JPMorgan (NYSE: JPM) exits MVT variable rate muni preferred stake

Rhea-AI Filing Summary

JPMorgan Chase & Co. and DNT Asset Trust filed an amended Schedule 13D stating they sold all Variable Rate Muni Term Preferred Shares of BlackRock Munivest Fund II, Inc. in an open market transaction on February 19, 2026 at $100,173.1232819 per share.

After this sale, the reporting persons report 0.00 shares beneficially owned, representing 0% of the class, with no voting or dispositive power. They also state they ceased to be beneficial owners of more than five percent of the class and that all voting and financing arrangements related to these preferred shares have been terminated.

Insights

Equity ownership and fund-structure analyst

Large holder fully exits MVT preferred stake, reducing reported concentration.

The amendment shows JPMorgan Chase & Co. and DNT Asset Trust disposed of all Variable Rate Muni Term Preferred Shares of BlackRock Munivest Fund II, Inc. in an open market transaction on February 19, 2026 at $100,173.1232819 per share.

Post-transaction, they report 0.00 shares and 0% beneficial ownership, with no voting or dispositive power. They also state they ceased to be beneficial owners of more than five percent of the class, formally ending prior large‑holder status.

All voting and financing arrangements tied to these preferred shares have been terminated, and an updated joint filing agreement plus amended schedules are attached. Subsequent fund reports may provide additional context on the preferred share base after this exit.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

BLACKROCK MUNIVEST FUND II, INC.

(Name of Issuer)

VARIABLE RATE MUNI TERM PREFERRED SHARES

(Title of Class of Securities)

09253T705

(CUSIP Number)

Michael Lees
JPMorgan Chase & Co., 270 Park Avenue
New York, NY, 10017
(212) 270-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

02/19/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 09253T705

1

Name of reporting person

JPMorgan Chase & Co.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13D

CUSIP No. 09253T705

1

Name of reporting person

DNT Asset Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: VARIABLE RATE MUNI TERM PREFERRED SHARES
(b)	Name of Issuer: BLACKROCK MUNIVEST FUND II, INC.
(c)	Address of Issuer's Principal Executive Offices: 100 Bellevue Parkway, Wilmington, DELAWARE , 19809.
Item 1 Comment: This Amendment No. 1 (this "Amendment") amends, as set forth below, the statement on Schedule 13D, dated December 20, 2023 and filed with the SEC on January 2, 2024 (the "Original Schedule 13D"), for JPMorgan Chase & Co. ("JPMC") and DNT Asset Trust ("DNT Trust") (collectively, the "Reporting Persons") with respect to certain Variable Rate Muni Term Preferred Shares ("Preferred Shares") of BlackRock Munivest Fund II, Inc. (the "Issuer"). This Amendment is being filed as a result of the sale by DNT Trust of the Preferred Shares in an open market transaction.
Item 2.	Identity and Background
(a)	This information is not changed by this Amendment.
(b)	This information is not changed by this Amendment.
(c)	Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule A and Schedule B referenced therein and replacing them with Schedule A and Schedule B included with this Amendment and attached as an Exhibit hereto.
(d)	Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule A and Schedule B referenced therein and replacing them with Schedule A and Schedule B included with this Amendment and attached as an Exhibit hereto.
(e)	Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule A and Schedule B referenced therein and replacing them with Schedule A and Schedule B included with this Amendment and attached as an Exhibit hereto.
(f)	Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule A and Schedule B referenced therein and replacing them with Schedule A and Schedule B included with this Amendment and attached as an Exhibit hereto.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Original Schedule 13D is hereby amended by adding the following paragraph at the end thereof: "The Preferred Shares held by DNT Trust were sold in an open market transaction on February 19, 2026 for a price of $100,173.1232819 per share (the "Transaction") and as a result of the Transaction, the Reporting Persons no longer own any Preferred Shares of the Issuer
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule 13D is hereby amended by adding the following paragraph at the end thereof: "As a result of the Transaction, the Reporting Persons no longer own any Preferred Shares of the Issuer."
Item 5.	Interest in Securities of the Issuer
(a)	This information is not changed by this Amendment.
(b)	This information is not changed by this Amendment.
(c)	This information is not changed by this Amendment.
(d)	Item 5(d) of the Original Schedule 13D is hereby amended by deleting paragraph (d) therein and replacing it in its entirety with the following: "(d) Not applicable."
(e)	Item 5(e) of the Original Schedule 13D is hereby amended by deleting paragraph (e) therein and replacing it in its entirety with the following: "(e) On February 19, 2026, as a result of the Transaction, the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities."
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Original Schedule 13D is hereby deleted and replaced in its entirety with the following: "The responses of the Reporting Persons under Item 3 and Item 4 hereof are incorporated herein by reference. All voting arrangements and financing arrangements relating to the Issuer's Preferred Shares have been terminated as a result of the disposition of the Preferred Shares."
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Original Schedule 13D is hereby amended by deleting Exhibit 99.1 thereto and inserting the following exhibits in its place: "Exhibit Description of Exhibit 99.1 Joint Filing Agreement" Item 7 of the Original Schedule 13D is hereby further amended by adding the following Exhibit to the listings of exhibits to be attached to this Schedule 13D: "Exhibit Description of Exhibit 99.5 Amended and Restated Schedule A and Schedule B"

