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Here are 1-2 brief analogies for Crescent Capital BDC (CCAP):

• Like Goldman Sachs' private lending arm, but a standalone public company focused on mid-sized businesses.
• A publicly traded private equity firm (like Blackstone or KKR) that primarily lends to mid-sized companies.

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• Senior Secured First Lien Debt: Loans that hold the highest priority claim on a borrower's assets, including unitranche loans.
• Second Lien Senior Secured Debt: Loans that are secured by a borrower's assets but are subordinate to first lien debt.
• Equity Investments: Direct investments in the common or preferred stock of private middle-market companies.

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Crescent Capital BDC (CCAP) operates as a Business Development Company (BDC). As such, it does not have "major customers" in the traditional sense of companies purchasing goods or services. Instead, CCAP's business model involves providing financing (primarily debt and, to a lesser extent, equity) to a diverse portfolio of middle-market companies. Its revenue is derived from interest income and capital gains from these investments.

Therefore, rather than listing specific customer companies, the "customers" of CCAP are best described by the categories of companies within its investment portfolio. These are generally private companies seeking capital for various purposes. Crescent Capital BDC serves:

• U.S. Middle-Market Companies: These are privately held businesses, typically with annual revenues ranging from $10 million to $1 billion. CCAP provides capital to support their growth initiatives, acquisitions, recapitalizations, and other strategic objectives.
• Companies Across Diverse Industries: CCAP's investment portfolio is generally diversified across a broad range of industries. While specific sectors may vary over time, common industries include business services, software, healthcare services, manufacturing, consumer products, and others, to mitigate concentration risk.
• Private Equity-Sponsored Companies: A significant portion of CCAP's portfolio companies are often backed by private equity sponsors. CCAP partners with these sponsors to provide debt financing solutions for their portfolio companies.

Due to the nature of a BDC's business, the portfolio companies are typically not publicly traded, and their individual names are not disclosed as "major customers" in financial reports, but rather as part of a diversified investment portfolio.

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• Crescent Cap Advisors, LLC
• Sumitomo Mitsui Banking Corporation (parent company: Sumitomo Mitsui Financial Group, Inc., symbol: SMFG)
• Wells Fargo Bank, National Association (parent company: Wells Fargo & Company, symbol: WFC)
• Citibank, N.A. (parent company: Citigroup Inc., symbol: C)
• U.S. Bank National Association (parent company: U.S. Bancorp, symbol: USB)

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Jason A. Breaux, Chief Executive Officer
Mr. Breaux is the Chief Executive Officer of Crescent Capital BDC, Inc. and serves as Chairman of its Advisor's investment committee. He also serves as a Managing Director of Crescent Capital Group within private credit and is a member of Crescent's Management Committee. Prior to joining Crescent in 2000, he worked in the mergers and acquisitions group at Robertson Stephens and in the investment banking division of Salomon Brothers.

Gerhard Lombard, Chief Financial Officer
Mr. Lombard serves as the Chief Financial Officer of Crescent Capital BDC, Inc. and also as Chief Financial Officer of Crescent Capital Group LP. Before joining Crescent Capital in 2016, Mr. Lombard was Chief Financial Officer and Treasurer of Whitehorse Finance Inc., a publicly traded business development company managed by H.I.G. Capital. Prior to that, he was Group Controller and Chief Accounting Officer for Churchill Financial Group, and earlier in his career, he spent approximately 11 years at Ernst & Young LLP.

Henry Chung, President
Mr. Chung is President of Crescent Capital BDC, Inc. and a member of its Advisor's investment committee. He also serves as a Managing Director of Crescent Capital Group focusing on private credit. Prior to joining the team in 2015, Mr. Chung was a member of the Corporate Finance Division of Imperial Capital, specializing in leveraged finance, and previously worked at Trinity Capital LLC, a boutique investment bank.

Christopher G. Wright, President of Crescent Capital Group LP & Head of Private Markets
Mr. Wright is the President of Crescent Capital Group, the parent company, and Head of Private Markets. He serves on various committees at Crescent, including the Operating Committee, Executive Committee, and multiple Investment Committees. Before joining Crescent in 2001, he worked at General Electric Company in various finance roles. He was also previously a Director at Crescent Capital BDC, Inc. Mr. Wright has held positions as a Managing Director at TCW Asset Management Co. LLC, which had a private equity division.

Erik Barrios, Chief Compliance Officer
Mr. Barrios is the Chief Compliance Officer of Crescent Capital BDC, Inc. He also serves as Senior Vice President, Legal Counsel, and Deputy Chief Compliance Officer for Crescent Capital Group LP. Before joining Crescent in 2022, Mr. Barrios was Vice President, Legal & Compliance at The Carlyle Group, where he served as the chief compliance officer and corporate secretary for the business development companies within the firm's Global Credit platform.

