BlackRock Municipal Trust (NYSE: BKN) manager exercises and sells shares

Rhea-AI Filing Summary

BlackRock Investment Quality Municipal Trust, Inc. (BKN) portfolio manager Michael Kalinoski reported a small insider transaction involving phantom shares and common stock on January 30, 2026. He converted 60.7647 phantom shares into the economic equivalent of common stock and then sold 60.7647 common shares at $11.45 per share, leaving him with no directly held common stock.

Following these transactions he continued to hold 121.5295 phantom shares, which are cash-settled and vest in three equal annual installments starting from January 31, 2025.

Insider Trade Summary

60.7647 shares exercised/converted

Exercise 3 txns

Insider KALINOSKI MICHAEL

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	60.7647	$0.00	$0.00
Exercise	Common Stock	60.7647	$0.00	$0.00
Disposition	Common Stock	60.7647	$11.45	$695.76

Holdings After Transaction: Phantom Shares — 121.5295 shares (Direct); Common Stock — 0 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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 07:21 PM Learn about SEC filing dates

FAQ

What insider transaction did BKN portfolio manager Michael Kalinoski report?

Michael Kalinoski reported exercising 60.7647 phantom shares into the equivalent of common stock and selling 60.7647 BKN common shares at $11.45 each. After the sale, he held no common stock directly but retained 121.5295 phantom shares.

What are phantom shares in the BKN Form 4 filing for Michael Kalinoski?

In this filing, a phantom share is the economic equivalent of one BKN common share but is payable in cash rather than stock. These awards are subject to vesting requirements and pay out in cash as they vest over the specified schedule.

How many BKN phantom shares does Michael Kalinoski hold after this transaction?

After the reported transaction, Michael Kalinoski beneficially owned 121.5295 phantom shares. These phantom shares are cash-settled units tied economically to BKN common stock and are subject to the vesting schedule disclosed in the compensation grant details.

At what price did Michael Kalinoski sell his BKN common shares?

He sold 60.7647 BKN common shares at a price of $11.45 per share. The sale followed the conversion of an equal number of phantom shares into the economic equivalent of common stock on the same transaction date, January 30, 2026.

Does Michael Kalinoski still directly own BKN common stock after this Form 4?

According to the Form 4, his directly held BKN common stock position fell to 0.0000 shares after selling 60.7647 shares. However, he continues to hold 121.5295 phantom shares that are economically linked to BKN common stock and payable in cash.

What is the vesting schedule of the BKN phantom shares granted to Michael Kalinoski?

The phantom shares were granted on January 31, 2025 and vest in cash in three equal installments on each of the first three anniversaries of the grant date. This means the award pays out in portions over a three-year period as vesting conditions are met.

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^*

KALINOSKI MICHAEL

(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		60.7647	A	(1)(2)	60.7647	D
Common Stock	01/30/2026		D		60.7647	D	$11.45(1)(2)	0.0000	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			60.7647	(1)(2)	(1)(2)	Common Stock	60.7647	(1)(2)	121.5295	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.