JPMORGAN CHASE & CO 4
4 · BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. · Filed Feb 26, 2026
Research Summary
AI-generated summary of this filing
BlackRock (BKN) — JPMorgan (10% Owner) Disposes 678 Preferred Shares
What Happened
JPMorgan Chase & Co. (reported as a 10% owner) reported a disposition of 678 Series W‑7 Variable Rate Muni Term Preferred Shares of BlackRock Investment Quality Municipal Trust, Inc. (BKN) on 2026-02-23. The shares were exchanged in a cashless reorganization into 678 Series W‑7B Variable Rate Demand Preferred Shares of BlackRock MuniYield Quality Fund, Inc. (MQY). The filing lists the price as N/A and shows the transaction as an exchange rather than an open‑market sale, so no cash proceeds were reported.
Key Details
- Transaction date: 2026-02-23; Form 4 filed 2026-02-26 (appears to be timely).
- Transaction code: J (other acquisition/disposition); 678 shares reported disposed.
- Reported price: N/A (cashless exchange in reorganization).
- Beneficial owner shown: DNT Asset Trust (DNT Trust) — the 678 shares were beneficially owned by DNT Trust.
- Reporting parties: JPMorgan Chase & Co. and DNT Trust filed jointly; JPMorgan holds an indirect interest via its subsidiary DNT Trust (footnotes F1–F3).
- Shares held after the transaction: not specified in the filing.
- Exhibits attached: Joint Filing Agreement and Joint Filer Information (Exhibits 99.1, 99.2).
Context
This was an institutional reorganization/exchange, not an executive selling stock on the open market. The transaction reflects a swap of BKN preferred shares into preferred shares of MQY in a cashless manner, so it does not directly signal buying or selling pressure. For retail investors, note this is reporting of a 10% institutional holder’s indirect interest and not an insider purchase indicating personal bullish conviction.
Insider Transaction Report
- Other
Series W-7 Variable Rate Muni Term Preferred Shares
[F1][F2][F3]2026-02-23−678→ 0 total(indirect: By Subsidiary)
Footnotes (3)
- [F1]In connection with the reorganization of the Issuer into BlackRock MuniYield Quality Fund, Inc. ("MQY"), 678 Series W-7 Variable Rate Muni Term Preferred Shares ("VMTP Shares") of the Issuer beneficially owned by DNT Asset Trust ("DNT Trust") were exchanged for an equal number of Series W-7B Variable Rate Demand Preferred Shares of MQY in a cashless transaction. The 678 shares reported as disposed of in Table I represent shares that were beneficially owned by DNT Trust.
- [F2]This statement is jointly filed by JPMorgan Chase & Co. and DNT Trust. JPMorgan Chase & Co. holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of its subsidiary DNT Trust.
- [F3]Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.