BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT, the
“Trust”) announced an increase to its monthly distribution amount
per share.
This change was made in order to better align ECAT’s
distribution rate with its total return. ECAT returned 32.3% on
market price and 18.1% on net asset value in 20231.
This is the second distribution increase since the Trust’s
inception on September 27, 2021, after previously announcing a 25%
increase in February 2023.
BlackRock and the Board of Trustees of ECAT (the “Board”) are
committed to enhancing shareholder value:
Total increase in monthly distribution since inception2:
+50%
Total distributions paid since inception3: $286,954,787
($2.775 per share)
Share repurchases since inception4:
Number of Shares
Repurchased
Total Amount of Shares
Repurchased
Total Amount of NAV
Accretion
3,814,731
$54,526,808
$10,776,340
For an update on performance and ECAT’s portfolio see the latest
Trust commentary and fact sheet: ECAT Quarterly Commentary | ECAT
Fact Sheet
Distribution details:
Declaration: 1/2/2024 Ex-Date: 1/11/2024 Record: 1/12/2024
Payable: 1/31/2024
Trust
NYSE Ticker
Annual Distribution Rate as a
Percentage of NAV*
New Distribution Amount per
Share
Change in Monthly Distribution
Amount Per Share from Prior Distribution
New Distribution Rate
(Market Price)***
BlackRock ESG Capital Allocation Term
Trust**
ECAT
10.00%
$0.150000
+20%
11.2%
1: Source: Morningstar as of 12/31/2023. Returns are shown net
of advisory fees paid by the Trust and net of the Trust’s operating
fees and expenses. Past performance is not indicative of future
results.
Trust Performance
1-Year Total Return
12/31/2022 – 12/31/2023
Since Inception Annualized
Total Return 9/27/2021- 12/31/2023
Total Return (NAV)
18.1%
2.4%
Total Return (Market Price)
32.3%
-1.4%
2: Source: BlackRock as of 1/2/2024. This is calculated by
taking the difference between the latest declared distribution
($0.15 per share) and the Trust’s initial distribution ($0.10 per
share). Past performance is not indicative of future
results.
3: Total amount of distribution paid by the Trust since
inception on 9/27/2021. ECAT’s estimated source of distributions
paid during the current fiscal year to date is 13% net income and
87% return of capital as of 12/31/23. The amounts and sources of
distributions reported are only estimates and are not provided for
tax reporting purposes. Past performance is not indicative of
future results.
4: Share repurchase data is provided by BlackRock as of
9/30/2023 and reflects share repurchases since the Trust's
inception. The amount and timing of any repurchases under the
Trust’s Repurchase Program will be determined at the discretion of
the Trust’s management. There is no assurance that the Trust will
repurchase shares in any particular amounts. The Trust’s repurchase
activity will be disclosed in its shareholder report for the
relevant fiscal period. Any repurchases made under the Trust’s
Repurchase Program will be made on a national securities exchange
at the prevailing market price, subject to exchange requirements
and certain volume and timing limitations and other regulations
under federal securities laws.
*Based on NAV as of 12/14/2023.
** In order to comply with the requirements of Section 19 of the
Investment Company Act of 1940, as amended (the “1940 Act”), the
Trust 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 2023 will be made after the end of the year.
*** Distribution rate is calculated by annualizing the Trust’s
latest declared regular distribution on 1/2/2024 and dividing that
number by the Trust’s market price as 12/31/2023. The distribution
rate is calculated net of expenses.
ECAT has adopted a managed distribution plan (the “Plan”) to
support a level monthly distribution of income, capital gains
and/or return of capital. The fixed amounts distributed per
share are subject to change at the discretion of the Board.
Under its Plan, the Trust 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, the Trust 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 Trust’s estimated sources of the distributions paid this
month and for its current fiscal year are as follows:
Estimated Allocations as of December 31, 2023
Trust
Distribution
Net Income
Net Realized Short- Term
Gains
Net Realized Long- Term Gains
Return of Capital
ECAT1
$0.125000
$0.029707 (24%)
$0 (0%)
$0 (0%)
$0.095293 (76%)
Estimated Allocations for the Fiscal Year through December
31, 2023
Trust
Distribution
Net Income
Net Realized Short- Term
Gains
Net Realized Long- Term Gains
Return of Capital
ECAT1
$1.475000
$0.190122 (13%)
$0 (0%)
$0 (0%)
$1.284878 (87%)
1The Trust 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 Trust’s investment performance and should not be
confused with ‘yield’ or ‘income’. When distributions exceed total
return performance, the difference will reduce the Trust’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 the Trust’s investment experience during
the remainder of its fiscal year and may be subject to changes
based on tax regulations. The Trust 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.
Trust Performance and Distribution Rate Information:
Trust
Average annual total return (in
relation to NAV) for the 5-year period ending on 11/30/2023
Annualized current distribution
rate expressed as a percentage of NAV as of 11/30/2023
Cumulative total return (in
relation to NAV) for the fiscal year through 11/30/2023
Cumulative fiscal year
distributions as a percentage of NAV as of 11/30/2023
ECAT*
1.92%
8.57%
15.04%
7.71%
* Trust launched within the past 5 years; the performance and
distribution rate information presented for the Trust reflects data
from inception to 11/30/2023.
Shareholders should not draw any conclusions about the
Trust’s investment performance from the amount of the Trust’s
current distributions or from the terms of the Trust’s
Plan.
The amount distributed per share under the Plan is subject to
change at the discretion of the Trust’s Board. The 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 the Plan or suspend or terminate the Plan at any
time without prior notice to the Trust’s shareholders if it deems
such actions to be in the best interest of the Trust or its
shareholders. The amendment or termination of the Plan could have
an adverse effect on the market price of the Trust’s shares.
For more information on BlackRock’s closed-end funds, please
visit www.blackrock.com/CEF
Investing involves risk, including possible loss of
principal.
This document and the information contained herein relates
solely to BlackRock ESG Capital Allocation Term Trust (ECAT). The
information contained herein does not relate to, and is not
relevant to, any other Trust or product sponsored or distributed by
BlackRock or any of its affiliates. This document is not an offer
to sell any securities and is not a solicitation of an offer to buy
any securities.
Carefully consider the Trust’s investment objective, risk
factors and charges and expenses before investing. This and other
information can be found in the Trust’s shareholder report which
may be obtained by visiting the SEC Edgar database. Read the
shareholder report carefully before investing.
This information should not be relied upon as research,
investment advice, or a recommendation regarding any products,
strategies, or any security in particular. This material is
strictly for illustrative, educational, or informational purposes
and is subject to change.
There is no assurance that the Trust will achieve its investment
objective. The Trust is subject to numerous risks, including
investment risks. The Trust is not a complete investment program
and you may lose money investing in the Trust. An investment in the
Trust may not be appropriate for all investors.
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 Trust Updates
BlackRock will update performance and certain other data for the
Trust 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
Trust. This reference to BlackRock’s website is intended to allow
investors public access to information regarding the Trust 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 the
Trust may make, may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act, with
respect to the Trust’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 Trust, 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 Trust or
in the Trust’s net asset value; (2) the relative and absolute
investment performance of the Trust 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 the Trust 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 Trust 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 Trust. The information
contained on BlackRock’s website is not a part of this press
release.
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