Garfin Mitchell 4

What Happened
Garfin Mitchell, a portfolio manager for BlackRock Credit Allocation Income Trust (BTZ), had phantom-share awards vest and be cash-settled on 2026-01-30. The filing shows a grant/award (A) of 13,383.017 phantom shares valued at $10.64 each (total $142,395). At the same time, 8,122.523 shares (resulting from conversion/exercise of phantom-share units) were surrendered/disposed to the issuer at $10.64 per share for $86,424. The conversions/dispositions listed (3,573.690; 2,201.793; 2,347.040) sum to the 8,122.523 shares surrendered. Net cash received after the surrender/withholding is roughly $55,972.

Key Details

• Transaction date: January 30, 2026. Filing date: February 3, 2026 (timely).
• Award: 13,383.017 phantom shares @ $10.64 = $142,395 (code A).
• Surrender/disposition to issuer: 8,122.523 shares @ $10.64 = $86,424 (code D); residues of conversions listed as M (exercise/conversion).
• The three M-line conversions (3,573.690; 2,201.793; 2,347.040) equal the 8,122.523 shares surrendered.
• Shares owned after the transaction: not stated in this filing.
• Notable footnotes: these are "phantom shares" (cash-settled equivalents of common shares) that vest in installments (see F1–F5); grants originate from prior annual awards (Jan 31 grants in 2023–2025).
• Filing timeliness: appears timely (filed within required business-day window).

Context

• Phantom shares are cash-settled awards (economic equivalent of common shares) that pay out in cash on vesting; they are not open-market stock purchases or sales.
• The pattern here is a vesting/cash settlement of phantom-share awards with a portion surrendered to the issuer—common practice to cover tax withholding or related obligations—rather than an open-market sale indicating a change in market view.
• This is reporting of compensation-related activity by an employee/portfolio manager, not a 10% owner or an open-market trade.