Maloney Kevin 4

What Happened
Kevin Maloney, a portfolio manager at BlackRock MuniYield Fund, exercised/converted phantom-share awards that vested and resulted in a disposition to the issuer on January 30, 2026. The filing shows 476.584 shares disposed to the issuer at $10.69 per share, for proceeds of approximately $5,095. The report also lists conversions/exercises of additional phantom-share amounts (112.194; 325.21; 39.18 shares) tied to prior grants.

Key Details

• Transaction date: 2026-01-30; Form 4 filed: 2026-02-03.
• Reported sale: 476.584 shares disposed to issuer at $10.69 each = $5,095.
• Other derivative conversions listed: 112.194, 325.21 and 39.18 phantom shares (no per-share price shown).
• Footnotes indicate these are phantom shares (cash-settled awards) granted on Jan 31 of 2023–2025 that vest in equal installments over the first three anniversaries (F1–F4).
• Shares owned after the transaction are not specified in the filing.

Context
Phantom shares are cash-settled awards that pay the economic equivalent of common stock on vesting rather than delivering actual shares. The combination of "exercise/conversion of derivative (M)" and "disposition to the issuer (D)" here reflects cash settlement/withholding of vested phantom shares, not an open-market sale of held stock by the insider. Such cash-settled vesting events are typically administrative/compensation-related and do not necessarily signal the insider’s view on the company’s prospects.