BlackRock Capital Allocation Trust (BCAT) Balance Sheet
BCAT balance sheet, 2025
December 31, 2025 · U.S. dollars$1.97B assets = $370.4M liabilities + $1.60B equity
Both columns are drawn to the same scale: what BCAT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BCAT financial health
Descriptive bands, not a rating. Fiscal 2025.
BCAT balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.40B2020 | $1.97B2025 | −3.9%/yr | |
| Total liabilities | $36.1M2020 | $370.4M2025 | +59.3%/yr | |
| Shareholders’ equity | $2.35B2020 | $1.60B2025 | −7.5%/yr | |
| Cash & short-term investments | $189,4372020 | $6.8M2025 | +104.4%/yr | |
| Total debt | $690.6M2021 | $1.8M2022 | −99.7%/yr | |
| Net cash (debt) | −$689.9M2021 | $2.3M2022 | +$692.2M | |
| Working capital | −$22.2M2020 | −$270.4M2025 | −$248.1M | |
| Book value per share | $21.062020 | $15.022025 | −6.5%/yr | |
| Current ratio | 0.382020 | 0.022025 | −0.36 | |
| Shares outstanding | 111.7M2020 | 106.2M2025 | −1.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BCAT assets
BCAT liabilities and equity
BCAT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BCAT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $6.8M | $6.3M | $6.9M | $4.1M | $696,393 | $189,437 |
| Cash & equivalents | $6.8M | $6.3M | $6.9M | $4.1M | $696,393 | $189,437 |
| Short-term investments | — | — | — | — | $81,595 | — |
| Receivables | $0 | $11.1M | $30.2M | $154.5M | $19.8M | $13.6M |
| Inventory | $0 | $0 | $30.2M | $0 | $0 | $0 |
| Other current assets | $343 | $0 | $0 | $15,039 | $0 | $0 |
| Total current assets | $6.8M | $6.3M | $37.2M | $158.6M | $19.8M | $13.8M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.82B | $1.85B | $1.98B | $2.07B | $3.04B | $2.31B |
| Other non-current assets | $141.6M | $67.4M | $27.4M | $22.0M | $0 | $77.6M |
| Total assets | $1.97B | $1.92B | $2.05B | $2.25B | $767.3M | $2.40B |
| Liabilities | ||||||
| Accounts payable | $272.7M | $189.9M | $175.2M | $267.2M | $58.9M | $36.1M |
| Total current liabilities | $277.1M | $194.5M | $175.2M | $267.2M | $58.9M | $36.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $93.3M | $8.5M | $19.5M | $164.8M | $690.6M | $36.1M |
| Total liabilities | $370.4M | $203.0M | $194.6M | $432.0M | $767.3M | $36.1M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $1.41B | $1.72B | $1.99B | $2.10B | — | $2.23B |
| Retained earnings (deficit) | $186.2M | −$274,264 | −$137.0M | −$280.9M | — | $116.8M |
| Total shareholders' equity | $1.60B | $1.72B | $1.85B | $1.82B | $0 | $2.35B |
| Key figures | ||||||
| Total debt | — | — | — | $1.8M | $690.6M | — |
| Net cash (debt) | — | — | — | $2.3M | −$689.9M | — |
| Working capital | −$270.4M | −$188.2M | −$138.0M | −$108.7M | −$39.1M | −$22.2M |
| Tangible book value | $1.60B | $1.72B | $1.85B | $1.82B | $0 | $2.35B |
| Book value per share | $15.02 | $16.20 | $16.15 | $15.87 | $0.00 | $21.06 |
| Shares outstanding | 106.2M | 106.2M | 114.8M | 114.8M | 110.3M | 111.7M |
| Current ratio | 0.02 | 0.03 | 0.21 | 0.59 | 0.34 | 0.38 |
| Quick ratio | 0.02 | 0.09 | 0.21 | 0.59 | 0.35 | 0.38 |
| Debt / equity | — | — | — | 0.00 | — | — |
| Equity / assets | 81.2% | 89.4% | 90.5% | 80.8% | 0.0% | 98.1% |
| Jun '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Dec '23 | Jun '23 | Dec '22 | Jun '22 | Dec '21 | Jun '21 | Jun '20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.8M | $6.8M | $3.9M | $6.3M | $6.8M | $6.9M | $3.9M | $4.1M | $167,354 | $81,595 | $3.4M | $100,000 |
| Cash & equivalents | $7.8M | $6.8M | $3.9M | $6.3M | $6.8M | $6.9M | $3.9M | $4.1M | $167,354 | $696,393 | $3.4M | $100,000 |
| Short-term investments | — | — | — | — | — | — | — | — | — | $81,595 | $1.1M | — |
| Receivables | $0 | $0 | $0 | $11.1M | $25.0M | $30.2M | $33.5M | $154.5M | $88.8M | $19.8M | $52.7M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $30.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $39,506 | $343 | $24,951 | $0 | $0 | $0 | $0 | $15,039 | $0 | $0 | $0 | $0 |
