Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. All rights reserved. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. On a GAAP basis, fourth quarter net investment income per share was $0.52. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Only logged in subscribers of this site will be able to access the shared article. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Don't have an account? So lets begin. . This has proven to be a competitive advantage, particularly in the current lending environment. What's the most common types of sub-organization? Video: Matt Courtney, CEO Construction Sciences. We still like this investment. Can you give us any color around that? CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 2023 Crescent Capital Group LP. Im on Slide 19. Guidance Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Crescent Capital is a Belfast based venture capital fund manager. 2023 Crescent Capital Group LP. For more information about Crescent. Crescent Credit. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Another, on your deployments in the quarter, obviously will follow on. Investors in our funds include both domestic and international pension funds and endowments. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Product Marketing and Business Development Director. What's the investment trend over time for this hub? That means much bigger government. Crescent Capital Partners is a leading Australian private equity firm. 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 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. 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%. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. Investing in the future of finance, education, SaaS, logistics, and more. 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. Jason Breaux: Hey Robert, its Jason. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. I mean how would the how are the operating trends doing? How are IPOs trending over time in this hub? 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. Jason Breaux: Yes. Website by GCI. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Oops! As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. 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. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Before we begin, Ill start with some important reminders. 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. 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. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. 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. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. 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. Focus on Seed and Series A. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. If you experience any issues with this process, please contact us for further assistance. Reduced net debt by approximately $850 Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Jason reviewed several metrics related to our portfolio. I will turn the call back to Jason Breaux for closing remarks. Id now like to turn it over to Henry to discuss our Q4 investment activity. Please go ahead. The company assumes no obligation to update any such forward-looking statements. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. 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. Gross deployment in the fourth quarter was $46 million. We appreciate your continued interest in CCAP. 87% in this quarter were raising one or two, so it appears pretty stable. 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. Or is that just a timing? Get the full list, Youre viewing 5 of 21 co-investor. Win whats next. We did intentionally delever a bit here in Q4 in anticipation of the merger. For more information about Crescent Capital Group, please visit www.crescentcap.com. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Jason Breaux: Thank you, Dan. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Do you expect to be running lower leverage than was the case to present historically? All data as of 12/31/2022. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. | 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. Robert Dodd: Hi guys. Our team have over 30 years experience assisting healthcare businesses accelerate growth. management team, and recent news are also included. 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. Operator: Thank you. Good morning, everyone, and thank you for joining our earnings call. 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. 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. We have consistently been able to deliver significant value-add alongside our management teams. We provide support for founders and senior management teams to accelerate the achievement of their goals. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Discover more about our company and values. 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. As of year-end, this GAAP expense accrual has been fully reversed. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Great. 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. Based in New York, Mr. Harari is responsible for developing and executing Crescents strategic sales and marketing plan for clients and assets, including identifying potential new investors, developing and maintaining client relationships, designing new investment solutions and managing Crescents investor relations and client solutions team. 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. Jason Breaux: Thanks, Gerhard. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Healthcare is Crescent's largest sector by investment. 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. 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 . I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Use the PitchBook Platform to explore the full profile. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. There are significant risks that should be considered and reviewed when considering an investment in real estate. If you experience any issues with this process, please contact us for further assistance. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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's shares are likely to rebound, as fundamental factors don't support the downtrend. And with that, Id like to turn it back to Jason for closing remarks. You talked about, obviously, youve lowered leverage ahead of that acquisition. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 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.