Crescent Capital BDC Inc (NASDAQ: CCAP) is a business development company (BDC) that provides debt and equity financing to middle-market companies. It makes money primarily through interest income earned on debt investments, including unitranche first lien term loans and delayed draw term loans, supplemented by returns from equity co-investments. The portfolio spans multiple industries and geographies, with investments in U.S.-domiciled borrowers as well as international borrowers in the United Kingdom, Netherlands, Finland, Jersey, and other European markets, as disclosed in the December 31, 2025 consolidated schedule of investments. Core industry exposures across the portfolio include software and services, commercial and professional services, consumer durables and apparel, food, beverage and tobacco, diversified financials, and transportation. The investment structure is predominantly unitranche first lien debt, which sits at the top of the borrower capital structure and carries floating interest rates. Equity positions, held as common stock and preferred stock in select portfolio companies, represent a smaller portion of the portfolio.

Revenue model

Interest income on floating-rate unitranche first lien term loans and delayed draw term loans to middle-market borrowers, with supplemental returns from equity co-investments in common stock and preferred stock of portfolio companies.

Products and services

Unitranche first lien term loans, unitranche first lien delayed draw term loans, unitranche first lien last-out term loans, common stock equity co-investments, preferred stock equity co-investments.

Customers and end markets

Middle-market companies across software and services, commercial and professional services, consumer durables and apparel, food, beverage and tobacco, diversified financials, and transportation sectors, based on the December 31, 2025 consolidated schedule of investments.

Value-chain role

Direct lender and equity co-investor providing private credit capital to middle-market borrowers; operates as a closed-end, externally managed BDC under the Investment Company Act of 1940.

Geographic exposure

United States (primary), United Kingdom, Netherlands, Finland, Jersey, and other European jurisdictions, as reflected in the December 31, 2025 consolidated schedule of investments.

Source: SEC 10-K, filed 2026-02-25

Industry: UNKNOWN Peers: Diamond Hill Investment Group LLC Blackstone Inc Acadian Asset Management Inc Cion Investment Corp Capital Southwest Corp Carlyle Secured Lending Inc Runway Growth Finance Corp Sculptor Capital Management, Inc. PennantPark Floating Rate Capital Ltd Trinity Capital Inc