Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ:
CCAP) today reported net investment income of $17.5 million, or
$0.54 per share, for the quarter ended March 31, 2023. Reported net
asset value per share was $19.38 at March 31, 2023.
On March 9, 2023, the Company completed its
previously announced acquisition of First Eagle Alternative Capital
BDC, Inc. (“First Eagle BDC”) (formerly NASDAQ: FCRD).
The Company announced that its Board of
Directors declared a regular cash dividend for the second quarter
of 2023 of $0.41 per share, which will be paid on July 17, 2023 to
stockholders of record as of the close of business on June 30,
2023.
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Selected Financial Highlights ($ in millions,
except per share amounts) |
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As of and for the three months ended |
|
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March 31, 2023 |
|
|
December 31, 2022 |
|
|
March 31, 2022 |
|
Investments, at fair value |
|
$ |
|
1,566.0 |
|
|
$ |
|
1,263.0 |
|
|
$ |
|
1,288.6 |
|
Total assets |
|
$ |
|
1,631.1 |
|
|
$ |
|
1,302.9 |
|
|
$ |
|
1,317.5 |
|
Total net assets |
|
$ |
|
718.4 |
|
|
$ |
|
612.5 |
|
|
$ |
|
654.3 |
|
Net asset value per share |
|
$ |
|
19.38 |
|
|
$ |
|
19.83 |
|
|
$ |
|
21.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
|
39.3 |
|
|
$ |
|
34.6 |
|
|
$ |
|
26.4 |
|
Net investment income |
|
$ |
|
17.5 |
|
|
$ |
|
16.1 |
|
|
$ |
|
12.1 |
|
Net realized gains (losses), net of taxes |
|
$ |
|
0.5 |
|
|
$ |
|
(0.0 |
) |
|
$ |
|
8.4 |
|
Net change in unrealized gains (losses), net of taxes |
|
$ |
|
(10.2 |
) |
|
$ |
|
(13.5 |
) |
|
$ |
|
(4.3 |
) |
Net increase (decrease) in net assets resulting from
operations |
|
$ |
|
7.8 |
|
|
$ |
|
2.6 |
|
|
$ |
|
16.2 |
|
|
|
|
|
|
|
|
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|
|
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Net investment income per share |
|
$ |
|
0.54 |
|
|
$ |
|
0.52 |
|
|
$ |
|
0.39 |
|
Net realized gains (losses) per share, net of taxes |
|
$ |
|
0.01 |
|
|
$ |
|
(0.00 |
) |
|
$ |
|
0.27 |
|
Net change in unrealized gains (losses) per share, net of
taxes |
|
$ |
|
(0.31 |
) |
|
$ |
|
(0.44 |
) |
|
$ |
|
(0.14 |
) |
Net increase (decrease) in net assets resulting from operations per
share |
|
$ |
|
0.24 |
|
|
$ |
|
0.08 |
|
|
$ |
|
0.52 |
|
Regular distributions paid per share |
|
$ |
|
0.41 |
|
|
$ |
|
0.41 |
|
|
$ |
|
0.41 |
|
Special distributions paid per share |
|
|
|
- |
|
|
|
|
- |
|
|
$ |
|
0.05 |
|
|
|
|
|
|
|
|
|
|
|
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|
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Non-GAAP Financial Measures1: |
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Adjusted net investment income |
|
$ |
|
17.5 |
|
|
$ |
|
15.0 |
|
|
$ |
|
12.9 |
|
Adjusted net investment income per share |
|
$ |
|
0.54 |
|
|
$ |
|
0.49 |
|
|
$ |
|
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average yield on income producing securities (at
cost)2 |
|
|
|
11.4 |
% |
|
|
|
10.8 |
% |
|
|
|
7.5 |
% |
Percentage of debt investments at floating rates |
|
|
|
98.6 |
% |
|
|
|
98.8 |
% |
|
|
|
98.8 |
% |
Portfolio & Investment
Activity
As of March 31, 2023 and December 31, 2022, the
Company had investments in 187 and 129 portfolio companies with an
aggregate fair value of $1,566.0 and $1,263.0 million,
respectively. The portfolio at fair value was comprised of the
following asset types:
Portfolio Asset Types: |
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As of |
