Bishop Alastair 4

What Happened

• Alastair Bishop, a portfolio manager for BlackRock Resources & Commodities Strategy Trust (BCX), had derivative/phantom-share activity on Jan 30, 2026. He converted/ exercised phantom-share derivatives (totaling 7,066.949 shares) and those were disposed to the issuer for $12.47 per share, generating $88,125 in cash. On the same date he was credited with a new phantom-share award of 3,793.424 shares valued at $12.47 each (total value reported $47,304). The derivative conversions were split into three conversion entries that sum to the 7,066.949 shares sold.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Sales/disposition: 7,066.949 shares disposed to issuer at $12.47 — proceeds $88,125.
• Award/acquisition: 3,793.424 phantom shares granted at $12.47 — reported value $47,304.
• Derivative breakdown: three exercised/converted derivative lots (2,123.553; 2,519.351; 2,424.045) sum to the 7,066.949 disposed shares.
• Shares owned after transaction: not disclosed in the filing.
• Footnotes: phantom shares are cash-settled equivalents of common stock and vest/payable in cash (see footnotes F1–F5). The new phantom award vests in equal installments on each of the first three anniversaries (F5).
• Filing timeliness: Form 4 was filed Feb 3, 2026 for the Jan 30, 2026 transactions (no late-filing flag indicated in the provided data).

Context

• These were phantom-share (cash-settled) transactions, not open-market stock purchases or public sales. The conversion/exercise followed by a disposition to the issuer is effectively a cash settlement (similar to a cashless exercise), where the economic value of the derivative is paid in cash rather than delivering actual shares.
• Phantom-share awards pay out in cash on vesting and therefore do not change the insider’s public share count until (if ever) actual shares are issued; they reflect compensation rather than a direct market buy/sell signal.