The firm maintains a conservative capital structure with a debt-to-equity ratio of 1.24 as of 2025Q4, though the accumulation of -$251.0 million in retained earnings warrants ongoing scrutiny regarding long-term book value.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 106.86M | 56.41M | 43.85M | 35.17M | 47.27M | 18.98M | 17.18M | 11.78M | 10.69M | 7.64M | 5.25M | 2.66M | 7.83M | 0 | 5.57T | 110.14M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 34.11M | 21.82M | 18.82M | 15.57M | 13.22M | 9.61M | 6.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.52B | 1.6B | 1.58B | 1.27B | 1.27B | 1.04B | 730M | 493.64M | 319.13M | 217.92M | 138.07M | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.51B | 1.6B | 1.58B | 1.26B | 1.27B | 1.03B | 726.53M | 493.34M | 319.13M | 217.92M | 138.07M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 1.62B | 1.66B | 1.63B | 1.3B | 1.32B | 1.05B | 747.17M | 505.42M | 329.82M | 225.56M | 143.32M | 812.49M | 672.89M | 347.48T | 277.15T | 264.39M |
| Asset Turnover | 0.10x | 0.12x | 0.11x | 0.09x | 0.07x | 0.07x | 0.07x | 0.06x | 0.07x | 0.06x | 0.02x | 0.11x | 0.11x | 0.15x | 0.13x | 0.05x |
| Asset Growth % | -2.06% | 1.78% | 24.91% | -1.13% | 25.01% | 41.09% | 47.83% | 53.24% | 46.22% | 57.38% | -82.36% | 20.75% | -100% | 25.38% | 99999900% | - |
| Total Current Liabilities | 0 | 39.05M | 39.34M | 34.83M | 32.9M | 20M | 17.3M | 604.4K | 5.95M | 3.84M | 11.24M | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 514K | 0 | 0 | 0 | 0 | 0 | 0 | 9.18M | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 15.57M | 15.2M | 12.66M | 12.66M | 11.55M | 8.55M | -3.58M | 2.71M | 1.75M | 925K | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | - | 1.44x | 1.11x | 1.01x | 1.44x | 0.95x | 0.99x | 19.49x | 1.80x | 1.99x | 0.47x | - | - | - | - | - |
| Quick Ratio | - | 1.44x | 1.11x | 1.01x | 1.44x | 0.95x | 0.99x | 19.49x | 1.80x | 1.99x | 0.47x | - | - | - | - | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 916.1M | 876.58M | 845.45M | 655.51M | 632.63M | 474.15M | 322.95M | 236.31M | 151.07M | 93.67M | 54.49M | 50M | 0 | 0 | 0 | 0 |
| Long-Term Debt | 873.76M | 875.84M | 844.78M | 654.46M | 631.04M | 471.93M | 322.01M | 235.71M | 150.85M | 93.67M | 54.49M | 50M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 916.1M | 915.64M | 884.78M | 690.34M | 665.52M | 494.15M | 340.26M | 13.36K | 157.02M | 97.51M | 65.73M | 50M | 0 | 0 | 0 | 0 |
| Total Debt | 873.76M | 875.84M | 844.78M | 654.46M | 631.04M | 471.93M | 322.01M | 20.04K | 150.85M | 93.67M | 54.49M | 50M | 0 | 0 | 0 | 0 |
| Net Debt | 842.26M | 865.71M | 837M | 648.06M | 620.97M | 470.04M | 317.43M | 231.48M | 141.58M | 88.55M | 49.73M | 47.34M | -7.83M | 0 | -5.57T | -110.14M |
| Debt / Equity | 1.24x | 1.18x | 1.14x | 1.07x | 0.97x | 0.84x | 0.79x | 0.00x | 0.87x | 0.73x | 0.70x | 0.11x | - | - | - | - |
| Debt / EBITDA | 9.33x | - | - | - | - | - | 999999.00x | 0.00x | 6.65x | 11.09x | - | 0.57x | - | - | - | - |
| Net Debt / EBITDA | 9.00x | - | - | - | - | - | 999999.00x | 5.48x | 6.24x | 10.49x | - | 0.54x | -0.11x | - | -0.16x | -9.67x |
| Interest Coverage | 1.63x | 2.50x | - | - | - | 4.26x | 3.38x | - | - | - | - | - | - | - | - | - |
| Total Equity | 706.04M | 740.64M | 742.59M | 612.54M | 652.28M | 560M | 406.92M | 730.76M | 172.8M | 128.06M | 77.59M | 443.62M | 452.94M | 288.71T | 267.62T | 260.02M |
| Equity Growth % | -4.67% | -0.26% | 21.23% | -6.09% | 16.48% | 37.62% | -44.32% | 322.89% | 34.94% | 65.05% | -82.51% | -2.06% | -100% | 7.88% | 99999900% | - |
