OCONNOR WALTER 4

What Happened
Walter O'Connor, a portfolio manager at BlackRock Investment Quality Municipal Trust (BKN), had 186.092 phantom shares convert/vest and were settled in cash on January 30, 2026. The filing shows a disposition to the issuer at $11.45 per share for a total cash payout of about $2,131. No actual common shares were received — this was a cash settlement of a phantom-share award (reported as derivative exercise/conversion and disposition).

Key Details

• Transaction date: 2026-01-30; Filing date: 2026-02-03 (filed within typical Form 4 timing).
• Reported price/settlement: $11.45 per phantom share; total ≈ $2,131.
• Quantity: 186.092 phantom shares converted/settled.
• Transaction codes: M (exercise/conversion of derivative) and D (disposition to issuer) — indicates conversion of a phantom-share award and cash settlement back to the issuer.
• Shares owned after transaction: not disclosed in the provided excerpt.
• Footnotes: F1 — phantom shares are economic equivalents of common stock payable in cash on vesting. F2 — these phantom shares were granted 2025-01-31 and vest in equal installments on each of the first three anniversaries; this appears to be the first installment.

Context
This is a cash settlement of a compensation award (phantom shares) tied to prior grant — a routine disposition related to vesting rather than an open-market sale or purchase. Such settlements are common for deferred/phantom-share plans and are generally administrative, not necessarily a market sentiment signal.