Glenn Hubbard swaps BKN shares in fund reorganization (BKN)

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. reported a Form 4 for director Glenn Hubbard reflecting a fund reorganization rather than an open-market trade. Effective February 23, 2026, the trust was reorganized into BlackRock MuniYield Quality Fund, Inc. Hubbard exchanged 333 common shares of the trust for 328 common shares of the acquiring fund (plus cash for any fractional share), based on a reported net asset value of $12.3868 per share for the trust and $12.5453 per share for the acquiring fund as of February 20, 2026, using a conversion ratio of 0.98736579.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HUBBARD ROBERT GLENN

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	333	$12.3868	$4K

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, Glenn Hubbard received 328 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 333.00 common shares of the Target Fund.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/25/2026 - 08:52 PM Learn about SEC filing dates

FAQ

What insider transaction did BKN director Glenn Hubbard report on this Form 4?

Glenn Hubbard reported an automatic share exchange tied to a fund reorganization, not a market trade. He surrendered 333 common shares of BlackRock Investment Quality Municipal Trust and received 328 common shares of BlackRock MuniYield Quality Fund, plus cash for any fractional share, under a fixed conversion ratio.

Was the BKN Form 4 transaction a buy or sell of common stock?

The transaction was classified as an “other acquisition or disposition,” not a standard buy or sell. It reflects an automatic exchange of shares resulting from the reorganization of BlackRock Investment Quality Municipal Trust into BlackRock MuniYield Quality Fund on February 23, 2026, using predetermined net asset values.

How many BKN shares did Glenn Hubbard exchange in the reorganization?

Glenn Hubbard exchanged 333 common shares of BlackRock Investment Quality Municipal Trust in the reorganization. In return, he received 328 common shares of BlackRock MuniYield Quality Fund, plus cash for any fractional entitlement, as specified in the conversion mechanics described in the footnote to the insider transaction filing.

What net asset values were used to calculate the BKN share conversion?

The conversion used net asset values as of February 20, 2026. The trust reported a NAV per share of $12.3868, while the acquiring fund reported a NAV per share of $12.5453. These values determined the exchange terms and the number of new shares issued to shareholders.

What was the conversion ratio for BKN shareholders in the reorganization?

The conversion ratio for common shareholders of BlackRock Investment Quality Municipal Trust was 0.98736579. This means each trust common share was converted into approximately 0.98736579 common shares of BlackRock MuniYield Quality Fund, with any remaining fractional amount settled in cash, according to the disclosed reorganization terms.

Did Glenn Hubbard retain any BKN shares after the fund reorganization?

After the reorganization, Glenn Hubbard held zero common shares of BlackRock Investment Quality Municipal Trust. His prior 333 trust shares were exchanged for 328 common shares of BlackRock MuniYield Quality Fund and cash for fractional shares, leaving no remaining position in the original trust shares reported.

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^*

HUBBARD ROBERT GLENN

(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)		333	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, Glenn Hubbard received 328 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 333.00 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.
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