Soccio Phillip 4
4 · BlackRock Long-Term Municipal Advantage Trust · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
BTA Portfolio Manager Phillip Soccio Receives Cash from Phantom Shares
What Happened Phillip Soccio, a portfolio manager at BlackRock Long-Term Municipal Advantage Trust (BTA), had 49.615 phantom shares convert/vest and was paid in cash on 2026-01-30. The payment was recorded as a disposition to the issuer at $9.59 per phantom share, totaling $476. This was a cash settlement of an award (phantom shares), not an open-market buy or sell of common stock.
Key Details
- Transaction date: 2026-01-30 (filed 2026-02-03; filing appears timely).
- Amount: 49.615 phantom shares settled for $9.59/share = $476 total.
- Transaction codes: M (exercise/conversion of derivative) and D (disposition to issuer — cash settlement).
- Shares owned after transaction: not specified in the provided excerpt.
- 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 2023-01-31 and vest in equal installments on each of the first three anniversaries.
Context This was a routine cash-settlement of long-standing deferred/phantom share compensation (a form of award), effectively a cash payout on vesting rather than a market sale or purchase. Such transactions reflect compensation mechanics and are generally not direct signals of the insider’s view on the company’s stock price.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-01-30+49.615→ 49.615 total - Disposition to Issuer
Common Stock
[F1][F2]2026-01-30$9.59/sh−49.615$476→ 0 total - Exercise/Conversion
Phantom Shares
[F1][F2]2026-01-30−49.615→ 0 total→ Common Stock (49.615 underlying)
Footnotes (2)
- [F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
- [F2]As previously reported on a Form 4 dated February 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.