25 unchanged sentences
Facility and Corporate Revolving Facility also bear interest at variable rates.
−Removed: Assuming that our Consolidated Statements of Assets and Liabilities as of
−Removed: December 31, 2019 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest
−Removed: rate floors for floating rate instruments):
+Added: Assuming that our Consolidated Statements of Assets and Liabilities as of December 31, 2020 were to
+Added: remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate
+Added: instruments):
($ in millions)
28 unchanged sentences
utilize interest rate derivatives to hedge our exposure to changes in the associated rate.
−Removed: As of December 31, 2019, we had £5.9 million and 15.9 million notional exposure to foreign currency forward contracts related to
−Removed: investments totaling £6.1 million and 16.5.
−Removed: CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY
+Added: As of December 31, 2020, we had £9.4 million, 16.1 million and CAD $12.6 million notional exposure to foreign currency forward
+Added: contracts related to investments totaling £9.7 million, 16.7 million and CAD $13.1 million of par value.
+Added: CONSOLIDATED FINANCIAL
+Added: STATEMENTS AND SUPPLEMENTARY DATA
CRESCENT CAPITAL BDC, INC.
17 unchanged sentences
accompanying consolidated statements of assets and liabilities of Crescent Capital BDC, Inc.
−Removed: (the Company), including the consolidated schedules of investments, as of December 31, 2019 and 2018, the related consolidated statements of
−Removed: operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2019, and the related notes (collectively referred to as the consolidated financial statements).
−Removed: In our opinion, the
−Removed: consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations, changes in its net assets, and its cash flows for each of the
−Removed: three years in the period ended December 31, 2019, in conformity with U.S.
+Added: (the Company), including the consolidated schedules of investments, as of December 31, 2020 and 2019, the related consolidated statements of operations,
+Added: changes in net assets and cash flows for each of the three years in the period ended December 31, 2020, and the related notes (collectively referred to as the consolidated financial statements).
+Added: In our opinion, the consolidated financial
+Added: statements present fairly, in all material respects, the financial position of the Company at December 31, 2020 and 2019, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period
+Added: ended December 31, 2020, in conformity with U.S.
generally accepted accounting principles.
22 unchanged sentences
/s/ Ernst & Young LLP
−Removed: We have served as the
−Removed: Companys auditor since 2015.
+Added: We have served as the Companys
+Added: auditor since 2015.
Los Angeles, California
−Removed: March 4, 2020
Crescent Capital BDC, Inc.
Consolidated Statements of Assets and Liabilities
−Removed: Investments, non-controlled and non-affiliated, at fair value (cost of $695,094,640 and $500,680,681, respectively)
−Removed: Investments, controlled, at fair value (cost of $34,000,000 and $0, respectively)
+Added: thousands, except share and per share data)
+Added: December 31, 2020
+Added: December 31, 2019
+Added: Investments, at fair value
+Added: Non-controlled
+Added: non-affiliated (cost of $936,921 and $675,329, respectively)
+Added: Non-controlled affiliated (cost of $34,203 and $19,766,
+Added: respectively)
+Added: Controlled (cost of $40,000 and $34,000, respectively)
Cash and cash equivalents
−Removed: Cash denominated in foreign currency (cost of $683,934 and $580,874, respectively)
−Removed: Restricted cash
−Removed: Prepaid expenses and other assets
+Added: Restricted cash and cash equivalents
Interest receivable
+Added: Deferred tax assets
Unrealized appreciation on foreign currency forward contracts
−Removed: Deferred tax asset
Receivable for investments sold
4 unchanged sentences
Management fees payable
−Removed: Deferred tax liability
−Removed: Professional fees payable
−Removed: Due to Administrator
−Removed: Directors fees payable
+Added: Deferred tax liabilities
Unrealized depreciation on foreign currency forward contracts
−Removed: Payable for investments purchased
−Removed: Due to Advisor
+Added: Directors fees payable
Total liabilities
5 unchanged sentences
Paid-in capital in excess of par value
−Removed: Accumulated loss
+Added: Accumulated earnings (loss)
Total Net Assets
4 unchanged sentences
Consolidated Statements of Operations
+Added: (in thousands,
+Added: except share and per share data)
+Added: For the year ended
+Added: December 31, 2020
+Added: For the year ended
+Added: December 31, 2019
+Added: For the year ended
+Added: December 31, 2018
Investment Income:
−Removed: From non-controlled and non-affiliated investments:
+Added: From non-controlled non-affiliated investments:
Interest income
Dividend income
+Added: From non-controlled affiliated
+Added: Interest income
+Added: Dividend income
From controlled investments:
3 unchanged sentences
Management fees
−Removed: Income incentive fees
−Removed: Other general and administrative expenses
+Added: Incentive fees
Professional fees
1 unchanged sentence
Organization expenses
+Added: Other general and administrative expenses
Total expenses
3 unchanged sentences
Income and excise taxes
−Removed: Net investment income after taxes
+Added: Net investment income
Net realized and unrealized gains (losses) on investments:
Net realized gain (loss) on:
−Removed: Non-controlled and
+Added: Non-controlled
non-affiliated investments
+Added: Non-controlled affiliated investments
Foreign currency transactions
Net change in unrealized appreciation (depreciation) on:
−Removed: Non-controlled and
+Added: Non-controlled
non-affiliated investments and foreign currency translation
+Added: Non-controlled affiliated investments
Controlled investments
1 unchanged sentence
Net realized and unrealized gains (losses) on investments
−Removed: Provision for taxes on realized gain on investments
+Added: Realized loss on asset acquisition
+Added: Net realized and unrealized gains (losses) on investments and asset acquisition
+Added: Benefit (provision) for taxes on realized gain on investments
Benefit (provision) for taxes on unrealized appreciation (depreciation) on investments
−Removed: (Provision) benefit for taxes on realized and unrealized gain/loss on investments
Net increase (decrease) in net assets resulting from operations
6 unchanged sentences
Consolidated Statements of Changes in Net Assets
−Removed: Paid in Capital
+Added: thousands, except share and per share data)
+Added: Paid in Capital in
Excess of Par
+Added: Earnings (Loss)
Balance at December 31, 2019
4 unchanged sentences
contracts and foreign currency translation
+Added: Realized loss on asset acquisition
Provision for taxes on realized gain on investment
2 unchanged sentences
Issuance of common stock
+Added: Issuance in connection with asset acquisition (Note 14)
Issuance of common shares pursuant to dividend reinvestment plan
−Removed: Equity offering costs
+Added: Repurchase of common stock
Distributions to stockholders
2 unchanged sentences
Balance at December 31, 2020
−Removed: Distributions to stockholders per share for year ended December 31, 2019
+Added: Distributions declared per share
See accompanying notes
1 unchanged sentence
Consolidated Statements of Changes in Net Assets
−Removed: Paid in Capital
+Added: (in thousands, except share and per share data)
+Added: Paid in Capital in
Excess of Par
+Added: Earnings (Loss)
Balance at December 31, 2018
4 unchanged sentences
contracts and foreign currency translation
+Added: Provision for taxes on realized gain on investment
Benefit/(Provision) for taxes on unrealized appreciation/(depreciation) on investments
7 unchanged sentences
Balance at December 31, 2019
−Removed: Distributions to stockholders per share for year ended December 31, 2018
+Added: Distributions declared per share
See accompanying notes
1 unchanged sentence
Consolidated Statements of Changes in Net Assets
−Removed: Paid in Capital
+Added: (in thousands, except share and per share data)
+Added: Paid in Capital in
Excess of Par
+Added: Earnings (Loss)
Balance at December 31, 2017
13 unchanged sentences
Balance at December 31, 2018
−Removed: Distributions to stockholders per share for year ended December 31, 2017
+Added: Distributions declared per share
See accompanying notes
1 unchanged sentence
Consolidated Statements of Cash Flows
+Added: (in thousands, except share and per share data)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations
−Removed: Adjustments to reconcile net increase (decrease) in net assets resulting
+Added: Adjustments to reconcile net increase (decrease) in net assets resulting from
operations to net cash provided by (used for) operating activities:
3 unchanged sentences
Net realized (gain) loss on investments and foreign currency transactions
+Added: Realized loss on asset acquisition (2)
+Added: Acquisition of Alcentra Capital Corporation, net of cash acquired (2)
Net change in unrealized (appreciation) depreciation on investments and foreign currency
−Removed: Net change in unrealized (appreciation) depreciation on foreign currency forward
+Added: Net change in unrealized (appreciation) depreciation on foreign currency forward contracts
Amortization of premium and accretion of discount, net
4 unchanged sentences
(Increase) decrease in deferred tax asset
−Removed: (Increase) decrease in prepaid expenses and other assets
+Added: (Increase) decrease in other assets
Increase (decrease) in payable for investments purchased
Increase (decrease) in management fees payable
−Removed: Increase (decrease) in income incentive fees payable
−Removed: Increase (decrease) in due to Advisor
−Removed: Increase (decrease) in due to Administrator
−Removed: Increase (decrease) in professional fees payable
+Added: Increase (decrease) in incentive fees payable
Increase (decrease) in directors fees payable
−Removed: Increase (decrease) in interest and credit facility fees and expenses payable
+Added: Increase (decrease) in interest and other debt financing costs payable
Increase (decrease) in deferred tax liability
3 unchanged sentences
Issuance of common stock
−Removed: Financing costs paid related to revolving credit facilities
+Added: Repurchase of common stock
+Added: Deferred financing and debt issuance costs paid
Distributions paid
2 unchanged sentences
Repayments on debt
+Added: Issuance of unsecured debt
+Added: Repayments on InterNotes ®
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash denominated in foreign currency
−Removed: Net increase (decrease) in cash, cash equivalents and foreign currency
−Removed: Cash, cash equivalents and foreign currency, beginning of period
−Removed: Cash, cash equivalents and foreign currency, end of period (1)
+Added: Net increase (decrease) in cash, cash equivalents, restricted cash and foreign currency
+Added: Cash, cash equivalents, restricted cash and foreign currency, beginning of period
+Added: Cash, cash equivalents, restricted cash and foreign currency, end of period (1)
Supplemental and non-cash financing
Cash paid during the period for interest
−Removed: Issuance of common stock pursuant to distribution reinvestment plan
+Added: Issuance of common stock pursuant to dividend reinvestment plan
Accrued but unpaid equity offering costs
Accrued but unpaid distributions
−Removed: As of December 31, 2019, the balance includes cash and cash equivalents of $3,866,854, cash denominated in
+Added: Issuance of shares in connection with asset acquisition (Note 14) (2)
+Added: See accompanying notes
+Added: As of December 31, 2020, the balance included cash and cash equivalents of $1,764, cash denominated in
foreign currency of $132 and restricted cash of $12,953, respectively.
−Removed: As of December 31, 2018, the balance includes cash and cash equivalents of $3,666,607, cash denominated in foreign currency of $559,011, and restricted cash of
−Removed: $6,143,205, respectively.
As of December 31, 2019, the balance includes cash and cash equivalents of $3,867, cash denominated in foreign currency of $709, and restricted cash of $8,851, respectively.
+Added: As of December 31, 2018, the balance includes cash and cash equivalents of $3,667, cash denominated in foreign currency of $559 and restricted cash of $6,143, respectively.
+Added: After the close of business on January 31, 2020, in connection with the Alcentra Acquisition (as defined
+Added: in Note 1 and further discussed in Note 14), the Company acquired net assets of $114,431 which included $195,682 of investments, $3,409 cash and cash equivalents and $1,398 of other assets, net of $86,058 of assumed liabilities, for the total cash
+Added: and stock consideration of $118,256, inclusive of $7,250 of asset acquisition costs.
See accompanying notes
2 unchanged sentences
December 31, 2020
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
+Added: Investments (1) (2)
United States
2 unchanged sentences
Auto-Vehicle Parts, LLC (3) (4) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Auto-Vehicle Parts, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (100 Floor) (7)
Continental Battery Company (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 675 (100 Floor) (7)
Continental Battery Company (3) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 675 (100 Floor) (7)
Continental Battery Company (3) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 675 (100 Floor) (7)
Continental Battery Company (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 675 (100 Floor) (7)
Empire Auto Parts, LLC (3) (4) (5) (6)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Empire Auto Parts, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
Empire Auto Parts, LLC (3)
−Removed: Unitranche First Lien
−Removed: POC Investors, LLC (1)
−Removed: Senior Secured First Lien
−Removed: POC Investors, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
Capital Goods
−Removed: Alion Science and Technology Corporation
−Removed: Senior Secured First Lien
−Removed: Alion Science and Technology Corporation (1)
−Removed: Unsecured Debt
−Removed: Midwest Industrial Rubber (1)
−Removed: Senior Secured First Lien
−Removed: Midwest Industrial Rubber (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Envocore Holding, LLC (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 900 (200 Floor) (including 425 PIK)
Potter Electric Signal Company (3) (4) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Potter Electric Signal Company (3) (4) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Potter Electric Signal Company (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 425 (100 Floor) (8)
+Added: Potter Electric Signal Company (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 425 (100 Floor) (8)
Commercial & Professional Services
ASP MCS Acquisition Corp.
−Removed: Senior Secured First Lien
−Removed: BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: Battery Solutions, Inc.
+Added: Unsecured Debt
+Added: 1200 + 200 PIK (11)
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 850 (100 Floor) (8)
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 850 (100 Floor) (8)
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 850 (100 Floor) (8)
BFC Solmetex LLC & Bonded Filter Co.
−Removed: LLC (1) (3) (4)
−Removed: Unitranche First Lien
−Removed: CHA Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: CHA Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: DFS Intermediate Holdings, LLC (1)
−Removed: Senior Secured First Lien
−Removed: DFS Intermediate Holdings, LLC (1) (3)
−Removed: Senior Secured First Lien
−Removed: DFS Intermediate Holdings, LLC (1) (3)
−Removed: Senior Secured First Lien
−Removed: GH Holding Company (1)
−Removed: Senior Secured First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 850 (100 Floor) (8)
See accompanying notes
2 unchanged sentences
December 31, 2020
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
+Added: CHA Holdings, Inc.
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 450 (100 Floor) (8)
+Added: CHA Holdings, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (100 Floor) (8)
+Added: Consolidated Label Co., LLC (3) (4) (5)
+Added: Senior Secured First Lien Revolver
+Added: Consolidated Label Co., LLC (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 575 (100 Floor) (8)
+Added: Digital Room Holdings, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: GH Holding Company (3)
+Added: Senior Secured First Lien Term Loan
GI Revelation Acquisition, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
Hepaco, LLC (3) (6) (9)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 500 (100 Floor) (7)
Hepaco, LLC (3) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 500 (100 Floor) (7)
Hepaco, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (7)
+Added: Hercules Borrower LLC (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: Hercules Borrower LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 650 (100 Floor) (8)
+Added: Hsid Acquisition, LLC (3) (9)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 500 (100 Floor) (8)
+Added: Hsid Acquisition, LLC (3) (4) (5) (6)
+Added: Senior Secured First Lien Revolver
+Added: Hsid Acquisition, LLC (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (7)
+Added: Impact Group, LLC (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 737 (100 Floor) (7)
+Added: Impact Sales, LLC (3)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 737 (100 Floor) (7)
+Added: Institutional Shareholder Services,
+Added: Senior Secured First Lien Term Loan
+Added: Institutional Shareholder Services,
+Added: Senior Secured Second Lien Term Loan
+Added: ISS Compressors Industries, Inc.
+Added: Senior Secured First Lien Revolver
+Added: ISS Compressors Industries, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
Jordan Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (8)
Jordan Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 600 (100 Floor) (8)
Jordan Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
MHS Acquisition Holdings, LLC (3)
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Delayed Draw Term Loan
+Added: L + 875 (100 Floor) (8)
MHS Acquisition Holdings, LLC (3)
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 875 (100 Floor) (8)
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
MHS Acquisition Holdings, LLC (3)
Unsecured Debt
−Removed: L + 1350 PIK (5)
MHS Acquisition Holdings, LLC (3)
Unsecured Debt
−Removed: L + 1350 PIK (5)
−Removed: Miraclon Corporation (1) (9)
−Removed: Unitranche First Lien
+Added: Pinstripe Holdings, LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
Pye-Barker Fire & Safety, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (8)
Pye-Barker Fire & Safety, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
Receivable Solutions, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Receivable Solutions, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (7)
SavATree, LLC (3) (6) (9)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 500 (100 Floor) (8)
SavATree, LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
SavATree, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (8)
+Added: Service Logic Acquisition, Inc (3) (4) (6)
+Added: Senior Secured Second Lien Delayed Draw Term Loan
+Added: Service Logic Acquisition, Inc (3)
+Added: Senior Secured Second Lien Term Loan
+Added: L + 850 (100 Floor) (8)
+Added: Spear Education (3) (4) (6) (9)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: Spear Education (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
TecoStar Holdings, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 850 (100 Floor) (8)
UP Acquisition Corp.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 625 (100 Floor) (7)
UP Acquisition Corp.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 625 (100 Floor) (7)
UP Acquisition Corp.
−Removed: Unitranche First Lien
−Removed: Valet Waste Holdings, Inc.
−Removed: Senior Secured First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (7)
Xcentric Mold and Engineering Acquisition Company,
−Removed: Senior Secured First Lien
−Removed: L + 700 (including 100 PIK) (2)
+Added: Senior Secured First Lien Revolver
+Added: L + 700 (100 Floor)
+Added: (including 100 PIK) (8)
Xcentric Mold and Engineering Acquisition Company,
−Removed: Senior Secured First Lien
−Removed: L + 700 (including 100 PIK) (2)
+Added: Senior Secured First Lien Term Loan
+Added: L + 700 (100 Floor)
+Added: (including 100 PIK) (8)
Consumer Durables & Apparel
EiKo Global, LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
EiKo Global, LLC (3)
−Removed: Senior Secured First Lien
−Removed: Consumer Services
−Removed: Colibri Group LLC (1)
−Removed: Unitranche First Lien
−Removed: Colibri Group LLC (1)
−Removed: Unitranche First Lien
−Removed: Colibri Group LLC (1) (3)
−Removed: Unitranche First Lien
−Removed: COP Home Services Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: COP Home Services Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: COP Home Services Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: HGH Purchaser, Inc.
−Removed: Unitranche First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
See accompanying notes
2 unchanged sentences
December 31, 2020
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
+Added: Consumer Services
+Added: BJH Holdings III Corp.
+Added: Unitranche First Lien Term Loan
+Added: L + 525 (100 Floor) (8)
+Added: Cambium Learning Group, Inc.
+Added: Senior Secured Second Lien Term Loan
+Added: L + 850 (100 Floor) (8)
+Added: Colibri Group LLC (3)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 575 (100 Floor) (8)
+Added: Colibri Group LLC (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: Colibri Group LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (8)
+Added: Everlast Parent Inc.
+Added: (3) (4) (6) (9)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Everlast Parent Inc.
+Added: (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: Everlast Parent Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 650 (100 Floor) (8)
HGH Purchaser, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 675 (100 Floor) (8)
HGH Purchaser, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 675 (100 Floor) (8)
+Added: HGH Purchaser, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 675 (100 Floor) (8)
JLL XDD, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (13)
+Added: JLL XDD, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 550 (100 Floor) (12)
Learn-It Systems, LLC (3) (6) (14)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 450 (100 Floor) (8)
Learn-It Systems, LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Learn-It Systems, LLC (3)
−Removed: Senior Secured First Lien
−Removed: New Mountain Learning (1)
−Removed: Senior Secured First Lien
−Removed: New Mountain Learning (1) (3)
−Removed: Senior Secured First Lien
−Removed: New Mountain Learning (1)
−Removed: Senior Secured First Lien
−Removed: Pre-Paid Legal Services, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (100 Floor) (8)
+Added: Southern HVAC Corporation (3) (4) (6)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Southern HVAC Corporation (3) (4) (5)
+Added: Unitranche First Lien Revolver
+Added: Southern HVAC Corporation (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (8)
Teaching Strategies LLC (3) (4) (5)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Teaching Strategies LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
United Language Group, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 675 (100 Floor) (7)
United Language Group, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 675 (100 Floor) (7)
Vistage Worldwide, Inc.
−Removed: Senior Secured First Lien
−Removed: Wrench Group LLC (1)
−Removed: Senior Secured First Lien
−Removed: Wrench Group LLC (1) (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 400 (100 Floor) (8)
+Added: WeddingWire, Inc.
+Added: Senior Secured Second Lien Term Loan
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
Wrench Group LLC (3)
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
Diversified Financials
−Removed: CC SAG Acquisition Corp.
−Removed: Unitranche First Lien
−Removed: CC SAG Acquisition Corp.
−Removed: Unitranche First Lien
−Removed: CC SAG Acquisition Corp.
−Removed: Unitranche First Lien
+Added: GGC Aperio Holdings, L.P.
+Added: Unitranche First Lien Term Loan
+Added: Goldentree Loan Management US CLO 2, Ltd.
+Added: CLO, Series 2017-2A, Class E
BJ Services, LLC (3) (16) (17)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien - Last Out Term Loan
BJ Services, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 700 (150 Floor) (8)
+Added: Black Diamond Oilfield Rentals,
+Added: Senior Secured First Lien Term Loan
+Added: L + 650 (100 Floor) (8)
Food & Staples Retailing
−Removed: BJH Holdings III Corp.
−Removed: Unitranche First Lien
Isagenix International, LLC
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 575 (100 Floor) (8)
PetIQ, LLC (3) (15)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (7)
Food, Beverage & Tobacco
Mann Lake Ltd.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 750 (100 Floor) (8)
Mann Lake Ltd.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 750 (100 Floor) (8)
Health Care Equipment & Services
Abode Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: (3) (4) (5) (6)
+Added: Senior Secured First Lien Revolver
Abode Healthcare, Inc.
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (8)
+Added: Aegis Sciences Corporation
+Added: Senior Secured First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
+Added: Senior Secured First Lien Revolver
+Added: L + 700 (100 Floor) (7)
+Added: Senior Secured First Lien Term Loan
+Added: L + 700 (100 Floor) (7)
+Added: Anne Arundel Dermatology Management, LLC (3) (6)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: Anne Arundel Dermatology Management, LLC (3) (4) (5)
+Added: Senior Secured First Lien Revolver
+Added: Anne Arundel Dermatology Management,
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: Avalign Technologies, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: BAART Programs, Inc.
+Added: Senior Secured Second Lien Delayed Draw Term Loan
+Added: L + 800 (100 Floor) (8)
+Added: BAART Programs, Inc.
+Added: Senior Secured Second Lien Term Loan
+Added: L + 825 (100 Floor) (18)
See accompanying notes
2 unchanged sentences
December 31, 2020
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
−Removed: Senior Secured First Lien
−Removed: Avalign Technologies, Inc.
−Removed: Senior Secured First Lien
−Removed: Centauri Health Solutions, Inc.
−Removed: Senior Secured First Lien
−Removed: Centauri Health Solutions, Inc.
−Removed: Senior Secured First Lien
−Removed: Centauri Health Solutions, Inc.
−Removed: Senior Secured First Lien
Centria Subsidiary Holdings, LLC (3) (5)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Centria Subsidiary Holdings, LLC (3)
−Removed: Unitranche First Lien
−Removed: Clarkson Eyecare, LLC (1)
−Removed: Unitranche First Lien
−Removed: Clarkson Eyecare, LLC (1)
−Removed: Unitranche First Lien
−Removed: CRA MSO, LLC (1)
−Removed: Senior Secured First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
CRA MSO, LLC (3) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 700 (100 Floor) (7)
CRA MSO, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 700 (100 Floor) (7)
ExamWorks Group, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 725 (100 Floor) (8)
+Added: FH MD Buyer, Inc (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 575 (100 Floor) (7)
GrapeTree Medical Staffing, LLC (3) (4) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
GrapeTree Medical Staffing, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (7)
GrapeTree Medical Staffing, LLC (3)
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (7)
+Added: HCAT Acquisition, Inc.
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 925 (100 Floor) (8)
+Added: HCAT Acquisition, Inc.
+Added: Unitranche First Lien Revolver
+Added: L + 925 (100 Floor) (8)
+Added: HCAT Acquisition, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 925 (100 Floor) (8)
+Added: HCOS Group Intermediate III LLC (3) (4) (5)
+Added: Senior Secured First Lien Revolver
+Added: HCOS Group Intermediate III LLC (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: Hospice Care Buyer, Inc.
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Hospice Care Buyer, Inc.
+Added: Unitranche First Lien Revolver
+Added: L + 650 (100 Floor) (8)
+Added: Hospice Care Buyer, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 650 (100 Floor) (7)
+Added: IvyRehab Intermediate II, LLC (3) (4) (6)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: IvyRehab Intermediate II, LLC (3) (4) (5)
+Added: Unitranche First Lien Revolver
+Added: IvyRehab Intermediate II, LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 675 (100 Floor) (8)
+Added: Lightspeed Buyer, Inc.
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 550 (100 Floor) (7)
+Added: Lightspeed Buyer, Inc.
+Added: Unitranche First Lien Revolver
+Added: L + 550 (100 Floor) (8)
+Added: Lightspeed Buyer, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (7)
+Added: Senior Secured First Lien Term Loan
+Added: L + 425 (100 Floor) (7)
+Added: Medsurant Holdings, LLC (3)
+Added: Senior Secured Second Lien Term Loan
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
NMN Holdings III Corp.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Delayed Draw Term Loan
NMN Holdings III Corp.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
NMSC Holdings, Inc.
−Removed: Senior Secured Second Lien
−Removed: Omni Ophthalmic Management Consultants,
−Removed: LLC (1) (3) (4)
−Removed: Senior Secured First Lien
−Removed: Omni Ophthalmic Management Consultants,
−Removed: LLC (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 1000 (100 Floor) (8)
+Added: Omni Ophthalmic Management Consultants, LLC (3) (4)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: Omni Ophthalmic Management Consultants, LLC (3)
+Added: Senior Secured First Lien Revolver
+Added: L + 750 (100 Floor) (7)
Omni Ophthalmic Management Consultants,
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 750 (100 Floor) (7)
+Added: Pinnacle Treatment Centers, Inc.
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 625 (100 Floor) (8)
+Added: Pinnacle Treatment Centers, Inc.
+Added: Unitranche First Lien Revolver
+Added: Pinnacle Treatment Centers, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (8)
Professional Physical Therapy (3)
−Removed: Senior Secured First Lien
−Removed: L + 675 PIK (including 75 PIK) (5)
+Added: Senior Secured First Lien Term Loan
+Added: L + 850 (100 Floor)
+Added: (including 250 PIK) (8)
PT Network, LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
PT Network, LLC (3)
−Removed: Senior Secured First Lien
−Removed: L + 750 PIK (including 200 PIK) (10)
+Added: Senior Secured First Lien Term Loan
+Added: L + 750 (100 Floor)
+Added: (including 200 PIK) (8)
Safco Dental Supply, LLC (3) (4) (5)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Safco Dental Supply, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 450 (100 Floor) (8)
+Added: Seniorlink Incorporated (3) (4) (5)
+Added: Unitranche First Lien Revolver
+Added: Seniorlink Incorporated (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 700 (100 Floor) (8)
Smile Brands, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 517 (21 Floor) (8)
Smile Brands, Inc.
−Removed: Senior Secured First Lien
+Added: (3) (4) (5) (6)
+Added: Senior Secured First Lien Revolver
Smile Brands, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 517 (21 Floor) (8)
Smile Doctors LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Smile Doctors LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: Unifeye Vision Partners (3) (6) (14)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: Unifeye Vision Partners (3) (5) (6)
+Added: Senior Secured First Lien Revolver
+Added: Unifeye Vision Partners (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (8)
+Added: Vital Care Buyer, LLC (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
See accompanying notes
2 unchanged sentences
December 31, 2020
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
−Removed: Smile Doctors LLC (1) (3)
−Removed: Senior Secured First Lien
−Removed: Unifeye Vision Partners (1)
−Removed: Senior Secured First Lien
−Removed: Unifeye Vision Partners (1) (3)
−Removed: Senior Secured First Lien
−Removed: Unifeye Vision Partners (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Vital Care Buyer, LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
Zest Acquisition Corp.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
Household & Personal Products
Tranzonic (3) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: P + 375 (100 Floor) (19)
Tranzonic (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (100 Floor) (7)
Comet Acquisition, Inc.
−Removed: Senior Secured Second Lien
−Removed: Integrity Marketing Acquisition, LLC (1)
−Removed: Unitranche First Lien
−Removed: Integrity Marketing Acquisition, LLC (1) (3)
−Removed: Unitranche First Lien
+Added: Senior Secured Second Lien Term Loan
Integrity Marketing Acquisition,
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 550 (100 Floor) (8)
+Added: Integrity Marketing Acquisition,
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 550 (100 Floor) (8)
Integrity Marketing Acquisition, LLC (3) (4) (5)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: Integrity Marketing Acquisition,
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
Integro Parent, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 575 (100 Floor) (7)
Integro Parent, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Delayed Draw Term Loan
+Added: L + 925 (100 Floor) (7)
Integro Parent, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 925 (100 Floor) (7)
The Hilb Group, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 575 (100 Floor) (7)
The Hilb Group, LLC (3) (4) (5) (6)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
The Hilb Group, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (8)
+Added: THG Acquisition, LLC (3) (6) (9)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: THG Acquisition, LLC (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: THG Acquisition, LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
Kestrel Parent, LLC (3) (4) (6) (20)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Kestrel Parent, LLC (3)
−Removed: Unitranche First Lien
−Removed: Maroon Group, LLC (1)
−Removed: Unitranche First Lien
−Removed: Maroon Group, LLC (1) (3)
−Removed: Unitranche First Lien
−Removed: Maroon Group, LLC (1)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (8)
Pharmaceuticals, Biotechnology & Life Sciences
+Added: Pharmalogic Holdings Corp.
