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BlackRock 2037 Municipal Target Term Trust files Post-Effective Amendment No. 1 to its Form N-2 registration statement, submitting exhibits and confirming that the amendment becomes effective immediately under Rule 462(d). The filing incorporates the 2025 Annual Report and multiple governance and service agreements by reference.
The filing lists estimated offering expenses totaling $124,403, states there were 4 record holders as of June 12, 2026, and attaches a Distribution Agreement and Sub-Placement Agent Agreement. Signatures include the President and principal officers, with the filing signed on July 2, 2026.
BlackRock 2037 Municipal Target Term Trust is offering up to 2,000,000 common shares of beneficial interest under a Prospectus Supplement dated July 2, 2026. The Trust may sell shares from time to time through UBS Securities LLC acting as sub-placement agent under a Distribution Agreement with BlackRock Investments, LLC.
The Prospectus Supplement states the Trust’s NAV was $25.98 per share and the NYSE last sale price was $25.68 per share as of June 25, 2026. The Trust will not sell shares below NAV (exclusive of commissions), will pay the Distributor a 1.00% commission (sub-placement agent may receive up to 0.80%), and estimates net proceeds of approximately $50,722,207 if all offered shares sell at $25.68. Sales may occur in negotiated or at-the-market transactions; timing and amounts are at the Trust’s and Distributor’s discretion.
BlackRock 2037 Municipal Target Term Trust filed a preliminary base prospectus to offer, from time to time, up to 2,000,000 common shares. The Trust’s objective is tax-exempt current income and to return $25.00 per common share on or about September 30, 2037. As of June 12, 2026, the Trust reported a net asset value of $25.89 per share and a market price of $26.26 per share (a 1.43% premium). The prospectus summarizes investment policies (municipal securities, PABs, high-yield exposure up to 35% of Managed Assets), leverage and senior securities (including 500 Series W-7 VRDP Shares outstanding). The offering will be made under a shelf; specific terms will appear in future prospectus supplements.
BlackRock 2037 Municipal Target Term Trust files a registration statement to offer common shares and subscription rights under a shelf prospectus for issuance from time to time. The Trust’s objective is to provide federally tax-exempt current income and to return $25.00 per common share on or about September 30, 2037, with no assurance this will be achieved.
The Trust uses leverage (including Series W-7 VRDP preferred shares and TOB Residuals) and currently had VRDP Shares outstanding with a liquidation preference shown as $50,000 (000) in the financial tables. The Trust’s NAV per share and market price history are presented in the prospectus; the advisor is BlackRock Advisors, LLC and the Trust’s common shares trade on the NYSE under the symbol BMN.
BlackRock 2037 Municipal Target Term Trust (BMN) files its certified shareholder report for the period ended December 31, 2025. The Trust reports $158,354,531 in net assets, a net asset value of $25.76 per common share and a closing market price of $26.18. The Trust used leverage equal to 39% of managed assets and had $50,000,000 of VRDP Shares outstanding and TOB Trust Certificates of $51,269,998.
The report details portfolio composition (major sector exposures: Health 21.8%, Transportation 20.5%), credit quality breakdown (investment grade majority), performance (1-year NAV return 4.76%, market price return 7.01%), and consolidated financial statements showing net investment income of $6,863,863 and net increase from operations of $7,158,391.
BlackRock 2037 Municipal Target Term Trust portfolio manager Phillip Soccio reported routine compensation-related transactions on January 30, 2026. He received 76.5111 phantom shares at $26.14 each, which are cash-settled units economically equivalent to common stock and subject to vesting.
Soccio also exercised previously granted phantom shares from 2024 and 2025 awards, converting 24.5376 and 30.1916 phantom shares into 54.7292 common shares. All 54.7292 common shares were then sold at $26.14 per share, leaving him with zero directly held common shares and 30.1916 phantom shares outstanding.
BlackRock 2037 Municipal Target Term Trust portfolio manager Christian Romaglino reported phantom share awards and related stock transactions. On January 30, 2026, he received 76.9893 phantom shares, each economically equivalent to one common share and payable in cash as they vest over three years.
On the same date, previously granted phantom shares were settled into 73.8153 common shares, which were then sold at $26.14 per share, leaving 4,639.1826 common shares held directly.
Bank of America Corporation and its subsidiary BofA Securities, Inc., as joint reporting persons, reported a transaction in shares of BlackRock 2037 Municipal Target Term Trust (BMN). On 11/14/2025, 1,164 shares of common stock were acquired in an open market purchase at a price of $24.76 per share. Following this transaction, 1,164 shares were reported as beneficially owned on an indirect basis.
The reporting persons state that Bank of America Corporation’s interest in these securities is indirect through its 100% ownership of BofA Securities, Inc. They expressly disclaim beneficial ownership of the reported securities except to the extent of any pecuniary interest. They also state that the filing should not be construed as an admission that they are part of any group or a greater than 10% beneficial owner. Additionally, they indicate that any profit potentially recoverable by the issuer under Section 16(b) of the Exchange Act, assuming such status applied, will be remitted to the issuer.