BlackRock Funds Shift to Quarterly Declarations, BCAT/ECAT 20% Annualized Distributions
BlackRock moved declarations for select closed-end municipal, taxable, equity and multi-asset funds from monthly to quarterly while keeping monthly payments, with April–July ex-dates on the 15th and payables at month-end. BCAT and ECAT set April–June distributions at a 20% annualized rate based on 12-month NAVs of $15.4734 and $16.3985.
1. Declaration Schedule Update
Certain BlackRock municipal, taxable, equity and multi-asset closed-end funds changed declaration frequency from monthly to quarterly while retaining monthly payment schedules. Distributions for April through July will have ex- and record dates on the 15th and payables on the last or first day of the following month.
2. BCAT and ECAT Managed Distribution Plan
BlackRock Capital Allocation Term Trust and BlackRock ESG Capital Allocation Term Trust adopted a plan targeting a 20% annualized distribution rate, using 12-month rolling average daily NAVs of $15.473427 for BCAT and $16.398468 for ECAT. April, May and June distributions were based on NAVs calculated from February 20, 2025 through February 19, 2026.
3. Estimated Sources of February Distributions
For the February 27, 2026 distributions, many Funds covered payouts entirely via return of capital, with others drawing on net income or realized gains. For instance, BCAT’s $0.26073 per share included 8% net income and 92% return of capital, while ECAT’s $0.27701 comprised 4% net income and 96% return of capital.