Portfolio manager Delbos trades 4,390 DSU shares at BlackRock Debt Strategies (NYSE: DSU)

Rhea-AI Filing Summary

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.

Insider Trade Summary

4,390.128 shares exercised/converted

Mixed 3 txns

Insider Delbos David

Role Insider

Type	Security	Shares	Price	Value
Exercise	Phantom Shares	4,390.128	$0.00	--
Exercise	Common Stock	4,390.128	$0.00	--
Disposition	Common Stock	4,390.128	$10.21	$45K

Holdings After Transaction: Phantom Shares — 4,390.128 shares (Direct); Common Stock — 58,226.128 shares (Direct)

Footnotes (1)

1. A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Delbos David

(Last) (First) (Middle)

50 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK DEBT STRATEGIES FUND, INC. [ DSU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/30/2026		M		4,390.1276	A	(1)(2)	58,226.1276	D
Common Stock	01/30/2026		D		4,390.1276	D	$10.21(1)(2)	53,836	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares	(1)(2)	01/30/2026		M			4,390.1276	(1)(2)	(1)(2)	Common Stock	4,390.1276	(1)(2)	4,390.1276	D

Explanation of Responses:

1. A phantom share is the economic equivalent of one share of common stock and, subject to the applicable vesting requirements, becomes payable in cash.

2. As previously reported on a Form 4 dated February 2, 2024, the Reporting Person was granted phantom shares on January 31, 2024 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

	/s/ Gladys Chang as Attorney-in-Fact	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did David Delbos report for BLACKROCK DEBT STRATEGIES FUND (DSU)?

David Delbos reported acquiring 4,390.1276 DSU common shares via the conversion of phantom shares, and selling 4,390.1276 common shares at $10.21 on January 30, 2026. After these transactions, he directly owned 53,836 DSU common shares.

How many BLACKROCK DEBT STRATEGIES FUND (DSU) shares does David Delbos own after this Form 4?

Following the January 30, 2026 transactions, David Delbos directly owns 53,836 DSU common shares. The filing also shows 4,390.1276 phantom shares, which are economic equivalents of common stock and are payable in cash, subject to vesting requirements.

At what price were David Delbos’s BLACKROCK DEBT STRATEGIES FUND (DSU) shares sold?

The reported sale of DSU common stock by David Delbos was for 4,390.1276 shares at a price of $10.21 per share on January 30, 2026. This sale followed the acquisition of the same number of shares from phantom share conversion.

What are phantom shares in the BLACKROCK DEBT STRATEGIES FUND (DSU) Form 4?

In this Form 4, a phantom share is described as the economic equivalent of one DSU common share, payable in cash after vesting. The footnotes state that phantom shares vest in equal installments over three years starting January 31, 2024, subject to applicable vesting requirements.

When were the phantom shares related to BLACKROCK DEBT STRATEGIES FUND (DSU) granted to David Delbos?

The footnotes state that phantom shares were granted to David Delbos on January 31, 2024. These phantom shares are payable in cash upon vesting, which occurs in equal installments on each of the first three anniversaries of the January 31, 2024 grant date.

What is David Delbos’s role at BLACKROCK DEBT STRATEGIES FUND (DSU)?

The Form 4 identifies David Delbos’s relationship to BLACKROCK DEBT STRATEGIES FUND, INC. as “Other – Portfolio Manager.” He is not listed as a director, officer, or 10% owner, but as a portfolio manager associated with the fund.