How do Liu Xiang’s phantom share awards for BME vest over time?

Phantom share awards from 2023, 2024, 2025, and the new 2026 grant vest in equal installments on each of the first three anniversaries of their respective award dates. Once vested, they are payable in cash instead of delivering actual common shares.

BME manager logs phantom share grant, stock sale

BlackRock Health Sciences Trust portfolio manager Liu Xiang reported compensation-related transactions involving phantom shares and common stock.

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Form Type

Rhea-AI Filing Summary

BlackRock Health Sciences Trust portfolio manager Liu Xiang reported compensation-related transactions involving phantom shares and common stock. On January 30, 2026, Liu received 372.9639 phantom shares, each economically equivalent to one common share and payable in cash upon vesting. The filing also shows the exercise of previously granted phantom shares into 389.1035 common shares, followed by the disposition of those 389.1035 common shares at $41.87 per share, leaving no directly held common stock after the sale. Phantom share awards from 2023, 2024, 2025 and 2026 all vest in equal installments over three years.

Insider Trade Summary

389.1035 shares exercised/converted

Exercise 6 txns

Insider Liu Xiang

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	372.9639	$41.87	$16K
Exercise	Phantom Shares	202.6033	$0.00	$0.00
Exercise	Phantom Shares	86.5745	$0.00	$0.00
Exercise	Phantom Shares	99.9257	$0.00	$0.00
Exercise	Common Stock	389.1035	$0.00	$0.00
Disposition	Common Stock	389.1035	$41.87	$16K

Holdings After Transaction: Phantom Shares — 864.745 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did Liu Xiang report for BlackRock Health Sciences Trust (BME)?

Liu Xiang reported a grant of 372.9639 phantom shares and related movements into and out of common stock. Previously granted phantom shares were exercised into 389.1035 common shares, which were then sold, leaving no directly held common stock after the transactions.

What are phantom shares in the BlackRock Health Sciences Trust (BME) Form 4?

Phantom shares are described as the economic equivalent of one common share and become payable in cash, subject to vesting. They track the value of common stock but do not represent actual share ownership, instead settling in cash when vesting conditions are met.

At what price were BlackRock Health Sciences Trust (BME) shares sold in this Form 4?

The Form 4 shows 389.1035 common shares disposed of at a price of $41.87 per share. These shares came from the exercise of phantom share awards and were sold on January 30, 2026, leaving the reporting person with no directly held common stock.

Does Liu Xiang still hold BlackRock Health Sciences Trust (BME) common stock after these transactions?

After the reported sale of 389.1035 common shares, the Form 4 lists zero common shares directly owned. However, Liu Xiang continues to hold phantom share awards that provide cash-based economic exposure linked to the value of BlackRock Health Sciences Trust common stock.

What new derivative position did Liu Xiang obtain in BME through this filing?

The filing shows a new award of 372.9639 phantom shares at a reference value of $41.87. These phantom shares are cash-settled, economically mirror the value of common stock, and vest in three equal annual installments starting from the award date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/03/2026 - 05:00 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^*

Liu Xiang

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Health Sciences Trust [ BME ]

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		389.1035	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	389.1035	D
Common Stock	01/30/2026		D		389.1035	D	$41.87⁽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		372.9639		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	372.9639	$41.87	372.9639	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			202.6033	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	202.6033	⁽¹⁾⁽²⁾	405.2066	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			86.5745	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	86.5745	⁽¹⁾⁽³⁾	86.5745	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			99.9257	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	99.9257	⁽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