies, Inc. | Unitranche First Lien Revolver | S + 650 (75 Floor) | 10.86% | 12/2028 | 501 | 473 | 0.1 | 462 |
| Avalign Technologies, Inc. | Unitranche First Lien Term Loan | S +725 (75 Floor) (plus 362.5 PIK) | 11.76% | 12/2028 | 13037 | 12558 | 1.7 | 12728 |
| Bayside Opco, LLC (6) | Senior Secured First Lien Term Loan | S + 725 (100 Floor) | 11.58% | 05/2026 | 4452 | 4452 | 0.6 | 4452 |
| Bayside Opco, LLC (6) | Senior Secured First Lien Term Loan | S + 725 (100 Floor) | 11.58% | 05/2026 | 1575 | 1575 | 0.2 | 1575 |
| Bayside Opco, LLC (5)(6) | Senior Secured First Lien Revolver |  |  | 05/2026 |  |  | 0.0 |  |
| Bayside Opco, LLC (6) | Unsecured Debt | S + 1000 PIK (100 Floor) | 14.48% | 05/2026 | 1819 | 1363 | 0.2 | 1819 |
| CC Amulet Management, LLC | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.83% | 08/2027 | 4975 | 4925 | 0.7 | 4975 |
| CC Amulet Management, LLC | Senior Secured First Lien Revolver | S + 500 (100 Floor) | 9.73% | 08/2027 | 671 | 662 | 0.1 | 671 |
| CC Amulet Management, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 500 | 9.78% | 08/2027 | 911 | 901 | 0.1 | 911 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Centria Subsidiary Holdings, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 06/2027 |  | (9) | 0.0 | (3) |
| Centria Subsidiary Holdings, LLC | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.68% | 06/2027 | 11280 | 11245 | 1.5 | 11263 |
| ConvenientMD | Senior Secured First Lien Term Loan | S + 500 | 9.66% | 06/2029 | 5637 | 5579 | 0.8 | 5632 |
| ConvenientMD (4)(5) | Senior Secured First Lien Revolver |  |  | 06/2029 |  | (8) | 0.0 | (1) |
| EMS Buyer, Inc. | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 10.21% | 11/2027 | 11449 | 11335 | 1.5 | 11449 |
| EMS Buyer, Inc. | Unitranche First Lien Revolver | S + 575 (100 Floor) | 10.21% | 11/2027 | 403 | 398 | 0.1 | 403 |
| EMS Buyer, Inc. | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 10.42% | 11/2027 | 975 | 963 | 0.1 | 975 |
| EMS Buyer, Inc. | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 10.21% | 11/2027 | 2090 | 2090 | 0.3 | 2090 |
| Explorer Investor, Inc. | Unitranche First Lien Term Loan | S + 600 (50 Floor) | 10.48% | 06/2029 | 13446 | 12975 | 1.7 | 12505 |
| FH MD Buyer, Inc | Senior Secured First Lien Term Loan | S + 500 (75 Floor) | 9.47% | 07/2028 | 19350 | 19249 | 2.6 | 19302 |
| GrapeTree Medical Staffing, LLC | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 9.97% | 04/2026 | 5992 | 5966 | 0.8 | 5858 |
| GrapeTree Medical Staffing, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 04/2026 |  | (6) | 0.0 | (13) |
| GrapeTree Medical Staffing, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 550 (100 Floor) | 9.97% | 04/2026 | 3507 | 3492 | 0.5 | 3428 |
| Great Lakes Dental Partners, LLC | Unitranche First Lien Term Loan | S + 725 (100 Floor) (plus 100 PIK) | 11.71% | 06/2026 | 4935 | 4899 | 0.6 | 4805 |
| Great Lakes Dental Partners, LLC | Unitranche First Lien Revolver | S + 725 (100 Floor) (plus 100 PIK) | 11.71% | 06/2026 | 307 | 304 | 0.0 | 296 |
| Homecare Partners Management, LLC | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.43% | 05/2027 | 4402 | 4357 | 0.6 | 4402 |
| Homecare Partners Management, LLC | Senior Secured First Lien Revolver | A + 575 (100 Floor) | 10.23% | 05/2027 | 851 | 837 | 0.1 | 851 |
| Homecare Partners Management, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.23% | 05/2027 | 3293 | 3244 | 0.4 | 3293 |
| Homecare Partners Management, LLC | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.96% | 05/2027 | 1073 | 1060 | 0.1 | 1073 |
| Homecare Partners Management, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.23% | 06/2030 | 862 | 862 | 0.1 | 862 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 10.99% | 12/2026 | 14607 | 14483 | 2.0 | 14607 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 10.99% | 12/2026 | 2668 | 2629 | 0.4 | 2668 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Revolver | S + 650 (100 Floor) | 10.93% | 12/2026 | 961 | 945 | 0.1 | 961 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 650 (100 Floor) | 10.99% | 12/2026 | 2715 | 2674 | 0.4 | 2715 |
| Hospice Care Buyer, Inc. | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 10.99% | 12/2026 | 387 | 381 | 0.1 | 387 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 11.24% | 06/2026 | 2962 | 2962 | 0.4 | 2895 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 650 (100 Floor) | 11.24% | 06/2026 | 356 | 356 | 0.0 | 348 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Revolver | S + 650 | 10.98% | 06/2026 | 442 | 442 | 0.1 | 432 |
| Integrated Pain Management Medical Group, Inc. | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 11.24% | 06/2026 | 814 | 814 | 0.1 | 796 |
| IVX Health Merger Sub, Inc. (8) | Unsecured Debt | 1350 PIK | 13.50% | 06/2031 | 7708 | 7537 | 1.1 | 7939 |
| IVX Health Merger Sub, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 06/2030 |  | (64) | 0.0 |  |
| IVX Health Merger Sub, Inc. | Unitranche First Lien Term Loan | S + 500 (100 Floor) | 9.33% | 06/2030 | 17070 | 16749 | 2.3 | 17332 |
| Laseraway Intermediate Holdings II, LLC (12) | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.66% | 10/2027 | 5902 | 5836 | 0.8 | 5681 |
| Lighthouse Behavioral Health Solutions, LLC | Senior Secured First Lien Revolver | S + 650 (100 Floor) (plus 75 PIK) | 11.28% | 03/2028 | 1154 | 1151 | 0.1 | 1030 |
| Lighthouse Behavioral Health Solutions, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 650 (100 Floor) (plus 75 PIK) | 11.35% | 03/2028 | 468 | 467 | 0.1 | 418 |
| Lighthouse Behavioral Health Solutions, LLC | Senior Secured First Lien Term Loan | S + 650 (100 Floor) (plus 75 PIK) | 11.37% | 03/2028 | 2248 | 2242 | 0.3 | 2006 |
| Lighthouse Lab Services | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.23% | 10/2027 | 5536 | 5474 | 0.7 | 5417 |
| Lighthouse Lab Services | Senior Secured First Lien Revolver | S + 575 (100 Floor) | 10.50% | 10/2027 | 1074 | 1062 | 0.1 | 1047 |
| Lightspeed Buyer, Inc. (5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 02/2027 |  |  | 0.0 |  |
| Lightspeed Buyer, Inc. (5) | Unitranche First Lien Revolver |  |  | 02/2027 |  |  | 0.0 |  |
| Lightspeed Buyer, Inc. | Unitranche First Lien Term Loan | S + 475 (100 Floor) | 9.08% | 02/2027 | 17650 | 17650 | 2.4 | 17650 |
| MB2 Dental | Unitranche First Lien Delayed Draw Term Loan | S + 550 (75 Floor) | 10.02% | 02/2031 | 435 | 416 | 0.1 | 435 |
| MB2 Dental | Unitranche First Lien Delayed Draw Term Loan | S + 550 (75 Floor) | 10.02% | 02/2031 | 883 | 860 | 0.1 | 883 |
| MB2 Dental (4)(5) | Unitranche First Lien Revolver |  |  | 02/2031 |  | (4) | 0.0 |  |
| MB2 Dental | Unitranche First Lien Term Loan | S + 550 (75 Floor) | 9.86% | 02/2031 | 6114 | 6057 | 0.8 | 6114 |
| Medical Review Institute of America (4)(5) | Senior Secured First Lien Revolver |  |  | 07/2030 |  | (7) | 0.0 |  |
| Medical Review Institute of America | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.33% | 07/2030 | 5686 | 5631 | 0.8 | 5686 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| MWD Management LLC (United Derm) | Senior Secured First Lien Delayed Draw Term Loan | S + 500 (100 Floor) | 9.43% | 06/2027 | 4410 | 4362 | 0.6 | 4410 |
| MWD Management LLC (United Derm) | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.43% | 06/2027 | 5474 | 5411 | 0.7 | 5474 |
| MWD Management LLC (United Derm) | Senior Secured First Lien Revolver | S + 500 (100 Floor) | 9.43% | 06/2027 | 480 | 467 | 0.1 | 480 |
| Omni Ophthalmic Management Consultants, LLC | Senior Secured First Lien Revolver | S + 800 (100 Floor) (plus 350 PIK) | 12.70% | 09/2025 | 967 | 966 | 0.1 | 941 |
| Omni Ophthalmic Management Consultants, LLC | Senior Secured First Lien Term Loan | S + 800 (100 Floor) (plus 350 PIK) | 12.70% | 09/2025 | 6732 | 6734 | 0.9 | 6554 |
| Omni Ophthalmic Management Consultants, LLC | Senior Secured First Lien Term Loan | S + 800 (100 Floor) (plus 350 PIK) | 12.70% | 09/2025 | 884 | 877 | 0.1 | 860 |
| Omni Ophthalmic Management Consultants, LLC | Senior Secured First Lien Term Loan | S + 800 (100 Floor) (plus 350 PIK) | 12.70% | 09/2025 | 299 | 299 | 0.0 | 291 |
| Omni Ophthalmic Management Consultants, LLC | Senior Secured First Lien Term Loan | S + 800 (100 Floor) (plus 350 PIK) | 12.70% | 09/2025 | 249 | 249 | 0.0 | 243 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.99% | 01/2028 | 2841 | 2801 | 0.4 | 2833 |
| Patriot Acquisition Topco S.A.R.L (4)(5)(11) | Unitranche First Lien Revolver |  |  | 01/2026 |  | (10) | 0.0 | (5) |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.99% | 01/2028 | 11834 | 11679 | 1.6 | 11798 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.99% | 01/2028 | 361 | 356 | 0.0 | 360 |
| Patriot Acquisition Topco S.A.R.L (11) | Unitranche First Lien Delayed Draw Term Loan | S + 525 (100 Floor) | 9.99% | 01/2028 | 3528 | 3492 | 0.5 | 3514 |
| Patriot Acquisition Topco S.A.R.L (8)(11) | Unsecured Debt | 1400 PIK | 14.00% | 02/2030 | 3896 | 3836 | 0.5 | 3927 |
| Plasma Buyer LLC (PathGroup) | Unitranche First Lien Delayed Draw Term Loan | S + 625 (75 Floor) | 10.58% | 05/2029 | 215 | 212 | 0.0 | 205 |
| Plasma Buyer LLC (PathGroup) | Unitranche First Lien Revolver | S + 575 (75 Floor) | 10.08% | 05/2029 | 454 | 443 | 0.1 | 421 |
| Plasma Buyer LLC (PathGroup) | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.08% | 05/2029 | 7133 | 7031 | 0.9 | 6841 |
| Premier Dental Care Management, LLC | Unitranche First Lien Term Loan | S + 525 (75 Floor) | 9.61% | 08/2028 | 9238 | 9129 | 1.2 | 9155 |
| Premier Dental Care Management, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 525 (75 Floor) | 9.61% | 08/2028 | 5012 | 5005 | 0.7 | 4967 |
| Premier Dental Care Management, LLC | Unitranche First Lien Revolver | S + 525 (75 Floor) | 9.59% | 08/2027 | 236 | 216 | 0.0 | 215 |
| Premier Dental Care Management, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 525 (75 Floor) | 9.61% | 08/2028 | 1524 | 1506 | 0.2 | 1487 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| PromptCare Intermediate, LP | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.44% | 09/2027 | 10159 | 10048 | 1.4 | 10158 |
| PromptCare Intermediate, LP | Unitranche First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.46% | 09/2027 | 1582 | 1571 | 0.2 | 1582 |
| PromptCare Intermediate, LP | Unitranche First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.46% | 04/2030 | 2101 | 2063 | 0.3 | 2100 |
| Quorum Health Resources | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.93% | 05/2027 | 5204 | 5171 | 0.7 | 5185 |
| Quorum Health Resources (4)(5) | Unitranche First Lien Revolver |  |  | 05/2027 |  | (6) | 0.0 | (2) |
| Safco Dental Supply, LLC | Unitranche First Lien Revolver | S + 550 (100 Floor) | 9.98% | 06/2025 | 342 | 341 | 0.0 | 334 |
| REP Behavioral Health, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 12/2030 |  | (12) | 0.0 | (31) |
| REP Behavioral Health, LLC | Unitranche First Lien Revolver | S + 500 (100 Floor) | 9.36% | 12/2030 | 121 | 103 | 0.0 | 103 |
| REP Behavioral Health, LLC | Unitranche First Lien Term Loan | S + 500 (100 Floor) | 9.36% | 12/2030 | 5750 | 5678 | 0.8 | 5678 |
| Safco Dental Supply, LLC | Unitranche First Lien Term Loan | S + 550 (100 Floor) | 9.98% | 06/2025 | 4043 | 4036 | 0.5 | 3986 |
| Seniorlink Incorporated (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (8) | 0.0 | (2) |
| Seniorlink Incorporated | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.55% | 12/2027 | 9115 | 9031 | 1.2 | 9099 |
| Seniorlink Incorporated | Unitranche First Lien Term Loan | S + 525 (100 Floor) | 9.55% | 12/2027 | 4725 | 4657 | 0.6 | 4717 |
| Seniorlink Incorporated (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (7) | 0.0 | (1) |
| Smile Doctors LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2027 |  | (15) | 0.0 | (12) |
| Smile Doctors LLC | Unitranche First Lien Delayed Draw Term Loan | S + 590 (75 Floor) | 10.81% | 12/2028 | 789 | 789 | 0.1 | 788 |
| Smile Doctors LLC | Unitranche First Lien Term Loan | S + 590 (75 Floor) | 10.81% | 12/2028 | 15391 | 15293 | 2.1 | 15372 |
| SolutionReach, Inc. | Senior Secured First Lien Term Loan | S + 700 (100 Floor) | 12.40% | 07/2025 | 4624 | 4607 | 0.6 | 4624 |
| SolutionReach, Inc. | Senior Secured First Lien Revolver | P + 600 | 13.75% | 07/2025 | 467 | 465 | 0.1 | 467 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Term Loan | S + 600 (50 Floor) | 10.30% | 07/2029 | 3693 | 3622 | 0.5 | 3693 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Term Loan | E + 600 | 8.72% | 07/2029 | 3628 | 3495 | 0.5 | 3628 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Delayed Draw Term Loan | S + 600 (50 Floor) | 10.30% | 07/2029 | 1936 | 1899 | 0.3 | 1916 |
| Sydney US Buyer Corp. (3B Scientific) (11) | Unitranche First Lien Delayed Draw Term Loan | S + 600 | 10.90% | 07/2029 | 6040 | 5808 | 0.8 | 6040 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 10.17% | 05/2029 | 6206 | 6153 | 0.8 | 6206 |
| Team Select (CSC TS Merger SUB, LLC) (4)(5) | Senior Secured First Lien Revolver |  |  | 05/2029 |  | (5) | 0.0 |  |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Delayed Draw Term Loan | S + 550 (100 Floor) | 9.96% | 05/2029 | 357 | 348 | 0.0 | 357 |
| Team Select (CSC TS Merger SUB, LLC) (5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 06/2030 |  |  | 0.0 |  |
| Team Select (CSC TS Merger SUB, LLC) | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 9.96% | 06/2030 | 2587 | 2587 | 0.3 | 2587 |
| Unifeye Vision Partners | Senior Secured First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.48% | 09/2025 | 2947 | 2937 | 0.4 | 2889 |
| Unifeye Vision Partners | Senior Secured First Lien Revolver | S + 600 (100 Floor) | 10.48% | 09/2025 | 1247 | 1243 | 0.2 | 1213 |
| Unifeye Vision Partners | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.48% | 09/2025 | 5130 | 5111 | 0.7 | 5029 |
| Unifeye Vision Partners | Senior Secured First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.48% | 09/2025 | 4933 | 4930 | 0.6 | 4837 |
| Vital Care Buyer, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 07/2031 |  | (3) | 0.0 | (4) |
| Vital Care Buyer, LLC | Unitranche First Lien Term Loan | S + 450 (75 Floor) | 8.83% | 07/2031 | 2152 | 2131 | 0.3 | 2122 |
|  |  |  |  |  | 421250 | 415834 | 56.0 | 417459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Household & Personal Products** |  |  |  |  |  |  |  |  |
| Lash Opco LLC | Unitranche First Lien Term Loan | S + 775 (100 Floor) (plus 510 PIK) | 12.94% | 03/2026 | 3086 | 3075 | 0.4 | 2991 |
| Lash Opco LLC | Unitranche First Lien Revolver | S + 775 (100 Floor) (plus 510 PIK) | 12.94% | 09/2025 | 384 | 382 | 0.0 | 372 |
| Lash Opco LLC | Unitranche First Lien Term Loan | S + 775 (100 Floor) (plus 510 PIK) | 12.94% | 03/2026 | 3147 | 3129 | 0.4 | 3050 |
| Lash Opco LLC | Unitranche First Lien Term Loan | S + 775 (plus 510 PIK) | 12.94% | 03/2026 | 1021 | 1017 | 0.1 | 990 |
|  |  |  |  |  | 7638 | 7603 | 0.9 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |
| Balance Partners (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 04/2030 |  | (29) | 0.0 |  |
| Balance Partners (4)(5) | Senior Secured First Lien Revolver |  |  | 04/2030 |  | (5) | 0.0 |  |
| Balance Partners | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.33% | 04/2030 | 2189 | 2167 | 0.3 | 2190 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Evolution BuyerCo, Inc. | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.73% | 04/2028 | 8042 | 7992 | 1.1 | 8042 |
| Evolution BuyerCo, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 04/2027 |  | (3) | 0.0 |  |
| Evolution BuyerCo, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.73% | 04/2028 | 1411 | 1399 | 0.2 | 1411 |
| Evolution BuyerCo, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.73% | 04/2028 | 1723 | 1705 | 0.2 | 1723 |
| Evolution BuyerCo, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 675 (100 Floor) | 11.23% | 04/2028 | 247 | 243 | 0.0 | 247 |
| Galway Borrower, LLC | Unitranche First Lien Term Loan | S + 450 (75 Floor) | 9.78% | 09/2028 | 6464 | 6406 | 0.9 | 6481 |
| Galway Borrower, LLC | Unitranche First Lien Revolver | S + 450 (75 Floor) | 9.78% | 09/2028 | 45 | 40 | 0.0 | 42 |
| Galway Borrower, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 450 (75 Floor) | 8.83% | 09/2028 | 11 | 9 | 0.0 | 12 |
| Galway Borrower, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 09/2028 |  | (1) | 0.0 | 1 |
| Integrity Marketing Acquisition, LLC (5) | Unitranche First Lien Revolver |  |  | 08/2028 |  |  | 0.1 | 2 |
| Integrity Marketing Acquisition, LLC | Unitranche First Lien Term Loan | S + 500 (75 Floor) | 9.51% | 08/2028 | 20225 | 20225 | 2.8 | 20261 |
| Integro Parent, Inc. (11) | Senior Secured Second Lien Term Loan | S + 1225 PIK (100 Floor) | 16.85% |  | 2337 | 2337 | 0.3 | 2035 |
| Newcleus, LLC | Senior Secured First Lien Term Loan | S + 800 (plus 200 PIK) | 10.48% | 08/2026 | 5217 | 4993 | 0.7 | 5075 |
| Newcleus, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 08/2026 |  | (13) | 0.0 | (12) |
| Newcleus, LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 08/2026 |  | (14) | 0.0 | (12) |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Term Loan | S + 500 (75 Floor) | 9.75% | 10/2028 | 9088 | 9011 | 1.2 | 9056 |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Revolver | S + 500 (75 Floor) | 9.46% | 10/2028 | 330 | 323 | 0.0 | 328 |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 500 (75 Floor) | 9.48% | 10/2028 | 2791 | 2772 | 0.4 | 2781 |
| Patriot Growth Insurance Services, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 500 (75 Floor) | 9.33% | 10/2028 | 703 | 691 | 0.1 | 699 |
| The Hilb Group, LLC (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 10/2031 |  | (16) | 0.0 | (33) |
| The Hilb Group, LLC | Unitranche First Lien Revolver | S + 475 (75 Floor) | 9.11% | 10/2031 | 124 | 108 | 0.0 | 107 |
| The Hilb Group, LLC | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.11% | 10/2031 | 14988 | 14839 | 2.0 | 14838 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Vantage Insurance Partners, Inc. (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 12/2028 |  | (19) | 0.0 | (107) |
| Vantage Insurance Partners, Inc. | Unitranche First Lien Revolver | S + 600 (100 Floor) | 10.33% | 12/2028 | 78 | 71 | 0.0 | 59 |
| Vantage Insurance Partners, Inc. | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.33% | 12/2028 | 4483 | 4445 | 0.6 | 4378 |
|  |  |  |  |  | 80496 | 79676 | 10.9 | 79604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials** |  |  |  |  |  |  |  |  |
| A&A Global Imports, LLC (9) | Senior Secured First Lien Term Loan |  |  | 06/2026 | 1470 | 992 | 0.0 | 116 |
| A&A Global Imports, LLC (9) | Senior Secured First Lien Term Loan |  |  | 06/2026 | 1662 |  | 0.0 |  |
| A&A Global Imports, LLC | Senior Secured First Lien Revolver | S + 665 (100 Floor) | 10.98% | 06/2026 | 545 | 545 | 0.1 | 545 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 06/2026 | 3183 | 3171 | 0.1 | 1103 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 11/2026 | 497 | 495 | 0.0 | 172 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Revolver |  |  | 06/2026 | 623 | 620 | 0.0 | 77 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 11/2026 | 242 | 241 | 0.0 | 84 |
| Action Signature Acquisition, Inc. (9) | Unitranche First Lien Term Loan |  |  | 06/2026 | 829 | 826 | 0.0 | 287 |
| Formulations Parent Corporation | Unitranche First Lien Term Loan | S + 575 (75 Floor) | 10.27% | 11/2030 | 9832 | 9660 | 1.3 | 9807 |
| Formulations Parent Corporation (4)(5) | Unitranche First Lien Revolver |  |  | 11/2029 |  | (28) | 0.0 | (4) |
| Online Labels Group, LLC | Senior Secured First Lien Term Loan | S + 525 (100 Floor) | 9.58% | 12/2029 | 4257 | 4220 | 0.6 | 4257 |
| Online Labels Group, LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 12/2029 |  | (2) | 0.0 |  |
| Online Labels Group, LLC (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 12/2029 |  | (2) | 0.0 |  |
| Online Labels Group, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2029 |  | (5) | 0.0 |  |
|  |  |  |  |  | 23140 | 20733 | 2.1 | 16444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |
| Alcanza Clinical Research | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.48% | 12/2027 | 7191 | 7114 | 1.0 | 7189 |
| Alcanza Clinical Research | Senior Secured First Lien Revolver | S + 600 (100 Floor) | 10.48% | 12/2027 | 125 | 124 | 0.0 | 125 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| BioAgilytix | Senior Secured First Lien Term Loan | S + 650 PIK (75 Floor) | 11.21% | 12/2028 | 15068 | 14884 | 1.7 | 12380 |
| BioAgilytix | Senior Secured First Lien Delayed Draw Term Loan | S + 650 PIK (75 Floor) | 11.21% | 12/2028 | 783 | 774 | 0.1 | 643 |
| LSCS Holdings, Inc. (Eversana) (12) | Senior Secured Second Lien Term Loan | S + 800 (50 Floor) | 12.47% | 12/2029 | 14700 | 14449 | 1.9 | 14186 |
| Teal Acquisition Co., Inc | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.96% | 09/2026 | 2174 | 2152 | 0.3 | 2163 |
| Teal Acquisition Co., Inc | Unitranche First Lien Revolver | S + 625 (100 Floor) | 10.81% | 09/2026 | 1095 | 1084 | 0.1 | 1089 |
| Teal Acquisition Co., Inc | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.96% | 09/2026 | 1200 | 1191 | 0.2 | 1194 |
| Teal Acquisition Co., Inc | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.76% | 09/2026 | 292 | 291 | 0.0 | 291 |
| WCT Group Holdings, LLC | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 10.01% | 12/2029 | 3341 | 3268 | 0.4 | 3333 |
| WCT Group Holdings, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 12/2029 |  | (9) | 0.0 | (1) |
|  |  |  |  |  | 45969 | 45322 | 5.7 | 42592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |
| MeriCal, LLC (9) | Unitranche First Lien Term Loan |  |  | 11/2025 | 7290 | 7307 | 0.5 | 3706 |
| MeriCal, LLC (9) | Senior Secured First Lien Revolver |  |  | 11/2025 | 630 | 630 | 0.0 | 82 |
| Slickdeals Holdings, LLC (4)(5)(6) | Unitranche First Lien Revolver |  |  | 06/2025 |  | (2) | 0.0 |  |
| Slickdeals Holdings, LLC (6) | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.94% | 06/2025 | 13874 | 13842 | 1.9 | 13874 |
|  |  |  |  |  | 21794 | 21777 | 2.4 | 17662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor and Semiconductor Equipment** |  |  |  |  |  |  |  |  |
| OEM Group, LLC (7)(9) | Senior Secured First Lien Term Loan |  |  | 09/2025 | 8853 | 6014 | 0.4 | 2779 |
| OEM Group, LLC (7)(9) | Senior Secured Second Lien Term Loan |  |  | 09/2025 | 32125 |  | 0.0 |  |
