Crescent Capital BDC, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
CCAP$9.38-0.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0000950170-25-108024
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-12.
0001193125-25-277533
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 125 previous paragraphs and 124 current paragraphs.
106 unchanged; 17 reworded; 1 added; 1 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
On October 30, 2025, we entered into a Fourth Supplement to Note Purchase Agreement (the “Supplement”) with the qualified institutional investors named therein governing the issuance of (a) $67.5 million 5.87% senior unsecured notes due February 13, 2029 (the “Tranche A Notes”), (b) $67.5 million 6.20% senior unsecured notes due February 13, 2031 (the “Tranche B Notes”) and (c) $50.0 million 5.97% senior unsecured notes due May 22, 2029 (the “Tranche C Notes”, and together with the Tranche A and Tranche B Notes, the "Series 2025A Notes"). The Supplement supplements the Master Note Purchase Agreement, dated July 30, 2020, as amended through the date of the Supplement, by and among the Company and the purchasers party thereto. Interest on the Series 2025A Notes will be payable semiannually, on the 13th day of February and August in each year, commencing with February 13, 2026. The issuance of the Tranche A and B Notes is expected to occur on February 13, 2026 and of the Tranche C Notes on May 22, 2026. We intend to use the net proceeds from the issuance of the Series 2025A Notes to repay outstanding indebtedness.
Removed paragraphs (1)
Previous report
Our Board of Directors authorized a stock repurchase program for the purpose of repurchasing up to an aggregate of $20.0 million of our common stock in the open market at certain thresholds below its net asset value per share in accordance with the guidelines specified in Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Repurchase Program"). The timing, manner, price and amount of any share repurchases will be determined by us, in our sole discretion, based upon an evaluation of economic and market conditions, stock price, applicable legal and regulatory requirements and other factors. The Repurchase Program does not require us to repurchase any specific number of shares of common stock or any shares of common stock at all and there can be no assurance that any shares of common stock will be repurchased under the Repurchase Program. The current expiration date of the Repurchase Program is September 30, 2026. The Repurchase Program may be suspended, extended, modified or discontinued at any time. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints.
Reworded paragraphs (17)
Previous wording
As of June 30, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.9% and 2.4% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of June 30, 2025 and December 31, 2024.
Current wording
As of September 30, 2025, we had investments in ten portfolio companies on non-accrual status, which represented 3.3% and 1.6% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had investments in nine portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. The remaining debt investments were performing and current on their interest payments as of September 30, 2025 and December 31, 2024.
Previous wording
Interest income, which includes amortization of upfront fees, decreased from $45.5 million for the three months ended June 30, 2024, to $40.2 million for the six months ended June 30, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the three months ended June 30, 2025 and 2024 are $0.8 million and $0.9 million of accelerated accretion of OID related to paydown activity, respectively.
Current wording
Interest income, which includes amortization of upfront fees, decreased from $47.8 million for the three months ended September 30, 2024, to $38.8 million for the nine months ended September 30, 2025, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended September 30, 2025 and 2024 are $0.3 million and $1.4 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income decreased from $2.6 million for the three months ended June 30, 2024 to $1.8 million for the three months ended June 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended June 30, 2025 and 2024, we recorded $1.0 million and $0.8 million of other income related to one-time arranger fees, respectively.
Current wording
Dividend income decreased from $3.0 million for the three months ended September 30, 2024 to $2.2 million for the three months ended September 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended September 30, 2025 and 2024, we recorded $0.4 million and $0.8 million of other income related to one-time arranger fees, respectively.
Previous wording
Interest income, which includes amortization of upfront fees, decreased from $91.6 million for the six months ended June 30, 2024, to $80.1 million for the six months ended June 30, 2025, primarily due to a decline in benchmark rates. Included in interest from investments for the six months ended June 30, 2025 and 2024 are $1.6 million and $1.8 million of accelerated accretion of OID related to paydown activity, respectively.
Current wording
Interest income, which includes amortization of upfront fees, decreased from $139.6 million for the nine months ended September 30, 2024, to $118.7 million for the nine months ended September 30, 2025, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the nine months ended September 30, 2025 and 2024 are $2.0 million and $3.2 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income decreased from $6.0 million for the six months ended June 30, 2024 to $3.2 million for the six months ended June 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the six months ended June 30, 2025 and 2024, we recorded $1.9 million and $1.7 million of other income related to one-time arranger fees, respectively.
Current wording
Dividend income decreased from $8.9 million for the nine months ended September 30, 2024 to $5.5 million for the nine months ended September 30, 2025 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the nine months ended September 30, 2025 and 2024, we recorded $2.3 million and $2.4 million of other income related to one-time arranger fees, respectively.
Previous wording
Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended June 30, 2025 and 2024 interest and other debt financing costs were $15.1 million and $15.9 million, respectively. For the six months ended June 30, 2025 and 2024 interest and other debt financing costs were $29.8 million and $31.5 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates offset by higher weighted average outstanding balance. This decrease was partially offset by higher weighted average outstanding balances and the accelerated amortization of deferred financing costs that related to amendments to our credit facilities.