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$ in millions |
|
March 31, 2023 |
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|
December 31, 2022 |
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|
Investment Type |
|
Fair Value |
|
|
Percentage |
|
|
|
Fair Value |
|
|
Percentage |
|
|
Senior secured first lien |
|
$ |
|
445.5 |
|
|
|
28.4 |
|
% |
|
$ |
|
301.0 |
|
|
|
23.8 |
|
% |
Unitranche first lien3 |
|
|
|
933.8 |
|
|
|
59.6 |
|
|
|
|
|
824.1 |
|
|
|
65.2 |
|
|
Unitranche first lien - last out3 |
|
|
|
13.9 |
|
|
|
0.9 |
|
|
|
|
|
13.8 |
|
|
|
1.1 |
|
|
Senior secured second lien |
|
|
|
62.3 |
|
|
|
4.0 |
|
|
|
|
|
60.9 |
|
|
|
4.8 |
|
|
Unsecured debt |
|
|
|
4.9 |
|
|
|
0.3 |
|
|
|
|
|
4.5 |
|
|
|
0.4 |
|
|
Equity & other |
|
|
|
49.2 |
|
|
|
3.2 |
|
|
|
|
|
44.9 |
|
|
|
3.6 |
|
|
LLC/LP equity interests |
|
|
|
56.4 |
|
|
|
3.6 |
|
|
|
|
|
13.8 |
|
|
|
1.1 |
|
|
Total investments |
|
$ |
|
1,566.0 |
|
|
|
100.0 |
|
% |
|
$ |
|
1,263.0 |
|
|
|
100.0 |
|
% |
For the quarter ended March 31, 2023, the
Company acquired $335.0 million of investments at cost across 63
new portfolio companies in connection with its acquisition of First
Eagle BDC. Additionally, the Company invested $29.0 million across
three existing portfolio companies and several follow-on revolver
and delayed draw fundings. For this period, the Company had $54.4
million in aggregate exits, sales and repayments. For the quarter
ended December 31, 2022, the Company invested $45.9 million across
5 existing portfolio companies and several follow-on revolver and
delayed draw fundings. For this period, the Company had $71.5
million in aggregate exits, sales and repayments.
Results of Operations
For the three months ended March 31, 2023 and
2022, investment income totaled $39.3 million and $26.4 million,
respectively. Interest income, which includes amortization of
upfront fees, increased from $24.0 million for the three months
ended March 31, 2022 to $35.9 million for the three months ended
March 31, 2023, due to a rise in benchmark rates and a larger
income producing portfolio. Included in interest from investments
for the three months ended March 31, 2023 and 2022 are $0.1 million
and $0.3 million of accelerated accretion of OID related to paydown
activity, respectively. Dividend income increased from $2.3 million
for the three months ended March 31, 2022 to $3.4 million for the
three months ended March 31, 2023 due to higher dividend
distributions from the Company’s portfolio companies. Other income,
which includes consent, waiver, amendment, agency, underwriting and
arranger fees, was $0.0 million and $0.1 million for the three
months ended March 31, 2023 and 2022, respectively.
For the three months ended March 31, 2023 and
2022, total net expenses, including income and excise taxes,
totaled $21.8 million and $14.3 million, respectively. The increase
was primarily driven by interest and other debt financing costs,
which increased from $5.5 million for the three months ended March
31, 2022 to $12.4 million for the three months ended March 31, 2023
due to higher weighted average debt outstanding and a higher
weighted average cost of debt related to a rise in benchmark
rates.
Liquidity and Capital
Resources
As of March 31, 2023, the Company had $34.5
million in cash and cash equivalents and restricted cash and $297.3
million of undrawn capacity on its credit facilities, subject to
borrowing base and other limitations. The weighted average interest
rate on the Company’s debt outstanding as of March 31, 2023 was
6.52%.
