Form 4: BlackRock Trust Reorganization: Director Share Exchange

Director Stayce D. Harris exchanged shares of BlackRock Long-Term Municipal Advantage Trust for shares in BlackRock MuniAssets Fund, Inc. due to a reorganization.

Summary

• Stayce D. Harris, a Director of BlackRock Long-Term Municipal Advantage Trust (BTA), reported a change in beneficial ownership.
• The transaction occurred on February 23, 2026, as a result of a reorganization where the Target Fund (BlackRock Long-Term Municipal Advantage Trust) was reorganized into BlackRock MuniAssets Fund, Inc. (the "Acquiring Fund").
• Common shareholders of the Target Fund received common shares of the Acquiring Fund with a value equal to the aggregate Net Asset Value (NAV) of the surrendered Target Fund shares, less reorganization costs.
• As of February 20, 2026, the Target Fund's NAV per share was $10.0395, and the Acquiring Fund's NAV per share was $11.3610.
• The conversion ratio for the Target Fund's common shares was 0.88368101.
• Stayce D. Harris disposed of 10.8113 common shares of the Target Fund and received 9 common shares (plus cash for any fractional shares) of the Acquiring Fund.
• Following this transaction, Stayce D. Harris beneficially owns 0 shares of the Target Fund.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral. It is a mandatory disclosure of a non-discretionary transaction resulting from a corporate reorganization, providing no direct positive or negative implications for the company's operational performance or future outlook.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that this Form 4 filing is a standard disclosure of an insider transaction, specifically related to a corporate reorganization within the investment fund industry. Such reorganizations are common for optimizing fund structures, achieving economies of scale, or aligning with strategic objectives. The filing details the mechanical exchange of shares as a result of this pre-announced corporate action, rather than a discretionary trading decision by the insider.

Stakeholder Impact

• Shareholders of BlackRock Long-Term Municipal Advantage Trust were impacted by the reorganization, receiving shares in BlackRock MuniAssets Fund, Inc. based on a specified conversion ratio.
• The reorganization aims to consolidate assets and potentially offer benefits such as reduced operating expenses or enhanced investment strategies for the combined entity, impacting long-term shareholder value.

Key Dates

Keywords

BlackRock, Reorganization, Form 4, Insider Transaction, Municipal Advantage Trust, MuniAssets Fund, Share Exchange, NAV