Romaglino Christian 4

4 · BlackRock 2037 Municipal Target Term Trust · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 3, 2026

BlackRock BMN Portfolio Manager Romaglino Exercises Derivatives, Sells Shares

What Happened

Christian Romaglino, a portfolio manager for BlackRock 2037 Municipal Target Term Trust (BMN), exercised/converted derivatives and immediately disposed of the resulting shares to the issuer. On 2026-01-30 he disposed 73.815 shares at $26.14 each for proceeds of about $1,930. At the same time he was awarded 76.989 phantom shares (cash-settled) valued at $26.14 each, about $2,013 in aggregate. Additional derivative dispositions of 20.141 and 53.674 shares (both derivative-related) are reported as part of the same activity.

Key Details

Transaction date: January 30, 2026.
Sale/disposition: 73.815 shares disposed to issuer at $26.14 → ~$1,930 total.
Award/grant: 76.989 phantom shares valued at $26.14 → ~$2,013 total (cash-settled).
Derivative activity: Multiple "M" (exercise/conversion of derivative) and one "A" (award) reported.
Vesting/settlement notes: Phantom shares are cash-settled equivalents of common shares and vest in equal installments over the first three anniversaries of the award (see footnotes F1–F4).
Shares owned after transaction: Not stated in this filing.
Filing timeliness: Form filed 2026-02-03 for a 2026-01-30 transaction — appears timely (no late-filing indication).

Context

The filing reflects a derivative exercise/conversion where the resulting shares were transferred back to the issuer (i.e., sold/disposed at $26.14) rather than retained — common when exercises are cash-settled or used to cover taxes/consideration. The newly awarded phantom shares are cash-settled awards that vest over three years and do not represent immediate additional voting stock. The dollar amounts here are small (roughly $2k each) and are routine compensation-related transactions rather than large insider bets for or against the stock.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3]
2026-01-30+73.815→ 4,712.998 total
Disposition to Issuer
Common Stock
[F1][F2][F3]
2026-01-30$26.14/sh−73.815$1,930→ 4,639.183 total
Award
Phantom Shares
[F1][F4]
2026-01-30$26.14/sh+76.989$2,013→ 76.989 total
→ Common Stock (76.989 underlying)
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−20.141→ 40.283 total
→ Common Stock (20.141 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−53.674→ 53.674 total
→ Common Stock (53.674 underlying)

Footnotes (4)

[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.
[F4]These phantom shares vest in equal installments on each of the first three anniversaries of the award.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-03

1 file