BlackRock Corporate High Yield Fund (NYSE: HYT) reports 2025 distributions, rights offering
Filing Impact
Filing Sentiment
Form Type
N-CSR
Rhea-AI Filing Summary
BlackRock Corporate High Yield Fund, Inc. (HYT) filed its certified shareholder report for the fiscal period ending
The filing shows a closing market price of $8.90 and a net asset value of $9.65 as of
Positive
- None.
Negative
- None.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-21318
Name of Fund: BlackRock Corporate High Yield Fund, Inc. (HYT)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Corporate High Yield Fund, Inc., 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800)
882-0052,
Option 4 Date of fiscal year end: 12/31/2025
Date of reporting period: 12/31/2025
Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
December 31, 2025
2025 Annual Report |
BlackRock Core Bond Trust (BHK) |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
BlackRock Credit Allocation Income Trust (BTZ) |
BlackRock Floating Rate Income Trust (BGT) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Supplemental Information
(unaudited)
Section 19(a) Notices
BlackRock Core Bond Trust
’
s (BHK), BlackRock Corporate High Yield Fund, Inc.’s (HYT), BlackRock Credit Allocation Income Trust
’
s (BTZ) and BlackRock Floating Rate
Income Trust
’
s (BGT) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to
regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s
investment experience during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you
how to report these distributions for U.S. federal income tax purposes.
December 31, 2025
Total Cumulative Distributions for the Fiscal Period |
% Breakdown of the Total Cumulative Distributions for the Fiscal Period | ||||||||||
Trust Name |
Net Income |
Net Realized Capital Gains Short-Term |
Net Realized Capital Gains Long-Term |
Return of Capital (a) |
Total Per Common Share |
Net Income |
Net Realized Capital Gains Short-Term |
Net Realized Capital Gains Long-Term |
Return of Capital |
Total Per Common Share | |
BHK |
$ 0.488620 |
$ — |
$ — |
$ 0.406580 |
$ 0.895200 |
55 % |
— % |
— % |
45 % |
100 % | |
HYT |
0.701384 |
— |
— |
0.233416 |
0.934800 |
75 |
— |
— |
25 |
100 | |
BTZ |
0.734984 |
— |
— |
0.271816 |
1.006800 |
73 |
— |
— |
27 |
100 | |
BGT |
0.823490 |
— |
— |
0.619870 |
1.443360 |
57 |
— |
— |
43 |
100 | |
(a) |
Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Trust’s net asset value per share. |
Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at
blackrock.com
.
Managed Distribution Plan
The Trusts, each with the approval of its Board of Trustees or Board of Directors, as applicable (the “Board”), has adopted a managed distribution plan, consistent with its
investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently
distribute the following fixed amounts per share on a monthly basis:
Trust Name |
Amount Per Common Share |
BHK |
$ 0.074600 |
HYT |
0.077900 |
BTZ |
0.083900 |
BGT |
0.120280 |
The fixed amounts distributed per share are subject to change at the discretion of each Trust
’
s Board. Each Trust is currently not relying on any exemptive relief from
Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Trust will distribute all available investment income to its shareholders
as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned
on a monthly basis, a Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to
shareholders is expected to be at the fixed amount established by the Board; however, a Trust may make additional distributions from time to time, including additional capital
gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.
Shareholders should not draw any conclusions about a Trust
’
s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust
’
s total
return performance is presented in its financial highlights table.
Each Trust
’
s Board may amend, suspend or terminate a Trust
’
s Plan at any time without prior notice to the Trust
’
s shareholders if it deems such actions to be in the best
interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust
’
s stock is trading at or above
net asset value) or widening an existing trading discount. Each Trust is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples
of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or
decreasing corporate dividend distributions and changes in the Code. Please refer to BHK
’
s, HYT
’
s and BGT
’
s prospectus for a more complete description of a Trust
’
s risks.
2
2025
BlackRock Annual Report to Shareholders
Table of Contents
Page
Supplemental Information |
2 |
Annual Report: |
|
The Benefits and Risks of Leveraging |
4 |
Derivative Financial Instruments |
4 |
Trust Summary |
5 |
Financial Statements: |
|
Schedules of Investments |
16 |
Statements of Assets and Liabilities |
127 |
Statements of Operations |
129 |
Statements of Changes in Net Assets |
130 |
Statements of Cash Flows |
132 |
Financial Highlights |
134 |
Notes to Financial Statements |
138 |
Report of Independent Registered Public Accounting Firm |
153 |
Important Tax Information |
154 |
Investment Objectives, Policies and Risks |
155 |
Shareholder Update |
166 |
Automatic Dividend Reinvestment Plan |
174 |
Trustee and Officer Information |
175 |
Additional Information |
178 |
Glossary of Terms Used in this Report |
181 |
3
The Benefits and Risks of Leveraging
The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no
guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income
earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets
obtained from leverage) are invested in higher-yielding portfolio investments, each Trust
’
s shareholders benefit from the incremental net income. The interest earned on
securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings
(less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available
for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive
slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the
securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is
significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares
(“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and
other costs of leverage exceed a Trust
’
s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage.
Furthermore, the value of the Trusts
’
portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value
of portfolio investments. In contrast, the amount of each Trust
’
s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates.
As a result, changes in interest rates can influence the Trusts
’
NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict
accurately, and there is no assurance that a Trust
’
s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Trust
’
s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining
market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s shares than if the Trust were not leveraged. In addition, each Trust may be required
to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the
terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain
types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the
shareholders. Moreover, to the extent the calculation of each Trust
’
s investment advisory fees includes assets purchased with the proceeds of leverage, the investment
advisory fees payable to the Trusts
’
investment adviser will be higher than if the Trusts did not use leverage.
Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to borrow money (including through the use of TOB Trusts) or issue debt
securities up to 33 1/3% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In
addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than
those imposed by the 1940 Act.
Derivative Financial Instruments
The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets
without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency
exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect
correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument.
Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or
comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts
’
successful use of a derivative financial instrument depends on the investment adviser’s
ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used,
may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts
’
investments in these
instruments, if any, are discussed in detail in the Notes to Financial Statements.
4
2025
BlackRock Annual Report to Shareholders
Trust Summary
as of December 31, 2025
BlackRock Core Bond Trust (BHK)
Investment Objective
BlackRock Core Bond Trust
’
s
(
BHK
) (the “
Trust
”)
investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment
objective by investing, under normal market conditions, at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. Under normal
market conditions, the Trust intends to invest its assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds,
U.S. government and agency securities and mortgage-related securities. The Trust may invest up to 25% of its total managed assets in bonds that, at the time of investment,
are rated Ba/BB or below by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings ("S&P"), Fitch Ratings (“Fitch”) or another nationally recognized rating agency
or bonds that are unrated but judged to be of comparable quality by the investment adviser. The Trust may invest up to 10% of its total managed assets in bonds issued in
foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
On May 16, 2025, the Fund
’
s Board of Trustees approved the terms of the issuance of transferrable rights (one Right for each outstanding Share owned on the Record Date
of May 27, 2025). Rights entitle the holder to purchase one new Share for every 3 Rights held.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
Symbol on New York Stock Exchange |
BHK |
Initial Offering Date |
November 27, 2001 |
Current Distribution Rate on Closing Market Price as of December 31, 2025 ($9.59) (a) |
9.33% |
Current Monthly Distribution per Common Share (b) |
$0.074600 |
Current Annualized Distribution per Common Share (b) |
$0.895200 |
Leverage as of December 31, 2025 (c) |
32% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
12/31/25 |
12/31/24 |
Change |
High |
Low | |
Closing Market Price |
$ 9.59 |
$ 10.46 |
(8.32 ) % |
$ 11.00 |
$ 9.41 |
Net Asset Value |
9.97 |
10.30 |
(3.20 ) |
10.59 |
9.81 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that measures the investment grade, USD-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and
a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
Trust Summary
5
Trust Summary
as of December 31, 2025
(continued)
BlackRock Core Bond Trust (BHK)
Performance
Returns for the period ended December 31, 2025 were as follows:
Average Annual Total Returns | |||
1 Year |
5 Years |
10 Years | |
Trust at NAV (a)(b) |
5.87 % |
(2.10 ) % |
3.55 % |
Trust at Market Price (a)(b) |
0.28 |
(2.68 ) |
4.11 |
Bloomberg U.S. Credit Index |
7.83 |
(0.05 ) |
3.15 |
Reference Benchmark (c) |
7.50 |
(0.64 ) |
3.13 |
Bloomberg U.S. Long Government/Credit Index (d) |
6.62 |
(4.89 ) |
1.98 |
Bloomberg U.S. Intermediate Credit Index (e) |
7.88 |
1.54 |
3.13 |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (f) |
8.62 |
4.50 |
6.52 |
Bloomberg CMBS, Eligible for U.S. Aggregate Index (g) |
7.75 |
0.92 |
2.81 |
Bloomberg MBS Index (h) |
8.58 |
0.15 |
1.59 |
Bloomberg ABS Index (i) |
5.93 |
2.29 |
2.58 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The Reference Benchmark is comprised of the Bloomberg U.S. Long Government/Credit Index (40%); Bloomberg Intermediate Credit Index (24%); Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (16%); Bloomberg CMBS, Eligible for U.S. Aggregate Index (8%); Bloomberg MBS Index (8%); and Bloomberg ABS Index (4%). The Reference Benchmark’s index content and weightings may have varied over past periods. |
(d) |
An unmanaged index that is the long component of the Bloomberg U.S. Government/Credit Index. It tracks USD-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities equal or greater than 10 years. |
(e) |
An Index that measures the investment grade, USD-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than one year and less than ten years. It is composed of the Bloomberg U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity. |
(f) |
An unmanaged index comprised of issues that meet the following U.S. corporate bond criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
(g) |
An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index. |
(h) |
An unmanaged index is a market value-weighted index, which covers the mortgage-backed securities component of the Bloomberg U.S. Aggregate Bond Index. It is comprised of agency mortgage-backed pass-through securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income. |
(i) |
A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
The largest contributors to the Trust’s absolute performance over the period included exposure to a range credit-oriented sectors including high yield and investment grade
corporate bonds. Allocations to agency residential mortgage-backed securities (“MBS”) and U.S. Treasuries also contributed, along with holdings of capital securities.
The largest detractor from the Trust’s absolute performance was its use of derivatives. Derivatives were used to hedge exposures and to implement tactical positions in interest
rates, credit, and currencies.
Describe recent portfolio activity.
The Trust started the period with relatively low exposure to credit spreads in anticipation of volatility driven by the new administration’s policy initiatives. In the wake of
reciprocal tariff announcements and the subsequent widening of spreads, the Trust added risk, focusing on high yield corporates, investment-grade corporates, and capital
securities.
As the Trust underwent a rights offering in the second quarter of 2025, allocations to these spread sectors were further increased, along with exposure to securitized assets
including non-agency MBS and single-asset, single-borrower commercial mortgage-backed securities. In addition, exposure was added selectively to emerging market debt,
supported by a constructive view on the sector.
As the period progressed, the Trust began to increase duration and corresponding interest rate sensitivity as economic data softened and the Federal Reserve appeared
poised to resume policy easing. In an environment of historically tight spreads, this longer duration bias provides a potential offset to the negative impact on prices within
credit-oriented sectors should spreads widen.
6
2025
BlackRock Annual Report to Shareholders
Trust Summary
as of December 31, 2025
(continued)
BlackRock Core Bond Trust (BHK)
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure to non-government spread sectors along with a meaningful allocation to U.S. Treasuries. The largest allocation was
to investment grade corporate bonds, followed by U.S. Treasuries, high yield corporates, non-agency MBS, and capital securities. The Fund favored an above-benchmark
stance with respect to duration and corresponding interest rate sensitivity.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION | |
Investment Type |
Percent of Total Investments (a) |
Corporate Bonds |
44.2 % |
U.S. Treasury Obligations |
19.1 |
U.S. Government Sponsored Agency Securities |
11.6 |
Non-Agency Mortgage-Backed Securities |
8.5 |
Asset-Backed Securities |
5.8 |
Preferred Securities |
4.8 |
Municipal Bonds |
3.1 |
Foreign Agency Obligations |
1.4 |
Floating Rate Loan Interests |
1.3 |
Other* |
0.2 |
CREDIT QUALITY ALLOCATION | |
Credit Rating (b) |
Percent of Total Investments (a) |
AAA/Aaa (c) |
37.8 % |
AA/Aa |
5.0 |
A |
14.8 |
BBB/Baa |
14.7 |
BB/Ba |
10.6 |
B |
9.4 |
CCC/Caa |
2.3 |
C |
— (d) |
N/R |
5.4 |
(a) |
Excludes short-term securities. |
(b) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
(d) |
Rounds to less than 0.1%. |
* |
Includes one or more investment categories that individually represents less than 1.0% of the Trust ’ s total investments. Please refer to the Schedule of Investments for details. |
Trust Summary
7
Trust Summary
as of December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Investment Objective
BlackRock Corporate High Yield Fund, Inc.
’
s
(
HYT
) (the “
Trust
”)
primary investment objective is to provide shareholders with current income. The Trust’s secondary
investment objective is to provide shareholders with capital appreciation. The Trust seeks to achieve its objectives by investing primarily in a diversified portfolio of fixed income
securities which are rated at the time of investment to be below investment grade or, if unrated, are considered by the investment adviser to be of comparable quality. The Trust
may invest directly in fixed income securities or synthetically through the use of derivatives.
On December 15, 2025, the Fund
’
s Board of Trustees approved the terms of the issuance of transferrable rights (one Right for each outstanding Share owned on the Record
Date of January 2, 2026). Rights entitle the holder to purchase one new Share for every 5 Rights held.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
Symbol on New York Stock Exchange |
HYT |
Initial Offering Date |
May 30, 2003 |
Current Distribution Rate on Closing Market Price as of December 31, 2025 ($8.90) (a) |
10.50% |
Current Monthly Distribution per Common Share (b) |
$0.077900 |
Current Annualized Distribution per Common Share (b) |
$0.934800 |
Leverage as of December 31, 2025 (c) |
22% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
12/31/25 |
12/31/24 |
Change |
High |
Low | |
Closing Market Price |
$ 8.90 |
$ 9.81 |
(9.28 ) % |
$ 9.97 |
$ 8.45 |
Net Asset Value |
9.65 |
9.67 |
(0.21 ) |
9.78 |
9.15 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An unmanaged index comprised of issues that meet the following U.S. corporate bond criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year
to maturity; and no issuer represents more than 2% of the index.
8
2025
BlackRock Annual Report to Shareholders
Trust Summary
as of December 31, 2025
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Performance
Returns for the period ended December 31, 2025 were as follows:
Average Annual Total Returns | |||
1 Year |
5 Years |
10 Years | |
Trust at NAV (a)(b) |
10.06 % |
5.13 % |
7.91 % |
Trust at Market Price (a)(b) |
0.06 |
4.38 |
8.14 |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index |
8.62 |
4.50 |
6.52 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Positions in high yield bonds made the largest contributions to absolute performance, but holdings in leveraged loans and investment-grade corporates contributed, as well. In
terms of credit tiers, B, BB, and CC rated issues were the leading contributors, respectively. At the sector level, the largest contributions came from information technology,
media & entertainment, and property & casualty insurance.
The Fund’s currency risk management strategies detracted modestly, as did its small cash position.
The Fund’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Fund’s investment strategy.
Describe recent portfolio activity.
While key positioning themes remained broadly consistent, the investment adviser tactically adjusted sector- and issuer-level positioning to take advantage of market
opportunities. The adviser reduced the Fund’s allocations to bank loans and high yield bonds as it identified attractive relative value opportunities in investment-grade
corporates.
Describe portfolio positioning at period end.
The Fund was underweight in BBs and overweight in Bs and select CCCs. The Fund maintained tactical allocations to both loans and investment-grade bonds. Technology,
property & casualty, and media & entertainment were among the top sector overweights.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Trust Summary
9
Trust Summary
as of December 31, 2025
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION | |
Investment Type |
Percent of Total Investments (a) |
Corporate Bonds |
85.8 % |
Floating Rate Loan Interests |
6.7 |
Preferred Securities |
4.7 |
Fixed Rate Loan Interests |
1.1 |
Other* |
1.7 |
CREDIT QUALITY ALLOCATION | |
Credit Rating (b) |
Percent of Total Investments (a) |
A |
2.2 % |
BBB/Baa |
2.9 |
BB/Ba |
37.6 |
B |
44.9 |
CCC/Caa |
9.7 |
C |
— (c) |
D |
— (c) |
N/R |
2.7 |
(a) |
Excludes short-term securities. |
(b) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) |
Rounds to less than 0.1%. |
* |
Includes one or more investment categories that individually represents less than 1.0% of the Trust ’ s total investments. Please refer to the Schedule of Investments for details. |
10
2025
BlackRock Annual Report to Shareholders
Trust Summary
as of December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Investment Objective
BlackRock Credit Allocation Income Trust
’
s (
BTZ
) (the “
Trust
”)
investment objective is to provide current income, current gains and capital appreciation. The Trust seeks
to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in credit-related securities, including, but not limited to, investment
grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic
characteristics similar to these credit-related securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
Symbol on New York Stock Exchange |
BTZ |
Initial Offering Date |
December 27, 2006 |
Current Distribution Rate on Closing Market Price as of December 31, 2025 ($10.83) (a) |
9.30% |
Current Monthly Distribution per Common Share (b) |
$0.083900 |
Current Annualized Distribution per Common Share (b) |
$1.006800 |
Leverage as of December 31, 2025 (c) |
34% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
12/31/25 |
12/31/24 |
Change |
High |
Low | |
Closing Market Price |
$ 10.83 |
$ 10.46 |
3.54 % |
$ 11.17 |
$ 9.86 |
Net Asset Value |
11.36 |
11.27 |
0.80 |
11.55 |
10.83 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that measures the investment grade, USD-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and
a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
Trust Summary
11
Trust Summary
as of December 31, 2025
(continued)
BlackRock Credit Allocation Income Trust (BTZ)
Performance
Returns for the period ended December 31, 2025 were as follows:
Average Annual Total Returns | |||
1 Year |
5 Years |
10 Years | |
Trust at NAV (a)(b) |
10.52 % |
2.19 % |
5.93 % |
Trust at Market Price (a)(b) |
13.53 |
2.56 |
6.58 |
Reference Benchmark (c) |
8.37 |
1.66 |
4.44 |
Bloomberg U.S. Credit Index |
7.83 |
(0.05 ) |
3.15 |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (d) |
8.62 |
4.50 |
6.52 |
Bloomberg USD Capital Securities Index (e) |
9.33 |
1.67 |
4.49 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. |
(b) |
The Trust ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) |
The Reference Benchmark is comprised of the Bloomberg U.S. Credit Index (50.36%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg USD Capital Securities Index (19.71%). |
(d) |
An unmanaged index comprised of issues that meet the following U.S. corporate bond criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
(e) |
An unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Contributions to the Trust’s performance over the period were led by broad U.S. credit exposures, in particular to high yield corporate bonds, investment grade corporate
bonds, collateralized loan obligations (“CLOs”). Exposure to emerging markets debt and Asia investment grade debt also proved additive.
The Trust’s positioning with respect to interest rates and equity exposure detracted modestly over the period.
Describe recent portfolio activity.
The Trust increased exposure to emerging markets, Asia investment grade and European investment grade bonds. Allocations to CLOs and European high yield corporate
bonds were trimmed over the period.
In addition to employing leverage, the Trust uses derivatives as part of its investment strategy, including forward contracts to hedge foreign currency exposure of non-U.S.
positions back to U.S. dollars and interest rate futures to adjust duration positioning tactically as needed.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.
Describe portfolio positioning at period end.
At period end, the Trust was focused primarily on higher-quality global credit as valuations and relative value dynamics shifted across markets. In particular, the Trust had
exposure in emerging markets, Asia and Europe, where improving fundamentals and attractive spread levels provided compelling carry opportunities with a favorable risk
profile. Conversely, exposure to CLOs and European high yield corporates was more modest as spreads remained tight and volatility persisted, limiting potential upside.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
12
2025
BlackRock Annual Report to Shareholders
Trust Summary
as of December 31, 2025
(continued)
BlackRock Credit Allocation Income Trust (BTZ)
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION | |
Investment Type |
Percent of Total Investments (a) |
Corporate Bonds |
67.5 % |
U.S. Government Sponsored Agency Securities |
9.3 |
Asset-Backed Securities |
8.5 |
Preferred Securities |
6.2 |
Floating Rate Loan Interests |
4.6 |
Investment Companies |
2.2 |
Foreign Agency Obligations |
1.7 |
Other* |
— (b) |
CREDIT QUALITY ALLOCATION | |
Credit Rating (c) |
Percent of Total Investments (d) |
AAA/Aaa (e) |
15.2 % |
AA/Aa |
3.4 |
A |
12.1 |
BBB/Baa |
28.5 |
BB/Ba |
19.9 |
B |
14.3 |
CCC/Caa |
2.6 |
C |
— (b) |
N/R |
4.0 |
(a) |
Excludes short-term securities, short investments and options, if any. |
(b) |
Rounds to less than 0.1%. |
(c) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(d) |
Excludes short-term securities. |
(e) |
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
* |
Includes one or more investment categories that individually represents less than 1.0% of the Trust ’ s total investments. Please refer to the Schedule of Investments for details. |
Trust Summary
13
Trust Summary
as of December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
Investment Objective
BlackRock Floating Rate Income Trust
’
s (
BGT
) (the “
Trust
”)
primary investment objective is to provide a high level of current income. The Trust’s secondary investment
objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by
investing primarily, under normal market conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial
portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal
market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or
synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
Symbol on New York Stock Exchange |
BGT |
Initial Offering Date |
August 30, 2004 |
Current Distribution Rate on Closing Market Price as of December 31, 2025 ($11.33) (a) |
12.74% |
Current Monthly Distribution per Common Share (b) |
$0.120280 |
Current Annualized Distribution per Common Share (b) |
$1.443360 |
Leverage as of December 31, 2025 (c) |
17% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
12/31/25 |
12/31/24 |
Change |
High |
Low | |
Closing Market Price |
$ 11.33 |
$ 12.86 |
(11.90 ) % |
$ 12.93 |
$ 10.95 |
Net Asset Value |
11.84 |
12.57 |
(5.81 ) |
12.62 |
11.81 |
GROWTH OF $10,000 INVESTMENT
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.
14
2025
BlackRock Annual Report to Shareholders
Trust Summary
as of December 31, 2025
(continued)
BlackRock Floating Rate Income Trust (BGT)
Performance
Returns for the period ended December 31, 2025 were as follows:
Average Annual Total Returns | |||
1 Year |
5 Years |
10 Years | |
Trust at NAV (a)(b) |
6.14 % |
7.07 % |
6.43 % |
Trust at Market Price (a)(b) |
(0.73 ) |
8.88 |
7.00 |
Morningstar LSTA U.S. Leveraged Loan Index |
5.90 |
6.42 |
5.83 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust’s use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares. |
(b) |
The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust
is actively managed and does not seek to track or replicate the
performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future
performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of
blackrock.com
.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Describe recent portfolio activity.
Describe portfolio positioning at period end.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION | |
Investment Type |
Percent of Total Investments (a) |
Floating Rate Loan Interests |
88.6 % |
Investment Companies |
7.0 |
Corporate Bonds |
2.7 |
Other* |
1.7 |
CREDIT QUALITY ALLOCATION | |
Credit Rating (b) |
Percent of Total Investments (a) |
AA/Aa |
0.1 % |
A |
1.4 |
BBB/Baa |
9.0 |
BB/Ba |
27.0 |
B |
51.1 |
CCC/Caa |
3.0 |
C |
— (c) |
N/R |
8.4 |
(a) |
Excludes short-term securities. |
(b) |
For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(c) |
Rounds to less than 0.1%. |
* |
Includes one or more investment categories that individually represents less than 1.0% of the Trust ’ s total investments. Please refer to the Schedule of Investments for details. |
Trust Summary
15
Schedule of Investments
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities | |||
522 Funding CLO Ltd., Series 2017-1A, Class CR, (3- mo. CME Term SOFR + 2.41%), 6.30%, 10/20/34 (a)(b) |
USD |
500 |
$ 500,806 |
AIMCO CLO Ltd., Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 6.29%, 04/16/37 (a)(b) |
650 |
653,131 | |
Apidos CLO XVIII-R (a)(b) |
|||
Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.19%, 01/22/38 |
1,295 |
1,299,241 | |
Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 5.56%, 01/22/38 |
777 |
779,975 | |
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo. CME Term SOFR + 1.21%), 5.10%, 10/20/30 (a)(b) |
142 |
141,942 | |
Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 7.23%, 07/24/34 (a)(b) |
250 |
244,751 | |
Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 5.58%, 01/20/38 (a)(b) |
500 |
501,882 | |
Birch Grove CLO Ltd. (a)(b) |
|||
Series 2021-3A, Class D1R, (3-mo. CME Term SOFR + 2.85%), 6.73%, 01/19/38 |
250 |
250,482 | |
Series 2023-6A, Class A1R, (3-mo. CME Term SOFR + 1.38%), 5.75%, 07/20/37 |
1,500 |
1,505,070 | |
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 6.50%, 04/15/37 (a)(b) |
1,200 |
1,206,361 | |
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 4.95%, 07/18/34 (a)(b) |
2,500 |
2,498,769 | |
Canyon Capital CLO Ltd. (a)(b) |
|||
Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.16%), 6.07%, 07/15/31 |
250 |
250,710 | |
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.61%), 7.52%, 04/15/34 |
500 |
500,000 | |
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 4.90%, 04/20/32 (a)(b) |
373 |
372,762 | |
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 7.42%, 10/15/34 (a)(b) |
250 |
250,014 | |
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 5.60%, 10/15/37 (a)(b) |
500 |
501,573 | |
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 5.68%, 04/20/35 (a)(b) |
400 |
400,875 | |
CIFC Funding Ltd. (a)(b) |
|||
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 6.32%, 04/21/37 |
1,000 |
1,005,251 | |
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.20%, 01/18/38 |
1,036 |
1,039,222 | |
Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.58%, 01/18/38 |
1,295 |
1,300,429 | |
Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.05%), 6.93%, 10/20/37 |
500 |
498,525 | |
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 7.27%, 07/15/36 |
500 |
500,299 | |
Compass Datacenters Issuer III LLC, Series 2025-3A, Class A2, 5.29%, 07/25/50 (b) |
520 |
523,124 | |
Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74 (b) |
164 |
165,469 | |
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
Consolidated Communications LLC/Fidium Fiber Finance Holdco LLC, Series 2025-4A, Class B, 5.77%, 12/20/55 (b) |
USD |
650 |
$ 653,756 |
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1-mo. Term SOFR + 0.25%), 4.00%, 01/15/37 (a) |
660 |
640,478 | |
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3- mo. CME Term SOFR + 3.11%), 7.02%, 10/15/30 (a)(b) |
280 |
280,316 | |
Dryden CLO Ltd., Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 6.80%, 04/18/31 (a)(b) |
1,250 |
1,250,896 | |
Dryden Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.27%, 01/15/31 (a)(b) |
48 |
48,079 | |
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50 (b) |
110 |
94,033 | |
Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 6.28%, 04/18/37 (a)(b) |
1,300 |
1,306,168 | |
Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, (3-mo. CME Term SOFR + 1.70%), 5.58%, 07/18/37 (a)(b) |
250 |
250,890 | |
GoldenTree Loan Management U.S. CLO Ltd., Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 4.96%, 10/20/34 (a)(b) |
470 |
469,733 | |
GoodLeap Home Improvement Solutions Trust, Series 2025-3A, Class A, 5.00%, 10/20/49 (b) |
351 |
352,025 | |
GreenSky Home Improvement Issuer Trust (b) |
|||
Series 2024-2, Class C, 5.55%, 10/27/59 |
97 |
97,640 | |
Series 2025-2A, Class A4, 4.89%, 06/25/60 |
214 |
215,937 | |
Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1, 5.44%, 10/20/32 (b) |
481 |
485,768 | |
Lendmark Funding Trust, Series 2025-2A, Class C, 5.28%, 10/20/34 (b) |
1,000 |
1,007,444 | |
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1-mo. Term SOFR + 0.59%), 4.33%, 09/25/36 (a) |
5,685 |
1,420,280 | |
Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, 5.60%, 09/20/65 (b) |
205 |
206,388 | |
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.38%, 04/18/37 (a)(b) |
1,300 |
1,303,986 | |
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 5.85%, 04/15/37 (a)(b) |
1,000 |
1,002,848 | |
Navient Private Education Refi Loan Trust (b) |
|||
Series 2019-D, Class A2A, 3.01%, 12/15/59 |
307 |
300,070 | |
Series 2019-GA, Class A, 2.40%, 10/15/68 |
92 |
89,839 | |
Series 2021-CA, Class A, 1.06%, 10/15/69 |
527 |
483,158 | |
Series 2021-DA, Class C, 3.48%, 04/15/60 |
378 |
355,236 | |
Series 2021-EA, Class A, 0.97%, 12/16/69 |
643 |
579,673 | |
Series 2023-A, Class A, 5.51%, 10/15/71 |
115 |
118,498 | |
Nelnet Student Loan Trust (b) |
|||
Series 2021-A, Class D, 4.93%, 04/20/62 |
460 |
422,789 | |
Series 2021-BA, Class B, 2.68%, 04/20/62 |
1,983 |
1,781,003 | |
Series 2021-CA, Class AFL, (1-mo. Term SOFR + 0.85%), 4.59%, 04/20/62 (a) |
222 |
221,155 | |
Series 2025-BA, Class D, 6.04%, 05/17/55 |
549 |
548,026 | |
16
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |
|||
Series 2019-31A, Class AR2, (3-mo. CME Term SOFR + 1.23%), 5.11%, 01/20/39 |
USD |
1,615 |
$ 1,618,159 |
Series 2019-34A, Class BR2, (3-mo. CME Term SOFR + 1.65%), 5.53%, 07/20/39 |
530 |
531,761 | |
OCP CLO Ltd. (a)(b) |
|||
Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.21%, 11/26/37 |
1,000 |
1,003,825 | |
Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.20%, 01/21/38 |
1,000 |
1,003,790 | |
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.22%, 07/15/34 (a)(b) |
250 |
246,448 | |
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.52%, 01/25/31 (a)(b) |
354 |
353,715 | |
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 6.87%, 01/22/30 (a)(b) |
500 |
500,408 | |
OHA Credit Funding Ltd., Series 2022-12RA, Class C, (3-mo. CME Term SOFR + 1.80%), 6.13%, 07/20/37 (a)(b) |
1,250 |
1,253,540 | |
OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME Term SOFR + 2.93%), 6.82%, 01/20/31 (a)(b) |
1,000 |
998,502 | |
Palmer Square CLO Ltd., Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.55%, 01/15/38 (a)(b) |
920 |
922,858 | |
Palmer Square Loan Funding 2024-3 Ltd., Series 2024- 3A, Class A2, (3-mo. CME Term SOFR + 1.65%), 5.51%, 08/08/32 (a)(b) |
250 |
250,614 | |
Planet Fitness Master Issuer LLC, Series 2025-1A, Class A2II, 5.65%, 12/06/55 (b) |
230 |
229,914 | |
Point Broadband Funding LLC (b) |
|||
Series 2025-1A, Class A2, 5.34%, 07/20/55 |
1,000 |
1,007,307 | |
Series 2025-1A, Class C, 8.16%, 07/20/55 |
750 |
765,579 | |
Prodigy Finance DAC, Series 2021-1A, Class C, (1-mo. Term SOFR + 3.86%), 7.59%, 07/25/51 (a)(b) |
39 |
38,679 | |
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.51%, 01/25/38 (a)(b) |
1,700 |
1,705,323 | |
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.45%, 04/15/38 (a)(b) |
850 |
852,205 | |
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.30%, 01/15/38 (a)(b) |
1,709 |
1,715,918 | |
Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 6.27%, 10/23/30 (a)(b) |
500 |
501,391 | |
Sandstone Peak II Ltd., Series 2023-1A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.29%, 07/20/38 (a)(b) |
1,000 |
1,003,963 | |
Sesac Finance LLC, Series 2025-1, Class A2, 5.50%, 07/25/55 (b) |
345 |
342,859 | |
SMB Private Education Loan Trust (b) |
|||
Series 2019-A, Class A2A, 3.44%, 07/15/36 |
451 |
447,979 | |
Series 2019-B, Class A2A, 2.84%, 06/15/37 |
111 |
108,801 | |
Series 2021-A, Class A2B, 1.59%, 01/15/53 |
243 |
225,292 | |
Series 2021-A, Class B, 2.31%, 01/15/53 |
106 |
103,825 | |
Series 2021-C, Class C, 3.00%, 01/15/53 |
108 |
96,276 | |
Series 2021-C, Class D, 3.93%, 01/15/53 |
53 |
48,531 | |
Series 2021-D, Class A1A, 1.34%, 03/17/53 |
657 |
622,069 | |
Series 2022-C, Class A1A, 4.48%, 05/16/50 |
231 |
230,468 | |
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
SMB Private Education Loan Trust (b) (continued) |
|||
Series 2023-B, Class A1B, (30-day Avg SOFR + 1.80%), 5.78%, 10/16/56 (a) |
USD |
156 |
$ 159,075 |
Series 2023-C, Class A1A, 5.67%, 11/15/52 |
1,054 |
1,082,590 | |
Sterling COOFS Trust (b)(c) |
|||
Series 2004-1, Class A, 2.36%, 04/15/29 |
700 |
— | |
Series 2004-2, Class Note, 2.08%, 03/30/30 |
247 |
— | |
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |
9 |
7,648 | |
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54 (b) |
292 |
296,064 | |
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 5.10%, 07/15/30 (a)(b) |
98 |
98,055 | |
Trestles CLO Ltd. (a)(b) |
|||
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.10%), 5.96%, 07/25/37 |
1,750 |
1,758,292 | |
Series 2017-1A, Class D1RR, (3-mo. CME Term SOFR + 3.15%), 7.01%, 07/25/37 |
250 |
249,494 | |
Trimaran CAVU Ltd., Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 7.37%, 10/25/34 (a)(b) |
500 |
500,589 | |
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (d) |
GBP |
11 |
15,197 |
UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, 09/25/47 (b) |
USD |
100 |
99,957 |
Upgrade Master Pass-Thru Trust (b) |
|||
Series 2025-ST4, Class A, 5.50%, 08/16/32 |
168 |
168,674 | |
Series 2025-ST8, Class D, 5.91%, 12/15/33 |
124 |
124,212 | |
UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, 01/25/47 (b) |
304 |
306,167 | |
Voya CLO Ltd., Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.51%), 5.42%, 07/15/31 (a)(b) |
1,000 |
1,001,281 | |
Warwick Capital CLO Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.24%, 01/20/38 (a)(b) |
750 |
752,542 | |
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 5.75%, 01/20/35 (a)(b) |
725 |
726,862 | |
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3-mo. CME Term SOFR + 2.90%), 6.77%, 10/24/37 (a)(b) |
500 |
498,806 | |
Whitebox CLO III Ltd. (a)(b) |
|||
Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 6.75%, 10/15/35 |
250 |
251,243 | |
Series 2021-3A, Class ER, (3-mo. CME Term SOFR + 5.65%), 9.55%, 10/15/35 |
250 |
250,393 | |
Wireless PropCo Funding LLC, Series 2025-1A, Class B, 4.30%, 06/25/55 (b) |
725 |
694,634 | |
Total Asset-Backed Securities — 8.4% (Cost: $61,870,624) |
60,648,549 | ||
Shares |
|||
Common Stocks | |||
Capital Markets — 0.0% |
|||
Wom New Holdco (c)(e) |
465 |
10,695 | |
Schedule of Investments
17
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Shares |
Value | |
Wireless Telecommunication Services — 0.0% |
|||
Altice France Lux 3 (e) |
5,668 |
$ 99,822 | |
Total Common Stocks — 0.0% (Cost: $122,630) |
110,517 | ||
Par (000) |
|||
Corporate Bonds | |||
Advertising Agencies — 0.5% | |||
Clear Channel Outdoor Holdings, Inc. (b) |
|||
7.75%, 04/15/28 |
USD |
335 |
335,247 |
7.50%, 06/01/29 (f) |
579 |
574,919 | |
7.88%, 04/01/30 (f) |
383 |
403,373 | |
7.13%, 02/15/31 |
493 |
516,242 | |
7.50%, 03/15/33 |
605 |
639,056 | |
CMG Media Corp., 8.88%, 06/18/29 (b) |
152 |
130,577 | |
Lamar Media Corp. |
|||
4.00%, 02/15/30 |
21 |
20,285 | |
5.38%, 11/01/33 (b) |
126 |
125,174 | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 (b) |
92 |
92,157 | |
Omnicom Group, Inc., 5.40%, 10/01/48 (b)(f) |
500 |
462,968 | |
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |
|||
5.00%, 08/15/27 |
46 |
46,067 | |
4.25%, 01/15/29 |
236 |
229,838 | |
4.63%, 03/15/30 (f) |
66 |
64,426 | |
7.38%, 02/15/31 |
72 |
76,209 | |
Stagwell Global LLC, 5.63%, 08/15/29 (b) |
69 |
67,285 | |
3,783,823 | |||
Aerospace & Defense — 2.6% | |||
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |
253 |
261,815 | |
ATI, Inc. |
|||
5.88%, 12/01/27 |
97 |
97,114 | |
7.25%, 08/15/30 |
255 |
269,402 | |
5.13%, 10/01/31 |
110 |
110,074 | |
Boeing Co. |
|||
3.20%, 03/01/29 |
1,840 |
1,783,829 | |
2.95%, 02/01/30 |
800 |
757,936 | |
6.53%, 05/01/34 |
550 |
608,497 | |
Bombardier, Inc. (b) |
|||
6.00%, 02/15/28 (g) |
54 |
54,161 | |
8.75%, 11/15/30 |
355 |
383,545 | |
7.25%, 07/01/31 |
18 |
19,182 | |
7.00%, 06/01/32 |
162 |
171,176 | |
6.75%, 06/15/33 |
187 |
197,656 | |
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32 (b) |
701 |
708,087 | |
General Electric Co., 6.15%, 08/07/37 |
2,150 |
2,371,656 | |
Goat Holdco LLC, 6.75%, 02/01/32 (b) |
83 |
85,246 | |
L3Harris Technologies, Inc. |
|||
2.90%, 12/15/29 |
1,200 |
1,139,891 | |
1.80%, 01/15/31 |
300 |
264,768 | |
Lockheed Martin Corp., 3.80%, 03/01/45 |
800 |
641,574 | |
Northrop Grumman Corp. |
|||
4.70%, 03/15/33 |
400 |
403,894 | |
4.75%, 06/01/43 |
850 |
783,122 | |
RTX Corp. |
|||
2.38%, 03/15/32 |
1,000 |
891,040 | |
5.15%, 02/27/33 |
900 |
929,521 | |
4.50%, 06/01/42 |
300 |
271,188 | |
Security |
Par (000) |
Value | |
Aerospace & Defense (continued) | |||
RTX Corp. (continued) |
|||
6.40%, 03/15/54 |
USD |
700 |
$ 770,325 |
TransDigm, Inc. (b) |
|||
6.75%, 08/15/28 |
150 |
152,642 | |
6.38%, 03/01/29 |
520 |
536,260 | |
6.63%, 03/01/32 |
1,223 |
1,272,432 | |
6.00%, 01/15/33 |
744 |
761,462 | |
6.38%, 05/31/33 |
933 |
957,376 | |
6.25%, 01/31/34 |
115 |
119,333 | |
6.75%, 01/31/34 |
810 |
843,764 | |
18,617,968 | |||
Air Freight & Logistics (b) — 0.0% | |||
Rand Parent LLC, 8.50%, 02/15/30 |
127 |
132,315 | |
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |
60 |
63,498 | |
195,813 | |||
Automobile Components — 0.4% | |||
American Axle & Manufacturing, Inc. (b) |
|||
6.38%, 10/15/32 |
91 |
92,680 | |
7.75%, 10/15/33 |
95 |
96,765 | |
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |
465 |
427,818 | |
Clarios Global LP/Clarios U.S. Finance Co. (b) |
|||
6.75%, 05/15/28 |
525 |
538,322 | |
6.75%, 02/15/30 |
190 |
198,324 | |
4.75%, 06/15/31 |
EUR |
205 |
244,347 |
6.75%, 09/15/32 |
USD |
409 |
424,130 |
Dana, Inc. |
|||
4.25%, 09/01/30 |
46 |
44,539 | |
4.50%, 02/15/32 |
70 |
67,194 | |
Goodyear Tire & Rubber Co. |
|||
6.63%, 07/15/30 |
60 |
61,442 | |
5.25%, 04/30/31 |
6 |
5,760 | |
5.63%, 04/30/33 |
81 |
76,723 | |
IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), 7.00%, 11/15/31 (d)(h) |
EUR |
100 |
126,878 |
Qnity Electronics, Inc. (b) |
|||
5.75%, 08/15/32 |
USD |
166 |
169,726 |
6.25%, 08/15/33 |
127 |
131,642 | |
Schaeffler AG, 4.25%, 04/01/28 (d) |
EUR |
100 |
119,966 |
Tenneco, Inc., 8.00%, 11/17/28 (b) |
USD |
183 |
183,586 |
ZF Europe Finance BV, 7.00%, 06/12/30 (d) |
EUR |
100 |
123,806 |
3,133,648 | |||
Automobiles — 1.0% | |||
Allison Transmission, Inc., 5.88%, 12/01/33 (b) |
USD |
95 |
96,383 |
Asbury Automotive Group, Inc., 4.50%, 03/01/28 |
10 |
9,971 | |
Carvana Co. (b)(h) |
|||
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |
325 |
340,754 | |
(9.00% PIK), 9.00%, 06/01/31 |
986 |
1,112,329 | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |
108 |
115,460 | |
Ford Motor Co., 4.75%, 01/15/43 |
2,000 |
1,583,856 | |
General Motors Co., 6.25%, 10/02/43 |
2,506 |
2,541,149 | |
LCM Investments Holdings II LLC (b) |
|||
4.88%, 05/01/29 |
28 |
27,586 | |
8.25%, 08/01/31 |
238 |
251,731 | |
Lithia Motors, Inc., 5.50%, 10/01/30 (b) |
104 |
104,413 | |
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30 (b) |
268 |
268,037 | |
Nissan Motor Co. Ltd. |
|||
5.25%, 07/17/29 (d) |
EUR |
100 |
120,658 |
7.75%, 07/17/32 (b) |
USD |
200 |
212,442 |
6.38%, 07/17/33 (b) |
EUR |
100 |
120,526 |
18
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Automobiles (continued) | |||
Nissan Motor Co. Ltd. (continued) |
|||
8.13%, 07/17/35 (b) |
USD |
362 |
$ 384,669 |
RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37 (a)(d) |
EUR |
100 |
119,769 |
7,409,733 | |||
Banks — 1.1% | |||
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36 (a)(d) |
100 |
120,567 | |
Al Rajhi Sukuk Ltd., (6 year USD CMT + 1.59%), 6.25% (a)(d)(i) |
USD |
200 |
202,492 |
Banco Mercantil del Norte SA, (5-year CMT + 4.07%), 8.38% (a)(b)(i) |