+Added: Senior Secured Second Lien Delayed Draw Term Loan
+Added: Pharmalogic Holdings Corp.
+Added: Senior Secured Second Lien Term Loan
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
+Added: Pharmalogic Holdings Corp.
+Added: Senior Secured Second Lien Term Loan
+Added: Teal Acquisition Co., Inc (3) (4) (6)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Teal Acquisition Co., Inc (3) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: L + 625 (100 Floor) (8)
+Added: Teal Acquisition Co., Inc (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (8)
Trinity Partners, LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Trinity Partners, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (7)
+Added: Palmetto Moon LLC, (3)
+Added: Senior Secured First Lien Term Loan
Slickdeals Holdings, LLC (3) (4) (6) (10)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Slickdeals Holdings, LLC (3) (10)
−Removed: Unitranche First Lien
−Removed: Strategic Partners, Inc.
−Removed: Senior Secured First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (12)
Software & Services
Affinitiv, Inc.
−Removed: Unitranche First Lien
+Added: (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
Affinitiv, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 700 (100 Floor) (8)
Ansira Partners, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
Ansira Partners, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
Avaap USA LLC (3)
−Removed: Senior Secured First Lien
−Removed: See accompanying notes
−Removed: CRESCENT CAPITAL BDC, INC.
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country
−Removed: Investment Type
−Removed: Value or Shares
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 725 (100 Floor) (7)
Avaap USA LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Avaap USA LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 725 (100 Floor) (7)
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (7)
Benesys, Inc.
−Removed: Senior Secured First Lien
+Added: (3) (4) (5) (6)
+Added: Senior Secured First Lien Revolver
Benesys, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (7)
C-4 Analytics, LLC (3) (4) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
C-4 Analytics, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (7)
CAT Buyer, LLC (3) (4) (5) (6)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
CAT Buyer, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (7)
Claritas, LLC (3) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 600 (100 Floor) (8)
Claritas, LLC (3)
−Removed: Senior Secured First Lien
−Removed: Corel Corporation (9)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
List Partners, Inc.
−Removed: Senior Secured First Lien
+Added: (3) (4) (5) (6)
+Added: Senior Secured First Lien Revolver
List Partners, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (7)
+Added: MRI Software LLC (3) (4) (6) (9)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: MRI Software LLC (3) (4) (5) (6)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: MRI Software LLC (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: MRI Software LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
+Added: MRI Software LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (8)
Ontario Systems, LLC (3) (4) (6) (9)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
Ontario Systems, LLC (3) (5) (6)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 550 (100 Floor) (8)
Ontario Systems, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (7)
+Added: Park Place Technologies, LLC (3)
+Added: Unsecured Debt
Perforce Software, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured Second Lien Term Loan
+Added: Prism Bidco, Inc.
+Added: (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: Prism Bidco, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 700 (100 Floor) (8)
Right Networks, LLC (3) (4) (5) (6)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Right Networks, LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (7)
Ruffalo Noel Levitz, LLC (3) (5) (6)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 600 (100 Floor) (8)
Ruffalo Noel Levitz, LLC (3)
−Removed: Unitranche First Lien
−Removed: SMS Systems Maintenance Services,
−Removed: Senior Secured Second Lien
−Removed: SMS Systems Maintenance Services,
−Removed: Senior Secured Second Lien
−Removed: SMS Systems Maintenance Services,
−Removed: Senior Secured Second Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (8)
+Added: Saturn Borrower Inc (3) (4) (5) (6)
+Added: Unitranche First Lien Revolver
+Added: Saturn Borrower Inc (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 650 (100 Floor) (8)
Transportation Insight, LLC (3) (9)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Transportation Insight, LLC (3) (4) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Transportation Insight, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
Trident Technologies, LLC (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (150 Floor) (8)
Winxnet Holdings LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (7)
Winxnet Holdings LLC (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (8)
Winxnet Holdings LLC (3) (5) (6)
−Removed: Unitranche First Lien
−Removed: Technology Hardware & Equipment
−Removed: Onvoy, LLC (1)
−Removed: Senior Secured Second Lien
−Removed: Transportation
−Removed: Pilot Air Freight, LLC (1)
−Removed: Senior Secured First Lien
−Removed: Pilot Air Freight, LLC (1)
−Removed: Senior Secured First Lien
−Removed: Pilot Air Freight, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
−Removed: Pilot Air Freight, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments United States
+Added: Unitranche First Lien Revolver
+Added: L + 600 (100 Floor) (7)
See accompanying notes
2 unchanged sentences
December 31, 2020
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
+Added: Winxnet Holdings LLC (3)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (7)
+Added: Technology Hardware & Equipment
+Added: Onvoy, LLC (3)
+Added: Senior Secured Second Lien Term Loan
+Added: L + 1050 (100 Floor) (7)
+Added: Transportation
+Added: Pilot Air Freight, LLC (3)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 475 (100 Floor) (8)
+Added: Pilot Air Freight, LLC (3)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 475 (100 Floor) (8)
+Added: Pilot Air Freight, LLC (3) (4) (6) (9)
+Added: Senior Secured First Lien Revolver
+Added: Pilot Air Freight, LLC (3)
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (8)
+Added: Total Debt Investments
+Added: United States
Equity Investments
−Removed: Automobiles & Components
−Removed: APC Auto Tech Holdings, LLC (1) (14)
−Removed: APC Auto Technology Intermediate, LLC (1)
−Removed: Preferred Stock
Capital Goods
−Removed: Alion Science and Technology Corporation (1)
+Added: Alion Science and Technology
+Added: Corporation (3)
+Added: Envocore Holding, LLC (3)
+Added: Preferred Stock
Commercial & Professional Services
1 unchanged sentence
Common Stock, Class A
+Added: ASP MCS Acquisition Corp.
+Added: Battery Solutions, Inc.
+Added: Preferred Stock, Class E
+Added: Battery Solutions, Inc.
+Added: Preferred Stock, Class A
+Added: Battery Solutions, Inc.
+Added: Preferred Stock, Class F
+Added: Hercules Borrower LLC (3)
+Added: IGT Holding LLC (3)
+Added: Preferred Stock
+Added: IGT Holding LLC (3)
MHS Acquisition Holdings, LLC (3)
1 unchanged sentence
Preferred Stock
+Added: My Alarm Center, LLC (3)
+Added: My Alarm Center, LLC (3)
+Added: Junior Preferred Stock
+Added: My Alarm Center, LLC (3)
+Added: Senior Preferred Stock
PB Parent, LP (3)
1 unchanged sentence
Preferred Stock, Class A
+Added: Saber Parent Holdings (3)
TecoStar Holdings, Inc.
Consumer Services
+Added: Everlast Holding, Inc.
Green Wrench Acquisition, LLC (3)
2 unchanged sentences
Legalshield (3)
+Added: Southern Technical Institute, Inc.
+Added: Common Stock, Class A1
+Added: Southern Technical Institute, Inc.
+Added: Common Stock, Class A
Wrench Group Holdings, LLC (3)
7 unchanged sentences
ExamWorks Group, Inc.
+Added: Hospice Care Buyer, Inc.
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
NMN Holdings LP (3)
PT Network, LLC (3)
+Added: Common Stock, Class C
+Added: SL Topco Holdings, Inc.
Spartan Healthcare Holdings, LLC (3)
−Removed: Partnership Interest
−Removed: Integrity Marketing Acquisition, LLC (1)
−Removed: Integrity Marketing Acquisition, LLC (1)
+Added: Integrity Marketing Acquisition,
+Added: Integrity Marketing Acquisition,
Preferred Stock
2 unchanged sentences
Common Stock, Class A
+Added: Media & Entertainment
+Added: Conisus, LLC (3) (10)
+Added: Conisus, LLC (3) (10) (24)
+Added: Preferred Stock, Series B
+Added: Pharmaceuticals, Biotechnology & Life Sciences
+Added: Teal Parent Holdings, LP (3)
+Added: Palmetto Moon, LLC (3)
+Added: Slickdeals Holdings, LLC (3) (10)
Vivid Seats Ltd.
1 unchanged sentence
Preferred Stock
−Removed: Slickdeals Holdings, LLC (1) (14)
−Removed: See accompanying notes
−Removed: CRESCENT CAPITAL BDC, INC.
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country
−Removed: Investment Type
−Removed: Value or Shares
Software & Services
−Removed: SMS Systems Maintenance Services,
+Added: Curvature (3) (25)
+Added: Residual Interest
+Added: Saturn Topco LP (3)
Technology Hardware & Equipment
3 unchanged sentences
Common Stock, Class B
−Removed: Total Equity Investments United States
+Added: Transportation
+Added: Xpress Global Systems, LLC (3)
+Added: Total Equity Investments
+Added: United States
Total United States
Debt Investments
−Removed: Technology Hardware & Equipment
−Removed: Parkeon, Inc.
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments France
+Added: Health Care Equipment & Services
+Added: VetStrategy (3) (4) (6) (9) (11)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: VetStrategy (3) (15)
+Added: Unitranche First Lien Term Loan
+Added: C + 700 (100 Floor) (26)
+Added: VetStrategy (3) (6) (9) (15)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: C + 700 (100 Floor) (26)
+Added: VetStrategy (3) (15)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: C + 700 (100 Floor) (26)
+Added: Telecommunication Services
+Added: Sandvine Corporation (3) (15)
+Added: Senior Secured Second Lien Term Loan
+Added: Total Debt Investments
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
+Added: Equity Investments
+Added: Health Care Equipment & Services
+Added: VetStrategy (3) (15)
+Added: Total Equity Investments
United Kingdom
2 unchanged sentences
Crusoe Bidco Limited (3) (6) (15) (27)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
Crusoe Bidco Limited (3) (15)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
Crusoe Bidco Limited (3) (6) (15) (27)
−Removed: Unitranche First Lien
−Removed: Total Debt Investments United Kingdom
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Consumer Services
+Added: Auction Technology Group (3) (15)
+Added: Unitranche First Lien Term Loan
+Added: Auction Technology Group (3) (15)
+Added: Unitranche First Lien Term Loan
+Added: Total Debt Investments
+Added: United Kingdom
Total United Kingdom
2 unchanged sentences
PharComp Parent B.V.
−Removed: Unitranche First Lien
+Added: (3) (15) (17)
+Added: Unitranche First Lien - Last Out Term Loan
PharComp Parent B.V.
−Removed: Unitranche First Lien
−Removed: Total Debt Investments Netherlands
+Added: (3) (6) (15) (27)
+Added: Unitranche First Lien Term Loan
+Added: Total Debt Investments
Total Netherlands
2 unchanged sentences
MIR Bidco SA (3) (15)
−Removed: Unitranche First Lien
−Removed: Total Debt Investments Belgium
+Added: Unitranche First Lien Term Loan
+Added: Miraclon Corporation (3) (15)
+Added: Unitranche First Lien Term Loan
+Added: Total Debt Investments
Equity Investments
3 unchanged sentences
Preferred Stock
−Removed: Total Equity Investments Belgium
+Added: Total Equity Investments
Total Belgium
Total Investments
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
The majority of the investments bear interest at a rate that may be determined by reference to London Interbank
−Removed: Offered Rate (LIBOR or L), Prime (P) or EURIBOR (E) and which reset daily, monthly, bi-monthly, quarterly, semiannually or annually.
−Removed: For each, the Company has provided the spread over LIBOR or Prime
−Removed: and the weighted average current interest rate in effect at December 31, 2019.
+Added: Offered Rate (LIBOR or L), Prime (P), CDOR (C) or EURIBOR (E) and which reset monthly, bi-monthly, quarterly, semiannually or annually.
+Added: For each, the
+Added: Company has provided the spread over LIBOR or Prime and the current interest rate in effect at December 31, 2020.
Certain investments are subject to a LIBOR or Prime interest rate floor.
−Removed: For fixed rate loans, a spread above a reference rate is not applicable.
+Added: For fixed rate loans, a spread above a reference rate is
+Added: not applicable.
Percentage is based on net assets of $560,000 as of December 31, 2020.
1 unchanged sentence
non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940, as amended (1940 Act).
−Removed: Non-controlled/non-affiliated investments are investments that are neither controlled investments nor affiliated investments.
+Added: Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
All debt investments are income-producing, unless otherwise noted.
5 unchanged sentences
of Significant Accounting Policies.
−Removed: The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate.
−Removed: The 1 month LIBOR as of December 31, 2019 was 1.76%.
−Removed: See accompanying notes
−Removed: CRESCENT CAPITAL BDC, INC.
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded
−Removed: See Note 8 Commitments and Contingencies.
The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being
1 unchanged sentence
The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
+Added: Investment pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded
+Added: See Note 7 Commitments and Contingencies.
The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate.
The 1 month LIBOR as of December 31, 2020 was 0.14%.
−Removed: Fixed rate investment.
−Removed: The interest rate on these loans is subject to the U.S.
−Removed: Prime rate, which as of December 31, 2019 was
+Added: For some of these loans, the interest rate is based on the last reset date.
The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate.
The 3 month LIBOR as of December 31, 2020 was 0.24%.
−Removed: Investment is not a qualifying investment as defined under section 55 (a) of the 1940 Act.
−Removed: Qualifying assets
−Removed: must represent at least 70% of total assets at the time of acquisition.
−Removed: The Companys percentage of non-qualifying assets based on fair value was 16.21% as of December 31, 2019.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: Investment pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: As defined in the 1940 Act, the portfolio company is deemed to be a
+Added: non-controlled affiliated person of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio companys outstanding voting securities.
+Added: Agreements and Related Party Transactions.
+Added: Fixed rate investment.
The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate.
The 6 month LIBOR as of December 31, 2020 was 0.26%.
−Removed: These loans are first lien senior secured unitranche last-out term
−Removed: The interest rate reflected in this schedule includes the additional interest which the Company is entitled to receive as a result of an agreement among lenders.
+Added: For some of these loans, the interest rate is based on the last reset date.
The interest rate on these loans is subject to the greater of a LIBOR floor or 2 month LIBOR plus a base rate.
The 2 month LIBOR as of December 31, 2020 was 0.19%.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: Investment pays 0.75% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: Investment is not a qualifying investment as defined under section 55 (a) of the Investment Company Act of
+Added: Qualifying assets must represent at least 70% of total assets at the time of acquisition.
+Added: The Companys percentage of non-qualifying assets based on fair value was 13.30% as of December 31,
The investment is on non-accrual status as of December 31, 2020.
−Removed: Non-income producing security.
+Added: These loans are unitranche first lien/last-out term loans.
+Added: to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been
+Added: allocated to first-out and last-out tranches, whereby the first-out tranche will have
+Added: priority as to the last-out tranche with respect to payments of principal, interest and any amounts due thereunder.
+Added: The Company holds the
+Added: last-out tranche.
+Added: The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate.
+Added: The 12 month LIBOR as of December 31, 2020 was 0.34%.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: The interest rate on these loans is subject to the U.S.
+Added: Prime rate, which as of December 31, 2020 was
+Added: Investment pays 0.38% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
As defined in the 1940 Act, the portfolio company is deemed to be a controlled affiliated person of
4 unchanged sentences
guidance under ASC 820, these investments are excluded from the hierarchical levels.
−Removed: The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base
−Removed: The 3 month EURIBOR as of December 31, 2019 was (0.38)%.
+Added: Investment is not redeemable.
+Added: Income producing equity security.
+Added: Residual interest in Curvature (Beijing) Technology Limited.
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2020
+Added: thousands, except share and per share data)
+Added: The interest rate on these loans is subject to the greater of a CDOR floor or 3 month CDOR plus a base rate.
+Added: The 3 month CDOR as of December 31, 2020 was 0.50%.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: Investment pays 2.19% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 3 month GBP LIBOR plus a
The 3 month GBP LIBOR as of December 31, 2020 was 0.03%.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 6 month GBP LIBOR plus a
+Added: The 6 month GBP LIBOR as of December 31, 2020 was 0.03%.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base
+Added: The 3 month EURIBOR as of December 31, 2020 was (0.55)%.
+Added: For some of these loans, the interest rate is based on the last reset date.
+Added: For EURIBOR rate investments where negative rates can be prevalent, a 0% floor is presumed.
+Added: The interest rate on these loans is subject to the greater of a EURIBOR floor or 6 month EURIBOR plus a base
+Added: The 6 month EURIBOR as of December 31, 2020 was (0.53)%.
+Added: For some of these loans, the interest rate is based on the last reset date.
Foreign Currency Exchange
4 unchanged sentences
Wells Fargo Bank, N.A.
−Removed: GBP 5,885,394
Wells Fargo Bank, N.A.
−Removed: EUR 9,221,988
Wells Fargo Bank, N.A.
−Removed: EUR 6,702,510
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Wells Fargo Bank, N.A.
+Added: Total Foreign Currency Exchange Contracts
+Added: Canadian Dollar
Great British Pound
5 unchanged sentences
December 31, 2019
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
−Removed: Investments (1)
United States
1 unchanged sentence
Automobiles & Components
−Removed: AP Exhaust Acquisition, LLC (2)
−Removed: Senior Secured Second Lien
Auto-Vehicle Parts, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
Auto-Vehicle Parts, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
Continental Battery Company (1) (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Continental Battery Company (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
Continental Battery Company (1) (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
+Added: Continental Battery Company (1)
+Added: Senior Secured First Lien Delayed Draw Term Loan
Empire Auto Parts, LLC (1)
−Removed: Unitranche First Lien
+Added: Unitranche First
+Added: Lien Term Loan
Empire Auto Parts, LLC (1) (3) (4)
−Removed: Unitranche First Lien
+Added: Unitranche First
+Added: Lien Revolver
+Added: Empire Auto Parts, LLC (1)
+Added: Unitranche First
+Added: Lien Term Loan
POC Investors, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
POC Investors, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
Capital Goods
Alion Science and Technology Corporation
−Removed: Senior Secured First Lien
−Removed: Alion Science and Technology
−Removed: Corporation (2)
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: Alion Science and Technology Corporation (1)
Unsecured Debt
Midwest Industrial Rubber (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
Midwest Industrial Rubber (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
Potter Electric Signal Company (1) (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Potter Electric Signal Company (1) (3)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
Potter Electric Signal Company (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
Commercial & Professional Services
−Removed: Advantage Sales & Marketing, Inc.
−Removed: Senior Secured First Lien
−Removed: Advantage Sales & Marketing, Inc.
−Removed: Senior Secured Second Lien
−Removed: Allied Universal Holdco, LLC (2)
−Removed: Senior Secured Second Lien
ASP MCS Acquisition Corp.
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First
+Added: Lien Revolver
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First
+Added: Lien Revolver
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First
+Added: Lien Term Loan
BFC Solmetex LLC & Bonded Filter Co.
−Removed: Unitranche First Lien
+Added: Unitranche First
+Added: Lien Term Loan
+Added: BFC Solmetex LLC & Bonded Filter Co.
+Added: Unitranche First
+Added: Lien Term Loan
CHA Holdings, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
CHA Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: DFS Intermediate Holdings, LLC (2)
−Removed: Senior Secured First Lien
−Removed: DFS Intermediate Holdings, LLC (2) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
Company/Security/Country
2 unchanged sentences
DFS Intermediate Holdings, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: L + 525 (100 Floor) (2)
+Added: DFS Intermediate Holdings, LLC (1) (3)
+Added: Senior Secured First
+Added: Lien Revolver
+Added: L + 525 (100 Floor) (2)
+Added: DFS Intermediate Holdings, LLC (1) (3)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 525 (100 Floor) (2)
GH Holding Company (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
GI Revelation Acquisition LLC
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
Hepaco, LLC (1) (3) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
+Added: L + 475 (100 Floor) (2)
Hepaco, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: L + 475 (100 Floor) (2)
Hepaco, LLC (1) (3) (21)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 475 (100 Floor) (2)
Jordan Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: L + 600 (100 Floor) (5)
Jordan Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (5)
Jordan Healthcare, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
+Added: L + 600 (100 Floor) (5)
MHS Acquisition Holdings, LLC (1)
−Removed: Senior Secured Second Lien
+Added: Senior Secured
+Added: L + 875 (100 Floor) (5)
MHS Acquisition Holdings, LLC (1)
−Removed: Senior Secured Second Lien
+Added: Senior Secured
+Added: Second Lien Delayed
+Added: Draw Term Loan
+Added: L + 875 (100 Floor) (5)
MHS Acquisition Holdings, LLC (1)
Unsecured Debt
−Removed: L + 1350 PIK (3)
MHS Acquisition Holdings, LLC (1)
Unsecured Debt
−Removed: L + 1350 PIK (3)
+Added: Pye-Barker Fire & Safety, LLC (1)
+Added: Unitranche First
+Added: Lien Term Loan
+Added: L + 575 (100 Floor) (5)
+Added: Pye-Barker Fire & Safety, LLC (1) (3) (4)
+Added: Unitranche First
+Added: Lien Delayed Draw
+Added: Receivable Solutions, Inc.
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: L + 500 (100 Floor) (5)
+Added: Receivable Solutions, Inc.
+Added: Senior Secured First
+Added: Lien Revolver
+Added: L + 500 (100 Floor) (2)
SavATree, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: L + 500 (100 Floor) (5)
SavATree, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Revolver
SavATree, LLC (1) (3) (21)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 500 (100 Floor) (5)
TecoStar Holdings, Inc.
−Removed: Senior Secured Second Lien
−Removed: USAGM HoldCo LLC
−Removed: Senior Secured Second Lien
−Removed: USAGM HoldCo LLC (2)
−Removed: Senior Secured Second Lien
+Added: Senior Secured
+Added: L + 850 (100 Floor) (5)
+Added: UP Acquisition Corp (1)
+Added: Unitranche First
+Added: Lien Term Loan
+Added: L + 575 (100 Floor) (2)
+Added: UP Acquisition Corp (1) (3) (20)
+Added: Unitranche First
+Added: Lien Revolver
+Added: L + 575 (100 Floor) (5)
+Added: UP Acquisition Corp (1) (3) (20)
+Added: Unitranche First
+Added: Lien Delayed Draw
+Added: L + 575 (100 Floor) (2)
Valet Waste Holdings, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First
+Added: Lien Term Loan
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
Xcentric Mold and Engineering Acquisition Company,
−Removed: Senior Secured First Lien
−Removed: L + 700 (including 100 PIK) (4)
+Added: Senior Secured First Lien Term Loan
+Added: L + 700 (100 Floor) (including 100 PIK) (2)
Xcentric Mold and Engineering Acquisition Company,
−Removed: Senior Secured First Lien
−Removed: L + 700 (including 100 PIK) (4)
+Added: Senior Secured First Lien Revolver
+Added: L + 700 (100 Floor) (including 100 PIK) (2)
Consumer Durables & Apparel
EiKo Global, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
EiKo Global, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Consumer Services
−Removed: Counsel On Call, LLC (2)
−Removed: Senior Secured First Lien
−Removed: Counsel On Call, LLC (2) (5) (6)
−Removed: Senior Secured First Lien
−Removed: Counsel On Call, LLC (2) (5)
−Removed: Senior Secured First Lien
−Removed: Iconic Group, Inc.
−Removed: Senior Secured First Lien
−Removed: Iconic Group, Inc.
−Removed: Senior Secured First Lien
+Added: Colibri Group LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (5)
+Added: Colibri Group LLC (1) (21)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 575 (100 Floor) (5)
+Added: Colibri Group LLC (1) (3) (20)
+Added: Unitranche First Lien Revolver
+Added: L + 575 (100 Floor) (2)
+Added: COP Home Services Holdings, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: COP Home Services Holdings, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (100 Floor) (5)
+Added: COP Home Services Holdings, Inc.
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: HGH Purchaser, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (2)
+Added: HGH Purchaser, Inc.
+Added: (1) (3) (4) (21)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: HGH Purchaser, Inc.
+Added: Unitranche First Lien Revolver
+Added: JLL XDD, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (5)
Learn-It Systems, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (50 Floor) (5)
Learn-It Systems, LLC (1) (3) (20)
−Removed: Senior Secured First Lien
−Removed: See accompanying notes
−Removed: CRESCENT CAPITAL BDC, INC.
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2018
−Removed: Company/Security/Country
−Removed: Investment Type
−Removed: Value or Shares
+Added: Senior Secured First Lien Revolver
Learn-It Systems, LLC (1) (3) (22)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 450 (50 Floor) (5)
New Mountain Learning (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
New Mountain Learning (1) (3) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 600 (100 Floor) (5)
New Mountain Learning (1)
−Removed: Senior Secured First Lien
−Removed: NS Intermediate Holdings, LLC (2)
−Removed: Senior Secured First Lien
−Removed: NS Intermediate Holdings, LLC (2) (5)
−Removed: Senior Secured First Lien
−Removed: Pre-Paid Legal Services, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (5)
Pre-Paid Legal Services, Inc.
−Removed: Senior Secured Second Lien
−Removed: SkillSoft Corporation
−Removed: Senior Secured First Lien
+Added: Senior Secured Second Lien Term Loan
Teaching Strategies LLC (1)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
Teaching Strategies LLC (1) (3) (20)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 600 (100 Floor) (5)
United Language Group, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (2)
United Language Group, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 600 (100 Floor) (2)
Vistage Worldwide, Inc.
−Removed: Senior Secured First Lien
−Removed: Wrench Group LLC (2) (5) (6)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 400 (100 Floor) (2)
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
Wrench Group LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
Wrench Group LLC (1) (3) (23)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Wrench Group LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured Second Lien Term Loan
Diversified Financials
−Removed: Vanguard Holdings Corp.
−Removed: Unitranche First Lien
−Removed: Vanguard Holdings Corp.
−Removed: Unitranche First Lien
−Removed: Vanguard Holdings Corp.
−Removed: Unitranche First Lien
−Removed: Murray Energy Corporation
−Removed: Senior Secured First Lien
+Added: CC SAG Acquisition Corp.
+Added: Unitranche First Lien Term Loan
+Added: L + 500 (100 Floor) (5)
+Added: CC SAG Acquisition Corp.
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 500 (100 Floor) (2)
+Added: CC SAG Acquisition Corp.
+Added: Unitranche First Lien Revolver
+Added: BJ Services, LLC (1) (11)
+Added: Unitranche First LienLast Out Term Loan
+Added: L + 1033 (150 Floor) (5)
+Added: BJ Services, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 700 (150 Floor) (5)
Food & Staples Retailing
+Added: BJH Holdings III Corp.
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (2)
Isagenix International, LLC
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 575 (100 Floor) (5)
+Added: PetIQ, LLC (1) (9)
+Added: Senior Secured First Lien Term Loan
+Added: L + 450 (100 Floor) (2)
Food, Beverage & Tobacco
Mann Lake Ltd.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (5)
Mann Lake Ltd.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 500 (100 Floor) (5)
Health Care Equipment & Services
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
+Added: Abode Healthcare, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 425 (100 Floor) (5)
+Added: Abode Healthcare, Inc.
+Added: Senior Secured First Lien Revolver
+Added: L + 425 (100 Floor) (5)
+Added: Senior Secured First Lien Term Loan
+Added: L + 700 (100 Floor) (2)
+Added: Senior Secured First Lien Revolver
+Added: L + 700 (100 Floor) (2)
Avalign Technologies, Inc.
−Removed: Senior Secured First Lien
−Removed: Beaver-Visitec International, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: Centauri Health Solutions, Inc.
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 475 (100 Floor) (2)
+Added: Centauri Health Solutions, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (2)
+Added: Centauri Health Solutions, Inc.
+Added: Senior Secured First Lien Revolver
+Added: Centria Subsidiary Holdings, LLC (1) (3) (4)
+Added: Unitranche First Lien Revolver
+Added: Centria Subsidiary Holdings, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
+Added: Clarkson Eyecare, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (2)
+Added: Clarkson Eyecare, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (2)
See accompanying notes
2 unchanged sentences
December 31, 2019
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
−Removed: Carestream Health, Inc.
−Removed: Senior Secured First Lien
−Removed: Carestream Health, Inc.
−Removed: Senior Secured Second Lien
−Removed: CDRH Parent, Inc.
−Removed: Senior Secured First Lien
−Removed: Centauri Health Solutions, Inc.
−Removed: Senior Secured First Lien
−Removed: Centauri Health Solutions, Inc.
−Removed: Senior Secured First Lien
−Removed: Centauri Health Solutions, Inc.
−Removed: Senior Secured First Lien
CRA MSO, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (2)
CRA MSO, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
CRA MSO, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
ExamWorks Group, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 725 (100 Floor) (2)
GrapeTree Medical Staffing, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (2)
GrapeTree Medical Staffing, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
−Removed: Ivory Merger Sub, Inc.
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: GrapeTree Medical Staffing, LLC (1)
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (2)
+Added: Senior Secured First Lien Term Loan
+Added: L + 425 (100 Floor) (2)
NMN Holdings III Corp.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan Term Loan
NMN Holdings III Corp.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Delayed Draw Term Loan
NMSC Holdings, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: Omni Ophthalmic Management Consultants, LLC (1) (3)
+Added: Senior Secured First Lien Revolver
+Added: Omni Ophthalmic Management Consultants, LLC (1) (3)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: Omni Ophthalmic Management Consultants,
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (2)
Professional Physical Therapy (1)
−Removed: Senior Secured First Lien
−Removed: PT Network, LLC (2)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 675 (100 Floor) (including 75 PIK) (5)
PT Network, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
PT Network, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 750 (100 Floor) (including 200 PIK) (10)
+Added: Safco Dental Supply, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (5)
+Added: Safco Dental Supply, LLC (1) (3) (4)
+Added: Unitranche First Lien Revolver
Smile Brands, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Smile Brands, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Smile Brands, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
Smile Doctors LLC (1) (3) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 600 (100 Floor) (5)
Smile Doctors LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
Smile Doctors LLC (1) (3) (21)
−Removed: Senior Secured First Lien
−Removed: Upstream Rehabilition, Inc.
