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, 2022
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 |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 files). Yes ☐ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒
The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at May 9, 2022 was 30,887,360
CRESCENT CAPITAL BDC, INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022
Table of Contents
|
INDEX
|
PAGE
|
PART I. |
5 |
|
Item 1. |
5 |
|
|
5 |
|
|
Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (Unaudited) |
6 |
|
7 |
|
|
Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (Unaudited) |
8 |
|
Consolidated Schedule of Investments as of March 31, 2022 (Unaudited) |
9 |
|
Consolidated Schedule of Investments as of December 31, 2021 |
28 |
|
47 |
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
69 |
Item 3. |
81 |
|
Item 4. |
82 |
|
PART II. |
83 |
|
Item 1. |
83 |
|
Item 1A |
83 |
|
Item 2. |
84 |
|
Item 3. |
84 |
|
Item 4. |
84 |
|
Item 5. |
84 |
|
Item 6. |
85 |
2
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:
3
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, as amended (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.
4
Crescent Capital BDC, Inc.
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)
|
As of |
|
|
As of |
|
||
Assets |
|
|
|
|
|
||
Investments, at fair value |
|
|
|
|
|
||
Non-controlled non-affiliated (cost of $1,179,753 and $1,150,173, respectively) |
$ |
1,194,625 |
|
|
$ |
1,165,897 |
|
Non-controlled affiliated (cost of $34,915 and $41,242, respectively) |
|
42,297 |
|
|
|
51,701 |
|
Controlled (cost of $53,010 and $53,431, respectively) |
|
51,679 |
|
|
|
52,768 |
|
Cash and cash equivalents |
|
7,315 |
|
|
|
10,069 |
|
Restricted cash and cash equivalents |
|
10,874 |
|
|
|
13,457 |
|
Interest and dividend receivable |
|
6,715 |
|
|
|
6,763 |
|
Unrealized appreciation on foreign currency forward contracts |
|
2,757 |
|
|
|
2,115 |
|
Receivable for Investments Sold |
|
636 |
|
|
|
14,871 |
|
Deferred tax assets |
|
44 |
|
|
|
42 |
|
Other assets |
|
535 |
|
|
|
126 |
|
|
|
|
|
|
|
||
Total assets |
$ |
1,317,477 |
|
|
$ |
1,317,809 |
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
||
Debt (net of deferred financing costs of $6,689 and $6,897) |
$ |
629,130 |
|
|
$ |
631,040 |
|
Distributions payable |
|
12,664 |
|
|
|
12,664 |
|
Incentive fees payable |
|
9,719 |
|
|
|
6,924 |
|
Interest and other debt financing costs payable |
|
3,337 |
|
|
|
5,513 |
|
Management fees payable |
|
3,959 |
|
|
|
3,830 |
|
Unrealized depreciation on foreign currency forward contracts |
|
1,178 |
|
|
|
631 |
|
Deferred tax liabilities |
|
762 |
|
|
|
956 |
|
Directors’ fees payable |
|
117 |
|
|
|
114 |
|
Accrued expenses and other liabilities |
|
2,325 |
|
|
|
3,852 |
|
|
|
|
|
|
|
||
Total liabilities |
$ |
663,191 |
|
|
$ |
665,524 |
|
|
|
|
|
|
|
||
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, 30,887,360 shares issued and outstanding, respectively) |
|
31 |
|
|
|
31 |
|
Paid-in capital in excess of par value |
|
666,162 |
|
|
|
666,162 |
|
Accumulated earnings (loss) |
|
(11,907 |
) |
|
|
(13,908 |
) |
Total net assets |
$ |
654,286 |
|
|
$ |
652,285 |
|
Total liabilities and net assets |
$ |
1,317,477 |
|
|
$ |
1,317,809 |
|
Net asset value per share |
$ |
21.18 |
|
|
$ |
21.12 |
|
See accompanying notes
5
Crescent Capital BDC, Inc.
