BlackRock Capital Allocation Trust shares fell 4.2% in premarket trading Friday after the fund announced a transferable rights offering. Shareholders of record on September 25, 2026, will receive one right for each common share held, with five rights needed to purchase one new share. The subscription price, set on October 21, 2026, will equal 95% of the average last reported NYSE sales price on the expiration date and the four preceding trading days, subject to a maximum discount of $0.01 below NAV (net asset value) and a minimum of 98.5% of NAV per share at the close of trading on the expiration date. The rights are expected to trade on the NYSE under the symbol BCAT RT until October 20, 2026. Shareholders who fully exercise their rights may subscribe for shares not purchased by other rights holders, subject to limitations and allotment. BlackRock Advisors will cover the offering expenses. The fund said on September 10, 2026, that it would maintain its current distribution level through the remainder of 2026, while shares issued in the offering will not qualify for dividends or distributions with record dates before the offering expires. The board and adviser said the offering serves the fund and its shareholders by increasing assets and supporting investments aligned with its objectives of total return and income from current income, current gains and long-term capital appreciation.