During the July 2015 CNBC Institutional Investor Delivering Alpha Conference, activist investor Carl Icahn criticized BlackRock CEO Larry Fink for backing corporate management over activist shareholders. Icahn argued that Fink’s annual letters to CEOs served as a sales pitch for BlackRock, encouraging debt issuance and acquisitions under the guise of long-term planning. He stated this approach increased BlackRock's assets under management while shielding underperforming executives from accountability.

Icahn used Motorola Solutions as a primary example, noting the company lost $9 billion in value before activists intervened. He claimed BlackRock refused to support his campaign to overhaul the company, despite his eventual success in improving its performance. "We saved the company. Wouldn't vote for me," Icahn said regarding BlackRock's stance.

Icahn's Campaign at Motorola

Motorola’s struggles stemmed from its inability to replicate the success of its RAZR handset. Sales of follow-up models like the KRZR missed expectations as competitors Nokia and Samsung gained market share, and Apple's iPhone reshaped the industry. The handset division slipped into losses, triggering Icahn’s activist campaign in 2007.

Icahn initially sought a $12 billion share buyback before escalating to a proxy fight for board seats. After failing to win representation, he intensified pressure through public letters, a lawsuit for company records, and criticism of leadership, eventually raising his stake to over 10%. The company agreed to appoint two of his nominees and split into Motorola Mobility and Motorola Solutions in 2011.

BlackRock's Influence and Motorola's Future

Icahn argued that BlackRock’s management of about $4.8 trillion allowed it to protect entrenched management teams instead of supporting shareholder-driven reforms. While stating he respected Fink personally, Icahn called BlackRock's voting practices "very dangerous" for U.S. capital markets because they discouraged accountability.

BlackRock was a major institutional shareholder in Motorola during Icahn’s 2007–2008 campaign and supported the incumbent board against his proposed reforms. Following the 2011 split, BlackRock continued to hold investments in the successor companies. In June, Motorola Solutions announced its $1.5 billion acquisition of D-Fend Solutions to expand airspace security capabilities. The deal is expected to close in the fourth quarter of 2026.

BlackRock today provided an update on the progress of its discount management programs for certain closed-end funds, designed to address trading discounts and support shareholder alignment. The programs, which began on January 1, 2026, and are scheduled to run through September 30, 2026, utilize a framework where funds trading at an average daily discount to net asset value (NAV) greater than 10% during the Measurement Period intend to conduct a tender offer. If triggered, the fund would repurchase a minimum of 5% of its outstanding shares at a price equal to 98% of its NAV.

Based on average daily discounts from January 1, 2026, through June 30, 2026, most funds remained below the 10% threshold. However, two funds have exceeded the discount level required to potentially trigger a tender offer. BlackRock will continue to monitor each fund's discount to NAV through the end of the Measurement Period and expects to provide additional updates as the conclusion approaches.

Mid-Year Discount Results

The following table details the average daily discount for funds in the program year-to-date through June 30, 2026:

Program Conditions and Next Steps

Funds that meet the program conditions following the conclusion of the Measurement Period are expected to announce the terms and timing of any resulting tender offers. Any offer to purchase common shares will be made pursuant to an offer on Schedule TO. BlackRock will update performance and other data for the funds on a monthly basis on its website in the "Closed-end Funds" section.