Garfin Mitchell (BLW) logs phantom share grant, conversion and stock sale

Rhea-AI Filing Summary

BlackRock Ltd Duration Income Trust portfolio manager Garfin Mitchell reported a grant, vesting, and sale of compensation-linked securities tied to BLW common shares. On January 30, 2026, Mitchell received 10,363.5593 phantom shares at $13.74 each, which are cash-settled units economically equivalent to common stock and vest in three equal annual installments.

That same day, previously granted phantom shares vested and were converted into 4,604.1287 BLW common shares, which were then sold at $13.74 per share, leaving Mitchell with no directly held common stock. After these transactions, Mitchell held 5,398.4064 phantom shares, which remain subject to their original vesting schedules.

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^*

Garfin Mitchell

(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		4,604.1287	A	(1)(2)(3)	4,604.1287	D
Common Stock	01/30/2026		D		4,604.1287	D	$13.74(1)(2)(3)	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)(4)	01/30/2026		A		10,363.5593		(1)(4)	(1)(4)	Common Stock	10,363.5593	$13.74	10,363.5593	D
Phantom Shares	(1)(2)	01/30/2026		M			2,699.2032	(1)(2)	(1)(2)	Common Stock	2,699.2032	(1)(2)	5,398.4064	D
Phantom Shares	(1)(3)	01/30/2026		M			1,904.9255	(1)(3)	(1)(3)	Common Stock	1,904.9255	(1)(3)	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, 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.

4. 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.
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FAQ

What insider transactions did Garfin Mitchell report for BLW on January 30, 2026?

Garfin Mitchell reported receiving 10,363.5593 phantom shares and the vesting of earlier phantom awards into 4,604.1287 BLW common shares, which were then sold at $13.74 per share, leaving no directly held common stock.

How many BLW phantom shares does Garfin Mitchell hold after the January 2026 transactions?

After the January 30, 2026 activity, Garfin Mitchell held 5,398.4064 phantom shares. These units are cash-settled, economically match one BLW common share each, and continue to vest over a three-year schedule from their respective grant dates.

What are phantom shares in the context of BLW compensation for Garfin Mitchell?

Phantom shares are cash-settled awards economically equivalent to one BLW common share. For Garfin Mitchell, they vest in equal installments over three years, and once vested, they become payable in cash rather than delivering actual BLW stock.

At what price were Garfin Mitchells BLW phantom shares and common shares valued on January 30, 2026?

On January 30, 2026, the newly awarded 10,363.5593 phantom shares were valued at $13.74 per unit, and the 4,604.1287 BLW common shares acquired from vesting were also sold at $13.74 per share in the reported transactions.

Did Garfin Mitchell hold any BLW common stock after the January 30, 2026 sale?

No. After converting vested phantom shares into 4,604.1287 BLW common shares and selling that entire amount at $13.74 per share, Garfin Mitchell reported zero directly owned BLW common shares as of January 30, 2026.

How do the 2023 and 2025 BLW phantom share grants affect Garfin Mitchells current holdings?

Phantom shares granted in 2023 and 2025 vest in three equal annual installments starting each January 31. The January 30, 2026 conversions and remaining 5,398.4064 phantom shares reflect portions of those multi-year awards still vesting and payable in cash over time.