Romaglino Christian 4

What Happened

• Christian Romaglino, a portfolio manager for BlackRock Muniyield Quality Fund, converted (exercised) previously granted phantom-share derivatives and disposed of 221.116 shares to the issuer at $11.73 per share, generating $2,594. At the same time he was granted 171.569 new phantom shares (valued at $11.73 each, $2,012). The filing shows the exercises/conversions and the issuer disposition occurred on January 30, 2026.

Key Details

• Transaction date: January 30, 2026; Form filed February 3, 2026 (appears timely—within two business days).
• Disposition to issuer: 221.116 shares sold at $11.73 each = $2,594.
• Grant/award: 171.569 phantom shares valued at $11.73 each = $2,012 (derivative award).
• Exercise/conversion entries: multiple M-coded conversions totaling 221.116 shares (these reflect converting prior phantom-share awards).
• Shares owned after transaction: not reported in the provided filing summary.
• Footnotes: Phantom shares are cash-settled equivalents of common stock and pay out in cash upon vesting (F1). The awarded phantom shares vest in equal installments over the first three anniversaries of the grant (F2–F4).

Context

• These were phantom-share (cash-settled) derivative transactions rather than open-market purchases or sales of company stock. Converting phantom shares and a simultaneous disposition to the issuer is commonly used to satisfy cash obligations (for example, tax withholding) when awards vest or are paid out. The amounts here are small in dollar terms and appear to be routine award conversion/settlement activity rather than an open-market investment decision.