Romaglino Christian 4

What Happened

• Christian Romaglino, a portfolio manager for BlackRock MuniYield Quality Fund III, exercised/conversion of vested phantom-share awards and had a disposition to the issuer. On 2026-01-30 he converted phantom-share derivatives and 169.976 shares were turned over to the issuer at $11.16 each (proceeds $1,897). The filing also shows an award/recording of 180.332 phantom shares valued at $11.16 each ($2,012). Two additional derivative conversion/disposition line items (46.766 and 123.209 shares) were reported as part of the same activity.

Key Details

• Transaction date: 2026-01-30; Form 4 filed 2026-02-03 (timely filing).
• Price used for reported cash-equivalent value: $11.16 per share.
• Disposition: 169.976 shares to issuer for $1,897.
• Award/acquisition: 180.332 phantom shares valued at $2,012 (derivative award).
• Additional derivative conversion/disposition entries: 46.766 and 123.209 shares (reported as exercises/conversions — no per-share cash reported for those lines).
• Shares owned after the transaction: not specified in this filing.
• Footnotes: These are phantom shares (economic equivalents of common shares payable in cash on vesting). Prior grants cited: Jan 31, 2023 and Jan 31, 2025; vest in equal installments on each of the first three anniversaries.

Context

• Phantom shares are cash-settled awards (not issuance of common stock). Converting/vesting phantom shares typically results in a cash payment; the reported disposition to the issuer likely reflects shares/cash withheld or settled to satisfy tax or withholding obligations tied to the payout. This is routine compensation-related activity rather than an open-market buy/sell that signals a trading view.
• For retail investors: purchases are usually more informative than routine vesting/cash-settlement events. This filing documents compensation-related conversions and an award; it does not by itself indicate a change in the manager’s view of the fund’s prospects.