Crescent Capital BDC, Inc. (“Crescent BDC” or “Company”) (NASDAQ:
CCAP) today reported net investment income of $21.7 million, or
$0.59 per share, for the quarter ended September 30, 2023. Reported
net asset value per share was $19.70 at September 30, 2023.
The Company announced that its Board of
Directors (the “Board”) has declared a fourth quarter 2023 regular
cash dividend of $0.41 per share to stockholders of record as of
December 29, 2023, payable on January 16, 2024, and a third quarter
2023 supplemental cash dividend of $0.09 per share to stockholders
of record as of November 30, 2023, payable on December 15,
2023.
Selected Financial Highlights($
in millions, except per share amounts)
|
As of and for the three months ended |
|
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
|
Investments, at fair value |
|
$ |
1,564.8 |
|
$ |
1,581.1 |
|
$ |
1,292.9 |
|
Total assets |
|
$ |
1,624.5 |
|
$ |
1,624.6 |
|
$ |
1,339.3 |
|
Total net assets |
|
$ |
730.3 |
|
$ |
725.8 |
|
$ |
622.6 |
|
Net asset value per share |
|
$ |
19.70 |
|
$ |
19.58 |
|
$ |
20.16 |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
$ |
48.2 |
|
$ |
46.7 |
|
$ |
29.0 |
|
Net investment income |
|
$ |
21.7 |
|
$ |
20.6 |
|
$ |
16.0 |
|
Net realized gains (losses),
net of taxes |
|
$ |
(0.1 |
) |
$ |
(6.6 |
) |
$ |
(2.5 |
) |
Net change in unrealized gains
(losses), net of taxes |
|
$ |
1.0 |
|
$ |
8.6 |
|
$ |
(15.8 |
) |
Net increase (decrease) in net
assets resulting from operations |
|
$ |
22.6 |
|
$ |
22.6 |
|
$ |
(2.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net investment income per
share |
|
$ |
0.59 |
|
$ |
0.56 |
|
$ |
0.52 |
|
Net realized gains (losses)
per share, net of taxes |
|
$ |
(0.00 |
) |
$ |
(0.18 |
) |
$ |
(0.08 |
) |
Net change in unrealized gains
(losses) per share, net of taxes |
|
$ |
0.02 |
|
$ |
0.23 |
|
$ |
(0.51 |
) |
Net increase (decrease) in net
assets resulting from operations per share |
|
$ |
0.61 |
|
$ |
0.61 |
|
$ |
(0.08 |
) |
Regular distributions paid per
share |
|
$ |
0.41 |
|
$ |
0.41 |
|
$ |
0.41 |
|
Supplemental distributions
paid per share |
|
$ |
0.08 |
|
|
- |
|
|
- |
|
Special distributions paid per
share |
|
|
- |
|
|
- |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures1: |
|
|
|
|
|
|
|
|
|
|
Adjusted net investment
income |
|
$ |
21.7 |
|
$ |
20.6 |
|
$ |
13.0 |
|
Adjusted net investment income
per share |
|
$ |
0.59 |
|
$ |
0.56 |
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average yield on
income producing securities (at cost)2 |
|
|
11.9 |
% |
|
11.7 |
% |
|
9.5 |
% |
Percentage of debt investments
at floating rates |
|
|
98.6 |
% |
|
98.6 |
% |
|
98.7 |
% |
Portfolio & Investment Activity
As of September 30, 2023 and June 30, 2023, the
Company had investments in 185 and 187 portfolio companies with an
aggregate fair value of $1,564.8 and $1,581.1 million,
respectively. The portfolio at fair value was comprised of the
following asset types:
Portfolio Asset Types: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
$ in millions |
|
September 30, 2023 |
|
|
June 30, 2023 |
|
Investment Type |
|
Fair Value |
|
Percentage |
|
|
Fair Value |
|
Percentage |
|
Senior secured first lien |
|
$ |
445.0 |
|
28.4 |
% |
|
$ |
445.5 |
|
28.1 |
% |
Unitranche first lien3 |
|
|
938.9 |
|
60.0 |
|
|
|
955.0 |
|
60.4 |
|
Unitranche first lien - last
out3 |
|
|
13.8 |
|
0.9 |
|
|
|
14.3 |
|
0.9 |
|
Senior secured second
lien |
|
|
57.6 |
|
3.7 |
|
|
|
57.2 |
|
3.6 |
|
Unsecured debt |
|
|
6.3 |
|
0.4 |
|
|
|
5.6 |
|
0.4 |
|
Equity & other |
|
|
49.0 |
|
3.1 |
|
|
|
48.9 |
|
3.1 |
|
LLC/LP equity interests |
|
|
54.2 |
|
3.5 |
|
|
|
54.6 |
|
3.5 |
|
Total
investments |
|
$ |
1,564.8 |
|
100.0 |
% |
|
$ |
1,581.1 |
|
100.0 |
% |
For the quarter ended September 30, 2023, the
Company invested $45.1 million across three new portfolio companies
and several follow-on revolver and delayed draw fundings. For this
period, the Company had $62.1 million in aggregate exits, sales and
repayments.
