Wolfe Patrick 4

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).