How do the BLW phantom share awards vest over time?

Each phantom share award vests in equal installments on the first three anniversaries of its grant date. Earlier awards from 2023, 2024, and 2025 followed this schedule, and the new 844.3641-unit grant is also structured to vest in three annual tranches.

BlackRock Duration PM gets phantom shares, sells stock

MacLellan Scott, a portfolio manager of BlackRock Ltd Duration Income Trust, reported compensation and related transactions on January 30, 2026.

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Form Type

Rhea-AI Filing Summary

MacLellan Scott, a portfolio manager of BlackRock Ltd Duration Income Trust, reported compensation and related transactions on January 30, 2026. He was granted 844.3641 phantom shares at $13.74, which are cash-settled awards that vest in three equal annual installments.

On the same date, previously granted phantom shares from 2023, 2024, and 2025 awards were converted into 493.5163 common shares and immediately sold at $13.74 per share, leaving him with no directly held common stock and an ongoing phantom share balance tied to future vesting.

Insider Trade Summary

493.5162 shares exercised/converted

Exercise 6 txns

Insider MacLellan Scott

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	844.3641	$13.74	$12K
Exercise	Phantom Shares	175.1794	$0.00	$0.00
Exercise	Phantom Shares	151.489	$0.00	$0.00
Exercise	Phantom Shares	166.8478	$0.00	$0.00
Exercise	Common Stock	493.5163	$0.00	$0.00
Disposition	Common Stock	493.5163	$13.74	$7K

Holdings After Transaction: Phantom Shares — 1,346.212 contracts (Direct); Common Stock — 0 shares (Direct)

Footnotes (5)

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.
F3. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.
F4. 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.
F5. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

FAQ

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What insider activity did MacLellan Scott report for BLW on January 30, 2026?

MacLellan Scott reported a grant of 844.3641 phantom shares at $13.74 and the conversion of older phantom awards into 493.5163 common shares, which were then sold at $13.74 per share, leaving no directly held common stock afterward.

What are phantom shares in the BlackRock Ltd Duration Income Trust (BLW) filing?

Phantom shares are the economic equivalent of one common share but are paid in cash, not stock. They are subject to vesting requirements and become payable in cash in equal installments over three years from each respective grant date, according to the disclosure.

How many phantom shares were newly granted to the BLW portfolio manager?

The portfolio manager received 844.3641 phantom shares on January 30, 2026 at $13.74. These phantom shares vest in three equal annual installments, providing cash-settled compensation over time rather than immediate delivery of common stock in the trust.

Did the BLW portfolio manager sell any common shares in this Form 4?

Yes. After 493.5163 common shares were acquired through the exercise of phantom awards, those 493.5163 shares were sold the same day at $13.74 per share, resulting in zero directly held common shares following the reported transactions in the filing.

What is the relationship of the reporting person to BlackRock Ltd Duration Income Trust (BLW)?

The reporting person is identified as a portfolio manager of BlackRock Ltd Duration Income Trust. The Form 4 indicates the filing is by one reporting person, and all reported holdings and transactions are listed as directly owned, without an intermediary entity noted.

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Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/03/2026 - 04:56 PM

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^*

MacLellan Scott

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

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)
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		493.5163	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	493.5163	D
Common Stock	01/30/2026		D		493.5163	D	$13.74⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	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)
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⁾⁽⁵⁾	01/30/2026		A		844.3641		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	844.3641	$13.74	844.3641	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			175.1794	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	175.1794	⁽¹⁾⁽²⁾	350.3589	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			151.489	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	151.489	⁽¹⁾⁽³⁾	151.489	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			166.8478	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	166.8478	⁽¹⁾⁽⁴⁾	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 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.

3. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

4. 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.

5. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

	/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