JPMORGAN CHASE & CO 4

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.