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 September 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 November 12, 2025 was 36,992,523

1

CRESCENT CAPITAL BDC, INC.

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

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	8
	Consolidated Schedule of Investments as of September 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	107
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	121
Item 1A.	Risk Factors	121
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	122
Item 3.	Defaults Upon Senior Securities	122
Item 4.	Mine Safety Disclosures	122
Item 5.	Other Information	122
Item 6.	Exhibits	123

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 September 30, 2025 (Unaudited)			As of December 31, 2024
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,501,749 and $1,511,386, respectively)	$	1,487,246		$	1,504,013
Non-controlled affiliated investments (cost of $27,556 and $46,104, respectively)		30,476			46,793
Controlled investments (cost of $73,794 and $66,416, respectively)		62,956			48,051
Cash and cash equivalents		5,786			10,130
Restricted cash and cash equivalents		22,017			29,292
Interest and dividend receivable		9,932			11,008
Receivable from unsettled transactions		5,285			1,163
Unrealized appreciation on foreign currency forward contracts		2,082			4,815
Deferred tax assets		181			746
Other assets		1,667			263
Total assets	$	1,627,628		$	1,656,274
Liabilities
Debt (net of deferred financing costs of $6,448 and $8,214, respectively)	$	875,315		$	875,837
Distributions payable		15,557			15,566
Interest and other debt financing costs payable		7,943			10,408
Management fees payable		5,119			5,066
Incentive fees payable		3,574			4,305
Deferred tax liabilities		181			746
Unrealized depreciation on foreign currency forward contracts		2,271			-
Accrued expenses and other liabilities		3,593			3,709
Total liabilities		913,553			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, 37,039,657 and 37,061,547 shares issued and outstanding, respectively)		37			37
Paid-in capital in excess of par value		958,765			959,098
Accumulated earnings (loss)		(244,727	)		(218,498	)
Total net assets		714,075			740,637
Total liabilities and net assets	$	1,627,628		$	1,656,274
Net asset value per share	$	19.28		$	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 September 30,						For the nine months ended September 30,
	2025			2024			2025			2024
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	35,351		$	42,662		$	108,507		$	128,201
Paid-in-kind interest		2,143			3,527			6,231			6,742
Dividend income		286			102			458			496
Other income		407			780			2,325			2,447
From non-controlled affiliated investments:
Interest income		525			713			2,025			2,505
Paid-in-kind interest		294			708			1,100			1,217
Dividend income		-			520			258			808
Other income		-			-			-			16
From controlled investments:
Interest income		379			273			794			881
Dividend income		1,960			2,344			4,760			7,624
Other income		7			3			15			8
Total investment income		41,352			51,632			126,473			150,945
Expenses:
Interest and other debt financing costs		13,876			16,104			43,663			47,638
Management fees		5,130			5,119			15,257			15,133
Income based incentive fees		3,586			4,976			10,684			14,518
Professional fees		544			585			2,177			1,483
Directors’ fees		159			151			486			459
Other general and administrative expenses		870			609			2,698			1,914
Total expenses		24,165			27,544			74,965			81,145
Management fees waiver		(11	)		(30	)		(44	)		(101	)
Income based incentive fees waiver		(12	)		(77	)		(67	)		(114	)
Net expenses		24,142			27,437			74,854			80,930
Net investment income before taxes		17,210			24,195			51,619			70,015
Provision for income and excise taxes		281			655			1,182			1,455
Net investment income		16,929			23,540			50,437			68,560
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		(2,908	)		2,095			(8,413	)		(4,841	)
Non-controlled affiliated investments		(1,996	)		(4,828	)		(1,996	)		(4,828	)
Controlled investments		-			6,443			(3,800	)		6,443
Foreign currency transactions		(105	)		59			(204	)		(460	)
Foreign currency forward contracts		-			-			-			3,223
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		(8,835	)		(3,773	)		(14,758	)		8,288
Non-controlled affiliated investments		2,642			4,571			2,231			5,765
Controlled investments		403			(11,378	)		7,527			(15,231	)
Foreign currency forward contracts		972			(1,405	)		(5,005	)		(3,725	)
Net realized and unrealized gains (losses) on investments		(9,827	)		(8,216	)		(24,418	)		(5,366	)
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments		-			(56	)		-			464
Net increase (decrease) in net assets resulting from operations	$	7,102		$	15,268		$	26,019		$	63,658
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	0.19		$	0.41		$	0.70		$	1.72
Net investment income per share (basic and diluted):	$	0.46		$	0.64		$	1.36		$	1.85
Weighted average shares outstanding (basic and diluted):		37,060,595			37,061,547			37,061,226			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 June 30, 2025		37,061,547		$	37	$	959,098		$	(234,419	)	$	724,716
Net increase (decrease) in net assets resulting from operations:
Net investment income		—			—		—			16,929			16,929
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—			—		—			(5,009	)		(5,009	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—			—		—			(4,818	)		(4,818	)
Repurchases of common stock		(21,890	)		—		(333	)		—			(333	)
Distributions from distributable earnings		—			—		—			(17,410	)		(17,410	)
Total increase (decrease) for the three months ended September 30, 2025		(21,890	)	$	—	$	(333	)	$	(10,308	)	$	(10,641	)
Balance at September 30, 2025		37,039,657		$	37	$	958,765		$	(244,727	)	$	714,075
	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		-			-		-			50,437			50,437
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-			-		-			(14,413	)		(14,413	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-			-		-			(10,005	)		(10,005	)
Repurchases of common stock		(21,890	)		-		(333	)		—			(333	)
Distributions from distributable earnings		-			-		-			(52,248	)		(52,248	)
Total increase (decrease) for the nine months ended September 30, 2025		(21,890	)	$	-	$	(333	)	$	(26,229	)	$	(26,562	)
Balance at September 30, 2025		37,039,657		$	37	$	958,765		$	(244,727	)	$	714,075

