OCONNOR WALTER 4

What Happened

• Walter O'Connor, a portfolio manager at BlackRock MuniYield Quality Fund II (MQT), converted/ exercised vested phantom-share awards on January 30, 2026. The Form 4 shows a disposition to the issuer of 391.493 phantom shares at $10.23 per share, yielding $4,005 in cash. Two related derivative conversion lines (213.368 and 178.126 shares) reflect the same cash-settlement activity tied to previously granted phantom awards.
• This was a cash settlement of phantom (derivative) awards rather than an open-market sale of common stock.

Key Details

• Transaction date: January 30, 2026 (Form 4 filed February 3, 2026 — within the two-business-day reporting window).
• Reported cash received: $4,005 (391.493 shares at $10.23 per share).
• Other converted amounts shown: 213.368 and 178.126 phantom-share conversions (these sum to the 391.493 total).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1–F3 indicate these are "phantom shares" (economic equivalents of common shares) granted Jan 31, 2024 and Jan 31, 2025, payable in cash as they vest in equal installments over three years.

Context

• Phantom shares are cash-settled awards; converting them and receiving cash is a routine compensation settlement rather than a market sale that signals buying/selling intent.
• For derivatives/exercise lines, this filing shows conversion and immediate cash settlement to the issuer (cashless-type settlement), consistent with the phantom-share plan described in the footnotes.