Marc Cardella
About Marc Cardella
Marc Cardella serves as Vice President and Controller (Principal Financial Officer) of Nuveen Real Estate Income Fund (JRS), with service since 2024 and year of birth 1984 . He is Senior Managing Director, Head of Public Investment Finance at Nuveen and holds principal finance roles across TIAA advisory entities and registered products (Teachers Advisors, LLC; TIAA‑CREF Investment Management, LLC; Teachers Insurance and Annuity Association of America; TIAA SMA Strategies LLC; and Principal Financial Officer/Principal Accounting Officer/Treasurer of TIAA Separate Account VA‑1 and the College Retirement Equities Fund) . JRS has no employees; fund officers serve without compensation from the Fund (compensation paid by the Adviser), limiting direct pay-for-performance alignment disclosure at the fund level . As context, JRS had 28,892,471 common shares outstanding as of February 18, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen | Senior Managing Director; Head of Public Investment Finance | Not disclosed | Leads public investment finance; oversight of closed‑end fund finance operations |
| Teachers Advisors, LLC | Senior Managing Director | Not disclosed | Principal finance leadership across advisory platforms |
| TIAA‑CREF Investment Management, LLC | Senior Managing Director | Not disclosed | Finance and treasury roles supporting registered funds |
| Teachers Insurance and Annuity Association of America | Managing Director | Not disclosed | Broader institutional finance responsibilities |
| TIAA SMA Strategies LLC | Managing Director | Not disclosed | Structured products/managed accounts finance oversight |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| TIAA Separate Account VA‑1 | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | Principal financial reporting/accounting oversight for variable annuity separate account |
| College Retirement Equities Fund (CREF) | Principal Financial Officer, Principal Accounting Officer, Treasurer | Not disclosed | Principal finance/accounting leadership for large registered fund complex |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Fund‑paid officer compensation | $0 | The Funds have no employees; officers serve without any compensation from the Funds |
| Compensation source | Adviser‑paid | CCO comp structure described as Adviser‑paid; officer comp not disclosed by fund |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
The JRS proxy does not disclose officer performance metrics, targets, or incentive payouts for fund officers; officers are compensated by the Adviser, not the Fund .
Equity Ownership & Alignment
| Item | Amount | Notes |
|---|---|---|
| JRS common shares outstanding | 28,892,471 | As of record date Feb 18, 2025 |
| Beneficial ownership – Board Members and officers as a group (JRS) | 1,344 shares | As of Dec 31, 2024 |
| Ownership % – Board Members and executive officers as a group | <1% | As of Feb 18, 2025 (each Fund) |
| Individual holdings – Marc Cardella | Not disclosed | Individual officer holdings are not itemized in JRS proxy appendices |
| Pledging/hedging | Not disclosed | No pledging/hedging policy disclosure for officers; Board investment expectations pertain to Trustees |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Office | Vice President and Controller (Principal Financial Officer) | |
| Start of service (Fund officer) | Since 2024 | |
| Term length | Indefinite; officers elected by Board annually, serve until successors elected/qualified | |
| Removal | Controller/Vice President may be removed at any time, with or without cause, by Board resolution (majority of Trustees present) | |
| Resignation | By written notice to Trustees/Chair/CAO/Secretary; effective upon specified time or receipt | |
| Duties (Controller) | Keep accurate financial records; render accounts; perform duties incident to Controller | |
| Employment contract | Not disclosed | — |
| Severance | Not disclosed | — |
| Change‑of‑control | Not disclosed | — |
| Non‑compete / non‑solicit | Not disclosed | — |
| Clawback | Not disclosed | — |
Investment Implications
- Compensation alignment at the fund level is limited: officers receive no compensation from JRS, and Adviser‑paid packages aren’t disclosed in the proxy, reducing visibility into pay‑for‑performance metrics and vesting schedules for Marc Cardella .
- Ownership alignment appears minimal at the fund level: Board Members and executive officers as a group hold <1% of JRS shares; group holdings were 1,344 shares as of Dec 31, 2024, versus 28.89M shares outstanding, suggesting limited direct “skin‑in‑the‑game” at JRS for officers (individual officer holdings not itemized) .
- Governance/retention risk is structurally low for role continuity: officer terms are indefinite with annual election by the Board; removal is at Board discretion, consistent with investment company by‑laws, but absence of disclosed severance/change‑of‑control terms means limited insight into exit economics .
- Execution capability is supported by broad finance leadership across TIAA/CREF platforms (Principal Financial Officer roles), which can be positive for reporting quality and operational oversight; however, insider trading/vesting pressure signals are not available from the proxy and would require Form 4 review for Cardella to assess selling pressure dynamics .