(310) 235-5900 It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Crescent Capital is a Belfast based venture capital fund manager. Wed like to thank all of you for your continued support and time today. Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. The company has a one-year high of $10.68 and a one . 2023 Crescent Capital Investments Jason reviewed several metrics related to our portfolio. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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. Website by GCI. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Sorry, no results has been found matching your query. Crescent Bit Capital is a type of secure investment that grows your money at a guaranteed rate based of chosen plan of interest for a fixed period of time. This has proven to be a competitive advantage, particularly in the current lending environment. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. | Jason Breaux: Hey Robert, its Jason. Thanks for the question. 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. 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%. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. The first question comes from Robert Dodd of Raymond James. Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Turning to Slide 16. 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. Net realized losses were less than $0.05 per share. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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 . 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. 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. 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. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. I believe it will make millions of Americans vastly wealthier. The firm seeks to invest in middle-market companies across Australia and New Zealand with a focus on the industrial, financial services, healthcare, consumer brands, technology, and education sectors. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments ", "Crescents practical and analytical approach enabled management to hit their goals. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. If you experience any issues with this process, please contact us for further assistance. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Privacy Policy Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. ", "Our growth strategy was perfectly aligned with Crescents. 87% in this quarter were raising one or two, so it appears pretty stable. Only logged in subscribers of this site will be able to access the shared article. 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. Average Retirement Savings By Age: Are You Normal? We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. 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. This increase was driven primarily by rising base rates and higher spreads. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. All information contained in this website is qualified by the terms of applicable offering documents. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. Can you give us any color around that? In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? To participate please dial (877 . Crescent Credit. The all time high for this statistics is 5. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent Capital is a leading investor across real estate, private equity and venture capital. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. it's been delivered there. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Get the full list, Youre viewing 5 of 21 co-investor. . Two more credit trends to highlight. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. 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. It has a well-diversified portfolio and is unique in that it also has international exposure. Please go ahead. 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. From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Description. 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 total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. For more information about Crescent. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. He launched his hedge fund in 1956 with $105,100 in seed capital.