−Removed: Senior Secured First Lien
−Removed: Upstream Rehabilition, Inc.
−Removed: Senior Secured First Lien
−Removed: Household & Personal Products
−Removed: Tranzonic (2)
−Removed: Senior Secured First Lien
−Removed: Tranzonic (2) (5)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (5)
+Added: Unifeye Vision Partners (1)
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (5)
See accompanying notes
2 unchanged sentences
December 31, 2019
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
+Added: Unifeye Vision Partners (1) (3) (20)
+Added: Senior Secured First Lien Revolver
+Added: L + 500 (100 Floor) (5)
+Added: Unifeye Vision Partners (1) (3) (4)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: Zest Acquisition Corp.
+Added: Senior Secured First Lien Term Loan
+Added: Household & Personal Products
+Added: Tranzonic (1)
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (2)
+Added: Tranzonic (1) (3) (4) (20)
+Added: Senior Secured First Lien Revolver
Comet Acquisition, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: Integrity Marketing Acquisition, LLC (1) (3)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 575 (100 Floor) (5)
+Added: Integrity Marketing Acquisition, LLC (1) (3) (4)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Integrity Marketing Acquisition,
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (5)
+Added: Integrity Marketing Acquisition, LLC (1) (3) (4)
+Added: Unitranche First Lien Revolver
Integro Parent, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 575 (100 Floor) (2)
Integro Parent, Inc.
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 925 (100 Floor) (2)
Integro Parent, Inc.
−Removed: Senior Secured Second Lien
−Removed: Emerald Performance Materials, LLC
−Removed: Senior Secured First Lien
+Added: Senior Secured Second Lien Delayed Draw Term Loan
+Added: L + 925 (100 Floor) (2)
+Added: The Hilb Group, LLC (1) (3) (4)
+Added: Unitranche First Lien Revolver
+Added: The Hilb Group, LLC (1) (20)
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (2)
+Added: The Hilb Group, LLC (1) (3) (4) (21)
+Added: Unitranche First Lien Term Loan
Kestrel Parent, LLC (1) (3) (4) (20)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
Kestrel Parent, LLC (1)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (2)
Maroon Group, LLC (1)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 675 (100 Floor) (5)
Maroon Group, LLC (1) (3) (20)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: L + 675 (100 Floor) (2)
Maroon Group, LLC (1) (21)
−Removed: Unitranche First Lien
−Removed: Tribune Media Company (10)
−Removed: Senior Secured First Lien
−Removed: Vivid Seats Ltd.
−Removed: Senior Secured Second Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 675 (100 Floor) (5)
Pharmaceuticals, Biotechnology & Life Sciences
−Removed: Senior Secured First Lien
Trinity Partners, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (2)
Trinity Partners, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Slickdeals Holdings, LLC (1) (3) (4) (19)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Revolver
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
Slickdeals Holdings, LLC (1) (19)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 625 (100 Floor) (2)
Strategic Partners, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 375 (100 Floor) (2)
Software & Services
+Added: Affinitiv, Inc.
+Added: Unitranche First Lien Term Loan
+Added: L + 525 (100 Floor) (5)
+Added: Affinitiv, Inc.
+Added: (1) (3) (4) (20)
+Added: Unitranche First Lien Revolver
Ansira Partners, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 575 (100 Floor) (2)
Ansira Partners, Inc.
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 575 (100 Floor) (2)
Avaap USA LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (2)
Avaap USA LLC (1) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 525 (100 Floor) (2)
Avaap USA LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Benesys, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 425 (100 Floor) (2)
Benesys, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: L + 425 (100 Floor) (2)
C-4 Analytics, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 475 (100 Floor) (2)
C-4 Analytics, LLC (1) (3) (4) (20)
−Removed: Senior Secured First Lien
−Removed: List Partners, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
+Added: CAT Buyer, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (2)
+Added: CAT Buyer, LLC (1) (3) (20)
+Added: Unitranche First Lien Revolver
+Added: Claritas, LLC (1)
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
+Added: Claritas, LLC (1) (3) (2)
+Added: Senior Secured First Lien Revolver
+Added: L + 600 (100 Floor) (2)
List Partners, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 500 (100 Floor) (2)
List Partners, Inc.
−Removed: Senior Secured First Lien
−Removed: Mediaocean LLC
−Removed: Senior Secured First Lien
+Added: (1) (3) (4) (20)
+Added: Senior Secured First Lien Revolver
+Added: Ontario Systems, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 550 (100 Floor) (2)
+Added: Ontario Systems, LLC (1) (3) (4) (20)
+Added: Unitranche First Lien Revolver
+Added: Ontario Systems, LLC (1) (3) (4) (21)
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: Perforce Software, Inc.
+Added: Senior Secured First Lien Term Loan
+Added: Right Networks, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (2)
+Added: Right Networks, LLC (1) (3) (4) (2)
+Added: Unitranche First Lien Revolver
+Added: Ruffalo Noel Levitz, LLC (1)
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (5)
+Added: Ruffalo Noel Levitz, LLC (1) (3) (4)
+Added: Unitranche First Lien Revolver
+Added: SMS Systems Maintenance Services, Inc.
+Added: Senior Secured Second Lien Term Loan
+Added: SMS Systems Maintenance Services, Inc.
+Added: Senior Secured Second Lien Term Loan
+Added: SMS Systems Maintenance Services, Inc.
+Added: Senior Secured Second Lien Term Loan
See accompanying notes
2 unchanged sentences
December 31, 2019
+Added: thousands, except share and per share data)
Company/Security/Country
1 unchanged sentence
Value or Shares
−Removed: Merrill Communications, LLC (2)
−Removed: Senior Secured First Lien
−Removed: SMS Systems Maintenance Services, Inc.
−Removed: Senior Secured Second Lien
−Removed: SMS Systems Maintenance Services, Inc.
−Removed: Senior Secured Second Lien
−Removed: Transportation Insight, LLC (2) (5)
−Removed: Senior Secured First Lien
−Removed: Transportation Insight, LLC (2) (5)
−Removed: Senior Secured First Lien
+Added: Transportation Insight,
+Added: LLC (1) (3) (4) (20)
+Added: Senior Secured First Lien Revolver
Transportation Insight, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: Transportation Insight,
+Added: LLC (1) (3) (21)
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: Trident Technologies, LLC (1)
+Added: Senior Secured First Lien Term Loan
+Added: L + 600 (150 Floor) (2)
Winxnet Holdings LLC (1) (3)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
+Added: L + 600 (100 Floor) (2)
Winxnet Holdings LLC (1)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Term Loan
+Added: L + 600 (100 Floor) (2)
Winxnet Holdings LLC (1) (3) (20)
−Removed: Unitranche First Lien
−Removed: Zoom Information, Inc.
−Removed: Unitranche First Lien
−Removed: L + 600 (3) (12)
+Added: Unitranche First Lien Revolver
+Added: L + 600 (100 Floor) (2)
Technology Hardware & Equipment
Onvoy, LLC (1)
−Removed: Senior Secured Second Lien
+Added: Senior Secured Second Lien Term Loan
+Added: L + 1050 (100 Floor) (2)
Transportation
Pilot Air Freight, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
+Added: L + 525 (100 Floor) (2)
Pilot Air Freight, LLC (1)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
+Added: L + 525 (100 Floor) (2)
Pilot Air Freight, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Delayed Draw Term Loan
Pilot Air Freight, LLC (1) (3) (4)
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Revolver
Total Debt Investments United States
1 unchanged sentence
Automobiles & Components
−Removed: AP Centric (2)
+Added: APC Auto Tech Holdings, LLC (1) (13)
+Added: APC Auto Technology Intermediate, LLC (1) (13)
+Added: Preferred Stock
Capital Goods
−Removed: Alion Science and Technology
−Removed: Corporation (2)
+Added: Alion Science and Technology Corporation (1)
Commercial & Professional Services
+Added: Allied Universal holdings, LLC (1)
+Added: Common Stock, Class A
MHS Acquisition Holdings, LLC (1) (13)
+Added: MHS Acquisition Holdings, LLC (1) (13)
+Added: Preferred Stock
+Added: PB Parent, LP (1) (13)
+Added: RSI Acquisition, LLC (1) (13)
+Added: Preferred Stock, Class A
TecoStar Holdings, Inc.
−Removed: Universal Services Equity
−Removed: Investments (2)
−Removed: USAGM HoldCo LLC (2)
Consumer Services
+Added: Green Wrench Acquisition, LLC (1) (13)
+Added: HGH Investment, LP (1) (13)
+Added: Common Stock, Class A
Legalshield (1) (13)
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
+Added: Wrench Group Holdings, LLC (1) (13)
+Added: Common Stock, Class A
Diversified Financials
+Added: CBDC Senior Loan Fund LLC (9) (14)
+Added: Partnership Interest
GACP II LP (9) (15)
3 unchanged sentences
NMN Holdings LP (1) (13)
−Removed: Integro Equity (2)
+Added: PT Network, LLC (1) (13)
+Added: Common Stock, Class C
+Added: Spartan Healthcare Holdings, LLC (1)
+Added: Integrity Marketing Acquisition, LLC (1)
+Added: Integrity Marketing Acquisition, LLC (1)
+Added: Preferred Stock
+Added: Integro Parent, Inc.
Kestrel Upperco, LLC (1) (13)
Common Stock, Class A
−Removed: See accompanying notes
−Removed: CRESCENT CAPITAL BDC, INC.
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2018
−Removed: Company/Security/Country
−Removed: Investment Type
−Removed: Value or Shares
+Added: Slickdeals Holdings, LLC (1) (13) (19)
Vivid Seats Ltd.
+Added: (1) (13) (19)
Vivid Seats Ltd.
+Added: (1) (13) (19)
Preferred Stock
−Removed: Slickdeals Holdings, LLC (2)
Software & Services
−Removed: SMS Systems Maintenance Services,
+Added: SMS Systems Maintenance Services, Inc.
Technology Hardware & Equipment
6 unchanged sentences
Debt Investments
+Added: Software & Services
+Added: Corel Corporation (9)
+Added: Senior Secured First Lien Term Loan
+Added: Total Debt Investments Canada
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
+Added: Company/Security/Country
+Added: Investment Type
+Added: Value or Shares
+Added: Debt Investments
Technology Hardware & Equipment
Parkeon, Inc.
−Removed: Senior Secured First Lien
+Added: Senior Secured First Lien Term Loan
Total Debt Investments France
3 unchanged sentences
Crusoe Bidco Limited (1) (3) (9)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
Crusoe Bidco Limited (1) (3) (9)
−Removed: Unitranche First Lien
+Added: Unitranche First Lien Delayed Draw Term Loan
Crusoe Bidco Limited (1) (9)
−Removed: Unitranche First Lien
−Removed: Software & Services
−Removed: CB-SDG Limited (2) (10)
−Removed: Senior Secured First Lien
−Removed: CB-SDG Limited (2) (5) (10)
−Removed: Senior Secured First Lien
+Added: Unitranche First Lien Term Loan
Total Debt Investments United Kingdom
Total United Kingdom
+Added: Debt Investments
+Added: Pharmaceuticals, Biotechnology & Life Sciences
+Added: PharComp Parent B.V.
+Added: Unitranche First Lien - Last Out Term Loan
+Added: PharComp Parent B.V.
+Added: Unitranche First Lien Term Loan
+Added: Total Debt Investments Netherlands
+Added: Total Netherlands
+Added: Debt Investments
+Added: Commercial & Professional Services
+Added: MIR Bidco SA (1) (9)
+Added: Unitranche First Lien Term Loan
+Added: Miraclon Corporation (1) (9)
+Added: Unitranche First Lien Term Loan
+Added: Total Debt Investments Belgium
+Added: Equity Investments
+Added: Commercial & Professional Services
+Added: MIR Bidco SA (1) (9) (13)
+Added: MIR Bidco SA (1) (9) (13)
+Added: Preferred Stock
+Added: Total Equity Investments Belgium
+Added: Total Belgium
Total Investments
The majority of the investments bear interest at a rate that may be determined by reference to London Interbank
−Removed: Offered Rate (LIBOR or L) or Prime (P) and which reset daily, monthly, quarterly or semiannually.
−Removed: For each, the Company has provided the spread over LIBOR or Prime and the weighted average current interest rate in
−Removed: effect at December 31, 2018.
+Added: Offered Rate (LIBOR or L), Prime (P) or EURIBOR (E) and which reset monthly, bi-monthly, quarterly, semiannually or annually.
+Added: For each, the Company has provided
+Added: the spread over LIBOR or Prime and the current interest rate in effect at December 31, 2019.
Certain investments are subject to a LIBOR or Prime interest rate floor.
For fixed rate loans, a spread above a reference rate is not applicable.
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
Percentage is based on net assets of $406,917 as of December 31, 2019.
−Removed: All positions held are non-controlled/non-affiliated investments as defined by the 1940 Act.
−Removed: Non-controlled/non-affiliated investments are investments that are neither controlled investments nor affiliated investments.
+Added: All positions held are
+Added: non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act of 1940, as amended (1940 Act).
+Added: Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
+Added: All debt investments are income-producing, unless otherwise noted.
+Added: Equity and member interests are non-income-producing unless otherwise noted.
+Added: The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended, or the Securities Act.
+Added: investments are therefore generally subject to certain limitations on resale, and may be deemed to be restricted securities under the Securities Act.
The fair value of the investment was determined using significant unobservable inputs.
3 unchanged sentences
The 1 month LIBOR as of December 31, 2019 was 1.76%.
−Removed: The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate.
−Removed: The 1 month LIBOR as of December 31, 2018 was 2.50%.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded
See Note 8 Commitments and Contingencies.
−Removed: See accompanying notes
−Removed: CRESCENT CAPITAL BDC, INC.
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2018
The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being
1 unchanged sentence
The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
−Removed: The interest rate on these loans is subject to the U.S.
−Removed: Prime rate, which as of December 31, 2018 was 5.50%.
The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate.
The 3 month LIBOR as of December 31, 2019 was 1.91%.
+Added: Fixed rate investment.
+Added: The interest rate on these loans is subject to the U.S.
+Added: Prime rate, which as of December 31, 2019 was
The interest rate on these loans is subject to the greater of a LIBOR floor or 12 month LIBOR plus a base rate.
2 unchanged sentences
Qualifying assets must represent at least 70% of total assets at the time of acquisition.
+Added: The Companys percentage of non-qualifying assets based on fair value was 16.21% as of December 31,
+Added: The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate.
+Added: The 6 month LIBOR as of December 31, 2019 was 1.91%.
+Added: These loans are unitranche first lien/last-out term loans.
+Added: to the interest earned based on the effective interest rate of this loan, which is the amount reflected in this schedule, the Company is entitled to receive additional interest as a result of an agreement among lenders whereby the loan has been
+Added: allocated to first-out and last-out tranches, whereby the first-out tranche will have
+Added: priority as to the last-out tranche with respect to payments of principal, interest and any amounts due thereunder.
+Added: The Company holds the
+Added: last-out tranche.
The investment is on non-accrual status as of December 31, 2019.
−Removed: These loans are first lien senior secured unitranche last-out term loans.
−Removed: The interest rate reflected in this
−Removed: schedule includes the additional interest which the Company is entitled to receive as a result of an agreement among lenders.
−Removed: Non-income producing securities.
+Added: Non-income producing security.
+Added: As defined in the Investment Company Act of 1940, the portfolio company is deemed to be a controlled
+Added: affiliated person of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio companys outstanding voting securities or has the power to exercise control over management or policies of such
+Added: portfolio company.
+Added: See Note 3 Agreements and Related Party Transactions.
This investment was valued using net asset value as a practical expedient for fair value.
1 unchanged sentence
guidance under ASC 820, these investments are excluded from the hierarchical levels.
+Added: The interest rate on these loans is subject to the greater of a LIBOR floor or 2 month LIBOR plus a base rate.
+Added: The 2 month LIBOR as of December 31, 2019 was 1.83%.
The interest rate on these loans is subject to the greater of a EURIBOR floor or 3 month EURIBOR plus a base
2 unchanged sentences
The 3 month GBP LIBOR as of December 31, 2019 was 0.79%.
−Removed: The interest rate on these loans is subject to the greater of a GBP LIBOR floor or 3 month GBP LIBOR plus a
−Removed: The 3 month GBP LIBOR as of December 31, 2018 was 0.91%.
+Added: As defined in the 1940 Act, the portfolio company is deemed to be a
+Added: non-controlled affiliated person of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio companys outstanding voting securities.
+Added: Agreements and Related Party Transactions.
+Added: Investment pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: Investment pays 1.00% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: Investment pays 0.75% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: Investment pays 4.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: Investment pays 3.88 % unfunded commitment fee on delayed draw term loan and/or revolving credit
+Added: Investment pays 0.38% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
+Added: See accompanying notes
+Added: CRESCENT CAPITAL BDC, INC.
+Added: Consolidated Schedule of Investments
+Added: December 31, 2019
+Added: thousands, except share and per share data)
+Added: Investment pays 1.25% unfunded commitment fee on delayed draw term loan and/or revolving credit facilities.
Foreign Currency Exchange
−Removed: Currency Purchased
Currency Sold
4 unchanged sentences
GBP 5,885,394
+Added: Wells Fargo Bank, N.A.
+Added: USD 11,682,415
+Added: EUR 9,221,988
+Added: Wells Fargo Bank, N.A.
+Added: USD 8,602,672
+Added: EUR 6,702,510
Great British Pound
4 unchanged sentences
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (in thousands, except share and per share amounts)
December 31, 2020
2 unchanged sentences
(the Company) was formed on February 5, 2015
−Removed: (Inception) as a Delaware corporation structured as an externally managed, closed-end, non-diversified management investment company.
−Removed: On January 30,
−Removed: 2020, the Company changed its state of incorporation from the State of Delaware to the State of Maryland.
−Removed: The Company commenced investment operations on June 26, 2015 (Commencement).
−Removed: The Company has elected to be treated as a
−Removed: business development company (BDC) under the Investment Company Act of 1940, as amended (the 1940 Act).
+Added: (Inception) as a Delaware corporation structured as an externally managed, closed-end management investment company.
+Added: The Company commenced investment operations on June 26, 2015.
+Added: January 30, 2020, the Company changed its state of incorporation from the State of Delaware to the State of Maryland.
+Added: The Company has elected to be treated as a business development company (BDC) under the Investment Company Act of
+Added: 1940, as amended (the 1940 Act) and currently operates as a diversified investment company.
In addition, the Company has elected to be treated for U.S.
−Removed: federal income tax purposes as a regulated investment company
−Removed: (a RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).
−Removed: As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other
−Removed: applicable income tax requirements.
−Removed: The Company is managed by CCAP Advisors, LLC (the Advisor and formerly, CBDC Advisors, LLC), an investment
−Removed: adviser that is registered with the Securities and Exchange Commission (the SEC) under the Investment Advisers Act of 1940, as amended.
−Removed: CCAP Administration LLC (the Administrator and formerly, CBDC Administration, LLC)
−Removed: provides the administrative services necessary for the Company to operate.
−Removed: Company management consists of investment and administrative professionals from the Advisor and Administrator along with the Companys Board of Directors (the
−Removed: The Advisor directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board, which sets the broad policies of the Company.
−Removed: The Board has delegated investment
−Removed: management of the Companys investment assets to the Advisor.
−Removed: The Board consists of six directors, four of whom are independent.
−Removed: 2015, the Company formed CBDC Universal Equity, Inc.
−Removed: (the Taxable Subsidiary), a wholly-owned subsidiary.
−Removed: This subsidiary allows the Company to hold equity securities of portfolio companies organized as a pass-through entity while
−Removed: continuing to satisfy the requirements of a RIC under the Code.
−Removed: On February 25, 2016, the Company formed Crescent Capital BDC Funding, LLC (CCAP SPV), a Delaware limited liability company and wholly owned subsidiary.
−Removed: The financial
−Removed: statements of these two entities are consolidated into the financial statements of the Company.
−Removed: All intercompany balances and transactions have been eliminated.
+Added: federal income tax purposes as a regulated investment company (a RIC)
+Added: under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code).
+Added: As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax
+Added: requirements.
+Added: The Companys primary investment objective is to maximize the total return to its stockholders in the form of current income and
+Added: capital appreciation through debt and related equity investments.
+Added: The Company will seek to achieve its investment objectives by investing primarily in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt
+Added: (including senior unsecured, mezzanine and subordinated debt), as well as related equity securities of private U.S.
+Added: middle-market companies.
+Added: The Company may make multiple investments in the same portfolio company.
+Added: Although the Companys focus
+Added: is to invest in private credit transactions, in certain circumstances it may also invest in broadly syndicated loans and bonds.
+Added: The Company is managed by
+Added: Crescent Cap Advisors, LLC (the Adviser and formerly, CBDC Advisors, LLC), an investment adviser that is registered with the Securities and Exchange Commission (the SEC) under the Investment Advisers Act of 1940, as amended.
+Added: CCAP Administration LLC (the Administrator and formerly, CBDC Administration, LLC) provides the administrative services necessary for the Company to operate.
+Added: Company management consists of investment and administrative professionals from
+Added: the Adviser and Administrator along with the Companys Board of Directors (the Board).
+Added: The Adviser directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board,
+Added: which sets the broad policies of the Company.
+Added: The Board has delegated investment management of the Companys investment assets to the Adviser.
+Added: The Board consists of five directors, four of whom are independent.
+Added: The Company has formed a wholly owned subsidiary that is structured as a tax blocker, to hold equity or equity-like investments in portfolio companies
+Added: organized as limited liability companies or other forms of pass-through entities.
+Added: This corporate subsidiary is not consolidated for income tax purposes and may incur income tax expense as a result of its ownership of portfolio companies.
On January 31, 2020, the Company completed a transaction to acquire Alcentra Capital Corporation in a cash and stock transaction (the Alcentra
Acquisition).
+Added: The Company was listed and began trading on the NASDAQ stock exchange on February 3, 2020.
See Note 14.
−Removed: Alcentra Acquisition and Note 15.
−Removed: Subsequent Events for more information.
−Removed: The Companys
−Removed: primary investment objective is to maximize the total return to the Companys stockholders in the form of current income and capital appreciation through debt and related equity investments.
−Removed: The Company will seek to achieve its investment
−Removed: objectives by investing primarily in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured, mezzanine and subordinated debt), as well as related equity securities of private U.S.
−Removed: middle-market companies.
−Removed: The Company may make multiple investments in the same portfolio company.
−Removed: The Company may purchase interests in loans or make debt investments, either (i) directly from its target companies as primary market or private
−Removed: credit investments ( i.e ., private credit transactions), or (ii) primary or secondary market bank loan or high yield transactions in the broadly syndicated
−Removed: over-the-counter market ( i.e ., broadly syndicated loans and bonds).
−Removed: Although the Companys focus is to invest in private credit transactions, in
−Removed: certain circumstances it will also invest in broadly syndicated loans and bonds.
−Removed: Basis of Presentation
−Removed: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (ASC) Topic 946
−Removed: Financial Services Investment Companies (ASC Topic 946).
−Removed: The accompanying consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted
−Removed: accounting principles in the United States of America (GAAP) for financial information and pursuant to the requirements for reporting on Form 10-K and Regulation
−Removed: In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of
−Removed: financial results as of and for the periods presented.
+Added: Alcentra Acquisition for more information.
+Added: On January 5, 2021, Sun Life Financial Inc.
+Added: (together with its subsidiaries and joint ventures, Sun Life) acquired a majority interest in
+Added: Crescent (the Sun Life Transaction).
+Added: Consummation of the Sun Life Transaction resulted in a change of control of Crescent.
+Added: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification
+Added: (ASC) Topic 946 Financial Services Investment Companies (ASC Topic 946).
+Added: The accompanying consolidated financial statements of the Company and related financial information have been prepared in accordance with
+Added: generally accepted accounting principles in the United States of America (GAAP) for financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-X.
+Added: In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial
+Added: results as of and for the periods presented.
All intercompany balances and transactions have been eliminated.
Certain prior period amounts have been reclassified to conform to the current period presentation.
−Removed: The Company does not consolidate its equity interest in CBDC Senior Loan Fund, LLC (the Senior Loan
−Removed: For further description of the Companys investment in the Senior Loan Fund see Note 4.
−Removed: Summary of Significant
−Removed: Accounting Policies
+Added: The Company does not consolidate its equity interest in CBDC Senior Loan Fund, LLC (the Senior Loan Fund).
+Added: Summary of Significant Accounting Policies
Use of Estimates
−Removed: preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes.
−Removed: consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the results for the periods presented.
−Removed: Although management believes that the estimates and assumptions are reasonable,
−Removed: changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.
−Removed: Cash and Cash Equivalents
−Removed: Cash and cash equivalents
−Removed: consist of demand deposits and highly liquid investments (e.g., money market funds, U.S.
−Removed: Treasury notes, and similar type instruments) with original maturities of three months or less.
−Removed: Cash and cash equivalents other than money market mutual funds,
−Removed: are carried at cost plus accrued interest, which approximates fair value.
−Removed: Money market mutual funds are carried at their net asset value, which approximates fair value.
−Removed: Restricted cash consists of deposits held at Wells Fargo Bank N.A.
−Removed: the Companys credit facility.
+Added: The preparation of the consolidated
+Added: financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes.
+Added: These consolidated financial statements
+Added: reflect adjustments that in the opinion of management are necessary for the fair statement of the results for the periods presented.
+Added: Although management believes that the estimates and assumptions are reasonable, changes in the economic environment,
+Added: financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.
+Added: Cash and Cash
+Added: Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S.
+Added: notes, and similar type instruments) with original maturities of three months or less.
+Added: Cash and cash equivalents other than money market mutual funds, are carried at cost plus accrued interest, which approximates fair value.
+Added: Money market mutual
+Added: funds are carried at their net asset value, which approximates fair value.
+Added: Restricted cash and cash equivalents consists of deposits held at Wells Fargo Bank N.A.
+Added: related to the Companys credit facility.
+Added: The Company holds cash and cash
+Added: equivalents denominated in foreign currencies.
The Company deposits its cash, cash equivalents and restricted cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.
Investment Transactions
−Removed: Investments purchased on a
−Removed: secondary market are recorded on the trade date.
−Removed: Loan originations are recorded on the date of the binding commitment.
+Added: Loan originations are recorded
+Added: on the date of the binding commitment.
+Added: Investments purchased on a secondary market are recorded on the trade date.
Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received
4 unchanged sentences
Investment Valuation
−Removed: Investments for which market quotations are readily available are typically valued at those market quotations.
−Removed: To validate market quotations, the Company
−Removed: utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.
−Removed: Debt and equity securities that are not publicly traded or whose market prices are not readily available
−Removed: are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Advisor, the Companys Audit Committee and, with certain de minimis exceptions, independent third-party valuation firms engaged at
−Removed: the direction of the Board.
−Removed: The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following:
−Removed: The valuation process begins with each investment being initially valued by the investment professionals
−Removed: responsible for the portfolio investment in conjunction with the portfolio management team.
−Removed: The Advisors management reviews the preliminary valuations with the investment professionals.
−Removed: valuation recommendations are presented to the Audit Committee.
−Removed: The Audit Committee reviews the valuations presented and recommends values for each investment to the Board.
−Removed: The Board reviews the recommended valuations and determines the fair value of each investment;
−Removed: valuations that
−Removed: are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Advisor, Audit Committee and, where applicable, other third parties.
The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), as amended, which establishes a framework for
8 unchanged sentences
Level 1Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to
−Removed: Level 2Valuations based on quoted prices in markets that are not active or for
−Removed: which all significant inputs are observable, either directly or indirectly.
−Removed: Level 3Valuations based on inputs that are
−Removed: unobservable and significant to the overall fair value measurement.
+Added: Level 2Valuations based on quoted prices in markets that are not active or for which all significant inputs are
+Added: observable, either directly or indirectly.
+Added: Level 3Valuations based on inputs that are unobservable and significant to the
+Added: overall fair value measurement.
+Added: Investments for which market quotations are readily available are typically valued at those market quotations.
+Added: validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.
+Added: Debt and equity securities that are not publicly traded or whose
+Added: market prices are not readily available are valued at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, the Companys Audit Committee and, with certain de minimis exceptions,
+Added: independent third-party valuation firms engaged at the direction of the Board.
+Added: The Board oversees and supervises a multi-step valuation process, which
+Added: includes, among other procedures, the following:
+Added: The valuation process begins with each investment being initially valued by the investment professionals
+Added: responsible for the portfolio investment in conjunction with the portfolio management team.
+Added: The Advisers management and Crescents alternative investment valuation committee reviews the
+Added: preliminary valuations with the investment professionals.
+Added: Agreed upon valuation recommendations are presented to the Audit Committee.
+Added: The Audit Committee reviews the valuations presented and recommends values for each investment to the Board.
+Added: The Board reviews the recommended valuations and determines the fair value of each investment.
Investments in investment companies are valued at fair value.
−Removed: Fair values are
−Removed: generally determined utilizing the net asset value (NAV) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in
−Removed: accordance with the practical expedient, as defined by ASC 820 .
−Removed: NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment companys underlying
−Removed: investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum.
−Removed: Investments which are valued using NAV as a practical expedient are
−Removed: excluded from the above hierarchy.
−Removed: The Company has invested in Great American Capital Partners II LP (GACP II) which is an investment company
−Removed: and measured using the net asset value per share as a practical expedient for fair value.