| OEM Group, LLC (7)(9) | Senior Secured Second Lien Revolver |  |  | 09/2025 | 17887 |  | 0.0 |  |
| OEM Group, LLC (7)(9) | Senior Secured Second Lien Term Loan |  |  | 09/2025 | 15445 |  | 0.0 |  |
|  |  |  |  |  | 74310 | 6014 | 0.4 | 2779 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| ABACUS Holdings I LLC | Unitranche First Lien Delayed Draw Term Loan | S + 500 (100 Floor) | 9.28% | 06/2028 | 2780 | 2761 | 0.4 | 2779 |
| ABACUS Holdings I LLC | Unitranche First Lien Revolver | S + 500 (100 Floor) | 9.28% | 06/2028 | 517 | 502 | 0.1 | 517 |
| ABACUS Holdings I LLC | Unitranche First Lien Term Loan | S + 500 (100 Floor) | 9.28% | 06/2028 | 6647 | 6560 | 0.9 | 6647 |
| ABACUS Holdings I LLC (5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 06/2028 |  |  | 0.0 |  |
| ABACUS Holdings I LLC (5) | Unitranche First Lien Revolver |  |  | 06/2028 |  |  | 0.0 |  |
| Affinitiv, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 07/2027 |  | (2) | 0.0 | (14) |
| Affinitiv, Inc. | Unitranche First Lien Term Loan | S + 700 (100 Floor) (plus 200 PIK) | 11.59% | 07/2027 | 6118 | 6061 | 0.8 | 5909 |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.74% | 11/2027 | 1350 | 1332 | 0.2 | 1350 |
| Alpine SG, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 11/2027 |  | (1) | 0.0 |  |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.74% | 11/2027 | 967 | 953 | 0.1 | 967 |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | S + 600 (100 Floor) | 10.74% | 11/2027 | 3361 | 3315 | 0.4 | 3361 |
| Alpine SG, LLC | Senior Secured First Lien Term Loan | S + 600 | 10.74% | 11/2027 | 535 | 528 | 0.1 | 535 |
| Apps Associates LLC | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 10.21% | 07/2027 | 5466 | 5412 | 0.7 | 5371 |
| Apps Associates LLC | Unitranche First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.21% | 07/2027 | 1760 | 1744 | 0.2 | 1729 |
| Apps Associates LLC (4)(5) | Unitranche First Lien Revolver |  |  | 07/2027 |  | (7) | 0.0 | (14) |
| Banker's Toolbox, Inc. | Unitranche First Lien Term Loan | S + 450 (75 Floor) | 8.83% | 07/2027 | 19186 | 19186 | 2.5 | 19081 |
| Banker's Toolbox, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 07/2027 |  | (21) | 0.0 | (13) |
| Belay Inc. | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.46% | 06/2026 | 4743 | 4713 | 0.6 | 4743 |
| Belay Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 06/2026 |  | (3) | 0.0 |  |
| Benesys Inc. | Senior Secured First Lien Term Loan | S + 525 (100 Floor) | 9.71% | 10/2025 | 1356 | 1353 | 0.2 | 1333 |
| Benesys Inc. | Senior Secured First Lien Term Loan | S + 525 (100 Floor) | 9.92% | 10/2025 | 288 | 287 | 0.0 | 283 |
| Benesys Inc. | Senior Secured First Lien Revolver | S + 500 (100 Floor) | 9.92% | 10/2025 | 152 | 155 | 0.0 | 150 |
| Benesys Inc. | Senior Secured First Lien Revolver | S + 500 (100 Floor) | 9.92% | 10/2025 | 138 | 137 | 0.0 | 135 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Blue Mantis | Senior Secured First Lien Delayed Draw Term Loan | S + 475 (75 Floor) | 9.08% | 08/2030 | 3092 | 3077 | 0.4 | 3092 |
| Blue Mantis | Senior Secured First Lien Revolver | S + 475 (75 Floor) | 9.08% | 08/2030 | 245 | 235 | 0.0 | 245 |
| Blue Mantis | Senior Secured First Lien Term Loan | S + 475 (75 Floor) | 9.08% | 08/2030 | 3516 | 3474 | 0.5 | 3516 |
| C-4 Analytics (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 05/2030 |  | (21) | 0.0 |  |
| C-4 Analytics | Senior Secured First Lien Revolver | S + 550 (100 Floor) | 10.01% | 05/2030 | 555 | 538 | 0.1 | 555 |
| C-4 Analytics | Senior Secured First Lien Term Loan | S + 550 (100 Floor) | 10.01% | 05/2030 | 18408 | 18234 | 2.5 | 18408 |
| Claritas, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 500 (100 Floor) | 9.33% | 03/2026 | 2419 | 2411 | 0.3 | 2419 |
| Claritas, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 03/2026 |  | (6) | 0.0 |  |
| Claritas, LLC | Unitranche First Lien Term Loan | S + 500 (100 Floor) | 9.33% | 03/2026 | 10309 | 10254 | 1.4 | 10309 |
| Concord III, LLC | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.61% | 12/2028 | 9379 | 9296 | 1.2 | 9206 |
| Concord III, LLC | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.61% | 12/2028 | 275 | 271 | 0.0 | 265 |
| Concord III, LLC | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.82% | 12/2028 | 550 | 540 | 0.1 | 540 |
| DataVail | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.08% | 01/2029 | 7079 | 7017 | 0.9 | 7079 |
| DataVail | Senior Secured First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.11% | 01/2029 | 173 | 154 | 0.0 | 173 |
| DataVail | Senior Secured First Lien Revolver | S + 575 (100 Floor) | 10.35% | 01/2029 | 567 | 563 | 0.1 | 567 |
| DataVail | Senior Secured First Lien Revolver | S + 575 (100 Floor) | 10.35% | 01/2029 | 108 | 106 | 0.0 | 108 |
| Evergreen IX Borrower 2023, LLC | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.08% | 09/2030 | 13365 | 13064 | 1.8 | 13341 |
| Evergreen IX Borrower 2023, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 09/2029 |  | (30) | 0.0 | (3) |
| Imagenet, LLC (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2030 |  | (8) | 0.0 | (8) |
| Imagenet, LLC | Senior Secured First Lien Term Loan | S + 500 (100 Floor) | 9.33% | 12/2030 | 3050 | 3012 | 0.4 | 3012 |
| Evergreen IX Borrower 2023, LLC | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.08% | 09/2030 | 2786 | 2759 | 0.4 | 2781 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Lexipol (Ranger Buyer, Inc.) | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.08% | 11/2028 | 12892 | 12729 | 1.7 | 13021 |
| Lexipol (Ranger Buyer, Inc.) (4)(5) | Unitranche First Lien Revolver |  |  | 11/2027 |  | (13) | 0.0 |  |
| Lexipol (Ranger Buyer, Inc.) | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.08% | 11/2028 | 1102 | 1092 | 0.1 | 1113 |
| List Partners, Inc. | Senior Secured First Lien Revolver | S + 650 (100 Floor) (plus 50 PIK) | 10.96% | 06/2025 | 316 | 315 | 0.0 | 281 |
| List Partners, Inc. | Senior Secured First Lien Term Loan | S + 650 (100 Floor) (plus 50 PIK) | 10.96% | 06/2025 | 3591 | 3586 | 0.4 | 3310 |
| MRI Software LLC (12) | Unitranche First Lien Term Loan | S + 475 (100 Floor) | 9.08% | 02/2026 | 19689 | 19583 | 2.6 | 19738 |
| MRI Software LLC | Unitranche First Lien Revolver | S + 475 (100 Floor) | 9.08% | 02/2026 | 86 | 78 | 0.0 | 39 |
| MRI Software LLC (12) | Unitranche First Lien Term Loan | S + 475 (100 Floor) | 9.08% | 02/2026 | 1283 | 1276 | 0.2 | 1286 |
| MRI Software LLC | Unitranche First Lien Delayed Draw Term Loan |  |  | 02/2027 |  |  | 0.0 |  |
| MRI Software LLC | Unitranche First Lien Delayed Draw Term Loan | S + 475 (75 Floor) | 9.08% | 02/2027 | 100 | 95 | 0.0 | 95 |
| Medicus IT (4)(5) | Unitranche First Lien Delayed Draw Term Loan |  |  | 07/2030 |  | (7) | 0.0 | (25) |
| Medicus IT (4)(5) | Unitranche First Lien Revolver |  |  | 07/2030 |  | (10) | 0.0 | (10) |
| Medicus IT | Unitranche First Lien Term Loan | S + 525 (75 Floor) | 9.58% | 07/2030 | 6085 | 6026 | 0.8 | 6030 |
| Net Health Acquisition Corp. | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.09% | 07/2031 | 273 | 257 | 0.0 | 273 |
| Net Health Acquisition Corp. | Unitranche First Lien Term Loan | S + 475 (75 Floor) | 9.11% | 07/2031 | 13295 | 13168 | 1.8 | 13386 |
| New Era Technology, Inc. | Unitranche First Lien Term Loan | S + 625 (100 Floor) | 10.99% | 10/2026 | 2994 | 2974 | 0.4 | 2897 |
| New Era Technology, Inc. | Unitranche First Lien Revolver | S + 625 (100 Floor) | 10.83% | 10/2026 | 228 | 226 | 0.0 | 221 |
| New Era Technology, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.73% | 10/2026 | 1924 | 1908 | 0.2 | 1861 |
| New Era Technology, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.73% | 10/2026 | 6377 | 6339 | 0.8 | 6170 |
| New Era Technology, Inc. | Unitranche First Lien Revolver | S + 625 (100 Floor) | 10.83% | 10/2026 | 486 | 481 | 0.1 | 470 |
| Odessa Technologies, Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 10/2027 |  | (24) | 0.0 |  |
| Odessa Technologies, Inc. | Senior Secured First Lien Term Loan | S + 550 (75 Floor) | 9.96% | 10/2027 | 9378 | 9279 | 1.3 | 9378 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Ontario Systems, LLC | Unitranche First Lien Delayed Draw Term Loan | S +650 (100 Floor) (plus 100 PIK) | 11.00% | 03/2027 | 1083 | 1082 | 0.1 | 1069 |
| Ontario Systems, LLC | Unitranche First Lien Revolver | S +650 (100 Floor) (plus 100 PIK) | 11.98% | 03/2027 | 500 | 499 | 0.1 | 494 |
| Ontario Systems, LLC | Unitranche First Lien Term Loan | S +650 (100 Floor) (plus 100 PIK) | 11.25% | 03/2027 | 3133 | 3125 | 0.4 | 3094 |
| Ontario Systems, LLC | Unitranche First Lien Delayed Draw Term Loan | S +650 (100 Floor) (plus 100 PIK) | 11.00% | 03/2027 | 545 | 538 | 0.1 | 538 |
| Ontario Systems, LLC | Unitranche First Lien Term Loan | S +650 (100 Floor) (plus 100 PIK) | 11.00% | 03/2027 | 444 | 440 | 0.1 | 439 |
| Park Place Technologies, LLC (8) | Unsecured Debt | 1250 PIK | 12.50% | 05/2029 | 1132 | 1132 | 0.1 | 1088 |
| Perforce Software, Inc. | Senior Secured Second Lien Term Loan | S + 800 | 12.46% | 07/2027 | 5000 | 5000 | 0.7 | 5000 |
| Right Networks, LLC (5) | Unitranche First Lien Revolver |  |  | 05/2026 |  |  | 0.0 |  |
| Right Networks, LLC | Unitranche First Lien Term Loan | S + 550 (100 Floor) | 9.96% | 05/2026 | 9255 | 9218 | 1.2 | 9255 |
| Right Networks, LLC | Unitranche First Lien Term Loan | S + 550 (100 Floor) | 9.96% | 05/2026 | 8057 | 7999 | 1.1 | 8057 |
| Right Networks, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.46% | 05/2026 | 2054 | 2040 | 0.3 | 2054 |
| Ruffalo Noel Levitz, LLC | Unitranche First Lien Revolver | S + 650 (100 Floor) (plus 425 PIK) | 11.26% | 12/2026 | 314 | 310 | 0.0 | 248 |
| Ruffalo Noel Levitz, LLC | Unitranche First Lien Term Loan | S + 650 (100 Floor) (plus 425 PIK) | 11.20% | 12/2026 | 2591 | 2572 | 0.3 | 2043 |
| Saturn Borrower Inc | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 10.98% | 09/2026 | 19826 | 19613 | 2.6 | 19826 |
| Saturn Borrower Inc | Unitranche First Lien Term Loan | S + 650 (100 Floor) | 10.98% | 09/2026 | 2415 | 2389 | 0.3 | 2415 |
| Saturn Borrower Inc | Unitranche First Lien Revolver | S + 650 (100 Floor) | 10.98% | 09/2026 | 1816 | 1800 | 0.2 | 1816 |
| Smartronix, LLC | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.35% | 11/2028 | 23387 | 23070 | 3.1 | 23387 |
| Smartronix, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 11/2028 |  | (38) | 0.0 |  |
| SQAD Holdco, Inc. | Unitranche First Lien Delayed Draw Term Loan | S + 575 (100 Floor) | 10.08% | 04/2028 | 2364 | 2350 | 0.3 | 2364 |
| SQAD Holdco, Inc. (4)(5) | Unitranche First Lien Revolver |  |  | 04/2028 |  | (12) | 0.0 |  |
| SQAD Holdco, Inc. | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 10.08% | 04/2028 | 8726 | 8616 | 1.2 | 8726 |
| Strata Information Group, Inc. (4)(5) | Senior Secured First Lien Delayed Draw Term Loan |  |  | 12/2030 |  | (5) | 0.0 | (12) |
| Strata Information Group, Inc. (4)(5) | Senior Secured First Lien Revolver |  |  | 12/2030 |  | (3) | 0.0 | (4) |
| Strata Information Group, Inc. | Senior Secured First Lien Term Loan | S + 450 (75 Floor) | 8.80% | 12/2030 | 1200 | 1188 | 0.2 | 1188 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Summit 7 Systems, LLC | Senior Secured First Lien Revolver | S + 575 (100 Floor) | 10.23% | 05/2028 | 792 | 788 | 0.1 | 792 |
| Summit 7 Systems, LLC | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.23% | 05/2028 | 5168 | 5100 | 0.7 | 5168 |
| Summit 7 Systems, LLC | Senior Secured First Lien Term Loan | S + 575 (100 Floor) | 10.49% | 05/2028 | 2370 | 2370 | 0.3 | 2370 |
| TMA Buyer, LLC | Unitranche First Lien Term Loan | S + 575 (100 Floor) | 11.00% | 09/2027 | 3042 | 2962 | 0.4 | 2997 |
| TMA Buyer, LLC (4)(5) | Unitranche First Lien Revolver |  |  | 09/2027 |  | (9) | 0.0 | (6) |
| TMA Buyer, LLC | Unitranche First Lien Delayed Draw Term Loan | S + 625 (100 Floor) | 10.92% | 09/2027 | 362 | 353 | 0.0 | 357 |
| Transportation Insight, LLC | Senior Secured First Lien Term Loan | S + 550 (plus 245 PIK) | 8.93% | 06/2027 | 4949 | 4940 | 0.5 | 3978 |
| Transportation Insight, LLC | Senior Secured First Lien Delayed Draw Term Loan | S + 550 (plus 245 PIK) | 8.93% | 06/2027 | 1230 | 1228 | 0.1 | 989 |
| Transportation Insight, LLC | Senior Secured First Lien Revolver | S + 550 (plus 245 PIK) | 8.93% | 06/2027 | 338 | 336 | 0.0 | 191 |
| Winxnet Holdings LLC | Unitranche First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.46% | 12/2025 | 616 | 614 | 0.1 | 616 |
| Winxnet Holdings LLC | Unitranche First Lien Delayed Draw Term Loan | S + 600 (100 Floor) | 10.46% | 12/2025 | 1009 | 1004 | 0.1 | 1009 |
| Winxnet Holdings LLC | Unitranche First Lien Revolver | S + 600 (100 Floor) | 10.46% | 12/2025 | 407 | 404 | 0.1 | 407 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.46% | 12/2025 | 1872 | 1867 | 0.2 | 1872 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.46% | 12/2025 | 1493 | 1486 | 0.2 | 1493 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.46% | 12/2025 | 1114 | 1104 | 0.1 | 1114 |
| Winxnet Holdings LLC | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.46% | 12/2025 | 195 | 194 | 0.0 | 195 |
|  |  |  |  |  | 330138 | 326927 | 43.0 | 326615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Technology, Hardware & Equipment** |  |  |  |  |  |  |  |  |
| 3SI Security Systems | Unitranche First Lien Term Loan | S + 600 (100 Floor) | 10.64% | 12/2026 | 3513 | 3433 | 0.5 | 3513 |
| Gener8, LLC | Senior Secured First Lien Term Loan | S + 800 (plus 200 PIK) | 12.59% | 08/2025 | 5798 | 5798 | 0.5 | 3604 |
| Gener8, LLC | Senior Secured First Lien Revolver | S + 800 (plus 200 PIK) | 12.59% | 08/2025 | 1238 | 1238 | 0.1 | 656 |
| Gener8, LLC | Senior Secured First Lien Term Loan | S + 800 (100 Floor) (plus 200 PIK) | 12.59% | 08/2025 | 250 | 250 | 0.0 | 155 |
|  |  |  |  |  | 10799 | 10719 | 1.1 | 7928 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |
| A&R Logistics Holdings, Inc. | Unitranche First Lien Term Loan | S + 690 (plus 425 PIK) | 11.49% | 08/2026 | 2327 | 2326 | 0.3 | 2280 |
| A&R Logistics Holdings, Inc. | Unitranche First Lien Term Loan | S + 690 (plus 425 PIK) | 11.49% | 08/2026 | 440 | 440 | 0.1 | 431 |
| A&R Logistics Holdings, Inc. | Unitranche First Lien Term Loan | S + 690 (plus 425 PIK) | 11.49% | 08/2026 | 42 | 42 | 0.0 | 42 |
| Breeze Buyer, Inc. | Senior Secured First Lien Term Loan | S + 675 (plus 425 PIK) | 9.17% | 01/2028 | 4289 | 4239 | 0.6 | 4238 |
|  |  |  |  |  | 7098 | 7047 | 1.0 | 6991 |
| **Total Debt Investments <br>United States** |  |  |  |  | 1470139 | 1382143 | 180.7% | 1353227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automobiles & Components** |  |  |  |  |  |  |  |  |
| Sun Acquirer Corp. | Common Stock |  |  |  | 6148 | 615 | 0.1 | 828 |
| Sun Acquirer Corp. | Common Stock |  |  |  | 428 | 43 | 0.0 | 58 |
|  |  |  |  |  |  | 658 | 0.1 | 886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Goods** |  |  |  |  |  |  |  |  |
| Envocore Holding, LLC (7) | Common Stock |  |  |  | 521354 |  | 0.0 |  |
| Envocore Holding, LLC (7) | Preferred Stock |  |  |  | 534722 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Allied Universal Holdings, LLC | Common Stock Class A |  |  |  | 2805726 | 1011 | 0.5 | 3490 |
| Allied Universal Holdings, LLC | Common Stock Class A |  |  |  | 684903 | 685 | 0.1 | 852 |
| ASP MCS Acquisition Corp. (6)(12) | Common Stock |  |  |  | 13293 | 1183 | 0.0 | 216 |
| ASP MCS Acquisition Corp. (6) | Common Stock |  |  |  | 791 | - | 0.0 | 66 |
| ASP MCS Acquisition Corp. (6) | Preferred Stock |  |  |  | 792 | 333 | 0.1 | 446 |
| Hercules Borrower LLC | Common Stock |  |  |  | 1153075 | 1153 | 0.3 | 1879 |
| Iris Buyer, LLC | Common Stock |  |  |  | 577 | 577 | 0.1 | 635 |
| Iris Buyer, LLC | Common Stock |  |  |  | 576923 |  | 0.0 | 56 |
| MHS Acquisition Holdings, LLC | Preferred Stock |  |  |  | 1060 | 923 | 0.1 | 1104 |
| MHS Acquisition Holdings, LLC | Common Stock |  |  |  | 11 | 9 | 0.0 |  |
| RN Enterprises, LLC | Common Stock |  |  |  | 776 | 776 | 0.1 | 776 |
| Receivable Solutions, Inc. | Preferred Stock Class A |  |  |  | 137000 | 137 | 0.0 | 328 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| Service Logic Acquisition, Inc. | Common Stock |  |  |  | 13132 | 1313 | 0.5 | 3820 |
| Seko Global Logistics Network, LLC (11) | Common Stock |  |  |  | 625 | 2372 | 0.3 | 2372 |
| TecoStar Holdings, Inc. | Common Stock |  |  |  | 500000 | 500 | 0.0 | 3 |
|  |  |  |  |  |  | 10972 | 2.1 | 16043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Services** |  |  |  |  |  |  |  |  |
| Everlast Parent Inc. | Common Stock |  |  |  | 948 | 949 | 0.1 | 699 |
| FS Whitewater Borrower, LLC | Common Stock |  |  |  | 6897 | 690 | 0.1 | 682 |
| FS Whitewater Borrower, LLC | Common Stock |  |  |  | 238 | 31 | 0.0 | 24 |
| HGH Purchaser, Inc. | Common Stock Class A |  |  |  | 4171 | 417 | 0.0 | 201 |
| HS Spa Holdings Inc. (Hand & Stone) | Common Stock |  |  |  | 1791160 | 1791 | 0.2 | 1357 |
| Legalshield | Common Stock |  |  |  | 372 | 372 | 0.1 | 751 |
| Mario Purchaser, LLC | Common Stock |  |  |  | 1027 | 1027 | 0.1 | 786 |
| Mario Purchaser, LLC | Common Stock |  |  |  | 118 | 118 | 0.0 | 91 |
| PPV Intermediate Holdings LLC (Vetcor) | Common Stock |  |  |  | 312500 | 313 | 0.0 | 342 |
| Stepping Stones Healthcare Services, LLC | Common Stock |  |  |  | 11321 | 1132 | 0.2 | 1370 |
| Wrench Group LLC | Common Stock |  |  |  | 2337 | 235 | 0.1 | 597 |
| Wrench Group LLC | Common Stock |  |  |  | 655 | 66 | 0.0 | 167 |
|  |  |  |  |  |  | 7141 | 0.9 | 7067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials** |  |  |  |  |  |  |  |  |
| ACON Igloo Investors I, LLC (11)(13)(14) | Partnership Interest |  |  |  |  | 267 | 0.0 | 336 |
| First Eagle Greenway Fund II, LLC (11)(13)(14) | Partnership Interest |  |  |  |  |  | 0.0 |  |
| First Eagle Logan JV, LLC (2)(7)(11)(13)(14) | Partnership Interest |  |  |  |  | 41413 | 4.4 | 32574 |
| Freeport Financial SBIC Fund LP (11)(13)(14) | Partnership Interest |  |  |  |  | 1312 | 0.2 | 1131 |
| Gryphon Partners 3.5, L.P. (11)(13)(14) | Partnership Interest |  |  |  |  | 145 | 0.0 | 31 |
| WhiteHawk III Onshore Fund L.P. (2)(6)(11)(13)(14) | Partnership Interest |  |  |  |  | 4957 | 0.7 | 5354 |
|  |  |  |  |  |  | 48094 | 5.3 | 39426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy** |  |  |  |  |  |  |  |  |
| Loadmaster Derrick & Equipment, Inc. (7) | Preferred Stock |  |  |  | 3000000 | 3000 | 0.3 | 2334 |
|  |  |  |  |  |  | 3000 | 0.3 | 2334 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food & Staples Retailing** |  |  |  |  |  |  |  |  |
| Isagenix International, LLC (6) | Common Stock |  |  |  | 202844 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| ACI Group Holdings, Inc. | Common Stock |  |  |  | 907499 | 910 | 0.1 | 456 |
| ACI Group Holdings, Inc. | Preferred Stock |  |  |  | 3719 | 3645 | 0.7 | 5030 |
| ACI Group Holdings, Inc. | Preferred Stock |  |  |  | 684903 | 40 | 0.0 | 40 |
| Bayside Opco, LLC (6) | Common Stock |  |  |  | 1976 |  | 0.0 | 74 |
| Centria Subsidiary Holdings, LLC | Common Stock |  |  |  | 11911 | 1191 | 0.3 | 2545 |
| Hospice Care Buyer, Inc. | Common Stock |  |  |  | 13985 | 1398 | 0.2 | 1567 |
| Hospice Care Buyer, Inc. | Common Stock |  |  |  | 754 | 75 | 0.0 | 84 |
| IVX Health Merger Sub, Inc. | Common Stock |  |  |  | 2199 | 2199 | 0.3 | 2487 |
| Patriot Acquisition Topco S.A.R.L (11) | Common Stock Class A |  |  |  | 1192 | 1192 | 0.2 | 1416 |
| Patriot Acquisition Topco S.A.R.L (11) | Common Stock Class B |  |  |  | 16416 | 46 | 0.0 |  |
| Seniorlink Incorporated | Common Stock |  |  |  | 68182 | 423 | 0.3 | 2273 |
| Smile Doctors LLC | Common Stock |  |  |  | 1191 | 714 | 0.1 | 668 |
| Vital Care Buyer, LLC | Common Stock |  |  |  | 649 | 1 | 0.0 | 5 |
| Vital Care Buyer, LLC | Common Stock |  |  |  | 64 | 64 | 0.0 | 56 |
|  |  |  |  |  |  | 11898 | 2.2 | 16701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance** |  |  |  |  |  |  |  |  |
| Evolution BuyerCo, Inc. | Common Stock |  |  |  | 2917 | 292 | 0.1 | 475 |
| Integrity Marketing Acquisition, LLC | Common Stock |  |  |  | 287484 | 533 | 0.2 | 1143 |
| Integrity Marketing Acquisition, LLC | Preferred Stock |  |  |  | 1247 | 1215 | 0.3 | 2448 |
| Integro Parent, Inc. (11) | Common Stock |  |  |  | 4468 | 454 | 0.0 |  |
|  |  |  |  |  |  | 2494 | 0.6 | 4066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials** |  |  |  |  |  |  |  |  |
| A&A Global Imports, LLC | Common Stock |  |  |  | 69 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0 |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |
| LSCS Holdings, Inc. (Eversana) | Common Stock |  |  |  | 3096 | 952 | 0.2 | 1140 |
| LSCS Holdings, Inc. (Eversana) | Preferred Stock |  |  |  | 447 | 447 | 0.1 | 554 |
| Teal Acquisition Co., Inc | Common Stock |  |  |  | 5555 | 556 | 0.0 | 214 |
| WCT Group Holdings, LLC | Common Stock |  |  |  | 118 | 1177 | 0.2 | 1675 |
|  |  |  |  |  |  | 3132 | 0.5 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |
| MeriCal, LLC | Preferred Stock |  |  |  | 521 | 103 | 0.0 |  |
| MeriCal, LLC | Common Stock |  |  |  | 5334 |  | 0.0 |  |
| Palmetto Moon LLC | Common Stock |  |  |  | 61 |  | 0.1 | 569 |
| Slickdeals Holdings, LLC (6) | Common Stock |  |  |  | 89 | 891 | 0.1 | 892 |
| Vivid Seats Ltd. (6)(11)(12) | Common Stock |  |  |  | 608108 | 608 | 0.1 | 910 |
|  |  |  |  |  |  | 1602 | 0.3 | 2371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Semiconductor and Semiconductor Equipment** |  |  |  |  |  |  |  |  |
| OEM Group, LLC (7) | Common Stock |  |  |  | 20000 |  | 0.0 |  |
|  |  |  |  |  |  |  | 0.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| Certify, Inc. | Common Stock |  |  |  | 841 | 247 | 0.0 | 289 |
| Lexipol (Ranger Buyer, Inc.) | Common Stock |  |  |  | 638 | 638 | 0.1 | 867 |
| Lexipol (Ranger Buyer, Inc.) | Common Stock |  |  |  | 638 |  | 0.0 |  |
| Lexipol (Ranger Buyer, Inc.) | Common Stock |  |  |  | 5 | 5 | 0.0 | 6 |
| NMN Holdings III Corp. | Common Stock |  |  |  | 11111 | 1111 | 0.3 | 1982 |
| Odessa Technologies, Inc. | Common Stock |  |  |  | 10714 | 1071 | 0.2 | 1294 |
| Park Place Technologies, LLC | Common Stock Class A2 |  |  |  | 479 | 479 | 0.0 |  |
| Park Place Technologies, LLC | Common Stock Class B2 |  |  |  | 442203 | 27 | 0.1 | 461 |
| Park Place Technologies, LLC | Common Stock Class W |  |  |  | 685018 |  | 0.0 |  |
| Saturn Borrower Inc | Common Stock |  |  |  | 434163 | 434 | 0.1 | 386 |
|  |  |  |  |  |  | 4012 | 0.8 | 5285 |

