BlackRock Technology and Private Equity Term Trust (BTX) Cash Flow Statement
Where BTX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $877.8M +216.7% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $877.8M 7,643.3% margin
- Returned to shareholders
- $877.4M 100% of free cash flow
- Change in cash
- $449,080 cash at year-end $449,080
Drawn to scale: where the cash came from and how it was used. Hover for values.
BTX operating cash flow, capex and free cash flow
BTX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $23,0002016 | $877.8M2025 | +222.9%/yr | |
| Capital expenditures | $840,0002016 | $02025 | −100.0% | |
| Free cash flow | −$817,0002016 | $877.8M2025 | — | |
| Free cash flow margin | −3.7%2016 | 7,643.3%2025 | +7,646.9 pts | |
| Operating cash flow / net income | 1.022023 | 101.062025 | +100.03 | |
| Stock-based compensation | $91,0002020 | $1.2M2023 | +139.0%/yr | |
| Dividends paid | $16,0002016 | $153.4M2025 | +177.0%/yr | |
| Share buybacks (net) | $02016 | $724.0M2025 | — | |
| Capex / revenue | 3.8%2016 | 0.0%2025 | −3.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTX cash flow by activity
BTX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BTX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $8.7M | $35.7M | $211.6M | −$1.66B | −$640.6M | −$7.3M | −$2.0M | −$18.1M | −$1.1M | −$2.9M |
| Depreciation & amortization | — | — | $1.1M | $497,000 | $459,000 | $98,000 | $3.2M | $137,812 | $2.3M | $2.9M |
| Stock-based compensation | — | — | $1.2M | $2.9M | $5.2M | $91,000 | — | — | — | — |
| Change in working capital | −$2.7M | −$6.1M | $20.4M | −$6.3M | $9.3M | −$999,000 | −$37,000 | −$2.7M | $2.4M | −$291,000 |
| Other non-cash items | $871.8M | $247.6M | −$17.7M | $1.97B | −$4.01B | $0 | $1.7M | $2.2M | −$3.1M | $350,000 |
| Cash from operating activities | $877.8M | $277.2M | $216.6M | $310.5M | −$4.64B | −$8.1M | $2.7M | −$18.4M | $549,000 | $23,000 |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | −$19,000 | −$297,000 | −$154,000 | −$39,000 | −$1.1M | −$76,485 | −$1.5M | −$840,000 |
| Investments (net) | — | — | — | — | −$22.7M | −$39,000 | — | $3.2M | −$189,000 | −$189,000 |
| Acquisitions & other investing | — | — | — | — | $154,000 | $1.0M | $487,929 | −$3.1M | $189,000 | $189,000 |
| Cash from investing activities | — | — | — | — | −$22.7M | $960,000 | −$606,071 | $87,615 | −$1.5M | −$840,000 |
| Financing activities | ||||||||||
| Dividends paid | −$153.4M | −$184.7M | −$176.1M | −$235.8M | −$161.3M | −$16,000 | −$16,000 | −$8,000 | −$16,000 | −$16,000 |
| Share repurchases & issuance (net) | −$724.0M | −$92.5M | −$40.5M | −$74.5M | −$61.9M | — | — | $1.4M | $1.8M | $2.7M |
| Net borrowing (repayment) | — | $0 | $0 | −$139,778 | −$942,000 | $372,000 | $310,000 | $16.7M | $172,000 | $1.6M |
| Shares issued | $0 | $0 | $0 | $0 | $62.5M | $4.4M | $0 | $0 | $0 | $0 |
| Other financing | $0 | $354 | $0 | $0 | $4.80B | −$46,000 | −$1.4M | $377,154 | −$3.4M | −$1.0M |
| Cash from financing activities | −$877.4M | −$277.2M | −$216.6M | −$310.5M | $4.64B | $4.7M | −$1.1M | $18.4M | −$1.5M | $3.3M |
| Summary | ||||||||||
| Net change in cash | $449,080 | −$367 | $32 | −$30,766 | −$68,899 | −$3.5M | $673,000 | $92,599 | −$2.3M | $2.5M |
| Cash at end of period | $449,080 | $0 | $367 | $335 | $31,101 | $1.6M | $3.3M | $2.6M | — | — |
| Free cash flow | $877.8M | $277.2M | $216.6M | $310.5M | −$4.64B | −$8.1M | $1.6M | −$18.5M | −$903,000 | −$817,000 |
| Free cash flow margin | 7,643.3% | 681.3% | 100.5% | — | — | −140,344,827.6% | 8.3% | −371.2% | −4.2% | −3.7% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | — | 672,413.8% | 5.5% | 1.5% | 6.8% | 3.8% |
| Operating cash flow / net income | 101.06 | 7.76 | 1.02 | — | — | — | — | — | — | — |
| Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$26.6M | −$5.5M | −$6.6M | −$6.2M | −$5.6M | −$4.5M | −$5.4M | −$4.5M | −$7.3M | −$8.5M | −$8.5M | −$8.7M |
