MacLellan Scott 4

4 · BlackRock Multi-Sector Income Trust · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 3, 2026

BlackRock Multi-Sector Income Trust (BIT) Portfolio Manager Scott Sells Shares

What Happened

Scott MacLellan, a portfolio manager at BlackRock Multi-Sector Income Trust (BIT), reported the conversion/exercise of phantom-share awards (derivative conversions) and a disposition to the issuer. On 2026-01-30 he disposed of 468.956 shares at $13.24 per share for total proceeds of $6,209. Several other derivative exercises/conversions (171.799; 139.365; 157.791 shares) were reported the same day as conversions of phantom-share awards; no per-share price/value was listed for those lines in the filing.
This was effectively a cash settlement of phantom-share awards (a form of deferred cash compensation) rather than an open-market buy. Sales or cash settlements like this are typically routine compensation events rather than clear signals of insider sentiment.

Key Details

Transaction date: January 30, 2026; Form 4 filed February 3, 2026 (within the two-business-day filing window).
Reported disposition: 468.956 shares at $13.24, total $6,209. Additional derivative conversions reported: 171.799, 139.365, and 157.791 shares (values not provided on the filing).
Shares owned after the transactions: Not disclosed in the filing.
Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer.
Footnotes: These were phantom-share awards (F1). The converted awards relate to prior grants dated Jan 31 in 2023, 2024 and 2025 that vest in equal installments over three years (F2–F4).

Context

Phantom shares are cash-settled awards that pay an amount equivalent to a share’s value on vesting; they do not transfer actual stock ownership. Here the filing shows conversions of vested phantom-share awards and a cash disposition to the issuer. Such settlements are common for executive/employee compensation and do not necessarily reflect a buy/sell trading view.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3][F4]
2026-01-30+468.956→ 468.956 total
Disposition to Issuer
Common Stock
[F1][F2][F3][F4]
2026-01-30$13.24/sh−468.956$6,209→ 0 total
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−171.799→ 343.598 total
→ Common Stock (171.799 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−139.365→ 139.365 total
→ Common Stock (139.365 underlying)
Exercise/Conversion
Phantom Shares
[F1][F4]
2026-01-30−157.791→ 0 total
→ Common Stock (157.791 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, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F4]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.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-03

1 file