Crescent Capital BDC

-5.81%

More reviews (3)

Live  

Crescent Capital BDC is a publicly-traded business development company that provides financing solutions to middle-market companies. The company was founded in 2015 and is based in Los Angeles, California.
Crescent Capital BDC invests in a variety of industries, including healthcare, energy, technology, and consumer products. The company offers loans, mezzanine debt, and equity financing to help businesses grow and expand.
Crescent Capital BDC is managed by Crescent Capital Group, a leading alternative credit investment firm with over $28 billion in assets under management. The company's management team has extensive experience in underwriting and managing credit investments.
The company's stock is listed on the NASDAQ exchange under the ticker symbol "CCAP" and is included in various indices, such as the Russell 2000 Index and the S&P SmallCap 600 Index.
Crescent Capital BDC is regulated as a business development company under the Investment Company Act of 1940. This designation allows the company to take advantage of certain tax benefits, such as pass-through taxation and the ability to make investments in a wider range of companies.
Overall, Crescent Capital BDC aims to provide its investors with a high level of current income and capital appreciation through its investments in middle-market companies.

AI has the potential to impact Crescent Capital BDC and its products, services, or competitive positioning in several ways.
1. Substitution: AI-driven financial products, such as robo-advisors or automated loan underwriting systems, can provide alternative solutions that may be more efficient or cost-effective than traditional offerings. This could attract clients away from Crescent Capital BDC if they perceive AI solutions as offering better value or lower risk.
2. Disintermediation: Advances in AI may enable borrowers to connect directly with lenders or investors without the need for intermediaries like BDCs. This could undermine Crescent Capital’s role in financing and accessing capital, ultimately affecting its business model and revenue.
3. Margin Pressure: AI can optimize operational efficiencies and reduce costs for competitors, potentially leading to tighter margins across the industry. If competitors leverage AI to lower their service costs or enhance their offerings, Crescent Capital may face increased pressure to either innovate or lower their pricing, affecting profitability.
However, the extent of these threats depends on how Crescent Capital can adapt to and integrate AI into its operations. Embracing AI for improving internal processes, personalizing services, or enhancing risk assessment could mitigate these challenges and even position the company favorably in the evolving market landscape.

