The at-the-market offering will pressure BST's share price due to dilution and the persistent discount to NAV. Monitor trading volume and the pace of share sales — if the discount widens beyond 8-10%, the offering may be paused. The Trust's NAV per share is expected to decline mechanically as new shares are issued below NAV. Consider the impact on yield: more shares outstanding will dilute per-share distributions.
Price Chart
Executive Summary
BlackRock Science and Technology Trust (BST) filed a 424B5 prospectus supplement to sell up to 12,000,000 common shares via an at-the-market offering through UBS Securities LLC as sub-placement agent. At the last reported price of $47.83 (a 7.77% discount to NAV of $51.86), the offering could raise approximately $568M in net proceeds. The shares trade at a persistent discount to NAV, and the issuance will dilute existing shareholders by ~34.6% if fully sold.
Key Facts
- Offering of up to 12,000,000 common shares (34.6% dilution vs. 34,720,019 outstanding).
- Last reported sale price $47.83 vs. NAV $51.86 — a 7.77% discount.
- Estimated net proceeds of ~$568M at $47.83/share after 1.00% distributor commission and ~$200,717 offering costs.
- Sales cannot occur below NAV per share plus commission (Minimum Price).
- Proceeds to be invested per Trust's objectives within ~3-6 months; interim held in short-term securities.
- Trust has historically traded at both premium and discount to NAV; current discount is near the wider end of recent range.
Financial Impact
Up to ~$568M in new capital raised; existing shareholders diluted by ~34.6% if all shares sold.
Risk Factors
- Significant dilution (~34.6%) if all 12M shares are sold, reducing NAV per share.
- Persistent discount to NAV (currently 7.77%) may widen further as supply increases.
- Proceeds invested over 3-6 months may lag market conditions, creating temporary cash drag.
- Distributions may include return of capital, reducing tax basis for shareholders.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001193125-26-248381 |
| Document: 0001193125-26-248381-index-headers.html | 0001193125-26-248381 |
| Document: 0001193125-26-248381-index.html | 0001193125-26-248381 |
| Document: 0001193125-26-248381.txt | 0001193125-26-248381 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 3 | $48.31 | awaiting T+60 | — | $48.51 (+0.41%) |
May 29, 2026 21w ago | 424B5 | $49.31 $49.55 | ▼ −0.49% | ▲ +0.74% | $48.51 (+1.62%) |
US Market Status
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