OCONNOR WALTER 4

What Happened
Walter O'Connor, a portfolio manager at BlackRock MuniYield Fund, converted several derivative/phantom share awards and had shares (or cash equivalents) surrendered to the issuer. The filing shows a disposition to the issuer of 538.301 shares at $10.69 per share, netting $5,754. Additional conversions/exercises of phantom shares (203.611, 171.394 and 163.295 units) were reported as derivative transactions and were cash-settled (no per-share price reported).

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026.
• Reported trades:
  • 538.301 shares disposed to issuer at $10.69 = $5,754 (reported as D).
  • 203.611, 171.394 and 163.295 derivative units reported as exercised/converted (M); these were cash-settled—no share price reported.
• Footnotes explain these were "phantom shares" (cash-settled awards) granted in 2023–2025 that vest in equal installments over three years (see F1–F4).
• Shares owned after the transactions: not disclosed in this filing.
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer.

Context
These were not open-market purchases or sales by the executive; they reflect conversion/settlement of company phantom-share awards that pay out in cash on vesting. Dispositions to the issuer often reflect the company withholding shares/cash to satisfy tax withholding or to settle the award rather than a traditional stock sale. This type of filing documents compensation settlement rather than an independent investment decision.