How do earlier BUI phantom share grants from 2023–2025 affect this Form 4?

The filing references phantom share grants from January 31 of 2023, 2024, and 2025, each vesting in three equal annual installments. Portions of these prior awards were involved in the January 30, 2026 “M” transactions, with remaining balances continuing to vest on their scheduled anniversaries.

BUI (NYSE: BUI) portfolio manager reports phantom share grant and 3,020-share sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Utilities, Infrastructure & Power Opportunities Trust portfolio manager Alastair Bishop reported multiple equity-linked transactions involving common stock and phantom shares. On January 30, 2026, 3,020.376 phantom-share–related common shares were acquired and then 3,020.376 common shares were disposed of at $27.52 per share, leaving no directly held common stock.

Bishop also reported phantom share activity. A new grant of 3,437.7907 phantom shares, economically equivalent to common stock and payable in cash upon vesting, was recorded at a reference value of $27.52 per phantom share. Additional phantom shares previously granted in 2023, 2024, and 2025 were partially converted or adjusted through transaction code “M,” with remaining phantom share balances continuing to vest in equal installments on each of the first three anniversaries of the relevant award dates.

Insider Trade Summary

3,020.376 shares exercised/converted

Mixed 6 txns

Insider Bishop Alastair

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	3,437.791	$27.52	$95K
Exercise	Phantom Shares	829.381	$0.00	--
Exercise	Phantom Shares	1,030.162	$0.00	--
Exercise	Phantom Shares	1,160.834	$0.00	--
Exercise	Common Stock	3,020.376	$0.00	--
Disposition	Common Stock	3,020.376	$27.52	$83K

Holdings After Transaction: Phantom Shares — 3,437.791 shares (Direct); Common Stock — 3,020.376 shares (Direct)

Footnotes (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 →

02/03/2026 - 04:39 PM

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^*

Bishop Alastair

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Utilities, Infrastructure & Power Opportunities Trust [ BUI ]

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		3,020.376	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	3,020.376	D
Common Stock	01/30/2026		D		3,020.376	D	$27.52⁽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		3,437.7907		⁽¹⁾⁽⁵⁾	⁽¹⁾⁽⁵⁾	Common Stock	3,437.7907	$27.52	3,437.7907	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			829.3805	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	829.3805	⁽¹⁾⁽²⁾	1,658.761	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			1,030.1619	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	1,030.1619	⁽¹⁾⁽³⁾	1,030.1619	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			1,160.8336	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	1,160.8336	⁽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 activity did Alastair Bishop report for BUI on January 30, 2026?

Alastair Bishop reported acquiring 3,020.376 common shares tied to phantom share activity, then disposing of 3,020.376 common shares at $27.52 each, resulting in zero directly held common stock afterward. These transactions reflect settlement of equity-linked awards, not an open-market purchase.

How many phantom shares were newly granted to the BUI portfolio manager?

The filing reports a new grant of 3,437.7907 phantom shares valued at $27.52 each. Phantom shares are economically equivalent to common stock but are payable in cash upon vesting, rather than settled in actual shares, and vest in installments over time as described.

What are phantom shares in the context of BUI and Alastair Bishop’s Form 4?

Phantom shares are awards economically equivalent to one common share and become payable in cash after vesting conditions are met. For BUI, Bishop’s phantom shares vest in equal installments on each of the first three anniversaries of the respective award or grant dates, according to the disclosure.

What happened to Alastair Bishop’s directly held BUI common stock after the reported transactions?

Following the January 30, 2026 transactions, Bishop’s directly held BUI common stock position was reduced to zero shares. The filing shows 3,020.376 common shares tied to phantom share activity acquired and then fully disposed of at $27.52 per share on the same date.

Does the BUI Form 4 indicate cash settlement for Alastair Bishop’s phantom shares?

Yes. The footnotes state phantom shares are payable in cash upon vesting and are economically equivalent to one common share. While some related common stock was disposed of at $27.52, the phantom share awards themselves are structured for cash payment when vesting requirements are satisfied.