Joseph T. Castro
About Joseph T. Castro
Joseph T. Castro serves as Vice President of Nuveen Variable Rate Preferred & Income Fund (NPFD) and is listed as Executive Vice President, Chief Risk and Compliance Officer at Nuveen; he previously was Senior Managing Director and Head of Compliance, and also serves as Senior Managing Director at Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen, LLC . He was born in 1964 and began serving as an officer of the Nuveen fund complex in 2025; officer terms are indefinite and officers receive no compensation from the Funds themselves . The fund’s proxy and filings do not disclose TSR, revenue or EBITDA performance linked to Castro’s service; closed-end fund officer compensation and performance linkages are not reported at the fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Nuveen (parent) | Executive Vice President, Chief Risk and Compliance Officer | Not disclosed | Enterprise risk and compliance leadership for Nuveen/TIAA investment complexes |
| Nuveen | Senior Managing Director and Head of Compliance (former) | Not disclosed | Led compliance function; oversight across Nuveen fund adviser entities |
| Nuveen Fund Advisors, LLC; Nuveen Securities, LLC; Nuveen, LLC | Senior Managing Director | Not disclosed | Senior governance across adviser and distribution entities |
| Nuveen Variable Rate Preferred & Income Fund (NPFD) | Vice President (Fund Officer) | Since 2025 | Officer of the fund; administrative/governance role (no fund-paid compensation) |
External Roles
No external directorships, committee roles, or outside affiliations for Joseph T. Castro are disclosed in NPFD’s proxy or 8-K filings. Skip — not disclosed .
Fixed Compensation
Closed-end fund officers receive no compensation from the Funds; NPFD’s CCO compensation is paid by the Adviser (Nuveen), and officers serve without fund-paid compensation .
| Component | Amount/Terms | Source |
|---|---|---|
| Fund-paid cash compensation (salary/retainer) | $0 (officers serve without compensation from the Funds) | |
| Compensation payer | Adviser (Nuveen) pays CCO compensation; officer pay not at fund level |
Performance Compensation
Performance-based incentives (bonus metrics, PSUs/RSUs, options) for fund officers are not disclosed at the fund level. Skip — not disclosed .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Total beneficial ownership (Castro) | Not individually disclosed | |
| Officers and Board as a group ownership | Less than 1% of outstanding shares for each Fund | |
| NPFD shares outstanding (record date) | 24,164,141 Common; 85,000 TFP Series A Preferred | |
| Vested vs unvested shares (Castro) | Not disclosed | |
| Options (exercisable vs unexercisable) | Not disclosed | |
| Shares pledged as collateral | Not disclosed | |
| Stock ownership guidelines (officers) | Not disclosed; Board Members expected to invest at least one year of compensation across the fund complex (Board governance principle) |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Officer title | Vice President (NPFD) | |
| Term length | Indefinite | |
| Length of service | Since 2025 | |
| Employer of record | Funds have no employees; officer compensation handled by Adviser | |
| Employment agreement/severance/change-of-control | Not disclosed in NPFD filings | |
| Non-compete / non-solicit / garden leave | Not disclosed | |
| Post-termination consulting | Not disclosed |
Investment Implications
- Limited disclosure: As a closed-end fund, NPFD does not report officer compensation structures, equity awards, or individual beneficial ownership for officers in proxy materials; thus pay-for-performance, vesting calendars, and insider selling pressure signals cannot be assessed from fund filings .
- Alignment and risk: Officers and Board as a group own less than 1% of fund shares, implying low direct “skin-in-the-game” at the fund level; however, Board Members have a governance principle to invest at least one year of compensation in the fund complex, which does not extend to officers in disclosed materials .
- Retention/contract economics: Officer term is indefinite and employment economics (severance, change-of-control, clawbacks, hedging/pledging policies) are not disclosed for NPFD officers; compensation occurs at the Adviser (Nuveen) level and is outside fund proxy reporting, limiting investor evaluation of retention risk and incentive alignment via fund filings .
- Governance/compliance: The fund reports compliance with Section 16(a) filing requirements in the prior fiscal years, indicating positive governance hygiene but without individual Form 4 detail for Castro in the proxy; lack of officer-level trading disclosures in fund materials restrains trading signal analysis .