Multi Asset

BCAT

BlackRock Capital Allocation Term Trust TERM

  • NAV as of Feb 20, 2026 $15.22
    52 WK: 14.70 - 16.33
  • NAV Total Return as of: Jan 31, 2026 YTD: 2.30%
  • Distribution Rate as of Feb 20, 2026 21.03%
  • Market Price as of Feb 20, 2026 $14.88
  • Market Price Total Return as of: Jan 31, 2026 YTD: 5.64%
  • Premium Discount as of Feb 20, 2026 -2.23%

Overview

Investment Approach

BlackRock Capital Allocation Term Trust’s (BCAT) (the “Trust”) investment objectives are to provide total return and income through a combination of current income, current gains and long-term capital appreciation. The Trust invests in a portfolio of equity and debt securities. Generally, the Trust’s portfolio will include both equity and debt securities. At any given time, however, the Trust may emphasize either debt securities or equity securities. The Trust utilizes an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns.

 

BCAT has a 12-year limited term, subject to extension, with a contingent feature to convert to perpetual. See footnote 1 for additional information regarding BCAT’s contingent term trust structure.1

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Performance

Performance

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains Return of Capital LT Cap Gains
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a 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. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

  1y 3y 5y 10y Incept.
Total Return (%) 15.55 13.52 6.18 - 7.01
Market Price (%) 16.50 18.24 3.94 - 5.53
  YTD 1m 3m 1y 3y 5y 10y Incept.
Total Return (%) 15.55 1.17 - 15.55 46.28 34.94 - 42.75
Market Price (%) 16.50 0.34 - 16.50 65.32 21.33 - 32.73
  2021 2022 2023 2024 2025
Total Return (%) 5.39 -12.46 13.04 11.99 15.55
Market Price (%) -5.12 -22.66 19.16 19.08 16.50

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month end may be found in the Performance section.

Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Numbers may reflect small variances due to rounding. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. The fund’s market price and net asset value will fluctuate with market conditions. All return data assumes reinvestment of all distributions. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past

Key Facts

Key Facts

Net Assets
as of Feb 20, 2026
$1,595,045,707
Size of Fund (Millions)
as of Feb 20, 2026
$1,595.0 M
Exchange
NYSE
Shares Outstanding
as of Feb 20, 2026
104,775,271
Lipper Classification
Global Funds
CUSIP
09260U109
Managed Assets
as of Feb 20, 2026
$$1,595,045,707
Fund Launch Date
Sep 25, 2020
Asset Class
Multi Asset
Morningstar Category
Tactical Allocation
Premium Discount
as of Feb 20, 2026
-2.23%
Number of Holdings
as of Jan 30, 2026
0

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate
21.03%
Yield to Worst
as of Jan 30, 2026
2.88%
Effective Duration
as of Jan 30, 2026
2.71 yrs
Type of Options
Single Stock, Index
Average Market Cap (Millions)
as of -
-
Leverage
as of Jan 30, 2026
$ 0.00
% Leveraged
as of Jan 30, 2026
0.00%
% Overwritten
as of -
-
This information must be preceded or accompanied by an effective prospectus or shareholder report. For standardized performance, please see the Performance section above.

Fees

Fees

On Net Assets
Gross Expense Ratio 1.47%
Management Fee 1.25%
Interest Expense 0.08%
Other Expenses 0.13%
Acquired Fund Fees and Expenses 0.01%
On Managed Assets
Gross Expense 1.47%
Management Fee 1.25%
Interest Expenses 0.08%
Other Expenses 0.13%
Acquired Fund Fees and Expenses 0.01%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Ratings

Holdings

Holdings

as of Jan 30, 2026
Name Weight (%)
ALPHABET INC CLASS C 2.56
MICROSOFT CORP 2.42
AMAZON COM INC 2.42
NVIDIA CORP 2.35
APPLE INC 1.81
Name Weight (%)
MICRON TECHNOLOGY INC 1.58
TAIWAN SEMICONDUCTOR MANUFACTURING 1.58
BROADCOM INC 1.23
ASML HOLDING NV 1.19
WALMART INC 1.18
as of Jan 30, 2026
Name Weight (%)
UMBS 30YR TBA(REG A) 11.15
GALAXY PIK TL TL Prvt 0.75
HR OTTAWA LP 144A 11 03/31/2031 0.65
DREAM FINDERS SERIES A CONV PREF E Prvt 0.63
FREED 1L NOTES 144A 13 11/30/2028 0.62
Name Weight (%)
VERSA SERIES E PREF EQ Prvt 0.60
WEST BAY 1L 4A2 NOTES Prvt 11 02/06/2030 0.59
DAVIDSON HOMES SR PREF EQ Prvt 0.52
VITA TL-B TL-B Prvt 0.50
NRZT_19-RPL2 B3 144A 0.46
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Jan 30, 2026

