Garfin Mitchell 4

What Happened
Mitchell Garfin, a portfolio manager at BlackRock Corporate High Yield Fund, Inc. (HYT), had multiple phantom‑share awards vest on January 30, 2026. The filing shows conversion/exercise of derivative phantom units (transaction code M) totaling 66,056.897 units across grants, and a disposition to the issuer (code D) of 33,028.448 units at $8.86 per unit, generating $292,632 in cash proceeds. The transactions reflect cash settlement of phantom share awards rather than an open‑market purchase or sale of common stock.

Key Details

• Transaction date: 2026-01-30; Form filed: 2026-02-03 (filed within required two business days).
• Reported dispositions: 33,028.448 units sold/tendered to issuer at $8.86 for $292,632. Additional conversions/dispositions shown for 15,669.864, 10,104.215 and 7,254.37 units; no per‑unit price or cash amount reported for those lines.
• Total phantom units converted on the report date: 66,056.897.
• Shares owned after the transaction: not specified in the summary data provided.
• Footnotes: F1–F4 note these are "phantom shares" (cash‑settled economic equivalents of common shares) from grants made Jan 31 in 2023, 2024 and 2025 that vest in equal installments on each of the first three anniversaries.

Context

• These were cash‑settled phantom share awards (not open‑market stock trades). The filing shows conversion/exercise of derivative awards and a same‑day disposition/tender to the issuer for cash, which is typical for cash‑settled awards or tax withholding at vesting.
• Transaction codes: M = exercise/conversion of a derivative (phantom units); D = disposition to the issuer.
• This is routine compensation vesting and cash settlement by a portfolio manager; it should not be read as a direct buy/sell sentiment on the stock price.