George Hawley
About George Hawley
George P. Hawley (born 1968) serves as Secretary of Crescent Capital BDC, Inc. (CCAP) and General Counsel of Crescent Capital Group LP; he has been CCAP’s Secretary since 2015 . He previously held senior legal roles at TCW (SVP & Associate General Counsel) supporting Crescent and practiced at Paul Hastings LLP (asset management, securities, finance/restructuring) from 2000–2008, after starting his legal career at Baker, Keener & Nahra; he holds a J.D. from Loyola Law School and a B.A. from the University of Notre Dame . As of March 19, 2025, Hawley beneficially owned 14,159 CCAP common shares, representing less than 0.1% of shares outstanding, underscoring limited direct equity exposure relative to the float . CCAP and its Advisor prohibit hedging, short sales, margin accounts, and pledging of CCAP stock for insiders, reinforcing alignment and reducing adverse trading signals .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TCW | Senior Vice President & Associate General Counsel (supported Crescent) | Prior to 2012 | Supported Crescent funds/accounts, strengthening legal coverage for private credit activities |
| Paul Hastings LLP | Associate (asset management, securities, finance & restructuring, corporate law) | 2000–2008 | Built deep legal expertise across fund/credit, key to BDC governance and compliance |
| Baker, Keener & Nahra | Litigation Attorney | Not disclosed | Foundational litigation experience benefiting risk oversight and enforcement |
External Roles
| Organization | Role | Years |
|---|---|---|
| Crescent Capital Group LP | General Counsel | 2012–present |
| Crescent Private Credit Income Corp. (CPCI) | Secretary | Not disclosed |
| CCS IX BDC | Secretary | Not disclosed |
Fixed Compensation
| Component | Disclosure |
|---|---|
| Base salary | Not disclosed at the CCAP level for executive officers (externally-managed BDC structure). CCAP pays no direct compensation to executive officers; it reimburses the Administrator for an allocable portion of compensation for the CFO, CCO, and other executive officers/staff providing services to CCAP . |
| Target bonus % | Not disclosed . |
| Actual bonus paid | Not disclosed . |
| Perquisites | Not disclosed . |
CCAP’s proxy expressly states executive officers receive no direct compensation from CCAP; compensation is handled via Administrator reimbursement for allocated personnel costs. No individual salary/bonus for the Secretary is disclosed .
Performance Compensation
| Metric | Structure | Target/Hurdle | Payout Mechanics | Notes |
|---|---|---|---|---|
| Advisor Base Management Fee | 1.25% annual on average gross assets (excl. cash/restricted cash), payable quarterly | N/A | Fee based on average gross assets over two most recent calendar quarter ends; certain investments waived | $20.223M incurred in 2024; $125K waived; $5.066M unpaid at year-end |
| Advisor Income Incentive Fee | Quarterly on pre-incentive fee net investment income (NII) | Hurdle: 1.75% per quarter (7% annualized); Catch-up to 2.1212% | 100% above Hurdle until Catch-up; thereafter 17.5% of remaining pre-incentive NII | $18.855M incurred in 2024; $145K waived; $4.305M unpaid at year-end |
| Advisor Capital Gains Incentive Fee | Annual on realized capital gains (cumulative since inception) net of losses/depreciation | N/A | 17.5% of cumulative realized gains (net), less previously paid fees; GAAP accrual can differ | No capital gains incentive fees recorded on unrealized appreciation in 2024; none unpaid |
These performance-linked fees are paid to CCAP’s external Advisor, not directly to executive officers. They create economic incentives tied to net investment income and realized capital gains, but the proxy does not disclose individual officer PSU/RSU/option awards or vesting schedules .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Total beneficial ownership | 14,159 CCAP common shares as of 3/19/2025; less than 0.1% of outstanding shares |
| Vested vs. unvested | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed |
| Shares pledged | Company policy prohibits holding CCAP securities in margin accounts or pledging as collateral; hedging/monetization and short sales are prohibited |
| Ownership guidelines | Not disclosed for officers in proxy |
| Insider Form 4 practice | Hawley frequently signs Section 16 filings as attorney-in-fact for CCAP insiders (e.g., 8/29/2025 and 8/26/2025), reflecting compliance oversight in his Secretary/GC capacity |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date (CCAP Secretary) | Secretary since 2015 |
| Contract term / expiration | Officers serve at the discretion of the Board; no individual employment agreement disclosed for the Secretary |
| Severance provisions | Not disclosed for officers |
| Change-of-control provisions | Not disclosed for officers |
| Non-compete / Non-solicit | Not disclosed |
| Clawback provisions | Proxy discloses codes of ethics and an insider trading policy; compensation clawback terms for officers are not disclosed |
| Garden leave / consulting | Not disclosed |
| Communications role | Stockholder communications to Directors are routed to the attention of George P. Hawley, Secretary |
Investment Implications
- Alignment: As an externally managed BDC, CCAP’s officer compensation is not paid directly by CCAP, and the proxy provides no individual pay, equity grants, or vesting details for the Secretary; alignment is primarily expressed through Advisor fee structures tied to NII and capital gains rather than individual PSU/RSU targets for Hawley .
- Trading risk: Company policies prohibit pledging, shorting, margin, and hedging of CCAP shares by insiders—mitigating forced selling and adverse alignment signals; Hawley’s beneficial ownership is small (<0.1%), suggesting limited personal share overhang .
- Retention/contract risk: The proxy does not disclose individual employment, severance, or change-of-control economics for the Secretary, limiting visibility into retention levers or golden parachutes; officers serve at the Board’s discretion .
- Governance/role strength: Hawley’s long tenure as Secretary and GC and his role in routing stockholder communications indicate strong governance engagement; frequent attorney-in-fact signatures on Form 4 filings reflect robust compliance administration .