−Removed: The investment in GACP II is not redeemable.
−Removed: As of December 31, 2019 and December 31, 2018, the Company had an unfunded commitment to GACP II of
−Removed: $2,464,954 and $8,138,692, respectively.
−Removed: In addition to using the above inputs in investment valuations, the Company applies the valuation policy
−Removed: approved by its Board that is consistent with ASC 820.
−Removed: Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar
−Removed: attributes are trading), in determining fair value.
−Removed: When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the
−Removed: determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment.
−Removed: For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine
−Removed: if observable market information is being used, versus unobservable inputs.
−Removed: Some additional factors considered include the number of prices obtained as well as an assessment as to their quality.
−Removed: Transfers between levels, if any, are recognized at
−Removed: the beginning of the period in which the transfers occur.
−Removed: During the year ended December 31, 2019, the Company recorded $18,122,736 in transfers from Level 3 to Level 2 and $4,655,283 in transfers from Level 2 to Level 3 due
−Removed: to an increase and a decrease in observable inputs in market data.
−Removed: During the year ended December 31, 2018, the Company recorded $0 in transfers from Level 3 to Level 2 and $27,126,293 in transfers from Level 2 to Level 3
−Removed: due to an increase and a decrease in observable inputs in market data, respectively.
−Removed: Due to the inherent uncertainty of determining the fair value of
−Removed: investments that do not have a readily available market value, the fair value of the Companys investments may fluctuate from period to period.
−Removed: Additionally, the fair value of such investments may differ significantly from the values that would
−Removed: have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized.
−Removed: Further, such investments are generally less liquid than publicly traded securities and may be subject to
−Removed: contractual and other restrictions on resale.
−Removed: If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be
−Removed: In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses
−Removed: ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
−Removed: Investments and Note 5.
−Removed: Fair Value of Financial Instruments for additional information on the Companys investment
−Removed: Foreign Currency
+Added: Fair values are generally determined utilizing the net asset value
+Added: (NAV) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the practical expedient, as
+Added: defined by ASC 820 .
+Added: NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment companys underlying investments in accordance with policies established by
+Added: management of each investment company, as described in each of their financial statements and offering memorandum.
+Added: Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.
+Added: The Company applies the valuation policy approved by its Board that is consistent with ASC 820.
+Added: Consistent with the valuation policy, the Company evaluates
+Added: the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.
+Added: When a security is valued based on prices provided by reputable
+Added: dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3
+Added: For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs.
+Added: Some additional factors considered include
+Added: the number of prices obtained as well as an assessment as to their quality.
+Added: Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.
+Added: Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the
+Added: Companys investments may fluctuate from period to period.
+Added: Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ
+Added: materially from the values that may ultimately be realized.
+Added: Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale.
+Added: If the Company were required to
+Added: liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.
+Added: In addition, changes in the market environment and other events that may
+Added: occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.
Foreign Currency
−Removed: amounts are translated into U.S.
+Added: Foreign currency amounts are translated
dollars on the following basis:
13 unchanged sentences
is to borrow local currency under the Companys credit facilities or by entering into foreign currency forward contracts.
−Removed: Foreign currency forward contracts
−Removed: The Company may enter into foreign currency forward contracts to reduce the Companys exposure to foreign currency exchange rate fluctuations in the
−Removed: value of foreign currencies.
−Removed: In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date.
−Removed: foreign currency contracts are marked-to-market at the applicable forward rate.
−Removed: Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded
−Removed: on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable.
−Removed: Notional amounts and the gross fair value of foreign currency forward
−Removed: contract assets and liabilities are presented separately on the Consolidated Schedules of Investments.
−Removed: Purchases and sales of foreign currency forward contracts having the same notional value, settlement date and counterparty are generally settled
−Removed: net (which results in a net foreign currency position of zero with the counterparty) and any realized gains or losses are recognized on the settlement date.
+Added: Foreign currency
+Added: forward contracts
+Added: The Company may enter into foreign currency forward contracts to reduce the Companys exposure to foreign currency exchange
+Added: rate fluctuations in the value of foreign currencies.
+Added: In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at
+Added: a future date.
+Added: Forward foreign currency contracts are marked-to-market at the applicable forward rate.
+Added: Unrealized appreciation (depreciation) on foreign currency forward
+Added: contracts are recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a gross basis, not taking into account collateral posted which is recorded separately, if applicable.
+Added: Notional amounts and the gross fair value of
+Added: foreign currency forward contract assets and liabilities
+Added: are presented separately on the Consolidated Schedules of Investments.
+Added: Purchases and sales of foreign currency forward contracts having the same notional value, settlement date and counterparty
+Added: are generally settled net (which results in a net foreign currency position of zero with the counterparty) and any realized gains or losses are recognized on the settlement date.
The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized
2 unchanged sentences
Organization Expenses
−Removed: The Company has agreed to repay the Advisor for initial organization costs and equity offering costs incurred prior to the
+Added: The Company agreed to repay the Adviser for initial organization costs and equity offering costs incurred prior to the
commencement of its operations up to a maximum of $1,500 on a pro rata basis over the first $350,000 of invested capital not to exceed 3 years from the initial capital commitment on June 26, 2015.
−Removed: To the extent such costs relate to
−Removed: equity offerings, these costs are charged as a reduction of capital upon the issuance of common shares.
−Removed: To the extent such costs relate to organization costs, these costs are expensed in the Consolidated Statements of Operations upon the issuance of
−Removed: common shares.
−Removed: The Advisor is responsible for organization and private equity offerings costs in excess of $1,500,000.
−Removed: At the 2018 Annual Meeting of Stockholders, the Company received stockholder approval to extend the period during which capital
−Removed: may be called from stockholders (the Commitment Period).
−Removed: The Commitment Period was extended to the date of the merger, which occurred on January 31, 2020.
−Removed: With the approval of the Commitment Period extension, the Advisor agreed to
−Removed: extend the reimbursement period for the initial organization costs and equity offering costs to June 30, 2019.
−Removed: Commitments, Contingencies and Indemnifications for additional discussion of certain related party transactions with
−Removed: Since June 26, 2015 (Commencement), the Advisor has allocated to the Company $603,782 of equity offering costs and $431,600 of organization costs.
+Added: The initial 3 year term was later extended to
+Added: June 30, 2019 with shareholder approval.
+Added: To the extent such costs related to equity offerings, these costs were charged as a reduction of capital upon the issuance of common shares.
+Added: To the extent such costs related to organization costs, these
+Added: costs were expensed in the Consolidated Statements of Operations upon the issuance of common shares.
+Added: The Adviser was responsible for organization and private equity offerings costs in excess of $1,500.
+Added: During the reimbursement period which began on
+Added: June 26, 2015 and expired on June 30, 2019, the Adviser had allocated to the Company $794 of equity offering costs and $568 of organization costs.
Debt Issuance Costs
11 unchanged sentences
prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.
−Removed: Dividend income from preferred
−Removed: equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.
−Removed: Dividend income from common equity securities is recorded on the record date for private
−Removed: portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
+Added: Dividend income from common
+Added: equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
+Added: Dividend income from preferred equity securities is recorded
+Added: on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.
Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as
3 unchanged sentences
classified as a return of capital are recorded as a reduction in the cost basis of the investment.
−Removed: To date, all distributions have been classified as dividend income.
−Removed: Certain investments have contractual payment-in-kind (PIK)
−Removed: interest or dividends.
−Removed: PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally
−Removed: becomes due at maturity or upon being called by the issuer.
−Removed: PIK is recorded as interest or dividend income, as applicable.
−Removed: If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.
−Removed: Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual
−Removed: Loans are generally placed on non-accrual status when principal or interest payments are past due
−Removed: 30 days or more or when there is reasonable doubt that principal or interest will be collected in full.
−Removed: Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status.
−Removed: Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon managements judgment regarding collectability.
−Removed: Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in managements judgment, are likely to remain current.
−Removed: Management may determine to not place a
−Removed: loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
−Removed: As of December 31, 2019, the Company had one portfolio company with three investment positions
−Removed: on non-accrual status, which represented 1.9% and 1.0% of the total debt investments at cost and fair value, respectively.
−Removed: As of December 31, 2018, the Company had one portfolio company with two
−Removed: investment positions on non-accrual status, which represented 2.5% and 1.4% of the total investments at cost and fair value, respectively.
−Removed: From time to time, the Company may receive fees for services provided to portfolio companies by the Advisor under the Investment Advisory Agreement.
−Removed: for services that the Advisor provides vary by investment, but generally include syndication, structuring or diligence fees, and fees for providing managerial assistance to the portfolio companies.
−Removed: The Company may also generate revenue in the form
−Removed: of commitment or origination fees.
−Removed: Loan origination fees, original issue discount, loan administrative fees and market discount or premium which are capitalized;
−Removed: such amounts are accreted or amortized into income over the life of the loan.
−Removed: providing managerial assistance to the portfolio companies are generally non-recurring and are recognized as revenue when services are provided.
−Removed: In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide
−Removed: significant services in connection with the investment, all or a portion of any loan fees received by the Company in such situations will be deferred and amortized over the investments life using the effective yield method.
+Added: Certain investments have contractual payment-in-kind (PIK) interest or dividends.
+Added: PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the
+Added: investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer.
+Added: PIK is recorded as interest income, as applicable.
+Added: If at any point the Company
+Added: believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.
+Added: Accrued PIK interest or dividends are generally reversed through interest or dividend income,
+Added: respectively, when an investment is placed on non-accrual status.
+Added: Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full.
+Added: Accrued and unpaid interest is
+Added: generally reversed when a loan is placed on non-accrual status.
+Added: Interest payments received on non-accrual loans may be recognized as income or applied to principal
+Added: depending upon managements judgment regarding collectability.
+Added: Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in managements judgment, are
+Added: likely to remain current.
+Added: Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
+Added: As of December 31, 2020, the
+Added: Company had two portfolio companies with three investment positions on non-accrual status, which represented 1.7% and 1.3% of the total debt investments at cost and fair value, respectively.
+Added: December 31, 2019, the Company had one portfolio company with three investment positions on non-accrual status, which represented 1.9% and 1.0% of the total debt investments at cost and fair value,
+Added: respectively.
+Added: Other income may include income such as consent, waiver, amendment, underwriting and arranger fees associated with the Companys investment activities as
+Added: well as any fees for managerial assistance services rendered by the Company to the portfolio companies.
+Added: Such fees are recognized as income when earned or the services are rendered.
The Company has elected to be treated as
13 unchanged sentences
laws, regulations and interpretations thereof.
−Removed: The Company accounts for income taxes in conformity with ASC Topic 740 Income Taxes (ASC Topic 740).
−Removed: ASC Topic 740 provides guidelines for how uncertain tax
−Removed: positions should be recognized, measured, presented and disclosed in financial statements.
−Removed: The Company intends to comply with the applicable provisions
−Removed: of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes.
−Removed: As of December 31, 2019, all tax filings of the Company since the
−Removed: inception on February 5, 2015 remain subject to examination by federal tax authorities.
−Removed: No such examinations are currently pending.
−Removed: the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections), (ii) 98.2% of its net capital
−Removed: gains from the current year and (iii) any undistributed ordinary income and net capital gains from preceding years.
−Removed: The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on
−Removed: If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders.
−Removed: The Company will accrue excise tax on estimated undistributed taxable income as required on an
−Removed: annual basis.
+Added: The Company accounts for income taxes in conformity with ASC 740 Income Taxes (ASC 740).
+Added: ASC 740 provides guidelines for how uncertain tax positions should be
+Added: recognized, measured, presented and disclosed in financial statements.
+Added: The Company intends to comply with the applicable provisions of the Code,
+Added: pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes.
+Added: As of December 31, 2020, the Company is subject to examination by U.S.
+Added: authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.
+Added: In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its
+Added: ordinary income (taking into account certain deferrals and elections), (ii) 98.2% of its net capital gains from the current year and (iii) any undistributed ordinary income and net capital gains from preceding years.
+Added: The Company, at its
+Added: discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income.
+Added: If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to
+Added: stockholders.
+Added: The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.
For the year ended December 31, 2020, the Company expensed an excise tax of $592, of which $421 remained payable.
−Removed: For the year ended December 31, 2018 the Company expensed an excise tax of $112,001, of which $111,921
−Removed: remained payable.
+Added: year ended December 31, 2019, the Company expensed an excise tax of $119, of which $110 remained payable.
+Added: For the year ended December 31, 2018, the Company expensed an excise tax of $112, of which $112 remained payable.
CBDC Universal Equity, Inc.
−Removed: is a taxable entity.
−Removed: The Taxable Subsidiary permits the Company to hold equity investments in portfolio
−Removed: companies which are pass through entities for tax purposes and continue to comply with the source income requirements contained in RIC tax provisions of the Code.
−Removed: The Taxable Subsidiary is not consolidated with the Company
−Removed: for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments.
−Removed: The income tax expense, or benefit, if any, and related tax assets and
−Removed: liabilities are reflected in the Companys consolidated financial statements.
−Removed: For the year ended December 31, 2019, the Company recognized a
−Removed: benefit/(provision) for taxes of $(153,939) on unrealized appreciation/(depreciation) on investments and net operating losses and federal tax credits related to the Taxable Subsidiary.
−Removed: As of December 31, 2019, $879,359 was included in deferred
−Removed: tax liability on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in our corporate subsidiaries and other temporary book to tax differences of the corporate
−Removed: subsidiaries.
−Removed: As of December 31, 2019, $420,492 of deferred tax assets were included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on
+Added: is a taxable entity (Taxable Subsidiary).
+Added: The Taxable Subsidiary permits the Company to hold equity investments in
+Added: portfolio companies which are pass through entities for tax purposes and continues to comply with the source income requirements contained in RIC tax provisions of the Code.
+Added: The Taxable Subsidiary is not consolidated with the
+Added: Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments.
+Added: The income tax expense, or benefit, if any, and related tax
+Added: assets and liabilities are reflected in the Companys consolidated financial statements.
+Added: For the year ended December 31, 2020, the Company
+Added: recognized a benefit/(provision) for taxes of $(235) on unrealized appreciation/(depreciation) on investments and net operating losses and federal tax credits related to the Taxable Subsidiary.
+Added: As of December 31, 2020, $630 was included in
+Added: deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future
+Added: As of December 31, 2020, $1,324, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Companys
+Added: corporate subsidiary and other temporary book to tax differences of the corporate subsidiary.
+Added: For the year ended December 31, 2019, the Company
+Added: recognized a benefit/(provision) for taxes of $(154), on unrealized appreciation/(depreciation) on investments and net operating losses and federal tax credits related to the Taxable Subsidiary.
+Added: As of December 31, 2019, $421, was included in
+Added: deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future
+Added: As of December 31, 2019, $879 was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Companys
+Added: corporate subsidiary and other temporary book to tax differences of the corporate subsidiary.
+Added: For the year ended December 31, 2018, the Company
+Added: recognized a benefit/(provision) for taxes of $(88), on unrealized appreciation/(depreciation) on investments and net operating losses and federal tax credits related to the Taxable Subsidiary.
+Added: December 31, 2018, $299, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on
investments and other temporary book to tax differences that are expected to be used in future periods.
−Removed: For the year ended December 31, 2018, the Company recognized a benefit/(provision) for taxes of
−Removed: $(87,779) on unrealized appreciation/(depreciation) on investments and net operating losses and federal tax credits related to the Taxable Subsidiary.
−Removed: As of December 31, 2018, $604,402 was included in deferred tax liability on the Consolidated
−Removed: Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in our corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.
−Removed: As of December 31, 2018,
−Removed: $299,474 of deferred tax assets were included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax
−Removed: differences that are expected to be used in future periods.
−Removed: For the year ended December 31, 2017, the Company recognized a benefit/(provision) for
−Removed: taxes of $(217,149) on unrealized appreciation/(depreciation) on investments and net operating losses and federal tax credits related to the Taxable Subsidiary.
−Removed: As of December 31, 2017, $285,381 was included in deferred tax liability on the
−Removed: Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in our corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.
−Removed: December 31, 2017, $68,232 of deferred tax assets were included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other
−Removed: temporary book to tax differences that are expected to be used in future periods.
−Removed: For the year ended December 31, 2019, the Company recognized a
−Removed: tax provision of $67,321 on realized gain on investments.
−Removed: For the years ended December 31, 2018 and 2017, there was no tax provision required on realized gain on investments.
−Removed: Dividends and Distributions
−Removed: Dividends and
−Removed: distributions to common stockholders are recorded on the record date.
−Removed: The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by management.
−Removed: Net realized capital gains, if
−Removed: any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.
−Removed: The Company has adopted a dividend
−Removed: reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Companys stockholders for those stockholders electing not to receive cash.
−Removed: As a result, if the Board authorizes, and the
−Removed: Company declares, a cash dividend, then the Companys stockholders who have opted in to the Companys dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of the Companys
−Removed: common stock, rather than receiving the cash dividend.
+Added: As of December 31, 2018, $604 was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily
+Added: relating to deferred taxes on unrealized gains on investments held in the Companys corporate subsidiary and other temporary book to tax differences of the corporate subsidiary.
+Added: For the years ended December 31, 2020 and 2019, the Company recognized a tax benefit (provision) of $46 and $(67) on realized gains on investments,
+Added: respectively.
+Added: For the year ended December 31, 2018 there was no realized gain on investments requiring a recognition of a tax provision.
+Added: Dividends and Distributions to Stockholders
+Added: and distributions to common stockholders are recorded on the record date.
+Added: The amount to be paid out as a dividend is determined by the Board each quarter.
+Added: Net realized capital gains, if any, are distributed at least annually, although the Company
+Added: may decide to retain such capital gains for investment.
+Added: The Company adopted a dividend reinvestment plan that provides for reinvestment of the
+Added: Companys dividends and other distributions on behalf of the stockholders unless a stockholder elects to receive cash.
+Added: As a result, if the Companys Board authorizes, and the Company declares, a cash dividend, or other distribution then
+Added: stockholders who are participating in the dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of common stock, rather than receiving cash dividends and distributions.
+Added: Prior to February 3, 2020, which is the date of the Companys listing on NASDAQ, only stockholders who opted in to the dividend
+Added: reinvestment plan had their cash dividends and distributions automatically reinvested in additional shares of common stock.
+Added: After February 3, 2020, stockholders who do not opt out of the dividend reinvestment plan will have their
+Added: cash dividends and distributions automatically reinvested in additional shares of the Companys common stock.
+Added: The elections of stockholders that made an election prior to February 3, 2020 remain effective.
New Accounting Standards
−Removed: In November 2016, the FASB issued Accounting Standards Update (ASU) 2016-18, Statement of Cash Flows (Topic 230):
−Removed: Restricted Cash, which provides guidance regarding the presentation of restricted cash in the statement of cash flows and will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the
−Removed: beginning and ending cash balances in the statement of cash flows.
−Removed: The new guidance reduces diversity in how entities present changes in restricted cash and restricted cash equivalents with respect to the statement of cash flows.
−Removed: The guidance is
−Removed: applied retrospectively and is effective for fiscal years beginning after December 15, 2018.
−Removed: The Company adopted this guidance for the year ended December 31, 2019.
−Removed: In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, or ASU 2017-08, which shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date.
−Removed: ASU 2017-08 is effective for fiscal
−Removed: years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.
−Removed: Early adoption is permitted, including adoption during an interim period.
−Removed: If the Company early adopts the amendments during
−Removed: an interim period, any adjustments will be reflected as of the beginning of the fiscal year that includes such interim period.
−Removed: The Company adopted this guidance during the year ended December 31, 2019.
−Removed: The adoption of this guidance did not have
−Removed: a material impact on the Companys consolidated financial statements.
−Removed: In August 2018, the FASB issued ASU
−Removed: 2018-13 Changes to the Disclosure for Fair Value Measurement which modifies disclosure requirements for fair value measurements.
−Removed: The guidance is effective for fiscal years beginning after
−Removed: December 15, 2019 and for interim periods within those fiscal years.
−Removed: The Company adopted this guidance during the year ended December 31, 2019.
−Removed: The adoption of this guidance did not have a material impact on the Companys consolidated
−Removed: financial statements.
−Removed: Agreements and Related Party Transactions
+Added: In March 2020, the FASB
+Added: issued Accounting Standard Update (ASU) No.
+Added: 2020-04, Reference Rate Reform (Topic 848):
+Added: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU
+Added: provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met.
+Added: ASU 2020-04 is elective and
+Added: can be adopted between March 12, 2020 and December 31, 2022.
+Added: The Company doesnt expect that the adoption of this guidance will have a material impact on its consolidated financial statements.
+Added: The SEC issued final rules that, among other things, amended the financial disclosure requirements of Regulation S-X
+Added: for acquired and disposed businesses and the significance tests for a significant subsidiary as applicable to BDCs and amended certain forms used by BDCs.
+Added: The amendments are intended to assist BDCs in making more meaningful
+Added: determinations as to whether a subsidiary or an acquired or disposed entity is significant and improve the financial disclosure requirements applicable to acquisitions and dispositions of investment companies and BDCs.
+Added: The Company early adopted the
+Added: updated rules for the year ended December 31, 2020 which did not result in any new significant subsidiaries being identified.
+Added: and Related Party Transactions
Administration Agreement
−Removed: On June 2, 2015, the
−Removed: Company entered into the Administration Agreement with the Administrator.
−Removed: Under the terms of the Administration Agreement, the Administrator provides administrative services to the Company.
−Removed: These services include providing office space, equipment
−Removed: and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.
−Removed: these services are reimbursable to the Administrator under the terms of the Administration Agreement.
+Added: On June 2, 2015, the Company entered into the Administration Agreement with the Administrator, as amended and restated on February 1, 2020.
+Added: the terms of the Administration Agreement, the Administrator provides administrative services to the Company.
+Added: These services include providing office space, equipment and office services, maintaining financial records, preparing reports to
+Added: stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.
+Added: Certain of these services are reimbursable to the Administrator under the terms of
+Added: the Administration Agreement.
In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties.
−Removed: To the extent
−Removed: the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator.
−Removed: The Administration Agreement may be terminated by either party
−Removed: without penalty on 60 days written notice to the other party.
−Removed: For the years ended December 31, 2019 and 2018 and 2017, the Company incurred administrative services
−Removed: expenses of $656,812, $652,390 and $566,359, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations, under the terms of the Administration Agreement, of which $174,999 and $178,461,
−Removed: respectively, were payable at December 31, 2019 and 2018.
−Removed: No person who is an officer, director or employee of the Administrator or its affiliates
−Removed: and who serves as a director of the Company receives any compensation from the Company for his or her services as a director.
−Removed: However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by
−Removed: the Administrator or its affiliates to the Companys Chief Compliance Officer, Chief Financial Officer, and other professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated
−Removed: basis, to the business and affairs of the Company).
−Removed: The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to Administrator.
−Removed: Directors who are not affiliated with the
−Removed: Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings, which are included as Directors fees on the Consolidated Statements of Operations.
−Removed: On June 5, 2015, the Company entered into sub-administration, accounting, transfer agent, and custodian
−Removed: agreements with State Street Bank and Trust Company (SSB) to perform certain administrative, custodian, transfer agent and other services on behalf of the Company.
−Removed: The sub-administration agreements with SSB had an initial term of three
−Removed: years ending June 5, 2018 and shall automatically renew for 1-year terms unless a written notice of non-renewal is delivered by the Company or SSB.
−Removed: The Company does
−Removed: not reimburse the Administrator for any services for which it pays a separate sub-administrator and custodian fee to SSB.
−Removed: For the years ended December 31, 2019 and 2018, and 2017, the Company
−Removed: incurred expenses of $972,690 and $777,761 and $667,788, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations, under the terms of the
−Removed: sub-administration agreements, of which $262,697 and $204,602, respectively, were payable at December 31, 2019 and 2018.
+Added: To the extent the Administrator outsources any of its functions, the Company will pay
+Added: the fees associated with such functions on a direct basis, without incremental profit to the Administrator.
+Added: The Administration Agreement may be terminated by either party without penalty on 60 days written notice to the other party.
+Added: For the years ended December 31, 2020, 2019 and 2018, the Company incurred administrative services expenses of $819, $657 and $652, respectively, which
+Added: are included in other general and administrative expenses on the Consolidated Statements of Operations, of which $321 and $175, respectively, were payable at December 31, 2020 and 2019.
+Added: No person who is an officer, director or employee of the Administrator or its affiliates and who serves as
+Added: a director of the Company receives any compensation from the Company for his or her services as a director.
+Added: However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator
+Added: or its affiliates to the Companys compliance professionals, legal counsel, and other professionals who spend time on such related activities (based on the percentage of time those individuals devote, on an estimated basis, to the business and
+Added: affairs of the Company).
+Added: The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator.
+Added: Directors who are not affiliated with the Administrator or its
+Added: affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings, which are included as directors fees on the Consolidated Statements of Operations.
+Added: On June 5, 2015, the Company entered into a sub-administration agreement with State Street Bank and Trust
+Added: Company (SSB) to perform certain administrative, custodian and other services on behalf of the Company.
+Added: The sub-administration agreement with SSB had an initial term of three years ending
+Added: June 5, 2018 and shall automatically renew for 1-year terms unless a written notice of non-renewal is delivered by the Company or SSB.
+Added: The Company does not
+Added: reimburse the Administrator for any services for which it pays a separate sub-administrator and custodian fee to SSB.
+Added: For the years ended December 31, 2020, 2019 and 2018, the Company incurred
+Added: expenses of $1,199, $973 and $778, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations, under the terms of the sub-administration
+Added: agreements, of which $300 and $263, respectively, were payable at December 31, 2020 and 2019.
Investment Advisory Agreement
−Removed: On June 2, 2015,
−Removed: the Company entered into the Investment Advisory Agreement with the Advisor.
−Removed: Under the terms of the Investment Advisory Agreement, the Advisor will provide investment advisory services to the Company and its portfolio investments.
−Removed: The Advisors
−Removed: services under the Investment Advisory Agreement are not exclusive, and the Advisor is free to furnish similar or other services to others so long as its services to the Company are not impaired.
−Removed: Under the terms of the Investment Advisory Agreement,
−Removed: the Company will pay the Advisor the Base Management Fee, as discussed below, and may also pay certain Incentive Fees, as discussed below.
−Removed: Management Fee is calculated and payable quarterly in arrears at an annual rate of 1.5% of the Companys gross assets, including assets acquired through the incurrence of debt but excluding any cash and cash equivalents.
−Removed: The Base Management Fee
−Removed: is calculated based on the average value of gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.
−Removed: The Advisor, however, has agreed to waive its right to receive management fees in excess of the sum of (i) 0.25% of the aggregate committed but undrawn
−Removed: capital and (ii) 0.75% of the aggregate gross assets excluding cash and cash equivalents (including capital drawn to pay the Companys expenses) during any period prior to a qualified initial public offering, as defined by the Investment
−Removed: Advisory Agreement (Qualified IPO).
−Removed: The Advisor will not be permitted to recoup any waived amounts at any time and the waiver agreement may only be modified or terminated prior to a Qualified IPO with the approval of the Board.
−Removed: purposes of the Investment Advisory Agreement, cash equivalents means U.S.
−Removed: government securities and commercial paper maturing within one year of purchase.
−Removed: The Alcentra Acquisition which closed on January 31, 2020 and the subsequent NASDAQ
−Removed: listing of CCAP stock on February 3, 2020 is considered a Qualified IPO per definition above.
−Removed: Additionally, on August 12, 2019, the Company
−Removed: entered into an agreement with the Advisor (the Transaction Support Agreement) in connection with the Alcentra Acquisition.
−Removed: Under the terms of the Transaction Support Agreement, among other things, the Company agreed to enter into an
−Removed: amendment to its Investment Advisory Agreement to (i) permanently reduce the management fee from 1.5% to 1.25% and (ii) waive a portion of the management fee from February 1, 2020 through July 31, 2021 after the transaction so
−Removed: that only 0.75% shall be charged for such time period.
−Removed: For the years ended December 31, 2019, 2018 and 2017, the Company incurred management fees,
−Removed: which are net of waived amounts, of $4,695,436, $3,384,980 and $2,717,199, respectively, of which $1,342,685 and $963,009, respectively, were payable at December 31, 2019 and 2018.
−Removed: The Advisor has voluntarily waived its right to receive management fees on the investment in GACP II for any period in which GACP II remains in the
−Removed: investment portfolio.
−Removed: For the years ended December 31, 2019 and December 31, 2018 management fees of $148,732 and $59,894, respectively, were waived attributable to the Companys investment in GACP II.
−Removed: These amounts are excluded from
−Removed: the management fee waived amounts above.
−Removed: The investment in GACP II was not held during the year ended December 31, 2017.
−Removed: The Incentive Fees consists of two parts.
−Removed: The first part, the income incentive fee, is calculated and
−Removed: payable quarterly in arrears and (a) equals 100% of the excess of the pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.5% per quarter
−Removed: (6% annualized) (the Hurdle), and a catch-up feature until the Advisor has received, (i) prior to a Qualified IPO, 15%, or (ii) after a Qualified IPO, 17.5%, of the pre-incentive fee net investment income for the current quarter up to, (i) prior to a Qualified IPO, 1.7647%, or (ii) after a Qualified IPO, 1.8182% (the
−Removed: Catch-up), and (b) (i) prior to a Qualified IPO, 15% or (ii) after a Qualified IPO, 17.5%, of all remaining pre-incentive fee net investment income
−Removed: above the Catch-up.
