BTT portfolio manager reports share grant and sale

BlackRock Municipal 2030 Target Term Trust’s portfolio manager Kristi Manidis reported several linked transactions on January 30, 2026.

Rhea-AI Filing Summary

BlackRock Municipal 2030 Target Term Trust’s portfolio manager Kristi Manidis reported several linked transactions on January 30, 2026. She received 86.6608 phantom shares, which are economically equivalent to common stock but are payable in cash as they vest.

On the same date, 26.8127 phantom shares were converted into 26.8127 shares of common stock, and those 26.8127 common shares were then sold at $22.79 per share, leaving no common stock directly owned and 53.6254 phantom shares outstanding.

Insider Trade Summary

26.8127 shares exercised/converted

Exercise 4 txns

Insider Santiago Kristi Manidis

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	86.6608	$22.79	$2K
Exercise	Phantom Shares	26.8127	$0.00	$0.00
Exercise	Common Stock	26.8127	$0.00	$0.00
Disposition	Common Stock	26.8127	$22.79	$611.06

Holdings After Transaction: Phantom Shares — 140.2862 contracts (Direct); Common Stock — 0 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 transactions did BTT portfolio manager Kristi Manidis report?

Kristi Manidis reported receiving 86.6608 phantom shares, converting 26.8127 phantom shares into 26.8127 common shares, and then selling those 26.8127 common shares at $22.79 per share, leaving no directly held common stock and 53.6254 phantom shares.

What are phantom shares in the BTT Form 4 filing?

Phantom shares are described as the economic equivalent of one share of common stock. For BTT, they are subject to vesting requirements and become payable in cash rather than stock when vesting conditions are met over time.

How many BTT phantom shares does Kristi Manidis hold after the reported transactions?

After the reported transactions, Kristi Manidis beneficially owns 53.6254 phantom shares. This reflects the grant of 86.6608 phantom shares and the conversion of 26.8127 phantom shares into common stock on January 30, 2026.

Did the BTT portfolio manager sell any common stock in this Form 4 filing?

Yes. The filing shows a sale of 26.8127 shares of BlackRock Municipal 2030 Target Term Trust common stock at a price of $22.79 per share, immediately after those shares were acquired via conversion of phantom shares.

What role does Kristi Manidis have at BlackRock Municipal 2030 Target Term Trust (BTT)?

Kristi Manidis is identified as a portfolio manager of BlackRock Municipal 2030 Target Term Trust. She is not listed as a director, officer, or 10% owner, but files as a reporting person for these equity-related transactions.

How do the BTT phantom shares reported by Kristi Manidis vest?

The filing states that related phantom share awards vest in equal installments on each of the first three anniversaries of the grant or award date, with vested amounts payable in cash rather than delivering actual BTT common shares.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/03/2026 - 07:27 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^*

Santiago Kristi Manidis

(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		26.8127	A	(1)(2)	26.8127	D
Common Stock	01/30/2026		D		26.8127	D	$22.79(1)(2)	0.0000	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		86.6608		(1)(3)	(1)(3)	Common Stock	86.6608	$22.79	86.6608	D
Phantom Shares	(1)(2)	01/30/2026		M			26.8127	(1)(2)	(1)(2)	Common Stock	26.8127	(1)(2)	53.6254	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.