SCHEDULE 13G/A: Karpus Management Discloses 7.70% Stake in Crescent Capital BDC Preferred Stock

Karpus Management, Inc. has filed an amended Schedule 13G, reporting a 7.70% beneficial ownership stake in the Preferred class of securities of Crescent Capital BDC, Inc.

Summary

• Karpus Management, Inc., operating as Karpus Investment Management, has filed an Amendment No. 1 to Schedule 13G regarding its beneficial ownership in Crescent Capital BDC, Inc.
• The filing indicates that Karpus Management, Inc. beneficially owns 343,561.00 shares of the Preferred class of securities.
• This ownership represents 7.70% of the total class of Preferred securities.
• Karpus Management, Inc. is a registered investment adviser and exercises sole voting and sole dispositive power over these shares.
• The shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment towards the issuer, indicating a neutral stance.

Positives

• The disclosure of a significant stake by an investment adviser like Karpus Management, Inc. can be viewed as a vote of confidence in the issuer's Preferred securities.

Risks

• The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer, mitigating potential control-related risks.

Future Outlook

This document is a beneficial ownership disclosure and does not contain forward-looking statements or guidance regarding the issuer's future performance.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11." (Signed by Jodi L. Hedberg, Chief Compliance Officer of Karpus Management, Inc.)

Industry Context

This filing is a routine disclosure required by the SEC for institutional investors who acquire beneficial ownership of more than 5% of a class of a company's voting equity securities. It provides transparency regarding significant passive investment stakes in publicly traded companies.

Related Party Transactions

• Karpus Management, Inc. is controlled by City of London Investment Group plc (CLIG), which is listed on the London Stock Exchange. However, effective informational barriers have been established such that voting and investment power is exercised independently by Karpus, and attribution of beneficial ownership between Karpus and CLIG is not required.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder of the company's Preferred stock, indicating a passive investment interest.

Key Dates

Keywords

SEC filing, Schedule 13G, beneficial ownership, investment adviser, preferred stock, Crescent Capital BDC, Karpus Management, institutional investor