Which phantom share grants are referenced in Dickstein’s BIT filing?

The filing references phantom share grants made on January 31 of 2023, 2024, and 2025. Each grant was previously reported and is payable in cash upon vesting, which occurs in equal installments on each of the first three anniversaries of the applicable grant date.

What phantom share transactions occurred on January 30, 2026 for BIT?

On January 30, 2026, Dickstein reported several “M” transactions involving phantom shares tied to the 2023, 2024, and 2025 grants. These movements correspond to phantom shares that are economic equivalents of common stock and relate to the vesting and cash-settlement structure described in the footnotes.

BIT manager sells 3,753 shares at $13.24

BlackRock Multi-Sector Income Trust portfolio manager Akiva Dickstein reported common stock and phantom share transactions dated January 30, 2026.

Accepted by SEC EDGAR 02/03/2026 - 04:41 PM EST

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Rhea-AI Filing Summary

BlackRock Multi-Sector Income Trust portfolio manager Akiva Dickstein reported common stock and phantom share transactions dated January 30, 2026. He acquired 3,753.5028 common shares through a transaction coded “M” and then disposed of the same 3,753.5028 shares at a price of $13.24 per share, leaving 500 common shares directly owned.

The filing also shows multiple “M” transactions in phantom shares, which are economic equivalents of common stock that become payable in cash upon vesting. These phantom shares relate to awards granted on January 31 of 2023, 2024, and 2025 that vest in three equal annual installments.

Insider Trade Summary

3,753.5028 shares exercised/converted

Exercise 5 txns

Insider Dickstein Akiva

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	1,503.5461	$0.00	$0.00
Exercise	Phantom Shares	1,089.0409	$0.00	$0.00
Exercise	Phantom Shares	1,160.9158	$0.00	$0.00
Exercise	Common Stock	3,753.5028	$0.00	$0.00
Disposition	Common Stock	3,753.5028	$13.24	$50K

Holdings After Transaction: Phantom Shares — 4,096.1332 contracts (Direct); Common Stock — 500 shares (Direct)

Footnotes (4)

F1. A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.
F2. 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.
F3. 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.
F4. 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.

FAQ

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What did Akiva Dickstein report in this Form 4 for BIT?

Akiva Dickstein reported acquiring 3,753.5028 common shares of BlackRock Multi-Sector Income Trust through a transaction coded “M,” then selling the same 3,753.5028 shares at $13.24 per share on January 30, 2026, leaving 500 common shares directly owned afterward.

How many BlackRock Multi-Sector Income Trust shares does Dickstein hold after the transactions?

After the reported transactions, Dickstein directly owns 500 common shares of BlackRock Multi-Sector Income Trust. The filing also reflects ongoing holdings of phantom shares, which are tied to prior grants and represent economic equivalents of common stock payable in cash upon vesting.

What are phantom shares in the BIT Form 4 filing?

Phantom shares are described as the economic equivalent of one share of common stock and, subject to vesting requirements, become payable in cash. They track the value of BlackRock Multi-Sector Income Trust stock but settle in cash instead of delivering actual common shares on vesting.

What is Akiva Dickstein’s role at BlackRock Multi-Sector Income Trust (BIT)?

Akiva Dickstein is listed as a portfolio manager of BlackRock Multi-Sector Income Trust. In this capacity, he is a reporting person under Section 16, and his transactions in the trust’s common stock and related phantom share awards must be disclosed on Form 4.

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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^*

Dickstein Akiva

(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		3,753.5028	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	4,253.5028	D
Common Stock	01/30/2026		D		3,753.5028	D	$13.24⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	500	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			1,503.5461	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	1,503.5461	⁽¹⁾⁽²⁾	3,007.0923	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			1,089.0409	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	1,089.0409	⁽¹⁾⁽³⁾	1,089.0409	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			1,160.9158	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	1,160.9158	⁽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