Jason Breaux
About Jason Breaux
Jason A. Breaux (born 1973) is Chief Executive Officer of Crescent Capital BDC, Inc. (CCAP) since 2015; he chairs the Advisor’s investment committee, is a Managing Director at Crescent Capital Group, sits on Crescent’s Management Committee, and serves on the board of Crescent Private Credit Income Corp (CPCI). He holds an MBA from the Darden School of Business (University of Virginia) and a BA from Georgetown University . Recent operating metrics under his tenure include NII per share of $0.46 in Q3 2025, NAV per share of $19.28, and a regular quarterly dividend of $0.42 per share, reflecting BDC portfolio yield of ~10.4% at cost and 97% floating-rate debt exposure .
Selected recent performance metrics
| Metric | Q3 2024 | Q2 2025 | Q3 2025 |
|---|---|---|---|
| Net investment income per share ($) | 0.64 | 0.46 | 0.46 |
| Net increase in net assets resulting from operations per share ($) | 0.41 | 0.41 | 0.19 |
| NAV per share ($) | 20.20 | 19.55 | 19.28 |
| Regular distribution per share ($) | 0.42 | 0.42 | 0.42 |
| Weighted avg yield on income-producing securities (at cost) (%) | 11.6 | 10.4 | 10.4 |
| % of debt investments at floating rates | 97.4% | 97.2% | 97.4% |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Salomon Brothers | Corporate Finance Division (capital raising assignments) | Not disclosed | Capital raising assignments supporting issuer financing |
| Robertson Stephens | Mergers & Acquisitions Group | Not disclosed | Transaction execution and advisory in M&A |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Crescent Cap Advisors, LLC | Chairman of Investment Committee | Not disclosed | Sets private credit investment policy and oversight for CCAP’s external manager |
| Crescent Capital Group LP | Managing Director; Member of Management Committee | Not disclosed | Leadership in private credit origination, underwriting and portfolio management |
| Crescent Private Credit Income Corp (CPCI) | Director | Not disclosed | Board oversight across related fund complex entities |
Fixed Compensation
Executive officers of CCAP, including the CEO, receive no direct compensation from the Corporation; CCAP reimburses the Administrator for an allocable portion of certain officer/staff costs, while the Advisor is compensated via management and incentive fees under the Investment Advisory Agreement .
| Item | FY 2023 | FY 2024 |
|---|---|---|
| CEO/Executive officer direct compensation paid by CCAP | None | None |
| Administrative services expenses (CCAP to Administrator) | $1,454,000; $493,000 payable at year-end | $1,365,000; $555,000 payable at year-end |
Advisor fee economics (primary compensation lever governing management pay)
| Fee type | Rate/Formula | FY 2023 amount | FY 2024 amount |
|---|---|---|---|
| Base management fee | 1.25% of gross assets excluding cash equivalents; payable quarterly in arrears | $19,613,000; $190,000 waived; $5,026,000 unpaid at YE | $20,223,000; $125,000 waived; $5,066,000 unpaid at YE |
| Income incentive fee | NII-based: 100% of excess over 1.75% quarterly hurdle until “catch-up”; then 17.5% of remaining pre-incentive NII; payable quarterly in arrears | $17,451,000; $276,000 waived; $4,770,000 unpaid at YE | $18,855,000; $145,000 waived; $4,305,000 unpaid at YE |
| Capital gains incentive fee | 17.5% of realized capital gains (net of losses and depreciation) on a cumulative basis; payable annually in arrears | No accrual recorded on unrealized appreciation; none unpaid | No accrual recorded on unrealized appreciation; none unpaid |
Performance Compensation
Structure of performance-linked economics that drives management incentives at CCAP’s externally managed model.
