Garfin Mitchell 4

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.