First Eagle Alternative Capital BDC, Inc.: directors' dealings · United States · SEC (Form 4)

About First Eagle Alternative Capital BDC, Inc.

First Eagle Alternative Capital BDC, Inc. is a U.S.-listed investment company structured as a business development company (BDC) and historically traded on the NASDAQ under the ticker FCRD. For French-speaking investors looking at the name from an international equity and credit perspective, the company was essentially a listed private-credit vehicle focused on producing current income and, to a lesser extent, capital appreciation. It was organized as a Delaware entity and built its franchise around direct lending to U.S. middle-market companies, a segment that is often under-served by traditional banks. The company was headquartered in Boston, Massachusetts, and maintained origination teams in Chicago, Dallas, Los Angeles, and New York, which points to a nationwide U.S. sourcing footprint. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1464963/000119312522216191/d359342dex991.htm?utm_source=openai)) At the core of the platform was investment in first-lien senior secured loans, including unitranche structures, to middle-market borrowers. According to SEC filings, the company targeted businesses with EBITDA generally between $5 million and $25 million. It also had the ability to make second-lien secured loans and subordinated or mezzanine debt investments, sometimes with an equity component such as warrants, preferred stock, or direct co-investments. That mix gave the portfolio a yield-oriented credit profile with optional upside exposure in selected transactions. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1464963/000119312522216191/d359342dex991.htm?utm_source=openai)) From a competitive standpoint, First Eagle Alternative Capital BDC operated in a crowded market that included other listed BDCs, private debt funds, commercial banks, finance companies, and broader alternative asset managers. Its differentiation came from origination reach, transaction structuring capability, and the First Eagle brand, which is associated with long-term capital preservation and disciplined investing. Like many BDCs, it was externally managed, which is standard in the sector and generally means investors should assess not only portfolio performance but also fee structure, alignment, leverage discipline, and underwriting quality. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1464963/000119312522216191/d359342dex991.htm?utm_source=openai)) The most important recent corporate event is that First Eagle Alternative Capital BDC was acquired by Crescent Capital BDC, Inc.; the transaction closed on March 9, 2023, according to SEC filings. As a result, the company should no longer be viewed as an independent standalone growth story in the usual sense. For investors reviewing insider activity, SEC Form 4 filings, or legacy disclosures, this acquisition is a crucial context point because it changes how the historical business, risk profile, and market role should be interpreted. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1633336/000095017024017903/ccap-20231231.htm?utm_source=openai))