200 |
209,400 | |
Bangkok Bank PCL, 5.30%, 09/21/28 (b) |
200 |
205,554 | |
Standard Chartered PLC, (5-year USD SOFR ICE Swap + 1.97%), 4.87%, 03/15/33 (a)(b) |
500 |
502,405 | |
Walker & Dunlop, Inc., 6.63%, 04/01/33 (b) |
76 |
77,970 | |
Wells Fargo & Co. (a) |
|||
(1-day SOFR + 1.50%), 5.15%, 04/23/31 |
2,000 |
2,064,406 | |
(1-day SOFR + 1.78%), 5.50%, 01/23/35 |
1,290 |
1,345,948 | |
(1-day SOFR + 2.02%), 5.39%, 04/24/34 |
1,124 |
1,169,446 | |
(1-day SOFR + 2.53%), 3.07%, 04/30/41 (f) |
2,250 |
1,745,079 | |
7,643,267 | |||
Beverages — 0.6% | |||
Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/48 (f) |
4,600 |
3,957,362 | |
Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31 |
400 |
356,820 | |
4,314,182 | |||
Biotechnology — 0.6% | |||
Amgen, Inc. |
|||
5.25%, 03/02/30 |
800 |
829,781 | |
4.20%, 03/01/33 |
1,000 |
977,443 | |
5.25%, 03/02/33 |
600 |
621,097 | |
5.60%, 03/02/43 |
650 |
653,609 | |
5.65%, 03/02/53 |
850 |
832,318 | |
Baxalta, Inc., 5.25%, 06/23/45 |
500 |
477,191 | |
Genmab AS, 7.25%, 12/15/33 (b) |
261 |
274,158 | |
4,665,597 | |||
Building Materials — 0.5% | |||
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33 (b) |
133 |
140,136 | |
Builders FirstSource, Inc. (b) |
|||
6.38%, 03/01/34 |
99 |
102,359 | |
6.75%, 05/15/35 |
91 |
95,142 | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |
|||
6.38%, 12/15/30 (d) |
EUR |
100 |
122,445 |
6.63%, 12/15/30 (b) |
USD |
702 |
731,141 |
6.75%, 07/15/31 (b) |
122 |
128,589 | |
Jeld-Wen, Inc. (b) |
|||
4.88%, 12/15/27 |
130 |
113,466 | |
7.00%, 09/01/32 (f) |
99 |
68,021 | |
New Enterprise Stone & Lime Co., Inc. (b) |
|||
5.25%, 07/15/28 |
55 |
54,954 | |
9.75%, 07/15/28 |
89 |
89,667 | |
Quikrete Holdings, Inc. (b) |
|||
6.38%, 03/01/32 |
803 |
835,827 | |
6.75%, 03/01/33 |
167 |
174,397 | |
Smyrna Ready Mix Concrete LLC (b) |
|||
6.00%, 11/01/28 |
34 |
34,157 | |
8.88%, 11/15/31 |
14 |
14,975 | |
Standard Building Solutions, Inc. (b) |
|||
6.50%, 08/15/32 |
180 |
185,315 | |
Security |
Par (000) |
Value | |
Building Materials (continued) | |||
Standard Building Solutions, Inc. (b) (continued) |
|||
6.25%, 08/01/33 |
USD |
374 |
$ 382,055 |
5.88%, 03/15/34 |
167 |
167,488 | |
Standard Industries, Inc. (b) |
|||
4.75%, 01/15/28 |
3 |
2,992 | |
4.38%, 07/15/30 |
170 |
164,000 | |
3.38%, 01/15/31 |
28 |
25,653 | |
Wilsonart LLC, 11.00%, 08/15/32 (b) |
194 |
173,355 | |
3,806,134 | |||
Building Products — 0.9% | |||
Home Depot, Inc., 5.88%, 12/16/36 |
1,660 |
1,800,118 | |
Lowe ’ s Cos., Inc. |
|||
1.70%, 10/15/30 |
1,600 |
1,421,122 | |
5.00%, 04/15/33 (f) |
1,000 |
1,024,029 | |
3.70%, 04/15/46 |
1,000 |
756,320 | |
QXO Building Products, Inc., 6.75%, 04/30/32 (b)(f) |
593 |
619,340 | |
White Cap Supply Holdings LLC, 7.38%, 11/15/30 (b) |
911 |
942,360 | |
6,563,289 | |||
Capital Markets — 0.7% | |||
Apollo Debt Solutions BDC |
|||
5.88%, 08/30/30 |
96 |
97,100 | |
6.70%, 07/29/31 |
42 |
44,318 | |
6.55%, 03/15/32 |
24 |
24,764 | |
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |
40 |
39,846 | |
Blue Owl Capital Corp., 6.20%, 07/15/30 |
135 |
136,696 | |
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |
52 |
53,468 | |
FMR LLC, 4.95%, 02/01/33 (b) |
2,300 |
2,314,991 | |
Focus Financial Partners LLC, 6.75%, 09/15/31 (b) |
167 |
171,696 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|||
5.25%, 05/15/27 |
392 |
386,612 | |
9.75%, 01/15/29 |
110 |
109,663 | |
4.38%, 02/01/29 |
94 |
81,102 | |
10.00%, 11/15/29 (b) |
119 |
118,916 | |
Jane Street Group/JSG Finance, Inc. (b) |
|||
6.13%, 11/01/32 |
41 |
41,720 | |
6.75%, 05/01/33 |
193 |
201,453 | |
MDGH GMTN RSC Ltd., 4.38%, 11/22/33 (b) |
200 |
196,750 | |
Osaic Holdings, Inc. (b) |
|||
6.75%, 08/01/32 |
76 |
79,391 | |
8.00%, 08/01/33 |
127 |
132,041 | |
Raymond James Financial, Inc., 4.95%, 07/15/46 |
400 |
365,755 | |
SURA Asset Management SA, 6.35%, 05/13/32 (b) |
200 |
213,266 | |
WOM Chile Holdco SpA, (5.00% PIK), 5.00%, 04/01/32 (b)(h)(j) |
152 |
138,825 | |
4,948,373 | |||
Chemicals — 1.0% | |||
Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(h) |
225 |
195,985 | |
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |
173 |
182,449 | |
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b) |
198 |
190,331 | |
Celanese U.S. Holdings LLC |
|||
7.00%, 02/15/31 |
16 |
16,382 | |
6.75%, 04/15/33 (f) |
95 |
94,502 | |
7.38%, 02/15/34 |
128 |
130,044 | |
Chemours Co. |
|||
5.38%, 05/15/27 |
159 |
159,386 | |
5.75%, 11/15/28 (b) |
501 |
487,228 | |
8.00%, 01/15/33 (b) |
81 |
78,417 | |
Element Solutions, Inc., 3.88%, 09/01/28 (b) |
466 |
455,491 | |
EQUATE Petrochemical Co. KSC, 4.25%, 11/03/26 (d) |
200 |
199,687 | |
Schedule of Investments
19
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Chemicals (continued) | |||
HB Fuller Co., 4.25%, 10/15/28 |
USD |
3 |
$ 2,968 |
Herens Holdco SARL, 4.75%, 05/15/28 (b) |
200 |
173,655 | |
Inversion Escrow Issuer LLC, 6.75%, 08/01/32 (b) |
352 |
350,640 | |
Itelyum Regeneration SpA, 5.75%, 04/15/30 (d) |
EUR |
100 |
117,136 |
Mativ Holdings, Inc., 8.00%, 10/01/29 (b) |
USD |
80 |
80,802 |
Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (b) |
117 |
120,471 | |
OCP SA, 7.50%, 05/02/54 (b) |
200 |
220,996 | |
Olympus Water U.S. Holding Corp. (b) |
|||
7.25%, 06/15/31 |
320 |
327,363 | |
7.25%, 02/15/33 |
743 |
746,672 | |
Perimeter Holdings LLC, 01/15/34 (b)(k) |
316 |
313,924 | |
Sasol Financing USA LLC, 6.50%, 09/27/28 |
200 |
196,300 | |
Sherwin-Williams Co., 3.80%, 08/15/49 |
350 |
261,944 | |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |
192 |
190,118 | |
Solstice Advanced Materials, Inc., 5.63%, 09/30/33 (b) |
248 |
250,181 | |
WR Grace Holdings LLC (b) |
|||
4.88%, 06/15/27 |
76 |
75,765 | |
5.63%, 08/15/29 (f) |
945 |
899,532 | |
7.38%, 03/01/31 |
92 |
94,211 | |
6.63%, 08/15/32 |
277 |
280,537 | |
6,893,117 | |||
Commercial Services & Supplies — 1.6% | |||
ADT Security Corp. (b) |
|||
4.88%, 07/15/32 |
25 |
24,214 | |
5.88%, 10/15/33 |
272 |
275,371 | |
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30 (b) |
452 |
471,757 | |
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |
1,787 |
1,883,281 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |
|||
6.00%, 06/01/29 (f) |
898 |
888,708 | |
6.88%, 06/15/30 |
571 |
594,512 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b) |
329 |
324,500 | |
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28 (d) |
EUR |
100 |
110,974 |
Belron U.K. Finance PLC, 5.75%, 10/15/29 (b) |
USD |
218 |
222,619 |
Boels Topholding BV, 5.75%, 05/15/30 (d) |
EUR |
100 |
121,515 |
Brink ’ s Co., 6.50%, 06/15/29 (b) |
USD |
85 |
88,009 |
Deluxe Corp., 8.13%, 09/15/29 (b) |
70 |
73,744 | |
FTAI Aviation Investors LLC (b) |
|||
5.50%, 05/01/28 |
9 |
9,008 | |
7.88%, 12/01/30 |
652 |
693,339 | |
7.00%, 05/01/31 |
164 |
172,706 | |
7.00%, 06/15/32 |
253 |
265,967 | |
5.88%, 04/15/33 |
103 |
104,667 | |
Garda World Security Corp. (b) |
|||
7.75%, 02/15/28 |
108 |
110,440 | |
6.00%, 06/01/29 |
34 |
33,344 | |
8.25%, 08/01/32 |
268 |
272,375 | |
8.38%, 11/15/32 |
764 |
778,220 | |
Herc Holdings, Inc. (b) |
|||
7.00%, 06/15/30 |
257 |
270,474 | |
5.75%, 03/15/31 |
89 |
90,321 | |
7.25%, 06/15/33 |
104 |
110,280 | |
6.00%, 03/15/34 |
92 |
93,226 | |
Hertz Corp., 12.63%, 07/15/29 (b) |
81 |
81,702 | |
ION Platform Finance SARL, 6.50%, 09/30/30 (d) |
EUR |
100 |
113,724 |
RR Donnelley & Sons Co., 9.50%, 08/01/29 (b) |
USD |
370 |
381,285 |
Sabre Financial Borrower LLC, 11.13%, 06/15/29 (b) |
283 |
286,775 | |
Security |
Par (000) |
Value | |
Commercial Services & Supplies (continued) | |||
Service Corp. International |
|||
3.38%, 08/15/30 |
USD |
5 |
$ 4,676 |
4.00%, 05/15/31 |
20 |
19,116 | |
5.75%, 10/15/32 |
377 |
383,688 | |
Shift4 Payments, Inc., Series DEC, 5.50%, 05/15/33 (d) |
EUR |
100 |
120,350 |
Sotheby ’ s, 7.38%, 10/15/27 (b)(f) |
USD |
665 |
661,108 |
Trustees of Columbia University in the City of New York, Series 2024, 4.36%, 10/01/35 |
1,000 |
978,517 | |
United Rentals North America, Inc., 5.38%, 11/15/33 (b) |
323 |
322,771 | |
Veritiv Operating Co., 10.50%, 11/30/30 (b) |
91 |
97,844 | |
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) |
333 |
352,422 | |
11,887,549 | |||
Communications Equipment (b) — 0.1% | |||
CommScope LLC, 4.75%, 09/01/29 (f) |
510 |
509,281 | |
Viavi Solutions, Inc., 3.75%, 10/01/29 |
26 |
24,885 | |
534,166 | |||
Construction & Engineering (b) — 0.2% | |||
AECOM, 6.00%, 08/01/33 |
363 |
372,024 | |
Arcosa, Inc. |
|||
4.38%, 04/15/29 |
85 |
83,553 | |
6.88%, 08/15/32 |
15 |
15,812 | |
Brand Industrial Services, Inc., 10.38%, 08/01/30 |
675 |
661,934 | |
IHS Holding Ltd., 6.25%, 11/29/28 |
200 |
198,584 | |
Weekley Homes LLC / Weekley Finance Corp., 6.75%, 01/15/34 |
100 |
101,253 | |
1,433,160 | |||
Consumer Discretionary — 0.2% | |||
Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.55%, 05/01/30 (a)(d) |
EUR |
100 |
118,564 |
Clarivate Science Holdings Corp. (b) |
|||
3.88%, 07/01/28 |
USD |
585 |
567,920 |
4.88%, 07/01/29 (f) |
230 |
217,467 | |
Raven Acquisition Holdings LLC, 6.88%, 11/15/31 (b) |
56 |
57,699 | |
Williams Scotsman, Inc. (b) |
|||
6.63%, 06/15/29 |
19 |
19,625 | |
6.63%, 04/15/30 |
107 |
110,594 | |
7.38%, 10/01/31 |
211 |
220,430 | |
1,312,299 | |||
Consumer Finance — 0.7% | |||
Block, Inc. |
|||
2.75%, 06/01/26 |
248 |
246,519 | |
5.63%, 08/15/30 (b) |
204 |
208,146 | |
6.50%, 05/15/32 |
169 |
175,736 | |
6.00%, 08/15/33 (b) |
269 |
276,158 | |
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b) |
200 |
212,570 | |
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35 (a)(b) |
22 |
22,744 | |
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34 (a) |
440 |
460,516 | |
ION Platform Finance U.S., Inc., 7.88%, 09/30/32 (b) |
608 |
576,905 | |
Moody ’ s Corp., 2.75%, 08/19/41 |
350 |
250,809 | |
Navient Corp. |
|||
9.38%, 07/25/30 |
6 |
6,668 | |
7.88%, 06/15/32 |
104 |
108,804 | |
OneMain Finance Corp. |
|||
6.63%, 05/15/29 |
34 |
35,215 | |
5.38%, 11/15/29 |
133 |
133,090 | |
7.88%, 03/15/30 |
188 |
198,775 | |
6.13%, 05/15/30 |
196 |
199,839 | |
4.00%, 09/15/30 |
71 |
66,553 | |
20
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Consumer Finance (continued) | |||
OneMain Finance Corp. (continued) |
|||
7.50%, 05/15/31 |
USD |
65 |
$ 68,390 |
7.13%, 11/15/31 |
56 |
58,455 | |
6.75%, 03/15/32 |
170 |
174,575 | |
7.13%, 09/15/32 |
168 |
174,539 | |
6.50%, 03/15/33 |
257 |
259,223 | |
Shift4 Payments, Inc. (b) |
|||
6.75%, 08/15/32 |
400 |
412,997 | |
5.50%, 05/15/33 |
EUR |
145 |
174,507 |
WEX, Inc., 6.50%, 03/15/33 (b) |
USD |
263 |
269,223 |
4,770,956 | |||
Consumer Staples Distribution & Retail — 0.2% | |||
Albertsons Cos, Inc. (b) |
|||
5.50%, 03/31/31 |
97 |
98,023 | |
6.25%, 03/15/33 (f) |
90 |
92,518 | |
5.75%, 03/31/34 |
168 |
168,679 | |
B&M European Value Retail SA, 6.50%, 11/27/31 (d) |
GBP |
100 |
132,654 |
Bellis Acquisition Co. PLC, 8.00%, 07/01/31 (d) |
EUR |
100 |
113,889 |
Boots Group Finco LP (b) |
|||
5.38%, 08/31/32 |
215 |
261,090 | |
7.38%, 08/31/32 |
GBP |
100 |
139,401 |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 (b) |
USD |
86 |
90,274 |
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.64%, 07/01/29 (a)(d) |
EUR |
100 |
118,877 |
Market Bidco Finco PLC, 6.75%, 01/31/31 (d) |
100 |
116,238 | |
Performance Food Group, Inc. (b) |
|||
4.25%, 08/01/29 |
USD |
19 |
18,576 |
6.13%, 09/15/32 |
159 |
163,914 | |
U.S. Foods, Inc., 7.25%, 01/15/32 (b) |
134 |
140,851 | |
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |
135 |
135,127 | |
1,790,111 | |||
Containers & Packaging — 1.0% | |||
Ardagh Group SA |
|||
9.50%, 12/01/30 (b) |
333 |
361,220 | |
(4.50% Cash + 7.50% PIK), 12.00%, 12/01/30 (d)(h) |
EUR |
200 |
215,485 |
(5.50% Cash + 6.50% PIK), 12.00%, 12/01/30 (b)(h) |
USD |
402 |
367,327 |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/31 (b) |
200 |
204,555 | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (b)(f) |
1,066 |
1,003,517 | |
Ball Corp. |
|||
4.25%, 07/01/32 |
EUR |
100 |
120,265 |
5.50%, 09/15/33 (f) |
USD |
89 |
90,726 |
Clydesdale Acquisition Holdings, Inc. (b) |
|||
6.63%, 04/15/29 |
219 |
222,821 | |
6.88%, 01/15/30 |
105 |
107,625 | |
6.75%, 04/15/32 |
536 |
551,155 | |
Crown Americas LLC, 5.88%, 06/01/33 (b) |
288 |
294,566 | |
Fedrigoni SpA, 6.13%, 06/15/31 (d) |
EUR |
100 |
114,528 |
International Paper Co., 6.00%, 11/15/41 |
USD |
870 |
901,199 |
LABL, Inc. (b) |
|||
5.88%, 11/01/28 |
32 |
20,052 | |
9.50%, 11/01/28 |
417 |
263,115 | |
8.63%, 10/01/31 |
132 |
70,205 | |
Magnera Corp., 7.25%, 11/15/31 (b) |
75 |
73,625 | |
Mauser Packaging Solutions Holding Co. (b) |
|||
7.88%, 04/15/30 (f) |
1,820 |
1,805,641 | |
9.25%, 04/15/30 |
148 |
142,080 | |
OI European Group BV, 6.25%, 05/15/28 (b) |
EUR |
100 |
120,901 |
Security |
Par (000) |
Value | |
Containers & Packaging (continued) | |||
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27 (b) |
USD |
27 |
$ 27,096 |
Sealed Air Corp. (b) |
|||
4.00%, 12/01/27 |
38 |
37,803 | |
5.00%, 04/15/29 |
38 |
38,250 | |
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 02/15/31 (b) |
11 |
11,455 | |
Silgan Holdings, Inc., 4.25%, 02/15/31 (b) |
EUR |
180 |
214,391 |
Trivium Packaging Finance BV, 6.63%, 07/15/30 (d) |
100 |
123,747 | |
7,503,350 | |||
Distributors (b) — 0.0% | |||
Gates Corp., 6.88%, 07/01/29 |
USD |
90 |
93,463 |
Resideo Funding, Inc. |
|||
4.00%, 09/01/29 |
42 |
40,480 | |
6.50%, 07/15/32 (f) |
77 |
78,812 | |
212,755 | |||
Diversified REITs — 1.2% | |||
American Tower Corp., 2.90%, 01/15/30 |
2,500 |
2,373,182 | |
Crown Castle, Inc. |
|||
4.90%, 09/01/29 |
750 |
761,634 | |
2.10%, 04/01/31 |
1,000 |
882,544 | |
2.90%, 04/01/41 |
350 |
255,286 | |
Digital Realty Trust LP, 1.88%, 11/15/29 (b)(j) |
45 |
45,630 | |
Equinix, Inc. |
|||
2.50%, 05/15/31 |
500 |
452,491 | |
2.95%, 09/15/51 |
1,200 |
751,539 | |
ERP Operating LP, 4.50%, 07/01/44 (f) |
1,155 |
1,028,426 | |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |
54 |
51,552 | |
Iron Mountain, Inc. |
|||
5.25%, 07/15/30 (b) |
13 |
12,843 | |
5.63%, 07/15/32 (b) |
62 |
61,025 | |
6.25%, 01/15/33 (b) |
8 |
8,067 | |
4.75%, 01/15/34 (b) |
EUR |
300 |
342,838 |
4.75%, 01/15/34 (d) |
100 |
114,279 | |
Millrose Properties, Inc. (b) |
|||
6.38%, 08/01/30 |
USD |
294 |
300,828 |
6.25%, 09/15/32 |
166 |
167,491 | |
Prologis LP, 4.63%, 01/15/33 (f) |
1,000 |
1,009,141 | |
SBA Communications Corp., 3.13%, 02/01/29 (f) |
166 |
158,786 | |
Trust 2401, 7.70%, 01/23/32 (b) |
200 |
221,090 | |
8,998,672 | |||
Diversified Telecommunication Services — 2.9% | |||
AT&T, Inc. |
|||
5.40%, 02/15/34 |
560 |
580,639 | |
6.00%, 08/15/40 |
520 |
541,606 | |
6.38%, 03/01/41 |
1,200 |
1,279,209 | |
5.45%, 03/01/47 (f) |
1,500 |
1,416,199 | |
3.50%, 09/15/53 |
500 |
334,612 | |
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (b) |
220 |
233,363 | |
Corning, Inc., 4.38%, 11/15/57 |
2,000 |
1,613,368 | |
EchoStar Corp. |
|||
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30 (h) |
1,279 |
1,310,127 | |
10.75%, 11/30/29 |
704 |
777,934 | |
eircom Finance DAC, 5.00%, 04/30/31 (d) |
EUR |
100 |
119,520 |
Eutelsat SA, 9.75%, 04/13/29 (d) |
100 |
125,327 | |
Fibercop SpA |
|||
4.75%, 06/30/30 (d) |
100 |
119,416 | |
5.13%, 06/30/32 (d) |
100 |
119,440 | |
6.00%, 09/30/34 (b) |
USD |
200 |
189,469 |
Schedule of Investments
21
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Diversified Telecommunication Services (continued) | |||
Frontier Communications Holdings LLC |
|||
5.00%, 05/01/28 (b) |
USD |
293 |
$ 293,504 |
6.75%, 05/01/29 (b) |
59 |
59,447 | |
5.88%, 11/01/29 |
94 |
95,146 | |
6.00%, 01/15/30 (b) |
130 |
132,204 | |
8.75%, 05/15/30 (b) |
842 |
879,267 | |
8.63%, 03/15/31 (b) |
198 |
208,332 | |
Iliad Holding SAS |
|||
5.38%, 04/15/30 (d) |
EUR |
100 |
121,320 |
8.50%, 04/15/31 (b) |
USD |
200 |
215,250 |
7.00%, 04/15/32 (b) |
322 |
331,870 | |
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (d) |
EUR |
100 |
118,948 |
Level 3 Financing, Inc. (b) |
|||
3.63%, 01/15/29 |
USD |
33 |
30,456 |
4.88%, 06/15/29 |
650 |
632,611 | |
6.88%, 06/30/33 |
1,001 |
1,024,217 | |
7.00%, 03/31/34 |
1,107 |
1,140,843 | |
Lorca Telecom Bondco SA, 5.75%, 04/30/29 (d) |
EUR |
100 |
122,107 |
Lumen Technologies, Inc. (b) |
|||
4.13%, 04/15/30 |
USD |
139 |
138,258 |
10.00%, 10/15/32 |
116 |
116,397 | |
Sable International Finance Ltd., 7.13%, 10/15/32 (b) |
260 |
263,575 | |
SoftBank Group Corp. (d) |
|||
2.88%, 01/06/27 |
EUR |
100 |
116,954 |
3.88%, 07/06/32 |
100 |
109,871 | |
Telecom Italia Capital SA, 7.72%, 06/04/38 |
USD |
201 |
222,651 |
Verizon Communications, Inc., 3.85%, 11/01/42 |
5,000 |
4,009,044 | |
Windstream Services LLC, 7.50%, 10/15/33 (b) |
211 |
216,298 | |
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (b) |
699 |
733,789 | |
Zayo Group Holdings, Inc. (b)(h) |
|||
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |
526 |
499,825 | |
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
215 |
197,327 | |
20,789,740 | |||
Electric Utilities — 4.3% | |||
AES Andes SA, (5-year CMT + 3.84%), 8.15%, 06/10/55 (a)(b) |
200 |
209,428 | |
Alpha Generation LLC, 6.75%, 10/15/32 (b)(f) |
181 |
187,369 | |
American Electric Power Co., Inc., 5.63%, 03/01/33 |
3,000 |
3,150,588 | |
Baltimore Gas and Electric Co. |
|||
3.50%, 08/15/46 |
800 |
592,628 | |
3.75%, 08/15/47 |
500 |
381,605 | |
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32 (b) |
150 |
150,247 | |
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32 |
750 |
746,991 | |
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |
434 |
455,629 | |
ContourGlobal Power Holdings SA, 6.75%, 02/28/30 (b) |
200 |
206,222 | |
DTE Electric Co., 5.85%, 05/15/55 |
600 |
615,765 | |
Duke Energy Carolinas LLC |
|||
6.10%, 06/01/37 |
640 |
689,124 | |
3.70%, 12/01/47 |
450 |
339,739 | |
Duke Energy Florida LLC, 5.65%, 04/01/40 |
770 |
800,186 | |
E.ON International Finance BV, 6.65%, 04/30/38 (b) |
2,000 |
2,247,245 | |
Electricite de France SA, 5.60%, 01/27/40 (b) |
2,800 |
2,803,424 | |
Eversource Energy, 2.55%, 03/15/31 |
350 |
316,442 | |
FirstEnergy Corp., Series C, 3.40%, 03/01/50 |
2,240 |
1,544,977 | |
Minejesa Capital BV, 5.63%, 08/10/37 (b) |
200 |
198,250 | |
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 (d) |
334 |
330,699 | |
Ohio Power Co., 4.00%, 06/01/49 |
800 |
614,655 | |
Security |
Par (000) |
Value | |
Electric Utilities (continued) | |||
Oncor Electric Delivery Co. LLC |
|||
4.15%, 06/01/32 |
USD |
1,000 |
$ 978,508 |
4.55%, 09/15/32 |
1,000 |
999,186 | |
Pacific Gas and Electric Co. |
|||
4.95%, 07/01/50 |
2,510 |
2,121,533 | |
6.75%, 01/15/53 |
900 |
957,174 | |
San Diego Gas & Electric Co. |
|||
4.95%, 08/15/28 |
1,565 |
1,603,900 | |
Series VVV, 1.70%, 10/01/30 |
750 |
669,313 | |
SCC Power PLC (b)(h) |
|||
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 |
52 |
30,532 | |
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |
140 |
34,534 | |
Southern California Edison Co., Series 2005-E, 5.35%, 07/15/35 |
1,300 |
1,306,287 | |
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (d) |
166 |
170,827 | |
Virginia Electric and Power Co., 6.35%, 11/30/37 (f) |
3,920 |
4,303,801 | |
Vistra Operations Co. LLC (b) |
|||
7.75%, 10/15/31 |
76 |
80,497 | |
6.88%, 04/15/32 |
220 |
231,752 | |
XPLR Infrastructure Operating Partners LP (b) |
|||
8.38%, 01/15/31 (f) |
387 |
406,207 | |
7.75%, 04/15/34 |
358 |
363,833 | |
30,839,097 | |||
Electronic Equipment, Instruments & Components (b) — 0.1% | |||
Coherent Corp., 5.00%, 12/15/29 (f) |
121 |
120,590 | |
Sensata Technologies, Inc., 3.75%, 02/15/31 |
529 |
496,454 | |
WESCO Distribution, Inc. |
|||
6.63%, 03/15/32 |
89 |
92,931 | |
6.38%, 03/15/33 |
50 |
52,204 | |
Zebra Technologies Corp., 6.50%, 06/01/32 |
77 |
79,597 | |
841,776 | |||
Energy Equipment & Services — 0.4% | |||
Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, 09/01/32 (b) |
157 |
161,923 | |
Enerflex, Inc., 6.88%, 01/15/31 (b) |
58 |
59,302 | |
Halliburton Co., 4.75%, 08/01/43 |
500 |
440,387 | |
Kodiak Gas Services LLC (b) |
|||
7.25%, 02/15/29 |
385 |
400,535 | |
6.50%, 10/01/33 |
191 |
195,052 | |
6.75%, 10/01/35 (f) |
143 |
147,034 | |
Oceaneering International, Inc., 6.00%, 02/01/28 |
45 |
45,505 | |
OEG Finance PLC, 7.25%, 09/27/29 (d) |
EUR |
100 |
122,845 |
Star Holding LLC, 8.75%, 08/01/31 (b) |
USD |
138 |
132,875 |
Tidewater, Inc., 9.13%, 07/15/30 (b) |
109 |
116,950 | |
USA Compression Partners LP/USA Compression Finance Corp. (b) |
|||
7.13%, 03/15/29 |
104 |
107,652 | |
6.25%, 10/01/33 |
334 |
338,005 | |
Weatherford International Ltd., 6.75%, 10/15/33 (b) |
308 |
315,426 | |
2,583,491 | |||
Entertainment (b) — 0.0% | |||
Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/33 |
200 |
198,567 | |
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 |
157 |
139,535 | |
338,102 | |||
Environmental, Maintenance & Security Service — 0.3% | |||
Biffa Group Holdings Ltd., 5.25%, 06/15/31 (d) |
EUR |
100 |
117,180 |
22
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Environmental, Maintenance & Security Service (continued) | |||
Clean Harbors, Inc., 6.38%, 02/01/31 (b) |
USD |
6 |
$ 6,175 |
GFL Environmental, Inc. (b) |
|||
4.00%, 08/01/28 |
269 |
265,341 | |
4.75%, 06/15/29 |
63 |
62,872 | |
6.75%, 01/15/31 |
70 |
73,442 | |
Luna 15 SARL (h) |
|||
(10.50% PIK), 10.50%, 07/01/32 (b) |
EUR |
135 |
164,971 |
(10.50% PIK), 10.50%, 07/01/32 (d) |
100 |
122,200 | |
Madison IAQ LLC (b) |
|||
4.13%, 06/30/28 |
USD |
172 |
169,008 |
5.88%, 06/30/29 (f) |
351 |
348,868 | |
Paprec Holding SA, 4.13%, 07/15/30 (d) |
EUR |
100 |
118,080 |
Reworld Holding Corp., 4.88%, 12/01/29 (b) |
USD |
92 |
88,429 |
Waste Management, Inc., 2.95%, 06/01/41 |
350 |
265,570 | |
Waste Pro USA, Inc., 7.00%, 02/01/33 (b) |
603 |
620,677 | |
Wrangler Holdco Corp., 6.63%, 04/01/32 (b) |
45 |
47,170 | |
2,469,983 | |||
Financial Services — 7.8% | |||
Ally Financial, Inc., Series B, (5-year CMT + 3.87%), 4.70% (a)(i) |
2,500 |
2,474,593 | |
Azorra Finance Ltd. (b) |
|||
7.75%, 04/15/30 |
92 |
97,175 | |
7.25%, 01/15/31 |
145 |
151,936 | |
Bank of America Corp. (a) |
|||
(1-day SOFR + 1.00%), 5.16%, 01/24/31 |
500 |
516,177 | |
(1-day SOFR + 1.64%), 5.46%, 05/09/36 |
2,000 |
2,082,044 | |
(3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29 |
4,000 |
4,018,334 | |
Barclays PLC, (1-year CMT + 1.05%), 2.28%, 11/24/27 (a)(f) |
3,000 |
2,951,725 | |
Citigroup, Inc. (a) |
|||
(1-day SOFR + 1.46%), 4.95%, 05/07/31 |
2,000 |
2,042,769 | |
(1-day SOFR + 1.94%), 3.79%, 03/17/33 |
2,000 |
1,906,957 | |
(1-day SOFR + 2.34%), 6.27%, 11/17/33 |
1,567 |
1,706,106 | |
CrossCountry Intermediate HoldCo LLC (b) |
|||
6.50%, 10/01/30 |
137 |
139,739 | |
6.75%, 12/01/32 |
71 |
72,152 | |
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29 (a)(f) |
850 |
889,899 | |
Freedom Mortgage Holdings LLC (b) |
|||
9.25%, 02/01/29 |
98 |
102,787 | |
6.88%, 05/01/31 |
75 |
75,045 | |
9.13%, 05/15/31 |
162 |
173,997 | |
8.38%, 04/01/32 |
103 |
108,424 | |
GGAM Finance Ltd. (b) |
|||
8.00%, 06/15/28 |
113 |
119,664 | |
6.88%, 04/15/29 |
86 |
89,198 | |
5.88%, 03/15/30 |
12 |
12,165 | |
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 (b) |
186 |
192,125 | |
Goldman Sachs Group, Inc. (a) |
|||
(1-day SOFR + 1.55%), 5.33%, 07/23/35 |
2,000 |
2,054,916 | |
(1-day SOFR + 1.58%), 5.22%, 04/23/31 |
2,000 |
2,065,695 | |
(3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29 (f) |
4,000 |
4,008,322 | |
HSBC Holdings PLC, 6.10%, 01/14/42 |
610 |
655,320 | |
JPMorgan Chase & Co. (a) |
|||
(1-day SOFR + 1.13%), 5.00%, 07/22/30 |
3,000 |
3,079,909 | |
(1-day SOFR + 1.18%), 2.55%, 11/08/32 |
1,000 |
902,397 | |
(1-day SOFR + 1.44%), 5.10%, 04/22/31 |
3,000 |
3,097,429 | |
(1-day SOFR + 1.62%), 5.34%, 01/23/35 |
540 |
559,666 | |
(1-day SOFR + 2.08%), 4.91%, 07/25/33 |
1,381 |
1,406,837 | |
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |
1,000 |
984,944 | |
Security |
Par (000) |
Value | |
Financial Services (continued) | |||
JPMorgan Chase & Co. (a) (continued) |
|||
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 |
USD |
800 |
$ 628,109 |
Midcap Financial Issuer Trust (b) |
|||
6.50%, 05/01/28 |
200 |
199,650 | |
5.63%, 01/15/30 |
200 |
187,332 | |
Morgan Stanley (a) |
|||
(1-day SOFR + 1.26%), 5.66%, 04/18/30 (f) |
3,000 |
3,125,477 | |
(1-day SOFR + 1.51%), 5.19%, 04/17/31 |
3,000 |
3,093,216 | |
(1-day SOFR + 1.73%), 5.12%, 02/01/29 (f) |
3,000 |
3,062,500 | |
(1-day SOFR + 1.73%), 5.47%, 01/18/35 |
600 |
623,685 | |
(1-day SOFR + 1.88%), 5.42%, 07/21/34 |
735 |
764,632 | |
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28 (a) |
1,000 |
1,025,447 | |
OneMain Finance Corp., 6.75%, 09/15/33 |
247 |
250,119 | |
PennyMac Financial Services, Inc. (b) |
|||
7.88%, 12/15/29 (f) |
139 |
147,903 | |
7.13%, 11/15/30 |
72 |
75,688 | |
6.88%, 05/15/32 |
217 |
227,176 | |
6.75%, 02/15/34 |
97 |
100,272 | |
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (b) |
347 |
369,664 | |
PRA Group Europe Holding II SARL, 6.25%, 09/30/32 (d) |
EUR |
100 |
114,582 |
Rocket Cos., Inc. (b) |
|||
6.50%, 08/01/29 |
USD |
174 |
179,461 |
6.13%, 08/01/30 |
708 |
731,845 | |
7.13%, 02/01/32 (f) |
472 |
496,543 | |
6.38%, 08/01/33 |
617 |
643,296 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |
|||
2.88%, 10/15/26 (f) |
200 |
197,083 | |
3.88%, 03/01/31 |
16 |
15,194 | |
4.00%, 10/15/33 |
19 |
17,653 | |
UBS AG, 5.00%, 07/09/27 |
900 |
917,610 | |
UWM Holdings LLC (b) |
|||
6.63%, 02/01/30 |
117 |
118,472 | |
6.25%, 03/15/31 |
161 |
160,743 | |
56,211,798 | |||
Food Products — 0.5% | |||
Aramark Services, Inc., 5.00%, 02/01/28 (b) |
122 |
121,982 | |
B&G Foods, Inc., 8.00%, 09/15/28 (b) |
48 |
47,226 | |
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (b)(h) |
636 |
679,200 | |
Chobani LLC/Chobani Finance Corp., Inc. (b) |
|||
4.63%, 11/15/28 |
345 |
345,063 | |
7.63%, 07/01/29 |
882 |
920,034 | |
Darling Global Finance BV |
|||
4.50%, 07/15/32 (d) |
EUR |
100 |
119,056 |
4.50%, 07/15/32 (b) |
100 |
119,056 | |
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(f) |
USD |
9 |
9,147 |
Fiesta Purchaser, Inc. (b) |
|||
7.88%, 03/01/31 |
15 |
15,644 | |
9.63%, 09/15/32 |
48 |
50,305 | |
Kraft Heinz Foods Co. |
|||
5.00%, 06/04/42 |
500 |
458,798 | |
4.38%, 06/01/46 |
200 |
165,224 | |
Lamb Weston Holdings, Inc. (b) |
|||
4.13%, 01/31/30 |
90 |
87,058 | |
4.38%, 01/31/32 |
50 |
47,634 | |
Post Holdings, Inc. (b) |
|||
4.63%, 04/15/30 |
67 |
65,242 | |
4.50%, 09/15/31 |
9 |
8,532 | |
6.25%, 02/15/32 |
64 |
65,758 | |
Schedule of Investments
23
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Food Products (continued) | |||
Post Holdings, Inc. (b) (continued) |
|||
6.38%, 03/01/33 |
USD |
62 |
$ 62,620 |
6.25%, 10/15/34 |
69 |
69,383 | |
6.50%, 03/15/36 |
219 |
219,296 | |
3,676,258 | |||
Ground Transportation — 1.1% | |||
Burlington Northern Santa Fe LLC, 5.05%, 03/01/41 |
1,890 |
1,853,378 | |
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |
110 |
113,438 | |
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b)(f) |
1,906 |
1,972,774 | |
Norfolk Southern Corp. |
|||
5.05%, 08/01/30 |
1,800 |
1,865,983 | |
4.55%, 06/01/53 |
1,000 |
842,639 | |
Union Pacific Corp. |
|||
3.38%, 02/14/42 |
350 |
275,246 | |
3.55%, 05/20/61 |
800 |
535,959 | |
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 (b) |
124 |
129,866 | |
7,589,283 | |||
Health Care Equipment & Supplies — 0.4% | |||
Avantor Funding, Inc. (b) |
|||
4.63%, 07/15/28 |
85 |
84,538 | |
3.88%, 11/01/29 |
17 |
16,256 | |
Bausch & Lomb Corp., 8.38%, 10/01/28 (b) |
958 |
999,912 | |
Hologic, Inc., 3.25%, 02/15/29 (b) |
8 |
7,885 | |
Insulet Corp., 6.50%, 04/01/33 (b) |
97 |
101,112 | |
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |
128 |
136,514 | |
Thermo Fisher Scientific, Inc. |
|||
5.09%, 08/10/33 |
495 |
513,798 | |
2.80%, 10/15/41 |
1,000 |
740,099 | |
2,600,114 | |||
Health Care Providers & Services — 3.0% | |||
Acadia Healthcare Co., Inc., 7.38%, 03/15/33 (b)(f) |
64 |
64,640 | |
Aetna, Inc., 4.50%, 05/15/42 |
575 |
492,879 | |
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |
153 |
151,663 | |
CHS/Community Health Systems, Inc. (b) |
|||
6.00%, 01/15/29 |
296 |
295,916 | |
5.25%, 05/15/30 |
764 |
717,543 | |
4.75%, 02/15/31 |
360 |
320,719 | |
10.88%, 01/15/32 |
183 |
199,734 | |
9.75%, 01/15/34 |
545 |
572,429 | |
Concentra Health Services, Inc., 6.88%, 07/15/32 (b) |
274 |
286,550 | |
DaVita, Inc. (b) |
|||
6.88%, 09/01/32 |
38 |
39,557 | |
6.75%, 07/15/33 |
80 |
82,952 | |
Elevance Health, Inc. |
|||
4.65%, 08/15/44 |
1,500 |
1,322,020 | |
4.38%, 12/01/47 |
900 |
747,035 | |
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b) |
54 |
55,194 | |
HAH Group Holding Co. LLC, 9.75%, 10/01/31 (b) |
84 |
78,990 | |
HCA, Inc. |
|||
5.00%, 03/01/28 |
3,000 |
3,055,918 | |
5.50%, 06/15/47 |
1,090 |
1,030,059 | |
5.70%, 11/15/55 |
1,510 |
1,438,928 | |
HealthEquity, Inc., 4.50%, 10/01/29 (b) |
170 |
167,007 | |
IQVIA, Inc., 6.25%, 06/01/32 (b) |
350 |
365,721 | |
LifePoint Health, Inc. (b) |
|||
9.88%, 08/15/30 |
94 |
101,209 | |
11.00%, 10/15/30 |
315 |
345,440 | |
8.38%, 02/15/32 |
109 |
118,316 | |
10.00%, 06/01/32 (f) |
166 |
176,306 | |
Medline Borrower LP (b) |
|||
3.88%, 04/01/29 |
67 |
65,413 | |
Security |
Par (000) |
Value | |
Health Care Providers & Services (continued) | |||
Medline Borrower LP (b) (continued) |
|||
5.25%, 10/01/29 (f) |
USD |
828 |
$ 832,476 |
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |
304 |
314,264 | |
Molina Healthcare, Inc. (b) |
|||
6.50%, 02/15/31 |
174 |
178,703 | |
6.25%, 01/15/33 |
2 |
2,039 | |
Northwell Healthcare, Inc., 4.26%, 11/01/47 (f) |
725 |
595,284 | |
Prime Healthcare Services, Inc., 9.38%, 09/01/29 (b) |
63 |
66,150 | |
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |
105 |
110,126 | |
Star Parent, Inc., 9.00%, 10/01/30 (b) |
346 |
369,254 | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(f) |
539 |
545,181 | |
Sutter Health, Series 2025, 5.54%, 08/15/35 |
1,750 |
1,826,547 | |
Tenet Healthcare Corp. |
|||
6.75%, 05/15/31 |
88 |
91,565 | |
6.00%, 11/15/33 (b) |
270 |
277,990 | |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b) |
162 |
163,201 | |
UnitedHealth Group, Inc. |
|||
5.35%, 02/15/33 |
340 |
354,231 | |
5.80%, 03/15/36 |
1,750 |
1,867,001 | |
5.70%, 10/15/40 |
600 |
621,864 | |
5.63%, 07/15/54 |
800 |
784,654 | |
21,292,668 | |||
Health Care REITs — 0.3% | |||
Alexandria Real Estate Equities, Inc. |
|||
4.75%, 04/15/35 |
140 |
134,744 | |
4.85%, 04/15/49 |
550 |
464,854 | |
Diversified Healthcare Trust, 7.25%, 10/15/30 (b) |
80 |
81,799 | |
MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32 (b) |
537 |
573,480 | |
Ventas Realty LP, 3.25%, 10/15/26 |
870 |
865,172 | |
2,120,049 | |||
Hotel & Resort REITs — 0.3% | |||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |
121 |
124,193 | |
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29 (b) |
65 |
66,531 | |
RHP Hotel Properties LP/RHP Finance Corp. (b) |
|||
7.25%, 07/15/28 |
72 |
74,248 | |
6.50%, 04/01/32 |
76 |
78,818 | |
6.50%, 06/15/33 |
214 |
222,461 | |
Service Properties Trust |
|||
0.00%, 09/30/27 (b)(l) |
157 |
141,874 | |
8.63%, 11/15/31 (b) |
955 |
1,003,099 | |
8.88%, 06/15/32 |
253 |
249,573 | |
XHR LP, 6.63%, 05/15/30 (b) |
64 |
66,053 | |
2,026,850 | |||
Hotels, Restaurants & Leisure — 1.6% | |||
Acushnet Co., 5.63%, 12/01/33 (b) |
63 |
63,708 | |
Boyne USA, Inc., 4.75%, 05/15/29 (b) |
17 |
16,768 | |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |
|||
3.88%, 01/15/28 |
39 |
38,444 | |
4.38%, 01/15/28 |
144 |
143,092 | |
5.63%, 09/15/29 |
33 |
33,600 | |
Caesars Entertainment, Inc. (b) |
|||
4.63%, 10/15/29 (f) |
2 |
1,918 | |
7.00%, 02/15/30 |
359 |
371,801 | |
6.50%, 02/15/32 |
166 |
170,054 | |
Carnival Corp. (b) |
|||
5.88%, 06/15/31 |
107 |
110,521 | |
5.75%, 08/01/32 |
109 |
111,865 | |
24
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Carnival Corp. (b) (continued) |
|||
6.13%, 02/15/33 |
USD |
455 |
$ 469,828 |
Carnival PLC, 4.13%, 07/15/31 (b) |
EUR |
235 |
279,624 |
Churchill Downs, Inc. (b) |
|||
4.75%, 01/15/28 |
USD |
35 |
34,870 |
5.75%, 04/01/30 |
91 |
91,886 | |
6.75%, 05/01/31 |
223 |
231,235 | |
Corvias Campus Living - USG LLC, 5.30%, 07/01/50 (c) |
5,475 |
1,861,675 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/29 (b) |
162 |
157,340 | |
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29 (b) |
215 |
217,182 | |
Hilton Domestic Operating Co., Inc. (b) |
|||
6.13%, 04/01/32 |
60 |
62,130 | |
5.88%, 03/15/33 |
49 |
50,411 | |
5.75%, 09/15/33 |
32 |
32,749 | |
5.50%, 03/31/34 |
145 |
145,996 | |
Light & Wonder International, Inc. (b) |
|||
7.25%, 11/15/29 |
96 |
98,598 | |
7.50%, 09/01/31 (f) |
63 |
65,730 | |
6.25%, 10/01/33 |
146 |
147,810 | |
Lindblad Expeditions LLC, 7.00%, 09/15/30 (b) |
192 |
200,291 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |
160 |
114,844 | |
Melco Resorts Finance Ltd. (b) |
|||
5.75%, 07/21/28 |
200 |
199,766 | |
5.38%, 12/04/29 |
400 |
395,256 | |
7.63%, 04/17/32 |
400 |
420,000 | |
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) |
200 |
178,155 | |
MGM China Holdings Ltd., 5.88%, 05/15/26 (d) |
450 |
451,116 | |
MGM Resorts International, 6.13%, 09/15/29 |
88 |
90,435 | |
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30 (b) |
133 |
138,639 | |
NCL Corp. Ltd. (b) |
|||
5.88%, 01/15/31 |
31 |
30,883 | |
6.75%, 02/01/32 |
68 |
69,627 | |
6.25%, 09/15/33 |
457 |
456,808 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |
|||
5.63%, 09/01/29 |
63 |
47,723 | |
5.88%, 09/01/31 |
107 |
70,887 | |
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33 (b) |
88 |
89,966 | |
Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30 (b) |
84 |
85,741 | |
Sabre GLBL, Inc., 10.75%, 11/15/29 (b)(f) |
66 |
56,122 | |
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30 (b) |
155 |
148,025 | |
Station Casinos LLC (b) |
|||
4.50%, 02/15/28 |
7 |
6,942 | |
6.63%, 03/15/32 |
81 |
82,917 | |
Vail Resorts, Inc. (b) |
|||
5.63%, 07/15/30 |
113 |
114,837 | |
6.50%, 05/15/32 |
172 |
178,492 | |
Viking Cruises Ltd. (b) |
|||
7.00%, 02/15/29 |
34 |
34,197 | |
9.13%, 07/15/31 |
195 |
208,814 | |
5.88%, 10/15/33 |
322 |
326,979 | |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |
111 |
111,176 | |
Voyager Parent LLC, 9.25%, 07/01/32 (b) |
229 |
242,997 | |
Warnermedia Holdings, Inc., 5.05%, 03/15/42 |
1,026 |
722,047 | |
Wynn Macau Ltd. (b) |
|||
5.63%, 08/26/28 |
800 |
798,416 | |
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Wynn Macau Ltd. (b) (continued) |
|||
5.13%, 12/15/29 |
USD |
200 |
$ 198,196 |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |
|||
5.13%, 10/01/29 |
58 |
58,344 | |
7.13%, 02/15/31 (f) |
112 |
121,194 | |
6.25%, 03/15/33 |
242 |
247,439 | |
11,706,106 | |||
Household Durables — 0.2% | |||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 08/01/33 (b) |
83 |
83,066 | |
Beazer Homes USA, Inc., 5.88%, 10/15/27 |
28 |
28,067 | |
Century Communities, Inc., 6.63%, 09/15/33 (b) |
104 |
105,165 | |
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |
58 |
59,691 | |
Empire Communities Corp., 9.75%, 05/01/29 (b) |
28 |
28,881 | |
K Hovnanian Enterprises, Inc. (b) |
|||
8.00%, 04/01/31 |
176 |
179,620 | |
8.38%, 10/01/33 |
194 |
197,160 | |
LGI Homes, Inc. (b) |
|||
8.75%, 12/15/28 |
56 |
58,412 | |
7.00%, 11/15/32 |
69 |
65,955 | |
Mattamy Group Corp., 6.00%, 12/15/33 (b) |
41 |
40,636 | |
Meritage Homes Corp., 1.75%, 05/15/28 (j) |
206 |
202,600 | |
New Home Co., Inc., 8.50%, 11/01/30 (b) |
34 |
35,015 | |
Newell Brands, Inc., 8.50%, 06/01/28 (b) |
89 |
93,321 | |
Scotts Miracle-Gro Co. |
|||
4.50%, 10/15/29 |
13 |
12,755 | |
4.38%, 02/01/32 |
22 |
20,653 | |
Somnigroup International, Inc., 3.88%, 10/15/31 (b) |
45 |
42,061 | |
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |
76 |
79,828 | |
Taylor Morrison Communities, Inc., 5.75%, 11/15/32 (b) |
62 |
63,791 | |
1,396,677 | |||
Independent Power and Renewable Electricity Producers — 0.4% | |||
Calpine Corp. (b) |
|||
4.50%, 02/15/28 |
4 |
4,003 | |
5.13%, 03/15/28 |
92 |
92,103 | |
5.00%, 02/01/31 |
30 |
30,468 | |
Clearway Energy Operating LLC, 4.75%, 03/15/28 (b) |
93 |
92,797 | |
Greenko Dutch BV, 3.85%, 03/29/26 (d) |
173 |
171,486 | |
India Cleantech Energy, 4.70%, 08/10/26 (b) |
190 |
187,454 | |
Lightning Power LLC, 7.25%, 08/15/32 (b) |
49 |
52,104 | |
NRG Energy, Inc. (b) |
|||
5.75%, 07/15/29 |
81 |
80,604 | |
6.00%, 02/01/33 |
542 |
552,731 | |
5.75%, 01/15/34 |
362 |
365,682 | |
6.25%, 11/01/34 |
57 |
58,540 | |
6.00%, 01/15/36 |
965 |
977,780 | |
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(i) |
100 |
102,514 | |
2,768,266 | |||
Industrial Conglomerates — 0.2% | |||
3M Co., 3.25%, 08/26/49 |
600 |
412,543 | |
Amsted Industries, Inc., 6.38%, 03/15/33 (b) |
66 |
67,979 | |
Avient Corp., 6.25%, 11/01/31 (b) |
94 |
96,619 | |
Axon Enterprise, Inc., 6.25%, 03/15/33 (b) |
52 |
54,097 | |
Eaton Corp., 4.15%, 11/02/42 |
500 |
432,847 | |
Enpro, Inc., 6.13%, 06/01/33 (b) |
85 |
87,711 | |
Maxam Prill SARL, 6.00%, 07/15/30 (d) |
EUR |
100 |
120,068 |
1,271,864 | |||
Schedule of Investments
25
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Insurance — 3.0% | |||
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |
|||
4.25%, 10/15/27 |
USD |
473 |
$ 469,993 |
6.75%, 10/15/27 |
69 |
69,405 | |
6.75%, 04/15/28 |
71 |
72,290 | |
5.88%, 11/01/29 |
1,093 |
1,092,038 | |
7.00%, 01/15/31 |
269 |
279,081 | |
7.38%, 10/01/32 |
404 |
418,895 | |
AmWINS Group, Inc., 6.38%, 02/15/29 (b) |
85 |
87,415 | |
Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/33 (b) |
201 |
203,351 | |
Aon Global Ltd., 4.60%, 06/14/44 |
500 |
437,149 | |
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 (b) |
140 |
141,398 | |
Ardonagh Finco Ltd. |
|||
6.88%, 02/15/31 (d) |
EUR |
200 |
242,249 |
7.75%, 02/15/31 (b) |
USD |
893 |
936,181 |
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |
936 |
972,790 | |
Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/32 (b) |
458 |
475,226 | |
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 (f) |
500 |
459,165 | |
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (b) |
|||
7.25%, 02/15/31 |
1,000 |
1,029,804 | |
8.13%, 02/15/32 |
586 |
604,947 | |
HUB International Ltd. (b) |
|||
7.25%, 06/15/30 |
1,060 |
1,112,921 | |
7.38%, 01/31/32 |
2,399 |
2,517,880 | |
Jones Deslauriers Insurance Management, Inc. (b) |
|||
8.50%, 03/15/30 |
353 |
369,982 | |
6.88%, 10/01/33 |
211 |
203,740 | |
Liberty Mutual Group, Inc., 6.50%, 05/01/42 (b) |
2,000 |
2,026,639 | |
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 |
1,500 |
1,622,111 | |
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |
1,564 |
1,620,692 | |
Progressive Corp., 3.00%, 03/15/32 |
750 |
692,755 | |
Prudential Financial, Inc. |
|||
5.90%, 03/17/36 |
500 |
529,804 | |
6.63%, 12/01/37 |
1,625 |
1,851,507 | |
Ryan Specialty LLC (b) |
|||
4.38%, 02/01/30 |
60 |
58,886 | |
5.88%, 08/01/32 |
113 |
115,460 | |
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47 (b) |
700 |
574,520 | |
USI, Inc., 7.50%, 01/15/32 (b) |
420 |
440,193 | |
21,728,467 | |||
Interactive Media & Services — 1.4% | |||
Alphabet, Inc. |
|||
5.35%, 11/15/45 |
1,440 |
1,430,904 | |
5.45%, 11/15/55 |
900 |
882,870 | |
5.30%, 05/15/65 |
600 |
564,290 | |
Beignet Investor LLC, 6.58%, 05/30/49 (b)(f) |
4,306 |
4,549,268 | |
iliad SA (d) |
|||
5.63%, 02/15/30 |
EUR |
100 |
126,275 |
4.25%, 01/09/32 |
100 |
118,548 | |
ION Platform Finance U.S., Inc. (b) |
|||
5.00%, 05/01/28 |
USD |
272 |
252,486 |
9.00%, 08/01/29 |
200 |
196,908 | |
Meta Platforms, Inc. |
|||
5.63%, 11/15/55 |
1,000 |
959,771 | |
Security |
Par (000) |
Value | |
Interactive Media & Services (continued) | |||
Meta Platforms, Inc. (continued) |
|||
5.55%, 08/15/64 |
USD |
700 |
$ 649,316 |
Snap, Inc. (b) |
|||
6.88%, 03/01/33 (f) |
288 |
298,439 | |
6.88%, 03/15/34 |
144 |
148,266 | |
10,177,341 | |||
Internet Software & Services — 0.7% | |||
Amazon.com, Inc. |
|||
2.50%, 06/03/50 |
1,500 |
896,518 | |
3.95%, 04/13/52 (f) |
3,630 |
2,832,992 | |
Cablevision Lightpath LLC (b) |
|||
3.88%, 09/15/27 |
220 |
214,722 | |
5.63%, 09/15/28 |
200 |
195,470 | |
Getty Images, Inc. (b) |
|||
11.25%, 02/21/30 |
95 |
89,079 | |
10.50%, 11/15/30 |
71 |
71,587 | |
Match Group Holdings II LLC (b) |
|||
4.13%, 08/01/30 |
20 |
18,930 | |
3.63%, 10/01/31 |
24 |
22,022 | |
6.13%, 09/15/33 |
156 |
157,868 | |
Rakuten Group, Inc. (b) |
|||
11.25%, 02/15/27 |
200 |
213,840 | |
9.75%, 04/15/29 |
200 |
223,692 | |
4,936,720 | |||
IT Services — 0.8% | |||
Amentum Holdings, Inc., 7.25%, 08/01/32 (b)(f) |
47 |
49,542 | |
Atos SE (d)(m) |
|||
5.41%, 12/18/26 |
EUR |
17 |
19,701 |
9.73%, 12/18/26 |
18 |
24,354 | |
CACI International, Inc., 6.38%, 06/15/33 (b) |
USD |
152 |
157,271 |
Fair Isaac Corp. (b) |
|||
4.00%, 06/15/28 |
45 |
44,381 | |
6.00%, 05/15/33 |
774 |
795,012 | |
Fidelity National Information Services, Inc., 4.50%, 08/15/46 |
1,000 |
830,834 | |
Fiserv, Inc., 4.40%, 07/01/49 (f) |
500 |
392,307 | |
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b)(f) |
274 |
285,903 | |
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |
78 |
80,184 | |
International Business Machines Corp. |
|||
4.40%, 07/27/32 |
500 |
498,776 | |
4.75%, 02/06/33 (f) |
550 |
558,471 | |
3.43%, 02/09/52 |
750 |
512,935 | |
McAfee Corp., 7.38%, 02/15/30 (b) |
183 |
159,590 | |
Oracle Corp., 5.95%, 09/26/55 (f) |
1,000 |
886,014 | |
Science Applications International Corp., 5.88%, 11/01/33 (b) |
141 |
142,937 | |
5,438,212 | |||
Leisure Products — 0.0% | |||
Deuce Finco PLC, 7.00%, 11/20/31 (d) |
GBP |
100 |
136,138 |
Machinery — 0.4% | |||
Chart Industries, Inc. (b) |
|||
7.50%, 01/01/30 |
USD |
81 |
84,422 |
9.50%, 01/01/31 |
61 |
64,747 | |
Esab Corp., 6.25%, 04/15/29 (b) |
145 |
149,091 | |
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29 (b)(f) |
82 |
71,340 | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (b)(f) |
537 |
563,168 | |
John Deere Capital Corp., 4.40%, 09/08/31 |
445 |
449,376 | |
26
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Machinery (continued) | |||
King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), 5.31%, 12/01/32 (a)(d) |
EUR |
100 |
$ 118,629 |
Manitowoc Co., Inc., 9.25%, 10/01/31 (b) |
USD |
72 |
77,335 |
Terex Corp. (b) |
|||
5.00%, 05/15/29 |
72 |
71,755 | |
6.25%, 10/15/32 |
107 |
109,777 | |
TK Elevator Midco GmbH, 4.38%, 07/15/27 (d) |
EUR |
303 |
357,337 |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) |
USD |
741 |
741,174 |
Vertiv Group Corp., 4.13%, 11/15/28 (b) |
135 |
133,341 | |
2,991,492 | |||
Media — 2.7% | |||
APLD ComputeCo LLC, 9.25%, 12/15/30 (b) |
123 |
120,651 | |
Cable One, Inc. (j) |
|||
0.00%, 03/15/26 (l) |
62 |
61,070 | |
1.13%, 03/15/28 |
449 |
365,396 | |
CCO Holdings LLC/CCO Holdings Capital Corp. |
|||
5.38%, 06/01/29 (b) |
21 |
20,763 | |
6.38%, 09/01/29 (b) |
442 |
448,076 | |
4.75%, 03/01/30 (b) |
62 |
59,213 | |
4.25%, 02/01/31 (b) |
499 |
458,506 | |
4.75%, 02/01/32 (b) |
421 |
384,770 | |
4.50%, 05/01/32 |
365 |
327,601 | |
4.50%, 06/01/33 (b) |
439 |
384,282 | |
4.25%, 01/15/34 (b)(f) |
736 |
625,802 | |
Charter Communications Operating LLC/Charter Communications Operating Capital |
|||
5.75%, 04/01/48 |
1,100 |
938,284 | |
5.13%, 07/01/49 |
1,000 |
782,550 | |
Cinemark USA, Inc., 7.00%, 08/01/32 (b) |
41 |
42,546 | |
Cipher Compute LLC, 7.13%, 11/15/30 (b) |
406 |
413,504 | |
Comcast Corp. |
|||
6.45%, 03/15/37 |
790 |
873,081 | |
3.90%, 03/01/38 |
1,500 |
1,306,572 | |
4.70%, 10/15/48 (f) |
3,000 |
2,500,923 | |
CSC Holdings LLC (b) |
|||
5.50%, 04/15/27 |
200 |
171,484 | |
5.38%, 02/01/28 |
607 |
440,394 | |
11.25%, 05/15/28 |
400 |
318,266 | |
Directv Financing LLC, 8.88%, 02/01/30 (b) |
290 |
293,420 | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc. (b) |
|||
5.88%, 08/15/27 |
332 |
333,949 | |
10.00%, 02/15/31 |
232 |
237,116 | |
DISH DBS Corp. (b) |
|||
5.25%, 12/01/26 |
810 |
785,495 | |
5.75%, 12/01/28 |
373 |
366,194 | |
DISH Network Corp., 11.75%, 11/15/27 (b) |
910 |
947,110 | |
Flash Compute LLC, 7.25%, 12/31/30 (b) |
338 |
334,878 | |
Gray Media, Inc. (b) |
|||
10.50%, 07/15/29 (f) |
79 |
84,952 | |
9.63%, 07/15/32 |
342 |
354,917 | |
7.25%, 08/15/33 |
302 |
308,592 | |
Live Nation Entertainment, Inc., 4.75%, 10/15/27 (b) |
10 |
10,020 | |
Midcontinent Communications, 8.00%, 08/15/32 (b) |
65 |
66,536 | |
Neptune Bidco U.S., Inc., 10.38%, 05/15/31 (b) |
112 |
114,838 | |
Sinclair Television Group, Inc., 8.13%, 02/15/33 (b)(f) |
439 |
458,505 | |
Sirius XM Radio LLC (b) |
|||
3.13%, 09/01/26 |
21 |
20,815 | |
5.00%, 08/01/27 |
216 |
216,526 | |
Sunrise FinCo I BV, 4.63%, 05/15/32 (d) |
EUR |
100 |
118,699 |
Security |
Par (000) |
Value | |
Media (continued) | |||
TCI Communications, Inc., 7.88%, 02/15/26 |
USD |
610 |
$ 612,502 |
Univision Communications, Inc. (b) |
|||
8.00%, 08/15/28 |
424 |
439,126 | |
