KALINOSKI MICHAEL 4

What Happened
Michael Kalinoski, a director of BlackRock Municipal Income Trust (BFK), is reported to have disposed of 5.1602 shares of BFK on February 9, 2026. The Form 4 records the transaction as an "other acquisition or disposition" (code J) with no per-share price (N/A) because the change resulted from a corporate reorganization: BFK was reorganized into BlackRock MuniHoldings Fund, Inc. In the exchange Kalinoski received 4 common shares of the acquiring fund and cash for any fractional share.

Key Details

• Transaction date: February 9, 2026; Form 4 filed February 11, 2026 (timely filing).
• Reported transaction: Disposition of 5.1602 BFK shares (code J); price and sale value shown as N/A on the Form 4.
• Conversion specifics (footnote): conversion ratio = 0.84835577; BFK NAV on Feb 6, 2026 = $10.8945; Acquiring Fund NAV = $12.8419.
• Resulting holding from this exchange: 4 shares of BlackRock MuniHoldings Fund, Inc. (plus cash for fractional shares).
• No indication of a market sale or open-market trade—this was an in-kind reorganization exchange.

Context
This transaction reflects a fund reorganization (corporate action) rather than an insider buying or selling shares on the open market. Such conversions are administrative and do not necessarily signal the director’s view of the security’s prospects. The Form 4 shows the original fund shares surrendered; consideration was received in the form of shares of the acquiring fund and cash for fractions.