Phantom share awards reallocated to BlackRock MuniYield (NYSE: MQY) after fund mergers

Rhea-AI Filing Summary

BLACKROCK MUNIYIELD QUALITY FUND, INC. reported Form 4 activity for portfolio manager Michael Kalinoski involving phantom shares tied to recent fund reorganizations. Phantom shares are described as the economic equivalent of one common share and, after vesting, are payable in cash.

On February 23, 2026, 119.46 phantom stock units at $11.74 per share were reallocated from BlackRock Investment Quality Municipal Trust into this fund, and 72.09 phantom stock units at $11.74 per share were reallocated from BlackRock MuniYield Quality Fund II, Inc. The filing states no additional consideration was paid by Kalinoski in connection with these reallocations.

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

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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^*

KALINOSKI MICHAEL

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK MUNIYIELD QUALITY FUND, INC. [ MQY ]

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)
02/23/2026

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

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)	02/23/2026		J(2)		119.46		(1)(2)	(1)(2)	Common Stock	119.46	$11.74(2)	297.42	D
Phantom Shares	(1)	02/23/2026		J(3)		72.09		(1)(3)	(1)(3)	Common Stock	72.09	$11.74(3)	369.51	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. Effective as of February 23, 2026 BlackRock Investment Quality Municipal Trust (the "Target Fund") was reorganized into BlackRock MuniYield Quality Fund, Inc. (the "Acquiring Fund"). In connection with this reorganization, phantom stock units previously awarded to Michael Kalinoski in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (119.46 units at $11.74 per share) represents the value of the reporting person's former Target Fund phantom stock units converted at the exchange ratio used in the reorganization. No additional consideration was paid by the reporting person in connection with this reallocation.

3. Effective as of February 23, 2026 BlackRock MuniYield Quality Fund II, Inc. Income Trust (the "Target Fund") was reorganized into BlackRock MuniYield Quality Fund, Inc. (the "Acquiring Fund"). In connection with this reorganization, phantom stock units previously awarded to Michael Kalinoski in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (72.09 units at $11.74 per share) represents the value of the reporting person's former Target Fund phantom stock units converted at the exchange ratio used in the reorganization. No additional consideration was paid by the reporting person in connection with this reallocation.

	/s/ Gladys Chang as Attorney-in-Fact	02/25/2026
	** Signature of Reporting Person	Date
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FAQ

What insider activity did BLACKROCK MUNIYIELD QUALITY FUND (MQY) report for Michael Kalinoski?

The fund reported reallocations of phantom share units for portfolio manager Michael Kalinoski on February 23, 2026. These units moved from two predecessor BlackRock municipal funds into BlackRock MuniYield Quality Fund as part of completed reorganizations, with no additional consideration paid by Kalinoski.

What are phantom shares in the BLACKROCK MUNIYIELD QUALITY FUND (MQY) Form 4 filing?

Phantom shares are described as the economic equivalent of one share of common stock and become payable in cash after vesting. They track the value of the fund’s common shares but do not represent actual share ownership, instead functioning as cash-settled incentive units for the reporting person.

How many phantom shares were reallocated to Michael Kalinoski in MQY on February 23, 2026?

The filing shows 119.46 phantom stock units at $11.74 per share and 72.09 phantom stock units at $11.74 per share reallocated to Kalinoski. These amounts reflect conversions of prior phantom units from two target BlackRock municipal funds into the acquiring fund.

Did Michael Kalinoski pay anything for the MQY phantom share reallocations?

No additional consideration was paid by Michael Kalinoski for the reallocations. The Form 4 explains that the phantom stock units were converted using the funds’ exchange ratios as part of reorganizations, transferring the economic value of prior awards into the acquiring fund structure.

Why were phantom shares reallocated to MQY for Michael Kalinoski?

The reallocations occurred because two BlackRock municipal funds were reorganized into BlackRock MuniYield Quality Fund, Inc. Phantom stock units previously awarded in those target funds were converted, preserving their economic value within the acquiring fund using the stated exchange ratios and price per share.