7.38%, 06/30/30 (f) |
120 |
121,974 | |
8.50%, 07/31/31 |
242 |
252,800 | |
9.38%, 08/01/32 |
212 |
227,860 | |
Versant Media Group, Inc., 7.25%, 01/30/31 (b) |
117 |
120,708 | |
VZ Secured Financing BV, 5.25%, 01/15/33 (d) |
EUR |
100 |
115,217 |
Walt Disney Co. |
|||
7.63%, 11/30/28 |
USD |
385 |
419,904 |
7.75%, 12/01/45 |
500 |
632,667 | |
WULF Compute LLC, 7.75%, 10/15/30 (b) |
507 |
522,336 | |
Ziggo BV, 4.88%, 01/15/30 (b) |
200 |
189,046 | |
19,750,436 | |||
Metals & Mining — 1.0% | |||
Advanced Drainage Systems, Inc., 6.38%, 06/15/30 (b) |
153 |
156,453 | |
Arsenal AIC Parent LLC (b) |
|||
8.00%, 10/01/30 |
161 |
170,847 | |
11.50%, 10/01/31 |
649 |
714,259 | |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |
302 |
304,191 | |
Carpenter Technology Corp., 5.63%, 03/01/34 (b) |
167 |
169,626 | |
Cleveland-Cliffs, Inc., 6.88%, 11/01/29 (b) |
272 |
281,714 | |
Commercial Metals Co. (b) |
|||
5.75%, 11/15/33 |
193 |
197,349 | |
6.00%, 12/15/35 |
199 |
204,006 | |
Constellium SE (b) |
|||
3.75%, 04/15/29 |
591 |
570,674 | |
6.38%, 08/15/32 |
250 |
258,005 | |
ERO Copper Corp., 6.50%, 02/15/30 (b) |
43 |
43,134 | |
First Quantum Minerals Ltd. (b) |
|||
8.00%, 03/01/33 |
200 |
213,106 | |
7.25%, 02/15/34 |
200 |
210,190 | |
Glencore Funding LLC, 6.14%, 04/01/55 (b) |
600 |
619,165 | |
Kaiser Aluminum Corp. (b) |
|||
4.50%, 06/01/31 |
331 |
319,787 | |
5.88%, 03/01/34 |
250 |
250,784 | |
Navoi Mining & Metallurgical Combinat, 6.95%, 10/17/31 (b) |
200 |
213,125 | |
New Gold, Inc., 6.88%, 04/01/32 (b) |
162 |
171,921 | |
Novelis Corp. (b) |
|||
4.75%, 01/30/30 |
95 |
91,643 | |
6.88%, 01/30/30 |
256 |
265,818 | |
3.88%, 08/15/31 |
175 |
159,506 | |
6.38%, 08/15/33 |
338 |
342,655 | |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (d) |
EUR |
100 |
114,772 |
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 |
USD |
400 |
343,821 |
Samarco Mineracao SA (h) |
|||
(9.00% Cash or 9.00% PIK), 9.50%, 06/30/31 (d) |
82 |
83,643 | |
(9.00% PIK), 9.50%, 06/30/31 (b) |
9 |
9,095 | |
Steel Dynamics, Inc., 5.75%, 05/15/55 |
400 |
398,250 | |
Vale Overseas Ltd., 6.40%, 06/28/54 |
36 |
36,738 | |
Vallourec SACA, 7.50%, 04/15/32 (b) |
200 |
212,356 | |
Vedanta Resources Finance II PLC, 10.88%, 09/17/29 (b) |
200 |
210,812 | |
Volcan Cia Minera SAA, 8.50%, 10/28/32 (b) |
74 |
75,934 | |
7,413,379 | |||
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.1% | |||
Arbor Realty SR, Inc. |
|||
8.50%, 12/15/28 |
49 |
48,804 | |
Schedule of Investments
27
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Mortgage Real Estate Investment Trusts (REITs) (continued) | |||
Arbor Realty SR, Inc. (continued) |
|||
7.88%, 07/15/30 |
USD |
86 |
$ 82,172 |
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |
149 |
147,464 | |
Starwood Property Trust, Inc. |
|||
7.25%, 04/01/29 |
94 |
99,274 | |
6.00%, 04/15/30 |
48 |
49,267 | |
6.50%, 07/01/30 |
67 |
69,888 | |
6.50%, 10/15/30 |
198 |
206,434 | |
703,303 | |||
Multi-Utilities — 0.8% | |||
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30 (b) |
106 |
112,921 | |
KeySpan Gas East Corp., 5.82%, 04/01/41 (b) |
1,010 |
1,010,089 | |
NiSource, Inc., 1.70%, 02/15/31 |
400 |
351,004 | |
Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35 (f) |
4,450 |
4,516,003 | |
5,990,017 | |||
Oil, Gas & Consumable Fuels — 4.6% | |||
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (b) |
267 |
279,730 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |
|||
5.38%, 06/15/29 |
140 |
140,004 | |
6.63%, 02/01/32 |
76 |
78,666 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |
|||
9.00%, 11/01/27 |
91 |
115,682 | |
5.88%, 06/30/29 |
6 |
6,016 | |
6.63%, 07/15/33 |
90 |
93,154 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |
|||
7.00%, 07/15/29 |
120 |
125,150 | |
7.25%, 07/15/32 |
97 |
102,943 | |
BP Capital Markets America, Inc., 2.72%, 01/12/32 |
620 |
564,679 | |
Buckeye Partners LP |
|||
6.88%, 07/01/29 (b) |
11 |
11,442 | |
6.75%, 02/01/30 (b) |
46 |
48,289 | |
5.85%, 11/15/43 |
94 |
88,151 | |
5.60%, 10/15/44 |
59 |
53,475 | |
Burlington Resources LLC, 5.95%, 10/15/36 |
685 |
732,978 | |
Caturus Energy LLC, 8.50%, 02/15/30 (b) |
383 |
398,873 | |
Chord Energy Corp., 6.75%, 03/15/33 (b) |
58 |
59,979 | |
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |
322 |
334,823 | |
Civitas Resources, Inc. (b) |
|||
8.38%, 07/01/28 |
56 |
57,702 | |
8.75%, 07/01/31 |
95 |
98,553 | |
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |
66 |
63,984 | |
CNX Resources Corp., 7.25%, 03/01/32 (b) |
60 |
62,634 | |
Comstock Resources, Inc. (b) |
|||
6.75%, 03/01/29 |
401 |
401,586 | |
5.88%, 01/15/30 |
201 |
195,504 | |
ConocoPhillips Co., 3.76%, 03/15/42 |
600 |
488,667 | |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |
500 |
494,659 | |
Crescent Energy Finance LLC (b) |
|||
7.63%, 04/01/32 |
135 |
130,885 | |
7.38%, 01/15/33 |
244 |
231,544 | |
8.38%, 01/15/34 |
72 |
71,520 | |
DBR Land Holdings LLC, 6.25%, 12/01/30 (b) |
104 |
106,380 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33 (b) |
219 |
223,478 | |
Devon Energy Corp., 5.60%, 07/15/41 |
300 |
290,209 | |
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |
USD |
89 |
$ 94,282 |
Ecopetrol SA, 8.88%, 01/13/33 |
88 |
93,632 | |
EG Global Finance PLC, 12.00%, 11/30/28 (b) |
209 |
227,158 | |
Energy Transfer LP |
|||
6.25%, 04/15/49 |
540 |
534,445 | |
(5-year CMT + 4.02%), 8.00%, 05/15/54 (a) |
342 |
365,070 | |
Series H, (5-year CMT + 5.69%), 6.50% (a)(i) |
4,275 |
4,293,827 | |
Enterprise Products Operating LLC, 6.13%, 10/15/39 |
1,400 |
1,507,030 | |
EOG Resources, Inc., 5.10%, 01/15/36 |
200 |
201,936 | |
EQT Corp., 4.50%, 01/15/29 |
13 |
13,031 | |
Genesis Energy LP/Genesis Energy Finance Corp. |
|||
7.75%, 02/01/28 |
118 |
118,486 | |
8.00%, 05/15/33 |
4 |
4,152 | |
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33 (b) |
66 |
67,204 | |
Gran Tierra Energy, Inc., 9.50%, 10/15/29 (b) |
200 |
139,000 | |
Greensaif Pipelines Bidco SARL, 5.85%, 02/23/36 (b) |
200 |
208,786 | |
Gulfport Energy Operating Corp., 6.75%, 09/01/29 (b) |
99 |
102,235 | |
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |
58 |
60,458 | |
Hess Corp., 4.30%, 04/01/27 |
1,100 |
1,104,653 | |
Hess Midstream Operations LP (b) |
|||
6.50%, 06/01/29 |
118 |
121,859 | |
4.25%, 02/15/30 |
67 |
65,532 | |
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |
|||
6.25%, 11/01/28 |
70 |
70,397 | |
5.75%, 02/01/29 |
94 |
93,001 | |
6.00%, 04/15/30 |
12 |
11,660 | |
6.25%, 04/15/32 |
9 |
8,472 | |
8.38%, 11/01/33 |
254 |
259,348 | |
6.88%, 05/15/34 |
40 |
37,480 | |
7.25%, 02/15/35 |
45 |
42,767 | |
Howard Midstream Energy Partners LLC (b) |
|||
7.38%, 07/15/32 |
27 |
28,490 | |
6.63%, 01/15/34 |
182 |
186,975 | |
Impulsora Pipeline LLC, 6.05%, 01/01/43 (c) |
1,489 |
1,312,192 | |
ITT Holdings LLC, 6.50%, 08/01/29 (b)(f) |
391 |
375,224 | |
Kinder Morgan, Inc., 5.05%, 02/15/46 |
1,400 |
1,258,716 | |
Kinetik Holdings LP (b) |
|||
6.63%, 12/15/28 |
36 |
37,068 | |
5.88%, 06/15/30 |
11 |
11,099 | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (b) |
78 |
80,166 | |
Marathon Petroleum Corp., 6.50%, 03/01/41 (f) |
1,150 |
1,223,979 | |
Matador Resources Co. (b) |
|||
6.88%, 04/15/28 (f) |
139 |
142,042 | |
6.50%, 04/15/32 |
159 |
161,252 | |
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31 (d) |
181 |
158,807 | |
MPLX LP |
|||
4.25%, 12/01/27 |
250 |
250,660 | |
4.80%, 02/15/29 |
500 |
507,468 | |
Murphy Oil Corp., 5.88%, 12/01/42 |
18 |
15,476 | |
Nabors Industries, Inc., 7.63%, 11/15/32 (b) |
76 |
74,699 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |
|||
8.13%, 02/15/29 |
174 |
180,606 | |
8.38%, 02/15/32 |
390 |
403,870 | |
Noble Finance II LLC, 8.00%, 04/15/30 (b) |
69 |
71,685 | |
Northern Oil & Gas, Inc., 7.88%, 10/15/33 (b) |
215 |
209,336 | |
Northriver Midstream Finance LP, 6.75%, 07/15/32 (b) |
93 |
94,772 | |
28
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |
USD |
112 |
$ 107,860 |
Permian Resources Operating LLC (b) |
|||
8.00%, 04/15/27 |
189 |
191,468 | |
5.88%, 07/01/29 |
170 |
170,996 | |
7.00%, 01/15/32 (f) |
144 |
150,096 | |
6.25%, 02/01/33 |
79 |
81,036 | |
Petrobras Global Finance BV, 6.75%, 01/27/41 |
140 |
141,371 | |
Petroleos Mexicanos |
|||
8.75%, 06/02/29 |
165 |
177,040 | |
5.95%, 01/28/31 |
152 |
147,121 | |
Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, 07/03/36 (b) |
50 |
52,993 | |
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |
113 |
117,455 | |
Raizen Fuels Finance SA, 6.45%, 03/05/34 (b) |
200 |
164,750 | |
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |
36 |
35,921 | |
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 |
1,750 |
1,761,762 | |
Sunoco LP (b) |
|||
5.63%, 03/15/31 |
74 |
74,542 | |
6.63%, 08/15/32 |
101 |
103,809 | |
6.25%, 07/01/33 |
106 |
108,578 | |
5.88%, 03/15/34 |
75 |
74,993 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |
|||
5.50%, 01/15/28 |
95 |
95,051 | |
7.38%, 02/15/29 |
302 |
312,136 | |
6.00%, 09/01/31 |
67 |
66,687 | |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29 (b) |
119 |
117,838 | |
TransCanada PipeLines Ltd., 5.60%, 03/31/34 |
500 |
519,427 | |
TransMontaigne Partners LLC, 8.50%, 06/15/30 (b) |
30 |
30,288 | |
Transocean International Ltd. (b) |
|||
8.25%, 05/15/29 |
59 |
59,463 | |
8.75%, 02/15/30 |
18 |
18,808 | |
8.50%, 05/15/31 |
110 |
108,958 | |
7.88%, 10/15/32 |
109 |
113,840 | |
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |
45 |
45,471 | |
Valaris Ltd., 8.38%, 04/30/30 (b) |
143 |
148,786 | |
Venture Global LNG, Inc. (b) |
|||
9.50%, 02/01/29 |
1,140 |
1,181,584 | |
7.00%, 01/15/30 |
25 |
24,061 | |
8.38%, 06/01/31 |
675 |
671,237 | |
9.88%, 02/01/32 |
782 |
807,863 | |
Venture Global Plaquemines LNG LLC (b) |
|||
6.13%, 12/15/30 |
416 |
423,631 | |
7.50%, 05/01/33 |
192 |
207,456 | |
6.50%, 01/15/34 |
515 |
527,484 | |
7.75%, 05/01/35 |
227 |
248,554 | |
6.75%, 01/15/36 |
552 |
565,408 | |
Vista Energy Argentina SAU, 8.50%, 06/10/33 (b) |
38 |
38,855 | |
Vital Energy, Inc. |
|||
7.75%, 07/31/29 (b) |
59 |
58,888 | |
9.75%, 10/15/30 |
98 |
102,844 | |
7.88%, 04/15/32 (b)(f) |
200 |
197,057 | |
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (b) |
143 |
144,347 | |
33,279,635 | |||
Passenger Airlines — 0.3% | |||
American Airlines Pass-Through Trust |
|||
Series 2015-2, Class A, 4.00%, 09/22/27 |
825 |
810,244 | |
Series 2015-2, Class AA, 3.60%, 09/22/27 |
825 |
816,843 | |
American Airlines, Inc., 8.50%, 05/15/29 (b) |
225 |
235,326 | |
Security |
Par (000) |
Value | |
Passenger Airlines (continued) | |||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b) |
USD |
35 |
$ 35,642 |
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 (b) |
179 |
180,336 | |
OneSky Flight LLC, 8.88%, 12/15/29 (b) |
133 |
142,328 | |
2,220,719 | |||
Personal Care Products — 0.1% | |||
Opal Bidco SAS |
|||
5.50%, 03/31/32 (d) |
EUR |
100 |
121,232 |
6.50%, 03/31/32 (b) |
USD |
400 |
409,688 |
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |
51 |
49,677 | |
580,597 | |||
Pharmaceuticals — 1.6% | |||
1261229 B.C. Ltd., 10.00%, 04/15/32 (b) |
2,377 |
2,472,120 | |
AbbVie, Inc. |
|||
4.30%, 05/14/36 |
2,670 |
2,561,761 | |
4.88%, 11/14/48 |
2,095 |
1,907,440 | |
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32 (b) |
105 |
110,913 | |
Bausch Health Cos., Inc. (b) |
|||
4.88%, 06/01/28 |
83 |
74,285 | |
11.00%, 09/30/28 |
254 |
263,103 | |
Becton Dickinson & Co. |
|||
4.30%, 08/22/32 |
750 |
737,956 | |
4.69%, 12/15/44 |
600 |
531,525 | |
Bristol-Myers Squibb Co. |
|||
4.50%, 03/01/44 |
350 |
309,531 | |
4.35%, 11/15/47 |
300 |
253,711 | |
CVS Health Corp., 6.00%, 06/01/44 |
700 |
703,440 | |
Dolcetto Holdco SpA, 5.63%, 07/14/32 (d) |
EUR |
100 |
119,281 |
Grifols SA, 2.25%, 11/15/27 (d) |
100 |
116,947 | |
Gruenenthal GmbH, Series NOV, 4.63%, 11/15/31 (d) |
100 |
118,752 | |
Nidda Healthcare Holding GmbH (d) |
|||
7.00%, 02/21/30 |
100 |
121,990 | |
(3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32 (a) |
100 |
118,581 | |
Option Care Health, Inc., 4.38%, 10/31/29 (b) |
USD |
76 |
74,254 |
Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.89%, 12/31/29 (a)(d) |
EUR |
42 |
50,742 |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 |
USD |
500 |
456,861 |
Teva Pharmaceutical Finance Netherlands III BV |
|||
3.15%, 10/01/26 |
163 |
160,861 | |
6.00%, 12/01/32 |
200 |
209,588 | |
11,473,642 | |||
Real Estate Management & Development — 0.3% | |||
Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, 12/31/28 (h) |
EUR |
24 |
30,989 |
Alexandrite Lake Lux Holdings SARL, 6.75%, 07/30/30 (d) |
100 |
119,547 | |
Alpha Star Holding IX Ltd., 7.00%, 08/26/28 (d) |
USD |
200 |
204,414 |
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |
|||
7.00%, 04/15/30 (b) |
33 |
32,695 | |
Series AI, 7.00%, 04/15/30 |
157 |
156,921 | |
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30 (b) |
183 |
198,605 | |
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b) |
213 |
227,504 | |
Fantasia Holdings Group Co. Ltd. (d)(e)(n) |
|||
11.75%, 04/17/22 |
200 |
2,000 | |
10.88%, 01/09/23 |
307 |
3,070 | |
11.88%, 06/01/23 |
400 |
4,000 | |
9.25%, 07/28/23 |
300 |
3,000 | |
Schedule of Investments
29
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Real Estate Management & Development (continued) | |||
Five Point Operating Co. LP, 8.00%, 10/01/30 (b) |
USD |
50 |
$ 52,239 |
i-595 Express LLC, 3.31%, 12/31/31 (c) |
557 |
539,970 | |
New Immo Holding SA, 4.95%, 11/14/30 (d) |
EUR |
100 |
118,199 |
Vivion Investments SARL (d) |
|||
5.63%, 06/08/30 |
100 |
113,186 | |
(6.50% Cash and 1.75% PIK), 8.25%, 08/31/28 (h) |
14 |
16,428 | |
1,822,767 | |||
Retail REITs — 0.3% | |||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |
USD |
109 |
107,726 |
Simon Property Group LP, 6.75%, 02/01/40 |
1,670 |
1,919,198 | |
2,026,924 | |||
Semiconductors & Semiconductor Equipment — 1.5% | |||
Amkor Technology, Inc., 5.88%, 10/01/33 (b) |
46 |
46,949 | |
Broadcom, Inc. |
|||
4.75%, 04/15/29 |
2,500 |
2,546,922 | |
4.15%, 04/15/32 (b) |
1,500 |
1,466,766 | |
3.47%, 04/15/34 |
700 |
638,290 | |
3.50%, 02/15/41 |
700 |
569,439 | |
3.75%, 02/15/51 |
950 |
716,199 | |
Intel Corp. |
|||
5.13%, 02/10/30 |
750 |
768,809 | |
2.00%, 08/12/31 (f) |
1,000 |
876,956 | |
KLA Corp., 5.00%, 03/15/49 |
500 |
460,285 | |
QUALCOMM, Inc. |
|||
4.25%, 05/20/32 |
445 |
444,447 | |
5.40%, 05/20/33 |
250 |
264,732 | |
4.30%, 05/20/47 |
2,380 |
1,998,307 | |
10,798,101 | |||
Software — 2.1% | |||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b)(f) |
1,889 |
1,883,315 | |
Camelot Finance SA, 4.50%, 11/01/26 (b) |
35 |
34,762 | |
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |
461 |
474,818 | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) |
127 |
110,379 | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |
95 |
80,542 | |
Cloud Software Group, Inc. (b) |
|||
6.50%, 03/31/29 |
1,085 |
1,099,200 | |
9.00%, 09/30/29 (f) |
1,628 |
1,695,579 | |
8.25%, 06/30/32 |
120 |
125,405 | |
CoreLogic, Inc., 4.50%, 05/01/28 (b) |
592 |
579,962 | |
CoreWeave, Inc., 9.25%, 06/01/30 (b)(f) |
265 |
246,390 | |
Electronic Arts, Inc., 2.95%, 02/15/51 (f) |
93 |
85,784 | |
Ellucian Holdings, Inc., 6.50%, 12/01/29 (b) |
144 |
146,830 | |
IPD 3 BV, Series NOV, 5.50%, 06/15/31 (d) |
EUR |
100 |
118,257 |
Microsoft Corp. |
|||
2.53%, 06/01/50 |
USD |
1,600 |
976,878 |
2.92%, 03/17/52 (f) |
3,250 |
2,128,870 | |
Oracle Corp. |
|||
3.60%, 04/01/40 (f) |
3,025 |
2,243,454 | |
3.60%, 04/01/50 |
400 |
249,164 | |
3.95%, 03/25/51 |
600 |
394,776 | |
6.13%, 08/03/65 |
600 |
531,356 | |
Playtika Holding Corp., 4.25%, 03/15/29 (b) |
7 |
6,277 | |
Sabre GLBL, Inc., 10.75%, 03/15/30 (b)(f) |
186 |
152,920 | |
SS&C Technologies, Inc., 6.50%, 06/01/32 (b) |
240 |
249,699 | |
Security |
Par (000) |
Value | |
Software (continued) | |||
Twilio, Inc. |
|||
3.63%, 03/15/29 |
USD |
73 |
$ 70,516 |
3.88%, 03/15/31 |
73 |
69,768 | |
UKG, Inc., 6.88%, 02/01/31 (b) |
877 |
900,866 | |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |
147 |
138,724 | |
14,794,491 | |||
Specialty Retail — 0.1% | |||
Advance Auto Parts, Inc., 7.00%, 08/01/30 (b) |
101 |
101,535 | |
Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, 01/15/32 (a)(d) |
EUR |
100 |
118,420 |
Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, 01/15/31 (b) |
USD |
102 |
105,054 |
Staples, Inc., 10.75%, 09/01/29 (b) |
103 |
102,400 | |
427,409 | |||
Technology Hardware, Storage & Peripherals — 0.4% | |||
Apple, Inc. |
|||
4.38%, 05/13/45 |
1,000 |
891,473 | |
3.75%, 09/12/47 |
700 |
552,954 | |
2.65%, 02/08/51 (f) |
2,280 |
1,409,433 | |
Seagate Data Storage Technology Pte Ltd. (b) |
|||
8.25%, 12/15/29 |
174 |
184,516 | |
8.50%, 07/15/31 |
111 |
118,011 | |
Seagate Data Storage Technology Pte. Ltd., 5.88%, 07/15/30 (b) |
74 |
76,284 | |
3,232,671 | |||
Textiles, Apparel & Luxury Goods — 0.2% | |||
Beach Acquisition Bidco LLC (b) |
|||
5.25%, 07/15/32 |
EUR |
270 |
323,032 |
(10.00% Cash or 10.75% PIK), 10.00%, 07/15/33 (h) |
USD |
653 |
720,770 |
Levi Strauss & Co. (b) |
|||
4.00%, 08/15/30 |
EUR |
100 |
119,345 |
3.50%, 03/01/31 |
USD |
11 |
10,243 |
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 5.78%, 07/01/29 (a)(d) |
EUR |
100 |
118,481 |
1,291,871 | |||
Tobacco — 1.0% | |||
Altria Group, Inc. |
|||
2.45%, 02/04/32 |
USD |
200 |
176,856 |
5.38%, 01/31/44 |
2,000 |
1,931,821 | |
BAT Capital Corp. |
|||
3.22%, 09/06/26 |
394 |
392,000 | |
7.08%, 08/02/43 |
500 |
561,609 | |
4.54%, 08/15/47 |
1,500 |
1,244,290 | |
7.08%, 08/02/53 |
450 |
510,195 | |
Philip Morris International, Inc., 5.38%, 02/15/33 |
1,000 |
1,045,688 | |
Reynolds American, Inc., 7.00%, 08/04/41 |
1,000 |
1,046,029 | |
6,908,488 | |||
Transportation Infrastructure — 0.2% | |||
FedEx Corp., 4.10%, 02/01/45 |
1,250 |
968,139 | |
Ocado Group PLC, 11.00%, 06/15/30 (d) |
GBP |
100 |
135,959 |
1,104,098 | |||
Utilities — 0.1% | |||
TransAlta Corp., 5.88%, 02/01/34 |
USD |
126 |
126,871 |
VoltaGrid LLC, 7.38%, 11/01/30 (b) |
806 |
798,541 | |
925,412 | |||
30
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Water Utilities — 0.2% | |||
American Water Capital Corp., 4.45%, 06/01/32 |
USD |
1,350 |
$ 1,350,734 |
Wireless Telecommunication Services — 1.7% | |||
Altice France SA (b) |
|||
6.88%, 10/15/30 |
38 |
36,998 | |
6.50%, 10/15/31 |
55 |
51,751 | |
6.50%, 04/15/32 |
488 |
467,894 | |
6.88%, 07/15/32 |
416 |
398,957 | |
Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/32 (b) |
645 |
669,594 | |
Level 3 Financing, Inc., 8.50%, 01/15/36 (b) |
797 |
816,114 | |
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31 (b) |
200 |
209,626 | |
Rogers Communications, Inc., 7.50%, 08/15/38 |
2,325 |
2,680,895 | |
Telecom Argentina SA, 9.25%, 05/28/33 (b) |
22 |
23,207 | |
T-Mobile USA, Inc. |
|||
3.88%, 04/15/30 |
2,000 |
1,966,750 | |
2.55%, 02/15/31 |
500 |
456,792 | |
3.30%, 02/15/51 |
500 |
334,238 | |
5.80%, 09/15/62 |
500 |
492,132 | |
Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32 (b) |
200 |
212,104 | |
Veon Midco BV, 3.38%, 11/25/27 (b) |
200 |
189,062 | |
Verizon Communications, Inc., 5.75%, 11/30/45 |
1,460 |
1,449,572 | |
Vmed O2 U.K. Financing I PLC |
|||
4.25%, 01/31/31 (b) |
600 |
547,206 | |
4.50%, 07/15/31 (d) |
GBP |
100 |
119,437 |
6.75%, 01/15/33 (b) |
USD |
200 |
198,207 |
Vodafone Group PLC, 4.88%, 06/19/49 |
700 |
608,017 | |
WOM Mobile SA, (12.50% PIK), 11.00%, 04/01/31 (b)(h) |
10 |
10,292 | |
Zegona Finance PLC, 6.75%, 07/15/29 (d) |
EUR |
90 |
111,147 |
12,049,992 | |||
Total Corporate Bonds — 64.5% (Cost: $462,867,267) |
464,493,140 | ||
Fixed Rate Loan Interests | |||
IT Services — 0.1% | |||
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
USD |
891 |
885,938 |
Software — 0.2% | |||
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
1,267 |
1,225,342 | |
Total Fixed Rate Loan Interests — 0.3% (Cost: $2,157,705) |
2,111,280 | ||
Floating Rate Loan Interests (a) | |||
Advertising Agencies — 0.1% | |||
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.83%, 08/23/28 |
293 |
293,529 | |
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.03%, 04/11/29 |
207 |
204,611 | |
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.93%, 02/15/29 |
44 |
40,583 | |
538,723 | |||
Security |
Par (000) |
Value | |
Aerospace & Defense — 0.0% | |||
Kaman Corp. |
|||
2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32 |
USD |
— |
$ 353 |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.38%, 02/26/32 |
39 |
39,104 | |
Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, 12/01/32 |
95 |
95,161 | |
Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.57%, 12/11/31 |
78 |
78,623 | |
213,241 | |||
Automobile Components — 0.1% | |||
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/28/32 |
182 |
182,231 | |
Tenneco, Inc. |
|||
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% Floor + 4.85%), 8.74%, 11/17/28 |
15 |
14,806 | |
2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28 |
92 |
90,295 | |
287,332 | |||
Biotechnology — 0.0% | |||
Parexel International Corporation, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, 12/12/31 |
92 |
92,024 | |
Building Products — 0.1% | |||
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32 |
25 |
25,617 | |
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30 |
58 |
55,830 | |
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 10/19/29 |
280 |
280,904 | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31 |
81 |
78,266 | |
440,617 | |||
Capital Markets — 0.0% | |||
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 07/30/31 |
27 |
26,971 | |
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32 |
155 |
155,986 | |
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, 10/16/31 (c) |
75 |
76,131 | |
259,088 | |||
Chemicals — 0.1% | |||
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 11.57%, 11/24/28 |
64 |
57,509 | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29 |
253 |
242,540 | |
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28 |
182 |
158,984 | |
Schedule of Investments
31
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Chemicals (continued) | |||
Olympus Water U.S. Holding Corp., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 11/03/32 |
USD |
123 |
$ 122,155 |
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31 |
18 |
13,019 | |
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32 |
85 |
84,708 | |
678,915 | |||
Commercial Services & Supplies — 0.1% | |||
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32 |
70 |
70,075 | |
Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 08/20/32 |
269 |
270,439 | |
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.57%, 02/23/29 |
208 |
196,620 | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, 07/31/30 (h) |
139 |
132,950 | |
ION Platform Finance U.S., Inc., USD Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 10/07/32 |
55 |
51,202 | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.04%, 12/17/28 (e)(n) |
47 |
5,682 | |
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/30/31 |
118 |
117,880 | |
844,848 | |||
Communications Equipment — 0.0% | |||
COMMSCOPE, 2024 Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 4.75%), 8.47%, 12/17/29 |
73 |
73,520 | |
Construction & Engineering — 0.1% | |||
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, 08/01/30 |
567 |
515,469 | |
Consumer Discretionary — 0.0% | |||
Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 01/31/31 |
143 |
143,090 | |
Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 11/01/31 |
38 |
38,106 | |
181,196 | |||
Consumer Staples Distribution & Retail — 0.1% | |||
Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32 |
477 |
479,185 | |
Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, 12/16/32 |
85 |
85,757 | |
564,942 | |||
Security |
Par (000) |
Value | |
Containers & Packaging — 0.0% | |||
LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28 |
USD |
141 |
$ 88,895 |
Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 04/15/30 |
131 |
128,135 | |
Potters Industries LLC, 2025 Repriced Term Loan B, (1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/09/32 (c) |
52 |
52,195 | |
269,225 | |||
Diversified Telecommunication Services — 0.1% | |||
Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.04%, 11/29/30 |
32 |
31,480 | |
Frontier Communications Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.24%, 07/01/31 |
41 |
40,527 | |
Lumen Technologies, Inc., 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, 06/01/28 |
42 |
41,937 | |
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.57%, 10/01/31 (c) |
128 |
128,660 | |
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 3.00% and 0.50% PIK), 7.33%, 03/11/30 (h) |
608 |
575,918 | |
818,522 | |||
Electronic Equipment, Instruments & Components — 0.0% | |||
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.37%, 12/02/31 |
163 |
164,083 | |
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32 |
71 |
70,875 | |
234,958 | |||
Energy Equipment & Services — 0.0% | |||
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, 07/31/31 |
41 |
40,077 | |
Financial Services — 0.0% | |||
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32 |
45 |
45,183 | |
Health Care Equipment & Supplies — 0.1% | |||
Bausch & Lomb Corp. |
|||
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28 |
126 |
126,098 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 01/15/31 |
242 |
243,652 | |
369,750 | |||
Health Care Providers & Services — 0.1% | |||
LifePoint Health, Inc. |
|||
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, 05/19/31 |
163 |
163,140 | |
2024 Incremental Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.33%, 05/19/31 |
83 |
82,420 | |
32
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Health Care Providers & Services (continued) | |||
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.60% and 4.00% PIK), 14.53%, 01/28/28 (h) |
USD |
132 |
$ 94,201 |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30 |
351 |
351,614 | |
691,375 | |||
Hotels, Restaurants & Leisure — 0.0% | |||
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, 11/01/29 |
57 |
56,079 | |
Sabre GLBL, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 |
45 |
39,588 | |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 (c) |
27 |
23,439 | |
119,106 | |||
Household Durables — 0.0% | |||
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 01/20/32 |
61 |
60,782 | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, 12/19/29 |
27 |
27,152 | |
87,934 | |||
Industrial Conglomerates — 0.0% | |||
Titan Acquisition Ltd., 2025 Add on Delayed Draw Term Loan, 02/15/29 |
65 |
65,416 | |
Insurance — 0.1% | |||
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.92%, 02/15/31 |
90 |
90,063 | |
Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30 |
88 |
88,111 | |
Hyperion Insurance Group Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.49%, 04/18/30 |
17 |
16,945 | |
Jones DesLauriers Insurance Management Inc., 2025 Repriced Term Loan B, 12/10/32 (o) |
117 |
116,865 | |
OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 07/02/31 |
22 |
21,917 | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 05/06/32 |
410 |
414,381 | |
748,282 | |||
Interactive Media & Services — 0.0% | |||
MH Sub I LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.97%, 05/03/28 |
47 |
43,493 | |
Internet Software & Services — 0.0% | |||
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28 |
28 |
28,047 | |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, 03/15/30 |
167 |
165,128 | |
193,175 | |||
Security |
Par (000) |
Value | |
IT Services — 0.1% | |||
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31 |
USD |
14 |
$ 14,082 |
Finastra USA, Inc. |
|||
2025 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 7.00%), 10.72%, 09/15/33 |
96 |
93,920 | |
2025 USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/15/32 |
288 |
281,392 | |
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, 06/27/31 |
61 |
61,040 | |
450,434 | |||
Leisure Products — 0.0% | |||
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
98 |
97,989 | |
Machinery — 0.1% | |||
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, 06/23/30 (o) |
19 |
19,054 | |
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.86%, 12/21/29 |
60 |
60,274 | |
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.53%, 02/15/29 |
474 |
477,410 | |
556,738 | |||
Media — 0.2% | |||
Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, 05/31/31 |
227 |
226,981 | |
CMG Media Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 7.27%, 06/18/29 |
117 |
109,222 | |
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.15%, 01/31/32 |
57 |
56,051 | |
CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
320 |
278,909 | |
Directv Financing LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.34%, 02/17/31 |
373 |
372,061 | |
Gray Media, Inc. |
|||
2021 Term Loan D, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 6.99%, 12/01/28 |
64 |
63,707 | |
2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.12%, 06/04/29 |
— |
551 | |
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 06/25/31 |
7 |
6,649 | |
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 8.83%, 09/25/29 (h) |
344 |
262,894 | |
Versant Media Group, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.16%, 01/30/31 |
66 |
65,959 | |
1,442,984 | |||
Metals & Mining — 0.0% | |||
BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30 |
229 |
226,328 | |
Schedule of Investments
33
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels — 0.0% | |||
Stakeholder Midstream LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31 |
USD |
145 |
$ 145,090 |
Personal Care Products — 0.0% | |||
ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 12/15/32 (c) |
53 |
53,265 | |
Pharmaceuticals — 0.1% | |||
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, 08/01/32 |
222 |
224,111 | |
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.47%, 04/23/31 |
92 |
91,244 | |
315,355 | |||
Software — 0.2% | |||
Ascend Learning LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 12/11/28 |
21 |
20,902 | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/29 |
358 |
358,847 | |
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, 07/30/31 |
169 |
168,297 | |
Boxer Parent Company Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.47%, 07/30/32 |
115 |
110,486 | |
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29 |
55 |
46,472 | |
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.33%, 06/02/28 |
84 |
83,569 | |
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31 |
44 |
44,023 | |
Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.47%, 11/22/32 |
111 |
111,728 | |
RealPage, Inc. |
|||
1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28 |
211 |
210,372 | |
2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, 04/24/28 |
83 |
83,553 | |
Sabre GLBL, Inc. (c) |
|||
2025 11th Amendment Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
19 |
16,865 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
8 |
7,168 | |
1,262,282 | |||
Technology Hardware, Storage & Peripherals — 0.0% | |||
Cubic Corp. |
|||
2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29 |
85 |
43,105 | |
2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29 |
12 |
6,252 | |
49,357 | |||
Security |
Par (000) |
Value | |
Wireless Telecommunication Services — 0.1% | |||
Digicel International Finance Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.02%, 08/06/32 |
USD |
168 |
$ 167,400 |
Level 3 Financing, Inc., 2025 Repriced Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 03/29/32 |
457 |
458,028 | |
Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/06/32 (c) |
126 |
126,315 | |
751,743 | |||
Total Floating Rate Loan Interests — 1.9% (Cost: $13,988,993) |
13,767,976 | ||
Foreign Agency Obligations | |||
Argentina — 0.0% |
|||
Argentine Republic Government International Bonds, 1.75%, 07/09/27 (m) |
90 |
77,021 | |
Barbados — 0.0% |
|||
Barbados Government International Bonds, 8.00%, 06/26/35 (b) |
149 |
157,055 | |
Benin — 0.0% |
|||
Benin Government International Bonds, 7.96%, 02/13/38 (b) |
200 |
207,812 | |
Bulgaria — 0.0% |
|||
Bulgaria Government International Bonds, Series 13Y, 5.00%, 03/05/37 (d) |
92 |
91,356 | |
Canada — 0.9% |
|||
CDP Financial, Inc., 5.60%, 11/25/39 (b)(f) |
5,890 |
6,304,423 | |
Cayman Islands — 0.0% |
|||
Kyrgyz Republic International Bonds, 7.75%, 06/03/30 (b) |
200 |
205,750 | |
Chile — 0.0% |
|||
Chile Government International Bonds, 4.34%, 03/07/42 |
200 |
178,600 | |
Colombia — 0.0% |
|||
Colombia Government International Bonds, 8.00%, 04/20/33 |
200 |
215,000 | |
Costa Rica — 0.1% |
|||
Costa Rica Government International Bonds, 7.30%, 11/13/54 (b) |
200 |
224,100 | |
Dominican Republic — 0.1% |
|||
Dominican Republic International Bonds (b) |
|||
4.50%, 01/30/30 |
226 |
221,049 | |
7.05%, 02/03/31 |
150 |
161,091 | |
382,140 | |||
Ecuador — 0.0% |
|||
Ecuador Government International Bonds, 6.90%, 07/31/30 (b)(m) |
80 |
78,637 | |
Egypt — 0.1% |
|||
Egypt Government International Bonds |
|||
7.63%, 05/29/32 (d) |
200 |
212,452 | |
7.50%, 02/16/61 (b) |
219 |
190,924 | |
403,376 | |||
34
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Gabon — 0.0% |
|||
Gabon Government International Bonds, Series 4Y, 9.50%, 02/18/29 (d) |
USD |
200 |
$ 173,126 |
Guatemala — 0.1% |
|||
Guatemala Government Bonds (b) |
|||
5.38%, 04/24/32 |
200 |
201,600 | |
6.60%, 06/13/36 |
200 |
214,754 | |
416,354 | |||
Hungary — 0.1% |
|||
Hungary Government International Bonds, 5.25%, 06/16/29 (b) |
200 |
203,775 | |
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29 (d) |
EUR |
100 |
125,803 |
329,578 | |||
Indonesia — 0.0% |
|||
Indonesia Government International Bonds, 3.88%, 01/15/33 |
100 |
118,498 | |
Ivory Coast — 0.1% |
|||
Ivory Coast Government International Bonds |
|||
5.88%, 10/17/31 (d) |
192 |
227,330 | |
8.08%, 04/01/36 (b) |
USD |
200 |
216,013 |
443,343 | |||
Kenya — 0.0% |
|||
Republic of Kenya Government International Bonds, 9.75%, 02/16/31 (b) |
200 |
218,500 | |
Latvia — 0.0% |
|||
Latvia Government International Bonds, 5.13%, 07/30/34 (b) |
200 |
204,668 | |
Mexico — 0.0% |
|||
Mexico Government International Bonds, 5.13%, 03/19/38 |
EUR |
100 |
116,969 |
Morocco — 0.0% |
|||
Morocco Government International Bonds, 2.38%, 12/15/27 (b) |
USD |
200 |
192,000 |
Nigeria — 0.1% |
|||
Nigeria Government International Bonds, 10.38%, 12/09/34 (b) |
200 |
236,989 | |
Oman — 0.0% |
|||
Oman Government International Bonds, 6.75%, 01/17/48 (d) |
200 |
220,562 | |
Panama — 0.1% |
|||
Panama Government International Bonds |
|||
7.50%, 03/01/31 |
200 |
221,700 | |
6.40%, 02/14/35 |
200 |
210,633 | |
432,333 | |||
Paraguay — 0.0% |
|||
Paraguay Government International Bonds, 2.74%, 01/29/33 (d) |
200 |
178,800 | |
Peru — 0.1% |
|||
Peru Government International Bonds |
|||
2.78%, 01/23/31 |
151 |
139,750 | |
1.86%, 12/01/32 |
98 |
80,973 | |
220,723 | |||
Security |
Par (000) |
Value | |
Poland — 0.0% |
|||
Republic of Poland Government International Bonds |
|||
Series 10Y, 4.88%, 10/04/33 |
USD |
37 |
$ 37,516 |
Series 30Y, 5.50%, 04/04/53 |
119 |
113,556 | |
151,072 | |||
Romania — 0.1% |
|||
Romanian Government International Bonds |
|||
5.25%, 11/25/27 (b) |
50 |
50,797 | |
2.12%, 07/16/31 (d) |
EUR |
179 |
184,526 |
6.25%, 09/10/34 (b) |
145 |
179,032 | |
6.75%, 07/11/39 (b) |
65 |
79,466 | |
6.50%, 10/07/45 (b) |
80 |
93,395 | |
587,216 | |||
Serbia — 0.0% |
|||
Serbia International Bonds, 6.00%, 06/12/34 (b) |
USD |
200 |
206,500 |
South Africa — 0.1% |
|||
Republic of South Africa Government International Bonds |
|||
7.95%, 11/19/54 (b) |
200 |
215,000 | |
Series 30Y, 5.75%, 09/30/49 |
252 |
212,625 | |
427,625 | |||
Trinidad And Tobago — 0.0% |
|||
Trinidad & Tobago Government International Bonds, 6.40%, 06/26/34 (b) |
200 |
201,400 | |
Turkey — 0.0% |
|||
Turkiye Government International Bonds, Series 7Y, 7.13%, 02/12/32 |
200 |
211,800 | |
Uruguay — 0.0% |
|||
Oriental Republic of Uruguay, 5.25%, 09/10/60 |
127 |
118,865 | |
Uzbekistan — 0.0% |
|||
Republic of Uzbekistan International Bonds, 5.38%, 05/29/27 (b) |
EUR |
100 |
120,074 |
Total Foreign Agency Obligations — 2.0% (Cost: $13,180,672) |
14,052,265 | ||
Municipal Bonds | |||
Arizona — 0.1% |
|||
Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29 (b) |
USD |
890 |
933,633 |
California — 1.6% |
|||
City of Los Angeles California, GO, Series A, Sustainability Bonds, 5.00%, 09/01/42 |
2,000 |
1,968,821 | |
Golden State Tobacco Securitization Corp., Refunding RB |
|||
Class B, (SAP), 3.29%, 06/01/42 |
2,610 |
2,043,315 | |
Series A-1, 3.71%, 06/01/41 |
1,000 |
777,447 | |
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43 |
1,600 |
1,248,907 | |
Regents of the University of California Medical Center Pooled Revenue, RB, BAB, Series H, 6.55%, 05/15/48 |
2,500 |
2,670,438 | |
State of California, GO, BAB, 7.55%, 04/01/39 |
1,500 |
1,820,366 | |
State of California, Refunding GO, 5.13%, 03/01/38 |
1,000 |
1,015,674 | |
11,544,968 | |||
Schedule of Investments
35
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Florida — 0.2% |
|||
State Board of Administration Finance Corp., RB, Series A, 5.53%, 07/01/34 |
USD |
1,500 |
$ 1,577,164 |
Georgia — 0.2% |
|||
Municipal Electric Authority of Georgia, Refunding RB, BAB, 6.64%, 04/01/57 |
987 |
1,067,390 | |
Hawaii — 0.2% |
|||
City & County Honolulu HI Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 |
1,000 |
687,527 | |
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |
1,000 |
1,075,690 | |
1,763,217 | |||
Illinois — 0.3% |
|||
State of Illinois, GO, 5.10%, 06/01/33 |
1,745 |
1,788,498 | |
Massachusetts — 0.6% |
|||
Massachusetts Educational Financing Authority, RB, Series A, 6.17%, 07/01/50 |
2,500 |
2,547,942 | |
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 |
1,355 |
1,401,530 | |
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 |
500 |
426,671 | |
4,376,143 | |||
New Jersey — 0.3% |
|||
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41 |
1,750 |
2,044,699 | |
New York — 0.6% |
|||
City of New York, GO |
|||
Series H, 6.29%, 02/01/45 |
600 |
630,451 | |
Series D-1, Sustainability Bonds, 5.09%, 10/01/49 |
1,000 |
940,810 | |
New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 |
1,000 |
1,035,586 | |
New York State Dormitory Authority, RB, BAB, Series F, 5.63%, 03/15/39 |
1,100 |
1,130,639 | |
United Nations Development Corp., Refunding RB, Series A, 6.54%, 08/01/55 |
850 |
907,008 | |
4,644,494 | |||
Texas — 0.4% |
|||
Dallas Fort Worth International Airport, Refunding RB, 2.84%, 11/01/46 |
2,000 |
1,448,132 | |
Texas Natural Gas Securitization Finance Corp., RB, Series 2023-1, Class A2, 5.17%, 04/01/41 |
1,500 |
1,529,775 | |
2,977,907 | |||
Total Municipal Bonds — 4.5% (Cost: $32,056,589) |
32,718,113 | ||
Non-Agency Mortgage-Backed Securities | |||
Collateralized Mortgage Obligations — 9.3% | |||
A&D Mortgage Trust, Series 2024-NQM5, Class A1, 5.70%, 11/25/69 (b) |
1,280 |
1,288,727 | |
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64 (b) |
398 |
399,855 | |
Alternative Loan Trust |
|||
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |
294 |
261,640 | |
Series 2006-OA21, Class A1, (1-mo. Term SOFR + 0.30%), 4.04%, 03/20/47 (a) |
289 |
253,913 | |
Series 2007-OA10, Class 2A1, (1-mo. Term SOFR + 0.61%), 4.35%, 09/25/47 (a) |
3,454 |
498,081 | |
Security |
Par (000) |
Value | |
Collateralized Mortgage Obligations (continued) | |||
Angel Oak Mortgage Trust, Series 2024-10, Class A1, 5.35%, 10/25/69 (b) |
USD |
1,481 |
$ 1,488,307 |
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 |
177 |
136,634 | |
Barclays Mortgage Loan Trust, Series 2025-NQM3, Class A1, 5.64%, 05/25/65 (a)(b) |
908 |
914,168 | |
Bravo Residential Funding Trust (b) |
|||
Series 2021-NQM1, Class A1, 0.94%, 02/25/49 (a) |
426 |
392,174 | |
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |
354 |
353,519 | |
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |
896 |
899,033 | |
Series 2025-NQM1, Class A1, 5.60%, 12/25/64 |
1,103 |
1,112,581 | |
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49 (a)(b) |
390 |
394,446 | |
CIM Trust (b) |
|||
Series 2023-I1, Class A1, 6.03%, 04/25/58 |
880 |
879,667 | |
Series 2023-I2, Class A1, 6.64%, 12/25/67 |
824 |
827,530 | |
COLT Mortgage Loan Trust (b) |
|||
Series 2023-2, Class A1, 6.60%, 07/25/68 |
794 |
798,306 | |
Series 2023-3, Class M1, 7.80%, 09/25/68 (a) |
800 |
810,462 | |
Series 2024-6, Class A1, 5.39%, 11/25/69 |
1,041 |
1,046,387 | |
Series 2024-7, Class A1, 5.54%, 12/26/69 |
1,244 |
1,253,743 | |
Series 2024-INV4, Class A1, 5.61%, 05/25/69 |
1,080 |
1,089,802 | |
Series 2025-11, Class M1, 5.95%, 11/25/70 (a) |
2,500 |
2,506,386 | |
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67 (a)(b) |
2,191 |
2,189,900 | |
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67 (a)(b) |
198 |
193,390 | |
Ellington Financial Mortgage Trust (a)(b) |
|||
Series 2020-1, Class M1, 5.24%, 05/25/65 |
1,500 |
1,496,779 | |
Series 2021-2, Class A1, 0.93%, 06/25/66 |
158 |
134,749 | |
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51 (a)(b) |
2,150 |
1,800,495 | |
GCAT Trust (a)(b) |
|||
Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |
953 |
950,068 | |
Series 2024-INV4, Class A2, 5.50%, 12/25/54 |
802 |
806,653 | |
GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52 (a)(b) |
902 |
753,682 | |
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A2, 2.50%, 11/25/51 (a)(b) |
797 |
666,125 | |
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 |
71 |
43,852 | |
Homes Trust (b) |
|||
Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |
483 |
487,114 | |
Series 2025-NQM5, Class M1, 5.80%, 09/25/70 (a) |
697 |
697,577 | |
JP Morgan Mortgage Trust |
|||
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |
42 |
13,493 | |
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 (a)(b) |
362 |
357,165 | |
Series 2022-INV3, Class A3B, 3.00%, 09/25/52 (a)(b) |
633 |
552,972 | |
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 (a)(b) |
262 |
258,754 | |
Series 2024-INV1, Class A3, 5.50%, 04/25/55 (a)(b) |
1,459 |
1,471,300 | |
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52 (a)(b) |
683 |
596,171 | |
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.79%, 05/25/36 (a) |
107 |
68,475 | |
MFA Trust (b) |
|||
Series 2021-NQM1, Class M1, 2.31%, 04/25/65 (a) |
2,750 |
2,373,689 | |
Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |
638 |
636,318 | |
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |
1,063 |
1,068,880 | |
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67 (b) |
1,291 |
1,291,733 | |
36
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Collateralized Mortgage Obligations (continued) | |||
OBX Trust (b) |
|||
Series 2022-INC3, Class A1, 3.00%, 02/25/52 (a) |
USD |
587 |
$ 512,184 |
Series 2023-NQM1, Class A1, 6.12%, 11/25/62 (a) |
498 |
496,577 | |
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |
969 |
973,907 | |
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |
748 |
751,998 | |
Series 2024-NQM17, Class A1, 5.61%, 11/25/64 (a) |
946 |
954,252 | |
Series 2024-NQM2, Class M1, 6.86%, 12/25/63 (a) |
1,500 |
1,518,352 | |
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59 (a)(b) |
1,656 |
1,669,997 | |
PRKCM Trust (b) |
|||
Series 2023-AFC2, Class A1, 6.48%, 06/25/58 |
814 |
814,823 | |
Series 2023-AFC3, Class A1, 6.58%, 09/25/58 |
1,115 |
1,121,517 | |
Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54 (a)(b) |
1,312 |
1,325,562 | |
Radian Mortgage Capital Trust, Series 2024-J2, Class A4, 5.50%, 03/25/55 (a)(b) |
512 |
516,659 | |
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52 (a)(b) |
878 |
768,693 | |
Santander Mortgage Asset Receivable Trust, Series 2025-NQM6, Class A1, 5.14%, 11/25/65 (a)(b) |
2,343 |
2,349,851 | |
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54 (a)(b) |
771 |
775,788 | |
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62 (b) |
544 |
543,804 | |
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57 (b) |
567 |
563,830 | |
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65 (a)(b) |
2,050 |
1,849,162 | |
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65 (a)(b) |
2,000 |
1,815,661 | |
Towd Point Mortgage Trust, Series 2017-4, Class A1, 2.75%, 06/25/57 (a)(b) |
39 |
37,923 | |
Verus Securitization Trust (b) |
|||
Series 2022-3, Class A1, 4.13%, 02/25/67 |
2,304 |
2,218,499 | |
Series 2023-1, Class A1, 5.85%, 12/25/67 |
686 |
683,649 | |
Series 2023-5, Class A1, 6.48%, 06/25/68 |
699 |
701,793 | |
Series 2024-8, Class A1, 5.36%, 10/25/69 (a) |
1,426 |
1,433,462 | |
Series 2024-R1, Class A1, 5.22%, 09/25/69 (a) |
1,442 |
1,443,302 | |
Series 2025-11, Class A1, 4.91%, 11/25/70 (a) |
1,713 |
1,714,303 | |
