BKN (NYSE: BKN) portfolio manager sells 186 shares after phantom share conversion

Rhea-AI Filing Summary

BlackRock Investment Quality Municipal Trust, Inc. (BKN) portfolio manager Walter O’Connor reported a routine compensation-related transaction. On January 30, 2026, he converted 186.092 phantom shares, which are cash-settled awards economically equivalent to common stock, into an equal number of common shares at a price of $0.00 per share.

That same day, he disposed of 186.092 common shares at a price of $11.45 per share, leaving him with 0.0000 common shares directly owned after the sale. Following the transaction, he continued to beneficially own 372.184 phantom shares, which represent cash-settled rights subject to vesting over time based on a grant originally made on January 31, 2025.

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

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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^*

OCONNOR WALTER

(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		186.092	A	(1)(2)	186.092	D
Common Stock	01/30/2026		D		186.092	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			186.092	(1)(2)	(1)(2)	Common Stock	186.092	(1)(2)	372.184	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.
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FAQ

What insider transaction did Walter O’Connor report for BKN?

Walter O’Connor reported converting 186.092 phantom shares into 186.092 common shares at $0.00 per share, then selling all 186.092 common shares at $11.45 per share. The activity reflects settlement of compensation-linked awards rather than an open-market purchase.

How many BlackRock Investment Quality Municipal Trust (BKN) shares did the insider sell?

The filing shows a sale of 186.092 common shares of BKN at a price of $11.45 per share. These shares came from the same-day conversion of an equivalent number of phantom shares, resulting in zero directly owned common shares afterward.

What are phantom shares in the BKN insider filing?

The filing explains that each phantom share is the economic equivalent of one share of common stock and becomes payable in cash upon vesting. They are part of a compensation arrangement, not traditional stock ownership, and do not represent actual issued common shares.

How many phantom shares does the BKN portfolio manager still hold?

After the reported transaction, Walter O’Connor beneficially owned 372.184 phantom shares. These cash-settled awards stem from a grant made on January 31, 2025 and vest in equal installments on each of the first three anniversaries of the grant date.

When were the BKN phantom shares originally granted to the insider?

The phantom shares were granted on January 31, 2025, as previously disclosed in an earlier Form 4. According to the filing, the grant vests in equal installments on each of the first three anniversaries of that grant date and is payable in cash upon vesting.

Did the BKN insider retain any common stock after this Form 4 transaction?

No common stock remained directly owned after the transaction. The Form 4 shows that 186.092 common shares were sold at $11.45 per share, leaving a post-transaction balance of 0.0000 common shares, while 372.184 phantom shares continued to be beneficially owned.