Crescent Capital BDC (CCAP) outlines diversified floating-rate loan portfolio

Rhea-AI Filing Summary

Crescent Capital BDC (CCAP) provides a detailed look at its investment portfolio, which is heavily focused on privately negotiated debt across U.S. and international middle‑market companies. The schedule lists numerous unitranche, senior secured first lien, and second lien term loans and revolvers.

Borrowers span sectors such as health care services, software and IT, insurance, consumer services, commercial and professional services, industrials, and financials, with selected exposure in Europe and Australia. Most instruments reference floating base rates with contractual spreads and, in many cases, PIK (payment‑in‑kind) components, and have maturities extending broadly from 2025 into the early 2030s.

The portfolio also includes delayed draw term loans, unsecured PIK debt, foreign currency exchange contracts with Wells Fargo Bank, and a range of equity positions and partnership interests, giving CCAP a mix of income‑generating loans and potential equity upside.

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Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/20282025-12-310001633336Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/20292024-12-310001633336Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/20282024-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 3/22/20282025-12-310001633336Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 2/19/20262025-12-310001633336Investments United States Debt Investments Insurance Integro Parent, Inc. 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Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 07/20272025-12-310001633336Company Balance Partners Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/3/20302024-01-012024-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/20272024-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.23% Maturity/Dissolution Date 04/20282024-12-310001633336ccap:AllyCorporateRevolvingFacilityMember2019-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/20262024-12-310001633336us-gaap:RevolvingCreditFacilityMember2015-06-290001633336Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/20302025-12-310001633336Company Quorum Health Resources Investment Type Revolver Commitment Expiration Date 5/26/20272024-01-012024-12-310001633336Equity Investments Transportation2024-12-310001633336Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.97% Maturity/Dissolution Date 11/20272024-12-310001633336Equity Investments Diversified Financials Freeport Financial SBIC Fund LP Investment Type Partnership Interest2024-12-310001633336Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 636.93 Interest Rate 10.10% Maturity/ Dissolution Date 10/20302025-12-310001633336ccap:AxViInv2HoldingAbMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001633336ccap:CommercialAndProfessionalServicesMembercountry:GBus-gaap:DebtSecuritiesMember2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 08/20292024-01-012024-12-310001633336Company Hercules Borrower LLC Investment Type Revolver Commitment Expiration Date 12/15/20262024-01-012024-12-310001633336Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock One2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 10/20292025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.23% Maturity/Dissolution Date 12/2027 One2024-01-012024-12-310001633336Company GH Parent Holdings Inc. Investment Type Revolver Commitment Expiration Date 5/4/20272024-12-310001633336Company Strata Information Group, Inc. Investment Type Revolver Commitment Expiration Date 12/31/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.82% Maturity/Dissolution Date 12/20282024-12-310001633336Equity Investments Software & Services New Era Technology, Inc. Investment Type Preferred Stock2025-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 04/20312024-12-310001633336Company Minuteman Security Technologies, Inc. Investment Type Revolver Commitment Expiration Date 2/2/20292024-12-310001633336Company Patriot Acquisition Topco S.A.R.L Investment Type Revolver Commitment Expiration Date 1/29/20262024-01-012024-12-310001633336Company Action Signature Acquisition, Inc. Investment Type Revolver Commitment Expiration Date 6/17/20262024-12-310001633336Equity Investments Retailing Palmetto Moon LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.42% Maturity/ Dissolution Date 11/20272024-01-012024-12-310001633336Company Acu-Serve, LLC Investment Type Revolver Commitment Expiration Date 10/18/20292024-12-310001633336Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.28% Maturity/ Dissolution Date 12/20312025-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/20282025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Automated Control Concepts, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 10/20262025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (75 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 05/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services SolutionReach, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 12.40% Maturity/ Dissolution Date 07/20252024-01-012024-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2027 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 12/20302025-01-012025-12-310001633336Foreign Currency Exchange Contract Three Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262024-01-012024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (plus 775 PIK) Interest Rate 11.72% Maturity/ Dissolution Date 07/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 05/20292024-01-012024-12-310001633336Company Alpine SG, LLC Investment Type Revolver Commitment Expiration Date 11/5/20272024-12-310001633336Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 07/20282025-12-310001633336Company WCT Group Holdings, LLC Investment Type Revolver Commitment Expiration Date 12/12/20292025-01-012025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.49% Maturity/Dissolution Date 09/20282025-12-310001633336ccap:SPVAssetFacilityMember2025-04-090001633336Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan 12/20272025-12-310001633336Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/20272024-12-310001633336ccap:RisksRelatedToCorporateSocialResponsibilityMember2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 06/20282024-12-310001633336Company Bandon Fitness Investment Type Revolver Commitment Expiration Date 7/27/20282024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 10.77% Maturity/ Dissolution Date 11/2029 One2025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberccap:UnitrancheFirstLienMember2025-12-310001633336ccap:Series2024AUnsecuredNotesTwoThousandAndTwentyEightMember2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.58% Maturity/ Dissolution Date 05/20262024-12-310001633336ccap:UnitrancheFirstLienMember2025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 12/20272025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.68% Maturity/Dissolution Date 10/20302024-01-012024-12-310001633336Company Efor Holding Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20302024-12-310001633336ccap:SemiconductorAndSemiconductorEquipmentMember2025-12-310001633336Investments United States Debt Investments Diversified Financials Cary Street Partners Financial LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 05/20312025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.81% Maturity/Dissolution Date 09/20262024-01-012024-12-310001633336Equity Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 04/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One2024-01-012024-12-310001633336Company UHY Advisors , Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/ Dissolution Date 10/20262024-01-012024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (200 Floor) (including 150 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336ccap:HealthCareEquipmentAndServicesMembercountry:GBus-gaap:EquitySecuritiesMember2024-12-310001633336country:GBus-gaap:DebtSecuritiesMember2024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMembersrt:MinimumMemberccap:EquityAndOtherMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001633336Company Banker's Toolbox, Inc. Investment Type Revolver Commitment Expiration Date 7/27/20272024-12-310001633336us-gaap:InvestmentAffiliatedIssuerControlledMemberccap:FirstEagleLoganJvLlcMember2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 10/20282025-12-310001633336Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/20292024-12-310001633336Investments United States Debt Investments Insurance Integro Parent, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 1225 PIK (100 Floor) Interest Rate 16.85%2024-01-012024-12-310001633336ccap:SmbcCorporateRevolvingFacilityMember2022-12-310001633336ccap:EquityAndOtherMember2024-12-310001633336Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 One2025-01-012025-12-310001633336Equity Investments Energy Loadmaster Derrick & Equipment, Inc. Investment Type Preferred Stock2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 05/20272024-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.58% Maturity/ Dissolution Date 05/2026 One2024-01-012024-12-310001633336ccap:KeyPersonnelOfCrescentAndTheAdviserMember2025-01-012025-12-310001633336Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/4/20262025-01-012025-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 265 (100 Floor) (plus 510 PIK) Interest Rate 11.69% Maturity/ Dissolution Date 09/20272025-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.17% Maturity/Dissolution Date 12/20282025-01-012025-12-310001633336Company Avidity Acquisition B.V. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/4/20292025-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/20282025-01-012025-12-310001633336ccap:CapitalGoodsMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Equity Investments Capital Goods Envocore Holding, LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/20292024-12-310001633336Equity Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Preferred Stock2024-12-310001633336ccap:SunLifeFinancialIncMember2024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/Dissolution Date 12/20262025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/ Dissolution Date 11/20272025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/20302024-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 08/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 03/20322025-12-310001633336ccap:O2025Q2DividendsMember2025-01-012025-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 03/2028 One2025-01-012025-12-310001633336ccap:Series2024AUnsecuredNotes-2030Member2025-12-310001633336country:GB2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/20272024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredSecondLienMember2025-12-310001633336Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 01/20312025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.24% Maturity/Dissolution Date 06/20262024-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 07/20302024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/20282025-01-012025-12-310001633336ccap:FoodBeverageAndTobaccoMember2025-12-310001633336Company EMS Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/23/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 550 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 08/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Three2024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/20292025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.58% Maturity/Dissolution Date 10/20302024-01-012024-12-310001633336Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/20312024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/20272025-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/20262025-01-012025-12-310001633336Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/20272024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/20272024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 Interest Rate 12.69% Maturity/Dissolution Date 05/20302024-01-012024-12-310001633336ccap:UnitrancheFirstLastOutMember2024-12-310001633336Company HGH Purchaser, Inc. Investment Type Revolver Commitment Expiration Date 11/1/20262024-01-012024-12-310001633336us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-310001633336Equity Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Preferred Stock2025-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/20282025-01-012025-12-310001633336Equity Investments Software & Services Certify, Inc. Investment Type Common Stock2024-12-310001633336Company Stepping Stones Healthcare Services, LLC Investment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 11.03% Maturity/ Dissolution Date 11/20292025-12-310001633336Investments Canada Equity Investments Telecommunication Services Sandvine Corporation Common Stock2025-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/20302025-12-310001633336Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20302025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 One2024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 200 (100 Floor) (plus 600 PIK) Interest Rate 11.67% Maturity/ Dissolution Date 10/20302025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Staff Boom, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 09/20312025-01-012025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.64% Maturity/Dissolution Date 12/20262024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 10/20272024-12-310001633336ccap:DiversifiedFinancialsMember2025-12-310001633336Company Minuteman Security Technologies, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/2/20292025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 590 (75 Floor) Interest Rate 10.81% Maturity/ Dissolution Date 12/20282024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/20282024-12-310001633336us-gaap:RevolvingCreditFacilityMember2016-12-310001633336Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/20282025-01-012025-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 (including 187.5 PIK) Interest Rate 11.55% Maturity/ Dissolution Date 07/20292024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 08/20302024-01-012024-12-310001633336Company Banker's Toolbox, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/2028 One2024-12-310001633336Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.12% Maturity/Dissolution Date 06/20302025-12-310001633336us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.47% Maturity/Dissolution Date 05/20282025-01-012025-12-310001633336Equity Investments Commercial & Professional Services Allied Universal Holdings, LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336Equity Investments Health Care Equipment & Services Centria Subsidiary Holdings, LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Revolver, Interest Term S + 525, (100 Floor), Interest Rate 9.10%, Maturity/ Dissolution Date 08/20272025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 One2024-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/20282025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.26% Maturity/ Dissolution Date 12/20292025-12-310001633336Company Everlast Parent Inc. Investment Type Revolver Commitment Expiration Date 10/30/20282025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 08/20262024-01-012024-12-310001633336ccap:FCRXUnsecuredNotesMember2023-12-310001633336Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/ Dissolution Date 05/20262024-12-310001633336Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/2026 One2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/20252024-01-012024-12-310001633336Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/20302025-12-310001633336Company The Hilb Group, LLC Investment Type Revolver Commitment Expiration Date 10/31/20312025-12-310001633336Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 200 (100 Floor) (plus 600 PIK) Interest Rate 11.82% Maturity/ Dissolution Date 08/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/20322025-01-012025-12-310001633336ccap:SeniorSecuredSecondLienMember2024-12-310001633336Investments United States Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 One2024-01-012024-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 8.44% Maturity/Dissolution Date 02/20282025-01-012025-12-310001633336ccap:Series2021AUnsecuredNotesMember2024-12-310001633336Company Patriot Acquisition Topco S.A.R.L Investment Type Revolver Commitment Expiration Date 1/29/20262025-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/20282024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 06/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 Two2024-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 10/20292025-12-310001633336Equity Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/20322025-12-310001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/20272024-12-310001633336Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/20302025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 10/20312025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/20302025-12-310001633336Company Imagenet, LLC Investment Type Revolver Commitment Expiration Date 12/31/20302024-01-012024-12-310001633336Equity Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Preferred Stock2024-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.11% Maturity/ Dissolution Date 01/20292024-01-012024-12-310001633336Company Slickdeals Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/30/20302025-12-310001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unsecured Debt Interest Term 1400 PIK Interest Rate 14.00% Maturity/ Dissolution Date 02/20302024-12-310001633336ccap:MaterialsMember2025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien - Last Out Term Loan Interest Term 1483.5 PIK Interest Rate 14.84% Maturity/ Dissolution Date 04/20322025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/20302024-12-310001633336Company Benesys Inc. Investment Type Revolver One Commitment Expiration Date 10/5/20262025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Revolver Interest Term S + 525 Interest Rate 9.07% Maturity/ Dissolution Date 05/20272025-12-310001633336country:CHus-gaap:DebtSecuritiesMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 06/20302024-01-012024-12-310001633336ccap:SeniorSecuredFirstLienMember2024-12-310001633336Company Painters Supply & Equipment Company Investment Type Revolver Commitment Expiration Date 8/10/20272024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Maturity/Dissolution Date 08/20272025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 Two2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services NRG Controls Unitranche First Lien Delayed Draw Term Loan2024-12-310001633336Equity Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Common Stock One2025-12-310001633336Company King Mid LLC Investment Type Revolver Commitment Expiration Date 12/15/20272024-01-012024-12-310001633336ccap:InvestmentPaysZeroPointFiveZeroPercentageMember2025-01-012025-12-310001633336Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 410 PIK) Interest Rate 15.35% Maturity/ Dissolution Date 04/20282024-12-310001633336Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/20312025-12-310001633336ccap:ChangesInInterestRatesAffectBusinessAndFinancialConditionMember2025-01-012025-12-310001633336Company Iris Buyer, LLC Investment Type Revolver Commitment Expiration Date 10/2/20292024-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/20282025-01-012025-12-3100016333362026-02-240001633336Company Acu-Serve, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20292024-01-012024-12-310001633336Company Medicus IT Investment Type Revolver Commitment Expiration Date 7/9/20302024-01-012024-12-310001633336Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/20272025-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Investment Type Common Stock2024-12-310001633336Company SQAD Holdco, Inc. Investment Type Revolver Commitment Expiration Date 4/25/20282024-12-310001633336Foreign Currency Exchange Contract One Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262024-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.34% Maturity/Dissolution Date 11/20302024-12-310001633336us-gaap:FairValueInputsLevel2Member2025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/20292024-12-310001633336Company Duraserv LLC Investment Type Revolver Commitment Expiration Date 6/10/20302024-01-012024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.24% Maturity/ Dissolution Date 06/20282024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 02/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 Two2024-01-012024-12-310001633336Company Evergreen IX Borrower 2023, LLC Investment Type Revolver Commitment Expiration Date 9/29/20292024-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/20282025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.96% Maturity/Dissolution Date 09/20262024-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One2024-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.67% Maturity/ Dissolution Date 08/20292025-12-310001633336Company AX VI INV2 Holding AB (Voff) Investment Type Revolver Commitment Expiration Date 8/31/20292024-01-012024-12-310001633336Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/29/20302025-12-310001633336Company Pi Buyer, LLC Investment Type Revolver Commitment Expiration Date 8/29/20322025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/Dissolution Date 08/2030 One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 775 (100 Floor) (plus 75 PIK) Interest Rate 12.37% Maturity/ Dissolution Date 03/20282025-12-310001633336ccap:EnergyMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Diversified Financials Pi Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/20322025-01-012025-12-3100016333362022-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.43% Maturity/ Dissolution Date 05/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/20262025-01-012025-12-310001633336Investments Switzerland Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Solvias AG Investment Type Senior Secured First Lien Term Loan Interest Term S + 550, (75 Floor) Interest Rate 6.25% Maturity/ Dissolution Date 02/20322025-01-012025-12-310001633336ccap:AxViInv2HoldingAbMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001633336ccap:RevolvingCreditFacilitySecondMember2018-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.59% Maturity/ Dissolution Date 06/20282024-12-310001633336country:SEus-gaap:EquitySecuritiesMember2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Career Certified, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 02/20312025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 One2025-12-310001633336Company Essential Services Holding Corporation Investment Type Revolver Commitment Expiration Date 6/17/20312024-12-310001633336Company BVI Medical Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/7/20272025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Imagenet, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) interest Rate 9.33% Maturity/ Dissolution Date 12/20302024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Three2025-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/20282025-01-012025-12-310001633336Company Safco Dental Supply, LLC Investment Type Revolver Commitment Expiration Date 3/31/20262025-12-310001633336Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 One2025-01-012025-12-310001633336Investments United States Debt Investments Automobile & Components Auveco Holdings Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/20282024-12-310001633336Investments Australia Debt Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Unitranche First Lien Term Loan Interest Term B + 500, (50 Floor) Interest Rate 8.60% Maturity/ Dissolution Date 11/20302025-01-012025-12-310001633336Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/20272024-12-310001633336Company Medicus IT Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.23% Maturity/ Dissolution Date 05/20272025-12-310001633336Investments United States Debt Investments Consumer Services Learn-It Systems, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) (including 275 PIK) Interest Rate 10.76% Maturity/Dissolution Date 09/2026 Second2024-01-012024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/20272024-01-012024-12-310001633336ccap:EnvocoreLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001633336Company Lighthouse Lab Services Investment Type Revolver Commitment Expiration Date 10/25/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/20312024-12-310001633336Investments United States Debt Investments Software & Services Smartronix, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.35% Maturity/Dissolution Date 11/20282024-01-012024-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.51% Maturity/ Dissolution Date 08/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services CC Amulet Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 Interest Rate 9.78% Maturity/ Dissolution Date 08/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/20292024-01-012024-12-310001633336Company Patriot Growth Insurance Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/20282024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:UnitrancheFirstLienMember2024-12-310001633336us-gaap:UnsecuredDebtMember2024-12-310001633336Company Lightspeed Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336Company Plasma Buyer LLC (PathGroup) Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/12/20292024-12-310001633336Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/ Dissolution Date 05/20262024-01-012024-12-310001633336Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/20312025-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. 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Investment Type Unitranche First Lien Term Loan Term S + 475 (75 Floor) Interest Rate 8.57% Maturity/ Dissolution Date 11/20312025-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/20292025-12-310001633336Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 636.93 Interest Rate 10.10% Maturity/ Dissolution Date 10/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/20252024-12-310001633336Company Halo Buyer, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 One2025-12-3100016333362024-01-012024-03-310001633336Company MB2 Dental Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/13/20272024-12-310001633336ccap:CapitalGoodsMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services NRG Controls Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.36% Maturity/Dissolution Date 10/20302024-01-012024-12-310001633336us-gaap:FairValueInputsLevel2Memberccap:SeniorSecuredSecondLienMember2024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Security Risk Advisors Intl, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.49% Maturity/Dissolution Date 09/20312025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 04/20292025-12-310001633336Company GB Eagle Buyer, Inc. 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Investment Type Unitranche First Lien Revolver Interest S + 600 (100 Floor) Interest Rate 9.72% Maturity/ Dissolution Date 02/20292025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Marlin DTC-LS Midco 2, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.03% Maturity/Dissolution Date 07/20252024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Member2025-12-310001633336Foreign Currency Exchange Contract Three Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262024-12-310001633336Company PPV Intermediate Holdings LLC (Vetcor) Investment Type Revolver Commitment Expiration Date 8/31/20292025-01-012025-12-310001633336Company Belay Inc. 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Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 04/20302025-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 One2025-01-012025-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/20292025-01-012025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.09% Maturity/Dissolution Date 12/20262025-12-310001633336Investments United States Debt Investments Diversified Financials Miracle Mile Holdings, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 11/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 02/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Three2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/20292025-12-310001633336Equity Investments Commercial & Professional Services ASP MCS Acquisition Corp. Investment Type Common Stock One2025-12-310001633336Company Strata Information Group, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20302025-12-310001633336ccap:Series2024AUnsecuredNotes2030Member2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/20272024-01-012024-12-310001633336ccap:EquityAndOtherMember2023-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.59% Maturity/ Dissolution Date 02/20292024-01-012024-12-310001633336Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Revolver Commitment Expiration Date 6/2/20282025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/20302024-01-012024-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2029 One2024-12-310001633336Company Safco Dental Supply, LLC Investment Type Revolver Commitment Expiration Date 6/14/20252024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.57% Maturity/Dissolution Date 08/20272025-12-310001633336Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 03/20282025-12-310001633336Investments United States Debt Investments Software & Services Smartronix, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/20282024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 05/20322025-12-310001633336Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 07/20312025-12-310001633336Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 07/20272024-01-012024-12-310001633336Company Lightspeed Buyer, Inc. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/20292025-12-310001633336ccap:Series2021AUnsecuredNotesClosedOnMayFifthTwoThousandAndTwentyOneMember2021-05-050001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 11/20272025-12-310001633336Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/20272025-12-310001633336Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/4/20262025-12-310001633336ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember2025-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Settlement Date 8/24/20262024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Career Certified, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 02/20312025-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/2028 one2025-12-310001633336Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.67% Maturity/Dissolution Date 07/20282024-12-310001633336Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/20292025-01-012025-12-310001633336ccap:EffectOfGlobalClimateChangeMember2025-01-012025-12-310001633336Company Lexipol (Ranger Buyer, Inc.) Investment Type Revolver Commitment Expiration Date 11/18/20272024-01-012024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Crusoe Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 625 Interest Rate 9.98% Maturity/ Dissolution Date 12/20272025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Halo Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.72% Maturity/ Dissolution Date 02/20292025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 10/20302025-12-310001633336Company Premier Dental Care Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/20282024-12-310001633336ccap:InterNotesMember2021-03-310001633336Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 3/31/20262025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. 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Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/29/20302024-12-310001633336Company Infobase Investment Type Revolver Commitment Expiration Date 6/14/20282024-12-310001633336country:AUus-gaap:DebtSecuritiesMember2024-12-310001633336Investments United States Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 One2024-12-310001633336Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Revolver Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 9.22% Maturity/ Dissolution Date 05/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/20272025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Pi Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/20322025-12-310001633336us-gaap:RetainedEarningsMember2023-01-012023-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.07% Maturity/ Dissolution Date 05/2026 One2025-01-012025-12-310001633336Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/20282024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 11/2029 One2025-12-310001633336Equity Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Great Lakes Dental Partners, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 725 (100 Floor) (including 100 PIK) Interest Rate 11.71% Maturity/ Dissolution Date 06/20262024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 03/20262025-01-012025-12-310001633336ccap:CommercialAndProfessionalServicesMembercountry:AUus-gaap:EquitySecuritiesMember2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/20272024-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/20282024-12-310001633336Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 10/20312024-12-3100016333362023-03-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 11/20292025-12-310001633336ccap:SignificantlyReduceOurOperatingFlexibilityMember2025-01-012025-12-310001633336Company ConvenientMD Investment Type Revolver Commitment Expiration Date 6/15/20292024-12-310001633336ccap:FcrdAcquisitionMember2023-03-090001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.47% Maturity/ Dissolution Date 06/2028 Two2025-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 02/20272025-12-310001633336ccap:O2024Q2DividendsMember2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/20262024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredSecondLienMember2024-12-310001633336Company CC Amulet Management, LLC Investment Type Revolver Commitment Expiration Date 8/31/20272024-12-310001633336Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/20312025-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S +650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/20272024-12-310001633336Company Smartronix, LLC Investment Type Revolver Commitment Expiration Date 11/23/20282024-12-310001633336Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock One2024-12-310001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 11/20282024-12-310001633336ccap:AxViInv2HoldingAbMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Career Certified, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 02/20312025-01-012025-12-310001633336Company Strata Information Group, Inc. Investment Type Revolver Commitment Expiration Date 12/31/20302025-12-310001633336Company Evergreen IX Borrower 2023, LLC Investment Type Revolver Commitment Expiration Date 9/29/20292025-01-012025-12-310001633336Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 04/20302024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberccap:SeniorSecuredFirstLienMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001633336ccap:ChangeInInvestmentObjectivesOperatingPoliciesAndStrategiesMember2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Service Logic Acquisition, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term 1150 Interest Rate 11.50% Maturity/Dissolution Date 10/20282024-12-310001633336Company Great Lakes Dental Partners, LLC Investment Type Revolver Commitment Expiration Date 6/23/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 Two2025-12-310001633336country:FR2024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:UnitrancheFirstLienMember2025-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien RevolverInterest Term S + 575 (75 Floor) Interest Rate 9.63% Maturity/ Dissolution Date 08/20292025-12-310001633336ccap:O2025Q4DividendsMember2025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberccap:SeniorSecuredSecondLienMember2025-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 One2025-01-012025-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Crusoe Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 652.66 Interest Rate 11.72% Maturity/ Dissolution Date 12/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Laseraway Intermediate Holdings II, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.66% Maturity/Dissolution Date 10/20272024-01-012024-12-310001633336Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/20302024-12-310001633336Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.67% Maturity/Dissolution Date 07/20282024-01-012024-12-310001633336Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 Two2024-12-310001633336Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/20302024-01-012024-12-310001633336Company Acu-Serve, LLC Investment Type Revolver Commitment Expiration Date 10/18/20292025-01-012025-12-310001633336ccap:HealthCareEquipmentAndServicesMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336ccap:Series2024AUnsecuredNotes-2030Member2025-12-310001633336Company GH Parent Holdings Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/20292025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336Company Bayside Opco, LLC Investment Type Revolver Commitment Expiration Date 5/31/20262025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 Two2024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 04/20262025-01-012025-12-310001633336Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/20272025-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberccap:UnitrancheFirstLienMember2024-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 265 (100 Floor) (plus 510 PIK) Interest Rate 11.69% Maturity/ Dissolution Date 09/2027 Two2025-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 10.41% Maturity/Dissolution Date 08/20272024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 11/20302025-12-310001633336Investments United States Debt Investments Diversified Financials Staff Boom, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 09/20312025-12-310001633336Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 250 (100 Floor) (plus 500 PIK) Interest Rate 11.39 Maturity / Dissolution Date 04/20282025-01-012025-12-310001633336ccap:EnergyMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/20252024-01-012024-12-310001633336Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/20312025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.65% Maturity / Dissolution Date 06/20312024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/20282025-01-012025-12-310001633336Company Sydney US Buyer Corp. (3B Scientific) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/8/2029 One2025-01-012025-12-310001633336Company Vantage Insurance Partners, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/22/20282024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Term Loan Interest Term 750 Interest Rate 7.50% Maturity/ Dissolution Date 12/20272025-12-310001633336Equity Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Common Stock Class A2024-12-310001633336Company Automated Control Concepts, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term Interest Term S + 450 (75 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 09/20282025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 06/20292025-01-012025-12-310001633336ccap:FCRXUnsecuredNotesMember2025-12-310001633336Company Odessa Technologies, Inc. Investment Type Revolver Commitment Expiration Date 10/19/20272024-01-012024-12-310001633336Company Smile Doctors LLC Investment Type Revolver Commitment Expiration Date 12/23/20272025-01-012025-12-310001633336ccap:CommercialAndProfessionalServicesMembercountry:AUus-gaap:EquitySecuritiesMember2025-12-310001633336Company GrapeTree Medical Staffing, LLC Investment Type Revolver Commitment Expiration Date 4/30/20262024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/20272024-01-012024-12-310001633336ccap:FoodAndStaplesRetailingMembercountry:USus-gaap:EquitySecuritiesMember2024-12-310001633336Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/20272025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 12/20282025-12-310001633336Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/20292025-12-310001633336Equity Investments Software & Services Park Place Technologies, LLC Investment Type Common Stock Class B22024-12-310001633336Foreign Currency Exchange Contract One Counterparty Wells Fargo Bank, N.A. 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Investment Type Revolver Commitment Expiration Date 12/1/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/20272025-01-012025-12-310001633336us-gaap:InvestmentAffiliatedIssuerControlledMemberccap:OemGroupLlcMember2024-12-310001633336Company Miracle Mile Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-01-012025-12-310001633336Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Revolver Commitment Expiration Date 6/2/20282024-12-310001633336Investments United States Debt Investments Commercial & Professional Services UHY Advisors , Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 11/20312025-01-012025-12-310001633336ccap:GACPIILPAndWhiteHawkIIIOnshoreFundLPMember2022-01-012022-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 08/20302025-01-012025-12-310001633336ccap:ConsumerServicesMember2024-12-310001633336Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20282024-12-310001633336Company DecisionHR Holdings, Inc Investment Type Revolver Commitment Expiration Date 12/8/20312025-12-310001633336Company Solvias AG Investment Type Revolver Commitment Expiration Date 2/27/20322025-01-012025-12-310001633336Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock Two2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Centria Subsidiary Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/ Dissolution Date 06/20272024-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberccap:UnitrancheFirstLienMember2024-12-310001633336Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-12-310001633336Company List Partners, Inc. 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Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.45% Maturity/Dissolution Date 01/20282025-01-012025-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/20292025-01-012025-12-310001633336ccap:UnitrancheFirstLienMember2025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 Two2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/20272025-01-012025-12-310001633336Company Sydney US Buyer Corp. (3B Scientific) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/8/20292024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.12% Maturity/Dissolution Date 04/20302024-12-310001633336us-gaap:UnsecuredDebtMember2023-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/20272025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 07/20312025-12-310001633336Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Revolver Interest Term Interest Rate Maturity/ Dissolution Date 06/20262025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/2026 One2025-01-012025-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2027 One2025-01-012025-12-310001633336ccap:AllyCorporateRevolvingFacilityMember2020-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:EquityAndOtherMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.06% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/2026 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/20292024-01-012024-12-310001633336us-gaap:InvestmentAffiliatedIssuerControlledMemberccap:FirstEagleLoganJvLlcMember2024-12-310001633336ccap:EnvocoreLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001633336Company Vantage Insurance Partners, Inc. Investment Type Revolver Commitment Expiration Date 12/22/20282025-01-012025-12-310001633336Company MRI Software LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272025-01-012025-12-310001633336us-gaap:ForeignExchangeForwardMember2023-01-012023-12-310001633336ccap:SmbcCorporateRevolvingFacilityMember2024-12-310001633336Company Receivable Solutions, Inc Investment Type Revolver Commitment Expiration Date 4/1/20262025-12-310001633336Equity Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Consumer Services Everlast Parent Inc. 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Investment Type Common Stock2024-12-310001633336Company Integrity Marketing Acquisition, LLC Investment Type Revolver Commitment Expiration Date 8/28/20282024-01-012024-12-310001633336Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/20282024-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/20282024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 10.60% Maturity/ Dissolution Date 03/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/20312025-12-310001633336ccap:RiskOfDistributionsMember2025-01-012025-12-310001633336ccap:MaterialsMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/20292025-12-310001633336ccap:AnticipatedGainsOnEquityInterestsMember2025-01-012025-12-310001633336Investments United States Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock One2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 One2024-01-012024-12-310001633336ccap:USFederalIncomeTaxOnDistributionsForNonUSStockholdersMember2025-01-012025-12-310001633336Company Sun Acquirer Corp. Investment Type Revolver Commitment Expiration Date 9/5/20272025-12-310001633336ccap:UnitrancheFirstLastOutMember2023-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/20292024-12-310001633336Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.78% Maturity/Dissolution Date 11/20272024-01-012024-12-310001633336Investments United States Equity Investments Consumer Services Ingenio, LLC Investment Type Common Stock2025-12-310001633336us-gaap:CommonStockMember2022-12-310001633336ccap:CrescentCapAdvisorsLLCMemberccap:ElectingShareMemberccap:FcrdAcquisitionMember2023-03-090001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/2028 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 Two2025-01-012025-12-310001633336Equity Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Preferred Stock2025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575.3 (100 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.24% Maturity/Dissolution Date 06/20262024-01-012024-12-310001633336ccap:SPVAssetFacilityMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 07/20302024-12-310001633336Company Guardian Access Solutions Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/24/20292024-01-012024-12-310001633336Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock2024-12-310001633336ccap:Series2020AUnsecuredNotesMember2020-12-310001633336Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 04/20302025-12-310001633336Company Guardian Access Solutions Investment Type Revolver Commitment Expiration Date 8/24/20292024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2026 One2024-01-012024-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 9.78% Maturity/Dissolution Date 09/20282024-01-012024-12-310001633336Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, ConvenientMD Investment Type Senior Secured First Lien Term Loan, Interest Term S + 525, Interest Rate 9.22%, Maturity/ Dissolution Date 06/20292025-01-012025-12-310001633336Company Unifeye Vision Partners Investment Type Revolver Commitment Expiration Date 9/15/20252024-01-012024-12-310001633336Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 One2024-12-310001633336ccap:AdverseDevelopmentsInTheCreditMarketsMember2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.26% Maturity/Dissolution Date 08/20292024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Security Risk Advisors Intl, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 8.49% Maturity/Dissolution Date 09/20312025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/20302025-12-310001633336Investments United States Debt Investments Materials Action Signature Acquisition, Inc. Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 06/20262024-12-310001633336Company Balance Partners Investment Type Revolver Commitment Expiration Date 4/3/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.17% Maturity/ Dissolution Date 05/20292024-01-012024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.64% Maturity/Dissolution Date 12/20262024-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/ Dissolution Date 10/2025 One2024-01-012024-12-310001633336Equity Investments Materials Action Signature Acquisition, Inc. Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/20292025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/Dissolution Date 03/2026 One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/20282025-12-310001633336Company AX VI INV2 Holding AB (Voff) Investment Type Revolver Commitment Expiration Date 8/31/20292025-01-012025-12-310001633336Equity Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.61% Maturity/Dissolution Date 12/20282024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:UnitrancheFirstLienLastOutMember2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 09/20302024-12-310001633336ccap:ConsumerDurablesAndApparelMembercountry:GBus-gaap:DebtSecuritiesMember2024-12-310001633336Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/Dissolution Date 05/20282024-01-012024-12-310001633336ccap:AbilityToSellOrOtherwiseExitInvestmentsMember2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/20292024-01-012024-12-310001633336Company Galway Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20282024-01-012024-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 One2024-12-310001633336us-gaap:UnsecuredDebtMember2025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.07% Maturity/Dissolution Date 12/20272025-12-310001633336Company Teal Acquisition Co., Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberccap:EquityAndOtherMember2024-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 11/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 05/2029 One2025-01-012025-12-310001633336ccap:SmbcCorporateRevolvingFacilityMember2021-12-310001633336Company USA Hometown Experts, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.36% Maturity/ Dissolution Date 12/20302024-01-012024-12-310001633336Company Newcleus, LLC Investment Type Revolver Commitment Expiration Date 8/2/20262025-12-310001633336Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 525 (75 Floor) Interest Rate 9.58% Maturity/Dissolution Date 10/20312024-12-310001633336Investments United States Debt Investments Retailing MeriCal, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 01/20262025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 775 (100 Floor) (plus 75 PIK) Interest Rate 12.37% Maturity/ Dissolution Date 03/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 One2024-12-310001633336Company Lexipol (Ranger Buyer, Inc.) Investment Type Revolver Commitment Expiration Date 11/18/20272025-12-310001633336Company C-4 Analytics Investment Type Revolver Commitment Expiration Date 5/14/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.02% Maturity/ Dissolution Date 02/2031 Two2024-12-310001633336Company Nurture Landscapes Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20282024-12-310001633336Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/20302024-01-012024-12-310001633336Company REP Behavioral Health, LLC Investment Type Revolver Commitment Expiration Date 12/31/20302025-12-310001633336Equity Investments Transportation Xpress Global Systems, LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Transportation Breeze Buyer, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.45% Maturity/Dissolution Date 01/20282025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 12/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 350 (100 Floor) (plus 450 PIK) Interest Rate 11.76% Maturity/ Dissolution Date 04/20262025-12-310001633336Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.88% Maturity / Dissolution Date 06/20312025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575.3 (100 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/20272025-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/20262025-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 10.41% Maturity/Dissolution Date 08/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/20272025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:EquityAndOtherMember2024-12-310001633336ccap:HouseholdAndPersonalProductsMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 550 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 08/20272025-01-012025-12-310001633336Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/20292025-12-310001633336ccap:InvestmentPaysFivePointZeroZeroMember2025-01-012025-12-310001633336ccap:EnergyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 185.5 PIK) Interest Rate 9.68% Maturity/ Dissolution Date 07/20292024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.47% Maturity/ Dissolution Date 06/2028 Two2025-01-012025-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2029 One2025-01-012025-12-310001633336Equity Investments Diversified Financials WhiteHawk III Onshore Fund L.P. Investment Type Partnership Interest2024-12-310001633336us-gaap:CommonStockMember2025-12-310001633336country:NL2024-12-310001633336Company Banker's Toolbox, Inc. Investment Type Revolver Commitment Expiration Date 7/27/20292025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 800 (100 Floor) (including 200 PIK) Interest Rate 12.48% Maturity/Dissolution Date 12/20262024-12-310001633336ccap:EnvocoreLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2027 Two2024-12-310001633336ccap:InvestmentPaysOnePointFiveZeroPercentageMember2025-01-012025-12-310001633336Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited One Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Affinitiv, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 07/20272024-12-310001633336Company Security Risk Advisors Intl, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/20312025-12-310001633336Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.69% Maturity/Dissolution Date 01/20312025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Learn-It Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) (including 275 PIK) Interest Rate 10.00% Maturity/Dissolution Date 09/20262024-12-310001633336Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/20262024-12-310001633336Company Landscape Workshop, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/16/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 02/20272025-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 One2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/2030 One2024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/20252024-12-3100016333362023-04-012023-06-300001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 03/2027 One2025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500, 75 Floor Interest Rate 8.67% Maturity/ Dissolution Date 12/20282025-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 07/20302024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Two2025-01-012025-12-310001633336Company Headlands Buyer, Inc. Investment Type Revolver Commitment Expiration Date 9/29/20322025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/20262024-01-012024-12-310001633336Investments Canada Debt Investments Commercial & Professional Services Klick Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 11/20322025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 02/20312024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Great Lakes Dental Partners, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 725 (100 Floor) (including 100 PIK) Interest Rate 11.71% Maturity/ Dissolution Date 06/20262024-12-310001633336ccap:LoadmasterDerrickEquipmentIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-12-310001633336Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 10/20282025-12-310001633336Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/20262024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 07/20272024-01-012024-12-310001633336Company Homecare Partners Management, LLC Investment Type Revolver Commitment Expiration Date 5/25/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Great Lakes Dental Partners, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 725 (100 Floor) (including 100 PIK) Interest Rate 11.71% Maturity/ Dissolution Date 06/20262024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/20252024-12-310001633336Company Hospice Care Buyer, Inc. Investment Type Revolver Commitment Expiration Date 1/28/20282025-12-310001633336Company Bandon Fitness (Texas) Inc. Investment Type Term Loan Commitment Expiration Date 7/27/20282025-12-310001633336Investments United States Debt Investments Software & Services Perforce Software, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 Interest Rate 11.82% Maturity/Dissolution Date 07/20272025-01-012025-12-310001633336Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 10/20282025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Infobase Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/Dissolution Date 06/20282024-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) (plus 200 PIK) Interest Rate 10.82% Maturity/ Dissolution Date 09/2027 Two2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/ Dissolution Date 04/20302024-01-012024-12-310001633336ccap:SMBCCorporateRevolvingFacilityMember2024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services NRG Controls Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 10/20302025-12-310001633336Investments United States Debt Investments Food, Beverage & Tobacco Mann Lake Ltd. Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/20252024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.86% Maturity/ Dissolution Date 02/20312024-12-310001633336country:GB2024-12-310001633336ccap:SPVAssetFacilityMembersrt:MaximumMember2024-05-312024-05-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/20272024-01-012024-12-310001633336ccap:AbilityToGrowDependsOnOurAbilityToRaiseCapitalMember2025-01-012025-12-310001633336ccap:IsagenixInternationalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001633336Company Formulations Parent Corporation Investment Type Revolver Commitment Expiration Date 11/15/20292024-01-012024-12-310001633336ccap:Series2024AUnsecuredNotes-2028Member2024-12-310001633336ccap:FoodAndStaplesRetailingMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 185.5 PIK) Interest Rate 9.68% Maturity/ Dissolution Date 07/20292024-01-012024-12-310001633336Company Vital Care Buyer, LLC Investment Type Revolver Commitment Expiration Date 7/30/20312024-01-012024-12-310001633336Company Omega Systems Intermediate Holdings, Inc. Investment Type Revolver Commitment Expiration Date 1/15/20312025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 01/20262024-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest Rate 8.94% Maturity/ Dissolution Date 11/20302025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 04/20292025-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 One2024-01-012024-12-310001633336Company Miracle Mile Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-12-310001633336Equity Investments Materials A&A Global Imports, LLC Investment Type Common Stock2025-12-310001633336Investments Australia Debt Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 11/20302024-12-310001633336Company Landscape Workshop, LLC Investment Type Revolver Commitment Expiration Date 5/16/20312025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/20322025-12-310001633336Company Lighthouse Lab Services Investment Type Revolver Commitment Expiration Date 10/25/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, Centria Subsidiary Holdings, LLC, Investment Type Unitranche First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.05%, Maturity/ Dissolution Date 06/20272025-01-012025-12-310001633336ccap:LLCLPEquityInterestsMember2024-12-310001633336Equity Investments Retailing Vivid Seats Ltd. 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Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20302024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured Second Lien Term Loan Interest Term 1000 PIK Maturity/Dissolution Date 12/20262024-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 03/2027 One2025-01-012025-12-310001633336Company USA Hometown Experts, Inc. Investment Type Revolver Commitment Expiration Date 11/8/20292025-01-012025-12-310001633336Company Lash Opco LLC Investment Type Revolver Commitment Expiration Date 9/18/20252024-01-012024-12-310001633336ccap:TransportationMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336Investments Canada Debt Investments Commercial & Professional Services Klick Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 11/20322025-12-310001633336Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/Dissolution Date 05/20302025-01-012025-12-3100016333362025-07-012025-09-300001633336Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.49% Maturity/Dissolution Date 05/20282025-01-012025-12-310001633336Company PPV Intermediate Holdings LLC (Vetcor) Investment Type Revolver Commitment Expiration Date 8/31/20292025-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.35% Maturity/ Dissolution Date 01/20292024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Two2025-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 06/20322025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2026 One2024-12-310001633336Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 10.01% Maturity/Dissolution Date 05/20302024-12-310001633336Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 04/20312025-01-012025-12-310001633336Equity Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Common Stock2024-12-310001633336ccap:RetailingMembercountry:AUus-gaap:DebtSecuritiesMember2024-12-310001633336Company USA Hometown Experts, Inc. 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Investment Type Preferred Stock2025-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 01/20292025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredFirstLienMemberccap:ValuationTechniqueTransactionsPrecedentMember2025-12-310001633336us-gaap:UnsecuredDebtMember2024-01-012024-12-310001633336ccap:EnergyMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 06/20312025-12-310001633336ccap:AxViInv2HoldingAbMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001633336Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Revolver2024-12-310001633336Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 05/20302025-12-310001633336Company Action Signature Acquisition, Inc. Investment Type Revolver Commitment Expiration Date 12/17/20272025-12-310001633336Company Arrow Management Acquisition, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/20272024-01-012024-12-310001633336Company Omni Ophthalmic Management Consultants, LLC Investment Type Revolver Commitment Expiration Date 1/31/20262025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.23% Maturity/Dissolution Date 12/2027 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/20282025-12-310001633336Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.33% Maturity/Dissolution Date 10/20282024-12-310001633336Company Medicus IT Investment Type Revolver Commitment Expiration Date 6/30/20322025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberccap:UnitrancheFirstLienLastOutMember2024-12-310001633336ccap:UnitrancheFirstLienLastOutMember2025-12-310001633336us-gaap:EquitySecuritiesMembercountry:CA2024-12-310001633336Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 450, (75 Floor) Interest Rate 8.29% Maturity/ Dissolution Date 03/20282025-01-012025-12-310001633336Equity Investments Commercial & Professional Services ASP MCS Acquisition Corp. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/20302025-12-310001633336Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/20282024-01-012024-12-310001633336Investments Sweden Equity Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Common Stock2025-12-310001633336Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/20292025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Revolver Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/20252024-01-012024-12-310001633336Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 8/14/20252024-01-012024-12-310001633336ccap:SpvAssetFacilityMember2025-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.58% Maturity/Dissolution Date 12/20292024-01-012024-12-310001633336Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.33% Maturity/Dissolution Date 10/20282024-01-012024-12-310001633336country:NLus-gaap:DebtSecuritiesMember2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. 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Investment Type Common Stock Three2025-12-310001633336ccap:SPVAssetFacilityMember2024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueDiscountedCashFlowsRelatedToOtherInputMemberccap:SeniorSecuredFirstLienMemberccap:MeasurementInputRoyaltyPaymentDiscountRateMembersrt:MaximumMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/20272024-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/20282024-01-012024-12-310001633336ccap:FcrdAcquisitionMember2023-03-092023-03-090001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 11/2028 One2025-01-012025-12-310001633336ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.90% Maturity/ Dissolution Date 07/20292024-12-310001633336ccap:MaterialsMember2024-12-310001633336Company Mann Lake Ltd. Investment Type Revolver Commitment Expiration Date 1/31/20252024-01-012024-12-310001633336Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/20282024-01-012024-12-310001633336Company Lion Cashmere Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/23/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650, (100 Floor) Interest Rate 10.41% Maturity/ Dissolution Date 01/20282025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 04/20292025-01-012025-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. 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Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 One2024-01-012024-12-310001633336Investments United States Equity Investments Food & Staples Retailing Isagenix International, LLC Investment Type Common Stock2025-12-310001633336ccap:Series2023AUnsecuredNotesMember2023-05-092023-05-090001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/4/20262025-01-012025-12-310001633336Company Envocore Holding, LLC Investment Type Revolver Commitment Expiration Date 12/31/20252024-12-310001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 08/20302024-12-310001633336Company Learn-It Systems, LLC Investment Type Revolver Commitment Expiration Date 9/18/20262024-01-012024-12-310001633336us-gaap:CommonStockMember2023-12-310001633336Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 11/16/20252024-12-310001633336Company MB2 Dental Investment Type Revolver Commitment Expiration Date 2/13/20312025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/20262024-12-310001633336Investments United States Debt Investments Commercial & Professional UHY Advisors , Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 11/20312024-12-310001633336Company Receivable Solutions, Inc Investment Type Revolver Commitment Expiration Date 10/1/20252024-01-012024-12-310001633336Foreign Currency Exchange Contract Three Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.86% Maturity/ Dissolution Date 12/20282024-01-012024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 03/20282025-01-012025-12-310001633336ccap:SoftwareServicesMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.24% Maturity/Dissolution Date 06/20262024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/20252024-01-012024-12-310001633336Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/20312025-01-012025-12-310001633336Company Slickdeals Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/30/20252024-01-012024-12-310001633336Equity Investments Diversified Financials ACON Igloo Investors I, LLC Investment Type Partnership Interest2024-12-310001633336Company Belay Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/20302025-01-012025-12-310001633336ccap:InvestmentPaysTwoPointZeroZeroPercentageMember2025-01-012025-12-310001633336us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberccap:ASPMCSAcquisitionCorpMember2023-12-310001633336Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20262024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/ Dissolution Date 11/20272025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberccap:SeniorSecuredSecondLienMember2024-12-310001633336Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, 100 Floor Interest Rate 9.07% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment CallRevu, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 10/20322025-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V Investment Type Unitranche First Lien Term Loan Interest Term E + 625 Interest Rate 9.60% Maturity/ Dissolution Date 04/20312024-12-310001633336Company Pye-Barker Fire & Safety, LLC Investment Type Revolver Commitment Expiration Date 5/24/20302024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.96% Maturity/Dissolution Date 09/2026 One2024-01-012024-12-310001633336Company Essential Services Holding Corporation Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20302025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/20292025-12-310001633336ccap:IncreasinglyCompetitiveMarketForInvestmentOpportunitiesMember2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Revolver Interest Term S + 525 (75 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 06/20282025-12-310001633336country:JEus-gaap:DebtSecuritiesMemberccap:DiversifiedFinancialsMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.44% Maturity/ Dissolution Date 09/20272024-12-310001633336Company ACI Group Holdings, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 600, (50 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 06/20292025-12-310001633336Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/20262025-01-012025-12-310001633336us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001633336ccap:InsuranceMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. 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Investment Type Senior Secured Second Lien Note Interest Term 1200 Interest Rate 12.00% Maturity / Dissolution Date 03/20312024-01-012024-12-310001633336Equity Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Common Stock2024-12-310001633336Company Online Labels Group, LLC Investment Type Revolver Commitment Expiration Date 12/19/20292024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.26% Maturity/Dissolution Date 08/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan One Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2028 One2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 550 Interest Rate 9.22% Maturity/ Dissolution Date 10/20312025-12-310001633336ccap:AutomobilesAndComponentsMemberus-gaap:EquitySecuritiesMembercountry:US2024-12-310001633336Company Minuteman Security Technologies, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/20272025-12-310001633336Equity Investments Software & Services Certify, Inc. Investment Type Common Stock2025-12-310001633336Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/20292024-12-310001633336Company Painters Supply & Equipment Company Investment Type Revolver Commitment Expiration Date 8/10/20272024-12-310001633336Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 04/20312025-01-012025-12-310001633336Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20302024-01-012024-12-310001633336ccap:O2024Q4DividendsMember2025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.13% Maturity/ Dissolution Date 01/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 09/20272025-12-3100016333362024-12-310001633336us-gaap:CommonStockMember2025-01-012025-12-310001633336ccap:VividSeatsLtdMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001633336Company Blue Mantis Investment Type Revolver Commitment Expiration Date 8/19/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Perforce Software, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 Interest Rate 12.46% Maturity/ Dissolution Date 07/20272024-12-310001633336Company Hsid Acquisition, LLC Investment Type Revolver Commitment Expiration Date 1/31/20262024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 06/20302025-12-310001633336Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan Two Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/20272024-01-012024-12-310001633336Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20302024-12-310001633336Company Patriot Growth Insurance Services, LLC Investment Type Revolver Commitment Expiration Date 10/14/20282024-01-012024-12-310001633336country:AU2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/20292024-12-310001633336Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 575 (75 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 03/20282024-12-310001633336ccap:RetailingMember2025-12-310001633336us-gaap:Maturity30To90DaysMemberus-gaap:EuriborFutureMember2024-12-310001633336us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-12-310001633336us-gaap:DebtSecuritiesMembercountry:USccap:ConsumerServicesMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Centria Subsidiary Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/ Dissolution Date 06/20272024-01-012024-12-310001633336Company Vital Care Buyer, LLC Investment Type Revolver Commitment Expiration Date 7/30/20312024-12-310001633336ccap:AutomobilesAndComponentsMember2024-12-310001633336Company Headlands Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/29/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, ConvenientMD Investment Type Senior Secured First Lien Revolver, Interest Term S + 550, Interest Rate 9.44%, Maturity/ Dissolution Date 06/20292025-12-310001633336Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/20262024-01-012024-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 One2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.01% Maturity/ Dissolution Date 07/20292025-01-012025-12-310001633336Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.19% Maturity/Dissolution Date 10/20252024-12-310001633336Company Bandon Fitness Investment Type Revolver Commitment Expiration Date 7/27/20282024-12-310001633336ccap:CapitalGoodsMember2025-12-310001633336Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.10% Maturity/ Dissolution Date 11/20302024-01-012024-12-310001633336ccap:DilutionOfOwnershipPercentageIfOptOutOfDividendReinvestmentPlanMember2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 450 (100 Floor) Interest Rate 11.25% Maturity/ Dissolution Date 04/20262025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 06/20262024-12-310001633336Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 04/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/20252024-01-012024-12-310001633336Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20302025-01-012025-12-310001633336Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20282024-01-012024-12-310001633336Company UHY Advisors , Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/21/20312025-12-310001633336Equity Investments Consumer Services Wrench Group LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336Company Oliver Packaging LLC Investment Type Revolver Commitment Expiration Date 7/6/20282025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 10/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.21% Maturity/Dissolution Date 01/20262024-01-012024-12-310001633336Company UHY Advisors , Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/21/20312024-12-310001633336Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 08/20262024-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.17% Maturity/Dissolution Date 12/20282025-12-310001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/20302025-01-012025-12-3100016333362023-06-300001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 One2025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.23% Maturity/Dissolution Date 12/20272024-01-012024-12-310001633336Company NRG Controls Investment Type Revolver Commitment Expiration Date 10/28/20302025-01-012025-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 8/20/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.05% Maturity/ Dissolution Date 07/20292025-12-310001633336Company Lash Opco LLC Investment Type Revolver Commitment Expiration Date 9/18/20272025-01-012025-12-310001633336country:NL2025-12-310001633336ccap:HealthCareEquipmentAndServicesMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525, (100 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 05/20272025-01-012025-12-310001633336us-gaap:FairValueInputsLevel2Memberccap:EquityAndOtherMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/ Dissolution Date 06/20252024-01-012024-12-310001633336Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Avalign Technologies, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 362.5 (75 Floor) (plus 362.5 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 12/20282025-01-012025-12-310001633336Company ABACUS Holdings I LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/22/20282024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term E + 750 (plus 750 PIK) Interest Rate 9.53% Maturity/ Dissolution Date 07/20292025-12-310001633336ccap:RisksAssociatedWithTechnologicalAdvancesMember2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.49% Maturity/Dissolution Date 05/20282025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences BioAgilytix Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 650 PIK (75 Floor) Interest Rate 11.21% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336ccap:PortfolioCompaniesMayBeHighlyLeveragedMember2025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredSecondLienMember2025-12-310001633336ccap:UnitrancheFirstLastOutMember2025-12-310001633336Company King Mid LLC Investment Type Revolver Commitment Expiration Date 4/23/20312025-01-012025-12-310001633336Equity Investments Commercial & Professional Services TecoStar Holdings, Inc. Investment Type Common Stock2024-12-310001633336Equity Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Common Stock One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 06/20302025-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.20% Maturity/ Dissolution Date 06/2028 One2024-01-012024-12-310001633336Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/20262024-12-310001633336Foreign Currency Exchange Contract Three Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262025-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336Investments Australia Debt Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Unitranche First Lien Term Loan Interest Term B + 500 (50 Floor) Interest Rate 9.38% Maturity/ Dissolution Date 11/20302024-01-012024-12-310001633336Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 9.46% Maturity/Dissolution Date 10/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/20272025-12-310001633336Foreign Currency Exchange Contract One Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262025-12-310001633336Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 250 (100 Floor) (plus 500 PIK) Interest Rate 11.39 Maturity / Dissolution Date 04/20282025-12-310001633336Investments Belgium Equity Investments Commercial & Professional Services Miraclon Corporation Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 06/20292025-12-310001633336Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 06/20282024-12-310001633336Company Soltis Investment Type Revolver Commitment Expiration Date 8/5/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.65% Maturity/ Dissolution Date 09/20272025-01-012025-12-310001633336Company WCT Group Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/20272025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberccap:SeniorSecuredSecondLienMember2024-12-310001633336Company Medicus IT Investment Type Revolver Commitment Expiration Date 6/30/20322025-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Revolver Commitment Expiration Date 12/21/20292025-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Ruffalo Noel Levitz, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) (including 425 PIK) Interest Rate 11.20% Maturity/Dissolution Date 12/20262024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 100 (100 Floor) (plus 950 PIK) Interest Rate 11.50% Maturity/ Dissolution Date 11/20292025-01-012025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 One2025-12-310001633336Company GrapeTree Medical Staffing, LLC Investment Type Revolver Commitment Expiration Date 4/30/20262025-01-012025-12-310001633336Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 1/23/20262025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/20292024-01-012024-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver 1 Interest Term S + 575 (100 Floor) Interest Rate 10.35% Maturity/ Dissolution Date 01/20292024-12-310001633336Company Annuity Health Investment Type Revolver Commitment Expiration Date 2/8/20292025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.49% Maturity/ Dissolution Date 07/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/20272024-12-310001633336ccap:CommercialAndProfessionalServicesMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336Company Medical Review Institute of America Investment Type Revolver Commitment Expiration Date 7/1/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.62% Maturity/ Dissolution Date 11/20302025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/2029 One2025-01-012025-12-310001633336Company Minuteman Security Technologies, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/20272025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 10.77% Maturity/ Dissolution Date 11/20292025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/20262024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/20292024-12-310001633336Equity Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 590 (75 Floor) Interest Rate 10.81% Maturity/ Dissolution Date 12/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 01/20292025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 07/20312025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 12/20292025-12-310001633336Company Soltis Investment Type Revolver Commitment Expiration Date 8/5/20302024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Revolver Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/20252024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 12/20292025-01-012025-12-310001633336us-gaap:DebtSecuritiesMembercountry:FR2024-12-310001633336Equity Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Common Stock One2025-12-310001633336us-gaap:Maturity30To90DaysMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-12-310001633336ccap:Series2023AUnsecuredNotesMember2025-01-012025-12-310001633336Equity Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Common Stock One2025-12-310001633336Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.33% Maturity/ Dissolution Date 03/20282024-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/20262024-12-310001633336ccap:SPVAssetFacilityMembersrt:MaximumMember2025-04-102025-04-100001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.50% Maturity/ Dissolution Date 10/20272024-01-012024-12-310001633336ccap:EconomicRecessionsOrDownturnsMember2025-01-012025-12-310001633336Company Claritas, LLC Investment Type Revolver Commitment Expiration Date 3/31/20262024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.25% Maturity/ Dissolution Date 12/20282025-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/2026 One2024-12-310001633336ccap:UncertaintyToFairValueOfPortfolioInvestmentsMember2025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.10% Maturity/ Dissolution Date 11/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 One2024-12-310001633336ccap:FoodBeverageAndTobaccoMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001633336Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Avalign Technologies, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 01/20312025-01-012025-12-310001633336Company The Hilb Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-12-310001633336ccap:O2026Q1DividendsMemberus-gaap:SubsequentEventMember2026-02-122026-02-120001633336Company EMS Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/23/20272024-01-012024-12-310001633336Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 1/23/20262025-12-310001633336Company MB2 Dental Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/13/20262025-01-012025-12-310001633336ccap:S2025Q13DividendsMember2025-01-012025-12-310001633336Company Odessa Technologies, Inc. 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Holdings LLC (Vetcor) Investment Type Revolver Commitment Expiration Date 8/31/20292024-12-310001633336ccap:CommercialAndProfessionalServicesMembercountry:GBus-gaap:DebtSecuritiesMember2025-12-310001633336Company Teal Acquisition Co., Inc Investment Type Revolver Commitment Expiration Date 9/22/20282025-12-310001633336ccap:EquityAndOtherMember2024-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberccap:SeniorSecuredSecondLienMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 05/20292025-12-310001633336Company Galway Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/7/20262025-12-310001633336Investments United States 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Investment Type Revolver Commitment Expiration Date 9/5/20272024-12-310001633336Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) Two Investment Type Common Stock2024-12-310001633336Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20302025-12-310001633336country:SE2025-12-310001633336Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/20302024-12-310001633336ccap:FoodBeverageAndTobaccoMember2024-12-310001633336Company AX VI INV2 Holding AB (Voff) Investment Type Term Loan Commitment Expiration Date 8/31/20292025-12-310001633336Investment, Identifier [Axis] > Equity Investments Commercial & Professional Services Receivable Solutions, Inc. Investment Type Preferred Stock Class A2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 Interest Rate 12.69% Maturity/Dissolution Date 05/20302024-12-310001633336Company Auveco Holdings Investment Type Revolver Commitment Expiration Date 5/5/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/2026 One2025-12-310001633336Company Essential Services Holding Corporation Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20302024-12-310001633336Equity Investments Commercial & Professional Services RN Enterprises, LLC Investment Type Common Stock Common Equity2025-12-310001633336Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity / Dissolution Date 06/20302025-12-310001633336us-gaap:MaturityUpTo30DaysMemberus-gaap:EuriborFutureMember2024-12-310001633336Company Evolution BuyerCo, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/20262024-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.95% Maturity/Dissolution Date 11/20292024-01-012024-12-310001633336ccap:CommercialAndProfessionalServicesMember2024-12-310001633336Company AX VI INV2 Holding AB (Voff) Investment Type Term Loan Commitment Expiration Date 8/31/20292025-01-012025-12-310001633336Company TriStrux, LLC Investment Type Revolver Commitment Expiration Date 12/15/20262025-01-012025-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (100 Floor) (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 03/20262024-12-310001633336Company Online Labels Group, LLC Investment Type Revolver Commitment Expiration Date 12/19/20292025-01-012025-12-310001633336Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/20272024-12-310001633336Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock One2024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650 Interest Rate 10.64% Maturity/ Dissolution Date 06/20262025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/20262025-12-310001633336Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 410 PIK) Interest Rate 15.35% Maturity/ Dissolution Date 04/20282024-01-012024-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/20282024-12-310001633336Company Alera Group Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.17% Maturity/Dissolution Date 12/20282025-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/20282025-01-012025-12-310001633336ccap:Series2023AUnsecuredNotesMember2025-12-310001633336ccap:ASPMCSAcquisitionCorpMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001633336ccap:UnsecuredDebtOneMember2024-12-310001633336Company Envocore Holding, LLC Investment Type Revolver Commitment Expiration Date 12/31/20272025-12-310001633336us-gaap:SubsequentEventMemberccap:TrancheANotesMember2026-02-172026-02-170001633336Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.87% Maturity / Dissolution Date 06/20312025-01-012025-12-310001633336Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 10.48% Maturity/Dissolution Date 08/20262024-12-310001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) 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Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 One2025-01-012025-12-310001633336Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.33% Maturity/ Dissolution Date 03/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Revolver Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/20252024-01-012024-12-310001633336Investments United States Debt Investments Energy Loadmaster Derrick & Equipment, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) (plus 50 PIK) Interest Rate 10.51% Maturity/ Dissolution Date 07/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Revolver, Interest Term S + 525, (100 Floor), Interest Rate 9.10%, Maturity/ Dissolution Date 08/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 10/20302025-01-012025-12-310001633336Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 12/1/20302025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 08/20302024-12-310001633336Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/20272024-01-012024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.22% Maturity/ Dissolution Date 06/20282024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 08/20272024-01-012024-12-310001633336Equity Investments Automobiles & Components Sun Acquirer Corp. Investment Type Common Stock Common Equity One2025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/20282025-12-310001633336Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/Dissolution Date 11/20282025-12-310001633336Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/20302025-12-310001633336Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.89% Maturity/ Dissolution Date 05/20272024-12-310001633336Investments United States Debt Investments Software & Services Odessa Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 10/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/20282024-12-310001633336ccap:CommercialAndProfessionalServicesMembercountry:AUus-gaap:DebtSecuritiesMember2025-12-310001633336Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 11/20272025-01-012025-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/20282024-01-012024-12-310001633336us-gaap:FairValueInputsLevel2Memberccap:UnitrancheFirstLienMember2024-12-310001633336Equity Investments Food & Staples Retailing Isagenix International, LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/20282024-12-310001633336Company Newcleus, LLC Investment Type Revolver Commitment Expiration Date 8/2/20262025-01-012025-12-3100016333362025-04-012025-06-300001633336ccap:AmountAvailableForDistributionToStockholdersMember2025-01-012025-12-310001633336Company Lightspeed Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 07/20322025-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 150 PIK) Interest Rate 10.18% Maturity/ Dissolution Date 08/20292024-12-310001633336Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 One2024-01-012024-12-3100016333362024-04-012024-06-300001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/20292024-01-012024-12-310001633336Equity Investments Commercial & Professional Services Allied Universal Holdings, LLC Investment Type Common Stock Class A One2024-12-310001633336Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. 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(3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 Interest Rate 8.00% Maturity/ Dissolution Date 07/20292025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/20282024-12-310001633336Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/20302024-12-310001633336Company Seko Global Logistics Network, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/27/20292025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 04/20302025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/20272025-12-310001633336ccap:SPVAssetFacilityMember2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Headlands Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.74% Maturity/ Dissolution Date 09/20322025-12-310001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 11/2028 One2025-12-310001633336Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.36% Maturity/Dissolution Date 09/20282024-01-012024-12-310001633336Company Alcanza Clinical Research Investment Type Revolver Commitment Expiration Date 12/15/20272024-01-012024-12-310001633336Company CRS TH Holdings, Corp. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20272025-12-310001633336Company Cary Street Partners Financial LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/30/20272025-12-310001633336Equity Investments Retailing MeriCal, LLC Investment Type Preferred Stock2024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberccap:UnitrancheFirstLienLastOutMember2025-12-310001633336Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 8/14/20252024-12-310001633336ccap:BBSYMemberus-gaap:Maturity30To90DaysMember2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 550 Interest Rate 10.20% Maturity/Dissolution Date 10/20312024-01-012024-12-310001633336ccap:RiskOfLimitOnAmountOfFundsUseFromAvailableSourcesMember2025-01-012025-12-310001633336Investments United States Equity Investments Consumer Services Mario Purchaser, LLC Investment Type Common Stock2025-12-310001633336Company Pi Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/20272025-01-012025-12-310001633336Company Learn-It Systems, LLC Investment Type Revolver Commitment Expiration Date 9/18/20262024-12-310001633336Investments United States Debt Investments Consumer Services Everlast Parent Inc. 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Investment Type Senior Secured Second Lien Delayed Draw Term Loan Interest Term 1150 Interest Rate 11.50% Maturity/Dissolution Date 10/20282024-12-310001633336Equity Investments Retailing Slickdeals Holdings, LLC One Investment Type Common Stock2025-12-310001633336country:CHccap:PharmaceuticalsBiotechnologyAndLifeSciencesMemberus-gaap:EquitySecuritiesMember2025-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/20262024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, ConvenientMD Investment Type Senior Secured First Lien Revolver, Interest Term S + 550, Interest Rate 9.44%, Maturity/ Dissolution Date 06/20292025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/20292024-01-012024-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Term Loan Interest Term E + 450 (plus 150 PIK) Interest Rate 8.06% Maturity/ Dissolution Date 08/20292025-12-310001633336Investments United States Debt Investments Materials Action Signature Acquisition, Inc. Investment Type Unitranche First Lien Revolver Interest Term 1099.4 PIK Interest Rate 10.99% Maturity/Dissolution Date 12/20272025-12-310001633336Company AX VI INV2 Holding AB (Voff) Investment Type Revolver Commitment Expiration Date 8/31/20292024-12-310001633336Company HGH Purchaser, Inc. 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Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/29/20302025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 9.59% Maturity/ Dissolution Date 04/20282025-12-310001633336Company Action Signature Acquisition, Inc. Investment Type Revolver Commitment Expiration Date 6/17/20262024-01-012024-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/20292025-12-310001633336Company King Mid LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/15/20272024-01-012024-12-310001633336Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 9.11% Maturity/Dissolution Date 10/20312024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336country:BEus-gaap:EquitySecuritiesMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 75 PIK) Interest Rate 11.37% Maturity/Dissolution Date 03/20282024-12-310001633336Equity Investments Transportation Xpress Global Systems, LLC Investment Type Common Stock2025-12-3100016333362024-03-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 10.77% Maturity/ Dissolution Date 11/20292025-12-310001633336Company Vantage Insurance Partners, Inc. Investment Type Revolver Commitment Expiration Date 12/22/20282024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 10/20292024-12-310001633336Company Soltis Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/20302024-12-310001633336Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 11/20302025-12-310001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/20302025-12-310001633336Company Net Health Acquisition Corp Investment Type Revolver Commitment Expiration Date 7/5/20312025-01-012025-12-310001633336Company King Mid LLC Investment Type Revolver Commitment Expiration Date 4/23/20312025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 550 Interest Rate 10.20% Maturity/Dissolution Date 10/20312024-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500, 75 Floor Interest Rate 8.67% Maturity/ Dissolution Date 12/20282025-01-012025-12-310001633336Company Benesys Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 02/20272025-12-310001633336ccap:SoftwareAndServicesMember2025-12-310001633336Company MHS Acquisition Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/21/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Affinitiv, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) (plus 200 PIK) Interest Rate 10.93% Maturity/ Dissolution Date 07/20272025-12-310001633336Company Headlands Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/2026 One2024-12-310001633336Company Homecare Partners Management, LLC Investment Type Revolver Commitment Expiration Date 5/25/20272024-12-310001633336us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001633336Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Imagenet, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.55% Maturity/ Dissolution Date 12/2027 Two2024-01-012024-12-310001633336ccap:CrescentSunLifeAndOtherRelatedPartiesMember2025-12-310001633336ccap:TwoThousandAndTwentySixUnsecuredNotesMemberccap:SunLifeFinancialIncMember2025-01-012025-12-310001633336Company MRI Software LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/20272024-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Headlands Buyer, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 01/20312025-12-310001633336Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/20272025-12-310001633336ccap:FCRXUnsecuredNotesMember2023-03-090001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/20272025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/20292024-12-310001633336Company Hsid Acquisition, LLC Investment Type Revolver Commitment Expiration Date 1/31/20262024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 11/20302025-01-012025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/20282025-12-310001633336Company HS Spa Holdings Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 One2024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Security Risk Advisors Intl, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 09/20312025-12-310001633336ccap:SlickdealsHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001633336ccap:S2023Q4DividendsMember2025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberccap:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputEbitdaMultipleMemberccap:UnitrancheFirstLienMember2025-12-310001633336ccap:ConsumerDurablesAndApparelMembercountry:GBus-gaap:DebtSecuritiesMember2025-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.49% Maturity/ Dissolution Date 11/20302025-01-012025-12-310001633336Company Solvias AG Investment Type Revolver Commitment Expiration Date 2/27/20322025-12-310001633336Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/20312025-12-310001633336Company Lighthouse Lab Services Investment Type Revolver Commitment Expiration Date 10/25/20272024-01-012024-12-310001633336country:FI2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 04/20262024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.35%, Maturity/ Dissolution Date 08/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/20272024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 08/20292024-01-012024-12-310001633336Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. Settlement Date 3/22/20282024-12-310001633336Equity Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Common Stock One2024-12-310001633336Investments United Kingdom Equity Investments Health Care Equipment & Services VetStrategy Investment Type Preferred Stock2024-12-310001633336ccap:GACPIILPAndWhiteHawkIIIOnshoreFundLPMember2021-01-012021-12-310001633336Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.88% Maturity / Dissolution Date 06/20312025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 06/20292025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 12/20282024-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/20282025-01-012025-12-310001633336Company Cary Street Partners Financial LLC Investment Type Revolver Commitment Expiration Date 5/30/20312025-12-310001633336Company Arrow Management Acquisition, LLC Investment Type Revolver Commitment Expiration Date 10/14/20272024-01-012024-12-310001633336Company Hamsard 3778 Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/20312024-12-310001633336ccap:RetailingMembercountry:USus-gaap:EquitySecuritiesMember2025-12-310001633336Company Benesys Inc. Investment Type Revolver One Commitment Expiration Date 10/3/20252024-01-012024-12-310001633336Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/20282024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.01% Maturity/ Dissolution Date 04/20292025-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 11/20302025-01-012025-12-310001633336Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Term Loan Maturity/ Dissolution Date 07/20282025-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.86% Maturity/Dissolution Date 11/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 12/20302025-12-310001633336ccap:AxViInv2HoldingAbMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 640 (100 Floor) Interest Rate 10.39% Maturity/Dissolution Date 02/20292025-01-012025-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberccap:UnitrancheFirstLienLastOutMember2025-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.44% Maturity/ Dissolution Date 06/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/20262024-01-012024-12-310001633336ccap:SpvAssetFacilityMember2024-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Preferred Stock2025-12-310001633336Company Sydney US Buyer Corp. (3B Scientific) Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/14/20262025-01-012025-12-310001633336Equity Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.35%, Maturity/ Dissolution Date 08/20272025-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest Rate 8.94% Maturity/ Dissolution Date 11/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/2026 Two2025-12-310001633336Company The Hilb Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20312024-12-310001633336Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 11/16/20252024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 07/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 09/20272025-12-310001633336Equity Investments Commercial & Professional Services Allied Universal Holdings, LLC Investment Type Common Stock Class A2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.58% Maturity/ Dissolution Date 05/20262024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services Marlin DTC-LS Midco 2, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.32% Maturity/ Dissolution Date 07/20262025-12-310001633336Company C-4 Analytics Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/14/20262025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 07/20272024-01-012024-12-310001633336Company PCS Retirement Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/27/20262024-12-310001633336Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.86% Maturity/Dissolution Date 10/20282024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 640 (100 Floor) Interest Rate 10.39% Maturity/ Dissolution Date 04/20292025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 8.57% Maturity/ Dissolution Date 06/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 06/20302024-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 07/20302024-12-310001633336country:GBus-gaap:EquitySecuritiesMember2025-12-310001633336Investments United States Debt Investments Diversified Financials Alera Group Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.82% Maturity/Dissolution Date 09/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/Dissolution Date 05/20302025-12-310001633336Investments United States Equity Investments Diversified Financials Gryphon Partners 3.5, L.P. Investment Type Partnership Interest2025-12-310001633336Equity Investments Retailing Palmetto Moon LLC Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 02/20292025-12-310001633336Equity Investments Capital Goods Envocore Holding, LLC Investment Type Preferred Stock2024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.22% Maturity/ Dissolution Date 06/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 02/20272025-01-012025-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term E + 1000 (including 1339 PIK) Interest Rate 13.39% Maturity/ Dissolution Date 08/20302024-01-012024-12-310001633336Investments France Debt Investments Commercial & Professional Services Efor Holding Investment Type Unitranche First Lien Term Loan Interest Term E + 650 Interest Rate 9.36% Maturity/ Dissolution Date 10/20302024-12-310001633336ccap:SPVAssetFacilityMember2024-05-312024-05-310001633336us-gaap:RetainedEarningsMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 03/20262025-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.59% Maturity/ Dissolution Date 11/20292025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 05/20322025-01-012025-12-310001633336ccap:GACPIILPMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001633336Equity Investments Capital Goods Envocore Holding, LLC Investment Type Preferred Stock2025-12-310001633336Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/20252024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.59% Maturity/ Dissolution Date 11/20292025-12-310001633336ccap:CapitalGoodsMember2024-12-310001633336Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 08/2026 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 Two2025-12-310001633336ccap:Series2023AUnsecuredNotesMember2023-05-090001633336Company Sydney US Buyer Corp. (3B Scientific) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/8/2029 One2024-01-012024-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Avidity Acquisition B.V. Investment Type Unitranche First Lien - Last Out Delayed Draw Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/20322025-12-310001633336Company Flow Service Partners Intermediate Holdco LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/20302025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 12/20272024-12-310001633336Company Winxnet Holdings LLC Investment Type Revolver Commitment Expiration Date 12/31/20262025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 12/20262025-01-012025-12-310001633336ccap:Series2024AUnsecuredNotes-2030Member2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Delayed Draw Term Loan Maturity/Dissolution Date 10/20312025-12-310001633336ccap:AutomobilesAndComponentsMembercountry:USus-gaap:EquitySecuritiesMember2025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredFirstLienMember2025-12-310001633336Investments United States Debt Investments Software & Services TMA Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.92% Maturity/Dissolution Date 09/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/ Dissolution Date 10/2026 One2024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 08/20272024-12-310001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/20302025-01-012025-12-310001633336Company Avalign Technologies, Inc. Investment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-12-310001633336Company Claritas, LLC Investment Type Revolver Commitment Expiration Date 3/31/20262024-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.94% Maturity/Dissolution Date 11/20292024-12-310001633336Equity Investments Consumer Services Mario Purchaser, LLC Investment Type Common Stock One2024-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences Nephron Pharmaceuticals, LLC Investment Type Common Stock2025-12-310001633336ccap:FoodAndStaplesRetailingMember2025-12-310001633336Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.83% Maturity / Dissolution Date 12/20272024-12-310001633336Investments United States Debt Investments Commercial & Professional Services NRG Controls Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/20302025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 06/20312025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/20272025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberccap:UnitrancheFirstLienMember2024-12-310001633336Investments United States Debt Investments Software & Services Ruffalo Noel Levitz, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) (including 425 PIK) Interest Rate 11.26% Maturity/Dissolution Date 12/20262024-01-012024-12-310001633336country:AUus-gaap:EquitySecuritiesMember2025-12-310001633336Company GH Parent Holdings Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 One2025-01-012025-12-310001633336ccap:Series2021AUnsecuredNotesMember2021-02-170001633336Company Duraserv LLC Investment Type Revolver Commitment Expiration Date 6/10/20302025-01-012025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueDiscountedCashFlowsRelatedToOtherInputMemberccap:SeniorSecuredFirstLienMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 05/20292024-12-310001633336ccap:GoldmanSachsFinancialSquareGovernmentFundMember2024-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Investment Type Common Stock2025-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Revolver Commitment Expiration Date 12/21/20292025-01-012025-12-310001633336Investments Jersey Debt Investments Diversified Financials Primrose Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 550 Interest Rate 9.47% Maturity/ Dissolution Date 11/20312025-01-012025-12-310001633336country:CA2025-12-310001633336Investments United Kingdom Equity Investments Health Care Equipment & Services VetStrategy Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 03/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.58% Maturity/Dissolution Date 10/20302024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 05/20322025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.23% Maturity/ Dissolution Date 05/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Unsecured Debt Interest Term 1415.2 PIK Interest Rate 14.15% Maturity/ Dissolution Date 05/20262025-12-310001633336ccap:FutureCreditRatingsMember2025-01-012025-12-310001633336Company Imagenet, LLC Investment Type Revolver Commitment Expiration Date 12/31/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, ConvenientMD Investment Type Senior Secured First Lien Term Loan, Interest Term S + 525, Interest Rate 9.22%, Maturity/ Dissolution Date 06/20292025-12-310001633336Company Duraserv LLC Investment Type Revolver Commitment Expiration Date 6/10/20302025-12-310001633336Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262024-01-012024-12-310001633336Company New Era Technology, Inc. Investment Type Revolver Commitment Expiration Date 6/30/20302025-01-012025-12-310001633336Investments United States Equity Investments Consumer Services HGH Purchaser, Inc. Investment Type Common Stock2025-12-310001633336Company Balance Partners Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20272025-01-012025-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 10/20262024-12-310001633336Equity Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/20272025-01-012025-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One2024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberccap:UnitrancheFirstLienMember2025-12-310001633336Investments United States Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/ Dissolution Date 06/20252024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.49% Maturity/ Dissolution Date 07/20272025-01-012025-12-310001633336Investments Sweden Equity Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences BioAgilytix Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 250 (plus 400 PIK) Interest Rate 10.27% Maturity/ Dissolution Date 12/20282025-01-012025-12-310001633336Company PromptCare Intermediate, LP Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/19/20302025-01-012025-12-310001633336ccap:RevolvingCreditFacilityWithCapitalOneMember2017-06-290001633336Company Medical Review Institute of America Investment Type Revolver Commitment Expiration Date 7/1/20302024-12-310001633336Company GH Parent Holdings Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 Two2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 Two2024-12-310001633336Company List Partners, Inc. Investment Type Revolver Commitment Expiration Date 6/30/20252024-01-012024-12-310001633336Investments United States Debt Investments Diversified Financials CRS TH Holdings, Corp. Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 12/20322025-01-012025-12-310001633336Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/2026 One2025-12-310001633336Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/20312025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ConvenientMD Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 Interest Rate 9.66% Maturity/ Dissolution Date 06/20292024-01-012024-12-310001633336Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 03/20302025-12-310001633336Company Strata Information Group, Inc. 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Investment Type Unitranche First Lien - Last Out Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/20322025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 05/20292025-12-310001633336Investments United States Debt Investments Software & Services Odessa Technologies, Inc. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 10/20272025-12-310001633336Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/20282025-12-310001633336Company Nurture Landscapes Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20282024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberccap:SeniorSecuredFirstLienMember2024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 01/20292024-12-310001633336Company Affinitiv, Inc. Investment Type Revolver Commitment Expiration Date 7/26/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/2026 One2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/20292024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.76% Maturity/Dissolution Date 09/20262024-01-012024-12-310001633336Company Essential Services Holding Corporation Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/20272024-12-310001633336Company Landscape Workshop, LLC Investment Type Revolver Commitment Expiration Date 5/16/20312025-12-310001633336country:AU2025-12-310001633336Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 450 Interest Rate 8.29% Maturity/ Dissolution Date 03/20282025-01-012025-12-310001633336Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/29/20302024-01-012024-12-310001633336Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Revolver Commitment Expiration Date 6/2/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.62% Maturity/ Dissolution Date 06/20302025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term 942 PIK (75 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.48% Maturity/ Dissolution Date 12/20272024-01-012024-12-310001633336Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/20302024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 One2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.59% Maturity/Dissolution Date 07/20272024-12-310001633336Company Evergreen IX Borrower 2023, LLC Investment Type Revolver Commitment Expiration Date 9/29/20292024-01-012024-12-310001633336ccap:RiskOfInvestorsInvestingInCommonStockAndDebtSecuritiesMember2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/2029 One2025-12-310001633336Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/20272024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 11/20292025-01-012025-12-310001633336Company TMA Buyer, LLC Investment Type Revolver Commitment Expiration Date 9/30/20272024-12-310001633336Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 800 (100 Floor) (including 200 PIK) Interest Rate 12.48% Maturity/Dissolution Date 12/20262024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Avalign Technologies, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S +725 (75 Floor) (including 362.5 PIK) Interest Rate 11.76% Maturity/ Dissolution Date 12/20282024-12-310001633336us-gaap:UnsecuredDebtMember2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Explorer Investor, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600, (50 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 06/20292025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.36% Maturity/ Dissolution Date 12/20302024-12-310001633336Company Pi Buyer, LLC Investment Type Revolver Commitment Expiration Date 8/29/20322025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Avalign Technologies, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 362.5 (75 Floor) (plus 362.5 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 12/20282025-12-310001633336Company USA Hometown Experts, Inc. Investment Type Revolver Commitment Expiration Date 11/8/20292024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberccap:UnitrancheFirstLienLastOutMember2024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 10.01% Maturity/Dissolution Date 12/20292024-12-310001633336Company DecisionHR Holdings, Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/8/20272025-01-012025-12-310001633336Investments United States Equity Investments Diversified Financials iLending LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 09/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 Interest Rate 8.00% Maturity/ Dissolution Date 07/20292025-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/20252024-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2028 One2025-12-310001633336ccap:FCRXUnsecuredNotesMember2025-01-012025-12-310001633336Investments United States Equity Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Common Stock2025-12-3100016333362025-01-012025-12-310001633336Company Action Signature Acquisition, Inc. Investment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-12-310001633336Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 636.93 Interest Rate 10.34% Maturity/ Dissolution Date 10/20302025-01-012025-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/20292025-01-012025-12-310001633336ccap:SPVAssetFacilityMembersrt:MinimumMember2024-05-312024-05-310001633336Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 575 (75 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 03/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/20252024-01-012024-12-310001633336Equity Investments Software & Services NMN Holdings III Corp. Investment Type Common Stock2025-12-310001633336us-gaap:PrimeRateMemberus-gaap:MaturityOvernightMember2024-12-310001633336ccap:CommercialAndProfessionalServicesMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.94% Maturity/Dissolution Date 11/20292024-01-012024-12-310001633336Company Stepping Stones Healthcare Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20282024-01-012024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberccap:UnitrancheFirstLienMember2024-12-310001633336Company NRG Controls Investment Type Revolver Commitment Expiration Date 10/28/20302024-12-310001633336Company Homecare Partners Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/18/20302024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 10/2031 One2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 11/20292025-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.57% Maturity/Dissolution Date 08/20272025-01-012025-12-310001633336Investments Finland Debt Investments Software & Services SC MidCo Oy Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 525 Interest Rate 7.33% Maturity/ Dissolution Date 03/2032 Investments Finland Debt Investments Software & Services SC MidCo Oy Investment Type Unitranche First Lien Term Loan Interest Term SN + 525 Interest Rate 7.67% Maturity/ Dissolution Date 03/20322025-12-310001633336Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/20292024-01-012024-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/20282025-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20272025-01-012025-12-310001633336us-gaap:DebtSecuritiesMemberccap:DiversifiedFinancialsMembercountry:US2024-12-310001633336Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 200 (100 Floor) (plus 600 PIK) Interest Rate 11.82% Maturity/ Dissolution Date 08/2027 One2025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 11/20302024-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/20302024-12-310001633336Company Receivable Solutions, Inc Investment Type Revolver Commitment Expiration Date 4/1/20262025-01-012025-12-310001633336ccap:ElectingShareMemberccap:FcrdAcquisitionMember2023-03-090001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475, (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 10/20292025-01-012025-12-310001633336Company Centria Subsidiary Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/9/20272025-12-310001633336Company RN Enterprises, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/20312025-12-310001633336ccap:RisksOfInflationMember2025-01-012025-12-310001633336Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/20292024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 11/20292025-12-310001633336Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, 100 Floor Interest Rate 9.07% Maturity/ Dissolution Date 05/20292025-12-310001633336ccap:CapitalGoodsMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.96% Maturity/ Dissolution Date 05/20272024-01-012024-12-310001633336Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/20312024-12-310001633336ccap:Series2021AUnsecuredNotesMember2024-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/20282024-01-012024-12-310001633336Company Alcanza Clinical Research Investment Type Revolver Commitment Expiration Date 12/15/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 06/20302024-12-310001633336Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.24% Maturity/ Dissolution Date 07/20272025-12-310001633336ccap:AllyCorporateRevolvingFacilityMember2021-10-270001633336ccap:HealthCareEquipmentAndServicesMember2025-12-310001633336Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/Dissolution Date 11/20282025-01-012025-12-310001633336ccap:RiskInPaymentOfAdviserFeesMember2025-01-012025-12-310001633336Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services FH MD Buyer, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 07/20282024-01-012024-12-310001633336Equity Investments Consumer Services Legalshield Investment Type Common Stock2024-12-310001633336Company Avalign Technologies, Inc. Investment Type Revolver Commitment Expiration Date 12/20/20282025-12-310001633336Investments United States Debt Investments Commercial & Professional Services UHY Advisors , Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 11/20312025-01-012025-12-310001633336Equity Investments Insurance Evolution BuyerCo, Inc. Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 12/20302025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 One2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Four2024-12-310001633336Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 800 (100 Floor) (including 200 PIK) Interest Rate 12.48% Maturity/Dissolution Date 12/20262024-01-012024-12-310001633336ccap:FoodAndStaplesRetailingMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 09/20272025-01-012025-12-310001633336ccap:TrancheBNotesMemberus-gaap:SubsequentEventMember2026-02-170001633336ccap:GACPIILPAndWhiteHawkIIIOnshoreFundLPMember2024-01-012024-12-310001633336Company Blue Mantis Investment Type Revolver Commitment Expiration Date 8/19/20302024-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 02/20292024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 08/20302024-01-012024-12-310001633336Company Acu-Serve, LLC Investment Type Revolver Commitment Expiration Date 10/18/20292024-01-012024-12-310001633336Company Patriot Acquisition Topco S.A.R.L Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/20262025-12-310001633336Investments United States Debt Investments Commercial & Professional Services NRG Controls Investment Type Unitranche First Lien Revolver2024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.07% Maturity/Dissolution Date 12/20272025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 06/20322025-12-310001633336Investments United States Debt Investments Capital Goods Eshipping Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.47% Maturity/Dissolution Date 11/20272024-01-012024-12-310001633336Company CRS TH Holdings, Corp. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 Two2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, Centria Subsidiary Holdings, LLC, Investment Type Unitranche First Lien Revolver, Maturity/ Dissolution Date 06/20272024-12-310001633336Equity Investments Consumer Services HGH Purchaser, Inc. Investment Type Common Stock Class A2024-12-310001633336Company Minuteman Security Technologies, Inc. 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Investment Type Common Stock2025-12-310001633336ccap:SlickdealsHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001633336Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 11/20272025-12-310001633336Investments United States Debt Investments Diversified Financials Pi Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/20322025-12-310001633336us-gaap:InvestmentAffiliatedIssuerControlledMemberccap:OemGroupLlcMember2025-01-012025-12-310001633336Company Annuity Health Investment Type Revolver Commitment Expiration Date 2/8/20292024-01-012024-12-310001633336Company BVI Medical Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/7/20272025-12-310001633336country:JEus-gaap:DebtSecuritiesMember2024-12-310001633336Equity Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Common Stock2025-12-310001633336Company Strata Information Group, Inc. Investment Type Revolver Commitment Expiration Date 12/31/20302024-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/20292025-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term 1206.2 PIK Interest Rate 12.06% Maturity/ Dissolution Date 08/20302025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575.3 (100 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2029 One2024-01-012024-12-310001633336Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/20252024-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredFirstLienMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310001633336Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 665 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 06/20262024-12-310001633336Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/20272025-01-012025-12-3100016333362023-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/20272025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/20292025-01-012025-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (plus 775 PIK) Interest Rate 11.72% Maturity/ Dissolution Date 07/20292025-01-012025-12-3100016333362025-12-310001633336Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 625 Interest Rate 11.32% Maturity/ Dissolution Date 10/20302024-12-310001633336Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.53% Maturity/Dissolution Date 09/20282024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueBrokerQuotedMemberccap:UnitrancheFirstLienMember2025-12-310001633336Company Evolution BuyerCo, Inc. Investment Type Revolver Commitment Expiration Date 4/30/20272024-12-310001633336us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberccap:Maturity180To365DaysMember2025-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/20262024-01-012024-12-310001633336Company Odessa Technologies, Inc. Investment Type Revolver Commitment Expiration Date 10/19/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/20272024-12-310001633336Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/20312025-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/20272024-12-310001633336Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (100 Floor) (including 407.5 PIK) Interest Rate 11.48% Maturity/Dissolution Date 01/20272024-12-310001633336Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/20272025-01-012025-12-310001633336Company Plasma Buyer LLC (PathGroup) Investment Type Revolver Commitment Expiration Date 5/12/20292024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional UHY Advisors, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.26% Maturity/Dissolution Date 11/20312024-12-3100016333362023-10-012023-12-310001633336Company Avidity Acquisition B.V. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/4/20292025-01-012025-12-310001633336Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/20282024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Infobase Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/Dissolution Date 06/20282024-01-012024-12-310001633336ccap:InsuranceMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberccap:SeniorSecuredFirstLienMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueBrokerQuotedMemberccap:UnitrancheFirstLienMember2024-12-310001633336Company Oliver Packaging LLC Investment Type Revolver Commitment Expiration Date 7/6/20282024-12-310001633336Company ABACUS Holdings I LLC Investment Type Revolver Commitment Expiration Date 6/22/20282024-12-310001633336Investments United States Debt Investments Consumer Services Learn-It Systems, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) (including 275 PIK) Interest Rate 10.76% Maturity/Dissolution Date 09/20262024-01-012024-12-310001633336Investments United States Equity Investments Consumer Services Legalshield Investment Type Common Stock2025-12-310001633336Company Medicus IT Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/9/20262024-01-012024-12-310001633336Company Omega Systems Intermediate Holdings, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/15/20272025-01-012025-12-310001633336Equity Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Common Stock2024-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/20292025-12-310001633336Company Career Certified, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/19/20312025-01-012025-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.09% Maturity/ Dissolution Date 06/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 11/2028 One2024-12-310001633336ccap:RisksOfSubordinatedInvestmentsMember2025-01-012025-12-310001633336country:GBus-gaap:EquitySecuritiesMember2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/20292025-01-012025-12-310001633336Company Benesys Inc. Investment Type Revolver Commitment Expiration Date 10/5/20262025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.32% Maturity/ Dissolution Date 03/20272025-01-012025-12-310001633336ccap:InvestmentAdvisoryAgreementMember2025-01-012025-12-310001633336Company Plasma Buyer LLC (PathGroup) Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/12/20292025-01-012025-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/20272024-01-012024-12-310001633336Equity Investments Consumer Services Wrench Group LLC Investment Type Common Stock One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/20262025-12-310001633336ccap:SlickdealsHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001633336ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan2024-12-310001633336ccap:O2023Q4DividendsMember2025-01-012025-12-310001633336Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 9.22% Maturity/ Dissolution Date 05/20282025-01-012025-12-310001633336country:SEus-gaap:DebtSecuritiesMember2025-12-310001633336Investments United States Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 08/20282025-12-310001633336ccap:FCRXUnsecuredNotesMember2023-03-092023-03-090001633336ccap:CrescentsPrincipalsAndEmployeesAdviserMember2025-01-012025-12-310001633336Company Guardian Access Solutions Investment Type Revolver Commitment Expiration Date 8/24/20292025-12-310001633336ccap:InsuranceMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336ccap:CommercialAndProfessionalServicesMembercountry:AUus-gaap:DebtSecuritiesMember2024-12-310001633336Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) (including 407.5 PIK) Interest Rate 11.48% Maturity/Dissolution Date 01/20272024-12-310001633336ccap:O2026Q1DividendsMemberus-gaap:SubsequentEventMember2026-02-120001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/20272024-01-012024-12-310001633336Equity Investments Software & Services Park Place Technologies, LLC Investment Type Common Stock Class W2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 9.97% Maturity/ Dissolution Date 03/20322025-01-012025-12-310001633336Company GH Parent Holdings Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 One2025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberus-gaap:UnsecuredDebtMember2024-12-310001633336Company Eshipping Investment Type Revolver Commitment Expiration Date 11/5/20272024-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 9.78% Maturity/Dissolution Date 09/20282024-12-310001633336Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan One Interest Term S + 500 (75 Floor) Interest Rate 9.36% Maturity/Dissolution Date 09/20282024-12-310001633336Company APC Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20272025-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 150 PIK) Interest Rate 10.18% Maturity/ Dissolution Date 08/20292024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 07/20272024-12-310001633336Investments Switzerland Equity Investments Pharmaceuticals, Biotechnology & Life Sciences Sequence Parent Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/20292025-12-310001633336Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (100 Floor) (including 407.5 PIK) Interest Rate 11.48% Maturity/Dissolution Date 01/20272024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.20% Maturity/Dissolution Date 12/20262024-01-012024-12-310001633336us-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 05/20282025-01-012025-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 03/20262024-12-310001633336Company Bandon Fitness (Texas) Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/26/20262025-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberccap:UnitrancheFirstLienLastOutMember2025-12-310001633336ccap:SMBCCorporateRevolvingFacilityMemberccap:RevolvingCommitmentMember2024-12-032024-12-030001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Four2024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 12/20282025-12-310001633336ccap:SharesOfCommonStockTradedAtDiscountFromNetAssetValueMember2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 06/20302025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/20292025-12-310001633336ccap:InvestmentPaysOnePointSevenFivePercentageMember2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/20272025-01-012025-12-310001633336Equity Investments Automobiles & Components Sun Acquirer Corp. Investment Type Common Stock Common Equity2025-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Avidity Acquisition B.V. Investment Type Unitranche First Lien - Last Out Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/20322025-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 08/20272025-12-310001633336ccap:TechnologyHardwareAndEquipmentMember2025-12-310001633336country:AUus-gaap:DebtSecuritiesMember2025-12-310001633336Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20262024-12-310001633336Company Security Risk Advisors Intl, LLC Investment Type Revolver Commitment Expiration Date 9/30/20312025-12-310001633336ccap:AutomobilesAndComponentsMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Company Medicus IT Investment Type Revolver Commitment Expiration Date 6/30/2032 One2025-12-310001633336Company iLending LLC Investment Type Revolver Commitment Expiration Date 12/21/20282025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/20302025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/20292024-12-310001633336ccap:SeniorSecuredFirstLienMember2024-01-012024-12-310001633336us-gaap:EuriborFutureMemberccap:Maturity180To365DaysMember2024-12-310001633336ccap:ConsumerDurablesAndApparelMember2024-12-310001633336Company MB2 Dental Investment Type Revolver Commitment Expiration Date 2/13/20312024-12-310001633336country:CHccap:PharmaceuticalsBiotechnologyAndLifeSciencesMemberus-gaap:DebtSecuritiesMember2025-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/20292025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 9.90% Maturity/ Dissolution Date 10/20272025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 11/20302024-01-012024-12-310001633336Company Arrow Management Acquisition, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525, (100 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 05/20272025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 12/20262025-12-310001633336Company Cary Street Partners Financial LLC Investment Type Revolver Commitment Expiration Date 5/30/20312025-01-012025-12-310001633336Investments Jersey Debt Investments Diversified Financials Primrose Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 550 Interest Rate 10.20% Maturity/ Dissolution Date 10/20312024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S +650 (100 Floor) (including 100 PIK) Interest Rate 11.98% Maturity/ Dissolution Date 03/20272024-01-012024-12-310001633336Equity Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Common Stock2024-12-310001633336Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20302024-12-310001633336Company Mario Purchaser, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/20292024-01-012024-12-310001633336Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.28% Maturity/ Dissolution Date 12/20312025-01-012025-12-310001633336ccap:SaronMemberus-gaap:MaturityUpTo30DaysMember2025-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 06/20302025-01-012025-12-310001633336ccap:InvestmentPaysTwoPointTwoFivePercentageMember2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/20312024-01-012024-12-310001633336Equity Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Common Stock2024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Crusoe Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 652.66 Interest Rate 11.72% Maturity/ Dissolution Date 12/20272024-12-310001633336Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Two Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/20282024-01-012024-12-310001633336ccap:HealthCareEquipmentAndServicesMembercountry:GBus-gaap:EquitySecuritiesMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 05/20292024-12-310001633336Company Avalign Technologies, Inc. Investment Type Revolver Commitment Expiration Date 12/20/20282024-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 01/20292024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 12/20302024-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/20282025-01-012025-12-310001633336ccap:SemiconductorAndSemiconductorEquipmentMember2024-12-310001633336Company Teal Acquisition Co., Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-12-310001633336Investments United States Debt Investments Semiconductor and Semiconductor Equipment OEM Group, LLC Investment Type Senior Secured Second Lien Term Loan Maturity/Dissolution Date 09/20252024-12-310001633336Company Bayside Opco, LLC Investment Type Revolver Commitment Expiration Date 5/31/20262025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/20282024-01-012024-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Avidity Acquisition B.V. Investment Type Unitranche First Lien - Last Out Delayed Draw Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/20322025-01-012025-12-310001633336Company EMS Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/23/20272024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One2024-01-012024-12-310001633336Company Duraserv LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/10/20312024-12-310001633336ccap:SemiconductorAndSemiconductorEquipmentMemberus-gaap:EquitySecuritiesMembercountry:US2024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Maturity/Dissolution Date 02/2026 One2025-12-310001633336ccap:EquityAndOtherMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 02/20272025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.32% Maturity/ Dissolution Date 03/20282025-12-310001633336Company CRS TH Holdings, Corp. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 10.13% Maturity/ Dissolution Date 03/20322025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/20262025-12-310001633336Company Eshipping Investment Type Revolver Commitment Expiration Date 11/5/20272024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Revolver Interest Term 750 Interest Rate 7.50% Maturity/Dissolution Date 12/20252024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 02/20292025-12-310001633336us-gaap:FairValueInputsLevel1Member2025-12-310001633336Company Guardian Access Solutions Investment Type Revolver Commitment Expiration Date 8/24/20292024-12-310001633336Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 575 Interest Rate 10.23% Maturity/ Dissolution Date 03/20282024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredSecondLienMember2024-12-310001633336Company iLending LLC Investment Type Revolver Commitment Expiration Date 6/21/20262024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Headlands Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 09/20322025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/20272024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 (50 Floor) Interest Rate 12.47% Maturity/Dissolution Date 12/20292024-12-310001633336us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberccap:Maturity90To180DaysMember2024-12-310001633336Company Saturn Borrower Inc Investment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-12-310001633336ccap:Series2023AUnsecuredNotesMember2023-12-310001633336Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.46% Maturity/ Dissolution Date 06/20262024-12-310001633336Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 625 Interest Rate 11.07% Maturity/ Dissolution Date 10/20302024-12-310001633336ccap:MarketPriceOfCommonStockMayFluctuateSignificantlyMember2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Bankers Toolbox, Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/ Dissolution Date 07/20272024-12-310001633336country:CHus-gaap:EquitySecuritiesMember2025-12-310001633336ccap:EquityAndOtherMember2025-12-310001633336Company Staff Boom, LLC Investment Type Revolver Commitment Expiration Date 9/19/20312025-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.11% Maturity/ Dissolution Date 01/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.01% Maturity/ Dissolution Date 07/20292025-12-310001633336Investments United States Debt Investments Diversified Financials iLending LLC Investment Type Senior Secured First Lien Revolver Maturity / Dissolution Date 06/20262024-12-310001633336Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 One2025-12-310001633336ccap:TransportationMember2025-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/20262024-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 Three2024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.48% Maturity/ Dissolution Date 12/20272024-12-310001633336Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Two Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/20282024-12-310001633336ccap:DifficultyPayingOurRequiredDistributionsMember2025-01-012025-12-310001633336Company Online Labels Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 One2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unsecured Debt Interest Term 1400 PIK Interest Rate 14.00% Maturity/ Dissolution Date 02/20302025-12-310001633336Company RWA Wealth Partners, LLC. Investment Type Revolver Commitment Expiration Date 11/15/20302024-12-310001633336Investments United States Debt Investments Capital Goods Claritas, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 03/20282025-12-310001633336Investments United States Debt Investments Automobiles & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/20282025-12-310001633336ccap:SmbcCorporateRevolvingFacilityMember2023-12-310001633336Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/20282025-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V. Investment Type Unitranche First Lien Term Loan Interest Term E + 550 Interest Rate 7.52% Maturity/ Dissolution Date 04/20312025-01-012025-12-310001633336Company Avalign Technologies, Inc. Investment Type Revolver Commitment Expiration Date 12/20/20282024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/20272025-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/20262024-01-012024-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.51% Maturity/ Dissolution Date 08/20302025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) (plus 50 PIK) Interest Rate 10.54% Maturity/ Dissolution Date 07/20282025-01-012025-12-310001633336Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/20282024-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Revolver Commitment Expiration Date 12/21/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 07/20272024-12-310001633336Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/20302024-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/20252024-12-310001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/20272024-12-310001633336ccap:TransportationMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336ccap:RisksRelatingToRepaymentOfPriorToMaturityMember2025-01-012025-12-310001633336Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/20282025-01-012025-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.58% Maturity/Dissolution Date 12/20292024-12-310001633336Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20302025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Senior Secured First Lien Revolver Maturity / Dissolution Date 12/20272024-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/20282025-12-310001633336Company IVX Health Merger Sub, Inc. Investment Type Revolver Commitment Expiration Date 6/7/20302025-12-310001633336Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.46% Maturity/ Dissolution Date 06/20262024-01-012024-12-310001633336Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 10.48% Maturity/Dissolution Date 08/20262024-01-012024-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 8.92% Maturity/ Dissolution Date 12/2029 One2025-01-012025-12-310001633336ccap:SpvAssetFacilityMember2022-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/20282025-12-310001633336Company New Era Technology, Inc. Investment Type Revolver Commitment Expiration Date 6/30/20302025-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.32% Maturity/ Dissolution Date 03/20272025-12-310001633336Company C-4 Analytics Investment Type Revolver Commitment Expiration Date 5/14/20302025-01-012025-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 550 Interest Rate 5.50% Maturity/ Dissolution Date 04/20312025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.81% Maturity/Dissolution Date 09/20262024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.19% Maturity/Dissolution Date 04/20302024-12-310001633336Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/20272024-01-012024-12-310001633336Equity Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Common Stock2025-12-310001633336country:NLccap:PharmaceuticalsBiotechnologyAndLifeSciencesMemberus-gaap:DebtSecuritiesMember2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/20292025-12-310001633336Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/Dissolution Date 11/20282025-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/20292024-12-310001633336Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Term Loan Interest Term 750 Interest Rate 7.50% Maturity/Dissolution Date 12/20252024-12-310001633336Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan One Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/20272024-01-012024-12-310001633336Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/20302025-01-012025-12-310001633336ccap:SoftwareAndServicesMember2024-12-310001633336Company Lexipol (Ranger Buyer, Inc.) Investment Type Revolver Commitment Expiration Date 11/18/20272025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 12/2028 One2024-12-310001633336Company BVI Medical Inc. Investment Type Revolver Commitment Expiration Date 3/7/20322025-01-012025-12-310001633336Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/20282024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.72% Maturity/Dissolution Date 05/20292025-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/20292025-01-012025-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 03/2028 Two2025-12-310001633336Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 11/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/20312025-01-012025-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 8.19% Maturity/ Dissolution Date 09/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) (including 75 PIK) Interest Rate 11.35% Maturity/Dissolution Date 03/20282024-01-012024-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 08/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/20262024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 One2025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Miracle Mile Holdings, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 11/20282025-01-012025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.96% Maturity/Dissolution Date 09/20262024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional UHY Advisors, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.26% Maturity/Dissolution Date 11/20312024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/20312024-12-310001633336Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.53% Maturity/Dissolution Date 09/20282024-01-012024-12-310001633336Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20262025-12-310001633336Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien - Last Out Term Loan Interest Term 1483.5 PIK Interest Rate 14.84% Maturity/ Dissolution Date 04/20322025-12-310001633336Company Premier Dental Care Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/20282024-01-012024-12-310001633336Company Centria Subsidiary Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/9/20272024-12-310001633336Company APC Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20302024-12-310001633336Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 04/20302025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/20302024-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 2/24/20282025-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 450 (plus 150 PIK) Interest Rate 8.02% Maturity/ Dissolution Date 08/20292025-01-012025-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, Centria Subsidiary Holdings, LLC, Investment Type Unitranche First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.05%, Maturity/ Dissolution Date 06/20272025-12-310001633336Company NRG Controls Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/20302024-01-012024-12-310001633336Investments Australia Equity Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.82% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.20% Maturity/Dissolution Date 12/20262024-12-310001633336Company Hamsard 3778 Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/20312025-12-310001633336Company Summit 7 Systems, LLC Investment Type Revolver Commitment Expiration Date 5/23/20282025-12-310001633336ccap:Series2023AUnsecuredNotesMember2025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/20302025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.66% Maturity/ Dissolution Date 07/20292025-12-310001633336Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 06/20262025-12-310001633336Foreign Currency Exchange Contract2025-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Revolver Interest Term S + 775 (100 Floor) (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 09/20252024-12-310001633336us-gaap:FairValueInputsLevel1Memberccap:EquityAndOtherMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term 942 PIK (75 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/20292025-12-310001633336us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-12-310001633336country:GBccap:FoodBeverageAndTobaccoMemberus-gaap:DebtSecuritiesMember2025-12-310001633336Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/20282024-12-310001633336Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 04/20302024-12-310001633336Investments United States Debt Investments Commercial & Professional Service Logic Acquisition, Inc. Investment Type Senior Secured Second Lien Delayed Draw Term Loan Interest Term 1150 Interest Rate 11.50% Maturity/Dissolution Date 10/20282024-01-012024-12-310001633336Investments United States Debt Investments Diversified Financials CRS TH Holdings, Corp. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 12/20322025-12-310001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 450 (plus 100 PIK) Interest Rate 9.22% Maturity/Dissolution Date 03/20262025-01-012025-12-310001633336Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 575 Interest Rate 10.73% Maturity/ Dissolution Date 08/20282024-12-310001633336Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 10/20282025-12-310001633336Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 10/20312025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 425 (100 Floor) Interest Rate 12.00% Maturity/Dissolution Date 10/20252024-12-310001633336Company SQAD Holdco, Inc. Investment Type Revolver Commitment Expiration Date 4/25/20282024-01-012024-12-310001633336ccap:BBSYMemberus-gaap:Maturity30To90DaysMember2024-12-310001633336Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 04/20312025-12-310001633336ccap:RisksRelatedToInvestInMiddleMarketCompaniesMember2025-01-012025-12-310001633336Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 04/20302025-01-012025-12-310001633336ccap:Series2024AUnsecuredNotes-2028Member2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.68% Maturity/Dissolution Date 10/20302024-12-310001633336Company Alcanza Clinical Research Investment Type Revolver Commitment Expiration Date 12/15/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 One2024-12-310001633336Company Patriot Growth Insurance Services, LLC Investment Type Revolver Commitment Expiration Date 10/14/20282024-12-310001633336Company The Hilb Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-12-310001633336Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term 1206.2 PIK Interest Rate 12.06% Maturity/ Dissolution Date 08/20302025-01-012025-12-310001633336Equity Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Common Stock2024-12-310001633336Company PCS Retirement Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/27/20262025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/20292024-01-012024-12-310001633336ccap:IsagenixInternationalLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001633336Company WCT Group Holdings, LLC Investment Type Revolver Commitment Expiration Date 12/12/2029 One2025-12-310001633336Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/20262025-12-310001633336Company UHY Advisors , Inc. Investment Type Revolver Commitment Expiration Date 11/21/20312025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredFirstLienMember2025-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/20272025-12-310001633336ccap:UnitrancheFirstLastOutMember2025-01-012025-12-310001633336Company Duraserv LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/10/20312024-01-012024-12-310001633336Company REP Behavioral Health, LLC Investment Type Revolver Commitment Expiration Date 12/31/20302024-12-310001633336ccap:SoftwareServicesMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001633336Company Soltis Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/20302024-01-012024-12-310001633336Investments United States Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.51% Maturity/Dissolution Date 08/20282024-01-012024-12-310001633336Company ACI Group Holdings, Inc. Investment Type Revolver Commitment Expiration Date 8/2/20272024-01-012024-12-310001633336ccap:SeniorSecuredFirstLienMember2025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Alera Group Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.82% Maturity/Dissolution Date 09/20282024-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/20292025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Banker's Toolbox, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 07/20292025-01-012025-12-310001633336Investments Canada Debt Investments Commercial & Professional Services Klick Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 11/20322025-12-310001633336Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 08/20262024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 590 (75 Floor) Interest Rate 10.81% Maturity/ Dissolution Date 12/20282024-12-310001633336Company Formulations Parent Corporation Investment Type Revolver Commitment Expiration Date 11/15/20292024-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 8.19% Maturity/ Dissolution Date 09/20282025-12-310001633336Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 665 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 06/20262024-01-012024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Term Loan Interest Term SN + 650 Interest Rate 10.46% Maturity/ Dissolution Date 06/20282025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 06/2031 One2025-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2027 One2025-12-310001633336ccap:HouseholdAndPersonalProductsMember2024-12-310001633336ccap:Maturity90To180DaysMemberus-gaap:EuriborFutureMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 05/20272025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 11.24% Maturity/Dissolution Date 06/20262024-12-310001633336Company Acu-Serve, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 590 (75 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 12/20282025-12-310001633336Company Teal Acquisition Co., Inc Investment Type Revolver Commitment Expiration Date 9/22/20282025-01-012025-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberccap:SeniorSecuredFirstLienMemberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMember2025-12-310001633336Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/20292025-01-012025-12-310001633336Company Stepping Stones Healthcare Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/25/20262025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/20272024-12-310001633336ccap:Series2023AUnsecuredNotesMember2024-12-310001633336Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 9.75% Maturity/Dissolution Date 07/20282024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/20272024-01-012024-12-310001633336Equity Investments Automobiles & Components Sun Acquirer Corp. 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Investment Type Senior Secured First Lien Revolver Interest Term P + 600 Interest Rate 13.75% Maturity/ Dissolution Date 07/20252024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/20302025-12-310001633336ccap:CrescentCapAdvisorsLLCMemberccap:FcrdAcquisitionMember2023-03-092023-03-090001633336Company MHS Acquisition Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/21/20272024-12-310001633336Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 06/20302025-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/20282025-12-310001633336Company Marlin DTC-LS Midco 2, LLC Investment Type Revolver Commitment Expiration Date 7/1/20262025-01-012025-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/20292024-12-310001633336us-gaap:EquitySecuritiesMembercountry:US2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.50% Maturity/ Dissolution Date 10/20272024-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 One2025-12-310001633336Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.69% Maturity/Dissolution Date 01/20312025-12-310001633336country:JE2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services SolutionReach, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 600 Interest Rate 13.75% Maturity/ Dissolution Date 07/20252024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/20282024-12-310001633336Company Advanced Diabetes Supply Investment Type Revolver Commitment Expiration Date 12/30/20272024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.61% Maturity/ Dissolution Date 08/20282024-12-310001633336Company Saturn Borrower Inc Investment Type Revolver Commitment Expiration Date 11/10/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/20272024-12-310001633336Company Affinitiv, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.22% Maturity/ Dissolution Date 10/20282025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 12/20282025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 10.07% Maturity/ Dissolution Date 08/20302024-01-012024-12-310001633336Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock2024-12-310001633336Company Stepping Stones Healthcare Services, LLC Investment Type Revolver Commitment Expiration Date 12/30/20262025-12-310001633336us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Revolver Interest Term P + 500 (100 Floor) Interest Rate 11.75% Maturity/ Dissolution Date 07/20302025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Revolver2024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 Two2024-01-012024-12-310001633336Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20302024-01-012024-12-310001633336us-gaap:RetainedEarningsMember2025-01-012025-12-310001633336ccap:RisksRelatedToSyndicatedLoansMember2025-01-012025-12-310001633336Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 04/20312025-12-310001633336Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan One Interest Term S + 625 (100 Floor) Interest Rate 10.61% Maturity/Dissolution Date 12/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 03/20262025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.42% Maturity/ Dissolution Date 11/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 02/20272024-12-310001633336Company Flow Service Partners Intermediate Holdco LLC Investment Type Revolver Commitment Expiration Date 11/19/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/20272025-12-310001633336Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.22% Maturity/ Dissolution Date 10/20282025-12-310001633336Investments United States Debt Investments Materials Formulations Parent Corporation Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/20292024-12-310001633336Company Career Certified, LLC Investment Type Revolver Commitment Expiration Date 2/19/20312025-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/20282024-01-012024-12-310001633336Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.09% Maturity/Dissolution Date 12/20262025-01-012025-12-3100016333362023-01-012023-03-310001633336Equity Investments Retailing MeriCal, LLC Investment Type Preferred Stock2025-12-3100016333362021-12-310001633336Company Net Health Acquisition Corp Investment Type Revolver Commitment Expiration Date 7/5/20312025-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.17% Maturity/Dissolution Date 11/20292025-01-012025-12-310001633336ccap:FcrdAcquisitionMember2023-03-092023-03-090001633336Company Safco Dental Supply, LLC Investment Type Revolver Commitment Expiration Date 3/31/20262025-01-012025-12-310001633336Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.12% Maturity/Dissolution Date 06/20302025-12-310001633336Company ConvenientMD Investment Type Revolver Commitment Expiration Date 6/15/20292025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.24% Maturity/ Dissolution Date 04/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/20262025-01-012025-12-310001633336ccap:RetailingMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001633336Company IVX Health Merger Sub, Inc. 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Investment Type Common Stock2025-12-310001633336ccap:LoadmasterDerrickEquipmentIncMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001633336Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 One2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 05/20322025-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.35% Maturity/ Dissolution Date 12/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 450 (plus 100 PIK) Interest Rate 9.22% Maturity/Dissolution Date 03/20262025-12-310001633336Company Klick Inc. Investment Type Revolver Commitment Expiration Date 11/5/20322025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.96% Maturity/ Dissolution Date 05/20272024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberccap:EquityAndOtherMember2024-12-310001633336us-gaap:Maturity30To90DaysMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310001633336Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/20282025-01-012025-12-310001633336Company Saturn Borrower Inc Investment Type Revolver Commitment Expiration Date 9/30/20262024-01-012024-12-310001633336Company Evolution BuyerCo, Inc. Investment Type Revolver Commitment Expiration Date 4/30/20302025-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/2029 One2025-12-310001633336Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 10/2031 One2025-12-310001633336Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 07/20312024-01-012024-12-310001633336Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock One2025-12-310001633336Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.73% Maturity/ Dissolution Date 05/20272024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/20272024-01-012024-12-310001633336Investments United States Debt Investments Diversified Financials iLending LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 100 (100 Floor) (plus 500 PIK) Interest Rate 9.82% Maturity / Dissolution Date 12/20282025-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 10.07% Maturity/ Dissolution Date 08/20302024-12-310001633336Company MHS Acquisition Holdings, LLC Investment Type Revolver Commitment Expiration Date 7/21/20272024-01-012024-12-310001633336Company Patriot Growth Insurance Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/20282024-12-310001633336Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/20272025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 09/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 Two2024-12-310001633336Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 01/2029 One2025-01-012025-12-310001633336Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/20282025-12-310001633336Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/20302024-12-310001633336Equity Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.86% Maturity/ Dissolution Date 12/20282024-12-310001633336Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Two2024-12-310001633336Company Belay Inc. Investment Type Revolver Commitment Expiration Date 6/25/20262024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 06/2032 One2025-01-012025-12-310001633336Company TMA Buyer, LLC Investment Type Revolver Commitment Expiration Date 9/30/20272024-01-012024-12-310001633336ccap:SlickdealsHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001633336ccap:SPVAssetFacilityMember2016-03-282016-03-280001633336Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.80% Maturity/Dissolution Date 12/20302024-12-310001633336Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 One2025-01-012025-12-310001633336ccap:SpvAssetFacilityMember2016-12-310001633336ccap:TrancheBNotesMemberus-gaap:SubsequentEventMember2026-02-172026-02-170001633336Investments United States Debt Investments Software & Services Banker's Toolbox, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 07/20292025-01-012025-12-310001633336Company RN Enterprises, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/20312024-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/20292024-01-012024-12-310001633336ccap:RisksRelatedToDebtInvestmentsToClaimsOfOtherCreditorOrLenderLiabilityClaimsMember2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/20272024-12-310001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) 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Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 01/20252024-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Revolver Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/20252024-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/20272024-12-310001633336srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 425 (100 Floor) (plus 300 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 06/20272025-12-310001633336Company DecisionHR Holdings, Inc Investment Type Revolver Commitment Expiration Date 12/8/20312025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/20292024-01-012024-12-310001633336ccap:SlickdealsHoldingsLLCMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.90% Maturity/Dissolution Date 06/20312024-12-310001633336ccap:HouseholdAndPersonalProductsMember2025-12-310001633336Company Everlast Parent Inc. 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Investment Type Preferred Stock2024-12-310001633336ccap:InformationSystemsAndSystemsFailuresCouldSignificantlyDisruptMember2025-01-012025-12-310001633336ccap:S2024Q4DividendsMember2025-01-012025-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.20% Maturity/ Dissolution Date 06/2028 Two2024-12-310001633336ccap:SmbcCorporateRevolvingFacilityMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 02/20292025-01-012025-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.76% Maturity/Dissolution Date 09/20262024-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Senior Secured First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 12.40% Maturity/ Dissolution Date 07/20252024-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 8.44% Maturity/Dissolution Date 02/20282025-12-310001633336Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 11/20302024-12-310001633336Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Term Loan Interest Term SN + 575 Interest Rate 10.73% Maturity/ Dissolution Date 08/20282024-12-310001633336Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 11/20302025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 10/20272024-01-012024-12-310001633336Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/20262025-01-012025-12-310001633336Company REP Behavioral Health, LLC Investment Type Revolver Commitment Expiration Date 12/31/20302025-01-012025-12-310001633336Company Smile Doctors LLC Investment Type Revolver Commitment Expiration Date 12/23/20272024-12-310001633336Company PromptCare Intermediate, LP Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/19/20302024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (75 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 05/20292024-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 06/2032 One2025-01-012025-12-310001633336Investments France Debt Investments Commercial & Professional Services Efor Holding Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 650 Interest Rate 9.36% Maturity/ Dissolution Date 10/20302024-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/20282024-12-310001633336Company Great Lakes Dental Partners, LLC Investment Type Revolver Commitment Expiration Date 6/23/20262024-12-310001633336Company Klick Inc. Investment Type Revolver Commitment Expiration Date 11/5/20322025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Revolver Interest Term S + 525 Interest Rate 9.07% Maturity/ Dissolution Date 05/20272025-01-012025-12-310001633336ccap:FcrdAcquisitionMember2025-01-012025-12-310001633336Company UHY Advisors , Inc. Investment Type Revolver Commitment Expiration Date 11/21/20312024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650, (100 Floor) Interest Rate 10.41% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/20292024-01-012024-12-310001633336ccap:InterNotesMember2020-12-310001633336Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/20272025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Wrench Group LLC Investment Type Senior Secured Second Lien Term Loan Interest Term 1125 Interest Rate 11.25% Maturity/Dissolution Date 04/20272024-01-012024-12-310001633336Company Concord III, LLC Investment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-12-310001633336ccap:WhiteHawkIIIOnshoreFundLPMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 07/20312024-12-310001633336Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 (including 187.5 PIK) Interest Rate 11.55% Maturity/ Dissolution Date 07/20292024-12-310001633336Company Everlast Parent Inc. Investment Type Revolver Commitment Expiration Date 10/30/20282024-01-012024-12-310001633336Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/20272024-12-310001633336Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/20282025-01-012025-12-310001633336Investments Belgium Equity Investments Commercial & Professional Services Miraclon Corporation Investment Type Preferred Stock2024-12-310001633336Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V. Investment Type Unitranche First Lien Term Loan Interest Term E + 550 Interest Rate 7.52% Maturity/ Dissolution Date 04/20312025-12-310001633336Company Bandon Fitness (Texas) Inc. Investment Type Term Loan Commitment Expiration Date 7/27/20282025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 12/20282024-12-310001633336ccap:Series2020AUnsecuredNotesMember2021-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/ Dissolution Date 07/20302024-01-012024-12-310001633336ccap:ConflictsOfInterestMember2025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 02/20292024-12-310001633336ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember2024-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.86% Maturity/Dissolution Date 11/20292024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 10.13% Maturity/ Dissolution Date 03/20322025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 9.97% Maturity/ Dissolution Date 03/20322025-12-310001633336Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20272025-12-310001633336Equity Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Common Stock Class B2024-12-310001633336Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/20272025-12-310001633336Investments United States Debt Investments Software & Services TMA Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 11.00% Maturity/Dissolution Date 09/20272024-12-310001633336ccap:Series2024AUnsecuredNotes-2028And2030Member2025-02-180001633336Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 625 Interest Rate 11.07% Maturity/ Dissolution Date 10/20302024-01-012024-12-310001633336Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650, (75 Floor) Interest Rate 10.22% Maturity/ Dissolution Date 12/20282025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/20302025-01-012025-12-310001633336Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) One Investment Type Common Stock2025-12-310001633336Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. 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Investment Type Senior Secured First Lien Term Loan Interest Term S + 675 (including 425 PIK) Interest Rate 9.17% Maturity/Dissolution Date 01/20282024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.48% Maturity/ Dissolution Date 12/2027 One2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/20312025-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 09/20282024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/20252024-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberccap:SeniorSecuredSecondLienMember2024-12-310001633336Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/29/20302025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien - Last Out Term Loan Interest Term 1237.5 PIK Interest Rate 12.38% Maturity/ Dissolution Date 06/20302024-12-310001633336ccap:UnitrancheFirstLienLastOutMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 06/20312025-01-012025-12-310001633336ccap:BaysideOpcoLlcMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001633336Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/20272024-01-012024-12-310001633336ccap:RetailingMemberus-gaap:EquitySecuritiesMembercountry:US2024-12-310001633336Investments Canada Equity Investments Telecommunication Services Sandvine Corporation Common Stock2024-12-310001633336Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. 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Investment Type Preferred Stock2025-12-310001633336Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 09/20302025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 11/20282025-01-012025-12-310001633336us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberccap:ASPMCSAcquisitionCorpMember2024-12-310001633336Company Medicus IT Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20272025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.95% Maturity/Dissolution Date 11/20292024-12-310001633336Company HGH Purchaser, Inc. Investment Type Revolver Commitment Expiration Date 11/1/20262024-12-310001633336Company Odessa Technologies, Inc. Investment Type Revolver Commitment Expiration Date 10/19/20272024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences BioAgilytix Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 650 PIK (75 Floor) Interest Rate 11.21% Maturity/Dissolution Date 12/20282024-12-310001633336Company NRG Controls Investment Type Revolver Commitment Expiration Date 10/28/20302024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Affinitiv, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) (plus 200 PIK) Interest Rate 10.93% Maturity/ Dissolution Date 07/20272025-01-012025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.51% Maturity/Dissolution Date 08/20292024-01-012024-12-310001633336Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 One2024-01-012024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Infobase Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.35% Maturity/Dissolution Date 06/20282025-01-012025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.13% Maturity/ Dissolution Date 01/20282025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Banker's Toolbox, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 07/20292025-12-310001633336Investments United States Debt Investments Technology, Hardware & Equipment CallRevu, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 10/20322025-12-310001633336Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 06/20322025-12-310001633336ccap:Series2021AUnsecuredNotesMember2021-02-172021-02-170001633336Investments Belgium Equity Investments Commercial & Professional Services Miraclon Corporation Investment Type Preferred Stock2025-12-310001633336Investments United States Debt Investments Diversified Financials Miracle Mile Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 11/20282025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/20292025-12-310001633336us-gaap:CommonStockMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/20272024-01-012024-12-310001633336Company Flow Service Partners Intermediate Holdco LLC Investment Type Revolver Commitment Expiration Date 11/19/20302024-01-012024-12-310001633336Company Online Labels Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/20292024-12-310001633336Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 09/2030 One2025-12-310001633336Investments France Debt Investments Commercial & Professional Services Efor Holding Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 650 Interest Rate 9.36% Maturity/ Dissolution Date 10/20302024-01-012024-12-310001633336us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 05/20272024-01-012024-12-310001633336Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/20282024-01-012024-12-310001633336Company Marlin DTC-LS Midco 2, LLC Investment Type Revolver Commitment Expiration Date 7/1/20252024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 09/20302025-12-310001633336Investments United States Debt Investments Software & Services Odessa Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.27% Maturity/Dissolution Date 10/20272025-12-310001633336Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 12/20272025-12-310001633336Company Hsid Acquisition, LLC Investment Type Revolver Commitment Expiration Date 1/31/20262025-12-310001633336ccap:GACPIILPMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001633336Investments Finland Debt Investments Software & Services SC MidCo Oy Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 525 Interest Rate 7.33% Maturity/ Dissolution Date 03/2032 Investments Finland Debt Investments Software & Services SC MidCo Oy Investment Type Unitranche First Lien Term Loan Interest Term SN + 525 Interest Rate 7.67% Maturity/ Dissolution Date 03/20322025-01-012025-12-310001633336us-gaap:UnsecuredDebtMember2025-12-310001633336Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) (plus 50 PIK) Interest Rate 10.49% Maturity/ Dissolution Date 07/20282025-01-012025-12-310001633336Investments United States Debt Investments Capital Goods Eshipping Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 11/20272024-12-310001633336Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 12/20292025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Explorer Investor, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 06/20292024-01-012024-12-310001633336ccap:RetailingMembercountry:AUus-gaap:DebtSecuritiesMember2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 06/2031 One2025-01-012025-12-310001633336Company Online Labels Group, LLC Investment Type Revolver Commitment Expiration Date 12/19/20292025-12-310001633336Investments United States Debt Investments Retailing MeriCal, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 11/20252024-12-310001633336Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2027 One2024-12-310001633336Investments United Kingdom Debt Investments Commercial & Professional Services Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 03/20282025-12-310001633336Company The Hilb Group, LLC Investment Type Revolver Commitment Expiration Date 10/31/20312024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 10/20272024-12-310001633336Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 11/20262024-12-310001633336Company TriStrux, LLC Investment Type Revolver Commitment Expiration Date 12/15/20262024-01-012024-12-310001633336Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Revolver Interest Term S + 775 (100 Floor) (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 09/20252024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan One Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2028 One2025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 One2025-01-012025-12-310001633336Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 09/20282025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Headlands Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.74% Maturity/ Dissolution Date 09/20322025-01-012025-12-310001633336Investments United States Debt Investments Consumer Services Learn-It Systems, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 09/20262024-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:EquityAndOtherMember2025-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475, (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 10/20292025-12-310001633336us-gaap:FairValueInputsLevel3Memberccap:ValuationTechniqueEnterpriseValueMemberccap:SeniorSecuredFirstLienMember2025-12-310001633336Investments United States Debt Investments Commercial & Professional Services Automated Control Concepts, Inc. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 12/20322025-12-310001633336Investments United States Debt Investments Diversified Financials Alera Group Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.82% Maturity/Dissolution Date 09/20282024-12-310001633336Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650 Interest Rate 10.64% Maturity/ Dissolution Date 06/20262025-12-310001633336Company MRI Software LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20272024-01-012024-12-310001633336Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/20262025-01-012025-12-310001633336Investments United States Debt Investments Software & Services Park Place Technologies, LLC Investment Type Unsecured Debt Interest Term 1250 PIK Interest Rate 12.50% Maturity/ Dissolution Date 05/20292024-01-012024-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. 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Investment Type Senior Secured Second Lien Note Interest Term 1200 Interest Rate 12.00% Maturity / Dissolution Date 03/20312025-12-310001633336us-gaap:RetainedEarningsMember2022-12-310001633336Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/20302025-01-012025-12-310001633336Company Sun Acquirer Corp. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