% of Net Assets

Type Fund
Allocations subject to change.
as of Jan 30, 2026

% of Net Assets

Type Fund
as of Jan 30, 2026

% of Net Assets

Type Fund
as of Jan 30, 2026

% of Net Assets

Type Fund
as of Jan 30, 2026

% of Net Assets

Type Fund
as of Jan 30, 2026

% of Net Assets

Type Fund
as of Jan 30, 2026

% of Net Assets

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of Jan 30, 2026

% of Net Assets

Type Fund

Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.


% of Net Assets represents the Fund’s exposure based on the economic value of securities and is adjusted for futures, options, and swaps (except with respect to fixed income securities), and convertible bonds.

Portfolio Managers

Portfolio Managers

Rick Rieder
Rick Rieder
Senior Managing Director

Chief Investment Officer of Global Fixed Income

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Rick Rieder, Senior Managing Director, is BlackRock's Chief Investment Officer of Global Fixed Income, Head of the Fundamental Fixed Income business and Head of the Global Allocation Investment Team.


Responsible for managing roughly $2.4 trillion in assets, Mr. Rieder is a member of BlackRock’s Global Executive Committee (GEC) and its GEC Investment Sub-Committee. He also is Chairman of the firm-wide BlackRock Investment Council.


Mr. Rieder currently serves on the Alphabet/Google Investment Advisory Committee and the UBS Research Advisory Board. He was nominated for Outstanding Portfolio Manager by Morningstar in 2021, was awarded the Global Unconstrained Fixed Income Manager of the Year for 2015 by Institutional Investor, was nominated for Fixed Income Manager of the Year by Institutional Investor for 2014 and was inducted into the Fixed Income Analysts Society Fixed Income Hall of Fame in 2013.


Mr. Rieder has served as Vice Chairman and member of the Borrowing Committee for the U.S. Treasury and member of the Federal Reserve’s Investment Advisory Committee on Financial Markets.


Before joining BlackRock in 2009, Mr. Rieder was President and Chief Executive Officer of R3 Capital Partners. From 1987 to 2008, he was with Lehman Brothers where he was head of the firm's Global Principal Strategies team, a global proprietary investment platform. He was also global head of the firm's credit businesses, Chairman of the Corporate Bond and Loan Capital Commitment Committee and a member of the Board of Trustees for the corporate pension fund. Before joining Lehman Brothers, Mr. Rieder was a credit analyst at SunTrust Banks in Atlanta.


Mr. Rieder earned a BBA degree in Finance from Emory University in 1983 and an MBA degree from The Wharton School of the University of Pennsylvania in 1987. He is a member of the board of Emory University, Emory's Goizueta Business School, and the University's Finance Committee, and is the Vice Chairman of the Investment Committee. Mr. Rieder is founder and chairman of the Goizueta Business School's BBA investment fund and community financial literacy outreach program, Graduation Generation. Mr. Rieder serves as Chairman and President of the Board of Education for North Star Academy's fourteen Charter Schools in Newark, NJ. He is on the Board of the BlackRock Foundation, the Board of Advisors for the Hospital for Special Surgery, and the Board of Big Brothers/Big Sisters of Newark and Essex County. Mr. Rieder formerly served on the Board and National Leadership Council of the Communities in Schools Educational Foundation in Atlanta, and Trustee for the U.S. Olympic Foundation. Mr. Rieder was honored at the Choose Success Awards ceremony in Atlanta in 2015 for his dedication to public education in Atlanta through CIS and Graduation Generation.

Randy Berkowitz
Randy Berkowitz
Portfolio Manager

Randy Berkowitz, CFA, Managing Director, is a member of the Global Allocation Team.

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Randy Berkowitz, CFA, Managing Director, is a member of the Global Allocation Team. He is a senior investor and Head of quantitative strategies and research, which serves to drive the Team’s asset allocation process, security sizing and risk management.

