0001832871 2026-01-01 2026-06-30 0001832871 bmttt:CommonSharesMember 2026-01-01 2026-06-30 0001832871 bmttt:CounterpartyCreditRiskMember 2026-01-01 2026-06-30 0001832871 bmttt:GeographicAssetClassRiskMember 2026-01-01 2026-06-30 0001832871 bmttt:IlliquidityRiskMember 2026-01-01 2026-06-30 0001832871 bmttt:InvestmentObjectiveRiskMember 2026-01-01 2026-06-30 0001832871 bmttt:MarketRisksMember 2026-01-01 2026-06-30 0001832871 bmttt:ValuationRiskMember 2026-01-01 2026-06-30 0001832871 bmttt:CommonSharesMember 2025-12-31 0001832871 bmttt:CommonSharesMember 2026-06-30 iso4217:USD shares shares 0001832871 false N-CSRS BlackRock 2037 Municipal Target Term Trust <div style="line-height:13.00pt;margin-top:0.00pt;text-align:left;"><span style="color:#000000;font-family:arial narrow;font-size:11pt;font-weight:bold">Investment Objective</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold;margin-left:0%">BlackRock 2037 Municipal Target Term Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">’</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">s</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold"> (</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">BMN</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">) (the “</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">Trust</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;font-weight:bold">”)</span><span style="color:#000000;font-family:arial narrow;font-size:9pt"> investment objectives are to provide current income that is exempt from regular federal income tax (but </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">which may be subject to the federal alternative minimum tax in certain circumstances) and to return $25.00 per common share (the initial public offering price per common </span><span style="color:#000000;font-family:arial narrow;font-size:9pt;margin-left:0%">share) to holders of common shares on or about September 30, 2037. Under normal market conditions, the Trust invests at least 80% of its Managed Assets in municipal </span><span style="color:#000000;font-family:arial narrow;font-size:9pt">securities. The Trust invests primarily in investment grade quality securities or securities that are unrated but judged to be of comparable quality by the investment adviser.</span></div><div style="margin-top:8pt;"><span style="color:#000000;font-family:arial narrow;font-size:9pt">There is no assurance that the Trust will achieve its investment objectives, including its investment objective of returning $25.00 per share.</span></div> <div style="margin-top:11.5pt;"><span style="color:#000000;font-family:arial narrow;font-size:11pt;font-weight:bold">Market Price and Net Asset Value Per Share Summary</span><span style="color:#000000;font-family:arial narrow;font-size:9pt;line-height:0.1pt"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom:0.5pt solid #000000;empty-cells:show;margin-left:12pt;width:535pt"> <tr style="height:16.5pt"> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:323.19pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:6pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:9pt"> </span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.53pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:4pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">06/30/26</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:45.53pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">12/31/25</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:42.97pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">Change</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:41.89pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:8pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">High</span></div> </div> </td> <td style="border-bottom:0.5pt solid #000000;vertical-align:Bottom;width:39.89pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-left:8pt;margin-right:6pt;text-align:right;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;font-style:italic">Low</span></div> </div> </td> </tr> <tr style="height:11.5pt"> <td style="background-color:azure;vertical-align:Bottom;width:323.19pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Closing Market Price</span></div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.53pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">25.70</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:45.53pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">26.18</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:42.97pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:22.97pt;"> <div style="display:flex;margin-left:auto;width:22.97pt;"> <div style="display:flex;white-space:nowrap;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:22.97pt">(1.83</span></div> <div style="display:flex;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:auto">)</span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:auto">% </span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:41.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">27.53</span></div> </div> </div> </td> <td style="background-color:azure;vertical-align:Bottom;white-space:nowrap;width:39.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">$ </span><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">25.10</span></div> </div> </div> </td> </tr> <tr style="height:10.5pt"> <td style="vertical-align:Bottom;width:323.19pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:6pt;text-align:left;white-space:nowrap;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;margin-left:0.0pt">Net Asset Value</span></div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.53pt;"> <div style="line-height:10pt;margin-left:6pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">26.06</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:45.53pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:25.53pt;"> <div style="display:flex;margin-left:auto;width:25.53pt;"> <div style="display:flex;white-space:nowrap;width:25.53pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:25.53pt">25.76</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:42.97pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:22.97pt;"> <div style="display:flex;margin-left:auto;width:22.97pt;"> <div style="display:flex;white-space:nowrap;width:22.97pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:22.97pt">1.16</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:41.