Net realized losses were less than $0.05 per share. There are significant risks that should be considered and reviewed when considering an investment in real estate. You can sign up for additional alert options at any time. Video: Melinda McGrath, CEO Australian Clinical Labs. Now lets shift to capitalization and liquidity. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. Video: Cameron Johnson, CEO Nucleus Network. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. Crescent Capital BDC, Inc. Reports December 31, 2022 Financial Results Operator: Thank you. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook A couple more worth highlighting. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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). Moving to the right-hand side of the page, youll see that our unitranche first lien investments have continued to become a more prominent percentage of our total portfolio, accounting for 66% of total portfolio fair value at year-end compared to 59% the year prior. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Discover more about our company and values. Two more credit trends to highlight. The obvious, I mean, how you gave the interest coverage based on year-end rates. Healthcare is Crescent's largest sector by investment. Crescent Capital - Crunchbase Investor Profile & Investments Click here. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 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. 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 Active vs. And with that, operator, please open the line for questions. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. A couple of reminders as it relates to the transaction. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. This increase was driven primarily by rising base rates and higher spreads. Private Credit | Sun Life Capital Management Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. 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. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. ET. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 2023 Crescent Capital Group LP. 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. Legal Notice. So, how did Warren Buffett manage to generate high returns and beat the market? Register now to read this article and more for free. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent Point announces 2022 results & reserves | BOE Report It has a well-diversified portfolio and is unique in that it also has international exposure. Wed like to thank all of you for your continued support and time today. Crescent Capital Partners is a leading Australian private equity firm. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital - Investing in the future 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. ", "I strongly recommend working in partnership with Crescent Capital. 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. 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. management team, and recent news are also included. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. Offerings across the credit quality spectrum Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Crescent Capital is a leading investor across real estate, private equity and venture capital. The all time high for this statistics is 5. You must click the activation link in order to complete your subscription. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Private Equity Portfolio. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Henry? So lets begin. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? That means much bigger government. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. You talked about, obviously, youve lowered leverage ahead of that acquisition. Warren Buffett took 25% of all returns in excess of 6 percent. Sorry, no results has been found matching your query. 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. This means the bullish number of . The fund was more than double the size of . Website by GCI. 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 We believe this is an important distinction to highlight for shareholders in a volatile market environment. Robert Dodd: Got it. 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 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. Which investors participated in the most funding rounds within this hub?