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
|
|
For the three months ended March 31, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
Investment Income: |
|
|
|
|
|
|
|
||
From non-controlled non-affiliated investments: |
|
|
|
|
|
|
|
||
Interest income |
|
$ |
20,951 |
|
|
$ |
18,087 |
|
|
Paid-in-kind interest |
|
|
315 |
|
|
|
368 |
|
|
Dividend income |
|
|
9 |
|
|
|
516 |
|
|
Other income |
|
|
89 |
|
|
|
92 |
|
|
From non-controlled affiliated investments: |
|
|
|
|
|
|
|
||
Interest income |
|
|
348 |
|
|
|
308 |
|
|
Paid-in-kind interest |
|
|
2,039 |
|
|
|
500 |
|
|
Dividend income |
|
|
2,274 |
|
|
|
- |
|
|
From controlled investments: |
|
|
|
|
|
|
|
||
Interest income |
|
|
182 |
|
|
|
- |
|
|
Paid-in-kind interest |
|
|
174 |
|
|
|
- |
|
|
Dividend income |
|
|
- |
|
|
|
700 |
|
|
Total investment income |
|
|
26,381 |
|
|
|
20,571 |
|
|
|
|
|
|
|
|
|
|
||
Expenses: |
|
|
|
|
|
|
|
||
Interest and other debt financing costs |
|
|
5,471 |
|
|
|
4,194 |
|
|
Management fees |
|
|
4,015 |
|
|
|
3,207 |
|
|
Income based incentive fees |
|
|
2,718 |
|
|
|
2,277 |
|
|
Capital gains based incentive fees |
|
|
721 |
|
|
|
1,577 |
|
|
Professional fees |
|
|
452 |
|
|
|
497 |
|
|
Directors’ fees |
|
|
117 |
|
|
|
119 |
|
|
Other general and administrative expenses |
|
|
696 |
|
|
|
692 |
|
|
Total expenses |
|
|
14,190 |
|
|
|
12,563 |
|
|
Management fees waiver |
|
|
(56 |
) |
|
|
(1,283 |
) |
|
Income based incentive fees waiver |
|
|
(44 |
) |
|
|
(2,277 |
) |
|
Net expenses |
|
|
14,090 |
|
|
|
9,003 |
|
|
Net investment income before taxes |
|
|
12,291 |
|
|
|
11,568 |
|
|
Income and excise taxes |
|
|
154 |
|
|
|
130 |
|
|
Net investment income |
|
|
12,137 |
|
|
|
11,438 |
|
|
Net realized and unrealized gains (losses) on investments: |
|
|
|
|
|
|
|
||
Net realized gain (loss) on: |
|
|
|
|
|
|
|
||
Non-controlled non-affiliated investments |
|
|
1,306 |
|
|
|
1,746 |
|
|
Non-controlled affiliated investments |
|
|
7,113 |
|
|
|
- |
|
|
Foreign currency transactions |
|
|
153 |
|
|
|
9 |
|
|
Foreign currency forward contracts |
|
|
24 |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
||
Non-controlled non-affiliated investments and foreign currency translation |
|
|
(853 |
) |
|
|
7,509 |
|
|
Non-controlled affiliated investments |
|
|
(3,077 |
) |
|
|
(321 |
) |
|
Controlled investments |
|
|
(668 |
) |
|
|
609 |
|
|
Foreign currency forward contracts |
|
|
95 |
|
|
|
695 |
|
|
Net realized and unrealized gains (losses) on investments |
|
|
4,093 |
|
|
|
10,247 |
|
|
Benefit (provision) for taxes on realized gain on investments |
|
|
(217 |
) |
|
|
- |
|
|
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments |
|
|
196 |
|
|
|
(149 |
) |
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
16,209 |
|
|
$ |
21,536 |
|
|
|
|
|
|
|
|
|
|
||
Per common share data: |
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations per share (basic and diluted): |
|
$ |
0.52 |
|
|
$ |
0.76 |
|
|
Net investment income per share (basic and diluted): |
|
$ |
0.39 |
|
|
$ |
0.41 |
|
|
Weighted average shares outstanding (basic and diluted): |
|
|
30,887,360 |
|
|
|
28,167,360 |
|
|
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 |
|
|