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JPMorgan Chase & Co.

Signature:	/s/ Michael Lees
Name/Title:	Michael Lees, Executive Director
Date:	02/26/2026

DNT Asset Trust

Signature:	/s/ Tim A. Self
Name/Title:	Tim A. Self, Authorized Officer
Date:	02/26/2026

Comments accompanying signature:

Please note that Item 2 of the Original Schedule 13D is hereby amended by deleting Schedule A and Schedule B referenced therein and replacing them with the amended and restated Schedule A and Schedule B attached to this Amendment.

FAQ

What did JPMorgan disclose in the latest Schedule 13D/A for BlackRock Munivest Fund II (MVT)?

JPMorgan disclosed that it and DNT Asset Trust sold all Variable Rate Muni Term Preferred Shares of BlackRock Munivest Fund II. Following the sale, they report zero beneficial ownership and no voting or dispositive power over this preferred share class.

When did JPMorgan and DNT Asset Trust sell their MVT Variable Rate Muni Term Preferred Shares?

They sold the Variable Rate Muni Term Preferred Shares of BlackRock Munivest Fund II on February 19, 2026. The transaction was executed as an open market sale and is described as the "Transaction" in the amended Schedule 13D filing.

At what price were the MVT Variable Rate Muni Term Preferred Shares sold by DNT Asset Trust?

The preferred shares were sold in an open market transaction at a price of $100,173.1232819 per share. This per‑share sale price is explicitly stated in the amendment as part of the description of the Transaction on February 19, 2026.

Do JPMorgan and DNT Asset Trust still own any MVT Variable Rate Muni Term Preferred Shares?

No, they report owning 0.00 Variable Rate Muni Term Preferred Shares after the Transaction. The amended filing shows aggregate beneficial ownership of zero shares, corresponding to 0% of the class, and no voting or dispositive power over the securities.

Why did JPMorgan and DNT Asset Trust amend their Schedule 13D for BlackRock Munivest Fund II?

They amended the Schedule 13D to reflect the sale of all their Variable Rate Muni Term Preferred Shares and resulting ownership change. The amendment also updates schedules, notes they ceased being five‑percent beneficial owners, and confirms related voting and financing arrangements have been terminated.

What change in ownership percentage is reported for JPMorgan in MVT preferred shares?

The amendment reports that JPMorgan and DNT Asset Trust now hold 0.00 shares, representing 0% of the Variable Rate Muni Term Preferred class. It also notes that as of February 19, 2026, they ceased to be beneficial owners of more than five percent of that class.