Crescent Capital BDC (CCAP) is a business development company (BDC) that lends to U.S. private middle-market companies, primarily those backed by private equity sponsors. CCAP's core product is first lien senior secured loans, which make up roughly 90% of its portfolio by fair value. The portfolio spans ~187 companies across ~$1.6B in fair value, with an average position size of ~0.6%, reflecting a deliberately diversified book. CCAP is externally managed by Crescent Cap Advisors, an affiliate of Crescent Capital Group, and has no employees of its own — relying entirely on Crescent's origination network, underwriting team, and sponsor relationships to source deals. CCAP focuses on the core and lower middle market (companies with EBITDA of roughly $10M–$100M), where it typically leads transactions and sets documentation terms directly. CCAP earns money primarily through interest income on its loan portfolio, which is almost entirely floating rate. Portfolio yield and net investment income (NII) are driven by portfolio size, the spread between loan yields (~10.4% as of Q3 2025) and borrowing costs (~5.99%), and leverage, which CCAP targets at 1.1x–1.3x debt-to-equity. CCAP is structured as a RIC, distributing at least 90% of taxable income to shareholders as dividends and relying on capital markets to fund growth. The external manager earns a 1.25% base management fee on gross assets plus incentive fees on income and capital gains.