Crescent Capital BDC Management
Management Kriterienprüfungen 2/4
Crescent Capital BDC CEO ist Jason Breaux , ernannt in Jan 2015, hat eine Amtszeit von 11.5 Jahren. besitzt direkt 0.14% der Aktien des Unternehmens, im Wert von $573.19K . Die durchschnittliche Betriebszugehörigkeit des Managementteams und des Verwaltungsrats beträgt 7.5 Jahre bzw. 6.6 Jahre.
Wichtige Informationen
Jason Breaux
Geschäftsführender
n/a
Gesamtvergütung
| Prozentsatz des Geschäftsführergehalts | n/a |
| Amtszeit als Geschäftsführer | 11.5yrs |
| Eigentum des Geschäftsführers | 0.1% |
| Durchschnittliche Amtszeit des Managements | 7.5yrs |
| Durchschnittliche Amtszeit der Vorstandsmitglieder | 6.6yrs |
Jüngste Management Updates
Recent updates
Seeking Alpha • Jul 06
Crescent Capital: Why I Still Wouldn't Buy Even After The 19% Dividend Cut
Summary Crescent Capital BDC, Inc. faces ongoing headwinds, with a 19% dividend cut following rising non-accruals and declining investment income. Despite a steep 39% discount to NAV and a 12%+ yield, I remain cautious given persistent inflation and potential for further downside. CCAP's Q1 saw net investment income drop to $0.38/share and non-accruals spike to 5.7% at cost, pressuring NAV and dividend sustainability. While balance sheet flexibility exists, risks of further non-accruals and dividend cuts outweigh the appeal of current CCAP stock valuation and yield. Read the full article on Seeking Alpha
Narrativ-Update • Jun 26
CCAP: Higher Margins And Special Dividends Will Support Bullish Outlook
Analysts have reduced their 12‑month price target for Crescent Capital BDC from $15.75 to $14.00, citing updated assumptions about discount rates, revenue trends, profit margins, and a lower projected future P/E multiple. What’s in the News for Crescent Capital BDC Crescent Capital BDC announced that its Board of Directors declared a second quarter 2026 regular cash dividend of $0.34 per share, with a record date of June 30, 2026 and a payment date of July 15, 2026.
Neues Narrativ • Mar 15
Private Credit Adoption And Covenant Strength Will Shape Future Earnings Stability
Catalysts About Crescent Capital BDC Crescent Capital BDC is a business development company that provides primarily first lien, sponsor backed private credit to middle market companies. What are the underlying business or industry changes driving this perspective?
Neues Narrativ • Mar 01
Private Credit Tailwinds And First Lien Focus Will Support A Stronger Future
Catalysts About Crescent Capital BDC Crescent Capital BDC is a publicly traded business development company that primarily provides first lien loans to private equity backed middle market companies. What are the underlying business or industry changes driving this perspective?Seeking Alpha • Mar 25
Crescent Capital BDC: 11% Yield And 11% Discount Make It A Buy
Summary Crescent Capital BDC, Inc. offers a 10.6% dividend yield and trades at an 11% discount to book value, making it a compelling income investment. CCAP's portfolio is conservatively managed with 90% senior secured loans and strong private equity sponsorship, with low non-accruals. Despite lower base rates, CCAP maintains solid returns, supported by a healthy balance sheet and stable NAV/share, with management expecting increased deal activity. Read the full article on Seeking AlphaSeeking Alpha • Mar 06
Crescent Capital BDC: Q4 Earnings Showing Signs Of Weakness (Rating Downgrade)
Summary Crescent Capital BDC is downgraded due to a declining NII, and a less attractive discount to NAV. However, I don't see a reason for existing shareholders to sell. Despite recent weaknesses, CCAP maintains a strong dividend yield of 10.4%, supported by a healthy coverage rate and supplemental distributions for the next three quarters. The portfolio's high industry diversification and 90% first lien debt structure provide defensive measures, but higher interest rates challenge borrower performance. Management's commitment to new investments shows potential, but net funded activity remains low; cautious monitoring of portfolio improvements is advised. Read the full article on Seeking AlphaSeeking Alpha • Feb 11
Yield Hunting Part 8: 7%+ In 1 Year From Crescent Capital BDC Baby Bonds