+Added: On June 2, 2015, the Company entered into a investment advisory agreement with the Adviser (the Investment Advisory Agreement), which was
+Added: subsequently replaced by the Amended and Restated Investment Advisory Agreement (together with the Investment Advisory Agreement, the Advisory Agreements), which was approved by the Companys stockholders on January 29, 2020 in
+Added: connection with the Alcentra Acquisition resulting in the change of certain terms.
+Added: Subsequently on December 17, 2020 in connection with the Sun Life Transaction, the Amended and Restated Investment Advisory Agreement was re-approved by the Companys stockholders resulting in no substantive changes to the terms.
+Added: Under the terms of the Amended and Restated Investment Advisory Agreement, the Adviser provides investment advisory
+Added: services to the Company and its portfolio investments.
+Added: The Advisers services under the Amended and Restated Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its
+Added: services to the Company are not impaired.
+Added: Under the terms of the Advisory Agreements, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below.
+Added: Base Management Fee (prior to February 1, 2020)
+Added: Prior to February 1, 2020, pursuant to the Investment Advisory Agreement, the base management fee was calculated and payable quarterly in arrears at an
+Added: annual rate of 1.50% of the Companys gross assets, including assets acquired through the incurrence of debt but excluding any cash and cash equivalents.
+Added: The base management fee was calculated based on the average value of gross assets at the
+Added: end of the two most recently completed calendar quarters, and appropriately adjusted for share issuances or repurchases during the current calendar quarter.
+Added: Under the Investment Advisory Agreement, the Adviser agreed to waive its right to receive management fees in excess of the sum of (i) 0.25% of the aggregate
+Added: committed but undrawn capital and (ii) 0.75% of the aggregate gross assets excluding cash and cash equivalents (including capital drawn to pay the Companys expenses) during the period prior to February 3, 2020, the date of the
+Added: Companys qualified initial public offering, as defined by the Investment Advisory Agreement (Qualified IPO).
+Added: The listing of the Companys Common Stock on NASDAQ on February 3, 2020 qualified as a Qualified IPO.
+Added: Adviser is not permitted to recoup any waived amounts at any time.
+Added: New Base Management Fee (effective February 1, 2020)
+Added: Effective February 1, 2020, pursuant to the Amended and Restated Investment Advisory Agreement, the base management fee is calculated and payable
+Added: quarterly in arrears at an annual rate of 1.25% of the Companys gross assets, including assets acquired through the incurrence of debt but excluding any cash and cash equivalents.
+Added: The base management fee is calculated based on the average
+Added: value of gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.
+Added: In addition, under the terms of the Amended and Restated Advisory Agreement, the Adviser agreed to waive a portion of the management fee from
+Added: February 1, 2020 through July 31, 2021 after the closing of the Alcentra Acquisition so that only 0.75% shall be charged for such time period.
+Added: The Adviser is not permitted to recoup any waived amounts at any time.
+Added: For the years ended December 31, 2020, 2019 and 2018, the Company incurred management fees of $6,766, $4,696 and $3,385, respectively, which are net of
+Added: waived amounts, of $4,672, $4,502 and $2,602, respectively, of which $1,867 and $1,343 was payable at December 31, 2020 and December 31, 2019.
+Added: The Adviser has voluntarily waived its right to receive management fees on the Companys investment in
+Added: GACP II LP for any period in which GACP II LP remains in the investment portfolio.
+Added: For the years ended December 31, 2020, 2019 and 2018, $148, $149 and $60, respectively, of management fees waived were attributable to the Companys
+Added: investment in GACP II LP.
+Added: Incentive Fee (prior to February 1, 2020)
+Added: Under the Investment Advisory Agreement, the Incentive Fee consisted of two parts.
+Added: The first part, the income incentive fee, was calculated and payable
+Added: quarterly in arrears and equaled (a) 100% of the excess of the pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.5% per quarter (6.0%
+Added: annualized) (the Hurdle), and a catch-up feature until the Adviser received 15% of the pre-incentive fee net investment income for the current quarter up to
+Added: 1.7647% (the Catch-up), and (b) 15% of all remaining pre-incentive fee net investment income above the
+Added: The second part, the capital gains incentive fee, was determined and payable in arrears as
+Added: of the end of each fiscal year at a rate of 15.0% of the Companys realized capital gains, if any, on a cumulative basis from Inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital
+Added: depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.
+Added: At the 2018 Annual Meeting of
+Added: Stockholders, in connection with the extension of the deadline to consummate a Qualified IPO, the Adviser agreed to waive its rights under the Investment Advisory Agreement to (i) the income incentive fee and (ii) the capital gain
+Added: incentive fee for the period from April 1, 2018 through February 1, 2020.
+Added: Incentive Fee (effective February 1, 2020)
+Added: Under the Amended and Restated Investment Advisory Agreement, the Incentive Fee consists of two parts.
+Added: The first part, the income incentive fee, is calculated
+Added: and payable quarterly in arrears and (a) equals 100% of the excess of the pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.75% per
+Added: quarter (7.0% annualized) (the Hurdle), and a catch-up feature until the Adviser has received 17.5%, of the pre-incentive fee net investment income for the
+Added: current quarter up to 2.1212% (the Catch-up), and (b) 17.5% of all remaining pre-incentive fee net investment income above the
+Added: In addition, under the terms of the Amended and Restated Investment Advisory Agreement,
+Added: the Adviser agreed to waive the income based portion of the incentive fee from February 1, 2020 through July 31, 2021.
+Added: Once the Adviser begins to earn income incentive fees, the Adviser will voluntarily waive the income incentive fees
+Added: attributable to the investment income accrued by the Company as a result of its investment in GACP II.
+Added: The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year at a rate of 17.5% of the
+Added: Companys realized capital gains, if any, on a cumulative basis from Inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount
+Added: of any previously paid capital gain incentive fees.
+Added: Since the Qualified IPO occurred on a date other than the first day of a calendar quarter, the
+Added: income incentive fee shall be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after a Qualified IPO based on the number of days in such calendar quarter before and after the Qualified
+Added: For the avoidance of doubt, such capital gains incentive fee shall be equal to 15.0% of the Companys realized capital gains on a cumulative basis from Inception through the day before the Qualified IPO, computed net of all realized
+Added: capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees.
+Added: Following the Qualified IPO, solely for the purposes of calculating the capital gains incentive
+Added: fee, the Company will be deemed to have previously paid capital gains incentive fees prior to a Qualified IPO equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid capital gains incentive fees for all
+Added: periods prior to the Qualified IPO by (b) the percentage obtained by dividing (x) 17.5% by (y) 15.0%.
+Added: In the event that the Amended and Restated Investment Advisory Agreement shall terminate as of a date that is not a fiscal year end, the
+Added: termination date shall be treated as though it were a fiscal year end for purposes of calculating and paying a capital gains incentive fee.
+Added: Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination,
+Added: structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus operating expenses for such quarter (including the base management fee, expenses payable under
+Added: the Administration Agreement and any interest expense and distributions paid on any issued and outstanding debt or preferred stock, but excluding the incentive fee).
Pre-incentive fee net investment income
−Removed: means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company
−Removed: receives from portfolio companies) accrued during each calendar quarter, minus operating expenses for such quarter (including the base management fee, expenses payable under the Administration Agreement and any interest expense and distributions
−Removed: paid on any issued and outstanding debt or preferred stock, but excluding the incentive fee).
−Removed: Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such
−Removed: as market discount, OID, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the Company has not yet received in cash.
−Removed: Pre-incentive fee net
−Removed: investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
−Removed: Pre-incentive fee net investment income will be compared to a
−Removed: Hurdle Amount equal to the product of (i) the Hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) our net assets (defined as total assets less indebtedness, before taking into account any incentive fees payable during
−Removed: the period), at the end of the immediately preceding calendar quarter, subject to a catch-up provision incurred at the end of each calendar quarter.
−Removed: At the 2018 Annual Meeting of Stockholders, the Company received stockholder approval to extend the end of the Commitment Period to the earlier of (i) a
−Removed: Qualified IPO and (ii) June 30, 2020.
−Removed: In exchange for the Commitment Period extension, the Advisor agreed to waive its rights under the Investment Advisory Agreement to the income incentive fee for the period from April 1, 2018
−Removed: through the earlier of (i) the date of a Qualified IPO or (ii) the dissolution and wind down of the Company.
−Removed: Upon a Qualified IPO and the
−Removed: Advisor begins to earn income incentive fees, the Advisor will voluntarily waive the income incentive fees attributable to the investment income accrued by the Company as a result of its investment in GACP II.
−Removed: Additionally, on August 12, 2019, the Company entered into the Transaction Support Agreement with the Advisor in connection with the Alcentra
−Removed: Under the terms of the agreement, among other things, the Advisor (i) increased the incentive fee hurdle from 6% to 7% annualized and (ii) waived the income based portion of the incentive fee from February 1, 2020 through
−Removed: July 31, 2021 after the transaction.
−Removed: These amendments contemplated by the Transaction Support Agreement became effective upon the closing of the Alcentra Acquisition on January 31, 2020.
−Removed: For the years ended December 31, 2019, 2018 and 2017, the Company incurred income incentive fees, which are net of waived amounts, of $0, $554,978 and
−Removed: $1,622,836, respectively, of which $0 and $0 were payable at December 31, 2019 and 2018.
−Removed: The second part, the capital gains incentive fee, is
−Removed: determined and payable in arrears as of the end of each fiscal year (or upon a Qualified IPO or termination of the Investment Advisory Agreement), (i) prior to a Qualified IPO, 15.0%, or (ii) after Qualified IPO, 17.5% of the Companys
−Removed: realized capital gains, if any, on a cumulative basis from Inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any
−Removed: previously paid capital gain incentive fees.
−Removed: If a Qualified IPO occurs on a date other than the first day of a calendar quarter, the income incentive fee shall be calculated for such calendar quarter at a weighted rate calculated based on the fee
−Removed: rates applicable before and after a Qualified IPO based on the number of days in such calendar quarter before and after a Qualified IPO.
−Removed: If a Qualified IPO occurs on a date other than the first day of a fiscal year, a capital gains incentive fee
−Removed: shall be calculated as of the day before the Qualified IPO, with such capital gains incentive fee paid to the Advisor following the end of the fiscal year in which the Qualified IPO occurred.
−Removed: For the avoidance of doubt, such capital gains incentive
−Removed: fee shall be equal to 15.0% of the Companys realized capital gains on a cumulative basis from Inception through the day before the Qualified IPO, computed net of all realized capital losses and unrealized capital depreciation on a cumulative
−Removed: basis, less the aggregate amount of any previously paid capital gains incentive fees.
−Removed: Following a Qualified IPO, solely for the purposes of calculating the capital gains incentive fee, the Company will be deemed to have previously paid capital gains
−Removed: incentive fees prior to a Qualified IPO equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid capital gains incentive fees for all periods prior to a Qualified IPO by (b) the percentage obtained by
−Removed: dividing (x) 17.5% by (y) 15.0%.
−Removed: In the event that the Investment Advisory Agreement shall terminate as of a date that is not a fiscal year end, the termination date shall be treated as though it were a fiscal year end for purposes of calculating
−Removed: and paying a capital gains incentive fee.
−Removed: GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized
−Removed: capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized on a theoretical liquidation basis. A fee so calculated and accrued would not be payable
−Removed: under applicable law and may never be paid based upon the computation of capital gains incentive fees in subsequent periods.
−Removed: Amounts ultimately paid under the Investment Advisory Agreement will be consistent with the formula reflected in the
+Added: includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that the
+Added: Company has not yet received in cash.
+Added: Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
+Added: Pre-incentive fee net investment income will be compared to a Hurdle Amount equal to the product of (i) the Hurdle rate of 1.50% or 1.75% per quarter, 6.00% or 7.00% annualized, prior to and
+Added: effective February 1, 2020, respectively, and (ii) the Companys net assets (defined as total assets less indebtedness, before taking into account any incentive fees payable during the period), at the end of the immediately preceding
+Added: calendar quarter, subject to a catch-up provision incurred at the end of each calendar quarter.
+Added: For the years ended December 31, 2020, 2019 and 2018, the Company incurred income incentive fees of
+Added: $0, $0 and $555, respectively, which are net of waived amounts, of $8,639, $4,752 and $2,187, respectively, of which $0 and $0 were payable at December 31, 2020 and 2019.
+Added: GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation
+Added: The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation.
+Added: Under GAAP, the
+Added: Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period.
+Added: In calculating the
+Added: accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital
+Added: appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Amended and Restated Investment Advisory Agreement.
+Added: This accrual is calculated using the
+Added: aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation.
+Added: If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 15%
+Added: (prior to February 3, 2020) or 17.5% (effective February 3, 2020) of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods.
+Added: If such amount is negative, then there is no accrual
+Added: for such period.
+Added: There can be no assurance that such unrealized capital appreciation will be realized in the future.
+Added: For the years ended
+Added: December 31, 2020, 2019 and 2018, the Company recorded no incentive fee on cumulative unrealized capital appreciation.
+Added: Other Related Party
+Added: From time to time, the Administrator may pay amounts owed by the Company to third-party providers of goods or services, including the
+Added: Board, and the Company will subsequently reimburse the Administrator for such amounts paid on its behalf.
+Added: Amounts payable to the Administrator are settled in the normal course of business without formal payment terms.
+Added: In conjunction with the closing of Alcentra Capital merger, the Company and the Adviser executed a Transaction Support Agreement, as described in Note 14.
+Added: A portion of the outstanding shares of the Companys common stock are owned by Crescent Capital Group LP (Crescent).
+Added: Crescent is also
+Added: the majority member of the Adviser and sole member of the Administrator.
+Added: The Company has entered into a license agreement with Crescent under which Crescent granted the Company a non-exclusive, royalty-free
+Added: license to use the name Crescent Capital.
+Added: The Adviser has entered into a resource sharing agreement with Crescent.
+Added: Crescent will provide the Adviser with the resources necessary for the Adviser to fulfill its obligations under the
Investment Advisory Agreement.
−Removed: This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee
−Removed: plus the aggregate cumulative unrealized capital appreciation.
−Removed: If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 15% or 17.5% of such cumulative amount, less the
−Removed: aggregate amount of actual capital gains incentive fees payable or capital gains incentive fees accrued under GAAP in all prior periods.
−Removed: The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an
−Removed: additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period.
−Removed: If such cumulative amount is negative, then there is no
−Removed: There can be no assurance that such unrealized capital appreciation will be realized in the future or any accrued capital gains incentive fee will become payable under the Investment Advisory Agreement.
−Removed: For the years ended December 31,
−Removed: 2019, 2018, and 2017, the Company recorded no accrued capital gains incentive fees based on the cumulative aggregate unrealized capital appreciation (prior to waivers).
−Removed: At the 2018 Annual Meeting of Stockholders, the Company received stockholder approval to extend the
−Removed: deadline to consummate a Qualified IPO (the Qualified IPO Deadline).
−Removed: The Qualified IPO Deadline was extended to June 30, 2022.
−Removed: In exchange for the Qualified IPO Deadline extension, the Advisor agreed to waive its rights under the
−Removed: Investment Advisory Agreement to the capital gain incentive fee for the period from April 1, 2018 through the earlier of (i) a Qualified IPO and (ii) June 30, 2020.
−Removed: The listing of our Common Stock on NASDAQ on February 3,
−Removed: 2020 qualified as a Qualified IPO.
−Removed: No capital gains incentive fees were incurred for the years ended December 31, 2019, 2018 and 2017.
−Removed: From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will
−Removed: subsequently reimburse the Advisor for such amounts paid on its behalf.
−Removed: Amounts payable to the Advisor are settled in the normal course of business without formal payment terms.
−Removed: Commitments, Contingencies and Indemnifications for
−Removed: additional discussion of certain related party transactions with the Advisor.
−Removed: A portion of the outstanding shares of the Companys common stock are
−Removed: owned by Crescent Capital Group LP (CCG LP).
−Removed: CCG LP is also the majority member of the Advisor and sole member of the Administrator.
−Removed: The Company has entered into a license agreement with CCG LP under which CCG LP granted the Company a non-exclusive, royalty-free license to use the name Crescent Capital.
−Removed: The Advisor has entered into a resource sharing agreement with CCG LP.
−Removed: CCG LP will provide the Advisor with the resources necessary
−Removed: for the Advisor to fulfill its obligations under the Investment Advisory Agreement.
+Added: On January 5, 2021, Sun Life acquired a majority interest in Crescent.
+Added: Consummation of the Sun Life Transaction resulted in a change of control of Crescent.
+Added: There were no changes to the Companys investment
+Added: objective, strategies and process or to the Crescent team responsible for the investment operations of the Company as a result of the Sun Life Transaction.
+Added: As described in Note 6, the Company completed a private offering of senior unsecured notes due July 30, 2023 with Sun Life serving as sole lender.
Investments in and Advances to Affiliates
−Removed: The companys investments in affiliates for the year ended December 31, 2019 were as follows:
+Added: Companys investments in non-controlled affiliates for the year ended December 31, 2020 were as follows (in thousands):
Fair Value as of
4 unchanged sentences
Interest, PIK
+Added: Non-Controlled Affiliates
+Added: APC Auto Technology Intermediate, LLC
+Added: ASP MCS Acquisition
+Added: Battery Solutions, Inc.
+Added: Slickdeals Holdings, LLC
+Added: Southern Technical Institute, Inc.
+Added: Vivid Seats Ltd.
+Added: Total Non-Controlled Affiliates
+Added: The Companys investments in non-controlled affiliates for the
+Added: year ended December 31, 2019 were as follows (in thousands):
+Added: Fair Value as of
+Added: December 31, 2018
+Added: Additions (2)
+Added: Reductions (3)
+Added: Fair Value as of
+Added: Interest, PIK
+Added: Non-Controlled Affiliates
+Added: APC Auto Tech
+Added: Slickdeals Holdings, LLC
+Added: Vivid Seats Ltd.
+Added: Total Non-Controlled Affiliates
+Added: The Companys investments in controlled affiliates for the year ended December 31, 2020 were as follows (in
+Added: Fair Value as of
+Added: December 31, 2019
+Added: Additions (2)
+Added: Reductions (3)
+Added: Fair Value as of
+Added: Interest, PIK
Controlled Affiliates
CBDC Senior Loan Fund LLC (1)
−Removed: Total Controlled Affiliates
+Added: The Companys investments in controlled affiliates for the year ended December 31, 2019 were as follows (in
+Added: Fair Value as of
+Added: December 31, 2018
+Added: Additions (2)
+Added: Reductions (3)
+Added: Fair Value as of
+Added: Interest, PIK
+Added: Controlled Affiliates
+Added: CBDC Senior Loan Fund LLC (1)
Together with Masterland Enterprise Holdings, Ltd.
8 unchanged sentences
related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
−Removed: The Company did not hold any investments in affiliates for the year ended December 31, 2018.
−Removed: The Companys investments at
−Removed: any time may include securities and other financial instruments or other assets of any sort, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, trade claims, equity
−Removed: securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (including, but not limited to credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures)
−Removed: (all of the foregoing collectively referred to in these consolidated financial statements as investments).
−Removed: A first lien loan is
−Removed: typically senior on a lien basis to other liabilities in the issuers capital structure and has the benefit of a first-priority security interest in assets of the issuer.
−Removed: The security interest ranks above the security interest of any
−Removed: second-lien lenders in those assets.
−Removed: Unitranche loans are first lien loans that may extend deeper in a companys capital structure than
−Removed: traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan.
−Removed: In certain instances, the Company may find another lender to provide the first out portion of such loan and
−Removed: 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
−Removed: last out portion that the Company would continue to hold.
+Added: The Companys investments at any time may include securities and other financial instruments or other assets of any sort, including, without limitation,
+Added: corporate and government bonds, convertible securities, collateralized loan obligations, term loans, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives
+Added: (including, but not limited to credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these consolidated financial statements as investments).
+Added: First lien investments are senior loans on a lien basis to other liabilities in the issuers capital structure that have the benefit of
+Added: a first-priority security interest in assets of the issuer.
+Added: The security interest ranks above the security interest of any second-lien lenders in those assets.
+Added: Unitranche first lien investments are loans that may extend deeper in a companys capital structure than traditional first lien debt and may
+Added: provide for a waterfall of cash flow priority among different lenders in the unitranche loan.
+Added: In certain instances, the Company may find another lender to provide the first out portion of such loan and retain the last out
+Added: 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
+Added: Company would continue to hold.
In exchange for the greater risk of loss, the last out portion earns a higher interest rate.
−Removed: Second lien investments are loans with a second priority lien on the assets of the portfolio company.
−Removed: The Company obtains security interests in
−Removed: the assets of the portfolio company that serve as collateral in support of the repayment of such loans.
−Removed: This collateral serves as collateral in support of the repayment of these loans.
−Removed: The term mezzanine refers to an investment in a company that, among other factors, includes debt that generally ranks senior to a borrowers
−Removed: equity securities and junior in right of payment to such borrowers other indebtedness.
−Removed: The Company may make multiple investments in the same portfolio company.
−Removed: Under the 1940 Act, the Company is required to separately identify
−Removed: non-controlled investments where it owns 5% or more of a portfolio companys outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio
−Removed: company as investments in affiliated companies.
−Removed: In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio companys outstanding voting securities and/or
−Removed: has the power to exercise control over the management or policies of such portfolio company as investments in controlled companies.
−Removed: Detailed information with respect to the Companys
−Removed: non-controlled, non-affiliated;
+Added: lien investments are loans with a second priority lien on all existing and future assets of the portfolio company.
+Added: The security interest ranks below the security interests of any first lien and unitranche first lien lenders in those assets.
+Added: Mezzanine or unsecured debt investments are loans that generally rank senior to a borrowers equity securities and junior in
+Added: right of payment to such borrowers other senior indebtedness.
+Added: Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio companys outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as
+Added: investments in affiliated companies.
+Added: In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio companys outstanding voting securities and/or has the power
+Added: to exercise control over the management or policies of such portfolio company as investments in controlled companies.
+Added: Detailed information with respect to the Companys non-controlled, non-affiliated;
non-controlled, affiliated;
−Removed: and controlled affiliated investments is contained in the
−Removed: accompanying consolidated financial statements, including the Consolidated Schedule of Investments.
−Removed: The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are
−Removed: non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments.
−Removed: As of December 31, 2019, all
−Removed: investments, with the exception of the Senior Loan Fund, are non-controlled/non-affiliated investments.
−Removed: As of December 31, 2018, all investments held are non-controlled/non-affiliated investments.
+Added: and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the
+Added: Consolidated Schedule of Investments.
+Added: The information in the following tables is presented on an aggregate portfolio basis, without regard to whether they are non-controlled,
+Added: non-affiliated, non-controlled, affiliated or controlled affiliated, investments.
Certain Risk Factors
−Removed: In the ordinary course of business, the Company manages a variety of risks including market risk and liquidity risk.
−Removed: The Company identifies, measures and
−Removed: monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.
−Removed: Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of
−Removed: changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities.
−Removed: In particular, the Company may invest in issuers that are experiencing or have experienced
−Removed: financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks.
−Removed: The Company manages its exposure to market risk through the
−Removed: use of risk management strategies and various analytical monitoring techniques.
−Removed: The Companys investments may, at any time, include securities and
−Removed: other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult.
−Removed: Furthermore, the sale of any such investments
−Removed: may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.
−Removed: Investments denominated in
−Removed: foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S.
−Removed: Investments at fair value consisted of the following at December 31, 2019:
+Added: In the ordinary course of business,
+Added: the Company manages a variety of risks including market risk and liquidity risk.
+Added: The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a
+Added: variety of instruments, markets and counterparties.
+Added: Market risk is the risk of potential adverse changes to the value of financial instruments because of
+Added: changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities.
+Added: In particular, the Company may invest
+Added: in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks.
+Added: Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.
+Added: Companys investments may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired
+Added: quantities difficult.
+Added: Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.
+Added: Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with
+Added: those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S.
+Added: Investments at fair value consisted of the following at December 31, 2020 and December 31, 2019
+Added: (in thousands):
+Added: December 31, 2020
+Added: December 31, 2019
Appreciation/
(Depreciation)
−Removed: Senior Secured First Lien
−Removed: Unitranche First Lien (2)
−Removed: Senior Secured Second Lien
−Removed: Unsecured Debt
−Removed: Preferred Stock
−Removed: Common Stock and Other (1)
−Removed: Total Investments
−Removed: Includes the Companys investment in CBDC Senior Loan Fund, LLC and GACP II LP.
−Removed: Unitranche First Lien last out loans are $15,845,108 and $16,043,751 at cost and fair value, respectively.
−Removed: remaining portion of Unitranche First Lien is related to investments made in a first out tranche.
−Removed: Investments at fair value consisted
−Removed: of the following at December 31, 2018:
Appreciation/
2 unchanged sentences
Unitranche First Lien
+Added: Unitranche First Lien - Last Out
Senior Secured Second Lien
Unsecured Debt
−Removed: Preferred Stock
−Removed: Common Stock and Other (1)
+Added: Equity & Other
+Added: LLC/LP Equity Interests
Total Investments
−Removed: Includes the Companys investment in CBDC Senior Loan Fund, LLC and GACP II LP.
−Removed: Unitranche First Lien last out loans are $16,260,731 and $16,766,000 at cost and fair value, respectively.
−Removed: remaining portion of Unitranche First Lien is related to investments made in a first out tranche.
−Removed: The industry composition of investments at fair value at December 31, 2019 and December 31, 2018
−Removed: is as follows:
+Added: The industry composition of investments at fair value at December 31, 2020 and December 31, 2019 is as follows (in
December 31, 2020
2 unchanged sentences
Percentage of
−Removed: Automobiles & Components
−Removed: Capital Goods
+Added: Health Care Equipment & Services
Commercial & Professional Services
−Removed: Consumer Durables & Apparel
+Added: Software & Services
Consumer Services
Diversified Financials
+Added: Pharmaceuticals, Biotechnology & Life Sciences
+Added: Automobiles & Components
+Added: Media & Entertainment
+Added: Capital Goods
Food & Staples Retailing
+Added: Transportation
Food, Beverage & Tobacco
−Removed: Health Care Equipment & Services
Household & Personal Products
−Removed: Pharmaceuticals, Biotechnology & Life Sciences
−Removed: Software & Services
+Added: Telecommunication Services
+Added: Consumer Durables & Apparel
Technology Hardware & Equipment
−Removed: Transportation
Total Investments
−Removed: The geographic composition of investments at fair value
−Removed: at December 31, 2019 and December 31, 2018 is as follows:
+Added: The geographic composition of investments at fair value at December 31, 2020 and December 31, 2019
+Added: is as follows (in thousands):
Geographic Region
6 unchanged sentences
Total Investments
−Removed: Senior Loan Fund
−Removed: The Senior Loan Fund, an unconsolidated limited liability company, was formed on September 26, 2018 and commenced operations in February 2019.
−Removed: invests together with Masterland through the Senior Loan Fund.
−Removed: Masterland is a wholly owned subsidiary of China Orient Asset Management (International) Holding Limited (HK).
−Removed: The Senior Loan Funds principal purpose is to make investments,
−Removed: either directly or indirectly through its wholly owned subsidiary, CBDC Senior Loan Sub LLC.
−Removed: Each of the Company and Masterland have subscribed to fund $40,000,000.
−Removed: Except under certain circumstances, contributions to the Senior Loan Fund cannot be
−Removed: The Senior Loan Fund is managed by a four member board of managers, on which the Company and Masterland have equal representation.
−Removed: Investment decisions generally must be unanimously approved by a quorum of the board of managers.
−Removed: Company does not have a controlling financial interest in the Senior Loan Fund, the Company does not consolidate.
−Removed: The Senior Loan Fund is an investment company and measured using the net asset value per share as a practical expedient for fair value.
−Removed: As of December 31, 2019, the Company and Masterland had subscribed to fund and contributed the following to the Senior Loan Fund:
−Removed: December 31, 2019
−Removed: The Senior Loan Fund is capitalized pro rata with LLC equity interest as transactions are completed.
−Removed: The Senior Loan Fund has
−Removed: a revolving credit facility with Royal Bank of Canada (the RBC Facility), which permitted up to $300,000,000 of borrowings as of December 31, 2019.
−Removed: Borrowings under the RBC Facility are secured by all assets of CBDC Senior Loan Sub
−Removed: As of December 31, 2019, the Senior Loan Fund had total investments in senior secured debt at fair value of $275,068,724.
−Removed: Below is a summary of the Senior Loan Funds portfolio, followed by a listing of the individual loans in the Senior Loan Funds portfolio as of
−Removed: December 31, 2019:
−Removed: Total senior secured debt (1)
−Removed: Weighted average current interest rate on senior secured debt (2)
−Removed: Number of borrowers in the Senior Loan Fund s portfolio
−Removed: Largest loan to a single borrower
−Removed: At par amount, including unfunded commitments.
−Removed: Computed as (a) the annual stated interest rate on accruing senior secured debt, divided by (b) total
−Removed: senior secured debt at par amount, excluding fully unfunded commitments.
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: United States
−Removed: Debt Investments
−Removed: Aerospace & Defense
−Removed: Dynasty Acquisition Co., Inc.
−Removed: Senior Secured First Lien
−Removed: TransDigm, Inc.
−Removed: Senior Secured First Lien
−Removed: TransDigm, Inc.
−Removed: Senior Secured First Lien
−Removed: TransDigm, Inc.
−Removed: Senior Secured First Lien
−Removed: Air Transport
−Removed: American Airlines, Inc.
−Removed: Senior Secured First Lien
−Removed: Mister Car Wash Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Mister Car Wash Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: OEConnection LLC
−Removed: Senior Secured First Lien
−Removed: OEConnection LLC (4) (5)
−Removed: Senior Secured First Lien
−Removed: Wand NewCo 3, Inc.
