Romaglino Christian 4

What Happened

• Christian Romaglino, a portfolio manager at BlackRock Investment Quality Municipal Trust (BKN), exercised/converted phantom-share units and immediately disposed of 112.225 units to the issuer on Jan 30, 2026. The disposition was at $11.45 per unit for a cash payment of approximately $1,285. This was a cash settlement of compensation (a sale/cash-out), not an open-market purchase.

Key Details

• Transaction date: 2026-01-30.
• Actions reported: M (exercise/conversion of a derivative — phantom shares) and D (disposition to issuer).
• Price/amount: 112.225 units @ $11.45 each, total ≈ $1,285.
• Shares/units owned after transaction: not disclosed on the Form 4.
• Filing date: 2026-02-03 — filed within the two-business-day Form 4 window (timely).
• Footnotes: F1 explains a phantom share is an economic equivalent of one common share payable in cash on vesting. F2 notes these phantom shares were granted 01/31/2025 and vest in equal installments over the first three anniversaries of the grant.

Context

• This was a cash settlement of phantom-share compensation (derivative units), not an open-market sale or purchase. Phantom shares are paid in cash when they vest; the filing shows conversion/exercise and immediate disposition to the issuer for cash.
• Such transactions typically reflect compensation vesting and cashing out, and do not necessarily indicate the insider’s market view.