Crescent Capital is a Belfast based venture capital fund manager. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Good morning, everyone, and thank you for joining our earnings call. 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. 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. Get the full list, Morningstar Institutional Equity Research. Jason reviewed several metrics related to our portfolio. And with that, Id like to turn it back to Jason for closing remarks. 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. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity. It has a well-diversified portfolio and is unique in that it also has international exposure. . I would now like to turn the conference over to Dan McMahon. Turning to Slide 16. Jason Breaux: Sure. Can you give us any color around that? You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. Back then they werent called hedge funds, they were called partnerships. 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). Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our 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. Crescent wraps up eighth private credit fund at $8bn | PE Hub Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. The obvious, I mean, how you gave the interest coverage based on year-end rates. 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 Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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. 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. 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. 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. Crescent Point Energy (CPG) Receives a Buy from BMO Capital | Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. Networking We provide expertise and exposure to a network of relevant business contacts. Gerhard will then review our financial performance during the fourth quarter. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. A couple of reminders as it relates to the transaction. 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. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Privacy Policy I mean how would the how are the operating trends doing? Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. Shares added by 1.69% iShares Russell 1000. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. The companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Focus on Seed and Series A. Diversification will not guarantee profitability or protection against loss. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 After that, there are no remaining term maturities until 2026. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. After submitting your request, you will receive an activation email to the requested email address. Oops! This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Jason Breaux: Okay. 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. Or was it a more normal course of business add-ons or growth or whatever? $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. 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. | Sun Life-backed Crescent targets $6bn for two private debt funds Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Crescent Point announces 2022 results & reserves | BOE Report ", "Crescent add value across business development, acquisition and enhancement activities. 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. 2023 Crescent Capital Group LP. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Our Company - Crescent Capital Group An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Turning back to this quarters earnings. 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. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! 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. All data as of 12/31/2022. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. How much aggregate funding have these organizations raised over time? There are no further questions at this time. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Jason Breaux: Thank you, Dan. What's the investment trend over time for this hub? Home - Crescent Capital Investments We attributed the bulk of the quarters NAV decline to widening credit spreads. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. 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. Register now to read this article and more for free. We have just sent you an email so you can verify your account. Crescent Capital is a Belfast based venture capital fund manager. Operator: Ladies and gentlemen, this does conclude our conference call for today. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. (310) 235-5900 Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results The good news is, this powerful new force can help you make a lot of money even in a bear market. If you experience any issues with this process, please contact us for further assistance. Guidance So lets begin. 87% in this quarter were raising one or two, so it appears pretty stable. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. You must click the activation link in order to complete your subscription. That means much bigger government. 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. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 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. . Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. After submitting your request, you will receive an activation email to the requested email address. 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. Robert Dodd: Hi guys. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. Wed like to thank all of you for your continued support and time today. Crescent Capital Partners is a leading Australian private equity firm. 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. 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 . Read More Passive Investing: Which Real Estate Strategy is Right for You. How are IPOs trending over time in this hub? To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. . 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. 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. There are significant risks that should be considered and reviewed when considering an investment in real estate. Thank you. Great. Invest Money & Crypto With #Crescent | Crescent Bit Capital 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. Not the case? 2023 Crescent Capital Investments 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. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments I will turn the call back to Jason Breaux for closing remarks. Jason Breaux: Yes. 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 . 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Crescent Capital is a Belfast based venture capital fund manager. That would have been 9.35% in hedge fund fees. 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. it's been delivered there. Robert Dodd: Got it. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. We have consistently been able to deliver significant value-add alongside our management teams. The total size of the investment portfolio is around USD 400 million which . Investing in the future of finance, education, SaaS, logistics, and more. Which companies in this hub have the most subsidiaries? We look forward to speaking with you again soon. For example S&P 500 Index returned 43.4% in 1958. 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. 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.