Q3Jlc2Nlbn QgQ2FwaXRh bCBCREMgKE J1c2luZXNz IERldmVsb3 BtZW50IENv bXBhbnkpIG lzIGEgcHVi bGljbHktdH JhZGVkIGlu dmVzdG1lbn QgY29tcGFu eSB0aGF0IG ZvY3VzZXMg b24gcHJvdm lkaW5nIGRl YnQgYW5kIG VxdWl0eSBm aW5hbmNpbm cgdG8gbWlk ZGxlLW1hcm tldCBjb21w YW5pZXMgaW 4gdGhlIFVu aXRlZCBTdG F0ZXMuIEl0 IHdhcyBmb3 VuZGVkIGlu IDIwMTEgYW 5kIGlzIGhl YWRxdWFydG VyZWQgaW4g TG9zIEFuZ2 VsZXMsIENh bGlmb3JuaW EuIFRoZSBj b21wYW55IG lzIG1hbmFn ZWQgYnkgQ3 Jlc2NlbnQg Q2FwaXRhbC BHcm91cCwg YSBsZWFkaW 5nIGFsdGVy bmF0aXZlIG Fzc2V0IG1h bmFnZW1lbn QgZmlybSB3 aXRoIG92ZX IgJDI4IGJp bGxpb24gaW 4gYXNzZXRz IHVuZGVyIG 1hbmFnZW1l bnQuPGJyPk NyZXNjZW50 IENhcGl0YW wgQkRDIGlu dmVzdHMgcH JpbWFyaWx5 IGluIHByaX ZhdGUgZGVi dCBhbmQgZX F1aXR5IHNl Y3VyaXRpZX Mgb2YgbWlk ZGxlLW1hcm tldCBjb21w YW5pZXMgd2 l0aCBhbm51 YWwgcmV2ZW 51ZXMgYmV0 d2VlbiAkNT AgbWlsbGlv biBhbmQgJD IgYmlsbGlv bi4gVGhlc2 UgY29tcGFu aWVzIGFyZS B0eXBpY2Fs bHkgaW4gdG hlIGluZHVz dHJpZXMgb2 YgaGVhbHRo Y2FyZSwgbW VkaWEgYW5k IGNvbW11bm ljYXRpb25z LCB0ZWNobm 9sb2d5LCBl bmVyZ3ksIG FuZCBidXNp bmVzcyBzZX J2aWNlcy48 YnI+VGhlIG NvbXBhbnkn cyBpbnZlc3 RtZW50IHN0 cmF0ZWd5IG lzIHRvIHBy b3ZpZGUgY3 VzdG9taXpl ZCBmaW5hbm Npbmcgc29s dXRpb25zIH RvIGl0cyBw b3J0Zm9saW 8gY29tcGFu aWVzLCBpbm NsdWRpbmcg c2VuaW9yIH NlY3VyZWQg bG9hbnMsIH VuaXRyYW5j aGUgbG9hbn MsIGFzc2V0 LWJhc2VkIG xvYW5zLCBh bmQgbWV6em FuaW5lIGRl YnQuIEluIG FkZGl0aW9u LCBDcmVzY2 VudCBDYXBp dGFsIEJEQy BtYXkgYWxz byBtYWtlIG RpcmVjdCBl cXVpdHkgaW 52ZXN0bWVu dHMgaW4gaX RzIHBvcnRm b2xpbyBjb2 1wYW5pZXMu PGJyPkNyZX NjZW50IENh cGl0YWwgQk RDIGlzIGxp c3RlZCBvbi BOQVNEQVEg dW5kZXIgdG hlIHRpY2tl ciBzeW1ib2 wg4oCcQ0NB UOKAnSBhbm QgaXMgcmVn dWxhdGVkIG J5IHRoZSBV LlMuIFNlY3 VyaXRpZXMg YW5kIEV4Y2 hhbmdlIENv bW1pc3Npb2 4uIEl0cyBz aGFyZWhvbG RlcnMgaW5j bHVkZSBib3 RoIGluZGl2 aWR1YWwgYW 5kIGluc3Rp dHV0aW9uYW wgaW52ZXN0 b3JzLCBzdW NoIGFzIHBl bnNpb24gZn VuZHMsIGlu c3VyYW5jZS Bjb21wYW5p ZXMsIGFuZC BlbmRvd21l bnRzLjxicj 5JbiAyMDE5 LCBDcmVzY2 VudCBDYXBp dGFsIEJEQy Bhbm5vdW5j ZWQgaXRzIG ludGVudCB0 byBtZXJnZS B3aXRoIE5l d3RlayBCdX NpbmVzcyBT ZXJ2aWNlcy BDb3JwLCBh IHB1YmxpY2 x5IHRyYWRl ZCBidXNpbm VzcyBkZXZl bG9wbWVudC Bjb21wYW55 LiBUaGUgbW VyZ2VyIHdh cyBjb21wbG V0ZWQgaW4g MjAyMCwgY3 JlYXRpbmcg YSBsYXJnZX IgYW5kIG1v cmUgZGl2ZX JzaWZpZWQg QkRDIHdpdG ggYSBicm9h ZGVyIGludm VzdG1lbnQg cGxhdGZvcm 0u

MS4gRm9jdX Mgb24gTWlk ZGxlIE1hcm tldCBDb21w YW5pZXM6IE NyZXNjZW50 IENhcGl0YW wgQkRDIHBy aW1hcmlseS BpbnZlc3Rz IGluIG1pZG RsZSBtYXJr ZXQgY29tcG FuaWVzLCB3 aGljaCBhcm UgYnVzaW5l c3NlcyB3aX RoIGFubnVh bCByZXZlbn VlcyBiZXR3 ZWVuICQxMC BtaWxsaW9u IGFuZCAkMS BiaWxsaW9u LiBUaGlzIH NlZ21lbnQg b2YgdGhlIG 1hcmtldCBp cyBrbm93bi Bmb3IgaXRz IHBvdGVudG lhbCBmb3Ig aGlnaCBncm 93dGggYW5k IHN0cm9uZy ByZXR1cm5z LCBtYWtpbm cgaXQgYW4g YXR0cmFjdG l2ZSBpbnZl c3RtZW50IG 9wcG9ydHVu aXR5IGZvci BDcmVzY2Vu dCBDYXBpdG FsIEJEQy48 YnI+Mi4gRX hwZXJpZW5j ZWQgTWFuYW dlbWVudCBU ZWFtOiBUaG UgY29tcGFu eSBpcyBsZW QgYnkgYSB0 ZWFtIG9mIG V4cGVyaWVu Y2VkIHByb2 Zlc3Npb25h bHMgd2l0aC BleHRlbnNp dmUga25vd2 xlZGdlIGFu ZCBleHBlcn Rpc2UgaW4g bWlkZGxlIG 1hcmtldCBs ZW5kaW5nLi BUaGV5IGhh dmUgYSB0cm FjayByZWNv cmQgb2Ygc3 VjY2Vzc2Z1 bGx5IG1hbm FnaW5nIGlu dmVzdG1lbn RzIGFuZCBj cmVhdGluZy B2YWx1ZSBm b3Igc2hhcm Vob2xkZXJz Ljxicj4zLi BEaXZlcnNl IEludmVzdG 1lbnQgUG9y dGZvbGlvOi BDcmVzY2Vu dCBDYXBpdG FsIEJEQyBo YXMgYSBkaX ZlcnNlIHBv cnRmb2xpby BvZiBpbnZl c3RtZW50cy BhY3Jvc3Mg dmFyaW91cy BpbmR1c3Ry aWVzIHN1Y2 ggYXMgdGVj aG5vbG9neS wgaGVhbHRo Y2FyZSwgY2 9uc3VtZXIg cHJvZHVjdH MsIGFuZCBi dXNpbmVzcy BzZXJ2aWNl