BlackRock Resources & Commodities Strategy Trust Business Summary

BlackRock Resources & Commodities Strategy Trust (BCX) is a closed-end equity fund designed to provide high current income and capital appreciation by investing at least 80% of its assets in the natural resources and commodities sectors. The Trust generates revenue primarily through a management fee structure based on net assets, while utilizing a specialized strategy of writing (selling) covered call options on a portion of its equity holdings to enhance distribution yield and mitigate volatility. Its portfolio is strategically diversified across three primary sub-sectors: Energy (e.g., Shell, Exxon Mobil), Mining (e.g., Wheaton Precious Metals), and Agriculture. As of February 2026, BCX maintains a competitive position in the closed-end fund market by offering a high-yield alternative to traditional sector ETFs, frequently trading at a discount to its Net Asset Value (NAV). It competes directly with other resource-focused vehicles such as the Adams Natural Resources Fund (PEO), BlackRock Energy and Resources Trust (BGR), and the abrdn Global Dynamic Dividend Fund (AGD), distinguishing itself through its integrated option-writing overlay and global equity exposure. Leadership of the Trust is spearheaded by a veteran portfolio management team within BlackRock’s Fundamental Equity division, led by Managing Director Alastair Bishop and Director Tom Holl. Bishop, who joined BlackRock in 2010 from Piper Jaffray, specializes in global energy and thematic sector strategies, while Holl, a member of the team since the 2006 Merrill Lynch Investment Managers merger, focuses on mining and gold equity research. The Trust is overseen by a consolidated Board of Trustees for BlackRock’s closed-end funds, which includes prominent figures such as John M. Perlowski (President and Chief Executive Officer of the Trust) and independent trustees like Cynthia L. Egan and Catherine A. Lynch. This leadership team is supported by BlackRock’s institutional infrastructure, leveraging the firm’s proprietary Aladdin risk management platform to execute its complex derivative strategies. As of early 2026, the board has remained active in shareholder value initiatives, recently implementing a Discount Management Program (DMP) to address market price deviations from NAV.