Summary Crescent Capital BDC focuses on originating and investing in the debt of private middle-market U.S. companies, aiming for income and capital appreciation. The 5% baby bond FCRX trades at $24.54 with a yield to maturity of 7.16%, offering a 2% higher yield compared to sector benchmarks. CCAP's adjusted credit score equivalent for financial strength is Baa2. It has strong profitability, asset quality, and leverage, though it relies on refinancing unsecured notes. FCRX is a low-volatility pick, suitable for holding until redemption, backed by CCAP's solid financial health and leverage restrictions. Read the full article on Seeking AlphaSeeking Alpha • Jan 27
Crescent Capital BDC: High Dividend Yield Looks Solid
Summary Crescent Capital BDC, Inc. offers a solid dividend yield of around 8.6%, with strong dividend coverage that has led to specials being fairly regular. CCAP's portfolio is around 90% first-lien investments with over 97% floating rates, despite this, it appears to be less interest rate-sensitive to other BDCs due to its forms of borrowing. PIK income had increased dramatically in the latest quarter, though it was largely from one-time events; non-accruals stayed very low. Read the full article on Seeking AlphaSeeking Alpha • Jan 09
Crescent Capital: Share Price Finally Catching Up To Fundamentals
Summary Crescent Capital BDC has shown strong price performance, solid financial growth, and high credit quality, making it a fundamentally sound buy despite a challenging economic backdrop. The BDC out-earned its dividend, grew its net asset value, and delivered impressive earnings, beating analysts' estimates with significant year-over-year growth. CCAP's strong balance sheet, with no debt maturing until 2026 and ample liquidity, positions it well for future growth and investment opportunities. Despite a small discount to NAV, Crescent Capital's robust fundamentals and significant dividend coverage make it an attractive investment with a long growth runway. Read the full article on Seeking AlphaSeeking Alpha • Dec 19
Crescent Capital's Outstanding Dividend Coverage Makes It A Buy
Summary CCAP is a defensive BDC with a 90% concentration on first-lien debt, ensuring high repayment priority during potential litigation processes. The portfolio focuses on non-cyclical businesses (85%), providing safety and predictability of cash flows, and the median EBITDA of its portfolio companies amounts to $27m. CCAP offers substantial distributions, including a $0.42 quarterly dividend per share and additional supplemental distributions, making it an attractive income holding. On top of that, the regular DPS coverage is outstanding and is set to withstand solid interest rate decreases, ensuring the safety of these distributions. Read the full article on Seeking AlphaSeeking Alpha • Nov 13
Crescent Capital: Q3 Earnings Reinforce Strong Total Return Potential
Summary Crescent Capital's strong dividend coverage and NAV growth indicate a resilient portfolio. The current dividend yield is 9.7% and is well supported by earnings. The portfolio, valued at $1.6B, is concentrated in health care and software, with 97% of debt investments on a floating rate basis. The rate of non-accruals still remains low, showing portfolio company resilience. This highlights CCAP's high-quality underwriting and financial health. Despite trading at a lower discount to NAV, CCAP's strong earnings, low-risk profile, and positive economic outlook driven by lower interest rates, justify a continued buy rating. Read the full article on Seeking AlphaSeeking Alpha • Oct 19
Crescent Capital: Buy This 9%-Yielding Cash Cow While It's Undervalued
Summary Crescent Capital BDC offers a compelling 9% regular yield and 11% total yield, supported by a diversified portfolio and strong earnings coverage. CCAP's portfolio quality is robust, with a low non-accrual rate and a strong balance sheet. CCAP trades at a material discount to book value and to its larger peers, making it an attractive high-yielding choice for income and value. Read the full article on Seeking AlphaSeeking Alpha • Oct 08
Crescent Capital: 10% Yield, Low Pay-Out Ratio, 10% NAV Discount (Rating Upgrade)
Summary Crescent Capital BDC raised its base dividend by 2.4% in Q2 and continues to pay substantial supplemental dividends, enhancing passive income returns. With a low dividend payout ratio and a focus on First Liens, CCAP is a strong 'Buy' for passive income investors. Crescent Capital's net investment income covers its base dividend well, and its non-accrual ratio has improved, indicating high credit quality. The 10% discount to net asset value is unwarranted given Crescent Capital's solid credit and payout metrics, making it an attractive investment. Read the full article on Seeking AlphaSeeking Alpha • Sep 17
Crescent Capital BDC: A Reliable Dividend Payer
Summary Crescent Capital BDC boasts a robust portfolio with a low percentage of high-risk investments, ensuring solid NAV growth and consistent net investment income. CCAP offers an attractive forward dividend yield of 9.64%, rising to nearly 12% with special distributions, supported by a strong NII coverage ratio. Trading at a nearly 10% discount to NAV, Crescent Capital's valuation is justified by its consistent performance and potential for future NAV growth. Read the full article on Seeking AlphaSeeking Alpha • Aug 25
Crescent Capital: Strong Cash Flow And The Right Quality For Remaining Bullish
Summary Recently, Crescent Capital has outperformed the BDC market delivering positive returns, while the index has dropped in the negative return territory. Q2, 2024 earnings deck helps explain this, where we can see a continued generation of robust cash flows, solid portfolio quality and improved transaction outlook. In this article, I dissect the Q2 earnings and explain in detail why I have remained bullish. Read the full article on Seeking AlphaSeeking Alpha • Jul 21
Crescent Capital: Solid BDC With Strong Dividend Coverage
Summary Crescent Capital BDC offers a high dividend yield of 8.9% with a focus on stability and income for investors. CCAP's portfolio consists of floating rate debt with a majority of investments on a first lien basis, providing protection in case of defaults. Despite potential interest rate cuts, CCAP's strong financial performance and distribution coverage make it a buy for income-focused investors. The distribution is covered by net investment income by a large 150% rate. The price has run up and now CCAP trades at a less attractive discount to NAV. However, future portfolio growth may justify this. Read the full article on Seeking AlphaSeeking Alpha • Jul 10
Crescent Capital: A Fat 9% Yield, But Don't Chase It
Summary Crescent Capital BDC, Inc. is a well-managed business development company with a floating-rate focus and solid dividend metrics. The company pays growing supplemental dividends and has a low pay-out ratio, but may face challenges in a lower-rate environment. Crescent Capital is trading at a 4% discount to book value, but may disappoint investors due to its aggressive floating-rate posture and potential impact of rate cuts. Read the full article on Seeking AlphaSeeking Alpha • May 29
Crescent Capital: It Has Become A Better Buy After Q1 2024
Summary Crescent Capital is a mid-sized BDC focused on private credit financing for small and medium-sized enterprises. Initially, when I issued my first thesis on CCAP, I was skeptical due to above average level and gaps in portfolio quality. After Q4, 2023 earnings, I changed the rating to buy since there were clear signs of a strong momentum at the fundamental end and the share price was still underperforming the index. Since then, CCAP has nicely outperformed the index, and now it has issued its Q1, 2024 earnings report. In this article, I explain why I am still bullish on CCAP after the recent run-up in the share price. Read the full article on Seeking AlphaSeeking Alpha • Apr 26
Crescent Capital: Dividend Coverage Supported By Higher Interest Rates
Summary Business Development Companies like Crescent Capital provide an opportunity to collect high distributions in the current high-interest rate environment. CCAP has a diverse portfolio of 186 companies across different industries, mitigating concentration risk. The credit quality remains solid, but non-accruals sit at 2%. Net investment income has consistently grown over the last several quarters, and plenty of supplemental distributions have been declared as a result. NII was reported at $0.61 which covers the distribution of $0.41 per share by about 148%. Read the full article on Seeking AlphaSeeking Alpha • Apr 17
Crescent Capital: Strong Fundamentals And Higher Interest Rates Should Lead To Higher Valuation
Summary Crescent Capital BDC has shown strong earnings growth, with net investment income and total investment income increasing quarter-over-quarter. The company has also demonstrated healthy NAV growth, out-earning its dividend and seeing a 1.7% increase in NAV quarter-over-quarter. Despite its performance, Crescent Capital still trades at a 15% discount to NAV, presenting a buying opportunity for income investors. Yielding nearly 10%, Crescent Capital had average dividend coverage of 122% during the fiscal year. If rates do remain higher, CCAP could see a further risk in non-accruals the reliance on PIK income from portfolio companies, possibly impacting their financials going forward. Read the full article on Seeking AlphaSeeking Alpha • Mar 13
