Stephen Minar
About Stephen Minar
Stephen Minar (year of birth: 1984) is Vice President of BlackRock MuniHoldings California Quality Fund, Inc. (MUC) since May 2025 and a Managing Director at BlackRock since 2023, after serving as a Director at BlackRock from 2018 to 2023 . His address of record is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001, and officers serve at the pleasure of the Board . Fund filings do not disclose individual performance metrics (TSR, revenue, EBITDA) tied to his role; MUC executive officers (other than the CCO) receive no compensation from the Fund, indicating no fund-level pay-for-performance link .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Director | 2018–2023 | Senior leadership role at BlackRock; provided executive-level oversight relevant to BlackRock-advised funds . |
| BlackRock, Inc. | Managing Director | 2023–present | Senior leadership position; serves as an executive officer for BlackRock-advised funds . |
| BlackRock-advised Funds (MUC/BFZ) | Vice President | Since May 2025 | Operational leadership; authorized signatory on Reorganization Agreement and Articles of Amendment for MUC/BFZ transactions . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in MUC filings | — | — | Filings list only BlackRock roles and fund officer positions for Minar . |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Fund-paid executive compensation (officers) | Not paid by MUC | “With the exception of the CCO, executive officers receive no compensation from the Funds.” |
| CCO compensation | Paid by the Fund | The Fund compensates the Chief Compliance Officer; not applicable to Minar |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Fund-level bonuses/equity awards to executive officers | Not applicable | — | — | — | — | — |
| Notes | Officers (other than CCO) receive no compensation from the Fund; no fund-level incentive plan disclosure for officers | — | — | — | — | — |
| Citations | “With the exception of the CCO, executive officers receive no compensation from the Funds.” | — | — | — | — | — |
Equity Ownership & Alignment
| Item | Disclosure | Detail |
|---|---|---|
| Beneficial ownership (executive officers) | Not disclosed for officers | Proxy equity ownership tables cover Board Members and nominees, not fund executive officers . |
| Shares pledged/hedged | Not disclosed for officers | No officer pledging/hedging disclosure; fund-level derivatives discussion pertains to portfolio management, not officer stock hedging . |
| Section 16(a) reporting | Funds’ Section 16 insiders generally compliant | Filings note general compliance and list late filings for other individuals; no Minar-specific late filings disclosed . |
| Stock ownership guidelines | Not disclosed for officers | No executive officer stock ownership guideline disclosure in MUC proxies . |
Employment Terms
| Term/Provision | Disclosure | Detail |
|---|---|---|
| Position & Tenure | Vice President; Annual term; Since May 2025 | Listed in executive officer tables |
| Service condition | Officers serve at the pleasure of the Board | Standard for fund officers |
| Employer/Advisor | BlackRock Advisors, LLC (investment adviser) | Provides personnel and services to operate the Fund |
| Address | 50 Hudson Yards, New York, NY 10001 | c/o BlackRock, Inc. |
| Employment agreement & severance | Not disclosed | No fund-level employment contracts or severance terms disclosed for officers |
| Change-of-control | Not disclosed | No officer-specific CIC terms disclosed; transactional documents show Minar’s signatory role |
| Clawbacks, tax gross-ups, non-compete | Not disclosed | No officer-specific provisions disclosed |
Performance & Track Record
| Event | Role | Date/Context | Implication |
|---|---|---|---|
| Agreement and Plan of Reorganization (BFZ into MUC) | Vice President; Authorized signatory | Proxy filed September 8, 2025 (Special Meeting Oct 15, 2025) | Demonstrates operational involvement in fund corporate actions and governance processes . |
| Articles of Amendment (MUC) | Vice President; Authorized signatory | As of 2025 (execution page in proxy) | Confirms delegated authority and execution reliability for fund corporate filings . |
Investment Implications
- Compensation alignment: Minar has no fund-paid compensation (officers, except CCO, are unpaid by the Funds), so there is no direct fund-level pay-for-performance linkage; incentives and retention levers likely exist at BlackRock Inc. level and are not disclosed here .
- Insider selling pressure: With no fund-level equity grants and no disclosed officer holdings/pledging for MUC, near-term selling pressure signals tied to executive awards are not evident from fund documents; Section 16(a) compliance disclosures show general adherence without Minar-specific issues .
- Retention and execution risk: Minar’s progression to Managing Director (2023) and appointment as Fund Vice President (May 2025) suggests stable internal leadership; authority to execute key documents indicates trusted operational role; officers serve at the pleasure of the Board, implying flexibility in role changes without contractual severance exposure at the fund level .
- Governance context: Strategic decisions, compensation, and oversight are Board-led (e.g., President/CEO John M. Perlowski), with BlackRock Advisors providing personnel; investors should evaluate BlackRock’s broader incentive structures for alignment rather than fund-level officer pay .