Santiago Kristi Manidis 4
4 · BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
BKN Portfolio Manager Santiago Manidis Sells Phantom Shares
What Happened
Santiago Kristi Manidis, a portfolio manager at BlackRock Investment Quality Municipal Trust (BKN), exercised/converted 50.131 phantom shares (derivative) and the economic interest was settled to the issuer on Jan 30, 2026, resulting in a disposition for $11.45 per share (total about $574). This was a cash settlement of phantom/share-equivalent units rather than an open-market sale.
Key Details
- Transaction date: 2026-01-30. Report filed: 2026-02-03 (filing appears to be later than the standard two-business-day window).
- Actions reported: M (exercise/conversion of derivative) and D (disposition to issuer).
- Shares/units converted and disposed: 50.131; price reported for the disposition: $11.45; total cash received ≈ $574.
- Shares owned after transaction: Not disclosed in the Form 4.
- Footnotes: F1 explains a "phantom share" is the economic equivalent of one common share payable in cash on vesting. F2 notes these phantom shares were originally granted Jan 31, 2025 and vest in equal installments on each of the first three anniversaries of the grant.
Context
This was a derivative/phantom-share cash settlement (exercise/conversion immediately followed by disposition to the issuer), not an open-market purchase or sale of common stock. Such settlements commonly reflect routine vesting and payout of deferred/phantom equity awards and do not, by themselves, indicate a change in the manager’s view of the stock.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-01-30+50.131→ 50.131 total - Disposition to Issuer
Common Stock
[F1][F2]2026-01-30$11.45/sh−50.131$574→ 0 total - Exercise/Conversion
Phantom Shares
[F1][F2]2026-01-30−50.131→ 100.262 total→ Common Stock (50.131 underlying)
Footnotes (2)
- [F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
- [F2]As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.