Company: BCAT
Filing Date: 2025-03-07
Form Type: N-CSR
Source: 0001193125-25-049576
Chunk: 112

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-03-07
Form: N-CSR
Chunk 112
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 against which the performance
of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the
performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1- and 5-year periods, as applicable, is generally assessed over trailing 1-, 3- and 5-year periods relative to benchmarks plus an alpha target as well as against peer groups. With respect to these portfolio
managers in relation to these portfolios, the benchmarks for the Fund and other accounts are:

| Portfolio Manager        |     | Benchmark                                                                                                                                                                                                 |
| Russ Koesterich, CFA, JD 
 Rick Rieder              |     | S&P 500 Index, FTSE World ex-US Index, ICE BofA Current 5-Year Treasury Index, FTSE Non-US Dollar World Government Bond Index, MSCI World Net TR Index and MSCI ACWI Minimum Volatility (USD) Index (USD) |
| Randy Berkowitz, CFA     |     | MSCI ACWI Minimum Volatility (USD) Index (USD) and MSCI World Net TR Index                                                                                                                                |
| Sarah Thompson, CFA      |     | MSCI World Net TR Index                                                                                                                                                                                   |

Distribution of Discretionary Incentive Compensation.Discretionary incentive compensation is
distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

6

Portfolio managers receive their annual discretionary incentive compensation in the form of cash.
Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in
the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional
deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are
generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the