| Depreciation & amortization | $451,000 | $578,000 | $541,000 | $481,000 | $517,000 | $63,000 | $62,000 | $86,000 | $121,000 | $123,397 | $123,397 | $123,397 |
| Stock-based compensation | $405,000 | $423,000 | $282,000 | $165,000 | $174,000 | $214,000 | $689,000 | $397,000 | $476,000 | $1.9M | — | — |
| Change in working capital | −$3.3M | $1.8M | $980,000 | $355,000 | −$958,000 | −$34,000 | −$1.5M | −$343,000 | $1.4M | −$994,177 | −$994,177 | −$994,177 |
| Other non-cash items | $22.7M | $517,000 | $1.1M | $491,000 | $32,000 | $393,000 | $96,000 | −$1.1M | −$845,000 | $570,148 | $2.5M | $2.7M |
| Cash from operating activities | −$6.3M | −$2.3M | −$3.7M | −$4.7M | −$5.8M | −$3.9M | −$6.0M | −$5.4M | −$6.1M | −$6.8M | −$6.8M | −$6.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$19,000 | −$249,000 | −$101,000 | −$19,000 | $0 | $0 | $0 | −$21,000 | −$43,000 | −$147,140 | −$147,140 | −$147,140 |
| Investments (net) | — | — | — | — | — | — | — | — | −$43,000 | −$87,000 | −$46,000 | −$147,388 |
| Acquisitions & other investing | — | — | — | — | — | — | — | — | — | $147,140 | $147,140 | $147,140 |
| Cash from investing activities | — | — | — | — | — | — | — | — | — | −$87,000 | −$46,000 | −$147,388 |
| Financing activities | ||||||||||||
| Dividends paid | — | −$8,000 | — | −$8,000 | — | −$8,000 | — | −$8,000 | $0 | −$8,000 | −$8,000 | −$8,000 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$22.9M | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | — | −$410,006 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $12.0M | $414 |
| Other financing | $3.9M | −$14,000 | $1.4M | $7.7M | $8.5M | $320,000 | — | $7.6M | $6,000 | −$410,622 | $10.5M | −$1,030 |
| Cash from financing activities | $3.9M | −$22,000 | $1.4M | $7.7M | $8.5M | $312,000 | — | $7.6M | $6,000 | −$418,622 | −$418,622 | −$418,622 |
| Summary | ||||||||||||
| Net change in cash | $1.7M | −$2.5M | −$2.5M | $3.0M | $2.7M | −$3.6M | −$6.0M | $2.3M | −$6.2M | −$7.4M | −$7.4M | −$7.4M |
| Cash at end of period | $4.3M | $2.6M | $5.1M | $7.6M | $8.6M | $5.9M | $9.5M | $15.5M | $13.3M | $17.0M | $17.0M | $17.0M |
| Free cash flow | −$6.3M | −$2.5M | −$3.8M | −$4.7M | −$5.8M | −$3.9M | −$6.0M | −$5.5M | −$6.2M | −$7.0M | −$7.0M | −$7.0M |
| Free cash flow margin | −1,294.5% | −5,336.2% | −8,187.2% | −27,529.4% | −11,423.5% | — | — | — | — | — | — | — |
| Capex / revenue | 3.9% | 529.8% | 214.9% | 111.8% | 0.0% | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BTX cash generation
In fiscal 2025 (ended December 31, 2025), BlackRock Technology and Private Equity Term generated $877.8 million of cash from operations (up 216.7%) and spent $0 on capital expenditures, leaving free cash flow of $877.8 million, 7,643.3% of revenue. It returned $877.4 million to shareholders through dividends ($153.4 million) and net share buybacks ($724.0 million). Cash and equivalents rose by $0.4 million over the year.
Related: BTX income statement, BTX balance sheet, BTX dividend history. See the BTX stock overview for the latest quote and news.
BTX cash flow FAQ
What is BlackRock Technology and Private Equity Term's free cash flow?
BlackRock Technology and Private Equity Term's free cash flow was $877.8 million in fiscal 2025: $877.8 million of operating cash flow minus $0 of capital expenditures It was $277.2 million a year earlier..
How much cash does BlackRock Technology and Private Equity Term generate from operations?
BlackRock Technology and Private Equity Term generated $877.8 million of cash from operating activities in fiscal 2025, 101.06 times its net income of $8.7 million.
How much stock does BlackRock Technology and Private Equity Term buy back?
BlackRock Technology and Private Equity Term spent $724.0 million on net share repurchases in fiscal 2025.
How much does BlackRock Technology and Private Equity Term pay in dividends?
BlackRock Technology and Private Equity Term paid $153.4 million in dividends in fiscal 2025, 17.5% of free cash flow.