---

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation** |  |  |  |  |  |  |  |  |
| Xpress Global Systems, LLC | Common Stock |  |  |  | 12544 |  | 0.2 | 1254 |
|  |  |  |  |  |  |  | 0.2 | 1254 |
| &nbsp;&nbsp;**Total Equity Investments<br>United States** |  |  |  |  |  | 93003 | 13.3% | 99016 |
| **Total United States** |  |  |  |  |  | $1475146 | 194.0% | $1452243 |
| **Canada** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunication Services** |  |  |  |  |  |  |  |  |
| Sandvine Corporation | Common Stock |  |  |  | 81818 |  | 0.0 |  |
| &nbsp;&nbsp;**Total Equity Investments<br>Canada** |  |  |  |  |  |  | 0.0 |  |
| **Total Canada** |  |  |  |  |  | $— | 0.0% | $— |
| **United Kingdom** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Crusoe Bidco Limited (11) | Unitranche First Lien Term Loan | SN + 652.66 | 11.72% | 12/2027 | £7681 | $7645 | 1.0% | $7673 |
| Crusoe Bidco Limited (11) | Unitranche First Lien Delayed Draw Term Loan | SN + 652.66 | 11.48% | 12/2027 | £1038 | 1006 | 0.1 | 1037 |
| Nurture Landscapes (11) | Unitranche First Lien Term Loan | SN + 650 | 11.57% | 06/2028 | £1775 | 1960 | 0.2 | 1773 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | SN + 650 | 11.59% | 06/2028 | £491 | 524 | 0.1 | 490 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | SN + 650 | 11.22% | 06/2028 | £13786 | 13361 | 1.8 | 13773 |
| Nurture Landscapes (11) | Unitranche First Lien Delayed Draw Term Loan | SN + 650 | 11.20% | 06/2028 | £2675 | 2641 | 0.4 | 2673 |
| Nurture Landscapes | Unitranche First Lien Delayed Draw Term Loan | SN + 650 | 11.20% | 06/2028 | £3567 | 3598 | 0.5 | 3564 |
| Nurture Landscapes | Unitranche First Lien Delayed Draw Term Loan | SN + 650 | 11.24% | 06/2028 | £6243 | 6079 | 0.8 | 6236 |
|  |  |  |  |  | 37256 | 36814 | 4.9 | 37219 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Durables & Apparel** |  |  |  |  |  |  |  |  |
| Lion Cashmere Bidco Limited (11) | Unitranche First Lien Term Loan | S + 600 (50 Floor) | 10.33% | 03/2028 | £4352 | $4293 | 0.6 | $4352 |
| Lion Cashmere Bidco Limited (11) | Unitranche First Lien Term Loan | S + 600 (50 Floor) | 10.58% | 03/2028 | £9939 | 9805 | 1.3 | 9939 |
| Lion Cashmere Bidco Limited (11) | Unitranche First Lien Term Loan | S + 600 (50 Floor) | 10.58% | 03/2028 | £4953 | 4878 | 0.7 | 4953 |
| Lion Cashmere Bidco Limited (4)(5)(11) | Unitranche First Lien Delayed Draw Term Loan |  |  | 03/2028 | £— | (52) | 0.0 |  |
|  |  |  |  |  | 19244 | 18924 | 2.6 | 19244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Food, Beverage & Tobacco** |  |  |  |  |  |  |  |  |
| APC Bidco Limited (11) | Unitranche First Lien Term Loan | SN + 625 | 11.32% | 10/2030 | £5439 | $5210 | 0.7 | $5433 |
| APC Bidco Limited (11) | Unitranche First Lien Delayed Draw Term Loan | SN + 625 | 11.07% | 10/2030 | £1559 | 1495 | 0.2 | 1558 |
|  |  |  |  |  | 6998 | 6705 | 0.9 | 6991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Services** |  |  |  |  |  |  |  |  |
| Jordan Bidco, Ltd. (11) | Unitranche First Lien Delayed Draw Term Loan | SN + 575 | 10.73% | 08/2028 | £510 | $522 | 0.1 | $510 |
| Jordan Bidco, Ltd. (11) | Unitranche First Lien Term Loan | SN + 575 | 10.73% | 08/2028 | £16586 | 17873 | 2.2 | 16569 |
|  |  |  |  |  | 17096 | 18395 | 2.3 | 17079 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>United Kingdom** |  |  |  |  | £80594 | $80838 | 10.7% | $80533 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care Equipment & Services** |  |  |  |  |  |  |  |  |
| VetStrategy (11) | Preferred Stock |  |  |  | £2126875 | $968 | 0.3 | $2023 |
| VetStrategy (11) | Common Stock |  |  |  | £37612 | 30 |  |  |
|  |  |  |  |  | 2164487 | 998 | 0.3 | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>United Kingdom** |  |  |  |  |  | 998 | 0.3% | 2023 |
| **Total United Kingdom** |  |  |  |  |  | $81836 | 11.0% | $82556 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **France** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Efor Holding (11) | Unitranche First Lien Term Loan | E + 650 | 9.36% | 10/2030 | 2985 | $3072 | 0.4% | $2986 |
| Efor Holding (11) | Unitranche First Lien Delayed Draw Term Loan | E + 650 | 9.36% | 10/2030 | 1029 | 1046 | 0.1 | 1029 |
|  |  |  |  |  | 4014 | 4118 | 0.5 | 4015 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>France** |  |  |  |  | 4014 | 4118 | 0.5% | 4015 |
| **Total France** |  |  |  |  |  | $4118 | 0.5% | $4015 |
| **Jersey** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified Financials** |  |  |  |  |  |  |  |  |
| Primrose Bidco Limited (11) | Unitranche First Lien Term Loan | S + 550 | 10.20% | 11/2031 | £6267 | $6130 | 0.8% | $6088 |
|  |  |  |  |  | £6267 | 6130 | 0.8 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Jersey** |  |  |  |  | £6267 | 6130 | 0.8% | 6088 |
| **Total Jersey** |  |  |  |  |  | $6130 | 0.8% | $6088 |
| **Netherlands** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |
| Pitch MidCo B.V. (4)(5)(11) | Unitranche First Lien Delayed Draw Term Loan |  |  | 04/2031 |  | (19) |  |  |
| Pitch MidCo B.V. (11) | Unitranche First Lien Term Loan | E + 625 | 9.60% | 04/2031 | 2967 | 2986 | 0.4 | 2967 |
|  |  |  |  |  | 2967 | 2967 | 0.4 | 2967 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pharmaceuticals, Biotechnology & Life Sciences** |  |  |  |  |  |  |  |  |  |
| Eagle Midco B.V. (Avania) (11) | Unitranche First Lien Term Loan | E + 600 (plus 187.5 PIK) | 11.55% | 07/2029 | € | 2305 | $2283 | 0.3 | $2305 |
| Eagle Midco B.V. (Avania) (11) | Unitranche First Lien Delayed Draw Term Loan | E + 600 (plus 187.5 PIK) | 9.68% | 07/2029 | € | 1301 | 1258 | 0.2 | 1301 |
| Eagle Midco B.V. (Avania) (4)(5)(11) | Senior Secured First Lien Revolver |  |  | 01/2029 | € |  |  | 0.0 |  |
| Eagle Midco B.V. (Avania) (11) | Unitranche First Lien Term Loan | S + 600 (plus 218.75 PIK) | 11.34% | 07/2029 | € | 3449 | 3381 | 0.5 | 3449 |
|  |  |  |  |  |  | 7055 | 6922 | 1.0 | 7055 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Netherlands** |  |  |  |  |  | 10022 | 9889 | 1.4% | 10022 |
| **Total Netherlands** |  |  |  |  |  |  | $9889 | 1.4% | $10022 |
| **Belgium** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |  |
| Miraclon Corporation (11) | Common Stock |  |  |  | € | 1025 | $1 | 0.0 | $— |
| Miraclon Corporation (11) | Preferred Stock |  |  |  | € | 90601 | 73 | 0.0 | 122 |
|  |  |  |  |  |  |  | 74 | 0.0 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Belgium** |  |  |  |  |  |  | $74 | 0.0% | $122 |
| **Total Belgium** |  |  |  |  |  |  | $74 | 0.0% | $122 |
| **Australia** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |  |
| Ancora Bidco PTY LTD (4)(5)(11) | Unitranche First Lien Delayed Draw Term Loan |  |  | 11/2030 |  | AUD 0 | $(28) | 0.0 | $(27) |
| Ancora Bidco PTY LTD (11) | Unitranche First Lien Term Loan | B + 500 (50 Floor) | 9.38% | 11/2030 |  | AUD 6,430 | 6686 | 0.8 | 6298 |
|  |  |  |  |  |  | AUD 6,430 | 6658 | 0.8 | 6271 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |  |
| Greencross (Vermont Aus Pty Ltd) (11) | Unitranche First Lien Term Loan | B + 575 | 10.23% | 03/2028 |  | AUD 18,070 | $21410 | 2.4 | $18061 |
| Greencross (Vermont Aus Pty Ltd) (11) | Unitranche First Lien Term Loan | B + 575 (75 Floor) | 10.23% | 03/2028 |  | AUD 3,013 | 3350 | 0.4 | 3012 |
|  |  |  |  |  |  | AUD 21,083 | 24760 | 2.8 | 21073 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Australia** |  |  |  |  |  | AUD 27,513 | 31418 | 3.6% | 27344 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Equity Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commercial & Professional Services** |  |  |  |  |  |  |  |  |  |
| Ancora Bidco PTY LTD (11) | Common Stock Class A |  |  |  |  | AUD 128,654,071 | $1286 | 0.2 | $1286 |
| Ancora Bidco PTY LTD (11) | Common Stock Class B |  |  |  |  | AUD 6,771,267 | 68 | 0.0 | 68 |
|  |  |  |  |  |  |  | 1354 | 0.2 | 1354 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Australia** |  |  |  |  |  |  | 1354 | 0.2% | 1354 |
| **Total Australia** |  |  |  |  |  |  | $32772 | 3.8% | $28698 |
| **Sweden** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Debt Investments** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |  |
| AX VI INV2 Holding AB (Voff) (6)(11) | Unitranche First Lien Term Loan | E + 600 (plus 150 PIK) | 9.39% | 08/2029 | € | 9319 | $8883 | 1.3 | $9322 |
| AX VI INV2 Holding AB (Voff) (4)(5)(6)(11) | Senior Secured First Lien Revolver |  |  | 08/2029 | € |  | (7) | 0.0 |  |
| AX VI INV2 Holding AB (Voff) (6)(11) | Senior Secured Second Lien Term Loan | E + 1000 (plus 1339 PIK) | 13.39% | 08/2030 | € | 2448 | 2381 | 0.3 | 2448 |
| AX VI INV2 Holding AB (Voff) (6)(11) | Unitranche First Lien Delayed Draw Term Loan | E + 600 (plus 150 PIK) | 10.18% | 08/2029 | € | 1572 | 1598 | 0.2 | 1572 |
|  |  |  |  |  |  | 13339 | 12855 | 1.8 | 13342 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments<br>Sweden** |  |  |  |  |  | 13339 | 12855 | 1.8% | 13342 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** | **CRESCENT CAPITAL BDC, Inc.<br>Consolidated Schedule of Investments<br>December 31, 2024<br>(in thousands, except share and per share data)** |
| **Country/Security/Industry/Company** | **Investment Type** | **Interest<br>Term \*** | **Interest<br>Rate** | **Maturity/<br>Dissolution<br>Date** | **Principal<br>Amount, <br>Par Value <br>or Shares \*\*** | **Cost** | **Percentage<br>of Net<br>Assets \*\*\*** | **Fair<br>Value** |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retailing** |  |  |  |  |  |  |  |  |
| AX VI INV2 Holding AB (Voff) (6)(11) | Common Stock |  |  |  | 1140447 | 1086 | 0.2 | 1771 |
|  |  |  |  |  |  | 1086 | 0.2 | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments<br>Sweden** |  |  |  |  |  | 1086 | 0.2% | 1771 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Sweden** |  |  |  |  |  | $13941 | 2.0% | $15113 |
| **Total Investments** |  |  |  |  |  | $1623906 | 213.5% | $1598857 |
| **Cash Equivalents** |  |  |  |  |  |  |  |  |
| Goldman Sachs Financial Square Government Fund |  |  | 4.41% |  |  | $2110 | 0.3 | $2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents Total** |  |  |  |  |  | $2110 | 0.3% | $2110 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Investments and Cash Equivalents Total** |  |  |  |  |  | $1626016 | 213.8% | $1600967 |

