Nathan D. DeBacker
Chief Financial Officer, Principal Accounting Officer and Treasurer at CIM REAL ESTATE FINANCE TRUST
Executive
About Nathan D. DeBacker
Nathan D. DeBacker, 45, has served as Chief Financial Officer and Treasurer since August 2016 and as Principal Accounting Officer since April 2022. He is Managing Director of Finance & Accounting at CIM (since March 2021), holds a B.S. in Accounting from the University of Arizona, and is a CPA (Arizona) . There was no public market for CMRF common stock as of 12/31/2024; thus TSR is not calculable for 2024 . The company reported FY2024 net loss of $292.3M vs. cash from operations of $161.2M; “compensation actually paid” to DeBacker was $763,238 in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CIM Real Estate Finance Trust (CMRF) | CFO & Treasurer | Aug 2016 – Present | Executive officer through mergers of CCPT V/CCIT III (Dec 2020) and CINAV merger (Dec 2021) |
| CMRF | Principal Accounting Officer | Apr 2022 – Present | Added PAO responsibilities |
| CIM Group | Managing Director, Finance & Accounting | Mar 2021 – Present | Senior finance leadership at manager |
| CIM Opportunity Zone Fund, L.P. | Chief Accounting Officer | Since Apr 2023 | Accounting leadership (affiliate) |
| CMCT; CIM Real Assets & Credit Fund | Chief Financial Officer | Mar 2019 – Aug 2022 | Finance leadership at affiliates |
| CCIT II | CFO & Treasurer | Feb 2018 – Mar 2021 (merger with GRT) | Served through merger |
| CCPT V; CCIT III | CFO & Treasurer | Aug 2016 – Dec 2020 (mergers with CMRF) | Served through mergers |
| CCO Capital (FINRA BD) | Chief Financial Officer | Feb 2018 – Dec 2020 | Broker-dealer CFO (affiliate) |
| VEREIT, Inc. | SVP & CFO, Cole REITs | Aug 2016 – Feb 2018 | REIT finance leadership |
| CFO Financial Services, LLC | Principal | May 2014 – Aug 2016 | Accounting and advisory services |
| Cole Capital (predecessor to CCO Group) | Various; most recently VP Real Estate Planning & Analysis | 2005 – 2014 | REIT finance/analysis |
| Ernst & Young LLP | Auditor | 2002 – 2005 | External audit experience |
External Roles
| Organization | Role | Years |
|---|---|---|
| CIM Group | Managing Director, Finance & Accounting | Mar 2021 – Present |
| CIM Opportunity Zone Fund, L.P. | Chief Accounting Officer | Since Apr 2023 |
| CMCT; CIM Real Assets & Credit Fund | Chief Financial Officer | Mar 2019 – Aug 2022 |
| CCO Capital (FINRA BD) | Chief Financial Officer | Feb 2018 – Dec 2020 |
Fixed Compensation
| Year | Salary ($) | Bonus ($) | All Other Compensation ($) | Total ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 104,600 | 110,660 | 35,181 | 775,441 | Cash components are reimbursements to the manager based on allocable time; “All Other” includes allocable taxes/benefits; no CEO cash paid by Company |
Performance Compensation
Equity Awards (RSUs) Granted and Vesting
| Grant Date | Award Type | Units Granted (#) | Grant-Date FV ($) | Vesting Schedule | Payout Form | Dividend Equivalents |
|---|---|---|---|---|---|---|
| Jan 9, 2024 | RSU | 55,467.512 | 350,000 (NAV $6.31) | Three equal annual installments beginning Dec 15, 2024; remaining tranches on Dec 15, 2025 and Dec 15, 2026 | 50% stock / 50% cash value | Cash, paid on vesting (no interest) |
| Nov 12, 2024 | RSU | 28,735.63 | 175,000 (NAV $6.09) | Three equal annual installments beginning Jun 30, 2025 | 50% stock / 50% cash value | Cash, paid on vesting (no interest) |
- Stock vested in 2024: 18,489.171 RSUs on Dec 15, 2024; value realized $112,599.05 (NAV $6.09) .
- Outstanding unvested at 12/31/2024: 65,713.971 RSUs; market value $400,198.08 (NAV $6.09) .