or

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

Commission file number 814-01132

Crescent Capital BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	47-3162282
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA	90025
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

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

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value per share	CCAP	The Nasdaq Stock Market LLC
5.00% Notes due 2026	FCRX	The New York Stock Exchange

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

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No☒

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-Accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at February 25, 2026 was 36,922,692

The aggregate market value of the voting common equity held by non-affiliates of the registrant, was $346.9 million based on the number of shares held by non-affiliates of the registrant as of June 30, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter). Shares of the registrant’s common

stock held by each executive officer, director and holder of 5% or more of the outstanding common stock have been excluded in that such persons may be deemed affiliates. The calculation does not reflect a determination that certain persons are affiliates of the registrant for any other purpose.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s proxy statement for the 2026 annual meeting of stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III.

CRESCENT CAPITAL BDC, INC.

FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025

Table of Contents

		Page
PART I
Item 1.	Business	5
Item 1A.	Risk Factors	19
Item 1B.	Unresolved Staff Comments	51
Item 1C.	Cybersecurity	51
Item 2.	Properties	51
Item 3.	Legal Proceedings	51
Item 4.	Mine Safety Disclosures	51
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	52
Item 6.	RESERVED	54
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 8.	Consolidated Financial Statements and Supplementary Data	69
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	182
Item 9A.	Controls and Procedures	182
Item 9B.	Other Information	182
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	182
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	183
Item 11.	Executive Compensation	183
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	183
Item 13.	Certain Relationships and Related Transactions, and Director Independence	183
Item 14.	Principal Accounting Fees and Services	183
PART IV
Item 15.	Exhibits, Financial Statement Schedules	184
Item 16.	Form 10-K Summary	186
	Signatures	187

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. We believe that it is important to communicate our future expectations to our investors. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “would,” “will,” “should,” “targets,” “projects,” and variations of these words and similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.

The following factors and factors listed under “Risk Factors” in this report and other documents Crescent Capital BDC, Inc. has filed with the Securities and Exchange Commission, or SEC, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operation and financial position. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

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

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

•potential fluctuation in quarterly operating results;

•potential impact of economic recessions or downturns;

•adverse developments in the credit markets;

•regulations governing our operation as a business development company;

•operation in a highly competitive market for investment opportunities;

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

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

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

•financing investments with borrowed money;

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

•lack of liquidity in investments;

•the outcome and impact of any litigation;

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

•risks regarding distributions;

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

•potential resignation of the Adviser and or the Administrator;

•uncertainty as to the value of certain portfolio investments;

•defaults by portfolio companies;

•our ability to successfully complete and integrate any acquisitions;

•risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income;

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

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Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

SUMMARY OF RISK FACTORS

The following summarizes the principal factors that make an investment in our company speculative or risky, all of which are more fully described in “Item 1A. Risk Factors.” This summary should be read in conjunction with “Item 1A. Risk Factors” and should not be relied upon as an exhaustive summary of the material risks facing our business.

Risks Relating to our Business and Structure

•We may not replicate the historical performance achieved by Crescent.

•The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.

•Conflicts may arise related to other arrangements with Crescent and the Adviser and other affiliates.

•Our ability to enter into transactions with our affiliates is restricted.

•We operate in an increasingly competitive market for investment opportunities, which could make it difficult for us to identify and make investments that are consistent with our investment objectives.

•Our ability to grow depends on our ability to raise capital.

•Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.

•Certain investors are limited in their ability to make significant investments in us.

•Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.

•Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and increases the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.

•Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations.

•There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.

•The majority of our portfolio investments are recorded at fair value as determined in good faith by Adviser as Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.

•There is a risk that investors in our Common Shares may not receive distributions or that our distributions may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.

Risks Relating to Our Investments

•Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing NAV through increased net unrealized depreciation.

•We will be subject to the risk that the debt investments we make in our portfolio companies may be repaid prior to maturity.

•Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.

•We typically invest in middle-market companies, which involves higher risk than investments in large companies.

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•Our investments may be risky, and we could lose all or part of our investment.

•We may invest in high yield debt, or junk bonds, which has greater credit and liquidity risk than more highly rated debt obligations.

•Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.

•The disposition of our investments may result in contingent liabilities.

•Our subordinated investments may be subject to greater risk than investments that are not similarly subordinated.

•When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.

•Our portfolio companies may be highly leveraged.

•We may be subject to risks under hedging transactions and may become subject to risk if it invests in non-U.S. securities.

•Our investments in the consumer products and services sector are subject to various risks including cyclical risks associated with the overall economy.

•Our investments in the financial services sector are subject to various risks including volatility and extensive government regulation.

•Our investments in technology companies are subject to many risks, including volatility, intense competition, shortened product life cycles, litigation risk and periodic downturn.

Risks Relating to Our Common Stock

•Investing in our common shares may involve an above average degree of risk.

•Certain investors will be subject to Exchange Act filing requirements.

•Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.

•The market price of our common stock may fluctuate significantly.

•Common stockholders who participate in the distribution reinvestment play may increase their risk of overconcentration.

•Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

•Our future credit ratings may not reflect all risks of an investment in our debt securities.

•Provisions of the Maryland General Corporation Law and of the Charter and the Bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.

•We incur significant costs as a result of being a publicly traded company.

General Risk Factors

•Economic recessions or downturns could impair our portfolio companies and harm our operating results.

•We may experience fluctuations in our quarterly operating results.

•Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of its confidential information and/or damage to its business relationships.

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PART I

In this Annual Report, except where the context suggests otherwise, the terms “CCAP,” “we,” “us,” “our,” and “the Company” refer to Crescent Capital BDC, Inc. The term “Adviser” refers to Crescent Cap Advisors, LLC, a Delaware limited liability company. The term “Administrator” refers to CCAP Administration, LLC, a Delaware limited liability company. The term “Crescent” refers to Crescent Capital Group LP and its affiliates.

Item 1. Business

General

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.

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.

Our investment objective is accomplished through:

•accessing the origination channels that have been developed and established by Crescent;

•originating investments in what we believe to be middle-market companies with strong business fundamentals, generally controlled by private equity investors that require capital for growth, acquisitions, recapitalizations, refinancings and leveraged buyouts;

•applying Crescent’s underwriting standards; and

•leveraging Crescent’s experience and resources to monitor our investments.

Our investment philosophy emphasizes capital preservation through credit selection and risk mitigation. We expect our targeted portfolio to provide downside protection through conservative cash flow and asset coverage requirements, priority in the capital structure and information requirements.

As a BDC under the Act and a RIC under the Code, our portfolio is subject to diversification and other requirements. See “—Certain U.S. Federal Income Tax Consequences.”

We are managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940 (“Advisers 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 the Company’s Board of Directors (the “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.

From time to time we may form wholly owned subsidiaries to facilitate the normal course of business if the Adviser determines that for legal, tax, regulatory, accounting or other similar reasons it is in our best interest to do so. We have formed or acquired wholly owned subsidiaries that are structured as tax blockers, to hold equity or equity-like investments in portfolio companies organized as limited liability companies or other forms of pass-through entities. These corporate subsidiaries are not consolidated for income tax purposes and may incur income tax expense as a result of its ownership of portfolio companies.

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We may borrow money from time to time within the levels permitted by the 1940 Act (up to 150% of asset coverage requirement). In determining whether to borrow money, we analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. The use of borrowed funds or the proceeds of preferred stock offerings to make investments would have its own specific set of benefits and risks, and all of the costs of borrowing funds or issuing preferred stock would be borne by holders of our common stock. See “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and increases the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.”

The Investment Adviser

The Adviser, a Delaware limited liability company and an affiliate of Crescent, acts as our investment adviser. The Adviser is a registered investment adviser under the Advisers Act. 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 (the “Resource Sharing Agreement”) with 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 capitalizes on the deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Crescent’s investment professionals.

About Crescent

Crescent Capital Corporation, a predecessor to the business of Crescent, was formed in 1991 by Mark Attanasio and Jean-Marc Chapus as an asset management firm specializing in below-investment grade debt securities. In 1995, Crescent Capital Corporation was acquired by The TCW Group, Inc. (“TCW”) and rebranded as TCW’s Leveraged Finance Group. On January 1, 2011, Messrs. Attanasio and Chapus, along with the entire investment team, spun out of TCW and formed Crescent, an employee-owned, registered investment adviser. Crescent is a global credit investment manager with approximately $50 billion of assets under management. With its headquarters in Los Angeles, Crescent has over 250 employees based in six offices in the U.S. and Europe. Messrs. Attanasio and Chapus head Crescent’s management committee, which oversees all of Crescent’s operations. On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent (the “Sun Life Transaction”). As a result of the Sun Life Transaction, Crescent became a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. There were no changes to our investment objective, strategies and process or to the Crescent team responsible for the investment operations as a result of the Sun Life Transaction.

The Board of Directors

Our business and affairs are managed under the direction of our Board. Our Board consists of six members, five of whom are not “interested persons” of CCAP, the Adviser, the Administrator or their respective affiliates as defined in Section 2(a)(19) of the 1940 Act. We refer to these individuals as our “Independent Directors.” The Independent Directors compose a majority of our Board. Our Board elects our officers, who serve at the discretion of our Board. The responsibilities of our Board include oversight of our quarterly determinations of the fair value of our assets, corporate governance activities, oversight of our financing arrangements and oversight of our investment activities.

Investment Strategy

We follow Crescent’s approach to investing, which is based upon fundamental credit research and risk analysis. This approach reflects Crescent’s view that the cornerstone of successful investing is fundamental credit analysis.

Specifically, we pursue an investment strategy targeting companies primarily in the middle-market. We believe that the middle-market is attractive as a result of the lack of available lending sources to smaller companies. We believe many financing providers have chosen to focus on large corporate clients and managing capital markets transactions rather than lending to middle-market businesses. Further, many financial institutions and traditional lenders are faced with constrained balance sheets. We also believe hedge funds and collateralized debt obligation/collateralized loan obligation managers are less likely to pursue investment opportunities in our target market as a result of reduced liquidity for new investments. Specifically, Crescent’s sourcing platform should enable it, on our behalf and through our Adviser, to identify and invest in creditworthy borrowers. In addition, to take advantage of investment opportunities in middle-market companies that are identified for us by Crescent, we may invest alongside other pools of capital, including bank debt, high-yield and mezzanine funds managed by Crescent. See “Item 13. Certain Relationships and Related Transactions, and Director Independence” for a discussion of certain conflicts of interest of Crescent and certain limitations on our ability to co-invest with other accounts advised by Crescent.

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We target investments in companies that exhibit one or more of the following characteristics:

•businesses with strong franchises and sustainable competitive advantages;

•businesses operating in industries with barriers to entry;

•businesses in industries with positive long-term dynamics;

•businesses with cash flows that are dependable and predictable;

•businesses with management teams with demonstrated track records and economic incentives; or

•businesses controlled by private equity investors that require capital for growth, acquisitions, and leveraged buyouts.

We seek to create a diversified portfolio of investments across various industries as a method to manage risk and capitalize on specific sector trends, although our investments may be concentrated in a small number of industries.

Investment Focus

Generally, we focus on investing in secured debt (including first lien, unitranche first lien and second-lien debt) and unsecured debt (including senior unsecured, mezzanine and subordinated debt), as well as related equity securities of private U.S. middle-market companies. By “middle-market companies,” we mean companies that have annual EBITDA, which we believe is a useful proxy for cash flow, of $10 million to $250 million. We may on occasion invest in larger or smaller companies.

“First lien” investments are senior loans on a lien basis to other liabilities in the issuer’s capital structure that have the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets.

“Unitranche first lien” investments are loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that we would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

“Second lien” investments are loans with a second priority lien on all existing and future assets of the portfolio company. The security interest ranks below the security interests of any first lien and unitranche first lien lenders in those assets.

“Unsecured debt” investments are loans that generally rank senior to a borrower’s equity securities and junior in right of payment to such borrower’s other senior indebtedness.

We generally invest in securities that are rated below investment grade (e.g., junk bonds) by rating agencies or that would be rated below investment grade if they were rated. See “Item 1A. Risk Factors—Risks Relating to Our Investments— We may invest in high yield debt, or junk bonds, which has greater credit and liquidity risk than more highly rated debt obligations.” Our investments may include non-cash income features, including PIK interest and OID. See “Item 1A. Risk Factors—Risks Relating to Our Investments— Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.”

Our business model is focused on the direct origination of loans to middle-market companies. The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations. We expect to generate revenues primarily in the form of interest income from debt investments, dividend income from direct equity investments, capital gains on the sales of debt and equity securities and various loan origination and other fees.

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 and bonds to complement our private credit transactions. In addition, and because we often receive more attractive financing terms on broadly syndicated loans and bonds than we do on our less liquid assets, we are able to leverage the broadly syndicated portfolio in such a way that can maximize the levered return potential of our portfolio.

Investment Decision Process

Through its affiliation with Crescent, the Adviser has access to origination capabilities and research resources, experienced investment professionals, internal information systems and a credit analysis framework and investment process. Over the years,

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Crescent has designed its investment process to seek investments which it believes have the most attractive risk/reward characteristics. The process involves multiple levels of review and is coordinated in an effort to identify risks in potential investments. Our Adviser applies Crescent’s expertise to screen our investment opportunities as described below. Depending on the type of investment and the borrower, the Adviser may apply all or some of these levels of review, in its discretion. Based upon a favorable outcome of the diligence process described below, our Adviser’s investment committee will make a final decision on such investment and such investment will only be funded after approval by the Adviser’s investment committee.

Private Credit Originations: New private credit investment opportunities are initially reviewed by a Crescent senior investment professional to determine whether additional consideration is warranted. Factors influencing this decision include fundamental business considerations, including borrower industry, borrower financial leverage and cash flows and quality of management as well as private equity sponsor involvement (if any). In the event of an initial positive review, potential investments are further reviewed with senior and junior investment professionals. If the team agrees on the fundamental attractiveness of the investment, the review phase proceeds with preliminary due diligence and financial analyses. At this point, Crescent utilizes its credit analysis methodology to outline credit and operating statistics and identify key business characteristics and risks through available diligence materials in addition to dialogue with company management and the proposed private equity sponsor (if any). Following this analysis, Crescent considers an initial structure and pricing proposal for the investment and preliminarily informs the broader investment team of such proposal.

After satisfactory preliminary analysis and review, further due diligence continues, including completion of credit analysis, on-site due diligence (if deemed necessary), visits and meetings with management, and could include consultation with third-party experts. The credit analysis is a detailed, bottom-up analysis on the proposed portfolio company that generally includes an assessment of its industry, market, competition, products, services, management and the equity sponsor or owner. Detailed financial analysis is also performed at this stage with a focus on historical financial results. Projected financial information developed by the proposed portfolio company is analyzed and sensitized based upon the portfolio company’s historical results and assessment of the portfolio company’s future prospects. The sensitivity analysis highlights the variability of revenues and earnings, “worst case” debt service coverage and available sources of liquidity. As part of the overall evaluation, comparisons are made to similar companies to help assess a portfolio company’s asset and enterprise value coverage of debt, interest servicing capacity and competitive strength within its industry and market. Additionally during this stage, Crescent typically works with the management of the proposed portfolio company and its other capital providers to develop the structure of an investment, including negotiating among these parties on how the investment is expected to perform relative to the other forms of capital in its capital structure.

Syndicated Investments: For syndicated investments, Crescent seeks to pursue an investment process based upon evaluation of the credit fundamentals of issuers. The foundation of this process is the “bottom-up” credit research process that Crescent employs across multiple strategies. In selecting investments, Crescent’s investment professionals perform comprehensive analysis of credit worthiness, including an assessment of the business, an evaluation of management, an analysis of business strategy and industry trends, an examination of financial results and projections and a review of the security’s proposed terms. Credit research is a critical component of the investment process. In selecting investments, Crescent’s respective portfolio management teams analyze opportunities with an emphasis on principal preservation (i.e., an issuer’s ability to service its debt and maintain cash flow).

Investment Funding

Upon completion of the investment decision process described above, the investment team working on an investment delivers a memorandum to the Adviser’s investment committee. Once an investment has been approved by the investment committee, the Adviser moves through a series of steps with the respective investment team towards negotiation of final documentation.
 

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Investment Monitoring

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

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

•review of monthly and quarterly financial statements and financial projections for portfolio companies.

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

•comparisons to other companies in the industry; and

•attendance and participation in board meetings.

As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:

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

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

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

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

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

Investment Advisory Agreement

On June 2, 2015, we entered into an investment advisory agreement with the Adviser which was most recently amended and restated (the “Investment Advisory Agreement”) on January 5, 2021. Under the terms of the Investment Advisory Agreement, the Adviser provides investment advisory services to us and our 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 us 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 our 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.

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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.

Incentive Fee

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 realized capital gains, if any, on a cumulative basis from the 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.

On February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive income incentive fees to the extent net investment income, excluding the effect of the GAAP incentive fee, falls short of the regular declared dividend on a full dollar basis. The waiver became effective on July 31, 2021 and, pursuant to an extension of the waiver announced on October 4, 2022, continued through December 31, 2023. The Adviser has also voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued 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 we receive 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 has not yet been 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.

See “Item 1A. Risk Factors—Risks Relating to Our Business and Structure—Our management and incentive fee structure may create incentives for the Adviser that are not fully aligned with our stockholders' interests and may induce the Adviser to make speculative investments.”

GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation

We accrue, but do not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, we are 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, we consider 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 we record 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.

Our Board monitors the mix and performance of our investments over time and will seek to satisfy itself that the Adviser is acting in our interests and that our fee structure appropriately incentivizes the Adviser to do so.

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Term

The Investment Advisory Agreement has been unanimously approved by the Board. Unless terminated earlier as described below, the Investment Advisory Agreement will remain in effect until March 31, 2026 and will remain in effect from year to year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our independent directors. The Investment Advisory Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act). The Investment Advisory Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. See “Item 1A. Risk Factors—Risks Relating to our Business and Structure—We are dependent upon key personnel of Crescent and the Adviser.”

Indemnification

Under the Investment Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. The Adviser will not be responsible for any action of the Board in following or declining to follow the Adviser’s advice or recommendations. Under the Investment Advisory Agreement, the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, the Administrator, and any person controlling or controlled by the Adviser will not be liable to us, any of our subsidiaries, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to us under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to gross negligence, willful misfeasance, bad faith or reckless disregard of such person’s duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. The Investment Advisory Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

United States federal and state securities laws may impose liability under certain circumstances on persons who act in good faith. Nothing in the Investment Advisory Agreement constitutes a waiver or limitation of any rights that we may have under any applicable federal or state securities laws.

Administration Agreement

On June 2, 2015, we entered into the Administration Agreement with the Administrator, as amended and restated on February 1, 2020. Under the terms of the Administration Agreement, the Administrator provides administrative services. 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, we 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.

No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director receives any compensation for his or her services as a director. However, we reimburse the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to our compliance professionals, legal counsel, and other professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to our business and affairs). The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings.

The Administration Agreement has been approved by our Board. Unless earlier terminated as described below, the Administration Agreement will remain in effect for a period of two years from their effective date and will remain in effect from year to year thereafter if approved annually by (i) the vote of our Board, or by the vote of a majority of our outstanding voting securities, and (ii) the vote of a majority of our independent directors. The Administration Agreement will automatically terminate in the event of assignment. The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. See “Item 1A. Risk Factors—Risks Relating to our Business and Structure—We are dependent upon key personnel of Crescent and the Adviser.”

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License Agreement

We have entered into a license agreement with Crescent under which Crescent granted us a non-exclusive, royalty-free license to use the name “Crescent Capital”.

Competition

Our primary competitors in providing financing to middle-market companies include public and private funds, other business development companies, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or to the distribution and other requirements we must satisfy to maintain our qualification as a RIC.

We expect to use the expertise of Crescent’s investment professionals to which we will have access to assess investment risks and determine appropriate pricing for our investments in portfolio companies. In addition, we expect that the relationships of Crescent’s senior members will enable us to learn about, and compete effectively for, financing opportunities with attractive middle-market companies in the industries in which we seek to invest. For additional information concerning the competitive risks we face, see “Item 1A. Risk Factors—Risks Relating to our Business and Structure — We operate in an increasingly competitive market for investment opportunities, which could make it difficult for us to identify and make investments that are consistent with our investment objectives.”

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, operating costs associated with our third party sub-administrator 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 compliance professionals, our legal counsel and other 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.

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Capital Resources and Borrowings

We anticipate cash to be generated from future offerings of securities, future borrowings, and cash flows from operations, including investment sales and repayments as well as income earned on investments. Additionally, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In connection with borrowings, our lenders may require us to pledge assets and to comply with positive or negative covenants that could have an effect on our operations.

For more information on our debt, see “ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS—Financial Condition, Liquidity and Capital Resources.”

Dividend Reinvestment Plan

We adopted a dividend reinvestment plan that provides for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash dividend or other distribution then stockholders who are participating in the dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of common stock, rather than receiving cash dividends and distributions.

Resource Sharing Agreement

We do not currently have any employees. We depend on the diligence, skill and network of business contacts of the investment professionals of the Adviser to achieve our investment objective. The Adviser is an affiliate of Crescent and depends upon access to the investment professionals and other resources of Crescent and its affiliates to fulfill its obligations to us under the Investment Advisory Agreement. The Adviser also depends upon Crescent to obtain access to deal flow generated by Crescent’s investment professionals and its affiliates. Each of our officers will also be an employee of the Adviser, Crescent or its affiliates.

Pursuant to its Resource Sharing Agreement with Crescent, the Adviser will have access to the individuals who comprise our Adviser’s investment committee, and a team of additional experienced investment professionals who, collectively, comprise the Adviser’s investment team. The Adviser may hire additional investment professionals to provide services to us, based upon its needs.

Regulation as a Business Development Company

We are regulated as a BDC under the 1940 Act. A BDC must be organized in the United States for the purpose of investing in or lending primarily to private companies and making significant managerial assistance available to them. A BDC may use capital provided by public stockholders and from other sources to make long-term, private investments in businesses. A publicly-traded BDC provides stockholders the ability to retain the liquidity of a publicly-traded stock while sharing in the possible benefits, if any, of investing in primarily privately owned companies. Prior to February 3, 2020, which is the date of our listing on NASDAQ, our stock was privately held.

We may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of a majority of our outstanding voting securities, as required by the 1940 Act. A majority of our outstanding voting securities is defined under the 1940 Act as the lesser of: (a) 67% or more of such company’s voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company. We do not anticipate any substantial change in the nature of our business.

As with other companies regulated by the 1940 Act, a BDC must adhere to certain substantive regulatory requirements. A majority of our directors must be persons who are not interested persons, as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the BDC. Furthermore, as a BDC, we will be prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office. We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, prior approval by the SEC through an exemptive relief order (other than in certain limited situations pursuant to current regulatory guidance).

Also, while we may borrow funds to make investments, our ability to use debt is limited in certain significant aspects. In accordance with applicable SEC staff guidance and interpretations, 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). 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.

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We do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except for registered money market funds, we generally cannot acquire more than 3% of the voting stock of any investment company, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of investment companies in the aggregate, unless certain conditions are met. The portion of our portfolio invested in securities issued by investment companies ordinarily will subject our stockholders to additional expenses. Such investments will also generally be considered “non-qualifying assets” under the 1940 Act as discussed below. Our investment portfolio is also subject to diversification requirements by virtue of our intention to be a RIC for U.S. tax purposes.

We are subject to periodic examinations by the SEC for compliance with the 1940 Act.

As a BDC, we are subject to certain risks and uncertainties. See “Item 1A. Risk Factors.”

Qualifying Assets

We may invest up to 30% of our portfolio opportunistically in “non-qualifying assets”. However, under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. The principal categories of qualifying assets relevant to our business are the following:

1.Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. The principal categories of qualifying assets relevant to our business are the following:

a.Issuer is organized under the laws of, and has its principal place of business in, the United States;

b.Issuer is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

c.Issuer satisfies any of the following:

i.does not have any class of securities that is traded on a national securities exchange;

ii.has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

iii.is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the eligible portfolio company; or

iv.is a small and solvent company having total assets of not more than $4.0 million and capital and surplus of not less than $2.0 million.

2.Securities of any eligible portfolio company which we control.

3.Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities, was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

4.Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company.

5.Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

6.Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

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Managerial Assistance to Portfolio Companies

A BDC must be operated for the purpose of making investments in the types of securities described under “Qualifying Assets” above. However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available managerial assistance means, among other things, any arrangement whereby the BDC, through its directors or officers, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

Monitoring Investments

In most cases, we will not have board influence over portfolio companies. In some instances, the Adviser’s investment professionals may obtain board representation or observation rights in conjunction with our investments. In conjunction with our Adviser’s investment committee and our Board, the Adviser will take an active approach in monitoring all investments, which includes reviews of financial performance on at least a quarterly basis and may include discussions with management and/or the equity sponsor. The monitoring process will begin with structuring terms and conditions which require the timely delivery and access to critical financial and business information regarding portfolio companies.

Senior Securities

We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage.

The 1940 Act imposes limitations on a BDC’s issuance of preferred shares, which are considered “senior securities” and thus are subject to the 150% asset coverage requirement described above. In addition, (i) preferred shares must have the same voting rights as the common stockholders (one share, one vote); and (ii) preferred stockholders must have the right, as a class, to appoint directors to the board of directors.

Code of Ethics

As required by Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, we and the Adviser have adopted codes of ethics which apply to, among others, our and our Adviser’s executive officers, including our Chief Executive Officer and Chief Financial Officer, as well as our Adviser’s officers, directors and employees. Our codes of ethics generally will not permit investments by our and the Adviser’s personnel in securities that may be purchased or sold by us.

We hereby undertake to provide a copy of the codes to any person, without charge, upon request. Requests for a copy of the codes may be made in writing addressed to our Secretary, George Hawley, Crescent Capital BDC, Inc., 11100 Santa Monica Boulevard, Suite 2000, Los Angeles, California, 90025, Attention: CCAP Investor Relations, or by emailing us at investor.relations@crescentcap.com. Our code of ethics is available without charge on our website, at http://www.crescentbdc.com.

Compliance Policies and Procedures

We and our Adviser have adopted and implemented written policies and procedures reasonably designed to detect and prevent violation of the federal securities laws and we are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and designate a Chief Compliance Officer to be responsible for administering the policies and procedures.

Sarbanes-Oxley Act of 2002

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

•pursuant to Rule 13a-14 of the Exchange Act, our principal executive officer and principal financial officer must certify the accuracy of the financial statements contained in our periodic reports;

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•pursuant to Item 307 of Regulation S-K, our periodic reports must disclose our conclusions about the effectiveness of our disclosure controls and procedures;

•pursuant to Rule 13a-15 of the Exchange Act, our management must prepare an annual report regarding its assessment of our internal control over financial reporting and must obtain an audit of the effectiveness of internal control over financial reporting performed by our independent registered public accounting firm; and

•pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

Stock Exchange Corporate Governance Regulations

The Nasdaq Stock Market LLC has adopted various corporate governance requirements as part of its listing standards. We monitor our compliance with such listing standards to the extent applicable and will take actions necessary to ensure that we remain in compliance therewith.

Proxy Voting Policies and Procedures

We delegate our proxy voting responsibility to our Adviser. The Proxy Voting Policies and Procedures of the Adviser are set forth below. The guidelines are reviewed periodically by the Adviser and our non-interested directors, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, the Adviser recognizes that it must vote portfolio securities in a timely manner free of conflicts of interest and in the best interests of its clients.

These policies and procedures for voting proxies are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Adviser votes all proxies based upon the guiding principle of seeking to maximize the ultimate long-term economic value of our stockholders’ holdings, and ultimately all votes are cast on a case-by-case basis, taking into consideration the contractual obligations under the relevant advisory agreements or comparable documents, and all other relevant facts and circumstances at the time of the vote. The Adviser reviews on a case-by-case basis each proposal submitted to a stockholder vote to determine its impact on the portfolio securities held by us. Although the Adviser generally votes against proposals that may have a negative impact on our portfolio securities, the Adviser may vote for such a proposal if there exists compelling long-term reasons to do so.

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The Adviser’s proxy voting decisions are made by our Adviser’s investment committee. To ensure that the vote is not the product of a conflict of interest, the Adviser will require that: (1) anyone involved in the decision making process disclose to our Adviser’s investment committee, and disinterested directors, any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees involved in the decision making process or vote administration are prohibited from revealing how the Adviser intends to vote on a proposal in order to reduce any attempted influence from interested parties.

Reporting Obligations

We furnish our stockholders with annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are required to comply with all periodic reporting, proxy solicitation and other applicable requirements under the Exchange Act.

Stockholders and the public may also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may also obtain information on the operation of the Public Reference Room by calling the SEC at (202) 551-8090. The SEC also maintains a website (www.sec.gov) that contains such information.

Election to be Taxed as a Regulated Investment Company

We have elected to be treated, and intend to operate in a manner so as to continuously qualify annually, as a RIC for U.S. federal income tax purposes under Subchapter M of the Code. As a RIC, we generally will not be required to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we timely distribute (or are deemed to distribute) to our stockholders as dividends. Instead, dividends we distribute (or are deemed to distributed) generally will be taxable to stockholders, and any net operating losses, foreign tax credits and most other tax attributes generally will not passthrough to stockholders. To continue to qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to qualify for RIC tax treatment we must distribute to our stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses, or the Annual Distribution Requirement.

If we:

• qualify as a RIC; and

• satisfy the Annual Distribution Requirement;

then we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) we distribute to stockholders. We are subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to our stockholders.

We will be subject to a 4% nondeductible federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, and on which we paid no U.S. federal income tax, in preceding years.

In order to maintain our qualification as a RIC for U.S. federal income tax purposes, we must, among other things:

• at all times during each taxable year, have in effect an election to be treated as a Business Development Company under the 1940 Act;

• derive in each taxable year at least 90% of our gross income from (a) dividends, interest, payments with respect to certain securities (including loans), gains from the sale of stock or other securities or currencies, or other income derived with respect to our business of investing in such stock, securities or currencies and (b) net income derived from an interest in a “qualified publicly traded partnership” (the “90% Gross Income Test”); and

• diversify our holdings so that at the end of each quarter of the taxable year:

◦ (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of its assets or more than 10% of the outstanding voting securities of the issuer; and

◦ (ii) no more than 25% of the value of our assets is invested in (a) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (b) the securities of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (c) the securities of one or more “qualified publicly traded partnerships” ((i) and (ii) collectively, the “Diversification Tests”).

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We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with increasing interest rates or debt instruments issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount.

Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act described above and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources or are otherwise limited in our ability to make distributions, we could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (a) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (b) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income; (c) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (d) cause us to recognize income or gain without a corresponding receipt of cash; (e) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (f) adversely alter the characterization of certain complex financial transactions; or (g) produce income that will not be qualifying income for purposes of the 90% Gross Income Test described above. We will monitor our transactions and may make certain tax elections in order to mitigate the potential adverse effect of these provisions.

If, in any particular taxable year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and distributions will be taxable to the stockholders as ordinary dividends to the extent of our current and accumulated earnings and profits.

AVAILABLE INFORMATION

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Exchange Act. This information is available free of charge on our website at http://www.crescentbdc.com. Information contained on our website is not incorporated into this Annual Report and you should not consider such information to be part of this Annual Report. Such information is also available from the EDGAR database on the SEC’s web site at http://www.sec.gov.

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Item 1A. Risk Factors

Investing in our common stock involves a number of significant risks. Before an investor invests in our common stock, the investor should be aware of various risks, including those described below. The investor should carefully consider these risk factors, together with all of the other information included in this Annual Report, before the investor decides whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair business, financial condition, and/or operating results. If any of the following events occur, our business, financial condition, and results of operations could be materially and adversely affected. In such case, the net asset value of our common stock and the trading price, if any, of our securities could decline, and an investor may lose all or part of his or her investment.

Risks Relating to Our Business and Structure

Our Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.

Our Board has the authority, except as otherwise provided in the 1940 Act or state law, as described below, to modify or waive certain of our investment objectives, operating policies and strategies without prior notice and without stockholder approval. Pursuant to Rule 35d-1 under the 1940 Act, we may not change our investment strategy with respect to 80% of our total assets without 60 days’ prior notice to stockholders. If we operate as a diversified management investment company for a period of three or more years, we will not resume operation as a non-diversified management investment company without prior stockholder approval. Additionally, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. Under Maryland law, we also cannot be dissolved without prior stockholder approval. We cannot predict the effect any changes to our operating policies and strategies would have on our business, operating results and the market price of our common shares. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our common stockholders.

A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility.

If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.

We and the Adviser are subject to regulations and SEC oversight. If we or the Adviser fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.

As a BDC, we are subject to a portion of the 1940 Act. In addition, we have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC in accordance with the requirements of Subchapter M of the Code. The 1940 Act and the Code impose various restrictions on the management of a BDC, including related to portfolio construction, asset selection, and tax. These restrictions may reduce the chances that we will achieve the same results as other vehicles managed by Crescent and/or the Adviser.

However, if we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease our operating flexibility. In addition to these and other requirements applicable to us, our investment adviser is subject to regulatory oversight by the SEC. To the extent the SEC raises concerns or has negative findings concerning the manner in which we or our investment adviser operates, it could adversely affect our business.

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We are dependent upon key personnel of Crescent and the Adviser.

We do not have any internal management capacity or employees. Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the diligence, skill and network of business contacts of Crescent’s senior professionals. We expect that these senior professionals will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of our Investment Advisory Agreement. We can offer no assurance, however, that Crescent’s senior professionals will continue to provide investment advice to us. If these individuals do not maintain their employment or other relationships with Crescent and do not develop new relationships with other sources of investment opportunities available to us, we may not be able to grow our investment portfolio. In addition, individuals with whom Crescent’s investment professionals have relationships are not obligated to provide us with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us. The departure or misconduct of any of these individuals, or of a significant number of the investment professionals of Crescent, could have a material adverse effect on our business, financial condition or results of operations.

The Adviser is an affiliate of Crescent and depends upon access to the investment professionals and Crescent’s other resources to fulfill its obligations to us under the Investment Advisory Agreement. The Adviser will also depend upon such investment professionals to obtain access to deal flow generated by Crescent. In addition, we cannot assure you that an affiliate of Crescent will remain our investment adviser or that we will continue to have access to Crescent’s investment professionals or its information and deal flow.

Crescent’s and the Adviser’s investment professionals, which are currently composed of the same personnel, have substantial responsibilities in connection with the management of other Crescent clients. Crescent’s personnel may be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which may increase as the number of investments grow, may distract them or slow our rate of investment.

The Adviser’s investment committee, which provides oversight over our investment activities, is provided to us by our investment adviser under the Investment Advisory Agreement. The loss of any member of the Adviser’s investment committee or of Crescent’s other senior professionals would limit our ability to achieve our investment objectives and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows.

We will not provide key person life insurance for any of our key personnel. Further, we depend upon Crescent to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If Crescent fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom Crescent’s senior professionals have relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities in the future. There can be no assurance that Crescent will replicate its historical ability to generate investment opportunities, and we caution you that our investment returns could be substantially lower than the returns achieved by other Crescent-managed funds.

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We may not replicate the historical performance achieved by Crescent.

Our primary focus in making investments may differ from those of existing investment funds, accounts or other investment vehicles that are or have been managed by members of our investment adviser’s investment committee or by Crescent. Past performance should not be relied upon as an indication of future results. There can be no guarantee that we will replicate the historical performance of Crescent or the historical performance of investment funds, accounts or other investment vehicles that are or have been managed by members of the Adviser’s investment committee or by Crescent or its employees, and we caution investors that our investment returns could be substantially lower than the returns achieved by them in prior periods. We cannot assure you that we will be profitable in the future or that the Adviser will be able to continue to implement our investment strategies or achieve our investment objectives with the same degree of success that it has had in the past. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance.

We depend on Crescent to manage our business effectively.

Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on Crescent’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon Crescent’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. Crescent’s investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. Crescent’s personnel may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from servicing new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows.

The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.

As a result of our arrangements with Crescent, the Adviser and the Adviser’s investment committee, there may be times when the Adviser or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest.

The members of the Adviser’s investment committee serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts, or investment vehicles managed by Crescent and/or its affiliates. Similarly, Crescent and its affiliates may have other clients with similar, different or competing investment objectives.

In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of, or which may be adverse to the interests of, us or our stockholders. For example, Crescent has, and will continue to have management responsibilities for other investment funds, accounts and investment vehicles. There is a potential that we will compete with these funds, and other entities managed by Crescent and its affiliates, for capital and investment opportunities. As a result, members of the Adviser’s investment committee who are affiliated with Crescent will face conflicts in the allocation of investment opportunities among us, and other investment funds, accounts and investment vehicles managed by Crescent and its affiliates and may make certain investments that are appropriate for us but for which we receive a relatively small allocation or no allocation at all. Crescent intends to allocate investment opportunities among eligible investment funds, accounts and investment vehicles in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time and we may not be given the opportunity to participate in investments made by investment funds managed by Crescent or its affiliates and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us.

Further, to the extent permitted by applicable law, we and our affiliates may own investments at different levels of a portfolio company’s capital structure or otherwise own different classes of a portfolio company’s securities, which may give rise to conflicts of interest or perceived conflicts of interest. Conflicts may also arise because decisions regarding our portfolio may benefit our affiliates. Our affiliates may pursue or enforce rights with respect to one of its portfolio companies, and those activities may have an adverse effect on us.

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Conflicts may arise related to other arrangements with Crescent and the Adviser and other affiliates.

We have entered into a license agreement with Crescent under which Crescent has agreed to grant us a non-exclusive, royalty-free license to use the name “Crescent Capital.” In addition, the Administration Agreement with the Administrator, an affiliate of Crescent, requires we pay to the Administrator our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, such as rent and our allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. In addition, the Adviser has entered into a Resource Sharing Agreement with Crescent pursuant to which Crescent provides the Adviser with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. These agreements create conflicts of interest that the independent members of our Board will monitor. For example, under the terms of the license agreement, we will be unable to preclude Crescent from licensing or transferring the ownership of the “Crescent Capital” name to third parties, some of whom may compete against us. Consequently, it will be unable to prevent any damage to goodwill that may occur as a result of the activities of Crescent or others. Furthermore, in the event the license agreement is terminated, we will be required to change our name and cease using “Crescent Capital” as part of our name. Any of these events could disrupt our recognition in the market place, damage any goodwill it may have generated and otherwise harm its business.

The Investment Advisory Agreement, and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to the Adviser, may not be as favorable to us as if they had been negotiated exclusively with an unaffiliated third party. In addition, we may desire not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Adviser, the Administrator and their respective affiliates. Any such decision, however, could breach our fiduciary obligations to our stockholders.

Crescent’s principals and employees, the Adviser or their affiliates may, from time to time, possess material non-public information, limiting our investment discretion.

Crescent’s executive officers and directors, principals and other employees, including members of the Adviser’s investment committee, may serve as directors of, or in a similar capacity with, portfolio companies in which we invest, the securities of which are purchased or sold on our behalf and may come into possession of material non-public information with respect to issuers in which we may be considering making an investment. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies, Crescent’s policies or as a result of applicable law or regulations, we could be prohibited for a period of time or indefinitely from purchasing or selling the securities of such companies, or we may be precluded from providing such information or other ideas to other funds affiliated with Crescent that might benefit from such information, and this prohibition may have an adverse effect on us.

Our management and incentive fee structure may create incentives for the Adviser that are not fully aligned with our stockholders’ interests and may induce the Adviser to make speculative investments.

In the course of our investing activities, we will pay management and incentive fees to the Adviser. We have entered into the Investment Advisory Agreement with the Adviser that provides that these fees are based on the value of our gross assets (which includes assets purchased with borrowed amounts or other forms of leverage but excludes cash and cash equivalents), instead of net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable). As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, including the costs of leverage, resulting in a lower rate of return than one might achieve if distributions were made on a gross basis. Because our management fees are based on the value of our gross assets, incurrence of debt or the use of leverage will increase the management fees due to the Adviser. As such, the Adviser may have an incentive to use leverage to make additional investments. In addition, as additional leverage would magnify positive returns, if any, on our portfolio, the incentive fee would become payable to the Adviser (i.e., exceed the Hurdle Amount (as defined herein under the heading “Incentive Fee”)) at a lower average return on our portfolio. Thus, if we incur additional leverage, the Adviser may receive additional incentive fees without any corresponding increase (and potentially with a decrease) in the performance of our portfolio.

Additionally, under the incentive fee structure, the Adviser may benefit when capital gains are recognized and, because the Adviser will determine when to sell a holding, the Adviser will control the timing of the recognition of such capital gains. As a result of these arrangements, there may be times when the management team of the Adviser has interests that differ from those of our stockholders, giving rise to a conflict. Furthermore, there is a risk the Adviser will make more speculative investments in an effort to receive this payment. PIK interest and OID would increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loans and increasing our assets under management and would make it easier for the Adviser to surpass the Hurdle Amount and increase the amount of incentive fees payable to the Adviser.

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The part of the incentive fee payable to the Adviser relating to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may give rise to a conflict of interest for the Adviser to the extent that it encourages the Adviser to favor debt financings that provide for deferred interest, rather than current cash payments of interest. The Adviser may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because, under the Investment Advisory Agreement, the Adviser is not obligated to reimburse us for incentive fees it receives even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued.

Our Board is charged with protecting our interests by monitoring how the Adviser addresses these and other conflicts of interest associated with its services and compensation. While our Board is not expected to review or approve each investment decision or incurrence of leverage, our independent directors will periodically review the Adviser’s services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our independent directors will consider whether the Adviser’s fees and expenses (including those related to leverage) remain appropriate.

We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, bear our ratable share of any such investment company’s expenses, including management and performance fees. We also remain obligated to pay management and incentive fees to the Adviser with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our stockholders bears his or her share of the management and incentive fees of the Adviser as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.

The Adviser has limited liability and is entitled to indemnification under the Investment Advisory Agreement.

Under the Investment Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. The Adviser will not be responsible for any action of our Board in following or declining to follow the Adviser’s advice or recommendations. Under the Investment Advisory Agreement the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, its general partner and the Administrator, and any person controlling or controlled by the Adviser will not be liable to us, any of our subsidiaries, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to us under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, its general partner and the Administrator, and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by such party in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of us or our security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of us, except in respect of any liability to us or our security holders to which such party would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than the Adviser would when acting for its own account.

Our ability to enter into transactions with our affiliates is restricted.

We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, the SEC. We consider the Adviser and its affiliates, including Crescent, to be our affiliates for such purposes. In addition, any person that is an affiliate of ours for purposes of the 1940 Act generally is prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to us, absent the prior approval of our independent directors and, in some cases, of the SEC. We consider the Adviser and its affiliates, including Crescent, to be our affiliates for such purposes. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company, without prior approval of our independent directors and, in some cases, of the SEC. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. If we are prohibited by applicable law from investing alongside Crescent’s investment funds, accounts and investment vehicles with respect to an investment opportunity, we may not be able to participate in such investment opportunity.

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We may, however, invest alongside Crescent’s investment funds, accounts and investment vehicles in certain circumstances where doing so is consistent with our investment strategy as well as applicable law and SEC staff interpretations or exemptive orders. For example, we may invest alongside such investment funds, accounts and investment vehicles consistent with guidance promulgated by the SEC staff to purchase interests in a single class of privately placed securities so long as certain conditions and requirements are met, including that Crescent, acting on our behalf and on behalf of such investment funds, accounts and investment vehicles, negotiates no term other than price.

In situations where co-investment with investment funds, accounts and investment vehicles managed by Crescent is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer or where the different investments could be expected to result in a conflict between our interests and those of Crescent’s clients, subject to the limitations described in the preceding paragraph, Crescent will need to decide which client will proceed with the investment. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions will limit the scope of investment opportunities that would otherwise be available to us.

Crescent has been granted exemptive relief from the SEC, upon which we and the Adviser may rely, which permits greater flexibility to negotiate the terms of co-investments if our Board determines that it would be advantageous for us to co-invest with investment funds, accounts and investment vehicles managed by Crescent in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. We believe that co-investment by us and investment funds, accounts and investment vehicles managed by Crescent may afford us additional investment opportunities and an ability to achieve a more varied portfolio. Accordingly, our exemptive order permits us to invest with investment funds, accounts and investment vehicles managed by Crescent in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. The exemptive relief permitting co-investment transactions generally applies only if our independent directors and directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive relief provides that, if the size of a co-investment opportunity is insufficient to meet our and the other Crescent funds’ desired level of participation in full, allocations will generally be made pro rata based on capital available for investment, as determined, in our case, by our Board as well as the terms of our governing documents and those of such investment funds, accounts and investment vehicles. It is our policy to base our determinations on such factors as: the amount of cash on-hand, existing commitments and reserves, if any, our targeted leverage level, our targeted asset mix and diversification requirements and other investment policies and restrictions set by our Board or imposed by applicable laws, rules, regulations or interpretations. We expect that these determinations will be made similarly for investment funds, accounts and investment vehicles managed by Crescent. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.

Our ability to sell or otherwise exit investments also invested in by other Crescent investment vehicles is restricted.

We may be considered affiliates with respect to certain of our portfolio companies because our affiliates, which may include certain investment funds, accounts or investment vehicles managed by Crescent, also hold interests in these portfolio companies and as such these interests may be considered a joint enterprise under the 1940 Act. To the extent that our interests in these portfolio companies may need to be restructured in the future or to the extent that we choose to exit certain of these transactions, our ability to do so will be limited. Crescent has obtained exemptive relief from the SEC in relation to certain joint transactions upon which we and the Adviser may rely; however, there is no assurance that we will obtain relief that would permit us to negotiate future restructurings or other transactions that may be considered a joint enterprise.

Conflicts of interest may be created by the valuation process for certain portfolio holdings.

We make many of our portfolio investments in the form of loans and securities that are not publicly traded and for which no market-based price quotation is available. As a result, our investment adviser, as the Board's valuation designee (in such capacity, the “Valuation Designee”), will determine the fair value of these loans and securities as described below in “-Risks Relating to our Business and Structure - The majority of our portfolio investments are recorded at fair value as determined in good faith by the Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.” Each of the interested members of our Board has an indirect pecuniary interest in our investment adviser. The participation of our investment adviser’s investment professionals in our valuation process, and the pecuniary interest in our investment adviser by certain members of our Board, could result in a conflict of interest as our investment adviser’s management fee is based, in part, on the value of our net assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses.

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We operate in an increasingly competitive market for investment opportunities, which could make it difficult for us to identify and make investments that are consistent with our investment objectives.

A number of entities compete with us to make the types of investments that we make and plan to make. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objectives.

With respect to the investments we make, we will not seek to compete based primarily on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may also compete for investment opportunities with investment funds, accounts and investment vehicles managed by Crescent. Although Crescent will allocate opportunities in accordance with its policies and procedures, allocations to such investment funds, accounts and investment vehicles will reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and our stockholders. Moreover, the performance of investments will not be known at the time of allocation. See —“The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.”

Our ability to grow depends on our ability to raise capital.

We will need to periodically access the capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance any future debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities or cash flows from operations. We intend to be treated as a RIC and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. Among other things, in order to maintain our RIC status, we must distribute to our common stockholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income, and, as a result, such distributions will not be available to fund investment originations or repay maturing debt. We must borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any.

In addition, we may borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” such that our asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). Such requirement, in certain circumstances, may restrict our ability to borrow or issue debt securities or preferred stock. The amount of leverage that we employ will depend on our investment adviser’s and our Board’s assessments of market and other factors at the time of any proposed borrowing or issuance of senior securities. We cannot assure you that we will be able to obtain lines of credit or issue senior securities at all or on terms acceptable to us.

