BlackRock (BTA) merges six muni CEFs into three Survivors; launches DMPs

Rhea-AI Filing Summary

BlackRock completed reorganizations that merged six municipal closed-end funds into three Survivor Funds and each Survivor Fund adopted a Discount Management Program for 2026.

The Reorganizations exchanged Acquired Fund common shares for Survivor Fund common shares based on each fund’s NAV as of February 20, 2026, with cash paid for fractional shares; preferred shareholders received one-for-one Survivor Fund preferred shares. Each DMP uses a single Measurement Period from January 1, 2026 to September 30, 2026: if a fund’s average daily discount to NAV exceeds 10.00%, the fund intends to repurchase a minimum of 5% of outstanding common shares at 98% of NAV.

Insights

Corporate Actions Analyst

Six muni CEFs merged into three Survivor Funds; repurchase plans tied to discounts.

The filing lists NAVs and share conversion ratios used to effect each Reorganization, for example BTA NAV per share $10.0395 and MUA NAV per share $11.3610. Common shareholders received Survivor Fund common shares equal to aggregate NAV of their holdings as of February 20, 2026, with cash for fractional shares.

The Discount Management Program for 2026 specifies a Measurement Period from January 1, 2026 to September 30, 2026, a trigger of average daily discount greater than 10.00%, and a minimum repurchase of 5% at 98% of NAV; timing and final participation depend on post-period determinations.

Closed-End Funds Strategist

Reorganizations were NAV-based and preferred shareholders received one-for-one preferred in Survivors.

The Reorganizations were executed "based on the relative net asset values" and paired specific Acquired Funds to Survivors; preferred shareholders received Survivor preferred shares equal to their aggregate liquidation preference immediately prior to the Reorganizations. The filing states the transactions are expected to be non-taxable events.

Cash distribution for fractional shares is specified; the filing notes there is no guarantee a triggered tender will allow all selling shareholders to tender desired amounts and that DMP effects on market discounts are not assured.

Filed by BlackRock MuniAssets Fund, Inc.

pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-6

under the Securities Exchange Act of 1934

Subject Company: BlackRock Long-Term Municipal Advantage Trust

File No.: 811-21835

Date: February 23, 2026

Contact:

1-800-882-0052

BlackRock Announces Completion of Certain Municipal CEF Reorganizations and Adoption of Discount Management Programs

New York, February 23, 2026 – BlackRock Advisors, LLC announced today each of the closed-end funds named below (each, a “Fund” and collectively, the “Funds”) have completed their reorganizations (each, a “Reorganization” and collectively, the “Reorganizations”). Additionally, each of the Survivor Funds, as identified below, adopted a Discount Management Program that seeks to enhance long-term shareholder value via periodic liquidity events if certain conditions are met (see below for details).

• Reorganization of BlackRock Long-Term Municipal Advantage Trust (BTA) with and into BlackRock MuniAssets Fund, Inc. (MUA)

• Reorganizations of BlackRock MuniVest Fund, Inc. (MVF) and BlackRock MuniVest Fund II, Inc. (MVT) with and into BlackRock MuniYield Quality Fund III, Inc. (MYI)

• Reorganizations of BlackRock MuniYield Fund, Inc. (MYD), BlackRock MuniYield Quality Fund II, Inc. (MQT) and BlackRock Investment Quality Municipal Trust, Inc. (BKN) with and into BlackRock MuniYield Quality Fund, Inc. (MQY)

Six Muni CEFs have been reorganized into three acquiring funds:

BlackRock Municipal CEF Reorganizations Summary

Survivor Funds		Acquired Funds
MUA		BTA

1

MYI		MVF		MVT
MQY		MYD		MQT		BKN

Fund		Ticker		Net Asset Value    / Share ($)		Share    Conversion    Ratio
BlackRock Long-Term Municipal Advantage Trust		BTA		10.0395		0.88368101
BlackRock MuniAssets Fund, Inc.		MUA		11.3610		-

Fund		Ticker		Net Asset Value    / Share ($)		Share    Conversion    Ratio
BlackRock MuniVest Fund, Inc.		MVF		7.5919		0.63218946
BlackRock MuniVest Fund II, Inc.		MVT		11.7926		0.98198836
BlackRock MuniYield Quality Fund III, Inc.		MYI		12.0089		-

Fund		Ticker		Net Asset Value    / Share ($)		Share    Conversion    Ratio
BlackRock MuniYield Fund, Inc.		MYD		11.5454		0.92029684
BlackRock MuniYield Quality Fund II, Inc.		MQT		11.0544		0.88115868
BlackRock Investment Quality Municipal Trust, Inc.		BKN		12.3868		0.98736579
BlackRock MuniYield Quality Fund, Inc.		MQY		12.5453		-

The Reorganizations were based on the relative net asset values of each Fund’s common shares at the time of the applicable Reorganization.