Pay-versus-Performance framework (disclosure, not formulaic)
| Metric | Role in 2024 decisions | Notes |
|---|---|---|
| Net Income (Loss) | Considered among other measures | Committee does not specifically link “compensation actually paid” to performance measures; equity awards granted; no PSU metrics disclosed |
| Cash Flows from Operating Activities | Considered among other measures | See above |
| Net Debt Leverage Ratio | Considered among other measures | See above |
The company only began executive equity compensation in 2024 under the Manager Equity Plan; prior years had no executive compensation program for officers .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership (as of Apr 24, 2025) | 9,245 shares; less than 1% of outstanding (437,359,550 shares) |
| Unvested RSUs (12/31/2024) | 65,713.971 units; $400,198.08 at NAV $6.09 |
| 2024 RSUs vested | 18,489.171 units; $112,599.05 at vesting |
| Pledging/hedging of awards | Manager Equity Plan awards are non-transferable and may not be assigned, pledged, sold, transferred, or encumbered (void if attempted) |
Employment Terms
| Topic | Key terms |
|---|---|
| Employment/compensation structure | CMRF is externally managed. Executives are employed by CIM affiliates; Company does not pay cash comp directly (except equity awards). Company reimburses manager for CFO’s allocable cash comp and benefits based on time devoted to CMRF . |
| Equity plan | 2024 Manager Equity Incentive Plan; RSUs (and other equity types) may be granted to eligible NEOs and manager; designed for retention and alignment . |
| Change-in-control (CoC) | Award agreements for DeBacker’s RSUs provide for full acceleration of all unvested RSUs upon consummation of a CoC (single-trigger acceleration). If awards are not assumed/substituted, committee may accelerate, cancel, or cash-out under plan terms . |
| CoC definition | Disposition of ≥85% of assets or loss of ≥50% stockholder voting control; IPO is explicitly not a CoC . |
| Clawback / non-compete / severance | Not disclosed in cited sections. |
Performance & Track Record
Company performance over the last three fiscal years:
| Metric (USD) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues | 213,389,000 | 115,379,000 | 93,912,000 |
| EBITDA | 304,321,000* | 330,709,000* | 38,016,000 |
| Net Income (Loss) | 143,800,000 | 28,078,000 | -292,301,000* |
| Cash from Operations | 178,699,000 | 223,780,000 | 161,246,000 |
Values retrieved from S&P Global. Asterisk denotes values without embedded filing citation in the data feed.
Additional context:
- No public market for common stock as of 12/31/2024; TSR not calculable .
Compensation Committee Analysis
- Compensation committee members: W. Brian Kretzmer (Chair), T. Patrick Duncan, Howard A. Silver .
- Independent consultant: Ferguson Partners Consulting, L.P. engaged; committee determined no conflicts of interest under SEC rules .
- Executive pay structure: Equity awards to DeBacker approved by the committee based on manager recommendation; no Company-paid base/bonus program for executives beyond allocable reimbursements .
Investment Implications
- Equity-heavy, time-based RSUs concentrate DeBacker’s exposure in unvested equity; minimal direct share ownership (<1%) implies core alignment is via vesting rather than open-market holdings .
- Single-trigger CoC acceleration could create event-driven payout sensitivity; awards also allow committee discretion if not assumed/substituted, adding optionality under strategic transactions -.
- Upcoming vest dates may create calendar-based trading/flow considerations: Jan 2024 grant tranches on 12/15/2025 and 12/15/2026; Nov 2024 grant vests in three equal annual installments beginning 6/30/2025 .
- Pay-versus-performance disclosures cite Net Income, Cash from Ops, and Net Debt Leverage as considered measures, but no formal metric-to-payout linkage or PSU program yet—which may weaken strict pay-for-performance alignment until program matures .
- Operating results show 2024 net loss alongside strong cash generation; monitoring leverage/cash metrics relative to committee focus areas may be more informative for forward comp and equity realization than GAAP earnings alone .
Note: 2025 proxy includes a say-on-pay proposal and recommends “One Year” frequency for future votes; no historical approval percentages disclosed in the cited sections .