BlackRock muni fund (NYSE: BTA) director share swap detailed

Rhea-AI Filing Summary

BlackRock Long-Term Municipal Advantage Trust reported an insider share exchange involving director Stayce D. Harris tied to a fund reorganization. Effective February 23, 2026, this trust was reorganized into BlackRock MuniAssets Fund, Inc., and shareholders received new shares in the acquiring fund.

In this transaction, Harris exchanged 10.8113 common shares of the Target Fund for 9 common shares of the Acquiring Fund plus cash for any fractional shares. The conversion used a 0.88368101 ratio, based on February 20, 2026 net asset values of $10.0395 per Target Fund share and $11.3610 per Acquiring Fund share.

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^*

Harris Stayce D.

(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)		10.8113	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, Stayce D. Harris received 9 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for her 10.8113 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did BlackRock Long-Term Municipal Advantage Trust (BTA) report?

The trust reported an insider share exchange by director Stayce D. Harris. She exchanged 10.8113 common shares of the Target Fund for 9 common shares of BlackRock MuniAssets Fund, Inc., plus cash for fractional shares, as part of a reorganization effective February 23, 2026.

How were BTA shares converted in the BlackRock fund reorganization?

Common shares of BlackRock Long-Term Municipal Advantage Trust were converted using a 0.88368101 ratio. Target Fund shareholders received Acquiring Fund common shares equal in value to the Target Fund shares surrendered, based on net asset values calculated as of February 20, 2026, less reorganization costs.

What net asset values were used for the BTA share exchange calculation?

The conversion used a Target Fund net asset value of $10.0395 per share and an Acquiring Fund net asset value of $11.3610 per share. These values, measured as of February 20, 2026, determined the 0.88368101 conversion ratio applied in the reorganization.

How many new shares did director Stayce D. Harris receive in the BTA transaction?

Stayce D. Harris received 9 common shares of BlackRock MuniAssets Fund, Inc. in exchange for 10.8113 common shares of BlackRock Long-Term Municipal Advantage Trust. She also received cash for any fractional shares created by applying the 0.88368101 conversion ratio in the reorganization.

What does transaction code J mean in the BTA Form 4 filing?

Transaction code J indicates an "other acquisition or disposition" rather than a standard market buy or sell. In this case, it reflects the automatic exchange of shares resulting from the reorganization of BlackRock Long-Term Municipal Advantage Trust into BlackRock MuniAssets Fund, Inc., effective February 23, 2026.