BlackRock Advisors, LLC (“BlackRock”) released today share repurchase activity for certain BlackRock-advised closed-end funds (the “Funds”) during the quarter ended September 30, 2023. The Funds have authorized open market share repurchase programs (the “Repurchase Programs”) pursuant to which each Fund may repurchase, through November 30, 2023, up to 5% of its outstanding common shares in open market transactions. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value (“NAV”) per share, which could result in incremental accretion to a Fund’s NAV. Below is a summary of share repurchase activity over this past quarter and since the inception of each Fund’s Repurchase Program:
- BlackRock Innovation and Growth Term Trust (“BIGZ”), BlackRock Health Sciences Term Trust (“BMEZ”), BlackRock Science and Technology Term Trust (“BSTZ”), BlackRock Capital Allocation Term Trust (“BCAT”) and BlackRock ESG Capital Allocation Term Trust (“ECAT”) have repurchased over $137 million in shares in 2023, leading to over $27 million in NAV accretion.
- BIGZ, BSTZ, BMEZ, BCAT, and ECAT have repurchased approximately $447 million in shares, leading to over $85 million in NAV accretion since their Repurchase Programs’ respective inceptions.
- Since the initial Repurchase Program inception in 2016, BlackRock has repurchased over $1.1 billion in shares across the closed-end fund (“CEF”) complex, leading to over $184 million in NAV accretion.
Below is a summary of share repurchase activity over this past quarter and since the inception of each Fund’s Repurchase Program:
Municipal CEFs
Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:
Fund Name | Ticker | Number of
| Total Amount
| Total
| Average
|
BFZ | 34,606 | $385,787 | $47,791 | -11.2% | |
MUC | 735,540 | $7,647,378 | $1,341,702 | -15.1% | |
MUJ | 312,775 | $3,398,237 | $574,036 | -14.7% | |
MIY | 153,763 | $1,650,642 | $281,853 | -14.9% | |
MPA | 42,618 | $474,751 | $63,876 | -12.1% | |
BHV | 9,633 | $96,541 | $16,212 | -14.4% | |
BNY | 122,952 | $1,217,057 | $211,284 | -15.1% | |
MHN | 158,889 | $1,585,881 | $272,214 | -14.9% | |
MYN | 221,503 | $2,147,910 | $362,206 | -14.8% | |
MVF | 340,658 | $2,236,420 | $376,409 | -14.7% | |
MVT | 166,496 | $1,685,265 | $291,106 | -14.9% | |
MUI | 483,701 | $5,309,379 | $870,034 | -14.3% | |
MQY | 562,040 | $6,282,246 | $906,467 | -12.9% | |
MQT | 161,131 | $1,574,826 | $251,602 | -14.1% | |
BLE | 349,645 | $3,495,946 | $583,128 | -14.5% | |
BYM | 207,486 | $2,220,992 | $329,675 | -13.1% | |
BKN | 148,704 | $1,641,023 | $242,627 | -13.0% | |
MYD | 320,004 | $3,199,424 | $532,652 | -14.4% | |
BFK | 395,136 | $3,815,411 | $646,636 | -14.7% | |
MYI | 555,665 | $5,829,800 | $894,539 | -13.5% | |
MUE | 240,199 | $2,269,264 | $397,475 | -15.0% | |
MHD | 425,427 | $4,779,984 | $808,797 | -14.7% | |
MUA | 88,775 | $826,505 | $110,860 | -12.3% |
Summary of share repurchase activity since Repurchase Program inception as of September 30, 2023:
Fund Name | Ticker | Number of
| Total Amount
| Total
| Average
|
BFZ | 1,663,310 | $19,512,332 | $3,071,465 | -13.6% | |
MUC | 2,621,333 | $28,301,909 | $4,494,148 | -14.2% | |
MUJ | 1,106,333 | $12,552,142 | $1,940,909 | -14.0% | |
MIY | 476,746 | $5,370,544 | $866,490 | -14.3% | |
MPA | 367,579 | $4,241,328 | $645,345 | -12.9% | |
BHV | 15,392 | $157,923 | $25,966 | -14.2% | |
BNY | 401,087 | $4,053,212 | $692,198 | -14.4% | |
MHN | 704,554 | $7,171,483 | $1,121,240 | -13.9% | |
MYN | 1,005,789 | $9,915,953 | $1,549,492 | -13.9% | |
MVF | 1,030,405 | $6,903,752 | $1,064,057 | -13.8% | |
MVT | 392,282 | $4,085,532 | $649,784 | -14.0% | |
MUI | 1,348,660 | $15,345,720 | $2,284,385 | -13.4% | |
MQY | 1,012,460 | $11,476,304 | $1,617,081 | -12.6% | |
MQT | 339,561 | $3,397,997 | $512,709 | -13.5% | |
BLE | 833,204 | $8,560,298 | $1,325,686 | -13.9% | |
BYM | 330,309 | $3,599,426 | $514,021 | -12.7% | |
BKN | 376,081 | $4,187,507 | $591,719 | -12.8% | |
MYD | 749,894 | $7,737,267 | $1,185,618 | -13.7% | |
BFK | 877,427 | $8,609,992 | $1,405,305 | -14.3% | |
MYI | 1,020,790 | $10,891,959 | $1,598,590 | -13.0% | |
MUE | 437,902 | $4,200,900 | $709,986 | -14.5% | |
MHD | 887,327 | $10,165,532 | $1,650,197 | -14.1% | |
MUA | 88,775 | $826,505 | $110,860 | -12.3% |
Equity CEFs
Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:
Fund Name | Ticker | Number of
| Total Amount
| Total
| Average
|
BMEZ | 1,515,753 | $22,384,628 | $4,276,401 | -15.7% | |
BIGZ | 2,490,297 | $17,319,181 | $3,938,979 | -19.0% | |
BSTZ | 845,159 | $14,060,665 | $3,213,653 | -19.1% | |
BCX | 1,000,736 | $9,420,661 | $1,398,013 | -13.2% | |
BGY | 660,810 | $3,485,985 | $497,831 | -12.9% | |
BOE | 351,426 | $3,476,988 | $534,150 | -13.6% | |
BGR | 214,134 | $2,727,745 | $361,972 | -12.1% |
Summary of share repurchase activity since Repurchase Program inception as of September 30, 2023:
Fund Name | Ticker | Number of
| Total Amount
| Total
| Average
|
BIGZ | 18,909,732 | $176,860,365 | $35,473,427 | -18.5% | |
BMEZ | 6,155,567 | $95,748,350 | $17,702,027 | -15.6% | |
BSTZ | 2,467,361 | $41,616,419 | $8,535,673 | -16.7% | |
BGR | 2,211,550 | $22,631,112 | $3,118,124 | -12.3% | |
BDJ | 2,974,888 | $23,626,347 | $2,641,607 | -10.1% | |
BOE | 7,603,259 | $77,598,471 | $10,349,962 | -12.2% | |
BGY | 9,274,687 | $49,389,567 | $6,386,285 | -11.9% | |
BCX | 14,201,774 | $116,163,619 | $16,914,856 | -13.1% | |
BST | 136,367 | $2,799,570 | $284,111 | -9.1% |
Multi-Asset CEFs
Summary of share repurchase activity during the most recent calendar quarter ended September 30, 2023:
Fund Name | Ticker | Number of
| Total Amount
| Total
| Average
|
BCAT | 673,184 | $9,718,056 | $1,515,672 | -13.8% | |