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Agreements and Related Party Transactions

9 Months Ended

Sep. 30, 2025

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% and 2.74%, respectively, of the Company’s outstanding common stock. Crescent is also the majority member of the Adviser and sole member of the Administrator. The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free license to use the name “Crescent Capital”. The Adviser has entered into a resource sharing agreement with Crescent. Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the Investment Advisory Agreement.

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

Investments in affiliated and controlled companies

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns, either directly or indirectly, 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the

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)

(3)

(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	2.9x			-	12.4x	(9.4x)
		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	-	13.7x	(9.7x)
		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					7.8x
	$	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					3.4x
	$	18,647

Unsecured Debt	$	17,505	Discounted Cash Flows	Discount Rate	11.0%			-	15.5%	(13.7%)
		2,026	Enterprise Value	Comparable EBITDA Multiple					12.4x
	$	19,531

Equity & Other	$	82,719	Enterprise Value	Comparable EBITDA Multiple	2.9x			-	28.0x	(14.5x)
		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	(8.1x)
		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	1.4x			-		10.1	x	(5.1x)
		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	3.1x			-	27.4x			(15.3x)
	$	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.

The maximum commitment amount under the SPV Asset Facility is $400,000 and may be increased with the consent of Wells Fargo or reduced upon request of the Company. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 1.95% margin with no floor. The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

Costs incurred in connection with obtaining the SPV Asset Facility were recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the SPV Asset Facility were $3,453 and $5,262, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

SMBC Corporate Revolving Facility

On October 27, 2021, the Company entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). On December 3, 2024, the Company amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350,000 to $285,000, (ii) added an initial term commitment of $25,000 for an aggregate facility size of $310,000, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310,000, comprised of $25,000 term loan and $285,000 revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. The Company pays unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on December 3, 2029.

Costs incurred in connection with obtaining the SMBC Corporate Revolving Facility were recorded as deferred financing costs and are being amortized over the life of the SMBC Corporate Revolving Facility on an a straight line basis. As of September 30, 2025 and December 31, 2024, deferred financing costs related to the SMBC Corporate Revolving Facility were $1,917 and $2,511, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Series 2021A Unsecured Notes

On February 17, 2021, the Company completed a private offering of $135,000 aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “Series 2021A Unsecured Notes”). The initial issuance of $50,000 of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85,000 of Series 2021A Unsecured Notes closed on May 5, 2021.

The Series 2021A Unsecured Notes will mature on February 17, 2026 and may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the 2026 Unsecured Notes is due and payable semiannually in arrears on February 17 and August 17 of each year.

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

FCRX Unsecured Notes

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

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% for 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.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report. This discussion also should be read in conjunction with the “Cautionary Statement Regarding Forward Looking Statements” set forth on page 1 of this Quarterly Report on Form 10-Q. In this report, “we,” “us,” “our” and “Company” refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are incorporated under the laws of the State of Maryland. We were listed and began trading on the NASDAQ stock exchange on February 3, 2020. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (“1940 Act”). In addition, we have elected to be treated for U.S. federal income tax purposes as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”). As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our taxable income and tax-exempt interest.

We are managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the SEC under the 1940 Act. CCAP Administration, LLC (the “Administrator”), provides the administrative services necessary for us to operate. Our management consists of investment and administrative professionals from the Adviser and Administrator along with our Board. The Adviser directs and executes our investment operations and capital raising activities subject to oversight from the Board, which sets our broad policies. The Board has delegated investment management of our investment assets to the Adviser. The Board consists of six directors, five of whom are independent.

Our investment objective is to maximize the total return to our stockholders in the form of current income and capital appreciation through debt and related equity investments. We invest primarily in secured debt (including first lien, unitranche first lien and second-lien debt) and unsecured debt (including mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-market companies. We may purchase interests in loans or make debt investments, either (i) directly from our target companies as primary market or private credit investments (i.e., private credit transactions), or (ii) primary or secondary market bank loan or high yield transactions in the broadly syndicated “over-the-counter” market (i.e., broadly syndicated loans and bonds). Although our focus is to invest in less liquid private credit transactions, we may from time to time invest in more liquid broadly syndicated loans to complement our private credit transactions.

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:

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.

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.

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.

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.

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.

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 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, 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.

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

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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