Koesterich Russell Jared 4
4 · BlackRock ESG Capital Allocation Term Trust · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
BlackRock ECAT PM Russell Koesterich Exercises Phantom Shares
What Happened
Russell Koesterich, a portfolio manager for BlackRock ESG Capital Allocation Term Trust (ECAT), converted (exercised) vested phantom shares and received cash on January 30, 2026. A total of 5,134.563 phantom shares were settled for $15.44 per share, generating $79,278. The Form 4 shows the derivative-to-cash conversion entries and a matching disposition to the issuer (cash settlement).
Key Details
- Transaction date: 2026-01-30 (filed with the SEC on 2026-02-03).
- Shares converted/settled: 5,134.563 phantom shares; cash price reported: $15.44; total cash received: $79,278.
- Breakdown: three derivative conversion entries (3,160.727 and 1,973.837 shares) sum to the 5,134.563 total (all cash-settled).
- Shares owned after transaction: Not reported in the provided excerpt of the filing.
- Footnotes: F1–F3 explain these are "phantom shares" (cash-settled equivalents of common stock) from grants on 1/31/2024 and 1/31/2025 that vest in installments; proceeds are cash on vesting.
- Timeliness: Transaction on 1/30/2026; filing on 2/3/2026 — this appears to be after the typical two-business-day Form 4 deadline.
Context
Phantom shares are cash-settled awards (similar to cash-settled RSUs); converting/receiving cash on vesting is routine compensation, not an open-market sale that signals market sentiment. The entry showing "disposition to the issuer" reflects surrendering the vested phantom shares for cash rather than selling stock on the market.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2][F3]2026-01-30+5,134.563→ 5,134.563 total - Disposition to Issuer
Common Stock
[F1][F2][F3]2026-01-30$15.44/sh−5,134.563$79,278→ 0 total - Exercise/Conversion
Phantom Shares
[F1][F2]2026-01-30−3,160.727→ 6,321.453 total→ Common Stock (3,160.727 underlying) - Exercise/Conversion
Phantom Shares
[F1][F3]2026-01-30−1,973.837→ 1,973.837 total→ Common Stock (1,973.837 underlying)
Footnotes (3)
- [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.