BlackRock Capital Allocation Trust Key Executives
This section highlights BlackRock Capital Allocation Trust's key executives, including their titles and compensation details.
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BlackRock Capital Allocation Trust Earnings
This section highlights BlackRock Capital Allocation Trust's earnings, including key dates, EPS, earnings reports, and earnings call transcripts.
Next Earnings Date
Last Earnings Results
Earnings Call Transcripts
| Transcript | Quarter | Year | Date | Estimated EPS | Actual EPS |
|---|
BlackRock Capital Allocation Trust (BCAT)
BlackRock Capital Allocation Term Trust is a newly organized, non-diversified, closed-end management investment company with no operating history. Its investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust is headquartered in Wilmington, DE.
$14.47
Stock Price
$1.52B
Market Cap
-
Employees
New York, NY
Location
Financial Statements
Access annual & quarterly financial statements for BlackRock Capital Allocation Trust, including income statements, balance sheets, and cash flow statements..
Annual Income Statement
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 |
|---|---|---|---|---|---|
| Revenue | $197.67M | $206.90M | $-320.36M | $124.00M | $128.56M |
| Cost of Revenue | $- | $- | $- | $- | $- |
| Gross Profit | $197.67M | $206.90M | $-320.36M | $124.00M | $128.56M |
| Gross Profit Ratio | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Research and Development Expenses | $- | $- | $- | $- | $- |
| General and Administrative Expenses | $2.26M | $1.31M | $1.46M | $1.33M | $234.65K |
| Selling and Marketing Expenses | $- | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $2.26M | $1.31M | $1.46M | $1.33M | $234.65K |
| Other Expenses | $195.42M | $205.59M | $706.31K | $1.38M | $-102.91K |
| Operating Expenses | $197.67M | $206.90M | $2.16M | $2.71M | $131.74K |
| Cost and Expenses | $197.67M | $206.90M | $2.16M | $2.71M | $131.74K |
| Interest Income | $56.85M | $61.50M | $66.93M | $71.38M | $7.46M |
| Interest Expense | $1.40M | $1.40M | $2.90M | $2.13M | $- |
| Depreciation and Amortization | $- | $167.90K | $228.49K | $236.56K | $206.30K |
| EBITDA | $- | $411.01M | $-639.02M | $- | $- |
| EBITDA Ratio | 0.00% | 198.65% | 99.77% | 97.81% | 99.90% |
| Operating Income | $-391.64M | $204.72M | $-319.62M | $121.29M | $128.43M |
| Operating Income Ratio | -198.13% | 98.95% | 99.77% | 97.81% | 99.90% |
| Total Other Income Expenses Net | $586.06M | $- | $-2.90M | $- | $- |
| Income Before Tax | $194.42M | $204.72M | $-322.52M | $121.29M | $128.43M |
| Income Before Tax Ratio | 98.35% | 98.95% | 100.67% | 97.81% | 99.90% |
| Income Tax Expense | $- | $- | $-228.49K | $-236.56K | $-206.30K |
| Net Income | $194.42M | $204.72M | $-322.52M | $121.29M | $128.43M |
| Net Income Ratio | 98.35% | 98.95% | 100.67% | 97.81% | 99.90% |
| EPS | $0.00 | $1.78 | $-2.81 | $1.10 | $1.15 |
| EPS Diluted | $0.00 | $1.78 | $-2.81 | $1.10 | $1.15 |
| Weighted Average Shares Outstanding | 106.24M | 114.78M | 114.78M | 110.26M | 111.68M |
| Weighted Average Shares Outstanding Diluted | 106.24M | 114.78M | 114.78M | 110.26M | 111.68M |
| SEC Filing | Source | Source | Source | Source | Source |
| Breakdown |
|---|
| Revenue |
| Cost of Revenue |
| Gross Profit |
| Gross Profit Ratio |
| Research and Development Expenses |
| General and Administrative Expenses |
| Selling and Marketing Expenses |
| Selling General and Administrative Expenses |
