Harris Stayce D. 4

What Happened
Stayce D. Harris, a director of BlackRock California Municipal Income Trust (BFZ), participated in a corporate reorganization effective February 9, 2026. Per the reorganization, Harris’s 10.7715 BFZ common shares were converted and she received 11 common shares of BlackRock MuniHoldings California Quality Fund, Inc. (the Acquiring Fund). The Form 4 records the BFZ shares as disposed (transaction code J) in connection with this corporate action. The filing lists NAVs as of February 6, 2026: BFZ NAV $12.0395 and Acquiring Fund NAV $11.7424; the conversion ratio used was 1.02530147. No open-market sale or purchase occurred—this was an exchange under the reorganization.

Key Details

• Transaction date: February 9, 2026 (filed on Feb 11, 2026).
• Transaction code: J (transaction in connection with reorganization). Price shown as N/A on Form 4; NAVs disclosed in footnote (BFZ $12.0395; Acquiring Fund $11.7424).
• Shares surrendered: 10.7715 BFZ common shares (reported as disposed).
• Shares received: 11 common shares of BlackRock MuniHoldings California Quality Fund, Inc. (plus cash for any fractional share).
• Shares owned after transaction: not specified in the provided filing summary.
• Filing timeliness: filed Feb 11, 2026 (within the typical 2-business-day Form 4 window).
• Footnote: F1 explains the reorganization mechanics, conversion ratio, NAVs, and that cash was paid for fractional shares.

Context
This was a corporate reorganization (administrative conversion of fund shares), not a discretionary open-market sale or purchase by the director, so it does not by itself signal buy/sell sentiment. Transaction code J commonly denotes exchanges required by mergers/reorganizations. Retail investors should treat these kinds of conversions as routine fund-level actions rather than director trading decisions.