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BTZ (BTZ) manager awarded 15,809 phantom shares, exits common stock

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

BlackRock Credit Allocation Income Trust portfolio manager Jeffrey Cucunato reported several compensation-related transactions involving common stock and phantom shares of BTZ on January 30, 2026.

He acquired 10,433.1336 shares of common stock through the exercise of phantom shares and then disposed of the same 10,433.1336 shares at $10.64 per share, leaving no directly held common stock.

Cucunato was also awarded 15,809.2105 phantom shares, which are cash-settled units economically equivalent to common stock and vest in three equal annual installments. Additional phantom share units from grants made in 2023, 2024, and 2025 were partially converted into common stock or remain outstanding, all held directly as compensation-linked, non-voting economic interests.

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Insider Cucunato Jeffrey
Role Insider
Type Security Shares Price Value
Grant/Award Phantom Shares 15,809.211 $10.64 $168K
Exercise Phantom Shares 4,088.546 $0.00 --
Exercise Phantom Shares 3,036.226 $0.00 --
Exercise Phantom Shares 3,308.362 $0.00 --
Exercise Common Stock 10,433.134 $0.00 --
Disposition Common Stock 10,433.134 $10.64 $111K
Holdings After Transaction: Phantom Shares — 15,809.211 shares (Direct); Common Stock — 10,433.134 shares (Direct)
Footnotes (1)
  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. 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. 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. 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. These phantom shares vest in equal installments on each of the first three anniversaries of the award.
Form 4 Insider Transactions: What Each Field Means →
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*
Cucunato Jeffrey
(Last) (First) (Middle)
50 HUDSON YARDS
(Street)
NEW YORK NY 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)
Code V Amount (A) or (D) Price
Common Stock 01/30/2026 M 10,433.1336 A (1)(2)(3)(4) 10,433.1336 D
Common Stock 01/30/2026 D 10,433.1336 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Shares (1)(5) 01/30/2026 A 15,809.2105 (1)(5) (1)(5) Common Stock 15,809.2105 $10.64 15,809.2105 D
Phantom Shares (1)(2) 01/30/2026 M 4,088.5455 (1)(2) (1)(2) Common Stock 4,088.5455 (1)(2) 8,177.0909 D
Phantom Shares (1)(3) 01/30/2026 M 3,036.2262 (1)(3) (1)(3) Common Stock 3,036.2262 (1)(3) 3,036.2262 D
Phantom Shares (1)(4) 01/30/2026 M 3,308.3619 (1)(4) (1)(4) Common Stock 3,308.3619 (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

FAQ

What insider transactions did BTZ portfolio manager Jeffrey Cucunato report?

Jeffrey Cucunato reported exercising phantom shares into 10,433.1336 BTZ common shares and disposing of the same 10,433.1336 shares at $10.64 each. He also received 15,809.2105 new phantom shares as compensation, all recorded as directly held derivative interests.

How many BTZ common shares did Jeffrey Cucunato sell in this Form 4 filing?

Cucunato disposed of 10,433.1336 BTZ common shares at $10.64 per share, after first acquiring the same number via the exercise of phantom share units. Following this sale, the filing shows he directly held zero BTZ common shares, with remaining exposure through phantom shares.

What are phantom shares in the BTZ Form 4 for Jeffrey Cucunato?

Phantom shares are compensation units economically equivalent to one BTZ common share, but payable in cash rather than stock. They vest over time, typically in three equal annual installments, and can be settled or converted as shown in the reported January 30, 2026 transactions.

How many phantom shares does Jeffrey Cucunato hold after these BTZ transactions?

After the January 30, 2026 activity, Cucunato held 15,809.2105 newly awarded phantom shares plus remaining balances from prior grants, including 8,177.0909 and 3,036.2262 units. These derivative positions represent compensation-related, cash-settled exposure to BTZ’s common stock value.

What was the price involved in Jeffrey Cucunato’s BTZ common stock sale?

The reported BTZ common stock disposition occurred at $10.64 per share for 10,433.1336 shares. The corresponding phantom share exercises carried a reported transaction price of $0.00, reflecting their nature as previously granted compensation rather than open market purchases.

How do the BTZ phantom share grants to Jeffrey Cucunato vest over time?

The phantom share awards vest in three equal annual installments. Grants originally made in 2023, 2024, and 2025 follow this three-year schedule, and the new 15,809.2105-unit award dated January 30, 2026 also vests in equal installments on each of the first three anniversaries of the award.