BlackRock BKN director exchanges shares in fund reorganization transaction

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. reported a restructuring-related insider transaction. Director Christian Romaglino’s 358.6193 common shares of this fund were exchanged in a reorganization into BlackRock MuniYield Quality Fund, Inc. Effective February 23, 2026, he received 354 common shares of the acquiring fund, based on a conversion ratio of 0.98736579 using net asset values of $12.3868 for the target fund and $12.5453 for the acquiring fund as of February 20, 2026. Following this exchange, his reported holdings in the target fund fell to zero, with any fractional share settled in cash.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Romaglino Christian

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	358.6193	$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, Christian Romaglino received 354 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 358.6193 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 - 08:25 PM Learn about SEC filing dates

FAQ

What insider transaction did BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. (BKN) disclose?

The trust disclosed an insider share exchange tied to a fund reorganization. Director Christian Romaglino’s 358.6193 common shares were converted into 354 shares of BlackRock MuniYield Quality Fund, Inc., with cash paid for any fractional share.

How did the BKN fund reorganization affect director Christian Romaglino’s holdings?

Romaglino’s 358.6193 BKN common shares were exchanged for 354 acquiring-fund shares in the reorganization. After this NAV-based conversion, his reported ownership in BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. declined to zero shares in the target fund.

What conversion ratio was used for BKN shares in the fund reorganization?

The conversion ratio for BKN’s common shares was 0.98736579. Each BKN share was exchanged into that fraction of a share of BlackRock MuniYield Quality Fund, Inc., with any resulting fractional share settled in cash for the shareholder.

What net asset values were used to exchange BKN shares in the reorganization?

As of February 20, 2026, BKN reported a NAV per share of $12.3868 and the acquiring fund reported $12.5453. These net asset values determined the 0.98736579 share-conversion ratio applied in the reorganization transaction.

Did the Form 4 for BKN report a buy or sell by the insider?

The Form 4 reported an “other acquisition or disposition” transaction rather than a standard buy or sell. It reflects a NAV-based share exchange in a fund reorganization, not an open-market trade initiated independently by the director.

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)

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)		358.6193	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, Christian Romaglino received 354 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 358.6193 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.
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