Blackrock 2037 Municipal Target Term Trust (BMN)

BioMarin's revenue growth is strong, with Q2 2025 revenues up 16% year-over-year and full-year guidance raised to $3.125–$3.2 billion. The Inozyme acquisition brings late-stage BMN 401 for ENPP1 deficiency, with pivotal phase 3 data expected in 1H 2026 and potential first-mover advantage. Voxzogo and Palynziq continue to drive growth, with label expansions and new pipeline candidates like BMN 333 poised to further bolster its pipeline.

On Tuesday, Biomarin Pharmaceutical Inc. BMRN reported second-quarter adjusted earnings of $1.44, up 50% year over year, beating the consensus of 85 cents and sales of $825.41 million, up 16%, beating the consensus of $760.39 million.

Second Quarter 2025 Total Revenues of $825 million (+16% Y/Y and +17% at Constant Currency Y/Y) Second Quarter 2025 GAAP Diluted Earnings Per Share (EPS) of $1.23 (+124% Y/Y) Second Quarter 2025 Non-GAAP Diluted EPS of $1.44 (+50% Y/Y) BioMarin Completes Acquisition of Inozyme in July 2025; Pivotal Data from Lead Indication Expected 1H'26 BMN 333 Exceeds Targeted Exposures of Free C-type Natriuretic Peptide (CNP) in Healthy Volunteer Study; Pivotal Phase 2/3 Study with BMN 333 in Pediatric Achondroplasia Planned to Begin 1H'26 Conference Call and Webcast Scheduled Today at 4:30 p.m. ET SAN RAFAEL, Calif.

BlackRock 2037 Municipal Target Term Trust offers primarily tax-free income through a diversified muni bond portfolio. BMN's modest leverage with the Fed cutting rates puts the fund in a unique position to potentially start adding further leverage. Despite a lower distribution yield compared to some muni peers, BMN has much stronger distribution coverage, suggesting a more sustainable income stream.

BlackRock 2037 Municipal Target Term Trust (BMN) launched at a favorable time, avoiding the municipal bond market slide caused by rising rates. BMN is a target term fund that aims to return its NAV back to shareholders by 2037, though there is never a guarantee that can happen. The fund has only more recently started to employ leverage, as they remained patient and waited for rates to stabilize it puts them in a more favorable situation.

Municipal CEF Sector Update: What We're Doing After A Roller Coaster Ride

NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Municipal Funds: Declaration- 3/1/2024   Ex-Date- 3/14/2024   Record- 3/15/2024   Payable- 4/1/2024 National Funds Ticker Distribution Change From Prior Distribution BlackRock Municipal Income Quality Trust* BYM $0.052500 - BlackRock Long-Term Municipal Advantage Trust* BTA $0.043500 - BlackRock MuniAssets Fund, Inc.* MUA $0.055500 - BlackRock Municipal Income Fund, Inc.

Key Decision Factors For CEF Allocation In Today's Market

BlackRock 2037 Municipal Target Term Trust is a target term fund with the objective of returning $25 at its termination date in 2037. The BMN closed-end fund is a defensive Muni CEF option owing to its lack of leverage (subject to change), duration profile and term structure. BMN has a decent chance of hitting its $25 NAV target in 2037.

In 2021, a dozen closed-end funds, or CEFs, were launched, but none of them performed well, with all of them experiencing negative total returns since inception. The CEFs trade at wide discounts to NAV, with an average discount of -12.5%, and offer high yield income with annual yields as high as 12.9%. The hybrid funds with global allocations and higher yielding taxable fixed income funds have performed better than municipal fixed income funds and equity funds.

NEW YORK--(BUSINESS WIRE)--BlackRock today announced the release of quarterly fund commentaries for BlackRock Innovation and Growth Term Trust (NYSE: BIGZ), BlackRock Science and Technology Term Trust (NYSE: BSTZ), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), and BlackRock 2037 Municipal Target Term Trust (NYSE: BMN) (the “Trusts”) for the second quarter of 2023. Use the links p.

