Crescent Capital BDC : Analyst & Investor Day

Crescent Capital BDC, Inc. Analyst & Investor Day

June 11, 2024

Disclaimer and Forward-Looking Statement

This presentation (the "Presentation") has been prepared by Crescent Capital BDC, Inc. (together with its consolidated subsidiaries, "CCAP," "Crescent BDC" or the "Company") and may be used for informational purposes only. This Presentation contains summaries of certain financial and statistical information about the Company and should be viewed in conjunction with the Company's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The information contained herein may not be used, reproduced, referenced, quoted, linked by website, or distributed to others, in whole or in part, except as agreed in writing by the Company.

This Presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy the Company's common stock or any other securities nor will there be any sale of the common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. This Presentation provides limited information regarding the Company and is not intended to be taken by, and should not be taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell, or an offer to sell or a solicitation of offers to purchase, the Company's common stock or any other securities that may be issued by the Company, or as legal, accounting or tax advice. An investment in securities of the type described herein presents certain risks.

Footnotes contain important information about the definition of terms used herein, the composition of the investment portfolio and related performance information as well as unrealized investment valuations and should be carefully reviewed. Market data and information included herein (including information relating to portfolio companies) is based on various published and unpublished sources considered to be reliable, but has not been independently verified and there is no guarantee of its accuracy or completeness. Performance information contained herein is based in significant part on unrealized investment valuations which may not be achieved. We undertake no duty or obligation to publicly update or revise the information contained in this Presentation.

Legal, tax and regulatory changes, as well as judicial decisions, both within and outside of the United States, could have an adverse impact on the Company and its investments. Instability in the securities markets may increase the risk inherent in CCAP's investments in that the ability of issuers to refinance or redeem portfolio securities held may depend on their ability to sell new securities in the market. Future periods of uncertainty in the U.S. economy and the economies of other countries of issuers of securities and loans in which the Company may invest, and the possibility of increased volatility, default rates and deterioration in financial markets, may adversely affect the Company's investment portfolio.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward- looking terminology such as "anticipates," "believes," "expects," "intends," "will," "should," "may," "plans," "continue," "believes," "seeks," "estimates," "would," "could," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss plans, strategies, prospects and expectations concerning CCAP's business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make them. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in filings we make with the Securities and Exchange Commission (the "SEC"), and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CCAP is managed by Crescent Cap Advisors, LLC (the "Investment Adviser"), an SEC- registered investment adviser and a subsidiary of Crescent Capital Group LP (together with its affiliates, "Crescent").

This Presentation contains information about the Company and certain of its affiliates and includes the Company's historical performance. You should not view information related to the past performance of the Company as indicative of the Company's future results, the achievement of which is dependent on many factors, many of which are beyond the control of the Company and the Investment Adviser and cannot be assured. There can be no assurances that future dividends will match or exceed historic rates or will be paid at all. Further, an investment in the Company is discrete from, and does not represent an interest in, any other Crescent entity. Nothing contained herein shall be relied upon as a promise or representation whether as to the past or future performance of the Company or any other Crescent entity.

2

2024 Analyst & Investor Day

Welcome to Crescent Capital BDC, Inc.'s ("CCAP") 2024 Analyst & Investor Day

• Today's presentation is being delivered in person in Milwaukee and simulcast on the web
• For those joining remotely, presentation materials have been made available online alongside the webcast and on our website atwww.crescentbdc.com
• During the Q&A portion of the session, our webcast audience will have an opportunity to submit questions through the Q&A window on the webcast page
• A replay of today's meeting will be available on our website after the event

3

Speakers & Management Team

ProfessionalYears Industry / Crescent Experience

Mark Attanasio	39 / 33
Co-Founder, Crescent
Jason Breaux	27 / 24
Chief Executive Officer, CCAP | Managing Director, Crescent
Christopher Wright	23 / 23
Head of Private Markets | Managing Director, Crescent
Albert Lee	14 / 14
Managing Director, Crescent
Chris Wang	19 / 13
Managing Director, Crescent
Raymond Barrios	22 / 16
Managing Director, Crescent
Elizabeth Ko	21 / 17
Board Chair, CCAP | Managing Director, Crescent
Henry Chung	14 / 9
President, CCAP | Managing Director, Crescent
Gerhard Lombard	28 / 8
Chief Financial Officer, CCAP & Crescent

