Fund reorganization shifts BTA director’s 1,200 shares into 1,060 new shares

Rhea-AI Filing Summary

BlackRock Long-Term Municipal Advantage Trust director Christian Romaglino reported an administrative share conversion tied to a fund reorganization. Effective February 23, 2026, the trust was reorganized into BlackRock MuniAssets Fund, Inc., and his holdings shifted accordingly.

Romaglino exchanged 1,200 common shares of the Target Fund for 1,060 common shares of the Acquiring Fund, plus cash for any fractional shares. The exchange was based on reported net asset values of $10.0395 per Target Fund share and $11.3610 per Acquiring Fund share, using a stated conversion ratio of 0.88368101.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Romaglino Christian

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	1,200	$10.0395	$12K

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

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

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^*

Romaglino Christian

(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)		1,200	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, Christian Romaglino received 1060 common shares (and cash for fractional shares, if any) of the Acquiring Fund in exchange for his 1200 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 for Christian Romaglino?

Christian Romaglino reported an administrative share conversion related to a fund reorganization. His 1,200 common shares of BlackRock Long-Term Municipal Advantage Trust were exchanged for 1,060 common shares of BlackRock MuniAssets Fund, Inc., along with cash for any fractional shares received.

Was the Romaglino Form 4 for BTA a buy or sell of shares?

The Form 4 reports an “other” transaction, not a direct buy or sell. Romaglino’s shares were converted as part of a reorganization, exchanging his 1,200 BTA common shares for 1,060 common shares of BlackRock MuniAssets Fund, Inc., plus any cash for fractional shares.

What was the conversion ratio used in the BTA fund reorganization affecting Romaglino?

The reorganization used a stated conversion ratio of 0.88368101 for common shares. This ratio determined how many BlackRock MuniAssets Fund, Inc. shares Romaglino received in exchange for each BlackRock Long-Term Municipal Advantage Trust share he previously held in his account.

How many BTA shares did Romaglino hold after the reported Form 4 transaction?

Following the transaction, Romaglino reported holding 0 common shares of BlackRock Long-Term Municipal Advantage Trust. His prior 1,200 shares were exchanged for 1,060 shares of BlackRock MuniAssets Fund, Inc. as part of the completed fund reorganization process.

What net asset values were used to convert BTA shares in Romaglino’s transaction?

The conversion used reported net asset values as of February 20, 2026. BlackRock Long-Term Municipal Advantage Trust reported a NAV of $10.0395 per share, while BlackRock MuniAssets Fund, Inc. reported a NAV of $11.3610 per share to calculate the share exchange.

Why did Christian Romaglino receive fewer shares after exchanging his BTA holdings?

Romaglino received 1,060 shares of the Acquiring Fund for 1,200 BTA shares because the exchange was based on relative net asset values. The Acquiring Fund’s higher NAV per share meant fewer shares were needed to match the aggregate value of his surrendered BTA shares.