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:10pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">26.38</span></div> </div> </div> </td> <td style="vertical-align:Bottom;white-space:nowrap;width:39.89pt;"> <div style="line-height:10pt;margin-left:10pt;margin-right:4pt;text-align:right;width:21.89pt;"> <div style="display:flex;margin-left:auto;width:21.89pt;"> <div style="display:flex;white-space:nowrap;width:21.89pt;"><span style="color:#000000;font-family:arial narrow;font-size:8pt;width:21.89pt">25.25</span></div> </div> </div> </td> </tr> </table> 25.70 26.18 27.53 25.10 26.06 25.76 26.38 25.25 6147653 <div style="float: left; line-height: 13.50pt; text-align: left; width: 7.87pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">8.</span></div> <div style="float: left; line-height: 13.50pt; margin-left: 8.13pt; text-align: left; width: 538.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">PRINCIPAL RISKS</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 16.5pt;"> </span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">In the normal course of business, the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">invests in securities or other instruments and may enter into certain transactions, and such activities subject the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust to various </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Trust may hold a significant amount of bonds subject to calls by the issuers at defined dates and prices. When bonds are called by issuers and the Trust reinvests the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">proceeds received, such investments may be in securities with lower yields than the bonds originally held, and correspondingly, could adversely impact the yield and total </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">return performance of the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Trust structures and “sponsors” the TOB Trusts in which it holds TOB Residuals and has certain duties and responsibilities, which may give rise to certain additional risks </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">including, but not limited to, compliance, securities law and operational risks.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">As short-term interest rates rise, the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s investments in the TOB Trusts may adversely affect the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s net investment income and dividends to Common</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Shareholders. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Also, fluctuations in the market value of municipal bonds deposited into the TOB Trust may adversely affect the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s NAV per share.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The U.S. Securities and Exchange Commission (“SEC”) and various federal banking and housing agencies have adopted credit risk retention rules for securitizations (the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">“Risk Retention Rules”). The Risk Retention Rules would require the sponsor of a TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Trust’s municipal bonds. The Risk Retention Rules may adversely affect the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s ability to engage in TOB Trust transactions or increase the costs of such transactions in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">certain circumstances.</span></div> <div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">TOB Trusts constitute an important component of the municipal bond market. Any modifications or changes to rules governing TOB Trusts may adversely impact the municipal </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">market and the Trust, including through reduced demand for and liquidity of municipal bonds and increased financing costs for municipal issuers. The ultimate impact of any </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">potential modifications on the TOB Trust market and the overall municipal market is not yet certain.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Illiquidity Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investing in below investment grade public debt securities.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Market Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of declining interest rates, which would force the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust to reinvest in lower yielding securities. The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">may also be exposed to reinvestment risk, which is the risk that income </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">from the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust’s portfolio will decline if the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">portfolio’s current earnings rate.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">available information on the financial condition of municipal security issuers than for issuers of other securities.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Investment Objective Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> There is no assurance that BMN will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BMN </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">approaches its scheduled termination date, it is expected that the maturity of BMN’s portfolio securities will shorten, which is likely to reduce BMN’s income and distributions </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">to shareholders.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Valuation Risk: </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s valuation of the investment, particularly for </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">resulting fair value and therefore the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Counterparty Credit Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">receivables due from counterparties. The extent of the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Geographic/Asset Class Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment will have a material impact on the NAV of a fund. The investment concentrations within the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust’s portfolio are disclosed in its Schedule of Investments.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">as interest rates rise and increase as interest rates fall. The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s performance.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust invests a significant portion of its assets in securities of issuers located in the United States.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A decrease in imports or exports, changes in trade regulations, inflation </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trust invests.