UFCW Pension Reveals Sole Voting Power Over 6.82% of CCAP

Rhea-AI Filing Summary

Crescent Capital BDC, Inc. (CCAP) is reported to have 2,528,031.401 shares beneficially owned by the UFCW-Northern California Employers Joint Pension Plan, representing 6.82% of the outstanding common stock. The filing shows the plan holds sole voting and sole dispositive power over these shares, based on a stated total of 37,061,547 shares outstanding.

The filing also includes a certification that the securities were acquired and are held in the ordinary course of business and are not held for the purpose of changing or influencing control of the issuer. This disclosure documents an institutional, non-activist stake above the 5% reporting threshold.

Positive

• Institutional ownership above 5% (6.82%) signals material investor interest
• Sole voting and dispositive power over 2,528,031.401 shares provides a clear record of control rights
• Held in ordinary course with certification that it is not intended to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR: An institutional pension plan discloses a 6.82% stake in CCAP with sole voting and dispositive power.

The UFCW-Northern California Employers Joint Pension Plan holds 2,528,031.401 CCAP shares, equal to 6.82% of the issued common stock using an outstanding share base of 37,061,547. That places the holder above the 5% SEC reporting threshold, requiring public disclosure but the filer certifies the position is held in the ordinary course and not to influence control. For investors, this indicates notable institutional ownership without an explicit activist intent; it could signal confidence or a stable long-term holder but does not, on its face, imply governance pressure.

Corporate Governance Expert

TL;DR: The reported stake is material but accompanied by a certification denying intent to influence control.

The filing documents sole voting and dispositive power for 2,528,031.401 shares (6.82%), which is large enough to matter in close shareholder votes yet still a minority position. The certification in Item 10 explicitly states the stake is not held to change or influence control, reducing the immediate likelihood of activist engagement. Governance teams should note the concentration and monitor any future amendments or Form 13D filings that would indicate a change in intent or strategy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Crescent Capital BDC, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

225655109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 225655109

1

Names of Reporting Persons

UFCW-Northern California Employers Joint Pension Plan

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,528,031.40
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,528,031.40
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,528,031.40

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.82 %

12

Type of Reporting Person (See Instructions)

EP

Comment for Type of Reporting Person: The percentage of shares of Common Stock beneficially owned by the Reporting Person is based on a total of 37,061,547 shares of Common Stock of the Issuer outstanding as of May 27, 2025, as disclosed in the Form N-2/A of the Issuer filed with the Securities and Exchange Commission on July 14, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Crescent Capital BDC, Inc.
(b)	Address of issuer's principal executive offices: 11100 Santa Monica Blvd, Suite 2000, Los Angeles, California, 90025
Item 2.
(a)	Name of person filing: UFCW-Northern California Employers Joint Pension Plan
(b)	Address or principal business office or, if none, residence: 1000 Burnett Ave, Suite 200, Concord, CA 94520
(c)	Citizenship: California
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 225655109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,528,031.401
(b)	Percent of class: 6.82 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,528,031.401
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,528,031.401
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

UFCW-Northern California Employers Joint Pension Plan

Signature:	/s/ Rick A. Silva
Name/Title:	Rick A. Silva, Executive Director & Plan Administrator on behalf of the UFCW Northern California Employers Joint Pension Plan
Date:	08/13/2025

FAQ

How many CCAP shares does UFCW-Northern California Employers Joint Pension Plan own?

The plan reports ownership of 2,528,031.401 shares of CCAP common stock.

What percentage of CCAP does that holding represent?

The reported holding represents 6.82% of CCAP's common stock based on 37,061,547 shares outstanding.

Does the filer have voting power over these CCAP shares?

Yes. The filing states the filer has sole voting power and sole dispositive power for the reported shares.

Is the stake held to influence control of CCAP?

No. The filer certifies the securities are held in the ordinary course of business and not to change or influence control.

What outstanding share total was used to calculate the percentage?

The percentage is based on 37,061,547 shares of common stock outstanding as stated in the filing comment.