Stephen Minar
About Stephen Minar
Stephen Minar (born 1984) is Vice President of BlackRock MuniHoldings Fund, Inc. (MHD) since 2025; he is a Managing Director of BlackRock, Inc. since 2023 and previously served as a Director at BlackRock since 2018 . Officers of the Funds serve at the pleasure of the Board and, except for the Chief Compliance Officer (CCO), receive no compensation from the Funds; the Acquiring Fund compensates the CCO for his services, implying that Minar’s compensation is not paid by MHD and is not disclosed in MHD filings . He is classified as an “interested person” of the Funds due to his position with BlackRock or its affiliates, and his address is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 . Fund-level performance metrics tied to his compensation (e.g., TSR, revenue growth, EBITDA growth) are not disclosed in MHD filings .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock MuniHoldings Fund, Inc. (MHD) | Vice President | Since 2025 | Authorized signatory on Fund corporate actions (e.g., Articles of Amendment), evidencing operational authority . |
| BlackRock, Inc. | Managing Director | Since 2023 | Senior leadership role at the adviser to the Funds . |
| BlackRock, Inc. | Director | Since 2018 | Corporate oversight experience within the adviser to the Funds . |
| Multiple BlackRock closed-end funds | Attorney-in-fact | Authorized June 6, 2025 | Board-authorized to sign N-14 registration statements and amendments on behalf of the Funds, reinforcing governance and execution capacity . |
External Roles
No external public company board roles or committee positions are disclosed for Minar in the MHD filings reviewed .
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Compensation from the Fund | None | Executive officers (except the CCO) receive no compensation from the Funds; the Acquiring Fund compensates the CCO for CCO services . |
| Employer | BlackRock, Inc. | Minar is a Managing Director/Director at BlackRock, Inc.; compensation specifics are not provided in MHD filings . |
| Base salary | Not disclosed | Not disclosed in MHD filings . |
| Target/Actual bonus | Not disclosed | Not disclosed in MHD filings . |
| Perquisites | Not disclosed | Not disclosed in MHD filings . |
| Pension/SERP/Deferred comp | Not disclosed | Not disclosed in MHD filings . |
Performance Compensation
Not disclosed in MHD filings (no Fund-level equity awards, options, or performance metrics tied to Minar’s compensation are reported) .
Equity Ownership & Alignment
Ownership stakes, RSUs/PSUs, options, pledging/hedging, and stock ownership guidelines for Minar are not disclosed in MHD filings; insider holdings and transactions for MHD officers are not reported in these documents . As context, the N-14 notes independent Board Members and their immediate family did not beneficially own securities of the Investment Advisor as of July 31, 2025, but this does not address Minar’s personal holdings .
Employment Terms
| Term | Disclosure | Detail |
|---|---|---|
| Position start date | Vice President since 2025 | Officer appointment disclosed in officer biography tables . |
| Status | “Interested person” | By virtue of his position with BlackRock or affiliates . |
| Service at pleasure of Board | Yes | Officers serve at the pleasure of the Board . |
| Indemnification | Yes | Fund governing documents and separate indemnification agreements provide indemnification to Board Members and officers subject to legal limitations (e.g., no indemnification for willful misfeasance, bad faith, gross negligence) . |
| Attorney-in-fact authority | Yes | Authorized by Fund Boards to sign N-14 registration statements and amendments . |
| Signatory authority | Yes | Signed Articles of Amendment and reorganization agreements as Vice President . |
| Address | c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 | Disclosed in officer information sections . |
| Non-compete/non-solicit | Not disclosed | Not disclosed in MHD filings . |
| Severance/change-of-control | Not disclosed | Not disclosed in MHD filings . |
| Clawbacks/tax gross-ups | Not disclosed | Not disclosed in MHD filings . |
Investment Implications
- Fund-level pay-for-performance analysis is not applicable for Minar because executive officers (other than the CCO) do not receive compensation from the Funds; any compensation and incentive alignment would be at BlackRock, Inc. and is not disclosed in MHD filings, limiting visibility into salary/bonus/equity levers, vesting, or change-of-control economics .
- Operational authority and governance engagement are evidenced by his attorney-in-fact designation and signatory role on reorganization documents and charter amendments, supporting continuity of fund administration but offering limited direct trading signals without insider transaction disclosures .
- No disclosure on ownership (vested/unvested shares, options, pledging) or performance-linked awards constrains alignment analysis; monitoring future Form 4 filings (if any) and 8-K Item 5.02 events would be necessary to assess insider selling pressure or retention risk .