Thompson Sarah Croughan 4

What Happened
Sarah C. Thompson, a portfolio manager for BlackRock Capital Allocation Term Trust (BCAT), had 693.851 phantom shares (a cash‑settled equity equivalent) convert/vest and was paid out by surrendering those units to the issuer. The filing shows a disposition to the issuer of 693.851 shares at $14.70 per share, generating proceeds of $10,200. This was a compensation cash‑settlement event rather than an open‑market sale.

Key Details

• Transaction date: January 30, 2026; filing date: February 3, 2026 (timely filed).
• Disposition: 693.851 shares surrendered to issuer at $14.70 each — total $10,200.
• Derivative/Exercise codes reported: M (exercise/conversion of derivative) and D (disposition to issuer).
• Shares owned after transaction: not disclosed in the filing.
• Footnotes: F1 explains a "phantom share" is an economic equivalent payable in cash on vesting; F2 notes the phantom shares were originally granted Jan 31, 2025 and vest in equal installments over three years.

Context
This was a cash settlement of phantom (derivative) awards tied to prior compensation grants, effectively a payout on vesting rather than a market sale. Such transactions are common for cash‑settled awards and reflect compensation mechanics, not necessarily a directional view of the stock.