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 March 31, 2026

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 May 13, 2026 was 36,845,952

1

CRESCENT CAPITAL BDC, Inc.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	4
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	8
	Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2025	47
	Notes to Consolidated Financial Statements (Unaudited)	84
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	111
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	123
Item 4.	Controls and Procedures	124
PART II	OTHER INFORMATION	125
Item 1.	Legal Proceedings	125
Item 1A.	Risk Factors	125
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	126
Item 3.	Defaults Upon Senior Securities	126
Item 4.	Mine Safety Disclosures	126
Item 5.	Other Information	126
Item 6.	Exhibits	127

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 impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies;

•political and regulatory conditions that contribute to uncertainty and market volatility, including the impact of any prolonged U.S. government shutdown as well as the legislative, regulatory, trade, immigration and other policies associated with the current U.S. presidential administration;

•ongoing global conflict, including conflicts in the Middle East and the Russia-Ukraine war;

•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;

2

•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 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 March 31, 2026 (Unaudited)			As of December 31, 2025
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $1,519,835 and $1,504,658, respectively)	$	1,486,650		$	1,479,473
Non-controlled affiliated investments (cost of $21,709 and $26,826, respectively)		21,331			29,594
Controlled investments (cost of $77,110 and $71,985, respectively)		54,489			60,351
Cash and cash equivalents		6,139			5,043
Restricted cash and cash equivalents		20,454			26,454
Interest and dividend receivable		10,944			9,333
Receivable from unsettled transactions		12,477			8,019
Unrealized appreciation on foreign currency forward contracts		1,806			2,135
Deferred tax assets		235			190
Other assets		3,129			1,543
Total assets	$	1,617,654		$	1,622,135
Liabilities
Debt (net of deferred financing costs of $6,710 and $5,841, respectively)	$	907,133		$	873,761
Distributions payable		15,497			15,527
Interest and other debt financing costs payable		8,353			12,370
Management fees payable		4,915			5,037
Incentive fees payable		1,575			3,468
Unrealized depreciation on foreign currency forward contracts		1,880			2,134
Unrealized depreciation on interest rate swaps		1,603			—
Deferred tax liabilities		235			190
Accrued expenses and other liabilities		2,435			3,610
Total liabilities		943,626			916,097
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, 36,897,356 and 36,969,285 shares issued and outstanding, respectively)		37			37
Paid-in capital in excess of par value		956,030			957,030
Accumulated earnings (loss)		(282,039	)		(251,029	)
Total net assets		674,028			706,038
Total liabilities and net assets	$	1,617,654		$	1,622,135
Net asset value per share	$	18.27		$	19.10

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 March 31,
	2026			2025
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	32,204		$	36,978
Paid-in-kind interest		1,484			1,493
Dividend income		761			—
Other income		380			870
From non-controlled affiliated investments:
Interest income		545			858
Paid-in-kind interest		163			264
Dividend income		—			258
From controlled investments:
Interest income		175			205
Dividend income		2,200			1,200
Other income		—			3
Total investment income		37,912			42,129
Expenses:
Interest and other debt financing costs		13,742			14,636
Management fees		4,922			5,038
Income based incentive fees		2,988			3,519
Professional fees		557			735
Directors’ fees		169			164
Other general and administrative expenses		909			967
Total expenses		23,287			25,059
Management fees waiver		(7	)		(20	)
Income based incentive fees waiver		(1,412	)		(32	)
Net expenses		21,868			25,007
Net investment income before taxes		16,044			17,122
Provision for income and excise taxes		552			501
Net investment income		15,492			16,621
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
Non-controlled non-affiliated investments		(10,486	)		(3,060	)
Non-controlled affiliated investments		1,598			-
Controlled investments		(3,427	)		(3,800	)
Foreign currency transactions		712			357
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments and foreign currency translation		(12,209	)		(10,159	)
Non-controlled affiliated investments		(3,146	)		333
Controlled investments		(3,972	)		4,469
Foreign currency forward contracts		(75	)		(857	)
Net realized and unrealized gains (losses) on investments		(31,005	)		(12,717	)
Net increase (decrease) in net assets resulting from operations	$	(15,513	)	$	3,904
Per common share data:
Net increase (decrease) in net assets resulting from operations per share (basic and diluted):	$	(0.42	)	$	0.11
Net investment income per share (basic and diluted):	$	0.42		$	0.45
Weighted average shares outstanding (basic and diluted):		36,923,308			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 December 31, 2025		36,969,285		$	37		$	957,030		$	(251,029	)	$	706,038
Net increase (decrease) in net assets resulting from operations:
Net investment income		-			-			-			15,492			15,492
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		-			-			-			(11,603	)		(11,603	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		-			-			-			(19,402	)		(19,402	)
Repurchases of common stock		(71,929	)		(0	)		(1,000	)		—			(1,000	)
Distributions from distributable earnings		-			-			-			(15,497	)		(15,497	)
Total increase (decrease) for the three months ended March 31, 2026		(71,929	)	$	(0	)	$	(1,000	)	$	(31,010	)	$	(32,010	)
Balance at March 31, 2026		36,897,356		$	37		$	956,030		$	(282,039	)	$	674,028

