Delbos David 4

What Happened

• David Delbos, a portfolio manager at BlackRock Floating Rate Income Trust (BGT), had 3,960.263 phantom shares (derivative award) vest/converted on 2026-01-30. The derivative was exercised/converted (code M) and the resulting position was disposed to the issuer (code D) for $11.45 per share, producing $45,345 in cash. This was not an open-market sale of previously held common stock but a cash payout tied to a phantom-share award.

Key Details

• Transaction date: 2026-01-30; Filing date: 2026-02-03.
• Transaction steps reported: exercise/conversion of derivative (M) and disposition to issuer (D) of 3,960.263 units.
• Price and proceeds: $11.45 per unit; total reported proceeds $45,345.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 clarifies a “phantom share” is an economic equivalent of one share and is payable in cash on vesting; F2 notes these phantom shares were granted 1/31/2024 and vest in equal installments over the first three anniversaries.
• Timeliness: Filing appears timely (reporting period 2026-01-30, filed 2026-02-03).

Context

• This transaction reflects a cash payout from a vested phantom-share award rather than a market sale of owned stock. Such conversions/issuer dispositions commonly represent routine compensation vesting and tax withholding arrangements, not necessarily a market sentiment signal.