Series 2025-11, Class M1, 5.66%, 11/25/70 (a) |
1,600 |
1,595,734 | |
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58 (b) |
1,018 |
1,022,117 | |
66,688,094 | |||
Commercial Mortgage-Backed Securities — 3.2% | |||
3650R Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54 |
1,250 |
1,111,227 | |
Bank, Series 2021-BN35, Class C, 2.90%, 06/15/64 (a) |
672 |
572,010 | |
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. Term SOFR + 0.52%), 4.25%, 07/25/37 (a)(b) |
447 |
418,580 | |
BBCMS Mortgage Trust, Series 2025-C35, Class D, 4.50%, 07/15/58 (b) |
330 |
273,073 | |
BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1-mo. Term SOFR + 2.69%), 6.44%, 11/15/41 (a)(b) |
630 |
632,341 | |
BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class A, (1-mo. Term SOFR + 1.85%), 5.60%, 08/15/42 (a)(b) |
506 |
507,902 | |
BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.00%, 11/05/39 (a)(b) |
200 |
208,064 | |
BRCK Trust (a)(b) |
|||
Series 2025-830B, Class E, 7.51%, 12/10/42 |
235 |
234,779 | |
Security |
Par (000) |
Value | |
Commercial Mortgage-Backed Securities (continued) | |||
BRCK Trust (a)(b) (continued) |
|||
Series 2025-830B, Class F, 8.40%, 12/10/42 |
USD |
120 |
$ 120,026 |
BX Commercial Mortgage Trust (a)(b) |
|||
Series 2021-CIP, Class A, (1-mo. Term SOFR + 1.04%), 4.79%, 12/15/38 |
532 |
532,261 | |
Series 2021-XL2, Class A, (1-mo. Term SOFR + 0.80%), 4.55%, 10/15/38 |
123 |
122,706 | |
Series 2022-LP2, Class A, (1-mo. Term SOFR + 1.01%), 4.76%, 02/15/39 |
260 |
259,855 | |
Series 2024-MF, Class C, (1-mo. Term SOFR + 1.94%), 5.69%, 02/15/39 |
452 |
452,139 | |
Series 2024-XL4, Class C, (1-mo. Term SOFR + 2.19%), 5.94%, 02/15/39 |
93 |
93,033 | |
BX Trust (a)(b) |
|||
Series 2021-LBA, Class AJV, (1-mo. Term SOFR + 0.91%), 4.67%, 02/15/36 |
1,690 |
1,687,925 | |
Series 2022 VAMF, Class A, (1-mo. Term SOFR + 0.85%), 4.60%, 01/15/39 |
1,300 |
1,299,210 | |
Series 2024-BIO, Class C, (1-mo. Term SOFR + 2.64%), 6.39%, 02/15/41 |
240 |
237,603 | |
Series 2024-CNYN, Class C, (1-mo. Term SOFR + 1.94%), 5.69%, 04/15/41 |
577 |
578,396 | |
Series 2024-PAT, Class B, (1-mo. Term SOFR + 3.04%), 6.79%, 03/15/41 |
170 |
170,690 | |
Cantor Commercial Real Estate Lending, Series 2019- CF2, Class A5, 2.87%, 11/15/52 |
550 |
520,815 | |
Century Plaza Towers, Series 2019-CPT, Class C, 3.00%, 11/13/39 (a)(b) |
250 |
225,854 | |
CHI Commercial Mortgage Trust, Series 2025-110W, Class D, 6.63%, 12/13/40 (a)(b) |
110 |
110,392 | |
Commercial Mortgage Trust (b) |
|||
Series 2025-167G, Class A, 5.50%, 08/10/40 |
309 |
309,911 | |
Series 2025-167G, Class B, 5.93%, 08/10/40 |
341 |
341,919 | |
Series 2025-SBX, Class B, 5.55%, 08/10/41 (a) |
722 |
724,846 | |
CONE Trust, Series 2024-DFW1, Class D, (1-mo. Term SOFR + 3.04%), 6.79%, 08/15/41 (a)(b) |
660 |
659,530 | |
CSMC (a)(b) |
|||
Series 2020-FACT, Class D, (1-mo. Term SOFR + 4.32%), 8.08%, 10/15/37 |
900 |
842,724 | |
Series 2021-BHAR, Class C, (1-mo. Term SOFR + 2.11%), 5.87%, 11/15/38 |
300 |
296,616 | |
DC Trust (a)(b) |
|||
Series 2024-HLTN, Class C, 7.04%, 04/13/40 |
220 |
220,460 | |
Series 2025-LXP, Class B, (1-mo. Term SOFR + 1.84%), 5.58%, 08/15/37 |
220 |
220,409 | |
Series 2025-LXP, Class C, (1-mo. Term SOFR + 2.24%), 5.98%, 08/15/37 |
236 |
236,512 | |
GS Mortgage Securities Corp. Trust (a)(b) |
|||
Series 2025-800D, Class A, (1-mo. Term SOFR + 2.65%), 6.38%, 11/25/41 |
216 |
216,289 | |
Series 2025-800D, Class B, (1-mo. Term SOFR + 3.45%), 7.18%, 11/25/41 |
400 |
399,955 | |
GS Mortgage Securities Trust, Series 2019-GC38, Class AAB, 3.84%, 02/10/52 |
577 |
575,117 | |
Hilton USA Trust, Series 2025-NVIL, Class B, (1-mo. Term SOFR + 2.19%), 5.94%, 07/15/42 (a)(b) |
218 |
218,947 | |
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1-mo. Term SOFR + 2.39%), 6.14%, 06/15/39 (a)(b) |
800 |
801,979 | |
LQR Trust, Series 2025-CALI, Class E, (1-mo. Term SOFR + 3.95%), 7.68%, 01/15/43 (a) |
436 |
435,998 | |
Schedule of Investments
37
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Commercial Mortgage-Backed Securities (continued) | |||
MIC Trust, Series 2023-MIC, Class B, 9.53%, 12/05/38 (a)(b) |
USD |
234 |
$ 254,298 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, 04/15/48 |
172 |
169,847 | |
PENN Commercial Mortgage Trust, Series 2025-P11, Class A, 5.34%, 08/10/42 (b) |
314 |
321,645 | |
SELF Commercial Mortgage Trust, Series 2024-STRG, Class D, (1-mo. Term SOFR + 2.94%), 6.69%, 11/15/34 (a)(b) |
270 |
270,674 | |
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52 |
1,200 |
1,131,749 | |
VEGAS, Series 2024-GCS, Class D, 6.22%, 07/10/36 (a)(b) |
650 |
643,340 | |
VRTX Trust, Series 2025-HQ, Class B, 5.49%, 08/05/42 (a)(b) |
730 |
737,801 | |
Wells Fargo Commercial Mortgage Trust |
|||
Series 2016-LC25, Class A4, 3.64%, 12/15/59 |
1,700 |
1,685,686 | |
Series 2024-BPRC, Class D, 7.08%, 07/15/43 (b) |
250 |
251,969 | |
Series 2025-5C3, Class A3, 6.10%, 01/15/58 |
611 |
646,966 | |
22,984,068 | |||
Total Non-Agency Mortgage-Backed Securities — 12.5% (Cost: $91,929,482) |
89,672,162 | ||
Preferred Securities | |||
Capital Trusts — 6.9% (a) | |||
Automobiles — 0.4% |
|||
General Motors Financial Co., Inc., Series C, 5.70% (i) |
2,500 |
2,510,204 | |
Banks (i) — 3.8% |
|||
Bank of America Corp. (f) |
|||
6.63% |
7,650 |
7,970,925 | |
Series FF, 5.88% |
3,500 |
3,559,857 | |
Barclays PLC |
|||
4.38% |
310 |
299,909 | |
9.63% |
640 |
724,989 | |
Citigroup, Inc. |
|||
Series BB, 7.20% |
2,500 |
2,595,322 | |
Series FF, 6.95% |
2,500 |
2,577,438 | |
HSBC Holdings PLC |
|||
4.70% |
275 |
261,214 | |
6.00% (f) |
235 |
236,948 | |
6.50% (f) |
1,090 |
1,111,338 | |
ING Groep NV, Series NC10, 4.25% |
1,500 |
1,346,330 | |
Krung Thai Bank PCL, 4.40% (d) |
252 |
250,992 | |
Lloyds Banking Group PLC, 6.75% |
595 |
599,952 | |
NatWest Group PLC, 8.13% |
225 |
253,157 | |
PNC Financial Services Group, Inc., Series W, 6.25% (f) |
3,584 |
3,700,071 | |
U.S. Bancorp, Series J, 5.30% (f) |
1,900 |
1,904,285 | |
27,392,727 | |||
Capital Markets — 0.2% |
|||
State Street Corp., 4.98%, 06/01/77 |
1,485 |
1,326,791 | |
Electric Utilities — 0.9% |
|||
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |
4,750 |
4,796,365 | |
PG&E Corp., 7.38%, 03/15/55 |
1,723 |
1,794,489 | |
6,590,854 | |||
Financial Services (i) — 1.3% |
|||
Bank of New York Mellon Corp., Series F, 4.63% |
2,750 |
2,732,184 | |
Goldman Sachs Group, Inc., Series W, 7.50% |
2,500 |
2,661,723 | |
Security |
Par (000) |
Value | |
Financial Services (continued) |
|||
UBS Group AG (b) |
|||
4.88% |
USD |
2,000 |
$ 1,981,532 |
Series NC10, 9.25% |
1,200 |
1,407,308 | |
Series NC5, 9.25% |
200 |
219,450 | |
9,002,197 | |||
Health Care Equipment & Supplies — 0.2% |
|||
CVS Health Corp. |
|||
6.75%, 12/10/54 |
320 |
334,198 | |
7.00%, 03/10/55 |
1,305 |
1,369,008 | |
1,703,206 | |||
Independent Power and Renewable Electricity Producers (b)(i) — 0.1% |
|||
NRG Energy, Inc., 10.25% |
340 |
371,226 | |
Vistra Corp., 7.00% |
141 |
143,462 | |
514,688 | |||
Utilities — 0.0% |
|||
Electricite de France SA, 3.38% (d)(i) |
EUR |
200 |
224,453 |
49,265,120 | |||
Shares |
|||
Preferred Stocks — 0.0% (e) | |||
Financial Services — 0.0% |
|||
Federal National Mortgage Association, Series S, 8.25% (a)(i) |
10,000 |
152,300 | |
IT Services (c) — 0.0% |
|||
Veritas Newco |
|||
Series G |
428 |
10,058 | |
Series G-1 |
296 |
6,808 | |
16,866 | |||
169,166 | |||
Trust Preferred — 0.1% | |||
Financial Services — 0.1% |
|||
Citigroup Capital XIII, 10.47%, 10/30/40 (a) |
29,583 |
893,406 | |
893,406 | |||
Total Preferred Securities — 7.0% (Cost: $48,391,955) |
50,327,692 | ||
Par (000) |
|||
U.S. Government Sponsored Agency Securities | |||
Agency Obligations — 1.0% |
|||
Ginnie Mae Mortgage-Backed Securities (f) |
|||
5.50%, 07/20/55 |
USD |
1,160 |
1,183,453 |
6.00%, 07/20/55 |
758 |
787,621 | |
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30 (l) |
6,055 |
5,125,815 | |
7,096,889 | |||
Collateralized Mortgage Obligations — 5.6% |
|||
Fannie Mae REMICS |
|||
Series 2015-47, Class GL, 3.50%, 07/25/45 |
1,636 |
1,503,158 | |
Series 2022-25, Class KL, 4.00%, 05/25/52 |
14,500 |
13,420,250 | |
Series 2025-2, Class FG, (30-day Avg SOFR + 1.45%), 5.32%, 02/25/55 (a) |
313 |
315,456 | |
38
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Collateralized Mortgage Obligations (continued) |
|||
Fannie Mae REMICS (continued) |
|||
Series 2025-24, Class PZ, 5.00%, 03/25/55 |
USD |
5,191 |
$ 4,994,019 |
Series 2025-35, Class FJ, (30-day Avg SOFR + 1.60%), 5.47%, 05/25/55 (a) |
431 |
436,010 | |
Series 5471, Class FM, (30-day Avg SOFR + 1.40%), 5.27%, 11/25/54 (a) |
1,267 |
1,276,556 | |
Series 5499, Class FW, (30-day Avg SOFR + 1.40%), 5.27%, 02/25/55 (a) |
3,711 |
3,739,596 | |
Freddie Mac REMICS |
|||
Series 4350, Class DY, 4.00%, 06/15/44 |
1,255 |
1,227,099 | |
Series 4398, Class ZX, 4.00%, 09/15/54 |
12,027 |
11,114,327 | |
Series 4549, Class TZ, 4.00%, 11/15/45 |
2,475 |
2,414,809 | |
40,441,280 | |||
Interest Only Collateralized Mortgage Obligations — 1.7% |
|||
Fannie Mae REMICS |
|||
Series 2012-47, Class NI, 4.50%, 04/25/42 |
545 |
70,759 | |
Series 5112, Class KI, 3.50%, 06/25/51 |
13,571 |
2,532,371 | |
Ginnie Mae |
|||
Series 2009-116, Class KS, (1-mo. Term SOFR + 6.36%), 2.62%, 12/16/39 (a) |
460 |
46,363 | |
Series 2019-151, Class IA, 3.50%, 12/20/49 |
25,701 |
4,781,169 | |
Series 2020-151, Class MI, 2.50%, 10/20/50 |
15,157 |
2,180,400 | |
Series 2021-175, Class IE, 4.00%, 09/20/47 |
12,367 |
2,570,730 | |
12,181,792 | |||
Mortgage-Backed Securities — 8.6% |
|||
Fannie Mae Mortgage-Backed Securities, 4.00%, 04/01/56 (f) |
760 |
722,606 | |
Freddie Mac Mortgage-Backed Securities (f) |
|||
4.00%, 05/01/39 |
3,503 |
3,447,716 | |
4.50%, 03/01/47 |
434 |
437,541 | |
Ginnie Mae Mortgage-Backed Securities |
|||
5.50%, 08/15/33 |
17 |
17,399 | |
6.00%, 11/20/55 |
1,433 |
1,471,622 | |
6.50%, 11/20/55 |
485 |
507,011 | |
Uniform Mortgage-Backed Securities (f) |
|||
1.50%, 05/01/31 |
3,866 |
3,671,041 | |
5.00%, 08/01/34 - 11/01/45 |
20,916 |
21,337,894 | |
4.50%, 06/01/37 - 06/01/44 |
10,784 |
10,830,209 | |
5.50%, 12/01/37 - 08/01/54 |
7,476 |
7,666,631 | |
6.00%, 12/01/38 - 08/01/55 |
1,578 |
1,628,402 | |
3.50%, 09/01/42 - 04/01/53 |
2,365 |
2,206,799 | |
3.00%, 02/01/52 |
1,691 |
1,496,612 | |
4.00%, 05/01/52 - 09/01/52 |
3,301 |
3,167,762 | |
6.50%, 10/01/53 |
3,059 |
3,181,177 | |
61,790,422 | |||
Total U.S. Government Sponsored Agency Securities — 16.9% (Cost: $122,935,770) |
121,510,383 | ||
U.S. Treasury Obligations | |||
U.S. Treasury Bonds (f) |
|||
4.13%, 08/15/44 |
30,400 |
27,900,313 | |
3.00%, 11/15/45 |
54,500 |
41,643,535 | |
Security |
Par (000) |
Value | |
U.S. Treasury Obligations (continued) | |||
U.S. Treasury Bonds (f) (continued) |
|||
3.13%, 05/15/48 |
USD |
1,900 |
$ 1,443,035 |
4.63%, 05/15/54 |
63,500 |
61,155,957 | |
4.75%, 05/15/55 |
70,000 |
68,785,937 | |
Total U.S. Treasury Obligations — 27.9% (Cost: $203,818,628) |
200,928,777 | ||
Total Long-Term Investments — 145.9% (Cost: $1,053,320,315) |
1,050,340,854 | ||
Shares |
|||
Short-Term Securities | |||
Money Market Funds — 0.1% |
|||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.65% (p)(q) |
1,210,830 |
1,210,830 | |
Total Short-Term Securities — 0.1% (Cost: $1,210,830) |
1,210,830 | ||
Total Investments — 146.0% (Cost: $1,054,531,145) |
1,051,551,684 | ||
Liabilities in Excess of Other Assets — (46.0)% |
(331,544,370 ) | ||
Net Assets — 100.0% |
$ 720,007,314 | ||
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) |
Non-income producing security. |
(f) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
(g) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(h) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(i) |
Perpetual security with no stated maturity date. |
(j) |
Convertible security. |
(k) |
When-issued security. |
(l) |
Zero-coupon bond. |
(m) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(n) |
Issuer filed for bankruptcy and/or is in default. |
(o) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(p) |
Affiliate of the Trust. |
(q) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
39
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:
Affiliated Issuer |
Value at 12/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/25 |
Shares Held at 12/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 4,465,196 |
$ — |
$ (3,254,366 ) (a) |
$ — |
$ — |
$ 1,210,830 |
1,210,830 |
$ 239,454 |
$ — |
(a) |
Represents net amount purchased (sold). |
Reverse Repurchase Agreements
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
U.S. Bancorp Investments, Inc. |
3.56 % (b) |
04/07/25 |
Open |
$ 551,375 |
$ 568,539 |
Corporate Bonds |
Open/Demand |
Goldman Sachs & Co. LLC |
3.70 (b) |
05/19/25 |
Open |
112,416 |
115,450 |
Corporate Bonds |
Open/Demand |
Goldman Sachs & Co. LLC |
3.70 (b) |
05/19/25 |
Open |
373,125 |
383,193 |
Corporate Bonds |
Open/Demand |
HSBC Bank PLC |
3.70 (b) |
06/16/25 |
Open |
3,869,257 |
3,960,271 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.62 (b) |
07/21/25 |
Open |
101,400 |
103,310 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.65 (b) |
07/21/25 |
Open |
132,678 |
135,194 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.67 (b) |
07/21/25 |
Open |
3,065,440 |
3,123,865 |
Capital Trusts |
Open/Demand |
BNP Paribas SA |
3.70 (b) |
07/21/25 |
Open |
207,080 |
211,055 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.70 (b) |
07/21/25 |
Open |
1,178,205 |
1,200,822 |
Capital Trusts |
Open/Demand |
BNP Paribas SA |
3.64 (b) |
08/05/25 |
Open |
572,986 |
582,780 |
Corporate Bonds |
Open/Demand |
Goldman Sachs & Co. LLC |
3.60 (b) |
08/07/25 |
Open |
98,840 |
100,489 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
0.25 (b) |
08/19/25 |
Open |
72,675 |
72,869 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
(0.75 ) (b) |
08/26/25 |
Open |
53,300 |
53,300 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.25 (b) |
09/23/25 |
Open |
50,000 |
50,494 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.64 (b) |
10/01/25 |
Open |
471,344 |
476,128 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.65 (b) |
10/06/25 |
Open |
599,267 |
605,019 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.67 (b) |
10/06/25 |
Open |
995,000 |
1,004,599 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.97 (b) |
10/08/25 |
Open |
1,498,625 |
1,513,067 |
U.S. Treasury Obligations |
Open/Demand |
BNP Paribas SA |
3.97 (b) |
10/08/25 |
Open |
43,123,125 |
43,495,182 |
U.S. Treasury Obligations |
Open/Demand |
Morgan Stanley & Co. LLC |
3.25 (b) |
10/31/25 |
Open |
441,488 |
444,149 |
Corporate Bonds |
Open/Demand |
HSBC Securities (USA), Inc. |
3.77 (b) |
11/12/25 |
Open |
4,355,438 |
4,379,755 |
Corporate Bonds |
Open/Demand |
J.P. Morgan Securities LLC |
3.75 (b) |
11/13/25 |
Open |
1,387,950 |
1,395,507 |
Corporate Bonds |
Open/Demand |
HSBC Securities (USA), Inc. |
3.77 (b) |
11/14/25 |
Open |
4,228,700 |
4,251,366 |
Corporate Bonds |
Open/Demand |
HSBC Securities (USA), Inc. |
3.77 (b) |
11/19/25 |
Open |
2,208,250 |
2,218,853 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.00 (b) |
11/20/25 |
Open |
145,750 |
146,303 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
1.85 (b) |
11/21/25 |
Open |
310,084 |
310,825 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.65 (b) |
11/24/25 |
Open |
196,100 |
196,907 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.70 (b) |
11/26/25 |
Open |
1,406,578 |
1,406,578 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.67 (b) |
12/02/25 |
Open |
314,746 |
315,774 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.57 (b) |
12/08/25 |
Open |
17,220 |
34,440 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.82 (b) |
12/08/25 |
Open |
26,838 |
53,675 |
Corporate Bonds |
Open/Demand |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
3,335,840 |
3,343,565 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,368,785 |
1,371,955 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,237,660 |
1,240,526 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
320,042 |
320,783 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
421,866 |
422,843 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
447,083 |
448,118 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
11,584,663 |
11,611,491 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
118,156 |
118,429 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
40
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
HSBC Securities (USA), Inc. |
3.97 % |
12/10/25 |
01/14/26 |
$ 3,535,493 |
$ 3,543,681 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
192,886 |
193,333 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
241,568 |
242,127 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
527,923 |
529,146 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,617,594 |
1,621,340 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
696,227 |
697,840 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
6,623,189 |
6,638,527 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
124,639 |
124,927 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,439,654 |
1,442,988 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
146,776 |
147,116 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,280,409 |
1,283,374 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,144,632 |
1,147,283 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,457,353 |
1,460,728 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,070,437 |
1,072,916 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
640,883 |
642,367 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
791,821 |
793,655 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,200,049 |
1,202,828 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
787,849 |
789,673 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
970,809 |
973,057 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,788,369 |
1,792,511 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
3,728,471 |
3,737,106 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
2,012,761 |
2,017,422 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
333,820 |
334,593 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
187,375 |
187,809 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
157,983 |
158,349 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
818,459 |
820,354 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
858,997 |
860,986 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
3,087,352 |
3,094,502 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
1,418,098 |
1,421,382 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
430,382 |
431,379 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
HSBC Securities (USA), Inc. |
3.97 |
12/10/25 |
01/14/26 |
712,690 |
714,340 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
Schedule of Investments
41
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
HSBC Securities (USA), Inc. |
3.97 % |
12/10/25 |
01/14/26 |
$ 762,185 |
$ 763,950 |
U.S. Government Sponsored Agency Securities |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.55 |
12/12/25 |
01/30/26 |
258,226 |
258,736 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.60 |
12/12/25 |
01/30/26 |
115,560 |
115,791 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.65 |
12/12/25 |
01/30/26 |
147,250 |
147,549 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.68 |
12/12/25 |
01/30/26 |
838,750 |
840,465 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 |
12/12/25 |
01/30/26 |
2,727,038 |
2,732,719 |
Corporate Bonds |
Up to 30 Days |
BofA Securities, Inc. |
3.20 |
12/12/25 |
03/04/26 |
48,840 |
48,927 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.40 |
12/12/25 |
03/04/26 |
165,888 |
166,201 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.40 |
12/12/25 |
03/04/26 |
85,054 |
85,214 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.40 |
12/12/25 |
03/04/26 |
516,520 |
517,496 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.50 |
12/12/25 |
03/04/26 |
92,263 |
92,442 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.55 |
12/12/25 |
03/04/26 |
1,430,918 |
1,433,740 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
988,969 |
990,947 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
141,406 |
141,689 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
115,023 |
115,253 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
1,443 |
1,445 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
475,640 |
476,591 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
306,078 |
306,690 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
69,086 |
69,224 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
70,425 |
70,566 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
50,479 |
50,580 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
111,719 |
111,942 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
494,594 |
495,583 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
277,294 |
277,856 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
2,063,750 |
2,067,935 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
628,245 |
629,519 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
120,143 |
120,386 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
38,011 |
38,088 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
2,803,560 |
2,809,323 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
424,080 |
424,952 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
60,445 |
60,569 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
434,970 |
435,864 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
2,962,500 |
2,968,590 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
839,299 |
841,024 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
256,320 |
256,847 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
706,910 |
708,363 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
3,820,000 |
3,827,852 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
386,325 |
387,119 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
1,667,813 |
1,671,241 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
148,250 |
148,555 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
1,631,625 |
1,634,979 |
Capital Trusts |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
227,160 |
227,627 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
7,054 |
7,068 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
438,750 |
439,652 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
214,748 |
215,195 |
Corporate Bonds |
31 - 90 Days |
Barclays Bank PLC |
3.74 |
12/18/25 |
01/16/26 |
1,338,750 |
1,340,697 |
Corporate Bonds |
Up to 30 Days |
Barclays Bank PLC |
3.74 |
12/18/25 |
01/16/26 |
560,063 |
560,877 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
1.50 |
12/18/25 |
01/16/26 |
88,583 |
88,634 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.70 |
12/18/25 |
01/16/26 |
80,430 |
80,546 |
Capital Trusts |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
4,306,000 |
4,312,263 |
Corporate Bonds |
Up to 30 Days |
BofA Securities, Inc. |
3.60 |
12/19/25 |
03/04/26 |
63,793 |
63,875 |
Corporate Bonds |
31 - 90 Days |
Morgan Stanley & Co. LLC |
0.00 (b) |
12/19/25 |
Open |
54,203 |
54,203 |
Corporate Bonds |
Open/Demand |
Barclays Bank PLC |
3.70 |
12/23/25 |
01/16/26 |
830,000 |
830,768 |
Corporate Bonds |
Up to 30 Days |
Barclays Bank PLC |
3.70 |
12/23/25 |
01/16/26 |
968,750 |
969,646 |
Corporate Bonds |
Up to 30 Days |
Barclays Bank PLC |
3.70 |
12/23/25 |
01/16/26 |
1,038,171 |
1,039,131 |
Capital Trusts |
Up to 30 Days |
Barclays Bank PLC |
3.70 |
12/23/25 |
01/16/26 |
1,145,688 |
1,146,747 |
Corporate Bonds |
Up to 30 Days |
Barclays Bank PLC |
3.70 |
12/23/25 |
01/16/26 |
221,464 |
221,669 |
Capital Trusts |
Up to 30 Days |
Barclays Bank PLC |
3.70 |
12/23/25 |
01/16/26 |
120,488 |
120,599 |
Capital Trusts |
Up to 30 Days |
Barclays Bank PLC |
3.74 |
12/23/25 |
01/16/26 |
3,724,896 |
3,728,379 |
Corporate Bonds |
Up to 30 Days |
Barclays Bank PLC |
3.74 |
12/23/25 |
01/16/26 |
2,970,000 |
2,972,777 |
Corporate Bonds |
Up to 30 Days |
Barclays Bank PLC |
3.74 |
12/23/25 |
01/16/26 |
2,385,000 |
2,387,230 |
Corporate Bonds |
Up to 30 Days |
42
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
Barclays Bank PLC |
3.74 % |
12/23/25 |
01/16/26 |
$ 3,041,250 |
$ 3,044,094 |
Foreign Agency Obligations |
Up to 30 Days |
Fixed Income Clearing Corporation - Morgan Stanley |
3.96 |
12/31/25 |
01/02/26 |
28,614,000 |
28,617,148 |
U.S. Treasury Obligations |
Up to 30 Days |
Fixed Income Clearing Corporation - Morgan Stanley |
3.96 |
12/31/25 |
01/02/26 |
62,150,625 |
62,157,462 |
U.S. Treasury Obligations |
Up to 30 Days |
Fixed Income Clearing Corporation - Morgan Stanley |
3.96 |
12/31/25 |
01/02/26 |
69,506,995 |
69,530,052 |
U.S. Treasury Obligations |
Up to 30 Days |
$ 344,404,078 |
$ 345,404,248 |
(a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
(b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |
||||
10-Year U.S. Treasury Note |
130 |
03/20/26 |
$ 14,617 |
$ 23,755 |
Ultra U.S. Treasury Bond |
13 |
03/20/26 |
1,534 |
(21,961 ) |
2-Year U.S. Treasury Note |
284 |
03/31/26 |
59,296 |
59,361 |
5-Year U.S. Treasury Note |
475 |
03/31/26 |
51,920 |
(24,850 ) |
36,305 | ||||
Short Contracts |
||||
10-Year U.S. Ultra Long Treasury Note |
215 |
03/20/26 |
24,728 |
34,523 |
U.S. Long Bond |
113 |
03/20/26 |
13,062 |
88,966 |
123,489 | ||||
$ 159,794 |
Forward Foreign Currency Exchange Contracts
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
EUR |
53,876 |
USD |
63,083 |
Barclays Bank PLC |
01/16/26 |
$ 264 |
EUR |
132,347 |
USD |
153,620 |
Wells Fargo Bank N.A. |
01/16/26 |
1,996 |
USD |
437,970 |
EUR |
370,168 |
JPMorgan Chase Bank N.A. |
03/18/26 |
1,481 |
USD |
119,263 |
EUR |
101,000 |
Morgan Stanley & Co. International PLC |
03/18/26 |
167 |
USD |
9,835,218 |
EUR |
8,326,000 |
Morgan Stanley & Co. International PLC |
03/18/26 |
17,510 |
USD |
207,743 |
EUR |
176,000 |
Natwest Markets PLC |
03/18/26 |
211 |
USD |
4,719 |
EUR |
4,000 |
Standard Chartered Bank |
03/18/26 |
2 |
USD |
31,493 |
GBP |
23,323 |
Standard Chartered Bank |
03/18/26 |
61 |
21,692 | ||||||
USD |
120,407 |
EUR |
103,021 |
UBS AG |
01/16/26 |
(726 ) |
USD |
121,181 |
EUR |
103,683 |
UBS AG |
01/16/26 |
(731 ) |
USD |
153,855 |
EUR |
131,625 |
UBS AG |
01/16/26 |
(911 ) |
USD |
214,401 |
EUR |
183,443 |
UBS AG |
01/16/26 |
(1,293 ) |
USD |
116,493 |
EUR |
99,679 |
Wells Fargo Bank N.A. |
01/16/26 |
(711 ) |
USD |
127,364 |
EUR |
108,982 |
Wells Fargo Bank N.A. |
01/16/26 |
(778 ) |
USD |
523,708 |
EUR |
448,123 |
Wells Fargo Bank N.A. |
01/16/26 |
(3,201 ) |
USD |
654,461 |
GBP |
489,000 |
Morgan Stanley & Co. International PLC |
03/18/26 |
(4,566 ) |
(12,917 ) | ||||||
$ 8,775 | ||||||
Schedule of Investments
43
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index |
Financing Rate Paid by the Trust |
Payment Frequency |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
CDX.NA.HY.45.V1 |
5.00 % |
Quarterly |
12/20/30 |
USD |
7,800 |
$ (606,975 ) |
$ (571,056 ) |
$ (35,919 ) |
CDX.NA.IG.45.V1 |
1.00 |
Quarterly |
12/20/30 |
USD |
16,025 |
(368,156 ) |
(351,001 ) |
(17,155 ) |
$ (975,131 ) |
$ (922,057 ) |
$ (53,074 ) | ||||||
OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index |
Financing Rate Received by the Trust |
Payment Frequency |
Counterparty |
Termination Date |
Credit Rating (a) |
Notional Amount (000) (b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
CMA CGM SA |
5.00 % |
Quarterly |
Morgan Stanley & Co. International PLC |
06/20/27 |
BB+ |
EUR |
20 |
$ 1,426 |
$ 1,485 |
$ (59 ) |
Adler Real Estate AG |
5.00 |
Quarterly |
Bank of America N.A. |
12/20/27 |
NR |
EUR |
5 |
322 |
(436 ) |
758 |
Adler Real Estate AG |
5.00 |
Quarterly |
Barclays Bank PLC |
12/20/27 |
NR |
EUR |
3 |
194 |
(245 ) |
439 |
Adler Real Estate AG |
5.00 |
Quarterly |
Barclays Bank PLC |
12/20/27 |
NR |
EUR |
9 |
546 |
(689 ) |
1,235 |
Adler Real Estate AG |
5.00 |
Quarterly |
Citibank N.A. |
12/20/27 |
NR |
EUR |
3 |
158 |
(205 ) |
363 |
Adler Real Estate AG |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/27 |
NR |
EUR |
6 |
331 |
(460 ) |
791 |
Adler Real Estate AG |
5.00 |
Quarterly |
Morgan Stanley & Co. International PLC |
12/20/27 |
NR |
EUR |
4 |
240 |
(321 ) |
561 |
iTraxx.XO.42.V3 20-35% |
5.00 |
Quarterly |
BNP Paribas SA |
12/20/29 |
B- |
EUR |
18 |
2,820 |
2,306 |
514 |
Faurecia SE |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/30 |
BB- |
EUR |
13 |
1,777 |
1,255 |
522 |
$ 7,814 |
$ 2,690 |
$ 5,124 | ||||||||
(a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Centrally Cleared Swaps (a) |
$ — |
$ (922,057 ) |
$ — |
$ (53,074 ) |
OTC Swaps |
5,046 |
(2,356 ) |
5,183 |
(59 ) |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Assets — Derivative Financial Instruments |
|||||||
Futures contracts Unrealized appreciation on futures contracts (a) |
$ — |
$ — |
$ — |
$ — |
$ 206,605 |
$ — |
$ 206,605 |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
— |
— |
— |
21,692 |
— |
— |
21,692 |
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
10,229 |
— |
— |
— |
— |
10,229 |
$ — |
$ 10,229 |
$ — |
$ 21,692 |
$ 206,605 |
$ — |
$ 238,526 | |
Liabilities — Derivative Financial Instruments |
|||||||
Futures contracts Unrealized depreciation on futures contracts (a) |
$ — |
$ — |
$ — |
$ — |
$ 46,811 |
$ — |
$ 46,811 |
44
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Derivative Financial Instruments Categorized by Risk Exposure (continued)
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 12,917 |
$ — |
$ — |
$ 12,917 |
Swaps — centrally cleared Unrealized depreciation on centrally cleared swaps (a) |
— |
53,074 |
— |
— |
— |
— |
53,074 |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
2,415 |
— |
— |
— |
— |
2,415 |
$ — |
$ 55,489 |
$ — |
$ 12,917 |
$ 46,811 |
$ — |
$ 115,217 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Net Realized Gain (Loss) from: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (4,196,017 ) |
$ — |
$ (4,196,017 ) |
Forward foreign currency exchange contracts |
— |
— |
— |
(514,746 ) |
— |
— |
(514,746 ) |
Swaps |
— |
(380,403 ) |
— |
— |
— |
— |
(380,403 ) |
$ — |
$ (380,403 ) |
$ — |
$ (514,746 ) |
$ (4,196,017 ) |
$ — |
$ (5,091,166 ) | |
Net Change in Unrealized Appreciation (Depreciation) on: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 1,443,262 |
$ — |
$ 1,443,262 |
Forward foreign currency exchange contracts |
— |
— |
— |
(141,584 ) |
— |
— |
(141,584 ) |
Swaps |
— |
242,221 |
— |
— |
— |
— |
242,221 |
$ — |
$ 242,221 |
$ — |
$ (141,584 ) |
$ 1,443,262 |
$ — |
$ 1,543,899 |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
|
Average notional value of contracts — long |
$ 131,833,768 |
Average notional value of contracts — short |
78,784,770 |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
9,595,254 |
Average amounts sold — in USD |
143,945 |
Credit default swaps: |
|
Average notional value — buy protection |
26,930,000 |
Average notional value — sell protection |
107,602 |
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
Assets |
Liabilities | |
Derivative Financial Instruments |
||
Futures contracts |
$ 65,031 |
$ 106,942 |
Forward foreign currency exchange contracts |
21,692 |
12,917 |
Schedule of Investments
45
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Assets |
Liabilities | |
Swaps — centrally cleared |
$ 2,144 |
$ — |
Swaps — OTC (a) |
10,229 |
2,415 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
99,096 |
122,274 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(67,175 ) |
(106,942 ) |
Total derivative assets and liabilities subject to an MNA |
$ 31,921 |
$ 15,332 |
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities. |
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral
received and pledged by the Trust:
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Received (b) |
Cash Collateral Received (b) |
Net Amount of Derivative Assets (c)(d) |
Bank of America N.A. |
$ 758 |
$ (436 ) |
$ — |
$ — |
$ 322 |
Barclays Bank PLC |
1,938 |
(934 ) |
— |
— |
1,004 |
BNP Paribas SA |
2,820 |
— |
— |
— |
2,820 |
Citibank N.A. |
363 |
(205 ) |
— |
— |
158 |
JPMorgan Chase Bank N.A. |
4,049 |
(460 ) |
— |
— |
3,589 |
Morgan Stanley & Co. International PLC |
19,723 |
(4,946 ) |
— |
— |
14,777 |
Natwest Markets PLC |
211 |
— |
— |
— |
211 |
Standard Chartered Bank |
63 |
— |
— |
— |
63 |
Wells Fargo Bank N.A. |
1,996 |
(1,996 ) |
— |
— |
— |
$ 31,921 |
$ (8,977 ) |
$ — |
$ — |
$ 22,944 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Pledged (b) |
Cash Collateral Pledged (b) |
Net Amount of Derivative Liabilities (c)(e) |
Bank of America N.A. |
$ 436 |
$ (436 ) |
$ — |
$ — |
$ — |
Barclays Bank PLC |
934 |
(934 ) |
— |
— |
— |
Citibank N.A. |
205 |
(205 ) |
— |
— |
— |
JPMorgan Chase Bank N.A. |
460 |
(460 ) |
— |
— |
— |
Morgan Stanley & Co. International PLC |
4,946 |
(4,946 ) |
— |
— |
— |
UBS AG |
3,661 |
— |
— |
— |
3,661 |
Wells Fargo Bank N.A. |
4,690 |
(1,996 ) |
— |
— |
2,694 |
$ 15,332 |
$ (8,977 ) |
$ — |
$ — |
$ 6,355 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust
’
s financial instruments into major categories
is disclosed in the Schedule of Investments above.
Level 1 |
Level 2 |
Level 3 |
Total | |
Assets |
||||
Investments |
||||
Long-Term Investments |
||||
Asset-Backed Securities |
$ — |
$ 60,648,549 |
$ — |
$ 60,648,549 |
Common Stocks |
— |
99,822 |
10,695 |
110,517 |
46
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Core Bond Trust (BHK)
Fair Value Hierarchy as of Period End (continued)
Level 1 |
Level 2 |
Level 3 |
Total | |
Corporate Bonds |
$ — |
$ 460,779,303 |
$ 3,713,837 |
$ 464,493,140 |
Fixed Rate Loan Interests |
— |
2,111,280 |
— |
2,111,280 |
Floating Rate Loan Interests |
— |
13,283,938 |
484,038 |
13,767,976 |
Foreign Agency Obligations |
— |
14,052,265 |
— |
14,052,265 |
Municipal Bonds |
— |
32,718,113 |
— |
32,718,113 |
Non-Agency Mortgage-Backed Securities |
— |
89,672,162 |
— |
89,672,162 |
Preferred Securities |
||||
Capital Trusts |
— |
49,265,120 |
— |
49,265,120 |
Preferred Stocks |
— |
152,300 |
16,866 |
169,166 |
Trust Preferred |
893,406 |
— |
— |
893,406 |
U.S. Government Sponsored Agency Securities |
— |
121,510,383 |
— |
121,510,383 |
U.S. Treasury Obligations |
— |
200,928,777 |
— |
200,928,777 |
Short-Term Securities |
||||
Money Market Funds |
1,210,830 |
— |
— |
1,210,830 |
Unfunded Floating Rate Loan Interests (a) |
— |
1,124 |
— |
1,124 |
Liabilities |
||||
Unfunded Floating Rate Loan Interests (a) |
— |
(392 ) |
— |
(392 ) |
$ 2,104,236 |
$ 1,045,222,744 |
$ 4,225,436 |
$ 1,051,552,416 | |
Derivative Financial Instruments (b) |
||||
Assets |
||||
Credit Contracts |
$ — |
$ 5,183 |
$ — |
$ 5,183 |
Foreign Currency Exchange Contracts |
— |
21,692 |
— |
21,692 |
Interest Rate Contracts |
206,605 |
— |
— |
206,605 |
Liabilities |
||||
Credit Contracts |
— |
(53,133 ) |
— |
(53,133 ) |
Foreign Currency Exchange Contracts |
— |
(12,917 ) |
— |
(12,917 ) |
Interest Rate Contracts |
(46,811 ) |
— |
— |
(46,811 ) |
$ 159,794 |
$ (39,175 ) |
$ — |
$ 120,619 |
(a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) |
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $345,404,248 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
47
Schedule of Investments
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities | |||
Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo. EURIBOR + 3.30%), 0.00%, 07/25/39 (a)(b) |
EUR |
100 |
$ 118,027 |
Arini European CLO V DAC, Series 5X, Class D, (3-mo. EURIBOR + 2.80%), 4.83%, 01/15/39 (a)(b) |
100 |
117,984 | |
Aurium CLO VII DAC, Series 7X, Class DR, (3-mo. EURIBOR + 3.15%), 5.28%, 10/15/38 (a)(b) |
100 |
117,824 | |
Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. EURIBOR + 2.80%), 4.81%, 04/15/38 (a)(b) |
100 |
116,892 | |
Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. EURIBOR + 3.05%), 5.08%, 01/15/38 (a)(b) |
110 |
129,332 | |
CIFC European Funding CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.20%), 5.21%, 07/15/32 (a)(b) |
100 |
117,790 | |
CIFC European Funding CLO II DAC, Series 2X, Class DR, (3-mo. EURIBOR + 3.00%), 5.03%, 10/15/39 (a)(b) |
100 |
118,022 | |
Contego CLO V DAC, Series 5X, Class DR, (3-mo. EURIBOR + 3.10%), 5.13%, 10/15/37 (a)(b) |
100 |
116,860 | |
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 5.25%, 12/15/34 (a)(b) |
100 |
117,525 | |
Fidelity Grand Harbour CLO DAC, Series 2023-1X, Class DR, (3-mo. EURIBOR + 2.70%), 4.76%, 02/15/38 (a)(b) |
100 |
116,917 | |
Greene King Finance PLC (b) |
|||
Series 06, Class B2, (1-day SONIA GBP 2.20%), 5.98%, 03/15/36 (a) |
GBP |
100 |
122,842 |
Series B1, (1-day SONIA GBP 1.92%), 5.70%, 12/15/34 |
100 |
123,857 | |
Hambridge Euro CLO 1 DAC, Series 1X, Class D, (3-mo. EURIBOR + 3.30%), 5.34%, 10/20/38 (a)(b) |
EUR |
100 |
118,366 |
Henley CLO XI DAC, Series 11X, Class D, (3-mo. EURIBOR + 2.60%), 4.67%, 04/25/39 (a)(b) |
100 |
117,299 | |
Rockfield Park CLO DAC, Series 1X, Class C, (3-mo. EURIBOR + 3.00%), 5.02%, 07/16/34 (a)(b) |
100 |
117,892 | |
Rockford Tower Europe CLO DAC, Series 2025-1X, Class D, (3-mo. EURIBOR + 3.00%), 5.07%, 10/25/37 (a)(b) |
100 |
116,756 | |
Signal Harmonic CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.50%), 5.42%, 07/15/38 (a)(b) |
100 |
118,178 | |
Silver Point Euro CLO 1 DAC, Series 1X, Class D, (3-mo. EURIBOR + 3.00%), 5.10%, 01/15/39 (a)(b) |
100 |
117,766 | |
Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. EURIBOR + 3.25%), 5.25%, 04/20/37 (a)(b) |
110 |
130,283 | |
Sona Fios CLO V DAC, Series 5X, Class D, (3-mo. EURIBOR + 3.30%), 5.33%, 08/25/38 (a)(b) |
100 |
118,148 | |
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32 (a) |
GBP |
99 |
139,302 |
Total Asset-Backed Securities — 0.2% (Cost: $2,359,910) |
2,527,862 | ||
Shares |
|||
Common Stocks | |||
Electrical Equipment — 0.0% |
|||
SunPower Corp. (c)(d) |
1,025 |
— | |
Energy Equipment & Services — 0.0% |
|||
Nine Energy Service, Inc. (d) |
2,390 |
826 | |
Security |
Shares |
Value | |
Health Care Providers & Services — 0.0% |
|||
Quorum Restructuring Equity (c)(d) |
19,441 |
$ 9,721 | |
Metals & Mining — 0.2% |
|||
Constellium SE, Class A (d) |
159,448 |
3,005,595 | |
Oil, Gas & Consumable Fuels — 0.3% |
|||
Energy Transfer LP |
223,894 |
3,692,012 | |
Enterprise Products Partners LP |
48,797 |
1,564,432 | |
5,256,444 | |||
Real Estate Management & Development — 0.0% |
|||
ADLER Group SA (c)(d) |
83,768 |
1 | |
Semiconductors & Semiconductor Equipment — 0.0% |
|||
Maxeon Solar Technologies Ltd. (d) |
1 |
3 | |
Specialized REITs — 0.3% |
|||
VICI Properties, Inc. |
148,425 |
4,173,711 | |
Wireless Telecommunication Services — 0.0% |
|||
Altice France Lux 3 (d) |
56,189 |
989,575 | |
Total Common Stocks — 0.8% (Cost: $12,813,269) |
13,435,876 | ||
Par (000) |
|||
Corporate Bonds | |||
Advertising Agencies — 2.3% | |||
Clear Channel Outdoor Holdings, Inc. (e) |
|||
7.75%, 04/15/28 |
USD |
1,262 |
1,262,931 |
7.50%, 06/01/29 |
7,830 |
7,774,809 | |
7.88%, 04/01/30 |
6,875 |
7,240,702 | |
7.13%, 02/15/31 |
4,559 |
4,773,927 | |
7.50%, 03/15/33 |
5,577 |
5,890,936 | |
CMG Media Corp., 8.88%, 06/18/29 (e) |
1,123 |
964,724 | |
Lamar Media Corp., 5.38%, 11/01/33 (e) |
1,138 |
1,130,543 | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 (e) |
1,889 |
1,892,228 | |
Outfront Media Capital LLC/Outfront Media Capital Corp. (e) |
|||
5.00%, 08/15/27 |
500 |
500,723 | |
4.25%, 01/15/29 |
910 |
886,238 | |
4.63%, 03/15/30 |
1,550 |
1,513,029 | |
7.38%, 02/15/31 |
1,309 |
1,385,524 | |
Stagwell Global LLC, 5.63%, 08/15/29 (e) |
553 |
539,257 | |
Summer BC Holdco B SARL, 5.88%, 02/15/30 (a) |
EUR |
100 |
108,300 |
35,863,871 | |||
Aerospace & Defense — 2.9% | |||
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (e) |
USD |
469 |
485,340 |
ATI, Inc. |
|||
5.88%, 12/01/27 |
886 |
887,038 | |
7.25%, 08/15/30 |
2,612 |
2,759,518 | |
5.13%, 10/01/31 |
1,063 |
1,063,713 | |
Bombardier, Inc. (e) |
|||
6.00%, 02/15/28 (f) |
964 |
966,880 | |
8.75%, 11/15/30 |
712 |
769,250 | |
7.25%, 07/01/31 |
186 |
198,211 | |
7.00%, 06/01/32 |
1,497 |
1,581,792 | |
6.75%, 06/15/33 |
1,847 |
1,952,253 | |
Czechoslovak Group A/S, 5.25%, 01/10/31 (a) |
EUR |
125 |
152,042 |
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32 (e) |
USD |
6,646 |
6,713,191 |
Goat Holdco LLC, 6.75%, 02/01/32 (e) |
945 |
970,576 | |
48
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Aerospace & Defense (continued) | |||
TransDigm, Inc. (e) |
|||
6.63%, 03/01/32 |
USD |
9,978 |
$ 10,381,301 |
6.00%, 01/15/33 |
179 |
183,201 | |
6.38%, 05/31/33 |
7,863 |
8,068,437 | |
6.25%, 01/31/34 |
1,066 |
1,106,168 | |
6.75%, 01/31/34 |
7,521 |
7,834,507 | |
46,073,418 | |||
Air Freight & Logistics (e) — 0.1% | |||
Rand Parent LLC, 8.50%, 02/15/30 |
1,223 |
1,274,186 | |
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |
423 |
447,659 | |
1,721,845 | |||
Automobile Components — 1.7% | |||
American Axle & Manufacturing, Inc. (e) |
|||
6.38%, 10/15/32 |
820 |
835,136 | |
7.75%, 10/15/33 |
857 |
872,922 | |
Clarios Global LP/Clarios U.S. Finance Co. |
|||
6.75%, 05/15/28 (e) |
7,384 |
7,571,369 | |
6.75%, 02/15/30 (e) |
1,960 |
2,045,868 | |
4.75%, 06/15/31 (e) |
EUR |
1,555 |
1,853,457 |
4.75%, 06/15/31 (a) |
110 |
131,113 | |
6.75%, 09/15/32 (e) |
USD |
3,610 |
3,743,543 |
Dana, Inc. |
|||
4.25%, 09/01/30 |
481 |
465,726 | |
4.50%, 02/15/32 |
733 |
703,612 | |
Forvia SE, 5.50%, 06/15/31 (a) |
EUR |
115 |
139,825 |
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (e) |
USD |
766 |
814,157 |
Goodyear Tire & Rubber Co. |
|||
6.63%, 07/15/30 |
653 |
668,695 | |
5.25%, 04/30/31 |
75 |
72,006 | |
5.63%, 04/30/33 |
311 |
294,579 | |
IHO Verwaltungs GmbH (a)(g) |
|||
(7.00% Cash or 7.75% PIK), 7.00%, 11/15/31 |
EUR |
100 |
126,878 |
(8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 |
116 |
142,450 | |
Mahle GmbH, 6.50%, 05/02/31 (a) |
206 |
251,725 | |
Qnity Electronics, Inc. (e) |
|||
5.75%, 08/15/32 |
USD |
1,533 |
1,567,410 |
6.25%, 08/15/33 |
1,190 |
1,233,496 | |
Schaeffler AG (a) |
|||
4.25%, 04/01/28 |
EUR |
100 |
119,966 |
5.38%, 04/01/31 |
100 |
123,906 | |
Tenneco, Inc., 8.00%, 11/17/28 (e) |
USD |
2,029 |
2,035,492 |
ZF Europe Finance BV, 7.00%, 06/12/30 (a) |
EUR |
100 |
123,806 |
ZF Finance GmbH (a) |
|||
2.00%, 05/06/27 |
200 |
230,939 | |
2.75%, 05/25/27 |
100 |
116,744 | |
26,284,820 | |||
Automobiles — 1.9% | |||
Allison Transmission, Inc., 5.88%, 12/01/33 (e) |
USD |
837 |
849,189 |
Asbury Automotive Group, Inc., 5.00%, 02/15/32 (e) |
306 |
297,370 | |
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 (a) |
GBP |
104 |
127,610 |
Carvana Co. (e)(g) |
|||
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |
USD |
3,641 |
3,816,470 |
(9.00% PIK), 9.00%, 06/01/31 |
7,575 |
8,547,541 | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (e) |
1,059 |
1,132,146 | |
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, 08/15/29 (e) |
639 |
667,593 | |
Group 1 Automotive, Inc., 6.38%, 01/15/30 (e) |
775 |
797,469 | |
Ken Garff Automotive LLC, 4.88%, 09/15/28 (e) |
381 |
379,867 | |
LCM Investments Holdings II LLC (e) |
|||
4.88%, 05/01/29 |
542 |
533,985 | |
8.25%, 08/01/31 |
1,197 |
1,266,059 | |
Security |
Par (000) |
Value | |
Automobiles (continued) | |||
Lithia Motors, Inc., 5.50%, 10/01/30 (e) |
USD |
948 |
$ 951,765 |
Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30 (e) |
2,430 |
2,430,339 | |
Nissan Motor Co. Ltd. |
|||
5.25%, 07/17/29 (a) |
EUR |
109 |
131,517 |
7.75%, 07/17/32 (e) |
USD |
1,126 |
1,196,049 |
6.38%, 07/17/33 (e) |
EUR |
795 |
958,179 |
6.38%, 07/17/33 (a) |
100 |
120,526 | |
8.13%, 07/17/35 (e) |
USD |
3,545 |
3,766,996 |
RCI Banque SA (a)(b) |
|||
(5-year EURIBOR ICE Swap + 2.20%), 4.75%, 03/24/37 |
EUR |
100 |
119,769 |
(5-year EURIBOR ICE Swap + 2.75%), 5.50%, 10/09/34 |
100 |
123,859 | |
Renault SA, 3.88%, 09/30/30 (a) |
100 |
118,373 | |
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31 (e) |
USD |
1,269 |
1,247,502 |
29,580,173 | |||
Banks — 0.6% | |||
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36 (a)(b) |
EUR |
100 |
120,567 |
Banca Monte dei Paschi di Siena SpA, (5-year EURIBOR ICE Swap + 2.15%), 4.38%, 10/02/35 (a)(b) |
200 |
238,474 | |
Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + 4.27%), 6.88% (a)(b)(h) |
200 |
254,453 | |
Banco Espirito Santo SA (d)(i) |
|||
4.75%, 01/15/22 (b) |
1,900 |
491,234 | |
4.00%, 01/21/22 |
1,100 |
284,398 | |
CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), 6.25% (a)(b)(h) |
200 |
247,077 | |
Eurobank Ergasias Services and Holdings SA, (5-year EURIBOR ICE Swap + 2.00%), 4.25%, 04/30/35 (a)(b) |
100 |
117,450 | |
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 |
USD |
3,261 |
3,379,100 |
