Stephen Minar
About Stephen Minar
Stephen Minar (year of birth: 1984) serves as Vice President of BlackRock Long-Term Municipal Advantage Trust (BTA) since May 2025 and is a Managing Director at BlackRock, Inc. (MD since 2023; Director 2018–2023) . He is an “interested person” officer by virtue of his BlackRock position and, like other executive officers (except the CCO), receives no compensation from the Fund . He is not listed among portfolio managers of the Fund complex, indicating his role is operational/corporate rather than investment management . Minar has recently executed Fund governance and financing documents, including the N‑23C‑2 notice for preferred share redemptions and reorganization-related agreements, underscoring his operational oversight within the Fund complex .
Past Roles
| Organization | Role/Title | Years | Strategic impact |
|---|---|---|---|
| BlackRock Long-Term Municipal Advantage Trust (BTA) | Vice President | Since May 2025 | Officer role; signatory on BTA’s reorganization agreements and VRDP-related documents . Biography confirms appointment date . |
| BlackRock, Inc. | Managing Director | 2023–present | Senior corporate position at adviser to the Fund; officer of the Fund is an “interested person” by virtue of BlackRock role . |
| BlackRock, Inc. | Director | 2018–2023 | Preceding role prior to Managing Director at BlackRock . |
External Roles
- Not disclosed in the DEF 14A or other cited filings.
Fixed Compensation
| Year | Employer Paying Compensation | Base Salary | Target Bonus % | Actual Bonus | Notes |
|---|---|---|---|---|---|
| 2025 | BlackRock Long-Term Municipal Advantage Trust (BTA) | None (Fund does not compensate executive officers other than the CCO) | — | — | Executive officers receive no compensation from the Funds; the CCO is compensated by the Acquiring Fund . |
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting | Notes |
|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — | Not applicable; executive officers (other than CCO) receive no Fund compensation . |
Equity Ownership & Alignment
| Holder | As-of Date | Common Shares Owned | Ownership % of Outstanding | VRDP Shares Owned | Notes |
|---|---|---|---|---|---|
| Officers and Board Members as a group | July 31, 2025 | Less than 1% of outstanding common shares | Less than 1% | None of the outstanding VRDP shares held by officers/Board as a group | CFO owned 0 common shares in the Fund as of July 31, 2025 . |
- Stock ownership guidelines, pledging, hedging policies: Not disclosed in the cited proxy.
Employment Terms
| Item | Detail |
|---|---|
| Officer role and start date | Vice President of BTA since May 2025 |
| Employment relationship | Executive officer is an “interested person” by virtue of BlackRock position; officers (except CCO) are not compensated by the Fund |
| Contracts, severance, change-of-control, non-compete | Not disclosed in the cited proxy for Fund officers |
Additional Context Relevant to Retention, Alignment and Trading Signals
- Activism/standstill environment: BTA and BlackRock Advisors entered into a standstill with Saba Capital (effective until the day after the 2027 annual meeting or Aug 31, 2027, whichever earlier). Saba agreed to customary standstill covenants and to vote in line with Board recommendations during the effective period, which reduces near-term governance disruption risk .
- Capital structure operations: Minar signed the Fund’s N‑23C‑2 notice for potential redemption of up to 67% (509 shares) of Series W‑7 VRDP Shares at $100,000 liquidation preference per share during Oct 11, 2025–Apr 1, 2026, indicating direct involvement in leverage management .
- Reorganization documentation: Minar signed reorganization-related documents and appendices as Vice President for BTA/MUA, reflecting a key execution role in fund restructuring activities .
- Preferreds profile: As of July 31, 2025, BTA had 760 VRDP shares (Series W‑7) outstanding; dividend rate over the prior 12 months was 4.03% (context for leverage cost backdrop; not specific to Minar) .
Investment Implications
- Compensation alignment: Because Minar receives no compensation from the Fund, his incentives are tied to BlackRock corporate programs rather than BTA-specific pay-for-performance metrics; this limits direct fund-level incentive alignment and eliminates fund-driven insider selling pressure from equity awards .
- Ownership/insider pressure: Officers and Board members as a group own less than 1% of outstanding common shares and none of the VRDPs, implying minimal alignment via personal ownership and low risk of insider-driven selling pressure affecting the stock in the near term .
- Retention risk: Retention levers for Minar reside with BlackRock, not the Fund; stability likely reflects BlackRock’s internal career and compensation structures rather than BTA-specific arrangements .
- Governance/trading signal: The Saba standstill through 2027 reduces the probability of near-term activist events (proxy contests, tenders) that could impact trading dynamics, potentially supporting discount-to-NAV stability; monitor for any changes to standstill or future activism post‑2027 .
- Process execution: Minar’s signatures on VRDP redemption and reorganization documents indicate operational accountability in capital structure and corporate actions—useful for anticipating timing and execution risk around preferred redemptions and reorg closing milestones .