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Illiquidity Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investing in below investment grade public debt securities.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Market Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of declining interest rates, which would force the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust to reinvest in lower yielding securities. The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">may also be exposed to reinvestment risk, which is the risk that income </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">from the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust’s portfolio will decline if the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">portfolio’s current earnings rate.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">available information on the financial condition of municipal security issuers than for issuers of other securities.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Investment Objective Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> There is no assurance that BMN will achieve its investment objectives, including its investment objective of returning $25.00 per share. As BMN </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">approaches its scheduled termination date, it is expected that the maturity of BMN’s portfolio securities will shorten, which is likely to reduce BMN’s income and distributions </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">to shareholders.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Valuation Risk: </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s valuation of the investment, particularly for </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">resulting fair value and therefore the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Counterparty Credit Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">receivables due from counterparties. The extent of the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Geographic/Asset Class Risk:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment will have a material impact on the NAV of a fund. The investment concentrations within the</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust’s portfolio are disclosed in its Schedule of Investments.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Trust and could affect the income from, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">or the value or liquidity of, the Trust’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">as interest rates rise and increase as interest rates fall. The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s performance.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Trust invests a significant portion of its assets in securities of issuers located in the United States.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">A decrease in imports or exports, changes in trade regulations, inflation </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trust invests.</span></div> <div style="float: left; line-height: 13.50pt; text-align: left; width: 7.87pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">9.</span></div> <div style="float: left; line-height: 13.50pt; margin-left: 8.13pt; text-align: left; width: 538.00pt;"><span style="color: #000000; font-family: arial narrow; font-size: 11.5pt; font-style: italic; font-weight: bold;">CAPITAL SHARE TRANSACTIONS </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 16.5pt;"> </span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The par value for the Trust’s Common Shares is $0.001. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The par value for Trust’s Preferred Shares outstanding is $0.001.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">the approval of Common Shareholders.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Common Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the six months ended June 30, 2026, and the year ended December 31, 2025, shares issued and outstanding remained constant.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">BMN has filed a prospectus with the SEC allowing it to issue an additional 2,000,000 Common Shares through an equity Shelf Offering. Under the Shelf Offering, BMN, subject </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s  NAV </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">per Common Share (calculated within 48 hours of pricing). As of period end, 2,000,000 Common Shares remain available for issuance under the Shelf Offering. For the six </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">months ended June 30, 2026, Common Shares issued and outstanding under the Shelf Offering remained constant. During the six months ended June 30 2026, BMN issued </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">0 shares under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Initial costs incurred by BMN in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statement of Assets and Liabilities. As shares are sold, a </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">to expense.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Preferred Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s Preferred Shares rank prior to its Common Shares as to the payment of dividends by the Trust and distribution of assets upon dissolution or liquidation of the Trust. </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The 1940 Act prohibits the declaration of any dividend on Common Shares or the repurchase of Common Shares if the Trust fails to maintain asset coverage of at least 200% </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of the liquidation preference of the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s outstanding Preferred Shares. In addition, pursuant to the Preferred Shares</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> governing instruments, the Trust is restricted from </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">declaring and paying dividends on classes of shares ranking junior to or on parity with its Preferred Shares or repurchasing such shares if the Trust fails to declare and pay </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">dividends on the Preferred Shares, redeem any Preferred Shares required to be redeemed under the Preferred Shares’ governing instruments or comply with the basic </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">maintenance amount requirement of the ratings agencies rating the Preferred Shares.