BlackRock 2037 Municipal Target Term Trust launched as a target term structure closed-end fund, a less common structure for the last several years. The public CEF IPO market has been quiet, with more focus on non-listed intervals and tender offer CEFs. BMN offers a portfolio of muni exposure, and they came to the market at a good time.

NEW YORK--(BUSINESS WIRE)--Certain BlackRock closed-end funds (the “Funds”) announced distributions today as detailed below. Municipal Funds: Declaration- 5/1/2023 Ex-Date- 5/12/2023 Record- 5/15/2023 Payable- 6/1/2023 National Funds Ticker Distribution Change From Prior Distribution BlackRock Municipal Income Quality Trust* BYM $0.038000 - BlackRock Long-Term Municipal Advantage Trust BTA $0.043500 - BlackRock MuniAssets Fund, Inc.* MUA $0.040500 - BlackRock Municipal Income Fund, Inc. MUI $0.034000 - BlackRock Municipal Income Trust BFK $0.030500 - BlackRock Investment Quality Municipal Trust, Inc.* BKN $0.039500 - BlackRock Municipal Income Trust II* BLE $0.034000 - BlackRock Municipal 2030 Target Term Trust BTT $0.056400 - BlackRock MuniHoldings Fund MHD $0.035500 - BlackRock MuniYield Quality Fund II, Inc.* MQT $0.035000 - BlackRock MuniYield Quality Fund, Inc.* MQY $0.043500 - BlackRock MuniHoldings Quality Fund II, Inc. MUE $0.029000 - BlackRock MuniVest Fund II, Inc. MVT $0.031500 - BlackRock MuniYield Fund, Inc.* MYD $0.036500 - BlackRock MuniYield Quality Fund III, Inc. MYI $0.040500 - BlackRock MuniVest Fund, Inc.* MVF $0.021000 - BlackRock 2037 Municipal Target Term Trust BMN $0.093750 - State-Specific Funds Ticker Distribution Change From Prior Distribution BlackRock MuniHoldings California Quality Fund, Inc. MUC $0.033500 - BlackRock California Municipal Income Trust BFZ $0.039000 - BlackRock MuniYield Michigan Quality Fund, Inc.* MIY $0.034500 - BlackRock MuniHoldings New Jersey Quality Fund, Inc.* MUJ $0.037500 - BlackRock MuniHoldings New York Quality Fund, Inc.* MHN $0.033500 - BlackRock MuniYield New York Quality Fund, Inc.* MYN $0.031500 - BlackRock New York Municipal Income Trust* BNY $0.030500 - BlackRock MuniYield Pennsylvania Quality Fund* MPA $0.034000 - BlackRock Virginia Municipal Bond Trust* BHV $0.026500 - Taxable Municipal Fund: Declaration- 5/1/2023 Ex-Date- 5/12/2023 Record- 5/15/2023 Payable- 5/31/2023 Fund Ticker Distribution Change From Prior Distribution BlackRock Taxable Municipal Bond Trust* BBN $0.102900 - Taxable Fixed Income Funds: Declaration- 5/1/2023 Ex-Date- 5/12/2023 Record- 5/15/2023 Payable- 5/31/2023 Fund Ticker Distribution Change From Prior Distribution BlackRock Floating Rate Income Trust BGT $0.108300 - BlackRock Core Bond Trust* BHK $0.074600 - BlackRock Multi-Sector Income Trust* BIT $0.123700 - BlackRock Income Trust, Inc.* BKT $0.088200 - BlackRock Limited Duration Income Trust* BLW $0.098100 - BlackRock Credit Allocation Income Trust* BTZ $0.083900 - BlackRock Debt Strategies Fund, Inc.* DSU $0.086800 - BlackRock Enhanced Government Fund, Inc.* EGF $0.041000 - BlackRock Floating Rate Income Strategies Fund, Inc. FRA $0.111600 - BlackRock Corporate High Yield Fund, Inc.* HYT $0.077900 - Equity Funds: Declaration- 5/1/2023 Ex-Date- 5/12/2023 Record- 5/15/2023 Payable- 5/31/2023 Fund Ticker Distribution Change From Prior Distribution BlackRock Resources & Commodities Strategy Trust* BCX $0.051800 - BlackRock Enhanced Equity Dividend Trust* BDJ $0.056200 - BlackRock Energy and Resources Trust* BGR $0.065700 - BlackRock Enhanced International Dividend Trust* BGY $0.033800 - BlackRock Health Sciences Trust* BME $0.213000 - BlackRock Health Sciences Term Trust* BMEZ $0.145000 - BlackRock Enhanced Global Dividend Trust* BOE $0.063000 - BlackRock Utilities, Infrastructure & Power Opportunities Trust* BUI $0.121000 - BlackRock Enhanced Capital and Income Fund, Inc.