The Company’s debt to equity ratio was 1.23x as
of March 31, 2023.
Non-GAAP Financial Measures
On a supplemental basis, the Company is
disclosing adjusted net investment income and adjusted net
investment income per share, each of which is a financial measure
that is calculated and presented on a basis of methodology other
than in accordance with U.S. GAAP (“non-GAAP”). Adjusted net
investment income represents net investment income, excluding
capital gains incentive fees. We use this non-GAAP financial
measure internally to analyze and evaluate financial results and
performance and believe that this non-GAAP financial measure is
useful to investors as an additional tool to evaluate ongoing
results and trends without giving effect to capital gains incentive
fees. The Company’s investment advisory agreement provides that a
capital gains-based incentive fee is determined and paid annually
with respect to realized capital gains (but not unrealized capital
appreciation) to the extent such realized capital gains exceed
realized capital losses and unrealized capital depreciation on a
cumulative basis. We believe that adjusted net investment income is
a useful performance measure because it reflects the net investment
income produced on the Company’s investments during a period
without giving effect to any changes in the value of such
investments and any related capital gains incentive fees between
periods. The presentation of adjusted net investment income is not
intended to be a substitute for financial results prepared in
accordance with GAAP and should not be considered in isolation.
The following table provides an unaudited
reconciliation of net investment income (the most comparable U.S.
GAAP measure) to adjusted net investment income for the periods
presented:
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For the three months ended |
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March 31, 2023 |
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December 31, 2022 |
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|
March 31, 2022 |
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$ in millions, except per share data |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
GAAP net investment income |
|
$ |
|
17.5 |
|
|
$ |
|
0.54 |
|
|
$ |
|
16.1 |
|
|
$ |
|
0.52 |
|
|
$ |
|
12.1 |
|
|
$ |
|
0.39 |
|
Capital gains based incentive fee |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1.1 |
) |
|
|
|
(0.03 |
) |
|
|
|
0.8 |
|
|
|
|
0.03 |
|
Adjusted net investment income |
|
$ |
|
17.5 |
|
|
$ |
|
0.54 |
|
|
$ |
|
15.0 |
|
|
$ |
|
0.49 |
|
|
$ |
|
12.9 |
|
|
$ |
|
0.42 |
|
Conference Call
The Company will host a webcast/conference call
on Thursday, May 11, 2023 at 12:00 p.m. (Eastern Time) to discuss
its financial results for the quarter ended March 31, 2023. Please
visit Crescent BDC’s webcast link located on the Events &
Presentations page of the Investor Relations section of Crescent
BDC’s website for a slide presentation that complements the
earnings conference call.
All interested parties are invited to
participate via telephone or the live webcast, which will be hosted
on a webcast link located on the Events & Presentations page of
the Investor Resources section of Crescent BDC’s website at
www.crescentbdc.com. Please visit the website to test your
connection before the webcast. Participants are also invited to
access the conference call by dialing the following number:
Toll Free: (888) 886-7786 Conference ID:
29533312
All callers will need to enter the Conference ID
followed by the # sign and reference “Crescent BDC” once connected
with the operator. An archived replay will be available via a
webcast link located on the Investor Relations section of Crescent
BDC's website.
Endnotes
Note: Numbers may not sum due to rounding.
- See “Non-GAAP Financial Measures”
above for a description of this non-GAAP measure and a
reconciliation from net investment income to adjusted net
investment income. The Company's management uses this non-GAAP
financial measure internally to analyze and evaluate financial
results and performance and believes that this non-GAAP financial
measure is useful to investors as an additional tool to evaluate
ongoing results and trends for the Company without giving effect to
capital gains incentive fees. The presentation of adjusted net
investment income is not intended to be a substitute for financial
results prepared in accordance with GAAP and should not be
considered in isolation.
- Yield excludes investments on
non-accrual status.
