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Agreements and Related Party Transactions | 9 Months Ended
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Sep. 30, 2025
Related Party Transactions [Abstract] |
Agreements and Related Party Transactions | 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 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. 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% a nd 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 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):
| Fair Value as of December 31, 2024 |  | Gross Additions (1) |  | Gross Reductions (2) |  | Net Realized Gains/ (Losses) |  | Change in Unrealized Gains/ (Losses) |  | Fair Value as of September 30, 2025 |  | Dividend, Interest, PIK and Other Income |
Non-Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |
AX VI INV2 Holding AB | $ | 15,110 |  | $ | 578 |  | $ | — |  | $ | — |  | $ | 2,156 |  | $ | 17,844 |  | $ | 1,134 |
ASP MCS Acquisition |  | 728 |  |  | 5 |  |  | — |  |  | — |  |  | (41 | ) |  | 692 |  |  | — |
Bayside Opco, LLC |  | 7,920 |  |  | 344 |  |  | (41 | ) |  | — |  |  | 1,683 |  |  | 9,906 |  |  | 880 |
Isagenix International, LLC |  | 2,005 |  |  | 255 |  |  | — |  |  | — |  |  | (721 | ) |  | 1,539 |  |  | 327 |
Slickdeals Holdings, LLC (4) |  | 14,766 |  |  | — |  |  | (12,736 | ) |  | (1,996 | ) |  | (34 | ) |  | — |  |  | 784 |
Vivid Seats Ltd. |  | 910 |  |  | — |  |  | — |  |  | — |  |  | (415 | ) |  | 495 |  |  | — |
WhiteHawk III Onshore Fund L.P.(3) |  | 5,354 |  |  | — |  |  | (4,957 | ) |  | — |  |  | (397 | ) |  | - |  |  | 258 |
Total Non-Controlled Affiliates | $ | 46,793 |  | $ | 1,182 |  | $ | (17,734 | ) | $ | (1,996 | ) | $ | 2,231 |  | $ | 30,476 |  | $ | 3,383 |
The Company’s investments in non-controlled affiliates for the nine months ended September 30, 2024 were as follows (in thousands):
| Fair Value as of December 31, 2023 |  | Gross Additions (1) |  | Gross Reductions (2) |  | Net Realized Gains/ (Losses) |  | Change in Unrealized Gains/ (Losses) |  | Fair Value as of September 30, 2024 |  | Dividend, Interest, PIK and Other Income |
Non-Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |
AX VI INV2 Holding AB | $ | 14,152 |  | $ | 901 |  | $ | — |  | $ | — |  | $ | 778 |  | $ | 15,831 |  | $ | 1,187 |
ASP MCS Acquisition |  | 799 |  |  | 349 |  |  | (2 | ) |  | — |  |  | 248 |  |  | 1,394 |  |  | 29 |
Bayside Opco, LLC |  | 6,704 |  |  | 516 |  |  | (46 | ) |  | — |  |  | 770 |  |  | 7,944 |  |  | 910 |
GACP II, LP |  | 3,927 |  |  | — |  |  | (2,855 | ) |  | — |  |  | (384 | ) |  | 688 |  |  | — |
Isagenix International, LLC |  | 2,546 |  |  | 235 |  |  | — |  |  | — |  |  | (102 | ) |  | 2,679 |  |  | 301 |
Slickdeals Holdings, LLC |  | 15,192 |  |  | 3 |  |  | (123 | ) |  | — |  |  | (213 | ) |  | 14,859 |  |  | 1,241 |
smarTours, LLC |  | — |  |  | 23 |  |  | — |  |  | (4,828 | ) |  | 4,805 |  |  | — |  |  | 70 |
Vivid Seats Ltd. |  | 1,021 |  |  | — |  |  | — |  |  | — |  |  | (213 | ) |  | 808 |  |  | — |
WhiteHawk III Onshore Fund L.P. |  | 8,278 |  |  | — |  |  | (1,554 | ) |  | — |  |  | 76 |  |  | 6,800 |  |  | 808 |
Total Non-Controlled Affiliates | $ | 52,619 |  | $ | 2,027 |  | $ | (4,580 | ) | $ | (4,828 | ) | $ | 5,765 |  | $ | 51,003 |  | $ | 4,546 |
(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. The Company’s investments in controlled affiliates for the nine months ended September 30, 2025 were as follows (in thousands):
| Fair Value as of December 31, 2024 |  | Gross Additions (2) |  | Gross Reductions (3) |  | Net Realized Gains/ (Losses) |  | Change in Unrealized Gains/ (Losses) |  | Fair Value as of September 30, 2025 |  | Dividend, Interest, PIK and Other Income |
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Envocore LLC | $ | 9,221 |  | $ | 1,821 |  | $ | (1,719 | ) | $ | — |  | $ | 984 |  | $ | 10,307 |  | $ | 518 |
First Eagle Logan JV, LLC(1) |  | 32,575 |  |  | — |  |  | — |  |  | — |  |  | 2,755 |  |  | 35,330 |  |  | 4,760 |
Loadmaster Derrick & Equipment, Inc. |  | 3,476 |  |  | — |  |  | (126 | ) |  | — |  |  | 775 |  |  | 4,125 |  |  | 112 |
OEM Group, LLC |  | 2,779 |  |  | — |  |  | (2,214 | ) |  | (3,800 | ) |  | 3,235 |  |  | — |  |  | — |
Slickdeals Holdings, LLC (4) |  | — |  |  | 13,454 |  |  | (38 | ) |  | — |  |  | (222 | ) |  | 13,194 |  |  | 179 |
Total Controlled Affiliates | $ | 48,051 |  | $ | 15,275 |  | $ | (4,097 | ) | $ | (3,800 | ) | $ | 7,527 |  | $ | 62,956 |  | $ | 5,569 |
The Company’s investments in controlled affiliates for the nine months ended September 30, 2024 were as follows (in thousands)
| Fair Value as of December 31, 2023 |  | Gross Additions (2) |  | Gross Reductions (3) |  | Net Realized Gains/ (Losses) |  | Change in Unrealized Gains/ (Losses) |  | Fair Value as of September 30, 2024 |  | Dividend, Interest, PIK and Other Income |
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Envocore LLC | $ | 10,375 |  | $ | 1,608 |  | $ | (677 | ) | $ | — |  | $ | (2,387 | ) | $ | 8,919 |  | $ | 456 |
First Eagle Logan JV, LLC(1) |  | 39,004 |  |  | — |  |  | (2,560 | ) |  | — |  |  | (5,046 | ) |  | 31,398 |  |  | 7,624 |
Loadmaster Derrick & Equipment, Inc. |  | 6,287 |  |  | — |  |  | (3,750 | ) |  | 6,443 |  |  | (4,807 | ) |  | 4,173 |  |  | 433 |
OEM Group, LLC |  | 8,253 |  |  | — |  |  | (1,669 | ) |  | — |  |  | (2,991 | ) |  | 3,593 |  |  | — |
Total Controlled Affiliates | $ | 63,919 |  | $ | 1,608 |  | $ | (8,656 | ) | $ | 6,443 |  | $ | (15,231 | ) | $ | 48,083 |  | $ | 8,513 |