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\*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), Prime ("P"), 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 December 31, 2024, 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.

\*\*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 $740,637 as of December 31, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Tenor | Tenor | Tenor | Tenor | Tenor |
| Reference Rate | Overnight | 1 month | 3 month | 6 Month | 12 Month |
| Prime ("P") | 7.50% |  |  |  |  |
| SOFR ("S") |  | 4.33% | 4.31% | 4.25% | 4.18% |
| EURIBOR ("E") |  | 2.79% | 2.74% | 2.56% | 2.45% |
| SONIA ("SN") | 4.70% |  |  |  |  |
| BBSY ("B") |  |  | 4.42% |  |  |

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(1) All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the 1940 Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

(2) All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

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(3) The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the 1940 Act. See Note 2 "Summary of Significant Accounting Policies".

(4) The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

(5) Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 8 "Commitments, Contingencies and Indemnifications".

(6) As defined in the 1940 Act, the portfolio company is deemed to be a "non-controlled affiliated person" of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company's outstanding voting securities. See Note 3 "Agreements and Related Party Transactions".

(7) As defined in the 1940 Act, the portfolio company is deemed to be a "controlled affiliated person" of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company's outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 "Agreements and Related Party Transactions".

(8) Fixed rate investment.

(9) The investment is on non-accrual status as of December 31, 2024.

(10) These loans are unitranche first lien/last-out term loans. In addition to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been allocated to "first-out" and "last-out" tranches, whereby the "first-out" tranche will have priority as to the "last-out" tranche with respect to payments of principal, interest and any amounts due thereunder. The Company holds the "last-out" tranche.

(11) Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company's percentage of non-qualifying assets based on fair value was 12.3% as of December 31, 2024.

(12) This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.

(13) This investment was valued using net asset value as a practical expedient for fair value. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.

(14) Capital contributed to this investment is subject to restrictions on withdrawal.

**Foreign Currency Exchange Contracts**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency Purchased** | **Currency Sold** | **Settlement** | **Unrealized <br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 371 | &nbsp;&nbsp;GBP 272 | &nbsp;&nbsp;6/3/2026 | $29 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 3,656 | &nbsp;&nbsp;AUD 5,401 | &nbsp;&nbsp;3/22/2028 | $249 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 1,107 | &nbsp;&nbsp;SEK 11,583 | &nbsp;&nbsp;8/20/2027 | $7 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 20,607 | &nbsp;&nbsp;AUD 29,250 | &nbsp;&nbsp;3/22/2028 | $2059 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 6,759 | &nbsp;&nbsp;AUD 10,174 | &nbsp;&nbsp;10/6/2028 | $347 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 3,074 | &nbsp;&nbsp;GBP 2,237 | &nbsp;&nbsp;6/3/2026 | $265 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 1,944 | &nbsp;&nbsp;GBP 1,362 | &nbsp;&nbsp;6/3/2026 | $230 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 170 | &nbsp;&nbsp;GBP 121 | &nbsp;&nbsp;6/3/2026 | $18 |
| &nbsp;&nbsp;Wells Fargo Bank, N.A. | &nbsp;&nbsp; USD 17,790 | &nbsp;&nbsp;GBP 12,870 | &nbsp;&nbsp;8/24/2026 | $1611 |
| &nbsp;&nbsp;**Total Foreign Currency Exchange Contracts** |  |  |  | $4815 |
| AUD Australian Dollar ("AUD")<br>EUR Euro ("€")<br>GBP Great British Pound ("£") | PIK Payment-In-Kind <br>SEK Swedish Krona<br>USD United States Dollar ("$") | PIK Payment-In-Kind <br>SEK Swedish Krona<br>USD United States Dollar ("$") |  |  |

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**CRESCENT CAPITAL BDC, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**(in thousands, except share and per share amounts)** 

**September 30, 2025 (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 was listed and began trading on the NASDAQ stock exchange on February 3, 2020. 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 (the "Code"). As a RIC, the Company is not 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 or acquired wholly owned subsidiaries that are structured as tax blockers, to hold equity or equity-like investments in portfolio companies organized as limited liability companies or other forms of pass-through entities. These corporate subsidiaries are 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.

*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 consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and 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, 2025.

**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

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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 and Restricted Cash*

Cash and cash equivalents and restricted cash 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 and restricted cash 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. Cash equivalents held by the Company are deemed to be a Level 1 asset per ASC 820 Fair Value hierarchy, as defined below. 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. The Company holds cash and cash equivalents and restricted cash 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), 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 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 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 provides 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each investment is initially valued by the investment professionals responsible for monitoring that investment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Adviser has established pricing and valuation committees, which are responsible for reviewing and approving the fair valuation recommendations from the investment professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The valuations of certain portfolio investments are independently corroborated by third-party valuation firms based on certain criteria including investment size and risk profile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Final valuation determinations and supporting materials are provided to the Board quarterly as part of the Board's oversight of the Adviser as the valuation designee.

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cash and cash equivalents, fair value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions.

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.

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

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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. 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.

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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 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, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.3% and 1.6% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in seven portfolio companies on non-accrual status, which represented 2.2% and 0.9% 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, 2025 and December 31, 2024.

*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* 

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, *Income Taxes (Topic 740):Improvements to Income Tax Disclosures*. ASU No. 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.

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, 2025 the Company is subject to potential 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. and First Eagle OEMG Investor, Inc., are wholly-owned subsidiaries of the Company, and taxable entities ("Taxable Subsidiaries"). The Taxable Subsidiaries permit 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 Subsidiaries are 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. See Note 11 for details.

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*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.

*Segment Reporting*

Since its commencement, the Company has operated and been managed as a single reportable segment deriving returns mainly in the form of interest income, dividend income and other fees from the investments made in pursuit of its single stated investment objective. The accounting policies of the Company are consistent with those described in these Notes to Consolidated Financial Statements. The chief operating decision maker ("CODM") is represented by an executive committee comprised of a chief executive officer, a chief financial officer and other executive officers of the Company. The CODM considers net investment income, leverage and net increase (decrease) in net assets resulting from operations in deciding how to deploy capital and/or make distributions to shareholders. Detailed financial information for the Company is disclosed within these financial statements with total assets and liabilities disclosed on the Consolidated Statements of Assets and Liabilities, investments held on the Consolidated Schedules of Investments, results of operations and significant segment expenses on the Consolidated Statements of Operations and other information about the Company's performance, including total return, portfolio turnover and ratios within the Financial Highlights in Note 12.

*New Accounting Standards*

In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, *Income Taxes (Topic 740):Improvements to Income Tax Disclosures*. ASU No. 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU No. 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of adopting ASU No. 2023-09.

**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, 2025, the Company incurred administrative services expenses of $445 and $1,335, 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, 2024, the Company incurred administrative services expenses of $314 and $997, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, $640 and $555, respectively, was payable to the Administrator which is included in the accrued expenses and other liabilities on the Consolidated Statements of Assets and Liabilities. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

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

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portion of the compensation for these officers and other professionals is 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. Under the terms of the Investment Advisory Agreement, the Adviser has voluntarily waived its right to receive management fees on the Company's investments in WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP for any period in which these investments remain in the investment portfolio.

For the three and nine months ended September 30, 2025, the Company incurred management fees of $5,130 and $15,257, respectively, of which $11 and $44, respectively, were waived. For the three and nine months ended September 30, 2024, the Company incurred management fees of $5,119 and $15,133, of which $30 and $101, respectively, were waived. As of September 30, 2025 and December 31, 2024, management fees of $5,119 and $5,066, 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.

The Adviser 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 WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP.

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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, 2025, the Company incurred income incentive fees of $3,586 and $10,684, respectively, of which $12 and $67, respectively, were waived. For the three and nine months ended September 30, 2024, the Company incurred income incentive fees of $4,976 and $14,518, of which $77 and $114, respectively, were waived. As of September 30, 2025 and December 31, 2024, income incentive fees of $3,574 and $4,305, respectively, were unpaid.

*Capital Gains Based 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 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, 2025 and 2024, the Company recorded no capital gains incentive fees on unrealized capital appreciation. As of September 30, 2025 and December 31, 2024, no capital gains incentive fees remain outstanding.

*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 Capital Group LP ("Crescent"), its employees and certain officers and directors of the Company. As of September 30, 2025 and December 31, 2024, Crescent, its employees and certain officers and directors of the Company owned 2.81% and 2.74%, 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.

As of each of September 30, 2025 and December 31, 2024, Sun Life Financial Inc. ("Sun Life"), a majority owner of Crescent, owned 6.01%, of the Company's outstanding common stock. Sun Life is the sole lender of the Company's $50,000 Series 2023A Unsecured Notes, a $10,000 participating lender in the Company's Series 2021A Unsecured Notes, a $2,000 participating lender the Company's Series 2024 Unsecured Notes - 2028, and a $10,000 participating lender the Company's Series 2024 Unsecured Notes - 2030, all described further in Note 6.

*Investments in affiliated and controlled companies* 

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns, either directly or indirectly, 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

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Company is required to separately identify investments where it owns, either directly or indirectly, 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.

The Company's investments in non-controlled affiliates for the nine months ended September 30, 2025 were as follows (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of <br>December 31, 2024** | **Gross <br>Additions (1)** | **Gross <br>Reductions (2)** | **Net Realized <br>Gains/<br>(Losses)** | **Change in <br>Unrealized <br>Gains/<br>(Losses)** | **Fair Value as of September 30, 2025** | **Dividend, <br>Interest, PIK <br>and Other <br>Income** |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| AX VI INV2 Holding AB | $15110 | $578 | $— | $— | $2156 | $17844 | $1134 |
| ASP MCS Acquisition | 728 | 5 |  |  | (41) | 692 |  |
| Bayside Opco, LLC | 7920 | 344 | (41) |  | 1683 | 9906 | 880 |
| Isagenix International, LLC | 2005 | 255 |  |  | (721) | 1539 | 327 |
| Slickdeals Holdings, LLC <sup>(4)</sup> | 14766 |  | (12736) | (1996) | (34) |  | 784 |
| Vivid Seats Ltd. | 910 |  |  |  | (415) | 495 |  |
| WhiteHawk III Onshore Fund L.P.<sup>(3)</sup> | 5354 |  | (4957) |  | (397) | - | 258 |
| **Total Non-Controlled Affiliates** | $46793 | $1182 | $(17734) | $(1996) | $2231 | $30476 | $3383 |

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The Company's investments in non-controlled affiliates for the nine months ended September 30, 2024 were as follows (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of <br>December 31, 2023** | **Gross <br>Additions (1)** | **Gross <br>Reductions (2)** | **Net Realized <br>Gains/<br>(Losses)** | **Change in <br>Unrealized <br>Gains/<br>(Losses)** | **Fair Value as of September 30, 2024** | **Dividend, <br>Interest, PIK <br>and Other <br>Income** |
| **Non-Controlled Affiliates** |  |  |  |  |  |  |  |
| AX VI INV2 Holding AB | $14152 | $901 | $— | $— | $778 | $15831 | $1187 |
| ASP MCS Acquisition | 799 | 349 | (2) |  | 248 | 1394 | 29 |
| Bayside Opco, LLC | 6704 | 516 | (46) |  | 770 | 7944 | 910 |
| GACP II, LP | 3927 |  | (2855) |  | (384) | 688 |  |
| Isagenix International, LLC | 2546 | 235 |  |  | (102) | 2679 | 301 |
| Slickdeals Holdings, LLC | 15192 | 3 | (123) |  | (213) | 14859 | 1241 |
| smarTours, LLC |  | 23 |  | (4828) | 4805 |  | 70 |
| Vivid Seats Ltd. | 1021 |  |  |  | (213) | 808 |  |
| WhiteHawk III Onshore Fund L.P. | 8278 |  | (1554) |  | 76 | 6800 | 808 |
| **Total Non-Controlled Affiliates** | $52619 | $2027 | $(4580) | $(4828) | $5765 | $51003 | $4546 |

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(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3)WhiteHawk III Onshore Fund L.P. no longer meets the definition of a non-controlled affiliate.

(4)Slickdeals Holdings, LLC restructured during the year and meets the definition of a controlled affiliate.

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The Company's investments in controlled affiliates for the nine months ended September 30, 2025 were as follows (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of <br>December 31, 2024** | **Gross <br>Additions (2)** | **Gross <br>Reductions (3)** | **Net Realized <br>Gains/<br>(Losses)** | **Change in <br>Unrealized <br>Gains/<br>(Losses)** | **Fair Value as of September 30, 2025** | **Dividend, <br>Interest, PIK <br>and Other <br>Income** |
| **Controlled Affiliates** |  |  |  |  |  |  |  |
| Envocore LLC | $9221 | $1821 | $(1719) | $— | $984 | $10307 | $518 |
| First Eagle Logan JV, LLC<sup>(1)</sup> | 32575 |  |  |  | 2755 | 35330 | 4760 |
| Loadmaster Derrick & Equipment, Inc. | 3476 |  | (126) |  | 775 | 4125 | 112 |
| OEM Group, LLC | 2779 |  | (2214) | (3800) | 3235 |  |  |
| Slickdeals Holdings, LLC <sup>(4)</sup> |  | 13454 | (38) |  | (222) | 13194 | 179 |
| **Total Controlled Affiliates** | $48051 | $15275 | $(4097) | $(3800) | $7527 | $62956 | $5569 |

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The Company's investments in controlled affiliates for the nine months ended September 30, 2024 were as follows (in thousands)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of <br>December 31, 2023** | **Gross <br>Additions (2)** | **Gross <br>Reductions (3)** | **Net Realized <br>Gains/<br>(Losses)** | **Change in <br>Unrealized <br>Gains/<br>(Losses)** | **Fair Value as of September 30, 2024** | **Dividend, <br>Interest, PIK <br>and Other <br>Income** |
| **Controlled Affiliates** |  |  |  |  |  |  |  |
| Envocore LLC | $10375 | $1608 | $(677) | $— | $(2387) | $8919 | $456 |
| First Eagle Logan JV, LLC<sup>(1)</sup> | 39004 |  | (2560) |  | (5046) | 31398 | 7624 |
| Loadmaster Derrick & Equipment, Inc. | 6287 |  | (3750) | 6443 | (4807) | 4173 | 433 |
| OEM Group, LLC | 8253 |  | (1669) |  | (2991) | 3593 |  |
| **Total Controlled Affiliates** | $63919 | $1608 | $(8656) | $6443 | $(15231) | $48083 | $8513 |

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(1)Together with Perspecta Trident LLC ("Perspecta"), the Company invests through First Eagle Logan JV, LLC, which holds 100% of the subordinated notes and 100% of the Class E Notes issued by LJV I MM CLO LLC, its consolidated subsidiary (together, "Logan JV"). Logan JV is not an extension of the Company's investment operations given shared power/voting rights with Perspecta. The Company owns 80% of the voting securities of the Logan JV, but the Company does not have control over the Logan JV (other than for purposes of the 1940 Act) given the shared power/voting rights with its investing partner. Additionally, the Company's investment strategy focuses primarily on directly originated middle market lending in senior secured first lien, second lien and equity investments, while the Logan JV focuses primarily on senior secured syndicated loans to larger issuers.

(2)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(3)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(4)Slickdeals Holdings, LLC restructured during the year and meets the definition of a controlled affiliate.

