Santiago Kristi Manidis 4

What Happened

Kristi Manidis, a portfolio manager at BlackRock MuniYield Quality Fund II (MQT), had phantom share awards converted and settled for cash on January 30, 2026. The filing shows a disposition to the issuer of 105.436 phantom shares at $10.23 per share for a reported cash amount of $1,079. Two additional derivative conversions (57.479 and 47.957 phantom shares) were also exercised and disposed the same day; no dollar amounts were reported for those two line items.

This is a cash settlement of phantom/share-equivalent awards rather than an open-market sale or a purchase — a routine liquidity event when phantom awards vest and are paid out.

Key Details

• Transaction date: January 30, 2026.
• Reported transactions:
  • Exercise/conversion (M) and disposition to issuer (D): 105.436 phantom shares @ $10.23 = $1,079.
  • Exercise/conversion (M) and disposition: 57.479 phantom shares (no $ reported).
  • Exercise/conversion (M) and disposition: 47.957 phantom shares (no $ reported).
• Shares owned after the transaction: not disclosed in this Form 4.
• Notable footnotes:
  • F1: Phantom shares are cash-settled awards that are economically equivalent to common stock and become payable in cash upon vesting.
  • F2/F3: These phantom shares relate to grants previously reported (grants on Jan 31, 2024 and Jan 31, 2025) that vest in equal installments over the first three anniversaries of each grant.
• Transaction codes: M = exercise/conversion of a derivative; D = disposition to issuer.
• Filing timeliness: no late filing indicator provided in the information supplied.

Context

Because these were phantom-share conversions paid in cash, the transaction does not reflect the insider buying or selling company stock on the open market. Cash settlements of compensation awards are routine and typically reflect vesting/payment of prior grants rather than a change in the insider’s view of the company.