Dunbar Jeffrey Barton 4

4 · BlackRock Alpha Strategies Fund · Filed Feb 27, 2026

AI-generated summary of this filing

Updated Feb 28, 2026

BlackRock Alpha Strategies (BAS) PM Jeffrey Dunbar Exercises Phantom Shares

What Happened

Portfolio Manager Jeffrey Barton Dunbar converted/exercised cash‑settled "phantom" share awards (derivatives) on Feb 25, 2026. The filing shows a grant/acquisition of 9,106.15 phantom shares valued at $98,437 (at $10.81 each) and a disposition (surrender) of 5,014.51 shares to the issuer at $10.81 for $54,207. Several additional derivative conversions/dispositions (2,632.73; 942.14; 1,439.64 shares) were recorded the same day. These are cash‑settled awards, not open‑market stock trades.

Key Details

Transaction date: February 25, 2026; Form 4 filed February 27, 2026 (appears timely, within typical 2‑business‑day window).
Reported amounts/prices: Grant of 9,106.15 phantom shares @ $10.81 = $98,437 (acquired, derivative); Disposition to issuer 5,014.51 shares @ $10.81 = $54,207 (disposed). Other conversions/dispositions: 2,632.73; 942.14; 1,439.64 shares (no per‑share cash amount reported for those lines).
Shares owned after transaction: Not disclosed in the provided filing excerpt.
Footnotes: F1–F5 indicate these are "phantom" shares (cash‑settled equivalents of common stock) granted in prior years that vest in equal installments over three years; some of the reported conversions relate to earlier grants (Feb 23–25 of prior years).
Likely mechanics: The disposition/surrender to the issuer typically reflects shares retained/surrendered to satisfy tax withholding or cashless settlement on vesting; the filing treats these as derivative exercises/conversions.

Context

These were derivative/phantom‑share transactions (cash‑settled awards), not open‑market purchases or sales of common stock — so they do not reflect a direct buy/sell of BAS shares on the market.
Dispositions to the issuer following exercise are common for tax withholding or cashless settlement and do not necessarily indicate a change in insider sentiment.

Form 4

Period: 2026-02-25

Other

Transactions

Exercise/Conversion
Common Stock
[F1][F2][F3][F4]
2026-02-25+5,014.51→ 5,014.51 total
Disposition to Issuer
Common Stock
[F1][F2][F3][F4]
2026-02-25$10.81/sh−5,014.51$54,207→ 0 total
Award
Phantom Shares
[F1][F5]
2026-02-25$10.81/sh+9,106.15$98,437→ 9,106.15 total
→ Common Stock (9,106.15 underlying)
Exercise/Conversion
Phantom Shares
[F1][F2]
2026-02-25−2,632.73→ 5,265.47 total
→ Common Stock (2,632.73 underlying)
Exercise/Conversion
Phantom Shares
[F1][F3]
2026-02-25−942.14→ 942.14 total
→ Common Stock (942.14 underlying)
Exercise/Conversion
Phantom Shares
[F1][F4]
2026-02-25−1,439.64→ 0 total
→ Common Stock (1,439.64 underlying)

Footnotes (5)

[F1]A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
[F2]As previously reported on a Form 4 dated February 26, 2025, the Reporting Person was granted phantom shares on February 25, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F3]As previously reported on a Form 4 dated March 5, 2024, the Reporting Person was granted phantom shares on February 23, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F4]The Reporting Person was granted phantom shares on February 24, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
[F5]These phantom shares vest in equal installments on each of the first three anniversaries of the award.

Signature

/s/ Gladys Chang as Attorney-in-Fact|2026-02-27

1 file