 

Mr. Berkowitz joined the BlackRock Global Allocation team in 2008 to oversee the build-out of the Team’s quantitative analytic capabilities and subsequently conduct fundamental research. In 2016, he led the development of the quantitative strategies and research for Global Allocation. He joined BlackRock in 2004 as an Analyst in the Portfolio Analytics Group where he helped design and deliver analytic solutions to BlackRock’s Portfolio Management teams. In this role, he led strategic initiatives to improve BlackRock's Green Package analytic suite. Mr. Berkowitz helped manage the Merrill Lynch Investment Managers / BlackRock Equity integration for the Portfolio Analytics Group in 2007.

 

Mr. Berkowitz earned a BA degree in Astrophysics from Columbia University in 2004. He is a CFA® Charterholder.

Russ Koesterich, CFA, JD
Russ Koesterich, CFA, JD
Managing Director

Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios.

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Russ Koesterich, CFA, JD, Managing Director and portfolio manager, is a member of the Global Allocation team and the lead portfolio manager of the GA Selects Model Portfolios.

 

Mr. Koesterich's service with BlackRock dates back to 2005, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. He joined the BlackRock Global Allocation team in 2016 as Head of Asset Allocation and was named a portfolio manager of the fund in 2017. Previously, he was BlackRock's Global Chief Investment Strategist and Chairman of the Investment Committee for the Model Portfolio Solutions business, and formerly served as the Global Head of Investment Strategy for scientific active equities and as senior portfolio manager in the US Market Neutral Group. Prior to joining BGI, Mr. Koesterich was the Chief North American Strategist at State Street Bank and Trust. He began his investment career at Instinet Research Partners where he occupied several positions in research, including Director of Investment Strategy for both U.S. and European research, and Equity Analyst. He is a frequent contributor to financials news media.

 

Mr. Koesterich earned a BA in history from Brandeis University, a JD from Boston College and an MBA from Columbia University. He is a CFA® Charterholder.

Sarah Thompson
Sarah Thompson
Portfolio Manager

Sarah Thompson, CFA, Managing Director, is a member of the Global Allocation Team and Head of Fundamental Equity Strategy.

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Sarah Thompson, CFA, Managing Director, is a member of the Global Allocation Team and Head of Fundamental Equity Strategy, leading the bottom-up fundamental research team and equity security selection.  Sarah is also part of the platform’s Investment Leadership Team and collaborates with the portfolio managers on multiple investment decisions.  In addition, Sarah is a named portfolio manager on several funds across the platform.

 

Ms. Thompson joined the BlackRock Global Allocation team in 2018 and was named Head of Fundamental Equity Strategy in 2024.  Prior to this, she was a senior investor primarily responsible for coverage of the chemicals, metals & mining, midstream & utilities sectors as well as global fundamental credit, private placements, and distressed investments. Her service with BlackRock dates back to 2013, when she joined as Head of Americas and Global Director of Credit Research across Fundamental Fixed Income. Prior to joining Blackrock in 2013, Mrs. Thompson was a Managing Director at Barclays heading the U.S. Distressed Desk Analyst Group. Prior to joining Barclays in September 2008, Ms. Thompson headed the Industrials pod for High Grade and High Yield Research at Lehman Brothers. Ms. Thompson joined Lehman Brothers in 1999 covering high yield manufacturing, services and automotive sectors. Prior to joining Lehman Brothers, she covered similar industries for CIBC World Markets, which she joined in 1996 after working in the mortgage consulting group at KPMG Peat Marwick.

 

During her time at Lehman Brothers, Ms. Thompson's research was recognized by Institutional Investor via first, second and third place rankings across several industries within her coverage. Ms. Thompson earned a BSBA degree in Accounting from Georgetown University. She is a CFA® Charterholder and completed the Certified Public Accountant exam.

Portfolio Manager

ESG Integration

ESG Integration

BlackRock considers many investment risks in our processes. In order to seek the best risk-adjusted returns for our clients, we manage material risks and opportunities that could impact portfolios, including financially material Environmental, Social and/or Governance (ESG) data or information, where available. See our Firm Wide ESG Integration Statement for more information on this approach and fund documentation for how these material risks are considered within this product, where applicable.

This fund does not seek to follow a sustainable, impact or ESG investment strategy. For more information regarding the fund's investment strategy, please see the fund's prospectus or, as applicable, shareholder report.

Literature

Literature

 

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