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BTX

BlackRock Technology and Private Equity Term Trust

BTX

BlackRock Technology and Private Equity Term Trust • NASDAQ
$6.86 ▲ 2.08% (+0.14)
Market Cap $800.63 M
52w High $8.31
52w Low $5.10
Dividend Yield 0.63%
P/E 57.17
Volume 390.89K
Outstanding Shares 116.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $0 ▼ $1.809B ▼ $23.6M ▼ $1.785B ▼
Q2-2024 $55.908K ▲ $1.937B ▼ $38.787M ▼ $1.898B ▼
Q4-2023 $367 ▼ $2.067B ▼ $40.694M ▼ $2.026B ▼
Q2-2023 $45.054K ▲ $2.187B ▲ $57.368M ▲ $2.129B ▲
Q4-2022 $335 $2.057B $30.178M $2.026B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement BTX’s income line is volatile, which is typical for a tech‑focused, equity‑heavy fund. It swung from meaningful losses a few years ago to modest profits more recently, reflecting the rebound in technology markets and changes in the portfolio mix. However, the latest year shows weaker earnings than the prior year, suggesting that performance has improved from the worst periods but is not on a smooth, steadily rising path. Overall, results depend heavily on market conditions and valuation swings in both public and private tech holdings, so investors should expect bumps rather than a straight line.

Balance Sheet

Balance Sheet The balance sheet is simple and relatively conservative. Assets and equity have both trended down over time, which points to a smaller capital base, likely due to earlier losses, distributions, or both. There is essentially no financial debt, so the fund is not relying on borrowing to amplify returns, which limits balance sheet risk but also caps upside leverage. The absence of reported cash likely reflects that capital is mostly invested in securities rather than sitting idle. In short, BTX looks lightly geared but operating on a leaner asset base than a few years ago.

Cash Flow

Cash Flow Cash generation has been much healthier in recent years compared with the sharp outflow earlier in the period. Operating and free cash flow have turned positive and stayed that way, indicating that the portfolio has been a net source of cash rather than a drain lately. Because this is an investment fund, these flows are tied to realized gains, income, and portfolio activity rather than traditional operating businesses. The lack of capital spending is normal for a trust like this. Overall, cash dynamics appear more stable now, but they remain closely tied to market cycles.

Competitive Edge

Competitive Edge BTX’s competitive strength comes less from its own standalone brand and more from being part of the BlackRock ecosystem. It benefits from BlackRock’s scale, deep relationships in private markets, and strong recognition with both public and private companies. The hybrid structure—mixing public tech stocks with private equity—offers something relatively uncommon in the listed fund space, particularly for individual investors who typically struggle to access private deals. At the same time, it operates in a crowded and fast‑moving tech investing arena, where returns can diverge widely across managers and where periods of underperformance are very possible. Its edge rests on access, data, and people rather than a hard moat around the product itself.

Innovation and R&D

Innovation and R&D Innovation for BTX is about investment process and structure, not lab research. It leans heavily on BlackRock’s proprietary platforms, such as Aladdin for risk and portfolio analytics and eFront for managing private investments, giving it sophisticated tools to analyze large amounts of data and oversee complex private holdings. The trust’s recent strategic shift toward a more concentrated technology and private equity mandate is another form of innovation, aiming to better align with long‑term tech themes like artificial intelligence and cloud computing. BlackRock’s push to use more AI and machine learning in investment decisions, and to expand retail access to private markets, could further shape how BTX is run. That said, these are shared capabilities across BlackRock, not exclusive to BTX alone.

Summary

BTX is a specialized, tech‑focused closed‑end trust that combines public and private investments, and its financials reflect that profile: earnings and cash flows are inherently volatile, but have improved from earlier losses, while the balance sheet remains simple and almost debt‑free. The fund’s real differentiators are structural and organizational—access to private tech deals, advanced analytics platforms, and the scale and expertise of BlackRock’s broader franchise. Key trade‑offs include exposure to a cyclical, often volatile sector, reliance on the manager’s skill in both public and private markets, and a more focused (non‑diversified) portfolio. For anyone evaluating BTX, the main questions are less about traditional operating metrics and more about confidence in BlackRock’s technology, process, and ability to navigate the ups and downs of the tech and private equity cycle over the trust’s term.

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