What phantom share grants does the MUA portfolio manager currently hold?

After the reported transactions, Walter O’Connor held 778.3513 phantom shares from a January 31, 2025 grant and 336.0247 phantom shares from a January 31, 2024 grant. A separate 325.8578 phantom share grant from January 31, 2023 was fully settled on January 30, 2026.

How do the MUA phantom share awards vest for the portfolio manager?

The phantom share awards granted on January 31 of 2023, 2024, and 2025 vest in cash in three equal annual installments. Each grant becomes payable in cash over the three years following its grant date, aligning compensation with the fund’s long-term performance.

BlackRock MuniAssets (NYSE: MUA) manager settles phantom units and sells 1,051 shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock MuniAssets Fund, Inc. portfolio manager Walter O'Connor reported settling phantom share awards and selling common stock in the fund. On January 30, 2026, 1,051.0581 phantom share equivalents were converted into the same number of common shares and then sold at $11.07 per share, leaving him with no directly held common stock.

He continues to hold phantom share units, including 778.3513 and 336.0247 units from prior grants, while a 325.8578-unit grant was fully settled. The phantom shares are cash-settled awards economically equivalent to common stock and vest in three equal annual installments from grants made on January 31 of 2023, 2024, and 2025.

Insider Trade Summary

1,051.058 shares exercised/converted

Mixed 5 txns

Insider OCONNOR WALTER

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	389.176	$0.00	--
Exercise	Phantom Shares	336.025	$0.00	--
Exercise	Phantom Shares	325.858	$0.00	--
Exercise	Common Stock	1,051.058	$0.00	--
Disposition	Common Stock	1,051.058	$11.07	$12K

Holdings After Transaction: Phantom Shares — 778.351 shares (Direct); Common Stock — 1,051.058 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.

Form 4 Insider Transactions: What Each Field Means →

02/03/2026 - 07:51 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^*

OCONNOR WALTER

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK MUNIASSETS FUND, INC. [ MUA ]

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		1,051.0581	A	⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	1,051.0581	D
Common Stock	01/30/2026		D		1,051.0581	D	$11.07⁽¹⁾⁽²⁾⁽³⁾⁽⁴⁾	0.00	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⁾⁽²⁾	01/30/2026		M			389.1757	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	389.1757	⁽¹⁾⁽²⁾	778.3513	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			336.0247	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	336.0247	⁽¹⁾⁽³⁾	336.0247	D
Phantom Shares	⁽¹⁾⁽⁴⁾	01/30/2026		M			325.8578	⁽¹⁾⁽⁴⁾	⁽¹⁾⁽⁴⁾	Common Stock	325.8578	⁽¹⁾⁽⁴⁾	0.00	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.

	/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 transaction did Walter O'Connor report for MUA?

Walter O’Connor reported converting 1,051.0581 phantom share equivalents into 1,051.0581 common shares of BlackRock MuniAssets Fund, Inc. on January 30, 2026, and selling all those common shares at $11.07 per share, leaving him with no directly held common stock.

How many BlackRock MuniAssets (MUA) shares did the insider sell and at what price?

He sold 1,051.0581 shares of BlackRock MuniAssets common stock at $11.07 per share. These shares came from the same-day conversion of phantom share awards, so his directly held common stock position after the transaction was reduced to zero.

What are phantom shares in the BlackRock MuniAssets (MUA) Form 4?

Phantom shares are awards that are economically equivalent to one share of common stock but are payable in cash. For Walter O’Connor, these cash-settled units vest over time and track the value of BlackRock MuniAssets Fund, Inc. common shares without conferring actual share ownership.

What is Walter O’Connor’s role at BlackRock MuniAssets Fund, Inc. (MUA)?

In this filing, Walter O’Connor is identified as a portfolio manager of BlackRock MuniAssets Fund, Inc. He is not listed as a director, officer, or 10% owner, but reports his beneficial holdings and transactions in common stock and phantom share compensation units.