UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 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 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 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 August 13, 2025 was 37,061,547

1

CRESCENT CAPITAL BDC, INC.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	8
	Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2024	46
	Notes to Consolidated Financial Statements (Unaudited)	80
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	106
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	119
Item 4.	Controls and Procedures	120
PART II	OTHER INFORMATION	120
Item 1.	Legal Proceedings	120
Item 1A.	Risk Factors	120
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	121
Item 3.	Defaults Upon Senior Securities	121
Item 4.	Mine Safety Disclosures	121
Item 5.	Other Information	121
Item 6.	Exhibits	122

1

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, Australia 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;

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

2

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.

3

Crescent Capital BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	As of June 30, 2025 (Unaudited)			As of December 31, 2024
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,513,462 and $1,511,386, respectively)	$	1,508,967		$	1,504,013
Non-controlled affiliated investments (cost of $42,317 and $46,104, respectively)		42,595			46,793
Controlled investments (cost of $60,371 and $66,416, respectively)		49,130			48,051
Cash and cash equivalents		9,739			10,130
Restricted cash and cash equivalents		16,401			29,292
Interest and dividend receivable		9,930			11,008
Receivable from unsettled transactions		14,362			1,163
Unrealized appreciation on foreign currency forward contracts		1,444			4,815
Deferred tax assets		223			746
Other assets		1,653			263
Total assets	$	1,654,444		$	1,656,274
Liabilities
Debt (net of deferred financing costs of $7,055 and $8,214, respectively)	$	887,318		$	875,837
Distributions payable		15,566			15,566
Interest and other debt financing costs payable		12,479			10,408
Management fees payable		5,075			5,066
Incentive fees payable		3,557			4,305
Deferred tax liabilities		223			746
Unrealized depreciation on foreign currency forward contracts		2,606			-
Accrued expenses and other liabilities		2,904			3,709
Total liabilities		929,728			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, 37,061,547 shares issued and outstanding)		37			37
Paid-in capital in excess of par value		959,098			959,098
Accumulated earnings (loss)		(234,419	)		(218,498	)
Total net assets		724,716			740,637
Total liabilities and net assets	$	1,654,444		$	1,656,274
Net asset value per share	$	19.55		$	19.98

See accompanying notes

4

Crescent Capital BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)
(Unaudited)

	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	36,178		$	41,973		$	73,156		$	85,536
Paid-in-kind interest		2,595			2,060			4,088			3,215
Dividend income		172			2			172			395
Other income		1,048			779			1,918			1,667
From non-controlled affiliated investments:
Interest income		642			1,099			1,500			1,791
Paid-in-kind interest		542			67			806			509
Dividend income		-			-			258			287
Other income		-			16			-			16
From controlled investments:
Interest income		210			312			415			611
Dividend income		1,600			2,640			2,800			5,280
Other income		5			3			8			5
Total investment income		42,992			48,951			85,121			99,312
Expenses:
Interest and other debt financing costs		15,151			15,931			29,787			31,535
Management fees		5,089			5,034			10,127			10,014
Income based incentive fees		3,579			4,603			7,098			9,541
Professional fees		898			451			1,633			897
Directors’ fees		163			151			327			308
Other general and administrative expenses		861			678			1,828			1,305
Total expenses		25,741			26,848			50,800			53,600
Management fees waiver		(13	)		(33	)		(33	)		(71	)
Income based incentive fees waiver		(23	)		-			(55	)		(36	)
Net expenses		25,705			26,815			50,712			53,493
Net investment income before taxes		17,287			22,136			34,409			45,819
Provision for income and excise taxes		400			433			901			800
Net investment income		16,887			21,703			33,508			45,019
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		(2,445	)		(5,332	)		(5,505	)		(6,935	)
Controlled investments		-			-			(3,800	)		-
Foreign currency transactions		(456	)		(508	)		(99	)		(519	)
Foreign currency forward contracts		-			1,776			-			3,223
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		4,236			7,191			(5,923	)		12,061
Non-controlled affiliated investments		(744	)		966			(411	)		1,194
Controlled investments		2,655			(3,628	)		7,124			(3,853	)
Foreign currency forward contracts		(5,120	)		(1,964	)		(5,977	)		(2,320	)
Net realized and unrealized gains (losses) on investments		(1,874	)		(1,499	)		(14,591	)		2,851
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		-			181			-			520
Net increase (decrease) in net assets resulting from operations	$	15,013		$	20,385		$	18,917		$	48,390
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	0.41		$	0.55		$	0.51		$	1.31
Net investment income per share (basic and diluted):	$	0.46		$	0.59		$	0.90		$	1.21
Weighted average shares outstanding (basic and diluted):		37,061,547			37,061,547			37,061,547			37,061,547

See accompanying notes

5

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)
(Unaudited)

	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at March 31, 2025		37,061,547	$	37	$	959,098	$	(232,013	)	$	727,122
Net increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		16,887			16,887
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		(2,901	)		(2,901	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		1,027			1,027
Distributions from distributable earnings		—		—		—		(17,419	)		(17,419	)
Total increase (decrease) for the three months ended June 30, 2025		—		—		—	$	(2,406	)	$	(2,406	)
Balance at June 30, 2025		37,061,547	$	37	$	959,098	$	(234,419	)	$	724,716
	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		-		-		-		33,508			33,508
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-		-		-		(9,404	)		(9,404	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-		-		-		(5,187	)		(5,187	)
Distributions from distributable earnings		-		-		-		(34,838	)		(34,838	)
Total increase (decrease) for the six months ended June 30, 2025		-	$	-	$	-	$	(15,921	)	$	(15,921	)
Balance at June 30, 2025		37,061,547	$	37	$	959,098	$	(234,419	)	$	724,716