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35 (a)(b) |
EUR |
175 |
219,732 |
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84 (b) |
USD |
2,046 |
2,149,161 |
Walker & Dunlop, Inc., 6.63%, 04/01/33 (e) |
1,235 |
1,267,016 | |
8,768,662 | |||
Biotechnology (e) — 0.2% | |||
Genmab AS |
|||
6.25%, 12/15/32 |
931 |
954,132 | |
7.25%, 12/15/33 |
2,288 |
2,403,342 | |
3,357,474 | |||
Building Materials — 3.0% | |||
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33 (e) |
1,222 |
1,287,565 | |
Builders FirstSource, Inc. (e) |
|||
6.38%, 03/01/34 |
819 |
846,790 | |
6.75%, 05/15/35 |
2,262 |
2,364,954 | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |
|||
6.38%, 12/15/30 (a) |
EUR |
200 |
244,890 |
6.63%, 12/15/30 (e) |
USD |
13,402 |
13,958,345 |
6.75%, 07/15/31 (e) |
1,027 |
1,082,470 | |
HT Troplast GmbH, 9.38%, 07/15/28 (a) |
EUR |
124 |
151,116 |
Jeld-Wen, Inc. (e) |
|||
4.88%, 12/15/27 |
USD |
2,376 |
2,073,801 |
7.00%, 09/01/32 |
918 |
630,739 | |
New Enterprise Stone & Lime Co., Inc. (e) |
|||
5.25%, 07/15/28 |
435 |
434,636 | |
9.75%, 07/15/28 |
1,074 |
1,082,055 | |
Quikrete Holdings, Inc. (e) |
|||
6.38%, 03/01/32 |
6,577 |
6,845,868 | |
6.75%, 03/01/33 |
1,920 |
2,005,039 | |
Schedule of Investments
49
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Building Materials (continued) | |||
Smyrna Ready Mix Concrete LLC (e) |
|||
6.00%, 11/01/28 |
USD |
1,644 |
$ 1,651,599 |
8.88%, 11/15/31 |
302 |
323,029 | |
Standard Building Solutions, Inc. (e) |
|||
6.50%, 08/15/32 |
2,288 |
2,355,555 | |
6.25%, 08/01/33 |
3,437 |
3,511,022 | |
5.88%, 03/15/34 |
1,477 |
1,481,318 | |
Standard Industries, Inc., 3.38%, 01/15/31 (e) |
4,044 |
3,705,012 | |
Wilsonart LLC, 11.00%, 08/15/32 (e) |
1,810 |
1,617,384 | |
47,653,187 | |||
Building Products (e) — 0.9% | |||
QXO Building Products, Inc., 6.75%, 04/30/32 |
5,352 |
5,589,729 | |
White Cap Supply Holdings LLC, 7.38%, 11/15/30 |
8,092 |
8,370,553 | |
13,960,282 | |||
Capital Markets — 1.2% | |||
Apollo Debt Solutions BDC |
|||
5.88%, 08/30/30 |
894 |
904,241 | |
6.70%, 07/29/31 |
296 |
312,336 | |
6.55%, 03/15/32 |
207 |
213,592 | |
ARES Strategic Income Fund (e) |
|||
5.80%, 09/09/30 |
1,005 |
1,014,731 | |
5.15%, 01/15/31 |
973 |
954,828 | |
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |
315 |
313,784 | |
Blue Owl Capital Corp., 6.20%, 07/15/30 |
955 |
966,998 | |
Blue Owl Capital Corp. II, 8.45%, 11/15/26 |
433 |
445,225 | |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (e) |
1,162 |
1,077,940 | |
Focus Financial Partners LLC, 6.75%, 09/15/31 (e) |
1,667 |
1,713,874 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|||
5.25%, 05/15/27 |
4,260 |
4,201,447 | |
9.75%, 01/15/29 |
876 |
873,319 | |
4.38%, 02/01/29 |
1,179 |
1,017,230 | |
10.00%, 11/15/29 (e) |
1,258 |
1,257,113 | |
Jane Street Group/JSG Finance, Inc. (e) |
|||
6.13%, 11/01/32 |
416 |
423,305 | |
6.75%, 05/01/33 |
1,815 |
1,894,490 | |
Lehman Brothers Holdings, Inc. (d)(i) |
|||
5.38%, 10/17/17 |
EUR |
350 |
1,111 |
4.75%, 01/16/18 |
1,890 |
5,997 | |
Osaic Holdings, Inc. (e) |
|||
6.75%, 08/01/32 |
USD |
697 |
728,100 |
8.00%, 08/01/33 |
1,169 |
1,215,405 | |
19,535,066 | |||
Chemicals — 3.3% | |||
Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (e)(g) |
1,720 |
1,501,072 | |
Celanese U.S. Holdings LLC |
|||
7.00%, 02/15/31 |
133 |
136,174 | |
6.75%, 04/15/33 |
990 |
984,806 | |
7.38%, 02/15/34 |
1,128 |
1,146,015 | |
Chemours Co. |
|||
5.38%, 05/15/27 |
1,878 |
1,882,560 | |
5.75%, 11/15/28 (e) |
3,730 |
3,627,463 | |
8.00%, 01/15/33 (e) |
739 |
715,435 | |
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27 (a) |
EUR |
100 |
117,518 |
Herens Holdco SARL, 4.75%, 05/15/28 (e) |
USD |
2,679 |
2,326,115 |
Ingevity Corp., 3.88%, 11/01/28 (e) |
494 |
481,015 | |
Inversion Escrow Issuer LLC, 6.75%, 08/01/32 (e) |
2,691 |
2,680,603 | |
Itelyum Regeneration SpA, 5.75%, 04/15/30 (a) |
EUR |
100 |
117,136 |
Kronos International, Inc., 9.50%, 03/15/29 (a) |
270 |
294,565 | |
Lune Holdings SARL, 5.63%, 11/15/28 (a) |
125 |
16,893 | |
Security |
Par (000) |
Value | |
Chemicals (continued) | |||
Mativ Holdings, Inc., 8.00%, 10/01/29 (e) |
USD |
823 |
$ 831,251 |
Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (e) |
775 |
797,995 | |
Olympus Water U.S. Holding Corp. |
|||
5.38%, 10/01/29 (a) |
EUR |
100 |
109,043 |
6.25%, 10/01/29 (e) |
USD |
400 |
389,233 |
7.25%, 06/15/31 (e) |
3,549 |
3,630,655 | |
6.13%, 02/15/33 (a) |
EUR |
100 |
116,595 |
7.25%, 02/15/33 (e) |
USD |
6,967 |
7,001,428 |
Perimeter Holdings LLC, 01/15/34 (e)(j) |
2,795 |
2,776,634 | |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (e) |
3,950 |
3,911,277 | |
Solstice Advanced Materials, Inc., 5.63%, 09/30/33 (e) |
2,248 |
2,267,769 | |
WR Grace Holdings LLC (e) |
|||
4.88%, 06/15/27 |
162 |
161,500 | |
5.63%, 08/15/29 |
8,156 |
7,763,580 | |
7.38%, 03/01/31 |
3,278 |
3,356,780 | |
6.63%, 08/15/32 |
3,208 |
3,248,965 | |
52,390,075 | |||
Commercial Services & Supplies — 5.7% | |||
ADT Security Corp. (e) |
|||
4.88%, 07/15/32 |
617 |
597,612 | |
5.88%, 10/15/33 |
2,463 |
2,493,525 | |
Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|||
5.38%, 05/21/30 (a) |
EUR |
100 |
121,210 |
7.00%, 05/21/30 (e) |
USD |
2,596 |
2,709,473 |
Allied Universal Holdco LLC, 7.88%, 02/15/31 (e) |
10,478 |
11,042,541 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp. (e) |
|||
6.00%, 06/01/29 |
6,537 |
6,469,358 | |
6.88%, 06/15/30 |
4,000 |
4,164,705 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|||
4.63%, 06/01/28 (e) |
5,240 |
5,165,223 | |
4.88%, 06/01/28 (a) |
GBP |
300 |
393,693 |
BCP V Modular Services Finance II PLC (a) |
|||
4.75%, 11/30/28 |
EUR |
200 |
221,947 |
6.13%, 11/30/28 |
GBP |
100 |
126,529 |
6.50%, 07/10/31 |
EUR |
100 |
109,569 |
Boels Topholding BV (a) |
|||
6.25%, 02/15/29 |
107 |
129,702 | |
5.75%, 05/15/30 |
100 |
121,515 | |
Brink ’ s Co., 6.75%, 06/15/32 (e) |
USD |
724 |
754,434 |
Deluxe Corp., 8.13%, 09/15/29 (e) |
639 |
673,173 | |
EC Finance PLC, 3.25%, 10/15/26 (a) |
EUR |
109 |
126,752 |
FTAI Aviation Investors LLC (e) |
|||
5.50%, 05/01/28 |
USD |
4,130 |
4,133,614 |
7.88%, 12/01/30 |
3,338 |
3,549,643 | |
7.00%, 05/01/31 |
4,570 |
4,812,612 | |
7.00%, 06/15/32 |
2,193 |
2,305,398 | |
5.88%, 04/15/33 |
1,813 |
1,842,338 | |
Garda World Security Corp. (e) |
|||
7.75%, 02/15/28 |
2,366 |
2,419,465 | |
6.00%, 06/01/29 |
302 |
296,169 | |
8.25%, 08/01/32 |
2,749 |
2,793,875 | |
8.38%, 11/15/32 |
6,756 |
6,881,749 | |
Herc Holdings, Inc. (e) |
|||
7.00%, 06/15/30 |
2,120 |
2,231,148 | |
5.75%, 03/15/31 |
779 |
790,563 | |
7.25%, 06/15/33 |
1,076 |
1,140,973 | |
6.00%, 03/15/34 |
805 |
815,728 | |
Hertz Corp., 12.63%, 07/15/29 (e) |
760 |
766,585 | |
ION Platform Finance SARL (a) |
|||
7.88%, 05/01/29 |
EUR |
237 |
282,680 |
50
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Commercial Services & Supplies (continued) | |||
ION Platform Finance SARL (a) (continued) |
|||
6.50%, 09/30/30 |
EUR |
100 |
$ 113,724 |
Kapla Holding SAS (a) |
|||
5.00%, 04/30/31 |
100 |
119,178 | |
(3-mo. EURIBOR + 3.50%), 5.60%, 07/31/30 (b) |
100 |
118,780 | |
Loxam SAS (a) |
|||
6.38%, 05/15/28 |
115 |
139,320 | |
6.38%, 05/31/29 |
91 |
110,533 | |
4.25%, 02/15/31 |
100 |
117,567 | |
Pachelbel Bidco SpA (a) |
|||
7.13%, 05/17/31 |
100 |
125,504 | |
(3-mo. EURIBOR + 4.25%), 6.32%, 05/17/31 (b) |
100 |
118,833 | |
RR Donnelley & Sons Co., 9.50%, 08/01/29 (e) |
USD |
3,259 |
3,358,399 |
Sabre Financial Borrower LLC, 11.13%, 06/15/29 (e) |
2,558 |
2,592,118 | |
Shift4 Payments, Inc., Series DEC, 5.50%, 05/15/33 (a) |
EUR |
100 |
120,350 |
Sotheby ’ s, 7.38%, 10/15/27 (e) |
USD |
5,001 |
4,971,732 |
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (e) |
978 |
909,925 | |
United Rentals North America, Inc., 5.38%, 11/15/33 (e) |
2,834 |
2,831,994 | |
Verisure Holding AB, 7.13%, 02/01/28 (a) |
EUR |
100 |
120,637 |
Veritiv Operating Co., 10.50%, 11/30/30 (e) |
USD |
819 |
880,599 |
Wand NewCo 3, Inc., 7.63%, 01/30/32 (e) |
2,092 |
2,214,016 | |
89,446,710 | |||
Communications Equipment (e) — 0.3% | |||
CommScope LLC, 4.75%, 09/01/29 |
4,757 |
4,750,293 | |
Viavi Solutions, Inc., 3.75%, 10/01/29 |
528 |
505,362 | |
5,255,655 | |||
Construction & Engineering — 0.6% | |||
AECOM, 6.00%, 08/01/33 (e) |
3,386 |
3,470,176 | |
Arcosa, Inc., 6.88%, 08/15/32 (e) |
144 |
151,795 | |
Brand Industrial Services, Inc., 10.38%, 08/01/30 (e) |
4,619 |
4,529,587 | |
Heathrow Finance PLC, 6.63%, 03/01/31 (a) |
GBP |
100 |
135,539 |
Weekley Homes LLC / Weekley Finance Corp., 6.75%, 01/15/34 (e) |
USD |
884 |
895,076 |
9,182,173 | |||
Consumer Discretionary — 0.8% | |||
Amber Finco PLC, 6.63%, 07/15/29 (a) |
EUR |
165 |
203,622 |
APCOA Group GmbH, 6.00%, 04/15/31 (a) |
150 |
179,414 | |
APi Group DE, Inc., 4.75%, 10/15/29 (e) |
USD |
1,283 |
1,257,019 |
Arena Luxembourg Finance SARL, (3-mo. EURIBOR + 2.50%), 4.55%, 05/01/30 (a)(b) |
EUR |
100 |
118,564 |
Clarivate Science Holdings Corp., 4.88%, 07/01/29 (e) |
USD |
4,464 |
4,220,761 |
Raven Acquisition Holdings LLC, 6.88%, 11/15/31 (e) |
2,198 |
2,264,689 | |
Williams Scotsman, Inc. (e) |
|||
6.63%, 06/15/29 |
200 |
206,575 | |
6.63%, 04/15/30 |
1,207 |
1,247,542 | |
7.38%, 10/01/31 |
2,841 |
2,967,972 | |
12,666,158 | |||
Consumer Finance — 2.5% | |||
Block, Inc. (e) |
|||
5.63%, 08/15/30 |
1,889 |
1,927,388 | |
6.00%, 08/15/33 |
2,591 |
2,659,944 | |
Boost Newco Borrower LLC, 7.50%, 01/15/31 (e)(f) |
5,245 |
5,574,648 | |
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35 (b)(e) |
224 |
231,580 | |
ION Platform Finance U.S., Inc., 7.88%, 09/30/32 (e) |
6,686 |
6,344,060 | |
Navient Corp. |
|||
9.38%, 07/25/30 |
37 |
41,119 | |
7.88%, 06/15/32 |
742 |
776,274 | |
OneMain Finance Corp. |
|||
6.63%, 05/15/29 |
996 |
1,031,601 | |
Security |
Par (000) |
Value | |
Consumer Finance (continued) | |||
OneMain Finance Corp. (continued) |
|||
5.38%, 11/15/29 |
USD |
1,200 |
$ 1,200,811 |
7.88%, 03/15/30 |
1,538 |
1,626,146 | |
6.13%, 05/15/30 |
1,803 |
1,838,315 | |
4.00%, 09/15/30 |
451 |
422,749 | |
7.50%, 05/15/31 |
575 |
604,986 | |
7.13%, 11/15/31 |
527 |
550,103 | |
6.75%, 03/15/32 |
1,693 |
1,738,567 | |
7.13%, 09/15/32 |
1,146 |
1,190,603 | |
6.50%, 03/15/33 |
2,346 |
2,366,295 | |
Shift4 Payments, Inc. |
|||
6.75%, 08/15/32 (e) |
4,172 |
4,307,557 | |
5.50%, 05/15/33 (e) |
EUR |
1,445 |
1,739,053 |
5.50%, 05/15/33 (a) |
100 |
120,350 | |
WEX, Inc., 6.50%, 03/15/33 (e) |
USD |
2,219 |
2,271,504 |
Worldline SA/France (a) |
|||
0.00%, 07/30/26 (k) |
EUR |
10 |
11,332 |
0.88%, 06/30/27 |
100 |
106,539 | |
38,681,524 | |||
Consumer Staples Distribution & Retail — 0.6% | |||
Albertsons Cos, Inc. (e) |
|||
5.50%, 03/31/31 |
USD |
864 |
873,109 |
6.25%, 03/15/33 |
749 |
769,958 | |
5.75%, 03/31/34 |
1,496 |
1,502,051 | |
B&M European Value Retail SA, 6.50%, 11/27/31 (a) |
GBP |
100 |
132,654 |
Bellis Acquisition Co. PLC (a) |
|||
8.13%, 05/14/30 |
128 |
160,474 | |
8.00%, 07/01/31 |
EUR |
200 |
227,778 |
Boots Group Finco LP |
|||
5.38%, 08/31/32 (e) |
1,980 |
2,404,456 | |
5.38%, 08/31/32 (a) |
100 |
121,437 | |
7.38%, 08/31/32 (e) |
GBP |
865 |
1,205,821 |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 (e) |
USD |
850 |
892,244 |
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.64%, 07/01/29 (a)(b) |
EUR |
200 |
237,753 |
Market Bidco Finco PLC, 6.75%, 01/31/31 (a) |
105 |
122,050 | |
Performance Food Group, Inc., 4.25%, 08/01/29 (e) |
USD |
45 |
43,996 |
United Natural Foods, Inc., 6.75%, 10/15/28 (e) |
1,122 |
1,123,055 | |
9,816,836 | |||
Containers & Packaging — 3.9% | |||
Ahlstrom Holding 3 OY, 3.63%, 02/04/28 (a) |
EUR |
109 |
126,797 |
Ardagh Group SA |
|||
9.50%, 12/01/30 (e) |
USD |
2,688 |
2,914,798 |
9.50%, 12/01/30 |
136 |
147,622 | |
(4.50% Cash + 7.50% PIK), 12.00%, 12/01/30 (a)(g) |
EUR |
1,470 |
1,583,811 |
(5.50% Cash + 6.50% PIK), 12.00%, 12/01/30 (e)(g) |
USD |
3,678 |
3,360,772 |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/31 (e) |
1,655 |
1,692,693 | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|||
3.25%, 09/01/28 (e) |
1,508 |
1,449,917 | |
3.00%, 09/01/29 (a) |
EUR |
464 |
518,487 |
4.00%, 09/01/29 (e) |
USD |
6,715 |
6,321,405 |
Ball Corp. |
|||
4.25%, 07/01/32 |
EUR |
775 |
932,056 |
5.50%, 09/15/33 |
USD |
845 |
861,387 |
Clydesdale Acquisition Holdings, Inc. (e) |
|||
6.63%, 04/15/29 |
2,900 |
2,950,602 | |
6.88%, 01/15/30 |
1,840 |
1,886,000 | |
6.75%, 04/15/32 |
4,391 |
4,515,153 | |
Schedule of Investments
51
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Containers & Packaging (continued) | |||
Crown Americas LLC, 5.88%, 06/01/33 (e) |
USD |
2,925 |
$ 2,991,687 |
Fedrigoni SpA, 6.13%, 06/15/31 (a) |
EUR |
100 |
114,528 |
Kleopatra Finco SARL, 4.25%, 03/01/26 (a)(d)(i) |
100 |
55,234 | |
LABL, Inc. (e) |
|||
5.88%, 11/01/28 |
USD |
376 |
235,614 |
9.50%, 11/01/28 |
2,653 |
1,673,966 | |
8.63%, 10/01/31 |
1,593 |
847,249 | |
Magnera Corp., 7.25%, 11/15/31 (e) |
688 |
675,382 | |
Mauser Packaging Solutions Holding Co. (e) |
|||
7.88%, 04/15/30 |
17,423 |
17,285,539 | |
9.25%, 04/15/30 |
1,237 |
1,187,520 | |
OI European Group BV |
|||
6.25%, 05/15/28 (e) |
EUR |
394 |
476,350 |
6.25%, 05/15/28 (a) |
100 |
120,901 | |
5.25%, 06/01/29 (a) |
100 |
121,242 | |
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27 (e) |
USD |
211 |
211,749 |
Sappi Papier Holding GmbH, 4.50%, 03/15/32 (a) |
EUR |
115 |
131,191 |
Sealed Air Corp. (e) |
|||
4.00%, 12/01/27 |
USD |
404 |
401,906 |
6.50%, 07/15/32 |
400 |
414,951 | |
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 02/15/31 (e) |
87 |
90,597 | |
Silgan Holdings, Inc., 4.25%, 02/15/31 (e) |
EUR |
1,670 |
1,989,070 |
Trivium Packaging Finance BV |
|||
6.63%, 07/15/30 (a) |
500 |
618,734 | |
6.63%, 07/15/30 (e) |
445 |
550,673 | |
8.25%, 07/15/30 (e) |
USD |
896 |
960,499 |
12.25%, 01/15/31 (e) |
553 |
600,025 | |
61,016,107 | |||
Distributors (e) — 0.2% | |||
Gates Corp., 6.88%, 07/01/29 |
1,519 |
1,577,451 | |
Resideo Funding, Inc. |
|||
4.00%, 09/01/29 |
290 |
279,502 | |
6.50%, 07/15/32 |
1,678 |
1,717,488 | |
3,574,441 | |||
Diversified Consumer Services — 0.0% | |||
La Financiere Atalian SAS, (3.50% Cash and 5.00% PIK), 8.50%, 06/30/28 (g) |
EUR |
155 |
51,726 |
Diversified REITs — 0.7% | |||
Digital Realty Trust LP, 1.88%, 11/15/29 (e)(l) |
USD |
422 |
427,908 |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (e) |
585 |
558,479 | |
Iron Mountain, Inc. |
|||
5.25%, 07/15/30 (e) |
122 |
120,525 | |
5.63%, 07/15/32 (e) |
3,252 |
3,200,854 | |
6.25%, 01/15/33 (e) |
677 |
682,664 | |
4.75%, 01/15/34 (e) |
EUR |
1,800 |
2,057,027 |
4.75%, 01/15/34 (a) |
100 |
114,279 | |
Millrose Properties, Inc. (e) |
|||
6.38%, 08/01/30 |
USD |
2,738 |
2,801,587 |
6.25%, 09/15/32 |
1,518 |
1,531,637 | |
11,494,960 | |||
Diversified Telecommunication Services — 6.1% | |||
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (e) |
800 |
848,591 | |
EchoStar Corp. |
|||
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30 (g) |
11,397 |
11,676,178 | |
10.75%, 11/30/29 |
4,613 |
5,101,595 | |
Security |
Par (000) |
Value | |
Diversified Telecommunication Services (continued) | |||
eircom Finance DAC, 5.00%, 04/30/31 (a) |
EUR |
160 |
$ 191,232 |
Eutelsat SA (a) |
|||
1.50%, 10/13/28 |
100 |
112,347 | |
9.75%, 04/13/29 |
100 |
125,327 | |
Fibercop SpA |
|||
4.75%, 06/30/30 (a) |
102 |
121,804 | |
5.13%, 06/30/32 (a) |
100 |
119,440 | |
6.00%, 09/30/34 (e) |
USD |
2,917 |
2,763,404 |
7.20%, 07/18/36 (e) |
1,468 |
1,461,027 | |
Series 2033, 6.38%, 11/15/33 (e) |
803 |
795,723 | |
Frontier Communications Holdings LLC |
|||
5.88%, 10/15/27 (e) |
251 |
251,811 | |
5.00%, 05/01/28 (e) |
345 |
345,593 | |
6.75%, 05/01/29 (e) |
611 |
615,627 | |
5.88%, 11/01/29 |
910 |
920,573 | |
6.00%, 01/15/30 (e) |
1,055 |
1,072,891 | |
8.75%, 05/15/30 (e) |
11,428 |
11,933,808 | |
8.63%, 03/15/31 (e) |
1,334 |
1,403,612 | |
Iliad Holding SAS |
|||
7.00%, 10/15/28 (e) |
828 |
838,295 | |
5.38%, 04/15/30 (a) |
EUR |
169 |
205,030 |
6.88%, 04/15/31 (a) |
101 |
126,612 | |
8.50%, 04/15/31 (e) |
USD |
2,225 |
2,394,654 |
7.00%, 04/15/32 (e) |
2,781 |
2,866,246 | |
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (a) |
EUR |
100 |
118,948 |
Level 3 Financing, Inc. (e) |
|||
3.63%, 01/15/29 |
USD |
343 |
316,558 |
4.88%, 06/15/29 |
4,905 |
4,770,112 | |
6.88%, 06/30/33 |
10,535 |
10,779,892 | |
7.00%, 03/31/34 |
10,182 |
10,493,284 | |
Lorca Telecom Bondco SA, 4.00%, 09/18/27 (a) |
EUR |
26 |
30,447 |
Lumen Technologies, Inc. (e) |
|||
4.13%, 04/15/30 |
USD |
841 |
835,004 |
10.00%, 10/15/32 |
1,154 |
1,160,297 | |
Sable International Finance Ltd., 7.13%, 10/15/32 (e) |
2,418 |
2,451,247 | |
SES SA, 4.13%, 06/24/30 (a) |
EUR |
100 |
117,591 |
SoftBank Group Corp. (a) |
|||
5.38%, 01/08/29 |
148 |
178,040 | |
5.25%, 10/10/29 |
100 |
119,305 | |
5.88%, 07/10/31 |
100 |
120,086 | |
3.88%, 07/06/32 |
190 |
208,754 | |
Telecom Italia Capital SA, 7.72%, 06/04/38 |
USD |
2,045 |
2,265,281 |
Windstream Services LLC, 7.50%, 10/15/33 (e) |
1,911 |
1,958,981 | |
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (e) |
6,717 |
7,051,302 | |
Zayo Group Holdings, Inc. (e)(g) |
|||
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |
5,261 |
4,998,260 | |
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
1,400 |
1,284,122 | |
95,548,931 | |||
Electric Utilities — 1.1% | |||
Alpha Generation LLC, 6.75%, 10/15/32 (e) |
1,671 |
1,729,802 | |
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC |
|||
5.63%, 02/15/32 (a) |
EUR |
106 |
127,252 |
6.38%, 02/15/32 (e) |
USD |
988 |
989,629 |
ContourGlobal Power Holdings SA |
|||
5.00%, 02/28/30 (a) |
EUR |
100 |
120,320 |
6.75%, 02/28/30 (e) |
USD |
2,413 |
2,488,068 |
EDP SA, (5-year EUR Swap + 2.38%), 1.88%, 08/02/81 (a)(b) |
EUR |
200 |
233,428 |
52
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Electric Utilities (continued) | |||
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54 (b) |
USD |
757 |
$ 808,162 |
Public Power Corp. SA (a) |
|||
4.25%, 10/31/30 |
EUR |
100 |
119,104 |
4.63%, 10/31/31 |
100 |
120,274 | |
Vistra Operations Co. LLC (e) |
|||
7.75%, 10/15/31 |
USD |
1,331 |
1,409,765 |
6.88%, 04/15/32 |
1,756 |
1,849,806 | |
XPLR Infrastructure Operating Partners LP (e) |
|||
8.38%, 01/15/31 |
4,433 |
4,653,014 | |
7.75%, 04/15/34 |
3,379 |
3,434,052 | |
18,082,676 | |||
Electronic Equipment, Instruments & Components (e) — 0.3% | |||
Sensata Technologies, Inc., 6.63%, 07/15/32 |
1,981 |
2,074,250 | |
WESCO Distribution, Inc. |
|||
6.63%, 03/15/32 |
800 |
835,331 | |
6.38%, 03/15/33 |
1,031 |
1,076,451 | |
Zebra Technologies Corp., 6.50%, 06/01/32 |
591 |
610,931 | |
4,596,963 | |||
Energy Equipment & Services — 1.3% | |||
Archrock Partners LP/Archrock Partners Finance Corp. (e) |
|||
6.25%, 04/01/28 |
560 |
563,214 | |
6.63%, 09/01/32 |
2,256 |
2,326,737 | |
Enerflex, Inc., 6.88%, 01/15/31 (e) |
508 |
519,401 | |
Kodiak Gas Services LLC (e) |
|||
7.25%, 02/15/29 |
2,606 |
2,711,157 | |
6.50%, 10/01/33 |
1,706 |
1,742,189 | |
6.75%, 10/01/35 |
1,321 |
1,358,264 | |
Oceaneering International, Inc., 6.00%, 02/01/28 |
369 |
373,142 | |
OEG Finance PLC, 7.25%, 09/27/29 (a) |
EUR |
200 |
245,690 |
Star Holding LLC, 8.75%, 08/01/31 (e) |
USD |
1,289 |
1,241,126 |
Tidewater, Inc., 9.13%, 07/15/30 (e) |
1,127 |
1,209,202 | |
USA Compression Partners LP/USA Compression Finance Corp. (e) |
|||
7.13%, 03/15/29 |
1,563 |
1,617,879 | |
6.25%, 10/01/33 |
3,055 |
3,091,630 | |
Weatherford International Ltd., 6.75%, 10/15/33 (e) |
2,961 |
3,032,396 | |
20,032,027 | |||
Entertainment — 0.3% | |||
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (a) |
EUR |
90 |
111,057 |
Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/33 (e) |
USD |
1,199 |
1,190,409 |
Cirsa Finance International SARL, (3-mo. EURIBOR + 3.00%), 5.10%, 10/15/32 (a)(b) |
EUR |
100 |
118,563 |
Entain PLC, 4.88%, 11/30/31 (a) |
100 |
118,302 | |
Flutter Treasury DAC, 4.00%, 06/04/31 (a) |
101 |
118,392 | |
Lottomatica Group SpA (a) |
|||
4.88%, 01/31/31 |
100 |
121,027 | |
(3-mo. EURIBOR + 3.25%), 5.31%, 06/01/31 (b) |
100 |
118,238 | |
Motion Bondco DAC, 6.63%, 11/15/27 (e) |
USD |
687 |
667,065 |
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 (e) |
1,917 |
1,703,754 | |
4,266,807 | |||
Environmental, Maintenance & Security Service — 0.9% | |||
Biffa Group Holdings Ltd. (a) |
|||
5.25%, 06/15/31 |
EUR |
100 |
117,180 |
7.38%, 06/15/31 |
GBP |
100 |
135,957 |
GFL Environmental, Inc., 6.75%, 01/15/31 (e) |
USD |
109 |
114,360 |
Security |
Par (000) |
Value | |
Environmental, Maintenance & Security Service (continued) | |||
Luna 15 SARL (g) |
|||
(10.50% PIK), 10.50%, 07/01/32 (e) |
EUR |
585 |
$ 714,872 |
(10.50% PIK), 10.50%, 07/01/32 (a) |
100 |
122,200 | |
Madison IAQ LLC, 5.88%, 06/30/29 (e) |
USD |
3,815 |
3,791,823 |
Paprec Holding SA, 4.13%, 07/15/30 (a) |
EUR |
100 |
118,081 |
Reworld Holding Corp., 4.88%, 12/01/29 (e) |
USD |
2,689 |
2,584,612 |
Waste Pro USA, Inc., 7.00%, 02/01/33 (e) |
5,533 |
5,695,203 | |
Wrangler Holdco Corp., 6.63%, 04/01/32 (e) |
752 |
788,264 | |
14,182,552 | |||
Financial Services — 3.1% | |||
Azorra Finance Ltd. (e) |
|||
7.75%, 04/15/30 |
2,259 |
2,386,069 | |
7.25%, 01/15/31 |
621 |
650,704 | |
Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), 6.75%, 11/01/27 (a)(g) |
GBP |
100 |
133,531 |
CrossCountry Intermediate HoldCo LLC (e) |
|||
6.50%, 10/01/30 |
USD |
1,244 |
1,268,875 |
6.75%, 12/01/32 |
619 |
629,045 | |
Deutsche Bank AG, (5-year EURIBOR ICE Swap + 5.26%), 8.13% (a)(b)(h) |
EUR |
200 |
255,423 |
Encore Issuances SA, (1-mo. EURIBOR + 3.00%), 4.93%, 08/14/26 (b) |
32 |
37,754 | |
Freedom Mortgage Holdings LLC (e) |
|||
9.25%, 02/01/29 |
USD |
862 |
904,107 |
6.88%, 05/01/31 |
658 |
658,395 | |
9.13%, 05/15/31 |
1,491 |
1,601,419 | |
8.38%, 04/01/32 |
1,008 |
1,061,086 | |
Garfunkelux Holdco 3 SA, 9.00%, 09/01/28 (a) |
EUR |
185 |
208,286 |
GGAM Finance Ltd. (e) |
|||
8.00%, 06/15/28 |
USD |
442 |
468,064 |
6.88%, 04/15/29 |
1,248 |
1,294,408 | |
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 (e) |
1,913 |
1,975,995 | |
Intrum Investments And Financing AB, 8.00%, 09/11/27 (a) |
EUR |
103 |
122,633 |
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.63%, 10/15/31 (e) |
USD |
209 |
205,671 |
Lehman Brothers Holdings, Inc. (d)(i) |
|||
1.00%, 02/05/18 |
EUR |
3,950 |
12,534 |
1.00%, 09/22/18 |
USD |
430 |
43 |
1.00%, 12/31/49 |
1,535 |
154 | |
Midcap Financial Issuer Trust (e) |
|||
6.50%, 05/01/28 |
1,978 |
1,974,537 | |
5.63%, 01/15/30 |
1,400 |
1,311,323 | |
OneMain Finance Corp., 6.75%, 09/15/33 |
2,180 |
2,207,530 | |
PennyMac Financial Services, Inc. (e) |
|||
7.88%, 12/15/29 |
981 |
1,043,831 | |
7.13%, 11/15/30 |
777 |
816,805 | |
6.88%, 05/15/32 |
1,584 |
1,658,281 | |
6.75%, 02/15/34 |
902 |
932,422 | |
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (e) |
2,683 |
2,858,237 | |
PRA Group Europe Holding II SARL, 6.25%, 09/30/32 (a) |
EUR |
154 |
176,456 |
ProGroup AG (a) |
|||
5.13%, 04/15/29 |
100 |
120,680 | |
5.38%, 04/15/31 |
100 |
120,130 | |
Rocket Cos., Inc. (e) |
|||
6.50%, 08/01/29 |
USD |
2,646 |
2,729,052 |
6.13%, 08/01/30 |
6,075 |
6,279,601 | |
7.13%, 02/01/32 |
3,608 |
3,795,612 | |
6.38%, 08/01/33 |
5,000 |
5,213,095 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (e) |
|||
3.88%, 03/01/31 |
225 |
213,659 | |
4.00%, 10/15/33 |
142 |
131,932 | |
Schedule of Investments
53
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Financial Services (continued) | |||
Stena International SA, 7.25%, 01/15/31 (e) |
USD |
200 |
$ 203,881 |
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31 (g) |
EUR |
549 |
115,594 |
UWM Holdings LLC (e) |
|||
6.63%, 02/01/30 |
USD |
1,662 |
1,682,906 |
6.25%, 03/15/31 |
1,536 |
1,533,551 | |
48,993,311 | |||
Food Products — 1.2% | |||
B&G Foods, Inc., 8.00%, 09/15/28 (e) |
452 |
444,709 | |
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (e)(g) |
7,388 |
7,885,959 | |
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/29 (e) |
5,460 |
5,695,446 | |
Darling Global Finance BV |
|||
4.50%, 07/15/32 (e) |
EUR |
990 |
1,178,654 |
4.50%, 07/15/32 (a) |
100 |
119,056 | |
Fiesta Purchaser, Inc. (e) |
|||
7.88%, 03/01/31 |
USD |
104 |
108,462 |
9.63%, 09/15/32 |
450 |
471,607 | |
Froneri Lux FinCo SARL, 4.75%, 08/01/32 (a) |
EUR |
100 |
118,403 |
Irca SpA, (3-mo. EURIBOR + 3.75%), 5.85%, 12/15/29 (a)(b) |
104 |
124,198 | |
Post Holdings, Inc. (e) |
|||
4.50%, 09/15/31 |
USD |
215 |
203,830 |
6.38%, 03/01/33 |
331 |
334,310 | |
6.25%, 10/15/34 |
94 |
94,522 | |
6.50%, 03/15/36 |
1,699 |
1,701,296 | |
Premier Foods Finance PLC, 3.50%, 10/15/26 (a) |
GBP |
100 |
133,240 |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (e) |
USD |
393 |
378,632 |
Tereos Finance Groupe I SA, 7.25%, 04/15/28 (a) |
EUR |
100 |
118,767 |
19,111,091 | |||
Ground Transportation — 0.1% | |||
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 (e) |
USD |
1,136 |
1,189,741 |
Health Care Equipment & Supplies — 0.6% | |||
Avantor Funding, Inc., 3.88%, 07/15/28 (a) |
EUR |
100 |
117,328 |
Bausch & Lomb Corp., 8.38%, 10/01/28 (e) |
USD |
6,265 |
6,539,094 |
Hologic, Inc., 3.25%, 02/15/29 (e) |
79 |
77,860 | |
Insulet Corp., 6.50%, 04/01/33 (e) |
1,080 |
1,125,778 | |
Neogen Food Safety Corp., 8.63%, 07/20/30 (e) |
899 |
958,794 | |
8,818,854 | |||
Health Care Providers & Services — 3.9% | |||
Acadia Healthcare Co., Inc., 7.38%, 03/15/33 (e) |
1,017 |
1,027,174 | |
AHP Health Partners, Inc., 5.75%, 07/15/29 (e) |
2,104 |
2,085,633 | |
CHS/Community Health Systems, Inc. (e) |
|||
6.00%, 01/15/29 |
2,190 |
2,189,376 | |
5.25%, 05/15/30 |
4,839 |
4,544,753 | |
4.75%, 02/15/31 |
3,310 |
2,948,831 | |
10.88%, 01/15/32 |
1,570 |
1,713,561 | |
9.75%, 01/15/34 |
4,962 |
5,211,731 | |
Clariane SE, 7.88%, 06/27/30 (a) |
EUR |
100 |
119,732 |
Concentra Health Services, Inc., 6.88%, 07/15/32 (e) |
USD |
2,252 |
2,355,151 |
DaVita, Inc. (e) |
|||
6.88%, 09/01/32 |
287 |
298,757 | |
6.75%, 07/15/33 |
209 |
216,711 | |
Ephios Subco 3 SARL, 7.88%, 01/31/31 (a) |
EUR |
118 |
147,771 |
Fortrea Holdings, Inc., 7.50%, 07/01/30 (e) |
USD |
423 |
432,351 |
Gruppo San Donato SPA, 6.50%, 10/31/31 (a) |
EUR |
100 |
119,613 |
Security |
Par (000) |
Value | |
Health Care Providers & Services (continued) | |||
HAH Group Holding Co. LLC, 9.75%, 10/01/31 (e) |
USD |
1,616 |
$ 1,519,612 |
IQVIA, Inc. |
|||
1.75%, 03/15/26 (a) |
EUR |
330 |
387,087 |
6.25%, 06/01/32 (e) |
USD |
3,144 |
3,285,223 |
LifePoint Health, Inc. (e) |
|||
9.88%, 08/15/30 |
231 |
248,716 | |
11.00%, 10/15/30 |
1,726 |
1,892,792 | |
8.38%, 02/15/32 |
3,458 |
3,753,534 | |
10.00%, 06/01/32 |
1,578 |
1,675,969 | |
Medline Borrower LP, 5.25%, 10/01/29 (e) |
7,075 |
7,113,247 | |
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (e) |
111 |
114,747 | |
Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 (a) |
EUR |
100 |
119,304 |
Molina Healthcare, Inc. (e) |
|||
6.50%, 02/15/31 |
USD |
1,921 |
1,972,925 |
6.25%, 01/15/33 |
631 |
643,282 | |
Prime Healthcare Services, Inc., 9.38%, 09/01/29 (e) |
390 |
409,500 | |
Sotera Health Holdings LLC, 7.38%, 06/01/31 (e) |
996 |
1,044,626 | |
Star Parent, Inc., 9.00%, 10/01/30 (e) |
4,127 |
4,404,368 | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (e) |
6,052 |
6,121,406 | |
Tenet Healthcare Corp., 6.00%, 11/15/33 (e) |
1,112 |
1,144,909 | |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (e) |
2,284 |
2,300,935 | |
61,563,327 | |||
Health Care REITs — 0.5% | |||
Diversified Healthcare Trust, 7.25%, 10/15/30 (e) |
729 |
745,394 | |
MPT Operating Partnership LP/MPT Finance Corp. |
|||
7.00%, 02/15/32 (e) |
EUR |
1,425 |
1,740,212 |
7.00%, 02/15/32 (a) |
152 |
185,623 | |
8.50%, 02/15/32 (e) |
USD |
4,784 |
5,108,993 |
7,780,222 | |||
Hotel & Resort REITs — 1.3% | |||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (e) |
1,878 |
1,927,560 | |
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29 (e) |
606 |
620,270 | |
RHP Hotel Properties LP/RHP Finance Corp. (e) |
|||
6.50%, 04/01/32 |
4,515 |
4,682,441 | |
6.50%, 06/15/33 |
1,478 |
1,536,436 | |
RLJ Lodging Trust LP, 4.00%, 09/15/29 (e) |
749 |
710,414 | |
Service Properties Trust |
|||
0.00%, 09/30/27 (e)(k) |
1,434 |
1,295,843 | |
8.63%, 11/15/31 (e) |
6,051 |
6,355,765 | |
8.88%, 06/15/32 |
3,191 |
3,147,771 | |
XHR LP, 6.63%, 05/15/30 (e) |
592 |
610,994 | |
20,887,494 | |||
Hotels, Restaurants & Leisure — 6.3% | |||
Acushnet Co., 5.63%, 12/01/33 (e) |
557 |
563,258 | |
Banijay Entertainment SAS, 7.00%, 05/01/29 (a) |
EUR |
113 |
137,748 |
Boyne USA, Inc., 4.75%, 05/15/29 (e) |
USD |
1,615 |
1,592,915 |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 5.63%, 09/15/29 (e) |
630 |
641,457 | |
Caesars Entertainment, Inc. (e) |
|||
4.63%, 10/15/29 |
456 |
437,413 | |
7.00%, 02/15/30 |
6,340 |
6,566,065 | |
6.50%, 02/15/32 |
3,143 |
3,219,765 | |
Carnival Corp. (e) |
|||
5.88%, 06/15/31 |
1,206 |
1,245,682 | |
5.75%, 08/01/32 |
1,146 |
1,176,118 | |
6.13%, 02/15/33 |
3,766 |
3,888,734 | |
Carnival PLC, 4.13%, 07/15/31 (e) |
EUR |
2,155 |
2,564,213 |
54
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Churchill Downs, Inc. (e) |
|||
5.75%, 04/01/30 |
USD |
565 |
$ 570,503 |
6.75%, 05/01/31 |
10,273 |
10,652,351 | |
Cirsa Finance International SARL, 6.50%, 03/15/29 (a) |
EUR |
100 |
122,162 |
Essendi SA (a) |
|||
5.50%, 11/15/31 |
108 |
130,117 | |
(3-mo. EURIBOR + 3.75%), 5.81%, 05/15/32 (b) |
100 |
119,025 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (e) |
|||
4.63%, 01/15/29 |
USD |
4,391 |
4,264,684 |
6.75%, 01/15/30 |
671 |
637,970 | |
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29 (e) |
1,987 |
2,007,167 | |
Hilton Domestic Operating Co., Inc. (e) |
|||
5.75%, 09/15/33 |
798 |
816,685 | |
5.50%, 03/31/34 |
1,282 |
1,290,805 | |
Light & Wonder International, Inc. (e) |
|||
7.25%, 11/15/29 |
241 |
247,523 | |
7.50%, 09/01/31 |
474 |
494,538 | |
6.25%, 10/01/33 |
1,325 |
1,341,427 | |
Lindblad Expeditions LLC, 7.00%, 09/15/30 (e) |
1,781 |
1,857,904 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (e) |
1,446 |
1,037,898 | |
Melco Resorts Finance Ltd. (e) |
|||
5.63%, 07/17/27 |
200 |
199,812 | |
5.75%, 07/21/28 |
600 |
599,298 | |
5.38%, 12/04/29 |
2,083 |
2,058,296 | |
7.63%, 04/17/32 |
1,534 |
1,610,700 | |
6.50%, 09/24/33 |
270 |
270,351 | |
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (e) |
2,000 |
1,781,552 | |
MGM China Holdings Ltd., 7.13%, 06/26/31 (e) |
474 |
501,255 | |
MGM Resorts International, 6.13%, 09/15/29 |
1,648 |
1,693,600 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (e) |
578 |
568,540 | |
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30 (e) |
1,384 |
1,442,684 | |
Motion Finco SARL, 7.38%, 06/15/30 (a) |
EUR |
100 |
106,661 |
NCL Corp. Ltd. (e) |
|||
5.88%, 01/15/31 |
USD |
330 |
328,751 |
6.75%, 02/01/32 |
746 |
763,846 | |
6.25%, 09/15/33 |
4,192 |
4,190,235 | |
Pinewood Finco PLC (a) |
|||
3.63%, 11/15/27 |
GBP |
100 |
131,470 |
6.00%, 03/27/30 |
181 |
245,352 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (e) |
|||
5.63%, 09/01/29 |
USD |
1,188 |
899,910 |
5.88%, 09/01/31 |
262 |
173,575 | |
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33 (e) |
903 |
923,177 | |
Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30 (e) |
807 |
823,728 | |
Sabre GLBL, Inc., 10.75%, 11/15/29 (e) |
503 |
427,715 | |
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30 (e) |
1,076 |
1,027,580 | |
Station Casinos LLC (e) |
|||
4.63%, 12/01/31 |
2,187 |
2,073,398 | |
6.63%, 03/15/32 |
755 |
772,866 | |
Stonegate Pub Co. Financing PLC, (3-mo. EURIBOR + 6.63%), 8.69%, 07/31/29 (a)(b) |
EUR |
100 |
114,544 |
TUI AG, 5.88%, 03/15/29 (a) |
120 |
145,891 | |
TUI Cruises GmbH, 5.00%, 05/15/30 (a) |
106 |
127,820 | |
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Vail Resorts, Inc., 5.63%, 07/15/30 (e) |
USD |
1,122 |
$ 1,140,244 |
Viking Cruises Ltd. (e) |
|||
7.00%, 02/15/29 |
269 |
270,559 | |
9.13%, 07/15/31 |
3,246 |
3,475,947 | |
5.88%, 10/15/33 |
2,923 |
2,968,198 | |
Voyager Parent LLC, 9.25%, 07/01/32 (e) |
1,652 |
1,752,972 | |
Warnermedia Holdings, Inc., 5.05%, 03/15/42 |
10,217 |
7,190,214 | |
Wynn Macau Ltd. (e) |
|||
5.50%, 10/01/27 |
200 |
199,568 | |
5.63%, 08/26/28 |
5,107 |
5,096,888 | |
4.50%, 03/07/29 (l) |
200 |
204,193 | |
5.13%, 12/15/29 |
1,358 |
1,345,751 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (e) |
|||
5.13%, 10/01/29 |
1,064 |
1,070,304 | |
7.13%, 02/15/31 |
2,105 |
2,277,795 | |
6.25%, 03/15/33 |
252 |
257,664 | |
98,877,031 | |||
Household Durables — 1.2% | |||
Ashton Woods USA LLC/Ashton Woods Finance Co. (e) |
|||
4.63%, 04/01/30 |
636 |
607,373 | |
6.88%, 08/01/33 |
758 |
758,603 | |
Beazer Homes USA, Inc., 5.88%, 10/15/27 |
306 |
306,727 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (e) |
1,154 |
1,116,282 | |
Century Communities, Inc., 6.63%, 09/15/33 (e) |
947 |
957,605 | |
Dream Finders Homes, Inc., 8.25%, 08/15/28 (e) |
607 |
624,702 | |
Empire Communities Corp., 9.75%, 05/01/29 (e) |
257 |
265,087 | |
K Hovnanian Enterprises, Inc. (e) |
|||
8.00%, 04/01/31 |
1,637 |
1,670,668 | |
8.38%, 10/01/33 |
1,785 |
1,814,077 | |
LGI Homes, Inc. (e) |
|||
8.75%, 12/15/28 |
453 |
472,510 | |
7.00%, 11/15/32 |
1,305 |
1,247,413 | |
Mattamy Group Corp., 6.00%, 12/15/33 (e) |
356 |
352,837 | |
Meritage Homes Corp., 1.75%, 05/15/28 (l) |
2,135 |
2,099,763 | |
New Home Co., Inc. (e) |
|||
9.25%, 10/01/29 |
1,145 |
1,194,997 | |
8.50%, 11/01/30 |
301 |
309,986 | |
Newell Brands, Inc., 8.50%, 06/01/28 (e) |
1,366 |
1,432,323 | |
Scotts Miracle-Gro Co. |
|||
4.50%, 10/15/29 |
229 |
224,685 | |
4.38%, 02/01/32 |
1,696 |
1,592,122 | |
Somnigroup International, Inc., 3.88%, 10/15/31 (e) |
1,434 |
1,340,346 | |
STL Holding Co. LLC, 8.75%, 02/15/29 (e) |
618 |
649,129 | |
Taylor Morrison Communities, Inc., 5.75%, 11/15/32 (e) |
421 |
433,163 | |
19,470,398 | |||
Independent Power and Renewable Electricity Producers (e) — 1.7% | |||
Calpine Corp. |
|||
4.50%, 02/15/28 |
41 |
41,027 | |
4.63%, 02/01/29 |
2,297 |
2,288,400 | |
Lightning Power LLC, 7.25%, 08/15/32 |
609 |
647,581 | |
NRG Energy, Inc. |
|||
5.75%, 07/15/29 |
1,231 |
1,224,974 | |
6.00%, 02/01/33 |
3,898 |
3,975,177 | |
5.75%, 01/15/34 |
3,288 |
3,321,439 | |
6.25%, 11/01/34 |
2,648 |
2,719,536 | |
6.00%, 01/15/36 |
8,769 |
8,885,131 | |
Schedule of Investments
55
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Independent Power and Renewable Electricity Producers (continued) | |||
Vistra Corp., (5-year CMT + 6.93%), 8.00% (b)(h) |
USD |
994 |
$ 1,018,991 |
XPLR Infrastructure LP, 2.50%, 06/15/26 (l) |
3,214 |
3,153,898 | |
27,276,154 | |||
Industrial Conglomerates — 0.2% | |||
Amsted Industries, Inc., 6.38%, 03/15/33 (e) |
1,134 |
1,168,004 | |
Avient Corp., 6.25%, 11/01/31 (e) |
927 |
952,824 | |
Axon Enterprise, Inc., 6.25%, 03/15/33 (e) |
630 |
655,406 | |
Enpro, Inc., 6.13%, 06/01/33 (e) |
876 |
903,941 | |
Maxam Prill SARL, 6.00%, 07/15/30 (a) |
EUR |
154 |
184,905 |
3,865,080 | |||
Insurance — 7.4% | |||
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (e) |
|||
6.75%, 10/15/27 |
USD |
974 |
979,721 |
6.75%, 04/15/28 |
1,904 |
1,938,606 | |
5.88%, 11/01/29 |
4,674 |
4,669,888 | |
7.00%, 01/15/31 |
4,658 |
4,832,560 | |
7.38%, 10/01/32 |
6,696 |
6,942,875 | |
AmWINS Group, Inc., 4.88%, 06/30/29 (e) |
878 |
863,465 | |
Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/33 (e) |
1,855 |
1,876,698 | |
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 (e) |
1,293 |
1,305,910 | |
Ardonagh Finco Ltd. |
|||
6.88%, 02/15/31 (a) |
EUR |
1,289 |
1,561,296 |
7.75%, 02/15/31 (e) |
USD |
6,809 |
7,138,248 |
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (e) |
7,036 |
7,312,550 | |
Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/32 (e) |
4,075 |
4,228,266 | |
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (e) |
|||
7.25%, 02/15/31 |
8,035 |
8,274,476 | |
8.13%, 02/15/32 |
4,075 |
4,206,753 | |
HUB International Ltd. (e) |
|||
7.25%, 06/15/30 |
17,374 |
18,241,399 | |
7.38%, 01/31/32 |
20,334 |
21,341,631 | |
Jones Deslauriers Insurance Management, Inc. (e) |
|||
8.50%, 03/15/30 |
2,854 |
2,991,300 | |
6.88%, 10/01/33 |
1,923 |
1,856,834 | |
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (e) |
13,111 |
13,586,248 | |
Unipol Assicurazioni SpA, 4.90%, 05/23/34 (a) |
EUR |
100 |
123,135 |
USI, Inc., 7.50%, 01/15/32 (e) |
USD |
2,719 |
2,849,727 |
117,121,586 | |||
Interactive Media & Services — 3.3% | |||
Beignet Investor LLC, 6.58%, 05/30/49 (e) |
39,424 |
41,651,264 | |
iliad SA (a) |
|||
5.38%, 02/15/29 |
EUR |
100 |
123,626 |
5.63%, 02/15/30 |
100 |
126,275 | |
4.25%, 01/09/32 |
100 |
118,548 | |
ION Platform Finance U.S., Inc. (e) |
|||
4.63%, 05/01/28 |
USD |
400 |
370,087 |
5.00%, 05/01/28 |
2,232 |
2,071,868 | |
8.75%, 05/01/29 |
782 |
792,253 | |
9.50%, 05/30/29 |
757 |
766,613 | |
9.00%, 08/01/29 |
776 |
764,003 | |
Snap, Inc. (e) |
|||
6.88%, 03/01/33 |
3,239 |
3,356,398 | |
Security |
Par (000) |
Value | |
Interactive Media & Services (continued) | |||
Snap, Inc. (e) (continued) |
|||
6.88%, 03/15/34 |
USD |
1,419 |
$ 1,461,034 |
United Group BV, 6.25%, 01/31/32 (a) |
EUR |
100 |
117,966 |
51,719,935 | |||
Internet Software & Services — 0.8% | |||
ANGI Group LLC, 3.88%, 08/15/28 (e) |
USD |
509 |
470,138 |
Cablevision Lightpath LLC (e) |
|||
3.88%, 09/15/27 |
600 |
585,604 | |
5.63%, 09/15/28 |
1,201 |
1,173,798 | |
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (a) |
EUR |
122 |
151,767 |
Getty Images, Inc. (e) |
|||
11.25%, 02/21/30 |
USD |
931 |
872,975 |
10.50%, 11/15/30 |
631 |
636,214 | |
Match Group Holdings II LLC (e) |
|||
4.63%, 06/01/28 |
2,149 |
2,129,773 | |
4.13%, 08/01/30 |
872 |
825,358 | |
3.63%, 10/01/31 |
723 |
663,419 | |
6.13%, 09/15/33 |
1,472 |
1,489,627 | |
Rakuten Group, Inc. (e) |
|||
11.25%, 02/15/27 |
1,108 |
1,184,674 | |
9.75%, 04/15/29 |
2,200 |
2,460,613 | |
12,643,960 | |||
IT Services — 1.0% | |||
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30 (a) |
EUR |
162 |
191,961 |
Amentum Holdings, Inc., 7.25%, 08/01/32 (e) |
USD |
438 |
461,689 |
Atos SE (a)(m) |
|||
5.41%, 12/18/26 |
EUR |
117 |
135,685 |
1.04%, 12/18/32 |
152 |
116,724 | |
9.73%, 12/18/26 |
197 |
265,942 | |
CACI International, Inc., 6.38%, 06/15/33 (e) |
USD |
1,615 |
1,671,006 |
Cedacri SpA, (3-mo. EURIBOR + 5.50%), 7.56%, 05/15/28 (a)(b) |
EUR |
100 |
118,834 |
Fair Isaac Corp., 6.00%, 05/15/33 (e) |
USD |
6,109 |
6,274,841 |
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (e) |
2,157 |
2,250,700 | |
KBR, Inc., 4.75%, 09/30/28 (e) |
1,213 |
1,188,740 | |
McAfee Corp., 7.38%, 02/15/30 (e) |
1,585 |
1,382,243 | |
Science Applications International Corp., 5.88%, 11/01/33 (e) |
1,280 |
1,297,587 | |
15,355,952 | |||
Leisure Products (a) — 0.0% | |||
Deuce Finco PLC, 7.00%, 11/20/31 |
GBP |
100 |
136,138 |
Dometic Group AB, 5.00%, 09/11/30 |
EUR |
100 |
119,625 |
Pinnacle Bidco PLC |
|||
8.25%, 10/11/28 |
100 |
122,988 | |
10.00%, 10/11/28 |
GBP |
100 |
141,871 |
520,622 | |||
Machinery — 1.3% | |||
Chart Industries, Inc. (e) |
|||
7.50%, 01/01/30 |
USD |
2,959 |
3,084,004 |
9.50%, 01/01/31 |
537 |
569,990 | |
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29 (e) |
646 |
562,020 | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (e) |
4,449 |
4,665,798 | |
IMA Industria Macchine Automatiche SpA (a) |
|||
3.75%, 01/15/28 |
EUR |
100 |
117,667 |
(3-mo. EURIBOR + 3.75%), 5.78%, 04/15/29 (b) |
200 |
237,744 | |
56
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Machinery (continued) | |||
King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), 5.31%, 12/01/32 (a)(b) |
EUR |
100 |
$ 118,629 |
Manitowoc Co., Inc., 9.25%, 10/01/31 (e) |
USD |
668 |
717,499 |
Terex Corp. (e) |
|||
5.00%, 05/15/29 |
130 |
129,558 | |
6.25%, 10/15/32 |
773 |
793,060 | |
TK Elevator Midco GmbH, 4.38%, 07/15/27 (a) |
EUR |
992 |
1,169,894 |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (e) |
USD |
8,479 |
8,480,992 |
20,646,855 | |||
Media — 7.2% | |||
Allwyn Entertainment Financing U.K. PLC, 4.13%, 02/15/31 (a) |
EUR |
100 |
115,757 |
APLD ComputeCo LLC, 9.25%, 12/15/30 (e) |
USD |
1,091 |
1,070,162 |
Cable One, Inc. (l) |
|||
0.00%, 03/15/26 (k) |
475 |
467,875 | |
1.13%, 03/15/28 |
2,038 |
1,658,524 | |
CCO Holdings LLC/CCO Holdings Capital Corp. |
|||
5.38%, 06/01/29 (e) |
91 |
89,974 | |
4.75%, 03/01/30 (e) |
553 |
528,142 | |
4.25%, 02/01/31 (e) |
6,573 |
6,039,602 | |
4.75%, 02/01/32 (e) |
8,206 |
7,499,809 | |
4.50%, 05/01/32 |
6,412 |
5,755,009 | |
4.50%, 06/01/33 (e) |
6,779 |
5,934,056 | |
4.25%, 01/15/34 (e) |
1,938 |
1,647,832 | |
Cinemark USA, Inc., 7.00%, 08/01/32 (e) |
383 |
397,440 | |
Cipher Compute LLC, 7.13%, 11/15/30 (e) |
2,599 |
2,647,037 | |
CSC Holdings LLC (e) |
|||
5.50%, 04/15/27 |
1,606 |
1,377,015 | |
5.38%, 02/01/28 |
2,028 |
1,471,366 | |
11.25%, 05/15/28 |
5,767 |
4,588,602 | |
11.75%, 01/31/29 |
2,065 |
1,534,186 | |
Directv Financing LLC, 8.88%, 02/01/30 (e) |
2,632 |
2,663,042 | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc. (e) |
|||
5.88%, 08/15/27 |
2,201 |
2,213,920 | |
10.00%, 02/15/31 |
2,174 |
2,221,941 | |
DISH DBS Corp. (e) |
|||
5.25%, 12/01/26 |
4,217 |
4,089,425 | |
5.75%, 12/01/28 |
5,745 |
5,640,168 | |
DISH Network Corp., 11.75%, 11/15/27 (e) |
7,733 |
8,048,352 | |
Flash Compute LLC, 7.25%, 12/31/30 (e) |
2,984 |
2,956,436 | |
Gray Media, Inc. (e) |
|||
10.50%, 07/15/29 |
1,453 |
1,562,470 | |
9.63%, 07/15/32 |
3,118 |
3,235,762 | |
7.25%, 08/15/33 |
3,030 |
3,096,141 | |
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (e) |
2,930 |
2,047,923 | |
Live Nation Entertainment, Inc., 4.75%, 10/15/27 (e) |
57 |
57,116 | |
Midcontinent Communications, 8.00%, 08/15/32 (e) |
884 |
904,884 | |
Neptune Bidco U.S., Inc., 10.38%, 05/15/31 (e) |
327 |
335,287 | |
Odeon Finco PLC, 12.75%, 11/01/27 (e) |
1,503 |
1,549,689 | |
Sinclair Television Group, Inc., 8.13%, 02/15/33 (e) |
3,592 |
3,751,593 | |
Sirius XM Radio LLC (e) |
|||
5.00%, 08/01/27 |
5,912 |
5,926,396 | |
4.00%, 07/15/28 |
381 |
372,453 | |
Sunrise FinCo I BV |
|||
4.88%, 07/15/31 (e) |
1,470 |
1,400,175 | |
4.63%, 05/15/32 (a) |
EUR |
100 |
118,699 |
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29 (a)(g) |
114 |
88,110 | |
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (e) |
USD |
2,000 |
1,987,298 |
Security |
Par (000) |
Value | |
Media (continued) | |||
Univision Communications, Inc. (e) |
|||
8.00%, 08/15/28 |
USD |
3,418 |
$ 3,539,937 |
8.50%, 07/31/31 |
1,521 |
1,588,881 | |
9.38%, 08/01/32 |
2,071 |
2,225,938 | |
Versant Media Group, Inc., 7.25%, 01/30/31 (e) |
1,037 |
1,069,862 | |
Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, 03/15/32 (a) |
GBP |
100 |
135,216 |
Virgin Media Secured Finance PLC (a) |
|||
4.25%, 01/15/30 |
100 |
123,528 | |
4.13%, 08/15/30 |
100 |
120,787 | |
VZ Secured Financing BV, 5.25%, 01/15/33 (a) |
EUR |
300 |
345,650 |
WULF Compute LLC, 7.75%, 10/15/30 (e) |
USD |
4,589 |
4,727,810 |
Ziggo Bond Co. BV, 5.13%, 02/28/30 (e) |
650 |
580,295 | |
Ziggo BV, 4.88%, 01/15/30 (e) |
1,165 |
1,101,194 | |
112,648,766 | |||
Metals & Mining — 3.6% | |||
Aris Mining Corp., 8.00%, 10/31/29 (e) |
362 |
377,722 | |
Arsenal AIC Parent LLC (e) |
|||
8.00%, 10/01/30 |
1,197 |
1,270,210 | |
11.50%, 10/01/31 |
4,744 |
5,221,023 | |
Carpenter Technology Corp., 5.63%, 03/01/34 (e) |
1,479 |
1,502,257 | |
Cleveland-Cliffs, Inc., 6.88%, 11/01/29 (e) |
2,230 |
2,309,637 | |
Commercial Metals Co. (e) |
|||
5.75%, 11/15/33 |
1,708 |
1,746,485 | |
6.00%, 12/15/35 |
1,760 |
1,804,274 | |
Constellium SE (e) |
|||
5.63%, 06/15/28 |
4,620 |
4,619,337 | |
3.75%, 04/15/29 |
2,133 |
2,059,642 | |
6.38%, 08/15/32 |
1,341 |
1,383,940 | |
ERO Copper Corp., 6.50%, 02/15/30 (e) |
1,818 |
1,823,681 | |
First Quantum Minerals Ltd. (e) |
|||
9.38%, 03/01/29 |
3,448 |
3,630,744 | |
8.00%, 03/01/33 |
865 |
921,683 | |
7.25%, 02/15/34 |
1,022 |
1,074,071 | |
Kaiser Aluminum Corp. (e) |
|||
4.50%, 06/01/31 |
4,136 |
3,995,889 | |
5.88%, 03/01/34 |
2,220 |
2,226,964 | |
New Gold, Inc., 6.88%, 04/01/32 (e) |
2,700 |
2,865,353 | |
Novelis Corp. (e) |
|||
4.75%, 01/30/30 |
5,807 |
5,601,781 | |
6.88%, 01/30/30 |
1,944 |
2,018,554 | |
3.88%, 08/15/31 |
4,389 |
4,000,411 | |
6.38%, 08/15/33 |
3,681 |
3,731,692 | |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (a) |
EUR |
1,029 |
1,181,005 |
Vallourec SACA, 7.50%, 04/15/32 (e) |
USD |
1,440 |
1,528,967 |
56,895,322 | |||
Mortgage Real Estate Investment Trusts (REITs) (e) — 0.4% | |||
Arbor Realty SR, Inc. |
|||
8.50%, 12/15/28 |
434 |
432,265 | |
7.88%, 07/15/30 |
792 |
756,744 | |
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |
1,284 |
1,270,766 | |
Starwood Property Trust, Inc. |
|||
7.25%, 04/01/29 |
879 |
928,314 | |
6.00%, 04/15/30 |
442 |
453,670 | |
6.50%, 07/01/30 |
633 |
660,287 | |
6.50%, 10/15/30 |
1,964 |
2,047,655 | |
6,549,701 | |||
Multi-Utilities — 0.0% | |||
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30 (e) |
672 |
715,876 | |