| Other Expenses |
| Operating Expenses |
| Cost and Expenses |
| Interest Income |
| Interest Expense |
| Depreciation and Amortization |
| EBITDA |
| EBITDA Ratio |
| Operating Income |
| Operating Income Ratio |
| Total Other Income Expenses Net |
| Income Before Tax |
| Income Before Tax Ratio |
| Income Tax Expense |
| Net Income |
| Net Income Ratio |
| EPS |
| EPS Diluted |
| Weighted Average Shares Outstanding |
| Weighted Average Shares Outstanding Diluted |
| SEC Filing |
Annual Balance Sheet
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 |
|---|---|---|---|---|---|
| Cash and Cash Equivalents | $6.30M | $6.93M | $4.10M | $696.39K | $189.44K |
| Short Term Investments | $- | $- | $- | $- | $- |
| Cash and Short Term Investments | $6.30M | $6.93M | $4.10M | $696.39K | $189.44K |
| Net Receivables | $11.13M | $30.22M | $154.46M | $19.83M | $13.64M |
| Inventory | $- | $30.24M | $- | $- | $- |
| Other Current Assets | $-11.13M | $-30.24M | $15.04K | $56.78K | $12.82K |
| Total Current Assets | $6.30M | $37.15M | $154.46M | $19.83M | $13.83M |
| Property Plant Equipment Net | $- | $- | $- | $- | $- |
| Goodwill | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $- | $- | $- | $- | $- |
| Long Term Investments | $1.85B | $1.98B | $2.07B | $3.04B | $2.31B |
| Tax Assets | $- | $- | $- | $- | $- |
| Other Non-Current Assets | $-1.85B | $-1.98B | $-2.07B | $-3.04B | $-2.31B |
| Total Non-Current Assets | $1.92B | $1.98B | $2.07B | $3.04B | $2.31B |
| Other Assets | $1.92B | $27.39M | $26.13M | $-2.29B | $77.64M |
| Total Assets | $1.92B | $2.05B | $2.25B | $767.27M | $2.40B |
| Account Payables | $189.89M | $175.16M | $267.23M | $58.91M | $36.07M |
| Short Term Debt | $- | $- | $- | $- | $- |
| Tax Payables | $- | $- | $- | $- | $- |
| Deferred Revenue | $- | $- | $- | $- | $- |
| Other Current Liabilities | $-189.89M | $-175.16M | $-267.23M | $- | $- |
| Total Current Liabilities | $- | $- | $267.23M | $58.91M | $36.07M |
| Long Term Debt | $- | $- | $1.80M | $- | $- |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- |
| Other Non-Current Liabilities | $- | $- | $-1.80M | $- | $- |
| Total Non-Current Liabilities | $- | $- | $267.23M | $690.56M | $- |
| Other Liabilities | $203.05M | $194.62M | $-102.48M | $17.80M | $- |
| Total Liabilities | $203.05M | $194.62M | $431.98M | $767.27M | $36.07M |
| Preferred Stock | $- | $- | $- | $- | $- |
| Common Stock | $1.72B | $1.99B | $2.10B | $- | $2.23B |
| Retained Earnings | $-274.26K | $-137.03M | $-280.89M | $- | $116.81M |
| Accumulated Other Comprehensive Income Loss | $- | $- | $- | $- | $- |
| Other Total Stockholders Equity | $- | $- | $- | $- | $- |
| Total Stockholders Equity | $1.72B | $1.85B | $1.82B | $- | $2.35B |
| Total Equity | $1.72B | $1.85B | $1.82B | $- | $2.35B |
| Total Liabilities and Stockholders Equity | $1.92B | $2.05B | $2.25B | $767.27M | $2.40B |
| Minority Interest | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $1.92B | $2.05B | $2.25B | $767.27M | $2.40B |
| Total Investments | $1.85B | $1.98B | $2.07B | $3.04B | $2.31B |
| Total Debt | $- | $- | $1.80M | $690.56M | $- |
| Net Debt | $-6.30M | $-6.93M | $-2.30M | $689.86M | $-189.44K |
Balance Sheet Charts
| Breakdown | December 31, 2024 | June 30, 2024 | December 31, 2023 | June 30, 2023 | December 31, 2022 | June 30, 2022 | December 31, 2021 | June 30, 2021 | July 31, 2020 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | $6.30M | $6.85M | $6.93M | $3.85M | $4.10M | $167.35K | $696.39K | $3.36M | $100.00K |
