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  4. [Form 4] BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. Insider Trading Activity

Director in BlackRock (NYSE: BKN) shifts holdings in fund reorganization

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. director Stayce D. Harris reported an "other" type transaction linked to a fund reorganization. On February 23, 2026, BlackRock Investment Quality Municipal Trust, Inc. (the Target Fund) was reorganized into BlackRock MuniYield Quality Fund, Inc. (the Acquiring Fund).

In this reorganization, holders of the Target Fund received Acquiring Fund common shares equal in value to the Target Fund shares they surrendered, based on net asset values as of February 20, 2026, less reorganization costs. As of 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 conversion ratio of 0.98736579 for the Target Fund’s common shares.

Under this ratio, Harris exchanged 10.7893 Target Fund common shares for 10 Acquiring Fund common shares plus cash for any fractional share. Following this transaction, her reported holdings of the Target Fund’s common stock were 0 shares.

Positive

  • None.

Negative

  • None.

Insights

Director’s holdings shift due to fund reorganization, not trading.

This transaction reflects a structural change: BlackRock Investment Quality Municipal Trust, Inc. was reorganized into BlackRock MuniYield Quality Fund, Inc. Common shareholders, including director Stayce D. Harris, received Acquiring Fund shares based on relative net asset values and a specified conversion ratio.

The filing shows a conversion ratio of 0.98736579, with NAVs of $12.3868 for the Target Fund and $12.5453 for the Acquiring Fund as of February 20, 2026. Harris exchanged 10.7893 Target Fund shares for 10 Acquiring Fund shares plus cash for any fractional amount, leaving her with zero Target Fund shares.

This appears to be an automatic exchange tied to the reorganization rather than a discretionary market trade. The direct impact on shareholders depends on the combined fund’s future performance and strategy, which would be detailed in other materials beyond this insider transaction record.

Insider Harris Stayce D.
Role Director
Type Security Shares Price Value
Other Common Stock 10.7893 $12.3868 $133.64
Holdings After Transaction: Common Stock — 0 shares (Direct)
Footnotes (1)
  1. F1. 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, Stayce D. Harris received 10 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for her 10.7893 common shares of the Target Fund.

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FAQ

What did the Form 4 for BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. (BKN) report for Stayce D. Harris?
The Form 4 reports an "other" transaction where director Stayce D. Harris’s shares were exchanged due to a fund reorganization. Her 10.7893 Target Fund common shares converted into 10 Acquiring Fund shares plus cash for any fractional share, leaving her with zero Target Fund shares.

How did the BlackRock fund reorganization affect BKN director Stayce D. Harris’s shareholdings?
The reorganization moved her investment from the Target Fund into the Acquiring Fund. Harris exchanged 10.7893 common shares of BlackRock Investment Quality Municipal Trust, Inc. for 10 common shares of BlackRock MuniYield Quality Fund, Inc., plus cash for any fractional share, and no longer holds Target Fund shares.

What conversion ratio was used in the BKN to BlackRock MuniYield Quality Fund reorganization?
The conversion ratio for the Target Fund’s common shares was 0.98736579. This ratio, based on relative net asset values as of February 20, 2026, determined how many Acquiring Fund common shares each Target Fund shareholder, including Stayce D. Harris, received in exchange for their existing holdings.

What net asset values were used to convert BKN shares in the BlackRock fund merger?
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. These net asset values were used to set the 0.98736579 conversion ratio applied to shareholders’ common shares in the reorganization.

Did Stayce D. Harris buy or sell BKN shares in this Form 4 filing?
The transaction is classified as an "other acquisition or disposition" rather than a standard buy or sell. Harris’s 10.7893 Target Fund shares were automatically exchanged for 10 Acquiring Fund shares and cash for any fractional share as part of the fund reorganization process.

How many shares does Stayce D. Harris hold in BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. after the reorganization?
Following the reorganization transaction, her reported holdings of the Target Fund’s common stock are zero shares. Her economic interest shifted to 10 common shares of the Acquiring Fund, received in exchange for her prior 10.7893 Target Fund shares, plus cash for any fractional share amount.
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*
Harris Stayce D.
(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) 10.7893 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, Stayce D. Harris received 10 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for her 10.7893 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.
* 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