Maloney Kevin 4

What Happened

• Kevin Maloney, a portfolio manager at BlackRock Long-Term Municipal Advantage Trust (ticker: BTA), converted/settled 43.778 phantom shares and received a cash payment. The filing shows a disposition to the issuer at $9.59 per share for total proceeds of $420. The transactions are recorded as exercise/conversion of a derivative (M) followed by a disposition to the issuer (D).

Key Details

• Transaction date: 2026-01-30; Form 4 filed: 2026-02-03 (timely filed).
• Instrument: Phantom shares (derivative); codes: M = exercise/conversion, D = disposition to issuer.
• Quantity: 43.778 phantom shares; price used for settlement: $9.59; total cash received: $420.
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnotes: F1 explains a phantom share is economically equivalent to one common share and is payable in cash on vesting. F2 notes these phantom shares were granted Jan 31, 2023 and vest in three equal annual installments.

Context

• This was a cash settlement of a phantom-share award, not an open-market sale or purchase of common stock. Phantom shares are paid in cash on vesting, so the transaction reflects routine award vesting/settlement rather than a market trade by the insider.
• The reported vesting aligns with the 2023 phantom-share grant that vests in equal installments over three years; this appears to be one installment being settled.