Form 4: Bank of America Affiliates Boost BlackRock Trust Stake

Bank of America Corporation and BofA Securities, Inc. reported an indirect acquisition of 1,164 shares of BlackRock 2037 Municipal Target Term Trust common stock at $24.76 per share.

Summary

• Bank of America Corporation and its subsidiary, BofA Securities, Inc., jointly filed a Form 4.
• The reporting persons acquired 1,164 shares of common stock in BlackRock 2037 Municipal Target Term Trust (BMN).
• The transaction occurred on November 14, 2025, at a price of $24.76 per share.
• Following the transaction, the reporting persons beneficially own 1,164 shares indirectly.
• Bank of America Corporation holds an indirect interest through its 100% ownership of BofA Securities, Inc.
• The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.
• A disclaimer was included regarding potential short-swing profit recovery under Section 16(b) of the Exchange Act, stating any recoverable profit would be remitted to the Issuer.

Sentiment

Score: 7

Explanation: The acquisition of shares by a significant institutional investor like Bank of America, even a relatively small number, generally indicates a positive outlook or strategic interest in the issuer, BlackRock 2037 Municipal Target Term Trust.

Positives

• A major financial institution, Bank of America, through its affiliates, increased its stake in BlackRock 2037 Municipal Target Term Trust, which can be interpreted as a vote of confidence in the trust's prospects.

Future Outlook

This filing reports a past transaction and does not contain forward-looking statements or guidance regarding the issuer's future performance or the reporting persons' future intentions beyond the scope of this specific transaction.

Management Comments

• Bank of America Corporation and BofA Securities, Inc. jointly filed this statement, with Bank of America Corporation holding an indirect interest through its 100% ownership of BofA Securities, Inc.
• Each reporting person disclaims beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.
• The reporting persons declare that the filing does not constitute an admission that they are acting as a group for Section 13(d) purposes.
• Without conceding status as a greater than 10% beneficial owner or that transactions are subject to Section 16(a) or 16(b), any profit potentially recoverable by the Issuer under Section 16(b) will be remitted to the Issuer.

Industry Context

This transaction reflects a large financial institution's investment activity within the closed-end fund space, specifically targeting a municipal bond trust. Such investments by institutional players can signal confidence in the municipal bond market or the specific trust's strategy, potentially influencing broader market sentiment for similar investment vehicles.

Comparison to Industry Standards

• Not applicable as this filing reports an insider transaction, not financial performance or operational results that can be directly compared to industry benchmarks or specific comparable companies/projects.

Legal Proceedings

• The reporting persons included a disclaimer regarding potential short-swing profit recovery under Section 16(b) of the Exchange Act, stating that if they were deemed greater than 10% beneficial owners and the transactions were subject to Section 16(b), any recoverable profit would be remitted to the Issuer.

Related Party Transactions

• The filing is jointly made by Bank of America Corporation and BofA Securities, Inc. Bank of America Corporation holds an indirect interest in the reported securities by virtue of its 100% ownership of its subsidiary, BofA Securities, Inc.

Stakeholder Impact

• Shareholders of BlackRock 2037 Municipal Target Term Trust may view the acquisition by Bank of America affiliates as a positive signal, potentially increasing confidence in the trust's value and management.
• The issuer, BlackRock 2037 Municipal Target Term Trust, could potentially benefit from any short-swing profits remitted by the reporting persons, as per the Section 16(b) disclaimer.

Key Dates

Keywords

BlackRock 2037 Municipal Target Term Trust, BMN, Bank of America, BofA Securities, Insider Trading, Beneficial Ownership, SEC Form 4, Equity Purchase, Municipal Bonds, Investment Trust