John M. Perlowski
President and Chief Executive Officer at BlackRock Long-Term Municipal Advantage Trust
CEO
Executive
Board
About John M. Perlowski
John M. Perlowski (born 1964) serves as Director/Trustee and as President and Chief Executive Officer of BlackRock Long‑Term Municipal Advantage Trust (BTA), roles he has held since 2014 (Director/Trustee) and 2011 (President & CEO). He is a Managing Director of BlackRock, Inc. and Head of BlackRock Global Accounting and Product Services (since 2009), and previously held senior product and fund oversight roles at Goldman Sachs Asset Management. He is classified as an “interested” Board Member (not independent) due to his BlackRock affiliation, and he also serves on the Boards’ Executive Committee across the complex .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Goldman Sachs Asset Management | Managing Director; COO, Global Product Group | Not disclosed | Product/operations leadership for GSAM’s product platform and oversight of affiliated fund complexes . |
| Goldman Sachs Mutual Funds / Goldman Sachs Offshore Funds | Treasurer & SVP (Mutual Funds); Director (Offshore Funds) | Not disclosed | Fund governance and fiduciary oversight for registered/offshore GS funds . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Family Resource Network (charitable foundation) | Advisory Director | Since 2009 | Ongoing external advisory service alongside BlackRock roles . |
Fixed Compensation
| Component | Disclosure for BTA | Notes |
|---|---|---|
| Cash salary | Not disclosed by the Fund | Perlowski is employed by BlackRock; he and Robert Fairbairn “serve without compensation from the Funds” . |
| Director/Trustee retainer | $0 for interested Board Members | Independent Board Members receive retainers; interested Board Members (including Perlowski) do not receive Fund fees . |
| Independent Board Member annual retainer (context) | $370,000 | Paid across the BlackRock Fixed‑Income Complex; Chairs/Vice Chair and committee roles receive additional retainers . |
| Additional retainers (context) | Chair $140,000; Vice Chair $84,000; Committee Chair/member retainers vary | Audit Chair $55k; POC $42.5k; Compliance $50k; Governance $42.5k; Discount $25k; Securities Lending $20k; members $15k–$30k . |
Performance Compensation
| Incentive type | Disclosure for BTA | Performance metrics | Vesting |
|---|---|---|---|
| Annual bonus, equity (RSUs/PSUs), stock options | Not disclosed by BTA; paid by BlackRock, not the Fund | Not disclosed in Fund filings | Not disclosed in Fund filings . |
The Fund’s proxy statements do not report BlackRock corporate pay mix, targets, or vesting for Perlowski; BTA pays no executive compensation to him .
Equity Ownership & Alignment
| Item | As of date | Value/Amount | Notes |
|---|---|---|---|
| Personal ownership in BTA common | Dec 31, 2024 | None | Reported “Aggregate Dollar Range of Common Shares in BTA: None” for Perlowski . |
| Personal ownership in MUA common | Dec 31, 2024 | None | “Aggregate Dollar Range of Common Shares in MUA: None” . |
| Aggregate ownership across supervised funds | Dec 31, 2024 | Over $100,000 | Aggregate dollar range across BlackRock Fixed‑Income Complex supervised funds . |
| Group ownership (officers/Board) | Aug 1, 2025 | <1% of outstanding common shares | Officers and Board Members as a group owned <1% of outstanding common shares of each Fund; none of the VRDP Shares . |
| Pledging/hedging | Not disclosed | — | No pledging/hedging disclosure specific to Perlowski found in the Fund proxies . |
| Ownership guidelines | Not disclosed | — | No BTA‑specific executive ownership guideline disclosures for interested Board Members . |
Implications:
- With no reported BTA share ownership, direct “skin‑in‑the‑game” alignment at the Fund level is limited; his financial incentives are set at BlackRock corporate, not by BTA .
