BlackRock BTA portfolio manager sells 49.6147 common shares at $9.59

Rhea-AI Filing Summary

BlackRock Long-Term Municipal Advantage Trust portfolio manager Phillip Soccio reported a routine equity compensation transaction. On January 30, 2026, 49.6147 phantom shares, each economically equivalent to one common share, were converted into 49.6147 common shares at an exercise price of $0.00.

That same day, he disposed of 49.6147 common shares in a sale at $9.59 per share, leaving him with no reported common stock or phantom share holdings after the transactions. The phantom shares were part of an award originally granted on January 31, 2023 and payable in cash upon vesting.

Insider Trade Summary

49.615 shares exercised/converted

Mixed 3 txns

Insider Soccio Phillip

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	49.615	$0.00	--
Exercise	Common Stock	49.615	$0.00	--
Disposition	Common Stock	49.615	$9.59	$475.80

Holdings After Transaction: Phantom Shares — 0 shares (Direct); Common Stock — 49.615 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^*

Soccio Phillip

(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		49.6147	A	(1)(2)	49.6147	D
Common Stock	01/30/2026		D		49.6147	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			49.6147	(1)(2)	(1)(2)	Common Stock	49.6147	(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 did Phillip Soccio report for BTA?

Phillip Soccio reported exercising 49.6147 phantom shares into 49.6147 common shares, then selling all 49.6147 common shares at $9.59 each. The transactions occurred on January 30, 2026 and left him with no reported common or phantom share holdings afterward.

What are phantom shares in the BTA Form 4 filing?

The filing states each phantom share is the economic equivalent of one common share and becomes payable in cash, subject to vesting requirements. These phantom shares were granted January 31, 2023 and vest in three equal annual installments tied to the grant date.

At what price were the BTA common shares sold by the portfolio manager?

The portfolio manager sold 49.6147 common shares at a price of $9.59 per share. This sale followed the same-day conversion of 49.6147 phantom shares into common shares at a stated exercise price of $0.00 per share.

How many BTA shares does the reporting person hold after this Form 4?

After the reported transactions, the Form 4 shows the reporting person holding zero common shares and zero phantom shares. The 49.6147 phantom shares were converted and the resulting 49.6147 common shares were sold, leaving no remaining reported positions.

What role does the reporting person have at BlackRock Long-Term Municipal Advantage Trust (BTA)?

The reporting person, Phillip Soccio, is identified as having the relationship of "Other" with the description "Portfolio Manager". He is not listed as a director, officer, or 10% owner in the relationship section of the Form 4.

When were the phantom shares originally granted to the BTA portfolio manager?

According to the footnotes, the phantom shares were granted on January 31, 2023. They are payable in cash upon vesting, which occurs in equal installments on each of the first three anniversaries of the original grant date.