| Total current assets | $7.8M | $6.8M | $3.9M | $6.3M | $6.8M | $37.2M | $37.4M | $158.6M | $89.0M | $19.7M | $56.1M | $100,000 |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.72B | $1.82B | $1.78B | $1.85B | $2.04B | $1.98B | $2.02B | $2.07B | $1.94B | $3.04B | $2.99B | $0 |
| Other non-current assets | $101.5M | $141.6M | $82.3M | $67.4M | $62.9M | $27.4M | $25.5M | $22.0M | $27.3M | $0 | $32.2M | $0 |
| Total assets | $1.83B | $1.97B | $1.87B | $1.92B | $2.11B | $2.05B | $2.08B | $2.25B | $2.06B | $767.3M | $3.08B | $100,000 |
| Liabilities | ||||||||||||
| Accounts payable | $212.6M | $272.7M | $197.5M | $189.9M | $196.7M | $175.2M | $190.5M | $267.2M | $12.3M | $58.9M | $90.9M | — |
| Total current liabilities | $219.0M | $277.1M | $203.4M | $194.5M | $204.9M | $175.2M | $190.5M | $267.2M | $12.3M | $58.9M | $90.9M | — |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $34.2M | $93.3M | $20.6M | $8.5M | $9.4M | $19.5M | $26,396 | $164.8M | $12.3M | $690.6M | $536.4M | — |
| Total liabilities | $253.2M | $370.4M | $224.0M | $203.0M | $214.3M | $194.6M | $209.5M | $432.0M | $147.9M | $767.3M | $627.2M | $0 |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.42B | $1.41B | $1.72B | $1.72B | $1.99B | $1.99B | $2.10B | $2.10B | $2.17B | — | $2.25B | $100,000 |
| Retained earnings (deficit) | $151.8M | $186.2M | −$79.8M | −$274,264 | −$99.9M | −$137.0M | −$228.5M | −$280.9M | −$256.3M | — | $202.5M | — |
| Total shareholders' equity | $1.58B | $1.60B | $1.64B | $1.72B | $1.89B | $1.85B | $1.87B | $1.82B | $1.91B | — | $2.45B | $100,000 |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | $26,396 | $1.8M | $102.1M | $690.6M | $519.9M | — |
| Net cash (debt) | — | — | — | — | — | — | $3.8M | $2.3M | −$101.9M | −$690.5M | −$516.6M | — |
| Working capital | −$211.1M | −$270.4M | −$199.5M | −$188.2M | −$198.1M | −$138.0M | −$153.1M | −$108.7M | $76.7M | −$39.2M | −$34.8M | — |
| Tangible book value | $1.58B | $1.60B | $1.64B | $1.72B | $1.89B | $1.85B | $1.87B | $1.82B | $1.91B | — | $2.45B | $100,000 |
| Book value per share | $14.90 | $15.23 | $15.67 | $16.43 | $17.60 | $17.25 | $17.33 | $16.84 | $17.21 | — | $21.81 | $0.00 |
| Shares outstanding | 105.8M | 104.8M | 104.8M | 104.8M | 107.5M | 107.5M | 108.1M | 108.1M | 110.9M | 111.6M | 112.3M | 100.0M |
| Current ratio | 0.04 | 0.02 | 0.02 | 0.03 | 0.03 | 0.21 | 0.20 | 0.59 | 7.22 | 0.34 | 0.62 | — |
| Quick ratio | 0.04 | 0.02 | 0.02 | 0.09 | 0.16 | 0.21 | 0.20 | 0.59 | 7.22 | 0.34 | 0.62 | — |
| Debt / equity | — | — | — | — | — | — | 0.00 | 0.00 | 0.05 | — | 0.21 | — |
| Equity / assets | 86.2% | 81.2% | 88.0% | 89.4% | 89.8% | 90.5% | 89.9% | 80.8% | 92.8% | — | 79.6% | 100.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
BCAT financial position
At the end of fiscal 2025 (December 31, 2025), BlackRock Capital Allocation had total assets of $2.0 billion (up 2.2% from a year earlier), total liabilities of $370.4 million and shareholders' equity of $1.6 billion. Its current ratio was 0.02. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $1.6 billion.
Related: BCAT income statement, BCAT cash flow statement, BCAT key metrics. See the BCAT stock overview for the latest quote and news.
BCAT balance sheet FAQ
What are BlackRock Capital Allocation's total assets?
BlackRock Capital Allocation reported total assets of $2.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.9 billion a year earlier.
How much cash does BlackRock Capital Allocation have?
BlackRock Capital Allocation held $6.8 million in cash and short-term investments at the end of fiscal 2025.
What is BlackRock Capital Allocation's book value?
BlackRock Capital Allocation's shareholders' equity (book value) was $1.6 billion at the end of fiscal 2025, or $15.02 per share.
What is BlackRock Capital Allocation's current ratio?
BlackRock Capital Allocation had current assets of $6.8 million and current liabilities of $277.1 million, a current ratio of 0.02 (current liabilities exceed current assets).