Accumulated Earnings (Loss) |
|
|
Total Net Assets |
|
|||||
Balance at December 31, 2021 |
|
30,887,360 |
|
|
$ |
31 |
|
|
$ |
666,162 |
|
|
$ |
(13,908 |
) |
|
$ |
652,285 |
|
Net increase (decrease) in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net investment income |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12,137 |
|
|
|
12,137 |
|
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,596 |
|
|
|
8,596 |
|
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,503 |
) |
|
|
(4,503 |
) |
Benefit (provision) for taxes on realized gain on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(217 |
) |
|
|
(217 |
) |
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
196 |
|
|
|
196 |
|
Distributions to stockholders |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(14,208 |
) |
|
|
(14,208 |
) |
Total increase (decrease) for the three months ended March 31, 2022 |
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,001 |
|
|
$ |
2,001 |
|
Balance at March 31, 2022 |
|
30,887,360 |
|
|
$ |
31 |
|
|
$ |
666,162 |
|
|
$ |
(11,907 |
) |
|
$ |
654,286 |
|
Distributions declared per share |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.46 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Shares |
|
|
Par Amount |
|
|
Paid in Capital in |
|
|
Accumulated Earnings (Loss) |
|
|
Total Net Assets |
|
|||||
Balance at December 31, 2020 |
|
28,167,360 |
|
|
$ |
28 |
|
|
$ |
594,658 |
|
|
$ |
(34,686 |
) |
|
$ |
560,000 |
|
Net increase (decrease) in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net investment income |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
11,438 |
|
|
|
11,438 |
|
Net realized gain (loss) on investments, foreign currency transactions and foreign currency forwards |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,755 |
|
|
|
1,755 |
|
Net change in unrealized appreciation (depreciation) on investments, foreign currency forward contracts and foreign currency translation |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,492 |
|
|
|
8,492 |
|
Benefit (provision) for taxes on unrealized appreciation/(depreciation) on investments |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(149 |
) |
|
|
(149 |
) |
Distributions to stockholders |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(11,549 |
) |
|
|
(11,549 |
) |
Total increase (decrease) for the three months ended March 31, 2022 |
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
9,987 |
|
|
$ |
9,987 |
|
Balance at March 31, 2021 |
|
28,167,360 |
|
|
$ |
28 |
|
|
$ |
594,658 |
|
|
$ |
(24,699 |
) |
|
$ |
569,987 |
|
Distributions declared per share |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.41 |
|
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, |
|
|
|||||
|
|
2022 |
|
|
2021 |
|
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations |
|
$ |
16,209 |
|
|
$ |
21,536 |
|
|
|
|
|
|
|
|
|
|
||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: |
|
|
|
|
|
|
|
||
Purchases of investments |
|
|
(60,014 |
) |
|
|
(88,249 |
) |
|
Paid-in-kind interest income |
|
|
(2,482 |
) |
|
|
(868 |
) |
|
Proceeds from sales of investments and principal repayments |
|
|
49,573 |
|
|
|
77,174 |
|
|
