Garfin Mitchell 4

4 · BLACKROCK Ltd DURATION INCOME TRUST · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 3, 2026

BlackRock Duration Income (BLW) PM Garfin Mitchell Sells Shares

What Happened

Garfin Mitchell, a portfolio manager for BlackRock Ltd Duration Income Trust (BLW), reported transactions on 2026-01-30 that include exercises/conversions of derivative awards, a disposition to the issuer, and a new phantom share award. Mitchell disposed of 4,604.129 shares to the issuer at $13.74 per share for $63,261. The filing also shows a grant of 10,363.559 phantom shares valued at $13.74 each ($142,395). Several derivative exercises/conversions were recorded (4,604.129 acquired then disposed to issuer, plus dispositions of 2,699.203 and 1,904.926 derivative shares).
These entries reflect derivative/phantom-share activity and a cash settlement to the issuer rather than an open-market sale.

Key Details

Transaction date: January 30, 2026; Form filed February 3, 2026 (timely).
Sale/disposition: 4,604.129 shares disposed to issuer at $13.74 → $63,261 total.
Award/grant: 10,363.559 phantom shares @ $13.74 → $142,395 (derivative/phantom award).
Derivative exercises/conversions: entries for 4,604.129 (acquired then disposed), 2,699.203 (disposed), and 1,904.926 (disposed) — all reported as derivative transactions (code M).
Shares owned after the transactions: not specified in the provided excerpt of the filing.
Footnotes: phantom shares are cash-settled equivalents of common stock and vest/pay out per the vesting schedule in footnotes (vesting in equal installments over the first three anniversaries of the award).

Context

These were not open-market purchases or typical sales by transfer to a third party; the filing reflects exercise/conversion and cash settlement of phantom-share awards (cash-settled equity compensation). Phantom shares pay out in cash on vesting (per footnotes), so the disposition to the issuer likely represents settlement/surrender for cash rather than a market sale. This type of transaction is common as part of compensation/vesting and should not be read as a direct market buy/sell signal.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3]
2026-01-30+4,604.129→ 4,604.129 total
Disposition to Issuer
Common Stock
[F1][F2][F3]
2026-01-30$13.74/sh−4,604.129$63,261→ 0 total
Award
Phantom Shares
[F1][F4]
2026-01-30$13.74/sh+10,363.559$142,395→ 10,363.559 total
→ Common Stock (10,363.559 underlying)
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−2,699.203→ 5,398.406 total
→ Common Stock (2,699.203 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−1,904.926→ 0 total
→ Common Stock (1,904.926 underlying)

Footnotes (4)

[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, 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.
[F4]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