BBN (BBN) PM gets 123.4663 phantom shares, sells 54.5506 at $16.3

Rhea-AI Filing Summary

BlackRock Taxable Municipal Bond Trust portfolio manager Christian Romaglino reported a mix of phantom share awards, conversions, and a small share sale. On January 30, 2026, he received 123.4663 phantom shares at $16.3 each, which are cash-settled and economically mirror common stock.

On the same date, 54.5506 phantom shares were converted to the same number of common shares and then sold at $16.3 per share, leaving 0 common shares directly owned and 123.4663 phantom shares outstanding. The phantom awards vest in equal installments over three years.

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^*

Romaglino Christian

(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		54.5506	A	(1)(2)	54.5506	D
Common Stock	01/30/2026		D		54.5506	D	$16.3(1)(2)	0	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)(3)	01/30/2026		A		123.4663		(1)(3)	(1)(3)	Common Stock	123.4663	$16.3	123.4663	D
Phantom Shares	(1)(2)	01/30/2026		M			54.5506	(1)(2)	(1)(2)	Common Stock	54.5506	(1)(2)	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 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.

3. 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 insider transactions did BBN portfolio manager Christian Romaglino report?

Christian Romaglino reported receiving 123.4663 phantom shares and converting 54.5506 phantom shares into common stock, then selling 54.5506 common shares at $16.3 each. After these transactions, he held no common shares and 123.4663 phantom shares.

How many BlackRock Taxable Municipal Bond Trust phantom shares were granted?

He was granted 123.4663 phantom shares on January 30, 2026. These phantom shares are cash-settled instruments that track one share of common stock and vest in three equal annual installments, aligning compensation with the trust’s common stock performance over time.

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

Phantom shares are awards economically equivalent to one common share, but payable in cash upon vesting. For BBN, they provide cash-based exposure to common stock performance, with vesting occurring in equal installments over three years from the grant or award dates.

Did the BBN portfolio manager sell any common stock in this Form 4?

Yes. After converting 54.5506 phantom shares into 54.5506 common shares, he disposed of all 54.5506 common shares at $16.3 per share. Following this sale, his directly owned common stock position reported in the filing was reduced to zero shares.

How do the BBN phantom shares reported on January 30, 2026 vest?

The phantom shares vest in equal installments on each of the first three anniversaries of the award date. This schedule means the 123.4663 phantom shares granted on January 30, 2026 will vest gradually over three years, with each vesting tranche payable in cash.