FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   BlackRock Inc. 2. Date of Event Requiring Statement (Month/Day/Year) 11/01/2011 3. Issuer Name and Ticker or Trading Symbol BlackRock Preferred Partners LLC [N/A] (Last) (First) (Middle) 55 EAST 52ND STREET 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) __X__ Other (specify below) Affil. Investment Advisor 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) NEW YORK, NY 10055 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 2,500,000 I See Footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BlackRock Inc. 55 EAST 52ND STREET NEW YORK, NY 10055	Â	  X	Â	Affil. Investment Advisor

Signatures

/s/ David Maryles, as Director and Asst. Secretary		11/10/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On August 30, 2011, BlackRock Holdco 2, Inc., a wholly owned subsidiary of the Reporting Person, purchased 2,490,000 shares of the Issuer's common stock in the Issuer's initial public offering in order to provide the Issuer with seed capital. At the time of this purchase by BlackRock Holdco 2, Inc., BlackRock Holdco 2, Inc. also owned 10,000 shares of the Issuer's common stock, which it had purchased in a private placement in order to provide the Issuer with net capital of $100,000 in accordance with section 14(a) of the Investment Company Act of 1940. Prior to November 1, 2011, BlackRock Holdco 2, Inc. was the Issuer's sole shareholder.

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