Blackstone-related reporting persons disclosed ownership of 4,205,307 shares (11.3%) of Crescent Capital BDC, Inc. common stock. The Schedule 13G states these shares are held in the F&G Accounts managed by Blackstone ISG-I Advisors LLC and that multiple Blackstone entities and Stephen A. Schwarzman may be deemed to beneficially own the same block through ownership and control relationships. The filing cites 37,061,547 shares outstanding as the basis for the 11.3% figure and includes certifications that the securities were acquired in the ordinary course of business and not to influence control of the issuer.
Positive
Reported beneficial ownership of 4,205,307 shares representing 11.3% of outstanding common stock
Shares are held in F&G Accounts managed by Blackstone ISG-I Advisors LLC, clarifying the custody/management arrangement
Filing is on Schedule 13G with a certification that the position was acquired in the ordinary course and not to influence control
Negative
None.
Insights
TL;DR: Blackstone-affiliated entities report an 11.3% stake in CCAP held via managed F&G accounts; disclosure is material but non-controlling.
The filing reports 4,205,307 shares held by F&G Accounts managed by Blackstone ISG-I Advisors LLC, representing 11.3% of Crescent Capital BDC based on 37,061,547 shares outstanding. The schedule follows passive investor disclosure norms: it is a Schedule 13G rather than 13D and includes a certification that the position was acquired in the ordinary course and not for control. For investors, the key takeaway is a sizable institutional stake disclosed with an explicit disavowal of intent to influence control, which limits immediate governance implications but signals significant ownership concentration.
TL;DR: Ownership chain shows control links inside Blackstone but the filers disclaim beneficial ownership and assert passive intent.
The report maps a chain of entities from Blackstone ISG-I Advisors LLC up through Blackstone Inc. to Blackstone Group Management L.L.C. and Stephen A. Schwarzman, explaining why multiple related entities file. The joint filing and explicit disclaimer are standard to clarify reporting responsibilities and to avoid treating the stake as a coordinated control attempt. While 11.3% is material from a disclosure perspective, the filing's statements limit its immediate governance impact absent further action or a Schedule 13D.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Crescent Capital BDC, Inc.
(Name of Issuer)
Common Stock, $0.001 par value 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
Blackstone ISG-I Advisors LLC
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
OO, IA
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Intermediary Holdco L.L.C.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Securities Partners L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
PN, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Advisory Services L.L.C.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Holdings I L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
PN, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Holdings I/II GP L.L.C.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Inc.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
CO, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Blackstone Group Management L.L.C.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
OO, HC
SCHEDULE 13G
CUSIP No.
225655109
1
Names of Reporting Persons
Stephen A. Schwarzman
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,205,307.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,205,307.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,205,307.00
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)
11.3 %
12
Type of Reporting Person (See Instructions)
IN, HC
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, CA 90025
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed to reflect that certain of the subsidiaries of F&G Annuities & Life, Inc. ("F&G"), a subsidiary majority-owned by Fidelity National Financial, Inc. ("FNF"), are party to investment management agreements with Blackstone ISG-I Advisors LLC ("BIS") pursuant to which BIS was appointed as investment manager of substantially all assets in the general and separate accounts of those entities (the "F&G Accounts"). FNF and certain of its affiliates separately file a Schedule 13G reporting beneficial ownership over the shares held by the F&G Accounts.
Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:
(i) Blackstone ISG-I Advisors LLC
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(ii) Blackstone Intermediary Holdco L.L.C.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(iii) Blackstone Securities Partners L.P.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(iv) Blackstone Advisory Services L.L.C.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(v) Blackstone Holdings I L.P.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(vi) Blackstone Holdings I/II GP L.L.C.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(vii) Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(viii) Blackstone Group Management L.L.C.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizenship: Delaware
(ix) Stephen A. Schwarzman.
c/o Blackstone Inc.
345 Park Avenue
New York, NY 10154
Citizen: United States
(b)
Address or principal business office or, if none, residence:
See Item 2(a) above.
(c)
Citizenship:
See Item 2(a) above.
