Company: FCRX
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001133228-25-003192
Chunk: 22

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 22
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 its portfolio
investments. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is free to furnish
similar or other services to others so long as its services to the Corporation are not impaired. Under the terms of the Investment Advisory
Agreement, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below.

Base
Management Fee

The
base management fee is calculated and payable quarterly in arrears at an annual rate of 1.25% of our gross assets, including assets acquired
through the incurrence of debt but excluding any cash, cash equivalents and restricted cash. The base management fee is calculated based
on the average value of gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any
share issuances or repurchases during the current calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents
means U.S. government securities and commercial paper maturing within one year of purchase. The Adviser has voluntarily waived its right
to receive management fees on the Corporation’s investments in GACP II LP, WhiteHawk III Onshore Fund LP and Freeport Financial
SBIC Fund LP for any period in which these investments remain in the investment portfolio.

For
the year ended December 31, 2024, the Corporation incurred management fees of $20,223,000 of which $125,000 was waived. As of December 31,
2024, management fees of $5,066,000 were unpaid.

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Incentive
Fees

Under
the Investment Advisory Agreement, the incentive fee consists of two parts:

The
first part, the income incentive fee, is calculated and payable quarterly in arrears and (a) equals 100% of the excess of the pre-incentive
fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.75% per quarter (7.0% annualized)
(the “Hurdle”), and a catch-up feature until the Adviser has received 17.5%, of the pre-incentive fee net investment income
for the current quarter up to 2.1212% (the “Catch-up”), and (b) 17.5% of all remaining pre-incentive fee net investment income
above the “Catch-up.”

The
second part, the capital gains incentive fee, is determined and payable in arre