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 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		—		—		—		16,621			16,621
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards		—		—		—		(6,503	)		(6,503	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation		—		—		—		(6,214	)		(6,214	)
Distributions from distributable earnings		—		—		—		(17,419	)		(17,419	)
Total increase (decrease) for the three months ended March 31, 2025		—		—		—	$	(13,515	)	$	(13,515	)
Balance at March 31, 2025		37,061,547	$	37	$	959,098	$	(232,013	)	$	727,122

See accompanying notes

7

Crescent Capital BDC, Inc.

Consolidated Statements of Cash Flows

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

	For the three months ended March 31,
	2026			2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(15,513	)	$	3,904
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(114,895	)		(104,663	)
Paid-in-kind interest income		(1,783	)		(2,217	)
Proceeds from sales of investments and principal repayments		93,100			78,020
Net realized (gain) loss on investments and foreign currency transactions		11,603			6,503
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation		19,327			5,357
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		75			857
Amortization of premium and accretion of discount, net		(1,461	)		(2,043	)
Amortization of deferred financing costs		611			621
Change in operating assets and liabilities:
(Increase) decrease in receivable for unsettled transactions		(4,458	)		939
(Increase) decrease in interest and dividend receivable		(1,611	)		2,768
(Increase) decrease in deferred tax asset		(45	)		464
(Increase) decrease in other assets		(1,586	)		(1,977	)
Increase (decrease) in management fees payable		(122	)		(47	)
Increase (decrease) in incentive fees payable		(1,893	)		(818	)
Increase (decrease) in interest and other debt financing costs payable		(4,017	)		(1,292	)
Increase (decrease) in deferred tax liability		45			(464	)
Increase (decrease) in accrued expenses and other liabilities		(1,175	)		(1,040	)
Net cash provided by (used for) operating activities	$	(23,798	)	$	(15,128	)
Cash flows from financing activities:
Issuance of unsecured debt		135,000			115,000
Repayment of unsecured debt		(135,000	)		—
Repurchases of common stock		(1,000	)		—
Deferred financing and debt issuance costs paid		(1,479	)		(1,065	)
Distributions paid		(15,527	)		(17,419	)
Borrowings on credit facilities		214,141			142,867
Repayments on credit facilities		(177,385	)		(233,041	)
Net cash provided by (used for) financing activities		18,750			6,342
Effect of exchange rate changes on cash denominated in foreign currency		144			(108	)
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency		(4,904	)		(8,894	)
Cash, cash equivalents, restricted cash and foreign currency, beginning of period		31,497			39,422
Cash, cash equivalents, restricted cash and foreign currency, end of period(1)	$	26,593		$	30,528
Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	17,152		$	15,084
Cash paid during the period for taxes	$	1,793		$	1,708
Accrued but unpaid distributions	$	15,497		$	15,566

(1)As of March 31, 2026, the balance included cash and cash equivalents of $6,139 (including cash denominated in foreign currency of $2,000) and restricted cash and cash equivalents of $20,454 (including cash denominated in foreign currency of $426). As of March 31, 2025, the balance included cash and cash equivalents of $12,033 (including cash denominated in foreign currency of $4,727) and restricted cash and cash equivalents of $18,495 (including cash denominated in foreign currency of $898).

