Company: BCAT
Filing Date: 2025-09-04
Form Type: N-CSRS
Source: 0001193125-25-196039
Chunk: 0

Company: BlackRock Capital Allocation Term Trust
Filing Date: 2025-09-04
Form: N-CSRS
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-23564

| Name of Fund: |     | BlackRock Capital Allocation Term Trust (BCAT) |

| Fund Address: |     | 100 Bellevue Parkway, Wilmington, DE 19809 |

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Capital Allocation Term Trust, 50 Hudson Yards, New York, NY 10001 Registrant’s telephone number, including area code: (800) 882-0052,Option 4 Date of fiscal year end: 12/31/2025 Date of reporting period: 06/30/2025

Item 1 – Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

June 30, 2025

| 2025 Semi-Annual Report(Unaudited) |

| BlackRock Capital Allocation     
 TermTrust                        
 (BCAT)                           |
| BlackRock ESG Capital Allocation 
 TermTrust                        
 (ECAT)                           |

| Not FDIC Insured • May Lose Value • No Bank Guarantee |

Supplemental Information (unaudited)

Section 19(a) Notices BlackRock Capital Allocation Term Trust ’ s (BCAT) and BlackRock ESG Capital Allocation Term Trust ’ s (ECAT) (collectively, the “Trusts” or individually, a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes. June 30, 2025

|            |     | Total Cumulative Distributionsfor the Fiscal Period |                                     |                                    |                     |                      | % Breakdown of the Total CumulativeDistributions for the Fiscal Period |                                     |                                    |                  |                      |
| Trust Name |     |                                           NetIncome | Net RealizedCapital GainsShort-Term | Net RealizedCapital GainsLong-Term | Return ofCapital(a) | Total