Kushel J. Richard 4

What Happened

• Kushel J. Richard, a Senior Managing Director at BlackRock (BLK), exercised 20,000 stock options (code M) on 2026-01-21 at a strike price of $513.50, costing $10,270,000, and sold 20,000 shares in an open-market transaction the same day at $1,125.00 per share, generating $22,500,000. The filing also reports a derivative disposition of 20,000 shares at $0.00, which reflects the cancellation/conversion of the exercised options.

Key Details

• Transaction date: 2026-01-21.
• Exercise: 20,000 shares @ $513.50 = $10,270,000 (Acquired).
• Sale: 20,000 shares @ $1,125.00 = $22,500,000 (Disposed, open market).
• Derivative disposition: 20,000 shares @ $0.00 (reflects conversion/cancellation on exercise).
• Shares owned after transaction: not specified in the supplied data.
• Footnotes: F1 — holdings include common stock and Restricted Stock Units (RSUs) that vest over 1–3 years. F2 — these options vested in equal installments on Dec 4 of 2022, 2023 and 2024.
• Filing: Report filed 2026-01-23 for transactions on 2026-01-21 (filed two days after the trade, which is the typical 16b/16a reporting window).

Context

• Because the exercise and sale occurred the same day, this resembles a cashless exercise where options are converted to shares and those shares are sold immediately; the $0.00 derivative line represents the option cancellation on exercise, not an additional cash sale.
• Exercises and subsequent sales are common for option vesting/tax-liability management and are not, by themselves, definitive signals of broader insider views.