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

Company: Crescent Capital BDC, Inc.
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 10
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enses 

Our primary operating expenses include the payment of management fees and incentive fees to the Adviser under the Investment Advisory Agreement, as amended, our allocable portion of overhead expenses under the administration agreement with our Administrator (the “Administration Agreement”), operating costs associated with our sub-administration agreement and other operating costs described below. The management and incentive fees compensate the Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including: 

•the cost of calculating our net asset value, including the cost of any third-party valuation services; 

•fidelity bond, directors’ and officers’ liability insurance and other insurance premiums; 

•fees and expenses associated with independent audits and outside legal costs; 

•independent directors’ fees and expenses; 

•administration fees and expenses, if any, payable under the Administration Agreement (including payments based upon our allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, rent and the allocable portion of the cost of certain professional services provided to us, including but not limited to, our accounting professionals, our legal counsel and compliance professionals); 

•U.S. federal, state and local taxes; 

•the cost of effecting sales and repurchases of shares of our common stock and other securities; 

•fees payable to third parties relating to making investments, including out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments; 

•out-of-pocket fees and expenses associated with marketing efforts; 

•federal and state registration fees and any stock exchange listing fees; 

•brokerage commissions; 

•costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws; 

•debt service and other costs of borrowings or other financing arrangements; and 

•all other expenses reasonably incurred by us in connection with making investments and administering our business. 

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines. 

57

Leverage 

Our financing facilities allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks. 

In accordance with applicable