Wolfe Patrick 4

4 · BlackRock HPS Credit Strategies Fund · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 3, 2026

BlackRock HPS Credit Strategies Fund — Wolfe Patrick Exercises Phantom Shares

What Happened

Wolfe Patrick, a portfolio manager for BlackRock HPS Credit Strategies Fund, exercised/converted multiple derivative awards (phantom share units) on January 30, 2026 and had a disposition to the issuer of 13,142.849 shares at $8.16 per share, totaling $107,246. Several other converted derivative amounts (1,672.668; 2,315.092; 9,155.089) are reported as exercises/conversions with no per-share price shown (cash-settled/derivative conversions).
This filing reflects cash-settled phantom-share vesting/conversion activity rather than an open-market sale or a purchase of common stock.

Key Details

Transaction date: 2026-01-30; Form 4 filed 2026-02-03 (timely within required window).
Disposition to issuer: 13,142.849 shares at $8.16 each; total reported proceeds $107,246.
Other reported derivative conversions/exercises (M): 13,142.849 acquired (N/A price) and dispositions of 1,672.668; 2,315.092; and 9,155.089 shares (N/A price) — these are cash-settled/derivative entries (price shown as N/A).
Shares owned after the transactions: not disclosed in this filing.
Footnotes: F1–F4 indicate these are "phantom shares" (cash-payable upon vesting) and relate to prior grants on Jan 31, 2023; Jan 31, 2024; and Jan 31, 2025 that vest in equal installments over three years.

Context

Phantom shares are cash-settled awards (F1); the filing shows conversion/settlement of such awards rather than a market sale of stock. That means this is routine compensation/vesting activity for previously reported grants, not necessarily an investment signal.
Transaction codes: M = exercise/conversion of a derivative; D = disposition to issuer. The filing does not state the specific reason for the disposition (e.g., net settlement or tax withholding).

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3][F4]
2026-01-30+13,142.849→ 13,142.849 total
Disposition to Issuer
Common Stock
[F1][F2][F3][F4]
2026-01-30$8.16/sh−13,142.849$107,246→ 0 total
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−1,672.668→ 3,345.335 total
→ Common Stock (1,672.668 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−2,315.092→ 2,315.092 total
→ Common Stock (2,315.092 underlying)
Exercise/Conversion
Phantom Shares
[F1][F4]
2026-01-30−9,155.089→ 0 total
→ Common Stock (9,155.089 underlying)

Footnotes (4)

[F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
[F2]As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F3]As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F4]As previously reported on a Form 4 dated February 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-03

1 file