Phantom shares reallocated as BKN fund reorganizes into new BlackRock fund (BKN)

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. portfolio manager Christian Romaglino reported an “other” transaction involving 224.45 phantom shares valued at $11.54 per unit on February 23, 2026. After this transaction, his reported phantom share holdings in this fund were 0. Footnotes explain these phantom stock units were reallocated and converted in connection with the fund’s reorganization into BlackRock MuniYield Quality Fund, Inc.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Romaglino Christian

Role Insider

Type	Security	Shares	Price	Value
Other	Phantom Shares	224.45	$11.54	$3K

Holdings After Transaction: Phantom Shares — 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. 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 Christian Romaglino in the Target Fund were reallocated to the Acquiring Fund, converted at the exchange ratio used in the reorganization.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/25/2026 - 09:08 PM Learn about SEC filing dates

FAQ

What insider transaction did BKN portfolio manager Christian Romaglino report?

Christian Romaglino reported an “other” transaction in 224.45 phantom shares on February 23, 2026. The transaction used a reference value of $11.54 per phantom share and left him with zero phantom shares reported for BlackRock Investment Quality Municipal Trust, Inc.

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

The phantom shares are described as the economic equivalent of one share of common stock. Subject to applicable vesting requirements, each phantom share becomes payable in cash, rather than delivering actual fund shares, giving economic exposure without direct share ownership.

How is the February 23, 2026 fund reorganization related to Romaglino’s phantom shares in BKN?

On February 23, 2026, BlackRock Investment Quality Municipal Trust, Inc. was reorganized into BlackRock MuniYield Quality Fund, Inc.. Footnotes state Romaglino’s phantom stock units in the Target Fund were reallocated to the Acquiring Fund and converted using the reorganization’s exchange ratio.

Did Christian Romaglino buy or sell BKN common shares in this Form 4?

The Form 4 reports an “other” transaction (code J) in phantom shares, not a standard buy or sell of common stock. It reflects reallocation and conversion of phantom stock units tied to a fund reorganization, rather than open-market trading activity.

What was Christian Romaglino’s phantom share balance in BKN after the reported transaction?

Following the reported transaction, Romaglino’s total phantom shares in BlackRock Investment Quality Municipal Trust, Inc. were listed as 0. Footnotes indicate the prior phantom units were reallocated and converted in connection with the reorganization into BlackRock MuniYield Quality Fund, Inc.

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)
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)	02/23/2026		J(2)			224.45	(1)(2)	(1)(2)	Common Stock	224.45	$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 Christian Romaglino 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.
* 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.
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