McClements Kyle 4

What Happened

• Kyle McClements, a portfolio manager at BlackRock Enhanced International Dividend Trust (BGY), had 1,250.823 phantom shares converted and cash‑settled to the issuer on 2026-01-30 for $5.98 each, yielding $7,480. On the same date he was reported as acquiring 2,890.134 phantom shares (valued at $5.98 each, $17,283). The filing shows exercise/conversion (derivative) and a disposition to the issuer — this appears to be a cash settlement of phantom/share‑equivalent awards rather than an open‑market stock sale or purchase.

Key Details

• Transaction date: 2026-01-30; filing date (Accession 0001193125-26-036300): 2026-02-03 (filed within required 2 business days).
• Disposition to issuer: 1,250.823 phantom shares at $5.98 each = $7,480 (code D).
• Award/grant reported: 2,890.134 phantom shares at $5.98 each = $17,283 (code A); exercise/conversion entries (code M) also reported (N/A price) related to the derivative settlement.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: Phantom shares are cash‑settled equivalents of common stock (F1). The reporting person had a prior phantom share award dated Jan 31, 2023 that vests in equal installments over the first three anniversaries (F2, F3).

Context

• These were derivative/phantom‑share transactions: the phantom shares are paid in cash on vesting (not actual stock). The combination of conversion/exercise and disposition to the issuer indicates a cash settlement (similar to a cashless exercise), not an open‑market sale of common stock. Such transactions are commonly part of compensation/vesting schedules and do not necessarily signal a change in the manager’s market view.