cy4gVGhpcy BkaXZlcnNp dHkgaGVscH MgaW4gbWl0 aWdhdGluZy ByaXNrIGFu ZCBwcm92aW RlcyBhIHN0 YWJsZSBzb3 VyY2Ugb2Yg aW5jb21lIG ZvciB0aGUg Y29tcGFueS 48YnI+NC4g RmxleGlibG UgQ2FwaXRh bCBTdHJ1Y3 R1cmU6IFRo ZSBjb21wYW 55IGhhcyBh IGZsZXhpYm xlIGNhcGl0 YWwgc3RydW N0dXJlIHdp dGggYWNjZX NzIHRvIGJv dGggZGVidC BhbmQgZXF1 aXR5IGZpbm FuY2luZywg YWxsb3dpbm cgdGhlbSB0 byB0YWlsb3 IgaW52ZXN0 bWVudHMgdG 8gdGhlIG5l ZWRzIG9mIH RoZWlyIHBv cnRmb2xpby Bjb21wYW5p ZXMuPGJyPj UuIFN0cm9u ZyBSaXNrIE 1hbmFnZW1l bnQgUHJhY3 RpY2VzOiBD cmVzY2VudC BDYXBpdGFs IEJEQyBmb2 xsb3dzIGEg cmlnb3JvdX MgcmlzayBt YW5hZ2VtZW 50IHByb2Nl c3MgdG8gaW RlbnRpZnks IG1vbml0b3 IsIGFuZCBt aXRpZ2F0ZS Bwb3RlbnRp YWwgcmlza3 MgaW4gaXRz IGludmVzdG 1lbnQgcG9y dGZvbGlvLi BUaGlzIGVu c3VyZXMgdG hhdCBpbnZl c3RtZW50cy BhcmUgbWFk ZSBpbiBzb3 VuZCBhbmQg c3RhYmxlIG NvbXBhbmll cy48YnI+Ni 4gSGlnaC1R dWFsaXR5IE ludmVzdG1l bnRzOiBUaG UgY29tcGFu eSBmb2N1c2 VzIG9uIGlu dmVzdGluZy BpbiBoaWdo LXF1YWxpdH ksIGVzdGFi bGlzaGVkIG 1pZGRsZSBt YXJrZXQgY2 9tcGFuaWVz IHdpdGggc3 Ryb25nIG1h bmFnZW1lbn QgdGVhbXMs IGNvbXBldG l0aXZlIGFk dmFudGFnZX MsIGFuZCBz dGFibGUgY2 FzaCBmbG93 cy48YnI+Ny 4gUGFydG5l cnNoaXAgd2 l0aCBDcmVz Y2VudCBDYX BpdGFsIEdy b3VwOiBBcy BhIHN1YnNp ZGlhcnkgb2 YgQ3Jlc2Nl bnQgQ2FwaX RhbCBHcm91 cCwgYSBsZW FkaW5nIGFs dGVybmF0aX ZlIGFzc2V0 IG1hbmFnZX Igd2l0aCBv dmVyIDI1IH llYXJzIG9m IGV4cGVyaW VuY2UsIENy ZXNjZW50IE NhcGl0YWwg QkRDIGhhcy BhY2Nlc3Mg dG8gYSBsYX JnZSBuZXR3 b3JrIG9mIG luZHVzdHJ5 IHJlbGF0aW 9uc2hpcHMg YW5kIHJlc2 91cmNlcyBm b3Igc291cm NpbmcgaW52 ZXN0bWVudC BvcHBvcnR1 bml0aWVzLj xicj44LiBS ZWd1bGFyIE Rpc3RyaWJ1 dGlvbiBvZi BEaXZpZGVu ZHM6IENyZX NjZW50IENh cGl0YWwgQk RDIHBheXMg b3V0IHJlZ3 VsYXIgZGl2 aWRlbmRzIH RvIHNoYXJl aG9sZGVycy wgbWFraW5n IGl0IGFuIG F0dHJhY3Rp dmUgaW52ZX N0bWVudCBv cHRpb24gZm 9yIGluY29t ZS1zZWVraW 5nIGludmVz dG9ycy48Yn I+OS4gU3Ry b25nIEZpbm FuY2lhbCBQ ZXJmb3JtYW 5jZTogVGhl IGNvbXBhbn kgaGFzIGEg c3Ryb25nIH RyYWNrIHJl Y29yZCBvZi BnZW5lcmF0 aW5nIGF0dH JhY3RpdmUg cmV0dXJucy Bmb3IgaXRz IGludmVzdG 9ycy4gQXMg b2YgTWFyY2 ggMzEsIDIw MjEsIGl0cy BuZXQgYXNz ZXQgdmFsdW UgcGVyIHNo YXJlIHdhcy AkMjIuMjMg YW5kIGl0IG hhcyBjb25z aXN0ZW50bH kgZ2VuZXJh dGVkIHBvc2 l0aXZlIHJl dHVybnMgZm 9yIHNoYXJl aG9sZGVycy BzaW5jZSBp dHMgaW5jZX B0aW9uLjxi cj4xMC4gQ2 9tbWl0bWVu dCB0byBTb2 NpYWwgUmVz cG9uc2liaW xpdHk6IENy ZXNjZW50IE NhcGl0YWwg QkRDIGlzIG NvbW1pdHRl ZCB0byBjb2 5kdWN0aW5n IGJ1c2luZX NzIGluIGEg c29jaWFsbH kgcmVzcG9u c2libGUgbW FubmVyIGFu ZCBpcyBhIH NpZ25hdG9y eSB0byB0aG UgVW5pdGVk IE5hdGlvbn MgUHJpbmNp cGxlcyBmb3 IgUmVzcG9u c2libGUgSW 52ZXN0bWVu dC4gVGhlIG NvbXBhbnkg YWxzbyBoYX MgYSBzdHJp Y3QgY29kZS BvZiBldGhp Y3MgYW5kIG NvbmR1Y3Rz IHJlZ3VsYX IgZHVlIGRp bGlnZW5jZS BvbiBlbnZp cm9ubWVudG FsLCBzb2Np YWwsIGFuZC Bnb3Zlcm5h bmNlIChFU0 cpIGZhY3Rv cnMgZm9yIH BvdGVudGlh bCBpbnZlc3 RtZW50cy4=

Crescent Capital BDC is a business development company that focuses on investing in and providing financing solutions to middle-market companies. Their business model is to generate current income and capital appreciation for their investors by:
1. Making direct investments in the form of loans, senior secured debt, mezzanine debt, and equity in middle-market companies.