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**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):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investment Type** | **Cost** | **Fair Value** | **Unrealized Appreciation/ (Depreciation)** | **Cost** | **Fair Value** | **Unrealized Appreciation/ (Depreciation)** |
| Senior Secured First Lien | $366096 | $352812 | $(13284) | $395736 | $379627 | $(16109) |
| Unitranche First Lien | 1061079 | 1039804 | (21275) | 1055506 | 1044141 | (11365) |
| Unitranche First Lien - Last Out | 25398 | 26170 | 772 | 14888 | 14741 | (147) |
| Senior Secured Second Lien | 22644 | 18647 | (3997) | 44571 | 38537 | (6034) |
| Unsecured Debt | 18707 | 19531 | 824 | 16690 | 17525 | 835 |
| Equity & Other | 63830 | 84734 | 20904 | 48421 | 64860 | 16439 |
| LLC/LP Equity Interests | 45345 | 38980 | (6365) | 48094 | 39426 | (8668) |
| **Total investments** | $1603099 | $1580678 | $(22421) | $1623906 | $1598857 | $(25049) |

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The industry composition of investments at fair value is as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Industry** | **Fair Value as of <br>September 30, 2025** | **Percentage of Fair Value** | **Fair Value as of <br>December 31, 2024** | **Percentage of Fair Value** |
| Health Care Equipment & Services | $426354 | 26.9% | $436183 | 27.3% |
| Software & Services | 323733 | 20.5 | 348979 | 21.8 |
| Commercial & Professional Services | 265086 | 16.7 | 231599 | 14.6 |
| Consumer Services | 135844 | 8.6 | 144671 | 9.0 |
| Diversified Financials | 90952 | 5.8 | 95988 | 6.0 |
| Insurance | 83915 | 5.3 | 83670 | 5.2 |
| Pharmaceuticals, Biotechnology & Life Sciences | 70699 | 4.5 | 53230 | 3.3 |
| Retailing | 63790 | 4.0 | 56219 | 3.5 |
| Automobiles & Components | 33354 | 2.1 | 35988 | 2.3 |
| Capital Goods | 28874 | 1.8 | 30005 | 1.9 |
| Consumer Durables & Apparel | 12815 | 0.8 | 19244 | 1.2 |
| Materials | 5745 | 0.4 | 16444 | 1.0 |
| Food, Beverage & Tobacco | 14706 | 0.9 | 14801 | 0.9 |
| Technology, Hardware & Equipment | 7433 | 0.5 | 7928 | 0.5 |
| Household & Personal Products | 7457 | 0.5 | 7403 | 0.5 |
| Transportation | 4257 | 0.3 | 8245 | 0.5 |
| Energy | 4125 | 0.3 | 3476 | 0.2 |
| Food & Staples Retailing | 1539 | 0.1 | 2005 | 0.1 |
| Semiconductor and Semiconductor Equipment | - | - | 2779 | 0.2 |
| **Total investments** | $1580678 | 100.0% | $1598857 | 100.0% |

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The geographic composition of investments at fair value is as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Region** | **Fair Value as of <br>September 30, 2025** | **Percentage of Fair Value** | **Fair Value as of <br>December 31, 2024** | **Percentage of Fair Value** |
| United States | $1396887 | 88.4% | $1452243 | 90.8% |
| United Kingdom | 81720 | 5.2 | 82556 | 5.2 |
| Australia | 31089 | 2.0 | 28698 | 1.8 |
| Switzerland | 25130 | 1.6 | - | - |
| Sweden | 17844 | 1.1 | 15113 | 0.9 |
| Netherlands | 13070 | 0.8 | 10022 | 0.6 |
| Jersey | 6724 | 0.4 | 6088 | 0.4 |
| France | 5906 | 0.4 | 4015 | 0.3 |
| Finland | 2190 | 0.1 | - | - |
| Belgium | 118 | 0.0 | 122 | 0.0 |
| **Total investments** | $1580678 | 100.0% | $1598857 | 100.0% |

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**Note 5. Fair Value of Financial Instruments** 

*Investments* 

The following table presents fair value measurements of investments as of September 30, 2025 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| Fair Value Hierarchy | Fair Value Hierarchy | Fair Value Hierarchy | Fair Value Hierarchy | Fair Value Hierarchy |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior Secured First Lien | $— | $— | $352812 | $352812 |
| Unitranche First Lien |  | 5769 | 1034035 | 1039804 |
| Unitranche First Lien – Last Out |  |  | 26170 | 26170 |
| Senior Secured Second Lien |  |  | 18647 | 18647 |
| Unsecured Debt |  |  | 19531 | 19531 |
| Equity & Other |  | 668 | 84066 | 84734 |
| Subtotal | $— | $6437 | $1535261 | $1541698 |
| Investments Measured at NAV <sup>(1)</sup> |  |  |  | 38980 |
| Total Investments |  |  |  | $1580678 |
| Foreign Currency Forward Contracts - Assets |  | 2082 |  | 2082 |
| Foreign Currency Forward Contracts - Liabilities |  | 2271 |  | 2271 |

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The following table presents fair value measurements of investments as of December 31, 2024 (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| Fair Value Hierarchy | Fair Value Hierarchy | Fair Value Hierarchy | Fair Value Hierarchy | Fair Value Hierarchy |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Senior Secured First Lien | $— | $— | $379628 | $379628 |
| Unitranche First Lien |  | 30206 | 1013934 | 1044140 |
| Unitranche First Lien – Last Out |  |  | 14741 | 14741 |
| Senior Secured Second Lien |  | 14186 | 24351 | 38537 |
| Unsecured Debt |  |  | 17525 | 17525 |
| Equity & Other |  | 1125 | 63735 | 64860 |
| Subtotal | $— | $45517 | $1513914 | $1559431 |
| Investments Measured at NAV <sup>(1)</sup> |  |  |  | 39426 |
| Total Investments |  |  |  | $1598857 |
| Foreign Currency Forward Contracts - Assets |  | 4815 |  | 4815 |
| Foreign Currency Forward Contracts - Liabilities |  |  |  |  |

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(1)In accordance with ASC 820-10, certain investments that are measured using the net asset value per shares (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy. These investments are generally not redeemable. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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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, 2025, based off of the fair value hierarchy as of September 30, 2025 (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Senior Secured<br>First Lien** | **Unitranche<br>First Lien** | **Unitranche<br>First -<br>Last Out** | **Senior<br>Secured<br>Second Lien** | **Unsecured<br>Debt** | **Equity<br>&<br>Other** | **Total** |
| Balance as of January 1, 2025 | $379628 | $1013934 | $14741 | $24351 | $17525 | $63735 | $1513914 |
| Amortized discounts/premiums | 1237 | 3733 | 53 | 75 | 157 |  | 5255 |
| Paid in-kind interest | 1622 | 3681 | 681 | 352 | 1862 |  | 8198 |
| Net realized gain (loss) | (8214) | (3604) |  | (693) |  | (1345) | (13856) |
| Net change in unrealized appreciation (depreciation) | 2835 | (10003) | 921 | 1779 | (13) | 4922 | 441 |
| Purchases | 60334 | 149225 | 9774 |  |  | 16754 | 236087 |
| Sales/return of capital/principal repayments/paydowns | (84630) | (147462) |  | (7217) |  |  | (239309) |
| Transfers in |  | 24531 |  |  |  |  | 24531 |
| Transfers out |  |  |  |  |  |  | - |
| Balance as of September 30, 2025 | $352812 | $1034035 | $26170 | $18647 | $19531 | $84066 | $1535261 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $(3683) | $(8959) | $921 | $1497 | $(13) | $4469 | $(5768) |

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During the nine months ended September 30, 2025, the Company recorded no transfers from Level 3 to Level 2 and $24,531 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, 2024, based off of the fair value hierarchy as of September 30, 2024 (in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Senior<br>Secured<br>First Lien** | **Unitranche<br>First Lien** | **Unitranche<br>First -<br>Last Out** | **Senior<br>Secured<br>Second Lien** | **Unsecured<br>Debt** | **Equity<br>&<br>Other** | **Total** |
| Balance as of January 1, 2024 | $409945 | $948781 | $13544 | $44907 | $4061 | $48909 | $1470147 |
| Amortized discounts/premiums | 1588 | 4839 | 93 | 237 | 17 |  | 6774 |
| Paid in-kind interest | 2326 | 2201 | 617 | 1571 | 1314 |  | 8029 |
| Net realized gain (loss) | (969) | (232) | (2308) |  |  | (546) | (4055) |
| Net change in unrealized appreciation (depreciation) | (6373) | 3929 | 2269 | (2891) | 1390 | 5226 | 3550 |
| Purchases | 84077 | 194932 |  | 5000 | 11904 | 5778 | 301691 |
| Sales/return of capital/principal repayments/paydowns | (91472) | (155817) | (8369) | (18068) |  | (1073) | (274799) |
| Transfers in | 2546 | 19186 |  |  |  | 120 | 21852 |
| Transfers out |  |  |  | (3330) |  |  | (3330) |
| Balance as of September 30, 2024 | $401668 | $1017819 | $5846 | $27426 | $18686 | $58414 | $1529859 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $(6373) | $3929 | $2269 | $(2891) | $1390 | $5226 | $3550 |

---

During the nine months ended September 30, 2024, the Company recorded $3,330 in transfers from Level 3 to Level 2 due to an increase in observable inputs in market data and $21,852 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.

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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, 2025 and December 31, 2024. 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.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Fair Value as of <br>September 30, 2025<br>(in thousands)** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Avg)** | **Range (Weighted Avg)** | **Range (Weighted Avg)** | **Range (Weighted Avg)** |
| Senior Secured First Lien | $307454 | Discounted Cash Flows | Discount Rate | 6.1% |  | 17.6% | (10.0%) |
|  | 29406 | Enterprise Value | Comparable EBITDA Multiple | 2.9x |  | 12.4x | (9.4x) |
|  | 10939 | Transaction Precedent | Transaction Price |  |  | N/A |  |
|  | 5013 | Broker Quoted | Broker Quote |  |  | N/A |  |
|  | $**352812** |  |  |  |  |  |  |
| Unitranche First Lien | $896351 | Discounted Cash Flows | Discount Rate | 7.6% |  | 19.7% | (9.9%) |
|  | 40041 | Enterprise Value | Comparable EBITDA Multiple | 7.0 | x | 13.7x | (9.7x) |
|  | 37863 | Transactions Precedent | Transaction Price |  |  | N/A |  |
|  | 59780 | Broker Quoted | Broker Quote |  |  | N/A |  |
|  | $**1034035** |  |  |  |  |  |  |
| Unitranche First Lien - Last Out | $18670 | Discounted Cash Flows | Discount Rate | 7.5% |  | 16.8% | (11.5%) |
|  | 7500 | Enterprise Value | Comparable EBITDA Multiple |  |  | 7.8x |  |
|  | $**26170** |  |  |  |  |  |  |
| Senior Secured Second Lien | $15010 | Discounted Cash Flows | Discount Rate | 10.9% |  | 12.8% | (11.9%) |
|  | 3637 | Enterprise Value | Comparable EBITDA Multiple |  |  | 3.4x |  |
|  | $**18647** |  |  |  |  |  |  |
| Unsecured Debt | $17505 | Discounted Cash Flows | Discount Rate | 11.0% |  | 15.5% | (13.7%) |
|  | 2026 | Enterprise Value | Comparable EBITDA Multiple |  |  | 12.4x |  |
|  | $**19531** |  |  |  |  |  |  |
| Equity & Other | $82719 | Enterprise Value | Comparable EBITDA Multiple | 2.9x |  | 28.0x | (14.5x) |
|  | 1272 | Transaction Precedent | Transaction Price |  |  | N/A |  |
|  | 75 | Broker Quoted | Broker Quote |  |  | N/A |  |
|  | $**84066** |  |  |  |  |  |  |
| **Total** | $**1535261** |  |  |  |  |  |  |

---

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Fair Value as of <br>December 31, 2024<br>(in thousands)** | **Valuation Technique** | **Unobservable Input** | **Range (Weighted Avg)** | **Range (Weighted Avg)** | **Range (Weighted Avg)** | **Range (Weighted Avg)** |
| Senior Secured First Lien | $324549 | Discounted Cash Flows | Discount Rate | 8.0% | 18.3% |  | (10.8%) |
|  | 27840 | Enterprise Value | Comparable EBITDA Multiple | 3.1 | 10.6 | x | (8.1x) |
|  | 2779 | Discounted Cash Flows | Royalty Payment Discount Rate |  | 22.4% |  |  |
|  | 24460 | Broker Quoted | Broker Quote |  | N/A |  |  |
|  | $**379628** |  |  |  |  |  |  |
| Unitranche First Lien | $988714 | Discounted Cash Flows | Discount Rate | 8.9% | 18.3% |  | (10.7%) |
|  | 12556 | Enterprise Value | Comparable EBITDA Multiple |  | 10.9 | x |  |
|  | 12664 | Broker Quoted | Broker Quote |  | N/A |  |  |
|  | $**1013934** |  |  |  |  |  |  |
| Unitranche First Lien - Last Out | $14741 | Discounted Cash Flows | Discount Rate | 11.2% | 16.0% |  | (12.8%) |
|  | $**14741** |  |  |  |  |  |  |
| Senior Secured Second Lien | $15802 | Discounted Cash Flows | Discount Rate | 12.4% | 14.1% |  | (12.9%) |
|  | 3549 | Enterprise Value | Comparable EBITDA Multiple | 1.4x | 10.1 | x | (5.1x) |
|  | 5000 | Broker Quoted | Broker Quote |  | N/A |  |  |
|  | $**24351** |  |  |  |  |  |  |
| Unsecured Debt | $15706 | Discounted Cash Flows | Discount Rate | 13.3% | 17.2% |  | (14.2%) |
|  | 1819 | Enterprise Value | Comparable EBITDA Multiple |  | 10.6 | x |  |
|  | $**17525** |  |  |  |  |  |  |
| Equity & Other | $63735 | Enterprise Value | Comparable EBITDA Multiple | 3.1x | 27.4x |  | (15.3x) |
|  | $**63735** |  |  |  |  |  |  |
| **Total** | $**1513914** |  |  |  |  |  |  |

---

The significant unobservable inputs used in the fair value measurement of the Company's debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization ("EBITDA"), revenue, comparable multiples and market discount rates. The Company typically uses comparable EBITDA or revenue multiples on its equity securities to determine the fair value of investments. The Company uses discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The significant unobservable inputs used in the enterprise value approach are comparable EBITDA and revenue multiples. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

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**Note 6. Debt** 

Debt consisted of the following (in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal <br>Amount Committed** | **Drawn <br>Amount** | **Amount Available** <sup>(1)</sup> | **Carrying <br>Value**<sup>(2)(3)</sup> | **Aggregate Principal <br>Amount Committed** | **Drawn <br>Amount** | **Amount Available** <sup>(1)</sup> | **Carrying <br>Value**<sup>(2)(3)</sup> |
| SPV Asset Facility | $400000 | 326900 | $73100 | $326900 | $500000 | $344850 | $155150 | $344850 |
| SMBC Corporate Revolving Facility | 310000 | 143263 | 166737 | 143263 | 310000 | 242601 | 67399 | 242601 |
| Series 2021A Unsecured Notes<sup>(4)</sup> | 135000 | 135000 |  | 135000 | 135000 | 135000 |  | 135000 |
| FCRX Unsecured Notes<sup>(5)</sup> | 111600 | 111600 |  | 111600 | 111600 | 111600 |  | 111600 |
| Series 2023A Unsecured Notes<sup>(6)</sup> | 50000 | 50000 |  | 50000 | 50000 | 50000 |  | 50000 |
| Series 2024A Unsecured Notes - 2028<sup>(7)</sup> | 35000 | 35000 |  | 35000 | 35000 |  | 35000 |  |
| Series 2024A Unsecured Notes - 2030<sup>(8)</sup> | 80000 | 80000 |  | 80000 | 80000 |  | 80000 |  |
| **Total Debt** | $1121600 | $881763 | $239837 | $881763 | $1221600 | $884051 | $337549 | $884051 |

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(1)The amount available is subject to any limitations related to the respective debt facilities' borrowing bases and foreign currency translation adjustments.

(2)The amount presented excludes netting of deferred financing costs.

(3)As of September 30, 2025 and December 31, 2024, the carrying amount of the Company's outstanding debt approximated fair value unless otherwise noted.

(4)As of September 30, 2025 and December 31, 2024, the fair value of the Series 2021A Unsecured Notes was approximately $133,521 and $133,280, respectively.

(5)As of September 30, 2025 and December 31, 2024, the fair value of the FCRX Unsecured Notes was approximately $111,645 and $109,680.

(6)As of September 30, 2025 and December 31, 2024, the fair value of the Series 2023A Unsecured Notes was approximately $50,300 and $52,027.

(7)As of September 30, 2025, the fair value of the Series 2024A Unsecured Notes -2028 was approximately $35,114.

(8)As of September 30, 2025, the fair value of the Series 2024A Unsecured Notes -2030 was approximately $80,829.

The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was 6.52% and 7.23% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was $894,994 and $878,918 respectively.

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 calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of September 30, 2025 and December 31, 2024, all the debt except for FCRX Unsecured Notes would be deemed to be Level 3 of the fair value hierarchy. FCRX Unsecured Notes would be deemed to be Level 2 of the fair value hierarchy.

As of September 30, 2025 and December 31, 2024, 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 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. 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.

On May 31, 2024, CCAP SPV entered into the Seventh Amendment to Loan and Security Agreement. The amendment, among other things, (a) extended the last day of the reinvestment period to May 31, 2027, and the stated maturity date to May 31, 2029 and (b) reduced the spread from 2.75% to 2.45%.

On April 10, 2025, CCAP SPV entered into the Eighth Amendment to Loan and Security Agreement. The amendment, among other things, (a) reduced the spread from 2.45% to 1.95%, and (b) reduced the facility size from $500,000 to $400,000.

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The maximum commitment amount under the SPV Asset Facility is $400,000 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) May 31, 2029 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 daily simple SOFR plus a 1.95% margin with no floor. 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 a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the SPV Asset Facility were $3,453 and $5,262, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

*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"). On December 3, 2024, the Company amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350,000 to $285,000, (ii) added an initial term commitment of $25,000 for an aggregate facility size of $310,000, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310,000, comprised of $25,000 term loan and $285,000 revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, 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 December 3, 2029.

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 a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the SMBC Corporate Revolving Facility were $1,917 and $2,511, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

*Series 2021A 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 "Series 2021A Unsecured Notes"). The initial issuance of $50,000 of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85,000 of Series 2021A Unsecured Notes closed on May 5, 2021.

The Series 2021A 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 17 and August 17 of each year.

Costs incurred in connection with issuing the Series 2021A Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the Series 2021A Unsecured Notes on a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2021A Unsecured Notes were $109 and $323, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

*FCRX Unsecured Notes*

On March 9, 2023, in connection with the acquisition of First Eagle Alternative Capital BDC, Inc., the Company assumed $111,600 of unsecured notes (the "FCRX Unsecured Notes"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company's option, at a redemption price of 100% of the

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outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol "FCRX".

*Series 2023A Unsecured Notes* 

On May 9, 2023, the Company completed a private offering of $50,000 aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026 ("Series 2023A Unsecured Notes"*)*.

The Series 2023A Unsecured Notes will mature on July 28, 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 Series 2023A Unsecured Notes is due and payable semiannually in arrears on January 28 and July 28 of each year.

Costs incurred in connection with issuing the Series 2023A Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the 2026 Unsecured Notes - Series 2023A on a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2023A Unsecured Notes of $62 and $118 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

*Series 2024A Unsecured Notes - 2028 and 2030*

On February 18, 2025, the Company issued $115,000 aggregate principal amount of two tranches of senior unsecured notes: (a) $35,000 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028"*)* and (b) $80,000 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030"*)* . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches 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.

Costs incurred in connection with issuing the Series 2024A Unsecured Notes - 2028 were recorded as deferred financing costs and are being amortized over the life of the Series 2024A Unsecured Notes - 2028 on a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $258 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Costs incurred in connection with issuing the Series 2024A Unsecured Notes - 2030 were recorded as deferred financing costs and are being amortized over the life of the Series 2024A Unsecured Notes - 2030 on a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the Series 2024A Unsecured Notes - 2028 of $650 and $0 were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

*Summary of Interest and Credit Facility Expenses*

The borrowing expenses incurred by the Company's credit facilities and unsecured debt were as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Borrowing interest expense | $13014 | $15238 | $40039 | $44810 |
| Unused facility fees | 255 | 318 | 793 | 1141 |
| Amortization of financing costs | 607 | 548 | 2831 | 1687 |
| Total interest and credit facility expenses | $13876 | $16104 | $43663 | $47638 |
| Weighted average outstanding balance | $883927 | $897987 | $894994 | $878918 |

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**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

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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. There has been no cash collateral received or paid from the counterparty. 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 nine months ended September 30, 2025 and 2024 the Company's average USD notional exposure, calculated daily on a weighted average basis on the duration of each forward contract, of foreign currency forward contracts was $74,149 and $77,529, 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):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reporting Date** | **Counterparty** | **Gross Amount<br>of Assets on<br>the Consolidated<br>Statements of<br>Assets and<br>Liabilities** | **Gross Amount<br>of (Liabilities) on<br>the Consolidated<br>Statements of<br>Assets and<br>Liabilities** | **Net Amount of Assets<br>or (Liabilities)** | **Collateral<br>(Received)<br>Pledged (1)** | **Net<br>Amounts (2)** |
| September 30, 2025 | Wells Fargo Bank, N.A. | $2082 | $(2271) | $(189) | $1140 | $951 |
| December 31, 2024 | Wells Fargo Bank, N.A. | $4815 | $— | $4815 | $— | $4815 |

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(1)Amount excludes excess cash collateral paid.

(2)Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts.

The effect of transactions in derivative instruments to the Consolidated Statements of Operations was as follows (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency forward<br> contracts | $- | $— | $- | $3223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on<br> foreign currency forward contracts | 972 | (1405) | (5005) | (3725) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gains (losses) on<br> foreign currency forward contracts | $972 | $(1405) | $(5005) | $(502) |

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**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, 2025 and December 31, 2024, the Company had aggregated unfunded commitments totaling $212,503 and $212,459, respectively, including foreign denominated commitments converted to USD at the balance sheet date, under loan and financing agreements.

