Portfolio manager Carly Wilson (DSU) sells shares and receives new phantom awards

Rhea-AI Filing Summary

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.

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

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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^*

Wilson Carly

(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		2,869.8139	A	(1)(2)(3)	4,035.8139	D
Common Stock	01/30/2026		D		2,869.8139	D	$10.21(1)(2)(3)	1,166	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)(4)	01/30/2026		A		4,991.43		(1)(4)	(1)(4)	Common Stock	4,991.43	$10.21	4,991.43	D
Phantom Shares	(1)(2)	01/30/2026		M			1,612.0635	(1)(2)	(1)(2)	Common Stock	1,612.0635	(1)(2)	3,224.127	D
Phantom Shares	(1)(3)	01/30/2026		M			1,257.7504	(1)(3)	(1)(3)	Common Stock	1,257.7504	(1)(3)	1,257.7504	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 4, 2025, the Reporting Person was granted phantom shares on January 31, 2025 payable in cash on vesting, which occurs in equal installments on each of the first three anniversaries of the grant date.

3. 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.

4. These phantom shares vest in equal installments on each of the first three anniversaries of the award.

	/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.
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FAQ

What insider activity did Carly Wilson report in DSU common stock?

Carly Wilson reported exercising 2,869.8139 DSU common shares and then selling the same 2,869.8139 shares at $10.21 per share. After these transactions, Wilson directly held 1,166 DSU common shares, according to the Form 4 filing.

How many phantom shares did Carly Wilson acquire in the latest DSU Form 4?

The filing shows Wilson acquired 4,991.43 phantom shares at a reference price of $10.21 per share. These phantom shares are cash-settled awards that are economically equivalent to DSU common stock and vest over time, subject to stated vesting requirements.

What are phantom shares in the context of DSU’s Form 4 filing?

Phantom shares are awards economically equivalent to one DSU common share but payable in cash upon vesting. They follow specific vesting schedules, generally in equal installments on each of the first three anniversaries of the relevant grant or award date.

What derivative transactions involving phantom shares did Carly Wilson report for DSU?

Wilson reported acquiring 4,991.43 phantom shares and exercising two phantom share positions of 1,612.0635 and 1,257.7504 shares. Those exercises correspond to equal amounts of DSU common stock, and the remaining phantom share balances continue to follow their vesting schedules.

How do the vesting terms work for Carly Wilson’s DSU phantom share awards?

The filing explains that previously granted phantom shares, and the new phantom award, generally vest in equal installments on each of the first three anniversaries of the grant or award date. Once vested, these phantom shares become payable in cash rather than stock.

What is Carly Wilson’s role at BlackRock Debt Strategies Fund, Inc. (DSU)?

The Form 4 identifies Carly Wilson as a Portfolio Manager of BlackRock Debt Strategies Fund, Inc. Wilson is not listed as a director, officer, or 10% owner, but is considered an insider for reporting purposes due to this portfolio management role.