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. 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 addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. 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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Don't have an account? The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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. Do you expect to be running lower leverage than was the case to present historically? 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. Jason Breaux: Yes. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. The company assumes no obligation to update any such forward-looking statements. 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 . How are IPOs trending over time in this hub? 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. Net realized losses were less than $0.05 per share. All information contained in this website is qualified by the terms of applicable offering documents. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. The obvious, I mean, how you gave the interest coverage based on year-end rates. Read More Our Strategy Learn more about our investing strategy. 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 billion for the full year. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Active vs. We see several investors trying to strike it rich in options market by risking their entire savings. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. We initially share this idea in October 2018 and the stock already returned more than 150%. Access to our investment and operational team brings unparalleled support to our portfolio companies. The first question comes from Robert Dodd of Raymond James. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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 think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. We believe an active engagement model is a leading indicator of strong company performance. What's the most common types of sub-organization? But I would say overall, we are pleased with the underlying performance of the portfolio. 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. 2023 Crescent Capital Investments Investors in our funds include both domestic and international pension funds and endowments. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. The total size of the investment portfolio is around USD 400 million which . A link has been emailed to you - check your inbox. 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. 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 have a large internal team which helps accelerate a portfolio company management teams decision making. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. 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. So lets begin. ", "It has been Crescents human capital that has been most valuable to us. LP investments in high-growth and distressed companies in the United States and abroad. Do you expect to be running on a combined basis going forward? Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. 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. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Get the full list, Morningstar Institutional Equity Research. The all time high for this statistics is 5. Shares added by 1.69% iShares Russell 1000. 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. 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, 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 2009 Crescent Capital, All Rights Reserved. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Thanks for the question. For more information about Crescent. 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. We attributed the bulk of the quarters NAV decline to widening credit spreads. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. You can enter your email below to get our FREE report. ", "Crescent add value across business development, acquisition and enhancement activities. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Terms & Conditions The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Please turn to Slide 15 where we highlight our recent activity. Crescent Capital Partners General Information. You talked about, obviously, youve lowered leverage ahead of that acquisition. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 87% in this quarter were raising one or two, so it appears pretty stable. 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. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Description. 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. 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. ", "I strongly recommend working in partnership with Crescent Capital. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. The fund was more than double the size of . 25+ years experience in strategy consulting, investment and business management and public company boards. Website by GCI. Can you give us any color around that? Operator: Thank you. Please also note that past performance or market information is not a guarantee of future results. 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. 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. 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 . 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. 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. The company has a one-year high of $10.68 and a one . And with that, Id like to turn it back to Jason for closing remarks. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Id now like to turn it over to Henry to discuss our Q4 investment activity. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Video: Matt Courtney, CEO Construction Sciences. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. How much aggregate funding have these organizations raised over time? What's the investment trend over time for this hub? Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Henry Chung: Thanks, Jason. Robert Dodd: Got it. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. 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. 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. After submitting your request, you will receive an activation email to the requested email address. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. dream of being chased by a man with a gun,