Portfolio manager in BKN (NYSE: BKN) reports phantom share vesting and common stock sale

Rhea-AI Filing Summary

BlackRock Investment Quality Municipal Trust, Inc. (BKN) portfolio manager Christian Romaglino reported a Form 4 insider transaction on common stock and related phantom shares.

On January 30, 2026, 112.2249 phantom shares were settled into 112.2249 shares of common stock, reflecting the cash-settled phantom share program previously granted on January 31, 2025 and vesting over three years.

On the same date, 112.2249 shares of common stock were disposed of at a price of $11.45 per share. After these transactions, Romaglino directly held 358.62 shares of common stock and 224.4497 phantom shares, which are economically equivalent to common shares but payable in cash upon vesting.

Insider Trade Summary

112.2249 shares exercised/converted

Exercise 3 txns

Insider Romaglino Christian

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	112.2249	$0.00	$0.00
Exercise	Common Stock	112.2249	$0.00	$0.00
Disposition	Common Stock	112.2249	$11.45	$1K

Holdings After Transaction: Phantom Shares — 224.4497 shares (Direct); Common Stock — 358.62 shares (Direct)

Footnotes (2)

1. 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.
2. 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 07:18 PM Learn about SEC filing dates

FAQ

What insider transaction did Christian Romaglino report for BlackRock Investment Quality Municipal Trust (BKN)?

Christian Romaglino reported settling 112.2249 phantom shares into 112.2249 BKN common shares, then selling 112.2249 common shares. This activity reflects vesting of previously granted phantom shares and a same-day share disposition at a disclosed sale price.

At what price were BlackRock Investment Quality Municipal Trust (BKN) shares sold in this Form 4?

The reported sale price was $11.45 per BKN common share for 112.2249 shares. This transaction followed the settlement of an equal number of phantom shares into common stock on the same date as part of the compensation structure.

How many BlackRock Investment Quality Municipal Trust (BKN) shares does the insider hold after this transaction?

After the reported transactions, the insider directly held 358.62 BKN common shares. In addition, 224.4497 phantom shares remained credited, which are economically equivalent to common shares but are settled in cash when vesting conditions are met.

What are phantom shares in the context of BlackRock Investment Quality Municipal Trust (BKN)?

Phantom shares are the economic equivalent of BKN common stock but pay out in cash instead of actual shares. They are subject to vesting requirements and become payable in cash as they vest over the specified schedule in the award agreement.

When were the phantom shares related to this BKN Form 4 originally granted?

The phantom shares were originally granted on January 31, 2025. They vest in equal installments on each of the first three anniversaries of the grant date, with vested amounts payable in cash according to the plan’s terms and conditions.

What is Christian Romaglino’s role at BlackRock Investment Quality Municipal Trust (BKN)?

Christian Romaglino is identified as a portfolio manager in connection with BlackRock Investment Quality Municipal Trust (BKN). The Form 4 indicates this role in the relationship section, rather than listing the insider as a director or officer of the fund.

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^*

Romaglino Christian

(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)
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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/30/2026		M		112.2249	A	(1)(2)	470.8449	D
Common Stock	01/30/2026		D		112.2249	D	$11.45(1)(2)	358.62	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
Phantom Shares	(1)(2)	01/30/2026		M			112.2249	(1)(2)	(1)(2)	Common Stock	112.2249	(1)(2)	224.4497	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.

	/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.