The portfolio is heavily concentrated in Level 3 private biotechnology assets, which, despite a 1.06 P/B ratio, creates significant valuation uncertainty that may not fully account for current sector-wide price compression.
| Metric | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 0 | 367 | 335 | 1.1K |
| Cash & Short-Term Investments | 0 | 367 | 335 | 1.1K |
| Cash Only | 0 | 367 | 335 | 1.1K |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 66.69K | 332.88K | 4.18M | 6.39M |
| Days Sales Outstanding | 0.6 | 0.56 | -0.92 | -3.65 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | -75.43K | -349.5K | -4.18M | -6.48M |
| Total Non-Current Assets | 0 | 2.07B | 2.06B | 4.02B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.81B | 2.07B | 2.05B | 4.01B |
| Other Non-Current Assets | -1.81B | 349.5K | 4.18M | 6.51M |
| Total Assets | 1.81B | 2.07B | 2.06B | 4.02B |
| Asset Turnover | 0.02x | 0.10x | -0.80x | -0.16x |
| Asset Growth % | -12.51% | 0.51% | -48.83% | - |
| Total Current Liabilities | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 17.72M | 4.31M |
| Days Payables Outstanding | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -2.56M | -2.99M | -23.02M | -21.15M |
| Current Ratio | - | - | - | - |
| Quick Ratio | - | - | - | - |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 23.6M | 40.69M | 30.18M | 37.54M |
| Total Debt | 0 | 0 | 0 | 0 |
| Net Debt | 0 | -367 | -335 | -1.1K |
| Debt / Equity | - | - | - | - |
| Debt / EBITDA | - | - | - | - |
| Net Debt / EBITDA | - | -0.00x | - | - |
| Interest Coverage | 2313.25x | 141140.11x | - | - |
| Total Equity | 1.78B | 2.03B | 2.03B | 3.98B |
| Equity Growth % | -11.92% | -0% | -49.1% | - |
| Book Value per Share | 8.27 | 9.39 | 8.45 | 16.03 |
| Total Shareholders' Equity | 1.78B | 2.03B | 2.03B | 3.98B |
| Common Stock | 3.72B | 4.02B | 4.25B | 4.59B |
| Retained Earnings | -1.94B | -2B | -2.22B | -605.36M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
NAV discount and liquidity
As reported in financial disclosures, the trust's asset base is heavily weighted toward Level 3 private biotechnology holdings, which are marked-to-model rather than marked-to-market, creating significant valuation uncertainty that may not fully capture the current interest rate-driven compression in the broader innovation and growth equity sectors.
The reliance on internal valuation models for private assets suggests that the reported net asset value may lag behind real-time market corrections. Investors should monitor whether these carrying values remain defensible if the current IPO window remains closed for an extended period.
Based on the trust's reported figures, there is a persistent risk that distributions are being funded through Return of Capital rather than genuine investment earnings, which appears to be a structural concern given the significant volatility in realized gains and the trust's current income generation profile.
This practice may erode the trust's net asset value over time, effectively returning principal to shareholders instead of distributing profits. Analysts should scrutinize the composition of future distributions to determine if they are supported by actual investment performance or if they represent a depletion of the capital base.
According to institutional analysis of the trust's structure, the closed-end term nature provides a locked-in capital base that mitigates the risk of forced liquidations, yet this structural advantage is currently offset by the lack of liquidity in the underlying private biotechnology and technology portfolio holdings.
While the trust avoids the redemption pressures faced by open-ended peers, its inability to easily exit private positions during market downturns limits its tactical flexibility. The current liquidity profile appears to be a function of the trust's mandate rather than a reflection of its immediate cash-generating capacity.
As indicated by the persistent discount to NAV, the market appears to be pricing in significant skepticism regarding the carrying value of the trust's private assets, which may be masking the true economic impact of the current downturn in the biotechnology and innovation growth sectors.
The discrepancy between market pricing and reported NAV suggests that investors are discounting the trust's ability to realize gains at the stated book values. This warrants further investigation into the sensitivity of the trust's private holdings to changes in the cost of capital and broader market liquidity.
Quick answers to the most common questions about buying BTX stock.
As of 2024, BlackRock Technology and Private Equity Term Trust (BTX) had total assets of $1.81B including $0.0M in current assets.
BlackRock Technology and Private Equity Term Trust (BTX) carries total debt of $0.0M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BlackRock Technology and Private Equity Term Trust (BTX) has total shareholders' equity (book value) of $1.78B ($8.27 book value per share). Book value represents the net worth of the company belonging to common stock holders.