CCS IX Portfolio Holdings Q2 2025 Update

TL;DR

CCS IX Portfolio Holdings reports on its debt investments in BVI Medical and Rightworks, with maturities in 2032 and 2029 respectively.

AI Summary

CCS IX Portfolio Holdings, LLC filed its 10-Q for the period ending June 30, 2025. The company reported its investments, including a Unitranche First Lien Delayed Draw Term Loan with BVI Medical Inc., maturing on March 8, 2032. Another investment is a Unitranche First Lien Revolver with Rightworks, LLC, carrying an interest rate of S+500 (100 floor) and maturing on May 21, 2029.

Why It Matters

This filing provides insight into the company's debt investment portfolio and its exposure to specific companies like BVI Medical Inc. and Rightworks, LLC.

Risk Assessment

Risk Level: medium — The company's risk level is medium due to its investment in debt instruments which carry inherent credit and interest rate risks.

Key Numbers

• 9.33% — Interest Rate (Interest rate for Rightworks, LLC loan)

Key Players & Entities

• CCS IX Portfolio Holdings, LLC (company) — Filer
• BVI Medical Inc. (company) — Investment Target
• Rightworks, LLC (company) — Investment Target
• March 8, 2032 (date) — Maturity Date for BVI Medical Inc. loan
• May 21, 2029 (date) — Maturity Date for Rightworks, LLC loan

FAQ

Filing Documents

• ck0002017636-20250630.htm (10-Q) — 1583KB
• ck0002017636-ex3_2.htm (EX-3.2) — 18KB
• ck0002017636-ex31_1.htm (EX-31.1) — 23KB
• ck0002017636-ex31_2.htm (EX-31.2) — 15KB
• ck0002017636-ex32_1.htm (EX-32.1) — 15KB
• 0000950170-25-108849.txt ( ) — 6938KB
• ck0002017636-20250630.xsd (EX-101.SCH) — 998KB
• ck0002017636-20250630_htm.xml (XML) — 1182KB

Financial Statements

Financial Statements 4 Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024 4 Consolidated Statements of Operations for the three and six months ended June 30, 2025 (Unaudited) 5 Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 (Unaudited) 6 Consolidated Statement of Cash Flows for the six months ended June 30, 2025 (Unaudited) 7 Consolidated Schedule of Investments as of June 30, 2025 (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 29 Part II OTHER INFORMATION 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements included in this quarterly report on Form 10-Q (this "Quarterly Report") constitute forward-looking statements, which relate to future events or our future performance or financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current or prospective portfolio investments, our industry, our beliefs, and our assumptions. We believe that it is important to communicate our future expectations to our investors. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "would," "will," "should," "targets," "projects," and variations of these words and similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The following factors and factors listed under "Risk Factors" in our Form 10-12G filed with the SEC on December 31, 2024, as amended by our Pre-Effective Amendment No. 1 to Form 10-12G, filed with the SEC on February 14, 2025 (the "Registration Statement") and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS CCS IX Portfolio Holdings, LLC Consolidated Statements of Assets and Liabilities (in thousands, except for per unit data) As of June 30, 2025 (Unaudited) As of December 31, 2024 Assets Investments, at fair value Non-controlled non-affiliated investments (cost of $ 286,803 ) $ 287,570 $ - Cash and cash equivalents 349,252 10 Interest receivable 122 - Total assets $ 636,944 $ 10 Liabilities Secured borrowings (net of deferred financing costs of $ 429 and $ 0 , respectively) 315,827 - Debt (net of deferred financing costs of $ 4,306 and $ 0 , respectively) 28,130 - Interest and other debt financing costs payable 604 - Management fees payable 157 - Accrued expenses and other liabilities 1,131 - Total liabilities 345,849 - Commitments and Contingencies (Note 7) Net assets Common Units, no par value; ( 10 units issued, authorized and outstanding) 285,010 10 Accumulated earnings (loss) 6,085 - Total net assets 291,095 10 Total liabilities and net assets $ 636,944 $ 10 Net asset value per unit $ 29,109,500 $ 1,000 See accompanying notes 4 CCS IX Portfolio Holdings, LLC Consolidated Statements of Operations (in thousands, except for unit and per unit data) (Unaudited) For the three months ended June 30, 2025 For the six months ended June 30, 2025 Investment Income: From non-controlled non-affiliated investments: Interest income $ 5,644 $ 8,007 Paid-in-kind interest 859 1,093 Total investment income 6,503 9,100 Expenses: Interest and other debt financing costs 942 1,166 Organizational costs 243 243 Management fees 158 192 Professional fees 64 124 Directors' fees 40 77 Other general and administrative expenses 319 519 Total expenses 1,766 2,321 Recoupment (support) payments to (by) the Adviser (Note 3) 1,201 1,201 Net expenses 2,9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (in thousands, except unit and per unit amounts) June 30, 2025 (Unaudited) Note 1. Organization and Basis of Presentation CCS IX Portfolio Holdings, LLC (the "Company") was formed on March 12, 2024 as a Delaware limited liability company structured as a non-diversified, closed-end management investment company. The Company has elected to be regulated as a business development company ("BDC") under the 1940 Act. The Company is externally managed by its adviser, Crescent Capital Group LP (the "Adviser"), an investment adviser that is registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. In addition, the Company intends to qualify as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. The Company's investment objective is to provide unitholders with current income and long-term capital appreciation through investments in securities related to the financing of leveraged buyouts, acquisitions, refinancings, recapitalizations and later-stage growth capital opportunities. The Company intends to invest in a portfolio comprised primarily of privately negotiated senior secured debt, with the ability to invest in junior debt. These investments may feature an equity co-investment or equity component (e.g., warrants, options, contingent interests or conversion features). The Company may also invest in loan participations, preferred stock or other securities consistent with the Company's strategy. CCAP Administration LLC (the "Administrator") provides certain administrative services necessary for the Company to operate. Company management consists of investment and administrative professionals from the Adviser and Administrato

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View this 10-Q filing on SEC EDGAR