- Unitranche loans are first lien
loans that may extend deeper in a company’s capital structure than
traditional first lien debt and may provide for a waterfall of cash
flow priority among different lenders in the unitranche loan. In
certain instances, the Company may find another lender to provide
the “first out” portion of such loan and retain the “last out”
portion of such loan, in which case, the “first out” portion of the
loan would generally receive priority with respect to payment of
principal, interest and any other amounts due thereunder over the
“last out” portion that the Company would continue to hold. In
exchange for the greater risk of loss, the “last out” portion earns
a higher interest rate.
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Crescent Capital BDC, Inc. Consolidated
Statements of Assets and Liabilities (in thousands
except share and per share data) |
|
|
|
|
As of March 31, 2023
(Unaudited) |
|
|
As of December 31, 2022 |
|
Assets |
|
|
|
|
|
Investments, at fair value |
|
|
|
|
|
Non-controlled non-affiliated (cost of $1,485,720 and $1,235,778,
respectively) |
$ |
1,453,364 |
|
|
$ |
1,208,501 |
|
Non-controlled affiliated (cost of $48,433 and $42,040,
respectively) |
|
49,838 |
|
|
|
43,080 |
|
Controlled (cost of $69,435 and $13,638, respectively) |
|
62,843 |
|
|
|
11,375 |
|
Cash and cash equivalents |
|
21,447 |
|
|
|
6,397 |
|
Restricted cash and cash equivalents |
|
13,026 |
|
|
|
10,670 |
|
Interest and dividend receivable |
|
13,455 |
|
|
|
9,945 |
|
Unrealized appreciation on foreign currency forward contracts |
|
7,510 |
|
|
|
8,154 |
|
Deferred tax assets |
|
74 |
|
|
|
91 |
|
Receivable for investments sold |
|
7,687 |
|
|
|
5 |
|
Other assets |
|
1,899 |
|
|
|
4,660 |
|
Total assets |
$ |
1,631,143 |
|
|
$ |
1,302,878 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Debt (net of deferred financing costs of $8,540 and $5,380) |
$ |
875,791 |
|
|
$ |
654,456 |
|
Distributions payable |
|
15,195 |
|
|
|
12,664 |
|
Interest and other debt financing costs payable |
|
6,976 |
|
|
|
8,471 |
|
Management fees payable |
|
4,410 |
|
|
|
4,056 |
|
Incentive fees payable |
|
3,603 |
|
|
|
3,112 |
|
Deferred tax liabilities |
|
1,478 |
|
|
|
899 |
|
Payable for investment purchased |
|
- |
|
|
|
514 |
|
Directors’ fees payable |
|
168 |
|
|
|
151 |
|
Unrealized depreciation on foreign currency forward contracts |
|
173 |
|
|
|
157 |
|
Accrued expenses and other liabilities |
|
4,929 |
|
|
|
5,857 |
|
Total liabilities |
$ |
912,723 |
|
|
$ |
690,337 |
|
|
|
|
|
|
|
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, 37,061,547 and 30,887,360 shares issued and
outstanding, respectively) |
|
37 |
|
|
|
31 |
|
Paid-in capital in excess of par value |
|
788,299 |
|
|
|
675,008 |
|
Accumulated earnings (loss) |
|
(69,916 |
) |
|
|
(62,498 |
) |
Total net assets |
$ |
718,420 |
|
|
$ |
612,541 |
|
Total liabilities and net assets |
$ |
1,631,143 |
|
|
$ |
1,302,878 |
|
Net asset value per share |
$ |
19.38 |
|
|
$ |
19.83 |
|
|
|
Crescent Capital BDC, Inc. Consolidated
Statements of Operations (in thousands except
share and per share data)
(Unaudited) |
|
|
|
|
|
For the three months ended March
31, |
|
|
|
2023 |
|
|
2022 |
|
Investment Income: |
|
|
|
|
|
|
From non-controlled non-affiliated investments: |
|
|
|
|
|
|
Interest income |
|
$ |
34,245 |
|
|
$ |
20,951 |
|
Paid-in-kind interest |
|
|
618 |
|
|
|
315 |
|
Dividend income |
|
|
4 |
|
|
|
9 |
|
Other income |
|
|
46 |
|
|
|
89 |
|
From non-controlled affiliated investments: |
|
|
|
|
|
