Laurence Paredes

About Laurence Paredes

Laurence D. Paredes serves as Secretary of BlackRock TCP Capital Corp. (TCPC) and is a Managing Director at BlackRock, with tenure at TCPC from 2021 to present. He leads Private Debt product structuring and fund board engagement for BlackRock’s Global Private Debt Business & Product Strategy team; prior roles include General Counsel for TCPC and other BlackRock BDCs. He holds a B.A. in Economics from Hobart College and a J.D. from Benjamin N. Cardozo School of Law; year of birth 1968. TCPC’s proxy disclosures state officers do not receive direct compensation from the Company (compensation is paid by the Advisor/Administrator), and the Company’s code of ethics does not expressly prohibit hedging by Directors or Senior Officers, which has implications for alignment and potential trading behavior .

Past Roles

External Roles

Fixed Compensation

• Officers do not receive direct compensation from TCPC; compensation is paid by the Advisor or an affiliate and may be reimbursed in part for administrative services rendered on behalf of the Company .
• No TCPC stock or option plan, non‑equity incentive plan, or pension plan exists for directors; executive officer compensation is not detailed in TCPC proxies due to external management structure .

Performance Compensation

• Not disclosed for Paredes; TCPC’s externally-managed structure means any incentive design, performance metrics (e.g., revenue growth, EBITDA, TSR), grant dates, vesting, or payout formulas would be at the Advisor/BlackRock level and are not reported in TCPC proxies .
• TCPC’s code of ethics does not expressly prohibit hedging by Directors or Senior Officers, which can dilute pay‑for‑performance alignment if such activity occurs .

Equity Ownership & Alignment

• Individual beneficial ownership for Paredes in TCPC is not enumerated in the proxy ownership tables reviewed; officers listed include President/CEO/COO/CFO but not the Secretary in 2023–2025 tables .
• Directors and executive officers as a group owned less than 1% of outstanding common shares as of the 2023 and 2024 record dates, indicating limited insider equity alignment at the Company level .

• Hedging: The Company’s codes of ethics do not expressly prohibit hedging transactions for Directors or Senior Officers; no pledging policy is disclosed in the proxies reviewed .
• Stock ownership guidelines for officers/directors are not disclosed in the proxy statements reviewed .

Employment Terms

• Role/tenure: Secretary of TCPC, term “N/A; 2021 to present,” also Secretary of BlackRock Direct Lending Corp. and BlackRock Private Credit Fund; formerly Secretary/General Counsel of BlackRock Capital Investment Corporation .
• Indemnification: TCPC governing documents indemnify Directors and officers to the extent permitted by law, subject to exclusions for willful misfeasance, bad faith, gross negligence, reckless disregard of duties, and lack of good faith; criminal proceedings require reasonable belief conduct was lawful .
• Severance/change‑of‑control, non‑compete/non‑solicit, garden leave, consulting: Not disclosed in TCPC proxies for Paredes; as an externally-managed BDC, such terms, if any, would be governed by BlackRock employment arrangements and not reported by TCPC .
• SEC filings practice: Paredes frequently signs SEC filings as Secretary and as attorney‑in‑fact for insiders’ Form 4 submissions (e.g., multiple TCPC Form 4 filings on 03/20/2024 and 05/13/2025), evidencing his role in legal/compliance administration rather than personal trading activity .

Investment Implications

• Alignment: Absence of disclosed Company‑paid compensation and minimal group ownership (<1%) reduce direct pay‑for‑performance alignment signals for officers; hedging not expressly prohibited introduces potential misalignment risk if used .
• Retention risk: As a BlackRock Managing Director with responsibilities across multiple BDCs and private debt products, retention levers are governed by BlackRock rather than TCPC; TCPC does not disclose employment contract economics, severance, or change‑of‑control terms for officers .
• Trading signals: No evidence of insider Form 4 activity by Paredes as a reporting person; his frequent attorney‑in‑fact signatures reflect filing administration, not personal sales/purchases—therefore limited direct trading signal from his activity .
• Governance and policy watch‑items: Monitor any changes to TCPC’s code of ethics regarding hedging/pledging; continue tracking proxy disclosures for any evolution in officer compensation disclosure (unlikely for externally‑managed BDCs) and beneficial ownership updates .

Overall, Paredes’ role is governance/legal rather than direct P&L management; investor‑grade signals should focus on TCPC’s advisor relationship, board oversight, and portfolio performance drivers, while recognizing limited direct alignment disclosure for this officer in TCPC’s proxies .