* CII $0.099500 - BlackRock Science and Technology Trust* BST $0.250000 - BlackRock Science and Technology Term Trust* BSTZ $0.161300 - BlackRock Innovation and Growth Term Trust* BIGZ $0.070000 - Multi-Asset Funds: Declaration- 5/1/2023 Ex-Date- 5/12/2023 Record- 5/15/2023 Payable- 5/31/2023 Fund Ticker Distribution Change From Prior Distribution BlackRock Capital Allocation Term Trust* BCAT $0.127500 - BlackRock ESG Capital Allocation Term Trust* ECAT $0.125000 - * In order to comply with the requirements of Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”), each of the Funds noted above posted to the DTC bulletin board and sent to its shareholders of record as of the applicable record date a Section 19 notice with the previous distribution payment. The Section 19 notice was provided for informational purposes only and not for tax reporting purposes. This information can be found in the “Closed-End Funds” section of www.blackrock.com. As applicable, the final determination of the source and tax characteristics of all distributions in 2023 will be made after the end of the year. BlackRock Resources & Commodities Strategy Trust (NYSE: BCX), BlackRock Enhanced Equity Dividend Trust (NYSE: BDJ), BlackRock Energy and Resources Trust (NYSE: BGR), BlackRock Enhanced International Dividend Trust (NYSE: BGY), BlackRock Health Sciences Trust (NYSE: BME), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Enhanced Global Dividend Trust (NYSE: BOE), BlackRock Utilities, Infrastructure & Power Opportunities Trust (NYSE: BUI), BlackRock Enhanced Capital and Income Fund, Inc. (NYSE: CII), BlackRock Science and Technology Trust (NYSE: BST), BlackRock Science and Technology Term Trust (NYSE: BSTZ), BlackRock Innovation and Growth Term Trust (NYSE: BIGZ), BlackRock Enhanced Government Fund, Inc. (NYSE: EGF), BlackRock Debt Strategies Fund, Inc. (NYSE: DSU), BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE: FRA), BlackRock Floating Rate Income Trust (NYSE: BGT), BlackRock Corporate High Yield Fund, Inc. (NYSE: HYT), BlackRock Credit Allocation Income Trust (NYSE: BTZ), BlackRock Limited Duration Income Trust (NYSE: BLW), BlackRock Core Bond Trust (NYSE: BHK), BlackRock Multi-Sector Income Trust (NYSE: BIT), BlackRock Capital Allocation Term Trust (NYSE: BCAT), and BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT) (collectively, the “Plan Funds”) have adopted a managed distribution plan (a “Plan”) to support a level distribution of income, capital gains and/or return of capital. The fixed amounts distributed per share are subject to change at the discretion of each Plan Fund’s Board of Directors/Trustees. Under its Plan, each Plan Fund will distribute all available investment income to its shareholders, consistent with its investment objectives and as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient investment income is not available on a monthly basis, each Plan Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain a level distribution. The Funds’ estimated sources of the distributions paid this month and for their current fiscal year are as follows: Estimated Allocations as of April 28, 2023 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BCX1 $0.051800 $0.023377 (45%) $0 (0%) $0 (0%) $0.028423 (55%) BDJ $0.056200 $0.016209 (29%) $0.027753 (49%) $0.012238 (22%) $0 (0%) BGR1 $0.065700 $0.027266 (42%) $0 (0%) $0 (0%) $0.038434 (58%) BGY1 $0.033800 $0.022310 (66%) $0 (0%) $0 (0%) $0.011490 (34%) BME $0.213000 $0.010252 (5%) $0.031606 (15%) $0.171142 (80%) $0 (0%) BMEZ1 $0.145000 $0 (0%) $0 (0%) $0 (0%) $0.145000 (100%) BOE1 $0.063000 $0.056225 (89%) $0 (0%) $0 (0%) $0.006775 (11%) BUI1 $0.121000 $0 (0%) $0.062667 (52%) $0.058333 (48%) $0 (0%) CII $0.099500 $0.004267 (4%) $0.072886 (74%) $0.022347 (22%) $0 (0%) BST1 $0.250000 $0 (0%) $0 (0%) $0.011870 (5%) $0.238130 (95%) BSTZ1 $0.161300 $0 (0%) $0 (0%) $0.011720 (7%) $0.149580 (93%) BIGZ1 $0.070000 $0 (0%) $0 (0%) $0 (0%) $0.070000 (100%) EGF1 $0.041000 $0.032521 (79%) $0 (0%) $0 (0%) $0.008479 (21%) DSU1 $0.086800 $0.078727 (91%) $0 (0%) $0 (0%) $0.008073 (9%) FRA $0.111600 $0.099467 (89%) $0 (0%) $0 (0%) $0.012133 (11%) BGT $0.108300 $0.097584 (90%) $0 (0%) $0 (0%) $0.010716 (10%) HYT1 $0.077900 $0.053298 (68%) $0 (0%) $0 (0%) $0.024602 (32%) BTZ1 $0.083900 $0.046882 (56%) $0 (0%) $0 (0%) $0.037018 (44%) BLW1 $0.098100 $0.088248 (90%) $0 (0%) $0 (0%) $0.009852 (10%) BHK1 $0.074600 $0.046408 (62%) $0 (0%) $0 (0%) $0.028192 (38%) BIT1 $0.123700 $0.071206 (58%) $0 (0%) $0 (0%) $0.052494 (42%) BCAT1 $0.127500 $0.038356 (30%) $0 (0%) $0 (0%) $0.089144 (70%) ECAT1 $0.125000 $0 (0%) $0 (0%) $0 (0%) $0.125000 (100%) Estimated Allocations for the Fiscal Year through April 28, 2023 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BCX1 $0.207200 $0.069590 (34%) $0 (0%) $0 (0%) $0.137610 (66%) BDJ $0.224800 $0.147390 (66%) $0.036130 (16%) $0.041280 (18%) $0 (0%) BGR1 $0.248400 $0.117180 (47%) $0 (0%) $0 (0%) $0.131220 (53%) BGY1 $0.135200 $0.022310 (17%) $0 (0%) $0 (0%) $0.112890 (83%) BME $0.852000 $0.051020 (6%) $0.264820 (31%) $0.536160 (63%) $0 (0%) BMEZ1 $0.580000 $0 (0%) $0 (0%) $0 (0%) $0.580000 (100%) BOE1 $0.252000 $0.076470 (30%) $0 (0%) $0 (0%) $0.175530 (70%) BUI1 $0.484000 $0.093460 (19%) $0.062670 (13%) $0.212850 (44%) $0.115020 (24%) CII $0.398000 $0.031860 (8%) $0.237280 (60%) $0.128860 (32%) $0 (0%) BST1 $1.000000 $0 (0%) $0 (0%) $0.011870 (1%) $0.988130 (99%) BSTZ1 $0.706600 $0 (0%) $0 (0%) $0.481050 (68%) $0.225550 (32%) BIGZ1 $0.280000 $0 (0%) $0 (0%) $0 (0%) $0.280000 (100%) EGF1 $0.164000 $0.079416 (48%) $0 (0%) $0 (0%) $0.084584 (52%) DSU1 $0.314600 $0.301621 (96%) $0 (0%) $0 (0%) $0.012979 (4%) FRA $0.384000 $0.384000 (100%) $0 (0%) $0 (0%) $0 (0%) BGT $0.372800 $0.372800 (100%) $0 (0%) $0 (0%) $0 (0%) HYT1 $0.311600 $0.205675 (66%) $0 (0%) $0 (0%) $0.105925 (34%) BTZ1 $0.335600 $0.201812 (60%) $0 (0%) $0 (0%) $0.133788 (40%) BLW1 $0.392400 $0.305575 (78%) $0 (0%) $0 (0%) $0.086825 (22%) BHK1 $0.298400 $0.160439 (54%) $0 (0%) $0 (0%) $0.137961 (46%) BIT1 $0.742200 $0.429748 (58%) $0 (0%) $0 (0%) $0.312452 (42%) BCAT1 $0.486600 $0.052887 (11%) $0 (0%) $0 (0%) $0.433713 (89%) ECAT1 $0.475000 $0 (0%) $0 (0%) $0 (0%) $0.475000 (100%) 1The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share. The amounts and sources of distributions reported are only estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon each Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information: Fund Average annual total return (in relation to NAV) for the 5-year period ending on 3/31/2023 Annualized current distribution rate expressed as a percentage of NAV as of 3/31/2023 Cumulative total return (in relation to NAV) for the fiscal year through 3/31/2023 Cumulative fiscal year distributions as a percentage of NAV as of 3/31/2023 BCX 9.38% 5.65% (0.53)% 1.41% BDJ 6.86% 7.81% 0.64% 1.95% BGR 5.52% 5.75% (2.06)% 1.33% BGY 6.09% 6.51% 9.80% 1.63% BME 9.94% 6.10% (1.68)% 1.52% BMEZ* 5.14% 9.31% 2.22% 2.33% BOE 5.72% 6.60% 6.42% 1.65% BUI 9.57% 6.32% 4.35% 1.58% CII 9.63% 6.52% 6.11% 1.63% BST 9.88% 9.41% 12.15% 2.35% BSTZ* 8.88% 9.41% 8.47% 2.65% BIGZ* (25.79)% 9.11% 7.41% 2.28% EGF (1.47)% 4.71% 1.82% 1.18% DSU 4.37% 9.79% 4.31% 2.14% FRA 4.19% 10.29% 4.05% 2.09% BGT 4.22% 10.29% 4.04% 2.09% HYT 4.07% 9.89% 4.85% 2.47% BTZ 2.89% 8.80% 4.64% 2.20% BLW 3.50% 8.59% 3.71% 2.15% BHK 1.44% 7.99% 5.03% 2.00% BIT 3.89% 10.10% 4.48% 4.21% BCAT* 0.51% 8.95% 3.80% 2.10% ECAT* (1.84)% 8.61% 7.34% 2.01% * Portfolio launched within