Portfolio manager MacLellan Scott trims BIT stake in BlackRock Multi-Sector Income Trust (BIT)

Q: How are the phantom share awards for BIT’s portfolio manager structured and when do they vest?

BIT’s portfolio manager received phantom share grants on January 31 of 2023, 2024, and 2025. Each grant is payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the respective grant date, according to the Form 4 footnotes.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Multi-Sector Income Trust (BIT) portfolio manager MacLellan Scott reported a small stock sale tied to compensation awards. On January 30, 2026, he acquired 468.9556 shares of common stock in a transaction coded “M,” linked to previously granted phantom share awards.

That same day, he disposed of 468.9556 common shares at $13.24 per share, leaving him with no directly held common stock after the transactions. Several blocks of phantom shares, which are the economic equivalent of common stock and become payable in cash upon vesting, were involved in the “M” transactions, reflecting the vesting and settlement of awards granted in 2023, 2024, and 2025.

Insider Trade Summary

468.956 shares exercised/converted

Mixed 5 txns

Insider MacLellan Scott

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	171.799	$0.00	--
Exercise	Phantom Shares	139.365	$0.00	--
Exercise	Phantom Shares	157.791	$0.00	--
Exercise	Common Stock	468.956	$0.00	--
Disposition	Common Stock	468.956	$13.24	$6K

Holdings After Transaction: Phantom Shares — 343.598 shares (Direct); Common Stock — 468.956 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.

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 Multi-Sector Income Trust [ BIT ]

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		468.9556	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	468.9556	D
Common Stock	01/30/2026		D		468.9556	D	$13.24⁽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⁾⁽²⁾	01/30/2026		M			171.7989	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	171.7989	⁽¹⁾⁽²⁾	343.5978	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			139.3654	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	139.3654	⁽¹⁾⁽³⁾	139.3654	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			157.7913	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	157.7913	⁽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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did MacLellan Scott report for BlackRock Multi-Sector Income Trust (BIT)?

MacLellan Scott reported acquiring and then selling 468.9556 BIT common shares on January 30, 2026. The sale was executed at $13.24 per share, and the transactions were linked to previously granted phantom share compensation awards that vested and settled on that date.

How many BlackRock Multi-Sector Income Trust (BIT) shares did the portfolio manager sell and at what price?

The portfolio manager sold 468.9556 BIT common shares at $13.24 per share on January 30, 2026. These shares had just been acquired in a related transaction coded “M,” connected to the vesting of prior phantom share grants.

What are phantom shares in the BlackRock Multi-Sector Income Trust (BIT) Form 4 filing?

Phantom shares are the economic equivalent of one BIT common share and become payable in cash after vesting. The filing notes that grants from 2023, 2024, and 2025 vest in equal installments over three years from each respective grant date.

Did MacLellan Scott hold any BlackRock Multi-Sector Income Trust (BIT) common stock after the reported transactions?

After the reported January 30, 2026 transactions, the Form 4 shows MacLellan Scott holding zero BIT common shares directly. The filing also reports remaining balances of phantom shares, which are cash-settled and track the economic value of BIT common stock.

What do the transaction code “M” and the cash settlement mean in the BIT Form 4?

In the BIT Form 4, the “M” code is used for transactions involving derivative securities, here phantom shares. These awards represent cash-settled economic equivalents of BIT common stock that, upon vesting, trigger related movements in reported common share and phantom share balances.