2

In the Reorganizations, common shareholders of each Acquired Fund received an amount of its respective Survivor Fund’s common shares equal to the aggregate NAV of their holdings of the Acquired Fund’s common shares as determined at the close of business on February 20, 2026. Fractional shares of each Survivor Fund’s common shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional shares.

In addition, each Acquired Fund’s preferred shareholders received on a one-for-one basis Survivor Fund preferred shares in an amount equal to the aggregate preferred share liquidation preference held by the Acquired Fund’s preferred shareholders immediately prior to the Reorganizations.

The Reorganizations are expected to be non-taxable events.

Discount Management Program (DMP)

Each of the Survivor Funds will participate in a DMP for 2026. Under the terms of each Fund’s DMP, each Fund intends to offer to repurchase a portion of its outstanding common shares via tender offer if certain conditions are met during the specified time period, as detailed below.

If a Fund’s common shares trade at an average daily discount to net asset value (“NAV”) of greater than 10.00% during the 9-month measurement period (the “Measurement Period”), the Fund intends to offer to repurchase, as soon as practicable following the Measurement Period end date, a minimum of 5% of its outstanding common shares at a price equal to 98% of the Fund’s NAV, as determined on the trading day after the tender offer expires.

Each DMP will be comprised of one Measurement Period, as detailed below, unless continued by a Fund’s Board of Directors/Trustees (each a “Board”). The Measurement Period start and end dates are currently expected to be as indicated below.

Measurement Period Start		Measurement Period End		Discount to NAV Trigger		Repurchase Amount		Price
January 1, 2026		September 30, 2026		More than -10.00%		Minimum of 5% of outstanding shares		98% of NAV

Each DMP is intended to enhance long-term shareholder value. However, even if a tender offer is triggered under a DMP, there is no guarantee that shareholders will be able to sell all of the shares that they desire to sell in any particular tender offer and there can be no assurances as to the effect that a DMP will have on the market for a Fund’s shares or the discount at which a Fund’s shares may trade relative to its NAV.

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the Funds, including each Survivor Fund. Investors should consider a Survivor Fund’s investment objective, risks, charges and expenses carefully and consider in its entirety the applicable Joint Proxy Statement/Prospectus relating to a Reorganization, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about the applicable Survivor Fund.

About BlackRock

3

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

Availability of Fund Updates

BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release.

Forward-Looking Statements

This press release, and other statements that BlackRock or the Funds may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the Funds or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or a Fund’s net asset value; (2) the relative and absolute investment performance of the Funds and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to the Funds or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and

4

retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions.

Annual and Semi-Annual Reports and other regulatory filings of the Funds with the SEC are accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.

##

5

FAQ

What did BlackRock (BTA) announce about municipal fund reorganizations?

BlackRock announced completion of reorganizations merging six municipal CEFs into three Survivor Funds on a NAV-based conversion as of February 20, 2026. The filing states common shareholders received Survivor Fund common shares and fractional shares were paid in cash.

How were conversion ratios determined in the BlackRock reorganizations?

Conversion ratios were based on each Fund’s net asset value per share at close of business on February 20, 2026. The filing lists NAVs and specific share conversion ratios for each Acquired-to-Survivor pairing.

What are the Discount Management Program (DMP) trigger and terms for 2026?

Each Survivor Fund’s DMP runs from January 1, 2026 to September 30, 2026 and triggers if average daily discount to NAV exceeds 10.00%. A triggered DMP intends to repurchase a minimum of 5% of outstanding shares at 98% of NAV.

Will preferred shareholders be affected by the reorganizations?

Yes. Each Acquired Fund’s preferred shareholders received Survivor Fund preferred shares on a one-for-one basis equal to the aggregate preferred share liquidation preference held immediately before the Reorganizations.

Are the reorganizations taxable events according to the filing?

The filing states the Reorganizations are expected to be non-taxable events. It presents that expectation without additional tax analysis or guarantees in the excerpt provided.