MacLellan Scott 4

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.