|
Interest income |
|
|
612 |
|
|
|
348 |
|
Paid-in-kind interest |
|
|
49 |
|
|
|
2,039 |
|
Dividend income |
|
|
628 |
|
|
|
2,274 |
|
Other income |
|
|
- |
|
|
|
- |
|
From controlled investments: |
|
|
|
|
|
|
Interest income |
|
|
167 |
|
|
|
182 |
|
Paid-in-kind interest |
|
|
192 |
|
|
|
174 |
|
Dividend income |
|
|
2,720 |
|
|
|
- |
|
Total investment income |
|
|
39,281 |
|
|
|
26,381 |
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
Interest and other debt financing costs |
|
|
12,370 |
|
|
|
5,471 |
|
Management fees |
|
|
4,456 |
|
|
|
4,015 |
|
Income based incentive fees |
|
|
3,692 |
|
|
|
2,718 |
|
Capital gains based incentive fees |
|
|
- |
|
|
|
721 |
|
Professional fees |
|
|
311 |
|
|
|
452 |
|
Directors’ fees |
|
|
168 |
|
|
|
117 |
|
Other general and administrative expenses |
|
|
726 |
|
|
|
696 |
|
Total expenses |
|
|
21,723 |
|
|
|
14,190 |
|
Management fees waiver |
|
|
(46 |
) |
|
|
(56 |
) |
Income based incentive fees waiver |
|
|
(89 |
) |
|
|
(44 |
) |
Net expenses |
|
|
21,588 |
|
|
|
14,090 |
|
Net investment income before taxes |
|
|
17,693 |
|
|
|
12,291 |
|
(Benefit) provision for income and excise taxes |
|
|
201 |
|
|
|
154 |
|
Net investment income |
|
|
17,492 |
|
|
|
12,137 |
|
Net realized and unrealized gains (losses) on
investments: |
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
Non-controlled non-affiliated investments |
|
|
252 |
|
|
|
1,306 |
|
Non-controlled affiliated investments |
|
|
- |
|
|
|
7,113 |
|
Controlled investments |
|
|
- |
|
|
|
- |
|
Foreign currency transactions |
|
|
- |
|
|
|
153 |
|
Foreign currency forward contracts |
|
|
- |
|
|
|
24 |
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
Non-controlled non-affiliated investments and foreign currency
translation |
|
|
(5,554 |
) |
|
|
(853 |
) |
Non-controlled affiliated investments |
|
|
365 |
|
|
|
(3,077 |
) |
Controlled investments |
|
|
(4,329 |
) |
|
|
(668 |
) |
Foreign currency forward contracts |
|
|
(661 |
) |
|
|
95 |
|
Net realized and unrealized gains (losses) on investments |
|
|
(9,927 |
) |
|
|
4,093 |
|
Benefit (provision) for taxes on realized gain on investments |
|
|
252 |
|
|
|
(217 |
) |
Benefit (provision) for taxes on unrealized appreciation
(depreciation) on investments |
|
|
(40 |
) |
|
|
196 |
|
Net increase (decrease) in net assets resulting from
operations |
|
$ |
7,777 |
|
|
$ |
16,209 |
|
|
|
|
|
|
|
|
Per common share data: |
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations per
share (basic and diluted): |
|
$ |
0.24 |
|
|
$ |
0.52 |
|
Net investment income per share (basic and diluted): |
|
$ |
0.54 |
|
|
$ |
0.39 |
|
Weighted average shares outstanding (basic and diluted): |
|
|
32,465,208 |
|
|
|
30,887,360 |
|
About Crescent BDC
Crescent BDC is a business development company
that seeks to maximize the total return of its stockholders in the
form of current income and capital appreciation by providing
capital solutions to middle market companies with sound business
fundamentals and strong growth prospects. Crescent BDC utilizes the
extensive experience, origination capabilities and disciplined
investment process of Crescent. Crescent BDC is externally managed
by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent
BDC has elected to be regulated as a business development company
under the Investment Company Act of 1940. For more information
about Crescent BDC, visit www.crescentbdc.com. However, the
contents of such website are not and should not be deemed to be
incorporated by reference herein.
