Jeffrey Robert Kovanda - 09 Mar 2023 Form 4 Insider Report for First Eagle Alternative Capital BDC, Inc.

Footnote F1

On March 9, 2023, pursuant to an Agreement and Plan of Merger dated as of October 3, 2022 (the "Merger Agreement"), First Eagle Alternative Capital BDC, Inc., Crescent Capital BDC, Inc. ("CCAP"), Echelon Acquisition Sub, Inc., Echelon Acquisition Sub LLC and Crescent Cap Advisors, LLC ("CCAP Advisor") effected a merger pursuant to which CCAP acquired all of the outstanding shares of FCRDs common stock in a multi-step stock and cash transaction (the "Mergers"). Pursuant to the Merger Agreement, upon completion of the Mergers, each issued and outstanding share of FCRD common stock was converted into the right to receive a pro rata portion, subject to FCRD stockholder elections and the adjustment mechanisms set forth in the Merger Agreement with respect to the CCAP Consideration (as defined below), of (1) approximately $8.6 million in cash payable by CCAP, (2) 6,174,383 validly issued, fully paid and

Footnote F2

continued from footnote 1: non-assessable shares of CCAPs common stock, par value $0.001 per share (together, the "CCAP Consideration") and (3) $35 million in cash payable by CCAP Advisor. The disposition reported in this Form 4 is an exempt transaction.