What phantom share grant did Holl Thomas receive from BCX in 2026?

On January 30, 2026, Holl Thomas received 4,154.3705 phantom shares tied to BCX at a reference value of $12.47 per unit. These phantom shares are cash-settled, economically mirror one BCX common share each, and vest in three equal annual installments under the plan terms.

Holl Thomas (BCX) exercises awards and sells 6,204 shares at $12.47

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Resources & Commodities Strategy Trust portfolio manager Holl Thomas reported multiple equity-related transactions on January 30, 2026. Thomas exercised 6,204.6289 shares of common stock from equity awards and then disposed of the same 6,204.6289 shares at a price of $12.47 per share, leaving no directly held common stock.

On the same date, Thomas was awarded 4,154.3705 phantom shares at $12.47. Several previously granted phantom share awards were settled or converted, with transactions involving 1,732.2125, 2,387.025 and 2,085.3914 phantom shares. Phantom shares are cash-settled units economically equivalent to common stock and generally vest in three equal annual installments.

Insider Trade Summary

6,204.629 shares exercised/converted

Mixed 6 txns

Insider Holl Thomas

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	4,154.371	$12.47	$52K
Exercise	Phantom Shares	1,732.213	$0.00	--
Exercise	Phantom Shares	2,387.025	$0.00	--
Exercise	Phantom Shares	2,085.391	$0.00	--
Exercise	Common Stock	6,204.629	$0.00	--
Disposition	Common Stock	6,204.629	$12.47	$77K

Holdings After Transaction: Phantom Shares — 4,154.371 shares (Direct); Common Stock — 6,204.629 shares (Direct)

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

Form 4 Insider Transactions: What Each Field Means →

02/03/2026 - 04:31 PM

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Holl Thomas

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Resources & Commodities Strategy Trust [ BCX ]

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/30/2026		M		6,204.6289	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	6,204.6289	D
Common Stock	01/30/2026		D		6,204.6289	D	$12.47⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Shares	⁽¹⁾⁽⁵⁾	01/30/2026		A		4,154.3705		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	4,154.3705	$12.47	4,154.3705	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			1,732.2125	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	1,732.2125	⁽¹⁾⁽²⁾	3,464.4249	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			2,387.025	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	2,387.025	⁽¹⁾⁽³⁾	2,387.025	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			2,085.3914	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	2,085.3914	⁽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.
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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Holl Thomas report for BCX on January 30, 2026?

Holl Thomas reported exercising 6,204.6289 BCX common shares from awards and then selling the same 6,204.6289 shares at $12.47 each. The filing also shows multiple phantom share transactions and grants linked to prior and current equity-based compensation awards.

How many BlackRock Resources & Commodities Strategy Trust shares did Holl Thomas sell?

Holl Thomas sold 6,204.6289 shares of BlackRock Resources & Commodities Strategy Trust common stock. These shares were disposed of in a single reported transaction at a price of $12.47 per share after being acquired through the exercise of equity-based awards on January 30, 2026.

What are phantom shares in the BlackRock Resources & Commodities Strategy Trust filing?

Phantom shares are units economically equivalent to one BCX common share but paid in cash, not stock. They are subject to vesting requirements and generally become payable in cash in equal installments on each of the first three anniversaries of the applicable award date.

Did Holl Thomas hold BCX common stock after the reported transactions?

After exercising and then selling 6,204.6289 BCX common shares at $12.47, Holl Thomas reported beneficially owning zero common shares directly. However, the Form 4 shows continuing holdings of phantom shares that provide cash-settled economic exposure to BCX common stock performance.

What role does Holl Thomas have at BlackRock Resources & Commodities Strategy Trust (BCX)?

In this filing, Holl Thomas is identified as a portfolio manager of BlackRock Resources & Commodities Strategy Trust. The reported transactions reflect equity-based compensation activity and related common stock sales associated with that role, as disclosed under Section 16 reporting requirements.