Trent Walker
About Trent Walker
Trent Walker is the Chief Financial Officer (principal financial officer) of BlackRock MuniHoldings California Quality Fund, Inc. (MUC), serving since 2021; he is a Managing Director of BlackRock, Inc. since 2019, and was born in 1974. Officers serve at the pleasure of the Board and are “interested persons” by virtue of positions with BlackRock or its affiliates; the address for executive officers is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 . Fund documents state executive officers receive no compensation from the Fund (CCO excepted); as of July 31, 2025, the CFO did not own any shares of the Fund and executive officers and Board Members, as a group, owned less than 1% of outstanding common shares . Walker certifies and signs the Fund’s N-CSR filings; most recently, he signed the report and related SOX certifications on March 24, 2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock MuniHoldings California Quality Fund, Inc. | Chief Financial Officer (principal financial officer) | Since 2021 | Certifies and signs financial reports (N-CSR) as CFO |
| BlackRock, Inc. | Managing Director | Since 2019 | Senior finance leadership for BlackRock-advised funds; “interested person” of Funds due to affiliate position |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in fund filings | — | — | Fund documents list internal BlackRock roles; no external directorships disclosed for Trent Walker |
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Base salary | Not disclosed | Executive officers receive no compensation from the Fund (CCO compensated by the Fund) |
| Target bonus % | Not disclosed | Compensation is determined by BlackRock employment, not disclosed in Fund proxy |
| Actual bonus paid | Not disclosed | — |
| Perquisites | Not disclosed | — |
| Pension/SERP | Not disclosed | — |
With the exception of the Chief Compliance Officer (CCO), executive officers receive no compensation from the Fund .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs | Not disclosed | — | — | — | — | — |
| Options | Not disclosed | — | — | — | — | — |
| Annual bonus | Not disclosed | — | — | — | — | — |
Fund-level performance-based compensation for executive officers is not disclosed; compensation occurs at BlackRock, Inc. and is outside Fund proxy scope .
Equity Ownership & Alignment
| Item | Detail | Date/Period |
|---|---|---|
| Direct/indirect common shares owned (MUC) | 0; CFO did not own any shares of the Fund | As of July 31, 2025 |
| Executive officers + Board members as a group | <1% of outstanding common shares | As of July 31, 2025 |
| Initial Section 16 statement | Form 3 filed; “No securities are beneficially owned.” | Event 01/01/2021; filed 01/12/2021 |
| Options (exercisable/unexercisable) | Not disclosed | — |
| Vested vs unvested shares | Not disclosed | — |
| Shares pledged as collateral | Not disclosed | — |
| Ownership guidelines (multiple of salary) | Not disclosed | — |
| Compliance with guidelines | Not disclosed | — |
Employment Terms
| Term | Provision | Source |
|---|---|---|
| Role | Chief Financial Officer (principal financial officer) | Since 2021 |
| Officers serve at Board’s pleasure | Yes | |
| Address | c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 | |
| Non-compete / Non-solicit | Not disclosed in Fund filings | |
| Severance provisions | Not disclosed in Fund filings | |
| Change-of-control (trigger/multiples) | Not disclosed in Fund filings | |
| Clawback | Not disclosed in Fund filings | |
| Tax gross-ups | Not disclosed in Fund filings | |
| Deferred compensation | Not disclosed in Fund filings | |
| Certification of financials | CFO signs and certifies N-CSR | 03/24/2025 |
Investment Implications
- Compensation alignment: Fund-level documents indicate no compensation paid to executive officers (comp at adviser), limiting visibility into pay-for-performance levers at the Fund level; any incentives are tied to BlackRock employment rather than Fund TSR/NAV outcomes .
- Ownership alignment: CFO held zero MUC shares as of July 31, 2025; initial Form 3 showed no beneficial ownership. Lack of personal stake reduces direct alignment and implies minimal insider selling pressure in MUC from the CFO .
- Retention/contract risk: Officers serve at the pleasure of the Board; severance, change-of-control, and clawbacks are not disclosed at the Fund level, suggesting retention and economics are governed by BlackRock policies rather than Fund-specific agreements .
- Trading signals: Absence of Form 4 activity and zero holdings suggest limited insider-driven signals for MUC tied to Walker; monitoring adviser-level disclosures (BlackRock) would be more informative for incentive changes or equity vesting pressure .