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Holders of Preferred Shares have voting rights equal to the voting rights of holders of Common Shares (one vote per share) and vote together with holders of Common Shares </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(one vote per share) as a single class on certain matters. Holders of Preferred Shares, voting as a separate class, are also entitled to (i) elect two members of the Board, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(ii) elect the full Board if dividends on the Preferred Shares are not paid for a period of two years and (iii) a separate class vote to amend the Preferred Share governing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, to (a) adopt any plan </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">of reorganization that would adversely affect the Preferred Shares, (b) change a  Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s sub-classification as a closed-end investment company or change its fundamental </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">investment restrictions or (c) change its business so as to cease to be an investment company.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">VRDP Shares</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The Trust (for purposes of this section, “VRDP Trust”) has issued Series W-7 VRDP Shares, $100,000 liquidation preference per share, in one or more privately negotiated </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">offerings to qualified institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The VRDP Shares include a </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">liquidity feature and may be subject to a special rate period. As of period end, the VRDP Shares outstanding were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 23.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 376.87pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Trust Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 38.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Issue</span> <br/></div> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 34.76pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Shares</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Issued</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 52.3pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Aggregate</span> <br/></div> <div style="margin-left: 5pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Principal</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 32.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Maturity</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 376.87pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BMN</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 38.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">10/01/25</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 34.76pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 20.76pt;"> <div style="display: flex; margin-left: auto; width: 20.76pt;"> <div style="display: flex; white-space: nowrap; width: 20.76pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 20.76pt;">500</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 52.3pt;"> <div style="line-height: 10pt; margin-left: 7pt; margin-right: 7pt; text-align: right; width: 38.3pt;"> <div style="display: flex; margin-left: auto; width: 38.3pt;"> <div style="display: flex; white-space: nowrap; width: 38.3pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 38.3pt;">50,000,000</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 32.53pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">10/01/37</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Redemption Terms:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Trust is required to redeem its VRDP Shares on the maturity date, unless earlier redeemed or repurchased. Six months prior to the maturity date, a </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">VRDP Trust is required to begin to segregate liquid assets with the Trust</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">s custodian to fund the redemption. In addition, a the Trust is required to redeem certain of its </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">outstanding VRDP Shares if it fails to comply with certain asset coverage, basic maintenance amount or leverage requirements.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Subject to certain conditions, the VRDP Shares may also be redeemed, in whole or in part, at any time at the option of a the Trust. The redemption price per VRDP Share is </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">equal to the liquidation preference per share plus any outstanding unpaid dividends.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Liquidity Feature:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> VRDP Shares are subject to a fee agreement between the Trust and the liquidity provider that requires a per annum liquidity fee and, in some cases, an </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">upfront or initial commitment fee, payable to the liquidity provider. These fees, if applicable, are shown as liquidity fees in the Statement of Operations. As of period end, the fee </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">agreement is set to expire, unless renewed or terminated in advance, as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 503.47pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 31.53pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">BMN</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 503.47pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Expiration date</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 31.53pt;"> <div style="line-height: 10pt; margin-left: 6pt; text-align: right; width: 25.53pt;"> <div style="display: flex; margin-left: auto; width: 25.53pt;"> <div style="display: flex; white-space: nowrap; width: 25.53pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 25.53pt;">10/20/28</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">The VRDP Shares are also subject to a purchase agreement in connection with the liquidity feature. In the event a purchase agreement is not renewed or is terminated in </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">advance, and the VRDP Shares do not become subject to  a purchase agreement with an alternate liquidity provider, the VRDP Shares will be subject to mandatory purchase </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">by the liquidity provider prior to the termination of the purchase agreement. In the event of such mandatory purchase, the Trust is required to redeem the Shares six months </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">after the purchase date. Immediately after such mandatory purchase, the  Trust is required to begin to segregate liquid assets with its custodian to fund the redemption. There </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">is no assurance that  the Trust will replace such redeemed VRDP Shares with any other preferred shares or other form of leverage.