Crescent Capital Is Well Set To Sustain Gains Over The Long Term
Summary Crescent Capital is a top BDC with the potential for solid long-term returns and downside protection through diversified debt investments. The company's outlook for 2024 is promising due to growth trends in the leveraged buyout market and improving end markets. CCAP is well-positioned to benefit from increased LBO activity with strong relationships with private equity sponsors and solid liquidity. Read the full article on Seeking AlphaSeeking Alpha • Feb 25
Crescent Capital: Q4 Earning And Price Divergence Make This A Buy Now
Summary Crescent Capital has underperformed the broader BDC market by roughly 530 basis points since the date of my relatively bearish article back in late December 2023. At the same time, the BDC has maintained positive momentum in generating cash and has seen growth in NII despite challenging market conditions. It has also improved its leverage, carrying a favorable debt maturity profile, which allows it to benefit from below market level interest rates. In this article, I elaborate in more detail on the key underlying drivers behind my buy thesis (i.e., why I am upgrading the rating). Read the full article on Seeking AlphaSeeking Alpha • Jan 11
Crescent Capital: This BDC's Dividend Is Getting More Risky (Rating Downgrade)
Summary Crescent Capital BDC's growth potential may be hindered by headwinds in the BDC sector due to interest rates. The merger with First Eagle Alternative Capital BDC emphasized the floating-rate focus, which is less advantageous in a falling-rate environment. The central bank's plan to lower short-term interest rates in 2024 could impact Crescent Capital's ability to achieve positive net investment income growth. Read the full article on Seeking AlphaSeeking Alpha • Sep 11
Crescent Capital BDC: 9% Yield, 14% Discount To NAV, High Dividend Growth Rate
Summary CCAP yields 9.26% and goes ex-dividend on 9/29/22. It has one of the highest dividend growth rates in the BDC industry. It's selling at a 14.4% discount to NAV/Share, much cheaper than BDC avgs., and its P/NII is also much lower than avg. NII/Share is up 11% so far in 2022. Looking for high dividend stocks at a discount? Maybe you should take a look at Crescent Capital BDC (CCAP). It's a Business Development Company, a "BDC". BDCs invest in privately held companies, offering retail investors access to a part of the market that's normally the domain of Venture Capital and private equity companies. We began covering CCAP in January 2021. Since then we've had a pretty good ride, with a total return of 30.49%, with a 56%/44% split between distributions and price gains, vs. an 8.11% return from the S&P 500: Hidden Dividend Stocks Plus CCAP has also outperformed the BDC industry and the S&P over the past month, quarter, year, and so far in 2022: Hidden Dividend Stocks Plus Profile: CCAP is focused on originating and investing in the debt of private middle-market companies which are also supported by sponsors. A key factor for BDCs is that the companies that they invest in also have sponsorship from Venture Capital and/or private equity companies, who will add further support to them in tough times, such as during the pandemic. Its holdings are 90% in the US, with 6% in Europe, 2% in Australia, and 2% in Canada. Its asset base is 88% 1st Lien and 99% Floating Rate, a positive in the current rising rate environment. It has a $1.285B portfolio, comprised of 137 companies, with a median portfolio company EBITDA of $29M: CCAP site The top 3 industry exposures out of 18 continue to be in Healthcare, at 27%; Software & Services, at 22%; and Commercial & Professional Services, at 16%. CCAP site Portfolio Ratings: Like most other BDCs, CCAP's management rates its holdings on a quarterly basis. The scale is from 1 - the highest, to 4 & 5, the lowest. Tier 4 bottomed out in Q2 '20, during the pandemic lockdowns, at 2.1% of the portfolio, with non-accruals improving to 1.1% as of 6/30/22. Upper tiers 1 & 2 have been steady, at 99%, since Q3 2021: CCAP site Earnings: CCAP had good Q2 2022 earnings, with Total Investment Income rising 12%, to $26.7M, NII rising 41%, to $15.5M, and NII/Share up 28%, to $.50/share. Management invested $112.4M across 11 new portfolio companies, 12 existing portfolio companies and several follow-on revolver and delayed