Dan Worrell
BlackRock TCP CapitalAbout Dan Worrell
Dan Worrell (year of birth: 1963) is Co‑Chief Investment Officer of BlackRock TCP Capital Corp. (TCPC) and BlackRock’s other BDCs (BlackRock Direct Lending Corp. and BlackRock Private Credit Fund), serving since 2024. He is a member of BlackRock’s US Private Capital Group (USPC), sits on the USPC Management Operating Committee, leads USPC’s Underwriting Committee, and is a voting committee member; he also serves on investment committees for other BlackRock private credit funds . Worrell joined Tennenbaum Capital Partners (TCP) in 2007 (acquired by BlackRock in 2018), previously investing across high yield, special situations, and distressed strategies; he holds an MBA from Columbia University (1991) . As context on company performance, TCPC shares traded at a 13.2% discount to NAV on March 26, 2025 ($8.01 vs. $9.23 NAV), highlighting valuation sensitivity for externally managed BDCs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tennenbaum Capital Partners (TCP) | Managing Director; led multiple industry sectors | 2007 onward; TCP acquired by BlackRock in 2018 | Led origination/sector coverage; foundation for USPC platform under BlackRock |
| Mulholland Capital Advisors | High Yield Portfolio Manager | Not disclosed | Analyzed and invested in high yield, capital structure arbitrage, special situations |
| Gruss Partners | Investor in distressed/special situations | Not disclosed | Distressed and special situations investing experience |
| JPMorgan | Investor in distressed/special situations | Not disclosed | Large‑cap institutional credit perspective |
| Central Asia‑focused PE fund (Kazakhstan) | Investment Manager | Not disclosed | International PE exposure; special situations in emerging markets |
External Roles
| Organization/Body | Role | Years | Strategic Impact |
|---|---|---|---|
| BlackRock USPC | Management Operating Committee; Head of Underwriting Committee; voting committee member | Current | Drives underwriting standards, risk oversight, and credit selection for USPC/BDC strategies |
| Other BlackRock private credit funds | Investment Committee member | Current | Cross‑fund governance and investment oversight |
| Various portfolio companies (Consumer & Healthcare) | Director | Not disclosed | Board roles at portfolio companies in Consumer and Healthcare sectors |
Fixed Compensation
| Component | Disclosure Status | Notes |
|---|---|---|
| Base salary | Not disclosed | TCPC officers do not receive compensation from the Company; paid by BlackRock’s advisor/administrator |
| Target bonus % | Not disclosed | Compensation determined and paid by Advisor/affiliates, not TCPC; no officer comp details in proxy |
| Actual bonus paid | Not disclosed | No officer compensation amounts disclosed by TCPC |
| Pension/SERP | Not disclosed | No officer pension/SERP disclosures in proxy |
| Perquisites | Not disclosed | No officer perquisite disclosures in proxy |
The Governance & Compensation Committee determines, or recommends to the Board, officer compensation; however, officers receive no direct compensation from TCPC and amounts are not disclosed in the proxy, limiting pay‑for‑performance visibility .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
TCPC’s proxy does not disclose officer performance metrics, incentive plan design (RSUs/PSUs/options), or vesting schedules for officers; officers are compensated by the Advisor/Affiliates rather than the Company .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (shares) | 23,500 common shares (represents less than 1%) |
| Shares outstanding (for % calc context) | 85,077,297 common shares as of March 26, 2025 |
| Ownership as % of shares outstanding | ~0.03% (23,500 / 85,077,297) |
| Vested vs unvested shares | Not disclosed |
| Options (exercisable/unexercisable) | Not disclosed |
| Shares pledged as collateral | Not disclosed in proxy |
| Hedging policy | Codes of ethics do not expressly prohibit hedging of company securities by Directors or Senior Officers (red flag for alignment) |
| Stock ownership guidelines (officers) | Not disclosed |
| Compliance status with guidelines | Not disclosed |
Employment Terms
| Term | Detail |
|---|---|
| Current role | Co‑Chief Investment Officer (TCPC and affiliated BDCs) |
| Role start date | 2024 |
| Contract term/expiration | Not disclosed |
| Severance provisions | Not disclosed (no officer compensation arrangements disclosed by TCPC) |
| Change‑of‑control economics | Not disclosed |
| Clawback provisions | Not disclosed for officers; general codes of ethics referenced, without clawback detail |
| Non‑compete / non‑solicit | Not disclosed |
| Garden leave / consulting | Not disclosed |
Board Governance (Context)
- Worrell is an officer, not a TCPC director; TCPC’s independent directors and committee structure (Audit; Governance & Compensation; Joint Transactions) oversee governance and co‑investment approvals; the Governance & Compensation Committee determines officer compensation though officers are paid by Advisor/Affiliates .
- Hedging not expressly prohibited for Directors/Senior Officers under the codes of ethics; board met 18 times in 2024 with >75% attendance from all directors .
Risk Indicators & Red Flags
- Limited transparency on officer compensation and incentive metrics due to external management model; no officer pay details disclosed by TCPC (limits pay‑for‑performance analysis) .
- Hedging not expressly prohibited for Directors/Senior Officers (potential misalignment risk if hedging is used) .
- Small personal ownership (<1% and ~0.03% of shares outstanding) suggests limited direct equity alignment at the company level (common across externally managed BDCs) .
- Section 16 compliance disclosures note timely filings for officers, with one late Form 3 for the CCO due to administrative oversight; no issues flagged for Worrell .
Compensation Committee Analysis
- Governance & Compensation Committee (Independent Directors) is responsible for determining/recommending officer compensation, nominations, and code oversight; officers receive no compensation directly from TCPC, as pay is handled by the Advisor/Administrator, which reduces visibility into metrics, targets, and payouts at the Company level .
Say‑on‑Pay & Shareholder Feedback
- TCPC’s proxy focuses on director compensation; say‑on‑pay for officers is not applicable given officers’ compensation is paid by the Advisor/Affiliates and not disclosed by TCPC .
Expertise & Qualifications
- MBA, Columbia University (1991); extensive experience in direct lending, high yield, distressed, special situations; leadership of underwriting and investment governance across USPC and BlackRock private credit funds .
Work History & Career Trajectory
- TCP (Managing Director; joined 2007), Mulholland Capital Advisors (High Yield PM), Gruss Partners and JPMorgan (distressed/special situations), Investment Manager at Central Asia‑focused PE fund (Kazakhstan) .
Investment Implications
- Alignment: Personal stake is small (~0.03% of shares), and hedging is not expressly prohibited—monitor for any pledging/hedging activity and reliance on Advisor‑level incentives to gauge alignment .
- Pay‑for‑performance visibility: Absence of disclosed officer pay, metrics, and vesting terms at TCPC (compensation paid by Advisor/Affiliates) limits direct linkage between Company outcomes and Worrell’s compensation—engagement with Advisor disclosures may be necessary to assess incentives .
- Execution role: As Co‑CIO and Head of Underwriting Committee, Worrell is central to credit selection and risk management; portfolio credit quality and realized losses are key levers to evaluate performance given valuation discounts and BDC balance sheet constraints .
- Trading signals: Persistent discount to NAV (e.g., 13.2% as of Mar 26, 2025) creates sensitivity to capital raising below NAV and portfolio marks; governance structure and underwriting discipline under Worrell’s leadership are critical to narrowing discounts and sustaining distributions .