BlackRock BKN portfolio manager reports phantom share conversion and stock sale

Q: What insider transaction did BKN portfolio manager Santiago Kristi Manidis report?

Santiago Kristi Manidis reported converting 50.1309 phantom shares into 50.1309 common shares at $0.00, then disposing of all 50.1309 common shares at $11.45 per share. These actions reflect routine handling of compensation-linked awards rather than a new equity investment.

Q: How many BlackRock Investment Quality Municipal Trust (BKN) shares does the insider hold after this Form 4?

After the reported transactions, Manidis directly holds 0.0000 common shares of BKN. However, the filing shows continuing ownership of 100.2618 phantom shares , which are cash-settled awards economically equivalent to common stock, subject to vesting terms.

Q: At what price were BKN common shares sold in the reported insider trade?

The Form 4 shows 50.1309 common shares of BKN were disposed of at a price of $11.45 per share . These shares had just been received from the conversion of phantom shares at $0.00 per share before being fully sold on January 30, 2026.

Q: What are phantom shares in the context of BKN’s insider compensation?

Phantom shares are awards that are economically equivalent to one BKN common share but are payable in cash . They are subject to vesting requirements, and upon vesting, the holder receives cash rather than actual stock, mirroring the value of the common shares.

Q: Is the reported BKN insider transaction a purchase or sale for cash investment purposes?

The activity primarily reflects compensation-related movements rather than a traditional open-market investment. Phantom shares were converted into common shares at $0.00, and those common shares were immediately disposed of at $11.45, aligning with the structure of cash-settled incentive awards.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Investment Quality Municipal Trust portfolio manager Santiago Kristi Manidis reported routine compensation-related transactions. On January 30, 2026, 50.1309 phantom shares, each economically equivalent to one common share, were converted into 50.1309 common shares at a price of $0.00 per share.

On the same date, those 50.1309 common shares were disposed of at a price of $11.45 per share, leaving 0.0000 common shares directly owned after the transaction. Manidis continues to hold 100.2618 phantom shares, which are payable in cash upon vesting under the previously disclosed phantom share grant.

Insider Trade Summary

50.1309 shares exercised/converted

Exercise 3 txns

Insider Santiago Kristi Manidis

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	50.1309	$0.00	$0.00
Exercise	Common Stock	50.1309	$0.00	$0.00
Disposition	Common Stock	50.1309	$11.45	$574.00

Holdings After Transaction: Phantom Shares — 100.2618 shares (Direct); Common Stock — 0 shares (Direct)

Footnotes (2)

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.
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 - 07:21 PM

FAQ

What insider transaction did BKN portfolio manager Santiago Kristi Manidis report?

Santiago Kristi Manidis reported converting 50.1309 phantom shares into 50.1309 common shares at $0.00, then disposing of all 50.1309 common shares at $11.45 per share. These actions reflect routine handling of compensation-linked awards rather than a new equity investment.

How many BlackRock Investment Quality Municipal Trust (BKN) shares does the insider hold after this Form 4?

After the reported transactions, Manidis directly holds 0.0000 common shares of BKN. However, the filing shows continuing ownership of 100.2618 phantom shares, which are cash-settled awards economically equivalent to common stock, subject to vesting terms.

At what price were BKN common shares sold in the reported insider trade?

The Form 4 shows 50.1309 common shares of BKN were disposed of at a price of $11.45 per share. These shares had just been received from the conversion of phantom shares at $0.00 per share before being fully sold on January 30, 2026.

What are phantom shares in the context of BKN’s insider compensation?

Phantom shares are awards that are economically equivalent to one BKN common share but are payable in cash. They are subject to vesting requirements, and upon vesting, the holder receives cash rather than actual stock, mirroring the value of the common shares.

What prior award is referenced in this BKN Form 4 filing?

The filing references a prior phantom share grant reported on a Form 4 dated February 4, 2025. That grant, made on January 31, 2025, vests in equal installments on each of the first three anniversaries of the grant date and is payable in cash upon vesting.

Is the reported BKN insider transaction a purchase or sale for cash investment purposes?

The activity primarily reflects compensation-related movements rather than a traditional open-market investment. Phantom shares were converted into common shares at $0.00, and those common shares were immediately disposed of at $11.45, aligning with the structure of cash-settled incentive awards.

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^*

Santiago Kristi Manidis

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/30/2026		M		50.1309	A	⁽¹⁾⁽²⁾	50.1309	D
Common Stock	01/30/2026		D		50.1309	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			50.1309	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	50.1309	⁽¹⁾⁽²⁾	100.2618	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.

Source: View Original Filing on SEC EDGAR