2. Providing financing to companies in various industries, including healthcare, technology, consumer and retail, energy, and business services.
3. Diversifying their investment portfolio to mitigate risk and generate stable returns for their investors.
4. Leveraging their experienced investment team and partnership network to identify and evaluate potential investment opportunities.
5. Providing value-added services, including financial expertise and strategic support, to the companies they invest in.
6. Collecting regular interest and dividend payments from their portfolio companies and distributing a portion of these earnings to their investors in the form of dividends.
Overall, Crescent Capital BDC's business model is based on providing financing solutions to middle-market companies and generating attractive returns for their investors.

1. Crescent Capital BDC is a publicly traded business development company that invests in middle market companies.
2. The company was founded in 2014 and is headquartered in Los Angeles, California.
3. Crescent Capital BDC is a subsidiary of Crescent Capital Group LP, a leading alternative asset management firm with over $28 billion in assets under management.
4. The company’s stock is listed on the NASDAQ exchange under the ticker symbol CCAP.
5. Crescent Capital BDC focuses on providing flexible financing solutions to support the growth and expansion of its portfolio companies.
6. The company primarily invests in senior secured loans, unitranche loans, mezzanine debt, and equity securities of middle market companies.
7. Crescent Capital BDC has a diverse portfolio, with investments in a wide range of industries including healthcare, technology, consumer goods, and business services.
8. As of 2021, Crescent Capital BDC has over $1.8 billion in assets under management.
9. The company has a track record of consistent dividend payments, with a current annualized dividend yield of over 7%.
10. Crescent Capital BDC has been recognized for its performance and investment strategy by various industry organizations, including being named 2020’s Best Middle Market CLO Manager by CreditFlux and Best BDC by Private Debt Investor.

CiAgICAgIC AgICAgIDxk aXYgc3R5bG U9J3dpZHRo OiAxMDAlOy BkaXNwbGF5 OiBmbGV4Oy BqdXN0aWZ5 LWNvbnRlbn Q6IGNlbnRl cjsnPgogIC AgICAgICAg ICAgICAgPG RpdiBzdHls ZT0nCiAgIC AgICAgICAg ICAgICAgIC AgZGlzcGxh eTogZmxleD sKICAgICAg ICAgICAgIC AgICAgICBh bGlnbi1pdG VtczogY2Vu dGVyOwogIC AgICAgICAg ICAgICAgIC AgIGJhY2tn cm91bmQtY2 9sb3I6ICNm MGY0Zjg7Ci AgICAgICAg ICAgICAgIC AgICAgYm9y ZGVyOiAxcH ggc29saWQg I2QxZTNmMD sKICAgICAg ICAgICAgIC AgICAgICBi b3JkZXItcm FkaXVzOiAx MHB4OwogIC AgICAgICAg ICAgICAgIC AgIHBhZGRp bmc6IDEwcH g7CiAgICAg