Current wording
Interest and other debt financing costs include interest, amortization of deferred financing costs including upfront commitment fees and unused fees on our credit facilities. For the three months ended September 30, 2025 and 2024 interest and other debt financing costs were $13.9 million and $16.1 million, respectively. For the nine months ended September 30, 2025 and 2024 interest and other debt financing costs were $43.6 million and $47.6 million, respectively. The decrease in interest and other debt financing costs was due to lower weighted average cost of debt related to a decline in benchmark rates. This decrease was partially offset by higher weighted average outstanding balances and the accelerated amortization of deferred financing costs related to amendments to our credit facilities.
Previous wording
For the three months ended June 30, 2025 and 2024, we incurred management fees, net of waivers, of $5.0 million and $5.0 million, respectively. For the six months ended June 30, 2025 and 2024 we incurred management fees of $10.1 and $10.0 million, respectively.
Current wording
For the three months ended September 30, 2025 and 2024, we incurred management fees, net of waivers, of $5.1 million and $5.1 million, respectively. For the nine months ended September 30, 2025 and 2024 we incurred management fees, net of waivers, of $15.3 and $15.0 million, respectively.
Previous wording
For the three months ended June 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.6 million and $4.6 million, respectively. For the six months ended June 30, 2025 and 2024, we incurred income based incentive fees of $7.0 million and $9.5 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.
Current wording
For the three months ended September 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $3.6 million and $4.9 million, respectively. For the nine months ended September 30, 2025 and 2024, we incurred income based incentive fees, net of waivers, of $10.6 million and $14.4 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.
Previous wording
For the three months ended June 30, 2025 and 2024, professional fees were $0.9 million and $0.5 million, respectively. For the six months ended June 30, 2025 and 2024, professional fees were $1.6 million and $0.9 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.
Current wording
For the three months ended September 30, 2025 and 2024, professional fees were $0.5 million and $0.6 million, respectively. For the nine months ended September 30, 2025 and 2024, professional fees were $2.2 million and $1.5 million, respectively. The increase is primarily related to higher costs related to regulatory compliance.
Previous wording
For the three months ended June 30, 2025 and 2024, other general and administrative expenses were $0.9 million and $0.6 million, respectively. For the six months ended June 30, 2025 and 2024, other general and administrative expenses were $1.9 million and $1.3 million, respectively. The increase is related to higher costs primarily related to certain administrative fees.
Current wording
For the three months ended September 30, 2025 and 2024, other general and administrative expenses were $0.9 million and $0.5 million, respectively. For the nine months ended September 30, 2025 and 2024, other general and administrative expenses were $2.7 million and $1.9 million, respectively. The increase is related to higher costs primarily related to certain administrative fees.
Previous wording
For the three months ended June 30, 2025 and 2024, we expensed income and excise taxes of $0.4 million and $0.4 million, respectively. For the six months ended June 30, 2025 and 2024, we expensed income and excise taxes of $0.9 million and $0.8 million, respectively.
Current wording
For the three months ended September 30, 2025 and 2024, we expensed income and excise taxes of $0.3 million and $0.7 million, respectively. For the nine months ended September 30, 2025 and 2024, we expensed income and excise taxes of $1.2 million and $1.5 million, respectively.
Previous wording
For the three months ended June 30, 2025 and 2024, net investment income was $33.5 million or $0.46 per share and $21.7 million or $0.59 per share, respectively. For the six months ended June 30, 2025 and 2024, net investment income was $33.5 million or $0.90 per share and $45.0 million or $1.21 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned year to date.
Current wording
For the three months ended September 30, 2025 and 2024, net investment income was $16.9 million or $0.46 per share and $23.5 million or $0.64 per share, respectively. For the nine months ended September 30, 2025 and 2024, net investment income was $50.4 million or $1.36 per share and $68.5 million or $1.85 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned.
Previous wording
During the six months ended June 30, 2025 and 2024, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $71.8 million and $55.0 million, respectively.
Current wording
During the nine months ended September 30, 2025 and 2024, our average U.S. Dollar notional exposure, calculated daily on a weighted average based on the duration of each forward contract, to foreign currency forward contracts were $74.1 million and $77.5 million, respectively.
Previous wording
As of June 30, 2025, we had $26.1 million in cash and cash equivalents and restricted cash and cash equivalents and $227.2 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of June 30, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Current wording
As of September 30, 2025, we had $27.8 million in cash and cash equivalents and restricted cash and cash equivalents and $239.8 million of undrawn capacity on our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of September 30, 2025, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Previous wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was 6.63% and 7.26%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2025 and 2024 was $900.6 million and $869.3 million, respectively. As of June 30, 2025 and December 31, 2024, the weighted average cost of debt was 6.09% and 6.38%, respectively.
Current wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was 6.52% and 7.23%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and 2024 was $895.0 million and $878.9 million, respectively. As of September 30, 2025 and December 31, 2024, the weighted average cost of debt was 5.99% and 6.38%, respectively.
Previous wording
These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $213.4 million and $212.5 million, respectively.
Current wording
Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of September 30, 2025 and December 31, 2024, we had aggregate unfunded commitments totaling $212.5 million and $212.5 million, respectively.
Previous wording
On August 7, 2025, our Board of Directors declared a regular third quarter cash dividend of $0.42 per share, which will be paid on October 15, 2025 to stockholders of record as of September 30, 2025.
Current wording
On November 6, 2025, our Board of Directors declared a regular fourth quarter cash dividend of $0.42 per share, which will be paid on January 15, 2026 to stockholders of record as of December 31, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities.