Liu Xiang 4

What Happened

• Liu Xiang, a portfolio manager at BlackRock Health Sciences Trust (BME), converted/exercised phantom-share awards on January 30, 2026. The filing shows a conversion/exercise of 389.104 derivative phantom shares that were immediately disposed to the issuer (withheld) at $41.87/share for $16,292. Separately, 372.964 phantom shares were recorded as an acquired award/settlement at $41.87/share for $15,616.
• The exercise/conversion entries break down into three dispositions of 202.603, 86.575 and 99.926 shares (these three sum to the 389.104 exercised shares). These transactions reflect settlement of previously granted phantom-share awards rather than an open-market purchase or sale.

Key Details

• Transaction date: January 30, 2026. Form filed: February 3, 2026 (period of report = 2026-01-30).
• Prices and values shown: $41.87 per share; disposition to issuer 389.104 shares = $16,292; acquired/settled 372.964 shares = $15,616.
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnotes: Phantom shares are cash-settled (F1). The awards relate to prior grants on Jan 31 of 2023, 2024 and 2025 that vest in equal installments over three years (F2–F5).
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer (likely tax withholding); A = grant/award (derivative). Filing shows immediate settlement/withholding rather than an open-market sale.

Context

• These were phantom-share (derivative) settlements that pay in cash on vesting — effectively a compensation payout — not indicative of an open-market buy or directional trade. The conversion and immediate disposition/withholding are commonly done to satisfy tax obligations and settle compensation.