−Removed: Senior Secured First Lien
−Removed: Building & Development
−Removed: Cushman & Wakefield U.S.
−Removed: Borrower, LLC
−Removed: Senior Secured First Lien
−Removed: Forest City Enterprises, L.P.
−Removed: Senior Secured First Lien
−Removed: Realogy Group LLC
−Removed: Senior Secured First Lien
−Removed: Business Equipment & Services
−Removed: Almonde, Inc.
−Removed: Senior Secured First Lien
−Removed: AqGen Ascensus, Inc.
−Removed: Senior Secured First Lien
−Removed: AVSC Holding Corp.
−Removed: Senior Secured First Lien
−Removed: AVSC Holding Corp.
−Removed: Senior Secured First Lien
−Removed: Belfor Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Brand Energy & Infrastructure Services, Inc.
−Removed: Senior Secured First Lien
−Removed: Creative Artists Agency, LLC
−Removed: Senior Secured First Lien
−Removed: EAB Global, Inc.
−Removed: Senior Secured First Lien
−Removed: IG Investment Holdings, LLC
−Removed: Senior Secured First Lien
−Removed: IRI Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Jane Street Group, LLC
−Removed: Senior Secured First Lien
−Removed: MA FinanceCo., LLC
−Removed: Senior Secured First Lien
−Removed: Netsmart, Inc.
−Removed: Senior Secured First Lien
−Removed: Prime Security Services Borrower, LLC
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: Seattle Spinco, Inc.
−Removed: Senior Secured First Lien
−Removed: Sotera Health Holdings, LLC
−Removed: Senior Secured First Lien
−Removed: Spin Holdco, Inc.
−Removed: Senior Secured First Lien
−Removed: TruGreen Limited Partnership
−Removed: Senior Secured First Lien
−Removed: USIC Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Cable & Satellite Television
−Removed: Charter Communications Operating, LLC
−Removed: Senior Secured First Lien
−Removed: CSC Holdings, LLC
−Removed: Senior Secured First Lien
−Removed: CSC Holdings, LLC
−Removed: Senior Secured First Lien
−Removed: Virgin Media Bristol LLC
−Removed: Senior Secured First Lien
−Removed: Chemicals & Plastics
−Removed: Fuller Company
−Removed: Senior Secured First Lien
−Removed: Ineos US Finance LLC
−Removed: Senior Secured First Lien
−Removed: Messer Industries GmbH
−Removed: Senior Secured First Lien
−Removed: PMHC II, Inc.
−Removed: Senior Secured First Lien
−Removed: PQ Corporation
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Consumer Services
−Removed: Pre-Paid Legal Services, Inc.
−Removed: Senior Secured First Lien
−Removed: Containers & Glass Products
−Removed: Anchor Packaging, Inc.
−Removed: Senior Secured First Lien
−Removed: Anchor Packaging, Inc.
−Removed: Senior Secured First Lien
−Removed: Berlin Packaging LLC
−Removed: Senior Secured First Lien
−Removed: Berry Global, Inc.
−Removed: Senior Secured First Lien
−Removed: BWAY Holding Company
−Removed: Senior Secured First Lien
−Removed: Consolidated Container Company LLC
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Pro Mach Group, Inc.
−Removed: Senior Secured First Lien
−Removed: Reynolds Group Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Sabert Corporation
−Removed: Senior Secured First Lien
−Removed: Diversified Insurance
−Removed: Acrisure, LLC
−Removed: Senior Secured First Lien
−Removed: Albany Molecular Research, Inc.
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: Amneal Pharmaceuticals LLC
−Removed: Senior Secured First Lien
−Removed: Electronics/Electrical
−Removed: Blackhawk Network Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: CommScope, Inc.
−Removed: Senior Secured First Lien
−Removed: Compuware Corporation
−Removed: Senior Secured First Lien
−Removed: DCert Buyer, Inc.
−Removed: Senior Secured First Lien
−Removed: Dell International LLC
−Removed: Senior Secured First Lien
−Removed: ON Semiconductor Corporation
−Removed: Senior Secured First Lien
−Removed: Sabre GLBL, Inc.
−Removed: Senior Secured First Lien
−Removed: SS&C Technologies, Inc.
−Removed: Senior Secured First Lien
−Removed: Verifone Systems, Inc.
−Removed: Senior Secured First Lien
−Removed: Western Digital Corporation
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Financial Intermediaries
−Removed: Apollo Commercial Real Estate Finance, Inc
−Removed: Senior Secured First Lien
−Removed: Avolon TLB Borrower 1 (US) LLC
−Removed: Senior Secured First Lien
−Removed: Citadel Securities LP
−Removed: Senior Secured First Lien
−Removed: Edelman Financial Center, LLC
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Focus Financial Partners, LLC
−Removed: Senior Secured First Lien
−Removed: Jefferies Finance LLC
−Removed: Senior Secured First Lien
−Removed: Kestra Advisor Services Holdings A, Inc.
−Removed: Senior Secured First Lien
−Removed: RPI Finance Trust
−Removed: Senior Secured First Lien
−Removed: Sedgwick Claims Management Services, Inc.
−Removed: Senior Secured First Lien
−Removed: Starwood Property Trust, Inc.
−Removed: Senior Secured First Lien
−Removed: VFH Parent LLC
−Removed: Senior Secured First Lien
−Removed: Victory Capital Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Food products
−Removed: Dole Food Company, Inc.
−Removed: Senior Secured First Lien
−Removed: Hearthside Food Solutions, LLC
−Removed: Senior Secured First Lien
−Removed: Aramark Services, Inc.
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: IRB Holding Corp
−Removed: Senior Secured First Lien
−Removed: Whatabrands LLC
−Removed: Senior Secured First Lien
−Removed: Food/Drug Retailers
−Removed: BJs Wholesale Club, Inc.
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Athenahealth, Inc.
−Removed: Senior Secured First Lien
−Removed: ATI Holdings Acquisition, Inc.
−Removed: Senior Secured First Lien
−Removed: Avantor, Inc.
−Removed: Senior Secured First Lien
−Removed: Comet Acquisition, Inc.
−Removed: Senior Secured First Lien
−Removed: Da Vinci Purchaser Corp.
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Emerald TopCo Inc.
−Removed: Senior Secured First Lien
−Removed: Envision Healthcare Corporation
−Removed: Senior Secured First Lien
−Removed: Gentiva Health Services, Inc.
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Heartland Dental, LLC
−Removed: Senior Secured First Lien
−Removed: Heartland Dental, LLC (4) (9)
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Parexel International Corporation (8)
−Removed: Senior Secured First Lien
−Removed: RegionalCare Hospital Partners Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Surgery Center Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Syneos Health, Inc.
−Removed: Senior Secured First Lien
−Removed: Tecomet, Inc.
−Removed: Senior Secured First Lien
−Removed: Renal Care, Inc.
−Removed: Senior Secured First Lien
−Removed: Verscend Holding Corp.
−Removed: Senior Secured First Lien
−Removed: Viant Medical Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Industrial Equipment
−Removed: Clark Equipment Company
−Removed: Senior Secured First Lien
−Removed: Dynacast International LLC
−Removed: Senior Secured First Lien
−Removed: LTI Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: MHI Holdings, LLC
−Removed: Senior Secured First Lien
−Removed: Sabre Industries, Inc.
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: Leisure Goods/Activities/Movies
−Removed: Crown Finance US, Inc.
−Removed: Senior Secured First Lien
−Removed: Crown Finance US, Inc.
−Removed: Senior Secured First Lien
−Removed: Hoya Midco, LLC
−Removed: Senior Secured First Lien
−Removed: Six Flags Theme Parks, Inc.
−Removed: Senior Secured First Lien
−Removed: SP PF Buyer LLC
−Removed: Senior Secured First Lien
−Removed: UFC Holdings, LLC
−Removed: Senior Secured First Lien
−Removed: Varsity Brands, Inc.
−Removed: Senior Secured First Lien
−Removed: Lodging & Casinos
−Removed: Golden Nugget, Inc.
−Removed: Senior Secured First Lien
−Removed: MGM Growth Properties Operating Partnership LP
−Removed: Senior Secured First Lien
−Removed: Scientific Games International, Inc.
−Removed: Senior Secured First Lien
−Removed: Seminole Tribe of Florida
−Removed: Senior Secured First Lien
−Removed: VICI Properties 1 LLC
−Removed: Senior Secured First Lien
−Removed: Wyndham Hotels & Resorts, Inc.
−Removed: Senior Secured First Lien
−Removed: Blackstone CQP Holdco LP
−Removed: Senior Secured First Lien
−Removed: Delek US Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Prairie ECI Acquiror LP
−Removed: Senior Secured First Lien
−Removed: Property & Casualty Insurance
−Removed: AssuredPartners, Inc.
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Senior Secured First Lien
−Removed: Meredith Corporation
−Removed: Senior Secured First Lien
−Removed: Merrill Communications, LLC
−Removed: Senior Secured First Lien
−Removed: Nielsen Finance LLC
−Removed: Senior Secured First Lien
−Removed: Radio & Television
−Removed: Diamond Sports Group, LLC
−Removed: Senior Secured First Lien
−Removed: Gray Television, Inc.
−Removed: Senior Secured First Lien
−Removed: Mission Broadcasting, Inc.
−Removed: Senior Secured First Lien
−Removed: Nexstar Broadcasting, Inc.
−Removed: Senior Secured First Lien
−Removed: Nexstar Broadcasting, Inc.
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: Sinclair Television Group, Inc.
−Removed: Senior Secured First Lien
−Removed: Terrier Media Buyer, Inc.
−Removed: Senior Secured First Lien
−Removed: Rail Industries
−Removed: Genesee & Wyoming Inc.
−Removed: Senior Secured First Lien
−Removed: Retailers (except Food & Drug)
−Removed: Bass Pro Group, LLC
−Removed: Senior Secured First Lien
−Removed: Mens Wearhouse, Inc.
−Removed: Senior Secured First Lien
−Removed: Staples, Inc.
−Removed: Senior Secured First Lien
−Removed: Surface Transport
−Removed: Avis Budget Car Rental, LLC
−Removed: Senior Secured First Lien
−Removed: XPO Logistics, Inc.
−Removed: Senior Secured First Lien
−Removed: XPO Logistics, Inc.
−Removed: Senior Secured First Lien
−Removed: Telecommunications
−Removed: Senior Secured First Lien
−Removed: CenturyLink, Inc.
−Removed: Senior Secured First Lien
−Removed: Level 3 Financing, Inc.
−Removed: Senior Secured First Lien
−Removed: Sprint Communications, Inc.
−Removed: Senior Secured First Lien
−Removed: Brookfield WEC Holdings, Inc.
−Removed: Senior Secured First Lien
−Removed: Calpine Corporation
−Removed: Senior Secured First Lien
−Removed: Calpine Corporation
−Removed: Senior Secured First Lien
−Removed: Eastern Power, LLC
−Removed: Senior Secured First Lien
−Removed: Granite Generation LLC
−Removed: Senior Secured First Lien
−Removed: Nautilus Power, LLC
−Removed: Senior Secured First Lien
−Removed: Talen Energy Supply, LLC
−Removed: Senior Secured First Lien
−Removed: Vistra Operations Company LLC
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments United States
−Removed: Total United States
−Removed: Debt Investments
−Removed: Aerospace & Defense
−Removed: Unlimited Liability Company
−Removed: Senior Secured First Lien
−Removed: Kestrel Bidco, Inc.
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: Air Transport
−Removed: Senior Secured First Lien
−Removed: Panther BF Aggregator 2 LP
−Removed: Senior Secured First Lien
−Removed: Business Equipment & Services
−Removed: Garda World Security Corporation
−Removed: Senior Secured First Lien
−Removed: Unlimited Liability Company
−Removed: Senior Secured First Lien
−Removed: DentalCorp Perfect Smile ULC
−Removed: Senior Secured First Lien
−Removed: Industrial Equipment
−Removed: Titan Acquisition Limited (8)
−Removed: Senior Secured First Lien
−Removed: NorthRiver Midstream Finance LP
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments Canada
−Removed: Debt Investments
−Removed: Belron Finance US LLC
−Removed: Senior Secured First Lien
−Removed: Belron Finance US LLC
−Removed: Senior Secured First Lien
−Removed: Cosmetics/Toiletries
−Removed: Sunshine Luxembourg VII SARL
−Removed: Senior Secured First Lien
−Removed: Endo Luxembourg Finance Company I S.a r.l.
−Removed: Senior Secured First Lien
−Removed: Mallinckrodt International Finance S.A.
−Removed: Senior Secured First Lien
−Removed: Electronics/Electrical
−Removed: SS&C Technologies Holdings Europe S.A.R.L.
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments Luxembourg
−Removed: Total Luxembourg
−Removed: United Kingdom
−Removed: Debt Investments
−Removed: Boing US Holdco, Inc.
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments United Kingdom
−Removed: Total United Kingdom
−Removed: Debt Investments
−Removed: Chemicals & Plastics
−Removed: Starfruit Finco B.V
−Removed: Senior Secured First Lien
−Removed: CBDC SENIOR LOAN FUND LLC
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2019
−Removed: Company/Security/Country ***
−Removed: Investment Type
−Removed: Value or Shares
−Removed: Electronics/Electrical
−Removed: Avast Software B.V.
−Removed: Senior Secured First Lien
−Removed: Food products
−Removed: Jacobs Douwe Egberts International B.V.
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments Netherlands
−Removed: Total Netherlands
−Removed: Debt Investments
−Removed: Telecommunications
−Removed: Speedcast International Limited
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments Australia
−Removed: Total Australia
−Removed: Debt Investments
−Removed: Business Equipment & Services
−Removed: Capri Finance LLC
−Removed: Senior Secured First Lien
−Removed: Retailers (except Food & Drug)
−Removed: Titan AcquisitionCo New Zealand Limited
−Removed: Senior Secured First Lien
−Removed: Total Debt Investments New Zealand
−Removed: Total New Zealand
−Removed: Total Investments
−Removed: The majority of the investments bear interest at a rate that may be determined by reference to London Interbank
−Removed: Offered Rate (LIBOR or L), which resets daily, monthly, quarterly or semiannually.
−Removed: The Company has provided the spread over LIBOR and the weighted average current interest rate in effect at December 31, 2019.
−Removed: investments are subject to a LIBOR interest rate floor.
−Removed: For fixed rate loans, a spread above a reference rate is not applicable.
−Removed: Percentage is based on net assets of $68,883,439 as of December 31, 2019.
−Removed: All investments are pledged as collateral for loans payable unless otherwise noted.
−Removed: Represents fair value in accordance with ASC Topic 820.
−Removed: The interest rate on these loans is subject to the greater of a LIBOR floor or 3 month LIBOR plus a base rate.
−Removed: The 3 month LIBOR as of December 31, 2019 was 1.91%.
−Removed: The interest rate on these loans is subject to the greater of a LIBOR floor or 1 month LIBOR plus a base rate.
−Removed: The 1 month LIBOR as of December 31, 2019 was 1.76%.
−Removed: Represents a delayed draw commitment of $71,802, of which $71,802 was unfunded as of December 31, 2019.
−Removed: Unfunded amounts of a delayed draw position have a lower rate than the contractual fully funded rate.
−Removed: Issuer pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.
−Removed: The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being
−Removed: greater than the principal amount outstanding on the loan.
−Removed: The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.
−Removed: Represents a delayed draw commitment of $103,896, of which $103,896 was unfunded as of December 31, 2019.
−Removed: Unfunded amounts of a delayed draw position have a lower rate than the contractual fully funded rate.
−Removed: Issuer pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.
−Removed: The interest rate on these loans is subject to the greater of a LIBOR floor or 6 month LIBOR plus a base rate.
−Removed: The 6 month LIBOR as of December 31, 2019 was 1.91%.
−Removed: Represents a delayed draw commitment of $180,744, of which $180,744 was unfunded as of December 31, 2019.
−Removed: Unfunded amounts of a delayed draw position have a lower rate than the contractual fully funded rate.
−Removed: Issuer pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.
−Removed: Position or portion thereof unsettled as of December 31, 2019.
−Removed: Represents a delayed draw commitment of $27,349, of which $27,349 was unfunded as of December 31, 2019.
−Removed: Unfunded amounts of a delayed draw position have a lower rate than the contractual fully funded rate.
−Removed: Issuer pays 0.50% unfunded commitment fee on delayed draw term loan and/or revolving loan facilities.
−Removed: Below is selected balance sheet information for the Senior Loan Fund as of December 31, 2019:
−Removed: Selected Balance Sheet Information:
−Removed: Total investments, at fair value
−Removed: Cash and cash equivalents
−Removed: Debt (net of deferred financing costs of $211,251)
−Removed: Other liabilities
−Removed: Total liabilities
−Removed: Members Capital
−Removed: Total liabilities and members capital
−Removed: Below is selected statements of operations information for the Senior Loan Fund for the year ended December 31, 2019:
−Removed: For the period
−Removed: (commencement
−Removed: of operations)
−Removed: Selected Statement of Operations Information:
−Removed: Total investment income
−Removed: Interest and other debt financing costs
−Removed: Professional fees
−Removed: Other general and administrative expenses
−Removed: Total expenses
−Removed: Net investment income (loss)
−Removed: Net realized gain (loss) on investments
−Removed: Net change in unrealized appreciation (depreciation) on investments
−Removed: Net increase (decrease) in members capital
Fair Value of Financial Instruments
The following table presents fair value
−Removed: measurements of investments as of December 31, 2019:
−Removed: Fair Value Hierarchy
+Added: measurements of investments as of December 31, 2020 (in thousands):
Senior Secured First Lien
Unitranche First Lien
+Added: Unitranche First Lien Last Out
Senior Secured Second Lien
Unsecured Debt
−Removed: Preferred Stock
−Removed: Common Stock and Other
+Added: Equity & Other
Investments Measured at NAV (1)
Total Investments
−Removed: In accordance with ASC 820-10, certain investments that are measured
−Removed: using the net asset value per shares (or its equivalent) as a practical expedient for fair value have not been classified in the fair value hierarchy.
−Removed: These investments are generally not redeemable.
−Removed: The fair value amounts presented in this table are
−Removed: intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
−Removed: The following table presents fair value measurements of investments as of December 31, 2018:
+Added: Foreign Currency Forward Contracts
+Added: The following table presents fair value measurements of investments as of December 31, 2019 (in thousands):
Senior Secured First Lien
Unitranche First Lien
+Added: Unitranche First Lien Last Out
Senior Secured Second Lien
Unsecured Debt
−Removed: Preferred Stock
−Removed: Common Stock and Other
+Added: Equity & Other
Investments Measured at NAV (1)
Total Investments
+Added: Foreign Currency Forward Contracts
In accordance with ASC 820-10, certain investments that are measured
3 unchanged sentences
intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.
−Removed: The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the year ended
−Removed: December 31, 2019, based off of the fair value hierarchy at December 31, 2019:
+Added: The following table provides a reconciliation of the beginning and ending balances for total investments
+Added: that use Level 3 inputs for the year ended December 31, 2020, based off of the fair value hierarchy at December 31, 2020 (in thousands):
Balance as of January 1, 2020
8 unchanged sentences
December 31, 2020
−Removed: During the year ended December 31, 2019, the Company recorded $18,122,736 in transfers from Level 3 to Level 2
−Removed: and $4,655,283 in transfers from Level 2 to Level 3 due to an increase and a decrease in observable inputs in market data.
−Removed: The following table
−Removed: provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the year ended December 31, 2018, based off of the fair value hierarchy at December 31, 2018:
+Added: During the year ended December 31, 2020, the Company recorded $0 in transfers from Level 3 to Level 2 and
+Added: $6,999 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.
+Added: The following table provides a
+Added: reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the year ended December 31, 2019, based off of the fair value hierarchy at December 31, 2019 (in thousands):
Balance as of January 1, 2019
9 unchanged sentences
During the year ended December 31, 2019, the Company recorded $18,123 in transfers from Level 3 to
−Removed: Level 2 and $27,126,293 in transfers from Level 2 to Level 3 due to a decrease in observable inputs in market data.
−Removed: The following tables
−Removed: present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Companys Level 3 investments as of December 31, 2019 and December 31, 2018.
−Removed: These ranges represent the
−Removed: significant unobservable inputs that were used in the valuation of each type of investment.
−Removed: These inputs are not representative of the inputs that could have been used in the valuation of any one investment.
−Removed: For example, the highest market yield
−Removed: presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment.
−Removed: Accordingly, the ranges of inputs presented below do not represent
−Removed: uncertainty in, or possible ranges of, fair value measurements of the Companys Level 3 investments.
−Removed: Quantitative information
−Removed: about Level 3 Fair Value Measurements
+Added: Level 2 and $4,655 in transfers from Level 2 to Level 3 due to an increase and a decrease, respectively, in observable inputs in market data.
+Added: The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Companys
+Added: Level 3 investments as of December 31, 2020 and December 31, 2019.
+Added: These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment.
+Added: These inputs are not representative of the
+Added: inputs that could have been used in the valuation of any one investment.
+Added: For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be
+Added: appropriate for valuing any other investment.
+Added: Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Companys Level 3 investments.
+Added: Quantitative information about Level 3 Fair Value Measurements
Fair value as of
December 31, 2020
+Added: (in thousands)
Range (Weighted
5 unchanged sentences
Comparable EBITDA Multiple
+Added: 3.7x-16.6x (7.9x)
Broker Quoted
3 unchanged sentences
4.8%-15.0% (7.0%)
+Added: Enterprise Value
+Added: Comparable EBITDA Multiple
+Added: 5.9x-5.9x (5.9x)
+Added: Collateral Analysis
+Added: Recovery Rate
Broker Quoted
+Added: Unitranche First Lien - Last Out
+Added: Discounted Cash Flows
+Added: Discount Rate
+Added: 6.2%-6.2% (6.2%)
+Added: Collateral Analysis
+Added: Recovery Rate
Senior Secured Second Lien
2 unchanged sentences
7.5%-14.0% (9.5%)
−Removed: Enterprise Value
−Removed: Comparable EBITDA Multiple
+Added: Broker Quoted
Unsecured Debt
2 unchanged sentences
12.5%-21.4% (16.6%)
−Removed: Preferred Stock
−Removed: Market Multiple
−Removed: Comparable EBITDA Multiple
−Removed: 10.2x-17.9x(16.0
−Removed: Market Multiple
+Added: Equity & Other
+Added: Enterprise Value
Comparable EBITDA Multiple
−Removed: 7.3x-17.9x(14.0
+Added: 1.5x-25.9x (10.2x)
+Added: Broker Quoted
Quantitative information about Level 3 Fair Value Measurements
1 unchanged sentence
December 31, 2019
+Added: (in thousands)
Range (Weighted
11 unchanged sentences
Broker Quoted
+Added: Unitranche First Lien - Last Out
+Added: Discounted Cash Flows
+Added: Discount Rate
+Added: 6.5%-12.2% (9.5%)
Senior Secured Second Lien
2 unchanged sentences
9.1%-15.6% (10.8%)
+Added: Enterprise Value
+Added: Comparable EBITDA Multiple
Unsecured Debt
2 unchanged sentences
11.0%-15.7% (11.5%)
−Removed: Preferred Stock
−Removed: Market Multiple
−Removed: Comparable EBITDA Multiple
−Removed: Market Multiple
+Added: Equity & Other
+Added: Enterprise Value
Comparable EBITDA Multiple
−Removed: 7.2x-15.1x(12.4
−Removed: As noted above, the discounted cash flows and market multiple approaches were used in the determination of
−Removed: fair value of certain Level 3 assets as of December 31, 2019 and December 31, 2018.
−Removed: The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows
−Removed: expected to be received from the underlying investment, which include both future principal and interest payments.
−Removed: An increase in the discount rate would result in a decrease in the fair value.
−Removed: Included in the consideration and selection of discount
−Removed: rates is risk of default, rating of the investment, call provisions and comparable company investments.
−Removed: The significant unobservable inputs used in the market multiple approach are the multiples of similar companies earnings before income
−Removed: taxes, depreciation and amortization (EBITDA) and comparable market transactions.
−Removed: Increases or decreases in market EBITDA multiples would result in an increase or decrease in the fair value.
−Removed: Debt consisted of the following as of
−Removed: December 31, 2019 and December 31, 2018:
+Added: 7.3x-17.9x (14.4x)
+Added: As noted above, the discounted cash flows and market multiple approaches were used in the determination of fair value of
+Added: certain Level 3 assets as of December 31, 2020 and December 31, 2019.
+Added: The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be
+Added: received from the underlying investment, which include both future principal and interest payments.
+Added: Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively.
+Added: Included in the consideration
+Added: and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments.
+Added: The significant unobservable inputs used in the market multiple approach are the multiples of similar companies
+Added: earnings before income taxes, depreciation and amortization (EBITDA) and comparable market transactions.
+Added: Increases and decreases in market EBITDA multiples would result in an increase or decrease in the fair value, respectively.
+Added: recovery rate represents the extent to which proceeds can be recovered.
+Added: An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.
+Added: Debt consisted of the following as of December 31, 2020 and December 31, 2019 (in thousands):
December 31, 2020
4 unchanged sentences
Corporate Revolving Facility
+Added: Unsecured Notes
+Added: InterNotes ®
December 31, 2019
3 unchanged sentences
SPV Asset Facility
−Removed: Revolving Credit Facility II (3)(5)(6)
+Added: Corporate Revolving Facility
The amount available is subject to any limitations related to the respective debt facilities borrowing
bases and foreign currency translation adjustments.
−Removed: The difference between the drawn amount and the carrying value is attributable to the effect of foreign
−Removed: currency rates as of the balance sheet dates versus foreign currency rates at the time of the respective non-USD borrowings.
−Removed: Carrying value excludes unamortized deferred financing costs.
−Removed: The Company had outstanding debt denominated in Pound Sterling (GBP) of 2,500,000 on its Revolving Credit
−Removed: For borrowings in non-USD, the drawn amount represents the USD
−Removed: equivalent at the time of borrowing (i.e.
−Removed: Total drawn amount payable after the effect of foreign currency translation as of December 31, 2018, was
−Removed: The Company had outstanding debt denominated in (EUR) of 1,800,000 on its Revolving Credit Facility II.
−Removed: The carrying value of the Companys debt, as of December 31, 2019 and December 31, 2018, approximates its fair value as
−Removed: the debt, issued at market terms, includes variable interest rates, as discussed in Note 6.
−Removed: As of December 31, 2019 and December 31, 2018, the
−Removed: Company was in compliance with the terms and covenants of its debt arrangements.
+Added: The amount presented excludes netting of deferred financing costs.
+Added: As of December 31, 2020 and December 31, 2019, the carrying amount of the Companys outstanding debt approximated fair value.
+Added: The fair values
+Added: of the Companys debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under
+Added: current market conditions.
+Added: The fair value of the Companys debt is estimated based upon market interest rates and entities with similar credit risk.
+Added: As of December 31, 2020 and December 31, 2019, the debt would be deemed to be
+Added: Level 3 of the fair value hierarchy.
+Added: As of December 31, 2020 and December 31, 2019, the Company was in compliance with the terms and
+Added: covenants of its debt arrangements.
SPV Asset Facility
−Removed: On March 28, 2016 CCAP SPV entered into a loan and security agreement (the SPV Asset Facility) with the Company as the collateral manager,
−Removed: seller and equityholder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (Wells Fargo), as administrative agent, collateral
−Removed: agent, and lender.
−Removed: The SPV Asset Facility is effective as of March 28, 2016.
−Removed: On February 8, 2017, the Company amended the SPV Asset Facility increasing the facility limit from $75,000,000 to $125,000,000.
−Removed: On September 28, 2018, the
−Removed: Company further amended the SPV Asset Facility increasing the facility limit from $125,000,000 to $175,000,000 and extending the maturity date to September 28, 2023.
−Removed: On April 9, 2019 the Company further amended the SPV Asset Facility
−Removed: increasing the Facility limit from $175,000,000 to $250,000,000.
−Removed: The maximum commitment amount under the SPV Asset Facility is $250,000,000, and may be increased with the
−Removed: consent of Wells Fargo or reduced upon request of the Company.
−Removed: Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to
−Removed: pay related expenses.
−Removed: The maturity date is the earlier of:
−Removed: (a) the date the Borrower voluntarily reduces the commitments to zero, (b) the Facility Maturity Date (September 28, 2023) and (c) the date upon which Wells Fargo
−Removed: declares the obligations due and payable after the occurrence of an Event of Default.
−Removed: Borrowings under the SPV Asset Facility bear interest at London Interbank Offered Rate (LIBOR) plus a margin with no LIBOR floor.
−Removed: The Company pays
−Removed: unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility.
−Removed: The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as
−Removed: well as usual and customary events of default for revolving credit facilities of this nature.
−Removed: Also on March 28, 2016, the Company, as Seller, and
−Removed: CCAP SPV, as Purchaser, entered into a loan sale agreement whereby the Company will sell certain assets to CCAP SPV.
−Removed: CCAP SPV will be consolidated into the Companys financial statements and no gain or loss is expected to result from the sale
−Removed: of assets to CCAP SPV.
−Removed: The Company retains a residual interest in assets contributed to or acquired by CCAP SPV through its 100% ownership of CCAP SPV.
−Removed: The facility size is subject to availability under the borrowing base, which is based on the
−Removed: amount of CCAP SPVs assets from time to time, and satisfaction of certain conditions, including certain concentration limits.
−Removed: Costs incurred in
−Removed: connection with obtaining the SPV Asset Facility have been recorded as deferred financing costs and are being amortized over the life of the SPV Asset Facility on an effective yield basis.