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| Employment agreement, severance, change‑of‑control | Not disclosed by BTA | As a BlackRock employee, terms (if any) are not reported in BTA proxies; no Fund‑level severance or CIC economics . |
| Clawbacks, tax gross‑ups, deferred comp (executive) | Not disclosed by BTA | Fund proxies discuss deferred comp only for Independent Board Members, not applicable to Perlowski . |
| Non‑compete / non‑solicit | Not disclosed | — |
Board Governance
| Attribute | Details |
|---|---|
| Board status | Interested Director/Trustee (not independent) due to BlackRock affiliation . |
| BTA roles and tenure | Director/Trustee (2014–present); President & CEO (2011–present) . |
| Executive Committee | Member (interested); committee includes two Independent Board Members (Chair R. Glenn Hubbard; W. Carl Kester) . |
| Committee authority highlights | Executive Committee can act on routine/urgent matters between Board meetings and may authorize leverage actions between meetings . |
| Board meeting counts (BTA) | Executive Committee Meetings: FY 2024: 0; FY 2025: 1 . |
Executive Committee meetings at BTA:
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Executive Committee Meetings (count) | 0 | 1 |
Dual‑role implications:
- As President & CEO and an “interested” Board Member on the Executive Committee, Perlowski participates in between‑meeting actions; independence is safeguarded by Independent Board Members’ majority on the committee and across the Board .
Director Compensation (for context; not paid to Perlowski)
| Pay element | Amount |
|---|---|
| Independent Board Member annual retainer | $370,000 |
| Chair / Vice Chair additional retainers | $140,000 / $84,000 |
| Committee Chair retainers | Audit $55,000; Performance Oversight $42,500; Compliance $50,000; Governance $42,500; Discount $25,000; Securities Lending $20,000 |
| Committee member retainers | Audit $30,000; Compliance $25,000; Governance $25,000; Discount $20,000; Securities Lending $15,000 |
| Perlowski compensation from Funds | $0 (serves without compensation from the Funds) |
Performance & Track Record
- Biography and fund leadership: Managing Director at BlackRock since 2009; Head of Global Accounting and Product Services since 2009; BTA President & CEO since 2011; previously senior GSAM roles. No TSR, revenue, or EBITDA metrics are reported for Perlowski in BTA’s proxy materials .
Other Directorships & Interlocks
- Public company boards: None disclosed for Perlowski in the Fund proxies .
- BlackRock fund complexes: Board member for funds in the BlackRock Multi‑Asset Complex in addition to the Fixed‑Income Complex .
- External: Advisory Director, Family Resource Network (since 2009) .
Compensation Structure Analysis (Signals)
- Fund‑level pay: No cash/equity compensation from BTA; thus no Fund‑level targets, vesting, or equity creating direct alignment; incentives are determined at BlackRock corporate level, not disclosed in BTA’s proxy .
- Ownership alignment: No BTA share ownership reported as of Dec 31, 2024; aggregate ownership “Over $100,000” across supervised funds indicates some exposure to the complex broadly but not to BTA specifically .
Risk Indicators & Red Flags
- Independence and dual role: “Interested” status and Executive Committee membership create potential perception of reduced independence; offset by Independent Board majority governance and explicit committee compositions .
- Insider selling pressure: None indicated at the Fund level given no reported BTA holdings by Perlowski as of Dec 31, 2024 .
- Say‑on‑pay: Not applicable to closed‑end funds; no Fund‑level executive compensation program to vote on .
Compensation Committee Analysis
- Compensation setting: Independent Board compensation is fully disclosed and paid by the funds; interested Board Members (including Perlowski) are not compensated by the funds. Use of the Independent Board structure (with multiple committees) separates governance from adviser management .
Investment Implications
- Alignment: With no BTA holdings and no Fund‑level compensation, Perlowski’s incentives are set at BlackRock corporate, which may reduce direct alignment to BTA’s NAV/market discount dynamics; however, independent Board structures and committee oversight (including the Executive Committee’s limited remit) provide governance checks .
- Trading signal: Lack of personal BTA ownership suggests minimal risk of insider selling pressure in BTA from Perlowski; monitor any future changes in the proxy “Share Ownership” table for evolving alignment .
- Governance risk: Dual role (CEO + interested Trustee) is common in fund complexes; continued focus should be on committee composition/meeting cadence and Board responsiveness around leverage and reorganization decisions (noting the 2025 BTA–MUA reorganization process) .