Garfin Mitchell 4
4 · BLACKROCK FLOATING RATE INCOME TRUST · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
BGT Portfolio Manager Garfin Mitchell Receives Award, Sells Shares
What Happened
Garfin Mitchell, a portfolio manager at BlackRock Floating Rate Income Trust (BGT), on 2026-01-30 converted/ exercised derivative interests and had a disposition to the issuer of 5,141.053 shares at $11.45 per share for proceeds of $58,865. On the same date he was also granted 12,436.271 phantom shares (an award) valued at $11.45 each, with an aggregate notional value of $142,395. The filing also reports conversions/exercises of two additional derivative amounts (3,105.656 and 2,035.397 units) that were converted/settled (no per-share cash price reported for those conversions).
Key Details
- Transaction date: January 30, 2026. Filing date: February 3, 2026 (timely Form 4 filing).
- Sale/disposition: 5,141.053 shares at $11.45 → $58,865 total.
- Award/grant: 12,436.271 phantom shares @ $11.45 → $142,395 notional value (cash-settled on vesting).
- Other derivative conversions reported: 3,105.656 and 2,035.397 units (no cash price reported).
- Shares owned after the transactions: not disclosed in the provided filing.
- Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer; A = award/grant.
- Footnotes: Phantom shares are economic equivalents of common shares that are payable in cash on vesting; these awards vest in equal installments over the first three anniversaries of the grant (per prior grant disclosures in 2024 and 2025).
Context
The filing shows a mix of activity: a disposition to the issuer (a sale-like event that generated $58.9K) and a new grant of phantom (cash-settled) shares ($142.4K). Phantom-share awards are not the same as receiving tradable stock now — they pay out in cash as they vest — and the exercises/conversions reported indicate derivative interests were settled rather than the insider making a market purchase. The filing is factual and timely; it does not by itself indicate the insider’s market view.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2][F3]2026-01-30+5,141.053→ 5,141.053 total - Disposition to Issuer
Common Stock
[F1][F2][F3]2026-01-30$11.45/sh−5,141.053$58,865→ 0 total - Award
Phantom Shares
[F1][F4]2026-01-30$11.45/sh+12,436.271$142,395→ 12,436.271 total→ Common Stock (12,436.271 underlying) - Exercise/Conversion
Phantom Shares
[F1][F2]2026-01-30−3,105.656→ 6,211.312 total→ Common Stock (3,105.656 underlying) - Exercise/Conversion
Phantom Shares
[F1][F3]2026-01-30−2,035.397→ 2,035.397 total→ Common Stock (2,035.397 underlying)
Footnotes (4)
- [F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
- [F2]As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
- [F3]As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
- [F4]These phantom shares vest in equal installments on each of the first three anniversaries of the award.