Formed in 2015, Crescent Capital BDC, Inc. (NASDAQ: CCAP) (“the company ”) is a closed-end publicly traded business development company (“BDC”) that provides capital primarily in the form of first lien senior secured debt, largely to middle-market companies in the United States. CCAP has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) for federal income tax purposes.
CCAP is externally managed by Crescent Cap Advisors, LLC (“Adviser”), a subsidiary of Crescent Capital Group LP (“CCG” or “the platform”), an asset manager. In 2021, Sun Life Financial Inc. (NYSE: SLF), a C$1.603 trillion (USD$1.169 trillion) Canadian life insurer and asset manager, acquired 51% of CCG and acquired the remaining 49% in March 2026.
Key Credit Considerations
The ratings and Stable Outlook are supported by the company’s ties to CCG, an investment management company with ~$50 billion in AUM, ~$39 billion of which…
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