BlackRock Closed-End Funds have Repurchased approximately $1.3 Billion of Shares since the Share Repurchase Program’s Inception
In This Article:
NEW YORK, January 11, 2024--(BUSINESS WIRE)--BlackRock Advisors, LLC ("BlackRock") released today share repurchase activity for certain BlackRock-advised closed-end funds (the "Funds") during the quarter ended December 31, 2023. The Funds have authorized open market share repurchase programs (the "Repurchase Programs") pursuant to which each Fund may repurchase, through November 30, 2024, up to 5% of its outstanding common shares in open market transactions. The Repurchase Programs seek to enhance shareholder value by purchasing Fund shares trading at a discount from their net asset value ("NAV") per share, which could result in incremental accretion to a Fund’s NAV.
-
Since the initial Repurchase Program’s inception in 2016, BlackRock has repurchased approximately $1.3 billion in shares across the closed-end fund ("CEF") complex, leading to approximately $203 million in NAV accretion.
-
BlackRock repurchased approximately $116 million in shares across the entire CEF complex in the fourth quarter, leading to over $18 million in NAV accretion.
Below is a summary of share repurchase activity over this past quarter and since the inception of each Fund’s Repurchase Program:
Summary of share repurchase activity during the most recent calendar quarter ended December 31, 2023:
| Fund Name | Ticker | Number of | Total Amount | Total | Average |
| BGR | 148,801 | $1,892,516 | $254,301 | -12.2% | |
| BOE | 354,098 | $3,370,798 | $558,139 | -14.6% | |
| BGY | 442,743 | $2,213,453 | $357,917 | -14.4% | |
| BCX | 494,715 | $4,371,234 | $723,884 | -14.5% | |
| BFZ | 175,930 | $1,861,690 | $267,046 | -12.9% | |
| MUC | 723,108 | $7,159,350 | $1,240,746 | -15.0% | |
| MUJ | 291,038 | $3,033,664 | $527,648 | -15.0% | |
| MIY | 162,304 | $1,641,613 | $300,664 | -15.6% | |
| MPA | 44,513 | $473,791 | $64,616 | -12.4% | |
| BHV | 8,007 | $76,388 | $13,851 | -15.6% | |
| BNY | 119,457 | $1,108,677 | $201,198 | -15.6% | |
| MHN | 185,832 | $1,758,780 | $317,066 | -15.7% | |
| MYN | 267,587 | $2,456,802 | $438,584 | -15.6% | |
| MVF | 359,617 | $2,290,334 | $371,398 | -14.4% | |
| MVT | 116,098 | $1,121,109 | $200,132 | -15.4% | |
| MUI | 530,166 | $5,538,080 | $922,191 | -14.5% | |
| MQY | 396,601 | $4,077,459 | $643,848 | -13.9% | |
| MQT | 123,840 | $1,147,926 | $189,350 | -14.5% | |
| BLE | 296,404 | $2,832,282 | $476,357 | -14.9% | |
| BYM | 188,220 | $1,882,032 | $309,035 | -14.2% | |
| BKN | 131,572 | $1,371,309 | $212,867 | -13.8% | |
| MYD | 436,290 | $4,092,844 | $708,911 | -14.7% | |
| BFK | 308,814 | $2,852,177 | $478,444 | -14.7% | |
| MYI | 662,640 | $6,641,600 | $1,019,593 | -13.5% | |
| MUE | 169,836 | $1,553,510 | $273,688 | -15.3% | |
| MHD | 327,845 | $3,482,344 | $608,994 | -15.1% | |
| MUA | 128,885 | $1,141,049 | $160,811 | -12.5% | |
| BTT | 2,194,165 | $44,438,097 | $6,339,946 | -12.6% |
Summary of share repurchase activity since Repurchase Program inception as of December 31, 2023:
