How do the BTZ phantom share awards vest for Garfin Mitchell?

Phantom share awards granted in 2023, 2024, 2025, and 2026 vest in equal installments on each of the first three anniversaries of the respective grant dates, with payouts made in cash rather than BTZ stock upon vesting.

BTZ portfolio manager logs 13,383 phantom share award and sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Credit Allocation Income Trust portfolio manager Garfin Mitchell reported several compensation-related equity movements. On January 30, 2026, he received 13,383.0174 phantom shares, each economically equivalent to one common share and payable in cash as they vest over three years.

On the same date, previously granted phantom shares were converted into 8,122.5232 common shares, then those 8,122.5232 common shares were sold at $10.64 per share, leaving him with no directly held common stock but ongoing phantom share awards that continue to vest in installments.

Insider Trade Summary

8,122.5232 shares exercised/converted

Exercise 6 txns

Insider Garfin Mitchell

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	13,383.0174	$10.64	$142K
Exercise	Phantom Shares	3,573.6901	$0.00	$0.00
Exercise	Phantom Shares	2,201.793	$0.00	$0.00
Exercise	Phantom Shares	2,347.0401	$0.00	$0.00
Exercise	Common Stock	8,122.5232	$0.00	$0.00
Disposition	Common Stock	8,122.5232	$10.64	$86K

Holdings After Transaction: Phantom Shares — 22,732.1906 shares (Direct); Common Stock — 0 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 - 04:35 PM

FAQ

What insider activity did BTZ portfolio manager Garfin Mitchell report?

Garfin Mitchell reported a grant of 13,383.0174 phantom shares and the sale of 8,122.5232 BTZ common shares. The phantom shares are cash-settled compensation that vests over three years in equal installments.

How many BTZ phantom shares were granted to Garfin Mitchell?

He received 13,383.0174 phantom shares on January 30, 2026. Each phantom share is the economic equivalent of one BTZ common share and becomes payable in cash as vesting requirements are satisfied over three annual installments.

At what price were Garfin Mitchell’s BTZ common shares sold?

He sold 8,122.5232 BTZ common shares at $10.64 per share. These shares came from the exercise of previously granted phantom share awards, and the transaction left him with no directly held common stock afterward.

What are BTZ phantom shares as reported in this Form 4?

BTZ phantom shares are cash-settled awards economically equivalent to one common share. They do not deliver stock; instead, once vesting conditions are met, they become payable in cash, typically in equal installments over three years.

Does Garfin Mitchell still hold BTZ common stock after these transactions?

After converting phantom shares into 8,122.5232 common shares and selling that same amount, his directly held BTZ common stock position is reported as zero. His remaining interest is through unvested and outstanding phantom share awards.

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^*

Garfin Mitchell

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CREDIT ALLOCATION INCOME TRUST [ BTZ ]

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		8,122.5232	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	8,122.5232	D
Common Stock	01/30/2026		D		8,122.5232	D	$10.64⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	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)
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		13,383.0174		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	13,383.0174	$10.64	13,383.0174	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			3,573.6901	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	3,573.6901	⁽¹⁾⁽²⁾	7,147.3802	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			2,201.793	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	2,201.793	⁽¹⁾⁽³⁾	2,201.793	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			2,347.0401	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	2,347.0401	⁽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