Blackrock 2037 Municipal Target Term Trust
BMN
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- John M. Perlowski
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 55 East 52nd Street New York City NY United States of America 10055
- IPO Date
- Oct 27, 2022
- CIK
- 0001832871
- Website
- blackrock.com
- Similar Companies
- Business
- BlackRock 2037 Municipal Target Term Trust (NYSE: BMN) is a closed-end management investment trust launched by BlackRock, Inc. and managed by BlackRock Advisors, LLC. The Trust seeks to provide current income exempt from regular federal income tax (but potentially subject to the federal alternative minimum tax) and to return $25.00 per common share, its initial public offering price, to common shareholders on or about September 30, 2037. Under normal market conditions, it invests at least 80% of its managed assets in municipal securities, primarily investment-grade issues rated Baa or BBB or better by Moody's, S&P, or Fitch (or unrated securities of comparable quality), with a dollar-weighted average maturity actively managed to approximate the Trust's term date. The Trust's portfolio emphasizes fixed-income municipal bonds across U.S. markets, including securities such as tobacco settlement revenue bonds, economic development financings, and various state and local general obligation or revenue bonds; it may employ modest leverage through instruments like tender option bonds (TOB) and variable rate demand preferred shares (VRDP) to enhance returns. Top holdings as of recent reports include TOB trusts backed by issues like Pennsylvania Economic Development Financing Authority bonds and various 144A private placements maturing around or beyond 2043, with exposure diversified across sectors such as health care, transportation, and utilities. The Trust trades on the New York Stock Exchange, targets high-tax-bracket investors seeking tax-efficient income from U.S. municipal debt, and operates solely within the United States. Founded in 2020 and headquartered at 50 Hudson Yards, New York, New York, the Trust is domiciled in the United States with a CIK of 0001832871; its CEO is listed as John M. Perlowski. In a key recent development, the Trust issued and placed $50 million of VRDP shares in October 2025 pursuant to a private offering exempt from Securities Act registration, with proceeds deployed to increase leverage and support earnings accretion amid expectations of sustained higher interest rates. This strategic move aligns with the Trust's objectives by amplifying tax-exempt income potential while maintaining an investment-grade municipal focus, as affirmed by 'AA'/'Aa3' ratings from Fitch and Moody's on the VRDP shares.