Phantom awards and share sale at BlackRock Taxable Municipal Bond Trust (BBN)

Rhea-AI Filing Summary

BlackRock Taxable Municipal Bond Trust portfolio manager Kevin Maloney reported routine equity-based compensation and a small share sale. On January 30, 2026, he received 1,119.6319 phantom shares at $16.3 per share, which are cash-settled awards economically equivalent to common stock and vest over three years.

On the same date, Maloney exercised previously granted phantom shares into 417.7669 common shares and then disposed of those common shares at $16.3 per share, leaving no directly held common stock. The filing also reflects partial conversions of earlier phantom share grants that continue to vest in annual installments.

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^*

Maloney Kevin

(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		417.7669	A	(1)(2)(3)	417.7669	D
Common Stock	01/30/2026		D		417.7669	D	$16.3(1)(2)(3)	0.0000	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)(4)	01/30/2026		A		1,119.6319		(1)(4)	(1)(4)	Common Stock	1,119.6319	$16.3	1,119.6319	D
Phantom Shares	(1)(2)	01/30/2026		M			365.0839	(1)(2)	(1)(2)	Common Stock	365.0839	(1)(2)	730.1679	D
Phantom Shares	(1)(3)	01/30/2026		M			52.6829	(1)(3)	(1)(3)	Common Stock	52.6829	(1)(3)	52.6829	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. 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Kevin Maloney report in his Form 4 for BlackRock Taxable Municipal Bond Trust (BBN)?

Kevin Maloney reported routine compensation-related transactions. On January 30, 2026, he received 1,119.6319 phantom shares and converted previously granted phantom shares into 417.7669 common shares, which were then sold at $16.3 per share, leaving no directly held common stock.

What are phantom shares in the BBN Form 4 for Kevin Maloney?

The filing states each phantom share is economically equivalent to one BBN common share and becomes payable in cash after vesting. These awards vest in equal installments on each of the first three anniversaries of the relevant grant or award date, providing cash-settled, stock-linked compensation.

How many phantom shares were granted to Kevin Maloney in this BBN filing?

On January 30, 2026, Kevin Maloney was granted 1,119.6319 phantom shares at $16.3 per share. These new awards are in addition to earlier phantom grants from January 2024 and January 2025, which continue to vest in three equal annual installments after the grant dates.

What common stock transactions did the BBN portfolio manager report on January 30, 2026?

Kevin Maloney reported acquiring 417.7669 BBN common shares through the exercise of phantom shares and then disposing of the same 417.7669 shares in a sale at $16.3 per share. After these transactions, his directly held BBN common stock balance reported in the filing was zero.

Does the BBN Form 4 show Kevin Maloney still holding phantom shares after these transactions?

Yes. After the reported transactions, the tables show continued balances of phantom shares from multiple grants. These include the newly awarded 1,119.6319 phantom shares plus remaining portions of earlier January 2024 and January 2025 grants, which vest in equal annual installments over three years.

What is Kevin Maloney’s relationship to BlackRock Taxable Municipal Bond Trust (BBN)?

The filing identifies Kevin Maloney as a portfolio manager of BlackRock Taxable Municipal Bond Trust, not as a director or 10% owner. His reported holdings and transactions relate to compensation-linked phantom share awards and associated common stock activity, all reported as directly owned for Section 16 purposes.