Portfolio manager (NYSE: BFK) sells 131.6987 common shares

Rhea-AI Filing Summary

BlackRock Municipal Income Trust portfolio manager Christian Romaglino reported a small insider transaction involving 131.6987 phantom shares tied to common stock. On January 30, 2026, 131.6987 phantom shares were converted to 131.6987 common shares, then the same 131.6987 common shares were sold at $10.17 per share. Following these transactions, Romaglino reported owning 0 common shares and 0 phantom shares. The phantom shares were originally granted on January 31, 2023 and vest in three equal annual installments, with each phantom share economically equivalent to one common share and payable in cash, subject to vesting.

Insider Trade Summary

131.699 shares exercised/converted

Mixed 3 txns

Insider Romaglino Christian

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	131.699	$0.00	--
Exercise	Common Stock	131.699	$0.00	--
Disposition	Common Stock	131.699	$10.17	$1K

Holdings After Transaction: Phantom Shares — 0 shares (Direct); Common Stock — 131.699 shares (Direct)

Footnotes (1)

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 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 05:03 PM Learn about SEC filing dates

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^*

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 MUNICIPAL INCOME TRUST [ BFK ]

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		131.6987	A	(1)(2)	131.6987	D
Common Stock	01/30/2026		D		131.6987	D	$10.17(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)(2)	01/30/2026		M			131.6987	(1)(2)	(1)(2)	Common Stock	131.6987	(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.

	/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 transaction did BFK portfolio manager Christian Romaglino report?

Christian Romaglino reported converting 131.6987 phantom shares into 131.6987 common shares, then selling the same 131.6987 common shares at $10.17 each. After these transactions, he reported holding zero common shares and zero phantom shares tied to BlackRock Municipal Income Trust.

How many BlackRock Municipal Income Trust (BFK) shares were sold in this Form 4?

The filing shows a sale of 131.6987 common shares of BlackRock Municipal Income Trust. These shares came from the same number of phantom shares converted into common stock before being sold at $10.17 per share in a matched transaction on January 30, 2026.

What are the phantom shares mentioned in the BFK Form 4 filing?

The phantom shares are described as the economic equivalent of one share of common stock and become payable in cash, subject to vesting. They relate to an award granted on January 31, 2023 that vests in three equal annual installments tied to BlackRock Municipal Income Trust.

When were the phantom shares for BFK’s portfolio manager originally granted?

The phantom shares were granted on January 31, 2023, as previously reported. They vest in equal installments on each of the first three anniversaries of the grant date, with each phantom share economically equivalent to one common share and payable in cash on vesting.

What was the sale price for the BFK common shares in this insider trade?

The 131.6987 common shares were sold at a price of $10.17 per share. These common shares resulted from the conversion of 131.6987 phantom shares on the same date, and the transaction left the reporting person with no remaining common or phantom share holdings.

What is Christian Romaglino’s role at BlackRock Municipal Income Trust (BFK)?

The filing identifies Christian Romaglino as a portfolio manager of BlackRock Municipal Income Trust. He is not listed as a director, officer, or 10% owner in the document, and the Form 4 is filed as a single reporting person transaction.