BGR (BGR) portfolio manager logs 2,203-share sale at $15.52 after exercise

Rhea-AI Filing Summary

BlackRock Energy & Resources Trust portfolio manager Kyle McClements reported a same‑day exercise and sale of common shares. On January 30, 2026, he acquired 2,203.3709 shares of common stock through a transaction coded "M" and then sold 2,203.3709 shares at $15.52 per share.

After these transactions, he directly held 2,686.053 common shares. The filing also shows movements in cash-settled incentive awards: 887.5871 phantom shares, 807.2371 phantom shares, and 508.5468 phantom shares were converted into equivalent common stock amounts, adjusting his remaining phantom share balances.

Phantom shares are described as the economic equivalent of common stock that, once vested under prior grants from 2023, 2024, and 2025, are payable in cash rather than stock.

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^*

McClements Kyle

(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		2,203.3709	A	(1)(2)(3)(4)	4,889.4239	D
Common Stock	01/30/2026		D		2,203.3709	D	$15.52(1)(2)(3)(4)	2,686.053	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			887.5871	(1)(2)	(1)(2)	Common Stock	887.5871	(1)(2)	1,775.1742	D
Phantom Shares	(1)(3)	01/30/2026		M			807.2371	(1)(3)	(1)(3)	Common Stock	807.2371	(1)(3)	807.2371	D
Phantom Shares	(1)(4)	01/30/2026		M			508.5468	(1)(4)	(1)(4)	Common Stock	508.5468	(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.

	/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 activity did BGR portfolio manager Kyle McClements report?

McClements reported a same-day exercise and sale of shares. He acquired 2,203.3709 BGR common shares via a transaction coded "M" and sold 2,203.3709 shares at $15.52, leaving him with 2,686.053 directly held common shares after the transactions.

How many BlackRock Energy & Resources Trust (BGR) shares does the insider hold after the Form 4?

After the reported transactions, McClements directly holds 2,686.053 BGR common shares. This figure reflects acquiring 2,203.3709 shares through a code "M" transaction and then selling the same 2,203.3709 shares at $15.52 on January 30, 2026.

At what price were BGR shares sold in the reported insider transaction?

The reported sale price was $15.52 per BGR common share. McClements sold 2,203.3709 shares at this price on January 30, 2026, following an acquisition of the same number of shares through a transaction coded "M" earlier that day.

What are phantom shares in the BGR insider filing and how do they work?

Phantom shares in this BGR filing are cash-settled awards economically equivalent to one common share. They vest over time under grants from 2023, 2024, and 2025 and, once vested, become payable in cash rather than delivering actual BlackRock Energy & Resources Trust stock.

What phantom share changes did the BGR insider report on January 30, 2026?

The Form 4 shows 887.5871, 807.2371, and 508.5468 phantom shares converted into equivalent common stock amounts via transactions coded "M". Following these, McClements held 1,775.1742 phantom shares from one grant and 807.2371 phantom shares from another, with one grant reduced to zero.

What is the role of the reporting person in relation to BGR?

The reporting person, Kyle McClements, is identified as a portfolio manager for BlackRock Energy & Resources Trust (BGR). He is not listed as a director, officer, or 10% owner, but as an "Other" relationship with the specific designation of portfolio manager.