draw fundings during Q2 '22. CCAP had $97.1M in aggregate exits, sales and repayments in Q2 '22. Growth has been good in Q1-2 '22, with total Investment Income up ~20%, NII up ~24%, and NII/Share up 11.25%. Realized Gains, which are lumpy on a quarterly basis, rose 57%, while Unrealized Gains fell from $27.66M to -$10.13M, relating to unrealized losses management took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the second quarter. We're seeing declines in Unrealized Gains from other BDCs in Q2 '22, due to that market situation. CCAP issued shares in Q4 '21, which has brought the share count up by 9.7%. Hidden Dividend Stocks Plus NAV/Share declined from $21.18 as of 3/31/22, to $20.69 in Q2 '22, with those unrealized gains lowering it by $.47/share. The $.41 regular dividend and the $05 special dividend were covered by $.50/share in NII in Q2 '22: CCAP site CCAP has paid out $9.91/share in dividends since its inception, while maintaining a pretty stable NAV/Share. CCAP site Dividends: Management declared the regular $.41/share dividend, which will go ex-dividend on 9/29/22, with a 10/17/22 pay date. There was also a previously declared $.05/share dividend, which went ex-dividend on 9/1/22. At its 9/8/22 closing price of $17.71, CCAP yields 9.26%: Hidden Dividend Stocks Plus Like certain BDCs, CCAP has had incentive and management fee waivers in place over the past few years. However, these expired on 7/31/22. In Q2 '22 there was a -$.09/share in capital gains based incentive fees, which decreased Adjusted Net Income, ANII, to $.41, vs. $.53 in Q2 '21: CCAP site Profitability & Leverage: ROA, ROE, and EBIT Margin improved in Q2 '22, vs. Q4 '21, with all remaining above BDC averages. Debt/NAV was a bit higher, at 1.02X, considerably lower than the BDC industry average of 1.26X. We may see management increase debt Hidden Dividend Stocks Plus Debt: CCAP's debt ladder looks good, with only $50M in unsecured notes maturing in 2023. After that, the next maturity isn't until 2026, when its Special Purpose Vehicle asset Credit Facility, its corporate Credit Facility, and its 2026 unsecured notes all come due. As of 6/30/22, CCAP had $18.9M in cash and cash equivalents and restricted cash and $227.5M of undrawn capacity on its credit facilities. CCAP site Valuations: CCAP has a much lower Price/NAV valuation, of -14.40%, than the BDC industry average premium of 1%. But that's not the whole valuation story on discounts.Seeking Alpha • Aug 10
Crescent Capital BDC declares $0.41 dividend
Crescent Capital BDC (NASDAQ:CCAP) declares $0.41/share quarterly dividend, in line with previous. Forward yield 9.55% Payable Oct. 17; for shareholders of record Sept. 30; ex-div Sept. 29. Previously declared special dividend of $0.05 will be paid on September 15, 2022 to stockholders of record as of September 2, 2022, ex-dividend September 1. See CCAP Dividend Scorecard, Yield Chart, & Dividend Growth.Seeking Alpha • Apr 24
Crescent Capital BDC: 10% Yield, 16% Discount, Special Dividends In 2022
CCAP yields 10.42%, with an 8.36% 5-Year Dividend Growth Rate. Management declared special dividends for Q1-Q3 2022. CCAP is selling at a 16.42% Discount to NAV/Share.Analyseartikel • Jan 05
What You Need To Know About Crescent Capital BDC, Inc.'s (NASDAQ:CCAP) Investor Composition
A look at the shareholders of Crescent Capital BDC, Inc. ( NASDAQ:CCAP ) can tell us which group is most powerful...Geschäftsführer
Jason Breaux (53 yo)
11.5yrs
Amtszeit
Mr. Jason A. Breaux serves as Managing Director and Head of Private Credit at Crescent Capital Group LP. He joined Crescent in 2000. He also serves as Chairman of the Board of Crescent Private Credit Incom...
Führungsteam
| Name | Position | Amtszeit | Vergütung | Eigentümerschaft |
|---|---|---|---|---|
| CEO & Chairman of the Board | 11.5yrs | keine Daten | 0.14% $ 573.2k | |
| President & Director | 2.4yrs | keine Daten | 0.056% $ 225.7k | |
| Chief Financial Officer | 6.8yrs | keine Daten | 0.10% $ 407.0k | |
| Senior VP & Head of Public Investor Relations | no data | keine Daten | keine Daten | |
| Chief Compliance Officer | 3.7yrs | keine Daten | 0.0061% $ 24.5k | |
| Managing Director | 7.5yrs | keine Daten | 0.054% $ 215.1k | |
| Secretary | 11.5yrs | keine Daten | 0.040% $ 160.9k | |
| Controller | 7.5yrs | keine Daten | 0.0029% $ 11.8k |
7.5yrs
Durchschnittliche Betriebszugehörigkeit
48yo
Durchschnittliches Alter
Erfahrenes Management: Das Managementteam von CCAP ist erfahren und erfahren (durchschnittliche Amtszeit von 7.5 Jahren).
