Kirill Bouek
About Kirill Bouek
Kirill Bouek (born 1984) is Controller of Crescent Capital BDC, Inc. (“CCAP”) since 2019 and also serves as Chief Financial Officer of Crescent Private Credit Income Corp. (“CPCI”). Prior roles include Controller at THL Credit’s private debt business and earlier positions at American Securities and PricewaterhouseCoopers; he holds a B.S. in Finance and Real Estate, an M.S. in Accounting from the University of Denver, and is a CPA (inactive) and CFA . CCAP is externally managed; executive officers receive no direct compensation from the Corporation, which affects traditional pay-for-performance alignment at the issuer level . During CCAP’s public track record window highlighted by management, NAV per share rose over 3%, the portfolio’s first-lien mix increased to nearly 90%, and total economic return per share (change in NAV plus dividends) was ~37% since listing; insider ownership of CCAP shares increased over 4x since Q4 2019 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| THL Credit (private debt business incl. public BDC and private fund structures) | Controller | — | Led controllership across public BDC and multiple private debt structures |
| American Securities | Finance/Accounting roles | — | Buy-side experience prior to controllership roles |
| PricewaterhouseCoopers LLP | Started career in 2008 | — | Foundational accounting/audit experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Crescent Private Credit Income Corp. (CPCI) | Chief Financial Officer | — | CFO role concurrent with CCAP Controller position |
Fixed Compensation
- CCAP’s executive officers, including the Controller, receive no direct compensation from the Corporation; CCAP reimburses the Administrator for an allocable portion of compensation paid to these officers and relevant staff, recorded within administration expenses. As a result, CCAP does not disclose base salary, target bonus, or equity grants for executive officers at the issuer level .
- For context, CCAP incurred $1,365,000 of administrative services expenses in FY2024, of which $555,000 was payable at year-end; this includes allocable officer compensation reimbursed to the Administrator (not itemized by individual) .
Performance Compensation
- CCAP does not disclose RSUs/PSUs/options or incentive metrics for executive officers; they receive no direct compensation from the Corporation, and there are no issuer-level executive equity grants or option awards reported in the proxy .
- The external Adviser earns management and incentive fees per the Investment Advisory Agreement (base fee 1.25% of gross assets excluding cash; income incentive fee with 7% annualized hurdle and 17.5% participation; capital gains incentive fee at 17.5%), but these fees accrue to the Adviser, not to named CCAP executives .
Equity Ownership & Alignment
| Metric | 2024 Proxy (Record Date) | 2025 N-2/A (as of Mar 31, 2025) | 2025 Proxy (Record Date) |
|---|---|---|---|
| Shares owned (#) | 737 | 776 | 810 |
| Ownership (% of outstanding) | <0.1% | <0.1% | <0.1% |
| Insider Transactions | Date | Type/Code | Shares | Notes |
|---|---|---|---|---|
| Dividend reinvestment (DRIP) | 12/31/2024 | Form 5, Code J | 73 | Shares acquired via DRIP, not previously reported under Rule 16a-11 |
- Pledging, hedging, margin accounts, and derivative transactions in CCAP stock are prohibited for directors and officers under the Rule 17j-1 Code of Ethics and CCAP’s Insider Trading Policy (filed with the FY2024 10-K), materially reducing hedging/pledging risk .
Employment Terms
| Item | Detail |
|---|---|
| Position | Controller of CCAP (since 2019) |
| Appointment/tenure | Officers are appointed by the Board; serve until successor is elected and qualified, or earlier resignation/removal |
| Employment structure | Executive officers are personnel of the Administrator/affiliates; CCAP reimburses an allocable portion of their compensation |
| Severance/CoC economics | Not disclosed at the issuer level; CCAP does not pay executives directly and no issuer-level severance/CoC terms for officers are reported in proxy |
| Clawbacks/ownership guidelines | Not disclosed for officers at issuer level; trading restrictions and anti-hedging/pledging policies apply |
Performance & Track Record (Company context during tenure)
| Metric | 9M 2023 | 9M 2024 |
|---|---|---|
| Total return based on market value (%) | 45.67% | 15.88% |
| Total return based on NAV (%) | 5.95% | 8.53% |
| NAV per share – beginning ($) | 19.83 | 20.04 |
| NAV per share – end ($) | 19.70 | 20.20 |
| Asset coverage ratio (%) | 184% | 186% |
- Management commentary: since listing (Feb 2020), NAV/share up >3%, first-lien mix ~90%, total economic return/share ~37%; insider ownership up >4x since Q4 2019 .
- Recent quarter context (Q3 2025): Investment income $41.4M vs $43.0M in Q2; cash/restricted cash $27.8M; undrawn capacity $239.8M; debt-to-equity 1.23x; weighted average cost of debt 5.99% .
Compensation Structure Analysis
- Issuer-level misalignment: With no direct CCAP salary/bonus/equity awarded to executive officers, traditional pay-for-performance levers (TSR, NII/NAV growth gates) are not utilized at the issuer level for Bouek; compensation is borne by the Administrator and only reimbursed by CCAP .
- Equity skin-in-the-game: Direct CCAP share ownership is de minimis (<0.1%), but insider buying via DRIP indicates ongoing participation without selling pressure; hedging/pledging barred .
- Governance oversight: The Compensation Committee (all independent; chaired by Steven F. Strandberg) oversees compensation paid directly, if any, to executive officers, though such direct pay is currently none .
Investment Implications
- Alignment: Bouek’s issuer-level incentives are limited; compensation is routed through the external management platform, diluting direct linkage to CCAP TSR/NAV outcomes. Ownership is small, but trading restrictions reduce hedging/pledging risk; recent DRIP additions support low selling pressure .
- Retention: Employment resides with the Administrator/affiliates; CCAP does not disclose issuer-level severance/change-of-control terms for officers, limiting visibility into retention economics at the issuer level . Retention risk appears tied more to external manager dynamics than CCAP corporate actions.
- Signals to monitor: Changes to the Administration Agreement or Investment Advisory Agreement, role changes at CPCI/Administrator, any emergence of CCAP-level executive equity grants, or updates to insider ownership trends and trading policy enforcement .