−Removed: As of December 31, 2019 and December 31, 2018,
−Removed: deferred financing costs related to the SPV Asset Facility were $1,508,189 and $1,636,402, respectively, and were included in debt on the Consolidated Statements of Assets and Liabilities.
+Added: On March 28, 2016, Crescent Capital BDC Funding, LLC (CCAP SPV), a wholly owned subsidiary of CCAP, entered into a loan and security
+Added: agreement, as amended (the SPV Asset Facility), with the Company as the collateral manager, seller and equityholder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and
+Added: Wells Fargo Bank, National Association (Wells Fargo), as administrative agent, collateral agent, and lender.
+Added: CCAP SPV is consolidated into the Companys financial statements and no gain or loss is recognized from transfer of assets
+Added: to and from CCAP SPV.
+Added: Between February 8, 2017 and March 10, 2020, the Company has entered into multiple amendments to the SPV Asset Facility to, among other things, increase the facility limit from $75,000 to $350,000.
+Added: The maximum commitment amount under the SPV Asset Facility is $350,000 and may be increased with the consent of Wells Fargo or reduced upon request of the
+Added: Proceeds of the advances under the SPV Asset Facility may be used to acquire portfolio investments, to make distributions to the Company in accordance with the SPV Asset Facility, and to pay related expenses.
+Added: The maturity date is the
+Added: earlier of (a) the date the Borrower voluntarily reduces the commitments to zero, (b) March 10, 2025 (the Facility Maturity Date) and (c) the date upon which Wells Fargo declares the obligations due and payable after the occurrence of
+Added: an Event of Default.
+Added: Borrowings under the SPV Asset Facility bear interest at LIBOR plus a margin with no LIBOR floor.
+Added: The margin is between 1.65% and 2.20% as determined by the proportion of liquid and illiquid loans pledged to the SPV Asset
+Added: The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the SPV Asset Facility.
+Added: The SPV Asset Facility includes customary covenants, including certain limitations on the incurrence of additional
+Added: indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.
+Added: The facility size is subject to availability under the borrowing base, which is based on the amount of CCAP SPVs assets
+Added: from time to time, and satisfaction of certain conditions, including certain concentration limits.
+Added: Costs incurred in connection with obtaining the SPV Asset Facility and subsequent amendments were recorded
+Added: as deferred financing costs and are being amortized over the life of the SPV Asset Facility on an effective yield basis.
+Added: As of December 31, 2020 and December 31, 2019, deferred financing costs related to the SPV Asset Facility were $2,540
+Added: and $1,508, respectively, and were included in debt on the Consolidated Statements of Assets and Liabilities.
Corporate Revolving Facility
−Removed: On August 20, 2019,
−Removed: the Company entered into the Corporate Revolving Facility with Ally Bank (Ally), as Administrative Agent and Arranger.
−Removed: Proceeds of the advances under the Revolving Credit Agreement may be used to acquire portfolio
−Removed: investments, to make distributions to the Company in accordance with the Revolving Credit Agreement and to pay related expenses.
−Removed: The maximum principal amount of the Corporate Revolving Facility is $200,000,000, subject to availability under the
+Added: On August 20, 2019, the Company entered into the Corporate Revolving Facility with Ally Bank (Ally), as Administrative Agent and
+Added: Proceeds of the advances under the Revolving Credit Agreement may be used to acquire portfolio investments, to make distributions to the Company in accordance with the Revolving Credit Agreement and to pay related expenses.
+Added: principal amount of the Corporate Revolving Facility is $200,000, subject to availability under the borrowing base.
+Added: Borrowings under the Corporate
+Added: Revolving Facility bear interest at LIBOR plus a 2.35%, which includes 0.05% utilization fee, with no LIBOR floor.
+Added: The Company pays unused facility fees of 0.50% per annum on committed but undrawn amounts under the Corporate Revolving Facility.
+Added: Interest is payable quarterly in arrears.
+Added: Any amounts borrowed under the Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on August 20, 2024.
+Added: Costs incurred in connection with obtaining the Corporate Revolving Facility have been recorded as deferred financing costs and are being amortized over the
+Added: life of the Corporate Revolving Facility on an effective yield basis.
+Added: As of December 31, 2020 and December 31, 2019, deferred financing costs related to the Corporate Revolving Facility were $1,360 and $1,923, respectively, and were
+Added: included in debt on the Consolidated Statements of Assets and Liabilities.
+Added: The Corporate Revolving Facility replaced the prior corporate revolving
+Added: facility with Capital One, National Association, as Administrative Agent, Lead Arranger, Managing Agent and Committed Lender.
+Added: The maximum principal amount of the prior corporate revolving facility was $85,000, subject to availability under the
borrowing base.
−Removed: Borrowings under the Corporate Revolving Facility bear interest at LIBOR plus a margin.
−Removed: The Company pays unused facility fees of 0.50%
−Removed: per annum on committed but undrawn amounts under the Corporate Revolving Facility.
−Removed: Interest is payable monthly in arrears.
−Removed: Any amounts borrowed under the Corporate Revolving Facility, and all accrued and unpaid interest, will be due and payable, on
−Removed: August 20, 2024.
−Removed: Costs incurred in connection with obtaining the Corporate Revolving Facility have been recorded as deferred financing costs and are
−Removed: being amortized over the life of the Corporate Revolving Facility on an effective yield basis.
−Removed: As of December 31, 2019 and December 31, 2018, deferred financing costs related to the Corporate Revolving Facility were $1,923,193 and $0,
−Removed: respectively, and were included in debt on the Consolidated Statements of Assets and Liabilities.
−Removed: Revolving Credit Facility II
−Removed: On June 29, 2017, the Company entered into the Revolving Credit Facility II with Capital One, National Association (CONA), as
−Removed: Administrative Agent, Lead Arranger, Managing Agent and Committed Lender.
−Removed: Proceeds from the Revolving Credit Facility II were used for investment activities, expenses, working capital requirements and general corporate purposes.
−Removed: The Companys
−Removed: obligations to the Committed Lender were secured by a first priority security interest in the unused capital commitments (See Note 8.
−Removed: Commitments, Contingencies and Indemnifications) and certain investments and cash held by the Company.
−Removed: Revolving Credit Facility II contains certain covenants, including, but not limited to maintaining an asset coverage ratio of total assets to total borrowings of at least 2 to 1.
−Removed: The maximum principal amount of the Revolving Credit Facility II is
−Removed: $85,000,000, subject to availability under the borrowing base.
−Removed: Borrowings under the Revolving Credit Facility II bear interest at the London Interbank
−Removed: Offered Rate (LIBOR) plus a margin with no LIBOR floor.
−Removed: The Company may elect either the LIBOR or prime rate at the time of draw-down, and loans may be converted from one rate to another at any time, subject to certain conditions.
−Removed: Company paid unused facility fees of 0.20% per annum on committed but undrawn amounts under the Revolving Credit Facility II.
+Added: Borrowings under the prior corporate revolving facility bore interest at LIBOR plus a 1.55% margin with no LIBOR floor.
+Added: The Company paid
+Added: unused facility fees of 0.20% per annum on committed but undrawn amounts under the prior corporate revolving facility.
Interest was payable monthly in arrears.
−Removed: On June 28, 2018, the Company amended the Revolving Credit Facility II
−Removed: increasing the facility limit from $75,000,000 to $85,000,000 and extending the maturity date to June 29, 2019.
−Removed: On June 13, 2019, the Company further amended the Revolving Credit Facility II by extending the maturity date to
−Removed: September 29, 2019.
−Removed: The Company paid down in full and terminated the Revolving Credit Facility II on August 20, 2019.
−Removed: Costs incurred in
−Removed: connection with obtaining the Revolving Credit Facility II were recorded as deferred financing costs and amortized using effective yield method during the life of the facility and are now fully amortized as of the reporting date as a result of the
−Removed: facility termination.
−Removed: As of December 31, 2019 and December 31, 2018, deferred financing costs related to the Revolving Credit Facility II were $0 and $58,791, respectively, and were included in debt on the Consolidated Statements of Assets
+Added: The Company paid down in full and terminated the prior corporate revolving facility on
+Added: August 20, 2019.
+Added: Unsecured Notes
+Added: July 30, 2020, the Company completed a private offering of $50,000 aggregate principal amount of 5.95% senior unsecured notes due July 30, 2023 (the Unsecured Notes).
+Added: The Unsecured Notes have a delayed draw feature.
+Added: issuance of $25,000 of Unsecured Notes closed July 30, 2020.
+Added: The issuance of the remaining $25,000 of Unsecured Notes is closed on October 28, 2020.
+Added: The Unsecured Notes will mature on July 30, 2023 and may be redeemed in whole or in part, at the Companys option, at any time or from time to time
+Added: at par plus a make-whole premium, if applicable.
+Added: Interest on the Unsecured Notes is due and payable semiannually in arrears on January 30 th and July 30 th of each year, commencing on January 30, 2021.
+Added: As of December 31, 2020, the Company was in compliance with the terms of the note purchase agreement governing the Unsecured Notes.
+Added: Costs incurred in connection with issuing the Unsecured Notes were recorded as deferred financing costs and are being amortized over the life of the Unsecured
+Added: Notes on an effective yield basis.
+Added: As of December 31, 2020 and December 31, 2019, deferred financing costs related to the Unsecured Notes were $700 and $0, respectively, and were included in debt on the Consolidated Statements of Assets
and Liabilities.
−Removed: The summary information regarding the SPV Asset Facility, Corporate Revolving Facility, Revolving Credit
−Removed: Facility, and the Revolving Credit Facility II for the years ended December 31, 2019, 2018 and 2017, were as follows:
+Added: InterNotes ®
+Added: On January 31, 2020, in connection with the Alcentra Acquisition, the Company assumed direct unsecured fixed interest rate obligations or
+Added: InterNotes ®
+Added: The majority of InterNotes ®
+Added: were issued by Alcentra Corporation between January 2015 and January 2016.
+Added: Each series of notes has been issued by a separate trust administered by U.S.
+Added: As of December 31, 2020, the outstanding InterNotes ®
+Added: bear interest at fixed interest rates ranging between 6.25% and 6.75% and offer a variety of maturities ranging between February 15, 2021 and April 15, 2022.
+Added: Summary of Interest and Credit Facility Expenses
+Added: The summary information regarding the SPV Asset Facility, Corporate Revolving Facility, Unsecured Notes, InterNotes ®
+Added: , and prior corporate revolving facility for the years ended December 31, 2020, 2019 and 2018, were as follows (in thousands):
Borrowing interest expense
2 unchanged sentences
Total interest and credit facility expenses
−Removed: Weighted average interest rate
Weighted average outstanding balance
Company enters into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Companys investments denominated in foreign currencies.
−Removed: In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an
+Added: In order to better define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Company may enter into an
International Swaps and Derivatives Association, Inc.
9 unchanged sentences
entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.
−Removed: All of our forward contracts qualify as Level 2 financial instruments.
−Removed: For the year ended December 31, 2019, the Companys average USD notional exposure to foreign currency forward contracts was $23,341,718.
−Removed: year ended December 31, 2018, the Companys average USD notional exposure to foreign currency forward contracts was $7,974,709.
−Removed: The following
−Removed: table sets forth the Companys net exposure to foreign currency forward contracts that are subject to ISDA Master Agreements or similar agreements as of December 31, 2019 and December 31, 2018.
−Removed: As of December 31, 2019:
+Added: All of the forward contracts qualify as Level 2 financial instruments.
+Added: For the years ended December 31, 2020, 2019 and 2018, the Companys average USD notional exposure to foreign currency forward contracts was $35,788,
+Added: $23,342 and $7,975, respectively.
+Added: The following table sets forth the Companys net exposure to foreign currency forward contracts that are subject
+Added: to ISDA Master Agreements or similar agreements as of December 31, 2020 and December 31, 2019.
+Added: As of December 31, 2020 (in thousands):
the Consolidated
−Removed: of (Liabilities)
+Added: Statements of
+Added: of (Liabilities) on
the Consolidated
2 unchanged sentences
or (Liabilities)
+Added: Presented on the
Statements of
−Removed: Assets and Liabilities
+Added: and Liabilities
Wells Fargo Bank, N.A.
−Removed: As of December 31, 2018:
+Added: As of December 31, 2019 (in thousands):
the Consolidated
−Removed: of (Liabilities)
+Added: Statements of
+Added: of (Liabilities) on
the Consolidated
2 unchanged sentences
or (Liabilities)
−Removed: Statements of
+Added: Presented on the
Assets and Liabilities
4 unchanged sentences
Net amount excludes any over-collateralized amounts.
−Removed: The effect of transactions in derivative instruments to the Consolidated Statements of Operations for the
−Removed: years ended December 31, 2019 and December 31, 2018 was as follows:
+Added: The effect of transactions in
+Added: derivative instruments to the Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, was as follows (in thousands):
Net realized gain (loss) on foreign currency forward contracts
2 unchanged sentences
Commitments, Contingencies and Indemnifications
−Removed: The Companys investment portfolio may contain debt investments that are in the form of lines of credit and unfunded delayed draw commitments, which
−Removed: require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.
−Removed: Unfunded commitments to provide funds to portfolio companies are not reflected on the Companys
−Removed: Consolidated Statements of Assets and Liabilities.
−Removed: The Companys unfunded commitments may be significant from time to time.
−Removed: These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds.
−Removed: Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.
−Removed: December 31, 2019 and 2018, the Company had aggregated unfunded commitments totaling $82,745,212 and $55,473,976, including foreign denominated commitments converted to USD at the balance sheet date, respectively, under loan and financing
−Removed: As of December 31, 2019 and December 31, 2018, the Company has the following unfunded commitments to portfolio companies:
+Added: The Companys investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to
+Added: provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements.
+Added: Unfunded commitments to provide funds to portfolio companies are not reflected on the Companys Consolidated Statements of Assets
+Added: and Liabilities.
+Added: These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds.
+Added: Since these commitments may
+Added: expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.
+Added: As of December 31, 2020 and December 31, 2019, the Company had aggregated unfunded commitments totaling $80,837 and
+Added: $82,745 including foreign denominated commitments converted to USD at the balance sheet date, respectively, under loan and financing agreements.
+Added: December 31, 2020 and December 31, 2019, the Company has the following unfunded commitments to portfolio companies (in thousands):
December 31, 2020
1 unchanged sentence
Commitment (2)
−Removed: Fair Value (3)
Commitment (2)
−Removed: 1st Lien/Senior Secured Debt
+Added: Senior Secured and Unitranche First Lien
Abode Healthcare, Inc.
Affinitiv, Inc.
+Added: Anne Arundel Dermatology Management, LLC
+Added: Anne Arundel Dermatology Management, LLC
Ansira Partners, Inc.
1 unchanged sentence
Avaap USA LLC
−Removed: Avaap USA LLC
+Added: December 31, 2020
+Added: December 31, 2019
+Added: Commitment (2)
+Added: Commitment (2)
Benesys, Inc.
1 unchanged sentence
BFC Solmetex LLC & Bonded Filter Co.
−Removed: BFC Solmetex LLC & Bonded Filter Co.
C-4 Analytics, LLC
6 unchanged sentences
Colibri Group LLC
+Added: Consolidated Label Co., LLC
Continental Battery Company
1 unchanged sentence
COP Home Services Holdings, Inc.
−Removed: Counsel On Call, LLC
−Removed: Counsel On Call, LLC
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Commitment (2)
−Removed: Fair Value (3)
−Removed: Commitment (2)
Crusoe Bidco Limited
3 unchanged sentences
Empire Auto Parts, LLC
+Added: Everlast Parent Inc.
+Added: Everlast Parent Inc.
GrapeTree Medical Staffing, LLC
+Added: HCOS Group Intermediate III LLC
+Added: Hercules Borrower LLC
HGH Purchaser, Inc.
HGH Purchaser, Inc.
−Removed: Integrity Marketing Acquisition, LLC
+Added: Hospice Care Buyer, Inc.
+Added: Hospice Care Buyer, Inc.
+Added: Hospice Care Buyer, Inc.
+Added: Hsid Acquisition, LLC
Integrity Marketing Acquisition, LLC
2 unchanged sentences
Integrity Marketing Acquisition, LLC
−Removed: Iconic Group, Inc.
−Removed: Jordan Healthcare Inc.
−Removed: Jordan Healthcare Inc.
+Added: ISS Compressors Industries, Inc.
+Added: IvyRehab Intermediate II, LLC
+Added: IvyRehab Intermediate II, LLC
Kestrel Parent, LLC
1 unchanged sentence
Learn-It Systems, LLC
−Removed: Learn-It Systems, LLC
−Removed: List Partners, Inc.
+Added: Lightspeed Buyer, Inc.
+Added: Lightspeed Buyer, Inc.
List Partners, Inc.
2 unchanged sentences
Maroon Group, LLC
−Removed: Maroon Group, LLC
Midwest Industrial Rubber
+Added: MRI Software LLC
+Added: MRI Software LLC
+Added: MRI Software LLC
New Mountain Learning
1 unchanged sentence
Omni Ophthalmic Management Consultants, LLC
+Added: Omni Ophthalmic Management Consultants, LLC
Ontario Systems, LLC
1 unchanged sentence
Pilot Air Freight, LLC
−Removed: Pilot Air Freight, LLC
+Added: December 31, 2020
+Added: December 31, 2019
+Added: Commitment (2)
+Added: Commitment (2)
Pilot Air Freight, LLC
+Added: Pinnacle Treatment Centers, Inc.
+Added: Pinnacle Treatment Centers, Inc.
POC Investors, LLC
2 unchanged sentences
Potter Electric Signal Company
−Removed: List Partners, Inc.
−Removed: PT Network, LLC
+Added: Prism Bidco, Inc.
PT Network, LLC
4 unchanged sentences
Safco Dental Supply, LLC
+Added: Saturn Borrower Inc
SavATree, LLC
SavATree, LLC
+Added: Seniorlink Incorporated
Slickdeals Holdings, LLC
3 unchanged sentences
Smile Doctors LLC
−Removed: December 31, 2019
−Removed: December 31, 2018
−Removed: Commitment (2)
−Removed: Fair Value (3)
−Removed: Commitment (2)
+Added: Southern HVAC Corporation
+Added: Southern HVAC Corporation
+Added: Spear Education
+Added: Teal Acquisition Co., Inc
+Added: Teal Acquisition Co., Inc
The Hilb Group, LLC
+Added: The Hilb Group, LLC
Teaching Strategies LLC
+Added: THG Acquisition, LLC
+Added: THG Acquisition, LLC
Transportation Insight, LLC
3 unchanged sentences
Unifeye Vision Partners
−Removed: United Language Group, Inc.
UP Acquisition Corp
UP Acquisition Corp
−Removed: Upstream Rehabilition, Inc.
−Removed: Vanguard Holdings Corp.
−Removed: Vanguard Holdings Corp.
Winxnet Holdings LLC
1 unchanged sentence
Wrench Group LLC
−Removed: Wrench Group LLC
−Removed: Wrench Group LLC
−Removed: Xcentric Mold and Engineering Acquisition Company, LLC
−Removed: CB-SDG Limited
Crusoe Bidco Limited
Crusoe Bidco Limited
−Removed: NS Intermediate Holdings, LLC
−Removed: CHA Holdings, Inc
−Removed: Crusoe Bidco Limited
+Added: Vital Care Buyer, LLC
PharComp Parent B.V.
−Removed: Total 1st Lien/Senior Secured Debt
−Removed: 2nd Lien/Senior Secured Debt
−Removed: MHS Acquisition Holdings, LLC
+Added: Total Senior Secured and Unitranche First Lien
+Added: Senior Secured Second Lien
+Added: Service Logic Acquisition, Inc
NMN Holdings III Corp.
−Removed: Total 2nd Lien/Senior Secured Debt
−Removed: Partnership Interest
+Added: Total Senior Secured Second Lien
+Added: LLC/LP Equity Interests
CBDC Senior Loan Fund LLC
−Removed: Total Partnership Interest
+Added: Total LLC/LP Equity Interests
Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and
3 unchanged sentences
foreign currency exchange rate as of December 31, 2020 and December 31, 2019.
−Removed: The fair value is reflected as investments, at fair value in the Consolidated Statements of Assets and
−Removed: As of December 31, 2019, we believe that we have sufficient assets and liquidity to adequately cover future
−Removed: obligations under our unfunded commitments based on historical rates of drawings upon unfunded commitments, cash and restricted cash balances that we maintain, availability under our credit facilities and ongoing principal repayments on debt
−Removed: In addition, we generally hold some broadly syndicated loans that are saleable over a relatively short period to generate cash.
−Removed: Commitments and Contingencies
−Removed: As of December 31, 2019, the Company had $456,297,020 in total capital commitments from investors.
−Removed: Of this amount,
−Removed: $10,000,000 was from Crescent Capital Group LP (CCG LP).
−Removed: The remaining unfunded capital commitments totaled $44,297,020 as of December 31, 2019.
−Removed: As of December 31, 2018, the Company had $405,600,000 in total capital commitments
−Removed: from investors.
−Removed: Of this amount, $10,000,000 was from Crescent Capital Group LP (CCG LP) and its affiliates.
−Removed: The remaining unfunded capital commitments totaled $139,600,000 as of December 31, 2018.
−Removed: Up to June 25, 2015, the Companys efforts had been limited to organizational activities, the cost
−Removed: of which has been borne by the Advisor.
−Removed: The Company has agreed to repay the Advisor for initial organization costs and equity offering costs incurred prior to the commencement of its operations up to a maximum of $1,500,000 on a pro rata basis over
−Removed: the first $350,000,000 of invested capital not to exceed 3 years from the initial capital commitment.
−Removed: The Advisor incurred costs on behalf of the Company of $794,450 of equity offering costs and $567,895 of organization costs through Commencement.
−Removed: For the year ended December 31, 2019, the Advisor allocated to the Company $190,668 of equity offering costs and $136,295 of organization costs, of which $0 was included in Due to Advisor on the Consolidated Statements of Assets and Liabilities
−Removed: at December 31, 2019.
−Removed: Since June 26, 2015 (Commencement) through December 31, 2019, the Advisor has allocated to the Company $794,450 of equity offering costs and $567,895 of organization costs.
−Removed: For the year ended December 31,
−Removed: 2018, the Advisor allocated to the Company $215,636 of equity offering costs and $154,143 of organization costs, of which $136,235 was included in Due to Advisor on the Consolidated Statements of Assets and Liabilities at December 31, 2018.
−Removed: In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general
−Removed: indemnifications.
+Added: As of December 31, 2020, the Company
+Added: believes that there is sufficient assets and liquidity to adequately cover future obligations under unfunded commitments.
+Added: The cash and restricted cash balances, availability under the credit facilities and ongoing investment realizations are
+Added: expected to provide sufficient liquidity.
+Added: In addition, broadly syndicated loans in the portfolio could be sold over a relatively short period to generate liquidity.
+Added: Other Commitments and Contingencies
+Added: In the normal course
+Added: of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications.
Such contracts include those with certain service providers, brokers and trading counterparties.
−Removed: Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the
+Added: exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company;
however, based on the Companys experience, the risk of loss is remote and no such claims are expected to occur.
1 unchanged sentence
Stockholders Equity
−Removed: Between June 26,
−Removed: 2015 (Commencement) and February 3, 2020, our listing on the NASDAQ stock exchange, the Company entered into subscription agreements (collectively, the Subscription Agreements) with several investors, including CCG LP providing for
−Removed: the private placement of the Companys common stock.
−Removed: Under the terms of the Subscription Agreements, investors are required to fund capital drawdowns to purchase the Companys common stock up to the amount of their respective capital
−Removed: commitments on an as-needed basis as determined by the Company with a minimum of 10 business days prior notice.
−Removed: The remaining unfunded capital commitments related to these Subscription Agreements totaled
−Removed: $44,297,020 and $139,600,000 as of December 31, 2019 and 2018, respectively.
−Removed: The following table summarizes the total shares issued and amount
−Removed: received related to capital drawdowns delivered pursuant to the Subscription Agreements during the years ended December 31, 2019, 2018 and 2017:
−Removed: For the year ended
−Removed: December 31, 2019
−Removed: Quarter Ended
+Added: The Company authorized 200,000,000 shares of its common stock with a par value of $0.001 per share.
+Added: The Company has authorized 10,000 shares of its preferred
+Added: stock with a par value of $0.001 per share.
+Added: To date, no shares of preferred stock have been issued.
+Added: Between June 26, 2015, commencement of
+Added: operations, and January 31, 2020, the date of Alcentra Acquisition, the Company entered into subscription agreements (collectively, the Subscription Agreements) with several investors, including Crescent, providing for the private
+Added: placement of its common shares.
+Added: Pursuant to the Subscription Agreements, between June 26, 2015 and January 31, 2020, the Company issued 23,127,335 common shares for aggregate proceeds of $456,297, of which $10,000 was from Crescent.
+Added: Proceeds from the issuances were used to fund investing activities and for other general corporate purposes.
+Added: Additionally, on January 31, 2020, the Company issued 5,203,016 shares in connection with the Alcentra Acquisition.
+Added: Upon closing of the
+Added: Alcentra Acquisition, all unfunded commitments of stockholders subscribing in a private offering were terminated.
+Added: For the years ended December 31,
+Added: 2020, 2019 and 2018, the Company issued 30,128, 76,969 and 29,914 new common shares, respectively, in connection with its dividend reinvestment plan.
+Added: following table summarizes the Companys recent distributions declared:
+Added: Date Declared
+Added: Amount Per Share
+Added: November 4, 2020
December 31, 2020
+Added: January 15, 2021
+Added: August 7, 2020
September 30, 2020
+Added: October 15, 2020
June 30, 2020
+Added: July 15, 2020
March 3, 2020
−Removed: Total Capital Drawdowns
−Removed: For the year ended
−Removed: December 31, 2018
−Removed: Quarter Ended
+Added: March 31, 2020
+Added: April 15, 2020
+Added: November 8, 2019
December 30, 2019
+Added: January 17, 2020
September 27, 2019
+Added: September 27, 2019
+Added: October 18, 2019
June 28, 2019
+Added: June 28, 2019
+Added: July 18, 2019
March 29, 2019
−Removed: Total Capital Drawdowns
−Removed: For the year ended
+Added: March 29, 2019
+Added: April 12, 2019
December 31, 2018
−Removed: Quarter Ended
December 31, 2018
+Added: January 15, 2019
September 27, 2018
−Removed: June 30, 2017
−Removed: March 31, 2017
−Removed: Total Capital Drawdowns
−Removed: Prior to February 3, 2020, which is the date of the Companys listing on the NASDAQ stock exchange, stockholders who
−Removed: opted in to the Companys dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of the Companys common stock, rather than receiving cash dividends and
−Removed: distributions.
−Removed: The number of shares to be issued to a stockholder is determined by dividing the total dollar amount of the cash dividend or distribution payable to a stockholder by the net asset value per share of the common stock as of the last day
−Removed: of the Companys fiscal quarter or such other date and price per share as determined by the Board preceding the date such dividend was declared.
−Removed: Company has authorized 200,000,000 shares of its common stock with a par value of $0.001 per share.
−Removed: The Company has authorized 10,000 shares of its preferred stock with a par value of $0.001 per share.
−Removed: Shares of preferred stock have not been issued.
−Removed: On February 5, 2015, the Company issued 1,000 common shares to CCG LP.
−Removed: On April 15, 2015, CCG LP contributed $499,000 of additional paid-in-capital to the
−Removed: On June 29, 2015, CCG LP exchanged its 1,000 shares issued on February 5, 2015 for 25,000 common shares, which were subsequently redeemed on June 30, 2015.
−Removed: At December 31, 2019 and 2018, CCG LP and its affiliates owned 2.23% and 2.50%, respectively, of the
−Removed: outstanding common shares of the Company.
−Removed: For the years ended December 31, 2019, 2018 and 2017, distributions made by the Company are as follows:
−Removed: Quarter Ended
−Removed: Per Share Amount
−Removed: December 31, 2019
September 28, 2018
+Added: October 12, 2018
June 19, 2018
−Removed: March 31, 2019
−Removed: December 31, 2018
−Removed: September 30, 2018
June 20, 2018
+Added: July 13, 2018
March 29, 2018
−Removed: December 31, 2017
−Removed: September 30, 2017
−Removed: June 30, 2017
March 30, 2018
+Added: April 13, 2018
+Added: At December 31, 2020 and December 31, 2019, Crescent owned 2.11% and 2.23%, respectively, of the outstanding common
+Added: shares of the Company.
Earnings Per Share
−Removed: In accordance with the provisions of ASC Topic 260 Earnings per Share (ASC 260), basic earnings per share is computed by dividing
−Removed: earnings available to common stockholders by the weighted average number of shares outstanding during the period.
−Removed: Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a
−Removed: diluted basis.
+Added: In accordance with the provisions of ASC 260 Earnings per Share (ASC 260), basic earnings per share is computed by dividing earnings
+Added: available to common stockholders by the weighted average number of shares outstanding during the period.
+Added: Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted
As of December 31, 2020 and December 31, 2019, there are no dilutive shares.
−Removed: The following table sets forth the computation of
−Removed: the weighted average basic and diluted net increase in net assets per share from operations for the following periods:
+Added: The following table sets forth the computation of the weighted average basic and diluted net increase in net
+Added: assets per share from operations for the following periods (in thousands):
Net increase (decrease) in net assets resulting from operations
1 unchanged sentence
Net increase (decrease) in net assets resulting from operations per common share-basic and
−Removed: The tax character of stockholder distributions attributable to the years ended December 31, 2019, 2018 and 2017, were as follows:
+Added: The tax character of shareholder distributions attributable to the years ended December 31, 2020, 2019 and 2018, were as follows (in thousands):
Ordinary Income (1)
3 unchanged sentences
withholding tax applicable to non U.S.
