Lakhani Samir 4

What Happened

• Samir Lakhani, a portfolio manager at BlackRock Multi-Sector Income Trust (BIT), settled multiple derivative/phantom-share awards on January 30, 2026. The filing shows a disposition to the issuer of 9,409.709 phantom shares at $13.24 per share for proceeds of $124,585. Several other phantom-share conversions/exercises (5,695.251; 1,742.067; 1,972.392 shares) were reported as exercised/converted but no cash amounts were listed for those line items.
• This was a cash settlement of compensation-style phantom shares (not an open-market sale or purchase). Such transactions are typically routine vesting/settlement of awards rather than a direct buy or sell signaling conviction.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026 (timely filing).
• Reported disposition: 9,409.709 phantom shares to issuer at $13.24 each = $124,585.
• Additional exercised/converted phantom-share amounts reported: 5,695.251; 1,742.067; 1,972.392 shares (no cash amounts listed in the filing).
• Shares owned after transaction: not reported in the provided data.
• Footnotes: Phantom shares are cash-settled awards (F1). The reported conversions relate to prior phantom-share grants from Jan 31 of 2023, 2024 and 2025 that vest in equal installments over three years (F2–F4).
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer. This reflects cash settlement of awards, not a market sale.

Context

• These entries reflect cash-settlement of phantom-share awards on vesting. That differs from exercising stock options to receive shares or selling shares on the open market; proceeds typically arise from company-paid cash for vested phantom units.
• Such settlements are common as compensation is paid out over time; they do not by themselves indicate the insider’s view of the company’s stock. Purchases by insiders tend to be more directly informative about sentiment.