| Metric | Weighting | Target | Actual (illustrative) | Payout | Vesting |
|---|---|---|---|---|---|
| Quarterly pre-incentive NII vs hurdle | Mechanical formula (no % weighting) | 1.75% per quarter (7.0% annualized) hurdle; catch-up to 17.5% | NII per share $0.46 in Q3 2025; gross NII amounts drive fee base | 100% of excess over hurdle until catch-up; then 17.5% of remaining pre-incentive NII | Paid quarterly in arrears |
| Annual realized capital gains (cumulative since inception) | Mechanical formula | Positive net realized capital gains (net of losses/depreciation) | No accrual recorded on unrealized appreciation in FY 2023 and FY 2024 | 17.5% of net realized capital gains; cumulative basis | Paid annually in arrears |
Notes:
- The Advisor voluntarily waived income incentive fees tied to specific fund investments and previously waived fees when NII would have fallen short of the regular dividend; waivers in FY 2023 and FY 2024 are disclosed above .
- Executive-specific RSU/PSU/option grants, vesting dates, and performance weightings for the CEO are not disclosed because compensation is paid at the Advisor, not CCAP .
Equity Ownership & Alignment
| Ownership metric | As of Mar 13, 2024 (Record Date) | As of Mar 19, 2025 (Record Date) |
|---|---|---|
| Shares owned (Common) | 47,636 | 47,636 |
| Ownership % of shares outstanding | 0.13% | 0.13% |
| Shares outstanding (Common) | 37,061,547 | 37,061,547 |
| Vested vs. unvested shares | Not disclosed | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed | Not disclosed |
| Hedging/Pledging | Prohibited by Insider Trading Policy (no hedging, shorting, margin, or pledging) | Prohibited by Insider Trading Policy (no hedging, shorting, margin, or pledging) |
| Section 16 compliance | No delinquencies reported for FY 2023 | Not disclosed |
Stock ownership guidelines (as multiples of salary) and compliance status are not disclosed in CCAP’s proxy statements .
Employment Terms
| Term | Disclosure |
|---|---|
| CEO tenure | Chief Executive Officer since 2015 |
| President role | Appointed President effective June 30, 2021; continues as CEO |
| Employment contract term/expiration | Not disclosed (executives are employed by the Advisor) |
| Severance provisions | Not disclosed (executives are employed by the Advisor) |
| Change‑of‑control triggers/multiples | Not disclosed (executives are employed by the Advisor) |
| Non‑compete/Non‑solicit/Garden leave | Not disclosed (executives are employed by the Advisor) |
| Clawbacks/Tax gross‑ups | Not disclosed at executive level; CCAP/Advisor codes of ethics govern conduct |
Additional Governance and Alignment Context
- Compensation Committee chaired by Independent Director Steven F. Strandberg; all members are independent and oversee compensation paid directly, if any, to CCAP executive officers (none) and compensation-related governance .
- Investment Advisory Agreement economics (base fee and incentive fees) were renewed by the Board, including independent directors, with waivers on specific investments and prior temporary waivers tied to dividend coverage .
- Insider Trading Policy and Rule 17j‑1 Codes of Ethics prohibit hedging, shorting, margin accounts, and pledging of CCAP securities, mitigating misalignment risk from collateralized holdings .
Investment Implications
- Pay-for-performance alignment is indirect: executive compensation is at the Advisor, while CCAP’s fee structure directly ties management economics to pre‑incentive NII above a quarterly hurdle and cumulative realized capital gains; this creates strong incentives to sustain NII and prudent realization of gains but can pressure near‑term earnings and portfolio turnover decisions .
- Ownership alignment is modest: Breaux holds 47,636 shares (~0.13% of outstanding), with strict prohibitions on hedging/pledging; lack of disclosed RSUs/options reduces clarity on individual incentive alignment beyond Advisor‑level fees .
- Retention risk appears low in corporate filings: long tenure and expanded responsibilities (CEO since 2015; appointed President in 2021), but no disclosed employment/severance/change‑of‑control terms since employment is through the Advisor; contract specifics are non‑public, limiting visibility into retention economics .
- Trading signals: Dividend stability ($0.42 per quarter) with NII per share of $0.46 and NAV drift lower in 2025 suggest ongoing earnings coverage but NAV sensitivity to marks; fee waivers (historical and investment‑specific) can support optics but are discretionary .