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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Technology and Private Equity Term Trust (BTX)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
(formerly known as BlackRock Innovation and Growth Term Trust (BIGZ))
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 1.3%
Archer Aviation, Inc., Class A(a)
 
297,603
$ 2,851,037
BWX Technologies, Inc.
 
45,961
8,473,830
Relativity Space, Inc.(a)(b)
 
30,412
31,324
 
 
11,356,191
Automobiles — 1.1%
Tesla, Inc.(a)
 
22,587
10,044,891
Broadline Retail — 1.6%
MercadoLibre, Inc.(a)
 
6,263
14,636,255
Capital Markets — 1.0%
Bullish(a)(c)
 
44,826
2,851,382
Cboe Global Markets, Inc.
 
25,477
6,248,234
 
 
9,099,616
Communications Equipment — 3.3%
Accton Technology Corp.
 
301,000
10,408,944
Lumentum Holdings, Inc.(a)
 
122,474
19,927,745
 
 
30,336,689
Consumer Finance — 0.7%
SoFi Technologies, Inc.(a)
 
238,927
6,312,451
Diversified Consumer Services — 1.1%
Grammarly, Inc., (Acquired 11/17/21, Cost:
$26,250,012)(a)(b)(d)
 
1,001,454
10,214,831
Electrical Equipment(a) — 1.7%
Doosan Enerbility Co. Ltd.
 
172,895
7,726,154
Siemens Energy AG
 
69,449
8,165,752
 
 
15,891,906
Electronic Equipment, Instruments & Components — 5.4%
Celestica, Inc.(a)
 
95,898
23,627,349
Elite Material Co. Ltd.
 
164,000
6,637,281
Fabrinet(a)
 
52,507
19,145,102
 
 
49,409,732
Entertainment — 6.3%
Konami Group Corp.
 
40,800
5,885,888
Nintendo Co. Ltd.
 
98,500
8,522,145
Spotify Technology SA(a)
 
26,990
18,839,020
Take-Two Interactive Software, Inc.(a)
 
58,117
15,015,108
Tencent Music Entertainment Group, ADR
 
400,616
9,350,377
 
 
57,612,538
Financial Services — 0.5%
Chime Financial, Inc., Class A(a)
 
245,104
4,943,748
Independent Power and Renewable Electricity Producers — 1.1%
Talen Energy Corp.(a)
 
23,628
10,050,879
Interactive Media & Services — 0.4%
Patreon, Inc., (Acquired 08/19/21, Cost:
$11,732,736)(a)(b)(d)
 
208,333
3,987,494
IT Services — 4.2%
Cloudflare, Inc., Class A(a)
 
61,838
13,269,816
NEC Corp.
 
232,800
7,451,716
Snowflake, Inc., Class A(a)(e)
 
79,388
17,905,963
 
 
38,627,495
Security
 
 
Shares
Value
Life Sciences Tools & Services — 0.7%
Tempus AI, Inc., Class A(a)(c)
 
81,659
$ 6,590,698
Media(a) — 3.7%
MNTN, Inc., Class A(c)
 
419,134
7,774,936
Via 6m Lock Up
 
549,357
26,413,084
 
 
34,188,020
Professional Services — 0.8%
Thomson Reuters Corp.
 
46,274
7,187,740
Semiconductors & Semiconductor Equipment — 23.9%
Advantest Corp.
 
165,900
16,414,594
Alchip Technologies Ltd.
 
94,000
10,798,252
Amkor Technology, Inc.
 
314,108
8,920,667
ASMPT Ltd.
 
820,700
8,654,680
Astera Labs, Inc.(a)
 
117,665
23,038,807
Credo Technology Group Holding Ltd.(a)
 
145,816
21,232,268
KLA Corp.
 
9,366
10,102,168
Monolithic Power Systems, Inc.
 
16,492
15,183,195
NVIDIA Corp.(e)
 
467,888
87,298,543
Tower Semiconductor Ltd.(a)
 
228,414
16,514,332
 
 
218,157,506
Software(a) — 12.4%
AppLovin Corp., Class A
 
26,952
19,366,090
Databricks, Inc.(b)
 
100,000
15,000,000
Guidewire Software, Inc.
 
33,540
7,709,504
Palantir Technologies, Inc., Class A
 
50,253
9,167,152
Samsara, Inc., Class A
 
134,306
5,002,899
ServiceTitan, Inc., Class A(c)
 
39,342
3,966,854
SiteMinder Ltd.
 
812,939
3,874,366
Snorkel AI, Inc., (Acquired 06/30/21, Cost:
$2,999,997)(b)(d)
 
199,738
1,222,397
Snyk Ltd., Ordinary Shares, (Acquired 09/02/21, Cost:
$25,961,537)(b)(d)
 
1,809,860
9,302,680
Synopsys, Inc.
 