ICAgICAgIC AgICAgICAg bWFyZ2luOi AyMHB4IDA7 CiAgICAgIC AgICAgICAg ICAgICAgZm 9udC1mYW1p bHk6ICJTZW dvZSBVSSIs IFJvYm90by wgc2Fucy1z ZXJpZjsKIC AgICAgICAg ICAgICAgIC AgICBib3gt c2hhZG93Oi AwIDJweCA2 cHggcmdiYS gwLCAwLCAw LCAwLjA1KT sKICAgICAg ICAgICAgIC AgICAgICBt YXgtd2lkdG g6IDkwMHB4 OwogICAgIC AgICAgICAg ICAgICAgIH dpZHRoOiAx MDAlOyc+Cg ogICAgICAg ICAgICAgIC AgICAgIDxp bWcgc3JjPS Jhc3NldHMv bG9nb3MveX VaNmZRSVV4 Y2tJNmYxUm RxdFcud2Vi cCIgYWx0PS JDcmVzY2Vu dCBDYXBpdG FsIEJEQyIg dGl0bGU9Ik NyZXNjZW50 IENhcGl0YW wgQkRDIiAg Y2xhc3M9Im ltZy1mbHVp ZCIgaGVpZ2 h0PTkwIHdp ZHRoPTkwIG xvYWRpbmc9 J2xhenknIH N0eWxlPSdi b3JkZXItcm FkaXVzOiA2 cHg7Jz4KCi AgICAgICAg ICAgICAgIC AgICAgPGRp diBzdHlsZT 0nZmxleDog MTsgdGV4dC 1hbGlnbjog Y2VudGVyOy BtYXJnaW4t bGVmdDogNX B4Oyc+CiAg ICAgICAgIC AgICAgICAg ICAgICAgID xwIHN0eWxl PSdmb250LX NpemU6IDI2 cHg7IGNvbG 9yOiAjMzMz OyBtYXJnaW 4tYm90dG9t OiAxNXB4Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC Dwn5OIIFdh bnQgdG8gcm VhZCBtb3Jl IGFib3V0IE NyZXNjZW50 IENhcGl0YW wgQkRDPwog ICAgICAgIC AgICAgICAg ICAgICAgIC A8L3A+Cgog ICAgICAgIC AgICAgICAg ICAgICAgIC A8YSBocmVm PSdpbmRleC 5waHA/cGFn ZT1zaWdudX AnIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGJhY2tncm 91bmQtY29s b3I6ICMwMD dCRkY7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBjb2xv cjogI2ZmZj sKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIH BhZGRpbmc6 IDEwcHggMj BweDsKICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgIGJvcmRl ci1yYWRpdX M6IDVweDsK ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgIHRl eHQtZGVjb3 JhdGlvbjog bm9uZTsKIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgIGZvbn Qtd2VpZ2h0 OiBib2xkOw ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgbW FyZ2luLXJp Z2h0OiAxMH B4OwogICAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgdHJhbnNp dGlvbjogYm Fja2dyb3Vu ZC1jb2xvci AwLjNzIGVh c2U7JwogIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgb25tb3 VzZW92ZXI9 J3RoaXMuc3 R5bGUuYmFj a2dyb3VuZE NvbG9yPSIj MDA1NmIzIi cKICAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIG 9ubW91c2Vv dXQ9J3RoaX Muc3R5bGUu YmFja2dyb3 VuZENvbG9y PSIjMDA3Qk ZGIic+CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBTaWdu IHVwIGZvci BmcmVlCiAg ICAgICAgIC AgICAgICAg ICAgICAgID wvYT4KCiAg ICAgICAgIC AgICAgICAg ICAgICAgID xzcGFuIHN0 eWxlPSdtYX JnaW46IDAg OHB4OyBjb2 xvcjogIzU1 NTsnPm9yPC 9zcGFuPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPGEgaHJl Zj0naW5kZX gucGhwP3Bh Z2U9bG9naW 4nIHN0eWxl PScKICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg IGNvbG9yOi AjMDA3QkZG OwogICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg dGV4dC1kZW NvcmF0aW9u OiB1bmRlcm xpbmU7CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICBmb250 LXdlaWdodD