(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. Note 4. Investments The information in the following tables is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated, investments. Investments at fair value consisted of the following (in thousands):
|  | As of September 30, 2025 |  |  | As of December 31, 2024 |
Investment Type |  | Cost |  |  | Fair Value |  |  | Unrealized Appreciation/ (Depreciation) |  |  | Cost |  |  | Fair Value |  |  | Unrealized Appreciation/ (Depreciation) |
Senior Secured First Lien |  | $ | 366,096 |  |  | $ | 352,812 |  |  | $ | (13,284 | ) |  | $ | 395,736 |  |  | $ | 379,627 |  |  | $ | (16,109 | )
Unitranche First Lien |  |  | 1,061,079 |  |  |  | 1,039,804 |  |  |  | (21,275 | ) |  |  | 1,055,506 |  |  |  | 1,044,141 |  |  |  | (11,365 | )
Unitranche First Lien - Last Out |  |  | 25,398 |  |  |  | 26,170 |  |  |  | 772 |  |  |  | 14,888 |  |  |  | 14,741 |  |  |  | (147 | )
Senior Secured Second Lien |  |  | 22,644 |  |  |  | 18,647 |  |  |  | (3,997 | ) |  |  | 44,571 |  |  |  | 38,537 |  |  |  | (6,034 | )
Unsecured Debt |  |  | 18,707 |  |  |  | 19,531 |  |  |  | 824 |  |  |  | 16,690 |  |  |  | 17,525 |  |  |  | 835 |
Equity & Other |  |  | 63,830 |  |  |  | 84,734 |  |  |  | 20,904 |  |  |  | 48,421 |  |  |  | 64,860 |  |  |  | 16,439 |
LLC/LP Equity Interests |  |  | 45,345 |  |  |  | 38,980 |  |  |  | (6,365 | ) |  |  | 48,094 |  |  |  | 39,426 |  |  |  | (8,668 | )
Total investments |  | $ | 1,603,099 |  |  | $ | 1,580,678 |  |  | $ | (22,421 | ) |  | $ | 1,623,906 |  |  | $ | 1,598,857 |  |  | $ | (25,049 | )
The industry composition of investments at fair value is as follows (in thousands):
Industry |  | Fair Value as of September 30, 2025 |  |  | Percentage of Fair Value |  |  |  | Fair Value as of December 31, 2024 |  |  | Percentage of Fair Value |  |
Health Care Equipment & Services |  | $ | 426,354 |  |  |  | 26.9 |  | % |  | $ | 436,183 |  |  |  | 27.3 |  | %
Software & Services |  |  | 323,733 |  |  |  | 20.5 |  |  |  |  | 348,979 |  |  |  | 21.8 |  |
Commercial & Professional Services |  |  | 265,086 |  |  |  | 16.7 |  |  |  |  | 231,599 |  |  |  | 14.6 |  |
Consumer Services |  |  | 135,844 |  |  |  | 8.6 |  |  |  |  | 144,671 |  |  |  | 9.0 |  |
Diversified Financials |  |  | 90,952 |  |  |  | 5.8 |  |  |  |  | 95,988 |  |  |  | 6.0 |  |
Insurance |  |  | 83,915 |  |  |  | 5.3 |  |  |  |  | 83,670 |  |  |  | 5.2 |  |
Pharmaceuticals, Biotechnology & Life Sciences |  |  | 70,699 |  |  |  | 4.5 |  |  |  |  | 53,230 |  |  |  | 3.3 |  |
Retailing |  |  | 63,790 |  |  |  | 4.0 |  |  |  |  | 56,219 |  |  |  | 3.5 |  |
Automobiles & Components |  |  | 33,354 |  |  |  | 2.1 |  |  |  |  | 35,988 |  |  |  | 2.3 |  |
Capital Goods |  |  | 28,874 |  |  |  | 1.8 |  |  |  |  | 30,005 |  |  |  | 1.9 |  |
Consumer Durables & Apparel |  |  | 12,815 |  |  |  | 0.8 |  |  |  |  | 19,244 |  |  |  | 1.2 |  |
Materials |  |  | 5,745 |  |  |  | 0.4 |  |  |  |  | 16,444 |  |  |  | 1.0 |  |
Food, Beverage & Tobacco |  |  | 14,706 |  |  |  | 0.9 |  |  |  |  | 14,801 |  |  |  | 0.9 |  |
Technology, Hardware & Equipment |  |  | 7,433 |  |  |  | 0.5 |  |  |  |  | 7,928 |  |  |  | 0.5 |  |
Household & Personal Products |  |  | 7,457 |  |  |  | 0.5 |  |  |  |  | 7,403 |  |  |  | 0.5 |  |
Transportation |  |  | 4,257 |  |  |  | 0.3 |  |  |  |  | 8,245 |  |  |  | 0.5 |  |
Energy |  |  | 4,125 |  |  |  | 0.3 |  |  |  |  | 3,476 |  |  |  | 0.2 |  |
Food & Staples Retailing |  |  | 1,539 |  |  |  | 0.1 |  |  |  |  | 2,005 |  |  |  | 0.1 |  |
Semiconductor and Semiconductor Equipment |  |  | - |  |  |  | - |  |  |  |  | 2,779 |  |  |  | 0.2 |  |
Total investments |  | $ | 1,580,678 |  |  |  | 100.0 |  | % |  | $ | 1,598,857 |  |  |  | 100.0 |  | %
The geographic composition of investments at fair value is as follows (in thousands):
Geographic Region |  | Fair Value as of September 30, 2025 |  |  | Percentage of Fair Value |  |  |  | Fair Value as of December 31, 2024 |  |  | Percentage of Fair Value |  |
United States |  | $ | 1,396,887 |  |  |  | 88.4 |  | % |  | $ | 1,452,243 |  |  |  | 90.8 |  | %
United Kingdom |  |  | 81,720 |  |  |  | 5.2 |  |  |  |  | 82,556 |  |  |  | 5.2 |  |
Australia |  |  | 31,089 |  |  |  | 2.0 |  |  |  |  | 28,698 |  |  |  | 1.8 |  |
Switzerland |  |  | 25,130 |  |  |  | 1.6 |  |  |  |  | - |  |  |  | - |  |
Sweden |  |  | 17,844 |  |  |  | 1.1 |  |  |  |  | 15,113 |  |  |  | 0.9 |  |
Netherlands |  |  | 13,070 |  |  |  | 0.8 |  |  |  |  | 10,022 |  |  |  | 0.6 |  |
Jersey |  |  | 6,724 |  |  |  | 0.4 |  |  |  |  | 6,088 |  |  |  | 0.4 |  |
France |  |  | 5,906 |  |  |  | 0.4 |  |  |  |  | 4,015 |  |  |  | 0.3 |  |
Finland |  |  | 2,190 |  |  |  | 0.1 |  |  |  |  | - |  |  |  | - |  |
Belgium |  |  | 118 |  |  |  | 0.0 |  |  |  |  | 122 |  |  |  | 0.0 |  |
Total investments |  | $ | 1,580,678 |  |  |  | 100.0 |  | % |  | $ | 1,598,857 |  |  |  | 100.0 |  | %
Note 5. Fair Value of Financial Instruments Investments The following table presents fair value measurements of investments as of September 30, 2025 (in thousands):
Fair Value Hierarchy |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Senior Secured First Lien | $ | — |  |  | $ | — |  |  | $ | 352,812 |  |  | $ | 352,812 |
Unitranche First Lien |  | — |  |  |  | 5,769 |  |  |  | 1,034,035 |  |  |  | 1,039,804 |
Unitranche First Lien – Last Out |  | — |  |  |  | — |  |  |  | 26,170 |  |  |  | 26,170 |
Senior Secured Second Lien |  | — |  |  |  | — |  |  |  | 18,647 |  |  |  | 18,647 |