the past 5 years; the performance and distribution rate information presented for this Fund reflects data from inception to 3/31/2023. Shareholders should not draw any conclusions about a Fund’s investment performance from the amount of the Fund’s current distributions or from the terms of the Fund’s Plan. BlackRock Income Trust, Inc. (NYSE: BKT) and BlackRock Taxable Municipal Bond Trust (NYSE: BBN) have adopted a Plan whereby the Fund will make fixed monthly distributions to common stockholders and will distribute all available net income to its stockholders, consistent with its investment objective and as required by the Code. The fixed amount distributed per share is subject to change at the discretion of BKT and BBN’s Board. If sufficient net income is not available on a monthly basis, a Fund will distribute long-term capital gains and/or return capital to its stockholders in order to maintain a level distribution. BKT and BBN are currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Each Fund expects that distributions under the Plan will exceed current income and capital gains and therefore will likely include a return of capital. BKT and BBN may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act. BKT and BBN’s estimated sources of the distributions paid as of April 28, 2023 and for its current fiscal year are as follows: Estimated Allocations as of April 28, 2023 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BKT2 $0.088200 $0.034947 (40%) $0 (0%) $0 (0%) $0.053253 (60%) BBN2 $0.102900 $0.072340 (70%) $0 (0%) $0 (0%) $0.030560 (30%) Estimated Allocations for the Fiscal Year through April 28, 2023 Fund Distribution Net Income Net Realized Short-Term Gains Net Realized Long-Term Gains Return of Capital BKT2 $0.352800 $0.139668 (40%) $0 (0%) $0 (0%) $0.213132 (60%) BBN2 $0.411600 $0.307446 (75%) $0 (0%) $0 (0%) $0.104154 (25%) 2The Fund estimates that it has distributed more than its income and net-realized capital gains in the current fiscal year; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with ‘yield’ or ‘income’. When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share. The amounts and sources of distributions reported are only estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon BKT and BBN’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. BKT and BBN will send its stockholders a Form 1099-DIV for the calendar year that will illustrate how to report these distributions for federal income tax purposes. Fund Performance and Distribution Rate Information: Fund Average annual total return (in relation to NAV) for the 5-year period ending on 3/31/2023 Annualized current distribution rate expressed as a percentage of NAV as of 3/31/2023 Cumulative total return (in relation to NAV) for the fiscal year through 3/31/2023 Cumulative fiscal year distributions as a percentage of NAV as 3/31/2023 BKT (0.27)% 7.93% 4.02% 1.98% BBN 1.23% 6.78% 7.15% 1.69% No conclusions should be drawn about BKT or BBN’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Plan. The amount distributed per share under a Plan is subject to change at the discretion of the applicable Fund’s Board. Each Plan will be subject to ongoing review by the Board to determine whether the Plan should be continued, modified or terminated. The Board may amend the terms of a Plan or suspend or terminate a Plan at any time without prior notice to the Fund’s shareholders if it deems such actions to be in the best interest of the Fund or its shareholders. The amendment or termination of a Plan could have an adverse effect on the market price of the Fund's shares. About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate Availability of Fund Updates BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release.