| Short Term Investments | $- | $- | $- | $- | $- | $- | $81.59K | $1.14M | $- |
| Cash and Short Term Investments | $6.30M | $6.85M | $6.93M | $3.85M | $4.10M | $167.35K | $81.59K | $1.14M | $100.00K |
| Net Receivables | $11.13M | $24.96M | $30.22M | $33.55M | $154.46M | $88.83M | $19.83M | $52.74M | $- |
| Inventory | $- | $- | $30.24M | $- | $- | $- | $- | $- | $- |
| Other Current Assets | $-11.13M | $-24.96M | $-30.24M | $- | $15.04K | $20.88K | $56.78K | $- | $- |
| Total Current Assets | $6.30M | $6.85M | $37.15M | $37.40M | $154.46M | $88.99M | $19.75M | $51.60M | $100.00K |
| Property Plant Equipment Net | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Goodwill | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Long Term Investments | $1.85B | $2.04B | $1.98B | $2.02B | $2.07B | $1.94B | $3.04B | $2.99B | $- |
| Tax Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Non-Current Assets | $-1.85B | $-2.04B | $-1.98B | $-2.02B | $-2.07B | $-1.94B | $81.59K | $1.14M | $- |
| Total Non-Current Assets | $1.92B | $2.10B | $1.98B | $2.02B | $2.07B | $1.94B | $3.04B | $2.99B | $- |
| Other Assets | $1.92B | $2.11B | $27.39M | $25.52M | $26.13M | $27.29M | $-2.29B | $36.74M | $100.00K |
| Total Assets | $1.92B | $2.11B | $2.05B | $2.08B | $2.25B | $2.06B | $767.27M | $3.08B | $100.00K |
| Account Payables | $189.89M | $196.70M | $175.16M | $190.48M | $267.23M | $12.32M | $58.91M | $90.86M | $- |
| Short Term Debt | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Tax Payables | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Deferred Revenue | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Current Liabilities | $-189.89M | $-196.70M | $-175.16M | $- | $-267.23M | $- | $- | $- | $- |
| Total Current Liabilities | $- | $- | $- | $190.48M | $267.23M | $12.32M | $58.91M | $90.86M | $- |
| Long Term Debt | $- | $- | $- | $26.40K | $1.80M | $- | $- | $- | $- |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Non-Current Liabilities | $- | $- | $- | $-26.40K | $-1.80M | $- | $- | $- | $- |
| Total Non-Current Liabilities | $- | $- | $- | $26.40K | $267.23M | $12.32M | $690.56M | $519.91M | $- |
| Other Liabilities | $203.05M | $214.33M | $194.62M | $19.00M | $-102.48M | $123.25M | $17.80M | $16.46M | $- |
| Total Liabilities | $203.05M | $214.33M | $194.62M | $209.51M | $431.98M | $147.89M | $767.27M | $627.23M | $- |
| Preferred Stock | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Common Stock | $1.72B | $1.99B | $1.99B | $2.10B | $2.10B | $2.17B | $- | $2.25B | $100.00K |
| Retained Earnings | $-274.26K | $-99.89M | $-137.03M | $-228.46M | $-280.89M | $-256.33M | $- | $202.47M | $- |
| Accumulated Other Comprehensive Income Loss | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Other Total Stockholders Equity | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Stockholders Equity | $1.72B | $1.89B | $1.85B | $1.87B | $1.82B | $1.91B | $- | $2.45B | $100.00K |
| Total Equity | $1.72B | $1.89B | $1.85B | $1.87B | $1.82B | $1.91B | $- | $2.45B | $100.00K |
| Total Liabilities and Stockholders Equity | $1.92B | $2.11B | $2.05B | $2.08B | $2.25B | $2.06B | $767.27M | $3.08B | $100.00K |
| Minority Interest | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $1.92B | $2.11B | $2.05B | $2.08B | $2.25B | $2.06B | $767.27M | $3.08B | $100.00K |
| Total Investments | $1.85B | $2.04B | $1.98B | $2.02B | $2.07B | $1.94B | $3.04B | $2.99B | $- |