Schedule of Investments
57
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels — 8.4% | |||
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (e) |
USD |
1,728 |
$ 1,810,384 |
Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, 02/01/32 (e) |
1,514 |
1,567,117 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (e) |
|||
9.00%, 11/01/27 |
963 |
1,224,199 | |
5.88%, 06/30/29 |
1,254 |
1,257,289 | |
6.63%, 07/15/33 |
930 |
962,591 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp. (e) |
|||
7.00%, 07/15/29 |
1,140 |
1,188,921 | |
7.25%, 07/15/32 |
918 |
974,248 | |
Breakwater Energy Holdings SARL |
|||
9.25%, 11/15/30 (e) |
500 |
523,577 | |
9.25%, 11/15/30 |
250 |
261,789 | |
Buckeye Partners LP |
|||
6.88%, 07/01/29 (e) |
103 |
107,142 | |
6.75%, 02/01/30 (e) |
386 |
405,204 | |
5.85%, 11/15/43 |
816 |
765,226 | |
5.60%, 10/15/44 |
553 |
501,213 | |
Caturus Energy LLC, 8.50%, 02/15/30 (e) |
3,430 |
3,572,153 | |
CD&R Firefly Bidco PLC, 8.63%, 04/30/29 (a) |
GBP |
224 |
315,919 |
Chord Energy Corp., 6.75%, 03/15/33 (e) |
USD |
601 |
621,504 |
CITGO Petroleum Corp., 8.38%, 01/15/29 (e) |
2,678 |
2,784,649 | |
Civitas Resources, Inc. (e) |
|||
8.38%, 07/01/28 |
1,478 |
1,522,921 | |
8.75%, 07/01/31 |
649 |
673,273 | |
CNX Midstream Partners LP, 4.75%, 04/15/30 (e) |
520 |
504,112 | |
CNX Resources Corp., 7.25%, 03/01/32 (e) |
479 |
500,028 | |
Comstock Resources, Inc. (e) |
|||
6.75%, 03/01/29 |
4,687 |
4,694,462 | |
5.88%, 01/15/30 |
59 |
57,387 | |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (e) |
6,898 |
6,824,320 | |
Crescent Energy Finance LLC (e) |
|||
7.63%, 04/01/32 |
2,163 |
2,097,076 | |
7.38%, 01/15/33 |
1,402 |
1,330,430 | |
8.38%, 01/15/34 |
1,176 |
1,168,168 | |
DBR Land Holdings LLC, 6.25%, 12/01/30 (e) |
907 |
927,752 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33 (e) |
1,599 |
1,631,698 | |
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (e) |
772 |
817,813 | |
EG Global Finance PLC, 12.00%, 11/30/28 (e) |
1,943 |
2,111,812 | |
Enbridge, Inc. (b) |
|||
(5-year CMT + 2.97%), 7.20%, 06/27/54 |
810 |
857,705 | |
(5-year CMT + 3.12%), 7.38%, 03/15/55 |
1,104 |
1,168,623 | |
Energean PLC, 5.63%, 05/12/31 (a) |
EUR |
107 |
125,746 |
Energy Transfer LP (b) |
|||
(5-year CMT + 2.83%), 7.13%, 10/01/54 |
USD |
1,564 |
1,604,714 |
(5-year CMT + 4.02%), 8.00%, 05/15/54 |
2,594 |
2,768,978 | |
Series H, (5-year CMT + 5.69%), 6.50% (h) |
2,085 |
2,094,182 | |
Genesis Energy LP/Genesis Energy Finance Corp. |
|||
7.75%, 02/01/28 |
559 |
561,301 | |
8.00%, 05/15/33 |
232 |
240,840 | |
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33 (e) |
685 |
697,496 | |
Gulfport Energy Operating Corp., 6.75%, 09/01/29 (e) |
773 |
798,262 | |
Harvest Midstream I LP, 7.50%, 05/15/32 (e) |
502 |
523,277 | |
Hilcorp Energy I LP/Hilcorp Finance Co. (e) |
|||
6.25%, 11/01/28 |
427 |
429,424 | |
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Hilcorp Energy I LP/Hilcorp Finance Co. (e) (continued) |
|||
5.75%, 02/01/29 |
USD |
957 |
$ 946,828 |
6.00%, 04/15/30 |
130 |
126,321 | |
6.25%, 04/15/32 |
95 |
89,431 | |
8.38%, 11/01/33 |
1,617 |
1,651,046 | |
6.88%, 05/15/34 |
964 |
903,278 | |
7.25%, 02/15/35 |
408 |
387,752 | |
Howard Midstream Energy Partners LLC (e) |
|||
7.38%, 07/15/32 |
673 |
710,132 | |
6.63%, 01/15/34 |
1,684 |
1,730,031 | |
Ithaca Energy North Sea PLC, 5.50%, 10/01/31 (a) |
EUR |
100 |
118,123 |
ITT Holdings LLC, 6.50%, 08/01/29 (e) |
USD |
2,641 |
2,534,440 |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (e) |
740 |
760,552 | |
Matador Resources Co., 6.50%, 04/15/32 (e) |
1,546 |
1,567,899 | |
Murphy Oil Corp., 5.88%, 12/01/42 |
141 |
121,228 | |
Nabors Industries, Inc., 7.63%, 11/15/32 (e) |
672 |
660,493 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. (e) |
|||
8.13%, 02/15/29 |
1,248 |
1,295,379 | |
8.38%, 02/15/32 |
3,074 |
3,183,327 | |
Noble Finance II LLC, 8.00%, 04/15/30 (e) |
776 |
806,197 | |
Northern Oil & Gas, Inc., 7.88%, 10/15/33 (e) |
1,963 |
1,911,284 | |
Northriver Midstream Finance LP, 6.75%, 07/15/32 (e) |
873 |
889,634 | |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (e) |
809 |
779,098 | |
Permian Resources Operating LLC, 6.25%, 02/01/33 (e) |
1,946 |
1,996,141 | |
Prairie Acquiror LP, 9.00%, 08/01/29 (e) |
984 |
1,022,792 | |
Sunoco LP (e) |
|||
5.63%, 03/15/31 |
675 |
679,946 | |
6.63%, 08/15/32 |
987 |
1,014,455 | |
6.25%, 07/01/33 |
1,079 |
1,105,239 | |
5.88%, 03/15/34 |
685 |
684,939 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (e) |
|||
5.50%, 01/15/28 |
1,497 |
1,497,807 | |
7.38%, 02/15/29 |
2,434 |
2,515,692 | |
6.00%, 09/01/31 |
522 |
519,559 | |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29 (e) |
1,102 |
1,091,235 | |
TransMontaigne Partners LLC, 8.50%, 06/15/30 (e) |
305 |
307,924 | |
Transocean International Ltd. (e) |
|||
8.25%, 05/15/29 |
690 |
695,419 | |
8.75%, 02/15/30 |
374 |
391,057 | |
8.50%, 05/15/31 |
861 |
852,843 | |
7.88%, 10/15/32 |
1,004 |
1,048,579 | |
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (e) |
127 |
129,800 | |
Valaris Ltd., 8.38%, 04/30/30 (e) |
1,187 |
1,235,031 | |
Venture Global LNG, Inc. (e) |
|||
9.50%, 02/01/29 |
7,898 |
8,186,095 | |
7.00%, 01/15/30 |
169 |
162,651 | |
8.38%, 06/01/31 |
3,754 |
3,733,075 | |
9.88%, 02/01/32 |
2,652 |
2,739,708 | |
Venture Global Plaquemines LNG LLC (e) |
|||
6.13%, 12/15/30 |
3,746 |
3,814,718 | |
7.50%, 05/01/33 |
1,676 |
1,810,920 | |
6.50%, 01/15/34 |
4,778 |
4,893,819 | |
7.75%, 05/01/35 |
2,783 |
3,047,255 | |
6.75%, 01/15/36 |
5,096 |
5,219,784 | |
Vital Energy, Inc. |
|||
7.75%, 07/31/29 (e) |
386 |
385,269 | |
9.75%, 10/15/30 |
764 |
801,761 | |
7.88%, 04/15/32 (e) |
1,302 |
1,282,840 | |
58
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (e) |
USD |
1,669 |
$ 1,684,727 |
Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE Swap + 3.94%), 6.12% (a)(b)(h) |
EUR |
176 |
211,005 |
131,509,483 | |||
Passenger Airlines — 0.4% | |||
American Airlines, Inc., 8.50%, 05/15/29 (e) |
USD |
1,813 |
1,896,202 |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (e) |
283 |
287,681 | |
Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap + 2.86%), 5.25%, 01/15/55 (a)(b) |
EUR |
100 |
121,961 |
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 (e) |
USD |
2,141 |
2,156,974 |
OneSky Flight LLC, 8.88%, 12/15/29 (e) |
1,239 |
1,325,897 | |
5,788,715 | |||
Personal Care Products — 0.1% | |||
Opal Bidco SAS |
|||
5.50%, 03/31/32 (a) |
EUR |
100 |
121,232 |
6.50%, 03/31/32 (e) |
USD |
1,524 |
1,560,909 |
1,682,141 | |||
Pharmaceuticals — 2.1% | |||
1261229 B.C. Ltd., 10.00%, 04/15/32 (e) |
22,427 |
23,324,459 | |
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32 (e) |
964 |
1,018,283 | |
Bausch Health Cos., Inc. (e) |
|||
4.88%, 06/01/28 |
221 |
197,795 | |
11.00%, 09/30/28 |
2,529 |
2,619,639 | |
Dolcetto Holdco SpA, 5.63%, 07/14/32 (a) |
EUR |
100 |
119,281 |
Grifols SA |
|||
2.25%, 11/15/27 (a) |
1,374 |
1,606,845 | |
4.75%, 10/15/28 (e) |
USD |
200 |
197,519 |
7.13%, 05/01/30 (a) |
EUR |
141 |
173,847 |
Gruenenthal GmbH, 4.63%, 11/15/31 (a) |
136 |
161,503 | |
Nidda Healthcare Holding GmbH (a) |
|||
7.00%, 02/21/30 |
215 |
262,278 | |
(3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32 (b) |
169 |
200,402 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28 (e) |
USD |
646 |
629,485 |
Rossini SARL (a) |
|||
6.75%, 12/31/29 |
EUR |
121 |
149,409 |
(3-mo. EURIBOR + 3.88%), 5.89%, 12/31/29 (b) |
73 |
87,276 | |
Teva Pharmaceutical Finance Netherlands II BV, 7.88%, 09/15/31 |
100 |
140,583 | |
Teva Pharmaceutical Finance Netherlands III BV |
|||
3.15%, 10/01/26 |
USD |
674 |
665,154 |
6.75%, 03/01/28 |
800 |
830,760 | |
6.00%, 12/01/32 |
495 |
518,730 | |
32,903,248 | |||
Real Estate Management & Development — 0.5% | |||
Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, 12/31/28 (g) |
EUR |
293 |
377,132 |
Alexandrite Lake Lux Holdings SARL, 6.75%, 07/30/30 (a) |
112 |
133,893 | |
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |
|||
7.00%, 04/15/30 (e) |
USD |
124 |
123,014 |
Series AI, 7.00%, 04/15/30 |
1,009 |
1,004,456 | |
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30 (e) |
725 |
786,822 | |
Aroundtown Finance SARL (b)(h) |
|||
(5-year CMT + 3.16%), 7.88% |
150 |
150,758 | |
(5-year EURIBOR ICE Swap + 3.43%), 5.25% (a) |
EUR |
275 |
315,014 |
Security |
Par (000) |
Value | |
Real Estate Management & Development (continued) | |||
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (e) |
USD |
1,566 |
$ 1,672,635 |
DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, 12/31/27 (a)(m) |
EUR |
88 |
97,299 |
Five Point Operating Co. LP, 8.00%, 10/01/30 (e) |
USD |
456 |
476,420 |
Grand City Properties SA, (5-year EUR Swap + 2.18%), 1.50% (a)(b)(h) |
EUR |
100 |
115,691 |
Howard Hughes Corp., 4.38%, 02/01/31 (e) |
USD |
2,103 |
2,002,251 |
New Immo Holding SA (a) |
|||
3.25%, 07/23/27 |
EUR |
200 |
234,520 |
5.88%, 04/17/28 |
100 |
121,563 | |
4.95%, 11/14/30 |
100 |
118,199 | |
Vivion Investments SARL (a) |
|||
5.63%, 06/08/30 |
100 |
113,186 | |
(6.50% Cash and 1.75% PIK), 8.25%, 08/31/28 (g) |
25 |
29,734 | |
(6.50% PIK), 6.50%, 02/28/29 (g) |
151 |
176,941 | |
8,049,528 | |||
Retail REITs — 0.1% | |||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (e) |
USD |
1,801 |
1,779,950 |
Semiconductors & Semiconductor Equipment — 0.2% | |||
Amkor Technology, Inc., 5.88%, 10/01/33 (e) |
416 |
424,581 | |
Kioxia Holdings Corp., 6.63%, 07/24/33 |
800 |
831,901 | |
ON Semiconductor Corp., 0.50%, 03/01/29 (l) |
1,259 |
1,191,014 | |
2,447,496 | |||
Software — 4.7% | |||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (e) |
15,521 |
15,474,289 | |
Camelot Finance SA, 4.50%, 11/01/26 (e) |
87 |
86,408 | |
Capstone Borrower, Inc., 8.00%, 06/15/30 (e) |
3,359 |
3,459,682 | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (e) |
274 |
238,140 | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (e) |
2,127 |
1,803,294 | |
Cloud Software Group, Inc. (e) |
|||
6.50%, 03/31/29 |
8,672 |
8,785,498 | |
9.00%, 09/30/29 |
12,148 |
12,652,268 | |
8.25%, 06/30/32 |
2,396 |
2,503,916 | |
CoreLogic, Inc., 4.50%, 05/01/28 (e) |
2,658 |
2,603,950 | |
CoreWeave, Inc., 9.25%, 06/01/30 (e) |
1,852 |
1,721,939 | |
Electronic Arts, Inc., 2.95%, 02/15/51 |
859 |
792,349 | |
Ellucian Holdings, Inc., 6.50%, 12/01/29 (e) |
2,289 |
2,333,981 | |
IPD 3 BV, 5.50%, 06/15/31 (a) |
EUR |
200 |
237,735 |
Playtika Holding Corp., 4.25%, 03/15/29 (e) |
USD |
421 |
377,537 |
Sabre GLBL, Inc., 10.75%, 03/15/30 (e) |
1,401 |
1,152,085 | |
SS&C Technologies, Inc., 6.50%, 06/01/32 (e) |
2,713 |
2,822,643 | |
TeamSystem SpA (a)(b) |
|||
(3-mo. EURIBOR + 3.25%), 5.28%, 07/01/32 |
EUR |
114 |
134,695 |
(3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31 |
113 |
133,707 | |
UKG, Inc., 6.88%, 02/01/31 (e) |
USD |
11,548 |
11,862,256 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (e) |
5,203 |
4,910,063 | |
74,086,435 | |||
Specialty Retail — 0.3% | |||
Advance Auto Parts, Inc., 7.00%, 08/01/30 (e) |
924 |
928,893 | |
Afflelou SAS, 6.00%, 07/25/29 (a) |
EUR |
152 |
185,828 |
Bubbles Bidco SpA (a) |
|||
6.50%, 09/30/31 |
123 |
148,296 | |
(3-mo. EURIBOR + 4.25%), 6.27%, 09/30/31 (b) |
120 |
142,214 | |
Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, 01/15/32 (a)(b) |
100 |
118,420 | |
Schedule of Investments
59
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Specialty Retail (continued) | |||
Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, 01/15/31 (e) |
USD |
898 |
$ 924,884 |
Goldstory SAS, 6.75%, 02/01/30 (a) |
EUR |
100 |
121,907 |
PetSmart LLC/PetSmart Finance Corp., 7.50%, 09/15/32 (e) |
USD |
250 |
254,421 |
Staples, Inc., 10.75%, 09/01/29 (e) |
915 |
909,675 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (e) |
418 |
401,292 | |
4,135,830 | |||
Technology Hardware, Storage & Peripherals — 0.1% | |||
Seagate Data Storage Technology Pte. Ltd., 5.88%, 07/15/30 (e) |
853 |
879,329 | |
Textiles, Apparel & Luxury Goods — 0.6% | |||
Beach Acquisition Bidco LLC |
|||
5.25%, 07/15/32 (e) |
EUR |
2,056 |
2,459,830 |
5.25%, 07/15/32 (a) |
100 |
119,642 | |
(10.00% Cash or 10.75% PIK), 10.00%, 07/15/33 (e)(g) |
USD |
4,182 |
4,616,020 |
Crocs, Inc. (e) |
|||
4.25%, 03/15/29 |
217 |
210,006 | |
4.13%, 08/15/31 |
282 |
260,517 | |
European TopSoho SARL, 4.00%, 09/21/21 (a)(d)(i) |
EUR |
200 |
190,386 |
Levi Strauss & Co., 4.00%, 08/15/30 (e) |
665 |
793,644 | |
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 5.78%, 07/01/29 (a)(b) |
200 |
236,961 | |
8,887,006 | |||
Transportation Infrastructure — 0.1% | |||
Edge Finco PLC, 8.13%, 08/15/31 (a) |
GBP |
206 |
295,037 |
Mobico Group PLC (a) |
|||
4.88%, 09/26/31 |
EUR |
110 |
102,327 |
(5-year UK Government Bond + 4.14%), 4.25% (b)(h) |
GBP |
154 |
122,156 |
Ocado Group PLC, 11.00%, 06/15/30 (a) |
100 |
135,959 | |
SGL Group ApS, (3-mo. EURIBOR + 4.75%), 6.77%, 04/22/30 (b) |
EUR |
193 |
218,831 |
874,310 | |||
Utilities — 0.5% | |||
TransAlta Corp., 5.88%, 02/01/34 |
USD |
1,108 |
1,115,656 |
VoltaGrid LLC, 7.38%, 11/01/30 (e) |
7,386 |
7,317,648 | |
8,433,304 | |||
Wireless Telecommunication Services — 1.9% | |||
Altice France SA |
|||
4.75%, 10/15/30 (a) |
EUR |
154 |
170,194 |
6.88%, 10/15/30 (e) |
USD |
360 |
349,271 |
6.50%, 10/15/31 (e) |
2,040 |
1,937,168 | |
6.50%, 04/15/32 (e) |
5,518 |
5,289,445 | |
5.63%, 07/15/32 (a) |
EUR |
47 |
52,556 |
6.88%, 07/15/32 (e) |
USD |
2,381 |
2,283,407 |
Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/32 (e) |
4,709 |
4,888,554 | |
Level 3 Financing, Inc., 8.50%, 01/15/36 (e) |
7,055 |
7,224,197 | |
Vmed O2 U.K. Financing I PLC |
|||
4.00%, 01/31/29 (a) |
GBP |
200 |
255,179 |
4.25%, 01/31/31 (e) |
USD |
4,972 |
4,534,512 |
4.50%, 07/15/31 (a) |
GBP |
201 |
240,068 |
4.75%, 07/15/31 (e) |
USD |
1,000 |
923,213 |
Security |
Par (000) |
Value | |
Wireless Telecommunication Services (continued) | |||
Vmed O2 U.K. Financing I PLC (continued) |
|||
5.63%, 04/15/32 (a) |
EUR |
100 |
$ 118,158 |
7.75%, 04/15/32 (e) |
USD |
400 |
416,840 |
6.75%, 01/15/33 (e) |
1,359 |
1,346,817 | |
Zegona Finance PLC, 6.75%, 07/15/29 (a) |
EUR |
239 |
295,652 |
30,325,231 | |||
Total Corporate Bonds — 108.5% (Cost: $1,658,572,700) |
1,707,518,403 | ||
Fixed Rate Loan Interests | |||
IT Services — 0.7% | |||
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
USD |
8,477 |
8,434,257 |
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |
3,043 |
3,029,945 | |
11,464,202 | |||
Software — 0.7% | |||
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
10,598 |
10,247,440 | |
Total Fixed Rate Loan Interests — 1.4% (Cost: $22,124,542) |
21,711,642 | ||
Floating Rate Loan Interests (b) | |||
Advertising Agencies — 0.4% | |||
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.83%, 08/23/28 |
4,263 |
4,265,485 | |
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.03%, 04/11/29 |
1,696 |
1,675,110 | |
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.93%, 02/15/29 |
449 |
417,215 | |
6,357,810 | |||
Aerospace & Defense — 0.2% | |||
Kaman Corp. |
|||
2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32 |
16 |
16,328 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.38%, 02/26/32 |
1,796 |
1,802,177 | |
Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, 12/01/32 |
855 |
858,591 | |
Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.57%, 12/11/31 |
737 |
736,596 | |
3,413,692 | |||
Automobile Components — 0.2% | |||
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/28/32 |
2,211 |
2,219,017 | |
60
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Automobile Components (continued) | |||
Tenneco, Inc. |
|||
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% Floor + 4.85%), 8.74%, 11/17/28 |
USD |
163 |
$ 159,365 |
2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28 |
1,015 |
996,560 | |
3,374,942 | |||
Biotechnology — 0.1% | |||
Parexel International Corporation, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, 12/12/31 |
828 |
830,626 | |
Building Products — 0.3% | |||
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32 |
238 |
238,648 | |
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30 |
529 |
510,171 | |
White Cap Supply Holdings LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 10/19/29 |
2,791 |
2,801,947 | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31 |
811 |
784,962 | |
4,335,728 | |||
Capital Markets — 0.2% | |||
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 07/30/31 |
241 |
242,744 | |
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32 |
1,600 |
1,610,176 | |
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, 10/16/31 (c) |
700 |
704,197 | |
2,557,117 | |||
Chemicals — 0.4% | |||
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1- mo. CME Term SOFR + 7.85%), 11.57%, 11/24/28 |
443 |
395,688 | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29 |
2,192 |
2,102,886 | |
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28 |
1,486 |
1,297,182 | |
Olympus Water U.S. Holding Corp., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 11/03/32 |
1,134 |
1,126,210 | |
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31 |
669 |
492,781 | |
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32 |
779 |
778,315 | |
6,193,062 | |||
Commercial Services & Supplies — 0.5% | |||
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32 |
648 |
648,694 | |
Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 08/20/32 |
2,816 |
2,829,067 | |
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.57%, 02/23/29 |
1,751 |
1,656,362 | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, 07/31/30 (g) |
481 |
459,634 | |
Security |
Par (000) |
Value | |
Commercial Services & Supplies (continued) | |||
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 02/01/29 |
USD |
799 |
$ 800,603 |
ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 10/07/32 |
502 |
469,924 | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.04%, 12/17/28 (d)(i) |
672 |
80,642 | |
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/30/31 |
1,232 |
1,232,965 | |
8,177,891 | |||
Communications Equipment — 0.1% | |||
COMMSCOPE, 2024 Term Loan, (1-mo. CME Term SOFR at 2.00% Floor + 4.75%), 8.47%, 12/17/29 |
1,104 |
1,104,649 | |
Radiate Holdco LLC |
|||
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29 |
23 |
22,592 | |
2025 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29 |
23 |
22,592 | |
1,149,833 | |||
Construction & Engineering — 0.3% | |||
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, 08/01/30 |
4,515 |
4,104,295 | |
Consumer Discretionary — 0.1% | |||
Camelot U.S. Acquisition LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 01/31/31 |
1,464 |
1,464,922 | |
Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 11/01/31 |
349 |
351,902 | |
1,816,824 | |||
Consumer Staples Distribution & Retail — 0.3% | |||
Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32 |
4,390 |
4,410,106 | |
Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, 12/16/32 |
768 |
772,689 | |
5,182,795 | |||
Containers & Packaging — 0.2% | |||
LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28 |
2,771 |
1,745,536 | |
Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 04/15/30 |
1,179 |
1,153,215 | |
Potters Industries LLC, 2025 Repriced Term Loan B, (1- mo. CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/09/32 (c) |
462 |
463,733 | |
3,362,484 | |||
Diversified Telecommunication Services — 0.5% | |||
Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.04%, 11/29/30 |
299 |
294,141 | |
Frontier Communications Holdings LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.24%, 07/01/31 |
374 |
373,643 | |
Schedule of Investments
61
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Diversified Telecommunication Services (continued) | |||
Lumen Technologies, Inc., 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, 06/01/28 |
USD |
408 |
$ 409,203 |
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 8.57%, 10/01/31 (c) |
1,193 |
1,195,948 | |
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00% and 0.50% PIK), 7.33%, 03/11/30 (g) |
5,074 |
4,801,536 | |
7,074,471 | |||
Electronic Equipment, Instruments & Components — 0.2% | |||
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.37%, 12/02/31 |
1,513 |
1,520,698 | |
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32 |
654 |
656,069 | |
2,176,767 | |||
Energy Equipment & Services — 0.0% | |||
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, 07/31/31 |
361 |
354,325 | |
Financial Services — 0.0% | |||
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32 |
454 |
455,843 | |
Health Care Equipment & Supplies — 0.2% | |||
Bausch & Lomb Corp. |
|||
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28 |
1,048 |
1,047,880 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 01/15/31 |
2,353 |
2,373,928 | |
3,421,808 | |||
Health Care Providers & Services — 0.4% | |||
LifePoint Health, Inc. |
|||
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, 05/19/31 |
1,713 |
1,717,385 | |
2024 Incremental Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.33%, 05/19/31 |
752 |
752,665 | |
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.60% and 4.00% PIK), 14.53%, 01/28/28 (g) |
1,662 |
1,184,140 | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30 |
2,927 |
2,929,631 | |
6,583,821 | |||
Hotels, Restaurants & Leisure — 0.1% | |||
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, 11/01/29 |
532 |
521,244 | |
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Sabre GLBL, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 |
USD |
319 |
$ 280,318 |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 (c) |
166 |
148,209 | |
949,771 | |||
Household Durables — 0.1% | |||
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 01/20/32 |
468 |
469,299 | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, 12/19/29 |
201 |
199,022 | |
668,321 | |||
Insurance — 0.4% | |||
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.92%, 02/15/31 |
1,083 |
1,080,014 | |
Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30 |
917 |
916,693 | |
Hyperion Insurance Group Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.49%, 04/18/30 |
167 |
167,457 | |
Jones DesLauriers Insurance Management Inc., 2025 Repriced Term Loan B, 12/10/32 (n) |
1,055 |
1,055,020 | |
OneDigital Borrower LLC, 2025 Repriced Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 07/02/31 |
199 |
199,243 | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 05/06/32 |
3,327 |
3,362,642 | |
6,781,069 | |||
Interactive Media & Services — 0.0% | |||
MH Sub I LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.97%, 05/03/28 |
467 |
432,840 | |
Internet Software & Services — 0.1% | |||
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28 |
287 |
288,484 | |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, 03/15/30 |
1,615 |
1,597,559 | |
1,886,043 | |||
IT Services — 0.3% | |||
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31 |
208 |
207,831 | |
Finastra USA, Inc. |
|||
2025 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 7.00%), 10.72%, 09/15/33 |
886 |
866,800 | |
62
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
IT Services (continued) | |||
Finastra USA, Inc. (continued) |
|||
2025 USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/15/32 |
USD |
2,655 |
$ 2,595,267 |
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, 06/27/31 |
575 |
574,811 | |
4,244,709 | |||
Leisure Products — 0.1% | |||
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
901 |
898,794 | |
Machinery — 0.4% | |||
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, 06/23/30 (n) |
163 |
163,458 | |
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3- mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.86%, 12/21/29 |
468 |
474,844 | |
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.53%, 02/15/29 |
6,160 |
6,199,452 | |
6,837,754 | |||
Media — 0.7% | |||
Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, 05/31/31 |
1,499 |
1,497,176 | |
CMG Media Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 7.27%, 06/18/29 |
881 |
819,511 | |
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.15%, 01/31/32 |
594 |
582,022 | |
CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
2,235 |
1,948,938 | |
Directv Financing LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), 9.34%, 02/17/31 |
3,289 |
3,280,098 | |
Gray Media, Inc. |
|||
2021 Term Loan D, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 6.99%, 12/01/28 |
700 |
700,094 | |
2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.12%, 06/04/29 |
5 |
4,824 | |
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 06/25/31 |
61 |
61,437 | |
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 8.83%, 09/25/29 (g) |
2,049 |
1,567,299 | |
Versant Media Group, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.16%, 01/30/31 |
601 |
600,627 | |
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.11%, 01/31/29 |
200 |
200,250 | |
11,262,276 | |||
Metals & Mining — 0.1% | |||
BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30 |
2,054 |
2,030,030 | |
Oil, Gas & Consumable Fuels — 0.1% | |||
Stakeholder Midstream LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31 |
1,333 |
1,336,831 | |
Security |
Par (000) |
Value | |
Personal Care Products — 0.0% | |||
ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 12/15/32 (c) |
USD |
476 |
$ 478,380 |
Pharmaceuticals — 0.2% | |||
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, 08/01/32 |
2,044 |
2,059,206 | |
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.47%, 04/23/31 |
1,034 |
1,025,096 | |
3,084,302 | |||
Software — 0.8% | |||
Ascend Learning LLC, 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 12/11/28 |
192 |
192,288 | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/29 |
3,601 |
3,605,170 | |
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, 07/30/31 |
1,805 |
1,799,048 | |
Boxer Parent Company Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.75%), 9.47%, 07/30/32 |
1,053 |
1,011,670 | |
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29 |
369 |
311,302 | |
CoreLogic, Inc. |
|||
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.33%, 06/04/29 |
1,107 |
1,113,678 | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.33%, 06/02/28 |
2,435 |
2,434,187 | |
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31 |
394 |
395,198 | |
Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.47%, 11/22/32 |
1,354 |
1,362,882 | |
RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, 04/24/28 |
783 |
784,797 | |
Sabre GLBL, Inc. (c) |
|||
2025 11th Amendment Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
120 |
106,635 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
57 |
50,758 | |
13,167,613 | |||
Technology Hardware, Storage & Peripherals — 0.0% | |||
Cubic Corp. |
|||
2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29 |
725 |
366,878 | |
2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29 |
105 |
53,108 | |
419,986 | |||
Schedule of Investments
63
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Wireless Telecommunication Services — 0.5% | |||
Digicel International Finance Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.02%, 08/06/32 |
USD |
1,555 |
$ 1,549,448 |
Level 3 Financing, Inc., 2025 Repriced Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 03/29/32 |
5,171 |
5,182,635 | |
Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/06/32 (c) |
1,157 |
1,159,893 | |
7,891,976 | |||
Total Floating Rate Loan Interests — 8.5% (Cost: $135,670,639) |
133,294,829 | ||
Shares |
|||
Investment Companies | |||
Fixed Income Funds — 1.1% |
|||
iShares Broad USD High Yield Corporate Bond ETF (f)(o) |
488,154 |
18,254,519 | |
Total Investment Companies — 1.1% (Cost: $17,754,161) |
18,254,519 | ||
Par (000) |
|||
Preferred Securities | |||
Capital Trusts — 5.4% | |||
Automobiles (a)(b)(h) — 0.0% |
|||
Volkswagen International Finance NV |
|||
5.49% |
EUR |
100 |
121,282 |
5.99% |
100 |
121,609 | |
242,891 | |||
Banks (h) — 2.0% |
|||
Bank of America Corp. (b) |
|||
6.25% |
USD |
2,625 |
2,666,228 |
6.63% |
6,140 |
6,397,579 | |
Barclays PLC (b) |
|||
4.38% |
2,490 |
2,408,947 | |
7.63% |
1,000 |
1,066,972 | |
8.00% |
400 |
426,788 | |
9.63% |
3,745 |
4,242,321 | |
CaixaBank SA, 7.50% (a)(b) |
EUR |
200 |
259,944 |
Citigroup, Inc. |
|||
6.63% (b) |
USD |
1,320 |
1,341,479 |
Series CC, 7.13% (b) |
3,685 |
3,799,117 | |
Series DD, 7.00% (b) |
860 |
907,015 | |
Series EE, 6.75% (b) |
2,126 |
2,164,117 | |
Series FF, 6.95% (b) |
856 |
882,515 | |
Series GG, 6.88% |
1,020 |
1,059,887 | |
NatWest Group PLC, 8.13% (b) |
1,115 |
1,254,532 | |
PNC Financial Services Group, Inc., Series W, 6.25% (b) |
644 |
664,857 | |
Wells Fargo & Co., 6.85% (b) |
876 |
915,432 | |
30,457,730 | |||
Security |
Par (000) |
Value | |
Building Products — 0.0% |
|||
Nationwide Building Society, 7.50% (a)(b)(h) |
GBP |
235 |
$ 329,707 |
Capital Markets (b) — 0.1% |
|||
Apollo Global Management, Inc., 6.00%, 12/15/54 |
USD |
1,767 |
1,744,927 |
Deutsche Bank AG, 6.75% (a)(h) |
EUR |
200 |
240,034 |
1,984,961 | |||
Diversified Telecommunication Services (a)(b)(h) — 0.0% |
|||
Telefonica Europe BV |
|||
6.14% |
200 |
250,796 | |
6.75% |
100 |
129,850 | |
380,646 | |||
Electric Utilities (b) — 0.3% |
|||
AES Corp., 7.60%, 01/15/55 |
USD |
1,441 |
1,467,526 |
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |
482 |
514,043 | |
Dominion Energy, Inc., 6.63%, 05/15/55 |
335 |
345,203 | |
Duke Energy Corp., 6.45%, 09/01/54 |
916 |
961,414 | |
EDP SA, 4.75%, 05/29/54 (a) |
EUR |
100 |
121,192 |
Electricite de France SA, 4.38% (a)(h) |
100 |
116,289 | |
NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 |
USD |
1,275 |
1,316,115 |
4,841,782 | |||
Financial Services (b) — 1.2% |
|||
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 |
1,200 |
1,251,604 | |
Brookfield Finance, Inc., 6.30%, 01/15/55 |
2,930 |
2,903,186 | |
Corebridge Financial, Inc., 6.38%, 09/15/54 |
1,221 |
1,230,331 | |
Deutsche Bank AG (a)(h) |
|||
7.13% |
EUR |
200 |
248,664 |
7.38% |
200 |
252,997 | |
Goldman Sachs Group, Inc., 6.85% (h) |
USD |
1,950 |
2,027,833 |
Societe Generale SA, 8.13% (e)(h) |
482 |
507,518 | |
UBS Group AG (e)(h) |
|||
6.60% |
800 |
812,450 | |
6.85% |
200 |
204,505 | |
7.00% |
2,600 |
2,654,795 | |
7.13% |
1,000 |
1,024,765 | |
7.75% |
2,000 |
2,156,064 | |
Series NC10, 9.25% |
2,000 |
2,345,514 | |
Series NC5, 9.25% |
800 |
877,799 | |
18,498,025 | |||
Independent Power and Renewable Electricity Producers (b)(e)(h) — 0.5% |
|||
NRG Energy, Inc., 10.25% |
2,614 |
2,854,072 | |
Vistra Corp., 7.00% |
4,073 |
4,144,130 | |
6,998,202 | |||
Insurance (a)(b)(h) — 0.0% |
|||
BNP Paribas Cardif SA, 6.00% |
EUR |
200 |
236,425 |
NN Group NV, 5.75% |
200 |
239,297 | |
475,722 | |||
Internet Software & Services — 0.0% |
|||
Rakuten Group, Inc., 8.13% (b)(e)(h) |
USD |
505 |
520,136 |
Metals & Mining — 0.0% |
|||
Prysmian SpA, 5.25% (a)(b)(h) |
EUR |
150 |
183,479 |
Multi-Utilities (b) — 0.1% |
|||
AltaGas Ltd., 7.20%, 10/15/54 (e) |
USD |
1,135 |
1,176,702 |
Centrica PLC, 6.50%, 05/21/55 (a) |
GBP |
100 |
138,840 |
1,315,542 | |||
64
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels — 1.1% |
|||
Energy Transfer LP, Series G, 7.13% (b)(h) |
USD |
1,280 |
$ 1,310,660 |
Eni SpA, 4.50% (a)(h) |
EUR |
100 |
119,341 |
Sunoco LP, 7.88% (b)(e)(h) |
USD |
8,323 |
8,550,010 |
Var Energi ASA, 7.86%, 11/15/83 (a)(b) |
EUR |
100 |
129,030 |
Venture Global LNG, Inc., 9.00% (b)(e)(h) |
USD |
8,019 |
6,332,850 |
16,441,891 | |||
Passenger Airlines — 0.0% |
|||
Air France-KLM, 5.75% (a)(b)(h) |
EUR |
100 |
119,045 |
Pharmaceuticals (a)(b) — 0.0% |
|||
Bayer AG |
|||
Series NC5, 6.63%, 09/25/83 |
100 |
124,728 | |
Series NC8, 7.00%, 09/25/83 |
100 |
129,125 | |
253,853 | |||
Real Estate Management & Development (a)(b)(h) — 0.0% |
|||
Heimstaden Bostad AB, 2.63% |
375 |
428,059 | |
Vivion Investments SARL, 8.13% |
100 |
108,773 | |
536,832 | |||
Specialty Retail — 0.0% |
|||
Unibail-Rodamco-Westfield SE, 4.75% (a)(b)(h) |
200 |
239,283 | |
Transportation Infrastructure — 0.0% |
|||
Poste Italiane SpA, 2.63% (a)(h) |
100 |
112,687 | |
Utilities (a) — 0.1% |
|||
Electricite de France SA (b)(h) |
|||
3.00% |
200 |
231,828 | |
3.38% |
200 |
224,453 | |
5.13% |
200 |
241,368 | |
Enel SpA, 4.25% (h) |
125 |
148,724 | |
Orsted A/S, 2.50%, 12/31/99 (b) |
GBP |
100 |
103,370 |
Veolia Environnement SA, 4.32% (b)(h) |
EUR |
100 |
116,943 |
1,066,686 | |||
84,999,100 | |||
Shares |
|||
Preferred Stocks — 0.6% (d) | |||
Financial Services — 0.1% |
|||
Shift4 Payments, Inc., 6.00% |
6,896 |
551,749 | |
Insurance — 0.4% |
|||
Alliant Cali, Inc., (Acquired 09/25/24, Cost: $5,947,430), 12/31/79 (c)(p) |
6,038 |
6,405,714 | |
IT Services (c) — 0.0% |
|||
Veritas Newco |
|||
Series G |
374 |
8,789 | |
Series G-1 |
258 |
5,934 | |
14,723 | |||
Security |
Shares |
Value | |
Semiconductors & Semiconductor Equipment — 0.1% |
|||
Microchip Technology, Inc., 7.50% |
32,100 |
$ 1,870,788 | |
8,842,974 | |||
Total Preferred Securities — 6.0% (Cost: $91,572,390) |
93,842,074 | ||
Total Long-Term Investments — 126.5% (Cost: $1,940,867,611) |
1,990,585,205 | ||
Short-Term Securities | |||
Money Market Funds — 0.1% |
|||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.65% (o)(q) |
646,102 |
646,102 | |
Total Short-Term Securities — 0.1% (Cost: $646,102) |
646,102 | ||
Total Investments — 126.6% (Cost: $1,941,513,713) |
1,991,231,307 | ||
Liabilities in Excess of Other Assets — (26.6)% |
(417,881,411 ) | ||
Net Assets — 100.0% |
$ 1,573,349,896 | ||
(a) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(b) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
Non-income producing security. |
(e) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(f) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(g) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(h) |
Perpetual security with no stated maturity date. |
(i) |
Issuer filed for bankruptcy and/or is in default. |
(j) |
When-issued security. |
(k) |
Zero-coupon bond. |
(l) |
Convertible security. |
(m) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(n) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(o) |
Affiliate of the Trust. |
(p) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,405,714, representing 0.4% of its net assets as of period end, and an original cost of $5,947,430. |
(q) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
65
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:
Affiliated Issuer |
Value at 12/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/25 |
Shares Held at 12/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ — |
$ 646,102 (a) |
$ — |
$ — |
$ — |
$ 646,102 |
646,102 |
$ 66,027 |
$ — |
iShares Broad USD High Yield Corporate Bond ETF |
32,859,136 |
— |
(14,863,087 ) |
(58,113 ) |
316,583 |
18,254,519 |
488,154 |
1,411,237 |
— |
$ (58,113 ) |
$ 316,583 |
$ 18,900,621 |
$ 1,477,264 |
$ — |
(a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |
||||
10-Year U.S. Ultra Long Treasury Note |
223 |
03/20/26 |
$ 25,648 |
$ 36,214 |
U.S. Long Bond |
145 |
03/20/26 |
16,761 |
111,208 |
$ 147,422 |
Forward Foreign Currency Exchange Contracts
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
USD |
65,643,099 |
EUR |
55,561,000 |
BNP Paribas SA |
03/18/26 |
$ 127,641 |
USD |
710,577 |
EUR |
602,000 |
Deutsche Bank AG |
03/18/26 |
721 |
USD |
1,646,387 |
EUR |
1,391,760 |
JPMorgan Chase Bank N.A. |
03/18/26 |
5,276 |
USD |
120,444 |
EUR |
102,000 |
Morgan Stanley & Co. International PLC |
03/18/26 |
169 |
USD |
74,519 |
EUR |
63,000 |
Natwest Markets PLC |
03/18/26 |
232 |
134,039 | ||||||
EUR |
500,000 |
USD |
591,129 |
Natwest Markets PLC |
03/18/26 |
(1,549 ) |
USD |
6,014,588 |
GBP |
4,494,000 |
Deutsche Bank AG |
03/18/26 |
(41,992 ) |
(43,541 ) | ||||||
$ 90,498 | ||||||
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index |
Financing Rate Received by the Trust |
Payment Frequency |
Termination Date |
Credit Rating (a) |
Notional Amount (000) (b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
CDX.NA.HY.45.V1 |
5.00 % |
Quarterly |
12/20/30 |
B- |
USD |
21,251 |
$ 1,653,719 |
$ 1,546,978 |
$ 106,741 |
(a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
66
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index |
Financing Rate Received by the Trust |
Payment Frequency |
Counterparty |
Termination Date |
Credit Rating (a) |
Notional Amount (000) (b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
CMA CGM SA |
5.00 % |
Quarterly |
Morgan Stanley & Co. International PLC |
06/20/27 |
BB+ |
EUR |
125 |
$ 8,911 |
$ 9,282 |
$ (371 ) |
Adler Real Estate AG |
5.00 |
Quarterly |
Bank of America N.A. |
12/20/27 |
NR |
EUR |
35 |
2,101 |
(2,836 ) |
4,937 |
Adler Real Estate AG |
5.00 |
Quarterly |
Barclays Bank PLC |
12/20/27 |
NR |
EUR |
21 |
1,263 |
(1,596 ) |
2,859 |
Adler Real Estate AG |
5.00 |
Quarterly |
Barclays Bank PLC |
12/20/27 |
NR |
EUR |
60 |
3,549 |
(4,486 ) |
8,035 |
Adler Real Estate AG |
5.00 |
Quarterly |
Citibank N.A. |
12/20/27 |
NR |
EUR |
17 |
1,030 |
(1,331 ) |
2,361 |
Adler Real Estate AG |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/27 |
NR |
EUR |
36 |
2,154 |
(2,994 ) |
5,148 |
Adler Real Estate AG |
5.00 |
Quarterly |
Morgan Stanley & Co. International PLC |
12/20/27 |
NR |
EUR |
26 |
1,562 |
(2,089 ) |
3,651 |
Altice France SA |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/27 |
CCC+ |
EUR |
31 |
1,460 |
1,329 |
131 |
iTraxx.XO.42.V3 20-35% |
5.00 |
Quarterly |
BNP Paribas SA |
12/20/29 |
B- |
EUR |
109 |
17,081 |
13,126 |
3,955 |
iTraxx.XO.42.V3 20-35% |
5.00 |
Quarterly |
BNP Paribas SA |
12/20/29 |
B- |
EUR |
140 |
21,938 |
17,938 |
4,000 |
iTraxx.XO.42.V3 20-35% |
5.00 |
Quarterly |
Goldman Sachs International |
12/20/29 |
B- |
EUR |
76 |
11,909 |
11,991 |
(82 ) |
Zegona Finance PLC |
5.00 |
Quarterly |
BNP Paribas SA |
06/20/30 |
BB |
EUR |
32 |
6,132 |
5,083 |
1,049 |
Zegona Finance PLC |
5.00 |
Quarterly |
Deutsche Bank AG |
06/20/30 |
BB |
EUR |
32 |
6,086 |
3,980 |
2,106 |
Faurecia SE |
5.00 |
Quarterly |
JPMorgan Chase Bank N.A. |
12/20/30 |
BB- |
EUR |
139 |
18,998 |
13,422 |
5,576 |
$ 104,174 |
$ 60,819 |
$ 43,355 | ||||||||
(a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Total Return Swaps
Paid by the Trust |
Received by the Trust |
||||||||||
Rate/Reference |
Frequency |
Rate/Reference |
Frequency |
Counterparty |
Effective Date |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
JPMorgan Chase Bank N.A. |
N/A |
03/20/26 |
USD |
631 |
$ 36,506 |
$ (5,939 ) |
$ 42,445 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
JPMorgan Chase Bank N.A. |
N/A |
03/20/26 |
USD |
904 |
53,952 |
(9,378 ) |
63,330 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
03/20/26 |
USD |
693 |
55,295 |
(3,514 ) |
58,809 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
03/20/26 |
USD |
693 |
51,812 |
(3,684 ) |
55,496 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx USD Liquid Leveraged Loan Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
03/20/26 |
USD |
1,875 |
77,416 |
(17,649 ) |
95,065 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx USD Liquid Leveraged Loan Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
03/20/26 |
USD |
3,750 |
151,305 |
(35,747 ) |
187,052 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
06/20/26 |
USD |
3,272 |
87,728 |
(29,711 ) |
117,439 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
06/20/26 |
USD |
4,576 |
97,262 |
(42,679 ) |
139,941 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
06/20/26 |
USD |
2,290 |
41,999 |
(22,478 ) |
64,477 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
06/20/26 |
USD |
262 |
5,436 |
(2,606 ) |
8,042 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx USD Liquid Leveraged Loan Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
06/20/26 |
USD |
19,659 |
365,237 |
(183,357 ) |
548,594 |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx $ Liquid High Yield Index |
Quarterly |
Morgan Stanley & Co. International PLC |
N/A |
09/20/26 |
USD |
693 |
3,578 |
(6,485 ) |
10,063 |
$ 1,027,526 |
$ (363,227 ) |
$ 1,390,753 | |||||||||
Schedule of Investments
67
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Centrally Cleared Swaps (a) |
$ 1,546,978 |
$ — |
$ 106,741 |
$ — |
OTC Swaps |
76,151 |
(378,559 ) |
1,434,561 |
(453 ) |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Assets — Derivative Financial Instruments |
|||||||
Futures contracts Unrealized appreciation on futures contracts (a) |
$ — |
$ — |
$ — |
$ — |
$ 147,422 |
$ — |
$ 147,422 |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
— |
— |
— |
134,039 |
— |
— |
134,039 |
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) |
— |
106,741 |
— |
— |
— |
— |
106,741 |
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
119,959 |
— |
— |
1,390,753 |
— |
1,510,712 |
$ — |
$ 226,700 |
$ — |
$ 134,039 |
$ 1,538,175 |
$ — |
$ 1,898,914 | |
Liabilities — Derivative Financial Instruments |
|||||||
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 43,541 |
$ — |
$ — |
$ 43,541 |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
15,785 |
— |
— |
363,227 |
— |
379,012 |
$ — |
$ 15,785 |
$ — |
$ 43,541 |
$ 363,227 |
$ — |
$ 422,553 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Net Realized Gain (Loss) from: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 361,422 |
$ — |
$ 361,422 |
Forward foreign currency exchange contracts |
— |
— |
— |
(4,151,481 ) |
— |
— |
(4,151,481 ) |
Swaps |
— |
1,749,891 |
— |
— |
186,742 |
— |
1,936,633 |
$ — |
$ 1,749,891 |
$ — |
$ (4,151,481 ) |
$ 548,164 |
$ — |
$ (1,853,426 ) | |
Net Change in Unrealized Appreciation (Depreciation) on: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 115,507 |
$ — |
$ 115,507 |
Forward foreign currency exchange contracts |
— |
— |
— |
(600,238 ) |
— |
— |
(600,238 ) |
Swaps |
— |
(287,768 ) |
— |
— |
764,349 |
— |
476,581 |
$ — |
$ (287,768 ) |
$ — |
$ (600,238 ) |
$ 879,856 |
$ — |
$ (8,150 ) |
68
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
|
Average notional value of contracts — short |
$ 10,958,504 |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
64,220,511 |
Average amounts sold — in USD |
210,883 |
Credit default swaps: |
|
Average notional value — sell protection |
34,933,648 |
Total return swaps: |
|
Average notional value |
39,298,000 |
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
Assets |
Liabilities | |
Derivative Financial Instruments |
||
Futures contracts |
$ 73,531 |
$ 38 |
Forward foreign currency exchange contracts |
134,039 |
43,541 |
Swaps — centrally cleared |
— |
6,942 |
Swaps — OTC (a) |
1,510,712 |
379,012 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
1,718,282 |
429,533 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(73,531 ) |
(6,980 ) |
Total derivative assets and liabilities subject to an MNA |
$ 1,644,751 |
$ 422,553 |
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities. |
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral
received and pledged by the Trust:
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Received (b) |
Cash Collateral Received (b) |
Net Amount of Derivative Assets (c)(d) |
Bank of America N.A. |
$ 4,937 |
$ (2,836 ) |
$ — |
$ — |
$ 2,101 |
Barclays Bank PLC |
10,894 |
(6,082 ) |
— |
— |
4,812 |
BNP Paribas SA |
172,792 |
— |
— |
— |
172,792 |
Citibank N.A. |
2,361 |
(1,331 ) |
— |
— |
1,030 |
Deutsche Bank AG |
6,807 |
(6,807 ) |
— |
— |
— |
Goldman Sachs International |
11,991 |
(82 ) |
— |
— |
11,909 |
JPMorgan Chase Bank N.A. |
136,657 |
(18,311 ) |
— |
— |
118,346 |
Morgan Stanley & Co. International PLC |
1,298,080 |
(350,370 ) |
— |
(880,000 ) |
67,710 |
Natwest Markets PLC |
232 |
(232 ) |
— |
— |
— |
$ 1,644,751 |
$ (386,051 ) |
$ — |
$ (880,000 ) |
$ 378,700 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Pledged (b) |
Cash Collateral Pledged (b) |
Net Amount of Derivative Liabilities (c)(e) |
Bank of America N.A. |
$ 2,836 |
$ (2,836 ) |
$ — |
$ — |
$ — |
Barclays Bank PLC |
6,082 |
(6,082 ) |
— |
— |
— |
Citibank N.A. |
1,331 |
(1,331 ) |
— |
— |
— |
Deutsche Bank AG |
41,992 |
(6,807 ) |
— |
— |
35,185 |
Goldman Sachs International |
82 |
(82 ) |
— |
— |
— |
JPMorgan Chase Bank N.A. |
18,311 |
(18,311 ) |
— |
— |
— |
Schedule of Investments
69
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Pledged (b) |
Cash Collateral Pledged (b) |
Net Amount of Derivative Liabilities (c)(e) |
Morgan Stanley & Co. International PLC |
$ 350,370 |
$ (350,370 ) |
$ — |
$ — |
$ — |
Natwest Markets PLC |
1,549 |
(232 ) |
— |
— |
1,317 |
$ 422,553 |
$ (386,051 ) |
$ — |
$ — |
$ 36,502 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust
’
s financial instruments into major categories
is disclosed in the Schedule of Investments above.