For the quarter ended June 30, 2023, the Company
invested $38.1 million across two new portfolio companies and
several follow-on revolver and delayed draw fundings. For this
period, the Company had $27.6 million in aggregate exits, sales and
repayments.
Results of Operations
Investment income increased to $48.2 million for
the three months ended September 30, 2023 from $46.7 million for
the three months ended June 30, 2023, respectively. Interest
income, which includes amortization of upfront fees, increased to
$44.6 million for the three months ended September 30, 2023 from
$43.1 million for the three months ended June 30, 2023. The
increase was primarily driven by a rise in benchmark rates.
Included in interest from investments for the three months ended
September 30, 2023 and June 30, 2023 are $0.5 million and $0.1
million of accelerated accretion of OID related to paydown
activity, respectively.
Dividend income decreased to $3.2 million for
the three months ended September 30, 2023 from $3.4 million for the
three months ended June 30, 2023. Other income, which includes
consent, waiver, amendment, agency, underwriting and arranger fees,
was $0.4 million and $0.2 million for the three months ended
September 30, 2023 and June 30, 2023, respectively.
For the three months ended September 30, 2023
and June 30, 2023, total net expenses, including income and excise
taxes, totaled $26.4 million and $26.1 million, respectively.
Liquidity and Capital
Resources
As of September 30, 2023, the Company had $22.8
million in cash and cash equivalents and restricted cash and $317.3
million of undrawn capacity on its credit facilities, subject to
borrowing base and other limitations. The weighted average cost of
debt on the Company’s debt outstanding as of September 30, 2023 was
7.01%.
The Company’s debt to equity ratio was 1.18x as of September 30,
2023.
Conference CallThe Company will
host a webcast/conference call on Thursday, November 9, 2023 at
12:00 p.m. (Eastern Time) to discuss its financial results for the
quarter ended September 30, 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) 259-6580Conference ID: 63859906
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.
1) 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:
|
|
For the three months ended |
|
|
|
September 30, 2023 |
|
|
June 30, 2023 |
|
|
September 30, 2022 |
|
$ in
millions, except per share data |
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
GAAP net investment income |
|
$ |
21.7 |
|
|
$ |
0.59 |
|
|
$ |
20.6 |
|
|
$ |
0.56 |
|
|
$ |
16.0 |
|
|
$ |
0.52 |
|
Capital gains based incentive
fee |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3.0 |
) |
|
|
(0.10 |
) |
Adjusted net investment
income |
|
$ |
21.7 |
|
|
$ |
0.59 |
|
|
$ |
20.6 |
|
|
$ |
0.56 |
|
|
$ |
13.0 |
|
|
$ |
0.42 |
|
2) Yield excludes investments
on non-accrual status.
3) 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.
