Romaglino Christian 4

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.