With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. You can sign up for additional alert options at any time. Continued strong performance ratings and low nonaccrual levels. Crescent Capital is a Belfast based venture capital fund manager. If you experience any issues with this process, please contact us for further assistance. And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. That would have been 9.35% in hedge fund fees. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. Reduced net debt by approximately $850 We thank you for your participation and ask that you please disconnect your lines. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Please go ahead. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Henry? The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Can you give us any color around that? And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. All data as of 12/31/2022. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. On a GAAP basis, fourth quarter net investment income per share was $0.52. Im going to ask you a question that sort of relates to credit . S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. . As a reminder, this call is being recorded for replay purposes. So, how did Warren Buffett manage to generate high returns and beat the market? | Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. The obvious, I mean, how you gave the interest coverage based on year-end rates. Register now to read this article and more for free. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. Id now like to turn it over to Henry to discuss our Q4 investment activity. The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. Description. Net realizations of $26 million in the fourth quarter, coupled with unrealized mark-to-market losses on our investments ultimately led to our total investment portfolio, holding roughly steady at approximate fair value of $1.3 billion as of December 31, 2022, down approximately $30 million quarter-over-quarter. Thank you. We still like this investment. Back then they werent called hedge funds, they were called partnerships. Excuse me. Guidance The first question comes from Robert Dodd of Raymond James. Robert Dodd: Got it. Two more credit trends to highlight. Please go ahead. 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. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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). We are an equity partner that brings more than money to the relationship. I believe it will make millions of Americans vastly wealthier. Our adjusted net investment income per share of $0.49 for the fourth quarter of 2022 compares to $0.42 per share for the prior quarter and $0.43 per share for the fourth quarter of 2021. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Which investors participated in the most funding rounds within this hub? 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. 2009 Crescent Capital, All Rights Reserved. We see several investors trying to strike it rich in options market by risking their entire savings. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. Offerings across the credit quality spectrum Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Which companies in this hub have the most subsidiaries? Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Networking We provide expertise and exposure to a network of relevant business contacts. Get the full list, Youre viewing 10 of 31 exits. All rights reserved. Win whats next. Average Retirement Savings By Age: Are You Normal? Real Estate Portfolio Direct and LP investments across various asset types across the United States, including commercial, retail, multi-family, residential, hotel, development, self-storage and RV Parks. Total investment income of $34.6 million for the fourth quarter, the highest quarterly figure weve reported since inception compares to $29 million for the prior quarter, representing an increase of approximately 19%. Click here. ET. You talked about, obviously, youve lowered leverage ahead of that acquisition. The company has a one-year high of $10.68 and a one . Website by GCI. Turning to Slide 16. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . We attributed the bulk of the quarters NAV decline to widening credit spreads. Turning back to this quarters earnings. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. For example S&P 500 Index returned 43.4% in 1958. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Jason reviewed several metrics related to our portfolio. After that, there are no remaining term maturities until 2026. The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. That means much bigger government. The fund was more than double the size of . You can sign up for additional alert options at any time. Investing in the future of finance, education, SaaS, logistics, and more. We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like. We initially share this idea in October 2018 and the stock already returned more than 150%. Use the PitchBook Platform to explore the full profile. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. You can enter your email below to get our FREE report. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Website by GCI. Operator: Ladies and gentlemen, this does conclude our conference call for today. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor Solutions Group. Jason Breaux: Thank you, Dan. (310) 235-5900 The Crescent Capital IV Development Fund was launched amid much fanfare 18 months ago to build on the success of forerunner funds, from which some of Northern Ireland's most exciting. Crescents track record is successfully managing through multiple economic and market cycles, provides us with significant and relevant experience navigating what could be a challenging environment in 2023 and beyond. Legal Notice. Consistent with Crescents track record of investing through cycles over the past 30-plus years, we believe we have constructed a portfolio that consists of companies that are adequately capitalized to address the current macroeconomic environment and have taken a proactive approach to bolstering liquidity in select situations where it may be warranted. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. We appreciate your continued interest in CCAP. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. it's been delivered there. 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. This call is being recorded on Thursday, February 23, 2023. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. The company assumes no obligation to update any such forward-looking statements. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Operator: Thank you. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. 25+ years experience in strategy consulting, investment and business management and public company boards. We believe an active engagement model is a leading indicator of strong company performance. LP investments in high-growth and distressed companies in the United States and abroad.
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