Berkowitz Randy William 4

What Happened

• Randy William Berkowitz, a portfolio manager at BlackRock ESG Capital Allocation Term Trust (ECAT), had 659.337 phantom shares vest and be converted/settled on Jan 30, 2026. The filing shows a disposition to the issuer at $15.44 per share, totaling $10,180. The transactions include exercise/conversion of a derivative (phantom shares) and an immediate settlement/disposition to the issuer — this was a cash settlement of the award, not an open-market sale.

Key Details

• Transaction date: January 30, 2026. Filing date: February 3, 2026 (timely).
• Disposed: 659.337 phantom shares at $15.44 per share; total reported proceeds $10,180.
• Transaction codes: M (exercise/conversion of derivative) and D (disposition to issuer).
• Shares owned after transaction: not disclosed in this filing.
• Footnotes: F1 notes a "phantom share" is the economic equivalent of one share and is payable in cash on vesting; F2 indicates the phantom shares were granted Jan 31, 2025 and vest in equal installments on each of the first three anniversaries of the grant date.

Context

• This was a cash settlement of vested phantom shares (derivative award), effectively converting the award into cash on vesting. Because the shares were settled with the issuer (cash payment), this is routine compensation/tax-related activity rather than an open-market sale that signals trading sentiment.