| Fund Name | Ticker | Number of | Total Amount | Total | Average |
| BGR | 2,360,351 | $24,523,628 | $3,372,426 | -12.3% | |
| BDJ | 2,974,888 | $23,626,347 | $2,641,607 | -10.1% | |
| BOE | 7,957,357 | $80,969,269 | $10,908,102 | -12.3% | |
| BGY | 9,717,430 | $51,603,020 | $6,744,203 | -12.0% | |
| BMEZ | 6,155,567 | $95,748,350 | $17,702,027 | -15.6% | |
| BSTZ | 2,467,361 | $41,616,419 | $8,535,673 | -16.7% | |
| BIGZ | 18,909,732 | $176,860,365 | $35,473,427 | -18.5% | |
| BCAT | 5,127,654 | $78,243,175 | $13,254,684 | -15.3% | |
| ECAT | 3,814,731 | $54,526,808 | $10,776,340 | -16.7% | |
| BCX | 14,696,489 | $120,534,852 | $17,638,740 | -13.2% | |
| BST | 136,367 | $2,799,570 | $284,111 | -9.1% | |
| HYT | 4,695,612 | $48,249,031 | $6,328,699 | -11.8% | |
| BTZ | 4,222,616 | $52,321,626 | $7,126,080 | -12.1% | |
| DSU | 4,887,450 | $54,871,336 | $5,651,691 | -9.7% | |
| FRA | 2,000,291 | $24,605,346 | $3,520,574 | -12.8% | |
| BGT | 1,361,673 | $15,886,943 | $2,250,227 | -12.4% | |
| BKT | 145,423 | $854,488 | $79,581 | -8.7% | |
| BLW | 1,341,749 | $19,494,225 | $2,522,574 | -11.4% | |
| BIT | 884,028 | $14,722,265 | $1,722,801 | -10.5% | |
| BFZ | 1,839,240 | $21,374,023 | $3,338,512 | -13.5% | |
| MUC | 3,344,441 | $35,461,259 | $5,734,895 | -14.3% | |
| MUJ | 1,397,371 | $15,585,806 | $2,468,557 | -14.2% | |
| MIY | 639,050 | $7,012,157 | $1,167,154 | -14.6% | |
| MPA | 412,092 | $4,715,120 | $709,961 | -12.8% | |
| BHV | 23,399 | $234,311 | $39,817 | -14.6% | |
| BNY | 520,544 | $5,161,889 | $893,396 | -14.6% | |
| MHN | 890,386 | $8,930,263 | $1,438,306 | -14.1% | |
| MYN | 1,273,376 | $12,372,756 | $1,988,077 | -14.2% | |
| MVF | 1,390,022 | $9,194,087 | $1,435,454 | -13.9% | |
| MVT | 508,380 | $5,206,641 | $849,916 | -14.3% | |
| MUI | 1,878,826 | $20,883,800 | $3,206,576 | -13.6% | |
| MQY | 1,409,061 | $15,553,762 | $2,260,929 | -12.9% | |
| MQT | 463,401 | $4,545,923 | $702,059 | -13.7% | |
| BLE | 1,129,608 | $11,392,579 | $1,802,043 | -14.1% | |
| BYM | 518,529 | $5,481,458 | $823,055 | -13.2% | |
| BKN | 507,653 | $5,558,815 | $804,586 | -13.1% | |
| MYD | 1,186,184 | $11,830,111 | $1,894,529 | -13.9% | |
| BFK | 1,186,241 | $11,462,169 | $1,883,749 | -14.4% | |
| MYI | 1,683,430 | $17,533,558 | $2,618,183 | -13.2% | |
| MUE | 607,738 | $5,754,410 | $983,674 | -14.7% | |
| MHD | 1,215,172 | $13,647,877 | $2,259,191 | -14.4% | |
| MUA | 217,660 | $1,967,553 | $271,671 | -12.4% | |
| BTT | 2,293,753 | $46,483,421 | $6,604,379 | -12.5% |
The amount and timing of any repurchases under each Fund’s Repurchase Program will be determined either at the discretion of the Fund’s management or pursuant to predetermined parameters and instructions subject to market conditions. There is no assurance that any Fund will repurchase shares in any particular amounts. A Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. Any repurchases made under any Repurchase Program will be made on a national securities exchange at the prevailing market price, subject to exchange requirements and certain volume and timing limitations and other regulations under federal securities laws.