BlackRock Portfolio Management LLC 4

What Happened

• BlackRock Portfolio Management LLC (reported as a 10% owner) reported a mix of conversions and open‑market activity around Clearway Energy (CWEN). On March 31 it reported conversion activity equal to 215,000 shares (derivative conversion). On April 1 it sold 435,552 shares at $39.91 for $17,382,880 and purchased 99,661 shares at $39.91 for $3,977,471. Net of the cash trades, the Reporting Person sold ~335,891 shares for net proceeds of about $13.4M. The filing also reports large non‑cash derivative reclassifications (42,738,750 shares) on April 1 related to the exchange agreement amendments.

Key Details

• Transaction dates/prices: Mar 31, 2026 (conversion of 215,000 derivative units); Apr 1, 2026 — sale 435,552 shares @ $39.91 ($17,382,880) and purchase 99,661 shares @ $39.91 ($3,977,471). Several derivative entries show N/A or $0 price (non‑cash conversions).
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes: conversions and large derivative entries relate to Clearway’s Exchange Agreement (see F1 and F8 — amended Apr 1, 2026) governing exchangeability of LLC units into Class C common stock. F6 notes BlackRock and certain other entities disclaim beneficial ownership except to the extent of pecuniary interest.
• Timeliness: Filing dated Apr 2, 2026 covering Mar 31–Apr 1 transactions; appears to be timely.

Context

• This filing mainly reflects an institutional 10% owner’s mix of non‑cash unit conversions under Clearway’s exchange agreements and net open‑market sales. The derivative entries (N/A or $0 price) represent unit‑for‑share exchanges or internal reclassifications under the Exchange Agreement rather than standard buy/sell trades. As an institutional holder, BlackRock’s trades differ from an executive’s insider signal; they can reflect portfolio management, rebalancing, or structural conversions rather than individual insider sentiment.