See accompanying notes

6

Crescent Capital BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)
(Unaudited)

	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings (Loss)			Total Net Assets
Balance at March 31, 2024		37,061,547	$	37	$	965,895	$	(214,234	)	$	751,698
Net increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		21,703			21,703
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		(4,064	)		(4,064	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		2,565			2,565
Benefit (provision) for taxes on realized gain on investments		—		—		—		181			181
Distributions from distributable earnings		—		—		—		(19,643	)		(19,643	)
Total increase (decrease) for the three months ended June 30, 2024		—		—		—	$	742		$	742
Balance at June 30, 2024		37,061,547	$	37	$	965,895	$	(213,492	)	$	752,440
	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		—		—		—		45,019			45,019
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		(4,231	)		(4,231	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		7,082			7,082
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		—		—		—		520			520
Distributions from distributable earnings		—		—		—		(38,544	)		(38,544	)
Total increase (decrease) for the six months ended June 30, 2024		—		—		—		9,846			9,846
Balance at June 30, 2024		37,061,547	$	37	$	965,895	$	(213,492	)	$	752,440

See accompanying notes

7

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)
(Unaudited)

	For the six months ended June 30,
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	18,917		$	48,390
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(162,181	)		(193,188	)
Paid-in-kind interest income		(5,280	)		(4,132	)
Proceeds from sales of investments and principal repayments		170,684			170,953
Net realized (gain) loss on investments and foreign currency transactions		8,898			10,573
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		(790	)		(9,402	)
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		5,977			2,320
Amortization of premium and accretion of discount, net		(4,157	)		(4,476	)
Amortization of deferred financing costs		2,224			1,139
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions		(13,199	)		(2,298	)
(Increase) decrease in interest and dividend receivable		1,078			(2,089	)
(Increase) decrease in deferred tax asset		523			(825	)
(Increase) decrease in other assets		(1,390	)		(1,832	)
Increase (decrease) in management fees payable		9			(25	)
Increase (decrease) in incentive fees payable		(748	)		(167	)
Increase (decrease) in interest and other debt financing costs payable		2,071			138
Increase (decrease) in deferred tax liability		(523	)		305
Increase (decrease) in accrued expenses and other liabilities		(805	)		(524	)
Net cash provided by (used for) operating activities	$	21,308		$	14,860
Cash flows from financing activities:
Issuance of unsecured debt		115,000			—
Deferred financing and debt issuance costs paid		(1,065	)		(1,904	)
Distributions paid		(34,838	)		(38,173	)
Borrowings on credit facilities		211,367			184,729
Repayments on credit facilities		(325,041	)		(147,827	)
Net cash provided by (used for) financing activities		(34,577	)		(3,175	)
Effect of exchange rate changes on cash denominated in foreign currency		(13	)		(13	)
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		(13,282	)		11,672
Cash, cash equivalents, restricted cash and foreign currency, beginning of period		39,422			24,470
Cash, cash equivalents, restricted cash and foreign currency, end of period(1)	$	26,140		$	36,142
Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	29,189		$	30,801
Cash paid during the period for taxes	$	1,708		$	1,262
Accrued but unpaid distributions	$	15,566		$	15,566

(1)As of June 30, 2025, the balance included cash and cash equivalents of $9,739 (including cash denominated in foreign currency of $1,428) and restricted cash and cash equivalents of $16,401 (including cash denominated in foreign currency of $538). 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).

See accompanying notes

8

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments June 30, 2025 (in thousands, except share and per share data) (Unaudited)
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)	9.73%	05/2028		135	$	132			0.0	%		135
Auveco Holdings	Unitranche First Lien Term Loan	S + 525 (100 Floor)	9.73%	05/2028		3,929		3,885			0.5			3,929
Continental Battery Company (9)	Unitranche First Lien Term Loan			01/2027		7,820		7,469			0.6			4,309
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			01/2027		2,884		2,765			0.2			1,589
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.33%	09/2028		12,587		12,456			1.7			12,550
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 500 (75 Floor)	9.33%	09/2028		8,898		8,828			1.3			8,872
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(17	)		0.0			(5	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 500 (75 Floor)	9.33%	09/2028		2,413		2,386			0.4			2,404
						38,666	$	37,904			4.7	%		33,783
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2026		6,701	$	6,687			0.9	%		6,701
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Revolver		7.50%	12/2026		1,111		1,110			0.2			1,111
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2027		9,858		7,053			0.4			2,767
Eshipping	Senior Secured First Lien Term Loan	S + 500 (100 Floor)	9.33%	11/2027		5,086		5,041			0.8			5,084
Eshipping	Senior Secured First Lien Delayed Draw Term Loan	S + 500 (100 Floor)	9.33%	11/2027		782		779			0.1			782
Eshipping (4)(5)	Senior Secured First Lien Revolver			11/2027		—		(9	)		0.0			—
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2030		—		(6	)		0.0			(3	)
GB Eagle Buyer, Inc.	Unitranche First Lien Revolver	S + 450 (100 Floor)	8.80%	11/2030		192		188			0.0			191
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450 (100 Floor)	8.80%	11/2030		3,181		3,152			0.4			3,173

9

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments June 30, 2025 (in thousands, except share and per share data) (Unaudited)

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)

10.45%

07/2028

3,326

$

3,293

0.4

%

3,089

Oliver Packaging LLC

Senior Secured First Lien Revolver

S + 500 (100 Floor) (plus 100 PIK)

10.45%

07/2028

150

145

0.0

114

Oliver Packaging LLC

Senior Secured First Lien Term Loan

S + 500 (100 Floor) (plus 100 PIK)

10.45%

07/2028