BlackRock Announces Distribution Increases for Municipal Closed-End Funds
NEW YORK, November 14, 2023--(BUSINESS WIRE)--Today, the Board of Directors/Trustees of the BlackRock municipal closed-end funds listed below (the "Funds") announced distributions, which reflect distribution increases for several Funds. The distribution increases ranged between 29% and 64%. In addition, the Funds declared their December, January, and February monthly distributions early.
The Funds also announced changes to their dividend policies. Effective today, each Fund’s dividend policy is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate). Each Fund intends to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In addition, in any monthly period, in order to maintain its declared distribution amount, each Fund may pay out more or less than the entire amount of net investment income earned in any particular month. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also come from sources other than net income, including a return of capital.
Monthly distribution rates for December, January, and February can be found below:
Municipal Funds:
December 2023 Distribution:
Declaration- 11/14/2023 Ex-Date- 12/14/2023 Record- 12/15/2023 Payable- 12/29/2023
January 2024 Distribution:
Declaration- 11/14/2023 Ex-Date- 1/11/2024 Record- 1/12/2024 Payable- 2/1/2024
February 2024 Distribution:
Declaration- 11/14/2023 Ex-Date- 2/14/2024 Record- 2/15/2024 Payable- 3/1/2024
National Funds | Ticker | Distribution | Change From Prior Distribution | ||||||
BYM | $0.052500 | +38.2% | |||||||
BTA | $0.043500 | - | |||||||
MUA | $0.055500 | +37.0% | |||||||
MUI | $0.055000 | +61.8% | |||||||
BFK | $0.050000 | +63.9% | |||||||
BKN | $0.057000 | +44.3% | |||||||
BLE | $0.052000 | +52.9% | |||||||
BTT | $0.046400 | - | |||||||
MHD | $0.052500 | +47.9% | |||||||
MQT | $0.049000 | +40.0% | |||||||
MQY | $0.058000 | +33.3% | |||||||
MUE | $0.045000 | +55.2% | |||||||
MVT | $0.050500 | +60.3% | |||||||
MYD | $0.052500 | +43.8% | |||||||
MYI | $0.055500 | +37.0% | |||||||
MVF | $0.030000 | +42.9% | |||||||
BMN | $0.093750 | - | |||||||
State-Specific Funds | Ticker | Distribution | Change From Prior Distribution | ||||||
MUC | $0.048500 | +44.8% | |||||||
BFZ | $0.051000 | +30.8% | |||||||
MIY | $0.046500 | +34.8% | |||||||
MUJ | $0.050000 | +33.3% | |||||||
MHN | $0.043500 | +29.9% | |||||||
MYN | $0.044200 | +40.3% | |||||||
BNY | $0.043000 | +41.0% | |||||||
MPA | $0.048000 | +41.2% | |||||||
BHV | $0.039500 | +49.1% |
* In order to comply with the requirements of Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act"), each of the Funds noted above posted to the DTC bulletin board and sent to its shareholders of record as of the applicable record date a Section 19 notice with the previous distribution payment. The Section 19 notice was provided for informational purposes only and not for tax reporting purposes. This information can be found in the "Closed-End Funds" section of www.blackrock.com. As applicable, the final determination of the source and tax characteristics of all distributions in 2023 will be made after the end of the year.
Each Fund’s ability to maintain its declared distribution amount will depend on a number of factors, such as the amount and stability of investment income earned by the Fund, its asset mix, portfolio turnover, performance of its investments, level of retained earnings, the amount of leverage utilized by the Fund and the effects thereof, the costs of such leverage, the movement of interest rates for municipal bonds and general market conditions.
Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distribution or from the terms of the Fund’s dividend policy. A portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ When distributions exceed total return performance, the difference will reduce the Fund’s net asset value.
About BlackRock
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 a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s 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 in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund 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 a Fund 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 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 Securities and Exchange Commission ("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.
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