Small Martin 4

What Happened

• Martin Small, CFO & Senior Managing Director of BlackRock, exercised 27,047 stock options (exercise price $513.50) on 2026-01-16 (cost $13,888,635) and sold those 27,047 shares in multiple open-market trades for a total of $31,675,813. He also received an award of 4,348 Restricted Stock Units (RSUs) on the same date (award value $5,087,650, converted using a $1,170.18 share price).
• The sales were executed in several tranches with weighted-average prices reported: 12,891 shares at $1,170.27; 8,139 shares at $1,171.52; 5,514 shares at $1,172.37; and 503 shares at $1,173.80. Net proceeds from the sales minus the exercise cost are approximately $17.8M.

Key Details

• Transaction date: January 16, 2026. Filing date: January 21, 2026 (filed five days after the trades).
• Options exercised: 27,047 shares at $513.50 (total exercise cost $13,888,635).
• Shares sold: 27,047 shares for total proceeds $31,675,813 (multiple trades; weighted-average prices shown above).
• Award received: 4,348 RSUs (F1) — approved Jan 13, 2026; RSUs vest in equal installments on 1/31/27, 1/31/28 and 1/31/29.
• Ownership after trades: the filing shows acquisition of 4,348 RSUs from the award; the exercise and sale of 27,047 shares resulted in no net increase in common stock from those exercised shares. The filing does not disclose total beneficial ownership across all holdings.
• Notable footnotes: F3–F6 note the sales were executed in multiple trades at slightly different prices (reporting person can provide detailed breakdown on request). F7 describes the original 27,047 option award vesting schedule. F2 clarifies RSUs pay out in shares.
• Timeliness: filed 1/21/26 for 1/16/26 trades (a delay beyond the typical two-business-day reporting window) — the filing shows the later SEC submission date.

Context

• This was an exercise of previously granted options followed by sales of the resulting shares (a cashless-style outcome): options exercised and the same number of shares sold on the same day. Such transactions are common for executives monetizing vested option tranches or covering exercise costs and tax obligations; they should not be read as a direct signal of company outlook.