4

Agenda

Section	Presenter(s)
Welcome & Introduction	Mark Attanasio
Introduction to CCAP	Jason Breaux
Power of the Crescent Platform	Chris Wright
Crescent's Investment Strategy	Albert Lee, Chris Wang, Ray Barrios, Elizabeth Ko
CCAP Opportunity	Henry Chung, Gerhard Lombard, Jason Breaux

5

Current or prospective client name

Introduction to

CCAP

Jason Breaux

6

Key Takeaways

1.	Crescent's track record in private credit spans over three decades

Investors have entrusted us with their capital over numerous market cycles

2.	CCAP leverages the breadth of the Crescent platform

Access to the scale and capabilities of one of the longest tenured, leading below-investment grade credit managers

3.	We are credit investors first

Our investment philosophy is underpinned by the view that credit selection is binary

4.	We believe CCAP presents an attractive opportunity for investors today

CCAP represents a defensive portfolio that has delivered stable NAV, consistent dividend coverage and alignment with our shareholders since inception

Past performance does not guarantee or indicate future results.

7

Why We Established CCAP in 2015

Provide a broader	Further scale our platform	Develop a diversified
universe of investors	to be a more relevant	pool of capital that
access to Crescent	solutions provider	leverages the entire
		platform

BDC structure attractive	CCAP augments	Enhances investment
to a wide array of	Crescent's origination	flexibility and Crescent's
investors	capabilities	visibility

8

Progress Since Public Listing

1

Stable NAV performance via disciplined underwriting approach and portfolio construction

2

Reported record net investment income per share for the past five consecutive quarters

3

Introduced variable supplemental dividend framework and increased base dividend to $0.42 per share in Q2 2024

4

Acquired and onboarded two previously listed BDCs, augmenting CCAP's total net assets by over 80%

5

Generated a 21% net IRR on the acquired Alcentra portfolio1

6

Obtained and maintained investment-graderating and diversified funding mix

As of March 31, 2024. Past performance does not guarantee or indicate future results. This page is accompanied by additional information in the section titled "End Notes" at the end of this presentation (slides 58-60).

1. Based on investment performance and realization activity from January 31, 2020 (the date CCAP completed its acquisition of Alcentra Capital Corporation) through March 31, 2024. Past performance does not predict future returns. Upon request, Crescent will provide the names of the 29 portfolio companies in the Alcentra acquisition; additional

information on CCAP performance and holdings is available through Nasdaq or the SEC under the ticker CCAP.

9

CCAP's Approach has Delivered

Outperformance

Net Asset Value per Share1

5.0%	1.9%					3.3%								4.6%
						0.2%				0.3%
0.0%
-5.0%													-2.0%	-2.1%
-10.0%							-5.1%					-4.7%	-8.1%
						-9.3%
-15.0%	-12.4%					-11.7%
-20.0%	-16.2%					-18.5%
-25.0%	-23.2%
-30.0%
		Since CCAP Inception 3		5 Yr4					3 Yr 5		1 Yr 6
				CCAP		BDCs (<$1B in Assets)		BDCs (>$1B in Assets)			BDC Peers (All)

Total Economic Return per Share2

70.0%	66.5%	65.9%	63.6%
60.0%		59.5%
50.0%						47.5%
					41.1% 37.3%
40.0%
					29.0%
30.0%						26.8%	27.5% 25.4%
20.0%									19.9%			14.5%
													11.5%	9.6%
10.0%															4.6%
0.0%
Since CCAP Inception3			5 Yr4			3 Yr5		1 Yr 6
					CCAP			BDCs (<$1B in Assets)		BDCs (>$1B in Assets)			BDC Peers (All)

Past performance does not guarantee or indicate future results. This page is accompanied by additional information in the section titled "End Notes" at the end of this presentation
(slides 58-60).	10