How do the BMN phantom share awards vest for this portfolio manager?

The phantom share awards vest in equal installments on each of the first three anniversaries of the grant or award date. Once vested, each phantom share is payable in cash, mirroring the economic value of one BMN common share at that time.

BMN (BMN) portfolio manager reports phantom share grant and stock sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock 2037 Municipal Target Term Trust portfolio manager Christian Romaglino reported phantom share awards and related stock transactions. On January 30, 2026, he received 76.9893 phantom shares, each economically equivalent to one common share and payable in cash as they vest over three years.

On the same date, previously granted phantom shares were settled into 73.8153 common shares, which were then sold at $26.14 per share, leaving 4,639.1826 common shares held directly.

Insider Trade Summary

73.8152 shares exercised/converted

Exercise 5 txns

Insider Romaglino Christian

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	76.9893	$26.14	$2K
Exercise	Phantom Shares	20.1412	$0.00	$0.00
Exercise	Phantom Shares	53.674	$0.00	$0.00
Exercise	Common Stock	73.8153	$0.00	$0.00
Disposition	Common Stock	73.8153	$26.14	$2K

Holdings After Transaction: Phantom Shares — 170.9458 shares (Direct); Common Stock — 4,639.1826 shares (Direct)

Footnotes (4)

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 05:36 PM

FAQ

What insider activity did BMN portfolio manager Christian Romaglino report?

Christian Romaglino reported phantom share awards and related common stock transactions. On January 30, 2026, phantom shares were granted, some earlier awards were converted into common stock, and 73.8153 common shares were sold, with 4,639.1826 shares remaining directly owned afterward.

How many phantom shares were granted to the BMN insider on January 30, 2026?

He was granted 76.9893 phantom shares on January 30, 2026. Each phantom share is the economic equivalent of one BMN common share and becomes payable in cash upon vesting, which occurs in equal installments over the first three anniversaries of the award.

What are phantom shares in the BlackRock 2037 Municipal Target Term Trust (BMN) filing?

Phantom shares are awards economically equivalent to one BMN common share, settling in cash rather than stock. They vest in equal installments over three years, aligning compensation with the trust’s common stock performance without directly issuing additional shares to the insider.

How many BMN common shares did the insider sell and at what price?

He sold 73.8153 BMN common shares on January 30, 2026 at a price of $26.14 per share. Those shares came from the exercise or conversion of phantom share awards, and the transaction left him holding 4,639.1826 common shares directly.

How many BMN common shares does the insider own after these transactions?

After the reported transactions, he directly owns 4,639.1826 BMN common shares. This figure reflects the balance following the conversion of phantom awards into common stock and the same-day sale of 73.8153 shares at $26.14 per share.

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^*

Romaglino Christian

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock 2037 Municipal Target Term Trust [ BMN ]

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		73.8153	A	⁽¹⁾⁽²⁾⁽³⁾	4,712.9979	D
Common Stock	01/30/2026		D		73.8153	D	$26.14⁽¹⁾⁽²⁾⁽³⁾	4,639.1826	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⁾⁽⁴⁾	01/30/2026		A		76.9893		⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	76.9893	$26.14	76.9893	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			20.1412	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	20.1412	⁽¹⁾⁽²⁾	40.2825	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			53.674	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	53.674	⁽¹⁾⁽³⁾	53.674	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. 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