BlackRock Debt Strategies (DSU) manager reports phantom share award and sale

Rhea-AI Filing Summary

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.

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^*

Garfin Mitchell

(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		2,256.328	A	(1)(2)	2,256.328	D
Common Stock	01/30/2026		D		2,256.328	D	$10.21(1)(2)	0.0000	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)(3)	01/30/2026		A		13,946.6508		(1)(3)	(1)(3)	Common Stock	13,946.6508	$10.21	13,946.6508	D
Phantom Shares	(1)(2)	01/30/2026		M			2,256.328	(1)(2)	(1)(2)	Common Stock	2,256.328	(1)(2)	2,256.328	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.

3. 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.
* 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).
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FAQ

What insider transactions did Garfin Mitchell report for DSU?

Garfin Mitchell reported receiving 13,946.6508 phantom shares and exercising 2,256.328 phantom shares into common stock, which were then sold. These transactions reflect compensation and related stock activity, rather than an open-market purchase of DSU shares.

How many DSU phantom shares were awarded to Garfin Mitchell?

On January 30, 2026, Garfin Mitchell was awarded 13,946.6508 phantom shares tied to DSU. Each phantom share is economically equivalent to one DSU common share and is payable in cash as it vests over a three-year schedule.

Did Garfin Mitchell sell any DSU common stock in this Form 4?

Yes. After exercising 2,256.328 phantom shares into DSU common stock at $0.00 per share, he sold all 2,256.328 shares at $10.21 per share. Following this sale, he reported holding zero DSU common shares directly.

What are DSU phantom shares as described in this filing?

The filing states each phantom share is the economic equivalent of one DSU common share and becomes payable in cash once vesting requirements are met. These awards provide cash-settled value linked to DSU’s stock, without issuing actual shares on grant.

How do Garfin Mitchell’s DSU phantom shares vest over time?

The phantom shares vest in three equal annual installments from the award date. Earlier grants referenced in the filing also vest in equal installments over three years, with cash payments made as each installment vests rather than immediate full payout.

Is Garfin Mitchell a director or major owner of DSU?

No. The filing identifies Garfin Mitchell as a portfolio manager related to BlackRock Debt Strategies Fund, not as a director, officer, or 10% owner of DSU. His reported holdings and transactions are tied to compensation rather than control positions.