How do earlier MYI phantom share grants relate to this Form 4?

Footnotes reference phantom share grants dated January 31, 2023 and January 31, 2025, previously reported on Forms 4. Those earlier grants vest in three equal annual installments, and portions of them were involved in the January 30, 2026 vesting and conversion transactions.

Portfolio manager at BlackRock MuniYield III (NYSE: MYI) logs phantom grant and share sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BlackRock MuniYield Quality Fund III portfolio manager Michael Kalinoski reported phantom share awards, vesting, and a small common share sale. On January 30, 2026, he received 187.052 phantom shares, described as the economic equivalent of common stock and payable in cash after vesting in three annual installments.

That same day, previously granted phantom shares totaling 63.3046 and 51.3372 were exercised into common stock, and his phantom share balance went to zero. He acquired 114.6418 common shares through an option exercise and then disposed of 114.6418 common shares at $11.16 per share, leaving 28.5804 common shares directly owned.

Insider Trade Summary

114.642 shares exercised/converted

Mixed 5 txns

Insider KALINOSKI MICHAEL

Role Insider

Type	Security	Shares	Price	Value
Grant/Award	Phantom Shares	187.052	$11.16	$2K
Exercise	Phantom Shares	63.305	$0.00	--
Exercise	Phantom Shares	51.337	$0.00	--
Exercise	Common Stock	114.642	$0.00	--
Disposition	Common Stock	114.642	$11.16	$1K

Holdings After Transaction: Phantom Shares — 187.052 shares (Direct); Common Stock — 143.222 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, 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 - 05:12 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^*

KALINOSKI MICHAEL

(Last)

(First)

(Middle)

50 HUDSON YARDS

(Street)

NEW YORK

10001

(City)

(State)

(Zip)

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

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		114.6418	A	⁽¹⁾⁽²⁾⁽³⁾	143.2222	D
Common Stock	01/30/2026		D		114.6418	D	$11.16⁽¹⁾⁽²⁾⁽³⁾	28.5804	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		187.052		⁽¹⁾	⁽¹⁾	Common Stock	187.052	$11.16	187.052	D
Phantom Shares	⁽¹⁾⁽²⁾	01/30/2026		M			63.3046	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	63.3046	⁽¹⁾⁽²⁾	126.6092	D
Phantom Shares	⁽¹⁾⁽³⁾	01/30/2026		M			51.3372	⁽¹⁾⁽³⁾	⁽¹⁾⁽³⁾	Common Stock	51.3372	⁽¹⁾⁽³⁾	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, 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.

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 activity did MYI portfolio manager Michael Kalinoski report?

Michael Kalinoski reported a grant of 187.052 phantom shares and related vesting transactions, plus an exercise and sale of 114.6418 common shares at $11.16 per share, leaving 28.5804 common shares directly owned after the January 30, 2026 activity.

What are phantom shares in the MYI Form 4 filing?

Phantom shares are described as the economic equivalent of one MYI common share and become payable in cash, subject to vesting. The filing states they vest in equal installments on each of the first three anniversaries of the relevant award or grant date.

How many phantom shares were granted to the MYI portfolio manager?

On January 30, 2026, 187.052 phantom shares were granted to the portfolio manager. These phantom shares vest in three equal annual installments and are payable in cash, mirroring the economic value of MYI common stock as outlined in the footnotes.

What MYI common stock transactions occurred on January 30, 2026?

The portfolio manager acquired 114.6418 MYI common shares through an option exercise and then disposed of 114.6418 MYI common shares at $11.16 per share. After these transactions, he directly owned 28.5804 MYI common shares according to the filing details.