Cucunato Jeffrey 4

What Happened

• Jeffrey Cucunato, a portfolio manager at BlackRock HPS Credit Strategies Fund (NA), converted multiple cash‑settled phantom share awards (derivatives) on January 30, 2026 and disposed of 11,813.877 phantom shares back to the issuer for $8.16 each, totaling $96,401. At the same time he was credited/awarded 5,889.706 phantom shares valued at $8.16 each (total $48,060). Several additional conversions/exercises of phantom shares were reported the same day (amounts listed but cash amounts not separately reported).

Key Details

• Transaction date: January 30, 2026; Form filed February 3, 2026 (filed within the required two business days).
• Sale/disposition: 11,813.877 phantom shares disposed to issuer at $8.16 per share for $96,401 (transaction code D).
• Award/acquisition: 5,889.706 phantom shares valued at $8.16 per share, totaling $48,060 (transaction code A).
• Other reported actions: multiple exercise/conversion entries (transaction code M) for 11,813.877; 5,154.38; 3,807.914; and 2,851.583 phantom shares (N/A price because these are cash‑settled conversions).
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Footnotes: These are phantom (cash‑settled) shares. Grants referenced were originally made on 1/31/2023, 1/31/2024 and 1/31/2025 and vest/pay out in equal installments on each of the first three anniversaries of the grant date.

Context

• These were cash‑settled phantom share conversions and payments, not open‑market stock trades. A phantom share is an economic equivalent of a common share that is payable in cash upon vesting, so the conversions and disposition indicate cash settlement rather than the issuance or sale of actual company stock.
• Transaction codes: M = exercise/conversion of a derivative; D = disposition to issuer (cash settlement); A = grant/award. These types of filings typically reflect routine vesting and payout mechanics rather than an outright market purchase or sale of company stock.