As a reminder, this call is being recorded for replay purposes. ", "It has been Crescents human capital that has been most valuable to us. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. 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. ", "Our growth strategy was perfectly aligned with Crescents. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Can you give us any color around that? Operator: Ladies and gentlemen, this does conclude our conference call for today. This serves to drive growth and performance improvement, accelerating value creation for shareholders. We still like this investment. The company has a one-year high of $10.68 and a one . We initially share this idea in October 2018 and the stock already returned more than 150%. This has proven to be a competitive advantage, particularly in the current lending environment. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. Venture Capital Portfolio. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Something went wrong while submitting the form. All data as of 12/31/2022. 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. Thank you again, everyone for your interest and support of CCAP. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. Or is that just a timing? The company assumes no obligation to update any such forward-looking statements. For more information about Crescent Capital Group, please visit www.crescentcap.com. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. This call is being recorded on Thursday, February 23, 2023. Discover more about our company and values. Do you expect to be running on a combined basis going forward? You must click the activation link in order to complete your subscription. 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. All information contained in this website is qualified by the terms of applicable offering documents. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Jason Breaux: Thank you, Dan. Please turn to Slide 6, where youll see a summary of our results. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. (310) 235-5900 Warren Buffett took 25% of all returns in excess of 6 percent. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. 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. "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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Not the case? Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Please also note that past performance or market information is not a guarantee of future results. We thank you for your participation and ask that you please disconnect your lines. Offerings across the credit quality spectrum 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. Or was it a more normal course of business add-ons or growth or whatever? Focus on Seed and Series A. We look forward to speaking with you again soon. Video: Cameron Johnson, CEO Nucleus Network. Get our editors daily picks straight in your inbox! Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Get the full list, Youre viewing 10 of 31 exits. 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. Average Retirement Savings By Age: Are You Normal? 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. Description. Operator: Thank you. You can sign up for additional alert options at any time. 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. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Along the way, I believe Biden could become one of the most powerful Presidents in history. How are IPOs trending over time in this hub? On a GAAP basis, fourth quarter net investment income per share was $0.52. 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 attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent Capital is a Belfast based venture capital fund manager. What's the most common final funding type when companies get acquired? An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. it's been delivered there. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. 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. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Crescent Capital Partners General Information. Gerhard will then review our financial performance during the fourth quarter. This increase was driven primarily by rising base rates and higher spreads. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. Oops! Win whats next. 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. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Product Marketing and Business Development Director. Guidance Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? The first question comes from Robert Dodd of Raymond James. Get the full list, Youre viewing 4 of 6 team members. The good news is, this powerful new force can help you make a lot of money even in a bear market. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. What's the most common types of sub-organization? Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. Robert Dodd: Got it. . We are proud to have globally leading NPS scores with our executive partners. 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. For example S&P 500 Index returned 43.4% in 1958. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Legal Notice. And it means its going to be harder than ever to hold onto any money you make. Angel, Fund of Funds, Venture Capital), Median number of investments made by investors in this hub, Median number of lead investments made by investors in this hub, Announced Date: Date the acquisition was announced, Acquirer Name: Name of the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. Jason Breaux: Okay. 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. All rights reserved. Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. Thank you. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Turning to Slide 16. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Now lets shift to capitalization and liquidity. 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. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. Im on Slide 19. Read More Portfolio See our recent purchases and offers. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. I would now like to turn the conference over to Dan McMahon. Crescent Capital is a leading investor across . 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. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. We are an equity partner that brings more than money to the relationship. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Another, on your deployments in the quarter, obviously will follow on. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Shares added by 1.69% iShares Russell 1000. Sorry, no results has been found matching your query. 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. | I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 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. If you experience any issues with this process, please contact us for further assistance. These are the top 5 holdings of Crescent Capital Consulting, LLC iShares Core S&P 500 ETF ( IVV) - 140,585 shares, 11.05% of the total portfolio. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? The fund was more than double the size of . We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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.
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