Delbos David 4

What Happened
David Delbos, a portfolio manager at BlackRock Corporate High Yield Fund, converted (exercised) phantom share awards on Jan 30, 2026 and the issuer settled part of those units for cash. He converted a total of 121,669.804 phantom shares (60,834.902; 36,260.243; 24,574.659). One conversion of 60,834.902 units was disposed to the issuer at $8.86 per share, yielding reported proceeds of $538,997. This was a cash settlement of awards rather than an open-market sale of owned common stock.

Key Details

• Transaction date: January 30, 2026. Form filed February 3, 2026 (timely — within two business days).
• Reported transactions (all derivative conversions/exercises, code M): 60,834.902; 36,260.243; 24,574.659 phantom shares converted.
• Disposition (code D): 60,834.902 shares at $8.86 = $538,997 reported proceeds. The other two conversions are shown as derivative dispositions with no per-share price reported (N/A) on this filing.
• Shares owned after the transaction: not provided in the information supplied.
• Footnotes: F1 explains a "phantom share" is an economic equivalent payable in cash on vesting. F2 and F3 indicate these phantom shares were grants from Jan 31, 2025 and Jan 31, 2024 that vest in equal installments over three years.

Context
Phantom shares are cash-settled awards, so conversion and a disposition to the issuer typically reflect routine vesting/settlement and a cash payout, not a market sale of company stock. Such transactions are common for compensation and do not by themselves indicate the insider’s view on the company’s share price.