| Total Debt | $- | $- | $- | $26.40K | $1.80M | $102.10M | $690.56M | $519.91M | $- |
| Net Debt | $-6.30M | $-6.85M | $-6.93M | $-3.83M | $-2.30M | $101.93M | $689.86M | $516.55M | $-100.00K |
Annual Cash Flow
| Breakdown | December 31, 2024 | December 31, 2023 | December 31, 2022 | December 31, 2021 | December 31, 2020 |
|---|---|---|---|---|---|
| Net Income | $194.42M | $204.72M | $-322.52M | $121.29M | $128.43M |
| Depreciation and Amortization | $- | $- | $- | $- | $- |
| Deferred Income Tax | $- | $- | $- | $- | $- |
| Stock Based Compensation | $- | $- | $- | $- | $- |
| Change in Working Capital | $-5.24M | $6.04M | $2.35M | $-1.24M | $-7.61M |
| Accounts Receivables | $2.63M | $-433.31K | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- |
| Accounts Payables | $- | $- | $- | $- | $- |
| Other Working Capital | $-7.87M | $6.47M | $- | $- | $- |
| Other Non Cash Items | $165.70M | $-29.43M | $1.19B | $-711.21M | $-2.27B |
| Net Cash Provided by Operating Activities | $354.89M | $181.33M | $867.86M | $-591.17M | $-2.15B |
| Investments in Property Plant and Equipment | $- | $- | $- | $- | $- |
| Acquisitions Net | $- | $- | $- | $- | $- |
| Purchases of Investments | $- | $- | $- | $- | $- |
| Sales Maturities of Investments | $- | $- | $- | $- | $- |
| Other Investing Activities | $- | $- | $- | $- | $- |
| Net Cash Used for Investing Activities | $- | $- | $- | $- | $- |
| Debt Repayment | $- | $-1.80M | $-688.23M | $690.03M | $- |
| Common Stock Issued | $- | $- | $- | $- | $2.23B |
| Common Stock Repurchased | $-45.36M | $-11.50M | $-52.77M | $-13.09M | $- |
| Dividends Paid | $-281.49M | $-164.29M | $-138.91M | $-120.94M | $-8.67M |
| Other Financing Activities | $- | $- | $- | $- | $- |
| Net Cash Used Provided by Financing Activities | $-326.85M | $-177.59M | $-879.91M | $556.01M | $2.22B |
| Effect of Forex Changes on Cash | $224.16K | $43.50K | $-208.28K | $71.46K | $9.71K |
| Net Change in Cash | $28.26M | $3.78M | $-12.26M | $-35.08M | $77.76M |
| Cash at End of Period | $62.55M | $34.30M | $30.52M | $42.77M | $77.86M |
| Cash at Beginning of Period | $34.30M | $30.52M | $42.77M | $77.86M | $100.00K |
| Operating Cash Flow | $354.89M | $181.33M | $867.86M | $-591.17M | $-2.15B |
| Capital Expenditure | $- | $- | $- | $- | $- |
| Free Cash Flow | $354.89M | $181.33M | $867.86M | $-591.17M | $-2.15B |
Cash Flow Charts
| Breakdown |
|---|
| Net Income |
| Depreciation and Amortization |
| Deferred Income Tax |
| Stock Based Compensation |
| Change in Working Capital |
| Accounts Receivables |
| Inventory |
| Accounts Payables |
| Other Working Capital |
| Other Non Cash Items |
| Net Cash Provided by Operating Activities |
| Investments in Property Plant and Equipment |
| Acquisitions Net |
| Purchases of Investments |
| Sales Maturities of Investments |
| Other Investing Activities |
| Net Cash Used for Investing Activities |
| Debt Repayment |
| Common Stock Issued |
| Common Stock Repurchased |
| Dividends Paid |
| Other Financing Activities |
| Net Cash Used Provided by Financing Activities |
| Effect of Forex Changes on Cash |
| Net Change in Cash |
| Cash at End of Period |
| Cash at Beginning of Period |
| Operating Cash Flow |
| Capital Expenditure |
| Free Cash Flow |
BlackRock Capital Allocation Trust Dividends
Explore BlackRock Capital Allocation Trust's dividend history, including dividend yield, payout ratio, and historical payments.
