crescent capital portfolio10 marca 2023
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. Warren Buffett has been investing and compounding for at least 65 years. Venture Capital Portfolio. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Or was it a more normal course of business add-ons or growth or whatever? 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. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. And it means its going to be harder than ever to hold onto any money you make. Only logged in subscribers of this site will be able to access the shared article. You should only be asked to sign in once. 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. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. What's the most common final funding type when companies get acquired? Get the full list, Youre viewing 10 of 31 exits. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. We believe an active engagement model is a leading indicator of strong company performance. Get the full list, Youre viewing 5 of 21 co-investor. Im going to ask you a question that sort of relates to credit . At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. 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. 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. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. The first question comes from Robert Dodd of Raymond James. Continued strong performance ratings and low nonaccrual levels. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. LP investments in high-growth and distressed companies in the United States and abroad. So, how did Warren Buffett manage to generate high returns and beat the market? As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. Warren Buffett took 25% of all returns in excess of 6 percent. This increase was driven primarily by rising base rates and higher spreads. 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. The fund was more than double the size of . And then one more, if I can. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. He launched his hedge fund in 1956 with $105,100 in seed capital. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. 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. Focus on Seed and Series A. 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. 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%. SLC Fixed Income portfolios qualify as sustainable As of December 31, 2022 Key differentiators Experienced teams with deep private credit expertise Our investment teams have specialized in private debt for more than 40 years, offering the necessary skills to navigate a nuanced asset class. Crescent Capital is a leading investor across real estate, private equity and venture capital. The good news is, this powerful new force can help you make a lot of money even in a bear market. Networking We provide expertise and exposure to a network of relevant business contacts. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. Use of this website is governed by the Terms and Conditions. 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. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. We look forward to speaking with you again soon. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Net realized losses were less than $0.05 per share. "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. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. We have just sent you an email so you can verify your account. 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. 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. ", "Crescent add value across business development, acquisition and enhancement activities. I will turn the call back to Jason Breaux for closing remarks. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. We appreciate your continued interest in CCAP. 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. Excuse me. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Privacy Policy Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. You talked about, obviously, youve lowered leverage ahead of that acquisition. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Offerings across the credit quality spectrum | That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Private Equity Portfolio. As a reminder, this call is being recorded for replay purposes. Win whats next. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. 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. 2023 PitchBook. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Sorry, no results has been found matching your query. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. bdcir@crescentcap.com. How much aggregate funding have these organizations raised over time? . We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. 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. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30.
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