McClements Kyle 4

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.