Maloney Kevin 4

What Happened
Kevin Maloney, a portfolio manager at BlackRock MuniAssets Fund, Inc. (MUA), had several derivative/phantom-share transactions on Jan 30, 2026. He converted/exercised phantom-share units totaling 384.867 units that were disposed to the issuer at $11.07 per unit for proceeds of $4,260. At the same time he was granted/awarded 329.72 phantom-share units valued at $11.07 each (~$3,650). The conversions consisted of three derivative exercises of 108.345, 79.721 and 196.801 units (these represent vested installments of prior phantom-share awards).

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Prices/values: Disposition to issuer of 384.867 units at $11.07 = $4,260; new award of 329.72 units at $11.07 ≈ $3,650.
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer; A = grant/award (phantom shares).
• Shares owned after transaction: not disclosed in the filing.
• Footnotes: Phantom shares are cash-settled economic equivalents of one common share (F1). The converted units reflect vesting installments from prior grants (grants dated Jan 31 of 2023–2025, vesting in three equal annual installments; F2–F4). The new award vests in equal installments on each of the first three anniversaries (F5).
• Filing timeliness: Form filed Feb 3, 2026 (no late-filing flag reported in the summary provided).

Context
These were cash-settled phantom-share events tied to compensation vesting, not open-market stock trades. The conversion + immediate disposition means Maloney received cash for vested phantom units rather than acquiring or selling actual common stock on the market. New phantom awards are future cash compensation subject to vesting and do not change outstanding common shares. Such routine, compensation-related transactions are common and do not necessarily indicate the insider’s market view.