Soccio Phillip 4

What Happened
Phillip Soccio, a portfolio manager at BlackRock MuniAssets Fund, executed several derivative transactions on 2026-01-30 that resulted in a disposition to the issuer of 711.438 shares at $11.07 per share (total reported proceeds $7,876). On the same date he was also reported as acquiring 180.669 phantom shares (cash-settled) valued at $11.07 each (total $2,000). The filing records additional exercises/conversions of phantom/derivative interests of 343.709, 279.120 and 88.610 shares (no cash price shown) that were converted or disposed the same day.

Key Details

• Transaction date: 2026-01-30 (reported on Form 4 filed 2026-02-03). The filing appears to be late relative to the usual two-business-day reporting rule.
• Reported sale/disposition: 711.438 shares at $11.07 = $7,876.
• Reported grant/award: 180.669 phantom shares at $11.07 = $2,000 (cash-settled derivative).
• Other derivative exercises/conversions on file: 343.709, 279.120 and 88.610 shares (no cash amounts reported).
• Shares owned after transaction: not specified in the excerpt of the filing.
• Footnotes: F1–F5 explain these are “phantom shares” (economic equivalents of common stock) that are cash-payable on vesting and that certain grants vest in equal installments on each of the first three anniversaries of the grant dates (prior grants reported in 2023–2025 filings).

Context
Phantom shares are cash-settled awards (not actual common stock) and pay out in cash when they vest; the filing shows conversions/exercises of those derivative interests and a same-day disposition to the issuer. Such dispositions to the issuer frequently reflect shares surrendered or settled in connection with derivative exercises or withholding obligations. This filing is primarily derivative/settlement activity rather than an open-market investment purchase; purchases generally carry more direct “bullish” signal for retail investors.