About Crescent Capital
Group
Crescent is a global credit investment manager
with over $40 billion of assets under management. For over 30
years, the firm has focused on below investment grade credit
through strategies that invest in marketable and privately
originated debt securities including senior bank loans, high yield
bonds, as well as private senior, unitranche and junior debt
securities. Crescent is headquartered in Los Angeles with offices
in New York, Boston, Chicago and London with more than 200
employees globally. Crescent is a part of SLC Management, the
institutional alternatives and traditional asset management
business of Sun Life. For more information about Crescent, visit
www.crescentcap.com. However, the contents of such website are not
and should not be deemed to be incorporated by reference
herein.
Contact:
Dan McMahon
daniel.mcmahon@crescentcap.com
212-364-0149
Forward-Looking Statements
This press release, and other statements that
Crescent BDC may make, may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act,
with respect to Crescent BDC’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,”
“expect,” “anticipate,” “current,” “intention,” “estimate,”
“position,” “assume,” “outlook,” “continue,” “remain,” “maintain,”
“sustain,” “seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
Crescent BDC cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which may change over time. Forward-looking
statements speak only as of the date they are made, and Crescent
BDC assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially
from those anticipated in forward-looking statements and future
results could differ materially from historical performance.
In addition to factors previously disclosed in
Crescent BDC’s SEC reports and those identified elsewhere in this
press release, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: (1) our future operating results; (2)
our business prospects and the prospects of our portfolio
companies; (3) the impact of investments that we expect to make;
(4) our contractual arrangements and relationships with third
parties; (5) the dependence of our future success on the general
economy and its impact on the industries in which we invest; (6)
the financial condition of and ability of our current and
prospective portfolio companies to achieve their objectives; (7)
our expected financings and investments; (8) the adequacy of our
cash resources and working capital, including our ability to obtain
continued financing on favorable terms; (9) the timing of cash
flows, if any, from the operations of our portfolio companies; (10)
the impact of increased competition; (11) the ability of our
investment adviser to locate suitable investments for us and to
monitor and administer our investments; (12) potential conflicts of
interest in the allocation of opportunities between us and other
investment funds managed by our investment adviser or its
affiliates; (13) the ability of our investment adviser to attract
and retain highly talented professionals; (14) changes in law and
policy accompanying the new administration and uncertainty pending
any such changes; (15) increased geopolitical unrest, terrorist
attacks or acts of war, which may adversely affect the general
economy, domestic and local financial and capital markets, or the
specific industries of our portfolio companies; (16) changes and
volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets; (17) the unfavorable resolution of legal
proceedings; and (18) the impact of changes to tax legislation and,
generally, our tax position.
Crescent BDC’s Annual Report on Form 10-K for
the year ended December 31, 2022 and quarterly report on Form 10-Q
for the quarter ended March 31, 2023, each filed with the SEC,
identify additional factors that can affect forward-looking
statements.
Other Information
The information in this press release is summary
information only and should be read in conjunction with Crescent
BDC’s annual report on Form 10-K for the year ended December 31,
2022, which Crescent BDC filed with the U.S. Securities and
Exchange Commission (the SEC) on February 22, 2023, Crescent BDC’s
quarterly report on Form 10-Q for the quarter ended March 31, 2023,
which Crescent BDC filed with the SEC on May 10, 2023 s on Form
10-Q as well as Crescent BDC’s other reports filed with the SEC. A
copy of Crescent BDC’s annual report on Form 10-K for the year
ended December 31, 2022, Crescent BDC’s quarterly reports on Form
10-Q and Crescent BDC’s other reports filed with the SEC can be
found on Crescent BDC’s website at www.crescentbdc.com and the
SEC’s website at www.sec.gov.
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