Dividend Yield
17.49%
Dividend Payout Ratio
144.79%
Dividend Paid & Capex Coverage Ratio
1.26x
BlackRock Capital Allocation Trust Dividend History
| Dividend | Adjusted Dividend | Date | Record Date | Payment Date | Declaration Date |
|---|---|---|---|---|---|
| $0.28723 | $0.28723 | March 14, 2025 | March 14, 2025 | March 31, 2025 | March 03, 2025 |
| $0.28822 | $0.28822 | February 14, 2025 | February 14, 2025 | February 28, 2025 | February 03, 2025 |
| $0.2891 | $0.2891 | January 15, 2025 | January 15, 2025 | January 31, 2025 | January 02, 2025 |
| $0.28919 | $0.28919 | December 16, 2024 | December 16, 2024 | December 23, 2024 | December 06, 2024 |
| $0.28854 | $0.28854 | November 15, 2024 | November 15, 2024 | November 29, 2024 | November 01, 2024 |
| $0.28713 | $0.28713 | October 15, 2024 | October 15, 2024 | October 31, 2024 | September 12, 2024 |
| $0.287 | $0.287 | September 16, 2024 | September 16, 2024 | September 30, 2024 | September 03, 2024 |
| $0.28699 | $0.28699 | August 15, 2024 | August 15, 2024 | August 30, 2024 | August 01, 2024 |
| $0.2865 | $0.2865 | July 15, 2024 | July 15, 2024 | July 31, 2024 | July 01, 2024 |
| $0.28539 | $0.28539 | June 14, 2024 | June 14, 2024 | June 28, 2024 | May 20, 2024 |
| $0.1275 | $0.1275 | May 14, 2024 | May 15, 2024 | May 31, 2024 | May 01, 2024 |
| $0.1275 | $0.1275 | April 12, 2024 | April 15, 2024 | April 30, 2024 | April 01, 2024 |
| $0.1275 | $0.1275 | March 14, 2024 | March 15, 2024 | March 28, 2024 | March 01, 2024 |
| $0.1275 | $0.1275 | February 14, 2024 | February 15, 2024 | February 29, 2024 | February 01, 2024 |
| $0.1275 | $0.1275 | January 11, 2024 | January 12, 2024 | January 31, 2024 | January 02, 2024 |
| $0.1275 | $0.1275 | December 14, 2023 | December 15, 2023 | December 20, 2023 | December 05, 2023 |
| $0.1275 | $0.1275 | November 14, 2023 | November 15, 2023 | November 30, 2023 | November 01, 2023 |
| $0.1275 | $0.1275 | October 13, 2023 | October 16, 2023 | October 31, 2023 | October 02, 2023 |
| $0.1275 | $0.1275 | September 14, 2023 | September 15, 2023 | September 29, 2023 | September 01, 2023 |
| $0.1275 | $0.1275 | August 14, 2023 | August 15, 2023 | August 31, 2023 | August 01, 2023 |
BlackRock Capital Allocation Trust News
Read the latest news about BlackRock Capital Allocation Trust, including recent articles, headlines, and updates.
CEF Weekly Review: Will BTT Terminate?
We review the CEF market valuation and performance through the first week of March and highlight recent market action. Nearly all CEF sectors were down due to poor risk sentiment, but year-to-date performance remains mostly positive, led by EM assets. BlackRock Municipal 2030 Target Term renewed its share repurchase program.
BCAT: NAV May Continue To Erode Due To Generous Distribution (Rating Downgrade)
BlackRock Capital Allocation Term Trust offers a 22.7% dividend yield, making it attractive for income-focused investors despite a 4.3% price decline in the past year. BCAT's blended portfolio of equities and fixed income assets, including a strategic option strategy, limits capital appreciation but ensures steady income through premiums. The fund trades at a 4.6% discount to NAV, with a diverse sector exposure.
Certain BlackRock Closed-End Funds Announce Renewal of Discount Management Programs
NEW YORK--(BUSINESS WIRE)---- $BCAT--The BlackRock closed-end funds listed below (each, a “Fund” and collectively, the “Funds”) announced today the renewal of their discount management programs (each, a "Program" and collectively, the “Programs”). Under the terms of each Fund's Program, each Fund intends to offer to repurchase a portion of its common shares via tender offer if certain conditions are met during the specified time period, as detailed below. BlackRock Closed-End Funds Renewing their Discoun.
Certain BlackRock Closed-End Funds Announce Estimated Sources of Distributions
NEW YORK--(BUSINESS WIRE)---- $BBN--Today, BlackRock Resources & Commodities Strategy Trust (NYSE: BCX), BlackRock Enhanced Equity Dividend Trust (NYSE: BDJ), BlackRock Energy and Resources Trust (NYSE: BGR), BlackRock Enhanced International Dividend Trust (NYSE: BGY), BlackRock Health Sciences Trust (NYSE: BME), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Enhanced Global Dividend Trust (NYSE: BOE), BlackRock Utilities, Infrastructure & Power Opportunities Trust (NYSE: BUI), Bla.