Unsecured Debt |  | — |  |  |  | — |  |  |  | 19,531 |  |  |  | 19,531 |
Equity & Other |  | — |  |  |  | 668 |  |  |  | 84,066 |  |  |  | 84,734 |
Subtotal | $ | — |  |  | $ | 6,437 |  |  | $ | 1,535,261 |  |  | $ | 1,541,698 |
Investments Measured at NAV (1) |  |  |  |  |  |  |  |  |  |  | 38,980 |
Total Investments |  |  |  |  |  |  |  |  |  | $ | 1,580,678 |
Foreign Currency Forward Contracts - Assets |  | — |  |  |  | 2,082 |  |  |  | — |  |  |  | 2,082 |
Foreign Currency Forward Contracts - Liabilities |  | — |  |  |  | 2,271 |  |  |  | — |  |  |  | 2,271 |
The following table presents fair value measurements of investments as of December 31, 2024 (in thousands):
Fair Value Hierarchy |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Senior Secured First Lien | $ | — |  |  | $ | — |  |  | $ | 379,628 |  |  | $ | 379,628 |
Unitranche First Lien |  | — |  |  |  | 30,206 |  |  |  | 1,013,934 |  |  |  | 1,044,140 |
Unitranche First Lien – Last Out |  | — |  |  |  | — |  |  |  | 14,741 |  |  |  | 14,741 |
Senior Secured Second Lien |  | — |  |  |  | 14,186 |  |  |  | 24,351 |  |  |  | 38,537 |
Unsecured Debt |  | — |  |  |  | — |  |  |  | 17,525 |  |  |  | 17,525 |
Equity & Other |  | — |  |  |  | 1,125 |  |  |  | 63,735 |  |  |  | 64,860 |
Subtotal | $ | — |  |  | $ | 45,517 |  |  | $ | 1,513,914 |  |  | $ | 1,559,431 |
Investments Measured at NAV (1) |  |  |  |  |  |  |  |  |  |  | 39,426 |
Total Investments |  |  |  |  |  |  |  |  |  | $ | 1,598,857 |
Foreign Currency Forward Contracts - Assets |  | — |  |  |  | 4,815 |  |  |  | — |  |  |  | 4,815 |
Foreign Currency Forward Contracts - Liabilities |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(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. 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):
| Senior Secured First Lien |  |  | Unitranche First Lien |  |  | Unitranche First - Last Out |  |  | Senior Secured Second Lien |  |  | Unsecured Debt |  |  | Equity & Other |  |  | Total |
Balance as of January 1, 2025 | $ | 379,628 |  |  | $ | 1,013,934 |  |  | $ | 14,741 |  |  | $ | 24,351 |  |  | $ | 17,525 |  |  | $ | 63,735 |  |  | $ | 1,513,914 |
Amortized discounts/premiums |  | 1,237 |  |  |  | 3,733 |  |  |  | 53 |  |  |  | 75 |  |  |  | 157 |  |  |  | — |  |  |  | 5,255 |
Paid in-kind interest |  | 1,622 |  |  |  | 3,681 |  |  |  | 681 |  |  |  | 352 |  |  |  | 1,862 |  |  |  | — |  |  |  | 8,198 |
Net realized gain (loss) |  | (8,214 | ) |  |  | (3,604 | ) |  |  | — |  |  |  | (693 | ) |  |  | — |  |  |  | (1,345 | ) |  |  | (13,856 | )
Net change in unrealized appreciation (depreciation) |  | 2,835 |  |  |  | (10,003 | ) |  |  | 921 |  |  |  | 1,779 |  |  |  | (13 | ) |  |  | 4,922 |  |  |  | 441 |
Purchases |  | 60,334 |  |  |  | 149,225 |  |  |  | 9,774 |  |  |  | — |  |  |  | — |  |  |  | 16,754 |  |  |  | 236,087 |
Sales/return of capital/principal repayments/paydowns |  | (84,630 | ) |  |  | (147,462 | ) |  |  | — |  |  |  | (7,217 | ) |  |  | — |  |  |  | — |  |  |  | (239,309 | )
Transfers in |  | — |  |  |  | 24,531 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,531 |
Transfers out |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Balance as of September 30, 2025 | $ | 352,812 |  |  | $ | 1,034,035 |  |  | $ | 26,170 |  |  | $ | 18,647 |  |  | $ | 19,531 |  |  | $ | 84,066 |  |  | $ | 1,535,261 |
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $ | (3,683 | ) |  | $ | (8,959 | ) |  | $ | 921 |  |  | $ | 1,497 |  |  | $ | (13 | ) |  | $ | 4,469 |  |  | $ | (5,768 | )
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):
| Senior Secured First Lien |  |  | Unitranche First Lien |  |  | Unitranche First - Last Out |  |  | Senior Secured Second Lien |  |  | Unsecured Debt |  |  | Equity & Other |  |  | Total |
Balance as of January 1, 2024 | $ | 409,945 |  |  | $ | 948,781 |  |  | $ | 13,544 |  |  | $ | 44,907 |  |  | $ | 4,061 |  |  | $ | 48,909 |  |  | $ | 1,470,147 |
Amortized discounts/premiums |  | 1,588 |  |  |  | 4,839 |  |  |  | 93 |  |  |  | 237 |  |  |  | 17 |  |  |  | — |  |  |  | 6,774 |
Paid in-kind interest |  | 2,326 |  |  |  | 2,201 |  |  |  | 617 |  |  |  | 1,571 |  |  |  | 1,314 |  |  |  | — |  |  |  | 8,029 |
Net realized gain (loss) |  | (969 | ) |  |  | (232 | ) |  |  | (2,308 | ) |  |  | — |  |  |  | — |  |  |  | (546 | ) |  |  | (4,055 | )
Net change in unrealized appreciation (depreciation) |  | (6,373 | ) |  |  | 3,929 |  |  |  | 2,269 |  |  |  | (2,891 | ) |  |  | 1,390 |  |  |  | 5,226 |  |  |  | 3,550 |
Purchases |  | 84,077 |  |  |  | 194,932 |  |  |  | — |  |  |  | 5,000 |  |  |  | 11,904 |  |  |  | 5,778 |  |  |  | 301,691 |
Sales/return of capital/principal repayments/paydowns |  | (91,472 | ) |  |  | (155,817 | ) |  |  | (8,369 | ) |  |  | (18,068 | ) |  |  | — |  |  |  | (1,073 | ) |  |  | (274,799 | )
Transfers in |  | 2,546 |  |  |  | 19,186 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 120 |  |  |  | 21,852 |
Transfers out |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,330 | ) |  |  | — |  |  |  | — |  |  |  | (3,330 | )
Balance as of September 30, 2024 | $ | 401,668 |  |  | $ | 1,017,819 |  |  | $ | 5,846 |  |  | $ | 27,426 |  |  | $ | 18,686 |  |  | $ | 58,414 |  |  | $ | 1,529,859 |
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $ | (6,373 | ) |  | $ | 3,929 |  |  | $ | 2,269 |  |  | $ | (2,891 | ) |  | $ | 1,390 |  |  | $ | 5,226 |  |  | $ | 3,550 |
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. 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.