21,113
10,416,943
Teya Services Ltd., (Acquired 11/16/21, Cost:
$49,999,974)(b)(d)
 
25,742
8,421,495
Unity Software, Inc.
 
192,955
7,725,918
Via Transportation, Inc., Class A(c)
 
68,611
3,298,817
Xero Ltd.
 
81,983
8,554,524
 
 
113,029,639
Technology Hardware, Storage & Peripherals — 2.3%
Asia Vital Components Co. Ltd.
 
212,000
6,895,652
Pure Storage, Inc., Class A(a)
 
163,785
13,726,821
 
 
20,622,473
Total Common Stocks — 73.5%
(Cost: $646,900,023)
672,300,792
Preferred Securities
Preferred Stocks — 26.4%(b)
Aerospace & Defense — 0.2%
SkySafe, Inc., Series B, (Acquired 12/02/21, Cost:
$4,999,999)(a)(d)
 
909,438
1,318,685
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
(formerly known as BlackRock Innovation and Growth Term Trust (BIGZ))
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Capital Markets(a)(d) — 1.1%
Anchor Labs, Inc., Series D, (Acquired 11/24/21, Cost:
$9,999,995)
 
428,785
$ 4,703,772
Varo Money, Inc., Series E, (Acquired 08/27/21, Cost:
$40,000,001)
 
4,316,904
5,698,313
 
 
10,402,085
Diversified Consumer Services — 0.4%
Grammarly, Inc., Series 3, (Acquired 11/17/21, Cost:
$8,750,004)(a)(d)
 
333,818
3,404,944
Diversified Telecommunication Services — 0.9%
Discord, Inc., Series I, (Acquired 09/13/21, Cost:
$17,999,912)(a)(d)
 
32,690
8,492,208
Entertainment — 0.9%
Under Canvas, Inc., Class A, (Acquired 08/19/21, Cost:
$49,999,983)(a)(d)
 
2,172,486
8,385,796
Food Products — 0.0%
Motif Food Works, Inc., Series B, (Acquired 06/08/21,
Cost: $30,832,343)(d)
 
1,972,240
176,318
Hotels, Restaurants & Leisure — 0.2%
Dapper Labs, Inc., Series 7, (Acquired 07/20/21, Cost:
$29,999,946)(a)(d)
 
191,067
2,019,578
Interactive Media & Services — 0.9%
Patreon, Inc., Series D, (Acquired 07/14/21, Cost:
$23,333,352)(a)(d)
 
416,667
7,975,006
IT Services — 0.5%
Wagestream Holdings Ltd., Series C, (Acquired 02/11/22,
Cost: $4,354,304)(a)(d)
 
331,305
4,718,607
Semiconductors & Semiconductor Equipment(a) — 7.8%
PsiQuantum Corp., Series D, (Acquired 05/21/21, Cost:
$39,999,990)(d)
 
1,525,192
62,609,131
Rivos, Inc., Series A1
 
2,997,684
8,873,145
 
 
71,482,276
Software(d) — 13.5%
Anthropic PBC, Series F, (Acquired 08/18/25, Cost:
$16,999,988)(a)
 
120,595
17,000,277
AnyRoad, Inc., Series B, (Acquired 12/07/21, Cost:
$14,999,995)(a)
 
2,745,894
8,567,189
Bolt Financial, Inc., Series E, (Acquired 01/18/22, Cost:
$0)(a)
 
898,024
9
Deepgram, Inc., Series B, (Acquired 10/22/21, Cost:
$11,999,997)(a)
 
2,165,400
18,600,786
Dragos, Inc., Series D, (Acquired 09/28/21, Cost:
$39,999,959)(a)
 
900,760
33,111,938
Genesys Cloud Services, Inc., (Acquired 11/24/21, Cost:
$25,259,768)
 
3,916,230
14,098,428
Security
 
 
Shares
Value
Software (continued)
Open Space Labs, Inc., Series D, (Acquired 01/31/22,
Cost: $15,000,003)(a)
 
1,687,916
$ 10,903,937
Snorkel AI, Inc., Series C, (Acquired 06/30/21, Cost:
$10,999,993)(a)
 
732,373
5,595,330
Snyk Ltd., Series F, (Acquired 09/02/21, Cost:
$24,038,470)(a)
 
1,685,092
8,661,373
Validere Technologies, Inc., Series B, (Acquired 10/21/21,
Cost: $10,000,000)(a)
 
4,684,060
6,651,365
 
 
123,190,632
Specialty Retail — 0.0%
Super73, Inc., Series C-1, (Acquired 10/25/22, Cost:
$12,000,000)(a)(d)
 
