Form 4: Bank of America Reports BlackRock BMN Stock Purchase

Bank of America Corporation and BofA Securities, Inc. jointly reported the acquisition of 1,164 shares of BlackRock 2037 Municipal Target Term Trust common stock.

Summary

• Bank of America Corporation and BofA Securities, Inc. (collectively, the "Reporting Persons") jointly filed a Form 4.
• The Reporting Persons acquired 1,164 shares of COMMON STOCK of BlackRock 2037 Municipal Target Term Trust (BMN).
• The transaction occurred on November 14, 2025, at a price of $24.76 per share.
• Following this transaction, the Reporting Persons beneficially own 1,164 shares indirectly.
• Bank of America Corporation holds an indirect interest in these securities through its 100% ownership of BofA Securities, Inc.
• The Reporting Persons are identified as 10% owners and potentially directors of the Issuer.
• They disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest.
• The filing states it should not be deemed an admission that the Reporting Persons are acting as a partnership, syndicate, or group for purposes of Section 13(d) of the Exchange Act.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of an insider transaction, providing factual details of a stock purchase without offering performance metrics or strategic updates that would typically influence sentiment. The disclaimers regarding beneficial ownership and Section 16(b) liability are standard for institutional filers.

Positives

• A major financial institution, Bank of America, is increasing its stake in BlackRock 2037 Municipal Target Term Trust, which could be interpreted as a vote of confidence in the fund.

Risks

• The Reporting Persons acknowledge the potential for short-swing profit recovery under Section 16(b) of the Exchange Act if they are deemed greater than 10% beneficial owners and the transactions are subject to this rule. They state that any such recoverable profit would be remitted to the Issuer.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing, as it is a report of a past transaction.

Management Comments

• "This statement is jointly filed by Bank of America Corporation and BofA Securities, Inc. (collectively, the 'Reporting Persons')."
• "Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the 'Exchange Act'), or for any other purpose."
• "Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer."

Industry Context

Form 4 filings are routine disclosures for insiders (officers, directors, and 10% owners) reporting changes in their beneficial ownership of company securities. This specific filing indicates an institutional investor, Bank of America, is increasing its stake in a BlackRock municipal bond fund, which is a common activity for large financial entities managing diverse portfolios.

Corporate Governance

Related Party Transactions

• The transaction involves a 10% owner (Bank of America Corporation and BofA Securities, Inc.) acquiring shares of the Issuer (BlackRock 2037 Municipal Target Term Trust), which is considered an insider transaction.

Stakeholder Impact

• Shareholders: A minor increase in institutional ownership by a significant financial entity, which may be viewed positively as a sign of confidence.

Key Dates

Keywords

BlackRock 2037 Municipal Target Term Trust, BMN, Bank of America, BofA Securities, insider transaction, beneficial ownership, Form 4, SEC filing, stock purchase, institutional investment, municipal bonds