BBN portfolio manager reports phantom share awards and stock sale

Rhea-AI Filing Summary

BlackRock Taxable Municipal Bond Trust portfolio manager Michael Kalinoski reported compensation-related transactions in common stock and phantom shares. On January 30, 2026, he received 128.0675 phantom shares, which are cash-settled units economically equivalent to common stock and vest over three years.

On the same date, previously granted phantom shares vested and were converted into 128.6224 common shares, which were then sold at $16.30 per share. After these trades, Kalinoski directly held 1,523.9209 common shares and 128.0675 phantom shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KALINOSKI MICHAEL

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Taxable Municipal Bond Trust [ BBN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/30/2026		M		128.6224	A	(1)(2)(3)(4)	1,652.5433	D
Common Stock	01/30/2026		D		128.6224	D	$16.3(1)(2)(3)(4)	1,523.9209	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares	(1)(5)	01/30/2026		A		128.0675		(1)(5)	(1)(5)	Common Stock	128.0675	$16.3	128.0675	D
Phantom Shares	(1)(2)	01/30/2026		M			43.2692	(1)(2)	(1)(2)	Common Stock	43.2692	(1)(2)	86.5384	D
Phantom Shares	(1)(3)	01/30/2026		M			51.2591	(1)(3)	(1)(3)	Common Stock	51.2591	(1)(3)	51.2591	D
Phantom Shares	(1)(4)	01/30/2026		M			34.0941	(1)(4)	(1)(4)	Common Stock	34.0941	(1)(4)	0.0000	D

Explanation of Responses:

1. A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.

2. As previously reported on a Form 4 dated February 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

3. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

4. As previously reported on a Form 4 dated February 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

5. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

	/s/ Gladys Chang as Attorney-in-Fact	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider activity did BBN portfolio manager Michael Kalinoski report?

Michael Kalinoski reported routine compensation-related activity, including vesting of phantom shares into 128.6224 common shares and their sale at $16.30 per share. He also received 128.0675 new phantom shares that vest in equal installments over three years.

How many BBN common shares does the insider hold after the Form 4?

After the reported transactions, Michael Kalinoski directly holds 1,523.9209 shares of BlackRock Taxable Municipal Bond Trust common stock. This reflects the sale of 128.6224 shares at $16.30 and the impact of shares issued from vested phantom units.

What are phantom shares in the context of BBN’s Form 4 filing?

Phantom shares are compensation units economically equivalent to one BBN common share but payable in cash instead of stock. They vest in equal installments on each of the first three anniversaries of the applicable award or grant date, aligning payouts with longer-term service.

What new phantom share award did the BBN insider receive?

On January 30, 2026, Michael Kalinoski received 128.0675 phantom shares tied to BlackRock Taxable Municipal Bond Trust. These units are cash-settled, economically mirror common stock value, and vest in three equal annual installments following the award date, subject to vesting requirements.

What sale of BBN common stock is disclosed in this Form 4?

The Form 4 discloses that 128.6224 common shares of BlackRock Taxable Municipal Bond Trust were sold at a price of $16.30 per share. These shares came from vested phantom share awards that were converted into common stock before the sale.

How did prior BBN phantom share grants factor into this filing?

The filing references phantom share grants made on January 31 of 2023, 2024, and 2025. Portions of these earlier grants vested in equal annual installments and on January 30, 2026 some vested units were converted into common stock, contributing to the 128.6224 shares sold.