Security Type |  | Fair Value as of September 30, 2025 (in thousands) |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Avg)
Senior Secured First Lien |  | $ | 307,454 |  |  | Discounted Cash Flows |  | Discount Rate |  | 6.1% |  | - | 17.6% | (10.0%)
|  |  | 29,406 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 2.9 x |  | - | 12.4 x | (9.4 x)
|  |  | 10,939 |  |  | Transaction Precedent |  | Transaction Price |  |  |  |  | N/A |
|  |  | 5,013 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |
|  | $ | 352,812 |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien |  | $ | 896,351 |  |  | Discounted Cash Flows |  | Discount Rate |  | 7.6% |  | - | 19.7% | (9.9%)
|  |  | 40,041 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  | 7.0 | x | - | 13.7 x | (9.7 x)
|  |  | 37,863 |  |  | Transactions Precedent |  | Transaction Price |  |  |  |  | N/A |
|  |  | 59,780 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |
|  | $ | 1,034,035 |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien - Last Out |  | $ | 18,670 |  |  | Discounted Cash Flows |  | Discount Rate |  | 7.5% |  | - | 16.8% | (11.5%)
|  |  | 7,500 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  | 7.8 x |
|  | $ | 26,170 |  |  |  |  |  |  |  |  |  |  |
Senior Secured Second Lien |  | $ | 15,010 |  |  | Discounted Cash Flows |  | Discount Rate |  | 10.9% |  | - | 12.8% | (11.9%)
|  |  | 3,637 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  | 3.4 x |
|  | $ | 18,647 |  |  |  |  |  |  |  |  |  |  |
Unsecured Debt |  | $ | 17,505 |  |  | Discounted Cash Flows |  | Discount Rate |  | 11.0% |  | - | 15.5% | (13.7%)
|  |  | 2,026 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  | 12.4 x |
|  | $ | 19,531 |  |  |  |  |  |  |  |  |  |  |
Equity & Other |  | $ | 82,719 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 2.9 x |  | - | 28.0 x | (14.5 x)
|  |  | 1,272 |  |  | Transaction Precedent |  | Transaction Price |  |  |  |  | N/A |
|  |  | 75 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |
|  | $ | 84,066 |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,535,261 |  |  |  |  |  |  |  |  |  |  |
Security Type |  | Fair Value as of December 31, 2024 (in thousands) |  |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Avg)
Senior Secured First Lien |  | $ | 324,549 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.0% |  | - | 18.3% |  | (10.8%)
|  |  | 27,840 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  | 3.1 | x | - |  | 10.6 | x | (8.1 x)
|  |  | 2,779 |  |  | Discounted Cash Flows |  | Royalty Payment Discount Rate |  |  |  |  | 22.4% |  |
|  |  | 24,460 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |  |
|  | $ | 379,628 |  |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien |  | $ | 988,714 |  |  | Discounted Cash Flows |  | Discount Rate |  | 8.9% |  | - | 18.3% |  | (10.7%)
|  |  | 12,556 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  |  | 10.9 | x |
|  |  | 12,664 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |  |
|  | $ | 1,013,934 |  |  |  |  |  |  |  |  |  |  |  |
Unitranche First Lien - Last Out |  | $ | 14,741 |  |  | Discounted Cash Flows |  | Discount Rate |  | 11.2% |  | - | 16.0% |  | (12.8%)
|  | $ | 14,741 |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured Second Lien |  | $ | 15,802 |  |  | Discounted Cash Flows |  | Discount Rate |  | 12.4% |  | - | 14.1% |  | (12.9%)
|  |  | 3,549 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 1.4 x |  | - |  | 10.1 | x | (5.1 x)
|  |  | 5,000 |  |  | Broker Quoted |  | Broker Quote |  |  |  |  | N/A |  |
|  | $ | 24,351 |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Debt |  | $ | 15,706 |  |  | Discounted Cash Flows |  | Discount Rate |  | 13.3% |  | - | 17.2% |  | (14.2%)
|  |  | 1,819 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  |  |  |  |  | 10.6 | x |
|  | $ | 17,525 |  |  |  |  |  |  |  |  |  |  |  |
Equity & Other |  | $ | 63,735 |  |  | Enterprise Value |  | Comparable EBITDA Multiple |  | 3.1 x |  | - | 27.4 x |  | (15.3 x)
|  | $ | 63,735 |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 1,513,914 |  |  |  |  |  |  |  |  |  |  |  |
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. • The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments. • The significant unobservable inputs used in the 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. • The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value. The transaction precedent represents an observable transaction or a pending event for the investment. Note 6. Debt Debt consisted of the following (in thousands):
| September 30, 2025 |  |  | December 31, 2024 |
| Aggregate Principal Amount Committed |  |  | Drawn Amount |  |  | Amount Available (1) |  |  | Carrying Value(2)(3) |  |  | Aggregate Principal Amount Committed |  |  | Drawn Amount |  |  | Amount Available (1) |  |  | Carrying Value(2)(3) |
SPV Asset Facility | $ | 400,000 |  |  |  | 326,900 |  |  | $ | 73,100 |  |  | $ | 326,900 |  |  | $ | 500,000 |  |  | $ | 344,850 |  |  | $ | 155,150 |  |  | $ | 344,850 |
SMBC Corporate Revolving Facility |  | 310,000 |  |  |  | 143,263 |  |  |  | 166,737 |  |  |  | 143,263 |  |  |  | 310,000 |  |  |  | 242,601 |  |  |  | 67,399 |  |  |  | 242,601 |
Series 2021A Unsecured Notes(4) |  | 135,000 |  |  |  | 135,000 |  |  |  | — |  |  |  | 135,000 |  |  |  | 135,000 |  |  |  | 135,000 |  |  |  | — |  |  |  | 135,000 |
FCRX Unsecured Notes(5) |  | 111,600 |  |  |  | 111,600 |  |  |  | — |  |  |  | 111,600 |  |  |  | 111,600 |  |  |  | 111,600 |  |  |  | — |  |  |  | 111,600 |
Series 2023A Unsecured Notes(6) |  | 50,000 |  |  |  | 50,000 |  |  |  | — |  |  |  | 50,000 |  |  |  | 50,000 |  |  |  | 50,000 |  |  |  | — |  |  |  | 50,000 |
Series 2024A Unsecured Notes - 2028(7) |  | 35,000 |  |  |  | 35,000 |  |  |  | — |  |  |  | 35,000 |  |  |  | 35,000 |  |  |  | — |  |  |  | 35,000 |  |  |  | — |
Series 2024A Unsecured Notes - 2030(8) |  | 80,000 |  |  |  | 80,000 |  |  |  | — |  |  |  | 80,000 |  |  |  | 80,000 |  |  |  | — |  |  |  | 80,000 |  |  |  | — |
Total Debt | $ | 1,121,600 |  |  | $ | 881,763 |  |  | $ | 239,837 |  |  | $ | 881,763 |  |  | $ | 1,221,600 |  |  | $ | 884,051 |  |  | $ | 337,549 |  |  | $ | 884,051 |
(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. Th e 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 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):
| For the three months ended September 30, |  |  | For the nine months ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Borrowing interest expense | $ | 13,014 |  |  | $ | 15,238 |  |  | $ | 40,039 |  |  | $ | 44,810 |
Unused facility fees |  | 255 |  |  |  | 318 |  |  |  | 793 |  |  |  | 1,141 |
Amortization of financing costs |  | 607 |  |  |  | 548 |  |  |  | 2,831 |  |  |  | 1,687 |
Total interest and credit facility expenses | $ | 13,876 |  |  | $ | 16,104 |  |  | $ | 43,663 |  |  | $ | 47,638 |
Weighted average outstanding balance | $ | 883,927 |  |  | $ | 897,987 |  |  | $ | 894,994 |  |  | $ | 878,918 |
