Bishop Alastair 4

What Happened
Alastair Bishop, a portfolio manager at BlackRock Energy & Resources Trust (BGR), reported multiple derivative transactions on January 30, 2026 involving cash‑settled "phantom" shares. The filing shows a series of exercises/conversions of phantom shares totaling 10,267.032 units (several M-coded entries) and a grant/award of 3,047.938 phantom shares (A) valued at $15.52 each ($47,304). Separately, 5,133.516 phantom shares were disposed to the issuer (withheld) at $15.52 per share for proceeds of $79,672 — this disposition is consistent with shares being surrendered to cover tax withholding.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Reported price for withheld/disposed shares: $15.52; withheld/disposed amount: 5,133.516 shares = $79,672.
• Reported grant/award: 3,047.938 phantom shares @ $15.52 = $47,304 (derivative/phantom award).
• Multiple exercise/conversion (M) entries: 5,133.516, 1,448.277, 1,766.283, and 1,918.956 phantom-share units (total M conversions = 10,267.032 units).
• Shares owned after the transactions: not disclosed in the summary provided.
• Footnotes: Phantom shares are cash‑settled equivalents of common shares and vest/pay out in installments (see footnotes F1–F5 describing grants on Jan 31 of 2023, 2024, 2025 that vest over three anniversaries). The disposition to the issuer appears to be withholding (tax) rather than an open‑market sale.
• No 10b5‑1 plan or late‑filing indicator noted in the provided data.

Context
Phantom-share awards are cash‑settled — converting/vesting them results in a cash payment based on the company’s share price rather than issuance of tradable stock. The reported withholding/disposition to the issuer is a routine way to cover tax obligations on vesting awards and should not be read as an open‑market sale indicating a change of sentiment.