BTA director Carl Kester’s 100-share exchange in BlackRock fund reorganization

Rhea-AI Filing Summary

BlackRock Long-Term Municipal Advantage Trust director Carl Kester reported an exchange of shares tied to a fund reorganization. On February 23, 2026, the trust was reorganized into BlackRock MuniAssets Fund, Inc., and Kester’s 100 common shares of the trust were converted into 88 common shares of the acquiring fund, based on each fund’s net asset value and a stated conversion ratio. The filing shows this as an “other acquisition or disposition” transaction, and Kester’s direct holdings of the trust’s common stock became zero after the reorganization.

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

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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^*

KESTER W CARL

(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)		100	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, Carl Kester received 88 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 100 common shares of the Target Fund.

	/s/ Gladys Chang as Attorney-in-Fact	02/25/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did BTA director Carl Kester report on this Form 4?

Carl Kester reported an “other acquisition or disposition” involving 100 common shares of BlackRock Long-Term Municipal Advantage Trust that were exchanged in a reorganization into BlackRock MuniAssets Fund, Inc., rather than a typical open-market purchase or sale.

How many BTA shares were exchanged by Carl Kester in the reorganization?

Carl Kester exchanged 100 common shares of BlackRock Long-Term Municipal Advantage Trust in the reorganization. These shares were converted into shares of BlackRock MuniAssets Fund, Inc. according to a specified conversion ratio based on each fund’s reported net asset value per share.

What did Carl Kester receive in exchange for his BTA shares?

In the reorganization, Carl Kester received 88 common shares of BlackRock MuniAssets Fund, Inc., plus cash for any fractional shares. This exchange reflected the aggregate net asset value of his 100 BlackRock Long-Term Municipal Advantage Trust shares, adjusted for the stated conversion ratio.

What were the NAV per share figures used in the BTA reorganization?

As of February 20, 2026, BlackRock Long-Term Municipal Advantage Trust reported a net asset value per share of $10.0395, and BlackRock MuniAssets Fund, Inc. reported a net asset value per share of $11.3610. These values were used to determine the conversion ratio in the reorganization.

What conversion ratio applied to BTA common shares in this transaction?

The conversion ratio for BlackRock Long-Term Municipal Advantage Trust common shares was 0.88368101. This ratio determined how many BlackRock MuniAssets Fund, Inc. shares each shareholder, including Carl Kester, received in exchange for their trust shares during the reorganization.

How many BTA shares did Carl Kester hold after the reported transaction?

After the reported transaction, Carl Kester held zero shares of BlackRock Long-Term Municipal Advantage Trust common stock. His prior holdings were converted into shares of BlackRock MuniAssets Fund, Inc. as part of the reorganization described in the Form 4 footnote.