PNI 10% Owner Bank of America Redeems 150 Preferred Shares

What Happened Bank of America Corporation (via wholly owned subsidiary Banc of America Preferred Funding Corporation, a 10% owner) reported a disposition: 150 Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054 (RVMTP Shares) were redeemed by the issuer on August 24, 2026. The filing lists the transaction as a disposition (code J); no per-share price is shown in the Form 4 because the shares were redeemed at the liquidation preference plus accumulated but unpaid dividends per the issuer’s notice of redemption.

Key Details

• Transaction date: August 24, 2026 (reported on Form 4 filed August 26, 2026)
• Transaction type: Redemption/disposition of 150 RVMTP Shares (Table I disposition, code J)
• Price: Not specified on Form 4; redemption price = liquidation preference + accumulated but unpaid dividends (per issuer’s N-23C-2 notice)
• Shares owned after transaction: The 150 RVMTP Shares reported were redeemed/ disposed; the filing indicates these specific shares are no longer held by the subsidiary
• Footnotes:
  • F1 clarifies the 150 shares were held by Banc of America Preferred Funding Corporation (BAPFC) and were redeemed by the issuer.
  • F2 notes the statement is jointly filed by Bank of America and BAPFC and that Bank of America’s interest is indirect via BAPFC.
  • F3 states the filers do not admit to being a group under Section 13(d)
• Timeliness: Filed two days after the transaction (no late-filing flag indicated)

Context This was an issuer-initiated redemption of preferred shares, not an open-market sale by a company insider. For retail investors, issuer redemptions reflect the terms of the security (call/redemption provisions) rather than a trading decision by Bank of America. Also note this filing reflects an institutional/10% owner relationship via a subsidiary, not an executive personal trade.