Koesterich Russell Jared 4
4 · BlackRock Capital Allocation Term Trust · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
BCAT PM Russell Koesterich Receives Cash Award
What Happened
Russell Koesterich, a portfolio manager at BlackRock Capital Allocation Term Trust (BCAT), had phantom shares vest and be cash-settled on January 30, 2026. The filing shows conversion/exercise of phantom-share derivatives totaling 5,554.04 phantom shares, and a disposition to the issuer of 5,554.04 shares at $14.70 per share, producing proceeds of $81,644. These were cash settlements of award units, not open-market sales.
Key Details
- Date: January 30, 2026 (Form 4 filed February 3, 2026 — timely per SEC two-business-day rule).
- Reported transactions:
- Exercise/conversion (code M): 3,414.015 phantom shares (derivative).
- Exercise/conversion (code M): 2,140.025 phantom shares (derivative).
- Combined conversion/settlement: 5,554.04 shares disposed to issuer at $14.70 for $81,644 (code D).
- Shares owned after transaction: not specified in the filing.
- Footnotes: phantom shares are cash-settled awards (F1). These units came from previously disclosed grants on Jan 31, 2024 and Jan 31, 2025 that vest in equal annual installments over three years (F2, F3).
Context
This was a routine cash settlement of vested phantom-share awards (company compensation), not an open-market purchase or sale. For retail investors: such transactions reflect compensation vesting rather than a direct insider sentiment trade. The derivative codes (M) indicate conversion/exercise of award units; the disposition to issuer indicates the company paid cash for the vested units.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2][F3]2026-01-30+5,554.04→ 38,554.04 total - Disposition to Issuer
Common Stock
[F1][F2][F3]2026-01-30$14.70/sh−5,554.04$81,644→ 33,000 total - Exercise/Conversion
Phantom Shares
[F1][F2]2026-01-30−3,414.015→ 6,828.031 total→ Common Stock (3,414.015 underlying) - Exercise/Conversion
Phantom Shares
[F1][F3]2026-01-30−2,140.025→ 2,140.025 total→ Common Stock (2,140.025 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.