Note 7. Derivatives The Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from the counterparty, if any, is included under restricted cash and cash equivalents on the Consolidated Statement of Assets and Liabilities. 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):
Reporting Date |  | Counterparty |  | Gross Amount of Assets on the Consolidated Statements of Assets and Liabilities |  |  | Gross Amount of (Liabilities) on the Consolidated Statements of Assets and Liabilities |  |  | Net Amount of Assets or (Liabilities) |  |  | Collateral (Received) Pledged (1) |  |  | Net Amounts (2) |
September 30, 2025 |  | Wells Fargo Bank, N.A. |  | $ | 2,082 |  |  | $ | (2,271 | ) |  | $ | (189 | ) |  | $ | 1,140 |  |  | $ | 951 |
December 31, 2024 |  | Wells Fargo Bank, N.A. |  | $ | 4,815 |  |  | $ | — |  |  | $ | 4,815 |  |  | $ | — |  |  | $ | 4,815 |
(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):
|  | For the three months ended September 30, |  |  | For the nine months ended September 30,
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Net realized gain (loss) on foreign currency forward contracts |  | $ | - |  |  | $ | — |  |  | $ | - |  |  | $ | 3,223 |  |
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts |  |  | 972 |  |  |  | (1,405 | ) |  |  | (5,005 | ) |  |  | (3,725 | ) |
Total net realized and unrealized gains (losses) on foreign currency forward contracts |  | $ | 972 |  |  | $ | (1,405 | ) |  | $ | (5,005 | ) |  | $ | (502 | ) |
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):
|  |  |  | As of September 30, 2025 |  |  | As of December 31, 2024 |
Company |  | Investment Type |  | Commitment Expiration Date (1) |  | Unfunded Commitment (2) |  |  | Commitment Expiration Date (1) |  |  |  | Unfunded 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 |  |  |  |  | 4,000 |
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 |  |  |  |  | 1,780 |
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 |  |  | 1,433 |  |  | 11/6/2030 |  |  |  |  | 1,342 |
Annuity Health (7) |  | Revolver |  | 2/8/2029 |  |  | 800 |  |  | 2/8/2029 |  |  |  |  | 800 |
APC Bidco Limited |  | Delayed Draw Term Loan |  | 11/10/2027 |  |  | 1,212 |  |  | 10/11/2030 |  |  |  |  | 2,067 |
Apps Associates LLC (7) |  | Revolver |  | 7/2/2027 |  |  | 400 |  |  | 7/2/2027 |  |  |  |  | 800 |
Arrow Management Acquisition, LLC |  | Revolver |  | — |  |  | — |  |  | 10/14/2027 |  |  |  |  | 1,200 |
Arrow Management Acquisition, LLC |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 10/14/2027 |  |  |  |  | 1,809 |
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 |  |  | 1,169 |  |  | 12/20/2028 |  |  |  |  | 1,169 |
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 |  |  | 1,506 |  |  | 4/3/2030 |  |  |  |  | 3,250 |
Bandon Fitness (Texas) Inc. |  | Revolver |  | 7/27/2028 |  |  | — |  |  | 7/27/2028 |  |  |  |  | 401 |
Banker's Toolbox, Inc. (6) |  | Revolver |  | 7/27/2027 |  |  | 2,406 |  |  | 7/27/2027 |  |  |  |  | 2,406 |
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 |  |  | 1,295 |  |  | 5/14/2030 |  |  |  |  | 1,295 |
C-4 Analytics (7) |  | Delayed Draw Term Loan |  | 5/14/2026 |  |  | 4,650 |  |  | 5/14/2030 |  |  |  |  | 4,650 |
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 |  |  | 1,974 |  |  | 6/9/2027 |  |  |  |  | 1,974 |
Claritas, LLC (7) |  | Revolver |  | 3/31/2026 |  |  | 1,950 |  |  | 3/31/2026 |  |  |  |  | 1,950 |
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 |  |  |  |  | 2,128 |
Duraserv LLC |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 6/10/2031 |  |  |  |  | 899 |
Duraserv LLC (6) |  | Delayed Draw Term Loan |  | 3/3/2027 |  |  | 1,604 |  |  | 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 |  |  | 2,892 |  |  | 7/5/2029 |  |  |  |  | 2,552 |
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 |  |  | 1,667 |  |  | 12/31/2025 |  |  |  |  | 1,806 |
Eshipping (7) |  | Revolver |  | 11/5/2027 |  |  | 1,073 |  |  | 11/5/2027 |  |  |  |  | 1,150 |
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 |  |  | 1,487 |  |  | 6/17/2030 |  |  |  |  | 1,487 |
Evergreen IX Borrower 2023, LLC (6) |  | Revolver |  | 9/29/2029 |  |  | 1,500 |  |  | 9/29/2029 |  |  |  |  | 1,500 |
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 |  |  |  |  | 1,350 |
Formulations Parent Corporation (6) |  | Revolver |  | — |  |  | — |  |  | 11/15/2029 |  |  |  |  | 1,651 |
FS Whitewater Borrower, LLC (3) |  | Delayed Draw Term Loan |  | 3/31/2027 |  |  | 1,744 |  |  | 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 |  |  | 1,282 |  |  | 11/29/2030 |  |  |  |  | 1,282 |
Gener8, LLC (5) |  | Revolver |  | 2/19/2026 |  |  | 299 |  |  | 8/14/2025 |  |  |  |  | 299 |
GH Parent Holdings Inc. |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 5/4/2027 |  |  |  |  | 1,172 |
GH Parent Holdings Inc. (7) |  | Revolver |  | 5/4/2029 |  |  | 1,819 |  |  | 5/4/2027 |  |  |  |  | 1,819 |
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 |  |  | 1,476 |  |  | 10/28/2031 |  |  |  |  | 1,375 |
Hercules Borrower LLC (7) |  | Revolver |  | 12/15/2028 |  |  | 2,222 |  |  | 12/15/2026 |  |  |  |  | 2,222 |
HGH Purchaser, Inc. (6) |  | Revolver |  | 11/3/2025 |  |  | 387 |  |  | 11/1/2026 |  |  |  |  | 1,547 |
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 |  |  |  |  | 1,836 |
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 |  |  | 1,196 |  |  | 6/2/2028 |  |  |  |  | 1,209 |
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 |  |  | 1,409 |  |  | 8/28/2028 |  |  |  |  | 1,409 |
Iris Buyer, LLC (7) |  | Delayed Draw Term Loan |  | 8/4/2026 |  |  | 1,883 |  |  | n/a |  |  |  |  | — |
Iris Buyer, LLC |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 10/2/2030 |  |  |  |  | 515 |
Iris Buyer, LLC (7) |  | Revolver |  | 10/2/2029 |  |  | 1,211 |  |  | 10/2/2029 |  |  |  |  | 1,514 |
IVX Health Merger Sub, Inc. (7) |  | Revolver |  | 6/7/2030 |  |  | 3,519 |  |  | 6/7/2030 |  |  |  |  | 3,519 |
Jordan Bidco, Ltd. (10) |  | Delayed Draw Term Loan |  | 2/28/2027 |  |  | 3,559 |  |  | 8/31/2028 |  |  |  |  | 3,317 |
JTM Foods LLC (7) |  | Revolver |  | 5/14/2027 |  |  | 100 |  |  | 5/14/2027 |  |  |  |  | 53 |
King Mid LLC |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 12/15/2027 |  |  |  |  | 1,592 |
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 |  |  | 1,105 |  |  | 11/18/2027 |  |  |  |  | 1,105 |
Lighthouse Lab Services (7) |  | Revolver |  | 10/25/2027 |  |  | 153 |  |  | 10/25/2027 |  |  |  |  | 153 |
Lightspeed Buyer, Inc. (7) |  | Revolver |  | 2/3/2027 |  |  | 1,100 |  |  | 2/3/2027 |  |  |  |  | 1,100 |
Lightspeed Buyer, Inc. |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 2/3/2027 |  |  |  |  | 1,250 |
Lion Cashmere Bidco Limited (5) |  | Delayed Draw Term Loan |  | 3/23/2028 |  |  | 3,237 |  |  | 3/23/2028 |  |  |  |  | 2,856 |
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 |  |  |  |  | 4,305 |
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 |  |  | 1,160 |  |  | 2/13/2031 |  |  |  |  | 1,698 |
