MacLellan Scott 4

What Happened
MacLellan Scott, a portfolio manager for BlackRock Core Bond Trust (BHK), reported a set of derivative/phantom-share transactions on 2026-01-30. The filing shows an award (derivative/phantom) of 1,217.373 phantom shares valued at $9.53 each (total $11,602). On the same date 623.902 phantom shares were disposed to the issuer at $9.53 per share for $5,946 (likely to satisfy tax withholding). Several other conversions/exercises of phantom units were also recorded (236.155, 189.824, and 197.923 units) with no cash amounts reported.

Key Details

• Transaction date: January 30, 2026; Form filed February 3, 2026 (within the Form 4 filing deadline).
• Reported amounts: Award/acquisition — 1,217.373 phantom shares @ $9.53 = $11,602 (derivative). Disposition to issuer — 623.902 shares @ $9.53 = $5,946. Additional conversions/exercises: 236.155, 189.824, 197.923 units (no cash amounts shown).
• Shares owned after transaction: not specified in this filing.
• Footnotes: these are phantom shares — an economic equivalent of one share payable in cash on vesting (F1). The reported units relate to prior grants made on Jan 31 of 2023, 2024 and 2025 that vest in equal installments over three years (F2–F5).
• Filing timeliness: Filed Feb 3, 2026 for a Jan 30, 2026 transaction — within the standard two business‑day Form 4 window.

Context
Phantom shares are cash‑settled awards, not actual common stock. When phantom units vest they are typically converted to a cash payment; a “disposition to the issuer” often reflects units or resulting cash withheld/surrendered to cover taxes. These entries therefore reflect routine compensation vesting and settlement rather than an open‑market buy or sell of company stock.