Santiago Kristi Manidis 4

What Happened
Santiago Kristi Manidis, a portfolio manager for BlackRock Municipal 2030 Target Term Trust (BTT), had multiple derivative-related transactions on Jan 30, 2026. The Form 4 shows an exercise/conversion of derivatives and a same-day disposition of 26.813 shares (disposed at $22.79 for total proceeds of $611). The filing also reports a grant/acquisition of 86.661 phantom shares valued at $22.79 each (total ~$1,975). These are derivative/phantom-share transactions rather than open-market purchases.

Key Details

• Transaction date: January 30, 2026; filing date: February 3, 2026 (timely — within two business days).
• Disposition: 26.813 shares sold/disposed to the issuer at $22.79 each — proceeds $611.
• Grant: 86.661 phantom shares valued at $22.79 each — notional value ~$1,975 (reported as a derivative award).
• The Form does not list post-transaction total shares owned by the reporting person.
• Footnotes: phantom shares are economic equivalents of common shares payable in cash upon vesting (F1); these phantom shares vest in equal installments on each of the first three anniversaries of the award (F2, F3).
• The Form shows an exercise/conversion and a same‑day disposition; filings don’t specify the reason (e.g., withholding or cashless settlement).

Context
Phantom shares are cash-settled awards (not actual stock) that pay out when they vest; here the grant is subject to a three-year vesting schedule in equal annual installments. The dollar amounts reported are modest (~$2,000 grant value and $611 disposed proceeds), so this activity is small in size and appears administrative/compensation-related rather than a large-market directional trade.