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BlackRock MuniYield Quality (NYSE: MQY) logs phantom share reallocations

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

Rhea-AI Filing Summary

BLACKROCK MUNIYIELD QUALITY FUND, INC. reported administrative changes to phantom share holdings for portfolio manager Walter O’Connor tied to fund reorganizations. On February 23, 2026, three separate blocks of phantom shares were recorded at $11.74 per unit.

The transactions reflect reallocations of previously awarded phantom stock units from three predecessor BlackRock municipal funds into BlackRock MuniYield Quality Fund, Inc., using the applicable exchange ratios. After these reallocations, O’Connor directly held 1,427.06 phantom shares, which are economically equivalent to common shares and payable in cash, with no additional consideration paid by him.

Positive

  • None.

Negative

  • None.
Insider OCONNOR WALTER
Role Insider
Type Security Shares Price Value
Other Phantom Shares 365.84 $11.74 $4K
Other Phantom Shares 530.41 $11.74 $6K
Other Phantom Shares 530.81 $11.74 $6K
Holdings After Transaction: Phantom Shares — 365.84 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. 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 Walter O'Connor in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (365.84 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. 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 Walter O'Connor in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (530.41 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. Effective as of February 23, 2026, BlackRock MuniYield Fund, Inc. (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 Walter O'Connor in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (530.81 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.
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*
OCONNOR WALTER
(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) 365.84 (1)(2) (1)(2) Common Stock 365.84 $11.74(2) 365.84 D
Phantom Shares (1) 02/23/2026 J(3) 530.41 (1)(3) (1)(3) Common Stock 530.41 $11.74(3) 896.25 D
Phantom Shares (1) 02/23/2026 J(4) 530.81 (1)(4) (1)(4) Common Stock 530.81 $11.74(4) 1,427.06 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 Walter O'Connor in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (365.84 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 Walter O'Connor in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (530.41 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.
4. Effective as of February 23, 2026, BlackRock MuniYield Fund, Inc. (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 Walter O'Connor in the Target Fund were reallocated to the Acquiring Fund. The number of phantom stock units in the Acquiring Fund (530.81 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
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 did Walter O’Connor report on his Form 4 for MQY?

Walter O’Connor reported reallocations of previously awarded phantom shares into BlackRock MuniYield Quality Fund, Inc. on February 23, 2026. These entries arise from fund reorganizations and do not reflect open-market purchases or sales by the portfolio manager.

How many phantom shares does Walter O’Connor hold in MQY after the transactions?

After the reported transactions, Walter O’Connor held 1,427.06 phantom shares of BlackRock MuniYield Quality Fund, Inc. These phantom shares are economically equivalent to common stock and become payable in cash, subject to the applicable vesting requirements described in the footnotes.

What are phantom shares in the context of MQY’s Form 4 filing?

In this filing, a phantom share is described as the economic equivalent of one share of common stock. Subject to vesting requirements, these phantom shares are payable in cash rather than delivering actual fund shares to the portfolio manager, Walter O’Connor.

Why were MQY phantom shares reallocated to Walter O’Connor on February 23, 2026?

The phantom shares were reallocated because several BlackRock municipal funds were reorganized into BlackRock MuniYield Quality Fund, Inc. O’Connor’s existing phantom units in each target fund were converted into MQY phantom units at the applicable exchange ratios used in the reorganizations.

Did Walter O’Connor pay any additional consideration for the MQY phantom shares?

According to the footnotes, no additional consideration was paid by Walter O’Connor for these reallocations. The number of MQY phantom units simply reflects the value of his prior phantom units converted at the exchange ratios used in each fund reorganization.

Were MQY phantom share transactions on this Form 4 classified as buys or sells?

The transactions are coded as “J” – other acquisition or disposition and summarized as “other” rather than buys or sells. They represent administrative reallocations of existing phantom stock units due to fund reorganizations, not market purchases or sales.