Company: FCRX
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023153
Chunk: 466

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 466
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 Unsecured Notes was approximately $133,280 and $128,196, respectively.(5)As of December 31, 2024 and 2023, the fair value of the FCRX Unsecured Notes was approximately $109,680 and $104,458, respectively.(6)As of December 31, 2024 and 2023, the fair value of the Series 2023A Unsecured Notes was approximately $52,027 and $51,986, respectively.The combined weighted average interest rate of the aggregate borrowings outstanding for the years ended December 31, 2024, 2023, and 2022 was 7.12%, 7.02% and 4.73% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the years ended December 31, 2024, 2023, and 2022 was $881,056, $836,999 and $673,503 respectively. The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's debt is calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of December 31, 2024 and 2023, all the debt except for FCRX Unsecured Notes would be deemed to be Level 3 of the fair value hierarchy. FCRX Unsecured Notes would be deemed to be Level 2 of the fair value hierarchy. As of December 31, 2024, and 2023 the Company was in compliance with the terms and covenants of its debt arrangements. SPV Asset Facility On March 28, 2016, Crescent Capital BDC Funding, LLC (“CCAP SPV”), a wholly owned subsidiary of CCAP, entered into a loan and security agreement, as amended from time to time (the “SPV Asset Facility”), with the Company as the collateral manager, seller and equityholder, CCAP SPV as the borrower, the banks and other financial institutions from time to time party thereto as lenders, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, and lender. CCAP SPV is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from CCAP