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 Capital Partners is a leading Australian private equity firm. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 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. Good morning, everyone, and thank you for joining our earnings call. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. 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. Our portfolio at fair value was comprised of the following: Back then they werent called hedge funds, they were called partnerships. That would have been 9.35% in hedge fund fees. 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Shares added by 1.69% iShares Russell 1000. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Get the full list, Youre viewing 4 of 6 team members. Which companies in this hub have the most subsidiaries? it's been delivered there. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. 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). 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. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. We appreciate your continued interest in CCAP. It has a well-diversified portfolio and is unique in that it also has international exposure. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Angel - Uber), Money Raised: Amount of money raised in Funding Round, Total number of investments made by investors in this hub, Announced Date: Date when the Investment is announced, Investor Name: Name of the investor who participated in the Investment, Funding Round: Name of the funding round where the Investment is made, Number of Investors: Total number of Investors in a Funding Round, Total number of lead investment firms and individual investors that invested in organizations of this hub, Total number of investment firms and individual investors that invested in organizations of this hub, Organization/Person Name: Name of the Organization or Person, Location: Where the organization is headquartered, Investor Type: This describes the type of investor this organization or person is (e.g. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Diversification will not guarantee profitability or protection against loss. For example S&P 500 Index returned 43.4% in 1958. The company has a one-year high of $10.68 and a one . As a reminder, this call is being recorded for replay purposes. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 2023 Crescent Capital Investments Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. The companies continue to grow on the top line and the bottom line. We are an equity partner that brings more than money to the relationship. Crescent BDC and Alcentra Capital will be holding a joint conference call to discuss the transaction on Tuesday, August 13, 2019 at 1:15 p.m. PT / 4:15 p.m. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Video: Paul Wappett, CEO Australian Institute of Business. Wed like to thank all of you for your continued support and time today. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 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. Id now like to turn it over to Henry to discuss our Q4 investment activity. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. . I mean how would the how are the operating trends doing? 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. And then one more, if I can. Use the PitchBook Platform to explore the full profile. Warren Buffett has been investing and compounding for at least 65 years. Reduced net debt by approximately $850 Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Discover more about our company and values. Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. | Use of this website is governed by the Terms and Conditions. What's the most common types of sub-organization? At December 31, our stockholders equity was $613 million, resulting in net asset value per share of $19.83 as compared to $623 million or $20.16 per share last quarter and $652 million or $21.12 per share at December 31, 2021. 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. 2023 Crescent Capital Group LP. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. | CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Robert Dodd: Got it. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. ", "Our growth strategy was perfectly aligned with Crescents. Jason Breaux: Hey Robert, its Jason. Net realized losses were less than $0.05 per share. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. This call is being recorded on Thursday, February 23, 2023. You must click the activation link in order to complete your subscription. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. . Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. We have raised six funds since 2000 and we are a top quartile manager on global metrics. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 . 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. 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. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Average Retirement Savings By Age: Are You Normal? Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Please check your spam or junk folder just in case 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. This has proven to be a competitive advantage, particularly in the current lending environment. Two more credit trends to highlight. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Get the full list, Youre viewing 10 of 31 exits. Healthcare is Crescent's largest sector by investment. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Crescent Capital Partners General Information. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. 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. management team, and recent news are also included. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates.
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