Company: FCRX
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023153
Chunk: 11

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 11
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 SEC staff guidance and interpretations, effective May 5, 2020 with stockholder approval, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO INVESTMENT ACTIVITY 

We seek to create a broad and diversified portfolio that generally includes senior secured first lien, unitranche, senior secured second lien, unsecured loans and minority equity securities of U.S. middle market companies. The size of our individual investments varies proportionately with the size of our capital base. We generally invest in securities that have been rated below investment grade by independent rating agencies or that would be rated below investment grade if they were rated. These securities have speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, many of our debt investments have floating interest rates that reset on a periodic basis and typically do not fully pay down principal prior to maturity. 

Our portfolio at fair value was comprised of the following: 

    ($ in millions)
     
    As of December 31, 2024
     
    As of December 31, 2023

    Investment Type
     
    Fair Value

    Percentage

    Fair Value

    Percentage

    Senior Secured First Lien
     
    $
    379.7

    23.7
     
    %
     
    $
    429.2

    27.0
     
    %

    Unitranche First Lien

    1,044.1

    65.3

    973.9

    61.5

    Unitranche First Lien - Last Out

    14.8

    0.9

    13.5

    0.9

    Senior Secured Second Lien

    38.5

    2.4

    58.2

    3.7

    Unsecured Debt

    17.5

    1.1

    4.1

    0.3

    Equity &