Raymond Barrios
About Raymond Barrios
Raymond Barrios is Managing Director of Crescent Capital BDC, Inc. (CCAP) and a senior investment professional at Crescent Capital Group focused on private credit; he previously served in Crescent’s Mezzanine Product Group. He holds an MBA from Harvard University and a BA from UCLA; he joined Crescent in 2008 and has served as a Managing Director of the Corporation since 2019 . He is also President of Crescent Private Credit Income Corp. (CPCI) and Co‑Chief Executive Officer of CCS IX BDC, reflecting broader leadership across Crescent’s BDC complex . Company performance context (Net Income) over the last three fiscal years is shown below to frame pay‑for‑performance analysis.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income - (IS) ($USD) | $15.54m | $83.84m | $73.65m |
Commentary: Net income rose sharply from 2022 to 2023, then moderated in 2024, reflecting BDC earnings dynamics; these are company-level results, not individual performance attribution.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Crescent Capital BDC, Inc. | Managing Director | 2019–present | Senior investment professional for Advisor; governance and investment oversight within CCAP’s externally managed structure . |
| Crescent Capital Group LP | Private Credit; previously Mezzanine Product Group | 2008–present | Origination and portfolio leadership in private credit; mezzanine investing background . |
| Jefferies & Company, Inc. | Leveraged Finance Group | Pre‑2008 | Arranged/financed leveraged transactions; foundational credit and capital markets experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Crescent Private Credit Income Corp. (CPCI) | President | Current | Leadership of Crescent’s non‑traded BDC platform; cross‑platform deal flow and portfolio coordination . |
| CCS IX BDC | Co‑Chief Executive Officer | Current | Executive responsibility for affiliated BDC operations and investment strategy . |
Fixed Compensation
| Component | Disclosure/Status | Notes |
|---|---|---|
| Base salary | Not disclosed by CCAP | CCAP’s executive officers (including Barrios) receive no direct compensation from the Corporation; CCAP reimburses the Administrator for allocable portions of compensation for certain officers and related staff providing services . |
| Target/Actual bonus | Not disclosed by CCAP | Same as above; no direct bonus reported at CCAP level . |
| Pension/SERP/Deferred comp | Not disclosed | No such benefits disclosed for CCAP executive officers . |
| Perquisites | Not disclosed | No perquisite details disclosed for CCAP executive officers . |
Performance Compensation
Because CCAP is externally managed, incentive economics are governed by the Investment Advisory Agreement with Crescent Cap Advisors; this framework influences management incentives more than CCAP‑paid NEO awards.
| Metric/Mechanism | Weighting | Target/Hurdle | Actual/Payout | Vesting |
|---|---|---|---|---|
| Income Incentive Fee (quarterly) | N/A | 1.75% preferred return per quarter (7% annualized) with catch‑up until Adviser receives 17.5% up to 2.1212%; 17.5% above catch‑up . | FY 2024 income incentive fees incurred $18.855m; $145k waived; $4.305m unpaid at year‑end . | N/A |
| Capital Gains Incentive Fee (annual) | N/A | 17.5% of realized capital gains net of losses/depreciation on a cumulative basis, less amounts previously paid . | No capital gains incentive fee accrued for FY 2024 . | N/A |
| Base Management Fee (quarterly) | N/A | 1.25% of gross assets (ex‑cash/cash equivalents/restricted cash), paid in arrears . | FY 2024 management fees incurred $20.223m; $125k waived; $5.066m unpaid at year‑end . | N/A |
Notes: Adviser waives fees on specified fund investments; these waivers modestly reduce fee drag. Executive officers, including Barrios, are compensated by affiliates; CCAP discloses no individual equity/option awards, vesting schedules, or bonus metrics for them .
Equity Ownership & Alignment
| Item | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Common shares beneficially owned | 13,710 | 13,710 | 15,072 |
| % of shares outstanding | <0.1% (asterisk) | <0.1% (asterisk) | <0.1% (asterisk) |
| Options (exercisable/unexercisable) | Not disclosed | Not disclosed | Not disclosed . |
| Vested vs. unvested shares | Not disclosed | Not disclosed | Not disclosed . |
| Shares pledged as collateral | Prohibited under Insider Trading Policy (no pledging/margin) | Prohibited | Prohibited |
| Hedging/short sales | Prohibited | Prohibited | Prohibited |
| Ownership guidelines | Not disclosed | Not disclosed | Not disclosed |
Trend: Barrios’ reported holdings increased to 15,072 shares by the 2025 record date from 13,710 in prior years, indicating incremental net accumulation . Policy restrictions reduce alignment risks from hedging/pledging .
Employment Terms
| Term | Disclosure |
|---|---|
| Appointment/tenure | Officers are appointed by and serve at the discretion of the Board; CCO removal subject to Rule 38a‑1 processes . |
| Employment start date at Crescent | Joined Crescent in 2008 . |
| Years in current CCAP role | Managing Director since 2019 (approx. 6 years as of 2025) . |
| Contract term, auto‑renewal, garden leave | Not disclosed . |
| Non‑compete / non‑solicit | Not disclosed . |
| Severance / Change‑of‑Control | Not disclosed for executive officers; CCAP is externally managed and discloses Adviser/Administrator agreements rather than individual employment contracts . |
| Clawback policy | Not specifically disclosed for executive officers; Insider Trading and Codes of Ethics are disclosed . |
Risk Indicators & Governance Considerations
- Insider Trading Policy prohibits hedging, short sales, pledging, and margin accounts—mitigating misalignment and forced‑sale risks .
- CCAP discloses no material legal proceedings expected to materially affect the business; no executive‑specific proceedings pertaining to Barrios are disclosed .
- Section 16 reporting in 2024 indicates compliance by directors and executive officers; no exceptions listed for Barrios .
Compensation Committee and Governance Context
- CCAP executive officers (including Barrios) receive no direct compensation from CCAP; Independent Directors oversee compensation paid directly by the Company (which is limited to Director fees) and the Company reimburses the Administrator for allocable portions of certain officer/staff costs .
- The Compensation Committee is composed entirely of independent directors and oversees compensation matters; charters available on the Company website .
Investment Implications
- Pay-for-performance linkage at CCAP is driven primarily by the external Adviser fee structure (base fee on gross assets and income/capital gains incentive fees), not by CCAP‑level NEO awards. This can encourage asset growth and income generation but may create potential tension with per‑share returns if not balanced by fee waivers and disciplined underwriting .
- Barrios’ rising share ownership (to 15,072 shares) and the prohibition on hedging/pledging support alignment; however, his ownership remains <0.1% of shares outstanding, limiting direct equity sensitivity to CCAP’s TSR .
- Retention risk: As a Crescent employee serving CCAP and affiliated BDCs (CPCI President; CCS IX BDC Co‑CEO), Barrios’ career path and incentives are tied to the Adviser and broader platform; CCAP does not disclose individual employment protections, severance, or change‑of‑control terms, implying standard at‑will service at the CCAP entity level .
- Trading signal: Absence of CCAP‑granted RSUs/options or vesting schedules reduces mechanical selling pressure; insider policy further reduces forced‑sale/pledge risks .
Sources: CCAP DEF 14A (2025, 2024, 2023) for executive backgrounds, ownership, governance, and compensation framework . Net Income figures from S&P Global via tool with citations .