Crescent Capital BDC, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
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-K
Period ended 2024-12-31; filed 2025-02-19.
0000950170-25-023153
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-25.
0001193125-26-071922
Item 7. 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 126 previous paragraphs and 122 current paragraphs.
99 unchanged; 19 reworded; 2 added; 8 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 12 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 (2)
Current report
For the years ended December 31, 2025 and 2024, other general and administrative expenses were $3.4 million and $2.6 million, respectively. The increase is related to higher administrative costs in the initial year of compliance with the Section 404(b) of the Sarbanes-Oxley Act.
Current report
On February 13, 2026, we issued (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”). Interest on the notes will be payable semiannually, on the 13th day of February and August in each year, commencing with August 13, 2026. Both tranches may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Subsequently, on February 17, 2026, we used the proceeds from these issuances to repay Series 2021A Unsecured Notes at maturity.
Removed paragraphs (8)
Previous report
FCRD Acquisition
Previous report
On March 9, 2023, we completed the previously announced acquisition of First Eagle Alternative Capital BDC, Inc. ("FCRD"), a Delaware corporation, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of October 3, 2022 (the "FCRD Acquisition"). The board of directors of both companies each unanimously approved the FCRD Acquisition and on March 7, 2023, FCRD’s stockholders approved the merger. In accordance with the terms of the Merger Agreement, holders of shares of FCRD’s common stock had their shares of FCRD common stock converted to the right to receive, in the aggregate, approximately (1) $8.6 million in cash payable by the Company, (2) 6,174,187 validly issued, fully paid and non-assessable shares of our common stock, and (3) $35.0 million in cash payable by the Adviser. This transaction resulted in our then-existing stockholders owning approximately 83% and FCRD’s then-existing stockholders owning approximately 17% of our common stock.
Previous report
Excludes $335.0 million of assets at cost acquired in connection with the FCRD Acquisition. The assets acquired, at cost, were comprised of $185.1 million of Senior Secured First Lien, $100.1 million of Unitranche First Lien, $2.8 million of Equity investments, and $47.0 million of LLC/LP Equity Interests
Previous report
For the years ended December 31, 2024 and 2023, other general and administrative expenses were $2.5 million and $2.8 million, respectively. The decrease in other general and administrative expenses was due to lower operating costs.
Previous report
Capital Share Activity
Previous report
In connection with the FCRD Acquisition, we issued 6,174,187 shares as part of the consideration paid for net assets acquired.
Previous report
Series 2020A Unsecured Notes
Previous report
On July 30, 2020, we completed a private offering of $50.0 million aggregate principal amount of 5.95% senior unsecured notes due July 30, 2023 (the “Series 2020A Unsecured Notes”). The Series 2020A Unsecured Notes were issued in two $25.0 million issuances on July 30, 2020 and October 28, 2020. On July 28, 2023, Series 2020A Unsecured Notes were repaid upon the issuance of the Series 2023A Unsecured Notes, as defined below.
Reworded paragraphs (19)
Previous wording
As of December 31, 2024, we had eighteen investments across seven portfolio companies on non-accrual status, which represented 2.2% and 0.9% of the total debt investments at cost and fair value, respectively. As of December 31, 2023, we had seventeen investments across nine portfolio companies on non-accrual status, which represented 2.0% and 1.9% 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 December 31, 2024, and 2023.
Current wording
As of December 31, 2025, we had eleven portfolio companies on non-accrual status, which represented 4.1% and 2.0% of the total debt investments at cost and fair value, respectively. As of December 31, 2024, we had seven 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 December 31, 2025 and 2024.
Previous wording
Interest income, which includes amortization of upfront fees, increased from $169.8 million, for the year ended December 31, 2023, to $183.0 million for the year ended December 31, 2024, due to the growth of our income producing portfolio and increase in one-time non-recurring income. Included in interest from investments for the years ended December 31, 2024 and December 31, 2023 are $3.7 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 $183.0 million for the year ended December 31, 2024 to $156.4 million for the year ended December 31, 2025. The decrease was primarily due to a decrease in the benchmark rates and restructurings of certain debt investments. Included in interest from investments for the years ended December 31, 2025 and December 31, 2024 are $2.3 million and $3.7 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income decreased from $13.3 million for the years ended December 31, 2023 to $11.3 million for the year ended December 31, 2024 due to lower dividend distributions from our portfolio companies. For the years ended December 31, 2024 and December 31, 2023, we recorded $3.1 million and $1.0 million of other income, respectively. The increase is attributable to higher origination related fee income.