ogNTAwOyc+ CiAgICAgIC AgICAgICAg ICAgICAgIC AgICAgICBs b2cgaW4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9hPgoKCi AgICAgICAg ICAgICAgIC AgICAgICAg IDxwIHN0eW xlPSdtYXJn aW4tdG9wOi AxNXB4OyBm b250LXNpem U6IDEzcHg7 IGZvbnQtd2 VpZ2h0OiBi b2xkOyBjb2 xvcjogI2Qz MmYyZjsnPg ogICAgICAg ICAgICAgIC AgICAgICAg ICAgICAg8J +agCBEb27i gJl0IG1pc3 MgPGk+IlRo ZSBDaGVja2 xpc3QgVmFs dWUgSW52ZX N0b3Ig4oCU IEEgU21hcn RlciBXYXkg dG8gUGljay BTdG9ja3Mi PC9pPiDigJ QgZnJlZSEK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPC9wPgoK ICAgICAgIC AgICAgICAg ICAgICAgIC AgPCEtLQog ICAgICAgIC AgICAgICAg ICAgICAgIC A8ZGl2IHN0 eWxlPSdtYX JnaW4tdG9w OiAxMnB4Oy Bmb250LXNp emU6IDEzcH g7IGNvbG9y OiAjNDQ0Oy c+CiAgICAg ICAgICAgIC AgICAgICAg ICAgICAgIC BTaWduIHVw IG5vdyBhbm QgZ2V0IG91 ciBmcmVlIG VCb29rIAog ICAgICAgIC AgICAgICAg ICAgICAgIC AgICAgPGI+ VGhlIENoZW NrbGlzdCBW YWx1ZSBJbn Zlc3RvciDi gJQgQSBTbW FydGVyIFdh eSB0byBQaW NrIFN0b2Nr czwvYj4KIC AgICAgICAg ICAgICAgIC AgICAgICAg PC9kaXY+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IC0tPgogIC AgICAgICAg ICAgICAgIC AgICAgICA8 IS0tCiAgIC AgICAgICAg ICAgICAgIC AgICAgIDxk aXYgc3R5bG U9J21hcmdp bi10b3A6ID E2cHg7IGZv bnQtc2l6ZT ogMTRweDsg Y29sb3I6IC M0NDQ7IGZv bnQtZmFtaW x5OiAtYXBw bGUtc3lzdG VtLCBCbGlu a01hY1N5c3 RlbUZvbnQs IFNlZ29lIF VJLCBSb2Jv dG8sIEhlbH ZldGljYSBO ZXVlLCBzYW 5zLXNlcmlm OyBsaW5lLW hlaWdodDog MS42Oyc+Ci AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBIYX ZlIHlvdSBo ZWFyZCBhYm 91dCBvdXIg c2hvcnQgPH N0cm9uZyBz dHlsZT0nZm 9udC13ZWln aHQ6IDYwMD snPkRhaWx5 IFZpZGVvIE 5ld3NsZXR0 ZXI8L3N0cm 9uZz4/CiAg ICAgICAgIC AgICAgICAg ICAgICAgIC AgICA8YSBo cmVmPSdodH RwczovL3d3 dy5pbnNpZ2 h0ZnVsdmFs dWUuY29tL2 5ld3NsZXR0 ZXIucGhwJy B0YXJnZXQ9 J19ibGFuay cgc3R5bGU9 J2NvbG9yOi AjMDA3QkZG OyB0ZXh0LW RlY29yYXRp b246IG5vbm U7IGZvbnQt d2VpZ2h0Oi A1MDA7IG1h cmdpbi1sZW Z0OiA2cHg7 Jz4KICAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICAgICBGaW 5kIG91dCBt b3JlCiAgIC AgICAgICAg ICAgICAgIC AgICAgICAg ICA8L2E+Ci AgICAgICAg ICAgICAgIC AgICAgICAg IDwvZGl2Pg ogICAgICAg ICAgICAgIC AgICAgICAg ICAtLT4KIC AgICAgICAg ICAgICAgIC AgICA8L2Rp dj4KICAgIC AgICAgICAg ICAgIDwvZG l2PgogICAg ICAgICAgIC A8L2Rpdj4K ICAgICAgIC AgICAgCiAg ICAgICAgCi AgICAgICAg PHNwYW4gY2 xhc3M9J2Js dXJyZWQtdG V4dCc+CiAg ICAgICAgIC AgIE1TNGdS bTlqZFggTW diMjRnVFds ayBaR3hsSU UxaGNtIHRs ZENCRGIyMX cgWVc1cFpY TTZJRSBOeV pYTmpaVzUw IElFTmhjR2 wwWVcgd2dR a1JESUhOdy BaV05wWVd4 cGVtIFZ6SU dsdUlHeGwg Ym1ScGJtY2 dkRyA4Z2JX bGtaR3hsIE lHMWhjbXRs ZEMgQmpiMj F3WVc1cCBa WE1zSUhkb2 FXIE5vSUdG eVpTQjAgZV hCcFkyRnNi SCBrZ2JHRn laMlZ5IElH RnVaQ0J0Yj MgSmxJR1Z6 ZEdGaSBiR2 x6YUdWa0lI IFJvWVc0Z2 MyMWggYkd3 Z1luVnphVy A1bGMzTmxj eUJpIGRYUW dibTkwSUcg eGhjbWRsSU dWdSBiM1Zu YUNCbWIzIE lnWVdOalpY TnogSUhSdk