Form 4: UFCW Pension Plan Disposes 572,890 CCAP Shares at ~$15

Rhea-AI Filing Summary

UFCW-Northern California Employers Joint Pension Plan reported multiple open-market sales of Crescent Capital BDC, Inc. common stock (symbol CCAP). Between 05/28/2025 and 06/04/2025 the plan sold a total of 572,890 shares in five transactions at prices ranging from $14.90 to $15.55 per share. The filings show beneficial ownership declining from 4,206,075.401 shares after the first sale to 3,656,095.401 shares after the final reported sale. The Form 4 was signed by the plan's Executive Director and Plan Administrator.

Positive

• None.

Negative

• Substantial insider sales: The plan sold a total of 572,890 shares across five transactions, reducing beneficial ownership from 4,206,075.401 to 3,656,095.401 shares.

Insights

Financial Analyst

TL;DR: Multiple open-market dispositions totaling 572,890 shares represent a meaningful reduction in the plan's holding over a short period.

The filings show routine open-market sales rather than derivative transactions or option exercises. Sales occurred across five dates between 05/28/2025 and 06/04/2025 at prices between $14.77 and $15.55, reducing reported beneficial ownership from 4,206,075.401 to 3,656,095.401 shares. For investors, the transactions are a clear disclosure of insider selling activity; however, the Form 4 provides no explanation for the sales and does not by itself indicate changes to the issuer's operations or financial condition.

Corporate Governance Expert

TL;DR: The reporting entity complied with Section 16 disclosure by timely reporting several open-market disposals; no red flags in filing form itself.

The Form 4 is properly executed and identifies the reporting person as a plan (UFCW-Northern California Employers Joint Pension Plan) with the signature block signed by the Executive Director & Plan Administrator. Transactions are reported as sales (code S) and listed with prices and post-transaction beneficial ownership balances. The disclosure meets procedural requirements; the document contains no indication of prohibited insider trading plans or other governance irregularities.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

UFCW-Northern California Employers Joint Pension Plan

(Last) (First) (Middle)

1000 BURNETT AVE

SUITE 200

(Street)

CONCORD CA 94520

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Crescent Capital BDC, Inc. [ N/A ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/28/2025		S		22,910	D	$15.55	4,206,075.401	D
Common Stock	05/29/2025		S		303,980	D	$15.31	3,902,095.401	D
Common Stock	06/02/2025		S		54,571	D	$15.11	3,847,524.401	D
Common Stock	06/03/2025		S		109,429	D	$14.9	3,738,095.401	D
Common Stock	06/04/2025		S		82,000	D	$14.77	3,656,095.401	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Rick A. Silva, Executive Director & Plan Administrator on behalf of the UFCW Northern California Employers Joint Pension Plan	08/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions were reported for CCAP in this Form 4?

The filing reports five open-market sales of Crescent Capital BDC common stock totaling 572,890 shares between 05/28/2025 and 06/04/2025.

Who is the reporting person on the Form 4 for CCAP?

The reporting person is the UFCW-Northern California Employers Joint Pension Plan, represented by its Executive Director & Plan Administrator.

What were the sale prices reported on the Form 4 for CCAP shares?

Reported sale prices ranged from $14.77 to $15.55 per share across the five transactions.

How did the plan's beneficial ownership change after the reported transactions?

Beneficial ownership decreased from 4,206,075.401 shares after the first sale to 3,656,095.401 shares after the final reported sale.

Does this Form 4 report any derivative or option transactions for CCAP?

No. Table II for derivative securities contains no reported transactions; only non-derivative common stock sales are listed.