The Company has the following unfunded commitments to portfolio companies (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Company** | **Investment Type** | **Commitment <br>Expiration Date (1)** | **Unfunded <br>Commitment (2)** | **Commitment <br>Expiration Date (1)** | **Unfunded <br>Commitment (2)** |
| 3SI Security Systems (7) | Term Loan | 12/16/2026 | $47 | 12/16/2026 | $— |
| ABACUS Holdings I LLC (7) | Revolver |  |  | 6/22/2028 | 550 |
| ABACUS Holdings I LLC (7) | Revolver |  |  | 6/24/2028 | 689 |
| ABACUS Holdings I LLC (7) | Delayed Draw Term Loan |  |  | 6/22/2028 | 4000 |
| ACI Group Holdings, Inc. (6) | Revolver | 8/2/2027 | 353 | 8/2/2027 | 664 |
| Action Signature Acquisition, Inc. (5) | Revolver | 12/17/2027 | 397 | 6/17/2026 | 212 |
| Acu-Serve, LLC (7) | Revolver | 10/18/2029 | 750 | 10/18/2029 | 750 |
| Acu-Serve, LLC | Delayed Draw Term Loan |  |  | 10/18/2029 | 1780 |
| Advanced Diabetes Supply (7) | Revolver |  |  | 12/30/2027 | 350 |
| Affinitiv, Inc. (7) | Revolver | 7/26/2027 | 425 | 7/26/2027 | 425 |
| Alcanza Clinical Research (5) | Revolver | 12/15/2027 | 125 | 12/15/2027 |  |
| Alera Group Inc. | Delayed Draw Term Loan |  |  | 9/30/2028 | 167 |
| Alpine SG, LLC (5) | Revolver | 11/5/2027 | 105 | 11/5/2027 | 105 |
| Ancora Bidco PTY LTD (5) | Delayed Draw Term Loan | 11/6/2030 | 1433 | 11/6/2030 | 1342 |
| Annuity Health (7) | Revolver | 2/8/2029 | 800 | 2/8/2029 | 800 |
| APC Bidco Limited | Delayed Draw Term Loan | 11/10/2027 | 1212 | 10/11/2030 | 2067 |
| Apps Associates LLC (7) | Revolver | 7/2/2027 | 400 | 7/2/2027 | 800 |
| Arrow Management Acquisition, LLC | Revolver |  |  | 10/14/2027 | 1200 |
| Arrow Management Acquisition, LLC | Delayed Draw Term Loan |  |  | 10/14/2027 | 1809 |
| Automated Control Concepts, Inc. (5) | Revolver | 10/22/2026 | 833 | 10/22/2026 | 833 |
| Auveco Holdings (7) | Revolver | 5/5/2028 | 525 | 5/5/2028 | 465 |
| Avalign Technologies, Inc. (6) | Revolver | 12/20/2028 | 1169 | 12/20/2028 | 1169 |
| Avidity Acquisition B.V. (7) | Delayed Draw Term Loan | 3/4/2029 | 518 | n/a |  |
| AX VI INV2 Holding AB (Voff) (8) | Revolver | 8/31/2029 | 436 | 8/31/2029 | 385 |
| Balance Partners (7) | Revolver | 4/3/2030 | 550 | 4/3/2030 | 550 |
| Balance Partners (7) | Delayed Draw Term Loan | 4/3/2030 | 1506 | 4/3/2030 | 3250 |
| Bandon Fitness (Texas) Inc. | Revolver | 7/27/2028 |  | 7/27/2028 | 401 |
| Banker's Toolbox, Inc. (6) | Revolver | 7/27/2027 | 2406 | 7/27/2027 | 2406 |
| Bayside Opco, LLC (7) | Revolver | 5/31/2026 | 634 | 5/31/2026 | 634 |
| Belay Inc. (7) | Revolver | 11/15/2025 | 650 | 6/25/2026 | 650 |
| Benesys Inc. | Revolver | 10/3/2025 |  | 10/3/2025 | (2) |
| Benesys Inc. | Revolver | 10/3/2025 |  | 10/3/2025 | 24 |
| Blue Mantis (6) | Revolver | 8/5/2030 | 263 | 8/19/2030 | 630 |
| BVI Medical Inc. (6) | Delayed Draw Term Loan | 9/7/2027 | 442 | n/a |  |
| BVI Medical Inc. (6) | Revolver | 3/7/2032 | 821 | n/a |  |
| C-4 Analytics (7) | Revolver | 5/14/2030 | 1295 | 5/14/2030 | 1295 |
| C-4 Analytics (7) | Delayed Draw Term Loan | 5/14/2026 | 4650 | 5/14/2030 | 4650 |
| Career Certified, LLC (7) | Delayed Draw Term Loan | 2/19/2031 | 450 | n/a |  |
| Career Certified, LLC (7) | Revolver | 2/19/2031 | 350 | n/a |  |
| CC Amulet Management, LLC (7) | Revolver | 8/31/2027 | 5 | 8/31/2027 | 97 |
| Centria Subsidiary Holdings, LLC (7) | Revolver | 12/9/2025 | 1974 | 6/9/2027 | 1974 |
| Claritas, LLC (7) | Revolver | 3/31/2026 | 1950 | 3/31/2026 | 1950 |
| Concord III, LLC (7) | Term Loan | 12/20/2028 | 138 | 12/20/2028 | 275 |
| ConvenientMD (5) | Revolver | 6/15/2027 | 413 | 6/15/2029 | 688 |
| DataVail (7) | Revolver | 1/4/2029 | 183 | 1/4/2029 | (4) |
| DataVail (7) | Revolver | 1/4/2029 | 100 | 1/4/2029 | 192 |
| DataVail | Delayed Draw Term Loan |  |  | 1/4/2029 | 2128 |
| Duraserv LLC | Delayed Draw Term Loan |  |  | 6/10/2031 | 899 |
| Duraserv LLC (6) | Delayed Draw Term Loan | 3/3/2027 | 1604 | n/a |  |
| Duraserv LLC (6) | Revolver | 6/10/2030 | 893 | 6/10/2030 | 893 |
| Eagle Midco B.V. (Avania) (10) | Delayed Draw Term Loan | 7/5/2029 | 2892 | 7/5/2029 | 2552 |
| Effective School Solutions LLC (7) | Revolver | 11/30/2027 | 110 | n/a |  |
| Effective School Solutions LLC (7) | Revolver | 11/30/2027 | 35 | 11/30/2027 | 348 |
| Efor Holding | Delayed Draw Term Loan |  |  | 10/4/2030 | 120 |
| EMS Buyer, Inc. (7) | Revolver | 11/23/2027 | 147 | 11/23/2027 | 147 |
| Envocore Holding, LLC (5) | Revolver | 12/31/2027 | 1667 | 12/31/2025 | 1806 |
| Eshipping (7) | Revolver | 11/5/2027 | 1073 | 11/5/2027 | 1150 |
| Essential Services Holding Corporation (6) | Revolver | 6/17/2031 | 744 | 6/17/2031 | 929 |
| Essential Services Holding Corporation (6) | Delayed Draw Term Loan | 6/17/2030 | 1487 | 6/17/2030 | 1487 |
| Evergreen IX Borrower 2023, LLC (6) | Revolver | 9/29/2029 | 1500 | 9/29/2029 | 1500 |
| Everlast Parent Inc. (7) | Revolver | 10/30/2026 | 506 | 10/30/2028 | 783 |
| Evolution BuyerCo, Inc. (7) | Revolver | 4/30/2030 | 729 | 4/30/2027 | 729 |
| Flow Service Partners Intermediate Holdco LLC (7) | Revolver | 11/19/2030 | 560 | 11/19/2030 | 800 |
| Flow Service Partners Intermediate Holdco LLC (7) | Delayed Draw Term Loan | 11/19/2030 | 900 | 11/19/2030 | 1350 |
| Formulations Parent Corporation (6) | Revolver |  |  | 11/15/2029 | 1651 |
| FS Whitewater Borrower, LLC (3) | Delayed Draw Term Loan | 3/31/2027 | 1744 | n/a |  |
| FS Whitewater Borrower, LLC (6) | Revolver | 12/21/2027 | 690 | 12/21/2027 | 690 |
| Galway Borrower, LLC (6) | Revolver | 9/30/2027 | 348 | 9/30/2028 | 417 |
| Galway Borrower, LLC (6) | Revolver | 9/30/2028 | 565 | 9/30/2028 | 565 |
| Galway Borrower, LLC (6) | Delayed Draw Term Loan | 2/7/2026 | 511 | 9/30/2028 | 599 |
| GB Eagle Buyer, Inc. (7) | Revolver | 11/29/2030 | 321 | 11/29/2030 | 513 |
| GB Eagle Buyer, Inc. (7) | Delayed Draw Term Loan | 11/29/2030 | 1282 | 11/29/2030 | 1282 |
| Gener8, LLC (5) | Revolver | 2/19/2026 | 299 | 8/14/2025 | 299 |
| GH Parent Holdings Inc. | Delayed Draw Term Loan |  |  | 5/4/2027 | 1172 |
| GH Parent Holdings Inc. (7) | Revolver | 5/4/2029 | 1819 | 5/4/2027 | 1819 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| GrapeTree Medical Staffing, LLC (7) | Revolver | 4/30/2026 | 600 | 4/30/2026 | 600 |
| Great Lakes Dental Partners, LLC (7) | Revolver | 6/23/2026 | 100 | 6/23/2026 | 100 |
| Guardian Access Solutions (7) | Revolver | 8/1/2029 | 225 | 8/24/2029 | 413 |
| Guardian Access Solutions | Delayed Draw Term Loan |  |  | 8/24/2029 | 974 |
| Halo Buyer, Inc. (7) | Revolver | 8/7/2029 | 422 | n/a |  |
| Hamsard 3778 Limited | Delayed Draw Term Loan | 10/28/2031 | 1476 | 10/28/2031 | 1375 |
| Hercules Borrower LLC (7) | Revolver | 12/15/2028 | 2222 | 12/15/2026 | 2222 |
| HGH Purchaser, Inc. (6) | Revolver | 11/3/2025 | 387 | 11/1/2026 | 1547 |
| Homecare Partners Management, LLC (7) | Revolver | 5/25/2027 | 557 | 5/25/2027 | 249 |
| Homecare Partners Management, LLC | Delayed Draw Term Loan |  |  | 6/18/2030 | 1836 |
| Hospice Care Buyer, Inc. (7) | Revolver | 12/9/2026 | 637 | 12/9/2026 | 660 |
| HS Spa Holdings Inc. (Hand & Stone) | Delayed Draw Term Loan |  |  | 6/2/2029 | 501 |
| HS Spa Holdings Inc. (Hand & Stone) (6) | Revolver | 6/2/2028 | 1196 | 6/2/2028 | 1209 |
| Hsid Acquisition, LLC (7) | Revolver | 1/31/2026 | 750 | 1/31/2026 | 750 |
| iLending LLC | Revolver |  |  | 6/21/2026 | 718 |
| Imagenet, LLC (7) | Revolver | 12/31/2030 | 650 | 12/31/2030 | 650 |
| Infobase (7) | Revolver | 6/14/2028 | 715 | 6/14/2028 | 643 |
| Integrity Marketing Acquisition, LLC (6) | Revolver | 8/28/2028 | 1409 | 8/28/2028 | 1409 |
| Iris Buyer, LLC (7) | Delayed Draw Term Loan | 8/4/2026 | 1883 | n/a |  |
| Iris Buyer, LLC | Delayed Draw Term Loan |  |  | 10/2/2030 | 515 |
| Iris Buyer, LLC (7) | Revolver | 10/2/2029 | 1211 | 10/2/2029 | 1514 |
| IVX Health Merger Sub, Inc. (7) | Revolver | 6/7/2030 | 3519 | 6/7/2030 | 3519 |
| Jordan Bidco, Ltd. (10) | Delayed Draw Term Loan | 2/28/2027 | 3559 | 8/31/2028 | 3317 |
| JTM Foods LLC (7) | Revolver | 5/14/2027 | 100 | 5/14/2027 | 53 |
| King Mid LLC | Delayed Draw Term Loan |  |  | 12/15/2027 | 1592 |
| King Mid LLC (7) | Delayed Draw Term Loan |  |  | n/a |  |
| King Mid LLC | Revolver |  |  | 12/15/2027 | 300 |
| Lash Opco LLC (7) | Revolver | 9/18/2027 | 140 | 9/18/2025 | 4 |
| Learn-It Systems, LLC | Revolver |  |  | 9/18/2026 | 900 |
| Lexipol (Ranger Buyer, Inc.) (6) | Revolver | 11/18/2027 | 1105 | 11/18/2027 | 1105 |
| Lighthouse Lab Services (7) | Revolver | 10/25/2027 | 153 | 10/25/2027 | 153 |
| Lightspeed Buyer, Inc. (7) | Revolver | 2/3/2027 | 1100 | 2/3/2027 | 1100 |
| Lightspeed Buyer, Inc. | Delayed Draw Term Loan |  |  | 2/3/2027 | 1250 |
| Lion Cashmere Bidco Limited (5) | Delayed Draw Term Loan | 3/23/2028 | 3237 | 3/23/2028 | 2856 |
| List Partners, Inc. | Revolver |  |  | 6/30/2025 | 135 |
| Mann Lake Ltd. | Revolver |  |  | 1/31/2025 | 56 |
| Mario Purchaser, LLC (6) | Revolver | 4/26/2028 | 661 | 4/26/2028 | 731 |
| Mario Purchaser, LLC | Delayed Draw Term Loan |  |  | 4/26/2029 | 4305 |
| Marlin DTC-LS Midco 2, LLC (7) | Revolver | 7/1/2026 | 143 | 7/1/2025 | 143 |
| MB2 Dental (6) | Delayed Draw Term Loan | 2/13/2027 | 397 | 2/13/2031 | 397 |
| MB2 Dental (6) | Revolver | 2/13/2031 | 427 | 2/13/2031 | 427 |
| MB2 Dental (6) | Delayed Draw Term Loan | 2/13/2026 | 1160 | 2/13/2031 | 1698 |
| Medical Review Institute of America (7) | Revolver | 7/1/2030 | 592 | 7/1/2030 | 800 |
| Medicus IT (6) | Revolver | 6/30/2032 | 1100 | 7/9/2030 | 1100 |
| Medicus IT (6) | Delayed Draw Term Loan | 7/9/2026 | 2800 | 7/9/2030 | 2800 |
| MeriCal, LLC (5) | Revolver | 11/16/2025 | 251 | 11/16/2025 | 485 |
| MHS Acquisition Holdings, LLC (7) | Delayed Draw Term Loan | 7/21/2027 | 1 | 7/21/2027 | 1 |
| MHS Acquisition Holdings, LLC (7) | Revolver | 7/21/2027 | 90 | 7/21/2027 | 120 |
| Minuteman Security Technologies, Inc. | Delayed Draw Term Loan |  |  | 2/2/2029 | 928 |
| Minuteman Security Technologies, Inc. (7) | Revolver | 2/1/2029 | 1000 | 2/2/2029 | 1000 |
| Miracle Mile Holdings, LLC (7) | Delayed Draw Term Loan | 2/28/2027 | 5027 | n/a |  |
| Miracle Mile Holdings, LLC (7) | Revolver | 11/1/2028 | 88 | n/a |  |
| MRI Software LLC | Delayed Draw Term Loan |  |  | 2/10/2027 | 949 |
| MRI Software LLC (7) | Revolver | 2/10/2026 | 1391 | 2/10/2026 | 1460 |
| MWD Management LLC (United Derm) (7) | Revolver | 6/15/2027 | 800 | 6/15/2027 | 720 |
| Net Health Acquisition Corp. (6) | Revolver | n/a | 1705 | 7/5/2031 | 1432 |
| Newcleus, LLC (5) | Revolver | 8/2/2026 | 435 | 8/2/2026 | 435 |
| Newcleus, LLC (5) | Delayed Draw Term Loan | 8/2/2026 | 458 | 8/2/2026 | 458 |
| NRG Controls (7) | Revolver | 10/28/2030 | 450 | 10/28/2030 | 450 |
| NRG Controls (7) | Delayed Draw Term Loan | 10/28/2030 | 800 | 10/28/2030 | 800 |
| Nurture Landscapes | Delayed Draw Term Loan |  |  | 6/3/2028 | 6243 |
| Odessa Technologies, Inc. (6) | Revolver | 10/19/2027 | 2500 | 10/19/2027 | 2500 |
| Oliver Packaging LLC (7) | Revolver | 7/6/2028 | 351 | 7/6/2028 | 351 |
| Omega Systems Intermediate Holdings, Inc. (6) | Delayed Draw Term Loan | 1/15/2027 | 1200 | n/a |  |
| Omega Systems Intermediate Holdings, Inc. (6) | Revolver | 1/15/2031 | 400 | n/a |  |
| Omni Ophthalmic Management Consultants, LLC (7) | Revolver | 1/31/2026 | 323 | n/a |  |
| Online Labels Group, LLC (7) | Delayed Draw Term Loan | 12/19/2025 | 263 | 12/19/2029 | 525 |
| Online Labels Group, LLC (7) | Delayed Draw Term Loan | 12/19/2025 | 525 | 12/19/2029 | 525 |
| Online Labels Group, LLC (7) | Revolver | 12/19/2029 | 650 | 12/19/2029 | 650 |
| Painters Supply & Equipment Company (7) | Revolver | 8/10/2027 | 479 | 8/10/2027 | 183 |
| Painters Supply & Equipment Company (7) | Delayed Draw Term Loan | 4/29/2030 | 578 | 4/29/2030 | 578 |
| Patriot Acquisition Topco S.A.R.L (7) | Delayed Draw Term Loan | 10/13/2025 | 35 | 1/29/2028 | 890 |
| Patriot Acquisition Topco S.A.R.L (7) | Revolver | 1/29/2026 | 1643 | 1/29/2026 | 1770 |
| Patriot Growth Insurance Services, LLC | Delayed Draw Term Loan |  |  | 10/14/2028 | 295 |
| Patriot Growth Insurance Services, LLC (6) | Revolver | 10/14/2028 | 660 | 10/14/2028 | 330 |
| PCS Retirement (7) | Revolver | 3/1/2030 | 700 | 3/1/2030 | 578 |
| PCS Retirement (7) | Delayed Draw Term Loan | 2/27/2026 | 798 | 3/1/2030 | 860 |
| Pitch MidCo B.V. | Delayed Draw Term Loan | 4/26/2028 | 1412 | 4/26/2031 | 1484 |
| Plasma Buyer LLC (PathGroup) | Delayed Draw Term Loan |  |  | 5/12/2029 | 54 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Plasma Buyer LLC (PathGroup) (6) | Revolver | 5/12/2029 | 4 | 5/12/2029 | 357 |
| PPV Intermediate Holdings LLC (Vetcor) (6) | Revolver | 8/31/2029 | 228 | 8/31/2029 | 228 |
| Premier Dental Care Management, LLC (6) | Revolver | 8/5/2027 | 2361 | 8/5/2027 | 2125 |
| Premier Dental Care Management, LLC | Delayed Draw Term Loan |  |  | 8/5/2028 | 2562 |
| PromptCare Intermediate, LP (7) | Delayed Draw Term Loan | 10/20/2025 | 2111 | 4/19/2030 | 2111 |
| Pye-Barker Fire & Safety, LLC (6) | Revolver | 5/24/2030 | 2289 | 5/24/2030 | 2289 |
| Quorum Health Resources (5) | Revolver | 5/26/2027 | 597 | 5/26/2027 | 674 |
| Receivable Solutions, Inc. (7) | Revolver | 4/1/2026 | 120 | 10/1/2025 | 180 |
| REP Behavioral Health, LLC (7) | Revolver | 12/31/2030 | 1402 | 12/31/2030 | 1329 |
| REP Behavioral Health, LLC (7) | Delayed Draw Term Loan | 12/31/2030 | 2500 | 12/31/2030 | 2500 |
| Right Networks, LLC | Revolver |  |  | 5/21/2026 | 233 |
| Right Networks, LLC (7) | Revolver | 5/29/2029 | 570 | n/a |  |
| RN Enterprises, LLC (6) | Revolver | 10/17/2031 | 1092 | 10/17/2031 | 1106 |
| RN Enterprises, LLC (6) | Delayed Draw Term Loan | 10/17/2031 | 1965 | 10/17/2031 | 2183 |
| RWA Wealth Partners, LLC. (6) | Revolver | 11/15/2030 | 1340 | 11/15/2030 | 1400 |
| RWA Wealth Partners, LLC. (6) | Delayed Draw Term Loan | 11/15/2030 | 4356 | 11/15/2030 | 4641 |
| Safco Dental Supply, LLC (7) | Revolver | 3/31/2026 | 258 | 6/14/2025 | 258 |
| Saturn Borrower Inc (7) | Revolver | 9/30/2026 | 1380 | 9/30/2026 |  |
| SC MidCo Oy (7) | Delayed Draw Term Loan | 3/19/2032 | 93 | n/a |  |
| Seniorlink Incorporated (7) | Revolver | 12/31/2027 | 458 | 12/31/2027 | 458 |
| Seniorlink Incorporated (7) | Revolver | 12/31/2027 | 1038 | 12/31/2027 | 1038 |
| Slickdeals Holdings, LLC | Revolver |  |  | 6/30/2025 | 727 |
| Smartronix, LLC | Revolver |  |  | 11/23/2028 | 3290 |
| Smile Doctors LLC (6) | Revolver | 12/23/2027 | 1262 | 12/23/2027 | 1262 |
| Soltis (7) | Revolver | 8/5/2030 | 500 | 8/5/2030 | 500 |
| Soltis (7) | Delayed Draw Term Loan | 8/5/2026 | 1638 | 8/5/2030 | 2600 |
| Solvias AG (6) | Revolver | 2/27/2032 | 3285 | n/a |  |
| SQAD Holdco, Inc. (7) | Revolver | 4/25/2028 | 1050 | 4/25/2028 | 1050 |
| Stepping Stones Healthcare Services, LLC (6) | Revolver | 12/30/2026 | 1887 | 12/30/2026 | 1887 |
| Stepping Stones Healthcare Services, LLC (6) | Delayed Draw Term Loan | 4/25/2026 | 2735 | 12/30/2028 | 3396 |
| Strata Information Group, Inc. (6) | Revolver | 12/31/2030 | 700 | 12/31/2030 | 350 |
| Strata Information Group, Inc. (6) | Delayed Draw Term Loan | 12/31/2030 | 882 | 12/31/2030 | 1200 |
| Summit 7 Systems, LLC (7) | Revolver | 5/23/2028 | 594 | 5/23/2028 | 264 |
| Sun Acquirer Corp. (6) | Revolver | 9/8/2027 | 1812 | 9/5/2027 | 1812 |
| Sydney US Buyer Corp. (3B Scientific) (10) | Delayed Draw Term Loan | 12/14/2026 | 3690 | 7/8/2029 | 3960 |
| Sydney US Buyer Corp. (3B Scientific) | Delayed Draw Term Loan |  |  | 7/8/2029 | 25 |
| Teal Acquisition Co., Inc | Revolver | 9/22/2026 |  | 9/22/2026 | 182 |
| Team Select (CSC TS Merger SUB, LLC) (7) | Revolver | 5/4/2029 | 650 | 5/4/2029 | 650 |
| Team Select (CSC TS Merger SUB, LLC) (7) | Delayed Draw Term Loan | 6/17/2030 | 800 | 6/17/2030 | 800 |
| Team Select (CSC TS Merger SUB, LLC) (7) | Delayed Draw Term Loan | 5/4/2029 | 600 | 5/4/2029 | 840 |
| The Hilb Group, LLC (6) | Revolver | 12/2/2025 | 1547 | 10/31/2031 | 1547 |
| The Hilb Group, LLC (6) | Delayed Draw Term Loan | 10/31/2026 | 2797 | 10/31/2031 | 3341 |
| TMA Buyer, LLC | Revolver |  |  | 9/30/2027 | 385 |
| Transportation Insight, LLC (5) | Revolver | 6/18/2027 | 54 | 6/18/2027 | 412 |
| TriStrux, LLC (7) | Revolver | 12/15/2026 | 97 | 12/15/2026 | 97 |
| UHY Advisors , Inc. (6) | Revolver | 11/21/2031 | 1107 | 11/21/2031 | 1200 |
| UHY Advisors , Inc. (6) | Delayed Draw Term Loan | 11/21/2031 | 4287 | 11/21/2031 | 4575 |
| Unifeye Vision Partners (7) | Revolver | 9/13/2027 | 1360 | 9/15/2025 | 453 |
| USA Hometown Experts, Inc. (7) | Revolver | 11/8/2029 | 720 | 11/8/2029 | 720 |
| USA Hometown Experts, Inc. | Delayed Draw Term Loan |  |  | 11/8/2029 | 2450 |
| Vantage Insurance Partners, Inc. (7) | Revolver | 12/22/2028 | 698 | 12/22/2028 | 698 |
| Vantage Insurance Partners, Inc. (7) | Delayed Draw Term Loan |  |  | 12/22/2028 | 4600 |
| Vital Care Buyer, LLC (6) | Revolver | 7/30/2031 | 283 | 7/30/2031 | 283 |
| WCT Group Holdings, LLC (6) | Revolver | 12/12/2029 | 457 | 12/12/2029 | 457 |
| Winxnet Holdings LLC (7) | Revolver | 6/30/2026 | 650 | 12/29/2025 | 244 |
| A&A Global Imports, LLC | Revolver | 6/1/2026 |  | 6/1/2026 | 0 |
| Annuity Health | Term Loan | 2/8/2029 |  | 2/8/2029 | 0 |
| Blue Mantis (6) | Delayed Draw Term Loan | 4/24/2027 | 3656 |  |  |
| Cary Street Partners Financial LLC (7) | Delayed Draw Term Loan | 5/30/2027 | 2850 |  |  |
| Cary Street Partners Financial LLC (7) | Revolver | 5/30/2031 | 350 |  |  |
| GH Parent Holdings Inc. (7) | Delayed Draw Term Loan | 5/4/2029 | 4752 |  |  |
| iLending LLC (7) | Revolver | 12/21/2028 | 359 |  |  |
| King Mid LLC (7) | Delayed Draw Term Loan | 4/23/2031 | 5527 |  |  |
| King Mid LLC (7) | Revolver | 4/23/2027 | 1400 |  |  |
| Landscape Workshop, LLC (6) | Delayed Draw Term Loan | 5/16/2027 | 2820 |  |  |
| Landscape Workshop, LLC (6) | Revolver | 5/16/2031 | 2011 |  |  |
| Medicus IT (6) | Delayed Draw Term Loan | 6/30/2027 | 157 |  |  |
| Medicus IT (6) | Revolver | 11/18/2025 | 530 |  |  |
| Patriot Acquisition Topco S.A.R.L (7) | Delayed Draw Term Loan | 1/2/2026 | 864 |  |  |
| Ruffalo Noel Levitz, LLC (7) | Revolver | 12/31/2026 | 66 |  |  |
| Team Select (CSC TS Merger SUB, LLC) (7) | Delayed Draw Term Loan | 9/4/2026 | 1000 |  |  |
| Team Select (CSC TS Merger SUB, LLC) (7) | Revolver | 5/4/2029 | 400 |  |  |
| Arrow Management Acquisition, LLC (6) | Delayed Draw Term Loan | 7/25/2027 | 4581 |  |  |
| Arrow Management Acquisition, LLC (6) | Revolver | 7/25/2032 | 1527 |  |  |
| Bandon Fitness (Texas) Inc. | Delayed Draw Term Loan |  |  |  |  |
| Everlast Parent Inc. | Delayed Draw Term Loan |  |  |  |  |
| Headlands Buyer, Inc. (7) | Delayed Draw Term Loan | 9/29/2027 | 687 |  |  |
| Headlands Buyer, Inc. (7) | Revolver | 9/29/2032 | 321 |  |  |
| New Era Technology, Inc. (7) | Revolver | 6/30/2030 | 357 |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| Pi Buyer, LLC (6) | Delayed Draw Term Loan | 8/29/2027 | 1450 |  |
| Pi Buyer, LLC (6) | Revolver | 8/29/2032 | 500 |  |
| Slickdeals Holdings, LLC (7) | Revolver | 6/30/2030 | 582 |  |
| Staff Boom, LLC (7) | Revolver | 9/19/2031 | 450 |  |
| USA Hometown Experts, Inc. (7) | Delayed Draw Term Loan | 7/29/2027 | 2450 |  |
| WCT Group Holdings, LLC (7) | Delayed Draw Term Loan | 8/25/2027 | 1943 |  |
| WCT Group Holdings, LLC (7) | Revolver | 12/12/2029 | 229 |  |
| **Total** |  |  | $212503 | $212459 |