Medical Review Institute of America (7) |  | Revolver |  | 7/1/2030 |  |  | 592 |  |  | 7/1/2030 |  |  |  |  | 800 |
Medicus IT (6) |  | Revolver |  | 6/30/2032 |  |  | 1,100 |  |  | 7/9/2030 |  |  |  |  | 1,100 |
Medicus IT (6) |  | Delayed Draw Term Loan |  | 7/9/2026 |  |  | 2,800 |  |  | 7/9/2030 |  |  |  |  | 2,800 |
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 |  |  | 1,000 |  |  | 2/2/2029 |  |  |  |  | 1,000 |
Miracle Mile Holdings, LLC (7) |  | Delayed Draw Term Loan |  | 2/28/2027 |  |  | 5,027 |  |  | 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 |  |  | 1,391 |  |  | 2/10/2026 |  |  |  |  | 1,460 |
MWD Management LLC (United Derm) (7) |  | Revolver |  | 6/15/2027 |  |  | 800 |  |  | 6/15/2027 |  |  |  |  | 720 |
Net Health Acquisition Corp. (6) |  | Revolver |  | n/a |  |  | 1,705 |  |  | 7/5/2031 |  |  |  |  | 1,432 |
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 |  |  |  |  | 6,243 |
Odessa Technologies, Inc. (6) |  | Revolver |  | 10/19/2027 |  |  | 2,500 |  |  | 10/19/2027 |  |  |  |  | 2,500 |
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 |  |  | 1,200 |  |  | 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 |  |  | 1,643 |  |  | 1/29/2026 |  |  |  |  | 1,770 |
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 |  |  | 1,412 |  |  | 4/26/2031 |  |  |  |  | 1,484 |
Plasma Buyer LLC (PathGroup) |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 5/12/2029 |  |  |  |  | 54 |
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 |  |  | 2,361 |  |  | 8/5/2027 |  |  |  |  | 2,125 |
Premier Dental Care Management, LLC |  | Delayed Draw Term Loan |  | — |  |  | — |  |  | 8/5/2028 |  |  |  |  | 2,562 |
PromptCare Intermediate, LP (7) |  | Delayed Draw Term Loan |  | 10/20/2025 |  |  | 2,111 |  |  | 4/19/2030 |  |  |  |  | 2,111 |
Pye-Barker Fire & Safety, LLC (6) |  | Revolver |  | 5/24/2030 |  |  | 2,289 |  |  | 5/24/2030 |  |  |  |  | 2,289 |
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 |  |  | 1,402 |  |  | 12/31/2030 |  |  |  |  | 1,329 |
REP Behavioral Health, LLC (7) |  | Delayed Draw Term Loan |  | 12/31/2030 |  |  | 2,500 |  |  | 12/31/2030 |  |  |  |  | 2,500 |
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 |  |  | 1,092 |  |  | 10/17/2031 |  |  |  |  | 1,106 |
RN Enterprises, LLC (6) |  | Delayed Draw Term Loan |  | 10/17/2031 |  |  | 1,965 |  |  | 10/17/2031 |  |  |  |  | 2,183 |
RWA Wealth Partners, LLC. (6) |  | Revolver |  | 11/15/2030 |  |  | 1,340 |  |  | 11/15/2030 |  |  |  |  | 1,400 |
RWA Wealth Partners, LLC. (6) |  | Delayed Draw Term Loan |  | 11/15/2030 |  |  | 4,356 |  |  | 11/15/2030 |  |  |  |  | 4,641 |
Safco Dental Supply, LLC (7) |  | Revolver |  | 3/31/2026 |  |  | 258 |  |  | 6/14/2025 |  |  |  |  | 258 |
Saturn Borrower Inc (7) |  | Revolver |  | 9/30/2026 |  |  | 1,380 |  |  | 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 |  |  | 1,038 |  |  | 12/31/2027 |  |  |  |  | 1,038 |
Slickdeals Holdings, LLC |  | Revolver |  | — |  |  | — |  |  | 6/30/2025 |  |  |  |  | 727 |
Smartronix, LLC |  | Revolver |  | — |  |  | — |  |  | 11/23/2028 |  |  |  |  | 3,290 |
Smile Doctors LLC (6) |  | Revolver |  | 12/23/2027 |  |  | 1,262 |  |  | 12/23/2027 |  |  |  |  | 1,262 |
Soltis (7) |  | Revolver |  | 8/5/2030 |  |  | 500 |  |  | 8/5/2030 |  |  |  |  | 500 |
Soltis (7) |  | Delayed Draw Term Loan |  | 8/5/2026 |  |  | 1,638 |  |  | 8/5/2030 |  |  |  |  | 2,600 |
Solvias AG (6) |  | Revolver |  | 2/27/2032 |  |  | 3,285 |  |  | n/a |  |  |  |  | — |
SQAD Holdco, Inc. (7) |  | Revolver |  | 4/25/2028 |  |  | 1,050 |  |  | 4/25/2028 |  |  |  |  | 1,050 |
Stepping Stones Healthcare Services, LLC (6) |  | Revolver |  | 12/30/2026 |  |  | 1,887 |  |  | 12/30/2026 |  |  |  |  | 1,887 |
Stepping Stones Healthcare Services, LLC (6) |  | Delayed Draw Term Loan |  | 4/25/2026 |  |  | 2,735 |  |  | 12/30/2028 |  |  |  |  | 3,396 |
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 |  |  |  |  | 1,200 |
Summit 7 Systems, LLC (7) |  | Revolver |  | 5/23/2028 |  |  | 594 |  |  | 5/23/2028 |  |  |  |  | 264 |
Sun Acquirer Corp. (6) |  | Revolver |  | 9/8/2027 |  |  | 1,812 |  |  | 9/5/2027 |  |  |  |  | 1,812 |
Sydney US Buyer Corp. (3B Scientific) (10) |  | Delayed Draw Term Loan |  | 12/14/2026 |  |  | 3,690 |  |  | 7/8/2029 |  |  |  |  | 3,960 |
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 |  |  | 1,547 |  |  | 10/31/2031 |  |  |  |  | 1,547 |
The Hilb Group, LLC (6) |  | Delayed Draw Term Loan |  | 10/31/2026 |  |  | 2,797 |  |  | 10/31/2031 |  |  |  |  | 3,341 |
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 |  |  | 1,107 |  |  | 11/21/2031 |  |  |  |  | 1,200 |
UHY Advisors , Inc. (6) |  | Delayed Draw Term Loan |  | 11/21/2031 |  |  | 4,287 |  |  | 11/21/2031 |  |  |  |  | 4,575 |
Unifeye Vision Partners (7) |  | Revolver |  | 9/13/2027 |  |  | 1,360 |  |  | 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 |  |  |  |  | 2,450 |
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 |  |  |  |  | 4,600 |
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 |  |  | 3,656 |  |  |  | — |  |  | — |  |  | — |
Cary Street Partners Financial LLC (7) |  | Delayed Draw Term Loan |  | 5/30/2027 |  |  | 2,850 |  |  |  | — |  |  | — |  |  | — |
Cary Street Partners Financial LLC (7) |  | Revolver |  | 5/30/2031 |  |  | 350 |  |  |  | — |  |  | — |  |  | — |
GH Parent Holdings Inc. (7) |  | Delayed Draw Term Loan |  | 5/4/2029 |  |  | 4,752 |  |  |  | — |  |  | — |  |  | — |
iLending LLC (7) |  | Revolver |  | 12/21/2028 |  |  | 359 |  |  |  | — |  |  | — |  |  | — |
King Mid LLC (7) |  | Delayed Draw Term Loan |  | 4/23/2031 |  |  | 5,527 |  |  |  | — |  |  | — |  |  | — |
King Mid LLC (7) |  | Revolver |  | 4/23/2027 |  |  | 1,400 |  |  |  | — |  |  | — |  |  | — |
Landscape Workshop, LLC (6) |  | Delayed Draw Term Loan |  | 5/16/2027 |  |  | 2,820 |  |  |  | — |  |  | — |  |  | — |
Landscape Workshop, LLC (6) |  | Revolver |  | 5/16/2031 |  |  | 2,011 |  |  |  | — |  |  | — |  |  | — |
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 |  |  | 1,000 |  |  |  | — |  |  | — |  |  | — |
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 |  |  | 4,581 |  |  |  | — |  |  | — |  |  | — |
Arrow Management Acquisition, LLC (6) |  | Revolver |  | 7/25/2032 |  |  | 1,527 |  |  |  | — |  |  | — |  |  | — |
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 |  |  |  | — |  |  | — |  |  | — |
Pi Buyer, LLC (6) |  | Delayed Draw Term Loan |  | 8/29/2027 |  |  | 1,450 |  |  |  | — |  |  | — |  |  | — |
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 |  |  | 2,450 |  |  |  | — |  |  | — |  |  | — |
WCT Group Holdings, LLC (7) |  | Delayed Draw Term Loan |  | 8/25/2027 |  |  | 1,943 |  |  |  | — |  |  | — |  |  | — |
WCT Group Holdings, LLC (7) |  | Revolver |  | 12/12/2029 |  |  | 229 |  |  |  | — |  |  | — |  |  | — |
Total |  |  |  |  |  | $ | 212,503 |  |  |  |  |  |  | $ | 212,459 |
(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:
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 nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 7,102 |  |  | $ | 15,268 |  |  | $ | 26,019 |  |  | $ | 63,658 |  |  |