NEW YORK--(BUSINESS WIRE)--BlackRock Advisors, LLC (“BlackRock”) will host a conference call on Thursday, April 6, 2023 at 2:00pm ET featuring Sean Carney, Head of Municipal Strategy, and Phil Soccio, Portfolio Manager for the Municipal Fixed Income business. Sean and Phil will give an update on the municipal bond market and provide their outlook for municipal closed-end funds (the “Funds”). Call details: Date Thursday, April 6, 2023 Time 2:00pm ET Dial in 1-323-701-0205 Passcode 584268 Automatic connection by phone Click here to be automatically connected Questions Please send questions to cef@blackrock.com For more information on BlackRock’s closed-end funds, please visit: www.blackrock.com/CEF Investing involves risks, including possible loss of principal. Carefully consider each Fund’s investment objective, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus, if applicable, or shareholder report which may be obtained by visiting the SEC Edgar database. Read the prospectus, if applicable, or shareholder report carefully before investing. This material is for informational purposes only and is not intended to be relied upon as research or investment or tax advice, and is not a recommendation, offer or solicitation to purchase or sell any securities or to adopt any investment strategy, nor shall any securities be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate Availability of Fund Updates BlackRock will update performance and certain other data for the Funds on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Funds. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or a Fund may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Fund’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Funds, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Funds or in a Fund’s net asset value; (2) the relative and absolute investment performance of a Fund and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to a Fund or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Funds. The information contained on BlackRock’s website is not a part of this press release. NOT FDIC INSURED │ MAY LOSE VALUE │ NO BANK GUARANTEE Prepared by BlackRock Investments, LLC, member FINRA © 2023 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

