Crescent Capital BDC, Inc.
For the period ended Jun 30, 2026. Filed Aug 10, 2026.
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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.
Jun 30, 2026 · Filed Aug 10, 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-Q
Period ended 2026-03-31; filed 2026-05-13.
0001193125-26-221936
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001193125-26-342351
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 130 previous paragraphs and 136 current paragraphs.
103 unchanged; 25 reworded; 4 added; 2 removed; 0 previous and 4 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 (4)
Current report
On May 21, 2026, CCAP SPV entered into the Ninth Amendment to Loan and Security Agreement. The amendment, among other things, (a) increased the spread from 1.95% to 2.00%, (b) increased the facility size from $400.0 million to $500.0 million, (c) extended the last day of the reinvestment period to May 21, 2029, and the stated maturity date to May 21, 2031, and (d) reduced the non-usage fee from 0.50% to 0.35%.
Current report
On June 18, 2026, we increased the dollar commitments from $140.0 million to $165.0 million and increased the maximum principal amount of the SMBC Corporate Revolving Facility from $310.0 million to $335.0 million.
Current report
Series 2025A Unsecured Notes - 2029.2
Current report
On May 22, 2026, we issued $50.0 million 5.97% notes due May 22, 2029 ("Series 2025A Unsecured Notes - 2029.2"). Interest is payable semiannually, on the 22nd day of May and November in each year, commencing with November 22, 2026. These notes 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.
Removed paragraphs (2)
Previous report
The Series 2023A Unsecured Notes will mature on July 28, 2026 and may be redeemed in whole or in part, at our option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the Series 2023A Unsecured Notes is due and payable semiannually in arrears on January 28 and July 28 of each year.
Previous report
On May 7, 2026, the Company's Board of Directors approved, and the Company entered into, an amended and restated investment management agreement (the "Amended and Restated IMA") with the Company's investment adviser. The Amended and Restated IMA amends and restates the prior investment management agreement in its entirety to (i) reduce the incentive fee on income from 17.5% to 15.0% of ordinary income that exceeds the applicable hurdle rate and catch-up, (ii) adjust the catch-up amount such that the incentive fee equals 15.0% of ordinary income above the hurdle rate, (iii) reduce the incentive fee cap from 17.5% to 15.0%, (iv) reduce the incentive fee on capital gains from 17.5% to 15.0%, and (v) reduce the base management fee rate from 1.25% to 1.00%. Each of these changes is effective as of April 1, 2026.
Reworded paragraphs (25)
Previous wording
We are managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the SEC under the 1940 Act. CCAP Administration, LLC (the “Administrator”), provides the administrative services necessary for us to operate. Our management consists of investment and administrative professionals from the Adviser and Administrator along with our Board. The Adviser directs and executes our investment operations and capital raising activities subject to oversight from the Board, which sets our broad policies. The Board has delegated investment management of our investment assets to the Adviser. The Board consists of six directors, five of whom are independent.
Current wording
We are managed by Crescent Cap Advisors, LLC (the “Adviser”), an investment adviser that is registered with the SEC under the 1940 Act. CCAP Administration, LLC (the “Administrator”), provides the administrative services necessary for us to operate. Our management consists of investment and administrative professionals from the Adviser and Administrator along with our Board. The Adviser directs and executes our investment operations and capital raising activities subject to oversight from the Board, which sets our broad policies. The Board has delegated investment management of our investment assets to the Adviser. The Board consists of seven directors, five of whom are independent.
Previous wording
As of March 31, 2026, we had investments in thirteen portfolio companies on non-accrual status, which represented 5.7% and 3.6% of the total debt investments at cost and fair value, respectively. As of December 31, 2025, we had investments in 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. The remaining debt investments were performing and current on their interest payments as of March 31, 2026 and December 31, 2025.
