Soccio Phillip 4

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.