Level 1 |
Level 2 |
Level 3 |
Total | |
Assets |
||||
Investments |
||||
Long-Term Investments |
||||
Asset-Backed Securities |
$ — |
$ 2,527,862 |
$ — |
$ 2,527,862 |
Common Stocks |
||||
Electrical Equipment |
— |
— |
— |
— |
Energy Equipment & Services |
826 |
— |
— |
826 |
Health Care Providers & Services |
— |
— |
9,721 |
9,721 |
Metals & Mining |
3,005,595 |
— |
— |
3,005,595 |
Oil, Gas & Consumable Fuels |
5,256,444 |
— |
— |
5,256,444 |
Real Estate Management & Development |
— |
— |
1 |
1 |
Semiconductors & Semiconductor Equipment |
3 |
— |
— |
3 |
Specialized REITs |
4,173,711 |
— |
— |
4,173,711 |
Wireless Telecommunication Services |
— |
989,575 |
— |
989,575 |
Corporate Bonds |
— |
1,707,518,403 |
— |
1,707,518,403 |
Fixed Rate Loan Interests |
— |
21,711,642 |
— |
21,711,642 |
Floating Rate Loan Interests |
— |
128,987,076 |
4,307,753 |
133,294,829 |
Investment Companies |
18,254,519 |
— |
— |
18,254,519 |
Preferred Securities |
||||
Capital Trusts |
— |
84,999,100 |
— |
84,999,100 |
Preferred Stocks |
— |
2,422,537 |
6,420,437 |
8,842,974 |
Short-Term Securities |
||||
Money Market Funds |
646,102 |
— |
— |
646,102 |
Unfunded Floating Rate Loan Interests |
— |
10,202 |
— |
10,202 |
Liabilities |
||||
Unfunded Floating Rate Loan Interests |
— |
(3,214 ) |
— |
(3,214 ) |
$ 31,337,200 |
$ 1,949,163,183 |
$ 10,737,912 |
$ 1,991,238,295 | |
Derivative Financial Instruments (a) |
||||
Assets |
||||
Credit Contracts |
$ — |
$ 150,549 |
$ — |
$ 150,549 |
Foreign Currency Exchange Contracts |
— |
134,039 |
— |
134,039 |
Interest Rate Contracts |
147,422 |
1,390,753 |
— |
1,538,175 |
Liabilities |
||||
Credit Contracts |
— |
(453 ) |
— |
(453 ) |
Foreign Currency Exchange Contracts |
— |
(43,541 ) |
— |
(43,541 ) |
$ 147,422 |
$ 1,631,347 |
$ — |
$ 1,778,769 |
(a) |
Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
70
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Corporate High Yield Fund, Inc. (HYT)
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings
payable of $444,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the
beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in
determining fair value:
Common Stocks |
Corporate Bonds |
Fixed Rate Loan Interests |
Floating Rate Loan Interests |
Preferred Stocks |
Warrants |
Total | |
Assets |
|||||||
Opening balance, as of December 31, 2024 |
$ 1 |
$ 56,972 |
$ 14,380,073 |
$ 7,404,381 |
$ 16,440,550 |
$ 30 |
$ 38,282,007 |
Transfers into Level 3 |
— |
— |
— |
— |
— |
— |
— |
Transfers out of Level 3 (a) |
— |
(56,972 ) |
(8,992,000 ) |
(469,913 ) |
— |
— |
(9,518,885 ) |
Accrued discounts/premiums |
— |
— |
4,535 |
17,027 |
— |
— |
21,562 |
Net realized gain (loss) |
— |
— |
39,646 |
(118,241 ) |
(1,397,111 ) |
— |
(1,475,706 ) |
Net change in unrealized appreciation (depreciation) (b)(c) |
9,721 |
— |
50,940 |
(159,239 ) |
1,166,279 |
(30 ) |
1,067,671 |
Purchases |
— |
— |
471,557 |
3,546,248 |
— |
— |
4,017,805 |
Sales |
— |
— |
(5,954,751 ) |
(5,912,510 ) |
(9,789,281 ) |
— |
(21,656,542 ) |
Closing balance, as of December 31, 2025 |
$ 9,722 |
$ — |
$ — |
$ 4,307,753 |
$ 6,420,437 |
$ — |
$ 10,737,912 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 (c) |
$ 9,721 |
$ — |
$ (719 ) |
$ 654 |
$ (3,673,161 ) |
$ — |
$ (3,663,506 ) |
(a) |
As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 2025, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |
(b) |
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
(c) |
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. |
See notes to financial statements.
Schedule of Investments
71
Schedule of Investments
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities | |||
1988 CLO Ltd., Series 2023-2A, Class A1R, (3-mo. CME Term SOFR + 1.20%), 5.10%, 04/15/38 (a)(b) |
USD |
2,000 |
$ 1,999,793 |
522 Funding CLO Ltd., Series 2019-5A, Class AR, (3- mo. CME Term SOFR + 1.33%), 5.23%, 04/15/35 (a)(b) |
2,500 |
2,500,002 | |
720 East CLO IV Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.60%), 5.50%, 04/15/37 (a)(b) |
2,000 |
2,007,150 | |
AB BSL CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.25%), 5.13%, 04/20/38 (a)(b) |
1,500 |
1,503,602 | |
AGL CLO Ltd. (a)(b) |
|||
Series 2022-20A, Class A1R, (3-mo. CME Term SOFR + 1.37%), 5.25%, 10/20/37 |
1,000 |
1,003,715 | |
Series 2024-34A, Class A1, (3-mo. CME Term SOFR + 1.34%), 5.20%, 01/22/38 |
1,000 |
1,003,349 | |
Anchorage Capital CLO Ltd., Series 2025-32A, Class D, (3-mo. CME Term SOFR + 3.95%), 8.07%, 07/15/37 (a)(b) |
1,000 |
1,009,824 | |
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 5.25%, 10/22/34 (a)(b) |
3,000 |
3,003,001 | |
ARES Loan Funding V Ltd., Series 2024-ALF5A, Class A1, (3-mo. CME Term SOFR + 1.50%), 5.36%, 07/27/37 (a)(b) |
1,000 |
1,003,284 | |
ARES XXXIX CLO Ltd., Series 2016-39A, Class AR3, (3-mo. CME Term SOFR + 1.42%), 5.30%, 07/18/37 (a)(b) |
1,000 |
1,003,647 | |
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3-mo. CME Term SOFR + 1.44%), 5.31%, 10/24/31 (a)(b) |
20 |
19,954 | |
Ballyrock CLO Ltd., Series 2024-22A, Class A2, (3-mo. CME Term SOFR + 1.95%), 5.85%, 04/15/37 (a)(b) |
1,000 |
1,004,208 | |
Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R2, (3-mo. CME Term SOFR + 1.32%), 5.20%, 01/17/38 (a)(b) |
1,000 |
1,003,450 | |
Benefit Street Partners CLO XXIX Ltd., Series 2022- 29A, Class AR, (3-mo. CME Term SOFR + 1.18%), 5.04%, 01/25/38 (a)(b) |
1,000 |
999,527 | |
Birch Grove CLO Ltd. (a)(b) |
|||
Series 19A, Class A1RR, (3-mo. CME Term SOFR + 1.59%), 5.47%, 07/17/37 |
1,000 |
1,003,745 | |
Series 2021-3A, Class BR, (3-mo. CME Term SOFR + 1.60%), 5.48%, 01/19/38 |
1,000 |
1,001,876 | |
Series 2025-12A, Class A1, (3-mo. CME Term SOFR + 1.17%), 5.03%, 04/22/38 |
1,250 |
1,249,029 | |
Bryant Park Funding Ltd. (a)(b) |
|||
Series 2023-21A, Class AR, (3-mo. CME Term SOFR + 1.27%), 5.18%, 10/18/38 |
1,000 |
1,002,210 | |
Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 6.50%, 04/15/37 |
1,500 |
1,507,951 | |
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 4.95%, 07/18/34 (a)(b) |
1,000 |
999,508 | |
Carlyle U.S. CLO Ltd. (a)(b) |
|||
Series 2017-3A, Class A1R2, (3-mo. CME Term SOFR + 1.40%), 5.27%, 10/21/37 |
1,500 |
1,506,127 | |
Series 2019-2A, Class AR2, (3-mo. CME Term SOFR + 1.36%), 5.26%, 10/15/37 |
2,000 |
2,007,194 | |
Series 2021-11A, Class A1R, (3-mo. CME Term SOFR + 1.41%), 5.27%, 07/25/37 |
2,000 |
2,006,990 | |
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.15%), 7.05%, 07/16/31 (a)(b) |
500 |
500,198 | |
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
CIFC Funding Ltd. (a)(b) |
|||
Series 2014-2RA, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.23%, 10/24/37 |
USD |
1,000 |
$ 1,003,001 |
Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 5.22%, 04/20/34 |
1,000 |
1,001,712 | |
Series 2019-5A, Class BR2, (3-mo. CME Term SOFR + 1.65%), 5.74%, 10/15/38 |
1,000 |
1,005,033 | |
Series 2020-2A, Class AR, (3-mo. CME Term SOFR + 1.43%), 5.32%, 10/20/34 |
1,200 |
1,200,365 | |
Series 2024-1A, Class A, (3-mo. CME Term SOFR + 1.50%), 5.38%, 04/18/37 |
1,500 |
1,504,871 | |
Clover CLO LLC, Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 5.41%, 04/20/37 (a)(b) |
3,500 |
3,511,756 | |
Diameter Capital CLO Ltd. (a)(b) |
|||
Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.29%, 10/15/37 |
2,800 |
2,810,421 | |
Series 2025-10A, Class A, (3-mo. CME Term SOFR + 1.31%), 5.19%, 04/20/38 |
1,500 |
1,504,626 | |
Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 6.28%, 04/18/37 (a)(b) |
1,000 |
1,004,745 | |
Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, (3-mo. CME Term SOFR + 1.52%), 5.40%, 04/20/37 (a)(b) |
1,000 |
1,003,445 | |
Elmwood CLO 37 Ltd. (a)(b) |
|||
Series 2024-13A, Class C, (3-mo. CME Term SOFR + 1.70%), 5.58%, 01/17/38 |
1,000 |
1,001,224 | |
Series 2024-13A, Class D1, (3-mo. CME Term SOFR + 2.60%), 6.48%, 01/17/38 |
1,000 |
1,005,931 | |
Elmwood CLO 38 Ltd., Series 2025-1A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.01%, 04/22/38 (a)(b) |
1,000 |
998,915 | |
Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, (3-mo. CME Term SOFR + 1.35%), 5.23%, 10/20/37 (a)(b) |
2,000 |
2,006,931 | |
Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, (3-mo. CME Term SOFR + 1.36%), 5.24%, 10/17/37 (a)(b) |
2,000 |
2,007,112 | |
Elmwood CLO XI Ltd., Series 2021-4A, Class BR, (3- mo. CME Term SOFR + 1.55%), 5.43%, 01/20/38 (a)(b) |
1,250 |
1,253,127 | |
Elmwood CLO XII Ltd., Series 2021-5A, Class BR, (3- mo. CME Term SOFR + 1.70%), 5.60%, 10/15/37 (a)(b) |
2,000 |
2,007,330 | |
GoldenTree Loan Management U.S. CLO Ltd., Series 2025-24A, Class A, (3-mo. CME Term SOFR + 1.15%), 5.03%, 10/20/38 (a)(b) |
1,000 |
998,766 | |
Golub Capital Partners CLO Ltd. (a)(b) |
|||
Series 2019-41A, Class AR2, (3-mo. CME Term SOFR + 1.33%), 5.21%, 07/20/38 |
1,000 |
1,003,463 | |
Series 2019-43A, Class A1R, (3-mo. CME Term SOFR + 1.34%), 5.22%, 10/20/37 |
1,500 |
1,505,770 | |
Series 2020-48A, Class A1R, (3-mo. CME Term SOFR + 1.31%), 5.19%, 04/17/38 |
1,500 |
1,504,943 | |
Series 2021-58A, Class A1R, (3-mo. CME Term SOFR + 1.28%), 5.51%, 10/25/37 |
1,000 |
1,002,504 | |
Series 2024-76A, Class A1, (3-mo. CME Term SOFR + 1.37%), 5.23%, 10/25/37 |
1,500 |
1,505,457 | |
HalseyPoint CLO Ltd. (a)(b) |
|||
Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.48%), 5.37%, 04/20/34 |
2,000 |
2,001,056 | |
Series 2021-5A, Class A1A, (3-mo. CME Term SOFR + 1.47%), 5.31%, 01/30/35 |
1,000 |
1,000,683 | |
72
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
Kennedy Lewis CLO Ltd. (a)(b) |
|||
Series 2024-17A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.26%, 10/22/37 |
USD |
3,000 |
$ 3,011,572 |
Series 7A, Class BR, (3-mo. CME Term SOFR + 2.20%), 6.06%, 04/22/37 |
1,000 |
1,002,052 | |
Series 8A, Class A1R2, (3-mo. CME Term SOFR + 1.38%), 5.26%, 01/20/38 |
2,750 |
2,759,946 | |
Series 9A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.23%, 01/20/38 |
1,000 |
1,003,358 | |
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3-mo. CME Term SOFR + 1.40%), 5.29%, 04/19/34 (a)(b) |
2,520 |
2,520,861 | |
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.38%, 04/18/37 (a)(b) |
1,000 |
1,003,066 | |
Madison Park Funding LVIII Ltd., Series 2024-58A, Class B, (3-mo. CME Term SOFR + 1.95%), 5.81%, 04/25/37 (a)(b) |
1,000 |
1,002,840 | |
Madison Park Funding LXXI Ltd., Series 2025-71A, Class A1, (3-mo. CME Term SOFR + 1.14%), 5.00%, 04/23/38 (a)(b) |
2,500 |
2,496,682 | |
Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, (3-mo. CME Term SOFR + 3.20%), 7.05%, 08/15/37 (a)(b) |
1,500 |
1,507,532 | |
Neuberger Berman Loan Advisers CLO Ltd., Series 2021-46A, Class BR, (3-mo. CME Term SOFR + 1.50%), 5.38%, 01/20/37 (a)(b) |
1,450 |
1,452,378 | |
New Mountain CLO Ltd. (a)(b) |
|||
Series CLO-3A, Class A1R, (3-mo. CME Term SOFR + 1.33%), 5.21%, 10/20/38 |
1,500 |
1,504,168 | |
Series CLO-5A, Class AR, (3-mo. CME Term SOFR + 1.25%), 5.13%, 07/20/36 |
2,500 |
2,504,899 | |
Series CLO-7A, Class A1, (3-mo. CME Term SOFR + 1.20%), 5.08%, 03/31/38 |
1,500 |
1,499,840 | |
OCP CLO Ltd. (a)(b) |
|||
Series 2015-10A, Class AR3, (3-mo. CME Term SOFR + 1.31%), 5.17%, 01/26/38 |
1,000 |
1,003,521 | |
Series 2020-19A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 5.06%, 04/20/38 |
2,000 |
1,998,502 | |
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.02%, 07/15/30 (a)(b) |
500 |
501,454 | |
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3-mo. CME Term SOFR + 1.66%), 5.55%, 01/20/30 (a)(b) |
942 |
942,539 | |
Octagon Investment Partners XVII Ltd. (a)(b) |
|||
Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 5.52%, 01/25/31 |
707 |
707,429 | |
Series 2013-1A, Class CR2, (3-mo. CME Term SOFR + 1.96%), 5.82%, 01/25/31 |
1,000 |
1,002,435 | |
OHA Credit Funding Ltd. (a)(b) |
|||
Series 2019-3A, Class AR2, (3-mo. CME Term SOFR + 1.32%), 5.20%, 01/20/38 |
1,750 |
1,755,494 | |
Series 2020-5AR, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.23%, 10/18/37 |
1,000 |
1,003,421 | |
Series 2020-7A, Class A1R2, (3-mo. CME Term SOFR + 1.28%), 5.16%, 07/19/38 |
1,000 |
1,002,738 | |
OHA Credit Partners XII Ltd., Series 2015-12AR, Class D1R2, (3-mo. CME Term SOFR + 3.50%), 7.36%, 04/23/37 (a)(b) |
600 |
600,212 | |
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
OHA Credit Partners XVI, Series 2021-16A, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.23%, 10/18/37 (a)(b) |
USD |
750 |
$ 752,621 |
Palmer Square CLO Ltd., Series 2021-4A, Class BR, (3-mo. CME Term SOFR + 1.70%), 5.60%, 07/15/38 (a)(b) |
2,500 |
2,509,942 | |
Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME Term SOFR + 1.60%), 5.48%, 04/20/37 (a)(b) |
2,000 |
2,007,046 | |
Rad CLO Ltd., Series 2024-25A, Class A1, (3-mo. CME Term SOFR + 1.46%), 5.34%, 07/20/37 (a)(b) |
1,500 |
1,504,970 | |
Regatta VI Funding Ltd., Series 2016-1A, Class A1R3, (3-mo. CME Term SOFR + 1.25%), 5.21%, 10/20/38 (a)(b) |
2,000 |
2,004,938 | |
Regatta XI Funding Ltd., Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.40%), 5.28%, 07/17/37 (a)(b) |
3,000 |
3,009,768 | |
Regatta XII Funding Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.39%), 5.29%, 10/15/37 (a)(b) |
1,500 |
1,505,870 | |
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, (3-mo. CME Term SOFR + 1.55%), 5.45%, 04/15/38 (a)(b) |
1,000 |
1,002,594 | |
Regatta XXIV Funding Ltd., Series 2021-5A, Class AR, (3-mo. CME Term SOFR + 1.32%), 5.20%, 01/20/38 (a)(b) |
2,000 |
2,006,390 | |
Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 5.39%, 04/26/37 (a)(b) |
2,000 |
2,007,077 | |
Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.55%), 5.41%, 04/25/37 (a)(b) |
1,500 |
1,503,752 | |
Rockford Tower CLO Ltd., Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 5.34%, 10/20/30 (a)(b) |
199 |
198,663 | |
RR Ltd. (a)(b) |
|||
Series 2018-5A, Class CR, (3-mo. CME Term SOFR + 3.60%), 7.50%, 07/15/39 |
650 |
650,524 | |
Series 2022-21A, Class A1AR, (3-mo. CME Term SOFR + 1.40%), 5.30%, 07/15/39 |
1,000 |
1,003,282 | |
Series 2024-29RA, Class A2R, (3-mo. CME Term SOFR + 1.70%), 5.60%, 07/15/39 |
2,000 |
2,007,569 | |
Signal Peak CLO Ltd. (a)(b) |
|||
Series 2020-8A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 5.27%, 10/20/37 |
6,000 |
6,021,762 | |
Series 2024-14A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.16%, 01/22/38 |
2,000 |
2,006,578 | |
Silver Point CLO Ltd. (a)(b) |
|||
Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.63%), 5.53%, 04/15/37 |
1,000 |
1,003,277 | |
Series 2025-9A, Class A1, (3-mo. CME Term SOFR + 1.52%), 5.81%, 03/31/38 |
1,500 |
1,504,992 | |
Sixth Street CLO XII Ltd., Series 2018-12A, Class BR2, (3-mo. CME Term SOFR + 1.60%), 5.37%, 01/17/39 (a)(b) |
1,000 |
1,002,422 | |
Sixth Street CLO XIV Ltd., Series 2019-14A, Class BR2, (3-mo. CME Term SOFR + 1.50%), 5.37%, 01/20/38 (a)(b) |
1,750 |
1,754,341 | |
Symphony CLO 36 Ltd., Series 2017-2A, Class A, (3- mo. CME Term SOFR + 1.41%), 5.31%, 01/16/31 (a)(b) |
57 |
57,026 | |
Schedule of Investments
73
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities (continued) | |||
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 5.29%, 01/15/34 (a)(b) |
USD |
2,000 |
$ 2,000,621 |
Trestles CLO VII Ltd., Series 2024-7A, Class A1, (3-mo. CME Term SOFR + 1.38%), 5.24%, 10/25/37 (a)(b) |
1,388 |
1,392,657 | |
Trimaran CAVU Ltd. (a)(b) |
|||
Series 2021-2A, Class B1, (3-mo. CME Term SOFR + 2.01%), 5.87%, 10/25/34 |
1,500 |
1,500,181 | |
Series 2022-2A, Class AR, (3-mo. CME Term SOFR + 1.24%), 5.12%, 03/27/38 |
1,000 |
1,001,520 | |
Warwick Capital CLO Ltd., Series 2024-4A, Class A1, (3-mo. CME Term SOFR + 1.40%), 5.28%, 07/20/37 (a)(b) |
1,000 |
1,003,828 | |
Whitebox CLO II Ltd., Series 2020-2A, Class A1R2, (3-mo. CME Term SOFR + 1.38%), 5.25%, 10/24/37 (a)(b) |
1,500 |
1,505,305 | |
Total Asset-Backed Securities — 13.9% (Cost: $146,587,488) |
147,418,976 | ||
Shares |
|||
Common Stocks | |||
Entertainment — 0.0% |
|||
Learfield Communications LLC, (Acquired 09/06/23, Cost: $5,212) (c)(d)(e) |
415 |
46,480 | |
Financial Services — 0.0% |
|||
Aimbridge Acquisition Co., Inc. (c)(d) |
667 |
44,870 | |
Ground Transportation — 0.0% |
|||
Sirva BGRS Holdings, Inc. (d) |
99 |
82 | |
Hotels, Restaurants & Leisure — 0.0% |
|||
Fortrex Equity (c)(d) |
895 |
24,165 | |
IT Services — 0.0% |
|||
Travelport LLC (c)(d) |
25 |
73,467 | |
Trading Companies & Distributors — 0.0% |
|||
TMK Hawk Midco Corp. (c)(d) |
934 |
6,542 | |
Wireless Telecommunication Services — 0.0% |
|||
Altice France Lux 3 (d) |
13,720 |
241,631 | |
Total Common Stocks — 0.0% (Cost: $439,472) |
437,237 | ||
Par (000) |
|||
Corporate Bonds | |||
Advertising Agencies (b) — 0.8% | |||
Clear Channel Outdoor Holdings, Inc. |
|||
7.75%, 04/15/28 |
USD |
1,401 |
1,402,034 |
7.50%, 06/01/29 (f) |
380 |
377,322 | |
7.88%, 04/01/30 (f) |
901 |
948,927 | |
7.13%, 02/15/31 |
1,124 |
1,176,989 | |
7.50%, 03/15/33 |
1,306 |
1,379,516 | |
CMG Media Corp., 8.88%, 06/18/29 |
54 |
46,389 | |
Lamar Media Corp., 5.38%, 11/01/33 |
269 |
267,237 | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |
54 |
54,092 | |
Security |
Par (000) |
Value | |
Advertising Agencies (continued) | |||
Omnicom Group, Inc., 5.40%, 10/01/48 (f) |
USD |
2,215 |
$ 2,050,948 |
Outfront Media Capital LLC/Outfront Media Capital Corp. |
|||
5.00%, 08/15/27 |
119 |
119,172 | |
4.25%, 01/15/29 (f) |
373 |
363,260 | |
4.63%, 03/15/30 (f) |
176 |
171,802 | |
7.38%, 02/15/31 |
359 |
379,987 | |
Stagwell Global LLC, 5.63%, 08/15/29 |
209 |
203,806 | |
8,941,481 | |||
Aerospace & Defense — 3.5% | |||
AAR Escrow Issuer LLC, 6.75%, 03/15/29 (b) |
350 |
362,194 | |
ATI, Inc. |
|||
5.88%, 12/01/27 |
253 |
253,297 | |
7.25%, 08/15/30 |
657 |
694,105 | |
5.13%, 10/01/31 |
656 |
656,440 | |
Boeing Co. (f) |
|||
5.15%, 05/01/30 |
6,775 |
6,961,381 | |
7.01%, 05/01/64 |
2,285 |
2,596,332 | |
Bombardier, Inc. (b) |
|||
8.75%, 11/15/30 |
576 |
622,315 | |
7.25%, 07/01/31 |
165 |
175,832 | |
7.00%, 06/01/32 (f) |
362 |
382,504 | |
6.75%, 06/15/33 |
436 |
460,846 | |
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, 02/15/32 (b) |
1,270 |
1,282,840 | |
General Dynamics Corp., 4.25%, 04/01/50 (f) |
1,260 |
1,062,790 | |
Goat Holdco LLC, 6.75%, 02/01/32 (b) |
452 |
464,233 | |
Moog, Inc., 4.25%, 12/15/27 (b) |
320 |
316,933 | |
Northrop Grumman Corp. (f) |
|||
4.03%, 10/15/47 |
2,400 |
1,927,792 | |
5.25%, 05/01/50 |
3,050 |
2,878,280 | |
RTX Corp. (f) |
|||
4.63%, 11/16/48 |
2,805 |
2,443,530 | |
3.13%, 07/01/50 |
3,545 |
2,385,819 | |
6.40%, 03/15/54 |
1,100 |
1,210,511 | |
TransDigm, Inc. (b) |
|||
6.75%, 08/15/28 |
1,695 |
1,724,859 | |
6.38%, 03/01/29 |
2,462 |
2,538,984 | |
6.63%, 03/01/32 |
1,240 |
1,290,120 | |
6.00%, 01/15/33 |
1,068 |
1,093,066 | |
6.38%, 05/31/33 |
876 |
898,887 | |
6.25%, 01/31/34 |
250 |
259,420 | |
6.75%, 01/31/34 |
1,763 |
1,836,489 | |
36,779,799 | |||
Air Freight & Logistics (b) — 0.0% | |||
Rand Parent LLC, 8.50%, 02/15/30 |
311 |
324,016 | |
Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |
152 |
160,861 | |
484,877 | |||
Automobile Components — 0.6% | |||
American Axle & Manufacturing, Inc. (b) |
|||
6.38%, 10/15/32 |
195 |
198,599 | |
7.75%, 10/15/33 |
203 |
206,771 | |
Clarios Global LP/Clarios U.S. Finance Co. (b) |
|||
6.75%, 05/15/28 |
1,071 |
1,098,177 | |
6.75%, 02/15/30 |
475 |
495,810 | |
4.75%, 06/15/31 |
EUR |
250 |
297,983 |
6.75%, 09/15/32 |
USD |
879 |
911,516 |
Dana, Inc. |
|||
4.25%, 09/01/30 |
117 |
113,285 | |
74
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Automobile Components (continued) | |||
Dana, Inc. (continued) |
|||
4.50%, 02/15/32 |
USD |
178 |
$ 170,864 |
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32 (b) |
109 |
115,853 | |
Goodyear Tire & Rubber Co. |
|||
5.00%, 07/15/29 (f) |
207 |
204,527 | |
6.63%, 07/15/30 |
213 |
218,119 | |
5.25%, 04/30/31 |
18 |
17,281 | |
5.63%, 04/30/33 |
53 |
50,202 | |
Motherson Global Investments BV, 5.63%, 07/11/29 (g) |
275 |
280,302 | |
Qnity Electronics, Inc. (b) |
|||
5.75%, 08/15/32 |
360 |
368,081 | |
6.25%, 08/15/33 |
279 |
289,198 | |
SK On Co. Ltd., 5.38%, 05/11/26 (g) |
200 |
200,776 | |
Tenneco, Inc., 8.00%, 11/17/28 (b) |
683 |
685,186 | |
5,922,530 | |||
Automobiles — 1.9% | |||
Allison Transmission, Inc., 5.88%, 12/01/33 (b) |
206 |
209,000 | |
Asbury Automotive Group, Inc. |
|||
4.50%, 03/01/28 |
221 |
220,365 | |
5.00%, 02/15/32 (b) |
100 |
97,180 | |
Carvana Co. (b)(h) |
|||
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |
1,010 |
1,059,071 | |
(9.00% PIK), 9.00%, 06/01/31 |
1,999 |
2,255,306 | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/32 (b) |
264 |
282,235 | |
Ford Motor Co. |
|||
3.25%, 02/12/32 |
171 |
150,680 | |
6.10%, 08/19/32 |
3,129 |
3,224,013 | |
General Motors Co. (f) |
|||
6.25%, 10/02/43 |
940 |
953,184 | |
5.95%, 04/01/49 |
3,455 |
3,353,103 | |
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, 08/15/29 (b) |
200 |
209,439 | |
Group 1 Automotive, Inc., 6.38%, 01/15/30 (b) |
90 |
92,609 | |
Hyundai Capital America (g) |
|||
5.50%, 03/30/26 |
200 |
200,645 | |
2.38%, 10/15/27 |
200 |
194,040 | |
Hyundai Capital Services, Inc., 5.13%, 02/05/29 (g) |
225 |
229,592 | |
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 |
500 |
494,123 | |
LCM Investments Holdings II LLC (b)(f) |
|||
4.88%, 05/01/29 |
406 |
399,996 | |
8.25%, 08/01/31 |
320 |
338,462 | |
Lithia Motors, Inc., 5.50%, 10/01/30 (b) |
223 |
223,886 | |
Nissan Motor Acceptance Co. LLC |
|||
6.95%, 09/15/26 (b)(f) |
3,265 |
3,300,933 | |
6.95%, 09/15/26 (g) |
75 |
75,825 | |
7.05%, 09/15/28 |
150 |
155,135 | |
6.13%, 09/30/30 (b) |
575 |
575,080 | |
Nissan Motor Co. Ltd. |
|||
4.81%, 09/17/30 |
200 |
188,500 | |
7.75%, 07/17/32 (b) |
266 |
282,548 | |
6.38%, 07/17/33 (b) |
EUR |
190 |
228,999 |
8.13%, 07/17/35 (b) |
USD |
789 |
838,409 |
Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/31 (b) |
301 |
295,901 | |
TML Holdings Pte. Ltd., 4.35%, 06/09/26 (g) |
200 |
198,900 | |
20,327,159 | |||
Banks — 5.7% | |||
ABQ Finance Ltd., 4.95%, 03/25/30 (g) |
250 |
255,220 | |
Security |
Par (000) |
Value | |
Banks (continued) | |||
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27 (g) |
USD |
212 |
$ 210,279 |
Agricultural Bank of China Ltd., 1.25%, 01/19/26 (g) |
200 |
199,720 | |
Al Rajhi Sukuk Ltd., (5-year CMT + 2.00%), 5.65%, 03/16/36 (a)(g) |
200 |
201,578 | |
ANB Tier 1 Sukuk Co. Ltd., (5-year CMT + 2.60%), 6.40% (a)(g)(i) |
200 |
201,752 | |
Australia & New Zealand Banking Group Ltd. (a) |
|||
(1-day SOFR + 0.68%), 4.64%, 07/16/27 (g) |
200 |
200,994 | |
(5-year CMT + 1.70%), 2.57%, 11/25/35 (b)(f) |
5,445 |
4,896,476 | |
Bangkok Bank PCL (g) |
|||
4.45%, 09/19/28 |
200 |
201,538 | |
(5-year CMT + 1.90%), 3.73%, 09/25/34 (a) |
200 |
189,762 | |
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26 (g) |
200 |
200,622 | |
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26 (g) |
200 |
198,250 | |
Bank of China Ltd., 1.40%, 04/28/26 (g) |
200 |
198,196 | |
Bank of East Asia Ltd. (a)(g) |
|||
(1-year CMT + 2.30%), 6.63%, 03/13/27 |
250 |
250,915 | |
(5-year CMT + 2.30%), 4.88%, 04/22/32 |
750 |
749,475 | |
BPCE SA, (1-day SOFR + 2.61%), 6.92%, 01/14/46 (a)(b) |
3,095 |
3,302,099 | |
BSF Finance, (5-year CMT + 2.00%), 5.76%, 09/03/35 (a)(g) |
400 |
399,540 | |
China CITIC Bank International Ltd., (5-year CMT + 1.65%), 6.00%, 12/05/33 (a)(g) |
250 |
261,137 | |
First Abu Dhabi Bank PJSC, 5.00%, 02/28/29 (g) |
200 |
205,188 | |
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b) |
9,840 |
9,844,739 | |
Kasikornbank PCL/Hong Kong, (5-year CMT + 1.70%), 3.34%, 10/02/31 (a)(g) |
468 |
462,080 | |
KeyCorp, (1-day SOFR Index + 2.42%), 6.40%, 03/06/35 (a) |
1,995 |
2,166,960 | |
KODIT Global Co. Ltd., Series 2023-1, 4.95%, 05/25/26 (g) |
200 |
200,504 | |
Kookmin Bank, 5.25%, 05/08/29 (g) |
200 |
207,310 | |
Macquarie Bank Ltd., 6.80%, 01/18/33 (b)(f) |
5,110 |
5,583,886 | |
Metropolitan Bank & Trust Co. (g) |
|||
5.38%, 03/06/29 |
320 |
329,500 | |
5.50%, 03/06/34 |
275 |
286,172 | |
Nanyang Commercial Bank Ltd., (5-year CMT + 2.10%), 6.00%, 08/06/34 (a)(g) |
250 |
257,523 | |
NongHyup Bank, 4.00%, 01/06/26 (g) |
200 |
199,960 | |
Philippine National Bank, 4.85%, 10/23/29 (g) |
200 |
202,500 | |
Riyad Sukuk Ltd., (5-year CMT + 2.25%), 6.21%, 07/14/35 (a)(g) |
400 |
408,800 | |
Saudi Awwal Bank, (5-year CMT + 2.20%), 5.95%, 09/04/35 (a)(g) |
200 |
202,500 | |
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26 (g) |
200 |
199,840 | |
Standard Chartered PLC (a)(g) |
|||
(1-day SOFR + 1.68%), 5.49%, 05/13/31 |
400 |
408,180 | |
(1-year CMT + 2.10%), 6.10%, 01/11/35 |
200 |
213,968 | |
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84 (a) |
8,570 |
9,002,108 | |
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27 (a) |
9,310 |
9,384,911 | |
United Overseas Bank Ltd., 1.25%, 04/14/26 (g) |
200 |
198,412 | |
Walker & Dunlop, Inc., 6.63%, 04/01/33 (b) |
192 |
196,977 | |
Wells Fargo & Co. (f) |
|||
5.61%, 01/15/44 |
4,119 |
4,081,107 | |
Schedule of Investments
75
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Banks (continued) | |||
Wells Fargo & Co. (f) (continued) |
|||
(1-day SOFR + 1.51%), 3.53%, 03/24/28 (a) |
USD |
4,075 |
$ 4,048,508 |
Westpac Banking Corp., (1-day SOFR + 0.81%), 4.77%, 04/16/29 (a) |
200 |
201,481 | |
60,610,667 | |||
Beverages (f) — 1.0% | |||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 |
5,712 |
5,282,968 | |
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49 |
5,000 |
4,989,055 | |
10,272,023 | |||
Biotechnology — 0.6% | |||
Baxalta, Inc., 5.25%, 06/23/45 (f) |
6,000 |
5,726,296 | |
Genmab AS (b) |
|||
6.25%, 12/15/32 |
228 |
233,665 | |
7.25%, 12/15/33 |
561 |
589,281 | |
6,549,242 | |||
Building Materials (b) — 1.2% | |||
AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33 |
286 |
301,345 | |
Builders FirstSource, Inc. |
|||
6.38%, 03/01/34 |
209 |
216,092 | |
6.75%, 05/15/35 |
224 |
234,195 | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc. |
|||
6.63%, 12/15/30 |
4,324 |
4,503,498 | |
6.75%, 07/15/31 |
321 |
338,338 | |
Jeld-Wen, Inc. |
|||
4.88%, 12/15/27 |
345 |
301,120 | |
7.00%, 09/01/32 (f) |
255 |
175,205 | |
New Enterprise Stone & Lime Co., Inc. |
|||
5.25%, 07/15/28 |
163 |
162,864 | |
9.75%, 07/15/28 |
93 |
93,697 | |
Quikrete Holdings, Inc. |
|||
6.38%, 03/01/32 |
1,724 |
1,794,477 | |
6.75%, 03/01/33 |
395 |
412,495 | |
Smyrna Ready Mix Concrete LLC |
|||
6.00%, 11/01/28 |
245 |
246,132 | |
8.88%, 11/15/31 |
6 |
6,418 | |
Standard Building Solutions, Inc. |
|||
6.50%, 08/15/32 |
861 |
886,422 | |
6.25%, 08/01/33 |
807 |
824,380 | |
5.88%, 03/15/34 |
358 |
359,047 | |
Standard Industries, Inc. |
|||
4.38%, 07/15/30 |
1,443 |
1,392,070 | |
3.38%, 01/15/31 |
393 |
360,057 | |
Wilsonart LLC, 11.00%, 08/15/32 |
426 |
380,666 | |
12,988,518 | |||
Building Products (b) — 0.3% | |||
QXO Building Products, Inc., 6.75%, 04/30/32 |
1,156 |
1,207,348 | |
White Cap Supply Holdings LLC, 7.38%, 11/15/30 |
1,983 |
2,051,262 | |
3,258,610 | |||
Capital Markets — 1.3% | |||
ARES Strategic Income Fund, 5.45%, 09/09/28 (b)(f) |
4,275 |
4,310,734 | |
Blue Owl Capital Corp., 6.20%, 07/15/30 (f) |
703 |
711,832 | |
CFAMC II Co. Ltd., 4.63%, 06/03/26 (g) |
200 |
200,004 | |
China Ping An Insurance Overseas Holdings Ltd., 6.13%, 05/16/34 (g) |
200 |
215,004 | |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b) |
460 |
426,784 | |
Security |
Par (000) |
Value | |
Capital Markets (continued) | |||
Focus Financial Partners LLC, 6.75%, 09/15/31 (b) |
USD |
336 |
$ 345,448 |
Gaci First Investment Co., 5.25%, 10/13/32 (g) |
200 |
205,750 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|||
5.25%, 05/15/27 |
2,670 |
2,633,301 | |
9.75%, 01/15/29 |
274 |
273,162 | |
4.38%, 02/01/29 (f) |
252 |
217,423 | |
10.00%, 11/15/29 (b) |
110 |
109,922 | |
Jane Street Group/JSG Finance, Inc. (b) |
|||
6.13%, 11/01/32 |
100 |
101,756 | |
6.75%, 05/01/33 |
441 |
460,314 | |
Nomura Holdings, Inc., (5-year CMT + 1.30%), 5.04%, 06/10/36 (a) |
400 |
395,290 | |
Osaic Holdings, Inc. (b) |
|||
6.75%, 08/01/32 |
164 |
171,318 | |
8.00%, 08/01/33 |
272 |
282,797 | |
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28 (a)(f) |
2,925 |
3,023,782 | |
14,084,621 | |||
Chemicals — 2.9% | |||
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (b) |
534 |
563,165 | |
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b) |
940 |
903,589 | |
Celanese U.S. Holdings LLC |
|||
7.00%, 02/15/31 |
33 |
33,788 | |
6.75%, 04/15/33 (f) |
241 |
239,736 | |
7.38%, 02/15/34 |
274 |
278,376 | |
Chemours Co. |
|||
5.38%, 05/15/27 |
484 |
485,175 | |
5.75%, 11/15/28 (b) |
1,070 |
1,040,586 | |
8.00%, 01/15/33 (b) |
190 |
183,941 | |
DuPont de Nemours, Inc., 5.42%, 11/15/48 (f) |
7,500 |
7,132,263 | |
Element Solutions, Inc., 3.88%, 09/01/28 (b) |
3,039 |
2,970,464 | |
GC Treasury Center Co. Ltd., 2.98%, 03/18/31 (g) |
200 |
181,656 | |
Herens Holdco SARL, 4.75%, 05/15/28 (b) |
200 |
173,655 | |
Ingevity Corp., 3.88%, 11/01/28 (b) |
100 |
97,371 | |
Inversion Escrow Issuer LLC, 6.75%, 08/01/32 (b) |
400 |
398,455 | |
Kraton Corp., 5.00%, 07/15/27 |
200 |
202,902 | |
LG Chem Ltd., 2.38%, 07/07/31 (g) |
200 |
178,000 | |
LYB Finance Co. BV, 8.10%, 03/15/27 (b) |
6,000 |
6,257,434 | |
Mativ Holdings, Inc., 8.00%, 10/01/29 (b) |
126 |
127,263 | |
Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (b) |
274 |
282,130 | |
Olympus Water U.S. Holding Corp. (b) |
|||
6.25%, 10/01/29 (f) |
200 |
194,617 | |
7.25%, 06/15/31 |
970 |
992,318 | |
7.25%, 02/15/33 |
1,596 |
1,603,887 | |
Perimeter Holdings LLC, 01/15/34 (b)(j) |
676 |
671,558 | |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |
1,061 |
1,050,599 | |
Solstice Advanced Materials, Inc., 5.63%, 09/30/33 (b) |
533 |
537,687 | |
WR Grace Holdings LLC (b) |
|||
4.88%, 06/15/27 |
198 |
197,389 | |
5.63%, 08/15/29 (f) |
2,729 |
2,597,696 | |
7.38%, 03/01/31 |
297 |
304,138 | |
6.63%, 08/15/32 |
616 |
623,866 | |
30,503,704 | |||
Commercial Services & Supplies — 2.6% | |||
ADT Security Corp. (b) |
|||
4.88%, 07/15/32 |
413 |
400,022 | |
5.88%, 10/15/33 |
583 |
590,225 | |
Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30 (b) |
617 |
643,970 | |
76
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Commercial Services & Supplies (continued) | |||
Allied Universal Holdco LLC, 7.88%, 02/15/31 (b) |
USD |
3,021 |
$ 3,183,768 |
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b) |
|||
6.00%, 06/01/29 (f) |
800 |
791,722 | |
6.88%, 06/15/30 |
1,102 |
1,147,376 | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b) |
2,672 |
2,631,933 | |
Belron U.K. Finance PLC, 5.75%, 10/15/29 (b) |
1,030 |
1,051,826 | |
Brink ’ s Co. (b) |
|||
6.50%, 06/15/29 |
225 |
232,964 | |
6.75%, 06/15/32 |
340 |
354,292 | |
Deluxe Corp., 8.13%, 09/15/29 (b) |
164 |
172,771 | |
FTAI Aviation Investors LLC (b) |
|||
5.50%, 05/01/28 |
1,350 |
1,351,181 | |
7.88%, 12/01/30 |
909 |
966,634 | |
7.00%, 05/01/31 |
1,515 |
1,595,428 | |
7.00%, 06/15/32 (f) |
799 |
839,951 | |
5.88%, 04/15/33 |
585 |
594,466 | |
Garda World Security Corp. (b) |
|||
7.75%, 02/15/28 |
606 |
619,694 | |
6.00%, 06/01/29 |
89 |
87,282 | |
8.25%, 08/01/32 |
765 |
777,488 | |
8.38%, 11/15/32 |
1,252 |
1,275,304 | |
Herc Holdings, Inc. (b) |
|||
6.63%, 06/15/29 (f) |
199 |
206,582 | |
7.00%, 06/15/30 |
503 |
529,372 | |
5.75%, 03/15/31 |
189 |
191,805 | |
7.25%, 06/15/33 |
255 |
270,398 | |
6.00%, 03/15/34 |
195 |
197,599 | |
Hertz Corp., 12.63%, 07/15/29 (b) |
191 |
192,655 | |
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/26 (b) |
2 |
2,001 | |
RR Donnelley & Sons Co., 9.50%, 08/01/29 (b) |
788 |
812,034 | |
Sabre Financial Borrower LLC, 11.13%, 06/15/29 (b) |
599 |
606,989 | |
Service Corp. International |
|||
5.13%, 06/01/29 |
468 |
471,089 | |
3.38%, 08/15/30 |
1,331 |
1,244,616 | |
4.00%, 05/15/31 |
364 |
347,914 | |
5.75%, 10/15/32 |
1,280 |
1,302,707 | |
Sotheby ’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b) |
682 |
634,528 | |
United Rentals North America, Inc., 5.38%, 11/15/33 (b) |
696 |
695,507 | |
Veritiv Operating Co., 10.50%, 11/30/30 (b) |
216 |
232,246 | |
Wand NewCo 3, Inc., 7.63%, 01/30/32 (b) |
720 |
761,994 | |
28,008,333 | |||
Communications Equipment (b) — 0.1% | |||
CommScope LLC, 4.75%, 09/01/29 (f) |
983 |
981,614 | |
Viavi Solutions, Inc., 3.75%, 10/01/29 |
227 |
217,267 | |
1,198,881 | |||
Construction & Engineering — 0.4% | |||
AECOM, 6.00%, 08/01/33 (b) |
906 |
928,523 | |
Arcosa, Inc., 6.88%, 08/15/32 (b) |
76 |
80,114 | |
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |
1,967 |
1,928,923 | |
Dycom Industries, Inc., 4.50%, 04/15/29 (b) |
26 |
25,683 | |
Hanwha Futureproof Corp., 4.75%, 04/30/28 |
375 |
381,964 | |
IRB Infrastructure Developers Ltd., 7.11%, 03/11/32 (g) |
200 |
206,750 | |
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28 (b) |
541 |
497,720 | |
Security |
Par (000) |
Value | |
Construction & Engineering (continued) | |||
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31 (g) |
USD |
200 |
$ 181,432 |
Weekley Homes LLC / Weekley Finance Corp., 6.75%, 01/15/34 (b) |
214 |
216,681 | |
4,447,790 | |||
Consumer Discretionary (b) — 0.4% | |||
Clarivate Science Holdings Corp. |
|||
3.88%, 07/01/28 |
1,831 |
1,777,541 | |
4.88%, 07/01/29 (f) |
1,060 |
1,002,241 | |
Raven Acquisition Holdings LLC, 6.88%, 11/15/31 |
310 |
319,406 | |
Williams Scotsman, Inc. |
|||
4.63%, 08/15/28 |
269 |
268,175 | |
6.63%, 06/15/29 |
35 |
36,151 | |
6.63%, 04/15/30 |
409 |
422,738 | |
7.38%, 10/01/31 |
436 |
455,486 | |
4,281,738 | |||
Consumer Finance — 1.9% | |||
Block, Inc. |
|||
2.75%, 06/01/26 |
694 |
689,856 | |
5.63%, 08/15/30 (b) |
443 |
452,003 | |
6.50%, 05/15/32 |
2,803 |
2,914,728 | |
6.00%, 08/15/33 (b) |
555 |
569,768 | |
Boost Newco Borrower LLC, 7.50%, 01/15/31 (b)(k) |
1,170 |
1,243,535 | |
Bread Financial Holdings, Inc., (5-year CMT + 4.30%), 8.38%, 06/15/35 (a)(b) |
54 |
55,827 | |
Global Payments, Inc., 5.95%, 08/15/52 (f) |
4,547 |
4,343,527 | |
Hyundai Card Co. Ltd., 5.75%, 04/24/29 (g) |
345 |
357,534 | |
ION Platform Finance U.S., Inc., 7.88%, 09/30/32 (b) |
1,398 |
1,326,503 | |
Muthoot Finance Ltd. (g) |
|||
7.13%, 02/14/28 |
475 |
485,984 | |
6.38%, 03/02/30 |
825 |
838,664 | |
Navient Corp. |
|||
9.38%, 07/25/30 |
83 |
92,239 | |
7.88%, 06/15/32 |
183 |
191,453 | |
OneMain Finance Corp. |
|||
6.63%, 05/15/29 |
429 |
444,334 | |
5.38%, 11/15/29 |
1,224 |
1,224,827 | |
7.88%, 03/15/30 |
388 |
410,237 | |
6.13%, 05/15/30 |
422 |
430,266 | |
4.00%, 09/15/30 |
109 |
102,172 | |
7.50%, 05/15/31 |
115 |
120,997 | |
7.13%, 11/15/31 |
139 |
145,093 | |
6.75%, 03/15/32 (f) |
423 |
434,385 | |
7.13%, 09/15/32 |
281 |
291,937 | |
6.50%, 03/15/33 |
550 |
554,758 | |
Shift4 Payments, Inc. (b) |
|||
6.75%, 08/15/32 |
1,341 |
1,384,572 | |
5.50%, 05/15/33 |
EUR |
350 |
421,224 |
WEX, Inc., 6.50%, 03/15/33 (b) |
USD |
452 |
462,695 |
19,989,118 | |||
Consumer Staples Distribution & Retail — 1.1% | |||
Albertsons Cos, Inc. (b) |
|||
5.50%, 03/31/31 |
212 |
214,235 | |
6.25%, 03/15/33 (f) |
240 |
246,715 | |
5.75%, 03/31/34 |
366 |
367,480 | |
Boots Group Finco LP (b) |
|||
5.38%, 08/31/32 |
EUR |
465 |
564,683 |
7.38%, 08/31/32 |
GBP |
205 |
285,773 |
CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (g) |
USD |
200 |
182,776 |
CK Hutchison International 23 Ltd. (g) |
|||
4.75%, 04/21/28 |
400 |
406,084 | |
Schedule of Investments
77
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Consumer Staples Distribution & Retail (continued) | |||
CK Hutchison International 23 Ltd. (g) (continued) |
|||
4.88%, 04/21/33 |
USD |
400 |
$ 405,084 |
CK Hutchison International 24 Ltd., 5.50%, 04/26/34 (g) |
200 |
209,526 | |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29 (b) |
214 |
224,636 | |
Performance Food Group, Inc. (b) |
|||
4.25%, 08/01/29 |
851 |
832,008 | |
6.13%, 09/15/32 |
712 |
734,006 | |
U.S. Foods, Inc. (b) |
|||
6.88%, 09/15/28 |
132 |
136,551 | |
4.75%, 02/15/29 |
595 |
591,659 | |
7.25%, 01/15/32 |
338 |
355,280 | |
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |
336 |
336,316 | |
Walmart, Inc., 5.25%, 09/01/35 (f) |
5,150 |
5,448,730 | |
11,541,542 | |||
Containers & Packaging — 3.1% | |||
Ardagh Group SA |
|||
9.50%, 12/01/30 (b) |
661 |
717,039 | |
(4.50% Cash + 7.50% PIK), 12.00%, 12/01/30 (g)(h) |
EUR |
304 |
327,536 |
(5.50% Cash + 6.50% PIK), 12.00%, 12/01/30 (b)(h) |
USD |
900 |
822,375 |
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 6.25%, 01/30/31 (b) |
406 |
415,247 | |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |
|||
3.25%, 09/01/28 |
200 |
192,297 | |
4.00%, 09/01/29 (f) |
2,600 |
2,447,603 | |
Ball Corp. |
|||
3.13%, 09/15/31 (f) |
234 |
215,354 | |
4.25%, 07/01/32 |
EUR |
185 |
222,491 |
5.50%, 09/15/33 (f) |
USD |
255 |
259,945 |
Clydesdale Acquisition Holdings, Inc. (b) |
|||
6.63%, 04/15/29 |
287 |
292,008 | |
6.88%, 01/15/30 |
666 |
682,650 | |
6.75%, 04/15/32 |
839 |
862,722 | |
Crown Americas LLC, 5.88%, 06/01/33 (b) |
753 |
770,168 | |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
224 |
223,171 | |
International Paper Co. (f) |
|||
8.70%, 06/15/38 |
4,000 |
5,000,168 | |
7.30%, 11/15/39 |
10,000 |
11,663,802 | |
LABL, Inc. (b) |
|||
5.88%, 11/01/28 |
428 |
268,199 | |
9.50%, 11/01/28 |
771 |
486,479 | |
8.63%, 10/01/31 |
433 |
230,294 | |
Magnera Corp., 7.25%, 11/15/31 (b) |
183 |
179,644 | |
Mauser Packaging Solutions Holding Co. (b) |
|||
7.88%, 04/15/30 |
5,124 |
5,083,573 | |
9.25%, 04/15/30 |
207 |
198,720 | |
OI European Group BV, 6.25%, 05/15/28 (b) |
EUR |
175 |
211,577 |
Owens-Brockway Glass Container, Inc., 6.63%, 05/13/27 (b) |
USD |
59 |
59,209 |
Sealed Air Corp. (b) |
|||
4.00%, 12/01/27 |
205 |
203,937 | |
5.00%, 04/15/29 |
86 |
86,566 | |
6.50%, 07/15/32 |
89 |
92,327 | |
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28 (b) |
121 |
123,010 | |
Silgan Holdings, Inc., 4.25%, 02/15/31 (b) |
EUR |
390 |
464,513 |
Security |
Par (000) |
Value | |
Containers & Packaging (continued) | |||
Trivium Packaging Finance BV (b) |
|||
6.63%, 07/15/30 |
EUR |
110 |
$ 136,121 |
8.25%, 07/15/30 |
USD |
180 |
192,957 |
12.25%, 01/15/31 |
200 |
217,007 | |
33,348,709 | |||
Distributors (b) — 0.1% | |||
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 |
6 |
5,782 | |
Gates Corp., 6.88%, 07/01/29 |
419 |
435,123 | |
Resideo Funding, Inc. |
|||
4.00%, 09/01/29 |
97 |
93,489 | |
6.50%, 07/15/32 (f) |
497 |
508,696 | |
1,043,090 | |||
Diversified REITs — 2.2% | |||
American Tower Corp., 3.60%, 01/15/28 |
4,000 |
3,962,382 | |
Crown Castle, Inc. (f) |
|||
3.65%, 09/01/27 |
8,000 |
7,936,341 | |
4.15%, 07/01/50 |
820 |
637,573 | |
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |
725 |
655,950 | |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |
403 |
384,730 | |
Iron Mountain, Inc. (b) |
|||
4.88%, 09/15/27 (f) |
606 |
605,384 | |
5.25%, 07/15/30 |
32 |
31,613 | |
5.63%, 07/15/32 |
493 |
485,246 | |
6.25%, 01/15/33 |
326 |
328,728 | |
4.75%, 01/15/34 |
EUR |
700 |
799,955 |
Millrose Properties, Inc. (b) |
|||
6.38%, 08/01/30 |
USD |
704 |
720,350 |
6.25%, 09/15/32 |
357 |
360,207 | |
SBA Communications Corp., 3.13%, 02/01/29 (f) |
3,003 |
2,872,505 | |
VICI Properties LP, 5.13%, 05/15/32 |
3,155 |
3,176,827 | |
22,957,791 | |||
Diversified Telecommunication Services — 7.5% | |||
AT&T, Inc. |
|||
4.65%, 06/01/44 |
28 |
24,242 | |
4.35%, 06/15/45 |
95 |
78,384 | |
