Clairvest (CVG) Q1 2025 earnings summary

Executive summary

• Book value increased to $1,186.2 million ($81.02/share) as of June 30, 2024, up from $1,176.3 million ($80.16/share) at March 31, 2024.

• Net income for Q1 2025 was $23.9 million ($1.63/share), primarily from increased private equity portfolio valuations.

• Two new platform investments completed, finalizing CEP VI Fund; CEP VII investment program launched.

• Completed sale of Durante Rentals at a loss and exited FSB Technology with no proceeds; Winters Bros. Waste Systems of Long Island sold for a 6.8x return.

Financial highlights

• Net investment gain for the quarter was $20.1 million, down from $24.5 million year-over-year.

• Net income and comprehensive income rose to $23.9 million from $19.5 million year-over-year.

• Basic and diluted EPS increased to $1.63 from $1.30 year-over-year.

• Total assets grew to $1,361 million from $1,342 million sequentially.

• Book value per share rose to $81.02 from $80.16 sequentially.

Outlook and guidance

• CEP VII investment program commenced with US$1.2 billion committed capital, including US$902 million from third parties.

• Additional proceeds may be realized from assets not acquired in the Winters Bros. sale, potentially raising returns above 7x.