1,400,669
14
 
241,566,149
Total Preferred Securities — 26.4%
(Cost: $449,564,294)
241,566,149
Total Long-Term Investments — 99.9%
(Cost: $1,096,464,317)
913,866,941
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.26%(f)(g)(h)
 
8,571,351
8,575,637
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(f)(g)
 
4,768,006
4,768,006
Total Short-Term Securities — 1.4%
(Cost: $13,343,997)
13,343,643
Total Investments — 101.3%
(Cost: $1,109,808,314)
927,210,584
Liabilities in Excess of Other Assets — (1.3)%
(12,275,600
)
Net Assets — 100.0%
$ 914,934,984
 
(a)
Non-income producing security.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(c)
All or a portion of this security is on loan.
(d)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $265,841,901, representing 29.1% of its net assets as of
period end, and an original cost of $558,512,258.
(e)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(f)
Affiliate of the Trust.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
(formerly known as BlackRock Innovation and Growth Term Trust (BIGZ))
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 14,267,970
$ —
$ (5,692,339
)(a)
$ 797
$ (791
)
$ 8,575,637
8,571,351
$ 91,773
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
2,002,846
2,765,160
(a)
—
—
—
4,768,006
4,768,006
1,627,995
—
 
$ 797
$ (791
)
$ 13,343,643
$ 1,719,768
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Aerospace & Defense
$ 11,324,867
$ —
$ 31,324
$ 11,356,191
Automobiles
10,044,891
—
—
10,044,891
Broadline Retail
14,636,255
—
—
14,636,255
Capital Markets
9,099,616
—
—
9,099,616
Communications Equipment
19,927,745
10,408,944
—
30,336,689
Consumer Finance
6,312,451
—
—
6,312,451
Diversified Consumer Services
—
—
10,214,831
10,214,831
Electrical Equipment
—
15,891,906
—
15,891,906
Electronic Equipment, Instruments & Components
42,772,451
6,637,281
—
49,409,732
Entertainment
43,204,505
14,408,033
—
57,612,538
Financial Services
4,943,748
—
—
4,943,748
Independent Power and Renewable Electricity Producers
10,050,879
—
—
10,050,879
Interactive Media & Services
—
—
3,987,494
3,987,494
IT Services
31,175,779
7,451,716
—
38,627,495
Life Sciences Tools & Services
6,590,698
—
—
6,590,698
Media
7,774,936
26,413,084
—
34,188,020
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Technology and Private Equity Term Trust (BTX)
(formerly known as BlackRock Innovation and Growth Term Trust (BIGZ))
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Common Stocks (continued)
Professional Services
$ 7,187,740
$ —
$ —
$ 7,187,740
Semiconductors & Semiconductor Equipment
182,289,980
35,867,526
—
218,157,506
Software
66,654,177
12,428,890
33,946,572
113,029,639
Technology Hardware, Storage & Peripherals
13,726,821
6,895,652
—
20,622,473
Preferred Securities
Preferred Stocks
—
—
241,566,149
241,566,149
Short-Term Securities 
Money Market Funds
13,343,643
—
—
13,343,643
 
$501,061,182
$136,403,032
$289,746,370
$927,210,584
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Preferred
Stocks
Total
Assets
Opening balance, as of December 31, 2024
$ 48,285,769
$ 394,763,266
$ 443,049,035
Transfers into Level 3
—
—
—
Transfers out of Level 3
—
—
—
Accrued discounts/premiums
—
—
—
Net realized gain (loss)
—
(25,940,425
)
(25,940,425
)
Net change in unrealized appreciation (depreciation)(a)
(65,105,557
)
53,386,956
(11,718,601
)
Purchases
65,000,009
16,999,988
81,999,997
Sales
—
(197,643,636
)
(197,643,636
)
Closing balance, as of September 30, 2025
$ 48,180,221
$ 241,566,149
$ 289,746,370
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025(a)
$ (65,105,557
)
$ 14,934,850
$ (50,170,707
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $22. 
 
Value
Valuation
Approach
Unobservable
Inputs(a)
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$48,180,221
Market
Revenue Multiple
1.05x - 18.91x
12.18x
 
 
Gross Profit Multiple
8.25x
—
 
 
Time to Exit
3.0 years - 5.0 years
3.1 years
 
 
Volatility
80% - 80%
80%
 
 
 
 
 
Preferred Stock(a)
241,566,126
Market
Revenue Multiple
2.65x - 24.00x
9.70x
 
 
Time to Exit
0.5 - 4.0 years
2.8 years
 
 
Volatility
40% - 90%
64%
 
 
Market Adjustment Multiple
0.85x - 1.10x
1.07x
 
$289,746,348
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
(b)
The fund valued certain of its Level 3 Preferred Stock using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior
transaction prices, for which inputs are unobservable, is $4,718,607 as of September 30, 2025.
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
Schedule of Investments
5