Gerhard Lombard
About Gerhard Lombard
Gerhard Lombard (born 1973) is Chief Financial Officer of Crescent Capital BDC, Inc. (CCAP) and also serves as CFO of Crescent Capital Group LP, the company’s external adviser; he has been CCAP’s CFO since 2019 and joined Crescent in 2016 after senior finance roles at H.I.G. Capital’s WhiteHorse Finance and Churchill Financial Group, and ~11 years at Ernst & Young to Senior Manager . His executive compensation is not paid directly by CCAP; as an externally managed BDC, CCAP reimburses the administrator for an allocable portion of compensation of the CFO and other officers, limiting visibility into his salary/bonus/equity metrics at the issuer level (no say‑on‑pay item appears on the 2025 ballot) . Insider policy prohibits hedging, shorting, pledging, or margining CCAP stock by officers and directors, reducing alignment risks related to collateral pledges .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Crescent Capital BDC, Inc. (CCAP) | Chief Financial Officer | 2019–present | Principal financial officer for a NASDAQ-listed BDC; signs SEC filings and leads reporting, controls, and capital markets support . |
| Crescent Capital Group LP (Advisor) | Chief Financial Officer | 2016–present | CFO of external adviser to CCAP; oversees adviser finance supporting portfolio management and BDC administration . |
| WhiteHorse Finance Inc. (H.I.G. Capital) | CFO and Treasurer | Pre-2016 (prior to Crescent) | Public BDC finance leadership; established relevant BDC reporting and capital structure expertise . |
| Churchill Financial Group | Group Controller and Chief Accounting Officer | Prior to H.I.G. Capital | Built credit platform finance/controllership foundation applicable to BDC operations . |
| Ernst & Young LLP | Audit (rose to Senior Manager) | ~11 years (early career) | Assurance and technical accounting background underpinning CFO control environment . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Crescent Capital Group LP | Chief Financial Officer | 2016–present | Current role at CCAP’s external adviser . |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary (paid by CCAP) | Not paid directly by CCAP | CCAP’s executive officers receive no direct compensation from CCAP; CCAP reimburses the Administrator for an allocable portion of compensation and related staff costs . |
| Target bonus % (issuer-level) | Not disclosed | Compensation structure determined at adviser; issuer does not disclose officer-level targets . |
| Actual bonus paid (issuer-level) | Not disclosed | Not paid directly by CCAP; no officer cash comp reported by issuer . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Notes |
|---|---|---|---|---|---|
| Performance equity (PSU/RSU), options | Not disclosed at issuer level | Not disclosed | Not disclosed | Not disclosed | CCAP does not directly grant executive equity; officers are compensated by the adviser; no CCAP-level PSU/RSU/option disclosures for officers . |
Equity Ownership & Alignment
| Metric | 2023 Proxy Record Date | 2024 Proxy Record Date | Notes |
|---|---|---|---|
| Beneficially owned shares | 27,565 | 29,657 | Direct common shares. |
| Ownership % of shares outstanding | <0.1% | <0.1% | Denoted by “* Less than 0.1%”. |
| Vested vs unvested shares | Not disclosed | Not disclosed | No breakdown provided in proxy . |
| Options – exercisable/unexercisable | Not disclosed | Not disclosed | No option tables for officers in issuer proxy . |
| Shares pledged as collateral | Prohibited | Prohibited | Insider Trading Policy and Rule 17j‑1 Code prohibit pledging, margining, short sales, and hedging by officers and directors . |
| Ownership guidelines | Not disclosed | Not disclosed | No explicit stock ownership multiple disclosed for officers in proxy . |
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| Employment start date at CCAP | CFO since 2019 | Tenure disclosed in proxy . |
| Contract term/expiration | Not disclosed | Officers serve at the discretion of the Board; no individual employment agreement disclosed . |
| Severance multiples | Not disclosed | No severance, CoC (single/double‑trigger), or accelerated vesting terms disclosed for officers . |
| Non‑compete / Non‑solicit | Not disclosed | Not addressed in proxy . |
| Clawback policy | Not disclosed | Proxy highlights Codes of Ethics and Insider Trading Policy; no compensation clawback discussion found . |
| Perquisites / tax gross‑ups | Not disclosed | No issuer-paid officer perquisites or gross‑ups disclosed . |
| Say‑on‑pay results | Not applicable in 2025 | 2025 meeting included only director elections and auditor ratification; no say‑on‑pay item . |
Insider Trading Activity and Selling Pressure
- Form 4 activity indicates net buying trend over the last five years (4 buys, 0 sells) per third‑party aggregation; latest historical entry shows an acquisition of 700 shares on May 23, 2022; a new Form 4 was filed November 18, 2025 for a transaction dated November 17, 2025 (details in filing) .
- Prior SEC Form 4 filings for Lombard (Reporting CIK 0001611114) are available on EDGAR, evidencing periodic insider acquisitions; see examples: 2021‑11‑23 period (filed 2021‑11‑26) and 2022 filings .
Governance and Compensation Committee Context
- Compensation Committee members: Kathleen S. Briscoe, Susan Y. Lee, Michael S. Segal, Steven F. Strandberg (Chair), and George G. Strong, Jr.; officers receive no direct compensation from CCAP; the committee oversees and recommends any compensation paid directly by CCAP (if any) and oversees any advisers retained .
- Insider Trading Policy/Rule 17j‑1 Code: prohibits hedging, short sales, margin accounts, and pledging of CCAP securities by officers and directors; policy is filed as an exhibit to the 2024 Form 10‑K .
Performance & Track Record (disclosed highlights)
- Role scope and credentials: CFO of CCAP since 2019; CFO of Crescent since 2016; prior CFO/Treasurer of WhiteHorse Finance; senior finance roles at Churchill; EY Senior Manager—collectively aligning with BDC accounting, reporting, and capital markets execution .
- Company‑level TSR, revenue, and EBITDA trends are not tied to disclosed officer compensation at the issuer level and are not analyzed in proxy tables for officers due to externalized compensation .
Investment Implications
- Pay-for-performance transparency: As an externally managed BDC, CCAP does not disclose officer-level salary/bonus/equity metrics; alignment relies on adviser structures not visible to public investors, limiting direct pay-for-performance assessment at the issuer level .
- Alignment via ownership: Lombard’s direct ownership increased from 27,565 to 29,657 shares YoY but remains below 0.1% of shares outstanding—modest “skin in the game” that is directionally positive but not economically large .
- Selling pressure: Policy bans on pledging/margining reduce forced-sale risk; historical Form 4s show net buying and no reported sales over five years, which is supportive for sentiment; monitor the November 2025 Form 4 for size/intent details .
- Retention and CoC risk: Absence of disclosed employment agreements, severance, and CoC economics at the issuer level introduces uncertainty on retention incentives during strategic events; retention likely governed by Crescent’s internal policies rather than CCAP’s board .
- Governance oversight: Independent Compensation Committee in place and robust insider trading restrictions; absence of a say‑on‑pay item means limited shareholder feedback on executive compensation practices at the issuer level .