Liu Xiang 4

What Happened

• Liu Xiang, a portfolio manager at BlackRock Health Sciences Term Trust (BMEZ), had phantom share units convert/settle on January 30, 2026 and was also granted a new phantom-share award.
• The filing shows 777.922 phantom units were converted/settled and disposed to the issuer at $15.21 per unit for $11,832. In addition, 1,026.693 phantom units were granted (valued at $15.21 each, total $15,616). The filing also records conversions/dispositions of 523.331 and 254.591 phantom-unit equivalents on the same date.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Reported settlement price for certain units: $15.21 per unit; cash received reported: $11,832 (for the 777.922-unit disposition).
• Shares owned after the transactions: not specified in this filing.
• Footnotes: these are “phantom shares” — cash-settled equivalents of common stock that become payable in cash subject to vesting (vest in equal installments over the first three anniversaries of the grant). Prior grants referenced: Jan 31, 2024 and Jan 31, 2025.
• Transaction codes: M = exercise/conversion of derivative (phantom units); A = grant/award; D = disposition to the issuer.

Context

• These were not open-market equity purchases or sales of common stock but cash-settled movements of phantom-share units (units convert to cash on vesting). The filing shows both a cash settlement of vested units (resulting in $11.8k reported) and a new phantom-share award ($15.6k value). Such cash-settled phantom-unit transactions reflect compensation/vesting mechanics rather than directional insider bets on the stock.