FCRXHIGH SIGNALRISK10-K
Net income plummeted 53% to $34.5M while cash reserves were cut in half, indicating severe earnings deterioration despite improved operating cash flow.
The dramatic decline in net income combined with a 50% reduction in cash reserves raises immediate liquidity and profitability concerns for this business development company. While operating cash flow improved 27%, this cannot offset the fundamental earnings weakness and diminished financial cushion.
Comparing 2026-02-25 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS
FCRX experienced severe financial deterioration with net income collapsing 53% from $73.6M to $34.5M and cash reserves halving from $10.1M to $5.0M, creating potential liquidity concerns. Despite these alarming trends, operating cash flow grew 26.8% to $74.7M while share buybacks declined 40% to $1.3M, suggesting management is conserving cash amid the earnings crisis. The divergence between improved operating cash flow and collapsed net income, combined with drastically reduced cash reserves, signals significant underlying business stress that investors should monitor closely.
FINANCIAL STATEMENT CHANGES
Net Income
P&L
$73.6M→$34.5M
Net income declined 53.1% — review whether driven by operations, interest costs, or non-recurring items.
Cash & Equivalents
Balance Sheet
$10.1M→$5.0M
Cash declined 50.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.
Share Buybacks
Cash Flow
$2.2M→$1.3M
Buyback activity reduced 39.6% — capital being redeployed elsewhere or cash conservation underway.
Operating Cash Flow
Cash Flow
$58.9M→$74.7M
Operating cash flow grew 26.8% — strong conversion of earnings to cash, healthy business fundamentals.
LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-19
ADDED
Investment Type Revolver Commitment Expiration Date 1/28/2028 2025-01-01 2025-12-31 0001633336 Equity Investments Software Services Lexipol (Ranger Buyer, Inc.) Two Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software Services Net Health Acquisition Corp.
Investment Type Common Stock 2024-12-31 0001633336 Company The Hilb Group, LLC Investment Type Revolver Commitment Expiration Date 10/31/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 12/2029 One 2025-12-31 0001633336 2025-03-31 0001633336 Company GH Parent Holdings Inc.
Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.55% Maturity/ Dissolution Date 12/2027 One 2024-01-01 2024-12-31 0001633336 Company Alera Group Inc.
Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/2028 2024-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 10/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc.
Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 06/2026 One 2024-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2028Member 2025-02-18 2025-02-18 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 (including 150 PIK) Interest Rate 9.39% Maturity/ Dissolution Date 08/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software Services Benesys Inc.
Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Company HS Spa Holdings Inc.
(Hand Stone) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/2029 2024-12-31 0001633336 Investments United States Debt Investments Automobiles Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/2028 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A.
Settlement Date 3/22/2028 2025-12-31 0001633336 Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 2/19/2026 2025-12-31 0001633336 Investments United States Debt Investments Insurance Integro Parent, Inc.
Investment Type Senior Secured Second Lien Term Loan Interest Term S + 1225 PIK (100 Floor) Interest Rate 16.85% 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember 2024-12-31 0001633336 Investments United States Debt Investments Software Services Apps Associates LLC Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software Services Net Health Acquisition Corp.
Investment Type Revolver Commitment Expiration Date 11/8/2029 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:ValuationTechniqueEnterpriseValueMember ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember 2025-12-31 0001633336 us-gaap:DebtSecuritiesMember ccap:DiversifiedFinancialsMember country:US 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc.
REMOVED
Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 11.98% Maturity/Dissolution Date 11/2025 2023-12-31 0001633336 ccap:Mb2DentalMember us-gaap:DelayedDrawTermLoanMember 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A.
Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 660 (100 Floor) Interest Rate 12.00% Maturity/Dissolution Date 11/2029 2023-12-31 0001633336 Investments United States Debt Investments Commercial Professional Services Automated Control Concepts, Inc.
Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 11/2025 2023-12-31 0001633336 Investments United States Debt Investments Software Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment Services EMS Buyer, Inc.
(Avania) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (including 218.75 PIK) Interest Rate 11.34% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 ccap:NonControlledAffiliatedInvestmentsMember ccap:VividSeatsLtdMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc.
Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/2026 2024-01-01 2024-12-31 0001633336 ccap:CcAmuletManagementLlcMember us-gaap:DelayedDrawTermLoanMember 2023-12-31 0001633336 ccap:LashOpcoLlcMember ccap:RevolverMember 2024-12-31 0001633336 ccap:DelayedDrawTermLoanOneMember ccap:AleraGroupIncMember 2023-12-31 0001633336 Equity Investments Automobiles Components Sun Acquirer Corp.
Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term A + 575 (100 Floor) Interest Rate 10.23% Maturity/Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Automobile Components Sun Acquirer Corp.
Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 09/2027 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc.
Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 Interest Rate 12.46% Maturity/ Dissolution Date 07/2027 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Revolver Interest Term 750 Interest Rate 7.50% Maturity/Dissolution Date 12/2025 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment Services Sydney US Buyer Corp.
(3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/2029 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A.
Investment Type Unitranche First Lien Revolver 2024-12-31 0001633336 ccap:O2023Q4DividendsMember 2024-01-01 2024-12-31 0001633336 us-gaap:DelayedDrawTermLoanMember ccap:UsaHometownExpertsIncMember 2023-01-01 2023-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.69% Maturity/Dissolution Date 09/2026 2023-01-01 2023-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A.
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