BlackRock Smaller Companies Trust shares go ex-dividend on 5 November for a 2.23p quarterly payment due on 10 December, according to AJ Bell. The trust published half-year results on 22 October, its first set covering the Merger with BlackRock Throgmorton Trust.

What happened

The half-year report for the six months to 31 August 2026 and a Dividend Declaration were both issued on 22 October. According to an AI-generated summary on, NAV per share was 304.20p at 31 August, up 0.3% over the period, while the share price was 276.50p, down 1.4%.

The summary gave total Assets less current liabilities of £801.7m, up 19.1%, and Equity shareholders' funds of £732.1m, up 21.2%. Revenue return was 5.30p per share, up from 5.15p, and distributable reserves were £281.6m. The full text was not on the page retrieved, and total returns against the benchmark were absent.

The trust (LSE:BRSC) is a constituent of the FTSE All-Share index, sits in the Investment trust sector and focuses on UK smaller companies. FTSE Russell's April notice confirmed that it stayed in the FTSE 250 after the merger.

Why it matters for investors

The dividend timetable has changed since the merger took effect on 16 April. Payments moved from twice a year to quarterly from the financial year that began on 1 March. AJ Bell listed a first payment of 2.23p, which went ex-dividend on 30 July and was paid on 3 September, and now this second one, with a Record Date of 6 November.

Those per-share amounts reflect the five-for-one subdivision scheduled for 1 July. The current price level is consistent with that having taken effect, since the pre-split price at February's year end was 1,402p.

The discount has widened on the data available. The 276.50p and 304.20p figures imply about 9.1% at 31 August, on our calculation. AJ Bell now shows 13.85% against an estimated NAV of 309.91p, wider than its 12-month average of 12.64%.

Costs were a central argument for the merger. The combination documents estimated ongoing charges of about 0.63%, whereas the half-year summary gives 0.8%, described as reduced following the merger. The two figures may be on different bases, so readers should check the report itself.

The structure also includes a conditional 100% tender offer at a 4% discount, potentially every three years, the first being in 2029, if the trust underperforms its benchmark.

How the shares have performed

AJ Bell's page, retrieved on 3 November, showed a sell price of 260.50p and a buy price of 270p, against a previous close of 267p. That wide spread and a most recent listed trade of 26 October mean the quote may be stale, so it should be checked against a live source.

The 52-week range ran from 230.80p to 288.40p, and Market Capitalisation was £631.46m. The Dividend Yield shown was 3.03%. The latest NAV on the page was 309.59p, dated 22 October.

The last full-year figures, for the year to 28 February 2026, showed a NAV total return of 11.2% against 21.5% for the benchmark, while the share price returned 14.2%.

What to watch next

The 5 November ex-dividend date is the immediate item. Buyers of the shares from that date will not receive the 2.23p payment.

Transaction in Own Shares notices, the latest on 30 October, will show how actively the board is buying at this discount. A Total Voting Rights notice was issued the same day. The contents of both were not read for this report, and nor was the 30 October NAV notice, whose figures could not be retrieved.