Ariel Hazzard
BlackRock TCP CapitalAbout Ariel Hazzard
Ariel Tiffany Hazzard served as Chief Compliance Officer (CCO) of BlackRock TCP Capital Corp. (TCPC) from April 24, 2024 until her resignation effective July 31, 2025 . She is a Director at BlackRock, Inc., and previously held roles as Associate (2016–2018) and Vice President (2019–2022) at BlackRock; earlier career includes Credit Legal at Apollo Global Management and ISDA onboarding at UBS . Education: B.S. in Finance and Marketing from Boston College and J.D. from Maurice A. Deane School of Law at Hofstra University . As CCO, her scope included oversight of compliance programs across BlackRock’s closed-end funds and index ETFs, and she concurrently served as CCO for BlackRock’s other BDCs (BDLC and BlackRock Private Credit Fund), indicating a platform-level compliance leadership role rather than TCPC-specific performance accountability .
Note: TCPC’s proxies disclose that officers do not receive direct compensation from the Company; they are paid by the Advisor/Administrator and a portion may be reimbursed by TCPC, so company-level pay-for-performance metrics tied to Hazzard’s compensation are not disclosed . TCPC’s codes of ethics do not expressly prohibit hedging by Directors or Senior Officers, which weakens alignment safeguards .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock, Inc. | Associate | 2016–2018 | Supported registered funds compliance program implementation across U.S. mutual funds, closed-end funds, and active ETFs . |
| BlackRock, Inc. | Vice President | 2019–2022 | Expanded compliance leadership; groundwork for oversight of closed-end fund and index ETF businesses . |
| BlackRock, Inc. | Director | 2023–Present | Oversight of closed-end fund and index ETF businesses; platform-level compliance . |
| Apollo Global Management, LLC | Credit Legal team | Prior to BlackRock | Supported Apollo’s BDC, closed-end funds, and sub-advised accounts—credit product regulatory expertise . |
| UBS | ISDA Onboarding Analyst | Prior to Apollo | Managed derivatives and repo onboarding across strategic clients—contracts and control mechanics . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock Direct Lending Corp. (BDLC) | Chief Compliance Officer | Concurrent with TCPC tenure | Platform compliance; BDC-level policies and procedures oversight . |
| BlackRock Private Credit Fund | Chief Compliance Officer | Concurrent with TCPC tenure | Oversight for closed-end interval fund structure; cross-vehicle consistency in compliance . |
| BlackRock, Inc. | Director | Ongoing | Oversight of closed-end fund and index ETF businesses; governance interface . |
Fixed Compensation
| Item | Disclosure | Notes |
|---|---|---|
| Base Salary | Not disclosed at registrant level . | Officers receive no direct compensation from TCPC; paid by Advisor/Administrator. |
| Target Bonus % | Not disclosed at registrant level . | Compensation determined by Advisor; TCPC may reimburse allocable administrative cost. |
| Actual Bonus Paid | Not disclosed at registrant level . | No company-level detail. |
| Perquisites | Not disclosed at registrant level . | No director-level plans apply to officers. |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs/PSUs | Not disclosed at registrant level . | — | — | — | — | — |
| Options | Not disclosed at registrant level . | — | — | — | — | — |
| Cash STI | Not disclosed at registrant level . | — | — | — | — | — |
TCPC does not disclose officer incentive plan metrics (e.g., TSR, revenue growth, EBITDA, ESG) for externally managed officers; any awards would be issued by BlackRock or its affiliates, not TCPC .
Equity Ownership & Alignment
| Metric | Dec 31, 2024 | Jan 27, 2025 |
|---|---|---|
| Beneficial Ownership (Common) | — (none reported for Ariel Hazzard) . | Form 3 filed: “No securities are beneficially owned.” . |
| Ownership as % of Shares Outstanding | <1% for all directors and officers as a group . | — |
| Vested vs. Unvested Shares | Not disclosed . | Not applicable (no beneficial ownership) . |
| Options (Exercisable/Unexercisable) | Not disclosed . | Not disclosed . |
| Shares Pledged as Collateral | Not disclosed . | Not disclosed . |
| Stock Ownership Guidelines | Not disclosed . | Not disclosed . |
| Hedging Policy | Hedging not expressly prohibited for Directors/Senior Officers . | Hedging not expressly prohibited . |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment Date | April 24, 2024 (effective immediately) | |
| Role | Chief Compliance Officer of TCPC | |
| Status Update | Served as CCO as of 2024 10-K filing (Feb 27, 2025) | |
| Resignation Notice | July 15, 2025 notification to Board; effective July 31, 2025; not due to disagreement | |
| Successor | Board appointed Charles Park as CCO effective July 31, 2025 | |
| Compensation Arrangement | Officers receive no compensation directly from TCPC; paid by Advisor/Administrator; TCPC may reimburse allocable portion | |
| Employment Agreement | Not disclosed | |
| Severance | Not disclosed at registrant level (externally managed) | |
| Change-of-Control | Not disclosed; platform-level management agreements with Advisor exist | |
| Clawback | Code of Ethics in place; clawback specifics not disclosed | |
| Non-Compete / Non-Solicit | Not disclosed |
Investment Implications
- Compensation alignment: Externally managed structure means no disclosed company-level salary/bonus/equity metrics for Hazzard; pay-for-performance linkage to TCPC outcomes is opaque, limiting direct alignment analysis for the CCO role .
- Ownership/insider pressure: Zero beneficial ownership reported on Form 3; no Form 4 activity indicated here; minimal insider selling pressure attributable to Hazzard . Group ownership remains <1%, signaling low officer equity alignment at the registrant level .
- Governance risk controls: TCPC’s codes of ethics do not expressly prohibit hedging for Directors/Senior Officers, a weaker stance versus best-practice anti-hedging/anti-pledging policies; pledging status is not disclosed—monitor for policy enhancements .
- Retention/continuity: Hazzard’s departure was non-controversial and timed with an immediate successor (Charles Park), mitigating operational continuity risk in compliance; platform-level oversight by BlackRock reduces single-person dependency risk .
- Related-party dynamics: Advisor-managed model and co-investment framework introduce allocation and conflict considerations that can influence returns; compliance leadership helps mitigate these risks, but economics are driven by Advisor agreements rather than officer incentives .
Overall, Hazzard’s tenure reflects platform-level compliance leadership without company-level pay disclosure or equity alignment; her resignation and successor appointment suggest limited impact on TCPC’s operating or trading dynamics. Continued focus should be on Advisor agreements, fee structures, and Board oversight of conflicts—primary levers for BDC shareholder outcomes .