| Book Value per Share | 19.06 | 19.98 | 20.67 | 19.83 | 22.91 | 20.23 | 23.46 | 68.17 | 22.85 | 24.67 | 4.06 | 13.08 | 14.95 | 999999.00 | 999999.00 | 13.16 |
| Total Shareholders' Equity | 706.04M | 740.64M | 742.59M | 612.54M | 652.28M | 560M | 406.92M | 505.42M | 172.8M | 128.06M | 77.59M | 443.62M | 452.94M | 288.71T | 267.62T | 260.02M |
| Common Stock | 37K | 37K | 37K | 31K | 31K | 28K | 21K | 13.36K | 8.6K | 6.38K | 4.06K | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -251.03M | -218.5M | -223.34M | -62.5M | -13.91M | -34.69M | -7.4M | 259.58M | 2.04M | 2.3M | -3.23M | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio yield compression risk
According to the latest balance sheet data, FCRX's total assets have declined from $1.7 billion in 2025Q2 to $1.6 billion by 2025Q4, reflecting a persistent trend of portfolio shrinkage that suggests the firm is struggling to replace maturing loans with new, high-quality investment opportunities.
The consistent reduction in total assets over the last several quarters indicates a potential strategic pivot or an inability to deploy capital effectively in the current middle-market environment. Investors should monitor whether this contraction is a deliberate effort to improve asset quality or a symptom of a shrinking competitive footprint.
As reported in financial statements, FCRX maintains a debt-to-equity ratio of 1.24 as of 2025Q4, which remains relatively stable compared to historical levels and suggests that management is prioritizing balance sheet preservation over aggressive, debt-fueled expansion in a volatile interest rate environment.
While a 1.24 D/E ratio provides a comfortable buffer against potential credit losses, it also limits the firm's ability to amplify returns during periods of market recovery. This conservative stance appears to be a defensive reaction to the ongoing revenue contraction, though it may constrain future earnings growth potential.
Based on FCRX's reported figures, the firm's retained earnings have deteriorated significantly, falling from -$58.1 million in 2023Q3 to -$251.0 million by 2025Q4, which highlights a sustained period of value erosion that may ultimately impact the firm's long-term book value and dividend sustainability.
The deepening deficit in retained earnings suggests that the firm has been unable to generate sufficient net income to offset distributions and potential write-downs. This trend warrants further investigation into the underlying credit performance of the loan portfolio and the sustainability of current shareholder payout policies.
As indicated by quarterly filings, FCRX's cash reserves experienced extreme fluctuations, spiking from $5.8 million in 2025Q3 to $89.5 million in 2025Q4, which may suggest erratic timing in loan repayments or a temporary accumulation of liquidity that is not yet being redeployed into new assets.
Such significant swings in cash balances can obscure the firm's true liquidity position and its ability to meet short-term obligations. Investors should look for clarity on whether this cash build-up is a strategic move to prepare for future opportunities or a result of unexpected loan exits.
Quick answers to the most common questions about buying FCRX stock.
As of 2025, Crescent Capital BDC, Inc. (FCRX) had total assets of $1.62B including $106.9M in current assets.
Crescent Capital BDC, Inc. (FCRX) carries total debt of $873.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Crescent Capital BDC, Inc. (FCRX) has total shareholders' equity (book value) of $706.0M ($19.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.