Erik Cuellar
BlackRock TCP CapitalAbout Erik Cuellar
Erik L. Cuellar (year of birth: 1971) serves as Chief Financial Officer and Treasurer of BlackRock TCP Capital Corp. (TCPC), responsible for financial and regulatory reporting for TCPC and affiliated BDCs; he has been with BlackRock/TCP since 2011 and was appointed CFO effective June 3, 2021 . He holds a B.S. in Accounting from California State University Northridge and is a Certified Public Accountant in California . As of December 31, 2024, his beneficial ownership in TCPC was 250 shares (<1%), and officers receive no direct compensation from the Company (paid by the external Advisor/Administrator) . For context on equity performance during his tenure, TCPC’s last reported closing price on March 26, 2025 was $8.01, a 13.2% discount to the December 31, 2024 NAV of $9.23 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ares Capital Corporation | Controller | Not disclosed | Senior financial leadership at a BDC; preparatory experience for CFO responsibilities |
| Metropolitan West Asset Management (Metropolitan West Funds) | Assistant Treasurer and Principal Accounting Officer | Not disclosed | Fund-level financial controls and reporting |
| Western Asset Management Company | Managed Alternative Investments Group | Not disclosed | Oversight of alternative investment operations |
| Deloitte & Touche LLP | Senior Auditor, Financial Services Group | Not disclosed | External audit in financial services, foundation in controls and reporting |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| BlackRock | Director (employee title) | Not disclosed | Role cited in TCPC proxy biographies |
Fixed Compensation
| Component | Status | Source |
|---|---|---|
| Company-paid base salary | None (officers do not receive compensation from TCPC) | |
| Company-paid cash bonus | None (officers do not receive compensation from TCPC) | |
| Advisor/Administrator compensation | Paid by Advisor or affiliate; a portion may be reimbursed by TCPC for administrative services |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company-level incentive plan for officers | Not applicable (officers compensated by Advisor; no TCPC-set officer plan disclosed) | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Total beneficial ownership (shares) | 250 | |
| Ownership % of shares outstanding | <1% | |
| Hedging policy for officers/directors | Company codes do not expressly prohibit hedging transactions | |
| Stock ownership guidelines | Not disclosed in proxy materials | |
| Pledged shares | Not disclosed |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Employment start in current role | Appointed CFO April 13, 2021; effective June 3, 2021 | |
| Role/responsibilities | CFO/Treasurer; responsible for financial and regulatory reporting | |
| Contract term; severance; change-of-control | Not disclosed in TCPC filings (officers compensated by external Advisor) | |
| Non-compete / non-solicit / garden leave | Not disclosed | |
| Clawback provisions | Not disclosed for officers in Company filings | |
| Signatory authority | Signs Company SEC filings (e.g., 8-K exhibits, credit facility amendment) |
Investment Implications
- Alignment: Externally-managed structure means CFO compensation is set and paid by the Advisor rather than TCPC, limiting direct transparency into pay-for-performance linkage at the Company level; officers may be reimbursed for administrative services, but TCPC does not directly pay officer compensation . Low personal share ownership (250 shares, <1%) suggests modest direct “skin-in-the-game” alignment .
- Hedging/Pledging: Company codes of ethics do not expressly prohibit hedging by directors or senior officers; this is a governance consideration for alignment since hedging can reduce exposure to equity downside .
- Tenure and accountability: Cuellar has been CFO since June 2021 and is responsible for financial/regulatory reporting; he serves as signatory on Company filings, reinforcing operational accountability .
- Shareholder oversight context: TCPC proxies focus on electing directors and authorizing below-NAV issuances; there is no say‑on‑pay proposal for officers given the external management model, which reduces direct shareholder input on officer pay .
- Market context: TCPC’s shares traded at a 13.2% discount to year‑end 2024 NAV as of March 26, 2025; continued discounts can influence capital-raising decisions and portfolio strategy, areas where CFO execution on financing and reporting is central .
Note: Items such as base salary, bonus targets, equity award vesting schedules, severance, change‑of‑control economics, and ownership guidelines for Erik Cuellar are not disclosed in TCPC’s filings because officers are compensated by the external Advisor/Administrator rather than by TCPC . Regulatory reporting compliance noted in proxies shows no Section 16(a) delinquencies for officers generally (with one late Form 3 for the CCO, not the CFO) .