Crescent Capital BDC,
Inc.Consolidated Statements of Assets and
Liabilities(in thousands except share and per
share data)
|
As of September 30, 2023
(Unaudited) |
|
As of December 31, 2022 |
|
Assets |
|
|
|
|
Investments, at fair
value |
|
|
|
|
Non-controlled non-affiliated investments (cost of $1,470,668 and
$1,235,778, respectively) |
$ |
1,448,134 |
|
$ |
1,208,501 |
|
Non-controlled affiliated
investments (cost of $57,149 and $42,040, respectively) |
|
54,714 |
|
|
43,080 |
|
Controlled investments (cost
of $67,725 and $13,638, respectively) |
|
61,980 |
|
|
11,375 |
|
Cash and cash equivalents |
|
5,999 |
|
|
6,397 |
|
Restricted cash and cash
equivalents |
|
16,756 |
|
|
10,670 |
|
Interest and dividend
receivable |
|
14,428 |
|
|
9,945 |
|
Receivable from unsettled
transactions |
|
11,568 |
|
|
5 |
|
Unrealized appreciation on
foreign currency forward contracts |
|
8,846 |
|
|
8,154 |
|
Deferred tax assets |
|
473 |
|
|
91 |
|
Other assets |
|
1,589 |
|
|
4,660 |
|
Total assets |
$ |
1,624,487 |
|
$ |
1,302,878 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
Debt (net of deferred
financing costs of $7,669 and $5,380) |
$ |
856,656 |
|
$ |
654,456 |
|
Distributions payable |
|
15,195 |
|
|
12,664 |
|
Interest and other debt
financing costs payable |
|
7,633 |
|
|
8,471 |
|
Management fees payable |
|
5,024 |
|
|
4,056 |
|
Incentive fees payable |
|
4,524 |
|
|
3,112 |
|
Deferred tax liabilities |
|
1,240 |
|
|
899 |
|
Payable for investment
purchased |
|
- |
|
|
514 |
|
Directors’ fees payable |
|
151 |
|
|
151 |
|
Unrealized depreciation on
foreign currency forward contracts |
|
93 |
|
|
157 |
|
Accrued expenses and other
liabilities |
|
3,705 |
|
|
5,857 |
|
Total liabilities |
$ |
894,221 |
|
$ |
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) |
|
(58,070 |
) |
|
(62,498 |
) |
Total net assets |
$ |
730,266 |
|
$ |
612,541 |
|
Total liabilities and net assets |
$ |
1,624,487 |
|
$ |
1,302,878 |
|
Net asset value per share |
$ |
19.70 |
|
$ |
19.83 |
|
|
Crescent Capital BDC,
Inc.Consolidated Statements of
Operations(in thousands except share and per share
data)(Unaudited)
|
|
For the three months endedSeptember
30, |
|
For the nine months endedSeptember
30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Investment
Income: |
|
|
|
|
|
|
|
|
|
From non-controlled
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
42,578 |
|
$ |
26,047 |
|
$ |
118,080 |
|
$ |
70,490 |
|
Paid-in-kind interest |
|
|
703 |
|
|
401 |
|
|
1,971 |
|
|
1,091 |
|
Dividend income |
|
|
1 |
|
|
18 |
|
|
80 |
|
|
33 |
|
Other income |
|
|
237 |
|
|
174 |
|
|
466 |
|
|
434 |
|
From non-controlled affiliated
investments: |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
770 |
|
|
374 |
|
|
2,122 |
|
|
993 |
|
Paid-in-kind interest |
|
|
384 |
|
|
15 |
|
|
619 |
|
|
2,054 |
|
Dividend income |
|
|
530 |
|
|
400 |
|
|
1,709 |
|
|
3,671 |
|
Other income |
|
|
161 |
|
|
— |
|
|
309 |
|
|
— |
|
From controlled
investments: |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
148 |
|
|
192 |
|
|
468 |
|
|
558 |
|
Paid-in-kind interest |
|
|
— |
|
|
187 |
|
|
192 |
|
|
538 |
|
Dividend income |
|
|
2,640 |
|
|
1,180 |
|
|
8,160 |
|
|
2,280 |
|
Total investment income |
|
|
48,152 |
|
|
28,988 |
|
|
134,176 |
|
|
82,142 |
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
Interest and other debt