Further, we may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies and risks. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable.

Regulations governing our operation as a BDC affect our ability to, and the way in which we may, raise additional capital.

We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we will be permitted as a BDC to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, as amended, equals at least 150% of our gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments at a time when such sales may be disadvantageous to us in order to repay a portion of its indebtedness. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.

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Furthermore, equity capital may be difficult to raise because, subject to some limited exceptions we are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire shares of our common stock, at a price below the then-current NAV per share of our common stock if our Board determines that such sale is in our best interests, and if our stockholders, including a majority of those stockholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). We do not currently have authorization from our stockholders to issue our common stock at a price below the then-current NAV per share.

If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.

To maintain our status as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a common equity market capitalization that is less than $250 million at the time of such investment.

We may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows.

Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in seeking to:

•increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company;

•exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

•preserve or enhance the value of our investment.

We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation.

Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our investment's level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire to maintain our qualification as a RIC.

Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any.

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We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. Additionally, we invest in unitranche loans (loans that combine both senior and subordinated debt, generally in a first lien position), which may provide for a waterfall of cash flow priority between different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case the “first out” portion of the loan would generally receive priority with respect to repayment of principal, interest and any other amounts due thereunder over the “last out” portion of the loan that we would continue to hold.

The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:

•the ability to cause the commencement of enforcement proceedings against the collateral;

•the ability to control the conduct of such proceedings;

•the approval of amendments to collateral documents;

•releases of liens on the collateral; and

•waivers of past defaults under collateral documents.

•We may not have the ability to control or direct such actions, even if its rights are adversely affected.

We will be subject to corporate level income tax if we are unable to qualify as a RIC.

We have elected to be treated as a RIC under the Code and intend to operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. As a RIC, we generally will not pay U.S. federal corporate-level income taxes on our income and net capital gains that we distribute (or are deemed to distribute) to our common stockholders as dividends on a timely basis. We will be subject to U.S. federal corporate-level income tax on any undistributed income and/or gains. To maintain our status as a RIC, we must meet certain source of income, asset diversification and annual distribution requirements. We may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes.

To qualify as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any) to our common stockholders on an annual basis (the “Annual Distribution Requirement”). We have the ability to pay a large portion of our distributions in shares of our stock, and as long as a portion of such distribution is paid in cash and other requirements are met, such distributions will be taxable as a dividend for U.S. federal income tax purposes. This may result in our U.S. stockholders having to pay tax on such dividends, even if no cash is received, and may result in our non-U.S. stockholders being subject to withholding tax in respect of amounts distributed in our stock. We will be subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax.

The Annual Distribution Requirement will be satisfied if we distribute dividends to our common stockholders in respect of each taxable year of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for distributions paid. In this regard, a RIC may, in certain cases, satisfy the Annual Distribution Requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillback dividend” provisions of Subchapter M of the Code. We will be subject to tax, at regular corporate rates, on any retained income and/or gains, including any short-term capital gains or long-term capital gains. We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for each calendar year and (3) any income realized, but not distributed, in preceding years (to the extent that U.S. federal income tax was not imposed on such amounts) less certain over-distributions in the prior year (collectively, the “Excise Tax”). Because we use debt financing, we are subject to (i) an asset coverage ratio requirement under the

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1940 Act and are subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (i) be required to pay the Excise Tax and (ii) fail to qualify for RIC tax treatment, and thus become subject to corporate-level income tax on our taxable income (including gains).

To qualify as a RIC, in addition to the Annual Distribution Requirement, we must also meet certain annual source of income requirements at the end of each taxable year (the “90% Income Test”) and asset diversification requirements at the end of each calendar quarter (the “Diversification Tests”). Failure to meet these tests may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital in order to prevent the loss of our qualifications as a RIC. Because most of our investments will be in private or thinly traded public companies and are generally illiquid, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our common stockholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our common stockholders.

The 90% Income Test will be satisfied if we earn at least 90% of our gross income each taxable year from distributions, interest, gains from the sale of stock or securities, or other income derived from the business of investing in stock or securities. The Diversification Tests will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy the Diversification Tests, at least 50% of the value of our assets at the close of each quarter of each taxable year must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities, and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in us having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We also may invest in certain foreign debt and equity investments that could be subject to foreign taxes (such as income tax, withholding, and value added taxes). If we fail to maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions. In addition, because the relevant provisions of the Code may change, compliance with one or more of the RIC requirements may be impossible or impracticable.

Certain investors are limited in their ability to make significant investments in us.

Private funds that are excluded from the definition of “investment company” either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition). Investment companies registered under the 1940 Act and BDCs, such as us, are also currently subject to this restriction as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. As a result, certain investors will be limited in their ability to make significant investments in us at a time that they might desire to do so. The SEC has adopted Rule 12d1-4 under the 1940 Act. Subject to certain conditions, Rule 12d1-4 provides an exemption to permit registered investment companies and BDCs to invest in the securities of other registered investment companies and BDCs in excess of the limits currently prescribed by the 1940 Act.

We may be subject to withholding of U. S. federal income tax on distributions for non-U.S. stockholders.

Distributions by a RIC generally are treated as dividends for U.S. tax purposes, and will be subject to U.S. income or withholding tax unless the stockholder receiving the dividend qualifies for an exemption from U.S. tax, or the distribution is subject to one of the special look-through rules described below. Distributions paid out of net capital gains can qualify for a reduced rate of taxation in the hands of an individual U.S. stockholder, and an exemption from U.S. tax in the hands of a non-U.S. stockholder.

Properly reported dividend distributions by RICs paid out of certain interest income (such distributions, “interest-related dividends”) are generally exempt from U.S. withholding tax for non-U.S. stockholders. Under such exemption, a non-U.S. stockholder generally may receive interest-related dividends free of U.S. withholding tax if the stockholder would not have been subject to U.S. withholding tax if it had received the underlying interest income directly. No assurance can be given as to whether any of our distributions will be eligible for this exemption from U.S. withholding tax or, if eligible, will be designated as such by us. In particular, the exemption does apply to distributions paid in respect of a RIC’s non-U.S. source interest income, its dividend income or its foreign currency gains. In the case shares of our common stock held through an intermediary, the intermediary may withhold U.S. federal income tax even if we designate the payment as a dividend eligible for the exemption. Also, because our common stock will be subject to significant transfer restrictions, and an investment in our common stock will generally be illiquid, non-U.S. stockholders whose distributions on our common stock are subject to U.S. withholding tax may not be able to transfer their shares of our common stock easily or quickly or at all.

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We may retain income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax, reducing the amount available for distribution to stockholders.

We may retain some income and capital gains in the future, including for purposes of providing additional liquidity, which amounts would be subject to a 4% U.S. federal excise tax to the extent we do not distribute during the calendar year the amount of distributions required to avoid the excise tax. In that event, we will be liable for the tax on the amount by which it does not meet the foregoing distribution requirement. See Item 1(c). Description of Business—Regulation as a Business Development Company—Taxation as a RIC.”

We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.

For U.S. federal income tax purposes, we generally are required to include in income certain amounts that we have not yet received in cash, such as the accretion of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan principal balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contracted PIK arrangements, will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, including, for example, amounts attributable to hedging and foreign currency transactions.

Since in certain cases we may recognize income before or without receiving cash in respect of such income, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify as a RIC and thus be subject to corporate-level income tax. Such a failure could have a material adverse effect on us and on any investment in us.

Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.

Our investments may include OID and PIK instruments. To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in an accounting income and taxable income prior to receipt of cash, including the following:

•OID instruments and PIK securities may have unreliable valuations because the accretion of OID as interest income and the continuing accruals of PIK securities require judgments about their collectability and the collectability of deferred payments and the value of any associated collateral;

•OID income may also create uncertainty about the source of our cash dividends;

•OID instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower;

•for accounting purposes, cash distributions to stockholders that include a component of accreted OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of accreted OID income may come from the cash invested by the stockholders, the 1940 Act does not require that stockholders be given notice of this fact;

•generally, we must recognize income for income tax purposes no later than when it recognizes such income for accounting purposes;

•the higher interest rates on PIK securities reflects the payment deferral and increased credit risk associated with such instruments and PIK securities generally represent a significantly higher credit risk than coupon loans;

•the presence of accreted OID income and PIK interest income create the risk of non-refundable cash payments to the Adviser in the form of incentive fees on income based on non-cash accreted OID income and PIK interest income accruals that may never be realized;

•even if accounting conditions are met, borrowers on such securities could still default when our actual collection is expected to occur at the maturity of the obligation;

•OID and PIK create the risk that incentive fees will be paid to the Adviser based on

•non-cash accruals that ultimately may not be realized, which the Adviser will be under no obligation to reimburse us or these fees; and

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PIK interest has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate.

Stockholders may be required to pay tax in excess of the cash they receive.

Under our dividend reinvestment plan, if a stockholder owns shares of our common stock, the stockholder will have all cash distributions automatically reinvested in additional shares of our common stock unless such stockholder, or his, her or its nominee on such stockholder’s behalf, specifically “opts out” of the dividend reinvestment plan by delivering a written notice to the plan administrator prior to the record date of the next distribution. If a stockholder does not “opt out” of the dividend reinvestment plan, that stockholder will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, a stockholder may have to use funds from other sources to pay U.S. federal income tax liability on the value of the common stock received. Even if a stockholder chooses to “opt out” of the dividend reinvestment plan, we will have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash in order to satisfy the Annual Distribution Requirement (as defined herein under the heading “Item 1(c). Description of Business—Regulation as a Business Development Company—Election to Be Taxed as a RIC”). As long as a sufficient portion of this dividend is available to be paid in cash (generally 20%) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally will be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of common stock.

Our business could be adversely affected in the event we default under our existing credit facilities or any future credit or other borrowing facility.

We have entered, and in the future may enter into, one or more credit facilities. The closing of any additional credit facility is contingent on a number of conditions including, without limitation, the negotiation and execution of definitive documents relating to such credit facility. If we obtain any additional credit facilities, we intend to use borrowings under such credit facilities to make additional investments and for other general corporate purposes. However, there can be no assurance that we will be able to close such additional credit facilities or obtain other financing.

In the event we default under one of our credit facilities or any other future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the relevant credit facility or such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under any future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, ability to pay dividends, financial condition, results of operations and cash flows. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness, which might result in cross-acceleration of other indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations.

In addition, following any such default, the agent for the lenders under the relevant credit facility or such future credit or other borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Lastly, as a result of any such default, we may be unable to obtain additional leverage, which could, in turn, affect our return on capital.

We are and may be subject to restrictions under our credit facilities and any future credit or other borrowing facility that could adversely impact our business.

Our credit facilities, and any future borrowing facility, may be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We currently pledge and may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. Like with its current credit facilities, we expect that any future security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders, and we expect that the custodian for our securities serving as collateral for such loan would include in the custodian’s electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. Under our current credit facilities, we are subject to customary events of default. If we were to default under the terms of our current credit facilities and any future borrowing facility, the agent for the applicable lenders would be able to assume control of the timing of disposition of the assets pledged under the facility, which could include any or all of our assets securing such debt. Such remedial action would have a material adverse effect on our business, financial condition, results of operations and cash flows.

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In addition, the security interests as well as negative covenants under its credit facilities, or any other future borrowing facility, may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under our credit facilities or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the relevant credit facility or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to pay dividends.

In addition, under our credit facilities, or any other future borrowing facility, we may be limited as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained.

There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under our credit facilities or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the relevant credit facility or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC.

In addition to regulatory or existing credit facility requirements that restrict our ability to raise capital, any future debt facilities may contain various covenants that, if not complied with, could accelerate repayment under such debt facilities, thereby materially and adversely affecting our liquidity, financial condition and results of operations.

Agreements covering our current credit facility require and future agreements governing any debt facilities may require us to comply with certain financial and operational covenants. These covenants may include, among other things:

•restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;

•restrictions on our ability to incur liens; and

•maintenance of a minimum level of stockholders’ equity.

Our compliance with these covenants depends on many factors, some of which are beyond our control. For example, depending on the condition of the public debt and equity markets and pricing levels, unrealized depreciation in our portfolio may increase in the future. Any such increase could result in our inability to comply with an obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders’ equity.

Accordingly, there are no assurances that we will be able to comply with the covenants in our credit facilities or any debt facilities we enter into. Failure to comply with these covenants could result in a default under these debt facilities, that, if we were unable to obtain a waiver from the lenders or holders of such indebtedness, as applicable, such lenders or holders could accelerate repayment under such indebtedness and thereby have a material adverse impact on our business, financial condition and results of operations.

Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.

The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. However, we have borrowed from, and may in the future issue debt securities to, banks, insurance companies and other lenders. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. We have and may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instruments we may enter into with lenders. In addition, under the terms of our credit facilities and any borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make dividend payments on our common stock or preferred stock. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management fee payable to the Adviser.

There can be no assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to repay our indebtedness or to fund our

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other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. There can be no assurance that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. There can be no assurance that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to stockholders or on terms that would not require us to breach the terms and conditions of our future debt agreements.

As a BDC, we are generally required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when we are otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Adviser’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure stockholders that we will be able to obtain credit at all or on terms acceptable to it.

Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations.

Our debt investments are generally based on floating rates, such as Secured Overnight Financing Rate (“SOFR”), EURIBOR, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital.

During periods of rising interest rates, the cost of borrowing for the companies in which we invest will increase and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.

Because we have borrowed money, and may issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of high interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income.

You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold under the Investment Advisory Agreement and may result in a substantial increase in the amount of Incentive Fees payable to our Adviser with respect to the portion of the Incentive Fee based on income.

We may be the target of litigation.

We may be the target of securities litigation in the future, particularly if the value of shares of our common stock fluctuates significantly. We could also generally be subject to litigation, including derivative actions by stockholders. In addition, our investment activities subject it to litigation relating to the bankruptcy process and the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where we exercise control or significant influence over a portfolio company’s direction. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations.

There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.

We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in its reinvestment plan, we may be forced to sell some of its investments in order to make cash dividend payments.

In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of our credit facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.

The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of its debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of its debt agreements.

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The majority of our portfolio investments are recorded at fair value as determined in good faith by the Adviser as Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.

Many of our portfolio investments are in the form of loans and securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined by the Adviser as Valuation Designee in good faith in accordance with Rule 2a-5 and subject to the oversight of our Board, including to reflect significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under the FASB Accounting Standards Codification, Fair Value Measurements and Disclosures (ASC Topic 820). This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We retain the services of one or more independent service providers to review the valuation of these loans and securities. However, the ultimate determination of fair value will be made by the Adviser as Valuation Designee subject to the oversight of our Board and not by such third-party valuation firm. The types of factors that the Valuation Designee may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future, comparisons to publicly traded companies, relevant credit market indices and other relevant factors.

Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Also, since these valuations are, to a large extent, based on estimates, comparisons and qualitative evaluations of private information, our fair valuation process could make it more difficult for investors to accurately value our investments and could lead to undervaluation or overvaluation of our securities. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger public competitors.

Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities. Further, our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in the NAV.

We will adjust quarterly the valuation of our portfolio to reflect the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.

In addition, the participation of the Adviser in the valuation process could result in a conflict of interest as the management fee payable is based on our gross assets and the incentive fees earned by the Adviser will be based, in part, on unrealized gains and losses.

New or modified laws or regulations governing our operations may adversely affect our business.

We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of its business and may be subject to civil fines and criminal penalties.

Additionally, changes to the laws and regulations governing our operations, including those associated with RICs, may cause us to alter our investment strategy in order to avail our self of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to the strategies and plans set forth therein and may shift our investment focus from the areas of Crescent’s expertise to other types of investments in which Crescent may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of an investor’s investment. If we invest in commodity interests in the future, the Adviser may determine not to use investment strategies that trigger additional regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) or may determine to operate subject to

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CFTC regulation, if applicable. If we or the Adviser were to operate subject to CFTC regulation, we may incur additional expenses and would be subject to additional regulation.

To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation, interest rates, fiscal or monetary policy and other areas in ways that adversely impact us or our portfolio companies.

Further, there has been increasing commentary amongst regulators and intergovernmental institutions, including the Financial Stability Board and International Monetary Fund, on the topic of so called “shadow banking” (a term generally taken to refer to credit intermediation involving entities and activities outside the regulated banking system). We are an entity outside the regulated banking system and certain of our activities may be argued to fall within this definition and, in consequence, may be subject to regulatory developments. As a result, we and the Adviser could be subject to increased levels of oversight and regulation. This could increase costs and limit operations. In an extreme eventuality, it is possible that such regulations could render our continued operation unviable and lead to our premature termination or restructuring.

We are subject to risks related to corporate social responsibility.

Our business (including that of our portfolio companies) faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities, which are increasingly considered to contribute to the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Crescent also recognizes the importance of considering ESG factors in the investment-decision making process in accordance with its ESG policy.

We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as diversity, equity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.

Additionally, new regulatory initiatives related to ESG that are applicable to us and our portfolio companies could adversely affect our business. Compliance with any new laws, regulations or disclosure obligations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.

We are subject to risks associated with artificial intelligence and machine learning technology.

Recent technological advances in artificial intelligence and machine learning technology pose risks to our Company and our portfolio investments. Our Company and our portfolio investments could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to our Company, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services.

Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party artificial intelligence and machine learning technology applications and users. The use of artificial intelligence and machine learning technology by our and our portfolio companies’ competitors may adversely affect our and our portfolio companies’ performance.

Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio investments are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our Company or our investments.

Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.

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Additionally, legislative or other actions relating to taxes could have a negative effect on us.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect us, our common stockholders, or our portfolio companies. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our common stockholders of such qualification or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.

Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.

There have recently been significant changes to U.S. trade policies, treaties and tariffs, and there is ongoing discussion and commentary regarding further potential changes. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

The lack of liquidity in our investments may adversely affect our business.

All of our assets may be invested in illiquid loans and securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of its portfolio quickly, we may realize significantly less than the value at which it has previously recorded its investments. Some of our debt investments may contain interest rate reset provisions that may make it more difficult for the borrowers to make periodic interest payments to us. In addition, some of our debt investments may not pay down principal until the end of their lifetimes, which could result in a substantial loss to us if the portfolio companies are unable to refinance or repay their debts at maturity.

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We may be obligated to pay the Adviser certain fees even if we incur a loss.

The Adviser is entitled to incentive fees for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter (before deducting any incentive fees and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income for incentive fee purposes excludes realized and unrealized capital losses or depreciation and income taxes related to realized gains that we may incur in the fiscal quarter, even if such capital losses or depreciation and income taxes related to realized gains result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay the Adviser incentive fees for a fiscal quarter even if there is a decline in the value of our portfolio or the net asset value of our common shares or we incur a net loss for that quarter.

If a portfolio company defaults on a loan that is structured to provide interest, it is possible that accrued and unpaid interest previously used in the calculation of incentive fees will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of incentive fees it received that was based on accrued income that we never receive.

There is a risk that investors in our common shares may not receive distributions or that our distributions may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.

We make distributions to our common stockholders out of assets legally available for distribution. There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital to stockholders or offering proceeds, and we have no limits on the amounts we may pay from such sources. In addition, distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by our investment adviser or its affiliates, that may be subject to reimbursement to our investment adviser or its affiliates. The repayment of any amounts owed to the Adviser or our affiliates will reduce future distributions to which you would otherwise be entitled. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in its reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments.

In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of our credit facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.

The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of its debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of its debt agreements.

The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our offerings. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your common shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares and reduce the amount of funds we have for investment in targeted assets.

We may fund our cash distributions to stockholders from any sources of funds available to us, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and expense reimbursement waivers from the investment adviser or the administrator, if any. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described in this registration statement. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC may limit our ability to pay distributions. All distributions are and will be paid at the sole discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will continue to pay distributions to our common stockholders in the future. A return of capital is a return of your investment, rather than a return of earnings or gains derived from our investment activities.

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We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).

Stockholders should understand that any distributions made from sources other than cash flow from operations or relying on expense reimbursement waivers, if any, from the Adviser or our administrator are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser or our administrator continues to makes such expense reimbursements, if any. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Stockholders should also understand that our future repayments to the Adviser will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve such performance in order to sustain these distributions, or be able to pay distributions at all. The Adviser and our Administrator have no obligation to waive fees or receipt of expense reimbursements, if any.

Our Adviser and Administrator each have the ability to resign on 120 days’ and 60 days’ notice, respectively, and we may not be able to find a suitable replacement within that time, resulting in a disruption in operations that could adversely affect our financial condition, business and results of operations.

Our Adviser has the right under the Investment Advisory Agreement to resign as our investment adviser at any time upon not less than 120 days’ written notice, whether we have found a replacement or not. Similarly, our Administrator has the right under the Administration Agreement to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Adviser or Administrator were to resign, we may not be able to find a new investment adviser or administrator, as applicable, or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 120 days or 60 days, respectively, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions to our common stockholders are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment or administrative activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment Adviser and Administrator, as applicable. Even if we are able to retain a comparable service provider or individuals performing such services are retained, whether internal or external, their integration and lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows.

In addition, if the Adviser resigns or is terminated, we would lose the benefits of our relationship with Crescent, including the use of its communication and information systems, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us by Crescent, and we would be required to change our name, which may have a material adverse impact on our operations.

As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and such regulations may adversely affect us.

As a public company, we are subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.

We may not be able to obtain all required state licenses.

We may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.

Risks Relating to Our Investments

Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing NAV through increased net unrealized depreciation.

As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined by the Valuation Designee, as described above in “- Risks Relating to our Business and Structure - The majority of our portfolio investments are recorded at fair value as determined in good faith by the Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.”

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When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate its valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of its valuation process that its investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

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Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interests rates may make it more difficult for portfolio companies to make periodic payments on their loans.

Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the portfolio companies to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that our portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows.

We will be subject to the risk that the debt investments we make in our portfolio companies may be repaid prior to maturity.

We expect that our investments will generally allow for repayment at any time subject to certain penalties. When such prepayment occurs, we intend to generally reinvest these proceeds in temporary investments, pending their future investment in accordance with our investment strategy. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elects to prepay amounts owed to us. Additionally, prepayments could negatively impact our ability to pay, or the amount of, dividends on our common stock, which could result in a decline in the market price of our shares.

Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies may be in industries that have been, or are expected to be, impacted by inflation. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

We typically invest in middle-market companies, which involves higher risk than investments in large companies.

Investment in private and middle-market companies involves a number of significant risks. Generally, limited public information exists about these companies, and we will rely on the ability of Crescent’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision and may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies.

In addition, investment in middle-market companies involves a number of other significant risks, including:

•they generally have less predictable operating results, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

•changes in laws and regulations, as well as their interpretations, may adversely affect their businesses, financial structures or prospects; and

•they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Our investments may be risky and we could lose all or part of our investment.

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The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s Ratings Services). Below investment grade securities have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” Therefore, our investments may result in an above average amount of risk and volatility or loss of principal. While the debt we invest in is often secured, such security does not guarantee that we will receive principal and interest payments according to the terms of the loan, or that the value of any collateral will be sufficient to allow us to recover all or a portion of the outstanding amount of the loan should we be forced to enforce our remedies.

Some of the loans in which we may invest directly or indirectly through investments in CDOs, CLOs or other types of structured entities may be “covenant-lite” loans, which means the loans contain fewer covenants than other loans (in some cases, none) and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by us in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. We may also experience delays in enforcing our rights under covenant-lite loans. Furthermore, we will generally not have direct rights against the underlying borrowers or entities that sponsor CLOs, which means we will not be able to directly enforce any rights and remedies in the event of a default of a loan held by a CLO vehicle. As a result of these risks, our exposure to losses may be increased, which could result in an adverse impact on our net income and net asset value.

We also may invest in assets other than first and second lien and subordinated debt investments, including high-yield securities, U.S. government securities, credit derivatives and other structured securities and certain direct equity investments. These investments entail additional risks that could adversely affect our investment returns.

We may invest in high yield debt, or below investment grade securities, which has greater credit and liquidity risk than more highly rated debt obligations.

We may also invest in debt securities which will not be rated by any rating agency and, if they were rated, would be rated as below investment grade quality. Bonds that are rated below investment grade are sometimes referred as “high yield bonds” or “junk bonds.” Below investment grade securities have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.

We may purchase common and other equity securities. Although common stock has historically generated higher average total returns than fixed income securities over the long-term, common stock also has experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on the underlying portfolio company’s success. Investments in equity securities involve a number of significant risks, including:

•any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) and senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;

•to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and

•in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company. Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.

There are special risks associated with investing in preferred securities, including:

•preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;

•preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;

•preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and

•generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.

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Additionally, when we invest in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position), second lien senior secured loans or subordinated debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the management fee and incentive fees to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the management fee and incentive fees due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

We may be subject to risks associated with syndicated loans.

From time to time, our investments may consist of syndicated loans that were not originated by us or our investment adviser. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded from directing such actions unless we or our investment adviser is the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure you that the actions taken will be in our best interests.

There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.

The disposition of our investments may result in contingent liabilities.

We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of an investment in loans and private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through its return of distributions previously made to us.

Our subordinated investments may be subject to greater risk than investments that are not similarly subordinated.

We may make subordinated investments that rank below other obligations of the borrower in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the borrower or in general economic conditions. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations.

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There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.

If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance.

We may hold the debt securities of leveraged companies.

Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that it may have obtained in connection with its investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.

Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect the portfolio company. If the proceeding is converted to a liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective.

The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations that we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.

Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities, that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt investments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements (including agreements governing “first out” and “last out” structures) that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as junior lenders are adversely affected.

When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.

When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment.

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Our portfolio companies may be highly leveraged.

Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy contemplates potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Although we expect most of our investments will be U.S. dollar denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. 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.

The due diligence process that the Adviser undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with an investment.

The Adviser’s due diligence may not reveal all of a company’s liabilities and may not reveal other weaknesses in its business. There can be no assurance that our Adviser's due diligence process will uncover all relevant facts that would be material to an investment decision. Before making an investment in, or a loan to, a company, the Adviser will assess the strength and skills of the company’s management team and other factors that it believes are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, the Adviser will rely on the resources available to it and, in some cases, an investigation by third parties. This process is particularly important and highly subjective with respect to newly organized entities because there may be little or no information publicly available about the entities. We may make investments in, or loans to, companies, including middle market companies, which are not subject to public company reporting requirements, including requirements regarding preparation of financial statements, and will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations and the ability of the Adviser’ investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we and the Adviser are unable to uncover all material information about these companies, we may not make a fully informed investment decision and may lose money on our investments. As a result, the evaluation of potential investments and the ability to perform due diligence on and effective monitoring of investments may be impeded, and we may not realize the returns that it expects on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company.

We may be subject to risks under hedging transactions and may become subject to risk if we invest in non-U.S. securities.

The 1940 Act generally requires that 70% of our investments be in issuers each of whom is organized under the laws of, and has its principal place of business in, any state of the United States, the District of Columbia, Puerto Rico, the Virgin Islands or any other possession of the United States. However, our portfolio may include debt securities of non-U.S. companies, including emerging market issuers, to the limited extent such transactions and investments would not cause us to violate the 1940 Act. We expect that these investments would focus on the same secured debt, unsecured debt and related equity security investments that we make in U.S. middle-market companies and, accordingly, would be complementary to our overall strategy and enhance the diversity of our holdings. Investing in loans and securities of emerging market issuers involves many risks including economic, social, political, financial, tax and security conditions in the emerging market, potential inflationary economic environments, regulation by foreign governments, different accounting standards and political uncertainties. Economic, social, political, financial, tax and security conditions also could negatively affect the value of emerging market companies. These factors could include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations or judgments or foreclosing on collateral, lack of uniform accounting and auditing standards and greater price volatility.

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Engaging in either hedging transactions or investing in foreign loans and securities would entail additional risks to our stockholders. We could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if we were to invest in foreign loans and securities, we could use instruments such as forward contracts or currency options and borrow under a credit facility in currencies selected to minimize our foreign currency exposure. In each such case, we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions could also limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price.

While we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it might not be possible for us to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those loans and securities would likely fluctuate as a result of factors not related to currency fluctuations.

We may not realize anticipated gains on the equity interests in which we invest.

When we invest in loans and debt securities, we may acquire warrants or other equity securities of portfolio companies as well. We may also invest in equity securities directly. To the extent we hold equity investments, we will attempt to dispose of them and realize gains upon such disposition. However, the equity interests we receive may not appreciate in value and, may decline in value. As a result, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

We may invest in significant risk transfer securities, or other similar synthetic instruments, issued by banks or other financial institutions.

Significant risk transfer (“SRT”) securities, or other similar synthetic instruments, typically enable a bank, other financial institution or issuer to transfer the credit risk associated with a pool of underlying obligations (or “reference assets”) to investors, such as us, and are subject to, among other risks, the credit risks associated with the applicable reference assets. In connection with an investment in SRT securities or other similar synthetic instruments, we may have a contractual relationship only with the counterparty of such synthetic instrument, and not with the reference obligor of the reference asset. Accordingly, we generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference asset nor will we have any rights of setoff against the reference obligor or rights with respect to the reference asset. We will not directly benefit from the collateral supporting the reference asset and will not have the benefit of the remedies that would normally be available to a holder of such reference asset. In addition, in the event of the insolvency of the counterparty, we may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference asset. SRT transactions are typically linked to a first-loss or mezzanine tranche of a larger portfolio; accordingly, an exposure to that portfolio would be leveraged.

Our investments in the consumer products and services sector are subject to various risks including cyclical risks associated with the overall economy.

General risks of companies in the consumer products and services sector include cyclicality of revenues and earnings, economic recession, currency fluctuations, changing consumer tastes, extensive competition, product liability litigation and increased government regulation. Generally, spending on consumer products and services is affected by the health of consumers. Companies in the consumer products and services sectors are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. A weak economy and its effect on consumer spending would adversely affect companies in the consumer products and services sector.

Our investments in the financial services sector are subject to various risks including volatility and extensive government regulation.

These risks include the effects of changes in interest rates on the profitability of financial services companies, the rate of corporate and consumer debt defaults, price competition, governmental limitations on a company’s loans, other financial commitments, product lines and other operations and recent ongoing changes in the financial services industry (including consolidations, development of new products and changes to the industry’s regulatory framework). There is continued instability and volatility in the financial markets. Insurance companies have additional risks, such as heavy price competition, claims activity and marketing competition, and

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can be particularly sensitive to specific events such as man-made and natural disasters (including weather catastrophes), climate change, terrorism, mortality risks and morbidity rates.

Our investments in technology companies are subject to many risks, including volatility, intense competition, shortened product life cycles, litigation and periodic downturn risks.

We have invested and will continue investing in technology companies, many of which may have narrow product lines and small market shares, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as to general economic downturns. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, technology related markets are generally characterized by abrupt business cycles and intense competition, where the leading companies in any particular category may hold a highly concentrated percentage of the overall market share.

The effect of global climate change may impact the operations of our portfolio companies.

Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their businesses. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial conditions, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Other risks associated with climate change include risks related to the impact of climate-related legislation and regulation (both domestically and internationally), as well as risks related to climate-related business trends. These events and the disruptions they cause, alone or in combination, could also lead to increased costs of insurance for us and/or our portfolio companies.

Risks Relating to Our Common Stock

Investing in our common stock may involve an above average degree of risk.

The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal, including the risk that the investor may lose their entire investment. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.

Certain investors will be subject to Exchange Act filing requirements.

Because our Common Shares are registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of our Common Shares must be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, our common stockholders who choose to reinvest their dividends may see their percentage stake in us increased to more than 5%, thus triggering this filing requirement. Each stockholder is responsible for determining its filing obligations and preparing the filings. In addition, our common stockholders who hold more than 10% of a class of our common shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of our profits from the purchase and sale of registered stock (and securities convertible or exchangeable into such registered stock) within a six-month period.

You may receive dividends in the form of common stock instead of cash, which could result in adverse tax consequences to you.

In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a sufficient portion of such dividend is available to be paid in cash (generally 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the dividend in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.

No stockholder approval is required for certain mergers.

Our Board may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act and Maryland law, such mergers will not require stockholder approval so you will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of our NAV per share or are otherwise required to be approved under Maryland law. These mergers may involve funds managed by affiliates of our investment adviser. Subject to stockholder approval, the Board may also seek to convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining board control in the face of dissident stockholders.

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Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.

Shares of closed-end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to accurately predict whether any shares of our common stock will trade at, above, or below net asset value. In the recent past, the stocks of BDCs as an industry, including at times shares of our common stock, have traded below net asset value. When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors.

The market price of our common stock may fluctuate significantly.

The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which may be beyond our control and may not be directly related to our operating performance. These factors include:

•significant volatility in the market price and trading volume of securities of publicly traded RICs, BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies;

•price and volume fluctuations in the overall stock market from time to time;

•the inclusion or exclusion of our common stock from certain indices;

•changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs;

•loss of RIC status;

•changes in earnings or variations in operating results;

•changes in the value of our portfolio of investments;

•announcements with respect to significant transactions;

•any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts;

•departure of key personnel of ours or the Adviser;

•operating performance of companies comparable to us;

•short-selling pressure with respect to shares of our common stock or BDCs generally;

•general economic trends and other external factors;

•uncertainty regarding U.S. immigration and work permit policies;

•loss of a major funding source; and

•an increase in negative global media coverage relating to the private credit industry.

In the past, securities class action litigation has been brought against numerous public companies resulting from volatility in the market price of their securities. Because of the potential volatility in the price of our common stock, we may become the target of securities litigation in the future. If we were to become involved in securities litigation, it could result in substantial costs, divert management’s attention and resources from the business and adversely affect the business.

Common stockholders who participate in the distribution reinvestment plan may increase their risk of overconcentration.

Common stockholders who opt in to our distribution reinvestment plan will have any cash distributions otherwise payable to them automatically reinvested in additional shares of our common stock. This may increase such stockholder’s ownership percentage in us and could increase such stockholder’s risk of overconcentration.

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Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.

We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash distributions authorized by the Board on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and we declare a cash distribution, then stockholders who have not opted out of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of Common stock, rather than receiving the cash distribution. See “Item 1—Business—Dividend Reinvestment Plan” for a description of the dividend reinvestment plan. The number of shares to be issued to a plan participant will be determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of our common stock at the close of regular trading on NASDAQ on the date of such distribution. The market price per share of our common stock on a particular date will be the closing price for such shares on NASDAQ on such date, or, if no sale is reported for such date, at the average of their reported bid and asked prices. However, if the market price per share exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share). Accordingly, participants in the dividend reinvestment plan may receive a greater number shares of our common stock than the number of shares associated with the market price of our common stock, resulting in dilution for other stockholders. Stockholders that opt out of the dividend reinvestment plan will experience dilution in their ownership percentage of our common stock over time.

Our future credit ratings may not reflect all risks of an investment in our debt securities.

Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt securities. Our future credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt securities.

Provisions of the Maryland General Corporation Law and of the Charter and the Bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.

Certain provisions of the Maryland General Corporation Law (the “MGCL”) may discourage, delay or make more difficult a change in control of the Company, including (i) the Maryland Business Combination Act (the “Business Combination Act”), which, subject to any applicable requirements of the 1940 Act and certain other limitations, prohibits certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding shares of voting stock or an affiliate or associate of us who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding shares of stock) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter will impose special appraisal rights and supermajority voting requirements on these combinations and (ii) the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”), which, subject to any applicable requirements of the 1940 Act, provides that our “control shares” (defined as shares which, when aggregated with other shares controlled by the stockholder (except solely by virtue of a revocable proxy), entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. The Board has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, provided that the business combination is first approved by the Board, including a majority of the independent directors, and the Bylaws exempt from the Control Share Acquisition Act acquisitions of our stock by any person. However, if the resolution exempting business combinations is repealed or the Board or independent directors do not approve a business combination or we amend the Bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Business Combination Act or Control Share Acquisition Act, as the case may be, may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer.

We are also subject to other measures that may make it difficult for a third party to obtain control of us, including provisions of the Charter that (i) classify the Board into three classes serving staggered three-year terms and require that any vacancies be filled by a majority of directors remaining in office, (ii) require a two-thirds vote and cause for director removal, (iii) authorize the Board to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock into other classes or series of stock, including preferred stock, and to cause the issuance of additional shares of our common stock and (iv) authorize the Board to amend the Charter, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have the authority to issue. These provisions, as well as other provisions in the Charter and the Bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.

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Our Charter designates the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.

Our Charter provides that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any Internal Corporate Claim, as such term is defined in Section 1-101(p) of the MGCL, including, without limitation, (a) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or to our stockholders or (b) any action asserting a claim against us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or the Charter or the Bylaws; or (iii) any action asserting a claim against us or any of our directors or officers or other employees that is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our common stock will be deemed to have notice of and to have consented and waived any objection to this exclusive forum provision of the Charter, as the same may be amended from time to time. The Charter includes this provision so that we can respond to litigation more efficiently, reduce the costs associated with our responses to such litigation, particularly litigation that might otherwise be brought in multiple forums, and make it less likely that plaintiffs’ attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements. However, this exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that such stockholder believes is favorable for disputes with us or our directors, officers or other employees, if any, and may discourage lawsuits against us and our directors, officers or other employees, if any. We believe the risk of a court declining to enforce this exclusive forum provision is remote, as the General Assembly of Maryland has specifically amended the MGCL to authorize the adoption of such provision. However, if a court were to find such provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings notwithstanding that the MGCL expressly provides that the charter or bylaws of a Maryland corporation may require that any Internal Corporate Claim be brought only in courts sitting in one or more specified jurisdictions, we may incur additional costs that it does not currently anticipate associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations.

We incur significant costs as a result of being a publicly traded company.

As a publicly-traded company, we incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including certain requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC and the listing standards of the Nasdaq Global Select Market. For example, the listing standards of the national securities exchanges require us to implement and disclose "clawback" policies mandating the recovery of incentive compensation paid to executive officers in connection with accounting restatements.

General Risk Factors

Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results.

Many of the portfolio companies in which we expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay their loans during such periods. Therefore, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Macroeconomic factors such as real GDP growth, consumer confidence, the global health epidemics or pandemics, supply chain disruptions, inflation, employment levels, oil prices, interest rates, tax rates, foreign currency exchange rate fluctuations and other macroeconomic trends can adversely affect customer demand for the products and services that our portfolio companies offer and may adversely impact their businesses or financial results. In addition, although we invest primarily in companies located in the United States, our portfolio companies may rely on parts or supplies manufactured outside the United States. As a result, any event causing a disruption of imports, including natural disasters, public health crises, or the imposition of import or trade restrictions in the form of tariffs or quotas could increase the cost and reduce the supply of products available to our portfolio companies, which may negatively impact their businesses or financial results.

Adverse economic conditions may also decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. If the value of collateral underlying our loan declines during the term of the loan, a portfolio company may not be able to obtain the necessary funds to repay the loan at maturity through refinancing. Decreasing collateral value may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. Thus, economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to us. We consider a number of factors in making our investment decisions, including, but not limited to, the financial condition and prospects of a portfolio company and its ability to repay our loan. Unfavorable economic conditions could negatively affect the valuations of our portfolio companies and, as a result, make it more difficult for such portfolio companies to repay or refinance our loans. Therefore, these events could prevent us from increasing our investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us

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or other lenders could lead to defaults and, potentially, acceleration of the time when its loans are due, termination of the portfolio company’s loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize its ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, which may include the waiver of certain financial covenants. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, depending on the facts and circumstances, including the extent to which we actually provide significant managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors, even though we may have structured our investment as senior secured debt.

In addition, the failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which we and/or our portfolio companies have a commercial relationship could adversely affect, among other things, our and/or our portfolio companies’ ability to pursue key strategic initiatives, including by affecting our or our portfolio companies' ability to access deposits or borrow from financial institutions on favorable terms. Additionally, if a portfolio company or its sponsor has a commercial relationship with a bank that has failed or is otherwise distressed, the portfolio company may experience issues receiving financial support from a sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations. In addition, such bank failure(s) could affect, in certain circumstances, the ability of both affiliated and unaffiliated co-lenders, including syndicate banks or other fund vehicles, to undertake and/or execute co-investment transactions with us, which in turn may result in fewer co-investment opportunities being made available to us or impact our ability to provide additional follow-on support to portfolio companies. Our ability and our portfolio companies' ability to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, including liens placed on our respective assets as a result of a bank agreeing to provide financing.

Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common shares.

The current global financial market situation, as well as various social and political circumstances in the U.S. and around the world, including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, adverse effects of climate crisis and global health epidemics, may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Additionally, the U.S. government’s credit and deficit concerns, the European sovereign debt crisis, and the potential trade war with China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets on favorable terms.

The impact of events described above on our portfolio companies could affect their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.

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Adverse developments in the credit markets may impair our ability to enter into new debt financing arrangements.

During the economic downturn in the United States that began in mid-2007, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited refinancing and loan modification transactions and reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, it may be difficult for us to enter into a new credit or other borrowing facility, obtain other financing to finance the growth of our investments, or refinance any outstanding indebtedness on acceptable economic terms, or at all.

We may experience fluctuations in our quarterly operating results.

We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.

Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or our investment adviser may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

•sudden electrical or telecommunications outages;

•natural disasters such as earthquakes, tornadoes and hurricanes;

•disease pandemics;

•events arising from local or larger scale political or social matters, including terrorist acts; and

•cyber-attacks.

These events, in turn, could have a material adverse effect on our business, financial condition and operating results and negatively affect the NAV of our common shares and our ability to pay dividends to our common stockholders.

Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of its confidential information and/or damage to its business relationships.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify its protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We face risks posed to our information systems, both internal and those provided to it by third-party service providers. We, our investment adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, may be ineffective and do not guarantee that a cyber-incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we do business (including those that provide services to us) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information.

While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

The Company is externally managed by the Adviser and has no employees or internal information systems. Thus, the Company relies on the Adviser and the Administrator, their parent company, Crescent, as well as the custodian and other service providers to protect the Company’s information from cybersecurity threats. The Company’s Chief Compliance Officer (the “CCO”), together with Crescent’s Head of Information Technology, oversee the Company's risk management policies and procedures related to cybersecurity risks, subject to the oversight of the Board of Directors. Crescent uses various security tools and procedures that help the Company identify, escalate, investigate, resolve and recover from cybersecurity incidents in a timely manner.

The CCO and Crescent also review key service providers’ compliance and risk management policies and procedures related to cybersecurity matters, evaluate such service providers’ use of information systems which have the potential to subject the Company to information technology vulnerabilities and receive reports from the service providers regarding any cybersecurity threats and incidents. As part of the oversight of the Company’s key service providers, Crescent engages a third-party consultant to conduct a cybersecurity assessment and preparedness analysis on such service providers on an ongoing basis. The CCO and the Head of Information Technology provide regular reports to the Board of Directors regarding significant risks to the Company, including, among others, those relating to cybersecurity. In addition, the CCO will inform the Board of Directors regarding any material cybersecurity matters as they arise. The Company has also adopted policies and procedures designed to ensure the timely disclosure of any material cybersecurity incidents.

Crescent follows National Institute of Standards and Technology standards for cybersecurity risk management and has put policies, controls and multiple layers of security in place to safeguard its systems and data, including those of the Company. In particular, Crescent deploys specialized security technology and operational controls including, but not limited to firewalls, anti-virus systems, multi-factor authentication, restricted access, and electronic surveillance/monitoring. Crescent conducts regular testing to assess information technology vulnerabilities and employee cybersecurity awareness, utilizes third-party technology solutions for real-time vulnerability management, and engages third-party consultants to conduct cybersecurity assessment and preparedness analyses periodically. Crescent also requires all employees, including those of the Adviser and the Administrator, to complete comprehensive cybersecurity training at least annually.

