Holl Thomas 4

4 · BlackRock Resources & Commodities Strategy Trust · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 4, 2026

BCX Portfolio Manager Holl Thomas Exercises Phantom Shares, Sells

What Happened

Holl Thomas, a portfolio manager for BlackRock Resources & Commodities Strategy Trust (BCX), exercised/converted multiple previously granted phantom-share awards on January 30, 2026. The filing shows exercises/conversions totaling about 12,409.258 phantom shares across line items.
On the same date Thomas had 6,204.629 shares disposed to the issuer at $12.47 per share for total proceeds of $77,372. The filing also shows a grant/award entry of 4,154.371 phantom shares valued at $12.47 each (total $51,805) — this is a derivative (phantom) award rather than an open-market stock purchase.

Key Details

Transaction date: January 30, 2026. Form 4 filed February 3, 2026.
Disposition to issuer: 6,204.629 shares at $12.47 = $77,372.
Award (derivative): 4,154.371 phantom shares at $12.47 = $51,805.
Exercises/conversions (derivative code M): additional entries of 1,732.213, 2,387.025 and 2,085.391 phantom shares (price/value listed as N/A in the filing).
Shares owned after the transactions: not specified in the provided details.
Footnotes: F1–F5 state these are phantom (cash‑settled) shares and vest/pay out in equal installments over three years for grants referenced from 2023–2025.

Context

Phantom shares are cash‑settled awards that pay the economic equivalent of common shares on vesting; they do not create new publicly traded shares. (See footnote F1.)
The filing shows exercises/conversions of derivative awards and a disposition to the issuer. Dispositions to the issuer are commonly used to satisfy tax withholding or other settlement obligations, but the filing does not state the specific reason.
Transaction codes: M = exercise/conversion of derivative, A = grant/award, D = disposition to issuer. These are compensation-related actions, not open-market purchases or sales driven by investment decisions.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3][F4]
2026-01-30+6,204.629→ 6,204.629 total
Disposition to Issuer
Common Stock
[F1][F2][F3][F4]
2026-01-30$12.47/sh−6,204.629$77,372→ 0 total
Award
Phantom Shares
[F1][F5]
2026-01-30$12.47/sh+4,154.371$51,805→ 4,154.371 total
→ Common Stock (4,154.371 underlying)
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−1,732.213→ 3,464.425 total
→ Common Stock (1,732.213 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−2,387.025→ 2,387.025 total
→ Common Stock (2,387.025 underlying)
Exercise/Conversion
Phantom Shares
[F1][F4]
2026-01-30−2,085.391→ 0 total
→ Common Stock (2,085.391 underlying)

Footnotes (5)

[F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
[F2]As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F3]As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F4]As previously reported on a Form 4 dated February 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F5]These phantom shares vest in equal installments on each of the first three anniversaries of the award.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-03

1 file