BlackRock Long-Term Municipal Advantage (BTA) insider converts phantom shares, sells stock

Rhea-AI Filing Summary

BlackRock Long-Term Municipal Advantage Trust portfolio manager Kevin Maloney reported a small insider transaction involving phantom shares and common stock. On January 30, 2026, 43.7777 phantom shares, which are the economic equivalent of common stock and payable in cash upon vesting, were converted into 43.7777 shares of common stock. Those 43.7777 common shares were then sold at $9.59 per share, leaving Maloney with zero directly held common shares and zero phantom shares from this grant.

Insider Trade Summary

43.778 shares exercised/converted

Mixed 3 txns

Insider Maloney Kevin

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	43.778	$0.00	--
Exercise	Common Stock	43.778	$0.00	--
Disposition	Common Stock	43.778	$9.59	$419.83

Holdings After Transaction: Phantom Shares — 0 shares (Direct); Common Stock — 43.778 shares (Direct)

Footnotes (1)

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 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Maloney Kevin

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Long-Term Municipal Advantage Trust [ BTA ]

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		43.7777	A	(1)(2)	43.7777	D
Common Stock	01/30/2026		D		43.7777	D	$9.59(1)(2)	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)(2)	01/30/2026		M			43.7777	(1)(2)	(1)(2)	Common Stock	43.7777	(1)(2)	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 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.

	/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.

FAQ

What insider transaction was reported for BlackRock Long-Term Municipal Advantage Trust (BTA)?

A portfolio manager reported converting and selling a small block of shares. On January 30, 2026, 43.7777 phantom shares were converted into 43.7777 common shares, which were then sold at $9.59 per share, leaving no remaining reported holdings.

Who is the reporting person in this BlackRock Long-Term Municipal Advantage Trust (BTA) Form 4?

The reporting person is portfolio manager Kevin Maloney. He is identified as having an “Other” relationship to the issuer, specifically as Portfolio Manager, and is not listed as a director, officer, or 10% owner in this insider transaction report.

What are phantom shares in the BlackRock Long-Term Municipal Advantage Trust (BTA) filing?

Phantom shares are described as the economic equivalent of one share of common stock. Subject to vesting requirements, they become payable in cash, rather than stock, when they vest, mirroring the value of the issuer’s common shares.

How many BlackRock Long-Term Municipal Advantage Trust (BTA) shares did Kevin Maloney sell?

Kevin Maloney sold 43.7777 shares of common stock. These shares came from the same number of phantom shares converted on January 30, 2026, and were sold that day at a reported price of $9.59 per share in a direct transaction.

What happened to Kevin Maloney’s phantom share award related to BlackRock Long-Term Municipal Advantage Trust (BTA)?

A previously granted phantom share award was partially settled. On January 31, 2023, phantom shares were granted, vesting in three annual installments. On January 30, 2026, 43.7777 phantom shares vested and were converted, leaving zero phantom shares reported after this transaction.

Does Kevin Maloney still hold BlackRock Long-Term Municipal Advantage Trust (BTA) common stock after this Form 4?

After the reported transactions, Kevin Maloney’s directly held common stock balance is zero. The Form 4 shows 43.7777 common shares sold at $9.59 per share, with the amount of common stock beneficially owned following the transaction listed as 0.