Romaglino Christian 4

What Happened

• Christian Romaglino, a portfolio manager at BlackRock MuniHoldings Quality Fund II, exercised phantom-share rights and immediately disposed of the resulting economic interest. The filing shows 89.688 phantom shares were settled to the issuer at $10.15 per share, with total reported proceeds of $910 (reported on Form 4 for the Jan 30, 2026 transaction). This is a cash settlement of a derivative award rather than an open-market sale of issued stock.

Key Details

• Transaction date: January 30, 2026
• Actions reported: M = exercise/conversion of derivative (phantom shares); D = disposition to issuer (cash settlement)
• Quantity: 89.688 phantom shares settled
• Price / proceeds: $10.15 per share; total reported proceeds $910
• Shares owned after transaction: Not disclosed in the filing
• Footnotes: F1 — a "phantom share" is an economic equivalent payable in cash on vesting. F2 — these phantom shares were granted Jan 31, 2023 and vest in equal installments over the first three anniversaries of the grant.
• Timeliness: Filed Feb 3, 2026; this appears timely (Form 4 filed within required business days).

Context

• This was a cash settlement of vested phantom shares (a derivative award), not a purchase of common stock. Exercise/conversion followed by disposition to the issuer indicates the award was paid out in cash on vesting rather than resulting in issued shares.
• Such cash settlements are typically routine compensation/vesting events and do not necessarily signal a change in the insider’s view of the company.