lIUnlZVyBS cGRHbHZibU ZzIElHSmhi bXNnWm0gbH VZVzVqYVc1 biBMaUJVYU dseklIIE5s WjIxbGJuUW cgYjJZZ2RH aGxJRyAxaG NtdGxkQ0J2 IFptWmxjbk 1nWVggUjBj bUZqZEdsMi BaU0JwYm5a bGMzIFJ0Wl c1MElHOXcg Y0c5eWRIVn VhWCBScFpY TWdkMmwwIG FDQndiM1Js Ym4gUnBZV3 hzZVNCbyBh V2RvWlhJZ2 NtIFYwZFhK dWN5NDggWW 5JK01pNGdS WCBod1pYSn BaVzVqIFpX UWdUV0Z1WV cgZGxiV1Z1 ZENCVSBaV0 Z0T2lCVWFH IFVnWTI5dG NHRnUgZVNC cGN5QnRZVy A1aFoyVmtJ R0o1IElHRn VJR1Y0Y0cg VnlhV1Z1WT JWayBJSFJs WVcwZ2QyIG wwYUNCaElH eHYgYm1jZ2 RISmhZMiBz Z2NtVmpiM0 prIElHOW1J SE4xWTIgTm xjM05tZFd4 cyBlU0JwYm 5abGMzIFJw Ym1jZ2FXNG cgYldsa1pH eGxJRyAxaG NtdGxkQ0Jq IGIyMXdZVz VwWlggTXVJ RlJvYVhNZy BaWGh3WlhK MGFYIE5sSU dGc2JHOTMg Y3lCRGNtVn pZMiBWdWRD QkRZWEJwIG RHRnNJRUpF UXkgQjBieU JwWkdWdSBk R2xtZVNCaG RIIFJ5WVdO MGFYWmwgSU dsdWRtVnpk RyAxbGJuUW diM0J3IGIz SjBkVzVwZE cgbGxjeUJo Ym1RZyBaV1 ptWldOMGFY IFpsYkhrZ2 JXRnUgWVdk bElISnBjMi BzdVBHSnlQ ak11IElFUn BkbVZ5YzIg bG1hV1ZrSU ZCdiBjblJt YjJ4cGJ6IG 9nUTNKbGMy TmwgYm5RZ1 EyRndhWCBS aGJDQkNSRU 1nIGFHRnpJ R0VnWkcgbD JaWEp6YVda cCBaV1FnY0 c5eWRHIFp2 YkdsdklHOW 0gSUdsdWRt VnpkRyAxbG JuUnpJR0Zq IGNtOXpjeU IyWVggSnBi M1Z6SUdsdS BaSFZ6ZEhK cFpYIE1zSU hkb2FXTm8g SUdobGJIQn pJSCBSdklH MXBkR2xuIF lYUmxJSEpw YzIgc2dZVz VrSUhCdiBk R1Z1ZEdsaG JHIHg1SUdW dWFHRnUgWT JVZ2NtVjBk WCBKdWN5NG dWR2hsIElH TnZiWEJoYm 4ga2dZV3h6 YnlCbyBZWE 1nWVNCdGFY IGdnYjJZZ1 pHVmkgZENC aGJtUWdaWC BGMWFYUjVJ R2x1IGRtVn pkRzFsYm4g UnpJR2x1SU dsMCBjeUJ3 YjNKMFptID lzYVc4c0lI QnkgYjNacF pHbHVaeSBC bWRYSjBhR1 Z5IElHUnBk bVZ5YzIgbG 1hV05oZEds diBiaTQ4WW 5JK05DIDRn VTNSeWIyNW 4gSUZSeVlX TnJJRiBKbF kyOXlaRG9n IFZHaGxJR0 52YlggQmhi bmtnYUdGei BJR0VnYzNS eWIyIDVuSU hSeVlXTnIg SUhKbFkyOX laQyBCdlpp Qm5aVzVsIG NtRjBhVzVu SUcgTnZibk 5wYzNSbCBi blFnY21WMG RYIEp1Y3lC bWIzSWcgYV hSeklITm9Z WCBKbGFHOX NaR1Z5IGN5 NGdWR2hwY3 kgQnBjeUJ5 WldacyBaV0 4wWldRZ2FX IDRnZEdobE lHTnYgYlhC aGJua25jeS BCd1pYSm1i M0p0IFlXNW paU0J5Wlcg eGhkR2wyWl NCMCBieUJw ZEhNZ2NHIF ZsY25NZ1lX NWsgSUdsdV pIVnpkSCBK NUlHSmxibU 5vIGJXRnlh M011UEcgSn lQalV1SUVG cyBhV2R1Yl dWdWRDIEJ2 WmlCSmJuUm wgY21WemRI TTZJRSBOeV pYTmpaVzUw IElFTmhjR2 wwWVcgd2dR a1JESjNNZy BiV0Z1WVdk bGJXIFZ1ZE NCaGJtUWcg Wlcxd2JHOT VaVyBWeklH aGhkbVVnIF lTQnphV2R1 YVcgWnBZMk Z1ZENCdyBi M0owYVc5dU lHIDltSUhS b1pXbHkgSU c1bGRDQjNi MyBKMGFDQn BiblpsIGMz UmxaQ0JwYm kgQjBhR1Vn WTI5dCBjR0 Z1ZVNkeklI IE4wYjJOck xDQmggYkds bmJtbHVaeS BCMGFHVnBj aUJwIGJuUm xjbVZ6ZEgg TWdkMmwwYU NCeiBhR0Z5 WldodmJHIF JsY25NdUlG Um8gYVhNZ2 NtVnBibSBa dmNtTmxjeU J0IFlXNWha MlZ0WlcgNT BKM01nWTI5 dCBiV2wwYl dWdWRDIEIw YnlCamNtVm ggZEdsdVp5 QjJZVyB4MV pTQm1iM0ln IGMyaGhjbV ZvYjIgeGta WEp6TGp4aS BjajQyTGlC QlkzIFJwZG 1VZ1NXNTIg WlhOMGJXVn VkQyBCTllX NWhaMlZ0IF pXNTBPaUJV YUcgVWdZMj l0Y0dGdSBl U2R6SUhSbF lXIDBnWTI5 dVpIVmogZE hNZ2NtbG5i MyBKdmRYTW