Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q1 2020 Earnings Conference Call - Final Transcript

May 13, 2020 • 12:00 pm ET

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Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the First Quarter 2020 Crescent Capital BDC, Inc. Earnings Conference Call.

[Operator Instructions].

I would now like to hand the conference over to your speaker today, Dan McMahon. Thank you. Please go ahead, sir.

Executive
Daniel McMahon

Good morning, and welcome to Crescent Capital BDC, Inc.'s March 31st, 2020 quarterly earnings conference call. Please note that Crescent Capital BDC, Inc. may be referred to as Crescent BDC, CCAP or the Company throughout the call.

Before we begin I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than statements of historical fact made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Crescent BDC's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any such forward-looking statements. Please note that this call is the property of Crescent BDC. Any unauthorized rebroadcast of this call in any form is strictly prohibited.

Yesterday, after the market closed, Crescent BDC issued its earnings press release and posted an earnings presentation for the first quarter ended March 31st, 2020. The presentation, which is available on the Company's website under the Investor Relations section, will be referenced throughout today's call and should be reviewed in conjunction with the Company's Form 10-Q filed yesterday with the SEC.

Unless otherwise noted all performance figures mentioned in today's prepared remarks are as of and for the first quarter ended March 31st, 2020. As a reminder, this call is being recorded for replay purposes. Speaking on today's call will be Jason Breaux, Chief Executive Officer of Crescent BDC; and Gerhard Lombard, Chief Financial Officer of Crescent BDC.

With that, I'd now like to turn it over to Jason.

Executive
Jason A. Breaux

Thank you, Dan. Good morning, everyone, and thank you for joining us today for our first earnings call as a publicly traded company. I would like to take a moment to welcome all of the shareholders and the equity research community who are dialed in. We look forward to working together and maintaining an active dialogue with each of you as we enter this new chapter of Crescent BDC's evolution.

We want to start by recognizing this very challenging time and we send our best wishes to those most impacted by the COVID-19 pandemic, particularly those who have suffered from the virus and the essential individuals on the front lines who are dedicated to the health and safety of our country. Fortunately, our employees are safe and healthy and we have implemented our business continuity procedures and remote working arrangements successfully.

I'll begin by providing a brief introduction on Crescent Capital, our firm's investment strategy and the roadmap to CCAP's listing on February 3rd. I'll then provide some