What phantom share grant did BTT portfolio manager Phillip Soccio receive?

Phillip Soccio received a new grant of 87.7578 phantom shares on January 30, 2026 at $22.79 per phantom share. Each phantom share is economically equivalent to one common share and becomes payable in cash as vesting requirements are satisfied over time.

BTT (BTT) portfolio manager logs common stock and phantom share moves

Q: Who is the insider trading BTT shares in this Form 4 filing?

The filing reports transactions by portfolio manager Phillip Soccio of BlackRock Municipal 2030 Target Term Trust (BTT). He reported activity in both common stock and phantom shares, which are cash-settled equivalents of common stock subject to vesting conditions.

Q: What common stock transactions did Phillip Soccio report for BTT on January 30, 2026?

On January 30, 2026 , Phillip Soccio reported exercising into 170.6406 common shares and then disposing of 170.6406 common shares at $22.79 per share. After these trades, he directly held 1,778.4824 common shares of BlackRock Municipal 2030 Target Term Trust.

Q: How do the phantom shares reported in this BTT Form 4 vest and pay out?

The phantom shares are cash-settled awards economically equal to common stock. Footnotes state they vest in equal installments over three years from their grant dates, and once vested, they become payable in cash rather than delivering actual BTT common shares.

Q: Does this BTT Form 4 show direct or indirect ownership for Phillip Soccio?

All reported holdings in this Form 4, both common stock and phantom shares , are marked as direct (D) ownership . There is no indication of indirect ownership through entities such as trusts, partnerships, or family investment vehicles in the provided data.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Municipal 2030 Target Term Trust portfolio manager Phillip Soccio reported multiple transactions on January 30, 2026 involving common stock and cash-settled phantom shares tied to the trust’s common stock.

He acquired 87.7578 phantom shares at $22.79 per phantom share, which are the economic equivalent of common shares and become payable in cash as they vest. He exercised several earlier phantom share awards into common stock and then disposed of 170.6406 common shares at $22.79 per share, leaving 1,778.4824 common shares held directly after the sale. Following the derivative transactions, his reported phantom share holdings included 87.7578 phantom shares from the new grant and updated balances from prior awards that vest in equal installments over three years.

Insider Trade Summary

170.6406 shares exercised/converted

Exercise 6 txns

Insider Soccio Phillip

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	87.7578	$22.79	$2K
Exercise	Phantom Shares	29.2502	$0.00	$0.00
Exercise	Phantom Shares	99.8517	$0.00	$0.00
Exercise	Phantom Shares	41.5387	$0.00	$0.00
Exercise	Common Stock	170.6406	$0.00	$0.00
Disposition	Common Stock	170.6406	$22.79	$4K

Holdings After Transaction: Phantom Shares — 246.1099 shares (Direct); Common Stock — 1,778.4824 shares (Direct)

Footnotes (5)

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. 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.
F5. 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 - 04:57 PM

FAQ

Who is the insider trading BTT shares in this Form 4 filing?

The filing reports transactions by portfolio manager Phillip Soccio of BlackRock Municipal 2030 Target Term Trust (BTT). He reported activity in both common stock and phantom shares, which are cash-settled equivalents of common stock subject to vesting conditions.

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

On January 30, 2026, Phillip Soccio reported exercising into 170.6406 common shares and then disposing of 170.6406 common shares at $22.79 per share. After these trades, he directly held 1,778.4824 common shares of BlackRock Municipal 2030 Target Term Trust.

How do the phantom shares reported in this BTT Form 4 vest and pay out?

The phantom shares are cash-settled awards economically equal to common stock. Footnotes state they vest in equal installments over three years from their grant dates, and once vested, they become payable in cash rather than delivering actual BTT common shares.

What happened to Phillip Soccio’s previously granted phantom shares in this BTT filing?

Previously granted phantom shares from 2023, 2024, and 2025 awards were partially converted (transaction code M) into common stock. The filing shows updated remaining balances, with some tranches reduced or brought to 0.0000 phantom shares as installments vested and were settled.

Does this BTT Form 4 show direct or indirect ownership for Phillip Soccio?

All reported holdings in this Form 4, both common stock and phantom shares, are marked as direct (D) ownership. There is no indication of indirect ownership through entities such as trusts, partnerships, or family investment vehicles in the provided data.

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 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		170.6406	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	1,949.123	D
Common Stock	01/30/2026		D		170.6406	D	$22.79⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	1,778.4824	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⁾⁽⁵⁾	01/30/2026		A		87.7578		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	87.7578	$22.79	87.7578	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			29.2502	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	29.2502	⁽¹⁾⁽²⁾	58.5004	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			99.8517	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	99.8517	⁽¹⁾⁽³⁾	99.8517	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			41.5387	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	41.5387	⁽¹⁾⁽⁴⁾	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 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. 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.

5. 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