Holl Thomas 4

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.