CEF Weekly Review: Explaining Preferred CEFs Double-Digit Gains
We review the CEF market valuation and performance through the first week of February and highlight recent market action. CEFs had a strong week, with most sectors in the green, driven by EM Equity and Muni sectors, and year-to-date gains in both NAVs and discounts. We take a look at why preferred CEFs have sharply outperformed their ETF counterparts last year.
BCAT: Multi-Asset Fund Provides Hefty Distribution Yield (Rating Downgrade)
BCAT delivers a sizeable distribution yield thanks to its 20% managed distribution policy, which seemed to have helped the fund's discount narrow since our prior update. This policy, along with a discount management program, was implemented due to activist pressure from Saba Capital Management, but Saba has recently reduced its stake. Due to recent market volatility, the fund's share price has fallen along with its underlying portfolio; further, its discount has also widened once again, making it a more interesting choice.
BCAT: Big Yield, 8% Discount On Fixed Income/Equity Mix
BlackRock Capital Allocation Term Trust offers a balanced mix of 55% equity and 45% fixed income, with a big dividend yield. BCAT's monthly payout increased significantly in June 2024, resulting in a high yield. BCAT is currently trading at a 7.79% discount to NAV.
Certain BlackRock Closed-End Funds Announce Tender Offer in Conjunction with Results of the Quarterly Measurement Period of their Discount Management Programs
NEW YORK--(BUSINESS WIRE)---- $BCAT--The BlackRock closed-end funds (the “Funds”) listed below announced today the results of the Quarterly Measurement Period (as defined below) under their previously announced discount management programs (the “Programs”). Funds with a Trigger Event (as defined below) at the end of the Quarterly Measurement Period also announced the dates of tender offers. The Programs are part of the Funds' ongoing efforts to manage discounts and enhance long-term shareholder value and.
BCAT: The Easy Money Has Been Made (Rating Downgrade)
Shares of BlackRock Capital Allocation Term Trust have delivered a 21% total return since my January 30, 2024, Buy recommendation. BCAT's outperformance has been driven by a significant narrowing of its discount to NAV from 10.8% to 3.7%. Given the current valuation relative to NAV, I now view BCAT as reasonably valued.
Certain BlackRock Funds Announce Expiration and Preliminary Results of Tender Offers
NEW YORK--(BUSINESS WIRE)---- $BCAT--The BlackRock closed-end funds (the “Funds”) listed below announced today the expiration and preliminary results of each Fund's tender offer (each, a “Tender Offer”) for up to 2.5% of its outstanding common shares (the “Shares”). Each Tender Offer commenced on October 16, 2024 and expired at 5:00 p.m. Eastern time on November 18, 2024. Based on preliminary information, the number of Shares properly tendered for each Fund and not withdrawn is noted in the table below.
Certain BlackRock Funds Announce Final Results of Tender Offers
NEW YORK--(BUSINESS WIRE)---- $BCAT--The BlackRock closed-end funds (the “Funds”) listed below announced today the final results of each Fund's tender offer (each, a “Tender Offer”) for up to 2.5% of its outstanding common shares (the “Shares”). The Tender Offers, which expired at 5:00 p.m. Eastern time on November 15, 2024, were oversubscribed for each Fund. Therefore, in accordance with the terms and conditions of the Tender Offers, each Fund will purchase Shares from all tendering shareholders on a pr.
Ideal Time To Swap Out Of BCAT And ECAT And Into BOE And BGR
Forget about owning equity CEFs that offer 20% or more NAV or market yields and stick with funds that can cover their distributions. Do you really think that when a fund sponsor bumps up a fund's yield by 100% that there won't be a price to pay in return? That all of a sudden, 20% NAV yields are somehow achievable? They are not and the cost is an eroding NAV over time.
9 Closed-End Fund Buys In The Month Of August 2024
The broader equity market saw declines in early August but ended near all-time highs to finish off the month. I put some capital to work this month at the low, but not as much as I had planned initially, as the market swiftly recovered. Most of the moves this month were corporate action-driven events, primarily the BlackRock tender offers, as we finished up the first measurement period.