(d)
Title of class of securities:
Common Stock, $0.001 par value 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:
As of June 30, 2025, BIS may be deemed to beneficially own 4,205,307 shares of Issuer common stock ("Common Stock") held by the F&G Accounts managed by BIS.
Blackstone Intermediary Holdco L.L.C. is the sole member of BIS. Blackstone Securities Partners L.P. is the sole member of Blackstone Intermediary Holdco L.L.C. Blackstone Advisory Services L.L.C. is the general partner of Blackstone Securities Partners L.P. Blackstone Holdings I L.P. is the sole member of Blackstone Advisory Services L.L.C. Blackstone Holdings I/II GP L.L.C. is the general partner of Blackstone Holdings I L.P. Blackstone Inc. is the sole member of Blackstone Holdings I/II GP L.L.C. The sole holder of the Class C common stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly-owned by Blackstone's senior managing directors and controlled by its founder, Stephen A. Schwarzman.
Each Reporting Person may be deemed to beneficially own the securities of the Issuer beneficially owned by entities directly or indirectly controlled by it or him, but each disclaims beneficial ownership of the securities reported herein, and this report shall not be deemed an admission that any of the Reporting Persons is the beneficial owner of such securities for purposes of Section 13(d) of the Act or any other purpose.
Calculations of the percentage of shares of Common Stock that the Reporting Persons may be deemed to beneficially own are based on 37,061,547 shares of Common Stock outstanding as of May 14, 2025, as disclosed by the Issuer in the Quarterly Report on Form 10-Q filed by the Issuer with the Securities and Exchange Commission on May 14, 2025. Each of the Reporting Persons may be deemed to be the beneficial owner of the shares of Common Stock listed on such Reporting Person's cover page.
(b)
Percent of class:
See each cover page hereof.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See each cover page hereof.
(ii) Shared power to vote or to direct the vote:
See each cover page hereof.
(iii) Sole power to dispose or to direct the disposition of:
See each cover page hereof.
(iv) Shared power to dispose or to direct the disposition of:
See each cover page hereof.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Except as described herein, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported on this Schedule 13G.
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:
Each of the Reporting Persons hereby makes the following certification:
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.
Blackstone ISG-I Advisors LLC
Signature:
/s/ Neil Schwartz
Name/Title:
Neil Schwartz
Date:
08/14/2025
Blackstone Intermediary Holdco L.L.C.
Signature:
/s/ Evan Clandorf
Name/Title:
Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:
08/14/2025
Blackstone Securities Partners L.P.
Signature:
/s/ Evan Clandorf
Name/Title:
Evan Clandorf, Authorized Person, See Exhibit 99.1
Date:
08/14/2025
Blackstone Advisory Services L.L.C.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
08/14/2025
Blackstone Holdings I L.P.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
08/14/2025
Blackstone Holdings I/II GP L.L.C.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
08/14/2025
Blackstone Inc.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
08/14/2025
Blackstone Group Management L.L.C.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy, Managing Director - Assistant Secretary, See Exhibit 99.1
Date:
08/14/2025
Stephen A. Schwarzman
Signature:
/s/ Stephen A. Schwarzman
Name/Title:
Stephen A. Schwarzman
Date:
08/14/2025
Exhibit Information
Exhibit 99.1 Signatures (filed herewith).
Exhibit 99.2 Joint Filing Agreement, dated August 14, 2025, among the Reporting Persons (filed herewith).
How many Crescent Capital BDC (CCAP) shares do the Blackstone reporting persons own?
The filing reports 4,205,307 shares, representing 11.3% of CCAP common stock based on 37,061,547 shares outstanding.
What date does the Schedule 13G ownership reflect for CCAP?
The ownership amount is stated as of June 30, 2025 and the filing signatures are dated August 14, 2025.
Which Blackstone entity directly manages the accounts holding CCAP shares?
Blackstone ISG-I Advisors LLC is identified as the investment manager for the F&G Accounts that hold the reported shares.
Does the filing state intent to influence control of CCAP?
No. Each Reporting Person certifies the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.
What basis was used to calculate the 11.3% ownership percentage?
The percentage is calculated using 37,061,547 shares outstanding as disclosed by the issuer in its May 14, 2025 quarterly report.
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