How do the BMN phantom share awards for 2024 and 2025 vest for Phillip Soccio?

Phantom shares granted on January 31, 2024 and January 31, 2025 vest in equal installments on each of the first three anniversaries of the respective grant dates. These awards are payable in cash upon vesting, rather than delivering BMN common stock.

BMN (NYSE: BMN) portfolio manager reports phantom share and stock deals

Filing Impact

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

BlackRock 2037 Municipal Target Term Trust portfolio manager Phillip Soccio reported routine compensation-related transactions on January 30, 2026. He received 76.5111 phantom shares at $26.14 each, which are cash-settled units economically equivalent to common stock and subject to vesting.

Soccio also exercised previously granted phantom shares from 2024 and 2025 awards, converting 24.5376 and 30.1916 phantom shares into 54.7292 common shares. All 54.7292 common shares were then sold at $26.14 per share, leaving him with zero directly held common shares and 30.1916 phantom shares outstanding.

Insider Trade Summary

54.729 shares exercised/converted

Mixed 5 txns

Insider Soccio Phillip

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	76.511	$26.14	$2K
Exercise	Phantom Shares	24.538	$0.00	--
Exercise	Phantom Shares	30.192	$0.00	--
Exercise	Common Stock	54.729	$0.00	--
Disposition	Common Stock	54.729	$26.14	$1K

Holdings After Transaction: Phantom Shares — 76.511 shares (Direct); Common Stock — 54.729 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. 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 - 05:39 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^*

Soccio Phillip

(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		54.7292	A	⁽¹⁾⁽²⁾⁽³⁾	54.7292	D
Common Stock	01/30/2026		D		54.7292	D	$26.14⁽¹⁾⁽²⁾⁽³⁾	0.0000	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		76.5111		⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	76.5111	$26.14	76.5111	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			24.5376	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	24.5376	⁽¹⁾⁽²⁾	49.0751	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			30.1916	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	30.1916	⁽¹⁾⁽³⁾	30.1916	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

FAQ

What insider activity did BMN portfolio manager Phillip Soccio report?

Phillip Soccio reported compensation-related activity on January 30, 2026. He received 76.5111 phantom shares, exercised 54.7292 phantom-share equivalents into common stock, and sold 54.7292 common shares at $26.14, ending with no directly held common shares and remaining phantom units.

What are phantom shares in the BMN Form 4 for Phillip Soccio?

Phantom shares are units economically equivalent to one BMN common share, but payable in cash. They are subject to vesting requirements and become payable in cash as they vest, rather than delivering actual common stock to the reporting person.

How many BMN phantom shares did Phillip Soccio receive and hold after the transactions?

He received 76.5111 phantom shares at $26.14 on January 30, 2026. After conversions related to earlier grants, he reported beneficial ownership of 30.1916 phantom shares, which remain subject to the applicable vesting schedules described in earlier awards and current footnotes.

What BMN common stock transactions did Phillip Soccio report on January 30, 2026?

He reported acquiring 54.7292 common shares through the exercise of phantom share awards at a price of $0.0000. He then disposed of 54.7292 common shares at $26.14 per share, resulting in zero directly held BMN common shares after the reported transactions.

What is Phillip Soccio’s relationship to BlackRock 2037 Municipal Target Term Trust (BMN)?

In this filing, Phillip Soccio is identified as a portfolio manager of BlackRock 2037 Municipal Target Term Trust. He is not listed as a director, officer, or 10% owner, but as an "Other" reporting person with the specified portfolio manager role.