Weighted average common shares outstanding |  |  | 37,060,595 |  |  |  | 37,061,547 |  |  |  | 37,061,226 |  |  |  | 37,061,547 |  |  |
Net increase (decrease) in net assets resulting from 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 September 30, 2025 |  |  | As of December 31, 2024 |
Tax Cost |  |  |  | $ | 1,636,122 |  |  | $ | 1,663,941 |
Gross Unrealized Appreciation |  |  |  | $ | 63,451 |  |  | $ | 40,639 |
Gross Unrealized Depreciation |  |  |  |  | (124,271 | ) |  |  | (100,760 | )
|  | Net Unrealized Investment Appreciation (Depreciation) |  | $ | (60,820 | ) |  | $ | (60,121 | )
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 nine months ended September 30,
|  | 2025 |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |  |
Income tax (benefit) provision |  | $ | - |  |  | $ | 155 |  |  | $ | 6 |  |  | $ | 155 |  |
Excise tax (benefit) provision |  |  | 281 |  |  |  | 500 |  |  |  | 1,176 |  |  |  | 1,300 |  |
Provision (benefit) for income and excise taxes |  | $ | 281 |  |  | $ | 655 |  |  | $ | 1,182 |  |  | $ | 1,455 |  |
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 nine months ended September 30,
|  | 2025 |  |  | 2024 |  |  |  | 2025 |  |  |  | 2024 |  |
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments |  |  | - |  |  |  | (56 | ) |  |  | - |  |  |  | 464 |  |
Benefit (provision) for taxes on realized and unrealized 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,
|  | 2025 |  |  | 2024 |  |
Per Share Data:(1) |  |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 19.98 |  |  | $ | 20.04 |  |
Net investment income after tax |  |  | 1.36 |  |  |  | 1.85 |  |
Net realized and unrealized gains (losses) on investments and forward contracts, net of taxes |  |  | (0.66 | ) |  |  | (0.13 | ) |
Net increase (decrease) in net assets resulting from operations |  |  | 0.70 |  |  |  | 1.72 |  |
Distributions declared from net investment income(2) |  |  | (1.41 | ) |  |  | (1.55 | ) |
Effects of rounding |  |  | 0.01 |  |  |  | (0.01 | ) |
Total increase (decrease) in net assets |  |  | (0.70 | ) |  |  | 0.16 |  |
Net asset value, end of period |  | $ | 19.28 |  |  | $ | 20.20 |  |
Shares outstanding, end of period |  |  | 37,039,657 |  |  |  | 37,061,547 |  |
Market value, end of period |  | $ | 14.26 |  |  | $ | 18.50 |  |
Weighted average shares outstanding |  |  | 37,061,226 |  |  |  | 37,061,547 |  |
Total return based on market value (3) |  |  | (18.94 | %) |  |  | 15.88 | % |
Total return based on net asset value (4) |  |  | 3.55 | % |  |  | 8.53 | % |
Ratio/Supplemental Data: |  |  |  |  |  |  |
Net assets, end of period |  | $ | 714,075 |  |  | $ | 748,807 |  |
Ratio of total net expenses to average net assets(5)(6) |  |  | 13.99 | % |  |  | 14.69 | % |
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6) |  |  | 4.00 | % |  |  | 3.63 | % |
Ratio of net investment income before taxes to average net assets (6) |  |  | 9.50 | % |  |  | 12.49 | % |
Ratio of interest and credit facility expenses to average net assets (6) |  |  | 8.03 | % |  |  | 8.50 | % |
Ratio of net incentive fees to average net assets (6) |  |  | 1.95 | % |  |  | 2.57 | % |
Portfolio turnover (7) |  |  | 14.74 | % |  |  | 16.56 | % |
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% f or the nine months ended September 30, 2025 and 2024, respectively, on an annualized basis. (6) Annualized. (7) Not annualized. 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. 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. 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. I TEM 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. 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: • the cost of calculating our net asset value, including the cost of any third-party valuation services; • fidelity bond, directors’ and officers’ liability insurance and other insurance premiums; • fees and expenses associated with independent audits and outside legal costs; • independent directors’ fees and expenses; • 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); • U.S. federal, state and local taxes; • the cost of effecting sales and repurchases of shares of our common stock and other securities; • 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; • out-of-pocket fees and expenses associated with marketing efforts; • federal and state registration fees and any stock exchange listing fees; • brokerage commissions; • costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws; • debt service and other costs of borrowings or other financing arrangements; and • 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. 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:
($ in millions) |  | As of September 30, 2025 |  | 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 |  |  | 1,039.8 |  |  |  | 65.8 |  |  |  |  | 1,044.1 |  |  |  | 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 |  | $ | 1,580.7 |  |  |  | 100.0 |  | % |  | $ | 1,598.9 |  |  |  | 100.0 |  | %
The following table shows our investment activity by investment type:
($ in millions) |  | For the three months ended |  |  | For the nine months ended |
|  | September 30, 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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
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 |
Total |  | $ | 86.0 |  |  | $ | 92.3 |  |  | $ | 256.7 |  |  | $ | 263.2 |
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 September 30, 2025 |  |  |  | As of December 31, 2024 |  |
Weighted average yield on income producing securities (at cost) (1) |  |  | 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 |  |
(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 December 31, 2024 |
|  | Cost |  |  | % of Cost |  |  | Fair Value |  |  | % of Fair Value |  |  | Cost |  |  | % of Cost |  |  | Fair Value |  |  | % of Fair Value |
Performing |  | $ | 1,443.9 |  |  |  | 96.7 | % |  | $ | 1,433.3 |  |  |  | 98.4 | % |  | $ | 1,492.7 |  |  |  | 97.8 | % |  | $ | 1,480.7 |  |  |  | 99.1 | %
Non-Accrual |  |  | 50.0 |  |  |  | 3.3 | % |  |  | 23.7 |  |  |  | 1.6 | % |  |  | 34.3 |  |  |  | 2.2 | % |  |  | 13.5 |  |  |  | 0.9 | %
Total |  | $ | 1,493.9 |  |  |  | 100.0 | % |  | $ | 1,457.0 |  |  |  | 100.0 | % |  | $ | 1,527.0 |  |  |  | 100.0 | % |  | $ | 1,494.2 |  |  |  | 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. 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: • assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; • review of monthly and quarterly financial statements and financial projections for portfolio companies; • contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; • comparisons to other companies in the industry; and • 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: 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. 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. 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. 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. 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.
