How do the BHK phantom share grants for 2023–2025 vest over time?

The filing notes that phantom shares granted in 2023, 2024, and 2025 vest in equal installments on each of the first three anniversaries of the grant date. Each vested portion is payable in cash, following the three-year vesting schedule disclosed in the footnotes.

Is the January 30, 2026 phantom share grant for BHK immediately vested?

No. The phantom shares granted on January 30, 2026 vest in equal installments over three years. The footnote explains that these phantom shares vest on each of the first three anniversaries of the award date, after which they become payable in cash to the reporting person.

Portfolio manager MacLellan Scott reports BHK phantom share grant and sale (NYSE: BHK)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Core Bond Trust portfolio manager MacLellan Scott reported compensation-related transactions in common stock and phantom shares. On 01/30/2026, 623.9015 phantom shares were converted into 623.9015 common shares, which were then sold at $9.53 per share, leaving no common stock directly owned.

On the same date, Scott was granted 1,217.3728 phantom shares at a reference value of $9.53, bringing his phantom share balance to 1,217.3728. The footnotes explain that each phantom share is economically equivalent to one common share and is payable in cash, vesting in equal installments over three years.

Insider Trade Summary

623.902 shares exercised/converted

Mixed 6 txns

Insider MacLellan Scott

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	1,217.373	$9.53	$12K
Exercise	Phantom Shares	236.155	$0.00	--
Exercise	Phantom Shares	189.824	$0.00	--
Exercise	Phantom Shares	197.923	$0.00	--
Exercise	Common Stock	623.902	$0.00	--
Disposition	Common Stock	623.902	$9.53	$6K

Holdings After Transaction: Phantom Shares — 1,217.373 shares (Direct); Common Stock — 623.902 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 - 04:52 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^*

MacLellan Scott

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CORE BOND TRUST [ BHK ]

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		623.9015	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	623.9015	D
Common Stock	01/30/2026		D		623.9015	D	$9.53⁽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		1,217.3728		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	1,217.3728	$9.53	1,217.3728	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			236.1549	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	236.1549	⁽¹⁾⁽²⁾	472.3098	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			189.8235	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	189.8235	⁽¹⁾⁽³⁾	189.8235	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			197.9232	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	197.9232	⁽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 transactions did MacLellan Scott report for BHK on January 30, 2026?

MacLellan Scott reported converting 623.9015 phantom shares into 623.9015 common shares, then selling those common shares at $9.53 each. He also received a new grant of 1,217.3728 phantom shares, all recorded as directly owned compensation-related positions.

What are phantom shares in the BlackRock Core Bond Trust (BHK) Form 4?

Phantom shares are awards economically equivalent to one common share but settled in cash, not stock. For BHK, the filing states they become payable in cash upon vesting, giving the holder value linked to common shares without receiving actual stock.

How many phantom shares does MacLellan Scott hold after the latest BHK Form 4?

After the reported transactions, MacLellan Scott beneficially owns 1,217.3728 phantom shares directly. These phantom shares vest in equal installments over three years, with earlier grants from 2023, 2024, and 2025 also vesting in three annual tranches as described.

Did MacLellan Scott sell any BlackRock Core Bond Trust (BHK) common shares?

Yes. He sold 623.9015 BHK common shares at $9.53 per share on January 30, 2026. Those shares came from the same-day conversion of phantom shares, and the sale left him with zero directly owned BHK common shares after the transaction.