How do the BLW phantom share awards vest over time?

The phantom shares tied to BlackRock Limited Duration Income Trust vest in equal installments on each of the first three anniversaries of their respective grant dates. Once vested, each phantom share becomes payable in cash, reflecting the economic value of one share of common stock at settlement.

Portfolio manager sells 3,944 BLW shares of BlackRock (NYSE: BLW)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Limited Duration Income Trust portfolio manager Akiva Dickstein reported a mix of phantom share awards, vesting, and stock sales. On January 30, 2026, he received 3,848.2533 new cash-settled phantom shares, each economically equivalent to one common share, referenced to a $13.74 price.

That same day, previously granted phantom shares from 2023, 2024, and 2025 vested in part and were settled, resulting in the acquisition of 3,944.4576 common shares and the simultaneous sale of all 3,944.4576 shares at $13.74 per share. Following these transactions, Dickstein reported holding no common stock directly, while maintaining remaining phantom share balances that continue to vest in equal installments over three years from each grant date.

Insider Trade Summary

3,944.458 shares exercised/converted

Mixed 6 txns

Insider Dickstein Akiva

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	3,848.253	$13.74	$53K
Exercise	Phantom Shares	1,533.132	$0.00	--
Exercise	Phantom Shares	1,183.778	$0.00	--
Exercise	Phantom Shares	1,227.547	$0.00	--
Exercise	Common Stock	3,944.458	$0.00	--
Disposition	Common Stock	3,944.458	$13.74	$54K

Holdings After Transaction: Phantom Shares — 3,848.253 shares (Direct); Common Stock — 3,944.458 shares (Direct)

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

Form 4 Insider Transactions: What Each Field Means →

02/03/2026 - 04:40 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^*

Dickstein Akiva

(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		3,944.4576	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	3,944.4576	D
Common Stock	01/30/2026		D		3,944.4576	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		3,848.2533		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	3,848.2533	$13.74	3,848.2533	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			1,533.1321	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	1,533.1321	⁽¹⁾⁽²⁾	3,066.2641	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			1,183.7784	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	1,183.7784	⁽¹⁾⁽³⁾	1,183.7784	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			1,227.5472	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	1,227.5472	⁽¹⁾⁽⁴⁾	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. 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

FAQ

What insider transaction did Akiva Dickstein report for BLW?

Akiva Dickstein reported a series of phantom share vesting and related stock transactions for BlackRock Limited Duration Income Trust. On January 30, 2026, vested phantom shares converted into 3,944.4576 common shares, which were then sold at a price of $13.74 per share.

How many BlackRock BLW shares did the portfolio manager sell?

The portfolio manager sold 3,944.4576 shares of BlackRock Limited Duration Income Trust common stock. These shares were acquired upon settlement of vested phantom share awards and immediately disposed of in a market sale at a reported price of $13.74 per share.

What are phantom shares in the BLW Form 4 filing?

Phantom shares are instruments economically equivalent to one share of BlackRock Limited Duration Income Trust common stock. They do not deliver stock; instead, after meeting vesting conditions, they become payable in cash, typically vesting in equal installments over three years from each grant date.

How many new phantom shares did Akiva Dickstein receive for BLW?

On January 30, 2026, Akiva Dickstein received 3,848.2533 new phantom shares tied to BlackRock Limited Duration Income Trust. These phantom shares are cash-settled, economically track one common share each, and are scheduled to vest in equal installments over the three years following the award date.

Did Akiva Dickstein hold BLW common stock after the reported transactions?

After the reported transactions on January 30, 2026, Akiva Dickstein reported beneficial ownership of zero shares of BlackRock Limited Duration Income Trust common stock. The common shares acquired from vesting phantom awards were fully sold, while remaining exposure is through unvested or partially vested phantom share awards.