</span></div> <div style="line-height: 11.00pt; margin-top: 0.00pt; text-align: justify;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Remarketing:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;"> </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Trust may incur remarketing fees on the aggregate principal amount of all its VRDP Shares, which, if any, are included in remarketing fees on Preferred </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Shares in the Statement of Operations.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">During any special rate period (as described below), the Trust may incur nominal or no remarketing fees.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold;">Ratings:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> As of period end, the VRDP Shares were assigned the following ratings:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 43.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 476.16pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Trust Name</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 10pt; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 58.84pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Moody</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">’</span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">s Investors</span> <br/></div> <div style="margin-left: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Service, Inc.</span> <br/></div> <div style="margin-left: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Long-Term</span> <br/></div> <div style="margin-left: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Ratings</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 476.16pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BMN</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 58.84pt;"> <div style="line-height: 10pt; margin-left: 6pt; text-align: right; width: 52.84pt;"> <div style="display: flex; margin-left: auto; width: 52.84pt;"> <div style="display: flex; white-space: nowrap; width: 52.84pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 52.84pt;">Aa2</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Any short-term ratings on VRDP Shares are directly related to the short-term ratings of the liquidity provider for such VRDP Shares. Changes in the credit quality of the liquidity </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">provider could cause a change in the short-term credit ratings of the VRDP Shares as rated by . The liquidity provider may be terminated prior to the scheduled termination date </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">if the liquidity provider fails to maintain short-term debt ratings in one of the two highest rating categories.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Special Rate Period:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">The Trust has commenced a “special rate period” with respect to its VRDP Shares, during which the VRDP Shares will not be subject to any remarketing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">and the dividend rate will be based on a predetermined methodology. During a special rate period, short-term ratings on VRDP Shares are withdrawn. As of period end, the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">following the Trusts have commenced a special rate period:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 33.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 413.33pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Trust Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 61.11pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Commencement</span> <br/></div> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Date</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 60.56pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Expiration Date as</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">of Period Ended</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">06/30/26</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 413.33pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BMN</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 61.11pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 48.11pt;"> <div style="display: flex; margin-left: auto; width: 48.11pt;"> <div style="display: flex; white-space: nowrap; width: 48.11pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 48.11pt;">10/01/25</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 60.56pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 53.56pt;"> <div style="display: flex; margin-left: auto; width: 53.56pt;"> <div style="display: flex; white-space: nowrap; width: 53.56pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 53.56pt;">10/05/28</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Prior to the expiration date, the Trust and the VRDP Shares holder may mutually agree to extend the special rate period. If a special rate period is not extended, the VRDP </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Shares will revert to remarketable securities upon the termination of the special rate period and will be remarketed and available for purchase by qualified institutional investors.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">During the special rate period: (i) the liquidity and fee agreements remain in effect, (ii) VRDP Shares remain subject to mandatory redemption by the Trust on the maturity date, </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">(iii) VRDP Shares will not be remarketed or subject to optional or mandatory tender events, (iv) the Trust is required to comply with the same asset coverage, basic </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">maintenance amount and leverage requirements for the VRDP Shares as is required when the VRDP Shares are not in a special rate period, (v) the Trust will pay dividends </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">monthly based on the sum of an agreed upon reference rate and a percentage per annum based on the long-term ratings assigned to the VRDP Shares and (vi) the Trust will </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">pay nominal or no fees to the liquidity provider and remarketing agent.