Delbos David 4

What Happened
David Delbos, a portfolio manager at BlackRock Floating Rate Income Strategies Fund, reported several related derivative and award transactions on 2026-01-30. He converted/exercised 6,827.866 derivative/phantom shares and disposed the same 6,827.866 shares to the issuer for $11.76 each, totaling $80,296. On the same date he was recorded as acquiring a grant/award of 15,980.211 phantom shares valued at $11.76 each, with an aggregate notional value of $187,927. The phantom shares are cash-settled (not actual common stock).

Key Details

• Transaction date: 2026-01-30 (reported on Form 4 filed 2026-02-03; filing appears timely).
• Disposition to issuer: 6,827.866 shares at $11.76 each = $80,296 (code D).
• Grant/award: 15,980.211 phantom shares at $11.76 each = $187,927 (code A, derivative).
• Exercise/conversion entries (code M) reflect conversion of derivative/phantom share units; those converted units were immediately disposed/tendered to the issuer.
• Phantom-share footnotes: these are economic equivalents of common shares payable in cash on vesting (F1). The award referenced was originally granted 2025-01-31 and vests in equal installments on each of the first three anniversaries (F2, F3).
• Shares owned after the transactions are not specified in the excerpt provided.

Context

• Phantom shares are cash-settled awards, not transfers of actual common stock; vesting triggers a cash payment rather than issuance of shares.
• A “disposition to the issuer” is commonly used to satisfy tax-withholding obligations when awards vest or are converted — the filing shows the converted units were surrendered to the issuer for cash.
• These entries reflect routine compensation and settlement activity for a portfolio manager rather than an open-market buy or sale of company stock.