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 June 30, 2024		37,061,547	$	37	$	965,895	$	(213,492	)	$	752,440
Net increase (decrease) in net assets resulting from operations:
Net investment income		—		—		—		23,540			23,540
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		3,769			3,769
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		(11,985	)		(11,985	)
Benefit (provision) for taxes on realized gain on investments		—		—		—		(56	)		(56	)
Distributions from distributable earnings		—		—		—		(18,901	)		(18,901	)
Total increase (decrease) for the three months ended September 30, 2024		—		—		—	$	(3,633	)	$	(3,633	)
Balance at September 30, 2024		37,061,547	$	37	$	965,895	$	(217,125	)	$	748,807
	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		—		—		—		68,560			68,560
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		(463	)		(463	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		(4,903	)		(4,903	)
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments		—		—		—		464			464
Distributions from distributable earnings		—		—		—		(57,445	)		(57,445	)
Total increase (decrease) for the nine months ended September 30, 2024		—		—		—		6,213			6,213
Balance at September 30, 2024		37,061,547	$	37	$	965,895	$	(217,125	)	$	748,807

See accompanying notes

7

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

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

	For the nine months ended September 30,
	2025			2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	26,019		$	63,658
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(236,087	)		(265,819	)
Paid-in-kind interest income		(8,197	)		(8,030	)
Proceeds from sales of investments and principal repayments		256,683			263,211
Net realized (gain) loss on investments and foreign currency transactions		14,042			9,067
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		5,000			1,178
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		5,005			3,725
Amortization of premium and accretion of discount, net		(5,511	)		(6,841	)
Amortization of deferred financing costs		2,831			1,684
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions		(4,122	)		120
(Increase) decrease in interest and dividend receivable		1,076			3,360
(Increase) decrease in deferred tax asset		565			(389	)
(Increase) decrease in other assets		(1,404	)		(1,768	)
Increase (decrease) in management fees payable		53			63
Increase (decrease) in incentive fees payable		(731	)		129
Increase (decrease) in interest and other debt financing costs payable		(2,465	)		(1,784	)
Increase (decrease) in deferred tax liability		(565	)		(75	)
Increase (decrease) in accrued expenses and other liabilities		(116	)		307
Net cash provided by (used for) operating activities	$	52,076		$	61,796
Cash flows from financing activities:
Issuance of unsecured debt		115,000			—
Repurchases of common stock		(333	)		—
Deferred financing and debt issuance costs paid		(1,065	)		(1,904	)
Distributions paid		(52,248	)		(57,075	)
Borrowings on credit facilities		293,009			239,968
Repayments on credit facilities		(417,991	)		(229,427	)
Net cash provided by (used for) financing activities		(63,628	)		(48,438	)
Effect of exchange rate changes on cash denominated in foreign currency		(67	)		9
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		(11,619	)		13,367
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)	$	27,803		$	37,837
Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	43,290		$	47,714
Cash paid during the period for taxes	$	1,592		$	1,262
Accrued but unpaid distributions	$	15,557		$	15,566

(1)As of September 30, 2025, the balance included cash and cash equivalents of $5,786 (including cash denominated in foreign currency of $3,035) and restricted cash and cash equivalents of $22,017 (including cash denominated in foreign currency of $520). 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 September 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	9.60%	05/2028		75	$	73			0.0	%		75
Auveco Holdings	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.60%	05/2028		3,918		3,878			0.5			3,918
Continental Battery Company (9)	Unitranche First Lien Term Loan			07/2028		8,195		7,469			0.5			3,337
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			07/2028		3,023		2,765			0.2			1,231
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.82%	09/2028		12,554		12,432			1.8			12,554
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 75 Floor	8.82%	09/2028		8,876		8,807			1.2			8,876
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(15	)		0.0			-
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.66%	09/2028		2,406		2,380			0.3			2,407
						39,047	$	37,789			4.5	%		32,398
Capital Goods
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Term Loan	750	7.50%	12/2027		6,684	$	6,677			0.9	%		6,684
Envocore Holding, LLC (7)(8)(9)	Senior Secured Second Lien Term Loan			12/2028		10,110		7,053			0.4			2,512
Envocore Holding, LLC (7)(8)	Senior Secured First Lien Revolver	750	7.50%	12/2027		1,111		1,111			0.2			1,111
Eshipping	Senior Secured First Lien Term Loan	S + 500, 100 Floor	9.16%	11/2027		4,818		4,781			0.7			4,818
Eshipping	Senior Secured First Lien Delayed Draw Term Loan	S + 500, 100 Floor	9.16%	11/2027		741		739			0.1			741
Eshipping	Senior Secured First Lien Revolver	S + 500, 100 Floor	9.36%	11/2027		77		68			0.0			77
GB Eagle Buyer, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			11/2030		—		(5	)		0.0			(14	)
GB Eagle Buyer, Inc.	Unitranche First Lien Revolver	S + 450, 100 Floor	8.80%	11/2030		192		188			0.0			187
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.80%	11/2030		3,173		3,144			0.4			3,139

9

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments September 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 + 600 (100 PIK), 100 Floor	10.15%	07/2028		3,326	$	3,294		0.4	%		3,018
Oliver Packaging LLC	Senior Secured First Lien Revolver	S + 600 (100 PIK), 100 Floor	10.15%	07/2028		150		145		0.0			104
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 600 (100 PIK), 100 Floor	10.15%	07/2028		202		199		0.0			183
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.92%	08/2027		1,968		1,954		0.3