Delbos David 4

What Happened David Delbos, a portfolio manager at BlackRock DURATION INCOME TRUST (BLW), converted/ exercised 3,587.228 phantom shares and immediately disposed of them to the issuer on Jan 30, 2026. The shares were settled for $13.74 each for a total cash value of $49,289. This was a cash-settlement of vested derivative awards (a sale/cash payout), not an open-market purchase.

Key Details

• Transaction date: January 30, 2026; sale price to issuer: $13.74 per share; total proceeds: $49,289.
• Report filed: Form 4 dated February 3, 2026 (covers the Jan 30, 2026 transaction).
• Shares affected: 3,587.228 phantom shares converted and disposed.
• Shares owned after transaction: Not reported in the provided filing.
• Footnotes: F1 explains a "phantom share" is economically equivalent to one share but payable in cash on vesting. F2 notes these phantom shares were granted Jan 31, 2023 and vest in equal installments over the first three anniversaries of the grant date.

Context This was a cash settlement of vested phantom-share awards (exercise/conversion of a derivative followed by disposition to the issuer), meaning Delbos received cash rather than selling shares in the open market. Such cash-settlements are routine compensation events and provide less immediate insight into insider sentiment than open-market purchases or sales. The transaction value is modest (~$49k).