BCAT: May Benefit From Future Interest Rate Cuts
BlackRock's Capital Allocation Term Trust offers a high yield of 21% with monthly distributions, providing a steady income stream for investors. BCAT's portfolio strategy includes a diverse mix of equities and fixed income securities. Part of BCAT's strategy includes a covered call strategy that implements out-of-the-money approach, which allows for greater capital appreciation.
Will ECAT And BCAT Be The Poster Children Of A Market Top?
There appears to be growing evidence that CEF fund sponsors and income-hungry investors are willing to sacrifice longer-term fund prosperity for higher yields today. By increasing annualized NAV distribution levels to as high as 20%, this is resulting in distribution increases of 60% to 120% just this year. This may be great news for shareholders and activist investors demanding action to reduce fund discounts and increase valuations. But is this all an act of desperation at a market top?
Finding Opportunities In The Closed-End Fund World
Closed-end funds have unique features that make them very attractive investment vehicles for the right asset classes and investors who understand them. Especially for complex and/or less liquid asset classes, like corporate senior loans, high-yield bonds, collateralized loan obligations, and the more recently discovered (by retail investors) "private credit" Activist and institutional investors are worth watching, so we can piggyback onto their efforts in the closed-end fund world.
BlackRock Announces Increased Distribution Rates for Certain Closed-End Funds
NEW YORK--(BUSINESS WIRE)--Today, the Board of Trustees of each of BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Science and Technology Term Trust (NYSE: BSTZ), and BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) (each a “Fund,” and collectively the “Funds”) announced increased distribution rates under each Fund’s managed distribution plan (“Plan”). Each Fund has adopted a Plan to support a level monthly distribution of income, capital gains and/or return of capital. “We have taken this step to support shareholders of these Funds, consistent with our goal of delivering long-term value. We are focused on enhancing returns for our closed-end fund shareholders and helping them plan for their financial futures,” said R. Glenn Hubbard, Chair of the Board of BlackRock Closed-End Funds Effective today, each of ECAT and BCAT will pay monthly distributions to shareholders at an annual rate of 20% of the Fund’s 12-month rolling average daily net asset value to be calculated 5 business days prior to declaration date. Each of BMEZ, BSTZ and BIGZ will pay monthly distributions to shareholders at an annual rate of 12% of the Fund’s 12-month rolling average daily net asset value to be calculated 5 business days prior to declaration date. For example, the July 2024 distribution will be calculated based on the average net asset value from June 22, 2023 to June 21, 2024. Each month this formula will be applied, and the distribution per share will be re-set and announced on the distribution declaration date. Declaration: 5/20/2024 Ex-Date: 6/14/2024 Record: 6/14/2024 Payable: 6/28/2024 Fund NYSE Ticker Annualized Distribution Rate as a Percentage of 12- Month Average NAV Distribution Amount per Share Change in Monthly Distribution Amount Per Share from Prior Distribution BlackRock ESG Capital Allocation Term Trust* ECAT 20.00% $0.296930 +$0.146930 (+98%) BlackRock Capital Allocation Term Trust* BCAT 20.00% $0.285390 +$0.157890 (+124%) BlackRock Health Sciences Term Trust* BMEZ 12.00% $0.178870 +$0.089040 (+99%) BlackRock Science and Technology Term Trust* BSTZ 12.00% $0.211250 +$0.106090 (+101%) BlackRock Innovation and Growth Term Trust* BIGZ 12.00% $0.088870 +$0.044430 (+100%) *In order to comply with the requirements of Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”), each of the Funds above posted to the DTC bulletin board and sent to its shareholders of record as of the applicable record date a Section 19 notice with the previous distribution payment. The Section 19 notice was provided for informational purposes only and not for tax reporting purposes. This information can be found in the “Closed-End Funds” section of www.blackrock.com. As applicable, the final determination of the source and tax characteristics of all distributions in 2024 will be made after the end of the year. BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Science and Technology Term