Company: FCRX
Filing Date: 2025-02-03
Form Type: N-2/A
Source: 0001193125-25-018583
Chunk: 93

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-02-03
Form: N-2/A
Chunk 93
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 will experience in our assets, potential earning power and voting interests due to such offering. These stockholders may also experience a decline in the market price of their shares, which often reflects to some degree announced or potential increases and decreases in net asset value per share. This decrease could be more pronounced as the size of the offering and level of discounts increases. Further, if current stockholders do not purchase any shares to maintain their percentage interest, regardless of whether such offering is above or below the then current net asset value, their voting power will be diluted. The following chart illustrates the level of net asset value dilution that would be experienced by a nonparticipating stockholder in three different hypothetical offerings of different sizes and levels of discount from net asset value per share. It is not possible to predict the level of market price decline that may occur. The examples assume that a hypothetical issuer has 1,000,000 million shares outstanding, $25.0 million in total assets and $15.0 million in total liabilities. The current net asset value and net asset value per share are thus $10.0 million and $10.00. The chart illustrates the dilutive effect on Stockholder A of (a) an offering of 50,000 shares of common stock (5% of the outstanding shares) at $9.50 per share after offering expenses and commissions (a 5% discount from net asset value), (b) an offering of 100,000 shares of common stock (10% of the outstanding shares) at $9.00 per share after offering expenses and commissions (a 10% discount from net asset value), and (c) an offering of 250,000 shares of common stock (25% of the outstanding shares) at $7.50 per share after offering expenses and commissions (a 25% discount from net asset value). The prospectus supplement pursuant to which any discounted offering is made will include a chart based on the actual number of shares of common stock in such offering and the actual discount to the most recently determined net asset value. It is not possible to predict the level of market price decline that may occur. 94

| Offering Price                                                                                           |     | Prior to SaleBelow NetAsset Value |           |   |     | Example 1                 
 5% Offering at5% Discount 
 FollowingSale             |           |   |     | %Change |       |    |     | Example 2                   
 10% Offering at10% Discount 
 FollowingSale               |           |