Company: FCRX
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001133228-25-003192
Chunk: 23

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 23
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ars as of the end of each fiscal year at a rate of 17.5%
of the Corporation’s realized capital gains, if any, on a cumulative basis from the Corporation’s inception through the end
of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate
amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory Agreement shall terminate as of a
date that is not a fiscal year end, the termination date shall be treated as though it were a fiscal year end for purposes of calculating
and paying a capital gains incentive fee.

The
Adviser has voluntarily waived its right to receive the income incentive fees attributable to the investment income accrued by the Company
as a result of its investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP.

For
the year ended December 31, 2024, the Corporation incurred income incentive fees of $18,855,000 of which $145,000 were waived by
the Advisor. As of December 31, 2024, income incentive fees of $4,305,000 were unpaid.

GAAP
Incentive Fee on Cumulative Unrealized Capital Appreciation

The
Corporation accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation.
Under GAAP, the Corporation is required to accrue an incentive fee based on capital gains that includes net realized capital gains and
losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual
for the incentive fee based on capital gains, the Corporation considers the cumulative aggregate unrealized capital appreciation in the
calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even
though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory
Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized
capital appreciation or depreciation. If such amount is positive at the end of a period, then the Corporation records a capital gains
incentive fee equal to 17.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior
periods. If such amount is negative, then there is no accrual for such period.