Id now like to turn it over to Henry to discuss our Q4 investment activity. This situates us well to benefit from increases in base rates above our average floors as is the case this quarter with continued growth in our interest income line item. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Private Equity Portfolio. I believe it will make millions of Americans vastly wealthier. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. 2023 PitchBook. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results This website is neither an offer to sell nor a solicitation of an offer to buy securities. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. For example S&P 500 Index returned 43.4% in 1958. | More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Continued strong performance ratings and low nonaccrual levels. We believe an active engagement model is a leading indicator of strong company performance. But I would say overall, we are pleased with the underlying performance of the portfolio. We initially share this idea in October 2018 and the stock already returned more than 150%. Crescent Credit. Website by GCI. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. Thank you, operator. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. SLC Fixed Income portfolios qualify as sustainable As of December 31, 2022 Key differentiators Experienced teams with deep private credit expertise Our investment teams have specialized in private debt for more than 40 years, offering the necessary skills to navigate a nuanced asset class. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. If you experience any issues with this process, please contact us for further assistance. We see several investors trying to strike it rich in options market by risking their entire savings. And then one more, if I can. We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. Net realized losses were less than $0.05 per share. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. I will turn the call back to Jason Breaux for closing remarks. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Crescent Capital Group Closes Second Direct Lending Fund at $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. Two more credit trends to highlight. As of year-end, consistent with the prior quarter, we had investments in four portfolio companies on nonaccrual status, representing 2.0% and 1.2% of our total debt investments at cost and fair value, respectively. Gerhard will then review our financial performance during the fourth quarter. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Crescent Capital Group - Wikipedia Diversification will not guarantee profitability or protection against loss. Excuse me. You can sign up for additional alert options at any time. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Series A, Seed, Private Equity), Average of the Crunchbase Ranks of the organizations in this hub, Organization Name: Name of the Organization, Total Funding Amount: Total amount raised across all funding rounds, CB Rank (Organization): Algorithmic rank assigned to the top 100,000 most active Organizations, Trend Score (30 Days): Movement in Rank over the last 30 days using a score from -10 to 10, Total number of funding rounds associated with this hub, Total funding amount raised across all funding rounds, Total number of acquisitions made by organizations in the hub, Announced Date: Date that the Funding Round was publicly announced, Organization Name: Name of the organization that got funded, Transaction Name: Auto-generated name of transaction (e.g. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! As a reminder, this call is being recorded for replay purposes. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. With more than 100 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. I would now like to turn the conference over to Dan McMahon. Gross deployment in the fourth quarter was $46 million. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Our focus on unitranche opportunities allows us to offer even greater certainty of execution to our private equity sponsors and enables us to enhance our yield opportunity while remaining at the top of the capital stack. This has proven to be a competitive advantage, particularly in the current lending environment. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity. Ill provide some fourth quarter and full year highlights, touch on our current portfolio and positioning and then turn it over to Henry to review our recent activity in more detail. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Do you expect to be running on a combined basis going forward? Sorry, no results has been found matching your query. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Crescent Capital is a Belfast based venture capital fund manager. (310) 235-5900 There are significant risks that should be considered and reviewed when considering an investment in real estate. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Crescent Point Energy (CPG) Receives a Buy from BMO Capital Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Which investors participated in the most funding rounds within this hub? Crescent Capital BDC, Inc. to Acquire Alcentra Capital Corporation CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. For more information about Crescent Capital Group, please visit www.crescentcap.com. Read More Our Strategy Learn more about our investing strategy. Crescent Capital - Investing in the future This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. ", "I strongly recommend working in partnership with Crescent Capital. The total size of the investment portfolio is around USD 400 million which . Reduced net debt by approximately $850 87% in this quarter were raising one or two, so it appears pretty stable. Video: Paul Wappett, CEO Australian Institute of Business. For the year ended December 31, 2022, the Company invested $308.0 million across 20 new portfolio companies, 31 existing portfolio companies and several follow-on revolver and delayed draw fundings. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Robert Dodd: Got it. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. The fund was more than double the size of . All rights reserved. You can get rich by returning 20% per year and compounding that for several years. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Use of this website is governed by the Terms and Conditions. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Turning back to this quarters earnings. That means much bigger government. Venture Capital Portfolio Mr. Harari brings more than 15 years of investment experience to Crescent Capital. You must click the activation link in order to complete your subscription. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. The company has a one-year high of $10.68 and a one . | Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Turning to Slide 16. Crescent Capital Partners is a leading Australian private equity firm. Which companies in this hub have the most subsidiaries? ", "Crescent add value across business development, acquisition and enhancement activities. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Can you give us any color around that? As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Jason Breaux: Thank you, Dan. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Offerings across the credit quality spectrum Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Please go ahead. Robert Dodd: Got it. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. A reconciliation of adjusted net investment income per share to net investment income per share, the most directly comparable GAAP financial measure can be found in the accompanying slide presentation for this call.
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