SCHEDULE: BlackRock Discloses Exelon Stake

BlackRock, Inc. has filed an amended Schedule 13G, reporting beneficial ownership of 10.1% of Exelon Corporation's common stock as of June 30, 2026.

Summary

• BlackRock, Inc. has filed an amendment to its Schedule 13G filing concerning Exelon Corporation.
• As of June 30, 2026, BlackRock, Inc. beneficially owns 103,668,925 shares of Exelon Corporation's common stock.
• This represents 10.1% of the class of securities.
• BlackRock, Inc. has sole voting power over 95,799,095 shares and sole dispositive power over 103,668,925 shares.
• The filing clarifies that this ownership is held in the ordinary course of business and not for the purpose of influencing control of Exelon Corporation.
• Exhibit 99 lists various BlackRock subsidiaries and affiliates that may be involved in the beneficial ownership, with an asterisk indicating entities that beneficially own 5% or greater of the outstanding shares of the security class being reported.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It is a routine disclosure of institutional ownership and does not provide new operational or financial information about Exelon Corporation itself.

Positives

• BlackRock, a significant institutional investor, maintains a substantial stake in Exelon Corporation, indicating confidence in the company's long-term prospects.
• The filing confirms that the shares are held in the ordinary course of business, suggesting a passive investment approach rather than an attempt to gain control.

Negatives

• The filing does not contain any negative financial or operational information about Exelon Corporation; it solely pertains to BlackRock's ownership stake.

Risks

• While not explicitly stated as a risk in this filing, significant institutional ownership can lead to increased shareholder activism or pressure on management for strategic changes.
• The power of attorney document indicates that BlackRock's attorneys-in-fact are authorized to execute filings related to ownership and control-person reporting requirements, which could imply ongoing monitoring and potential adjustments to holdings.

Future Outlook

This filing is a reporting of current ownership and does not contain forward-looking statements or guidance from Exelon Corporation. BlackRock's future outlook on Exelon is not disclosed in this document.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."
• "Any such determination by an attorney-in-fact named herein shall be conclusively evidenced by such person's execution, delivery, furnishing or filing of the applicable document."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are standard for institutional investors like BlackRock when their ownership stake in a public company crosses a certain threshold. This filing indicates BlackRock's continued significant investment in the utility sector, specifically in Exelon Corporation, a major player in energy delivery.

Corporate Governance

Stakeholder Impact

• Shareholders: The filing confirms BlackRock's significant investment, which can be viewed positively as a sign of institutional confidence. However, it also means a large portion of shares are held by a single entity, potentially influencing voting outcomes.
• Management of Exelon Corporation: BlackRock's substantial stake and its stated intent to hold shares in the ordinary course of business suggest a focus on long-term value. However, significant institutional ownership can also lead to increased scrutiny and potential pressure from the investor.
• Other Investors: The disclosure provides transparency regarding major ownership, allowing other investors to better understand the shareholder base.

Next Steps

• BlackRock will continue to monitor its investment in Exelon Corporation and may file amendments to this Schedule 13G if there are material changes in its beneficial ownership.
• The power of attorney granted to BlackRock personnel allows for the execution of necessary filings to comply with ongoing reporting requirements.

Key Dates

Keywords

Schedule 13G, BlackRock, Exelon Corporation, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Ownership Stake, Voting Power, Dispositive Power