Garfin Mitchell 4

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.