Current wording
Dividend income decreased from $11.3 million for the years ended December 31, 2024 to $7.7 million for the year ended December 31, 2025 primarily due to lower dividend distributions from our investment in First Eagle Logan JV, LLC. For the years ended December 31, 2025 and December 31, 2024, we recorded $3.2 million and $3.1 million of other income, respectively. The increase is attributable to higher origination-related fee income.
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 years ended December 31, 2024 and December 31, 2023 interest and other debt financing costs were $62.8 million and $58.7 million, respectively. The increase in interest and other debt financing costs was due to a higher weighted average debt outstanding.
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 years ended December 31, 2025 and December 31, 2024 interest and other debt financing costs were $57.5 million and $62.8 million, respectively. The decrease in interest and other debt financing costs was primarily due to a decrease in the benchmark rates.
Previous wording
For the years ended December 31, 2024 and December 31, 2023, we incurred management fees of $20.2 million and $19.6 million, respectively, of which $0.1 million and $0.2 million, respectively, were waived. The increase in net management fees was driven by higher assets under management.
Current wording
For the years ended December 31, 2025 and December 31, 2024, we incurred management fees, net of waivers, of $20.3 million and $20.1 million, respectively. The increase in net management fees was driven by higher average assets under management.
Previous wording
For the years ended December 31, 2024 and December 31, 2023, we incurred income based incentive fees of $18.9 million and $17.5 million, of which $0.1 million and $0.3 million, respectively, were waived. The increase in net incentive fees was driven by higher pre-incentive fee net investment income.
Current wording
For the years ended December 31, 2025 and December 31, 2024, we incurred income based incentive fees, net of waivers, of $14.1 million and $18.7 million, respectively. The decrease in net incentive fees was driven by lower pre-incentive fee net investment income.
Previous wording
For the years ended December 31, 2024 and 2023, professional fees were $2.0 million and $1.6 million, respectively. The higher professional fees were due to additional regulatory compliance costs.
Current wording
For the years ended December 31, 2025 and 2024, professional fees were $2.8 million and $2.0 million, respectively. The higher professional fees were due to additional regulatory compliance costs.
Previous wording
For the years ended December 31, 2024 and 2023, we expensed income and excise taxes of $1.6 million and $1.3 million, respectively. The increase in income and excise taxes is attributable to an increase in undistributed taxable income.
Current wording
For the years ended December 31, 2025 and 2024, we expensed income and excise taxes of $1.7 million and $1.6 million, respectively. The increase in income and excise taxes is attributable to an increase in undistributed taxable income.
Previous wording
For the years ended December 31, 2024 and 2023, net investment income was $89.0 million or $2.40 per share and $82.5 million or $2.30 per share, respectively. The increase in the per share net investment income was due to higher investment income earned year to date.
Current wording
For the years ended December 31, 2025 and 2024, net investment income was $66.9 million or $1.81 per share and $89.0 million or $2.40 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned.
Previous wording
During the years ended December 31, 2024, and 2023, 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 $55.5 million and $97.4 million, respectively.
Current wording
During the years ended December 31, 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 $78.6 million and $55.5 million, respectively.
Previous wording
As of December 31, 2024, we had $39.4 million in cash and cash equivalents and restricted cash and cash equivalents and $337.5 million of undrawn capacity on the unfunded unsecured notes, our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of December 31, 2024, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Current wording
As of December 31, 2025, we had $31.5 million in cash and cash equivalents and restricted cash and cash equivalents and $242.0 million of undrawn capacity on the unfunded unsecured notes, our senior revolving credit and special purpose vehicle asset facilities, subject to borrowing base and other limitations. As of December 31, 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 years ended December 31, 2024 and 2023 was 7.12% and 7.02%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the years ended December 31, 2024 and 2023 was $881.1 million and $837.0 million, respectively. As of December 31, 2024, and 2023, the weighted average cost of debt was 6.38% and 7.02%, respectively.
Current wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the years ended December 31, 2025 and 2024 was 6.42% and 7.12%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the years ended December 31, 2025 and 2024 was $896.5 million and $881.1 million, respectively. As of December 31, 2025 and 2024, the weighted average cost of debt was 5.83% and 6.38%, respectively.
Previous wording
On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with us as the collateral manager, seller and equity holder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. We consolidate CCAP SPV in our consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CCAP SPV. On May 31, 2024, CCAP SPV entered into the Seventh Amendment to Loan and Security Agreement. The amendment, among other things, (a) extended the last day of the reinvestment period to May 31, 2027, and the stated maturity date to May 31, 2029 and (b) reduced the spread from 2.75% to 2.45%.
