BGR (NYSE: BGR) portfolio manager logs phantom share grant and $15.52 stock sale

Rhea-AI Filing Summary

BlackRock Energy & Resources Trust portfolio manager Alastair Bishop reported compensation-related equity activity. On January 30, 2026, he received 3,047.9381 phantom shares, which track the value of one common share each and are payable in cash as they vest over time.

That same day, Bishop exercised previously granted phantom shares into 5,133.5159 common shares and then disposed of those 5,133.5159 common shares at $15.52 per share, leaving him with no directly held common stock but ongoing phantom share interests subject to their vesting schedules.

Insider Trade Summary

5,133.516 shares exercised/converted

Mixed 6 txns

Insider Bishop Alastair

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	3,047.938	$15.52	$47K
Exercise	Phantom Shares	1,448.277	$0.00	--
Exercise	Phantom Shares	1,766.283	$0.00	--
Exercise	Phantom Shares	1,918.956	$0.00	--
Exercise	Common Stock	5,133.516	$0.00	--
Disposition	Common Stock	5,133.516	$15.52	$80K

Holdings After Transaction: Phantom Shares — 3,047.938 shares (Direct); Common Stock — 5,133.516 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 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 →

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^*

Bishop Alastair

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Energy & Resources Trust [ BGR ]

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		5,133.5159	A	(1)(2)(3)(4)	5,133.5159	D
Common Stock	01/30/2026		D		5,133.5159	D	$15.52(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares	(1)(5)	01/30/2026		A		3,047.9381		(1)(5)	(1)(5)	Common Stock	3,047.9381	$15.52	3,047.9381	D
Phantom Shares	(1)(2)	01/30/2026		M			1,448.2773	(1)(2)	(1)(2)	Common Stock	1,448.2773	(1)(2)	2,896.5546	D
Phantom Shares	(1)(3)	01/30/2026		M			1,766.2829	(1)(3)	(1)(3)	Common Stock	1,766.2829	(1)(3)	1,766.2829	D
Phantom Shares	(1)(4)	01/30/2026		M			1,918.9557	(1)(4)	(1)(4)	Common Stock	1,918.9557	(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.

FAQ

What insider transaction did BGR portfolio manager Alastair Bishop report?

Alastair Bishop reported receiving 3,047.9381 phantom shares and settling prior phantom awards into 5,133.5159 common shares, which he then disposed of at $15.52 per share. These transactions are part of his compensation structure tied to BlackRock Energy & Resources Trust performance.

How many BGR phantom shares did Alastair Bishop receive on January 30, 2026?

He received 3,047.9381 phantom shares on January 30, 2026. Each phantom share is economically equivalent to one share of BlackRock Energy & Resources Trust common stock and becomes payable in cash as vesting conditions are met over a multi-year schedule.

At what price did Alastair Bishop dispose of BGR common stock?

He disposed of 5,133.5159 BlackRock Energy & Resources Trust common shares at $15.52 per share. These shares came from the settlement of previously granted phantom share awards and left him with no directly held common stock after the reported transactions.

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

Phantom shares are awards economically equivalent to one BGR common share, payable in cash once vesting conditions are satisfied. They do not represent actual stock but mirror its value, providing cash-based, stock-linked compensation over a specified vesting period.

Does Alastair Bishop still hold BGR common stock after these transactions?

After these transactions, he reported holding zero shares of BlackRock Energy & Resources Trust common stock directly. His remaining exposure is through phantom share awards, which are cash-settled instruments linked to the value of the trust’s common shares.

Over what period do Alastair Bishop’s BGR phantom shares vest?

The phantom share awards referenced in the filing vest in equal installments on each of the first three anniversaries of their respective grant dates. Once vested, they become payable in cash based on the value of BlackRock Energy & Resources Trust common shares.