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Dividends:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> Except during the Special Rate Period as described above, dividends on the VRDP Shares are payable monthly at a variable rate set weekly by the remarketing </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">agent. Such dividend rates are generally based upon a spread over a base rate and cannot exceed a maximum rate. A change in the short-term credit rating of the liquidity </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">provider or the VRDP Shares may adversely affect the dividend rate paid on such shares, although the dividend rate paid on the VRDP Shares is not directly based upon either </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">short-term rating. In the event of a failed remarketing, the dividend rate of the VRDP Shares will be reset to a maximum rate. The maximum rate is determined based on, among </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">For the six months ended June 30, 2026, the annualized dividend rate for the VRDP Shares were as follows:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 13.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 508.44pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 26.56pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 4pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">BMN</span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 508.44pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">Dividend rates</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 26.56pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 3pt; text-align: right; width: 14.56pt;"> <div style="display: flex; margin-left: auto; width: 14.56pt;"> <div style="display: flex; white-space: nowrap; width: 14.56pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 14.56pt;">3.36</span></div> <div style="display: flex; width: 14.56pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: auto;">% </span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">During the year ended December 31, 2025, BMN issued 500 VRDP Shares.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">During the six months ended June 30, 2026, VRDP Shares issued and outstanding remained constant.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Offering Costs:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> The Trust incurred costs in connection with the issuance of VRDP Shares, which were recorded as a direct deduction from the carrying value of the related </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">debt liability and will be amortized over the life of the VRDP Shares with the exception of any upfront fees paid by a VRDP Trust to the liquidity provider which, if any, were </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">amortized over the life of the liquidity agreement.</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 11.00pt;">  </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statement of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">Operations.</span></div> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt; font-weight: bold; margin-left: 0%;">Financial Reporting:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;"> The VRDP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VRDP Shares, is </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">recorded as a liability in the Statement of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">Statement of Assets and Liabilities, and the dividends accrued and paid on the VRDP Shares are included as a component of interest expense, fees and amortization of </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">offering costs in the Statement of Operations. The VRDP Shares are treated as equity for tax purposes. Dividends paid to holders of the VRDP Shares are generally classified </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; margin-left: 0%;">as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VRDP Shares are included in interest expense, fees and </span><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">amortization of offering costs in the Statements of Operations:</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 0.1pt;"> </span></div> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; border-top: 0.5pt solid #000000; empty-cells: show; margin-left: 12pt; width: 535pt;"> <tr style="height: 23.13pt;"> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 431.25pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic; margin-left: 0.0pt;">Trust Name</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 42.18pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 4pt; margin-right: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Dividends</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #000000; vertical-align: Bottom; width: 61.57pt;"> <div style="line-height: 11.0pt; text-align: left;"> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Deferred Offering</span> <br/></div> <div style="margin-left: 5pt; text-align: right; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; font-style: italic;">Costs Amortization</span><span style="color: #000000; font-family: arial narrow; font-size: 9pt; line-height: 10pt;"> </span></div> </div> </td> </tr> <tr style="height: 12.13pt;"> <td style="background-color: azure; vertical-align: Bottom; width: 431.25pt;"> <div style="line-height: 10pt; text-align: left;"> <div style="margin-right: 6pt; text-align: left; white-space: nowrap; width: auto;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; margin-left: 0.0pt;">BMN</span></div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 42.18pt;"> <div style="line-height: 10pt; margin-left: 6pt; margin-right: 7pt; text-align: right; width: 29.18pt;"> <div style="display: flex; margin-left: auto; width: 29.18pt;"> <div style="display: flex; white-space: nowrap; width: 29.18pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 29.18pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 29.18pt;">832,765</span></div> </div> </div> </td> <td style="background-color: azure; vertical-align: Bottom; white-space: nowrap; width: 61.57pt;"> <div style="line-height: 10pt; margin-left: 7pt; text-align: right; width: 54.57pt;"> <div style="display: flex; margin-left: auto; width: 54.57pt;"> <div style="display: flex; white-space: nowrap; width: 54.57pt;"><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">$ </span><span style="color: #000000; font-family: arial narrow; font-size: 8pt; width: 54.57pt;">4,844</span></div> </div> </div> </td> </tr> </table> <div style="margin-top: 8pt;"><span style="color: #000000; font-family: arial narrow; font-size: 9pt;">As of June 30, 2026, BlackRock Financial Management, Inc., an affiliate of the Trust, owned 4,000 Shares of BMN.</span></div> The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares.