Phantom share awards for BKN portfolio manager shift in BlackRock (BKN) reorg

Rhea-AI Filing Summary

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. reported an administrative change in compensation-related derivative holdings for portfolio manager Michael Kalinoski. The Form 4 shows 121.53 phantom shares, each economically equivalent to one common share and payable in cash after vesting, treated as an “other” transaction.

Effective February 23, 2026, the trust was reorganized into BlackRock MuniYield Quality Fund, Inc. In connection with this reorganization, phantom stock units previously awarded in the original fund were reallocated to the acquiring fund and converted using the same exchange ratio as the reorganization, leaving a zero balance reported for this issuer.

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

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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^*

KALINOSKI MICHAEL

(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)			121.53	(1)(2)	(1)(2)	Common Stock	121.53	$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 Michael Kalinoski 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.
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FAQ

What did the Form 4 for BKN report for Michael Kalinoski?

The Form 4 reports an “other” transaction involving 121.53 phantom shares linked to BKN. These compensation-related units were reallocated to BlackRock MuniYield Quality Fund, Inc. as part of a fund reorganization effective February 23, 2026.

What are phantom shares in the BKN Form 4 filing?

Phantom shares are awards economically equivalent to one common share, payable in cash after vesting. In this case, they represent a cash-settled compensation mechanism rather than actual stock ownership or voting rights in BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.

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

No, the BKN Form 4 does not show a traditional buy or sell of common stock. It records an “other acquisition or disposition” (code J) involving phantom stock units tied to a fund reorganization and reallocation to another BlackRock municipal fund.

How many phantom shares were involved in the BKN transaction?

The transaction involved 121.53 phantom shares with a reference price of $11.54 per unit. After the reallocation tied to the reorganization, the reported balance of these phantom shares for BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. was reduced to zero.

What reorganization is referenced in the BKN Form 4 footnotes?

The footnotes state that, effective February 23, 2026, BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. was reorganized into BlackRock MuniYield Quality Fund, Inc. Phantom stock units were reallocated and converted using the same exchange ratio applied in that fund reorganization.

Did Michael Kalinoski’s compensation change due to the BKN reorganization?

The filing shows his existing phantom stock units were reallocated and converted to the acquiring fund’s units. It reflects a structural shift in how his awards are tied to the funds, rather than a new cash payout or fresh equity grant at BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.