Cucunato Jeffrey 4

What Happened

• Jeffrey Cucunato, a portfolio manager for BlackRock Credit Allocation Income Trust (BTZ), reported multiple related transactions on January 30, 2026. The filing shows a disposition to the issuer of 10,433.134 shares for $10.64/share ($111,009) and a grant/award of 15,809.211 phantom shares valued at $10.64/share ($168,210). The report also records several derivative exercises/conversions (M) totaling 10,433.134 phantom-share units that were converted/disposed on the same date (individual conversions of 4,088.546; 3,036.226; and 3,308.362 units).

Key Details

• Transaction date: January 30, 2026. Filing date (SEC accession): February 3, 2026.
• Sale/disposition: 10,433.134 shares disposed to the issuer at $10.64 per share, proceeds reported as $111,009.
• Award/grant: 15,809.211 phantom shares granted at $10.64 per share, value reported as $168,210 (derivative award).
• Derivative activity: Three exercise/conversion entries (codes M) totaling 10,433.134 phantom-share units, and one disposition to the issuer (code D) for the same total — all on 1/30/2026. Several other exercise/conversion entries list N/A for per-share price (typical for cash-settled derivatives).
• Shares owned after the transactions: Not specified in the provided excerpt of the filing.
• Footnotes: Phantom shares are cash-settled equivalents of common shares and vest per previously reported grants (vest in equal installments on each of the first three anniversaries for grants from 2023–2025).
• No 10b5-1 plan, tax-withholding method, or late-filing flag is indicated in the provided details.

Context

• These were not open-market purchases — the activity mainly involves cash-settled "phantom" share awards and conversions. Phantom shares represent a right to receive cash based on share value upon vesting rather than issuance of actual stock (see footnotes).
• The filing shows both an award (a potential future cash payout on vesting) and contemporaneous conversions/dispositions to the issuer (which often reflect cash settlement or share-for-cash mechanics). The filing itself does not explain the exact business reason (e.g., tax withholding or settlement) for the disposition to the issuer.