Portfolio manager at BlackRock (BLW) converts phantom units and sells 3,587 shares

Rhea-AI Filing Summary

BlackRock Ltd Duration Income Trust portfolio manager David Delbos reported a series of transactions on common stock tied to previously granted phantom shares. On January 30, 2026, 3,587.2284 phantom shares were converted into the same number of common shares, then all 3,587.2284 common shares were sold at $13.74 per share, leaving him with no directly owned common stock afterward. The phantom shares were granted on January 31, 2023 and represent the economic equivalent of common stock, payable in cash upon vesting in three equal annual installments.

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^*

Delbos David

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK Ltd DURATION INCOME TRUST [ BLW ]

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		3,587.2284	A	(1)(2)	3,587.2284	D
Common Stock	01/30/2026		D		3,587.2284	D	$13.74(1)(2)	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
Phantom Shares	(1)(2)	01/30/2026		M			3,587.2284	(1)(2)	(1)(2)	Common Stock	3,587.2284	(1)(2)	0.0000	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 2, 2023, the Reporting Person was granted phantom shares on January 31, 2023 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.

FAQ

Who is the insider trading BLW shares in this Form 4 filing?

The insider is David Delbos, a Portfolio Manager for BlackRock Ltd Duration Income Trust (BLW). He filed a Form 4 reporting transactions in common stock related to previously granted phantom shares that vested and were settled on January 30, 2026.

What BLW stock transactions did David Delbos report on January 30, 2026?

On January 30, 2026, 3,587.2284 common shares of BlackRock Ltd Duration Income Trust (BLW) were acquired via the exercise of phantom shares and then all 3,587.2284 shares were disposed of in a sale reported at a price of $13.74 per share.

What are the phantom shares mentioned in the BLW Form 4 filing?

The filing explains that a phantom share is the economic equivalent of one BLW common share and, subject to vesting requirements, becomes payable in cash. These phantom shares track the value of common stock but are settled in cash rather than actual share delivery.

When were the BLW phantom shares originally granted to David Delbos?

The phantom shares were granted on January 31, 2023. According to the filing, they were previously reported and are payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

How many BLW shares did David Delbos own after the reported transactions?

After the January 30, 2026 transactions, the Form 4 shows that 0 common shares of BlackRock Ltd Duration Income Trust (BLW) were beneficially owned directly by David Delbos, following the sale of all 3,587.2284 acquired common shares.

What transaction codes are used in this BLW Form 4 and what do they mean?

The Form 4 uses code M for the exercise or conversion of derivative securities (phantom shares into common stock) and code D for the disposition of common stock in a sale. Both codes describe how the reported BLW positions changed on January 30, 2026.