Crescent’s Head of Information Technology has over 30 years of experience managing risks from cybersecurity threats and developing and implementing cybersecurity policies and procedures. Our CCO has over 15 years of experience advising on and managing compliance risks, including those related to cybersecurity, and developing and implementing policies and procedures to address such risks. Team members who support our information security and compliance programs also have relevant educational and industry experience.

Since our commencement of operations, we have not experienced a material cybersecurity incident and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations, or financial condition.

See “Item 1A. Risk Factors— Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of its confidential information and/or damage to its business relationships”

ITEM 2. PROPERTIES

We maintain our principal executive office at 11100 Santa Monica Boulevard, Suite 2000, Los Angeles, California 90025. We do not own any real estate.

ITEM 3. 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 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock is traded on NASDAQ under the symbol “CCAP.” Prior to the listing of the common stock on NASDAQ on February 3, 2020, our common stock was offered and sold in transactions exempt from registration under the Securities Act under Section 4(a)(2) and Regulation D, as well as under Regulation S under the Securities Act.

The following table sets forth, for each fiscal quarter during the last three most recently completed fiscal years, the range of high and low sales prices of the common stock as reported on NASDAQ, the premium (discount) of sales price to our net asset value, or NAV, and the distributions declared by us for each fiscal quarter.

		Net Asset				Price Range								High Sales Price Premium (Discount) to Net				Low Sales Price Premium (Discount) to Net				Cash Dividend
Period		Value (1)				High				Low				Asset Value (2)				Asset Value (2)				Per Share (3)
Year ended December 31, 2023
First Quarter		$	19.38			$	15.79			$	13.26				(18.5	)%			(31.6	)%		$	0.41
Second Quarter		$	19.58			$	15.14			$	13.23				(22.7	)%			(32.4	)%		$	0.41
Third Quarter		$	19.70			$	17.43			$	15.59				(11.5	)%			(20.9	)%		$	0.49		(4)
Fourth Quarter		$	20.04			$	17.95			$	15.45				(10.4	)%			(22.9	)%		$	0.50		(5)
Year ended December 31, 2024
First Quarter		$	20.28			$	17.66			$	16.03				(12.9	)%			(21.0	)%		$	0.51		(6)
Second Quarter		$	20.30			$	19.10			$	16.96				(5.9	)%			(16.5	)%		$	0.53		(7)
Third Quarter		$	20.20			$	19.44			$	17.47				(3.8	)%			(13.5	)%		$	0.51		(8)
Fourth Quarter		$	19.98			$	19.98			$	17.55				0.0	%			(12.2	)%		$	0.49		(9)
Year ended December 31, 2025
First Quarter		$	19.62			$	20.00			$	16.82				1.9	%			(14.3	)%		$	0.47		(10)
Second Quarter		$	19.55			$	17.13			$	14.10				(12.4	)%			(27.9	)%		$	0.47		(10)
Third Quarter		$	19.28			$	15.94			$	14.10				(17.3	)%			(26.9	)%		$	0.47		(10)
Fourth Quarter		$	19.10			$	15.02			$	13.16				(21.4	)%			(31.1	)%		$	0.42

(1)Net asset value per share is determined as of the last day in the relevant quarter and therefore does not reflect the net asset value per share disclosed to the market on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3)Represents the dividend or distribution declared in the relevant quarter.

(4)Consists of a regular quarterly dividend of $0.41 per share and supplemental dividend of $0.08 per share.

(5)Consists of a regular quarterly dividend of $0.41 per share and supplemental dividend of $0.09 per share.

(6)Consists of a regular quarterly dividend of $0.41 per share and supplemental dividend of $0.10 per share.

(7)Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.11 per share.

(8)Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.09 per share.

(9)Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.07 per share.

(10)Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.05 per share.

The last reported price for our common stock on February 24, 2026 was $12.88 per share, which represented a 32.6% discount to our NAV as of December 31, 2025.

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Stock Performance Graph

This graph compares the stockholder return on our common stock from February 3, 2020 (the date our common stock commenced trading on NASDAQ) to December 31, 2025 with that of the Standard & Poor’s 500 Stock Index, Standard & Poor’s BDC Index and Russell 2000 Financial Services Index. This graph assumes that on February 3, 2020, $100 was invested in our common stock, Standard & Poor’s 500 Stock Index, Standard & Poor’s BDC Index and Russell 2000 Financial Services Index. The graph also assumes the reinvestment of all cash dividends prior to any tax effect.

The graph and other information furnished under this Part II Item 5 of this Annual Report on Form 10-K shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under, or to the liabilities of Section 18 of, the Exchange Act. The stock performance included in the below graph is not necessarily indicative of future stock performance.

Holders

As of December 31, 2025, there were 30 holders of record of our common stock (excluding Cede & Co).

Distribution Policy

To the extent that we have taxable income available, we distribute quarterly dividends to our stockholders. The amount of our dividends, if any, are determined by our Board of Directors. Dividends and distributions are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by management. Distributions will generally be paid from net investment income. Net realized capital gains, if any, are distributed at least annually, although we may decide to retain such capital gains for investment. If we do not generate sufficient net investment income during a year, all or part of a distribution may constitute a return of capital. The specific tax characteristics of our dividends and other distributions will be reported to stockholders after the end of each calendar year. Any dividends to our stockholders will be declared out of assets legally available for distribution.

We have elected to be treated as a BDC under the 1940 Act. We have also elected to be treated as a RIC under the Internal Revenue Code. So long as we maintain our status as a RIC, we will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that we distribute at least annually to our stockholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our stockholders and will not be reflected in our consolidated financial statements.

In order for us not to be subject to federal excise taxes, we must distribute annually an amount at least equal to the sum of (i) 98% of our ordinary income (taking into account certain deferrals and elections), (ii) 98.2% of our net capital gains from the current year and (iii) any undistributed ordinary income and net capital gains from preceding years. At our discretion, we may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If we choose to do so, this generally

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would increase expenses and reduce the amount available to be distributed to stockholders. We will accrue excise tax on estimated undistributed taxable income as required.

We intend to make distributions in cash unless a stockholder elects to receive dividends and/or long-term capital gains distributions in additional shares of common stock. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we will be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.

The following tables summarize our dividends declared and payable for the years ended December 31, 2025, 2024, and 2023:

($ in millions except per share amounts)
 

Date Declared		Record Date		Payment Date (1)		Per Share Amount				Total Amount
November 6, 2025		December 31, 2025		January 15, 2026		$	0.42			$	15.5
August 13, 2025		September 30, 2025		October 15, 2025		$	0.42			$	15.6
May 8, 2025		June 30, 2025		July 15, 2025		$	0.42			$	15.6
February 12, 2025		August 29, 2025		September 15, 2025		$	0.05			$	1.9
February 12, 2025		May 30, 2025		June 13, 2025		$	0.05			$	1.9
February 12, 2025		March 31, 2025		April 15, 2025		$	0.42			$	15.6
February 12, 2025		February 28, 2025		March 14, 2025		$	0.05			$	1.9
November 12, 2024		November 29, 2024		December 16, 2024		$	0.07			$	2.6
August 12, 2024		September 30, 2024		October 15, 2024		$	0.42			$	15.6
August 12, 2024		August 30, 2024		September 16, 2024		$	0.09			$	3.3
May 8, 2024		June 28, 2024		July 15, 2024		$	0.42			$	15.6
May 8, 2024		May 31, 2024		June 17, 2024		$	0.11			$	4.1
February 21, 2024		March 27, 2024		April 15, 2024		$	0.41			$	15.2
February 21, 2024		February 29, 2024		March 15, 2024		$	0.10			$	3.7
November 2, 2023		December 29, 2023		January 16, 2024		$	0.41			$	15.2
November 2, 2023		November 30, 2023		December 15, 2023		$	0.09			$	3.3
August 3, 2023		September 29, 2023		October 16, 2023		$	0.41			$	15.2
August 3, 2023		August 31, 2023		September 15, 2023		$	0.08			$	3.0
May 4, 2023		June 30, 2023		July 17, 2023		$	0.41			$	15.2
February 16, 2023		March 31, 2023		April 17, 2023		$	0.41			$	15.2
November 4, 2022		December 31, 2022		January 17, 2023		$	0.41			$	12.6

(1)Amounts with a future payment date are based on common shares outstanding as of the reporting date.

Dividend Reinvestment Plan

We have adopted a dividend reinvestment plan that will provide for reinvestment of our dividends and other distributions on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash dividend or other distribution, then stockholders who are participating in the dividend reinvestment plan, will have their cash dividends and distributions automatically reinvested in additional shares of common stock, rather than receiving cash dividends and distributions.
 

Recent Sales of Unregistered Securities and Use of Proceeds

Except as previously reported by us on our Current Reports on Form 8-K, we did not sell any securities during the period covered by this Form 10-K that were not registered under the Securities Act.

ITEM 6. RESERVED

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ITEM 7. 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 Annual Report on Form 10-K. 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.

“First lien” investments are senior loans on a lien basis to other liabilities in the issuer’s capital structure that have the benefit of a first-priority security interest in assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets.

“Unitranche first lien” investments are loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that we would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

“Second lien” investments are loans with a second priority lien on all existing and future assets of the portfolio company. The security interest ranks below the security interests of any first lien and unitranche first lien lenders in those assets.

“Unsecured debt” investments are loans that generally rank senior to a borrower’s equity securities and junior in right of payment to such borrower’s other senior indebtedness.

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CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. The critical accounting policies should be read in connection with our risk factors as disclosed herein.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, Non-Accrual Investments, Distribution Policy, and Income Taxes.

COMPONENTS OF OPERATIONS

Investments

We expect our investment activity to vary substantially from period to period depending on many factors, the general economic environment, the amount of capital we have available to us, the level of merger and acquisition activity for middle-market companies, including the amount of debt and equity capital available to such companies and the competitive environment for the type of investments we make. In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.

We may not invest in any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the investments are made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

The Investment Adviser

Our investment activities are managed by the Adviser, which is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. The Adviser has entered into a resource sharing agreement with Crescent Capital Group LP (“Crescent”), pursuant to which Crescent provides the Adviser with experienced investment professionals (including the members of the Adviser’s investment committee) and access to Crescent’s resources so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement. Through the resource sharing agreement, the Adviser intends to capitalize on the deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Crescent’s investment professionals. On January 5, 2021, Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”) acquired a majority interest in Crescent (the “Sun Life Transaction”). There were no changes to our investment objective, strategies and process or to the Crescent team responsible for the investment operations as a result of the Sun Life Transaction.

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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.

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Leverage

Our financing facilities allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks.

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with stockholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO INVESTMENT ACTIVITY

We seek to create a broad and diversified portfolio that generally includes senior secured first lien, unitranche, senior secured second lien, unsecured loans and minority equity securities of U.S. middle market companies. The size of our individual investments varies proportionately with the size of our capital base. We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities have speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity.

Our portfolio at fair value was comprised of the following:

($ in millions)		As of December 31, 2025									As of December 31, 2024
Investment Type		Fair Value				Percentage					Fair Value				Percentage
Senior Secured First Lien		$	350.8				22.4		%		$	379.7				23.7		%
Unitranche First Lien			1,047.8				66.7					1,044.1				65.3
Unitranche First Lien - Last Out			26.2				1.7					14.8				0.9
Senior Secured Second Lien			12.2				0.8					38.5				2.4
Unsecured Debt			19.0				1.2					17.5				1.1
Equity & Other			77.2				4.9					64.9				4.1
LLC/LP Equity Interests			36.2				2.3					39.4				2.5
Total investments		$	1,569.4				100.0		%		$	1,598.9				100.0		%

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The following table shows our investment activity by investment type:

($ in millions)		For the years ended
		December 31, 2025				December 31, 2024
New investments at cost:
Senior Secured First Lien		$	76.4			$	107.0
Unitranche First Lien			203.9				263.7
Unitranche First Lien - Last Out			9.8				9.0
Senior Secured Second Lien			—				—
Unsecured Debt			—				10.3
Equity & Other			16.8				5.0
LLC/LP Equity Interests			—				—
Total		$	306.9			$	395.0
Proceeds from investments sold or repaid:
Senior Secured First Lien		$	97.0			$	145.8
Unitranche First Lien			195.1				192.1
Unitranche First Lien - Last Out			0.1				7.6
Senior Secured Second Lien			29.4				16.5
Unsecured Debt			1.3				—
Equity & Other			8.4				—
LLC/LP Equity Interests			3.5				9.1
Total		$	334.8			$	371.1
Net increase (decrease) in portfolio		$	(27.9	)		$	23.9

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

		As of December 31, 2025					As of December 31, 2024
Weighted average yield on income producing securities (at cost) (1)			10.0		%			10.9		%
Percentage of debt bearing a floating rate (at fair value)			98.0		%			97.3		%
Percentage of debt bearing a fixed rate (at fair value)			2.0		%			2.7		%
Number of portfolio companies		184					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 December 31, 2025																As of December 31, 2024
		Cost				% of Cost				Fair Value				% of Fair Value				Cost				% of Cost				Fair Value				% of Fair Value
Performing		$	1,435.9				95.9	%		$	1,427.2				98.0	%		$	1,492.7				97.8	%		$	1,480.7				99.1	%
Non-Accrual			61.8				4.1	%			28.8				2.0	%			34.3				2.2	%			13.5				0.9	%
Total		$	1,497.7				100.0	%		$	1,456.0				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 December 31, 2025, we had eleven portfolio companies on non-accrual status, which represented 4.1% and 2.0% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had seven portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of December 31, 2025 and 2024.

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The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

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

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

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

•comparisons to other companies in the industry; and

•attendance and participation in board meetings.

As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:

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

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

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

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

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

The following table shows the composition of our portfolio on the 1 to 5 investment performance rating scale. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in millions)		As of December 31, 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			67.9				4.3		%			29.9				1.9		%
2			1,290.2				82.2					1,360.9				85.0
3			165.5				10.5					194.6				12.2
4			33.8				2.2					12.0				0.8
5			12.0				0.8					1.5				0.1
Total			1,569.4				100.0		%			1,598.9				100.0		%

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RESULTS OF OPERATIONS

Summarized Statement of Operations

(in $ millions)			For the years ended December 31,
			2025				2024
Total investment income			$	167.3			$	197.4
Total net expenses, including taxes				100.4				108.4
Net investment income			$	66.9			$	89.0
Net realized gain (loss) on investments and forward    contracts				(11.2	)			(3.7	)
Net unrealized appreciation (depreciation) on investments,    forward contracts and foreign transactions				(21.2	)			(12.2	)
Net realized and unrealized gains (losses)			$	(32.4	)		$	(15.9	)
Benefit (provision) for taxes on realized and unrealized    appreciation (depreciation) on investments				-				0.5
Net increase (decrease) in net assets resulting from    operations			$	34.5			$	73.6

Investment Income

(in $ millions)			For the years ended December 31,
			2025				2024
Interest from investments			$	156.4			$	183.0
Dividend income				7.7				11.3
Other income				3.2				3.1
Total investment income			$	167.3			$	197.4

Interest income, which includes amortization of upfront fees, decreased from $183.0 million for the year ended December 31, 2024 to $156.4 million for the year ended December 31, 2025. The decrease was primarily due to a decrease in the benchmark rates and restructurings of certain debt investments. Included in interest from investments for the years ended December 31, 2025 and December 31, 2024 are $2.3 million and $3.7 million of accelerated accretion of OID related to paydown activity, respectively.

Dividend income decreased from $11.3 million for the years ended December 31, 2024 to $7.7 million for the year ended December 31, 2025 primarily due to lower dividend distributions from our investment in First Eagle Logan JV, LLC. For the years ended December 31, 2025 and December 31, 2024, we recorded $3.2 million and $3.1 million of other income, respectively. The increase is attributable to higher origination-related fee income.

Expenses

(in $ millions)			For the years ended December 31,
			2025				2024
Interest and other debt financing costs			$	57.5			$	62.8
Management fees, net of waiver				20.3				20.1
Income based incentive fees, net of waiver				14.1				18.7
Professional fees				2.8				2.0
Directors’ fees				0.6				0.6
Other general and administrative expenses				3.4				2.6
Total net expenses			$	98.7			$	106.8
Provision for income and excise taxes				1.7				1.6
Total			$	100.4			$	108.4

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 years ended December 31, 2025 and December 31, 2024 interest and other debt

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financing costs were $57.5 million and $62.8 million, respectively. The decrease in interest and other debt financing costs was primarily due to a decrease in the benchmark rates.

Base Management Fees

For the years ended December 31, 2025 and December 31, 2024, we incurred management fees, net of waivers, of $20.3 million and $20.1 million, respectively. The increase in net management fees was driven by higher average assets under management.

Incentive Fees

For the years ended December 31, 2025 and December 31, 2024, we incurred income based incentive fees, net of waivers, of $14.1 million and $18.7 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 years ended December 31, 2025 and 2024, professional fees were $2.8 million and $2.0 million, respectively. The higher professional fees were due to additional regulatory compliance costs.

For the years ended December 31, 2025 and 2024, other general and administrative expenses were $3.4 million and $2.6 million, respectively. The increase is related to higher administrative costs in the initial year of compliance with the Section 404(b) of the Sarbanes-Oxley Act.

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Income and Excise Taxes

For the years ended December 31, 2025 and 2024, we expensed income and excise taxes of $1.7 million and $1.6 million, respectively. The increase in income and excise taxes is attributable to an increase in undistributed taxable income.

Net Investment Income

For the years ended December 31, 2025 and 2024, net investment income was $66.9 million or $1.81 per share and $89.0 million or $2.40 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 years ended December 31,
		2025				2024
Realized losses on non-controlled and non-affiliated investments		$	(11.1	)		$	(13.0	)
Realized gains on non-controlled and non-affiliated investments			2.5				6.0
Realized losses on non-controlled and affiliated investments			(2.0	)			(5.3	)
Realized gains on non-controlled and affiliated investments			3.3				0.1
Realized losses on controlled investments			(3.8	)			—
Realized gains on controlled investments			—				6.4
Realized losses on foreign currency forwards			—				—
Realized gains on foreign currency forwards			—				3.2
Realized losses on foreign currency transactions			(0.1	)			(1.2	)
Realized gains on foreign currency transactions			—				0.1
Net realized gains (losses) on investments		$	(11.2	)		$	(3.7	)
Change in unrealized depreciation on non-controlled and non-affiliated investments		$	(58.6	)		$	(34.0	)
Change in unrealized appreciation on non-controlled and non-affiliated investments			33.3				30.4
Change in unrealized depreciation on foreign currency translation			0.3				—
Change in unrealized appreciation on foreign currency translation			(0.2	)			2.5
Change in unrealized depreciation on non-controlled and affiliated investments			(2.2	)			(1.9	)
Change in unrealized appreciation on non-controlled and affiliated investments			4.3				6.0
Change in unrealized depreciation on controlled and affiliated investments			(10.3	)			(14.9	)
Change in unrealized appreciation on controlled and affiliated investments			17.0				—
Change in unrealized depreciation on foreign currency forwards			(4.8	)			(0.2	)
Change in unrealized appreciation on foreign currency forwards			—				—
Net unrealized appreciation (depreciation) on investments		$	(21.2	)		$	(12.1	)
Net realized and unrealized gains (losses) on investments		$	(32.4	)		$	(15.8	)

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 years ended December 31, 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 $78.6 million and $55.5 million, respectively.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The primary uses of our cash and cash equivalents are for (1) investments in portfolio companies and other investments; (2) the cost of operations (including paying the Adviser); (3) debt service, repayment, and other financing costs; and (4) cash distributions to the holders of our common stock. We expect to generate additional liquidity from (1) future offerings of securities, (2) future borrowings and (3) cash flows from operations, including investment sales and repayments as well as income earned on investments.

As of December 31, 2025, we had $31.5 million in cash and cash equivalents and restricted cash and cash equivalents and $242.0 million of undrawn capacity on the unfunded unsecured notes, our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of December 31, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of December 31, 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 December 31, 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)	December 31, 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			$	329.6			$	70.4			$	329.6			$	500.0			$	344.9			$	155.1			$	344.9
SMBC Corporate Revolving Facility		310.0				138.4				171.6				138.4				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			$	879.6			$	242.0			$	879.6			$	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 years ended December 31, 2025 and 2024 was 6.42% and 7.12%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the years ended December 31, 2025 and 2024 was $896.5 million and $881.1 million, respectively. As of December 31, 2025 and 2024, the weighted average cost of debt was 5.83% and 6.38%, respectively.

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SPV Asset Facility

On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with us as the collateral manager, seller and equity holder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. We consolidate CCAP SPV in our consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CCAP SPV.

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

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

The maximum commitment amount under the SPV Asset Facility is $400.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 1.95% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPV’s assets from time to time, and satisfaction of certain conditions, including an asset coverage test and certain concentration limits.

SMBC Corporate Revolving Facility

On October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). On December 3, 2024, we amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350.0 million to $285.0 million, (ii) added an initial term commitment of $25.0 million for an aggregate facility size of $310.0 million, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.

The maximum principal amount of the SMBC Corporate Revolving Facility is $310.0 million, comprised of $25.0 million term loan and $285.0 million revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on December 3, 2029.
 

Series 2021A Unsecured Notes

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

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

 

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FCRX Unsecured Notes

On March 9, 2023, in connection with the FCRD Acquisition, 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 the18th 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 years ended December 31,
	2025				2024
Borrowing interest expense	$	53.0			$	58.9
Unused facility fees		1.0				1.5
Amortization of financing costs		3.5				2.4
Total interest and credit facility expenses	$	57.5			$	62.8
Weighted average outstanding balance	$	896.5			$	881.1

To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced opportunities, or if our Board otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into new debt financing opportunities in addition to our existing debt. The pricing and other terms of any such opportunities would depend upon market conditions and the performance of our business, among other factors.

In accordance with applicable SEC staff guidance and interpretations, effective May 5, 2020 with stockholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

As of December 31, 2025 and 2024, our asset coverage ratio was 179% 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

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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 December 31, 2025 and 2024, we had aggregate unfunded commitments totaling $211.9 million and $212.5 million, respectively.

RECENT DEVELOPMENTS

On February 12, 2026, our Board of Directors declared a regular first quarter cash dividend of $0.42 per share, which will be paid on April 15, 2026 to stockholders of record as of March 31, 2026.

On February 13, 2026, we issued (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”). Interest on the notes will be payable semiannually, on the 13th day of February and August in each year, commencing with August 13, 2026. 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. Subsequently, on February 17, 2026, we used the proceeds from these issuances to repay Series 2021A Unsecured Notes at maturity.

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ITEM 7A. 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 December 31, 2025, 98.0% 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 December 31, 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			14.2				4.7				9.5
Up 75 basis points			10.6				3.5				7.1
Up 50 basis points			7.1				2.3				4.8
Up 25 basis points			3.5				1.2				2.3
Down 25 basis points			(3.5	)			(1.2	)			(2.3	)
Down 50 basis points			(7.1	)			(2.3	)			(4.8	)
Down 75 basis points			(10.6	)			(3.5	)			(7.1	)
Down 100 basis points			(14.1	)			(4.7	)			(9.4	)

(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. To the extent the loan or investment is based on a floating rate, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate. As of December 31, 2025, we had £16.9 million, CHF 18.7, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £13.6 million, CHF 19.1 million, AUD $44.1, and SEK 11.6 at par.

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ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

CRESCENT CAPITAL BDC, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42)	70
Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024	73
Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023	74
Consolidated Statements of Changes in Net Assets for the years ended December 31, 2025, 2024, and 2023	76
Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023	78
Consolidated Schedules of Investments as of December 31, 2025 and 2024	80
Notes to Consolidated Financial Statements	150

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Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Crescent Capital BDC, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities of Crescent Capital BDC, Inc. (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 25, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 and 2024, by correspondence with the syndication agents, underlying investees and others; when replies were not received from the syndication agents, underlying investees and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

Valuation of investments using significant unobservable inputs

Description of the Matter

At December 31, 2025, the fair value of the Company's investments categorized in Level 3 of the fair value hierarchy (Level 3 investments) totaled $1.5 billion. As discussed in Note 5 to the consolidated financial statements, management determined the fair value of the Company’s Level 3 investments by primarily using valuation techniques such as the discounted cash flows approach, enterprise value approach, and/or the broker quoted approach. Each of these approaches used inputs which were significant to the valuation of these investments including certain significant unobservable inputs such as the discount rate, comparable EBITDA multiples and broker quotes. Auditing the fair value of the Company's Level 3 investments was complex and judgmental due to the valuation techniques and significant unobservable inputs used by the Company to determine fair value.

How We Addressed the Matter in Our Audit

We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over the Company's investment valuation process. This included controls over management’s

70

assessment of the valuation techniques and significant inputs used by management to determine the fair value measurements of Level 3 investments.

Our audit procedures included, among others, evaluating the Company’s valuation techniques and significant unobservable inputs used for a sample of Level 3 investments in addition to testing the mathematical accuracy of the fair value calculations and evaluating the accuracy of other relevant inputs used in estimating fair value measurement, such as the investment’s terms and portfolio company financial information. For example, for a sample of investment valuations, we compared publicly available information utilized in the Company’s valuation models (e.g., market yields, EBITDA multiples of comparable public companies and comparable public transactions, and broker quotes) to information available from third-party market research providers. We also compared certain portfolio company-specific inputs used in the Company’s valuation models to source documents, such as portfolio company financial statements and covenant certificates provided by the Company. To evaluate the reasonableness of significant unobservable inputs, we assessed whether these inputs were developed in a manner consistent with the Company’s valuation policies.

Additionally, we tested the Company’s Level 3 valuation estimates for a sample of Level 3 investments by independently developing fair value estimates with the involvement of our valuation specialists and comparing them to the Company’s estimates. We also evaluated subsequent events and transactions and considered whether they corroborated or contradicted the Company’s fair value measurements.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2015.

Los Angeles, California

February 25, 2026

Report of Independent Registered Public Accounting Firm

To the Stockholders and the Board of Directors of Crescent Capital BDC, Inc.

71

Opinion on Internal Control Over Financial Reporting

We have audited Crescent Capital BDC, Inc.’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Crescent Capital BDC, Inc. (the “Company”) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of assets and liabilities of the Company, including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and our report dated February 25, 2026 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Los Angeles, California

February 25, 2026

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Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	As of December 31, 2025				As of December 31, 2024
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,504,658 and $1,511,386, respectively)	$	1,479,473			$	1,504,013
Non-controlled affiliated investments (cost of $26,826 and $46,104, respectively)		29,594				46,793
Controlled investments (cost of $71,985 and $66,416, respectively)		60,351				48,051
Cash and cash equivalents		5,043				10,130
Restricted cash and cash equivalents		26,454				29,292
Interest and dividend receivable		9,333				11,008
Receivable from unsettled transactions		8,019				1,163
Unrealized appreciation on foreign currency forward contracts		2,135				4,815
Deferred tax assets		190				746
Other assets		1,543				263
Total assets	$	1,622,135			$	1,656,274
Liabilities
Debt (net of deferred financing costs of $5,841 and $8,214, respectively)	$	873,761			$	875,837
Distributions payable		15,527				15,566
Interest and other debt financing costs payable		12,370				10,408
Management fees payable		5,037				5,066
Incentive fees payable		3,468				4,305
Deferred tax liabilities		190				746
Unrealized depreciation on foreign currency forward contracts		2,134				-
Accrued expenses and other liabilities		3,610				3,709
Total liabilities		916,097				915,637
Commitments and Contingencies (Note 8)
Net assets
Preferred stock, par value $0.001 per share (10,000 shares authorized, zero outstanding, respectively)		—				—
Common stock, par value $0.001 per share (200,000,000 shares authorized, 36,969,285 and 37,061,547 shares issued and outstanding, respectively)		37				37
Paid-in capital in excess of par value		957,030				959,098
Accumulated earnings (loss)		(251,029	)			(218,498	)
Total net assets		706,038				740,637
Total liabilities and net assets	$	1,622,135			$	1,656,274
Net asset value per share	$	19.10			$	19.98

See accompanying notes

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Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

			For the years ended December 31,
			2025				2024				2023
Investment Income:
From non-controlled non-affiliated investments:
Interest income			$	142,935			$	166,912			$	162,089
Paid-in-kind interest				8,441				9,592				3,191
Dividend income				521				497				438
Other income				3,106				3,056				658
From non-controlled affiliated investments:
Interest income				2,525				3,834				2,974
Paid-in-kind interest				1,375				1,529				816
Dividend income				697				1,058				2,058
Other income				4				16				309
From controlled investments:
Interest income				1,103				1,077				609
Paid-in-kind interest				—				—				192
Dividend income				6,520				9,784				10,800
Other income				58				8				—
Total investment income				167,285				197,363				184,134
Expenses:
Interest and other debt financing costs				57,438				62,761				58,742
Management fees				20,303				20,223				19,613
Income based incentive fees				14,174				18,855				17,451
Professional fees				2,832				2,027				1,593
Directors’ fees				645				618				600
Other general and administrative expenses				3,438				2,561				2,753
Total expenses				98,830				107,045				100,752
Management fees waiver				(53	)			(125	)			(190	)
Income based incentive fees waiver				(90	)			(145	)			(276	)
Net expenses				98,687				106,775				100,286
Net investment income before taxes				68,598				90,588				83,848
Provision for income and excise taxes				1,682				1,555				1,307
Net investment income				66,916				89,033				82,541
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments				(8,647	)			(6,969	)			(12,465	)
Non-controlled affiliated investments				1,348				(5,214	)			-
Controlled investments				(3,800	)			6,443				-
Foreign currency transactions				(147	)			(1,171	)			(1,435	)
Foreign currency forward contracts				-				3,223				1,021
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation				(25,157	)			(1,154	)			21,772
Non-controlled affiliated investments				2,079				4,154				(4,505	)
Controlled investments				6,731				(14,931	)			(1,171	)
Foreign currency forward contracts				(4,814	)			(229	)			(2,954	)
Net realized and unrealized gains (losses) on investments				(32,407	)			(15,848	)			263

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Benefit (provision) for taxes on realized gain on investments				-				-				132
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments				-				464				901
Net increase (decrease) in net assets resulting from operations			$	34,509			$	73,649			$	83,837
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):			$	0.93			$	1.99			$	2.33
Net investment income per share (basic and diluted):			$	1.81			$	2.40			$	2.30
Weighted average shares outstanding (basic and diluted):				37,044,305				37,061,547				35,928,203

See accompanying notes

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Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

	Common Stock
	Shares				Par Amount				Paid in Capital in Excess of Par Value				Accumulated Earnings (Loss)				Total Net Assets
Balance at December 31, 2024		37,061,547			$	37			$	959,098			$	(218,498	)		$	740,637
Net increase (decrease) in net assets resulting from operations:
Net investment income		-				-				-				66,916				66,916
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-				-				-				(11,246	)			(11,246	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-				-				-				(21,161	)			(21,161	)
Repurchases of common stock		(92,262	)			(0	)			(1,333	)			—				(1,333	)
Distributions from distributable earnings		-				-				-				(67,775	)			(67,775	)
Total increase (decrease) for the year ended December 31, 2025		(92,262	)		$	(0	)		$	(1,333	)		$	(33,266	)		$	(34,599	)
Tax reclassification of stockholders’ equity in accordance with GAAP (Note 11)		—				—				(735	)			735				—
Balance at December 31, 2025		36,969,285			$	37			$	957,030			$	(251,029	)		$	706,038

See accompanying notes

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Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

	Common Stock
	Shares				Par Amount				Paid in Capital in Excess of Par Value				Accumulated Earnings (Loss)				Total Net Assets
Balance at December 31, 2023		37,061,547			$	37			$	965,895			$	(223,338	)		$	742,594
Net increase (decrease) in net assets resulting from operations:
Net investment income		—				—				—				89,033				89,033
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—				—				—				(3,688	)			(3,688	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—				—				—				(12,160	)			(12,160	)
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		—				—				—				464				464
Distributions from distributable earnings		—				—				—				(75,606	)			(75,606	)
Total increase (decrease) for the year ended December 31, 2024		—				—				—			$	(1,957	)		$	(1,957	)
Tax reclassification of stockholders’ equity in accordance with GAAP (Note 11)		—				—				(6,797	)			6,797				—
Balance at December 31, 2024		37,061,547			$	37			$	959,098			$	(218,498	)		$	740,637
	Common Stock
	Shares				Par Amount				Paid in Capital in Excess of Par Value				Accumulated Earnings (Loss)				Total Net Assets
Balance at December 31, 2022		30,887,360			$	31			$	675,008			$	(62,498	)		$	612,541
Net increase (decrease) in net assets resulting from operations:
Net investment income		—				—				—				82,541				82,541
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—				—				—				(12,879	)			(12,879	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—				—				—				13,142				13,142
Benefit (provision) for taxes on realized gain on investments		—				—				—				132				132
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		—				—				—				901				901
Issuance in connection with asset acquisition (Note 13)		6,174,187				6				91,251				—				91,257
Deemed contribution from Adviser (Note 13)		—				—				22,040				—				22,040
Distributions from distributable earnings		—				—				—				(67,081	)			(67,081	)
Total increase (decrease) for the year ended December 31, 2023		6,174,187				6				113,291				16,756				130,053
Tax reclassification of stockholders’ equity in accordance with GAAP (Note 11)		—				—				177,596				(177,596	)			—
Balance at December 31, 2023		37,061,547				37				965,895				(223,338	)			742,594

See accompanying notes

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Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

		For the years ended December 31,
		2025				2024				2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	34,509			$	73,649			$	83,837
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments			(306,881	)			(394,956	)			(200,695	)
Paid-in-kind interest income			(10,609	)			(10,895	)			(3,868	)
Proceeds from sales of investments and principal repayments			334,835				371,110				231,179
Net realized (gain) loss on investments and foreign currency transactions			10,600				12,266				14,479
Acquisition of First Eagle Alternative Capital BDC, Inc., net of cash acquired(2)			—				—				(14,981	)
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation			16,347				11,931				(16,096	)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts			4,814				229				2,954
Amortization of premium and accretion of discount, net			(6,867	)			(8,820	)			(7,269	)
Amortization of deferred financing costs			3,438				2,356				2,100
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions			(6,856	)			(912	)			(246	)
(Increase) decrease in interest and dividend receivable			1,675				2,992				(4,055	)
(Increase) decrease in deferred tax asset			556				(632	)			(23	)
(Increase) decrease in other assets			(1,280	)			1,078				3,319
Increase (decrease) in management fees payable			(29	)			40				970
Increase (decrease) in incentive fees payable			(837	)			(465	)			1,658
Increase (decrease) in directors' fees payable			—				—				(151	)
Increase (decrease) in interest and other debt financing costs payable			1,962				(492	)			2,429
Increase (decrease) in deferred tax liability			(556	)			168				(321	)
Increase (decrease) in payable for investment purchased			—				—				(514	)
Increase (decrease) in accrued expenses and other liabilities			(99	)			260				(2,408	)
Net cash provided by (used for) operating activities		$	74,722			$	58,907			$	92,298
Cash flows from financing activities:
Issuance of unsecured debt			115,000				—				50,000
Repayment of unsecured debt			—				—				(50,000	)
Repurchases of common stock			(1,333	)			—				—
Deferred financing and debt issuance costs paid			(1,065	)			(3,432	)			(3,859	)
Distributions paid			(67,813	)			(75,235	)			(64,550	)
Borrowings on credit facilities			397,438				347,424				498,469
Repayments on credit facilities			(524,763	)			(312,227	)			(515,047	)
Net cash provided by (used for) financing activities			(82,536	)			(43,470	)			(84,987	)
Effect of exchange rate changes on cash denominated in foreign currency			(111	)			(485	)			92
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency			(7,925	)			14,952				7,403
Cash, cash equivalents, restricted cash and foreign currency, beginning of period			39,422				24,470				17,067
Cash, cash equivalents, restricted cash and foreign currency, end of period(1)		$	31,497			$	39,422			$	24,470
Supplemental and non-cash financing activities:
Cash paid during the period for interest		$	52,032			$	60,436			$	55,498
Cash paid during the period for taxes		$	1,598			$	1,342			$	665
Accrued but unpaid distributions		$	15,527			$	15,566			$	15,195
Issuance of shares in connection with asset acquisition (Note 13)			—				—			$	91,257
Deemed contribution from the Adviser (non-cash) (Note 13)			—				—			$	22,040

(1)As of December 31, 2025, the balance included cash and cash equivalents of $5,043 (including cash denominated in foreign currency of $3,945) and restricted cash and cash equivalents of $26,454 (including cash denominated in foreign currency of $444). As of December 31, 2024, the balance included cash and cash equivalents of $10,130 (including cash denominated in foreign currency of $692) and restricted cash and cash equivalents of $29,292 (including cash denominated in foreign currency of $13,514).

78

(2)On March 9, 2023, in connection with the FCRD Acquisition (as defined in Note 1 and further discussed in Note 13), the Company acquired net assets of $129,511 which included $335,035 of investments, $1,233 cash and cash equivalents and $4,513 of other assets, net of $211,270 of assumed liabilities, for the total cash and stock consideration of $129,511, inclusive of $7,565 of the transaction costs.