See accompanying notes

8

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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 (4)(5)	Unitranche First Lien Revolver			05/2028		—	$	(2	)		0.0	%	$	—
Auveco Holdings	Unitranche First Lien Term Loan	S + 525, 100 Floor	9.07%	05/2028		3,898		3,867			0.5			3,898
Continental Battery Company (9)	Unitranche First Lien Term Loan			07/2028		8,656		7,469			0.7			4,721
Continental Battery Company (9)	Unitranche First Lien Delayed Draw Term Loan			07/2028		3,192		2,765			0.3			1,741
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.17%	09/2028		12,489		12,395			1.8			12,358
Sun Acquirer Corp.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 75 Floor	8.17%	09/2028		8,832		8,772			1.3			8,738
Sun Acquirer Corp. (4)(5)	Unitranche First Lien Revolver			09/2027		—		(13	)		0.0			(19	)
Sun Acquirer Corp.	Unitranche First Lien Term Loan	S + 450, 75 Floor	8.17%	09/2028		2,394		2,372			0.4			2,368
						39,461	$	37,625			5.0	%		33,805
Capital Goods
GB Eagle Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.15%	12/2030		2,973	$	2,959			0.4	%	$	2,943
GB Eagle Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 450, 100 Floor	8.15%	12/2030		436		425			0.1			425
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.15%	12/2030		5,815		5,757			0.9			5,757
GB Eagle Buyer, Inc.	Unitranche First Lien Delayed Draw Term Loan	S + 450, 100 Floor	8.15%	12/2030		1,279		1,274			0.2			1,266
GB Eagle Buyer, Inc. (5)	Unitranche First Lien Revolver	S + 450, 100 Floor	8.15%	12/2030		189		185			0.0			184
GB Eagle Buyer, Inc.	Unitranche First Lien Term Loan	S + 450, 100 Floor	8.20%	12/2030		3,150		3,124			0.5			3,119

9

CRESCENT CAPITAL BDC, Inc. Consolidated Schedule of Investments March 31, 2026 (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	9.85%	07/2028		3,334	$	3,308			0.5	%	$	2,940
Oliver Packaging LLC (5)	Senior Secured First Lien Revolver	S + 600 (100 PIK), 100 Floor	9.85%	07/2028		151		147			0.0			91
Oliver Packaging LLC	Senior Secured First Lien Term Loan	S + 600 (100 PIK), 100 Floor	9.85%	07/2028		153		151			0.0			135
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	08/2027		1,958		1,950			0.3			1,892
Painters Supply & Equipment Company	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	08/2027		875		873			0.1			846
Painters Supply & Equipment Company (4)(5)	Unitranche First Lien Revolver			08/2027		—		(2	)		0.0			(17	)
Painters Supply & Equipment Company (5)	Unitranche First Lien Delayed Draw Term Loan	S + 550, 100 Floor	9.27%	04/2030		169		169			0.0			144
Painters Supply & Equipment Company	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.27%	04/2030		835		835			0.1			807
TriStrux, LLC	Senior Secured First Lien Delayed Draw Term Loan	S + 1000, 100 Floor	13.82%	12/2027		63		63			0.0			63
TriStrux, LLC (9)	Senior Secured First Lien Term Loan			12/2027		2,847		2,674			0.1			784
TriStrux, LLC (9)	Senior Secured First Lien Revolver			12/2027		1,118		1,055			0.0			307
TriStrux, LLC (9)	Senior Secured First Lien Delayed Draw Term Loan			12/2027		999		938			0.0			274
						26,344	$	25,885			3.2	%		21,960
Commercial & Professional Services
American Refrigeration	Senior Secured First Lien Term Loan	S + 640, 100 Floor	10.06%	02/2029		3,430	$	3,421			0.5	%	$	3,415
American Refrigeration	Senior Secured First Lien Delayed Draw Term Loan	S + 625, 100 Floor	9.91%	04/2029		124		124			0.0			124
American Refrigeration	Senior Secured First Lien Term Loan	S + 640, 100 Floor	10.06%	04/2029		197		197			0.0			196
Automated Control Concepts, Inc.	Unitranche First Lien Term Loan	S + 550, 100 Floor	9.46%	10/2026		2,976		2,956