Form 4: Bank of America Divests BlackRock Trust Shares

Bank of America Corporation and BofA Securities, Inc. reported the sale of 1,164 shares of BlackRock 2037 Municipal Target Term Trust common stock at $24.56 per share.

Summary

• Bank of America Corporation and its subsidiary, BofA Securities, Inc., jointly filed a Form 4, reporting changes in beneficial ownership.
• The reporting persons disposed of 1,164 shares of common stock of BlackRock 2037 Municipal Target Term Trust (BMN).
• The transaction occurred on November 18, 2025, with shares sold at a price of $24.56 each.
• Following this transaction, the reporting persons beneficially own 0 shares of the issuer.
• Bank of America Corporation holds an indirect interest in the securities through its 100% ownership of BofA Securities, Inc.
• The reporting persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest, if any.
• They also declare that the filing does not constitute an admission of acting as a group for Section 13(d) purposes of the Exchange Act.
• Any profit potentially recoverable by the Issuer under Section 16(b) of the Exchange Act will be remitted, without conceding 10% owner status or Section 16(a) disclosure applicability.

Sentiment

Score: 4

Explanation: The filing is a factual report of a stock sale by a 10% owner. While the filing itself is neutral in tone, the complete divestment by a significant institutional holder can be perceived as a slightly negative signal by the market.

Negatives

• Reporting persons, identified as a 10% owner, disposed of all their reported beneficial ownership in the issuer, resulting in 0 shares held after the transaction.

Risks

• Potential for short-swing profit recovery by the Issuer under Section 16(b) of the Exchange Act, should the Reporting Persons be deemed greater than 10% beneficial owners and the transactions subject to the rule.

Future Outlook

NA

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any.
• Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is acting as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer.
• 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 will be remitted to the Issuer.

Industry Context

NA

Related Party Transactions

• Bank of America Corporation holds an indirect interest in the securities through its 100% ownership of its subsidiary, BofA Securities, Inc., which is a related party relationship disclosed in the filing.

Stakeholder Impact

• Shareholders: The complete divestment by a 10% owner could be interpreted by other shareholders as a signal, potentially influencing perceptions of the stock and its future performance.

Key Dates

Keywords

BlackRock 2037 Municipal Target Term Trust, BMN, Bank of America, BofA Securities, Form 4, Beneficial Ownership, Stock Sale, Insider Transaction, SEC Filing