See accompanying notes

79

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auveco Holdings (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.22%	05/2028		75			$	73				0.0		%		75
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.22%	05/2028		3,908				3,872				0.7				3,908
Continental Battery Company (9)	Unitranche First Lien Term Loan			07/2028		8,428				7,469				0.6				3,884
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			07/2028		3,108				2,765				0.2				1,432
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.22%	09/2028		12,522				12,407				1.8				12,398
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.22%	09/2028		8,854				8,786				1.2				8,766
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—				(14	)			0.0				(18	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.22%	09/2028		2,400				2,376				0.3				2,376
						39,295			$	37,734				4.8		%		32,821
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2027		6,667			$	6,667				0.9		%		6,667
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2028		10,368				7,053				0.5				3,666
Envocore Holding, LLC (5)(7)(8)	Senior Secured First Lien Revolver			12/2027		—				-				0.0				-
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2030		—				(14	)			0.0				(30	)
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			12/2030		—				(12	)			0.0				(12	)
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.35%	12/2030		5,830				5,772				0.8				5,771
GB Eagle Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.35%	12/2030		1,282				1,277				0.2				1,269
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			12/2030		—				(4	)			0.0				(5	)
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.17%	12/2030		3,162				3,134				0.4				3,130

80

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor) (plus 100 PIK)	9.82%	07/2028		3,326			$	3,296				0.4		%		2,942
Oliver Packaging LLC (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor) (plus 100 PIK)	9.82%	07/2028		150				146				0.0				92
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor) (plus 100 PIK)	9.82%	07/2028		202				200				0.0				179
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.42%	08/2027		1,963				1,951				0.3				1,904
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.57%	08/2027		877				875				0.1				851
Painters Supply & Equipment Company (4)(5)	Unitranche First Lien Revolver			08/2027		—				(3	)			0.0				(15	)
Painters Supply & Equipment Company (5)	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.33%	04/2030		170				170				0.0				147
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.42%	04/2030		837				837				0.1				812
TriStrux, LLC (9)	Senior Secured First Lien Term Loan			12/2027		2,798				2,674				0.1				930
TriStrux, LLC (9)	Senior Secured First Lien Revolver			12/2027		1,100				1,054				0.1				365
TriStrux, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			12/2027		982				937				0.0				326
						39,714			$	36,010				3.9		%		28,989
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Term Loan	S + 640 (100 Floor)	10.39%	02/2029		3,439			$	3,424				0.5		%		3,416
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.24%	04/2029		124				124				0.0				124
American Refrigeration	Senior Secured First Lien Term Loan	S + 640 (100 Floor)	10.39%	04/2029		197				197				0.0				196
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.43%	10/2026		2,976				2,946				0.4				2,969
Automated Control Concepts, Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		—				(8	)			0.0				(2	)
Career Certified, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	02/2031		298				297				0.0				298
Career Certified, LLC (4)(5)	Senior Secured First Lien Revolver			02/2031		—				(2	)			0.0				—
Career Certified, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	02/2031		2,189				2,174				0.3				2,189
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.48%	06/2031		1,766				1,761				0.2				1,748
Duraserv LLC (5)	Senior Secured First Lien Revolver	S + 475 (75 Floor)	8.57%	06/2030		119				112				0.0				110
Duraserv LLC	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.48%	06/2031		4,761				4,725				0.7				4,714
Duraserv LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.48%	06/2031		1,048				1,048				0.1				1,030

81

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Flow Service Partners Intermediate Holdco LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	11/2030		449			$	443				0.1		%		449
Flow Service Partners Intermediate Holdco LLC (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	8.62%	11/2030		293				285				0.0				293
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	11/2030		2,525				2,497				0.4				2,525
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	8.97%	05/2029		12,614				12,532				1.8				12,614
GH Parent Holdings Inc. (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	8.97%	05/2029		264				256				0.0				264
GH Parent Holdings Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.97%	05/2029		7,242				7,242				1.0				7,242
GH Parent Holdings Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.97%	05/2029		643				620				0.1				643
Guardian Access Solutions	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.84%	08/2029		1,057				1,049				0.1				1,044
Guardian Access Solutions (5)	Senior Secured First Lien Revolver	S + 600 (100 Floor)	9.67%	08/2029		600				588				0.1				591
Guardian Access Solutions	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	9.82%	08/2029		2,835				2,788				0.4				2,799
Halo Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 600 (100 Floor)	9.72%	02/2029		187				178				0.0				194
Halo Buyer, Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.72%	02/2029		3,452				3,394				0.5				3,499
Hamsard 3778 Limited (4)(5)(10)	Unitranche First Lien - Last Out Delayed Draw Term Loan			10/2031		—				(16	)			0.0				—
Hamsard 3778 Limited (10)	Unitranche First Lien - Last Out Term Loan	S + 550	9.22%	10/2031		9,616				9,059				1.4				9,616
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2028		-				(7	)			0.0				(15	)
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	12/2028		12,762				12,663				1.8				12,657
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.48%	01/2028		3,649				3,628				0.5				3,649
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.48%	01/2028		2,748				2,732				0.4				2,748
Hsid Acquisition, LLC (5)	Senior Secured First Lien Revolver			01/2028		-				-				0.0				-
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	8.92%	10/2030		303				300				0.0				300
Infobase	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.35%	06/2028		10,905				10,799				1.5				10,823
Infobase (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.32%	06/2028		812				799				0.1				801

82

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.09%	10/2030		10,383			$	10,160				1.5		%		10,279
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 200 (100 Floor) (plus 600 PIK)	11.67%	10/2030		979				959				0.1				969
Iris Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2030		—				(26	)			0.0				(15	)
Iris Buyer, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.92%	10/2030		1,564				1,554				0.2				1,541
Landscape Workshop, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	05/2032		1,662				1,642				0.2				1,746
Landscape Workshop, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.67%	05/2031		376				356				0.1				376
Landscape Workshop, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	05/2032		12,941				12,816				1.9				13,199
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		380				380				0.1				380
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2027		1,142				1,142				0.2				1,142
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	9.99%	07/2027		608				604				0.1				608
MHS Acquisition Holdings, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.99%	07/2027		216				214				0.0				216
MHS Acquisition Holdings, LLC (5)	Senior Secured First Lien Revolver	S + 600 (100 Floor)	9.99%	07/2027		60				59				0.0				60
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.24%	07/2027		39				39				0.0				39
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	10.49%	07/2027		39				39				0.0				39
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2029		—				(12	)			0.0				(33	)
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.02%	02/2029		1,050				1,037				0.1				1,037
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.02%	02/2029		4,252				4,188				0.7				4,199
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.02%	02/2029		1,913				1,898				0.3				1,889
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2029		—				(14	)			0.0				(13	)
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.02%	02/2029		2,626				2,626				0.4				2,593
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.02%	02/2029		2,512				2,512				0.5				2,480
NRG Controls (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2030		—				(5	)			0.0				—
NRG Controls (4)(5)	Senior Secured First Lien Revolver			10/2030		—				(5	)			0.0				—
NRG Controls	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	10/2030		3,061				3,029				0.5				3,061

83

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Receivable Solutions, Inc. (5)	Senior Secured First Lien Revolver	P + 450 (100 Floor)	11.25%	04/2026		180			$	180				0.0		%		180
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.08%	04/2026		2,046				2,046				0.3				2,046
RN Enterprises, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.97%	10/2031		217				206				0.0				217
RN Enterprises, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.77%	10/2031		146				132				0.0				146
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.77%	10/2031		6,790				6,716				1.0				6,790
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.77%	10/2031		867				859				0.1				867
Seko Global Logistics Network, LLC (9)	Senior Secured First Lien Term Loan			05/2030		1,403				1,327				0.2				1,403
Seko Global Logistics Network, LLC (9)	Senior Secured First Lien Revolver			05/2030		519				484				0.1				519
Seko Global Logistics Network, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		-				-				0.0				-
Seko Global Logistics Network, LLC	Senior Secured First Lien Term Loan	S + 100 (100 Floor) (plus 950 PIK)	11.50%	11/2029		107				108				0.0				108
UHY Advisors , Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	11/2031		545				536				0.1				546
UHY Advisors , Inc. (5)	Unitranche First Lien Revolver	S + 475 (75 Floor)	8.42%	11/2031		346				339				0.0				347
UHY Advisors , Inc.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.57%	11/2031		4,540				4,513				0.7				4,540
						153,382			$	151,265				21.8		%		153,029
Consumer Services
Bandon Fitness (Texas) Inc. (5)	Unitranche First Lien Term Loan	S + 600 (100 Floor) (plus 50 PIK)	10.49%	07/2028		4,685			$	4,640				0.6		%		4,422
Bandon Fitness (Texas) Inc.	Unitranche First Lien Revolver	S + 600 (100 Floor) (plus 50 PIK)	10.51%	07/2028		401				398				0.1				379
Bandon Fitness (Texas) Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor) (plus 50 PIK)	10.54%	07/2028		2,080				2,064				0.3				1,936
Effective School Solutions LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.58%	11/2027		7,459				7,422				1.0				7,365
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.33%	11/2027		1,426				1,416				0.2				1,408
Effective School Solutions LLC (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.33%	11/2027		169				169				0.0				166
Everlast Parent Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.22%	10/2028		13,327				13,269				1.9				13,193
Everlast Parent Inc. (5)	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.22%	10/2028		1,105				1,099				0.2				1,089
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.47%	10/2028		3,276				3,228				0.5				3,184

84

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	12/2029		4,162			$	4,130				0.6		%		4,079
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.07%	12/2029		1,397				1,392				0.2				1,369
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	8.92%	12/2029		1,388				1,378				0.2				1,360
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		-				(5	)			0.0				(14	)
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.07%	12/2029		1,516				1,510				0.2				1,485
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	12/2029		577				570				0.1				566
FS Whitewater Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.26%	12/2029		1,622				1,592				0.2				1,587
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2029		-				-				0.0				(50	)
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 325 (75 Floor) (plus 375 PIK)	11.03%	11/2029		3,429				3,426				0.4				3,176
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 325 (75 Floor) (plus 375 PIK)	10.77%	11/2029		3,397				3,391				0.4				3,146
HGH Purchaser, Inc. (5)	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.59%	11/2029		1,010				1,022				0.1				896
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	S + 325 (75 Floor) (plus 375 PIK)	10.77%	11/2029		8,079				8,019				1.1				7,484
HS Spa Holdings Inc. (Hand & Stone) (5)	Unitranche First Lien Revolver	S + 525 (75 Floor)	8.97%	06/2028		334				322				0.0				334
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	06/2029		10,056				9,971				1.4				10,056
HS Spa Holdings Inc. (Hand & Stone) (8)(10)	Unitranche First Lien - Last Out Term Loan	1237.5 PIK	12.38%	06/2030		1,955				1,931				0.3				1,890
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.07%	06/2029		872				862				0.1				872
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.09%	06/2029		976				973				0.1				976
Ingenio, LLC	Unitranche First Lien Term Loan	S + 200 (100 Floor) (plus 600 PIK)	11.82%	08/2027		5,145				5,138				0.7				4,849
Ingenio, LLC	Unitranche First Lien Term Loan	S + 200 (100 Floor) (plus 600 PIK)	11.82%	08/2027		2,279				2,270				0.3				2,148
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	9.84%	04/2029		5,094				5,070				0.7				4,965
Mario Purchaser, LLC (10)	Unitranche First Lien - Last Out Term Loan	1483.5 PIK	14.84%	04/2032		4,792				4,723				0.7				4,720
Mario Purchaser, LLC (5)	Unitranche First Lien Revolver	S + 575 (75 Floor)	9.59%	04/2028		954				944				0.1				928
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	9.84%	04/2029		9,565				9,460				1.3				9,325

85

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.84%	04/2029		470			$	463				0.1		%		458
Marlin DTC-LS Midco 2, LLC (4)(5)	Unitranche First Lien Revolver			07/2026		—				(0.0	)			0.0				(6	)
Marlin DTC-LS Midco 2, LLC	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.32%	07/2026		2,876				2,872				0.4				2,758
PPV Intermediate Holdings LLC (Vetcor) (5)(12)	Unitranche First Lien Revolver	S + 575 (75 Floor)	9.63%	08/2029		28				26				0.0				23
PPV Intermediate Holdings LLC (Vetcor) (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	9.67%	08/2029		3,469				3,452				0.5				3,448
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		1,403				1,386				0.2				1,366
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1475 PIK	14.75%	08/2030		347				329				0.0				336
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	12/2028		12,712				12,572				1.9				12,650
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	12/2028		2,855				2,840				0.4				2,839
Stepping Stones Healthcare Services, LLC (5)	Unitranche First Lien Revolver	P + 500 (75 Floor)	11.75%	12/2026		1,133				1,115				0.2				1,123
Stepping Stones Healthcare Services, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	12/2028		1,027				1,007				0.1				1,007
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	8.92%	11/2029		1,470				1,462				0.2				1,470
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.92%	11/2029		1,625				1,616				0.2				1,625
USA Hometown Experts, Inc. (4)(5)	Senior Secured First Lien Revolver			11/2029		—				(6	)			0.0				—
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	8.92%	11/2029		2,440				2,440				0.4				2,440
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.17%	11/2029		1,542				1,518				0.2				1,542
USA Hometown Experts, Inc. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		—				(17	)			0.0				—
						135,924			$	134,869				18.8		%		132,368

86

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Diversified Financials
Cary Street Partners Financial LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.42%	05/2031		178			$	165				0.0		%		178
Cary Street Partners Financial LLC (4)(5)	Senior Secured First Lien Revolver			05/2031		—				(4	)			0.0				—
Cary Street Partners Financial LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.42%	05/2031		1,791				1,770				0.3				1,791
CRS TH Holdings, Corp. (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2032		—				(1	)			0.0				(3	)
CRS TH Holdings, Corp. (4)(5)	Senior Secured First Lien Revolver			12/2032		—				(2	)			0.0				(2	)
CRS TH Holdings, Corp.	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.42%	12/2032		1,375				1,365				0.2				1,365
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2030		—				(6	)			0.0				—
Essential Services Holding Corporation (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.87%	06/2031		372				365				0.1				372
Essential Services Holding Corporation	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.88%	06/2031		7,584				7,520				1.1				7,584
iLending LLC (4)(5)	Unitranche First Lien Revolver			12/2028		—				—				0.0				(11	)
iLending LLC	Unitranche First Lien Term Loan	S + 100 (100 Floor) (plus 500 PIK)	9.82%	12/2028		2,450				2,450				0.3				2,377
iLending LLC (8)(9)(10)	Unitranche First Lien - Last Out Term Loan			12/2028		2,368				—				0.0				—
King Mid LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.22%	04/2031		3,714				3,699				0.5				3,714
King Mid LLC (4)(5)	Unitranche First Lien Revolver			04/2031		—				(9	)			0.0				—
King Mid LLC	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.22%	04/2031		6,766				6,719				1.0				6,766
Miracle Mile Holdings, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.82%	11/2028		173				158				0.0				173
Miracle Mile Holdings, LLC (5)	Unitranche First Lien Revolver	S + 500 (100 Floor)	8.82%	11/2028		80				79				0.0				80
Miracle Mile Holdings, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.82%	11/2028		2,128				2,111				0.3				2,128
PCS Retirement (5)	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.42%	03/2030		890				884				0.1				890
PCS Retirement (4)(5)	Unitranche First Lien Revolver			03/2030		—				(5	)			0.0				—

87

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
PCS Retirement	Unitranche First Lien Term Loan	S + 575 (100 Floor)	9.42%	03/2030		5,011			$	4,979				0.7		%		5,011
Pi Buyer, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2032		—				(3	)			0.0				(10	)
Pi Buyer, LLC (4)(5)	Unitranche First Lien Revolver			08/2032		—				(4	)			0.0				(4	)
Pi Buyer, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.72%	08/2032		3,050				3,028				0.4				3,028
RWA Wealth Partners, LLC. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.49%	11/2030		1,167				1,157				0.2				1,167
RWA Wealth Partners, LLC. (4)(5)	Unitranche First Lien Revolver			11/2030		—				(9	)			0.0				—
RWA Wealth Partners, LLC.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.63%	11/2030		6,104				6,064				0.9				6,104
Soltis (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.51%	08/2030		1,085				1,081				0.2				1,085
Soltis (4)(5)	Unitranche First Lien Revolver			08/2030		—				(7	)			0.0				—
Soltis	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.35%	08/2030		1,876				1,849				0.3				1,876
Staff Boom, LLC (4)(5)	Senior Secured First Lien Revolver			09/2031		—				(3	)			0.0				(3	)
Staff Boom, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	09/2031		4,538				4,506				0.5				4,506
						52,700			$	49,896				7.1		%		50,162
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8)	Senior Secured Second Lien Note	1200	12.00%	03/2031		438			$	438				0.1		%		438
						438			$	438				0.1		%		438
Food & Staples Retailing
Isagenix International, LLC (6)	Senior Secured First Lien Term Loan	S + 250 (100 Floor) (plus 500 PIK)	11.39%	04/2028		3,465			$	3,314				0.2		%		1,355
						3,465			$	3,314				0.2		%		1,355
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.28%	05/2029		4,823			$	4,799				0.7		%		4,823
JTM Foods LLC (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.25%	05/2029		740				736				0.1				740
JTM Foods LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.07%	05/2029		656				654				0.1				656
						6,219			$	6,189				0.9		%		6,219
Health Care Equipment & Services
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	S + 275 (75 Floor) (plus 325 PIK)	9.77%	08/2028		7,098			$	7,022				0.9		%		6,538
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 275 (75 Floor) (plus 325 PIK)	9.77%	08/2028		1,258				1,254				0.2				1,154
ACI Group Holdings, Inc. (5)	Unitranche First Lien Revolver	S + 550 (75 Floor)	9.27%	08/2027		731				726				0.1				667
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 275 (75 Floor) (plus 325 PIK)	9.77%	08/2028		1,363				1,350				0.2				1,250

88

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Acu-Serve, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.42%	10/2029		3,920			$	3,892				0.6		%		3,920
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.42%	10/2029		1,991				1,985				0.3				1,991
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—				(5	)			0.0				—
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—				(5	)			0.0				—
Annuity Health	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.09%	02/2029		4,021				3,997				0.6				4,021
Arrow Management Acquisition, LLC (5)	Unitranche First Lien Delayed Draw Term Loan			07/2032		—				—				0.0				59
Arrow Management Acquisition, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.67%	07/2032		519				505				0.1				519
Arrow Management Acquisition, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	07/2032		12,826				12,699				1.8				12,992
Avalign Technologies, Inc. (5)	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.22%	12/2028		835				814				0.1				689
Avalign Technologies, Inc.	Unitranche First Lien Term Loan	S + 362.5 (75 Floor) (plus 362.5 PIK)	11.07%	12/2028		13,391				13,227				1.7				12,218
Bayside Opco, LLC	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.07%	05/2026		4,412				4,412				0.6				4,412
Bayside Opco, LLC	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.07%	05/2026		1,560				1,560				0.2				1,560
Bayside Opco, LLC (5)	Senior Secured First Lien Revolver			05/2026		—				—				0.0				—
Bayside Opco, LLC	Unsecured Debt	1415.2 PIK	14.15%	05/2026		2,099				1,821				0.3				2,099
BVI Medical Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 125 (75 Floor) (plus 500 PIK)	10.13%	03/2032		158				155				0.0				155
BVI Medical Inc. (4)(5)	Unitranche First Lien Revolver			03/2032		—				(11	)			0.0				(11	)
BVI Medical Inc.	Unitranche First Lien Term Loan	S + 125 (75 Floor) (plus 500 PIK)	9.97%	03/2032		10,528				10,388				1.5				10,469
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.35%	08/2027		4,923				4,895				0.7				4,923
CC Amulet Management, LLC (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.10%	08/2027		763				757				0.1				763
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525	9.28%	08/2027		902				892				0.1				902
Centria Subsidiary Holdings, LLC (5)	Unitranche First Lien Revolver			06/2027		—				—				0.0				—
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.05%	06/2027		11,161				11,147				1.6				11,163
ConvenientMD	Senior Secured First Lien Term Loan	S + 525	9.22%	06/2029		5,580				5,549				0.8				5,411
ConvenientMD (5)	Senior Secured First Lien Revolver	S + 550	9.44%	06/2029		275				270				0.0				254

89

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	11/2027		11,331			$	11,254				1.6		%		11,246
EMS Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.07%	11/2027		248				244				0.0				243
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	11/2027		965				957				0.1				958
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	11/2027		2,069				2,069				0.3				2,053
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.82%	06/2029		13,309				12,945				1.7				11,714
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	S + 350 (100 Floor) (plus 450 PIK)	11.43%	04/2026		6,006				5,997				0.8				5,360
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			04/2026		—				(5	)			0.0				(64	)
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 350 (100 Floor) (plus 450 PIK)	11.76%	04/2026		3,505				3,499				0.4				3,127
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	S + 425 (100 Floor) (plus 300 PIK)	11.07%	06/2027		5,015				5,001				0.7				4,941
Great Lakes Dental Partners, LLC (5)	Unitranche First Lien Revolver	S + 425 (100 Floor) (plus 300 PIK)	11.07%	06/2027		342				341				0.0				337
Headlands Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2032		—				(3	)			0.0				1
Headlands Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			09/2032		—				(3	)			0.0				—
Headlands Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	9.74%	09/2032		1,695				1,678				0.2				1,698
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.23%	05/2027		4,357				4,330				0.6				4,358
Homecare Partners Management, LLC (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.22%	05/2027		455				448				0.1				456
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.07%	05/2027		3,259				3,216				0.5				3,260
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.22%	05/2027		1,062				1,053				0.2				1,063
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.07%	06/2030		853				853				0.1				854
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.13%	01/2028		14,463				14,395				2.0				14,464
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.13%	01/2028		2,642				2,603				0.4				2,643
Hospice Care Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.41%	01/2028		1,215				1,207				0.2				1,216
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.69%	01/2028		2,688				2,648				0.4				2,689

90

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.69%	01/2028		383			$	380				0.1		%		383
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.64%	06/2026		2,881				2,881				0.4				2,821
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.64%	06/2026		346				346				0.0				340
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Revolver	S + 650	10.64%	06/2026		442				442				0.1				434
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.64%	06/2026		793				793				0.1				776
IVX Health Merger Sub, Inc. (8)	Unsecured Debt	1350 PIK	13.50%	06/2031		8,819				8,667				1.3				9,083
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—				(52	)			0.0				—
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.67%	06/2030		16,898				16,628				2.4				17,067
Laseraway Intermediate Holdings II, LLC (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	9.89%	10/2027		5,842				5,795				0.8				5,820
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Revolver	S + 775 (100 Floor) (plus 75 PIK)	12.37%	03/2028		1,164				1,162				0.1				1,019
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor) (plus 75 PIK)	10.60%	03/2028		467				466				0.1				409
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor) (plus 75 PIK)	10.33%	03/2028		2,242				2,238				0.3				1,962
Lighthouse Lab Services	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	9.90%	10/2027		5,479				5,437				0.8				5,442
Lighthouse Lab Services (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	9.57%	10/2027		1,074				1,066				0.2				1,066
Lightspeed Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.47%	02/2027		780				780				0.1				780
Lightspeed Buyer, Inc. (5)	Unitranche First Lien Revolver			02/2027		—				—				0.0				—
Lightspeed Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	02/2027		17,474				17,474				2.5				17,474
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	9.22%	02/2031		1,104				1,095				0.2				1,115
MB2 Dental	Unitranche First Lien Delayed Draw Term Loan	S + 550 (75 Floor)	9.22%	02/2031		876				863				0.1				885
MB2 Dental (5)	Unitranche First Lien Revolver	S + 550 (75 Floor)	9.22%	02/2031		77				74				0.0				77
MB2 Dental	Unitranche First Lien Term Loan	S + 550 (75 Floor)	9.22%	02/2031		6,053				6,006				0.9				6,113
Medical Review Institute of America (5)	Senior Secured First Lien Revolver	P + 500 (100 Floor)	11.75%	07/2030		64				58				0.0				48

91

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Medical Review Institute of America	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	07/2030		5,629			$	5,582				0.8		%		5,515
MWD Management LLC (United Derm)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.82%	06/2027		4,365				4,333				0.6				4,365
MWD Management LLC (United Derm)	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.82%	06/2027		5,418				5,377				0.8				5,418
MWD Management LLC (United Derm) (5)	Senior Secured First Lien Revolver	S + 500 (100 Floor)	8.82%	06/2027		240				232				0.0				240
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Revolver			01/2026		1,025				981				0.1				372
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		7,014				6,808				0.4				2,545
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		921				889				0.0				334
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		312				303				0.0				113
Omni Ophthalmic Management Consultants, LLC (9)	Senior Secured First Lien Term Loan			01/2026		260				249				0.0				94
Omni Ophthalmic Management Consultants, LLC (5)	Senior Secured First Lien Revolver	S + 225 (100 Floor) (plus 575 PIK)	11.82%	01/2026		575				575				0.1				575
Omni Ophthalmic Management Consultants, LLC (5)	Senior Secured First Lien Revolver			01/2026		—				-				0.0				—
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.06%	01/2028		2,812				2,783				0.4				2,809
Patriot Acquisition Topco S.A.R.L (5)	Unitranche First Lien Revolver	S + 475 (100 Floor)	8.59%	01/2026		126				126				0.0				125
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.59%	01/2028		11,715				11,603				1.7				11,703
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.59%	01/2028		358				353				0.1				358
Patriot Acquisition Topco S.A.R.L (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.06%	01/2028		4,370				4,341				0.6				4,365
Patriot Acquisition Topco S.A.R.L (8)	Unsecured Debt	1400 PIK	14.00%	02/2030		4,471				4,419				0.7				4,597
Patriot Acquisition Topco S.A.R.L	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.59%	01/2028		1,674				1,669				0.2				1,672
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Delayed Draw Term Loan	993 PIK (75 Floor)	9.93%	05/2029		282				280				0.0				221
Plasma Buyer LLC (PathGroup) (5)	Unitranche First Lien Revolver	942 PIK (75 Floor)	9.42%	05/2029		830				822				0.1				648
Plasma Buyer LLC (PathGroup)	Unitranche First Lien Term Loan	912 PIK (75 Floor)	9.12%	05/2029		7,456				7,377				0.8				5,828
Premier Dental Care Management, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.72%	08/2028		9,143				9,063				1.3				9,072
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.72%	08/2028		4,961				4,957				0.7				4,922
Premier Dental Care Management, LLC (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.72%	08/2027		236				224				0.0				218

92

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Premier Dental Care Management, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.72%	08/2028		4,067			$	4,055				0.6		%		4,036
PromptCare Intermediate, LP	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.95%	09/2027		10,054				9,991				1.4				10,048
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.95%	09/2027		1,566				1,558				0.2				1,565
PromptCare Intermediate, LP	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	9.95%	04/2030		2,079				2,065				0.3				2,078
Quorum Health Resources	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.07%	05/2027		5,151				5,129				0.7				5,157
Quorum Health Resources (5)	Unitranche First Lien Revolver	S + 525	9.07%	05/2027		77				74				0.0				78
REP Behavioral Health, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2030		—				(10	)			0.0				—
REP Behavioral Health, LLC (5)	Unitranche First Lien Revolver	S + 475 (100 Floor)	8.42%	12/2030		242				227				0.0				242
REP Behavioral Health, LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.47%	12/2030		5,693				5,632				0.8				5,693
Safco Dental Supply, LLC (5)	Unitranche First Lien Revolver	S + 600 (100 Floor)	9.82%	03/2026		342				342				0.0				312
Safco Dental Supply, LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.82%	03/2026		4,002				3,997				0.5				3,803
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2029		—				(3	)			0.0				(5	)
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.02%	12/2029		8,615				8,576				1.2				8,572
Seniorlink Incorporated	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.77%	12/2029		4,648				4,595				0.7				4,625
Seniorlink Incorporated (4)(5)	Unitranche First Lien Revolver			12/2029		—				(4	)			0.0				(2	)
Smile Doctors LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—				(11	)			0.0				(23	)
Smile Doctors LLC	Unitranche First Lien Delayed Draw Term Loan	S + 590 (75 Floor)	9.84%	12/2028		781				781				0.1				774
Smile Doctors LLC	Unitranche First Lien Term Loan	S + 590 (75 Floor)	9.84%	12/2028		15,235				15,176				2.1				15,082
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.05%	07/2029		3,693				3,625				0.5				3,693
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Term Loan	E + 600	8.00%	07/2029		4,116				3,513				0.6				4,116
Sydney US Buyer Corp. (3B Scientific)	Unitranche First Lien Delayed Draw Term Loan	S + 600 (50 Floor)	9.66%	07/2029		1,978				1,929				0.3				2,005

93

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Sydney US Buyer Corp. (3B Scientific) (5)	Unitranche First Lien Delayed Draw Term Loan	S + 600	10.01%	07/2029		6,310			$	6,120				0.9		%		6,310
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	05/2029		6,143				6,102				0.9				6,143
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—				(4	)			0.0				—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.47%	05/2029		1,190				1,183				0.2				1,190
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.62%	06/2030		798				798				0.1				798
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	06/2030		2,560				2,561				0.4				2,561
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.62%	05/2029		997				995				0.1				998
Team Select (CSC TS Merger SUB, LLC) (4)(5)	Senior Secured First Lien Revolver			05/2029		—				(2	)			0.0				—
Team Select (CSC TS Merger SUB, LLC)	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.47%	05/2029		2,629				2,613				0.4				2,630
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.59%	05/2029		737				732				0.1				738
Team Select (CSC TS Merger SUB, LLC) (5)	Senior Secured First Lien Revolver			05/2029		—				—				0.0				—
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	09/2027		2,111				2,098				0.3				2,111
Unifeye Vision Partners (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.65%	09/2027		680				673				0.1				680
Unifeye Vision Partners	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.32%	09/2027		3,674				3,653				0.5				3,675
Unifeye Vision Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	09/2027		3,533				3,531				0.5				3,534
						416,945			$	412,258				57.2		%		403,175
Household & Personal Products
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (plus 510 PIK)	11.69%	09/2027		3,249			$	3,247				0.5		%		3,086
Lash Opco LLC (4)(5)	Unitranche First Lien Revolver			09/2027		—				(0.0	)			0.0				(19	)
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (plus 510 PIK)	11.69%	09/2027		3,313				3,303				0.4				3,146
Lash Opco LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor) (plus 200 PIK)	10.82%	09/2027		35				35				0.0				33
Lash Opco LLC	Unitranche First Lien Term Loan	S + 265 (100 Floor) (plus 510 PIK)	11.69%	09/2027		1,075				1,074				0.1				1,022
						7,672			$	7,659				1.0		%		7,268

94

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Insurance
Balance Partners	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	04/2030		3,237			$	3,213				0.5		%		3,213
Balance Partners (4)(5)	Senior Secured First Lien Revolver			04/2030		—				(4	)			0.0				(4	)
Balance Partners	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	04/2030		2,167				2,150				0.3				2,151
Balance Partners (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			04/2030		—				(13	)			0.0				(41	)
Balance Partners	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	04/2030		3,850				3,822				0.5				3,821
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	04/2030		11,337				11,312				1.6				11,287
Evolution BuyerCo, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	04/2030		389				385				0.1				387
Evolution BuyerCo, Inc. (4)(5)	Unitranche First Lien Revolver			04/2030		—				(0.0	)			0.0				(3	)
Galway Borrower, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.17%	09/2028		6,392				6,347				0.9				6,408
Galway Borrower, LLC (5)	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.19%	09/2028		94				91				0.0				92
Galway Borrower, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.17%	09/2028		124				123				0.0				126
Galway Borrower, LLC (4)(5)	Unitranche First Lien Revolver			09/2028		—				(1	)			0.0				(3	)
Integrity Marketing Acquisition, LLC (5)	Unitranche First Lien Revolver			08/2028		—				—				0.0				—
Integrity Marketing Acquisition, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.82%	08/2028		20,022				19,901				2.8				20,022
Newcleus, LLC	Senior Secured First Lien Term Loan	S + 600 (plus 200 PIK)	11.82%	08/2026		5,189				5,072				0.7				4,985
Newcleus, LLC (4)(5)	Senior Secured First Lien Revolver			08/2026		—				(5	)			0.0				(17	)
Newcleus, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			08/2026		—				(5	)			0.0				(18	)
Patriot Growth Insurance Services, LLC	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.82%	10/2028		8,995				8,933				1.3				8,995
Patriot Growth Insurance Services, LLC (4)(5)	Unitranche First Lien Revolver			10/2028		—				(5	)			0.0				—
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.82%	10/2028		2,763				2,749				0.4				2,763
Patriot Growth Insurance Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	10/2028		992				984				0.1				992
The Hilb Group, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.47%	10/2031		969				955				0.1				936
The Hilb Group, LLC (5)	Unitranche First Lien Revolver	S + 475 (75 Floor)	8.47%	10/2031		220				206				0.0				203
The Hilb Group, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.47%	10/2031		14,876				14,751				2.1				14,727

95

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Vantage Insurance Partners, Inc. (5)(11)	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.17%	12/2028		78			$	73				0.0		%		33
Vantage Insurance Partners, Inc. (11)	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.17%	12/2028		4,344				4,317				0.6				4,094
						86,038			$	85,351				12.0		%		85,149
Materials
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,645			$	992				0.0		%		—
A&A Global Imports, LLC (9)	Senior Secured First Lien Term Loan			06/2026		1,895				—				0.0				—
A&A Global Imports, LLC (9)	Senior Secured First Lien Revolver			06/2026		594				545				0.0				127
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		3,801				3,188				0.1				453
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		593				498				0.0				71
Action Signature Acquisition, Inc. (5)	Unitranche First Lien Revolver	1099.4 PIK	10.99%	12/2027		534				517				0.1				534
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		288				242				0.0				34
Action Signature Acquisition, Inc. (9)	Unitranche First Lien Term Loan			12/2027		984				826				0.0				117
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	12/2029		4,214				4,183				0.6				4,215
Online Labels Group, LLC (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	8.67%	12/2029		261				259				0.0				261
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2029		—				(2	)			0.0				—
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Revolver			12/2029		—				(4	)			0.0				—
						14,809			$	11,244				0.8		%		5,812
Pharmaceuticals, Biotechnology & Life Sciences
Alcanza Clinical Research	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.07%	12/2027		7,117			$	7,065				1.0		%		7,117
Alcanza Clinical Research (5)	Senior Secured First Lien Revolver	S + 625	10.24%	12/2027		63				62				0.0				63

96

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
BioAgilytix	Senior Secured First Lien Term Loan	S + 250 (plus 400 PIK)	10.27%	12/2028		15,696			$	15,552				1.8		%		12,928
BioAgilytix	Senior Secured First Lien Delayed Draw Term Loan	S + 250 (plus 400 PIK)	10.27%	12/2028		816				808				0.1				672
Nephron Pharmaceuticals, LLC (10)	Unitranche First Lien - Last Out Term Loan	S + 920	13.19%	12/2027		7,385				7,296				1.0				7,384
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.02%	09/2028		2,174				2,163				0.3				2,163
Teal Acquisition Co., Inc (5)	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.02%	09/2028		401				396				0.1				395
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.02%	09/2028		1,200				1,196				0.2				1,194
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.02%	09/2028		289				288				0.0				288
Teal Acquisition Co., Inc (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2028		—				(3	)			0.0				(6	)
Teal Acquisition Co., Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.49%	09/2028		1,282				1,276				0.2				1,276
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.47%	12/2029		3,308				3,247				0.4				3,290
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—				(8	)			0.0				(2	)
WCT Group Holdings, LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	8.47%	12/2029		1,900				1,890				0.3				1,890
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		—				(2	)			0.0				(1	)
						41,631			$	41,226				5.4		%		38,651
Retailing
1959 Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	10.37%	07/2030		5,000			$	4,956				0.7		%		5,150
MeriCal, LLC (9)	Unitranche First Lien Term Loan			01/2026		8,470				7,053				0.5				3,768
MeriCal, LLC (5)(9)	Senior Secured First Lien Revolver			01/2026		920				919				0.1				632
Slickdeals Holdings, LLC (5)(7)	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.12%	06/2030		145				145				0.0				145
Slickdeals Holdings, LLC (7)	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.12%	06/2030		4,965				4,965				0.7				4,965
						19,500			$	18,038				2.0		%		14,660

97

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Software & Services
Affinitiv, Inc. (4)(5)	Unitranche First Lien Revolver			07/2027		—			$	(1	)			0.0		%		(12	)
Affinitiv, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor) (plus 200 PIK)	10.93%	07/2027		5,977				5,933				0.8				5,801
Apps Associates LLC (5)	Unitranche First Lien Revolver			07/2027		—				—				0.0				—
Apps Associates LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	07/2027		5,410				5,375				0.8				5,410
Apps Associates LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	07/2027		1,742				1,728				0.2				1,742
Apps Associates LLC (5)	Unitranche First Lien Revolver	S + 550 (100 Floor)	9.32%	07/2027		240				236				0.0				240
Banker's Toolbox, Inc.	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.17%	07/2029		3,624				3,597				0.5				3,596
Banker's Toolbox, Inc.	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.17%	07/2029		15,365				15,365				2.2				15,249
Banker's Toolbox, Inc. (4)(5)	Unitranche First Lien Revolver			07/2029		—				(13	)			0.0				(18	)
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.82%	06/2026		4,727				4,716				0.7				4,727
Belay Inc. (4)(5)	Senior Secured First Lien Revolver			06/2026		—				(1	)			0.0				—
Belay Inc.	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.82%	06/2026		744				741				0.1				744
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.07%	10/2026		1,342				1,340				0.2				1,342
Benesys Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.07%	10/2026		285				284				0.0				285
Benesys Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.07%	10/2026		150				150				0.0				150
Benesys Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.07%	10/2026		163				164				0.0				163

98

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Blue Mantis	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	08/2030		3,061			$	3,049				0.4		%		3,048
Blue Mantis (5)	Senior Secured First Lien Revolver	S + 475 (75 Floor)	8.42%	08/2030		551				542				0.1				547
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.42%	08/2030		3,481				3,445				0.5				3,465
Blue Mantis	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	8.42%	08/2030		495				489				0.1				493
Blue Mantis (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	08/2030		639				639				0.1				620
C-4 Analytics (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			05/2030		—				(17	)			0.0				—
C-4 Analytics (5)	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.07%	05/2030		555				541				0.1				555
C-4 Analytics	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.07%	05/2030		18,223				18,082				2.6				18,223
Claritas, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	8.32%	03/2028		2,395				2,385				0.3				2,395
Claritas, LLC (4)(5)	Unitranche First Lien Revolver			03/2028		—				(8	)			0.0				—
Claritas, LLC	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.17%	03/2028		10,203				10,150				1.4				10,203
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	9.92%	12/2028		9,285				9,227				1.3				9,285
Concord III, LLC (5)	Unitranche First Lien Revolver	S + 625 (100 Floor)	9.92%	12/2028		413				409				0.1				413
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	9.92%	12/2028		544				537				0.1				544
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.25%	12/2028		2,843				2,843				0.4				2,843
DataVail	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	9.42%	01/2029		7,007				6,960				1.0				6,938
DataVail	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.47%	01/2029		399				397				0.1				395
DataVail (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	9.42%	01/2029		330				326				0.0				325
DataVail (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	9.42%	01/2029		180				178				0.0				177
DecisionHR Holdings, Inc (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2031		—				(1	)			0.0				(4	)
DecisionHR Holdings, Inc (4)(5)	Senior Secured First Lien Revolver			12/2031		—				(2	)			0.0				(2	)
DecisionHR Holdings, Inc	Senior Secured First Lien Term Loan	S + 450 (100 Floor)	8.28%	12/2031		1,625				1,613				0.2				1,613
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	09/2030		13,230				12,974				1.9				13,230
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		—				(24	)			0.0				—

99

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	09/2030		2,758			$	2,735				0.4		%		2,758
Imagenet, LLC (4)(5)	Senior Secured First Lien Revolver			12/2030		—				(7	)			0.0				—
Imagenet, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	8.67%	12/2030		3,020				2,986				0.4				3,020
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	11/2028		12,760				12,634				1.8				12,760
Lexipol (Ranger Buyer, Inc.) (4)(5)	Unitranche First Lien Revolver			11/2027		—				(9	)			0.0				—
Lexipol (Ranger Buyer, Inc.)	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	11/2028		1,091				1,083				0.2				1,091
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2032		—				(6	)			0.0				—
Medicus IT (5)	Unitranche First Lien Revolver	P + 500 (75 Floor)	11.75%	06/2032		83				74				0.0				83
Medicus IT	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	06/2032		6,070				6,018				0.9				6,070
Medicus IT (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2032		—				(1	)			0.0				—
Medicus IT (5)	Unitranche First Lien Revolver	P + 500 (75 Floor)	11.75%	06/2032		40				36				0.0				40
Medicus IT	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	06/2032		6,843				6,792				1.0				6,843
MRI Software LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	8.42%	02/2028		1,044				1,041				0.1				1,044
MRI Software LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	02/2028		19,483				19,394				2.8				19,483
MRI Software LLC (5)	Unitranche First Lien Revolver	S + 475 (100 Floor)	8.44%	02/2028		309				303				0.0				267
MRI Software LLC	Unitranche First Lien Term Loan	S + 475 (100 Floor)	8.42%	02/2028		1,269				1,263				0.2				1,269
Net Health Acquisition Corp. (4)(5)	Unitranche First Lien Revolver			07/2031		—				(13	)			0.0				(4	)
Net Health Acquisition Corp.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.47%	07/2031		13,162				13,056				1.9				13,131
New Era Technology, Inc. (5)	Unitranche First Lien Revolver	S + 625 (100 Floor)	10.09%	06/2030		357				357				0.1				357

100

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
New Era Technology, Inc.	Unitranche First Lien Term Loan	S + 625 (100 Floor)	9.92%	06/2030		4,652			$	4,652				0.7		%		4,652
Odessa Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			10/2027		—				(15	)			0.0				—
Odessa Technologies, Inc.	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	9.27%	10/2027		9,281				9,218				1.3				9,282
Omega Systems Intermediate Holdings, Inc. (5)	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	8.67%	01/2031		379				375				0.1				379
Omega Systems Intermediate Holdings, Inc. (5)	Unitranche First Lien Revolver	S + 500 (75 Floor)	8.69%	01/2031		53				50				0.0				53
Omega Systems Intermediate Holdings, Inc.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.67%	01/2031		2,100				2,082				0.3				2,100
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		1,085				1,085				0.2				1,085
Ontario Systems, LLC	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.32%	03/2027		500				499				0.1				500
Ontario Systems, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		3,138				3,133				0.4				3,138
Ontario Systems, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		544				544				0.1				544
Ontario Systems, LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor) (plus 100 PIK)	10.32%	03/2027		444				444				0.1				444
Perforce Software, Inc.	Senior Secured Second Lien Term Loan	S + 800	11.82%	07/2027		5,000				5,000				0.7				4,925
Right Networks, LLC (5)	Unitranche First Lien Revolver	S + 500 (100 Floor)	8.72%	05/2029		330				330				0.0				330
Right Networks, LLC	Unitranche First Lien Term Loan	S + 500 (100 Floor)	8.72%	05/2029		23,870				23,870				3.4				23,868
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.67%	11/2028		19,677				19,577				2.8				19,664
Saturn Borrower Inc	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.67%	11/2028		2,397				2,383				0.3				2,395
Saturn Borrower Inc (5)	Unitranche First Lien Revolver	S + 600 (100 Floor)	9.67%	11/2028		460				453				0.1				459
SQAD Holdco, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	9.42%	04/2028		2,340				2,330				0.3				2,340

101

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
SQAD Holdco, Inc. (4)(5)	Unitranche First Lien Revolver			04/2028		—			$	(8	)			0.0		%		—
SQAD Holdco, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	9.42%	04/2028		8,637				8,556				1.2				8,635
Strata Information Group, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.70%	12/2030		316				312				0.0				316
Strata Information Group, Inc. (4)(5)	Senior Secured First Lien Revolver			12/2030		—				(6	)			0.0				—
Strata Information Group, Inc.	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.70%	12/2030		1,191				1,181				0.2				1,191
Summit 7 Systems, LLC (5)	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.47%	05/2028		396				393				0.1				396
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.32%	05/2028		5,115				5,065				0.7				5,113
Summit 7 Systems, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.49%	05/2028		2,346				2,346				0.3				2,346
Transportation Insight, LLC (5)	Senior Secured First Lien Revolver	S + 450 (plus 100 PIK)	9.22%	03/2026		8				—				0.0				8
Transportation Insight, LLC (9)	Senior Secured First Lien Term Loan			06/2027		5,056				5,037				0.6				3,488
Transportation Insight, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			06/2027		1,257				1,252				0.1				867
Transportation Insight, LLC (5)(9)	Senior Secured First Lien Revolver			06/2027		713				710				0.1				475
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 600 (100 Floor)	9.82%	12/2026		949				948				0.1				948
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	12/2026		609				608				0.1				608
Winxnet Holdings LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.32%	12/2026		998				996				0.1				996
Winxnet Holdings LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—				(2	)			0.0				(2	)
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	12/2026		1,850				1,849				0.4				1,847
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	12/2026		1,477				1,474				0.3				1,474
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.32%	12/2026		1,101				1,094				0.2				1,099
Winxnet Holdings LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.22%	12/2026		193				193				0.0				193
						291,979			$	290,092				41.4		%		289,093

102

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Technology, Hardware & Equipment
3SI Security Systems	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.09%	12/2026		3,371			$	3,322				0.5		%		3,275
CallRevu, LLC (4)(5)	Unitranche First Lien Revolver			10/2032		—				(1	)			0.0				(1	)
CallRevu, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	8.42%	10/2032		1,450				1,439				0.2				1,439
Gener8, LLC (9)	Senior Secured First Lien Term Loan			02/2026		6,131				6,005				0.3				2,340
Gener8, LLC (5)(9)	Senior Secured First Lien Revolver			02/2026		1,316				1,289				0.0				318
Gener8, LLC (9)	Senior Secured First Lien Term Loan			02/2026		264				259				0.0				101
Security Risk Advisors Intl, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			09/2031		—				(2	)			0.0				(5	)
Security Risk Advisors Intl, LLC (5)	Unitranche First Lien Revolver	S + 450 (75 Floor)	8.49%	09/2031		65				63				0.0				63
Security Risk Advisors Intl, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.49%	09/2031		3,850				3,822				0.5				3,822
						16,447			$	16,196				1.5		%		11,352
Transportation
Breeze Buyer, Inc.	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	8.45%	01/2028		4,246				4,204				0.6				4,246
						4,246			$	4,204				0.6		%		4,246
Total Debt Investments United States						1,330,404			$	1,305,983				179.5		%		1,264,787
Equity Investments
Automobiles & Components
Continental Battery Company	Common Stock					12,345			$	-				0.0		%		-
Sun Acquirer Corp.	Common Stock					6,148				615				0.1				892
Sun Acquirer Corp.	Common Stock					428				43				0.0				62
									$	658				0.1		%	$	954

103

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Capital Goods
Envocore Holding, LLC (7)	Common Stock		`			521,354			$	-				0.0		%		—
Envocore Holding, LLC (7)	Preferred Stock					534,722				—				0.0				—
										—				0.0		%		—
Commercial & Professional Services
Allied Universal Holdings, LLC	Common Stock					2,805,726			$	1,011				0.5		%		3,747
Allied Universal Holdings, LLC	Common Stock					684,903				685				0.1				915
ASP MCS Acquisition Corp. (6)(12)	Common Stock					13,293				1,183				0.0				47
ASP MCS Acquisition Corp. (6)	Common Stock					791				5				0.0				14
Hercules Borrower LLC	Common Stock					1,153,075				1,153				0.3				2,005
Iris Buyer, LLC	Common Stock					577				577				0.1				681
Iris Buyer, LLC	Common Stock					576,923				-				0.0				248
Landscape Workshop, LLC	Common Stock					540,541				541				0.1				604
MHS Acquisition Holdings, LLC	Preferred Stock					1,060				923				0.1				508
MHS Acquisition Holdings, LLC	Common Stock					11				9				0.0				-
Receivable Solutions, Inc.	Preferred Stock					137,000				137				0.1				484
RN Enterprises, LLC	Common Stock					776				791				0.1				936
Seko Global Logistics Network, LLC	Common Stock					625				2,372				0.0				55
TecoStar Holdings, Inc.	Common Stock					500,000				500				0.0				3
									$	9,887				1.4		%		10,247

104

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Consumer Services
Everlast Parent Inc.	Common Stock					948			$	948				0.1		%		593
FS Whitewater Borrower, LLC	Common Stock					6,897				690				0.1				904
FS Whitewater Borrower, LLC	Common Stock					238				31				0.0				31
HGH Purchaser, Inc.	Common Stock					4,171				417				0.0				103
HS Spa Holdings Inc. (Hand & Stone)	Common Stock					1,791,160				1,791				0.2				1,190
Ingenio, LLC	Common Stock					104				-				0.0				-
Legalshield (11)	Common Stock					372				372				0.1				559
Mario Purchaser, LLC	Common Stock					118				118				0.0				54
Mario Purchaser, LLC	Common Stock					1,027				1,027				0.1				472
PPV Intermediate Holdings LLC (Vetcor)	Common Stock					312,500				313				0.0				213
Stepping Stones Healthcare Services, LLC	Common Stock					11,321				1,132				0.2				1,231
Wrench Group LLC	Common Stock					2,337				235				0.1				610
Wrench Group LLC	Common Stock					655				67				0.0				171
									$	7,141				0.9		%		6,131
Diversified Financials
ACON Igloo Investors I, LLC (11)(13)(14)	Partnership Interest								$	266				0.0		%		330
First Eagle Logan JV, LLC (2)(7)(11)(13)(14)	Partnership Interest									41,413				4.8				33,387
Freeport Financial SBIC Fund LP (11)(13)(14)	Partnership Interest									1,189				0.1				822
Gryphon Partners 3.5, L.P. (11)(13)(14)	Partnership Interest									145				0.0				20
iLending LLC	Common Stock									—				0.0				-
WhiteHawk III Onshore Fund L.P. (2)(11)(13)(14)	Partnership Interest									1,584				0.2				1,619
									$	44,597				5.1		%		36,178

