Dickstein Akiva 4

What Happened
Akiva Dickstein, a portfolio manager for BlackRock Multi‑Sector Income Trust (BIT), had multiple derivative (phantom share) awards convert/vest on January 30, 2026 and effectuated dispositions to the issuer. In total 7,507.006 phantom-share units were converted/settled (3,753.503 + 1,503.546 + 1,089.041 + 1,160.916). One reported disposition of 3,753.503 shares was settled at $13.24 per share for proceeds of $49,696. The transactions reflect cash-settlement/issuer disposition of vested phantom-share awards rather than an open-market purchase.

Key Details

• Transaction date: 2026-01-30 (all entries). Filing date: 2026-02-03 (timely filed within the Form 4 deadline).
• Reported actions: multiple M-coded entries (exercise/conversion of derivative) and D-coded entry (disposition to issuer).
• Reported price/proceeds: 3,753.503 shares disposed at $13.24 = $49,696; other conversions listed with N/A price (cash-settled / not reported as open-market sales).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: these were "phantom shares" (cash-settled awards) granted in prior years (grants on Jan 31 of 2023, 2024, and 2025) that vest in equal installments over three years (see F1–F4).

Context
Phantom shares are cash‑settled awards that pay the economic equivalent of common stock on vesting; conversions and dispositions to the issuer commonly represent cash settlement or shares withheld for taxes rather than a market sale. Such transactions are typically routine compensation vesting events and do not necessarily signal a change in insider sentiment.