BTA director logs share exchange in fund reorg

BlackRock Long-Term Municipal Advantage Trust director Robert Glenn Hubbard reported an “other” transaction involving 295 common shares on February 23, 2026.

Rhea-AI Filing Summary

BlackRock Long-Term Municipal Advantage Trust director Robert Glenn Hubbard reported an “other” transaction involving 295 common shares on February 23, 2026. This reflects a reorganization in which the trust was combined into BlackRock MuniAssets Fund, Inc., and his holdings in the trust went to zero.

In the reorganization, common shareholders of the trust received common shares of the acquiring fund equal in value to the net asset value exchanged as of February 20, 2026. The trust’s NAV per share was $10.0395 and the acquiring fund’s NAV per share was $11.3610, with a conversion ratio of 0.88368101. Based on this, Hubbard received 260 common shares of the acquiring fund (plus cash for any fractional shares) in exchange for his 295 trust shares.

Insider Trade Summary

Other: 295 shares

Other 1 txn

Insider HUBBARD ROBERT GLENN

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	295	$10.0395	$3K

Holdings After Transaction: Common Stock — 0 shares (Direct)

Footnotes (1)

1. F1. Effective as of February 23, 2026, BlackRock Long-Term Municipal Advantage Trust (the "Target Fund") was reorganized into BlackRock MuniAssets Fund, Inc. (the "Acquiring Fund"). In the reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on February 20, 2026, less the costs of the reorganization. As of February 20, 2026, the Target Fund reported a NAV per share of $10.0395 and the Acquiring Fund reported a NAV per share of $11.3610. The conversion ratio for the Target Fund's common shares was 0.88368101. In the reorganization, Glenn Hubbard received 260 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 295.00 common shares of the Target Fund.

FAQ

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What insider transaction did BTA director Robert Glenn Hubbard report?

Robert Glenn Hubbard reported an “other” transaction involving 295 common shares of BlackRock Long-Term Municipal Advantage Trust. The event reflects a fund reorganization, not a standard open-market buy or sell, and resulted in his reported holdings in the trust going to zero.

How did the BlackRock Long-Term Municipal Advantage Trust (BTA) reorganization work?

The trust was reorganized into BlackRock MuniAssets Fund, Inc. Common shareholders received shares of the acquiring fund equal in value to the aggregate net asset value of trust shares surrendered, calculated at the close of business on February 20, 2026, less reorganization costs.

What conversion ratio and NAVs were used in the BTA reorganization?

As of February 20, 2026, the trust reported a NAV per share of $10.0395 and the acquiring fund reported $11.3610. The conversion ratio for the trust’s common shares was 0.88368101, determining how many acquiring-fund shares each shareholder received in the reorganization.

How many shares did Robert Glenn Hubbard receive in the acquiring fund?

Glenn Hubbard received 260 common shares of BlackRock MuniAssets Fund, Inc. in exchange for 295.00 common shares of BlackRock Long-Term Municipal Advantage Trust. He also received cash for any fractional shares created by applying the 0.88368101 conversion ratio in the reorganization.

Did Robert Glenn Hubbard buy or sell BTA shares in the market?

The filing labels the transaction with code J as “Other acquisition or disposition,” tied to a fund reorganization. It describes an exchange of shares based on net asset value rather than an open-market purchase or sale, and his reported BTA holdings became zero afterward.

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Accepted by SEC EDGAR 02/25/2026 - 08:38 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HUBBARD ROBERT GLENN

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BlackRock Long-Term Municipal Advantage Trust [ BTA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/23/2026		J(1)		295	D	$10.0395	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Effective as of February 23, 2026, BlackRock Long-Term Municipal Advantage Trust (the "Target Fund") was reorganized into BlackRock MuniAssets Fund, Inc. (the "Acquiring Fund"). In the reorganization, common shareholders of the Target Fund received common shares of the Acquiring Fund having a value equal to the aggregate NAV of the Target Fund common shares surrendered as determined at the close of business on February 20, 2026, less the costs of the reorganization. As of February 20, 2026, the Target Fund reported a NAV per share of $10.0395 and the Acquiring Fund reported a NAV per share of $11.3610. The conversion ratio for the Target Fund's common shares was 0.88368101. In the reorganization, Glenn Hubbard received 260 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 295.00 common shares of the Target Fund.

	/s/ Gladys Chang as Attorney-in-Fact	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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