Fund reorganization converts BKN shares for director of BlackRock (BKN)

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. (BKN) reported an insider share conversion tied to a fund reorganization. Director Catherine A. Lynch exchanged 1,802 common shares of the Target Fund for 1,779 common shares of BlackRock MuniYield Quality Fund, Inc., plus cash for any fractional shares.

The reorganization became effective on February 23, 2026, using net asset values as of February 20, 2026. On that date, the Target Fund’s NAV per share was $12.3868 and the Acquiring Fund’s NAV per share was $12.5453, resulting in a 0.98736579 conversion ratio for the Target Fund’s common shares.

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^*

Lynch Catherine A.

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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
Common Stock	02/23/2026		J(1)		1,802	D	$12.3868	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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 the reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on February 20, 2026, less the costs of the reorganization. As of February 20, 2026, the Target Fund reported a NAV per share of $12.3868 and the Acquiring Fund reported a NAV per share of $12.5453. The conversion ratio for the Target Fund's common shares was 0.98736579. In the reorganization, Catherine Lynch received 1779 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for her 1802 common shares of the Target Fund.

	/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 BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST (BKN) report?

The trust reported an insider share conversion related to a fund reorganization. Director Catherine A. Lynch exchanged 1,802 BKN common shares for 1,779 common shares of BlackRock MuniYield Quality Fund, Inc., plus cash for any fractional shares.

Was the BKN Form 4 a buy or sell of shares by Catherine Lynch?

The Form 4 shows an "other" type of transaction, not a standard buy or sell. Catherine Lynch’s 1,802 BKN shares were converted into 1,779 shares of BlackRock MuniYield Quality Fund, Inc. as part of a fund reorganization.

What was the conversion ratio for BKN shares in the BlackRock fund reorganization?

The conversion ratio for BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. common shares was 0.98736579. This ratio determined how many shares of BlackRock MuniYield Quality Fund, Inc. each BKN common shareholder received in the reorganization.

How many BKN shares did Catherine Lynch hold after the reorganization transaction?

After the transaction, Catherine Lynch held zero common shares of BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. Her 1,802 BKN shares were exchanged for 1,779 shares of BlackRock MuniYield Quality Fund, Inc. in the reorganization.

What net asset values were used in the BKN share conversion calculation?

The calculation used net asset values as of February 20, 2026. BKN reported a NAV per share of $12.3868, while BlackRock MuniYield Quality Fund, Inc. reported a NAV per share of $12.5453 for determining the conversion ratio.

When did the BKN reorganization into BlackRock MuniYield Quality Fund, Inc. become effective?

The reorganization became effective on February 23, 2026. On that date, common shareholders of BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. received common shares of BlackRock MuniYield Quality Fund, Inc. based on the predetermined conversion ratio and NAVs.