McClements Kyle 4

4 · BlackRock Energy & Resources Trust · Filed Feb 3, 2026

AI-generated summary of this filing

Updated Feb 4, 2026

BlackRock Energy & Resources Trust (BGR) Portfolio Manager McClements Exercises Phantom Shares

What Happened

Kyle McClements, a portfolio manager at BlackRock Energy & Resources Trust (BGR), had multiple phantom-share awards vest on Jan 30, 2026 and those derivative awards were converted/settled. A portion of the vested units—2,203.371 phantom shares—was surrendered to the issuer at $15.52 per unit for tax withholding, generating $34,196. Additional vested amounts converted were 887.587, 807.237 and 508.547 phantom-share units (reported as derivative exercises/conversions; cash amounts not separately reported).

Key Details

Transaction date: January 30, 2026; Form 4 filed Feb 3, 2026 (timely within the two-business-day window).
Reported cash disposition: 2,203.371 units surrendered to issuer at $15.52 each = $34,196 (tax withholding/surrender).
Other exercised/converted derivative amounts: 887.587, 807.237, 508.547 units (cash settlement values not itemized on the filing).
Shares owned after the transactions: not specified in the provided details.
Footnotes: These were phantom-share awards (cash-settled equivalents of common shares). Grants were made on Jan 31 of 2023, 2024 and 2025 and vest in equal installments over three annual anniversaries (see F1–F4).

Context

Phantom shares are cash-settled awards (not actual stock). Vesting/settlement and the surrender of units to the issuer to satisfy tax withholding are routine compensation events rather than open-market buys or sells that signal insider sentiment.
The filing shows derivative exercises/conversions with a tax-withholding surrender; it does not represent an open-market sale by the insider.

Form 4

Period: 2026-01-30

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3][F4]
2026-01-30+2,203.371→ 4,889.424 total
Disposition to Issuer
Common Stock
[F1][F2][F3][F4]
2026-01-30$15.52/sh−2,203.371$34,196→ 2,686.053 total
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-01-30−887.587→ 1,775.174 total
→ Common Stock (887.587 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-01-30−807.237→ 807.237 total
→ Common Stock (807.237 underlying)
Exercise/Conversion
Phantom Shares
[F1][F4]
2026-01-30−508.547→ 0 total
→ Common Stock (508.547 underlying)

Footnotes (4)

[F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
[F2]As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F3]As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F4]As previously reported on a Form 4 dated February 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-03

1 file