Current wording
As of June 30, 2026, we had investments in thirteen portfolio companies on non-accrual status, which represented 4.8% and 2.5% of the total debt investments at cost and fair value, respectively. As of December 31, 2025, we had investments in 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. The remaining debt investments were performing and current on their interest payments as of June 30, 2026 and December 31, 2025.
Previous wording
Interest income, which includes amortization of upfront fees, decreased from $39.7 million for the three months ended March 31, 2025, to $34.5 million for the three months ended March 31, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended March 31, 2026 and 2025 are $0.6 million and $0.8 million of accelerated accretion of OID related to paydown activity, respectively.
Current wording
Interest income, which includes amortization of upfront fees, decreased from $40.2 million for the three months ended June 30, 2025, to $34.7 million for the three months ended June 30, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the three months ended June 30, 2026 and 2025 are $0.2 million and $0.8 million of accelerated accretion of OID related to paydown activity, respectively.
Previous wording
Dividend income increased from $1.5 million for the three months ended March 31, 2025 to $3.0 million for the three months ended March 31, 2026 due to higher dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended March 31, 2026 and 2025, we recorded $0.4 million and $0.9 million of other income related to one-time arranger fees, respectively.
Current wording
Dividend income decreased from $1.8 million for the three months ended June 30, 2025 to $1.2 million for the three months ended June 30, 2026 due to lower dividend income from our investment in First Eagle Logan JV, LLC. For the three months ended June 30, 2026 and 2025, we recorded $0.4 million and $1.0 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 March 31, 2026 and 2025 interest and other debt financing costs were $13.7 million and $14.6 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.
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 June 30, 2026 and 2025 interest and other debt financing costs were $14.9 million and $15.1 million, respectively. For the six months ended June 30, 2026 and 2025 interest and other debt financing costs were $28.6 million and $29.8 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 net of higher weighted average debt outstanding.
Previous wording
For the three months ended March 31, 2026 and 2025, we incurred management fees, net of waivers, of $4.9 and $5.0 million, respectively.
Current wording
For the three months ended June 30, 2026 and 2025, we incurred management fees, net of waivers, of $4.0 and $5.0 million, respectively. For the six months ended June 30, 2026 and 2025 we incurred management fees of $8.9 and $10.1 million, respectively. The decrease in the management fees was due to lower fee rate which became effective April 1, 2026.
Previous wording
For the three months ended March 31, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $1.6 million and $3.5 million, respectively. The decrease in net incentive fees was driven by the impact of the fee waiver applied to the income incentive fees for the three months ended March 31, 2026.
Current wording
For the three months ended June 30, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $2.3 million and $3.6 million, respectively. For the six months ended June 30, 2026 and 2025, we incurred income based incentive fees, net of waivers, of $3.9 million and $7.0 million, respectively. The decrease in net incentive fees was driven by the impact of the fee waiver applied to the income incentive fees for the three months ended March 31, 2026 and the subsequent decrease in the income incentive fee rate which became effective April 1, 2026.
Previous wording
For the three months ended March 31, 2026 and 2025, professional fees were $0.5 million and $0.7 million, respectively.
Current wording
For the three months ended June 30, 2026 and 2025, professional fees were $0.6 million and $0.9 million, respectively. For six months ended June 30, 2026 and 2025, professional fees were $1.1 million and $1.6 million, respectively.
Previous wording
For the three months ended March 31, 2026 and 2025, other general and administrative expenses were $0.9 million and $1.0 million, respectively.
Current wording
For the three months ended June 30, 2026 and 2025, other general and administrative expenses were $0.7 million and $0.9 million, respectively. For the six months ended June 30, 2026 and 2025, other general and administrative expenses were $1.7 million and $1.9 million, respectively.
Previous wording
For the three months ended March 31, 2026 and 2025, we expensed income and excise taxes of $0.6 million and $0.5 million, respectively.
Current wording
For the three months ended June 30, 2026 and 2025, we expensed income and excise taxes of $0.5 million and $0.4 million, respectively. For the six months ended June 30, 2026 and 2025, we expensed income and excise taxes of $1.1 million and $0.9 million, respectively.
Previous wording
For the three months ended March 31, 2026 and 2025, net investment income was $15.5 million or $0.42 per share and $16.6 million or $0.45 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned.
Current wording
For the three months ended June 30, 2026 and 2025, net investment income was $13.1 million or $0.36 per share and $16.9 million or $0.46 per share, respectively. For the six months ended June 30, 2026 and 2025, net investment income was $28.6 million or $0.78 per share and $33.5 million or $0.90 per share, respectively. The decrease in the per share net investment income was due to lower investment income earned net of lower expenses.
Previous wording
During the three months ended March 31, 2026 and 2025, 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 $74.6 million and $64.8 million, respectively.
Current wording
During the six months ended June 30, 2026 and 2025, 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 $78.5 million and $71.8 million, respectively.
Previous wording
As of March 31, 2026, we had $26.6 million in cash and cash equivalents and restricted cash and cash equivalents and $206.2 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 March 31, 2026, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Current wording
As of June 30, 2026, we had $35.7 million in cash and cash equivalents and restricted cash and cash equivalents and $199.6 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, 2026, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.
Previous wording
As of March 31, 2026, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of March 31, 2026. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.
Current wording
As of June 30, 2026, we were in compliance with our asset coverage requirements under the 1940 Act. In addition, we were in compliance with all the financial covenant requirements of our credit facilities as of June 30, 2026. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenant requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.
Previous wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was 6.04% and 6.49%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2026 and 2025 was $907.7 million and $902.4 million, respectively. As of March 31, 2026 and December 31, 2025, the weighted average cost of debt was 6.09% and 5.83%, respectively.
Current wording
The combined weighted average interest rate of the aggregate borrowings outstanding for the six months ended June 30, 2026 and 2025 was 6.18% and 6.63%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2026 and 2025 was $925.7 million and $900.6 million, respectively. As of June 30, 2026 and December 31, 2025, the weighted average cost of debt was 6.13% and 5.83%, respectively.
Previous 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.
Current 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 21, 2031 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 2.00% margin with no floor. We pay unused facility fees of 0.35% 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 October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”). On December 3, 2024, we amended the SMBC Corporate Revolving Facility. The amendment, among other things,(i) decreased the size of the aggregate revolving commitment from $350.0 million to $285.0 million, (ii) added an initial term commitment of $25.0 million for an aggregate facility size of $310.0 million, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.
Current wording
On December 3, 2024, we amended the SMBC Corporate Revolving Facility. The amendment, among other things, (i) decreased the size of the aggregate revolving commitment from $350.0 million to $285.0 million, (ii) added an initial term commitment of $25.0 million for an aggregate facility size of $310.0 million, (iii) increased the interest rate by 0.125% so that borrowings under the revolving commitment will bear interest at the applicable benchmark rate plus 2.000% or 2.125%, subject to certain provisions, (iii) extended the facility termination to December 3, 2029 and (iv) extended the facility revolving commitment period termination to December 1, 2028.
Previous wording
The maximum principal amount of the SMBC Corporate Revolving Facility is $310.0 million, comprised of $25.0 million term loan and $285.0 million revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on December 3, 2029.
Current wording
The maximum principal amount of the SMBC Corporate Revolving Facility is $335.0 million, comprised of $25.0 million term loan and $310.0 million revolving commitment, subject to availability under the borrowing base. Borrowings under the SMBC Corporate Revolving Facility bear interest at adjusted SOFR plus 2.000% or 2.125%, subject to certain provisions in the SMBC Corporate Revolving Facility agreement, with no benchmark rate floor. We pay unused facility fees of 0.375% per annum on committed but undrawn amounts under the SMBC Corporate Revolving Facility. Any amounts borrowed under the SMBC Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on December 3, 2029.
Previous wording
On May 9, 2023, we completed a private offering of $50.0 million aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026 ("Series 2023A Unsecured Notes"). These notes were issued immediately after the repayment of $50.0 million of the Series 2020A Unsecured Notes on July 28, 2023.
