As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. We are proud to have globally leading NPS scores with our executive partners. 2023 PitchBook. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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. I mean how would the how are the operating trends doing? Home - Crescent Capital Investments Investors in our funds include both domestic and international pension funds and endowments. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Total investment income again reached its highest level since inception and recurring yield related investment income continues to grow in both absolute dollars and as a percentage of our total revenue, which Gerhard will provide more color on. Diversification will not guarantee profitability or protection against loss. I would now like to turn the conference over to Dan McMahon. to generate high returns in the 20% to 30% range. 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential So lets begin. 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. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Crescent Capital is a leading investor across . I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Robert Dodd: Got it. Description. Another, on your deployments in the quarter, obviously will follow on. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. But I would say overall, we are pleased with the underlying performance of the portfolio. We did intentionally delever a bit here in Q4 in anticipation of the merger. Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. We seek to maximize the total return of our stockholders in the form of current income and capital appreciation by providing capital solutions to companies with sound business fundamentals and strong growth prospects. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Read More Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Gerhard will then review our financial performance during the fourth quarter. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. We still like this investment. LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . To participate please dial (877 . Terms & Conditions ", "It has been Crescents human capital that has been most valuable to us. Jason Breaux: Thank you, Dan. Thank you, operator. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Passive Investing: Which Real Estate Strategy is Right for You. What's the most common final funding type when companies get acquired? We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. 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. You should only be asked to sign in once. And with that, Id like to turn it back to Jason for closing remarks. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Henry Chung: Thanks, Jason. Website by GCI. 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. ", "Crescent add value across business development, acquisition and enhancement activities. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. Crescent Capital Offers A Buying Opportunity For Dividend Investors Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! Now lets shift to capitalization and liquidity. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Can you give us any color around that? S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. How are IPOs trending over time in this hub? Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Discover more about our company and values. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! 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. 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. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. 2023 Crescent Capital Group LP. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. For more information about Crescent. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 2023 Crescent Capital Group LP. 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. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. We have a large internal team which helps accelerate a portfolio company management teams decision making. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Thank you! Win whats next. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. And then one more, if I can. With that, Id now like to turn it over to Jason. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent Capital BDC, Inc. - Investor Relations Or was it a more normal course of business add-ons or growth or whatever? Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Crescent Point Energy (CPG) Receives a Buy from BMO Capital The total size of the investment portfolio is around USD 400 million which . Crescent Capital is a leading investor across real estate, private equity and venture capital. ", "Our growth strategy was perfectly aligned with Crescents. Crescent Capital Group Announces Hiring of Jonathan Harari as Global Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . You talked about, obviously, youve lowered leverage ahead of that acquisition. Im going to ask you a question that sort of relates to credit . Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Crescent wraps up eighth private credit fund at $8bn | PE Hub As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. 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. I believe it will make millions of Americans vastly wealthier. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Focus on Seed and Series A. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. (310) 235-5900 Home - Crescent Capital Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. All data as of 12/31/2022. The company has a one-year high of $10.68 and a one . Two more credit trends to highlight. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. There are no further questions at this time. Warren Buffett took 25% of all returns in excess of 6 percent. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. | ", "Crescent brings a laser light focus on the things that drive value to our business.". Video: Paul Wappett, CEO Australian Institute of Business. Back then they werent called hedge funds, they were called partnerships. Operator: Ladies and gentlemen, this does conclude our conference call for today. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Access to our investment and operational team brings unparalleled support to our portfolio companies. 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. You must click the activation link in order to complete your subscription. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. Please turn to Slide 6, where youll see a summary of our results. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? We appreciate your continued interest in CCAP. Legal Notice. Net realized losses were less than $0.05 per share.
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