We review CEF market valuation and performance through the fourth week of March and highlight recent market action. CEFs were relatively flat on the week; however, discounts continued to mostly push wider, offsetting NAV gains.

NEW YORK--(BUSINESS WIRE)--BlackRock today announced the release of quarterly fund commentaries for BlackRock Innovation and Growth Trust (NYSE: BIGZ), BlackRock Science and Technology Trust II (NYSE: BSTZ), BlackRock Health Sciences Trust II (NYSE: BMEZ), BlackRock Capital Allocation Trust (NYSE: BCAT), BlackRock ESG Capital Allocation Trust (NYSE: ECAT), and BlackRock 2037 Municipal Target Term Trust (NYSE: BMN) (the “Trusts”) for the fourth quarter of 2022. Learn more about each Trust’s performance and current positioning in its latest commentary: BlackRock Innovation and Growth Trust (BIGZ): BIGZ invests in innovative small- and mid-cap public and private companies along with deploying a tactical single-stock option-writing strategy to generate income and reduce volatility. BIGZ Commentary BlackRock Science and Technology Trust II (BSTZ): BSTZ invests in the technology sector by blending “next generation” technology stocks and private investments with a tactical single-stock option-writing strategy to generate income and reduce volatility. BSTZ Commentary BlackRock Health Sciences Trust II (BMEZ): BMEZ invests in the healthcare sector by blending “next generation” healthcare stocks and private investments along with a tactical single-stock option-writing strategy to generate income and reduce volatility. BMEZ Commentary BlackRock Capital Allocation Trust (BCAT): BCAT takes an unconstrained approach with the ability to invest in public and private markets across different asset classes to generate income. BCAT Commentary BlackRock ESG Capital Allocation Trust (ECAT): ECAT takes an unconstrained approach with an ESG focus and has the ability to invest in public and private markets across different asset classes to generate income. ECAT Commentary BlackRock 2037 Municipal Target Term Trust (BMN): BMN invests in a portfolio of municipal securities with the objectives of providing current income that is exempt from regular federal income tax (but which may be subject to the federal alternative minimum tax in certain circumstances) and returning $25 per common share (the initial public offering price per common share) to holders of common shares on or about September 30, 2037. 1 BMN Commentary 1 The Trust will terminate on or about September 30, 2037 in accordance with the terms of its Amended and Restated Agreement and Declaration of Trust, unless (i) a majority of the Board of Trustees of the Trust (the “Board") and 75% of the outstanding shares of the Trust approve an amendment to the Trust’s Amended and Restated Agreement and Declaration of Trust to extend the Trust’s termination date or (ii) 80% of the Trust’s Board approves an earlier termination date. The Trust seeks to return $25.00 per common share (the initial public offering price per common share) to holders of common shares on or about September 30, 2037. The Trust’s limited term may cause it to sell securities when it otherwise would not, which could cause the Trust’s returns to decrease and the market price and/or net asset value of the common shares to fall. As the Trust approaches its termination date, BlackRock Advisors, LLC (the “Advisor”) may need to reinvest the proceeds from sold, matured or called securities into securities with shorter maturity dates and lower yields, or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Trust or the Trust’s ability to maintain its dividend. For more information on BlackRock’s closed-end funds, please visit www.blackrock.com/CEF Carefully consider each Trust’s investment objective, risk factors, and charges and expenses before investing. This and other information can be found in each Trust’s prospectus which may be obtained by visiting the SEC Edgar database. Read the prospectus carefully before investing. About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate Availability of Trust Updates BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this release. Forward-Looking Statements This press release, and other statements that BlackRock or a Trust may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to a Trust’s or BlackRock’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. With respect to the Trusts, the following factors, among others, could cause actual events to differ materially from forward-looking statements or historical performance: (1) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for the Trusts or in a Trust’s net asset value; (2) the relative and absolute investment performance of a Trust and its investments; (3) the impact of increased competition; (4) the unfavorable resolution of any legal proceedings; (5) the extent and timing of any distributions or share repurchases; (6) the impact, extent and timing of technological changes; (7) the impact of legislative and regulatory actions and reforms, and regulatory, supervisory or enforcement actions of government agencies relating to a Trust or BlackRock, as applicable; (8) terrorist activities, international hostilities, health epidemics and/or pandemics and natural disasters, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (9) BlackRock’s ability to attract and retain highly talented professionals; (10) the impact of BlackRock electing to provide support to its products from time to time; and (11) the impact of problems at other financial institutions or the failure or negative performance of products at other financial institutions. Annual and Semi-Annual Reports and other regulatory filings of the Trusts with the Securities and Exchange Commission (“SEC”) are accessible on the SEC's website at www.sec.gov and on BlackRock’s website at www.blackrock.com, and may discuss these or other factors that affect the Trusts. The information contained on BlackRock’s website is not a part of this press release.