BlackRock MuniAssets director reports share conversion

BLACKROCK MUNIASSETS FUND, INC. director Carl Kester reported an “other” transaction reflecting a reorganization between two BlackRock municipal funds.

Rhea-AI Filing Summary

BLACKROCK MUNIASSETS FUND, INC. director Carl Kester reported an “other” transaction reflecting a reorganization between two BlackRock municipal funds. BlackRock Long-Term Municipal Advantage Trust was reorganized into BlackRock MuniAssets Fund, Inc. effective February 23, 2026.

In this reorganization, common shareholders of the Target Fund received MuniAssets common shares based on each fund’s net asset value as of February 20, 2026, less reorganization costs. The Target Fund reported a NAV per share of $10.0395 and the Acquiring Fund reported a NAV per share of $11.3610, resulting in a conversion ratio of 0.88368101. Kester received 88 common shares of the Acquiring Fund (plus cash for any fractional shares) in exchange for his 100 common shares of the Target Fund, and his directly held MuniAssets position following the transaction was 188 common shares.

Insider Trade Summary

Other: 88 shares

Other 1 txn

Insider KESTER W CARL

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	88	$11.361	$999.77

Holdings After Transaction: Common Stock — 188 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, 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.

FAQ

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What does Carl Kester’s Form 4 for BLACKROCK MUNIASSETS FUND (MUA) report?

The Form 4 reports an “other” transaction tied to a fund reorganization. BlackRock Long-Term Municipal Advantage Trust was reorganized into BlackRock MuniAssets Fund, and Kester’s holdings were converted into MuniAssets shares based on each fund’s stated net asset value.

How many BLACKROCK MUNIASSETS FUND (MUA) shares did Carl Kester receive in the reorganization?

Carl Kester received 88 common shares of BlackRock MuniAssets Fund in the reorganization. These shares were issued in exchange for 100 common shares of BlackRock Long-Term Municipal Advantage Trust, with any fractional share value settled in cash as part of the conversion.

What conversion ratio was used in the BLACKROCK MUNIASSETS FUND (MUA) reorganization?

The reorganization used a conversion ratio of 0.88368101 Target Fund common shares to Acquiring Fund common shares. This ratio was based on the reported net asset values of both funds as of February 20, 2026, adjusted for the stated costs of the reorganization.

What net asset values determined the share conversion into BLACKROCK MUNIASSETS FUND (MUA)?

As of February 20, 2026, the Target Fund reported a net asset value of $10.0395 per share, while the Acquiring Fund reported $11.3610 per share. These NAV figures, less reorganization costs, were used to calculate the conversion ratio for issuing new MuniAssets shares.

How many BLACKROCK MUNIASSETS FUND (MUA) shares did Carl Kester own after the transaction?

After the transaction, Carl Kester directly owned 188 common shares of BlackRock MuniAssets Fund. This total reflects the 88 new MuniAssets shares received in the reorganization combined with his existing directly held position reported following the transaction.

Was Carl Kester’s Form 4 transaction in BLACKROCK MUNIASSETS FUND (MUA) a buy or sell?

The filing classifies the event as an “other” transaction under code J, not a standard open-market buy or sell. It reflects a share conversion arising from a fund reorganization rather than a discretionary purchase or sale in the market.

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Accepted by SEC EDGAR 02/25/2026 - 08:32 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^*

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 MUNIASSETS FUND, INC. [ MUA ]

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)		88	A	$11.361	188	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
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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