Stephen Minar
About Stephen Minar
Stephen Minar (born 1984) serves as Vice President of BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) and has held the role since May 2025; he is a Managing Director of BlackRock, Inc. (since 2023) and previously Director of BlackRock, Inc. (since 2018). Officers of the Funds serve at the pleasure of the Board; with the exception of the Chief Compliance Officer, executive officers receive no compensation from the Funds. During the most recent periods disclosed, MIY’s total return to common shareholders was 0.01% (NAV) and 3.47% (market) for the six months ended 01/31/25 and 5.82% (NAV) and 9.30% (market) for FY 2024, providing fund-level performance context for his tenure; Minar also acts as an authorized signatory on fund corporate actions and notices.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Director | 2018–present | Not disclosed |
| BlackRock, Inc. | Managing Director | 2023–present | Not disclosed |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) | Vice President | Since May 2025 | Authorized signatory; officers serve at Board’s pleasure |
| BlackRock MuniYield Quality Fund III, Inc. | Vice President | 2025 | Authorized signatory on Articles of Amendment |
| BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) | Vice President | 2025 | Signed Rule 23c-2 redemption notice |
Fixed Compensation
| Item | MIY Disclosure |
|---|---|
| Base salary ($) | Not paid by the Fund (officers receive no compensation; CCO only) |
| Target bonus (%) | Not paid by the Fund |
| Actual bonus ($) | Not paid by the Fund |
| Perquisites | Not disclosed |
With the exception of the Chief Compliance Officer, executive officers receive no compensation from the Funds; compensation, if any, is at the BlackRock parent level and not disclosed in MIY materials.
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable to MIY officers | — | — | — | — | — |
MIY does not disclose performance-based compensation metrics for officers other than the CCO; no PSU/RSU/option metrics tied to Minar are presented in MIY proxy materials.
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Total beneficial ownership (shares) | Not disclosed for officers in MIY proxy; share ownership tables address Board Members |
| Ownership as % of shares outstanding | Not disclosed for officers |
| Vested vs. unvested shares | Not disclosed for officers |
| Options (exercisable/unexercisable) | Not disclosed for officers |
| Shares pledged as collateral | Not disclosed |
| Stock ownership guidelines | Not disclosed for officers |
| Compliance with ownership guidelines | Not disclosed |
MIY proxy provides share ownership disclosure for Board Members; officer-level beneficial ownership is not presented.
Employment Terms
| Term | Detail |
|---|---|
| Employment start at MIY | Vice President since May 2025; annual term |
| Service status | Officers serve at the pleasure of the Board |
| Contract term length / expiration | Not disclosed |
| Non-compete / non-solicit | Not disclosed |
| Severance / Change-of-control | Not disclosed |
| Clawback provisions | Not disclosed |
| Tax gross-ups | Not disclosed |
| Authorized signatory roles | Signed MIY Rule 23c-2 redemption notice; signed Articles of Amendment for related BlackRock fund |
Performance & Track Record (Fund-Level TSR Context)
| Metric | Year Ended 07/31/20 | Year Ended 07/31/21 | Year Ended 07/31/22 | Year Ended 07/31/23 | Year Ended 07/31/24 | Six Months Ended 01/31/25 |
|---|---|---|---|---|---|---|
| Total Return Based on NAV (%) | 5.52 | 5.61 | (11.35) | (0.40) | 5.82 | 0.01 |
| Total Return Based on Market Price (%) | 4.31 | 16.02 | (9.28) | (15.09) | 9.30 | 3.47 |
These fund-level returns provide context during and around Minar’s tenure; attribution to an officer is not disclosed in MIY materials.
Investment Implications
- Compensation alignment and trading signals: MIY does not pay or disclose officer compensation (except CCO), eliminating typical pay-for-performance and vesting-driven selling signals at the fund level for Minar. Insider transactions and equity award details would require Form 4 review; they are not included in MIY proxy/8-K materials.
- Retention and governance: Minar’s role appears anchored at BlackRock, where he is a Managing Director; MIY officers serve at the Board’s pleasure, and Minar functions as an authorized signatory on corporate actions (e.g., Rule 23c-2 redemption notice and Articles of Amendment for related funds), indicating continuity in operational governance rather than portfolio management discretion.
- Ownership alignment: Officer-level beneficial ownership and pledging/hedging disclosures are not provided for MIY; Board-level ownership disclosures are present, but they do not extend to officers. Absent such disclosures, there are no observable officer alignment red flags in MIY documents.
- Performance backdrop: MIY’s TSR recovered in FY 2024 and six months ended 01/31/25 on NAV/market price, offering a constructive backdrop; however, fund-level results are not linked to officer incentives or payout mechanics in MIY filings.
Monitoring recommendation: Track future MIY proxies for any change in officer compensation disclosures and consult Form 4 filings for Stephen Minar to assess any vesting-related sales or option exercises, as those are more current than proxies and directly inform selling pressure and alignment.