Current wording
On February 17, 2021, we completed a private offering of $135.0 million aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the“Series 2021A Unsecured Notes”). The initial issuance of $50.0 million of Series 2021A Unsecured
Previous wording
On February 17, 2021, we completed a private offering of $135.0 million aggregate principal amount of 4.00% senior unsecured notes due February 17, 2026 (the “Series 2021A Unsecured Notes”). The initial issuance of $50.0 million of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021. The Series 2021A Unsecured Notes matured and were repaid on February 17, 2026.
Current wording
Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021. The Series 2021A Unsecured Notes matured and were repaid on February 17, 2026.
Previous wording
On March 9, 2023, in connection with the FCRD Acquisitions, we assumed $111.6 million of unsecured notes ("FCRX Unsecured Notes"). The FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year. The FCRX Unsecured Notes trade on the New York Stock Exchange under the trading symbol “FCRX”.
Current wording
On March 9, 2023, in connection with the FCRD Acquisitions, we assumed $111.6 million of 5.00% unsecured notes ("FCRX Unsecured Notes"). On May 22, 2026, the Company repaid the FCRX Unsecured Notes in full.
Previous wording
(1) For the three months ended March 31, 2026, includes $0.023 and $0.001 million of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.
Current wording
(1) For the three and six months ended June 30, 2026, includes $0.14 and $(0.05), and $0.14 and $(0.03) million, respectively, of the impact related to the interest rate swaps and hedged items Series 2025A Unsecured Notes - 2029.1 and 2031, respectively. There were no interest rate swaps outstanding for the comparative period.
Previous wording
As of March 31, 2026 and December 31, 2025, our asset coverage ratio was 173% and 179%, 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 June 30, 2026 and December 31, 2025, our asset coverage ratio was 169% and 179%, 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 March 31, 2026 and December 31, 2025, we had aggregate unfunded commitments totaling $220.4 million and $211.9 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 June 30, 2026 and December 31, 2025, we had aggregate unfunded commitments totaling $195.2 million and $211.9 million, respectively.
Previous wording
On May 7, 2026, our Board of Directors declared a regular second quarter cash dividend of $0.34 per share, payable on July 15, 2026 to stockholders of record as of June 30, 2026. The Board also declared three special dividends of $0.03 per share, payable on June 15, September 15, and December 15, 2026 to stockholders of record as of May 31, August 31, and November 30, 2026, respectively.
Current wording
On August 6, 2026, the Company's Board of Directors declared a regular third quarter cash dividend of $0.34 per share, payable on October 15, 2026 to stockholders of record as of September 30, 2026.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Interest income, which includes amortization of upfront fees, decreased from $80.0 million for the six months ended June 30, 2025, to $69.2 million for the six months ended June 30, 2026, primarily due to a decline in benchmark rates and restructurings of certain debt investments. Included in interest from investments for the six months ended June 30, 2026 and 2025 are $0.8 million and $1.6 million of accelerated accretion of OID related to paydown activity, respectively.
Current report — wording carried from elsewhere
Dividend income increased from $3.2 million for the six months ended June 30, 2025 to $4.2 million for the six months ended June 30, 2026 due to higher dividend income from our investment in First Eagle Logan JV, LLC and other portfolio companies. For the six months ended June 30, 2026 and 2025, we recorded $0.8 million and $1.9 million of other income related to one-time arranger fees, respectively.
Current report — wording carried from elsewhere
On October 27, 2021, we entered into a senior secured revolving credit agreement, as amended from time to time, with Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent and lender (the “SMBC Corporate Revolving Facility”).
Current report — wording carried from elsewhere
On May 9, 2023, we completed a private offering of $50.0 million aggregate principal amount of 7.54% senior unsecured notes due July 28, 2026 ("Series 2023A Unsecured Notes"). On June 29, 2026, the Company exercised its option to prepay Series 2023A Unsecured Notes in full.