MacLellan Scott 4

What Happened

• MacLellan Scott, a portfolio manager at BlackRock Ltd Duration Income Trust (ticker: BLW), had multiple derivative exercises/conversions and an award/settlement reported on 2026-01-30. The filing shows an award (derivative/phantom shares) of 844.364 phantom shares valued at $13.74 each (total $11,602) and a disposition to the issuer of 493.516 shares at $13.74 for $6,781.
• The filing lists three separate exercise/conversion (code M) entries of 175.179, 151.489 and 166.848 shares (these three sum to the 493.516 shares disposed). The transactions appear to reflect conversion/settlement of phantom-share awards with a portion surrendered to the issuer.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Reported prices/values: Disposition of 493.516 shares at $13.74 = $6,781; acquisition (grant/award) of 844.364 phantom shares at $13.74 = $11,602. Several exercise/conversion entries show N/A price (cash-settled derivative events).
• Shares owned after the transactions: not stated in the filing.
• Reported transaction codes: M = exercise/conversion of derivative, A = grant/award, D = disposition to issuer.
• Footnotes: these are "phantom shares" — economic equivalents of common shares that are cash-settled and vest/payable in installments (see F1–F5 noting prior grants and three-year equal-installment vesting).
• Timeliness: filing shows no late-filing flag.

Context

• Phantom-share awards are cash-settled: the filing’s “A” and “M” entries reflect derivative/phantom-share activity rather than open-market stock purchases. The disposal to the issuer typically indicates shares (or their cash equivalent) were surrendered to the issuer—often used to satisfy tax withholding on vesting awards—rather than an ordinary sale on the open market.
• For retail investors: these filings document compensation/settlement mechanics more than a straightforward buy or sell for speculation. Purchases (direct cash purchases) tend to be stronger bullish signals; this filing mainly reports vesting/settlement of phantom-share awards and related disposals.