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The key risks to Crescent Capital BDC (CCAP) largely stem from its operational model as a business development company (BDC), which involves lending to and investing in private and small-cap businesses.

1. Credit Risk and Portfolio Quality: Crescent Capital BDC faces significant risks related to the credit quality of its investment portfolio companies. A considerable portion of its portfolio has been classified as non-accrual, indicating a heightened risk of default or underperformance. Deterioration in the financial health of these private middle-market companies, whether due to economic downturns, industry-specific challenges, or exposure to factors like tariffs, can lead to increased credit losses, lower recovery rates, and erosion of net asset value (NAV) per share.
2. Interest Rate Volatility: The company is highly sensitive to fluctuations in interest rates. A substantial majority of CCAP's debt investments are floating rate, meaning their income streams are directly affected by changes in benchmark rates like the Federal Reserve's policy shifts. While rising rates can increase interest income, a prolonged lower rate environment or faster-than-expected rate drops could lead to investment spread compression. This could erode loan yields more rapidly than the company can offset through other means, potentially reducing net interest margin and impacting its ability to cover dividends.
3. Intense Competition and M&A Slowdown: Crescent Capital BDC operates in a highly competitive landscape, vying for deal flow with other BDCs, private equity firms, and traditional banks. An intensification of this competition or a slowdown in mergers and acquisitions (M&A) activity and leveraged buyout (LBO) volumes can negatively impact the business. Such conditions could force CCAP to accept less favorable terms, such as weaker documentation, higher leverage, or narrower spreads to maintain its deployment levels, thereby increasing long-term credit risk and potentially leading to declining net margins.

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The increasing application of advanced data analytics and artificial intelligence in credit underwriting and loan management within the middle-market direct lending space.

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1. Favorable Interest Rate Environment: A significant portion, approximately 97%, of Crescent Capital BDC's debt investments are floating rate. Therefore, a stable or increasing base interest rate environment would directly translate to higher interest income and, consequently, increased revenue for the company.
2. Consistent Capital Deployment and Origination: Growth in revenue is expected to be driven by CCAP's ability to consistently deploy capital into new and existing middle-market companies. The company has highlighted a strategy of seeking out opportunistic refinancing and accretive merger and acquisition (M&A) add-on opportunities within its existing borrower base, which served as a strong source of capital deployment in 2024. Expanding its investment portfolio with sound and growing companies will increase its asset base and associated interest income.
3. Enhanced Distributions from the Logan Joint Venture: The Logan joint venture has been identified as a contributor to increases in net investment income. Continued robust performance and potentially higher distributions from this venture are expected to be a driver of future revenue growth.
4. Maintaining Strong Portfolio Credit Quality: While not a direct growth driver, effectively maintaining and improving the credit quality of its investment portfolio is crucial for revenue stability and growth. By managing non-accruals and focusing on preemptive watch listing based on forward-looking fundamentals, CCAP can mitigate potential revenue losses from defaults and ensure consistent interest income generation from its existing assets. This foundational strength supports overall revenue growth by preserving the income-generating capacity of the portfolio.

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Share Repurchases

• Crescent Capital BDC's Board authorized a $20 million stock repurchase program in August 2025.
• The program is intended to repurchase common stock when shares trade below the company's net asset value (NAV) per share.
• A previous $20 million stock repurchase program was authorized in February 2020, following the acquisition of Alcentra Capital Corporation, and was in effect through January 2021.

Share Issuance

• In November 2021, Crescent Capital BDC offered for sale 2,500,000 shares of its common stock.
• In October 2025, Crescent Capital BDC entered into a $185 million Note Purchase Agreement for senior unsecured notes, maturing between 2026 and 2031, with fixed interest rates up to 6.20%. The proceeds are intended to repay existing indebtedness and for general corporate purposes.

Outbound Investments

• As a Business Development Company (BDC), Crescent Capital BDC focuses on originating and investing in the debt and equity of private middle-market companies primarily in the U.S.
• As of June 30, 2025, the company's investment portfolio had a fair value of $1.6 billion, diversified across 187 companies.
• The portfolio largely consists of secured first lien loans, including first-out unitranche loans, which comprised 90.7% of the portfolio at fair value as of June 30, 2025, increasing from 77% at year-end 2020. Additionally, approximately 99% of these deals are sponsor-backed.
• New investment activity in Q2 2025 totaled $57.5 million across three new platform investments and several follow-on fundings, while aggregate exits, sales, and repayments amounted to $92.7 million. In Q1 2025, new investments were $104.7 million across ten new portfolio companies and follow-on fundings.