Phantom pay units shifted in BlackRock (NYSE: BKN) fund reorg

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. reported an administrative change in compensation-linked phantom shares for portfolio manager Kristi Manidis. On the reported date, 100.260 phantom shares, valued at $11.54 per unit, were adjusted, leaving zero phantom shares reported as directly held after the transaction.

Footnotes explain that each phantom share mirrors one common share economically and is payable in cash once vesting conditions are met. The units tied to this fund were reallocated to BlackRock MuniYield Quality Fund, Inc. in connection with a fund reorganization using the same exchange ratio applied in that transaction.

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

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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^*

Santiago Kristi Manidis

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. [ BKN ]

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)
02/23/2026

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

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)	02/09/2026		J(2)			100.26	(1)(2)	(1)(2)	Common Stock	100.26	$11.54(2)	0	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. Effective as of February 23, 2026, BlackRock Investment Quality Municipal Trust, Inc.. (the "Target Fund") was reorganized into BlackRock MuniYield Quality Fund, Inc. (the "Acquiring Fund"). In connection with this reorganization, phantom stock units previously awarded to Kristi Manidis in the Target Fund were reallocated to the Acquiring Fund, converted at the exchange ratio used in the reorganization.

	/s/ Gladys Chang as Attorney-in-Fact	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did BKN report for Kristi Manidis?

BKN reported an administrative phantom share transaction for portfolio manager Kristi Manidis involving 100.260 phantom shares at $11.54 each. The filing shows her directly held phantom share balance in this fund moving to zero following a broader fund reorganization and reallocation.

What are phantom shares in the BKN Form 4 filing?

In the BKN filing, phantom shares are compensation units economically equal to one common share and payable in cash after vesting. They track the fund’s value but do not represent actual share ownership, voting rights, or direct equity in the closed-end fund.

How many phantom shares were adjusted for BKN on this date?

The Form 4 for BKN shows 100.260 phantom shares tied to Kristi Manidis were adjusted at a reference value of $11.54 per unit. After this transaction, her directly reported phantom share balance in the BlackRock Investment Quality Municipal Trust, Inc. was listed as zero.

Why were BKN-related phantom shares moved to another BlackRock fund?

The phantom shares moved because BlackRock Investment Quality Municipal Trust, Inc. was reorganized into BlackRock MuniYield Quality Fund, Inc. Phantom units previously awarded in the original fund were reallocated and converted to the acquiring fund using the same exchange ratio as the reorganization.

Does the BKN phantom share transaction reflect a buy or sell of common stock?

The BKN transaction does not reflect a traditional buy or sell of common stock. It records an “other” adjustment in phantom share compensation units, linked to a fund reorganization, with the units economically mirroring shares but settled in cash instead of creating new share ownership.