−Removed: stockholders.
−Removed: For the years ended December 31, 2019, 2018 and 2017, the components of distributable earnings on a tax
−Removed: basis detailed below differ from the amounts reflected in the Companys Consolidated Statements of Assets and Liabilities by temporary and other book/tax differences, primarily relating to the tax treatment of wash sales, organizational
−Removed: expenses, partnership basis adjustments, forward contracts mark to market and defaulted bond income accruals is as follows:
+Added: shareholders.
+Added: For the years
+Added: ended December 31, 2020, 2019 and 2018, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Companys Consolidated Statements of Assets and Liabilities by temporary and other
+Added: book/tax differences, primarily relating to the tax treatment of wash sales, organizational expenses, partnership basis adjustments, forward contracts mark to market and defaulted bond income accruals is as follows (in thousands):
Undistributed net investment income
3 unchanged sentences
Unrealized appreciation (depreciation)
−Removed: Components of tax distributable earnings at year end
+Added: Components of tax distributable earnings at year
+Added: Capital loss carryforward is subject to limitations under IRC Sections 382 & 383.
Taxable income is an estimate and is not fully determined until the Companys tax return is filed.
8 unchanged sentences
The Companys inception-to-date federal tax returns remain subject to examination by the Internal Revenue Service.
−Removed: Permanent differences between Investment Company Taxable Income and net investment income for financial reporting purposes are reclassified among capital
−Removed: accounts in the financial statements to reflect their tax character.
−Removed: Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.
−Removed: For the years ended December 31, 2019, 2018 and 2017,
−Removed: the Company reclassified for book purposes amounts arising from permanent book/tax differences related to prior period adjustments, subsidiary book income, the different tax treatment of foreign currency gain/(loss), defaulted bonds and non-deductible-excise tax as follows:
+Added: A portion of losses
+Added: acquired from Alcentra Capital may be subject to limitations under the Internal Revenue Code.
+Added: Permanent differences between Investment Company Taxable Income (ICTI) and net investment income
+Added: for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character.
+Added: Differences in classification may also result from the treatment of short-term gains as ordinary income for tax
+Added: For the years ended December 31, 2020, 2019 and 2018, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of foreign currency gain/(loss), defaulted
+Added: bonds and non-deductible-excise tax as follows (in thousands):
Accumulated net realized gain (loss)
1 unchanged sentence
The tax cost of the Companys investments as of December 31, 2020, approximates their amortized cost.
−Removed: As of December 31, 2019, the Companys aggregate investment unrealized appreciation and depreciation for federal income tax purposes was:
−Removed: Gross unrealized appreciation
−Removed: Gross unrealized depreciation
−Removed: Net unrealized investment depreciation
−Removed: As of December 31, 2018, the Companys aggregate investment unrealized appreciation and depreciation for federal
−Removed: income tax purposes was:
+Added: As of December 31, 2020 and December 31, 2019, the Companys aggregate investment unrealized appreciation and depreciation for federal income
+Added: tax purposes was (in thousands):
Gross unrealized appreciation
Gross unrealized depreciation
−Removed: Net unrealized investment depreciation
+Added: Net unrealized investment appreciation (depreciation)
Financial Highlights
−Removed: Below is the schedule of financial highlights of the Company for the years ended December 31, 2019, 2018, 2017 and 2016 and for the period from
−Removed: February 5, 2015 (Inception) to December 31, 2015, relating to the common shares issued through December 31, 2019 pursuant to the Subscription Agreements:
+Added: Below is the schedule of financial highlights of the Company for the years ended December 31, 2020, 2019, 2018, 2017 and 2016 relating to the common
+Added: shares issued through December 31, 2020 pursuant to the Subscription Agreements (in thousands, except share and per share data):
For the year ended
6 unchanged sentences
December 31, 2017
−Removed: For the period from
−Removed: February 5, 2015
−Removed: (Inception) to
+Added: For the year ended
December 31, 2016
2 unchanged sentences
Net investment income after tax
−Removed: Net realized and unrealized gains (losses) on investments and forward contracts, net of
+Added: Net realized and unrealized gains (losses) on investments, asset acquisition and forward contracts,
Net increase (decrease) in net assets resulting from operations
−Removed: Effect of equity issuances
+Added: Effect of equity issuances, net of share repurchases
Distributions declared from net investment income (2)
2 unchanged sentences
Net asset value, end of period
+Added: For the year ended
+Added: December 31, 2020
+Added: For the year ended
+Added: December 31, 2019
+Added: For the year ended
+Added: December 31, 2018
+Added: For the year ended
+Added: December 31, 2017
+Added: For the year ended
+Added: December 31, 2016
Shares outstanding, end of period
+Added: Market value, end of period
Weighted average shares outstanding
−Removed: Total return (3)
+Added: Total return based on market value (3)
+Added: Total return based on net asset value (4)
Ratio/Supplemental Data:
Net assets, end of period
−Removed: Ratio of total net expenses to average net assets (5)
+Added: Ratio of total net expenses to average net
+Added: assets (5)(6)
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net
1 unchanged sentence
Ratio of interest and credit facility expenses to average net assets (7)
−Removed: Ratio of incentive fees to average net assets
+Added: Ratio of net incentive fees to average net assets
Ratio of portfolio turnover to average investments at fair value
+Added: Weighted average debt outstanding
Asset coverage ratio
−Removed: The Company was formed on February 5, 2015 and commenced operations on June 26, 2015.
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average
2 unchanged sentences
for the applicable periods.
+Added: Total return based on market value is calculated as the change in market value per share during the period,
+Added: taking into account dividends, if any, reinvested in accordance with the Companys dividend reinvestment plan.
+Added: The beginning market value per share is based on the market price of $16.40 per share on February 3, 2020, the date of the
+Added: Companys listing on NASDAQ, and not annualized.
Total return based on net asset value is calculated as the change in net asset value per share during the
period plus declared dividends per share during the period, divided by the beginning net asset value per share.
−Removed: Not annualized.
−Removed: The ratio of total expenses to average net assets in the table above reflects the Advisors voluntary
+Added: The ratio of total expenses to average net assets in the table above reflects the Advisers voluntary
waivers of its right to receive a portion of the management fees and income incentive fees with respect to the Companys ownership in GACP II.
Excluding the effects of waivers, the ratio of total expenses to average net assets would have been
−Removed: 6.58% and 7.36% for the years ended December 31, 2019 and December 31, 2018, respectively.
−Removed: The GACP II investment was made after 2018, and as such, the 2017, 2016 and 2015 ratios were not affected.
+Added: 5.37%, 6.58% and 7.36% for the years ended December 31, 2020, 2019 and 2018, respectively.
+Added: The GACP II investment was made in 2018, and as such, the 2017 and 2016 ratios were not affected.
Annualized except for organization expenses.
−Removed: Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) total
−Removed: debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.
−Removed: Selected Quarterly
−Removed: Financial Data (Unaudited)
+Added: Selected Quarterly Financial Data (Unaudited)
Quarter Ended
10 unchanged sentences
Net investment income after taxes
−Removed: Net realized and unrealized gains
−Removed: Provision for taxes on realized gain on investments
+Added: Net realized and unrealized gains (losses)
+Added: Realized loss on asset acquisition
+Added: Benefit/(Provision) for taxes on realized gain on investments
Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments
−Removed: Net increase in net assets resulting from operations after tax
+Added: Net increase (decrease) in net assets resulting from operations after tax
Net investment income per share (basic and diluted)
−Removed: Net increase in net assets resulting from operations per share (basic and diluted)
+Added: Net increase (decrease) in net assets resulting from operations per share (basic and
Weighted average shares outstanding
9 unchanged sentences
Investment income
+Added: Total expenses
Net investment income before taxes
2 unchanged sentences
Net realized and unrealized gains
−Removed: Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments
+Added: Provision for taxes on realized gain on investments
+Added: Benefit/(Provision) for taxes on unrealized
+Added: appreciation (depreciation) on investments
Net increase in net assets resulting from operations after tax
16 unchanged sentences
Net investment income after taxes
−Removed: Net realized and unrealized gains
−Removed: Benefit/(Provision) for taxes on unrealized appreciation (depreciation) on investments
−Removed: Net increase in net assets resulting from operations after tax
+Added: Net realized and unrealized gains (losses)
+Added: Benefit/(Provision) for taxes on unrealized
+Added: appreciation (depreciation) on investments
+Added: Net increase (decrease) in net assets resulting from operations after tax
Net investment income per share (basic and diluted)
−Removed: Net increase in net assets resulting from operations per share (basic and diluted)
+Added: Net increase (decrease) in net assets resulting from operations per share (basic and
Weighted average shares outstanding
3 unchanged sentences
acquire Alcentra Capital Corporation (Alcentra Capital) in a cash and stock transaction (the Alcentra Acquisition).
−Removed: The boards of directors of both companies have each unanimously approved the Alcentra Acquisition.
−Removed: In connection with the Alcentra Acquisition, which was completed on January 31, 2020, each share of Alcentra Capital common stock issued and outstanding
−Removed: immediately prior to the effective time of the Alcentra Acquisition was converted into the right to receive from the Company, in accordance with the Merger Agreement, (a) approximately $1.50 per share in cash consideration less $0.80 per share
−Removed: spillover dividend declared by Alcentra Capital, and (b) stock consideration at the fixed exchange ratio of 0.4041 shares, par value $0.001 per share, of the Companys common stock (the Exchange Ratio) (and, if applicable, cash
−Removed: in lieu of fractional shares of the Companys common stock).
−Removed: The Exchange Ratio was fixed on the date of the Merger Agreement, and was not subject to adjustment based on changes in the trading price of Alcentra Capitals common stock
−Removed: before the closing of the Alcentra Acquisition.
−Removed: Based on the number of shares of Alcentra Capital common stock outstanding on the date of the merger, approximately 5,203,016 of the Companys shares of common stock were exchanged for
−Removed: approximately 12,875,566 outstanding shares of Alcentra Capital common stock, subject to adjustment in certain limited circumstances.
−Removed: Additionally, on
−Removed: August 12, 2019, the Company entered into an agreement with the Advisor in connection with the Alcentra Acquisition.
−Removed: Under the terms of the Transaction Support Agreement, in connection with the consummation of the Alcentra Acquisition the
−Removed: Advisor (a) provided cash consideration of approximately $1.68 per share of Alcentra Capital common stock, payable to Alcentra Capital stockholders in accordance with the terms and conditions set forth in the Merger Agreement at closing,
−Removed: (b) entered into an amendment to the Investment Advisory Agreement to (i) permanently reduce the management fee from 1.5% to 1.25%, (ii) increase the incentive fee hurdle from 6% to 7% annualized, (iii) waive a portion of the
−Removed: management fee from February 1, 2020 through July 31, 2021 after the transaction so that only 0.75% shall be charged for such time period, and (iv) waive the income based portion of the incentive fee from February 1, 2020 through
−Removed: July 31, 2021 after the transaction and (c) fund up to $1,419,000 of expenses that the Company incurs in connection with completing the Alcentra Acquisition.
−Removed: The merger of Alcentra Capital with and into Crescent Capital BDC is expected to be accounted for as an asset acquisition in accordance with the asset
−Removed: acquisition method of accounting as detailed in ASC 805-50, Business CombinationsRelated Issues, with the total consideration paid in conjunction with the mergers (including transaction costs) allocated
−Removed: to the assets acquired and liabilities assumed based on their relative fair values as of the date of the mergers.
−Removed: As of December 31, 2019, the
−Removed: Company incurred $3,006,178 of transaction expenses, net of Advisor transaction support of $1,419,000, in connection with the proposed merger.
−Removed: Transaction expenses are included in prepaid expenses and other assets on the Consolidated Statements of
−Removed: Assets and Liabilities.
−Removed: The Alcentra Acquisition resulted in a Qualified IPO.
−Removed: On and after the closing of the Alcentra Acquisition on January 31,
−Removed: 2020, the Company will pay the income incentive fee in each calendar quarter as follows:
−Removed: no income incentive fee in any calendar quarter in which the Companys
−Removed: pre-incentive fee net investment income does not exceed the Hurdle Amount;
−Removed: 100% of the Companys pre-incentive fee net investment income with
−Removed: respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the Post-Qualified IPO Catch-Up Amount) determined on a quarterly basis by multiplying 1.8182% by the Companys net assets (as defined above) at the beginning of each applicable calendar quarter.
−Removed: The Post-Qualified IPO Catch-Up Amount is intended to provide the Advisor with an incentive fee of 17.5% on all of the Companys pre-incentive fee net investment income when the Companys pre-incentive fee net investment income reaches the Post-Qualified IPO Catch-Up Amount in any calendar quarter;
−Removed: for any calendar quarter in which the Companys pre-incentive fee
−Removed: net investment income exceeds the Post-Qualified IPO Catch-Up Amount, the income incentive fee shall equal 17.5% of the amount of the Companys pre-incentive fee
−Removed: net investment income for the calendar quarter.
−Removed: The Advisor has agreed to waive the income based portion of the incentive fee from February 1, 2020
−Removed: through July 31, 2021 following the closing of the Alcentra Acquisition on January 31, 2020.
−Removed: These calculations will be appropriately pro-rated for any period of less than three months and adjusted for any share issuances or repurchases by the Company during the current quarter.
−Removed: The Company does not currently have a share repurchase program and
−Removed: share repurchases will be effected only in extremely limited circumstances in accordance with applicable law.
−Removed: The income incentive fee shall be calculated for the first calendar quarter of 2020 at a weighted rate calculated based on the fee rates
−Removed: applicable before and after the closing of the Alcentra Acquisition based on the number of days in such calendar quarter before and after the closing of the Alcentra Acquisition.
−Removed: The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears in cash as of the end of each fiscal year (or
−Removed: upon termination of the Investment Advisory Agreement, as of the termination date), and equals (i) 15% of the Companys realized capital gains as of the end of the fiscal year prior to the closing of the Alcentra Acquisition, and
−Removed: (ii) 17.5% of the Companys realized capital gains as of the end of the fiscal year after the closing of the Alcentra Acquisition.
−Removed: In determining the capital gains incentive fee payable to the Advisor, the Company calculates the cumulative
−Removed: aggregate realized capital gains and cumulative aggregate realized capital losses since Inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the
−Removed: Companys portfolio.
−Removed: For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since Inception.
−Removed: Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since Inception.
−Removed: Aggregate unrealized capital depreciation
−Removed: equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the original cost of such investment.
−Removed: At the end of the applicable year, the amount of capital gains that serves as the
−Removed: basis for the Companys calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to the
−Removed: Companys portfolio of investments.
−Removed: If this number is positive at the end of such year, then the capital gains incentive fee for such year will equal 15% or 17.5%, as applicable, of such amount, less the aggregate amount of any capital gains
−Removed: incentive fees paid in respect of the Companys portfolio in all prior years as calculated in accordance with the below after the closing of the Alcentra Acquisition.
−Removed: The capital gains incentive fee shall be calculated as of the day before the closing of the Alcentra Acquisition, with such capital gains incentive fee paid
−Removed: to the Advisor following the end of the 2020 fiscal year.
−Removed: For the avoidance of doubt, such capital gains incentive fee shall be equal to 15.0% of the Companys realized capital gains on a cumulative basis from Inception through the day before
−Removed: the closing of the Alcentra Acquisition, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid.
−Removed: Upon closing of the Alcentra Acquisition, all unfunded commitments of stockholders subscribing in private offering were terminated.
+Added: In connection with the Alcentra Acquisition, which was completed on January 31, 2020, each share of
+Added: Alcentra Capital common stock issued and outstanding immediately prior to the effective time of the Alcentra Acquisition was converted into the right to receive from the Company, in accordance with the Merger Agreement, (a) approximately $1.50
+Added: per share in cash consideration less $0.80 per share spillover dividend declared by Alcentra Capital, and (b) stock consideration at the fixed exchange ratio of 0.4041 shares, par value $0.001 per share, of the Companys common stock (the
+Added: Exchange Ratio) (and, if applicable, cash in lieu of fractional shares of the Companys common stock).
+Added: The Exchange Ratio was fixed on the date of the Merger Agreement, and was not subject to adjustment based on changes in the
+Added: trading price of Alcentra Capitals common stock before the closing of the Alcentra Acquisition.
+Added: Based on the number of shares of Alcentra Capital common stock outstanding on the date of the merger, approximately 5,203,016 of the Companys
+Added: shares of common stock were exchanged for approximately 12,875,566 outstanding shares of Alcentra Capital common stock, subject to adjustment in certain limited circumstances.
+Added: Upon closing of the Alcentra Acquisition, all unfunded commitments of
+Added: stockholders subscribing in a private offering were terminated.
+Added: Additionally, on August 12, 2019, the Company entered into an agreement with the
+Added: Adviser in connection with the Alcentra Acquisition.
+Added: Under the terms of the Transaction Support Agreement, in connection with the consummation of the Alcentra Acquisition the Adviser (a) provided cash consideration of approximately $1.68 per
+Added: share of Alcentra Capital common stock, payable to Alcentra Capital stockholders in accordance with the terms and conditions set forth in the Merger Agreement at closing, (b) entered into an amendment to the Investment Advisory Agreement to
+Added: (i) permanently reduce the management fee from 1.5% to 1.25%, (ii) increase the incentive fee hurdle from 6% to 7% annualized, (iii) waive a portion of the management fee from February 1, 2020 through July 31, 2021 after the
+Added: transaction so that only 0.75% shall be charged for such time period, and (iv) waive the income based portion of the incentive fee from February 1, 2020 through July 31, 2021 after the transaction and (c) fund up to $1,419 of
+Added: expenses that the Company incurs in connection with completing the Alcentra Acquisition.
+Added: The merger of Alcentra Capital with and into Crescent Capital BDC
+Added: was accounted for as an asset acquisition in accordance with ASC 805-50, Business Combinations-Related Issues.
+Added: Accordingly, transaction expenses of $7,250, net of Adviser transaction support of $1,419, were
+Added: included in total consideration paid, and no goodwill was recognized.
+Added: In evaluating whether the merger was an asset acquisition or business combination,
+Added: the Company considered (i) whether substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset or group of similar identifiable assets;
+Added: and (ii) whether the set of acquired assets
+Added: included at least one substantive process.
+Added: Since the acquired assets consisted of similar classes of financial assets, and since the Company did not acquire an organized workforce or other substantive processes in the transaction, it was deemed to
+Added: be an asset acquisition.
+Added: Total consideration paid by the Company, including transaction costs related to the merger, of $118,256 was allocated to the
+Added: acquired assets and assumed liabilities based upon their relative fair values as of the closing date, subject to the limitation that certain non-qualifying assets, including financial instruments,
+Added: could not be assigned an amount greater than their fair values.
+Added: As a result of this limitation, total consideration paid by the Company exceeded the fair value of the net assets acquired by $3,825, which has been presented as a realized loss in the
+Added: Companys Consolidated Statement of Operations for the year ended December 31, 2020.
+Added: The Company estimated the fair value of the assets acquired and liabilities assumed in accordance with ASC 820;
+Added: the methodologies utilized to make these
+Added: estimates were consistent with those used by the Company in estimating the fair value of its own assets and liabilities.
+Added: The following table summarizes
+Added: the allocation of the purchase price to the assets acquired and liabilities assumed as a result of the Alcentra Acquisition (in thousands):
+Added: Consideration Paid by the Company
+Added: Common stock issued by the
+Added: Cash Consideration paid by the Company
+Added: Transaction costs
+Added: Total Purchase Price
+Added: Assets (Liabilities) Acquired
+Added: Investment portfolio (2)
+Added: Portfolio receivables
+Added: Other receivable
+Added: InterNotes ®
+Added: Secured credit facility
+Added: Borrowing expense payable
+Added: Other payables
+Added: Net Assets Acquired
+Added: Realized loss on asset acquisition
+Added: Common stock consideration was issued at the Companys Net Asset Value of $19.60 at the date of the
+Added: Alcentra Acquisition.
+Added: Investments acquired were recorded at fair value at the date of the acquisition, which is also the
+Added: Companys initial cost basis.
+Added: Stock Repurchase Program
+Added: On January 31, 2020, the Company entered into a $20,000 repurchase plan which allowed it to purchase shares in the open market any time the Companys
+Added: common stock trades below ninety percent (90%) of its most recently disclosed net asset value per share.
+Added: The plan was subject to compliance with the Companys liquidity, covenant, leverage and regulatory requirements.
+Added: Pursuant to the terms of
+Added: the repurchase plan, repurchases began on March 2, 2020.
+Added: On April 9, 2020, the Companys Board of Directors unanimously approved the termination of the Companys stock repurchase program.
+Added: The following table summarizes share repurchases under the Companys stock repurchase program for the year ended December 31, 2020.
+Added: There were no
+Added: share repurchases for the years ended December 31, 2019 and December 31, 2018 (in thousands, except share and per share data).
+Added: December 31, 2020
+Added: Dollar amount repurchased
+Added: Shares repurchased
+Added: Average price per share including commission
+Added: Weighted average discount to net asset value
+Added: Weighted average discount is calculated using the December 31, 2019 proforma combined NAV of $19.42 per
+Added: share assuming the effect of the Alcentra Acquisition.
Subsequent Events
−Removed: The Companys management
−Removed: evaluated subsequent events through the date of issuance of the consolidated financial statements included herein.
−Removed: Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure in
−Removed: this Form 10-K or would be required to be recognized in the consolidated financial statements as of December 31, 2019 and for the year ended December 31, 2019.
−Removed: The Company issued common shares and received gross proceeds of approximately $44,297,020 subsequent to December 31, 2019.
−Removed: On January 31, 2020, the Company completed the Alcentra Acquisition, pursuant to the terms and conditions of the Merger Agreement.
−Removed: To effect the
−Removed: acquisition, Acquisition Sub merged with and into Alcentra Capital, with Alcentra Capital surviving the merger as the Companys wholly owned subsidiary.
−Removed: Immediately thereafter and as a single integrated transaction, Alcentra Capital consummated
−Removed: the Second Merger, whereby it merged with and into the Company, with the Company surviving the merger.
−Removed: Pursuant to the Merger Agreement, Alcentra Capital stockholders received the right to the following merger consideration in exchange for each
−Removed: share of Alcentra Capital common stock outstanding immediately prior to January 31, 2020, in accordance with the Merger Agreement:
−Removed: (a) $3.1784 per share in cash consideration (less the $0.80 final dividend declared by Alcentra Capital) and
−Removed: (b) stock consideration at the fixed exchange ratio of 0.4041 shares of common stock, thereby resulting in the Companys then-existing stockholders owning approximately 82% of the Company and Alcentra Capitals then-existing
−Removed: stockholders owning approximately 18% of the Company.
−Removed: The aggregate cash consideration included (i) $19,342,963 in cash, or $1.50 per share, from the Company (less $10,300,453 or $0.80 per share in final dividends paid by Alcentra Capital on
−Removed: January 31, 2020) and (ii) $21,580,736 in cash, or $1.68 per share, in transaction support provided by the Advisor.
−Removed: On August 12, 2019, the
−Removed: Company entered into an agreement with the Advisor (the Transaction Support Agreement) in connection with the Alcentra Acquisition.
−Removed: Under the terms of the Transaction Support Agreement, among other things, the Company agreed to enter
−Removed: into an amendment to its Investment Advisory Agreement to (i) permanently reduce the management fee from 1.50% to 1.25%, (ii) waive a portion of the base management fee from February 1, 2020 through July 31, 2021 such that the base
−Removed: management fee shall be charged at an annual rate of 0.75% of its gross assets for such time period, (iii) increase the incentive fee hurdle from 6% to 7% annualized and (iv) waive the income based portion of the incentive fee from
−Removed: February 1, 2020 through July 31, 2021.
−Removed: These amendments contemplated by the Transaction Support Agreement went into effect through the completion of the Alcentra Acquisition, which closed on January 31, 2020.
−Removed: On February 1, 2020, the Company entered into the Amended and Restated Administration Agreement (as
−Removed: amended and restated, the Administration Agreement) by and between the Company and the Administrator.
−Removed: Pursuant to the Administration Agreement, the Administrator has agreed to provide a variety of services, including providing office
−Removed: space, equipment and office services, maintaining financial records, preparing reports to stockholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by
−Removed: The Administrator has also hired a sub-administrator to assist in the provision of administrative services.
−Removed: The Company will reimburse the Administrator for its costs and expenses and its allocable
−Removed: portion of overhead incurred by it in performing its obligations under the Administration Agreement, including compensation paid to or compensatory distributions received by its officers (including its Chief Compliance Officer and Chief Financial
−Removed: Officer) and any of the their respective staff who provide services to the Company, operations staff who provide services to the Company, and any other staff, to the extent they perform a role in the Companys Sarbanes-Oxley internal control
−Removed: The Companys allocable portion of overhead is determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the
−Removed: Companys business and affairs, and is subject to oversight by the Board.
−Removed: The sub-administrator is paid its compensation for performing its sub-administrative
−Removed: services under the sub-administration agreement.
−Removed: The Administrator will waive its right to be reimbursed in the event that any such reimbursements would cause any distributions to the Companys
−Removed: stockholders to constitute a return of capital.
−Removed: In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties.
−Removed: To the extent the Administrator outsources any of its functions,
−Removed: the Company will pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator.
−Removed: The Administration
−Removed: Agreement has been approved by the Companys Board.
−Removed: Unless earlier terminated as described below, the Administration Agreement will remain in effect for a period of two years from their effective date and will remain in effect from year to year
−Removed: thereafter if approved annually by (i) the vote of the Companys Board, or by the vote of a majority of the Companys outstanding voting securities, and (ii) the vote of a majority of the Companys independent directors.
−Removed: Administration Agreement will automatically terminate in the event of assignment.
−Removed: The Administration Agreement may be terminated by either party without penalty upon not less than 60 days written notice to the other.
−Removed: On February 3, 2020, the Companys Common Stock began publicly trading on NASDAQ under the symbol CCAP.
−Removed: In connection with the closing of the Alcentra Acquisition, the Company entered into a repurchase plan, pursuant to which it agreed to repurchase in open
−Removed: market transactions, subject to compliance with any of the Companys liquidity, covenant, leverage and regulatory requirements and the approval and continuation of such program by the Board in light of its duties under applicable law, shares of
−Removed: the Companys common stock in an aggregate amount of up to $20,000,000 at market prices at any time the shares of the Companys common stock trade below ninety percent (90%) of its then-most recently disclosed net asset value per share.
−Removed: The $20,000,000 maximum repurchase amount will be reduced by any amounts provided for under Rule 10b5-1 plans entered into by certain of the Companys affiliates with respect to its common stock
−Removed: for a similar time period at the same price.
−Removed: Pursuant to the terms of the repurchase plan, repurchases began on March 2, 2020, subject to the trading price of the Companys common stock on that date, and the repurchase plan will be in
−Removed: effect through January 31, 2021.
−Removed: On March 3, 2020, the Companys Board recommended that stockholders approve a proposal to reduce the
−Removed: Companys required minimum asset coverage ratio applicable to business development companies under the Investment Company Act of 1940, as amended (the 1940 Act) from 200% to 150%.
−Removed: The Company expects to hold its Annual Meeting in
−Removed: May 2020, at which time stockholders will vote, amongst other items, on this proposal.
−Removed: In addition, the Board, including a required majority (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the
−Removed: application of the modified asset coverage requirements to be effective one year after such Board approval and as a result, the Companys asset coverage requirements for senior securities will be changed from 200% to 150%, effective
−Removed: March 3, 2021.
−Removed: However, if the stockholder proposal is passed at the Annual Meeting, the Company would be subject to the modified asset coverage requirements the day after the Annual Meeting.
−Removed: On March 3, 2020, the Companys Board of Directors declared a regular cash dividend of $0.41 per share, which will be paid on or about
−Removed: April 15, 2020 to stockholders of record as of March 31, 2020.
+Added: The Companys management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein.
+Added: Other than the
+Added: items below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements
+Added: as of December 31, 2020 and for the year ended December 31, 2020.
+Added: On January 5, 2021, Sun Life Financial Inc.
+Added: acquired a majority interest
+Added: Consummation of the Sun Life Transaction resulted in a change of control of Crescent.
+Added: There were no changes to the Companys investment objective, strategies and process or to the Crescent team responsible for the investment
+Added: operations of the Company as a result of the Sun Life Transaction.
+Added: On February 15, 2021, $5,401 of InterNotes ®
+Added: matured and were redeemed at par.
+Added: The Company provided notice to redeem the remaining $11,017 of InterNotes ®
+Added: which is expected to be paid
+Added: off on March 19, 2021.
+Added: On February 17, 2021, the Company completed a private offering of $135,000 aggregate principal amount of 4.00% senior
+Added: unsecured notes due February 17, 2026 (the 2026 Unsecured Notes).
+Added: The 2026 Unsecured Notes have a delayed draw feature.
+Added: The initial issuance of $50,000 of Unsecured Notes closed February 17, 2021.
+Added: The issuance of the remaining
+Added: $85,000 of 2026 Unsecured Notes is expected to close on or before May 17, 2021.
+Added: On February 22, 2021, the Companys Board of Directors
+Added: declared a regular cash dividend of $0.41 per share, which will be paid on April 15, 2021 to stockholders of record as of March 31, 2021
+Added: February 22, 2021, the Adviser notified the Board of Directors of its intent to voluntarily waive incentive fees to the extent net investment income falls short of the declared dividend on a full dollar basis.
+Added: The waiver will become effective
+Added: upon expiration of the current waivers on July 31, 2021 and will continue through December 31, 2022.
CHANGES IN DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.