How do Sinclair Lindsay Victoria’s BUI phantom share awards vest and pay out?

The phantom share awards vest in three equal annual installments starting on the first anniversary of each grant date. Once vested, they are payable in cash , reflecting the economic value of one BUI common share per phantom unit.

Portfolio manager at BUI (NYSE: BUI) reports phantom share grant and stock sale

Q: What insider transactions did Sinclair Lindsay Victoria report for BUI on January 30, 2026?

Sinclair Lindsay Victoria reported a grant of 490.5523 phantom shares and the exercise of earlier phantom awards into 200.9599 common shares , which were then sold at $27.52 per share , resulting in no directly held common stock afterward.

Q: What are phantom shares in the BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) filing?

Phantom shares are awards economically equivalent to one share of common stock that become payable in cash when vesting conditions are met. They track the value of BUI common stock but do not represent actual share ownership or voting rights.

Q: At what price were Sinclair Lindsay Victoria’s BUI common shares sold in this Form 4?

The Form 4 shows that 200.9599 common shares of BUI, obtained from exercising phantom share awards, were sold at $27.52 per share on January 30, 2026 , leaving no remaining directly owned common shares after the transaction.

Q: What role does Sinclair Lindsay Victoria have at BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)?

The filing identifies Sinclair Lindsay Victoria as a Portfolio Manager of BlackRock Utilities, Infrastructure & Power Opportunities Trust. The transactions reported relate to compensation in the form of phantom share awards tied to the trust’s common stock value.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock Utilities, Infrastructure & Power Opportunities Trust portfolio manager Sinclair Lindsay Victoria reported compensation-related transactions on January 30, 2026. The filing shows a new grant of 490.5523 phantom shares, which are cash-settled units economically equivalent to common stock and vest in three annual installments.

On the same date, previously granted phantom shares from 2024 and 2025 awards were partially exercised into 200.9599 common shares, which were then sold at $27.52 per share, leaving 0 common shares directly owned after the sale. Phantom share balances remain held directly as deferred, cash-settled awards.

Insider Trade Summary

200.96 shares exercised/converted

Mixed 5 txns

Insider Sinclair Lindsay Victoria

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	490.552	$27.52	$13K
Exercise	Phantom Shares	74.052	$0.00	--
Exercise	Phantom Shares	126.908	$0.00	--
Exercise	Common Stock	200.96	$0.00	--
Disposition	Common Stock	200.96	$27.52	$6K

Holdings After Transaction: Phantom Shares — 490.552 shares (Direct); Common Stock — 200.96 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. 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 - 05:45 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^*

Sinclair Lindsay Victoria

(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		200.9599	A	⁽¹⁾⁽²⁾⁽³⁾	200.9599	D
Common Stock	01/30/2026		D		200.9599	D	$27.52⁽¹⁾⁽²⁾⁽³⁾	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)
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⁾⁽⁴⁾	01/30/2026		A		490.5523		⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	490.5523	$27.52	490.5523	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			74.0518	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	74.0518	⁽¹⁾⁽²⁾	148.1037	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			126.9081	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	126.9081	⁽¹⁾⁽³⁾	126.9081	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. 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 Sinclair Lindsay Victoria report for BUI on January 30, 2026?

Sinclair Lindsay Victoria reported a grant of 490.5523 phantom shares and the exercise of earlier phantom awards into 200.9599 common shares, which were then sold at $27.52 per share, resulting in no directly held common stock afterward.

What are phantom shares in the BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI) filing?

Phantom shares are awards economically equivalent to one share of common stock that become payable in cash when vesting conditions are met. They track the value of BUI common stock but do not represent actual share ownership or voting rights.

At what price were Sinclair Lindsay Victoria’s BUI common shares sold in this Form 4?

The Form 4 shows that 200.9599 common shares of BUI, obtained from exercising phantom share awards, were sold at $27.52 per share on January 30, 2026, leaving no remaining directly owned common shares after the transaction.

What role does Sinclair Lindsay Victoria have at BlackRock Utilities, Infrastructure & Power Opportunities Trust (BUI)?

The filing identifies Sinclair Lindsay Victoria as a Portfolio Manager of BlackRock Utilities, Infrastructure & Power Opportunities Trust. The transactions reported relate to compensation in the form of phantom share awards tied to the trust’s common stock value.