Current wording
On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with us as the collateral manager, seller and equity holder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. We consolidate CCAP SPV in our consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CCAP SPV.
Previous wording
The maximum commitment amount under the SPV Asset Facility is $500.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 2.45% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.
Current wording
The maximum commitment amount under the SPV Asset Facility is $400.0 million, and may be increased with the consent of Wells Fargo or reduced upon our request. Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to us in accordance with the SPV Asset Facility, and to pay related expenses. The maturity date is the earlier of (a) the date the borrower voluntarily reduces the commitments to zero, (b) May 31, 2029 and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of an Event of Default. Borrowings under the SPV Asset Facility bear interest at daily simple SOFR plus a 1.95% margin with no floor. We pay unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility. The unused facility fee rate may vary based on the utilization. The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.
Previous wording
On December 20, 2024, we entered into the Third Supplement dated as of December 20, 2024 (the “Third Supplement”) by and among us and the qualified institutional investors named therein to the Note Purchase Agreement dated July 30, 2020 by and among us and the purchasers party thereto. The Third Supplement governed the issuance of a private offering to qualified institutional investors of up to (a) $35.0 million in aggregate principal amount of senior unsecured notes due February 18, 2028 (the “Series 2024A Unsecured Notes - 2028”) and (b) $80.0 million in aggregate principal amount of senior unsecured notes due February 18, 2030 (the “Series 2024A Unsecured Notes - 2030” and, together with the 2028 Notes, the “Series 2024A Notes”). The Series 2024A Unsecured Notes - 2028 have a fixed interest rate of 6.77% and will be due on February 18, 2028 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Series 2024A Unsecured Notes - 2030 have a fixed interest rate of 6.90% and will be due on February 18, 2030 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on both unsecured notes will be payable semiannually, on the 18 th day of February and August in each year, commencing with August 18, 2025. The interest rates are subject to an increase of up to 1.00% upon the occurrence of certain trigger events set forth in the purchase agreement governing the issuance and sale of the Series 2024A Notes. The issuance of the Series 2024A Notes occurred on February 18, 2025.
Current wording
On February 18, 2025, we issued $115.0 million aggregate principal amount of two tranches of senior unsecured notes: (a)$35.0 million 6.77% notes due February 18, 2028 ("Series 2024A Unsecured Notes - 2028")and (b) $80.0 million 6.90% notes due February 18, 2030 ("Series 2024A Unsecured Notes – 2030"). Interest on both unsecured notes will be payable semiannually, on the18th day of February and August in each year, commencing with August 18, 2025. Both tranches may be redeemed in whole or in part, at the Company’s option, at any time or from time to time at par plus a “make-whole” premium, if applicable.
Previous wording
The summary of costs incurred in connection with the SPV Asset Facility, SMBC Corporate Revolving Facility, Series 2020A Unsecured Notes, Series 2021A Unsecured Notes, Series 2023A Unsecured Notes and FCRX Unsecured Notes is presented below:
Current wording
The summary of costs incurred in connection with our credit facilities and unsecured debt is presented below:
Previous wording
As of December 31, 2024, and 2023, our asset coverage ratio was 183% and 186%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.
Current wording
As of December 31, 2025 and 2024, our asset coverage ratio was 179% and 183%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the debt facilities.
Previous 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 December 31, 2024, and 2023, we had aggregate unfunded commitments totaling $212.5 million and $175.0 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 December 31, 2025 and 2024, we had aggregate unfunded commitments totaling $211.9 million and $212.5 million, respectively.
Previous wording
On February 12, 2025, our Board of Directors declared the following cash dividends:
Current wording
On February 12, 2026, our Board of Directors declared a regular first quarter cash dividend of $0.42 per share, which will be paid on April 15, 2026 to stockholders of record as of March 31, 2026.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
On May 31, 2024, CCAP SPV entered into the Seventh Amendment to Loan and Security Agreement. The amendment, among other things, (a) extended the last day of the reinvestment period to May 31, 2027, and the stated maturity date to May 31, 2029 and (b) reduced the spread from 2.75% to 2.45%.
Current report — wording carried from elsewhere
On April 10, 2025, CCAP SPV entered into the Eighth Amendment to Loan and Security Agreement. The amendment, among other things, (a) reduced the spread from 2.45% to 1.95%, and (b) reduced the facility size from $500.0 million to $400.0 million.