Net realized (gain) loss on investments, foreign currency transactions and foreign currency forward contracts |
|
|
(8,444 |
) |
|
|
(2,330 |
) |
|
Net change in unrealized (appreciation) depreciation on investments and foreign currency translation |
|
|
4,598 |
|
|
|
(7,797 |
) |
|
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts |
|
|
(95 |
) |
|
|
(695 |
) |
|
Amortization of premium and accretion of discount, net |
|
|
(1,509 |
) |
|
|
(1,551 |
) |
|
Amortization of deferred financing costs |
|
|
428 |
|
|
|
361 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
||
(Increase) decrease in receivable for investments sold |
|
|
14,235 |
|
|
|
(57 |
) |
|
(Increase) decrease in interest receivable |
|
|
48 |
|
|
|
(667 |
) |
|
(Increase) decrease in deferred tax asset |
|
|
(2 |
) |
|
|
19 |
|
|
(Increase) decrease in other assets |
|
|
(409 |
) |
|
|
105 |
|
|
Increase (decrease) in management fees payable |
|
|
129 |
|
|
|
57 |
|
|
Increase (decrease) in incentive fees payable |
|
|
2,795 |
|
|
|
1,577 |
|
|
Increase (decrease) in directors’ fees payable |
|
|
3 |
|
|
|
21 |
|
|
Increase (decrease) in interest and other debt financing costs payable |
|
|
(2,176 |
) |
|
|
(541 |
) |
|
Increase (decrease) in deferred tax liability |
|
|
(194 |
) |
|
|
130 |
|
|
Increase (decrease) in accrued expenses and other liabilities |
|
|
(1,527 |
) |
|
|
377 |
|
|
Net cash provided by (used for) operating activities |
|
$ |
11,166 |
|
|
$ |
(1,398 |
) |
|
|
|
|
|
|
|
|
|
||
Cash flows from financing activities: |
|
|
|
|
|
|
|
||
Deferred financing and debt issuance costs paid |
|
|
(221 |
) |
|
|
(725 |
) |
|
Distributions paid |
|
|
(14,208 |
) |
|
|
(11,549 |
) |
|
Borrowings on credit facilities |
|
|
48,837 |
|
|
|
109,950 |
|
|
Repayments on credit facilities |
|
|
(50,955 |
) |
|
|
(132,150 |
) |
|
Issuance of unsecured debt |
|
|
- |
|
|
|
50,000 |
|
|
Repayments on InterNotes ® |
|
|
- |
|
|
|
(16,418 |
) |
|
Net cash provided by (used for) financing activities |
|
|
(16,547 |
) |
|
|
(892 |
) |
|
Effect of exchange rate changes on cash denominated in foreign currency |
|
|
44 |
|
|
|
(5 |
) |
|
Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency |
|
|
(5,337 |
) |
|
|
(2,295 |
) |
|
Cash, cash equivalents, restricted cash and foreign currency, beginning of period |
|
|
23,526 |
|
|
|
14,849 |
|
|
Cash, cash equivalents, restricted cash and foreign currency, end of period(1) |
|
$ |
18,189 |
|
|
$ |
12,554 |
|
|
|
|
|
|
|
|
|
|
||
Supplemental and non-cash financing activities: |
|
|
|
|
|
|
|
||
Cash paid during the period for interest |
|
$ |
7,209 |
|
|
$ |
4,341 |
|
|
Cash paid during the period for taxes |
|
$ |
1,595 |
|
|
$ |
- |
|
|
Accrued but unpaid distributions |
|
$ |
12,664 |
|
|
$ |
11,549 |
|
|
See accompanying notes
8
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |
Maturity/ |
Principal |
|
|
Cost |
|
|
Percentage |
|
|
Fair |
|
||||
Investments (1)(2)(3) |
|
|
|||||||||||||||||
United States |
|
|
|||||||||||||||||
Debt Investments |
|
|
|||||||||||||||||
Automobiles & Components |
|
|
|||||||||||||||||
Auto-Vehicle Parts, LLC (4)(5) |
Senior Secured First Lien Revolver |
|
|
01/2023 |
$ |
— |
|
|
$ |
(1 |
) |
|
|
— |
|
% |
$ |
— |
|
Auto-Vehicle Parts, LLC |
Senior Secured First Lien Term Loan |
