Company: FCRX
Filing Date: 2025-02-03
Form Type: N-2/A
Source: 0001193125-25-018583
Chunk: 94

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-02-03
Form: N-2/A
Chunk 94
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 our common stock immediately prior to the offering. The level of net asset value dilution will decrease as the number of shares such stockholders purchase increases. Existing stockholders who buy more than such percentage will experience net asset value dilution but will, in contrast to existing stockholders who purchase less than their proportionate share of the offering, experience accretion in net asset value per share over their investment per share and will also experience a disproportionately greater increase in their participation in our earnings and assets and their voting power than our increase in assets, potential earning power and voting interests due to such offering. The level of accretion will increase as the excess number of shares such stockholder purchases increases. Even a stockholder 95

who over-participates will, however, be subject to the risk that we may make additional discounted offerings in which such stockholder does not participate, in which case such a stockholder will experience net asset value dilution as described above in such subsequent offerings. 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. The following chart illustrates the level of dilution and accretion in the hypothetical 25% discount offering from the prior chart (Example 3) for a stockholder that acquires shares equal to (a) 50% of its proportionate share of the offering (i.e., 1,250 shares, which is 0.50% of an offering of 250,000 shares) rather than its 1.00% proportionate share and (b) 150% of its proportionate share of the offering (i.e., 3,750 shares, which is 1.50% of an offering of 250,000 shares rather than its 1.00% proportionate share). The prospectus supplement pursuant to which any discounted offering is made will include a chart for these examples based on the actual number of shares in such offering and the actual discount from the most recently determined net asset value per share. It is not possible to predict the level of market price decline that may occur.

| Offering Price                                                                                           |     | Prior to SaleBelow NetAsset Value |           |   |     | 50% Participation 
 FollowingSale     |           |   |     | %Change |        |    |     | 150% Participation 
 FollowingSale      |