Vorstandsmitglieder
| Name | Position | Amtszeit | Vergütung | Eigentümerschaft |
|---|---|---|---|---|
| CEO & Chairman of the Board | less than a year | keine Daten | 0.14% $ 573.2k | |
| President & Director | less than a year | keine Daten | 0.056% $ 225.7k | |
| Director | 6.6yrs | US$120.50k | keine Daten | |
| Director | 11.5yrs | US$138.50k | 0.11% $ 442.6k | |
| Director | 11.5yrs | US$128.50k | 0.91% $ 3.7m | |
| Director | 11.5yrs | US$131.00k | 0.016% $ 63.2k | |
| Director | 3.9yrs | US$126.12k | keine Daten |
6.6yrs
Durchschnittliche Betriebszugehörigkeit
66yo
Durchschnittliches Alter
Erfahrener Vorstand: CCAPDie Vorstandsmitglieder gelten als erfahren (6.6 Jahre durchschnittliche Amtszeit).
Unternehmensanalyse und Finanzdaten Status
| Daten | Zuletzt aktualisiert (UTC-Zeit) |
|---|---|
| Unternehmensanalyse | 2026/07/10 06:56 |
| Aktienkurs zum Tagesende | 2026/07/10 00:00 |
| Gewinne | 2026/03/31 |
| Jährliche Einnahmen | 2025/12/31 |
Datenquellen
Die in unserer Unternehmensanalyse verwendeten Daten stammen von S&P Global Market Intelligence LLC. Die folgenden Daten werden in unserem Analysemodell verwendet, um diesen Bericht zu erstellen. Die Daten sind normalisiert, was zu einer Verzögerung bei der Verfügbarkeit der Quelle führen kann.
| Paket | Daten | Zeitrahmen | Beispiel US-Quelle * |
|---|---|---|---|
| Finanzdaten des Unternehmens | 10 Jahre |
| |
| Konsensschätzungen der Analysten | +3 Jahre |
|
|
| Marktpreise | 30 Jahre |
| |
| Eigentümerschaft | 10 Jahre |
| |
| Verwaltung | 10 Jahre |
| |
| Wichtige Entwicklungen | 10 Jahre |
|
* Beispiel für US-Wertpapiere, für nicht-US-amerikanische Wertpapiere werden gleichwertige regulatorische Formulare und Quellen verwendet.
Sofern nicht anders angegeben, beziehen sich alle Finanzdaten auf einen Jahreszeitraum, werden aber vierteljährlich aktualisiert. Dies wird als Trailing Twelve Month (TTM) oder Last Twelve Month (LTM) Daten bezeichnet. Erfahren Sie mehr.
Analysemodell und Schneeflocke
Details des Analysemodells, das zur Erstellung dieses Berichts verwendet wurde, sind auf unserer GitHub-Seite verfügbar. Außerdem haben wir Leitfäden zur Nutzung unserer Berichte und Tutorials auf YouTube.
Erfahren Sie mehr über das Weltklasse-Team, das das Simply Wall St-Analysemodell entworfen und entwickelt hat.
Metriken für Industrie und Sektor
Unsere Branchen- und Sektionskennzahlen werden alle 6 Stunden von Simply Wall St berechnet. Details zu unserem Verfahren finden Sie auf Github.
Analysten-Quellen
Crescent Capital BDC, Inc. wird von 9 Analysten beobachtet. 6 dieser Analysten hat die Umsatz- oder Gewinnschätzungen übermittelt, die als Grundlage für unseren Bericht dienen. Die von den Analysten übermittelten Daten werden im Laufe des Tages aktualisiert.
| Analyst | Einrichtung |
|---|---|
| Derek Hewett | BofA Global Research |
| Mitchel Penn | Brean Capital Historical (Janney Montgomery) |
| Sean-Paul Adams | B. Riley Securities, Inc. |