daSFZsIElH UnBiR2xuWl cgNWpaU0Jo Ym1RZyBZV0 4wYVhabGJI IGtnYldGdV lXZGwgY3lC cGRITWdhVy A1MlpYTjBi V1Z1IGRITW dkRzhnWkgg SnBkbVVnZG 1GcyBkV1Vn WTNKbFlYIF JwYjI0Z1pt OXkgSUdsMG N5QndiMyBK MFptOXNhVz hnIFkyOXRj R0Z1YVcgVn pJR0Z1WkNC eiBhR0Z5Wl dodmJHIFJs Y25NdUlGUm 8gYVhNZ2FX NWpiSCBWa1 pYTWdkMjl5 IGEybHVaeU JqYkcgOXpa V3g1SUhkcC BkR2dnYldG dVlXIGRsYl dWdWRDQjAg WldGdGN5Qj BieSBCemRY QndiM0owIE lHZHliM2Qw YUMgQnBibW wwYVdGMCBh WFpsY3lCaG JtIFFnYlc5 dWFYUnYgY2 1sdVp5Qndi MyBKMFptOX NhVzhnIGNH VnlabTl5Yl cgRnVZMlV1 UEdKeSBQam N1SUVGalky IFZ6Y3lCMG J5QkQgY21W elkyVnVkQy BCRFlYQnBk R0ZzIElFZH liM1Z3SjMg TWdVbVZ6Yj NWeSBZMlZ6 T2lCRGNtIF Z6WTJWdWRD QkQgWVhCcG RHRnNJRSBK RVF5Qm9ZWE 1nIFlXTmpa WE56SUggUn ZJRU55WlhO aiBaVzUwSU VOaGNHIGww WVd3Z1IzSn YgZFhBbmN5 QmxlSCBSbG JuTnBkbVVn IGNtVnpiM1 Z5WTIgVnpM Q0JwYm1Ocy BkV1JwYm1j Z1lTIEJuYk c5aVlXd2cg Ym1WMGQyOX lheSBCdlpp QndjbTltIF pYTnphVzl1 WVcgeHpMQ0 JrWldWdyBJ R2x1WkhWem RIIEo1SUdW NGNHVnkgZE dselpTd2dZ VyA1a0lIQn liM0J5IGFX VjBZWEo1SU ggSmxjMlZo Y21ObyBJR0 5oY0dGaWFX IHhwZEdsbG N5NGcgVkdo cGN5QndjbS A5MmFXUmxj eUJoIElHTn ZiWEJsZEcg bDBhWFpsSU dGayBkbUZ1 ZEdGblpTIE JwYmlCemIz VnkgWTJsdV p5QmhibSBR Z1pYWmhiSF ZoIGRHbHVa eUJwYm4gWm xjM1J0Wlc1 MCBJRzl3Y0 c5eWRIIFZ1 YVhScFpYTX UgUEdKeVBq Z3VJRiBOMF lXSnNaU0Jo IGJtUWdSM0 p2ZDIgbHVa eUJFYVhacC BaR1Z1WkRv Z1EzIEpsYz JObGJuUWcg UTJGd2FYUm hiQyBCQ1JF TWdiMlptIF pYSnpJR0Vn YzMgUmhZbX hsSUdGdSBa Q0JuY205M2 FXIDVuSUdS cGRtbGsgWl c1a0lIUnZJ RyBsMGN5Qn phR0Z5IFpX aHZiR1JsY2 4gTXNJSEJ5 YjNacCBaR2 x1WnlCaElI IEJ2ZEdWdW RHbGggYkNC emIzVnlZMi BVZ2IyWWdh VzVqIGIyMW xJR1p2Y2kg QnBiblpsYz NSdiBjbk1n YzJWbGEyIG x1WnlCeVpX ZDEgYkdGeU lHTmhjMiBn Z1pteHZkeT Q4IFluSStP UzRnVTMgUn liMjVuSUVO diBjbkJ2Y2 1GMFpTIEJI YjNabGNtNW ggYm1ObE9p QlVhRyBVZ1 kyOXRjR0Z1 IGVTQm9ZWE 1nWVMgQnpk SEp2Ym1jZy BZMjl5Y0c5 eVlYIFJsSU dkdmRtVnkg Ym1GdVkyVW djMyBSeWRX TjBkWEpsIE xDQjNhWFJv SUcgRnVJR2 x1WkdWdyBa VzVrWlc1ME lHIEp2WVhK a0lHOW0gSU dScGNtVmpk RyA5eWN5Qm hibVFnIGNt OWlkWE4wSU ggQnZiR2xq YVdWeiBJR0 Z1WkNCd2Nt IDlqWldSMW NtVnogSUds dUlIQnNZVy BObElIUnZJ SEJ5IGIzUm xZM1FnYzIg aGhjbVZvYj J4ayBaWEp6 SnlCcGJuIF JsY21WemRI TXUgUEdKeV BqRXdMaSBC VGRISnZibW NnIFEyRndh WFJoYkcgbD ZZWFJwYjI0 NiBJRU55Wl hOalpXIDUw SUVOaGNHbD AgWVd3Z1Fr UkRJRyBsek lIZGxiR3d0 IFkyRndhWF JoYkcgbDZa V1FnZDJsMC BhQ0JoSUhO MGNtIDl1Wn lCaVlXeGgg Ym1ObElITm 9aVyBWMExD QmhiR3h2IG QybHVaeUJw ZEMgQjBieU IwWVd0bCBJ R0ZrZG1GdW RHIEZuWlNC dlppQnAgYm 5abGMzUnRa VyA1MElHOX djRzl5IGRI VnVhWFJwWl ggTWdZVzVr SUhkbCBZWF JvWlhJZ1pX IE52Ym05dG FXTWcgWkc5 M2JuUjFjbS A1ekxpQlVh R2x6IElIQn liM1pwWkcg VnpJR0VnYk dWMiBaV3dn YjJZZ2MzIF JoWW1sc2FY UjUgSUdGdV pDQnlaVyB4 cFlXSnBiR2 wwIGVTQm1i M0lnYzIgaG hjbVZvYjJ4 ayBaWEp6TG c9PQogICAg ICAgIDwvc3 Bhbj4KICAg ICAgICAKIC AgICAgICA=