($ in millions) |  | As of September 30, 2025 |  |  |  | As of December 31, 2024 |  |
|  | Investments at |  |  | Percentage of |  |  |  | Investments at |  |  | Percentage of |  |
Investment Performance Rating |  | Fair Value |  |  | Total Portfolio |  |  |  | Fair Value |  |  | Total Portfolio |  |
1 |  |  | 66.0 |  |  |  | 4.2 |  | % |  |  | 29.9 |  |  |  | 1.9 |  | %
2 |  |  | 1,307.4 |  |  |  | 82.7 |  |  |  |  | 1,360.9 |  |  |  | 85.0 |  |
3 |  |  | 164.6 |  |  |  | 10.4 |  |  |  |  | 194.6 |  |  |  | 12.2 |  |
4 |  |  | 31.7 |  |  |  | 2.0 |  |  |  |  | 12.0 |  |  |  | 0.8 |  |
5 |  |  | 11.0 |  |  |  | 0.7 |  |  |  |  | 1.5 |  |  |  | 0.1 |  |
Total |  |  | 1,580.7 |  |  |  | 100.0 |  | % |  |  | 1,598.9 |  |  |  | 100.0 |  | %
RESULTS OF OPERATIONS Summarized Statement of Operations
(in $ millions) |  | For the three 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 contracts |  |  | (5.0 | ) |  |  | 3.8 |  |  |  | (14.4 | ) |  |  | (0.5 | )
Net unrealized appreciation (depreciation) on investments, 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 appreciation (depreciation) on investments |  |  | - |  |  |  | (0.1 | ) |  |  | - |  |  |  | 0.5 |
Net increase (decrease) in net assets resulting from operations |  | $ | 7.1 |  |  | $ | 15.3 |  |  | $ | 26.0 |  |  | $ | 63.7 |
Investment Income
(in $ millions) |  | For the three 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 |
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. Expenses
(in $ millions) |  | For the three 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 |
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 |
Total net expenses, including taxes |  | $ | 24.5 |  |  | $ | 28.1 |  |  | $ | 76.1 |  |  | $ | 82.4 |
Interest and other debt financing costs Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended September 30, 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. 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 $1.85 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned. Net Realized and Unrealized Gains and Losses We value our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation (depreciation) on investments. Net realized gains (losses) and net unrealized appreciation (depreciation) on our investment portfolio were comprised of the following:
($ in millions) |  | For the three months ended September 30, |  |  | For the nine months ended 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 |
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 | )
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 | )
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. 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 $239.8 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of September 30, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments. As of September 30, 2025, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of September 30, 2025. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital. Debt
($ in millions) | September 30, 2025 |  |  | December 31, 2024 |
| Aggregate Principal Amount Committed |  |  | Drawn Amount |  |  | Amount Available (1) |  |  | Carrying Value(2) |  |  | Aggregate Principal Amount Committed |  |  | Drawn Amount |  |  | Amount Available (1) |  |  | Carrying Value(2) |
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 | $ | 1,121.6 |  |  | $ | 881.8 |  |  | $ | 239.8 |  |  | $ | 881.8 |  |  | $ | 1,221.6 |  |  | $ | 884.1 |  |  | $ | 337.5 |  |  | $ | 884.1 |
(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. 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) $80.0 million 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030") . Interest on both unsecured notes will be payable semiannually, on the 18th day of February and August in each year, commencing with August 18, 2025. Both tranches may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. The summary of costs incurred in connection with our credit facilities and unsecured debt is presented below:
($ in millions) | For the three 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 |
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. 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 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. 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 (1) |
Up 100 basis points |  |  | 14.3 |  |  |  | 4.7 |  |  |  | 9.6 |
Up 75 basis points |  |  | 10.7 |  |  |  | 3.5 |  |  |  | 7.2 |
Up 50 basis points |  |  | 7.2 |  |  |  | 2.4 |  |  |  | 4.8 |
Up 25 basis points |  |  | 3.6 |  |  |  | 1.2 |  |  |  | 2.4 |
Down 25 basis points |  |  | (3.6 | ) |  |  | (1.2 | ) |  |  | (2.4 | )
Down 50 basis points |  |  | (7.2 | ) |  |  | (2.4 | ) |  |  | (4.8 | )
Down 75 basis points |  |  | (10.7 | ) |  |  | (3.5 | ) |  |  | (7.2 | )
Down 100 basis points |  |  | (14.3 | ) |  |  | (4.7 | ) |  |  | (9.6 | )
(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:
1. | Financial Statements—Financial statements are included in Item 1. See the Index to the Consolidated Financial Statements of this quarterly report on Form 10-Q.
2 | Financial Statement Schedules—None. We have omitted financial statements schedules because they are not required or are not applicable, or the required information is shown in the consolidated financial statements or notes to the consolidated financial statements included in this quarterly report on Form 10-Q.
3. | Exhibits—The following is a list of all exhibits filed as a part of this quarterly report on Form 10-Q, including those incorporated by reference.
2.1 | 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).
2.2 | 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.
2.3 | 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).
2.4 | 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).
3.1 | Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Form 8-K filed on January 30, 2020).
3.2 | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Form 8-K filed on January 30, 2020).
4.1 | 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).
31.1 | 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).
31.2 | Certification of Chief Financial Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32 | 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).
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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.
Date: November 12, 2025 |  | By: | /s/ Jason A. Breaux
|  |  | Jason A. Breaux
|  |  | Chief Executive Officer
Date: November 12, 2025 |  | By: | /s/ Gerhard Lombard
|  |  | Gerhard Lombard
|  |  | Chief Financial Officer

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