Crescent Capital BDC, Inc. is a specialty finance company and business development company (BDC) focused on providing capital solutions to private middle-market companies in the United States. The company's primary investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. Crescent Capital BDC achieves this by investing primarily in secured debt, including senior secured first-lien, unitranche, and second-lien debt, as well as unsecured debt such as mezzanine and subordinated debt. The company also selectively invests in related equity securities of its portfolio companies.
The company's portfolio is predominantly composed of sponsor-backed investments, with a strong emphasis on directly originated, floating-rate senior secured credit. Revenue is generated primarily through interest income from its debt investments, dividend income from direct equity investments, capital gains on the sales of debt and equity securities, and various loan origination and other fees. Crescent Capital BDC targets middle-market businesses with annual EBITDA generally ranging from $10 million to $250 million, providing them with capital to support organic growth, acquisitions, market or product expansion, and recapitalizations. The company is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent Capital Group LP, which leverages its extensive experience, origination capabilities, and disciplined investment process to source and manage the portfolio.