L + 550 (100 Floor) |
6.50% |
01/2023 |
|
4,505 |
|
|
|
4,493 |
|
|
|
0.7 |
|
|
|
4,505 |
|
Auto-Vehicle Parts, LLC |
Senior Secured First Lien Term Loan |
L + 550 (100 Floor) |
6.50% |
01/2023 |
|
2,283 |
|
|
|
2,268 |
|
|
|
0.3 |
|
|
|
2,283 |
|
Continental Battery Company |
Unitranche First Lien Term Loan |
L + 675 (100 Floor) |
7.76% |
01/2027 |
|
7,248 |
|
|
|
7,128 |
|
|
|
1.1 |
|
|
|
7,211 |
|
Continental Battery Company |
Unitranche First Lien Delayed Draw Term Loan |
L + 675 (100 Floor) |
7.75% |
01/2027 |
|
2,672 |
|
|
|
2,650 |
|
|
|
0.4 |
|
|
|
2,658 |
|
Sun Acquirer Corp. (5) |
Unitranche First Lien Delayed Draw Term Loan |
L + 575 (75 Floor) |
6.76% |
09/2028 |
|
5,125 |
|
|
|
4,987 |
|
|
|
0.8 |
|
|
|
5,125 |
|
Sun Acquirer Corp. (4)(5) |
Unitranche First Lien Revolver |
|
|
09/2028 |
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
Sun Acquirer Corp. |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
6.76% |
09/2028 |
|
13,011 |
|
|
|
12,770 |
|
|
|
2.0 |
|
|
|
13,011 |
|
Sun Acquirer Corp. |
Unitranche First Lien Term Loan |
L + 575 (75 Floor) |
6.76% |
09/2028 |
|
2,500 |
|
|
|
2,451 |
|
|
|
0.4 |
|
|
|
2,500 |
|
|
|
|
|
|
|
37,344 |
|
|
|
36,713 |
|
|
|
5.7 |
|
|
|
37,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Envocore Holding, LLC (7)(8) |
Senior Secured First Lien Term Loan |
750 |
7.50% |
12/2025 |
|
6,927 |
|
|
|
6,856 |
|
|
|
1.0 |
|
|
|
6,756 |
|
Envocore Holding, LLC (7)(8) |
Senior Secured Second Lien Term Loan |
1000 PIK |
10.00% |
12/2026 |
|
7,118 |
|
|
|
6,160 |
|
|
|
0.9 |
|
|
|
5,625 |
|
Envocore Holding, LLC (4)(5)(7)(8) |
Senior Secured First Lien Revolver |
750 |
|
12/2025 |
|
— |
|
|
|
(6 |
) |
|
|
(0.0 |
) |
|
|
(68 |
) |
Eshipping |
Senior Secured First Lien Term Loan |
L + 575 (100 Floor) |
6.75% |
11/2027 |
|
8,030 |
|
|
|
7,879 |
|
|
|
1.2 |
|
|
|
8,030 |
|
Eshipping (4)(5) |
Senior Secured First Lien Delayed Draw Term Loan |
|
|
11/2027 |
|
— |
|
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
Eshipping (5) |
Senior Secured First Lien Revolver |
L + 575 (100 Floor) |
6.75% |
11/2027 |
|
513 |
|
|
|
491 |
|
|
|
0.1 |
|
|
|
513 |
|
Painters Supply & Equipment Company (4)(5) |
Unitranche First Lien Delayed Draw Term Loan |
|
|
08/2027 |
|
— |
|
|
|
(8 |
) |
|
|
(0.0 |
) |
|
|
(20 |
) |
Painters Supply & Equipment Company (5) |
Unitranche First Lien Revolver |
L + 575 (100 Floor) |
6.75% |
08/2027 |
|
158 |
|
|
|
149 |
|
|
|
0.0 |
|
|
|
147 |
|
Painters Supply & Equipment Company |
Unitranche First Lien Term Loan |
L + 575 (100 Floor) |
6.76% |
08/2027 |
|
2,040 |
|
|
|
2,003 |
|
|
|
0.3 |
|
|
|
1,994 |
|
Potter Electric Signal Company |
Senior Secured First Lien Delayed Draw Term Loan |
L + 475 (100 Floor) |
5.75% |
12/2025 |
|
1,117 |
|
|
|
1,104 |
|
|
|
0.2 |
|
|
|
1,106 |
|
Potter Electric Signal Company (5) |
Senior Secured First Lien Revolver |
L + 475 (100 Floor) |
5.75% |
12/2024 |
|
207 |
|
|
|
204 |
|
|
|
0.0 |
|
|
|
201 |
|
Potter Electric Signal Company |
Senior Secured First Lien Term Loan |
L + 475 (100 Floor) |
5.75% |
12/2025 |
|
2,448 |
|
|
|
2,435 |
|
|
|
0.4 |
|
|
|
2,424 |
|
9
CRESCENT CAPITAL BDC, INC. |
|
||||||||||||||||||
Company/Security/Country |
Investment Type |
Interest |
Interest |