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Bank of America joint Form 3 reports $50M BMN preferred stake

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Bank of America Corporation and its wholly owned subsidiary Banc of America Preferred Funding Corp. jointly filed an Initial Statement of Beneficial Ownership reporting purchase of 500 variable rate demand preferred shares of BlackRock 2037 Municipal Target Term Trust (BMN). The shares were acquired by the subsidiary at a purchase price of $100,000 per share, producing an aggregate notional cost of $50,000,000. The filing lists the reporting date as 10/01/2025 and includes signed declarations dated 10/07/2025.

The filing clarifies that the ownership is indirect for Bank of America via its subsidiary, and that the filing is not an admission of any group or partnership status under Section 13(d). No derivative positions, options, or other securities are reported on this Form 3.

Positive

  • Clear disclosure of share count (500) and purchase price ($100,000 per share)
  • Joint filing clarifies ownership structure: subsidiary purchase with indirect parent interest
  • No derivatives reported, simplifying the ownership picture

Negative

  • Large notional amount ($50,000,000) may be material to the subsidiary's funding allocations
  • Form 3 only — no additional context on intent, voting arrangements, or financing source

Insights

TL;DR: A bank subsidiary acquired 500 preferred shares of BMN totaling $50M, held indirectly by Bank of America.

The acquisition reflects a direct purchase by Banc of America Preferred Funding Corp. of 500 variable rate demand preferred shares at $100,000 per share. Ownership is reported as indirect for the parent, indicating balance-sheet placement within a financing vehicle rather than a public equity stake by the parent.

The primary dependency is the subsidiary financing and Bank of America's consolidation/ownership structure; risks are limited to capital allocation and liquidity effects within the group. Monitor any subsequent Forms 4 or 13D/G for changes in intent or voting power over the next reporting cycle.

TL;DR: The Form 3 meets Section 16 disclosure norms and expressly disclaims group status under Section 13(d).

The filing includes the required signatures and dates, specifies indirect ownership, and states the purchase price and share count. It reports no derivative holdings, meeting Form 3 expectations for an initial beneficial-ownership notice by insiders or affiliated entities.

Watch for follow-on filings that would disclose changes in holdings or transactions; any transfer of voting control or additional purchases would trigger further SEC reporting within established timeframes.

Insider BANK OF AMERICA CORP /DE/, Banc of America Preferred Funding Corp
Role 10% Owner | 10% Owner
Type Security Shares Price Value
holding VARIABLE RATE DEMAND PREFERRED SHARES -- -- --
Holdings After Transaction: VARIABLE RATE DEMAND PREFERRED SHARES — 500 shares (Indirect, By Subsidiary)
Footnotes (3)
  1. F1. The 500 variable rate demand preferred shares ("Shares") reported as acquired in Table I represent Shares of Blackrock 2037 Municipal Target Term Trust (the "Issuer") beneficially owned by Banc of America Preferred Funding Corporation ("PFC"). The Shares were purchased by PFC from the Issuer. The Shares were acquired for a purchase price of $100,000 per share. PFC is a wholly owned subsidiary of Bank of America Corporation ("Bank of America").
  2. F2. This statement is jointly filed by Bank of America and PFC. Bank of America holds an indirect interest in the securities listed in Table I (the "Securities") by virtue of its indirect ownership of its subsidiary PFC.
  3. F3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

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FAQ

What did Bank of America (BAC) report in the Form 3 filing?
The filing reports that Banc of America Preferred Funding Corp., a wholly owned subsidiary of Bank of America, purchased 500 variable rate demand preferred shares of BlackRock 2037 Municipal Target Term Trust (BMN) at $100,000 per share.

How much was paid for the BMN shares reported by BAC?
The reported purchase price was $100,000 per share, totaling $50,000,000 for 500 shares.

Is Bank of America the direct owner of the BMN shares?
No. The shares are directly owned by Banc of America Preferred Funding Corp. and Bank of America holds an indirect interest through its ownership of that subsidiary.

Did the Form 3 disclose any derivative securities or options?
No. Table II for derivative securities reports no positions; only the 500 non-derivative preferred shares are listed in Table I.

When was the transaction and when was the Form 3 signed?
The date of the event requiring the statement is 10/01/2025 and the Form 3 contains authorized signatures dated 10/07/2025.
SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
BANK OF AMERICA CORP /DE/
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
10/01/2025 		3. Issuer Name and Ticker or Trading Symbol
BlackRock 2037 Municipal Target Term Trust [ BMN ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
VARIABLE RATE DEMAND PREFERRED SHARES 500(1) I(2) By Subsidiary(2)(3)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
BANK OF AMERICA CORP /DE/
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Banc of America Preferred Funding Corp
(Last) (First) (Middle)
214 NORTH TRYON STREET
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The 500 variable rate demand preferred shares ("Shares") reported as acquired in Table I represent Shares of Blackrock 2037 Municipal Target Term Trust (the "Issuer") beneficially owned by Banc of America Preferred Funding Corporation ("PFC"). The Shares were purchased by PFC from the Issuer. The Shares were acquired for a purchase price of $100,000 per share. PFC is a wholly owned subsidiary of Bank of America Corporation ("Bank of America").
2. This statement is jointly filed by Bank of America and PFC. Bank of America holds an indirect interest in the securities listed in Table I (the "Securities") by virtue of its indirect ownership of its subsidiary PFC.
3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
/s/ Authorized Signatory, Andres Ortiz 10/07/2025
/s/ Authorized Signatory, Andres Ortiz 10/07/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR