CCS IX Portfolio Holdings, LLC
DE
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+2.9%
16th pctile · behind most peersas of 2026-06-30
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$689.5M
as of 2026-03-06
Net expenses
4.14%
11th pctile · cheaper than median
Repurchase
not stated yet
Level 3
100%
55th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.25% management fee)4.14%
Minus interest on borrowings, the cost of portfolio leverage2.68%
Ongoing cost, determined from the filings0.87%
Ongoing cost is about 0.87% of net assets a year: a 0.25% management fee on contributed capital plus administration, audit, legal and director fees. The 2025 figure of 1.46% included one-off items, $1.2 million of repaid start-up costs and $0.3 million of organizational costs. Interest of 2.68% is excluded, and growth has since cut the ex-interest ratio to 0.70%.
Sales loadnone
Total drag per year0.87%
This is the cost for common Units (single class, sole institutional unitholder).
The figure above is the ongoing cost. For the period the filing covers it was 1.46%, including 0.59% of one-time costs that will not repeat.
Based on fiscal year2025 annual report, period from 13 Feb 2025 (commencement) to 31 Dec 2025; the filing's own ratios are already annualized. Base: total expe.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (No incentive fee is payable; the Adviser receives only a base management fee payable quarterly in arrears at an annual rate of 0.25% of the value of the Company's Contributed Capital based on the average of the Contributed Capital as of the end of the two most recently completed calendar quarters.) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
3th pctile · cheaper than most
1Y return
16th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual report, period from 13 Feb 2025 (commencement) to 31 Dec 2025; the filing's own ratios are already annualized. Base: total expenses 3.68% less interest 2.68% = 1.00% ex-interest; adjusted down by 0.13% for non-repeating organizational costs. Interim H1 2026 (annualized) shows the ex-interest ratio at 0.70% as net assets grew from $369.5m to $689.5m..
Open the filing on sec.gov (0001193125-26-096557)Size and leverage
Net assets$689.5M?
Borrowings$865.8M?
Leveragedebt to equity1.26x?
Asset coverage180.00%?
Investments held16?
Started2024-03-12?
What the manager charges
Management feeof committed capital0.25%?
Adviser is subsidising costsYes?
Where distributions come from
Paid out of income55.40%?
Return of your own capital44.60%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Floating rate100.00%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available100.00%?
MostlyHealthcare Equipment and Services?
Who is involved
AdviserCrescent Capital Group LP?
AuditorErnst & Young LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- One holder of record: CCS IX Holdings, L.P., an affiliate of the Adviser, holds all 10 outstanding Common Units; there is no public market and no unit repurchase program.
- Effective May 21, 2026 commitments under the JPM Funding Facility increased from $400 million to $800 million, with an accordion feature up to $1 billion.
- Portfolio grew from 6 portfolio companies ($458.1 million fair value) at December 31, 2025 to 16 ($1,026.7 million) at June 30, 2026, with all investments rated 2 and none on non-accrual.
- Of $36.4 million of FY2025 distributions, $16.2 million was reported as return of capital for tax purposes.
- One-off expense support recoupment paid to Adviser: 1,201,000 USD (This repayment of advanced start-up costs raised the FY2025 expense ratio from 3.68% to 4.14% and will not repeat once the three-year recoupment window on advanced amounts is exhausted.)
- Ex-interest expense ratio trend (annualized): 1.00% FY2025, 0.78% Q1 2026, 0.70% H1 2026 % of average net assets (Shows the fixed operating cost falling as net assets grew from $369.5 million to $689.5 million, which is the ongoing drag an investor pays before leverage costs.)
- Interest and other debt financing costs: 2.68% FY2025, 3.85% annualized H1 2026 % of average net assets (Leverage cost is by far the largest expense line and is excluded from drag, but it consumes most of the portfolio's spread and is sensitive to SOFR moves.)
- JPM Funding Facility terms: SOFR + 1.95% margin; $800 million committed, $382.0 million drawn; reinvestment to 21 May 2028, maturity 21 May 2030; accordion to $1 billion (Sets the cost and tenor of the fund's principal leverage and the headroom available to fund unfunded commitments.)
- Secured borrowings against U.S. Treasury bills: $483.8 million outstanding at 5.14% weighted average rate (Q2 2026) USD (A repo-style financing of Treasury bills held for RIC diversification; it inflates both gross interest income and interest expense and drives the reported leverage and asset coverage.)
- Unfunded commitments versus liquidity: $312.3 million unfunded against $522.2 million cash and cash equivalents USD (Delayed draw and revolver commitments must be funded on demand; the filing states liquidity currently exceeds them, which bears on future leverage and capital calls.)
- Unfunded commitment fees earned: 0.25% to 1.00% depending on facility; several facilities pay no fee % per annum (Determines the income earned while commitments sit undrawn, an offset to the cost of holding liquidity.)
- Payment-in-kind interest share of income: $2.3 million of $33.9 million total investment income (H1 2026) USD (Non-cash income must still be distributed to keep RIC status, so a rising PIK share can force borrowing or return of capital to fund distributions.)
Fees
Liquidity terms
Notice period, days60
Valuation
Fair value determined byunchanged, 3 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Valuation frequencyquarterly
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2026-03-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.