105

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Energy
Loadmaster Derrick & Equipment, Inc. (7)	Preferred Stock					3,000,000			$	3,000				0.4				3,000
									$	3,000				0.4		%		3,000
Food & Staples Retailing
Isagenix International, LLC (6)	Common Stock					202,844				—				0.0				—
										—				0.0		%		—
Health Care Equipment & Services
ACI Group Holdings, Inc.	Common Stock					907,499			$	909				0.0		%		-
ACI Group Holdings, Inc.	Preferred Stock					3,719				3,645				0.7				4,905
ACI Group Holdings, Inc.	Preferred Stock					684,903				40				0.0				-
Arrow Management Acquisition, LLC (6)	Common Stock					10,664				11				0.0				11
Arrow Management Acquisition, LLC	Preferred Stock					1,056				1,056				0.1				1,056
Bayside Opco, LLC	Common Stock					1,976				-				0.3				1,847
BVI Medical Inc.	Common Stock					852				1,137				0.1				879
Centria Subsidiary Holdings, LLC	Common Stock					11,911				1,191				0.5				3,193
Headlands Buyer, Inc.	Common Stock					20,614				206				0.0				206
Hospice Care Buyer, Inc.	Common Stock					13,985				1,398				0.2				1,501
Hospice Care Buyer, Inc.	Common Stock					754				75				0.0				81
IVX Health Merger Sub, Inc.	Common Stock					2,199				2,199				0.6				4,502
Patriot Acquisition Topco S.A.R.L	Common Stock					1,192				1,192				0.2				1,600
Patriot Acquisition Topco S.A.R.L	Common Stock					16,416				46				0.0				-
Seniorlink Incorporated	Common Stock					68,182				249				0.3				1,954
Smile Doctors LLC	Common Stock					1,191				714				0.1				582
Vital Care Buyer, LLC	Common Stock					649				1				0.0				37
Vital Care Buyer, LLC	Common Stock					64				64				0.0				61
									$	14,133				3.1		%		22,415

106

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Insurance
Evolution BuyerCo, Inc.	Common Stock					2,917				292				0.1		%		568
Integrity Marketing Acquisition, LLC	Common Stock					287,484				533				0.2				1,182
Integrity Marketing Acquisition, LLC	Preferred Stock					1,247				1,218				0.4				2,773
									$	2,043				0.7		%		4,523
Materials
A&A Global Imports, LLC	Common Stock					69				—				0.0				—
Action Signature Acquisition, Inc.	Common Stock					50				—				0.0				—
										—				0.0		%		—
Pharmaceuticals, Biotechnology & Life Sciences
LSCS Holdings, Inc. (Eversana)	Common Stock					3,096				953				0.1		%		759
LSCS Holdings, Inc. (Eversana)	Preferred Stock					447				447				0.1				534
Nephron Pharmaceuticals, LLC	Common Stock					128,000				-				0.0				117
Teal Acquisition Co., Inc	Common Stock					5,555				556				0.1				480
WCT Group Holdings, LLC	Common Stock					118				1,176				0.4				2,542
									$	3,132				0.7		%		4,432
Retailing
MeriCal, LLC	Preferred Stock					521				103				0.0		%		—
MeriCal, LLC	Common Stock					5,334				-				0.0				—
Palmetto Moon LLC	Common Stock					61				-				0.1				812
Slickdeals Holdings, LLC (7)	Common Stock					4,965				8,305				1.0				8,084
Slickdeals Holdings, LLC (7)	Common Stock					283				-				0.0				—
Vivid Seats Ltd. (6)(15)	Common Stock					5,446				239				0.0				39
Vivid Seats Ltd. (6)(15)	Common Stock					576				7				0.0				4
Vivid Seats Ltd. (6)(12)(15)	Common Stock					143				-				0.0				—
Vivid Seats Ltd. (6)(12)(15)	Common Stock					143				-				0.0				—
									$	8,654				1.1		%		8,939

107

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Software & Services
Certify, Inc.	Common Stock					841			$	246				0.0		%		149
Lexipol (Ranger Buyer, Inc.)	Common Stock					638				638				0.1				881
Lexipol (Ranger Buyer, Inc.)	Common Stock					638				-				0.0				173
Lexipol (Ranger Buyer, Inc.)	Common Stock					5				5				0.0				6
New Era Technology, Inc.	Common Stock					4,269				-				0.0				-
New Era Technology, Inc.	Preferred Stock					4,269				4,878				0.6				4,391
NMN Holdings III Corp.	Common Stock					11,111				1,111				0.3				2,061
Odessa Technologies, Inc.	Common Stock					10,714				1,071				0.1				1,050
Saturn Borrower Inc	Common Stock					434,163				481				0.1				699
									$	8,430				1.2		%		9,410
Transportation
Xpress Global Systems, LLC	Common Stock					12,544				—				-				-
										—				-				-
Total Equity Investments United States									$	101,675				14.7		%		106,229
Total United States									$	1,407,658				194.2		%	$	1,371,016
Canada
Debt Investments
Commercial & Professional Services
Klick Inc. (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2032		—				(5	)			0.0				(11	)
Klick Inc. (4)(5)(11)	Unitranche First Lien Revolver			11/2032		—				(11	)			0.0				(11	)
Klick Inc. (11)	Unitranche First Lien Term Loan	S + 500 (75 Floor)	8.72%	11/2032	$	20,604			$	20,501				2.9				20,501
Total Debt Investments Canada										20,485				2.9		%		20,479
Equity Investments
Telecommunication Services
Sandvine Corporation (11)	Common Stock					81,818				—				0.0				—
Total Equity Investments Canada										—				0.0		%		—
Total Canada									$	20,485			$	2.9		%	$	20,479

108

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Finland
Debt Investments
Software & Services
SC MidCo Oy (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 525	7.33%	03/2032	€	83			$	83				0.0		%	$	83
SC MidCo Oy (11)	Unitranche First Lien Term Loan	SN + 525	7.67%	03/2032	€	2,110				1,921				0.3				2,109
						2,193				2,004				0.3		%		2,192
Total Debt Investments Finland					€	2,193			$	2,004				0.3		%		2,192
Total Finland					€	2,193			$	2,004				0.3		%	$	2,192
United Kingdom
Debt Investments
Commercial & Professional Services
Crusoe Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 625	9.98%	12/2027	£	8,262			$	7,692				1.2		%	$	8,262
Crusoe Bidco Limited (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 625	9.98%	12/2027	£	1,117				1,008				0.2				1,117
Nurture Landscapes (11)	Unitranche First Lien Term Loan	SN + 650	10.46%	06/2028	£	1,909				1,970				0.3				1,909
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.22%	06/2028	£	528				527				0.1				528
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.47%	06/2028	£	14,831				13,455				2.0				14,831
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.47%	06/2028	£	2,878				2,661				0.4				2,878
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.44%	06/2028	£	3,837				3,625				0.5				3,837
Nurture Landscapes (11)	Unitranche First Lien Delayed Draw Term Loan	SN + 650	10.47%	06/2028	£	6,715				6,322				1.0				6,715
					£	40,077			$	37,260				5.7				40,077

109

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Consumer Durables & Apparel
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.84%	03/2028	$	4,352			$	4,308				0.4		%	$	2,950
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.84%	03/2028	$	9,939				9,845				1.0				6,739
Lion Cashmere Bidco Limited (11)	Unitranche First Lien Term Loan	S + 600 (50 Floor)	9.84%	03/2028	$	4,953				4,900				0.5				3,358
Lion Cashmere Bidco Limited (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			03/2028		—				(33	)			(0.1	)			(1,043	)
					£	19,244			$	19,020				1.8		%		12,004
Food, Beverage & Tobacco
APC Bidco Limited (11)	Unitranche First Lien Term Loan	SN + 636.93	10.34%	10/2030	£	5,850			$	5,229				0.8		%	$	5,850
APC Bidco Limited (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 636.93	10.10%	10/2030	£	2,685				2,534				0.4				2,685
					£	8,535			$	7,763				1.2		%		8,535
Software & Services
Jordan Bidco, Ltd. (11)	Unitranche First Lien Term Loan	SN + 600	9.97%	08/2028	£	17,842			$	17,953				2.4		%	$	17,843
Jordan Bidco, Ltd. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	SN + 600	9.99%	08/2028	£	549				522				0.1				549
					£	18,391			$	18,475				2.5		%		18,392
Total Debt Investments United Kingdom					£	86,247			$	82,518				11.2		%	$	79,008
Equity Investments
Health Care Equipment & Services
VetStrategy (11)	Common Stock				£	37,612			$	30				—		%		-
VetStrategy (11)	Preferred Stock				£	2,126,875				968				0.3				2,051
						2,164,487			$	998				0.3		%		2,051
Total Equity Investments United Kingdom									$	998				0.3		%		2,051
Total United Kingdom									$	83,516				11.5		%	$	81,059

110

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Jersey
Debt Investments
Diversified Financials
Primrose Bidco Limited (11)	Unitranche First Lien Term Loan	S + 550	9.47%	11/2031	£	6,741			$	6,150				1.0		%	$	6,741
					£	6,741				6,150				1.0				6,741
Total Debt Investments Jersey					£	6,741				6,150				1.0		%		6,741
Total Jersey									$	6,150				1.0		%	$	6,741
Netherlands
Debt Investments
Commercial & Professional Services
Avidity Acquisition B.V. (5)(10)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan	E + 525	7.37%	03/2032	€	106			$	105				—		%	$	106
Avidity Acquisition B.V. (10)(11)	Unitranche First Lien - Last Out Term Loan	E + 525	7.37%	03/2032	€	2,574				2,284				0.4				2,574
Pitch MidCo B.V. (5)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 550	5.50%	04/2031	€	508				477				0.1				508
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 550	7.52%	04/2031	€	3,366				2,997				0.4				3,366
Pitch MidCo B.V. (11)	Unitranche First Lien Term Loan	E + 625	8.28%	04/2031	€	1,889				1,803				0.3				1,889
						8,443			$	7,666				1.2		%		8,443

111

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Pharmaceuticals, Biotechnology & Life Sciences
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	E + 750 (plus 750 PIK)	9.53%	07/2029	€	2,800			$	2,465				0.3		%	$	2,047
Eagle Midco B.V. (Avania) (5)(11)	Unitranche First Lien Delayed Draw Term Loan	S + 775 (plus 775 PIK)	11.87%	07/2029	€	1,383				1,354				0.0				232
Eagle Midco B.V. (Avania) (11)	Unitranche First Lien Term Loan	S + 775 (plus 775 PIK)	11.72%	07/2029	€	3,705				3,649				0.4				2,708
						7,888			$	7,468				0.7		%		4,987
Total Debt Investments Netherlands						16,331			$	15,134				1.9		%		13,430
Total Netherlands									$	15,134				1.9		%	$	13,430
Belgium
Equity Investments
Commercial & Professional Services
Miraclon Corporation (11)	Common Stock					1,025			$	1				0.0		%	$	—
Miraclon Corporation (11)	Preferred Stock					90,601				73				0.0				106
										74				0.0				106
Total Equity Investments Belgium									$	74				0.0		%	$	106
Total Belgium									$	74				0.0		%	$	106
Australia
Debt Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (4)(5)(11)	Unitranche First Lien Delayed Draw Term Loan			11/2030		AUD 0			$	(23	)			0.0		%	$	14
Ancora Bidco PTY LTD (11)	Unitranche First Lien Term Loan	B + 500 (50 Floor)	8.60%	11/2030		AUD 6,928				6,726				1.0				6,998
						AUD 6,928			$	6,703				1.0		%		7,012

112

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Retailing
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 450	8.29%	03/2028		AUD 19,270			$	21,283				2.7		%	$	19,269
Greencross (Vermont Aus Pty Ltd) (11)	Unitranche First Lien Term Loan	B + 450 (75 Floor)	8.29%	03/2028		AUD 3,214				3,316				0.5				3,214
						AUD 22,484			$	24,599				3.2		%		22,483
Total Debt Investments Australia						AUD 29,412			$	31,302				4.2		%		29,495
Equity Investments
Commercial & Professional Services
Ancora Bidco PTY LTD (11)	Common Stock					128,654,071			$	1,325				0.3		%	$	1,778
Ancora Bidco PTY LTD (11)	Common Stock					6,771,267				70				0.0				94
										1,395				0.3				1,872
Total Equity Investments Australia									$	1,395				0.2		%		1,872
Total Australia									$	32,697				4.4		%	$	31,367
Sweden
Debt Investments
Retailing
AX VI INV2 Holding AB (Voff) (5)(6)(11)	Unitranche First Lien Term Loan	E + 450 (plus 150 PIK)	8.06%	08/2029	€	10,735			$	9,076				1.5		%	$	10,736
AX VI INV2 Holding AB (Voff) (4)(5)(6)(11)	Senior Secured First Lien Revolver			08/2029	€	—				(5	)			0.0				—
AX VI INV2 Holding AB (Voff) (6)(11)	Senior Secured Second Lien Term Loan	1206.2 PIK	12.06%	08/2030	€	3,151				2,743				0.4				3,151
AX VI INV2 Holding AB (Voff) (6)(11)	Unitranche First Lien Delayed Draw Term Loan	E + 450 (plus 150 PIK)	8.02%	08/2029	€	1,814				1,632				0.3				1,814
						15,700				13,446				2.2		%		15,701
Total Debt Investments Sweden					€	15,700			$	13,446				2.2		%		15,701

113

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2025 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Equity Investments
Retailing
AX VI INV2 Holding AB (Voff) (6)(11)	Common Stock					1,140,447				1,086				0.4		%		2,561
										1,086				0.4		%		2,561
Total Equity Investments Sweden										1,086				0.4		%		2,561
Total Sweden									$	14,532				2.6		%	$	18,262
Switzerland
Debt Investments
Pharmaceuticals, Biotechnology & Life Sciences
Solvias AG (4)(5)(11)	Senior Secured First Lien Revolver			02/2032		CHF 0				(59	)			0.0		%		-
Solvias AG (11)	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	6.25%	02/2032		CHF 24,122				20,770				3.4				24,182
						CHF 24,122				20,711				3.4		%		24,182
Total Debt Investments Switzerland						CHF 24,122			$	20,711				3.4		%		24,182
Equity Investments
Pharmaceuticals, Biotechnology & Life Sciences
Sequence Parent (11)	Common Stock					47,124				409				0.1		%		472
Sequence Parent (11)	Preferred Stock					685				99				-				112
										508				0.1		%		584
Total Equity Investments Switzerland										508				0.1		%		584
Total Switzerland									$	21,219			$	3.5		%	$	24,766
Total Investments									$	1,603,469			$	222.3		%	$	1,569,418
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Fund - Institutional Shares									$	2,967				0.4			$	2,967
Other Cash									$	28,831				4.1			$	28,530
Cash and Cash Equivalents Total									$	31,798				4.5		%	$	31,497

114

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”), Prime (“P”), EURIBOR (“E”), SONIA (“SN”), or BBSY ("B") and which reset monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2025, the reference rates for the Company's variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted.

*** Percentage is based on net assets of $706,038 as of December 31, 2025.

		Tenor
Reference Rate		Overnight				1 month				3 month				6 Month				12 Month
Prime (“P”)		6.75%					-				-				-				-
SOFR (“S”)			-			3.69%				3.65%				3.57%				3.14%
EURIBOR (“E”)			-			1.96%				2.06%				2.12%				2.22%
SONIA (“SN”)		3.73%					-				-				-				-
BBSY ("B")			-				-			3.60%					-				-
SARON ("SR")			-			-0.04%					-				-				-

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

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

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

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

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

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

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

(8)Fixed rate investment.

(9)The investment is on non-accrual status as of December 31, 2025.

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

(11)Investment is not a qualifying investment as defined under Section 55 (a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 9.7% as of December 31, 2025.

115

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

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

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

(15)This investment is valued using observable inputs and is considered a Level 1 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value

Foreign Currency Exchange Contracts

Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation (Depreciation)
Wells Fargo Bank, N.A.	USD 1,049	SEK 11,583	8/20/2027	$	(170	)
Wells Fargo Bank, N.A.	USD 19,163	AUD 29,250	3/22/2028	$	1,311
Wells Fargo Bank, N.A.	USD 3,400	AUD 5,401	3/22/2028	$	103
Wells Fargo Bank, N.A.	USD 6,173	AUD 10,174	10/6/2028	$	104
Wells Fargo Bank, N.A.	USD 21,697	CHF 18,703	2/24/2028	$	(1,964	)
Wells Fargo Bank, N.A.	USD 167	GBP 121	6/3/2026	$	7
Wells Fargo Bank, N.A.	USD 1,915	GBP 1,362	6/3/2026	$	107
Wells Fargo Bank, N.A.	USD 365	GBP 272	6/3/2026	$	4
Wells Fargo Bank, N.A.	USD 3,027	GBP 2,237	6/3/2026	$	58
Wells Fargo Bank, N.A.	USD 17,391	GBP 12,870	8/24/2026	$	441
Total Foreign Currency Exchange Contracts				$	1
AUD Australian Dollar ("AUD") CHF Swiss Franc EUR Euro ("€") GBP Great British Pound ("£")	PIK Payment-In-Kind SEK Swedish Krona USD United States Dollar ("$")

116

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Automobiles & Components
Auveco Holdings	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.91%	05/2028		135				131				0.0				135
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.91%	05/2028		3,949				3,898				0.5				3,949
Continental Battery Company	Unitranche First Lien Term Loan	S + 700 (100 Floor) (including 407.5 PIK)	11.48%	01/2027		7,523				7,469				0.7				5,207
Continental Battery Company	Unitranche First Lien Delayed Draw Term Loan	S + 700 (100 Floor) (including 407.5 PIK)	11.48%	01/2027		2,775				2,765				0.3				1,920
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.36%	09/2028		8,943				8,859				1.2				8,898
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—				(19	)			0.0				(9	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.53%	09/2028		12,652				12,497				1.7				12,589
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.36%	09/2028		2,425				2,394				0.3				2,413
						38,402				37,994				4.7				35,102
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2025		6,736				6,715				0.9				6,736
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2026		9,381				7,052				0.2				1,514
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Revolver	750	7.50%	12/2025		972				971				0.1				972
Eshipping	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.47%	11/2027		5,620				5,558				0.8				5,620
Eshipping	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.47%	11/2027		865				860				0.1				865
Eshipping (4)(5)	Senior Secured First Lien Revolver			11/2027		—				(11	)			0.0				—
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2030		—				(6	)			0.0				(13	)
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Revolver			11/2030		—				(5	)			0.0				(5	)
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 475 (100 Floor)	9.34%	11/2030		3,197				3,166				0.4				3,165

117

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor) (including 50 PIK)	9.75%	07/2028		3,329				3,290				0.4				3,276
Oliver Packaging LLC	Senior Secured First Lien Revolver	S + 550 (100 Floor) (including 50 PIK)	10.25%	07/2028		149				143				0.0				141
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor) (including 50 PIK)	10.25%	07/2028		250				246				0.0				246
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.93%	08/2027		886				882				0.1				878
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	10.12%	04/2030		172				172				0.0				165
Painters Supply & Equipment Company	Unitranche First Lien Revolver	S + 550 (100 Floor)	10.41%	08/2027		317				312				0.0				312
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.93%	08/2027		1,983				1,963				0.3				1,965
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.19%	04/2030		846				846				0.1				838
TriStrux, LLC	Senior Secured First Lien Term Loan	S + 800 (100 Floor) (including 200 PIK)	12.48%	12/2026		2,717				2,679				0.3				1,970
TriStrux, LLC	Senior Secured First Lien Revolver	S + 800 (100 Floor) (including 200 PIK)	12.48%	12/2026		959				945				0.1				669
TriStrux, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 800 (100 Floor) (including 200 PIK)	12.48%	12/2026		953				940				0.1				691
						39,332				36,718				3.9				30,005
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.99%	04/2029		126				126				0.0				126
American Refrigeration	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.99%	02/2029		3,474				3,446				0.5				3,474
American Refrigeration	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	10.99%	04/2029		199				199				0.0				199
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.09%	10/2026		3,569				3,491				0.5				3,569
Automated Control Concepts, Inc. (4)(5)	Unitranche First Lien Revolver			10/2026		—				(17	)			0.0				—
Duraserv LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.90%	06/2031		882				874				0.1				851
Duraserv LLC (4)(5)	Senior Secured First Lien Revolver			06/2030		—				(8	)			0.0				(14	)
Duraserv LLC	Senior Secured First Lien Term Loan	S + 450 (75 Floor)	8.90%	06/2031		4,809				4,763				0.6				4,731
GH Parent Holdings Inc.	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.71%	05/2027		12,746				12,654				1.7				12,746
GH Parent Holdings Inc.	Unitranche First Lien Revolver	S + 525 (100 Floor)	9.71%	05/2027		264				251				0.0				264
GH Parent Holdings Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.71%	05/2027		6,143				6,143				0.8				6,143

118

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Guardian Access Solutions	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.33%	08/2029		1,068				1,048				0.1				1,060
Guardian Access Solutions	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.33%	08/2029		338				322				0.0				334
Guardian Access Solutions	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.51%	08/2029		2,864				2,806				0.4				2,852
Flow Service Partners Intermediate Holdco LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			11/2030		—				(7	)			0.0				(17	)
Flow Service Partners Intermediate Holdco LLC (4)(5)	Senior Secured First Lien Revolver			11/2030		—				(10	)			0.0				(10	)
Flow Service Partners Intermediate Holdco LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.33%	11/2030		2,550				2,518				0.3				2,519
Hamsard 3778 Limited (4)(5)(11)	Unitranche First Lien - Last Out Delayed Draw Term Loan			10/2031		—				(18	)			0.0				(17	)
Hamsard 3778 Limited (11)	Unitranche First Lien - Last Out Term Loan	S + 550	10.20%	10/2031		8,939				9,025				1.2				8,707
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	10.20%	12/2026		18,408				18,221				2.5				18,408
Hercules Borrower LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—				(19	)			0.0				—
Hercules Borrower LLC	Unitranche First Lien Term Loan	S + 550 (100 Floor)	9.93%	12/2026		239				237				0.0				239
Hercules Borrower LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	10.20%	12/2026		1,428				1,419				0.2				1,428
Hsid Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.21%	01/2026		3,692				3,677				0.5				3,692
Hsid Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.21%	01/2026		2,777				2,765				0.4				2,777
Hsid Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			01/2026		—				(3	)			0.0				—
Infobase	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.03%	06/2028		11,018				10,875				1.5				10,946
Infobase	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.98%	06/2028		807				790				0.1				798
Iris Buyer, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	10.68%	10/2030		10,489				10,230				1.4				10,594
Iris Buyer, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	10.58%	10/2030		989				953				0.1				1,004
Iris Buyer, LLC (4)(5)	Unitranche First Lien Revolver			10/2029		—				(33	)			0.0				15

119

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2026		332				332				0.0				320
MHS Acquisition Holdings, LLC (8)	Unsecured Debt	1350 PIK	13.50%	03/2026		998				997				0.1				961
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 600 (100 Floor)	10.59%	07/2027		608				601				0.1				608
MHS Acquisition Holdings, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.74%	07/2027		219				216				0.0				219
MHS Acquisition Holdings, LLC	Senior Secured First Lien Revolver	S + 600 (100 Floor)	10.74%	07/2027		30				29				0.0				30
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 625 (100 Floor)	11.65%	07/2027		39				39				0.0				39
MHS Acquisition Holdings, LLC	Senior Secured First Lien Term Loan	S + 650 (100 Floor)	11.17%	07/2027		39				39				0.0				39
Minuteman Security Technologies, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.68%	02/2029		4,296				4,214				0.6				4,296
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.68%	02/2029		1,933				1,914				0.3				1,933
Minuteman Security Technologies, Inc. (4)(5)	Senior Secured First Lien Revolver			02/2029		—				(19	)			0.0				—
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.68%	02/2029		1,723				1,723				0.2				1,723
Minuteman Security Technologies, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.68%	02/2029		2,537				2,537				0.3				2,537
NRG Controls (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2030		—				(6	)			0.0				(10	)
NRG Controls (4)(5)	Senior Secured First Lien Revolver			10/2030		—				(5	)			0.0				(5	)
NRG Controls	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.36%	10/2030		3,092				3,054				0.4				3,055
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Term Loan	S + 800	12.69%	05/2030		1,310				1,310				0.2				1,310
Seko Global Logistics Network, LLC (11)	Senior Secured First Lien Revolver	S + 800	12.67%	05/2030		474				474				0.1				474
RN Enterprises, LLC (4)(5)	Unitranche First Lien Delayed Draw Term Loan			10/2031		—				(13	)			0.0				(27	)
RN Enterprises, LLC	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.58%	10/2031		204				188				0.0				187
RN Enterprises, LLC	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.58%	10/2031		6,841				6,756				0.9				6,756
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 450 (75 Floor)	8.83%	05/2031		1,141				1,141				0.2				1,129
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Revolver	S + 450 (75 Floor)	9.10%	05/2030		327				327				0.0				299
Pye-Barker Fire & Safety, LLC	Unitranche First Lien Term Loan	S + 450 (75 Floor)	8.83%	05/2031		26,428				26,428				3.5				26,143

120

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Receivable Solutions, Inc.	Senior Secured First Lien Revolver	P + 425 (100 Floor)	12.00%	10/2025		120				120				0.0				120
Receivable Solutions, Inc.	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.19%	10/2025		2,137				2,131				0.3				2,137
Service Logic Acquisition, Inc. (8)	Senior Secured Second Lien Term Loan	1150	11.50%	10/2028		5,107				5,016				0.7				5,075
Service Logic Acquisition, Inc. (8)	Senior Secured Second Lien Delayed Draw Term Loan	1150	11.50%	10/2028		2,359				2,313				0.3				2,344
UHY Advisors , Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2031		—				(11	)			0.0				(34	)
UHY Advisors , Inc. (4)(5)	Unitranche First Lien Revolver			11/2031		—				(9	)			0.0				(9	)
UHY Advisors , Inc.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.26%	11/2031		4,575				4,542				0.6				4,541
						164,687				163,096				21.7				163,608
Consumer Services
Bandon Fitness (Texas) Inc.	Unitranche First Lien Term Loan	S + 600 (100 Floor)	10.67%	07/2028		4,728				4,675				0.6				4,719
Bandon Fitness (Texas) Inc. (4)(5)	Unitranche First Lien Revolver			07/2028		—				(4	)			0.0				(1	)
Bandon Fitness (Texas) Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	10.67%	07/2028		2,047				2,028				0.3				2,043
Effective School Solutions LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.78%	11/2027		7,537				7,471				1.0				7,537
Effective School Solutions LLC	Senior Secured First Lien Revolver	S + 550 (100 Floor)	9.97%	11/2027		1,102				1,087				0.1				1,102
Everlast Parent Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.86%	10/2028		13,467				13,340				1.8				13,255
Everlast Parent Inc.	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.86%	10/2028		829				816				0.1				803
Everlast Parent Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.11%	10/2028		3,310				3,254				0.4				3,196
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.23%	12/2027		5,017				4,961				0.7				5,017
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.23%	12/2027		1,684				1,676				0.2				1,684
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.23%	12/2027		1,674				1,656				0.2				1,674
FS Whitewater Borrower, LLC (4)(5)	Unitranche First Lien Revolver			12/2027		—				(7	)			0.0				—
FS Whitewater Borrower, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 600 (75 Floor)	10.48%	12/2027		1,827				1,817				0.2				1,838
FS Whitewater Borrower, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.23%	12/2027		696				683				0.1				696

121

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 700 (75 Floor) (including 250 PIK)	11.78%	11/2026		3,332				3,322				0.4				3,151
HGH Purchaser, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 700 (75 Floor) (including 250 PIK)	11.78%	11/2026		3,300				3,283				0.4				3,122
HGH Purchaser, Inc. (4)(5)	Unitranche First Lien Revolver			11/2026		—				3				0.0				(84	)
HGH Purchaser, Inc.	Unitranche First Lien Term Loan	S + 700 (75 Floor) (including 250 PIK)	11.78%	11/2026		7,851				7,815				1.0				7,426
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Revolver	S + 525 (75 Floor)	9.61%	06/2028		302				285				0.0				302
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.76%	06/2029		10,160				10,040				1.4				10,160
HS Spa Holdings Inc. (Hand & Stone) (8)	Unitranche First Lien - Last Out Term Loan	1237.5 PIK	12.38%	06/2030		1,731				1,704				0.2				1,707
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.76%	06/2029		880				867				0.1				884
HS Spa Holdings Inc. (Hand & Stone)	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.76%	06/2029		482				478				0.1				485
Ingenio, LLC	Unitranche First Lien Term Loan	S + 700 (100 Floor)	11.65%	08/2026		4,656				4,612				0.6				4,377
Ingenio, LLC	Unitranche First Lien Term Loan	S + 700 (100 Floor)	11.65%	08/2026		2,063				2,041				0.3				1,939
Learn-It Systems, LLC (4)(5)	Senior Secured First Lien Revolver			09/2026		—				(1	)			0.0				—
Learn-It Systems, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor) (including 275 PIK)	10.76%	09/2026		2,621				2,599				0.4				2,621
Learn-It Systems, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor) (including 275 PIK)	10.00%	09/2026		4,432				4,400				0.6				4,432
Learn-It Systems, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor) (including 275 PIK)	10.76%	09/2026		1,187				1,177				0.2				1,187
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.21%	04/2029		5,146				5,113				0.7				5,146
Mario Purchaser, LLC	Unitranche First Lien - Last Out Term Loan	S + 1075 PIK	15.21%	04/2032		4,258				4,177				0.6				4,344
Mario Purchaser, LLC	Unitranche First Lien Revolver	S + 575 (75 Floor)	10.21%	04/2028		313				300				0.0				313
Mario Purchaser, LLC	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.21%	04/2029		9,664				9,528				1.3				9,664
Mario Purchaser, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 575.3 (100 Floor)	10.21%	04/2029		475				392				0.1				475
Marlin DTC-LS Midco 2, LLC (4)(5)	Unitranche First Lien Revolver			07/2025		—				—				0.0				(2	)
Marlin DTC-LS Midco 2, LLC	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.03%	07/2025		2,971				2,971				0.4				2,936
PPV Intermediate Holdings LLC (Vetcor) (4)(5)	Unitranche First Lien Revolver			08/2029		—				(3	)			0.0				(6	)
PPV Intermediate Holdings LLC (Vetcor) (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.26%	08/2029		3,504				3,480				0.5				3,507
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		1,221				1,201				0.2				1,181
PPV Intermediate Holdings LLC (Vetcor) (8)	Unsecured Debt	1375 PIK	13.75%	08/2030		304				292				0.0				290

122

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.08%	12/2028		12,844				12,663				1.7				13,030
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.35%	12/2028		2,883				2,865				0.4				2,924
Stepping Stones Healthcare Services, LLC (4)(5)	Unitranche First Lien Revolver			12/2026		—				(22	)			0.0				—
Stepping Stones Healthcare Services, LLC	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.35%	12/2028		375				351				0.1				430
USA Hometown Experts, Inc.	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.94%	11/2029		1,485				1,473				0.2				1,485
USA Hometown Experts, Inc.	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.86%	11/2029		1,642				1,628				0.2				1,642
USA Hometown Experts, Inc.	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.95%	11/2029		180				173				0.0				180
USA Hometown Experts, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan			11/2029		—				—				0.0				—
Wrench Group LLC (8)	Senior Secured Second Lien Term Loan	1125	11.25%	04/2027		4,833				4,773				0.6				4,793
						139,013				137,433				18.4				137,604
Diversified Financials
Alera Group Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 525 (75 Floor)	9.82%	09/2028		9,804				9,672				1.4				9,874
Alera Group Inc.	Unitranche First Lien Term Loan	S + 525 (75 Floor)	9.82%	09/2028		4,888				4,820				0.7				4,922
Alera Group Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 575 (75 Floor)	10.09%	09/2028		2,952				2,903				0.4				2,983
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Delayed Draw Term Loan			06/2030		—				(7	)			0.0				(4	)
Essential Services Holding Corporation (4)(5)	Unitranche First Lien Revolver			06/2031		—				(8	)			0.0				(2	)
Essential Services Holding Corporation	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.65%	06/2031		7,584				7,511				1.0				7,564
iLending LLC (9)	Senior Secured First Lien Term Loan			06/2026		4,385				4,385				0.3				2,407
iLending LLC (4)(5)(9)	Senior Secured First Lien Revolver			06/2026		—				—				0.0				(324	)
King Mid LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.83%	12/2027		3,474				3,455				0.5				3,474
King Mid LLC (4)(5)	Senior Secured First Lien Revolver			12/2027		—				(2	)			0.0				—
King Mid LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.83%	12/2027		3,373				3,334				0.5				3,373
King Mid LLC	Unitranche First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.83%	12/2027		2,003				2,003				0.3				2,003

123

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
PCS Retirement	Unitranche First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.08%	03/2030		837				830				0.1				837
PCS Retirement	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.08%	03/2030		123				116				0.0				123
PCS Retirement	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.08%	03/2030		5,062				5,018				0.7				5,062
RWA Wealth Partners, LLC.	Unitranche First Lien Delayed Draw Term Loan	S + 475 (75 Floor)	9.10%	11/2030		309				297				0.0				273
RWA Wealth Partners, LLC. (4)(5)	Unitranche First Lien Revolver			11/2030		—				(10	)			0.0				(10	)
RWA Wealth Partners, LLC.	Unitranche First Lien Term Loan	S + 475 (75 Floor)	9.27%	11/2030		6,150				6,105				0.8				6,105
Soltis (4)(5)	Unitranche First Lien Delayed Draw Term Loan			08/2030		—				(6	)			0.0				(42	)
Soltis (4)(5)	Unitranche First Lien Revolver			08/2030		—				(8	)			0.0				(8	)
Soltis	Unitranche First Lien Term Loan	S + 500 (100 Floor)	10.07%	08/2030		1,895				1,863				0.2				1,864
						52,839				52,271				6.9				50,474
Energy
Loadmaster Derrick & Equipment, Inc. (7)(8)	Senior Secured Second Lien Note	1200	12.00%	03/2031		1,250				1,250				0.2				1,142
						1,250				1,250				0.2				1,142
Food & Staples Retailing
Isagenix International, LLC (6)	Senior Secured First Lien Term Loan	S + 650 (100 Floor) (including 410 PIK)	15.35%	04/2028		3,166				2,962				0.3				2,005
						3,166				2,962				0.3				2,005
Food, Beverage & Tobacco
JTM Foods LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	9.89%	05/2027		4,872				4,836				0.7				4,872
JTM Foods LLC	Senior Secured First Lien Revolver	S + 525 (100 Floor)	9.89%	05/2027		747				740				0.1				747
JTM Foods LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 525 (100 Floor)	9.73%	05/2027		663				660				0.1				663
Mann Lake Ltd. (9)	Senior Secured First Lien Revolver			01/2025		850				848				0.1				498
Mann Lake Ltd. (9)	Senior Secured First Lien Term Loan			01/2025		1,686				1,683				0.1				1,030
						8,818				8,767				1.1				7,810
Health Care Equipment & Services
ACI Group Holdings, Inc.	Unitranche First Lien Term Loan	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2028		6,865				6,770				0.9				6,687
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2028		1,217				1,211				0.2				1,186
ACI Group Holdings, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2028		1,318				1,301				0.2				1,285
ACI Group Holdings, Inc.	Unitranche First Lien Revolver	S + 600 (75 Floor) (including 325 PIK)	10.46%	08/2027		74				67				0.0				55

124

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Acu-Serve, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.08%	10/2029		3,960				3,926				0.5				3,960
Acu-Serve, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.08%	10/2029		218				210				0.0				218
Acu-Serve, LLC (4)(5)	Senior Secured First Lien Revolver			10/2029		—				(6	)			0.0				—
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.48%	12/2027		3,406				3,391				0.5				3,406
Advanced Diabetes Supply	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.48%	12/2027		4,863				4,816				0.6				4,863
Advanced Diabetes Supply (4)(5)	Senior Secured First Lien Revolver			12/2027		—				(3	)			0.0				—
Annuity Health (4)(5)	Senior Secured First Lien Revolver			02/2029		—				(7	)			0.0				—
Annuity Health	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.59%	02/2029		4,169				4,133				0.6				4,169
Arrow Management Acquisition, LLC	Senior Secured First Lien Term Loan	S + 475 (100 Floor)	9.00%	10/2027		4,802				4,749				0.6				4,802
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	10/2027		2,148				2,136				0.3				2,148
Arrow Management Acquisition, LLC (4)(5)	Senior Secured First Lien Revolver			10/2027		—				(7	)			0.0				—
Arrow Management Acquisition, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 475 (100 Floor)	9.00%	10/2027		1,541				1,541				0.2				1,541
Avalign Technologies, Inc.	Unitranche First Lien Revolver	S + 650 (75 Floor)	10.86%	12/2028		501				473				0.1				462
Avalign Technologies, Inc.	Unitranche First Lien Term Loan	S +725 (75 Floor) (including 362.5 PIK)	11.76%	12/2028		13,037				12,558				1.7				12,728
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.58%	05/2026		4,452				4,452				0.6				4,452
Bayside Opco, LLC (6)	Senior Secured First Lien Term Loan	S + 725 (100 Floor)	11.58%	05/2026		1,575				1,575				0.2				1,575
Bayside Opco, LLC (5)(6)	Senior Secured First Lien Revolver			05/2026		—				—				0.0				—
Bayside Opco, LLC (6)	Unsecured Debt	S + 1000 PIK (100 Floor)	14.48%	05/2026		1,819				1,363				0.2				1,819
CC Amulet Management, LLC	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.83%	08/2027		4,975				4,925				0.7				4,975
CC Amulet Management, LLC	Senior Secured First Lien Revolver	S + 500 (100 Floor)	9.73%	08/2027		671				662				0.1				671
CC Amulet Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 500	9.78%	08/2027		911				901				0.1				911

125

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Centria Subsidiary Holdings, LLC (4)(5)	Unitranche First Lien Revolver			06/2027		—				(9	)			0.0				(3	)
Centria Subsidiary Holdings, LLC	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.68%	06/2027		11,280				11,245				1.5				11,263
ConvenientMD	Senior Secured First Lien Term Loan	S + 500	9.66%	06/2029		5,637				5,579				0.8				5,632
ConvenientMD (4)(5)	Senior Secured First Lien Revolver			06/2029		—				(8	)			0.0				(1	)
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.21%	11/2027		11,449				11,335				1.5				11,449
EMS Buyer, Inc.	Unitranche First Lien Revolver	S + 575 (100 Floor)	10.21%	11/2027		403				398				0.1				403
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.42%	11/2027		975				963				0.1				975
EMS Buyer, Inc.	Unitranche First Lien Term Loan	S + 575 (100 Floor)	10.21%	11/2027		2,090				2,090				0.3				2,090
Explorer Investor, Inc.	Unitranche First Lien Term Loan	S + 600 (50 Floor)	10.48%	06/2029		13,446				12,975				1.7				12,505
FH MD Buyer, Inc	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	9.47%	07/2028		19,350				19,249				2.6				19,302
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	9.97%	04/2026		5,992				5,966				0.8				5,858
GrapeTree Medical Staffing, LLC (4)(5)	Senior Secured First Lien Revolver			04/2026		—				(6	)			0.0				(13	)
GrapeTree Medical Staffing, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 550 (100 Floor)	9.97%	04/2026		3,507				3,492				0.5				3,428
Great Lakes Dental Partners, LLC	Unitranche First Lien Term Loan	S + 725 (100 Floor) (including 100 PIK)	11.71%	06/2026		4,935				4,899				0.6				4,805
Great Lakes Dental Partners, LLC	Unitranche First Lien Revolver	S + 725 (100 Floor) (including 100 PIK)	11.71%	06/2026		307				304				0.0				296
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.43%	05/2027		4,402				4,357				0.6				4,402
Homecare Partners Management, LLC	Senior Secured First Lien Revolver	A + 575 (100 Floor)	10.23%	05/2027		851				837				0.1				851
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.23%	05/2027		3,293				3,244				0.4				3,293
Homecare Partners Management, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.96%	05/2027		1,073				1,060				0.1				1,073
Homecare Partners Management, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 575 (100 Floor)	10.23%	06/2030		862				862				0.1				862
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		14,607				14,483				2.0				14,607
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		2,668				2,629				0.4				2,668
Hospice Care Buyer, Inc.	Unitranche First Lien Revolver	S + 650 (100 Floor)	10.93%	12/2026		961				945				0.1				961
Hospice Care Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	10.99%	12/2026		2,715				2,674				0.4				2,715
Hospice Care Buyer, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	10.99%	12/2026		387				381				0.1				387

126

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments December 31, 2024 (in thousands, except share and per share data)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **				Cost				Percentage of Net Assets ***				Fair Value
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.24%	06/2026		2,962				2,962				0.4				2,895
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 650 (100 Floor)	11.24%	06/2026		356				356				0.0				348
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Revolver	S + 650	10.98%	06/2026		442				442				0.1				432
Integrated Pain Management Medical Group, Inc.	Unitranche First Lien Term Loan	S + 650 (100 Floor)	11.24%	06/2026		814				814				0.1				796
IVX Health Merger Sub, Inc. (8)	Unsecured Debt	1350 PIK	13.50%	06/2031		7,708				7,537				1.1				7,939
IVX Health Merger Sub, Inc. (4)(5)	Unitranche First Lien Revolver			06/2030		—				(64	)			0.0				—
IVX Health Merger Sub, Inc.	Unitranche First Lien Term Loan	S + 500 (100 Floor)	9.33%	06/2030		17,070				16,749				2.3				17,332
Laseraway Intermediate Holdings II, LLC (12)	Unitranche First Lien Term Loan	S + 575 (75 Floor)	10.66%	10/2027		5,902				5,836				0.8				5,681
Lighthouse Behavioral Health Solutions, LLC	Senior Secured First Lien Revolver	S + 650 (100 Floor) (including 75 PIK)	11.28%	03/2028		1,154				⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 23.49 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 10-K - Crescent Capital BDC, Inc. (CCAP) Accession Number: 0001193125-26-071922

FAQ

What types of investments dominate Crescent Capital BDC (CCAP)'s portfolio?

CCAP’s portfolio is dominated by privately negotiated debt, mainly unitranche and senior secured first lien term loans and revolvers. It also holds second lien loans, unsecured PIK instruments, delayed draw term loans, and select equity stakes and partnership interests across many portfolio companies.

Which sectors does CCAP primarily lend to in this 10-K portfolio schedule?

The portfolio is spread across health care equipment and services, software and IT services, insurance, consumer services, commercial and professional services, capital goods, diversified financials, and selected retailing and materials names, reflecting a broadly diversified middle‑market lending strategy across multiple industries and business models.

How are interest rates structured on CCAP’s loans in this filing?

Most loans use floating interest structures, typically stated as spreads over reference rates like S, B, E, or SN, often with rate floors and in several cases PIK (payment‑in‑kind) components. This design ties income to prevailing base rates while adding contractual margin for CCAP.

What is the typical maturity range of CCAP’s portfolio investments?

The schedule shows maturities and dissolution dates generally running from the mid‑2020s through around 2032. Near‑term items include 2025–2027 loans and revolvers, while many unitranche and senior secured facilities extend into 2028–2031, providing a staggered maturity profile across the portfolio.

Does CCAP hold equity or only debt in this portion of its portfolio?

Alongside its debt positions, CCAP also holds equity interests, including common and preferred stock in various portfolio companies, as well as partnership interests in funds and joint ventures. These equity and partnership stakes complement the income‑oriented loan book with potential upside participation.

What risk profile is suggested by CCAP’s use of PIK and unsecured debt?

Several positions feature PIK interest and a smaller set are unsecured or last‑out tranches, which generally reflect higher risk and higher contractual yields. These are balanced by a large number of senior secured first lien loans designed to sit higher in the capital structure.