BTT manager logs phantom share grant, small sale

BlackRock Municipal 2030 Target Term Trust portfolio manager Michael Kalinoski reported compensation-related and trading activity in common stock and phantom shares of the fund on January 30, 2026.

Rhea-AI Filing Summary

BlackRock Municipal 2030 Target Term Trust portfolio manager Michael Kalinoski reported compensation-related and trading activity in common stock and phantom shares of the fund on January 30, 2026.

He acquired 91.5972 phantom shares at $22.79 each, which are cash-settled awards economically equivalent to common shares and vest in three equal annual installments. On the same date, 32.5002 phantom shares were exercised into 32.5002 common shares, and those 32.5002 common shares were then sold at $22.79 per share. After these transactions, he directly held 1.4833 common shares and 65.0004 phantom shares.

Insider Trade Summary

32.5002 shares exercised/converted

Exercise 4 txns

Insider KALINOSKI MICHAEL

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	91.5972	$22.79	$2K
Exercise	Phantom Shares	32.5002	$0.00	$0.00
Exercise	Common Stock	32.5002	$0.00	$0.00
Disposition	Common Stock	32.5002	$22.79	$740.68

Holdings After Transaction: Phantom Shares — 156.5976 contracts (Direct); Common Stock — 1.4833 shares (Direct)

Footnotes (3)

1. 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.
2. 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.
3. F3. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did BTT portfolio manager Michael Kalinoski report?

He reported acquiring phantom shares and related stock trades on January 30, 2026. Kalinoski received 91.5972 phantom shares, exercised 32.5002 phantom shares into common stock, then sold 32.5002 common shares at $22.79, leaving a small remaining holding.

How many BTT phantom shares did Michael Kalinoski receive and at what value?

He received 91.5972 phantom shares valued at $22.79 each. These phantom shares are cash-settled awards economically equivalent to common stock and vest in three equal annual installments from the January 31, 2025 grant date.

What stock sale did Michael Kalinoski disclose in this BTT Form 4?

He sold 32.5002 shares of BlackRock Municipal 2030 Target Term Trust common stock at $22.79 per share. Those shares came from exercising an equal number of phantom shares into common stock immediately before the sale on January 30, 2026.

What are phantom shares in the context of BTT insider compensation?

Phantom shares are cash-settled awards economically equivalent to one share of BTT common stock. Subject to vesting requirements, they become payable in cash and do not represent actual share ownership, though they track the value of the underlying common stock.

How many BTT common and phantom shares does Kalinoski hold after these transactions?

After the reported activity, he directly held 1.4833 shares of BlackRock Municipal 2030 Target Term Trust common stock. He also held 65.0004 phantom shares, reflecting the remaining unexercised portion of his phantom share awards.

How do Kalinoski’s BTT phantom shares vest over time?

The phantom shares granted January 31, 2025 vest in three equal annual installments. Vesting occurs on each of the first three anniversaries of the grant or award date, after which vested phantom shares are payable in cash, not in actual BTT common shares.

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

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Accepted by SEC EDGAR 02/03/2026 - 07:20 PM Learn about SEC filing dates

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^*

KALINOSKI MICHAEL

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/30/2026		M		32.5002	A	(1)(2)	33.9835	D
Common Stock	01/30/2026		D		32.5002	D	$22.79(1)(2)	1.4833	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)(3)	01/30/2026		A		91.5972		(1)(3)	(1)(3)	Common Stock	91.5972	$22.79	91.5972	D
Phantom Shares	(1)(2)	01/30/2026		M			32.5002	(1)(2)	(1)(2)	Common Stock	32.5002	(1)(2)	65.0004	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.