What is a phantom share in the context of BTT’s insider filing?

A phantom share is the economic equivalent of one share of common stock but is payable in cash, not stock. For BTT, these phantom shares vest in equal installments over three years and are used as a long-term incentive for the portfolio manager.

BTT (NYSE: BTT) portfolio manager reports phantom share awards and stock sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Municipal 2030 Target Term Trust’s portfolio manager Christian Romaglino reported several compensation-related equity transactions. On January 30, 2026, he acquired 88.3063 phantom shares, each economically equivalent to one common share and payable in cash as they vest over three years.

That same day, 24.0095 phantom shares were exercised into 24.0095 shares of common stock, and those common shares were then sold at $22.79 per share. After these moves, he directly held 3.4672 shares of common stock and 48.0191 phantom shares, reflecting ongoing, cash-settled incentive awards rather than a large ownership change.

Insider Trade Summary

24.0095 shares exercised/converted

Exercise 4 txns

Insider Romaglino Christian

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	88.3063	$22.79	$2K
Exercise	Phantom Shares	24.0095	$0.00	$0.00
Exercise	Common Stock	24.0095	$0.00	$0.00
Disposition	Common Stock	24.0095	$22.79	$547.18

Holdings After Transaction: Phantom Shares — 136.3254 shares (Direct); Common Stock — 3.4672 shares (Direct)

Footnotes (3)

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

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 07:23 PM

FAQ

What insider activity did BTT portfolio manager Christian Romaglino report?

Christian Romaglino reported routine compensation-related activity, including new phantom share awards and associated stock transactions. He received phantom shares, exercised a portion into common stock, then sold those shares while retaining a small common stock and phantom share balance.

How many phantom shares did Christian Romaglino acquire in this BTT Form 4?

He acquired 88.3063 phantom shares on January 30, 2026. These awards are economically equivalent to common stock but settle in cash as they vest in equal installments over three years, aligning compensation with the fund’s long-term performance.

What common stock transactions did the BTT Form 4 disclose for January 30, 2026?

The filing shows 24.0095 phantom shares were exercised into 24.0095 common shares, which were then sold at $22.79 per share. These steps convert part of his phantom award into cash while adjusting his directly held stock position.

How many BTT common shares does Christian Romaglino hold after these transactions?

After the reported transactions, he directly owned 3.4672 shares of BlackRock Municipal 2030 Target Term Trust common stock. This figure reflects his remaining direct equity position following the exercise and sale of 24.0095 shares at $22.79 per share.

Does this BTT Form 4 indicate a large change in insider ownership?

The Form 4 indicates relatively small position changes tied to compensation rather than a major ownership shift. After exercising and selling 24.0095 shares, the portfolio manager held 3.4672 common shares and 48.0191 phantom shares directly.

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 Municipal 2030 Target Term Trust [ BTT ]

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		24.0095	A	⁽¹⁾⁽²⁾	27.4767	D
Common Stock	01/30/2026		D		24.0095	D	$22.79⁽¹⁾⁽²⁾	3.4672	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⁾⁽³⁾	01/30/2026		A		88.3063		⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	88.3063	$22.79	88.3063	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			24.0095	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	24.0095	⁽¹⁾⁽²⁾	48.0191	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. 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