Trust (NYSE: BSTZ), and BlackRock Innovation and Growth Term Trust (NYSE: BIGZ) have adopted a managed distribution plan (a “Plan”) to support a monthly distribution based on the annual rates in the table above of each Fund’s 12-month rolling average daily net asset value calculated 5 business days prior to declaration date of each distribution. The June 2024 distribution for each of ECAT, BCAT, BSTZ, BMEZ and BIGZ was calculated based on the average net asset value from May 11, 2023 to May 10, 2024. Below are the 12-month rolling average daily net asset values used to calculate ECAT, BCAT, BSTZ, BMEZ and BIGZ’s June distributions: ECAT: $17.815754 BCAT: $17.123095 BMEZ: $17.886111 BSTZ: $21.124683 BIGZ: $8.886865 The annual distribution rate is subject to change at the discretion of each Fund’s Board of Trustees. Under its Plan, each Fund will distribute all available investment income to its shareholders, consistent with its investment objectives and as required by the Internal Revenue Code of 1986, as amended. If sufficient investment income is not available for a monthly distribution, a Fund will distribute long-term capital gains and/or return of capital in order to maintain its stated fixed annual distribution rate under the Plan. The Funds’ estimated sources of the distributions paid this month and for their current fiscal year are as follows: Estimated Allocations as of April 30, 2024 Fund Distribution Net Income Net Realized Short- Term Gains Net Realized Long- Term Gains Return of Capital ECAT1 $0.150000 $0.040696 (27%) $0 (0%) $0 (0%) $0.109304 (73%) BCAT1 $0.127500 $0.056687 (44%) $0 (0%) $0 (0%) $0.070813 (56%) BMEZ1 $0.089830 $0 (0%) $0 (0%) $0 (0%) $0.089830 (100%) BSTZ1 $0.105160 $0 (0%) $0 (0%) $0 (0%) $0.105160 (100%) BIGZ1 $0.044440 $0 (0%) $0 (0%) $0 (0%) $0.044440 (100%) Estimated Allocations for the Fiscal Year through April 30, 2024 Fund Distribution Net Income Net Realized Short- Term Gains Net Realized Long- Term Gains Return of Capital ECAT1 $0.750000 $0.016513 (2%) $0 (0%) $0 (0%) $0.733487 (98%) BCAT1 $0.637500 $0.032121 (5%) $0 (0%) $0 (0%) $0.605379 (95%) BMEZ1 $0.451360 $0 (0%) $0 (0%) $0 (0%) $0.451360 (100%) BSTZ1 $0.519130 $0 (0%) $0 (0%) $0 (0%) $0.519130 (100%) BIGZ1 $0.222760 $0 (0%) $0 (0%) $0 (0%) $0.222760 (100%) 1The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share. The amounts and sources of distributions reported are only estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information: Fund Average annual total return (in relation to NAV) for the 5-year period ending on 4/30/2024 Annualized current distribution rate expressed as a percentage of NAV as of 4/30/2024 Cumulative total return (in relation to NAV) for the fiscal year through 4/30/2024 Cumulative fiscal year distributions as a percentage of NAV as of 4/30/2024 ECAT* 4.73% 9.92% 4.13% 3.31% BCAT* 3.83% 8.83% 3.72% 2.94% BMEZ* 4.32% 6.23% (1.17)% 2.09% BSTZ* 9.52% 5.99% 0.67% 1.97% BIGZ* (16.82)% 6.19% (2.33)% 2.07% *Fund launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception to 4/30/2024. Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the Fund’s Plan. The annual distribution rate and amount distributed per share under a Plan is subject to change at the discretion each Fund’s Board. Each Plan will be subject to ongoing review by the Board to determine whether the Plan should be continued, modified or terminated. The Board may amend the terms of a Plan or suspend or terminate a Plan at any time without prior notice to the Fund’s shareholders if it deems such actions to be in the best interest of the Fund or its shareholders. The amendment or termination of a Plan could have an adverse effect on the market price of the Fund's shares. About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate Availability of Fund Updates BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.
Certain BlackRock Closed-End Funds Announce Adoption of Discount Management Program
NEW YORK--(BUSINESS WIRE)---- $BCAT--The BlackRock closed-end funds (the “Funds”) listed below announced today the adoption of discount management programs (the "Programs"). Under the terms of the Programs, each of the Funds listed below intends to offer to repurchase a portion of its common shares via tender offer if certain conditions are met during specified time periods, as detailed below. BlackRock Closed-End Funds Adopting a Discount Management Program Fund Name Ticker BlackRock Capital Allocation.
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