BlackRock Long-Term Municipal Advantage Trust
BTA
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- BlackRock Long-Term Municipal Advantage Trust (NYSE: BTA) is a diversified, closed-end management investment trust that provides high current income exempt from regular federal income tax. The Trust invests at least 80% of its assets in municipal obligations exempt from federal income tax (with some interest potentially subject to the federal alternative minimum tax) and derivative instruments providing exposure to such obligations; it primarily targets long-term municipal bonds with maturities exceeding 10 years, maintaining a dollar-weighted average maturity greater than 10 years, including securities issued by state and local governments for infrastructure, education, healthcare, and other public projects, as well as residual interest municipal tender option bonds and other derivatives. Managed by BlackRock Advisors, LLC, a subsidiary of BlackRock, Inc., the Trust employs leverage through variable rate demand preferred shares (VRDP Shares) and tender option bonds (TOBs), with its common shares listed on the New York Stock Exchange. Formed on February 28, 2006, as a Delaware statutory trust and domiciled in the United States, the Trust operates from BlackRock's headquarters at 50 Hudson Yards, New York, New York, targeting U.S. investors seeking tax-advantaged fixed income exposure. In a major strategic reorganization approved by the boards of both funds, the Trust entered into an Agreement and Plan of Reorganization with BlackRock MuniAssets Fund, Inc. (NYSE: MUA) in 2025, whereby MUA will acquire substantially all of BTA's assets and assume its liabilities in exchange for newly issued MUA common shares and additional VRDP Shares; this transaction, pending shareholder approval at a special meeting scheduled for October 15, 2025, aims to create a larger combined fund with economies of scale, lower net expenses per common share (excluding leverage), improved net earnings yield, enhanced liquidity, greater portfolio diversification, and operational efficiencies. The reorganization, expected to close in the fourth quarter of 2025 if approved, will result in the termination of BTA's registration under the Investment Company Act of 1940 and its dissolution under Delaware law, with BTA shareholders receiving equivalent NAV-based MUA shares (no dilution to NAV or VRDP liquidation preference); it follows board authorizations for potential redemption of up to 67% of outstanding VRDP Shares between April and October 2025 to optimize leverage. The Trust continues regular monthly distributions, with the latest announced at $0.0495 per common share payable in December 2025.