financing costs |
|
|
15,379 |
|
|
8,651 |
|
|
43,019 |
|
|
20,693 |
|
Management fees |
|
|
5,073 |
|
|
4,144 |
|
|
14,541 |
|
|
12,235 |
|
Income based incentive
fees |
|
|
4,593 |
|
|
2,717 |
|
|
12,634 |
|
|
8,039 |
|
Capital gains based incentive
fees |
|
|
— |
|
|
(3,103 |
) |
|
— |
|
|
(5,252 |
) |
Professional fees |
|
|
383 |
|
|
306 |
|
|
1,121 |
|
|
1,014 |
|
Directors’ fees |
|
|
151 |
|
|
142 |
|
|
457 |
|
|
373 |
|
Other general and
administrative expenses |
|
|
618 |
|
|
635 |
|
|
2,099 |
|
|
2,001 |
|
Total expenses |
|
|
26,197 |
|
|
13,492 |
|
|
73,871 |
|
|
39,103 |
|
Management fees waiver |
|
|
(49 |
) |
|
(62 |
) |
|
(145 |
) |
|
(175 |
) |
Income based incentive fees
waiver |
|
|
(69 |
) |
|
(45 |
) |
|
(229 |
) |
|
(474 |
) |
Net expenses |
|
|
26,079 |
|
|
13,385 |
|
|
73,497 |
|
|
38,454 |
|
Net investment income before
taxes |
|
|
22,073 |
|
|
15,603 |
|
|
60,679 |
|
|
43,688 |
|
(Benefit) provision for income
and excise taxes |
|
|
350 |
|
|
(350 |
) |
|
890 |
|
|
64 |
|
Net investment
income |
|
|
21,723 |
|
|
15,953 |
|
|
59,789 |
|
|
43,624 |
|
Net realized and
unrealized gains (losses) on investments: |
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
on: |
|
|
|
|
|
|
|
|
|
Non-controlled non-affiliated investments |
|
|
41 |
|
|
(1,285 |
) |
|
(6,202 |
) |
|
21 |
|
Non-controlled affiliated investments |
|
|
— |
|
|
— |
|
|
— |
|
|
7,113 |
|
Controlled investments |
|
|
— |
|
|
(770 |
) |
|
— |
|
|
(2,451 |
) |
Foreign currency transactions |
|
|
(10 |
) |
|
(73 |
) |
|
(68 |
) |
|
(6 |
) |
Foreign currency forward contracts |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
Non-controlled non-affiliated investments and foreign currency
translation |
|
|
476 |
|
|
(14,413 |
) |
|
4,932 |
|
|
(33,152 |
) |
Non-controlled affiliated investments |
|
|
(4,014 |
) |
|
(5,916 |
) |
|
(3,475 |
) |
|
(10,456 |
) |
Controlled investments |
|
|
2,488 |
|
|
(972 |
) |
|
(3,482 |
) |
|
(2,415 |
) |
Foreign currency forward contracts |
|
|
1,994 |
|
|
5,699 |
|
|
755 |
|
|
11,286 |
|
Net realized and unrealized
gains (losses) on investments |
|
|
975 |
|
|
(17,730 |
) |
|
(7,540 |
) |
|
(30,036 |
) |
Benefit (provision) for taxes
on realized gain on investments |
|
|
(120 |
) |
|
(409 |
) |
|
132 |
|
|
(626 |
) |
Benefit (provision) for taxes
on unrealized appreciation (depreciation) on investments |
|
|
43 |
|
|
(192 |
) |
|
598 |
|
|
(20 |
) |
Net increase
(decrease) in net assets resulting from operations |
|
$ |
22,621 |
|
$ |
(2,378 |
) |
$ |
52,979 |
|
$ |
12,942 |
|
|
|
|
|
|
|
|
|
|
|
Per common share
data: |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net
assets resulting from operations per share (basic and
diluted): |
|
$ |
0.61 |
|
$ |
(0.08 |
) |
$ |
1.49 |
|
$ |
0.42 |
|
Net investment income per
share (basic and diluted): |
|
$ |
0.59 |
|
$ |
0.52 |
|
$ |
1.68 |
|
$ |
1.41 |
|
Weighted average shares
outstanding (basic and diluted): |
|
|
37,061,547 |
|
|
30,887,360 |
|
|
35,546,270 |
|
|
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 McMahondaniel.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 September 30, 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 September 30,
2023, which Crescent BDC filed with the SEC on November 8, 2023 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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