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BlackRock Debt Strategies Fund, Inc. filed Post-Effective Amendment No. 1 to its Form N-2 registration statement under Rule 462(d), solely to add and update exhibits without changing any other part of the existing registration.
The amendment incorporates by reference the fund’s 2024 annual report and 2025 semi-annual report, details a broad set of organizational, advisory, credit, and fund-of-funds agreements, and files new forms of distribution and sub-placement agent agreements. It also lists estimated offering-related expenses totaling $203,458.60 and notes 188 record holders of common shares as of January 15, 2026. Extensive charter and bylaw provisions describing indemnification and liability protections for directors and officers are summarized, along with references to joint D&O/E&O insurance coverage.
BlackRock Debt Strategies Fund, Inc. is offering up to 30,000,000 common shares through an at-the-market program, with UBS Securities LLC acting as sub-placement agent under a distribution agreement with an affiliated BlackRock distributor.
The shares must be sold at prices at or above current net asset value (NAV) plus selling commissions. As of February 3, 2026, NAV was $10.00 per share and the NYSE market price was $10.18, a 1.80% premium. Assuming all shares are sold at $10.18, the Fund estimates net proceeds of about $302,142,215 after a 1.00% sales load and offering costs.
The Fund intends to invest net proceeds in line with its strategy of holding primarily below‑investment‑grade corporate loans and other debt, aiming to deploy capital within roughly three to six months. Pending deployment, proceeds may be placed in short-term investment grade or money market instruments and may also help fund the Fund’s level monthly distribution policy, which can include return of capital.
BlackRock Debt Strategies Fund, Inc. is registering up to 30,000,000 common shares and related subscription rights under a shelf prospectus. The NYSE-listed closed-end fund (symbol DSU) invests mainly in lower-rated corporate debt and loans to seek current income, with capital appreciation as a secondary goal.
As of January 28, 2026, the Fund had 62,847,647 common shares outstanding, net assets of about $630.5 million and a net asset value of $10.03 per share versus a $10.18 market price. It currently employs bank credit-facility leverage equal to 15.20% of Managed Assets and targets investing new proceeds within roughly three to six months.
The Fund estimates total annual operating expenses of 1.72% of net assets attributable to common shares and uses a level monthly distribution plan that can include income, capital gains and return of capital. Common shares may be sold directly, through underwriters, or via rights offerings, generally at or above NAV except for certain qualifying rights offerings.
BlackRock Debt Strategies Fund portfolio manager David Delbos reported routine share transactions. On January 30, 2026, he acquired 4,390.1276 shares of common stock through the conversion of phantom shares, then sold 4,390.1276 common shares at $10.21 each. He directly held 53,836 common shares afterward. Footnotes explain that each phantom share is economically equivalent to one common share and is payable in cash, with the underlying grant vesting in three equal annual installments starting January 31, 2024.
BlackRock Debt Strategies Fund, Inc. portfolio manager Carly Wilson reported multiple equity-related transactions dated January 30, 2026. The filing shows activity in both common stock and cash-settled phantom shares tied economically to the fund’s common stock.
Wilson exercised 2,869.8139 common shares and then disposed of the same 2,869.8139 common shares at a price of $10.21 per share, leaving 1,166 common shares directly owned. On the derivative side, Wilson acquired 4,991.43 phantom shares at a reference price of $10.21, and converted 1,612.0635 and 1,257.7504 phantom shares into equivalent common stock amounts through “M” (exercise) transactions.
The phantom shares are described as economically equivalent to common stock but payable in cash upon vesting, generally in equal installments on each of the first three anniversaries of the relevant award dates.
BlackRock Debt Strategies Fund portfolio manager Garfin Mitchell reported a mix of phantom share awards and related stock transactions in DSU. On January 30, 2026, he received 13,946.6508 phantom shares, each economically equivalent to one share of common stock and payable in cash as they vest.
That same day, 2,256.328 phantom shares were exercised into an equal number of DSU common shares at $0.00 per share and then sold at $10.21 per share, leaving him with no directly held common stock. The phantom shares vest in three equal annual installments, with payments made in cash rather than stock.
BlackRock Debt Strategies Fund, Inc. (DSU) and affiliated BlackRock closed-end funds adopted a prospectus supplement effective December 1, 2025 that replaces the Prospectus section on valuation for Options, Futures, Swaps and Other Derivatives. The supplement specifies market-quotation rules for exchange-traded equity options, fallbacks to bid/ask or prior-day prices, model-based valuation for customized or OTC instruments, and daily valuation sources for futures, swaps and other derivatives.