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(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2)Unfunded commitments denominated in currencies other than USD have been converted to USD using the applicable foreign currency exchange rate as of September 30, 2025 and December 31, 2024.

(3)Investment pays 0.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(4)Investment pays 0.38% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(5)Investment pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(6)Investment pays 0.75% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(7)Investment pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(8)Investment pays 1.20% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(9)Investment pays 1.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(10)Investment pays 1.80% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(11)Investment pays 1.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(12)Investment pays 2.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(13)Investment pays 2.88% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

(14)Investment pays 5.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.

*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** 

The following table summarizes the Company's recent distributions declared:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Dividend Type** | **Amount Per Share** |
| August 13, 2025 | September 30, 2025 | October 15, 2025 | Regular | $0.42 |
| May 8, 2025 | June 30, 2025 | July 15, 2025 | Regular | $0.42 |
| February 12, 2025 | August 29, 2025 | September 15, 2025 | Special | $0.05 |
| February 12, 2025 | May 30, 2025 | June 14, 2025 | Special | $0.05 |
| February 12, 2025 | March 31, 2025 | April 15, 2025 | Regular | $0.42 |
| February 12, 2025 | February 28, 2025 | March 14, 2025 | Special | $0.05 |
| November 12, 2024 | December 31, 2024 | January 15, 2025 | Regular | $0.42 |
| November 12, 2024 | November 29, 2024 | December 16, 2024 | Supplemental | $0.07 |
| August 7, 2024 | September 30, 2024 | October 15, 2024 | Regular | $0.42 |
| August 7, 2024 | August 31, 2024 | September 16, 2024 | Supplemental | $0.09 |
| May 2, 2024 | June 28, 2024 | July 15, 2024 | Regular | $0.42 |
| May 2, 2024 | May 31, 2024 | June 17, 2024 | Supplemental | $0.11 |
| February 15, 2024 | March 29, 2024 | April 15, 2024 | Regular | $0.41 |
| February 15, 2024 | February 29, 2024 | March 15, 2024 | Supplemental | $0.10 |
| November 2, 2023 | December 29, 2023 | January 16, 2024 | Regular | $0.41 |
| November 2, 2023 | November 30, 2023 | December 15, 2023 | Supplemental | $0.09 |

---

At September 30, 2025 and December 31, 2024, Crescent, Sun Life and other related parties owned 8.82% and 8.75%, 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, 2025 and December 31, 2024, 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 three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net increase (decrease) in net assets resulting<br> from operations | $7102 | $15268 | $26019 | $63658 |
| Weighted average common shares outstanding | 37060595 | 37061547 | 37061226 | 37061547 |
| Net increase (decrease) in net assets resulting from<br> operations per common share-basic and diluted | $0.19 | $0.41 | $0.70 | $1.72 |

---

**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<br>September 30, 2025** | **As of<br>December 31, 2024** |
| Tax Cost |  | $1636122 | $1663941 |
| Gross Unrealized Appreciation |  | $63451 | $40639 |
| Gross Unrealized Depreciation |  | (124271) | (100760) |
|  | Net Unrealized Investment Appreciation (Depreciation) | $(60820) | $(60121) |

---

The Company recognized the following income taxes related to Taxable Subsidiaries and excise taxes related to the Company's status as a RIC:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Income tax (benefit) provision | $- | $155 | $6 | $155 |
| Excise tax (benefit) provision | 281 | 500 | 1176 | 1300 |
| Provision (benefit) for income and excise taxes | $281 | $655 | $1182 | $1455 |

---

As of September 30, 2025 and December 31, 2024, $1,279 and $1,408, respectively, 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 three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Benefit (provision) for taxes on unrealized appreciation<br> (depreciation) on investments | - | (56) | - | 464 |
| Benefit (provision) for taxes on realized and unrealized<br> appreciation (depreciation) on investments | $- | $(56) | $- | $464 |

---

------

As of September 30, 2025 and December 31, 2024, $181 and $746, 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, 2025 and December 31, 2024, $181 and $746, 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 subsidiaries and other temporary book to tax differences of the corporate subsidiaries.

------

**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,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** |
| **Per Share Data:**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;Net asset value, beginning of period | $19.98 | $20.04 |
| &nbsp;&nbsp;Net investment income after tax | 1.36 | 1.85 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes | (0.66) | (0.13) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 0.70 | 1.72 |
| &nbsp;&nbsp;Distributions declared from net investment income<sup>(2)</sup> | (1.41) | (1.55) |
| &nbsp;&nbsp;Effects of rounding | 0.01 | (0.01) |
| &nbsp;&nbsp;Total increase (decrease) in net assets | (0.70) | 0.16 |
| &nbsp;&nbsp;Net asset value, end of period | $19.28 | $20.20 |
| &nbsp;&nbsp;Shares outstanding, end of period | 37039657 | 37061547 |
| &nbsp;&nbsp;Market value, end of period | $14.26 | $18.50 |
| &nbsp;&nbsp;Weighted average shares outstanding | 37061226 | 37061547 |
| &nbsp;&nbsp;Total return based on market value <sup>(3)</sup> | (18.94%) | 15.88% |
| &nbsp;&nbsp;Total return based on net asset value <sup>(4)</sup> | 3.55% | 8.53% |
| **Ratio/Supplemental Data:** |  |  |
| &nbsp;&nbsp;Net assets, end of period | $714075 | $748807 |
| &nbsp;&nbsp;Ratio of total net expenses to average net assets<sup>(5)(6)</sup> | 13.99% | 14.69% |
| &nbsp;&nbsp;Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets <sup>(6)</sup> | 4.00% | 3.63% |
| &nbsp;&nbsp;Ratio of net investment income before taxes to average net assets <sup>(6)</sup> | 9.50% | 12.49% |
| &nbsp;&nbsp;Ratio of interest and credit facility expenses to average net assets <sup>(6)</sup> | 8.03% | 8.50% |
| &nbsp;&nbsp;Ratio of net incentive fees to average net assets <sup>(6)</sup> | 1.95% | 2.57% |
| &nbsp;&nbsp;Portfolio turnover <sup>(7)</sup> | 14.74% | 16.56% |
| &nbsp;&nbsp;Asset coverage ratio | 180% | 186% |

---

(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)The per share data for distributions per share reflects the actual amount of distributions declared per share for the applicable periods.

(3)Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends, if any, reinvested in accordance with the Company's dividend reinvestment plan.

(4)Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share, and not annualized.

(5)The ratio of total expenses to average net assets in the table above reflects the Adviser's voluntary waivers of its right to receive a portion of the management fees and income incentive fees with respect to the Company's ownership in WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP and a voluntary waiver of 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. Excluding the effects of the voluntary waivers, the ratio of total expenses to average net assets would have been 14.02% and 14.60% for the nine months ended September 30, 2025 and 2024, respectively, on an annualized basis.

(6) Annualized.

(7) Not annualized.

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**Note 13. Stock Repurchase Program**

On August 7, 2025, the Company's Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20,000 of its common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any stock repurchases will be determined by the Company, in its sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require the Company to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

For the three and nine months ended September 30, 2025, the Company repurchased 21,890 shares totaling $333 or $15.23 per share. There were no share repurchases for the three and nine months ended September 30, 2024.

**Note 14. 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, 2025 and for the three months and nine months ended September 30, 2025*.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October 30, 2025, the Company entered into a Fourth Supplement to Note Purchase Agreement (the "Supplement") with the qualified institutional investors named therein governing the issuance of (a) $67,500 5.87% senior unsecured notes due February 13, 2029 (the "Tranche A Notes"), (b) $67,500 6.20% senior unsecured notes due February 13, 2031 (the "Tranche B Notes") and (c) $50,000 5.97% senior unsecured notes due May 22, 2029 (the "Tranche C Notes", and together with the Tranche A and Tranche B Notes, the "Series 2025A Notes"). The Supplement supplements the Master Note Purchase Agreement, dated July 30, 2020, as amended through the date of the Supplement, by and among the Company and the purchasers party thereto. Interest on the Series 2025A Notes will be payable semiannually, on the 13th day of February and August in each year, commencing with February 13, 2026. The issuance of the Tranche A and B Notes is expected to occur on February 13, 2026 and of the Tranche C Notes on May 22, 2026. The Company intends to use the net proceeds from the issuance of the Series 2025A Notes to repay outstanding indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 6, 2025, the Company's Board of Directors declared a regular fourth quarter cash dividend of $0.42 per share, which will be paid on January 15, 2026 to stockholders of record as of December 31, 2025.

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**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 are incorporated under the laws of 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 ("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 (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.

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**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.

------

*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.

*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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of calculating our net asset value, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fidelity bond, directors' and officers' liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with independent audits and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, rent and the allocable portion of the cost of certain professional services provided to us, including but not limited to, our accounting professionals, our legal counsel and compliance professionals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting sales and repurchases of shares of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to third parties relating to making investments, including out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•out-of-pocket fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees and any stock exchange listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•debt service and other costs of borrowings or other financing arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses reasonably incurred by us in connection with making investments and administering our business.

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.

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*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 stockholder 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.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Investment Type** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Senior Secured First Lien | $352.8 | 22.2% | $379.7 | 23.7% |
| Unitranche First Lien | 1039.8 | 65.8 | 1044.1 | 65.3 |
| Unitranche First Lien - Last Out | 26.2 | 1.7 | 14.8 | 0.9 |
| Senior Secured Second Lien | 18.7 | 1.2 | 38.5 | 2.4 |
| Unsecured Debt | 19.5 | 1.2 | 17.5 | 1.1 |
| Equity & Other | 84.7 | 5.4 | 64.9 | 4.1 |
| LLC/LP Equity Interests | 39.0 | 2.5 | 39.4 | 2.5 |
| **Total investments** | $1580.7 | 100.0% | $1598.9 | 100.0% |

---

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The following table shows our investment activity by investment type:

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **For the three months ended** | **For the three months ended** | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **New investments at cost:** |  |  |  |  |
| Senior Secured First Lien | $17.8 | $17.8 | 60.3 | $81.9 |
| Unitranche First Lien | 41.5 | 53.2 | 149.2 | 169.3 |
| Unitranche First Lien - Last Out | 0.1 |  | 9.8 |  |
| Senior Secured Second Lien |  |  |  |  |
| Unsecured Debt |  | 1.6 |  | 11.9 |
| Equity & Other | 14.5 | 0.1 | 16.8 | 2.7 |
| LLC/LP Equity Interests |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total** | $73.9 | $72.7 | $236.1 | $265.8 |
| **Proceeds from investments sold or repaid:** |  |  |  |  |
| Senior Secured First Lien | $43.9 | $44.0 | $84.5 | $100.7 |
| Unitranche First Lien | 36.9 | 37.8 | 147.5 | 131.9 |
| Unitranche First Lien - Last Out |  |  |  | 8.4 |
| Senior Secured Second Lien | 4.9 | 8.9 | 21.9 | 14.3 |
| Unsecured Debt |  |  |  |  |
| Equity & Other |  |  |  | 0.9 |
| LLC/LP Equity Interests | 0.3 | 1.6 | 2.8 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total** | $86.0 | $92.3 | $256.7 | $263.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in portfolio** | $(12.1) | $(19.6) | $(20.6) | $2.6 |

---

The following table presents certain selected information regarding our investment portfolio:

---

| | | |
|:---|:---|:---|
|  | **As of <br>September 30, 2025** | **As of <br>December 31, 2024** |
| Weighted average yield on income producing securities (at cost) <sup>(1)</sup> | 10.4% | 10.9% |
| Percentage of debt bearing a floating rate (at fair value) | 97.4% | 97.3% |
| Percentage of debt bearing a fixed rate (at fair value) | 2.6% | 2.7% |
| Number of portfolio companies | 187 | 185 |

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(1)Includes performing debt and other income-producing investments (excluding investments on non-accrual).

The following table shows the amortized cost and fair value of our performing and non-accrual debt and income producing debt securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Cost** | **% of Cost** | **Fair Value** | **% of Fair Value** | **Cost** | **% of Cost** | **Fair Value** | **% of Fair Value** |
| Performing | $1443.9 | 96.7% | $1433.3 | 98.4% | $1492.7 | 97.8% | $1480.7 | 99.1% |
| Non-Accrual | 50.0 | 3.3% | 23.7 | 1.6% | 34.3 | 2.2% | 13.5 | 0.9% |
| Total | $1493.9 | 100.0% | $1457.0 | 100.0% | $1527.0 | 100.0% | $1494.2 | 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, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.3% and 1.6% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% 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, 2025 and December 31, 2024.

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•review of monthly and quarterly financial statements and financial projections for portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•comparisons to other companies in the industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•attendance and participation in board meetings.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Involves the least amount of risk relative to cost or amortized cost. Investment performance is above expectations since origination or acquisition. Trends and risk factors are generally favorable, which may include financial performance or a potential exit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Involves a level of risk that is similar to the risk at the time of origination or acquisition. The investment is generally performing as expected, and the risks around our ability to ultimately recoup the cost of the investment are neutral to favorable relative to the time of origination or acquisition. New investments are generally assigned a rating of 2 at origination or acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Indicates an investment performing below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased since origination or acquisition. For debt investments, borrowers are more likely than not in compliance with debt covenants and loan payments are generally not past due. An investment rating of 3 requires closer monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Indicates an investment performing materially below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased materially since origination or acquisition. For debt investments, borrowers may be out of compliance with debt covenants and loan payments may be past due (but generally not more than 180 days past due). Non-accrual status is strongly considered for debt investments rated 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Indicates an investment performing substantially below expectations where the risks around our ability to ultimately recoup the cost of the investment have substantially increased since origination or acquisition. We do not expect to recover our initial cost basis from investments rated 5. Debt investments with an investment rating of 5 are generally in payment and/or covenant default and are on non-accrual status.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Investments at** | **Percentage of** | **Investments at** | **Percentage of** |
| **Investment Performance Rating** | **Fair Value** | **Total Portfolio** | **Fair Value** | **Total Portfolio** |
| &nbsp;&nbsp;&nbsp;&nbsp;1 | 66.0 | 4.2% | 29.9 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;2 | 1307.4 | 82.7 | 1360.9 | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;3 | 164.6 | 10.4 | 194.6 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;4 | 31.7 | 2.0 | 12.0 | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 | 11.0 | 0.7 | 1.5 | 0.1 |
| **Total** | 1580.7 | 100.0% | 1598.9 | 100.0% |

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**RESULTS OF OPERATIONS** 

*Summarized Statement of Operations*

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in $ millions)* | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $41.4 | $51.6 | $126.5 | $150.9 |
| Total net expenses, including taxes | 24.5 | 28.1 | 76.1 | 82.4 |
| Net investment income | $16.9 | $23.5 | $50.4 | $68.5 |
| Net realized gain (loss) on investments and forward<br> contracts | (5.0) | 3.8 | (14.4) | (0.5) |
| Net unrealized appreciation (depreciation) on investments,<br> forward contracts and foreign transactions | (4.8) | (11.9) | (10.0) | (4.8) |
| Net realized and unrealized gains (losses) | $(9.8) | $(8.1) | $(24.4) | $(5.3) |
| Benefit (provision) for taxes on realized and unrealized<br> appreciation (depreciation) on investments | - | (0.1) | - | 0.5 |
| Net increase (decrease) in net assets resulting from<br> operations | $7.1 | $15.3 | $26.0 | $63.7 |

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*Investment Income* 

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in $ millions)* | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest from investments | $38.8 | $47.8 | $118.7 | $139.6 |
| Dividend income | 2.2 | 3.0 | 5.5 | 8.9 |
| Other income | 0.4 | 0.8 | 2.3 | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $41.4 | $51.6 | $126.5 | $150.9 |

---

Interest income, which includes amortization of upfront fees, decreased from $47.8 million for the three months ended September 30, 2024, to $38.8 million for the nine months ended September 30, 2025, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended September 30, 2025 and 2024 are $0.3 million and $1.4 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $3.0 million for the three months ended September 30, 2024 to $2.2 million for the three months ended September 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended September 30, 2025 and 2024, we recorded $0.4 million and $0.8 million of other income related to one-time arranger fees, respectively.

Interest income, which includes amortization of upfront fees, decreased from $139.6 million for the nine months ended September 30, 2024, to $118.7 million for the nine months ended September 30, 2025, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the nine months ended September 30, 2025 and 2024 are $2.0 million and $3.2 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $8.9 million for the nine months ended September 30, 2024 to $5.5 million for the nine months ended September 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the nine months ended September 30, 2025 and 2024, we recorded $2.3 million and $2.4 million of other income related to one-time arranger fees, respectively.

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*Expenses* 

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in $ millions)* | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest and other debt financing costs | $13.9 | $16.1 | $43.6 | $47.6 |
| Management fees, net of waiver | 5.1 | 5.1 | 15.3 | 15.0 |
| Income based incentive fees, net of waiver | 3.6 | 4.9 | 10.6 | 14.4 |
| Professional fees | 0.5 | 0.6 | 2.2 | 1.5 |
| Directors' fees | 0.2 | 0.2 | 0.5 | 0.5 |
| Other general and administrative expenses | 0.9 | 0.5 | 2.7 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net expenses | $24.2 | $27.4 | $74.9 | $80.9 |
| Provision for income and excise taxes | 0.3 | 0.7 | 1.2 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net expenses, including taxes | $24.5 | $28.1 | $76.1 | $82.4 |

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*Interest and other debt financing costs* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 and 2024 interest and other debt financing costs were $13.9 million and $16.1 million, respectively. For the nine months ended September 30, 2025 and 2024 interest and other debt financing costs were $43.6 million and $47.6 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates. This decrease was partially offset by higher weighted average outstanding balances and the accelerated amortization of deferred financing costs related to amendments to our credit facilities.

*Base Management Fees* 

For the three months ended September 30, 2025 and 2024, we incurred management fees, net of waivers, of $5.1 million and $5.1 million, respectively. For the nine months ended September 30, 2025 and 2024 we incurred management fees, net of waivers, of $15.3 and $15.0 million, respectively.

*Incentive Fees* 

For the three months ended September 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.6 million and $4.9 million, respectively. For the nine months ended September 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $10.6 million and $14.4 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.

*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, 2025 and 2024, professional fees were $0.5 million and $0.6 million, respectively. For the nine months ended September 30, 2025 and 2024, professional fees were $2.2 million and $1.5 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.

For the three months ended September 30, 2025 and 2024, other general and administrative expenses were $0.9 million and $0.5 million, respectively. For the nine months ended September 30, 2025 and 2024, other general and administrative expenses were $2.7 million and $1.9 million, respectively. The increase is related to higher costs primarily related to certain administrative fees.

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*Income and Excise Taxes* 

For the three months ended September 30, 2025 and 2024, we expensed income and excise taxes of $0.3 million and $0.7 million, respectively. For the nine months ended September 30, 2025 and 2024, we expensed income and excise taxes of $1.2 million and $1.5 million, respectively.

*Net Investment Income* 

For the three months ended September 30, 2025 and 2024, net investment income was $16.9 million or $0.46 per share and $23.5 million or $0.64 per share, respectively. For the nine months ended September 30, 2025 and 2024, net investment income was $50.4 million or $1.36 per share and $68.5 million or $1.85 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned.

*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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **For the three months ended<br>September 30,** | **For the three months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Realized losses on non-controlled and non-affiliated investments | $(3.0) | $— | $(8.5) | $(10.5) |
| Realized gains on non-controlled and non-affiliated investments | 0.1 | 2.3 | 0.1 | 5.8 |
| Realized losses on non-controlled and affiliated investments | (2.0) | (5.0) | (2.0) | (5.0) |
| Realized gains on non-controlled and affiliated investments |  |  |  |  |
| Realized losses on controlled investments |  |  | (3.8) |  |
| Realized gains on controlled investments |  | 6.4 |  | 6.4 |
| Realized losses on foreign currency forwards |  |  |  |  |
| Realized gains on foreign currency forwards |  |  |  | 3.2 |
| Realized losses on foreign currency transactions | (0.1) |  | (0.2) | (0.5) |
| Realized gains on foreign currency transactions |  | 0.1 |  | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) on investments | $(5.0) | $3.8 | $(14.4) | $(0.5) |
| Change in unrealized depreciation on non-controlled and non-affiliated investments | $(10.5) | $(13.2) | $(47.0) | $(21.5) |
| Change in unrealized appreciation on non-controlled and non-affiliated investments | 1.7 | 12.5 | 32.2 | 32.0 |
| Change in unrealized depreciation on foreign currency translation |  |  |  |  |
| Change in unrealized appreciation on foreign currency translation |  | (3.1) |  | (2.2) |
| Change in unrealized depreciation on non-controlled and affiliated investments | (8.3) | (1.1) | (11.9) | (0.9) |
| Change in unrealized appreciation on non-controlled and affiliated investments | 10.9 | 5.7 | 14.1 | 6.7 |
| Change in unrealized depreciation on controlled and affiliated investments |  | (11.4) | 0.1 | (15.3) |
| Change in unrealized appreciation on controlled and affiliated investments | 0.4 |  | 7.5 |  |
| Change in unrealized depreciation on foreign currency forwards | 1.0 |  | (5.0) |  |
| Change in unrealized appreciation on foreign currency forwards |  | (1.4) |  | (3.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized appreciation (depreciation) on investments | $(4.8) | $(12.0) | $(10.0) | $(4.9) |
| Net realized and unrealized gains (losses) on investments | $(9.8) | $(8.2) | $(24.4) | $(5.4) |

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*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, 2025 and 2024, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $74.1 million and $77.5 million, respectively.

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**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, 2025, we had $27.8 million in cash and cash equivalents and restricted cash and cash equivalents and $239.8 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, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of September 30, 2025, 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, 2025. However, an 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 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.

*Debt* 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *($ in millions)* | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate Principal <br>Amount Committed** | **Drawn <br>Amount** | **Amount Available** <sup>(1)</sup> | **Carrying <br>Value**<sup>(2)</sup> | **Aggregate Principal <br>Amount Committed** | **Drawn <br>Amount** | **Amount Available** <sup>(1)</sup> | **Carrying <br>Value**<sup>(2)</sup> |
| SPV Asset Facility | $400.0 | $326.9 | $73.1 | $326.9 | $500.0 | $344.9 | $155.1 | $344.9 |
| SMBC Corporate Revolving Facility | 310.0 | 143.3 | 166.7 | 143.3 | 310.0 | 242.6 | 67.4 | 242.6 |
| Series 2021A Unsecured Notes | 135.0 | 135.0 |  | 135.0 | 135.0 | 135.0 |  | 135.0 |
| FCRX Unsecured Notes | 111.6 | 111.6 |  | 111.6 | 111.6 | 111.6 |  | 111.6 |
| Series 2023A Unsecured Notes | 50.0 | 50.0 |  | 50.0 | 50.0 | 50.0 |  | 50.0 |
| Series 2024A Unsecured Notes - 2028 | 35.0 | 35.0 |  | 35.0 | 35.0 |  | 35.0 |  |
| Series 2024A Unsecured Notes - 2030 | 80.0 | 80.0 |  | 80.0 | 80.0 |  | 80.0 |  |
| **Total Debt** | $1121.6 | $881.8 | $239.8 | $881.8 | $1221.6 | $884.1 | $337.5 | $884.1 |

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(1)The amount available is subject to any limitations related to the respective debt facilities' borrowing bases and foreign currency translation adjustments.

(2)Amount presented excludes netting of deferred financing costs.

The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was 6.52% and 7.23%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was $895.0 million and $878.9 million, respectively. As of September 30, 2025 and December 31, 2024, the weighted average cost of debt was 5.99% and 6.38%, respectively.

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*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.

On May 31, 2024, CCAP SPV entered into the Seventh Amendment to Loan and Security Agreement. The amendment, among other things, (a) extended the last day of the reinvestment period to May 31, 2027, and the stated maturity date to May 31, 2029 and (b) reduced the spread from 2.75% to 2.45%.

On April 10, 2025, CCAP SPV entered into the Eighth Amendment to Loan and Security Agreement. The amendment, among other things, (a) reduced the spread from 2.45% to 1.95%, and (b) reduced the facility size from $500.0 million to $400.0 million.

The maximum commitment amount under the SPV Asset Facility is $400.0 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) May 31, 2029 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 daily simple SOFR plus a 1.95% margin with no floor. 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"). On December 3, 2024, we amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350.0 million to $285.0 million, (ii) added an initial term commitment of $25.0 million for an aggregate facility size of $310.0 million, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310.0 million, comprised of $25.0 million term loan and $285.0 million revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, 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 December 3, 2029.

Series 2021A Unsecured Notes

On February 17, 2021, we completed a private offering of $135.0 million aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the "Series 2021A Unsecured Notes"). The initial issuance of $50.0 million of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021.

The Series 2021A 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 Series 2021A Unsecured Notes is due and payable semiannually in arrears on February 17 and August 17 of each year. FCRX Unsecured Notes

------

On March 9, 2023, in connection with the acquisition of First Eagle Alternative Capital BDC, Inc., we assumed $111.6 million of unsecured notes ("FCRX Unsecured Note*s*"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company's option at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol "FCRX".

*Series 2023A Unsecured Notes*

On May 9, 2023, we completed a private offering of $50.0 million aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026 ("Series 2023A Unsecured Notes"). These notes were issued immediately after the repayment of $50.0 million of the Series 2020A Unsecured Notes on July 28, 2023.

The Series 2023A Unsecured Notes will mature on July 28, 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 Series 2023A Unsecured Notes is due and payable semiannually in arrears on January 28 and July 28 of each year.

*Series 2024A Unsecured Notes - 2028 and 2030*

On February 18, 2025, we issued $115.0 million aggregate principal amount of two tranches of senior unsecured notes: (a) $35.0 million 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028"*)* and (b) $80.0 million 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030"*)* . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches 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.

The summary of costs incurred in connection with our credit facilities and unsecured debt is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
| *($ in millions)* | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Borrowing interest expense | $13.0 | $15.3 | $40.0 | $44.8 |
| Unused facility fees | 0.3 | 0.3 | 0.9 | 1.1 |
| Amortization of financing costs | 0.6 | 0.5 | 2.8 | 1.7 |
| Total interest and credit facility expenses | $13.9 | $16.1 | $43.7 | $47.6 |
| Weighted average outstanding balance | $883.9 | $898.0 | $895.0 | $878.9 |

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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 stockholder 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, 2025 and December 31, 2024, our asset coverage ratio was 180% and 183%, 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.

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**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, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $212.5 million and $212.5 million, respectively.

**RECENT DEVELOPMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp; On October 30, 2025, we entered into a Fourth Supplement to Note Purchase Agreement (the "Supplement") with the qualified institutional investors named therein governing the issuance of (a) $67.5 million 5.87% senior unsecured notes due February 13, 2029 (the "Tranche A Notes"), (b) $67.5 million 6.20% senior unsecured notes due February 13, 2031 (the "Tranche B Notes") and (c) $50.0 million 5.97% senior unsecured notes due May 22, 2029 (the "Tranche C Notes", and together with the Tranche A and Tranche B Notes, the "Series 2025A Notes"). The Supplement supplements the Master Note Purchase Agreement, dated July 30, 2020, as amended through the date of the Supplement, by and among the Company and the purchasers party thereto. Interest on the Series 2025A Notes will be payable semiannually, on the 13th day of February and August in each year, commencing with February 13, 2026. The issuance of the Tranche A and B Notes is expected to occur on February 13, 2026 and of the Tranche C Notes on May 22, 2026. We intend to use the net proceeds from the issuance of the Series 2025A Notes to repay outstanding indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On November 6, 2025, our Board of Directors declared a regular fourth quarter cash dividend of $0.42 per share, which will be paid on January 15, 2026 to stockholders of record as of December 31, 2025.

**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, 2025, 97.4% 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 Statement of Assets and Liabilities as of September 30, 2025 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** <sup>(1)</sup> |
| &nbsp;&nbsp;Up 100 basis points | 14.3 | 4.7 | 9.6 |
| &nbsp;&nbsp;Up 75 basis points | 10.7 | 3.5 | 7.2 |
| &nbsp;&nbsp;Up 50 basis points | 7.2 | 2.4 | 4.8 |
| &nbsp;&nbsp;Up 25 basis points | 3.6 | 1.2 | 2.4 |
| &nbsp;&nbsp;Down 25 basis points | (3.6) | (1.2) | (2.4) |
| &nbsp;&nbsp;Down 50 basis points | (7.2) | (2.4) | (4.8) |
| &nbsp;&nbsp;Down 75 basis points | (10.7) | (3.5) | (7.2) |
| &nbsp;&nbsp;Down 100 basis points | (14.3) | (4.7) | (9.6) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

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.

*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. As of September 30, 2025, we had £16.9 million, CHF 18.7 million, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £16.9 million, CHF 19.2 million, AUD $46.5, and SEK 11.6 at par.

**ITEM 4. CONTROLS AND PROCEDURES**

***(a)*** ***Evaluation of Disclosure 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, 2025. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of September 30, 2025, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

***(b)*** ***Changes in Internal Control over Financial Reporting***

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, 2025, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

**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, 2024, which could materially affect our business, financial condition and/or operating results. These risks are not the only risk factors 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.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

On August 7, 2025, our Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20.0 million of our common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.

For the three and nine months ended September 30, 2025, the Company repurchased 21,890 shares totaling $0.3 million or $15.23 per share. There were no share repurchases for the three and nine months ended September 30, 2024.

------

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES** 

Not applicable.

**ITEM 5. OTHER INFORMATION** 

During the nine months ended September 30, 2025, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

------

**PART IV** 

**ITEM 6. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES** 

The following documents are filed as part of this Annual Report:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial <br>Statements of this quarterly report on Form 10-Q. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;[<u>Agreement and Plan of Merger, dated August 12, 2019, by and among the Company, Atlantis Acquisition Sub, Inc., Alcentra Capital Corporation and Crescent Cap Advisors, LLC (formerly CBDC Advisors, LLC) (incorporated by reference to Exhibit 2.1 to the Company's current report on Form 8-K filed on August 13, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312519219521/d781645dex21.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;[<u>Amendment No. 1, dated September 27, 2019, to Agreement and Plan of Merger by and among the Company, Atlantis Acquisition Sub, Inc., Alcentra Capital Corporation and Crescent Cap Advisors, LLC (incorporated by reference to Annex B to the Company's Preliminary Proxy Statement filed on October 3, 2019.</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312519261743/d816004dprem14a.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;[<u>Agreement and Plan of Merger, dated September 27, 2019, by and between the Company and Crescent Reincorporation Sub, Inc. (incorporated by reference to Exhibit 2.3 to the Company's quarterly report on Form 10-Q filed on November 7, 2019).</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312519287394/d825795dex23.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;[<u>Agreement and Plan of Merger, dated October 3, 2022, by and among the Company, Echelon Acquisition Sub, Inc., Echelon Acquisition Sub LLC, First Eagle Alternative Capital BDC, Inc. and Crescent Cap Advisors, LLC (incorporated by reference to Exhibit 2.1 to the Company's current report on Form 8-K filed on October 4, 2022).</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312522257293/d254113dex21.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;[<u>Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed on January 30, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312520019674/d832946dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | &nbsp;&nbsp;[<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company's Form 8-K filed on January 30, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312520019674/d832946dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<br>| &nbsp;&nbsp;[<u>Amended and Restated Dividend Reinvestment Plan (incorporated by reference to Exhibit 4.1 to the Company's Form 10-K filed on March 4, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1633336/000119312520061759/d866491dex41.htm) |
| &nbsp;&nbsp; 31.1 | &nbsp;&nbsp;[<u>Certification of Chief Executive Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).</u>](ccap-ex31_1.htm) |
| &nbsp;&nbsp; 31.2 | &nbsp;&nbsp;[<u>Certification of Chief Financial Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (</u>](ccap-ex31_2.htm)[<u>filed herewith).</u>](ccap-ex31_1.htm) |
| &nbsp;&nbsp; 32 | &nbsp;&nbsp;[<u>Certification 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 (filed herewith).</u>](ccap-ex32.htm) |
| &nbsp;&nbsp;101.INS | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;101.SCH | &nbsp;&nbsp;Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | Crescent Capital BDC, Inc. | Crescent Capital BDC, Inc. |
| Date: November 12, 2025 | By: | /s/ Jason A. Breaux<br>|
|  |  | Jason A. Breaux |
|  |  | Chief Executive Officer |
| Date: November 12, 2025 | By: | /s/ Gerhard Lombard<br>|
|  |  | Gerhard Lombard |
|  |  | Chief Financial Officer |

---

------

## Exhibit 31.1

**Exhibit 31.1** 

**<u>CERTIFICATION OF CHIEF EXECUTIVE OFFICER</u>** 

I, Jason A. Breaux, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)I have reviewed this Quarterly Report on Form 10-Q of Crescent Capital BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Jason A. Breaux |
|  |  | Jason A. Breaux |
|  |  | Chief Executive Officer |

---

------

## Exhibit 31.2

**Exhibit 31.2** 

**<u>CERTIFICATION OF CHIEF FINANCIAL OFFICER</u>** 

I, Gerhard Lombard, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)I have reviewed this Quarterly Report on Form 10-Q of Crescent Capital BDC, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: November 12, 2025 | By: | /s/ Gerhard Lombard |
|  |  | Gerhard Lombard |
|  |  | Chief Financial Officer |

---

------

## Ex-32

**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, 2025, 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:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| /s/ Jason A. Breaux | /s/ Jason A. Breaux |
| Name: | Jason A. Breaux |
| Title: | Chief Executive Officer |
| Date: | November 12, 2025 |

---

---

| | |
|:---|:---|
| /s/ Gerhard Lombard | /s/ Gerhard Lombard |
| Name: | Gerhard Lombard |
| Title: | Chief Financial Officer |
| Date: | November 12, 2025 |

---

------