3.50%, 09/15/53 (f) |
15,960 |
10,680,818 | |
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (b) |
317 |
336,254 | |
EchoStar Corp. |
|||
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30 (h) |
2,631 |
2,695,165 | |
10.75%, 11/30/29 |
1,571 |
1,736,914 | |
Fibercop SpA, 6.00%, 09/30/34 (b) |
600 |
568,407 | |
Frontier Communications Holdings LLC |
|||
5.88%, 10/15/27 (b) |
68 |
68,220 | |
5.00%, 05/01/28 (b) |
640 |
641,101 | |
6.75%, 05/01/29 (b) |
146 |
147,106 | |
5.88%, 11/01/29 |
268 |
271,025 | |
6.00%, 01/15/30 (b) |
358 |
364,071 | |
8.75%, 05/15/30 (b) |
2,617 |
2,732,830 | |
8.63%, 03/15/31 (b) |
395 |
415,612 | |
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20% (a)(g)(i) |
700 |
695,226 | |
HKT Capital No. 4 Ltd., 3.00%, 07/14/26 (g) |
200 |
198,738 | |
Iliad Holding SAS (b) |
|||
7.00%, 10/15/28 |
735 |
744,139 | |
8.50%, 04/15/31 |
925 |
995,530 | |
78
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Diversified Telecommunication Services (continued) | |||
Iliad Holding SAS (b) (continued) |
|||
7.00%, 04/15/32 |
USD |
364 |
$ 375,158 |
Level 3 Financing, Inc. (b) |
|||
3.63%, 01/15/29 |
80 |
73,833 | |
4.88%, 06/15/29 |
1,402 |
1,363,931 | |
6.88%, 06/30/33 |
2,536 |
2,595,545 | |
7.00%, 03/31/34 |
2,404 |
2,477,495 | |
Lumen Technologies, Inc. (b) |
|||
4.13%, 04/15/29 |
368 |
364,907 | |
4.13%, 04/15/30 |
369 |
366,024 | |
10.00%, 10/15/32 |
283 |
284,052 | |
NTT Finance Corp., 3.68%, 07/16/33 (g) |
EUR |
175 |
206,797 |
Sable International Finance Ltd., 7.13%, 10/15/32 (b) |
USD |
639 |
647,786 |
Sprint Capital Corp. |
|||
6.88%, 11/15/28 |
3,063 |
3,286,994 | |
8.75%, 03/15/32 |
2,041 |
2,468,296 | |
Telecom Italia Capital SA, 7.72%, 06/04/38 |
478 |
529,489 | |
Telefonica Emisiones SA, 5.21%, 03/08/47 (f) |
5,000 |
4,402,013 | |
Verizon Communications, Inc. (f) |
|||
6.40%, 09/15/33 |
9,475 |
10,439,903 | |
6.55%, 09/15/43 |
13,225 |
14,527,425 | |
5.01%, 04/15/49 |
6,998 |
6,281,657 | |
Windstream Services LLC, 7.50%, 10/15/33 (b) |
452 |
463,349 | |
Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (b) |
1,183 |
1,241,877 | |
Zayo Group Holdings, Inc. (b)(h) |
|||
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |
3,122 |
2,965,557 | |
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
423 |
387,927 | |
79,143,797 | |||
Electric Utilities — 3.6% | |||
Alpha Generation LLC, 6.75%, 10/15/32 (b)(f) |
336 |
347,824 | |
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32 (b) |
286 |
286,472 | |
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26 (g) |
200 |
199,800 | |
Chugoku Electric Power Co., Inc., 5.74%, 01/14/35 (g) |
200 |
209,503 | |
Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27 (g) |
200 |
203,000 | |
ContourGlobal Power Holdings SA, 6.75%, 02/28/30 (b) |
600 |
618,666 | |
Emera, Inc., Series 16-A, (3-mo. SOFR US + 5.7%), 6.75%, 06/15/76 (a) |
7,500 |
7,534,327 | |
FirstEnergy Corp., 2.65%, 03/01/30 |
73 |
68,064 | |
Hokkaido Electric Power Co., Inc., 4.59%, 09/04/30 (g) |
400 |
402,062 | |
Minejesa Capital BV, 4.63%, 08/10/30 (g) |
144 |
143,165 | |
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |
350 |
347,349 | |
NextEra Energy Capital Holdings, Inc., (3-mo. SOFR US + 2.67%), 4.80%, 12/01/77 (a)(f) |
5,000 |
4,914,528 | |
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42 (f) |
2,750 |
2,682,389 | |
Pacific Gas and Electric Co., 4.20%, 06/01/41 (f) |
2,310 |
1,924,501 | |
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |
150 |
147,943 | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (g) |
|||
3.00%, 06/30/30 |
350 |
327,827 | |
1.88%, 11/05/31 |
EUR |
200 |
209,921 |
PG&E Corp., 5.25%, 07/01/30 |
USD |
226 |
224,399 |
Progress Energy, Inc., 7.00%, 10/30/31 (f) |
12,000 |
13,466,884 | |
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (g) |
200 |
194,000 | |
State Grid Overseas Investment BVI Ltd., 3.50%, 05/04/27 (g) |
200 |
199,280 | |
Security |
Par (000) |
Value | |
Electric Utilities (continued) | |||
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26 (g) |
USD |
200 |
$ 199,170 |
Vistra Operations Co. LLC (b) |
|||
5.63%, 02/15/27 |
812 |
812,353 | |
5.00%, 07/31/27 |
23 |
23,053 | |
7.75%, 10/15/31 |
718 |
760,489 | |
6.88%, 04/15/32 |
420 |
442,436 | |
XPLR Infrastructure Operating Partners LP (b) |
|||
8.38%, 01/15/31 (f) |
654 |
686,459 | |
7.75%, 04/15/34 |
738 |
750,024 | |
38,325,888 | |||
Electronic Equipment, Instruments & Components (b) — 0.5% | |||
Coherent Corp., 5.00%, 12/15/29 (f) |
487 |
485,352 | |
Sensata Technologies, Inc. |
|||
4.38%, 02/15/30 |
2,150 |
2,099,905 | |
3.75%, 02/15/31 (f) |
416 |
390,406 | |
6.63%, 07/15/32 |
612 |
640,808 | |
WESCO Distribution, Inc. |
|||
7.25%, 06/15/28 |
1,043 |
1,058,138 | |
6.63%, 03/15/32 |
172 |
179,597 | |
6.38%, 03/15/33 |
346 |
361,253 | |
Zebra Technologies Corp., 6.50%, 06/01/32 |
166 |
171,598 | |
5,387,057 | |||
Energy Equipment & Services — 0.5% | |||
Archrock Partners LP/Archrock Partners Finance Corp. (b) |
|||
6.25%, 04/01/28 |
21 |
21,120 | |
6.63%, 09/01/32 |
672 |
693,071 | |
Enerflex, Inc., 6.88%, 01/15/31 (b) |
123 |
125,760 | |
Kodiak Gas Services LLC (b) |
|||
7.25%, 02/15/29 (f) |
757 |
787,546 | |
6.50%, 10/01/33 |
408 |
416,655 | |
6.75%, 10/01/35 (f) |
308 |
316,688 | |
Oceaneering International, Inc., 6.00%, 02/01/28 |
101 |
102,134 | |
Star Holding LLC, 8.75%, 08/01/31 (b) |
366 |
352,407 | |
Tidewater, Inc., 9.13%, 07/15/30 (b) |
266 |
285,402 | |
USA Compression Partners LP/USA Compression Finance Corp. (b) |
|||
7.13%, 03/15/29 |
526 |
544,469 | |
6.25%, 10/01/33 |
724 |
732,681 | |
Weatherford International Ltd., 6.75%, 10/15/33 (b) |
671 |
687,179 | |
5,065,112 | |||
Entertainment (b) — 0.1% | |||
Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/33 |
290 |
287,922 | |
Flutter Treasury DAC, 6.38%, 04/29/29 |
224 |
231,236 | |
Motion Bondco DAC, 6.63%, 11/15/27 |
204 |
198,080 | |
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 |
336 |
298,624 | |
1,015,862 | |||
Environmental, Maintenance & Security Service (b) — 0.5% | |||
Clean Harbors, Inc. |
|||
5.13%, 07/15/29 |
1,142 |
1,143,118 | |
6.38%, 02/01/31 |
100 |
102,912 | |
GFL Environmental, Inc. |
|||
4.00%, 08/01/28 |
36 |
35,510 | |
4.75%, 06/15/29 |
379 |
378,229 | |
4.38%, 08/15/29 |
629 |
618,513 | |
6.75%, 01/15/31 |
653 |
685,109 | |
Luna 15 SARL, (10.50% PIK), 10.50%, 07/01/32 (h) |
EUR |
140 |
171,081 |
Schedule of Investments
79
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Environmental, Maintenance & Security Service (continued) | |||
Madison IAQ LLC, 5.88%, 06/30/29 (f) |
USD |
939 |
$ 933,295 |
Reworld Holding Corp., 4.88%, 12/01/29 |
142 |
136,488 | |
Waste Pro USA, Inc., 7.00%, 02/01/33 |
1,318 |
1,356,638 | |
Wrangler Holdco Corp., 6.63%, 04/01/32 |
211 |
221,175 | |
5,782,068 | |||
Financial Services — 6.4% | |||
Azorra Finance Ltd. (b) |
|||
7.75%, 04/15/30 |
223 |
235,544 | |
7.25%, 01/15/31 |
147 |
154,031 | |
Bank of America Corp. (a)(f) |
|||
(1-day SOFR + 1.83%), 4.57%, 04/27/33 |
9,380 |
9,357,017 | |
(1-day SOFR + 1.99%), 6.20%, 11/10/28 |
3,090 |
3,210,855 | |
BOC Aviation Ltd., 1.75%, 01/21/26 (g) |
200 |
199,778 | |
BOC Aviation USA Corp., 5.25%, 01/14/30 (g) |
200 |
207,058 | |
China Cinda 2020 I Management Ltd. (g) |
|||
3.25%, 01/28/27 |
200 |
197,946 | |
3.00%, 03/18/27 |
200 |
197,078 | |
CITIC Ltd., 3.70%, 06/14/26 (g) |
200 |
199,428 | |
Citigroup, Inc. (f) |
|||
6.68%, 09/13/43 |
4,125 |
4,585,793 | |
(1-day SOFR + 2.66%), 6.17%, 05/25/34 (a) |
2,740 |
2,909,840 | |
CMB International Leasing Management Ltd., (1-day SOFR + 0.76%), 4.57%, 06/04/27 (a)(g) |
200 |
200,268 | |
CrossCountry Intermediate HoldCo LLC (b) |
|||
6.50%, 10/01/30 |
294 |
299,879 | |
6.75%, 12/01/32 |
152 |
154,467 | |
CS Treasury Management Services P Ltd., 9.00% (b)(i) |
107 |
102,589 | |
Deutsche Bank AG, (1-day SOFR + 2.51%), 6.82%, 11/20/29 (a) |
3,975 |
4,238,511 | |
Far East Horizon Ltd. (g) |
|||
6.63%, 04/16/27 |
290 |
296,073 | |
5.88%, 03/05/28 |
200 |
202,938 | |
Freedom Mortgage Holdings LLC (b) |
|||
9.25%, 02/01/29 |
235 |
246,479 | |
6.88%, 05/01/31 |
160 |
160,096 | |
9.13%, 05/15/31 |
407 |
437,141 | |
8.38%, 04/01/32 |
245 |
257,903 | |
GGAM Finance Ltd. (b) |
|||
8.00%, 06/15/28 |
202 |
213,912 | |
6.88%, 04/15/29 |
462 |
479,180 | |
5.88%, 03/15/30 |
286 |
289,933 | |
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27 (b) |
542 |
559,848 | |
Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), 3.62%, 03/15/28 (a) |
1,830 |
1,819,839 | |
Golub Capital Private Credit Fund, 5.45%, 08/15/28 (f) |
7,840 |
7,888,773 | |
HSBC Holdings PLC, (1-day SOFR + 1.57%), 5.40%, 05/13/31 (a) |
400 |
408,082 | |
JIC Zhixin Ltd., 3.50%, 11/24/27 (g) |
200 |
199,000 | |
JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, 09/14/33 (a)(f) |
11,000 |
11,629,135 | |
Manappuram Finance Ltd., 7.38%, 05/12/28 (g) |
200 |
203,500 | |
Midcap Financial Issuer Trust (b) |
|||
6.50%, 05/01/28 |
200 |
199,650 | |
5.63%, 01/15/30 |
600 |
561,996 | |
Mitsubishi UFJ Financial Group, Inc., (1-day SOFR + 1.48%), 5.42%, 04/24/31 (a) |
400 |
407,173 | |
Mizuho Financial Group, Inc., (1-day SOFR + 1.25%), 5.26%, 07/08/31 (a) |
275 |
277,980 | |
Muangthai Capital PCL, 7.55%, 07/21/30 (g) |
475 |
491,179 | |
OneMain Finance Corp., 6.75%, 09/15/33 |
528 |
534,668 | |
Security |
Par (000) |
Value | |
Financial Services (continued) | |||
PennyMac Financial Services, Inc. (b) |
|||
7.88%, 12/15/29 (f) |
USD |
301 |
$ 320,278 |
7.13%, 11/15/30 |
307 |
322,727 | |
6.88%, 05/15/32 |
262 |
274,286 | |
6.75%, 02/15/34 |
212 |
219,150 | |
Phoenix Aviation Capital Ltd., 9.25%, 07/15/30 (b) |
631 |
672,213 | |
Piramal Capital & Housing Finance Ltd., 7.80%, 01/29/28 (g) |
200 |
204,125 | |
Power Finance Corp. Ltd., 3.75%, 12/06/27 (g) |
200 |
197,798 | |
Rocket Cos., Inc. (b) |
|||
6.50%, 08/01/29 |
682 |
703,406 | |
6.13%, 08/01/30 |
1,844 |
1,906,104 | |
6.38%, 08/01/33 |
1,292 |
1,347,064 | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |
|||
2.88%, 10/15/26 (f) |
121 |
119,235 | |
3.88%, 03/01/31 |
157 |
149,086 | |
4.00%, 10/15/33 |
45 |
41,809 | |
Sammaan Capital Ltd., 7.50%, 10/16/30 (g) |
275 |
270,961 | |
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35 (a)(b) |
6,135 |
6,253,493 | |
UWM Holdings LLC (b) |
|||
6.63%, 02/01/30 |
560 |
567,044 | |
6.25%, 03/15/31 |
345 |
344,450 | |
68,127,789 | |||
Food Products — 1.7% | |||
Aramark Services, Inc., 5.00%, 02/01/28 (b) |
225 |
224,967 | |
B&G Foods, Inc., 8.00%, 09/15/28 (b) |
127 |
124,951 | |
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (b)(h) |
1,987 |
2,121,484 | |
Chobani LLC/Chobani Finance Corp., Inc. (b) |
|||
4.63%, 11/15/28 |
640 |
640,118 | |
7.63%, 07/01/29 |
1,660 |
1,731,583 | |
Darling Global Finance BV, 4.50%, 07/15/32 (b) |
EUR |
235 |
279,781 |
Darling Ingredients, Inc., 6.00%, 06/15/30 (b)(f) |
USD |
391 |
397,385 |
Fiesta Purchaser, Inc. (b) |
|||
7.88%, 03/01/31 |
28 |
29,201 | |
9.63%, 09/15/32 |
119 |
124,714 | |
General Mills, Inc., 4.20%, 04/17/28 (f) |
620 |
622,017 | |
Kraft Heinz Foods Co. |
|||
4.25%, 03/01/31 |
68 |
67,245 | |
5.00%, 07/15/35 |
214 |
213,124 | |
7.13%, 08/01/39 (b)(f) |
4,415 |
4,994,738 | |
4.63%, 10/01/39 |
100 |
91,327 | |
5.00%, 06/04/42 |
12 |
11,011 | |
4.38%, 06/01/46 |
158 |
130,527 | |
5.50%, 06/01/50 (f) |
2,825 |
2,642,908 | |
Lamb Weston Holdings, Inc. (b) |
|||
4.88%, 05/15/28 |
460 |
458,828 | |
4.13%, 01/31/30 (f) |
515 |
498,168 | |
4.38%, 01/31/32 |
643 |
612,571 | |
Post Holdings, Inc. (b) |
|||
4.63%, 04/15/30 (f) |
434 |
422,614 | |
4.50%, 09/15/31 |
72 |
68,259 | |
6.25%, 02/15/32 |
158 |
162,341 | |
6.38%, 03/01/33 |
113 |
114,130 | |
6.25%, 10/15/34 |
139 |
139,772 | |
80
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Food Products (continued) | |||
Post Holdings, Inc. (b) (continued) |
|||
6.50%, 03/15/36 |
USD |
466 |
$ 466,630 |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29 (b) |
275 |
264,946 | |
17,655,340 | |||
Ground Transportation — 1.8% | |||
BNSF Funding Trust I, (3-mo. SOFR US + 2.61%), 6.61%, 12/15/55 (a)(f) |
6,125 |
6,127,946 | |
CSX Corp., 3.80%, 04/15/50 (f) |
770 |
585,375 | |
Genesee & Wyoming, Inc., 6.25%, 04/15/32 (b) |
625 |
644,533 | |
Norfolk Southern Corp., 6.00%, 03/15/2105 (f) |
12,700 |
11,912,998 | |
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 (b) |
289 |
302,672 | |
19,573,524 | |||
Health Care Equipment & Supplies — 0.6% | |||
Avantor Funding, Inc. (b) |
|||
4.63%, 07/15/28 (f) |
2,191 |
2,179,095 | |
3.88%, 11/01/29 |
395 |
377,721 | |
Bausch & Lomb Corp., 8.38%, 10/01/28 (b) |
1,975 |
2,061,406 | |
Hologic, Inc., 3.25%, 02/15/29 (b) |
18 |
17,740 | |
Insulet Corp., 6.50%, 04/01/33 (b) |
314 |
327,310 | |
Medtronic, Inc., 4.63%, 03/15/45 (f) |
647 |
592,139 | |
Neogen Food Safety Corp., 8.63%, 07/20/30 (b) |
288 |
307,156 | |
5,862,567 | |||
Health Care Providers & Services — 4.3% | |||
Acadia Healthcare Co., Inc., 7.38%, 03/15/33 (b)(f) |
117 |
118,170 | |
Aetna, Inc., 3.88%, 08/15/47 |
3,500 |
2,620,683 | |
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |
609 |
603,684 | |
Charles River Laboratories International, Inc., 4.00%, 03/15/31 (b) |
68 |
64,430 | |
CHS/Community Health Systems, Inc. (b) |
|||
6.00%, 01/15/29 (f) |
1,167 |
1,166,668 | |
5.25%, 05/15/30 (f) |
852 |
800,192 | |
4.75%, 02/15/31 |
642 |
571,948 | |
10.88%, 01/15/32 |
437 |
476,959 | |
9.75%, 01/15/34 |
1,206 |
1,266,696 | |
Concentra Health Services, Inc., 6.88%, 07/15/32 (b) |
433 |
452,833 | |
DaVita, Inc. (b) |
|||
6.88%, 09/01/32 |
129 |
134,285 | |
6.75%, 07/15/33 |
75 |
77,767 | |
Elevance Health, Inc., 4.55%, 03/01/48 (f) |
5,000 |
4,252,251 | |
Fortrea Holdings, Inc., 7.50%, 07/01/30 (b)(f) |
88 |
89,945 | |
HAH Group Holding Co. LLC, 9.75%, 10/01/31 (b) |
186 |
174,906 | |
HCA, Inc. |
|||
5.38%, 09/01/26 |
359 |
359,775 | |
5.63%, 09/01/28 |
833 |
858,636 | |
5.25%, 06/15/49 |
3,500 |
3,163,204 | |
HealthEquity, Inc., 4.50%, 10/01/29 (b) |
1,134 |
1,114,036 | |
IQVIA, Inc. (b) |
|||
5.00%, 10/15/26 |
354 |
353,799 | |
5.00%, 05/15/27 |
200 |
199,945 | |
6.25%, 06/01/32 |
1,163 |
1,215,240 | |
LifePoint Health, Inc. (b) |
|||
9.88%, 08/15/30 |
184 |
198,112 | |
11.00%, 10/15/30 (f) |
698 |
765,451 | |
8.38%, 02/15/32 |
92 |
99,863 | |
10.00%, 06/01/32 (f) |
446 |
473,689 | |
Medline Borrower LP (b) |
|||
3.88%, 04/01/29 |
362 |
353,424 | |
5.25%, 10/01/29 |
3,037 |
3,053,418 | |
Security |
Par (000) |
Value | |
Health Care Providers & Services (continued) | |||
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29 (b) |
USD |
915 |
$ 945,892 |
Molina Healthcare, Inc. (b) |
|||
6.50%, 02/15/31 |
474 |
486,812 | |
6.25%, 01/15/33 |
163 |
166,173 | |
Prime Healthcare Services, Inc., 9.38%, 09/01/29 (b) |
150 |
157,500 | |
Sotera Health Holdings LLC, 7.38%, 06/01/31 (b) |
279 |
292,621 | |
Star Parent, Inc., 9.00%, 10/01/30 (b) |
559 |
596,569 | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32 (b)(f) |
1,151 |
1,164,200 | |
Teleflex, Inc., 4.25%, 06/01/28 (b)(f) |
637 |
627,207 | |
Tenet Healthcare Corp. |
|||
6.13%, 06/15/30 |
243 |
248,660 | |
6.75%, 05/15/31 (f) |
3,342 |
3,477,381 | |
6.00%, 11/15/33 (b) |
710 |
731,012 | |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (b)(f) |
360 |
362,669 | |
UnitedHealth Group, Inc., 6.88%, 02/15/38 (f) |
10,000 |
11,562,175 | |
45,898,880 | |||
Health Care REITs (b) — 0.1% | |||
Diversified Healthcare Trust, 7.25%, 10/15/30 |
173 |
176,890 | |
MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 02/15/32 |
1,071 |
1,143,757 | |
1,320,647 | |||
Hotel & Resort REITs — 0.6% | |||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30 (b) |
315 |
323,313 | |
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29 (b) |
159 |
162,744 | |
RHP Hotel Properties LP/RHP Finance Corp. (b) |
|||
4.50%, 02/15/29 (f) |
1,704 |
1,687,030 | |
6.50%, 04/01/32 (f) |
1,044 |
1,082,717 | |
6.50%, 06/15/33 |
352 |
365,917 | |
RLJ Lodging Trust LP, 4.00%, 09/15/29 (b) |
199 |
188,748 | |
Service Properties Trust |
|||
0.00%, 09/30/27 (b)(l) |
340 |
307,243 | |
8.63%, 11/15/31 (b) |
1,619 |
1,700,543 | |
8.88%, 06/15/32 (f) |
625 |
616,533 | |
XHR LP, 6.63%, 05/15/30 (b) |
154 |
158,941 | |
6,593,729 | |||
Hotels, Restaurants & Leisure — 3.6% | |||
Acushnet Co., 5.63%, 12/01/33 (b) |
137 |
138,539 | |
Boyne USA, Inc., 4.75%, 05/15/29 (b) |
611 |
602,645 | |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. (b) |
|||
3.88%, 01/15/28 |
1,128 |
1,111,928 | |
4.38%, 01/15/28 |
2,509 |
2,493,180 | |
5.63%, 09/15/29 |
166 |
169,019 | |
4.00%, 10/15/30 |
176 |
167,623 | |
Caesars Entertainment, Inc. (b) |
|||
4.63%, 10/15/29 (f) |
110 |
105,516 | |
7.00%, 02/15/30 (f) |
2,677 |
2,772,454 | |
6.50%, 02/15/32 |
812 |
831,832 | |
Carnival Corp. (b) |
|||
5.88%, 06/15/31 |
350 |
361,516 | |
5.75%, 08/01/32 |
602 |
617,821 | |
6.13%, 02/15/33 |
933 |
963,406 | |
Carnival PLC, 4.13%, 07/15/31 (b) |
EUR |
510 |
606,844 |
Champion Path Holdings Ltd. (g) |
|||
4.50%, 01/27/26 |
USD |
500 |
497,755 |
4.85%, 01/27/28 |
500 |
487,655 | |
Churchill Downs, Inc. (b) |
|||
4.75%, 01/15/28 |
730 |
727,286 | |
Schedule of Investments
81
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Churchill Downs, Inc. (b) (continued) |
|||
5.75%, 04/01/30 |
USD |
1,506 |
$ 1,520,667 |
6.75%, 05/01/31 |
560 |
580,679 | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |
|||
4.63%, 01/15/29 |
821 |
797,382 | |
6.75%, 01/15/30 (f) |
228 |
216,777 | |
Fortune Star BVI Ltd., 6.80%, 09/09/29 (g) |
200 |
197,000 | |
Great Canadian Gaming Corp./Raptor LLC, 8.75%, 11/15/29 (b) |
512 |
517,197 | |
Haidilao International Holding Ltd., 2.15%, 01/14/26 (g) |
200 |
199,880 | |
Hilton Domestic Operating Co., Inc. (b) |
|||
6.13%, 04/01/32 |
324 |
335,505 | |
5.88%, 03/15/33 |
882 |
907,389 | |
5.75%, 09/15/33 |
195 |
199,566 | |
5.50%, 03/31/34 |
311 |
313,136 | |
Las Vegas Sands Corp. |
|||
3.50%, 08/18/26 |
96 |
95,549 | |
3.90%, 08/08/29 |
88 |
85,771 | |
Light & Wonder International, Inc. (b) |
|||
7.25%, 11/15/29 |
218 |
223,900 | |
7.50%, 09/01/31 (f) |
309 |
322,389 | |
6.25%, 10/01/33 |
314 |
317,893 | |
Lindblad Expeditions LLC, 7.00%, 09/15/30 (b) |
417 |
435,006 | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |
390 |
279,931 | |
McDonald ’ s Corp., 4.20%, 04/01/50 |
480 |
386,786 | |
Melco Resorts Finance Ltd. |
|||
5.75%, 07/21/28 (g) |
300 |
299,649 | |
5.38%, 12/04/29 (b) |
586 |
579,050 | |
7.63%, 04/17/32 (b) |
576 |
604,800 | |
7.63%, 04/17/32 (g) |
200 |
210,000 | |
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (b) |
600 |
534,466 | |
MGM China Holdings Ltd. |
|||
5.88%, 05/15/26 (g) |
200 |
200,496 | |
7.13%, 06/26/31 (b) |
200 |
211,500 | |
MGM Resorts International, 6.13%, 09/15/29 |
591 |
607,353 | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (b) |
313 |
307,877 | |
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 04/15/30 (b) |
333 |
347,120 | |
NCL Corp. Ltd. (b) |
|||
5.88%, 01/15/31 |
181 |
180,315 | |
6.75%, 02/01/32 |
191 |
195,569 | |
6.25%, 09/15/33 |
989 |
988,584 | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |
|||
5.63%, 09/01/29 |
242 |
183,315 | |
5.88%, 09/01/31 |
310 |
205,375 | |
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33 (b) |
221 |
225,938 | |
Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp., 6.25%, 10/15/30 (b) |
181 |
184,752 | |
Sabre GLBL, Inc., 10.75%, 11/15/29 (b)(f) |
142 |
120,747 | |
Starz Capital Holdings 1, Inc., 6.00%, 04/15/30 (b) |
388 |
370,540 | |
Station Casinos LLC (b) |
|||
4.63%, 12/01/31 |
976 |
925,302 | |
6.63%, 03/15/32 |
146 |
149,455 | |
Studio City Co. Ltd., 7.00%, 02/15/27 (g) |
200 |
200,200 | |
Studio City Finance Ltd. (g) |
|||
6.50%, 01/15/28 |
300 |
300,040 | |
5.00%, 01/15/29 |
530 |
510,242 | |
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Sunny Express Enterprises Corp., 2.95%, 03/01/27 (g) |
USD |
200 |
$ 197,478 |
Vail Resorts, Inc. (b) |
|||
5.63%, 07/15/30 |
265 |
269,309 | |
6.50%, 05/15/32 |
518 |
537,553 | |
Viking Cruises Ltd. (b) |
|||
7.00%, 02/15/29 |
74 |
74,429 | |
9.13%, 07/15/31 |
1,253 |
1,341,763 | |
5.88%, 10/15/33 |
691 |
701,685 | |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |
283 |
283,449 | |
Voyager Parent LLC, 9.25%, 07/01/32 (b) |
396 |
420,204 | |
Warnermedia Holdings, Inc., 5.05%, 03/15/42 |
154 |
108,378 | |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b) |
3 |
3,012 | |
Wynn Macau Ltd. |
|||
5.63%, 08/26/28 (b) |
1,701 |
1,697,632 | |
5.13%, 12/15/29 (b) |
614 |
608,462 | |
6.75%, 02/15/34 (g) |
350 |
354,921 | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b) |
|||
5.13%, 10/01/29 |
1,236 |
1,243,323 | |
7.13%, 02/15/31 (f) |
663 |
717,424 | |
6.25%, 03/15/33 |
248 |
253,574 | |
38,042,703 | |||
Household Durables — 0.7% | |||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 08/01/33 (b) |
178 |
178,142 | |
Beazer Homes USA, Inc., 5.88%, 10/15/27 |
72 |
72,171 | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30 (b) |
699 |
651,086 | |
Century Communities, Inc., 6.63%, 09/15/33 (b) |
222 |
224,486 | |
Dream Finders Homes, Inc., 8.25%, 08/15/28 (b) |
168 |
172,899 | |
Empire Communities Corp., 9.75%, 05/01/29 (b) |
73 |
75,297 | |
K Hovnanian Enterprises, Inc. (b) |
|||
8.00%, 04/01/31 |
383 |
390,877 | |
8.38%, 10/01/33 |
418 |
424,809 | |
Lennar Corp., 5.25%, 06/01/26 (f) |
890 |
890,686 | |
LGI Homes, Inc. (b) |
|||
8.75%, 12/15/28 |
183 |
190,882 | |
7.00%, 11/15/32 |
334 |
319,261 | |
Mattamy Group Corp. (b) |
|||
4.63%, 03/01/30 |
427 |
414,532 | |
6.00%, 12/15/33 |
87 |
86,227 | |
Meritage Homes Corp., 1.75%, 05/15/28 (m) |
545 |
536,005 | |
New Home Co., Inc. (b) |
|||
9.25%, 10/01/29 |
324 |
338,148 | |
8.50%, 11/01/30 |
73 |
75,179 | |
Newell Brands, Inc., 8.50%, 06/01/28 (b) |
224 |
234,876 | |
PulteGroup, Inc. |
|||
5.00%, 01/15/27 |
55 |
55,406 | |
7.88%, 06/15/32 |
56 |
65,645 | |
Scotts Miracle-Gro Co. |
|||
4.50%, 10/15/29 |
45 |
44,152 | |
4.00%, 04/01/31 |
250 |
235,216 | |
4.38%, 02/01/32 |
187 |
175,547 | |
Sekisui House Ltd., 5.10%, 10/23/34 (g) |
200 |
202,546 | |
Somnigroup International, Inc. (b) |
|||
4.00%, 04/15/29 |
563 |
548,522 | |
3.88%, 10/15/31 |
9 |
8,412 | |
STL Holding Co. LLC, 8.75%, 02/15/29 (b) |
171 |
179,613 | |
82
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Household Durables (continued) | |||
Taylor Morrison Communities, Inc., 5.75%, 11/15/32 (b) |
USD |
269 |
$ 276,772 |
Toll Brothers Finance Corp., 4.35%, 02/15/28 |
35 |
35,114 | |
7,102,508 | |||
Household Products — 0.0% | |||
Central Garden & Pet Co., 4.13%, 10/15/30 (f) |
159 |
152,390 | |
Independent Power and Renewable Electricity Producers — 1.3% | |||
Alexander Funding Trust II, 7.47%, 07/31/28 (b) |
520 |
554,009 | |
Calpine Corp. (b) |
|||
4.50%, 02/15/28 |
10 |
10,007 | |
5.13%, 03/15/28 |
2,807 |
2,810,147 | |
5.00%, 02/01/31 |
100 |
101,560 | |
Clearway Energy Operating LLC (b) |
|||
4.75%, 03/15/28 |
592 |
590,710 | |
3.75%, 01/15/32 |
255 |
231,776 | |
Greenko Dutch BV, 3.85%, 03/29/26 (g) |
697 |
691,090 | |
India Green Power Holdings, 4.00%, 02/22/27 (g) |
607 |
591,454 | |
JERA Co., Inc., 3.67%, 04/14/27 (g) |
200 |
198,731 | |
Lightning Power LLC, 7.25%, 08/15/32 (b) |
13 |
13,824 | |
NRG Energy, Inc. (b) |
|||
5.75%, 07/15/29 |
555 |
552,283 | |
6.00%, 02/01/33 |
1,028 |
1,048,353 | |
5.75%, 01/15/34 |
778 |
785,912 | |
6.25%, 11/01/34 |
1,193 |
1,225,229 | |
6.00%, 01/15/36 |
2,075 |
2,102,480 | |
ReNew Pvt Ltd., 5.88%, 03/05/27 (g) |
200 |
198,712 | |
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28 (g) |
550 |
527,656 | |
San Miguel Global Power Holdings Corp. (a)(g)(i) |
|||
(1-year CMT + 6.40%), 8.13% |
200 |
202,312 | |
(5-year CMT + 7.73%), 8.75% |
200 |
205,875 | |
Vistra Corp., (5-year CMT + 6.93%), 8.00% (a)(b)(i) |
247 |
253,210 | |
XPLR Infrastructure LP, 2.50%, 06/15/26 (b)(m) |
840 |
824,292 | |
13,719,622 | |||
Industrial Conglomerates (b) — 0.1% | |||
Amsted Industries, Inc., 6.38%, 03/15/33 |
165 |
169,948 | |
Avient Corp., 6.25%, 11/01/31 |
204 |
209,683 | |
Axon Enterprise, Inc., 6.25%, 03/15/33 |
94 |
97,791 | |
Enpro, Inc., 6.13%, 06/01/33 |
208 |
214,634 | |
692,056 | |||
Insurance — 6.6% | |||
AIA Group Ltd., (5-year CMT + 1.76%), 2.70% (a)(g)(i) |
200 |
198,625 | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer (b) |
|||
4.25%, 10/15/27 |
26 |
25,835 | |
6.75%, 10/15/27 (f) |
222 |
223,304 | |
6.75%, 04/15/28 |
356 |
362,470 | |
5.88%, 11/01/29 |
2 |
1,998 | |
7.00%, 01/15/31 |
1,283 |
1,331,081 | |
7.38%, 10/01/32 |
1,033 |
1,071,086 | |
Allstate Corp., Series B, (3-mo. CME Term SOFR + 3.20%), 7.05%, 08/15/53 (a) |
5,000 |
5,001,040 | |
AmWINS Group, Inc. (b) |
|||
6.38%, 02/15/29 |
330 |
339,376 | |
4.88%, 06/30/29 |
380 |
373,709 | |
Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/33 (b) |
439 |
444,135 | |
Aon Global Ltd., 4.25%, 12/12/42 (f) |
6,500 |
5,460,790 | |
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29 (b) |
333 |
336,325 | |
Security |
Par (000) |
Value | |
Insurance (continued) | |||
Ardonagh Finco Ltd., 7.75%, 02/15/31 (b) |
USD |
2,052 |
$ 2,151,224 |
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (b) |
1,967 |
2,044,313 | |
Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, 12/31/32 (b) |
979 |
1,015,822 | |
Farmers Exchange Capital II, (3-mo. CME Term SOFR + 4.01%), 6.15%, 11/01/53 (a)(b)(f) |
4,890 |
4,806,141 | |
Fubon Life Singapore Pte. Ltd., 5.45%, 12/10/35 (g) |
400 |
406,468 | |
FWD Group Holdings Ltd., 7.64%, 07/02/31 (g) |
400 |
443,996 | |
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26 (g) |
200 |
198,146 | |
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (b) |
|||
7.25%, 02/15/31 |
2,166 |
2,230,556 | |
8.13%, 02/15/32 |
1,360 |
1,403,971 | |
HUB International Ltd. (b) |
|||
7.25%, 06/15/30 |
4,769 |
5,007,093 | |
7.38%, 01/31/32 |
5,400 |
5,667,592 | |
Jones Deslauriers Insurance Management, Inc. (b) |
|||
8.50%, 03/15/30 |
816 |
855,256 | |
6.88%, 10/01/33 |
456 |
440,310 | |
Meiji Yasuda Life Insurance Co. (a)(g) |
|||
(5-year CMT + 2.91%), 6.10%, 06/11/55 |
600 |
622,477 | |
(5-year CMT + 3.03%), 5.80%, 09/11/54 |
350 |
356,252 | |
Nanshan Life Pte. Ltd. (g) |
|||
5.45%, 09/11/34 |
200 |
198,196 | |
(5-year CMT + 1.85%), 5.88%, 03/17/41 (a) |
200 |
201,096 | |
Nippon Life Insurance Co., (5-year CMT + 3.19%), 6.50%, 04/30/55 (a)(b)(f) |
7,195 |
7,747,497 | |
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40 (b)(f) |
12,000 |
12,752,293 | |
Panther Escrow Issuer LLC, 7.13%, 06/01/31 (b) |
3,541 |
3,669,354 | |
RLGH Finance Bermuda Ltd., 6.75%, 07/02/35 (g) |
275 |
291,880 | |
Ryan Specialty LLC (b) |
|||
4.38%, 02/01/30 |
226 |
221,805 | |
5.88%, 08/01/32 |
373 |
381,119 | |
Tongyang Life Insurance Co. Ltd., (5-year CMT + 2.40%), 6.25%, 05/07/35 (a)(g) |
400 |
414,208 | |
USI, Inc., 7.50%, 01/15/32 (b) |
851 |
891,915 | |
69,588,754 | |||
Interactive Media & Services — 2.3% | |||
Baidu, Inc., 1.63%, 02/23/27 |
200 |
194,734 | |
Beignet Investor LLC, 6.58%, 05/30/49 (b)(f) |
15,385 |
16,254,178 | |
ION Platform Finance U.S., Inc. (b) |
|||
4.63%, 05/01/28 |
205 |
189,670 | |
5.00%, 05/01/28 |
724 |
672,057 | |
8.75%, 05/01/29 |
219 |
221,871 | |
9.50%, 05/30/29 |
400 |
405,079 | |
9.00%, 08/01/29 |
200 |
196,908 | |
Netflix, Inc. |
|||
5.88%, 11/15/28 (f) |
1,698 |
1,785,241 | |
5.38%, 11/15/29 (b)(f) |
2,007 |
2,092,120 | |
4.88%, 06/15/30 (b) |
461 |
472,629 | |
Prosus NV, 4.34%, 07/15/35 (g) |
EUR |
150 |
176,721 |
Snap, Inc. (b) |
|||
6.88%, 03/01/33 (f) |
USD |
503 |
521,231 |
6.88%, 03/15/34 |
348 |
358,309 | |
Tencent Holdings Ltd. (g) |
|||
3.60%, 01/19/28 |
200 |
199,098 | |
3.68%, 04/22/41 (f) |
200 |
169,430 | |
23,909,276 | |||
Schedule of Investments
83
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Internet Software & Services — 0.6% | |||
Alibaba Group Holding Ltd., 2.70%, 02/09/41 |
USD |
200 |
$ 147,186 |
ANGI Group LLC, 3.88%, 08/15/28 (b) |
309 |
285,408 | |
Booking Holdings, Inc., 3.55%, 03/15/28 (f) |
3,375 |
3,347,654 | |
Cablevision Lightpath LLC (b) |
|||
3.88%, 09/15/27 |
368 |
359,170 | |
5.63%, 09/15/28 |
540 |
527,769 | |
Getty Images, Inc. (b) |
|||
11.25%, 02/21/30 |
57 |
53,447 | |
10.50%, 11/15/30 |
154 |
155,273 | |
Match Group Holdings II LLC (b) |
|||
4.13%, 08/01/30 |
383 |
362,514 | |
3.63%, 10/01/31 (f) |
279 |
256,008 | |
6.13%, 09/15/33 |
444 |
449,317 | |
Rakuten Group, Inc. |
|||
9.75%, 04/15/29 (b) |
522 |
583,836 | |
9.75%, 04/15/29 (g) |
200 |
223,692 | |
6,751,274 | |||
IT Services — 0.4% | |||
Amentum Holdings, Inc., 7.25%, 08/01/32 (b)(f) |
122 |
128,598 | |
CACI International, Inc., 6.38%, 06/15/33 (b) |
440 |
455,259 | |
Fair Isaac Corp. (b) |
|||
4.00%, 06/15/28 |
393 |
387,597 | |
6.00%, 05/15/33 |
1,569 |
1,611,594 | |
Fortress Intermediate 3, Inc., 7.50%, 06/01/31 (b)(f) |
570 |
594,761 | |
Insight Enterprises, Inc., 6.63%, 05/15/32 (b) |
196 |
201,487 | |
KBR, Inc., 4.75%, 09/30/28 (b) |
93 |
91,140 | |
McAfee Corp., 7.38%, 02/15/30 (b)(f) |
324 |
282,553 | |
Science Applications International Corp., 5.88%, 11/01/33 (b) |
303 |
307,163 | |
Wipro IT Services LLC, 1.50%, 06/23/26 (g) |
200 |
197,416 | |
4,257,568 | |||
Leisure Products — 0.0% | |||
Mattel, Inc., 3.75%, 04/01/29 (b) |
122 |
118,909 | |
Machinery — 0.7% | |||
BWX Technologies, Inc., 4.13%, 06/30/28 (b) |
70 |
68,921 | |
Chart Industries, Inc. (b) |
|||
7.50%, 01/01/30 |
594 |
619,094 | |
9.50%, 01/01/31 |
93 |
98,713 | |
Esab Corp., 6.25%, 04/15/29 (b) |
405 |
416,428 | |
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29 (b)(f) |
200 |
174,000 | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (b)(f) |
736 |
771,865 | |
Manitowoc Co., Inc., 9.25%, 10/01/31 (b) |
177 |
190,116 | |
Regal Rexnord Corp., 6.40%, 04/15/33 (f) |
510 |
548,574 | |
Terex Corp. (b) |
|||
5.00%, 05/15/29 |
399 |
397,643 | |
6.25%, 10/15/32 (f) |
467 |
479,119 | |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b) |
3,002 |
3,002,705 | |
Vertiv Group Corp., 4.13%, 11/15/28 (b) |
1,040 |
1,027,218 | |
7,794,396 | |||
Media — 6.1% | |||
APLD ComputeCo LLC, 9.25%, 12/15/30 (b) |
268 |
262,881 | |
Cable One, Inc. (m) |
|||
0.00%, 03/15/26 (l) |
136 |
133,960 | |
1.13%, 03/15/28 |
79 |
64,290 | |
CCO Holdings LLC/CCO Holdings Capital Corp. |
|||
5.38%, 06/01/29 (b) |
131 |
129,522 | |
6.38%, 09/01/29 (b) |
7,991 |
8,100,843 | |
4.75%, 03/01/30 (b) |
160 |
152,808 | |
4.50%, 08/15/30 (b)(f) |
113 |
106,391 | |
Security |
Par (000) |
Value | |
Media (continued) | |||
CCO Holdings LLC/CCO Holdings Capital Corp. (continued) |
|||
4.25%, 02/01/31 (b) |
USD |
1,809 |
$ 1,662,200 |
4.75%, 02/01/32 (b) |
810 |
740,293 | |
4.50%, 05/01/32 |
785 |
704,567 | |
4.50%, 06/01/33 (b) |
805 |
704,664 | |
4.25%, 01/15/34 (b)(f) |
1,252 |
1,064,543 | |
Charter Communications Operating LLC/Charter Communications Operating Capital |
|||
6.38%, 10/23/35 |
479 |
494,355 | |
6.48%, 10/23/45 (f) |
9,584 |
9,010,554 | |
5.38%, 05/01/47 |
1,500 |
1,235,617 | |
6.83%, 10/23/55 |
3,540 |
3,397,867 | |
Cinemark USA, Inc., 7.00%, 08/01/32 (b) |
109 |
113,109 | |
Cipher Compute LLC, 7.13%, 11/15/30 (b) |
723 |
736,363 | |
Cox Communications, Inc., 8.38%, 03/01/39 (b) |
5,000 |
5,829,172 | |
CSC Holdings LLC (b) |
|||
5.50%, 04/15/27 |
202 |
173,199 | |
5.38%, 02/01/28 |
877 |
636,286 | |
11.25%, 05/15/28 |
1,489 |
1,184,746 | |
11.75%, 01/31/29 |
634 |
471,029 | |
Directv Financing LLC, 8.88%, 02/01/30 (b) |
625 |
632,371 | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc. (b) |
|||
5.88%, 08/15/27 |
533 |
536,129 | |
10.00%, 02/15/31 |
1,537 |
1,570,894 | |
Discovery Communications LLC, 4.88%, 04/01/43 |
4,000 |
2,657,720 | |
DISH DBS Corp. (b) |
|||
5.25%, 12/01/26 |
1,441 |
1,397,406 | |
5.75%, 12/01/28 |
907 |
890,449 | |
DISH Network Corp., 11.75%, 11/15/27 (b) |
2,210 |
2,300,124 | |
Flash Compute LLC, 7.25%, 12/31/30 (b) |
723 |
716,321 | |
Gray Media, Inc. (b) |
|||
10.50%, 07/15/29 (f) |
102 |
109,685 | |
9.63%, 07/15/32 |
741 |
768,986 | |
7.25%, 08/15/33 |
680 |
694,844 | |
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |
593 |
414,477 | |
Live Nation Entertainment, Inc. (b) |
|||
4.75%, 10/15/27 (f) |
425 |
425,866 | |
3.75%, 01/15/28 |
155 |
152,380 | |
Midcontinent Communications, 8.00%, 08/15/32 (b) |
130 |
133,071 | |
Neptune Bidco U.S., Inc., 10.38%, 05/15/31 (b) |
571 |
585,470 | |
Paramount Global, 5.85%, 09/01/43 |
1,300 |
1,070,315 | |
Sinclair Television Group, Inc., 8.13%, 02/15/33 (b) |
875 |
913,876 | |
Sirius XM Radio LLC (b) |
|||
3.13%, 09/01/26 |
53 |
52,534 | |
5.00%, 08/01/27 |
684 |
685,666 | |
Sunrise FinCo I BV, 4.88%, 07/15/31 (b) |
768 |
731,520 | |
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) |
1,000 |
993,649 | |
Time Warner Cable LLC, 6.55%, 05/01/37 |
3,519 |
3,590,994 | |
Univision Communications, Inc. (b) |
|||
8.00%, 08/15/28 |
1,110 |
1,149,599 | |
8.50%, 07/31/31 |
413 |
431,432 | |
9.38%, 08/01/32 |
461 |
495,489 | |
Versant Media Group, Inc., 7.25%, 01/30/31 (b) |
255 |
263,081 | |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (b) |
1,452 |
1,424,580 | |
84
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Media (continued) | |||
WULF Compute LLC, 7.75%, 10/15/30 (b) |
USD |
1,103 |
$ 1,136,364 |
Ziggo BV, 4.88%, 01/15/30 (b) |
200 |
189,046 | |
64,223,597 | |||
Metals & Mining — 2.3% | |||
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28 (g) |
306 |
311,930 | |
Advanced Drainage Systems, Inc., 6.38%, 06/15/30 (b) |
724 |
740,341 | |
Arsenal AIC Parent LLC (b) |
|||
8.00%, 10/01/30 |
268 |
284,391 | |
11.50%, 10/01/31 |
1,244 |
1,369,088 | |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b) |
2,424 |
2,441,584 | |
Carpenter Technology Corp., 5.63%, 03/01/34 (b) |
363 |
368,708 | |
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26 (g) |
200 |
198,396 | |
Cleveland-Cliffs, Inc., 6.88%, 11/01/29 (b) |
486 |
503,356 | |
Commercial Metals Co. (b) |
|||
5.75%, 11/15/33 |
418 |
427,418 | |
6.00%, 12/15/35 |
431 |
441,842 | |
Constellium SE (b) |
|||
3.75%, 04/15/29 |
1,731 |
1,671,467 | |
6.38%, 08/15/32 |
446 |
460,281 | |
ERO Copper Corp., 6.50%, 02/15/30 (b) |
90 |
90,281 | |
First Quantum Minerals Ltd. (b) |
|||
9.38%, 03/01/29 |
916 |
964,548 | |
8.00%, 03/01/33 |
259 |
275,972 | |
7.25%, 02/15/34 |
240 |
252,228 | |
JSW Steel Ltd., 3.95%, 04/05/27 (g) |
500 |
492,812 | |
Kaiser Aluminum Corp. (b) |
|||
4.50%, 06/01/31 |
1,099 |
1,061,770 | |
5.88%, 03/01/34 |
544 |
545,707 | |
New Gold, Inc., 6.88%, 04/01/32 (b) |
409 |
434,048 | |
Novelis Corp. (b) |
|||
4.75%, 01/30/30 (f) |
2,401 |
2,316,149 | |
6.88%, 01/30/30 |
597 |
619,896 | |
3.88%, 08/15/31 |
1,056 |
962,505 | |
6.38%, 08/15/33 |
869 |
880,967 | |
Periama Holdings LLC, 5.95%, 04/19/26 (g) |
200 |
200,450 | |
Southern Copper Corp., 5.88%, 04/23/45 (f) |
3,870 |
3,963,577 | |
Steel Dynamics, Inc., 3.25%, 10/15/50 |
1,145 |
784,579 | |
Vallourec SACA, 7.50%, 04/15/32 (b) |
404 |
428,960 | |
Vedanta Resources Finance II PLC (g) |
|||
10.88%, 09/17/29 |
300 |
316,219 | |
11.25%, 12/03/31 |
200 |
214,813 | |
24,024,283 | |||
Mortgage Real Estate Investment Trusts (REITs) (b) — 0.2% | |||
Arbor Realty SR, Inc. |
|||
8.50%, 12/15/28 |
105 |
104,580 | |
7.88%, 07/15/30 |
188 |
179,631 | |
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |
368 |
364,207 | |
Starwood Property Trust, Inc. |
|||
7.25%, 04/01/29 |
250 |
264,026 | |
6.00%, 04/15/30 |
116 |
119,063 | |
6.50%, 07/01/30 |
217 |
226,354 | |
6.50%, 10/15/30 |
314 |
327,375 | |
1,585,236 | |||
Multi-Utilities — 0.0% | |||
AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, 06/01/30 (b) |
161 |
171,512 | |
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels — 10.7% | |||
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (b) |
USD |
508 |
$ 532,219 |
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |
|||
5.75%, 01/15/28 |
127 |
127,243 | |
5.38%, 06/15/29 |
1,095 |
1,095,028 | |
6.63%, 02/01/32 |
417 |
431,630 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |
|||
9.00%, 11/01/27 |
161 |
204,669 | |
6.63%, 07/15/33 |
221 |
228,745 | |
Blue Racer Midstream LLC/Blue Racer Finance Corp. (b) |
|||
7.00%, 07/15/29 |
321 |
334,775 | |
7.25%, 07/15/32 |
258 |
273,808 | |
Buckeye Partners LP |
|||
6.88%, 07/01/29 (b) |
29 |
30,166 | |
6.75%, 02/01/30 (b) |
116 |
121,771 | |
5.85%, 11/15/43 |
383 |
359,169 | |
5.60%, 10/15/44 |
191 |
173,114 | |
Caturus Energy LLC, 8.50%, 02/15/30 (b) |
837 |
871,689 | |
Chord Energy Corp., 6.75%, 03/15/33 (b) |
147 |
152,015 | |
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |
733 |
762,191 | |
Civitas Resources, Inc. (b) |
|||
8.38%, 07/01/28 |
187 |
192,683 | |
8.75%, 07/01/31 |
487 |
505,214 | |
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 |
250 |
245,540 | |
CNX Resources Corp., 7.25%, 03/01/32 (b) |
152 |
158,673 | |
Comstock Resources, Inc. (b) |
|||
6.75%, 03/01/29 |
649 |
649,608 | |
5.88%, 01/15/30 |
783 |
761,589 | |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b) |
2,468 |
2,441,638 | |
Crescent Energy Finance LLC (b) |
|||
7.63%, 04/01/32 (f) |
118 |
114,404 | |
7.38%, 01/15/33 |
361 |
342,572 | |
8.38%, 01/15/34 |
54 |
53,640 | |
DBR Land Holdings LLC, 6.25%, 12/01/30 (b) |
223 |
228,102 | |
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.38%, 06/30/33 (b) |
378 |
385,730 | |
Devon Energy Corp. |
|||
5.25%, 10/15/27 |
130 |
129,991 | |
5.88%, 06/15/28 |
204 |
204,005 | |
4.50%, 01/15/30 |
117 |
117,334 | |
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (b) |
73 |
77,332 | |
Diamondback Energy, Inc. |
|||
3.50%, 12/01/29 (f) |
692 |
671,294 | |
6.25%, 03/15/33 |
2,880 |
3,103,075 | |
EG Global Finance PLC, 12.00%, 11/30/28 (b) |
418 |
454,317 | |
Enbridge, Inc. |
|||
6.70%, 11/15/53 (f) |
5,595 |
6,142,518 | |
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 (a) |
5,000 |
5,056,745 | |
Series 2016-A, (3-mo. CME Term SOFR + 4.15%), 6.00%, 01/15/77 (a) |
5,880 |
5,889,467 | |
Energy Transfer LP |
|||
5.50%, 06/01/27 (f) |
406 |
412,557 | |
7.38%, 02/01/31 (b) |
417 |
433,247 | |
6.13%, 12/15/45 (f) |
3,579 |
3,513,202 | |
Schedule of Investments
85
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Energy Transfer LP (continued) |
|||
Series B, (3-mo. SOFR US + 4.42%), 6.63% (a)(i) |
USD |
5,000 |
$ 4,974,648 |
Series H, (5-year CMT + 5.69%), 6.50% (a)(i) |
121 |
121,533 | |
Enterprise Products Operating LLC |
|||
4.90%, 05/15/46 (f) |
5,375 |
4,859,899 | |
Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, 08/16/77 (a) |
4,800 |
4,791,784 | |
EQT Corp. |
|||
6.38%, 04/01/29 (f) |
481 |
497,730 | |
7.50%, 06/01/30 |
141 |
155,096 | |
4.75%, 01/15/31 |
802 |
807,264 | |
Exxon Mobil Corp., 3.45%, 04/15/51 (f) |
3,890 |
2,789,569 | |
Genesis Energy LP/Genesis Energy Finance Corp. |
|||
7.75%, 02/01/28 |
393 |
394,618 | |
8.00%, 05/15/33 |
11 |
11,419 | |
Global Partners LP/GLP Finance Corp., 7.13%, 07/01/33 (b) |
162 |
164,955 | |
Gulfport Energy Operating Corp., 6.75%, 09/01/29 (b) |
243 |
250,941 | |
Harvest Midstream I LP, 7.50%, 05/15/32 (b) |
158 |
164,697 | |
Hess Midstream Operations LP (b) |
|||
6.50%, 06/01/29 |
393 |
405,851 | |
4.25%, 02/15/30 |
144 |
140,844 | |
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |
|||
6.25%, 11/01/28 |
238 |
239,351 | |
5.75%, 02/01/29 |
199 |
196,885 | |
6.00%, 04/15/30 |
32 |
31,095 | |
6.25%, 04/15/32 |
20 |
18,828 | |
8.38%, 11/01/33 |
287 |
293,043 | |
6.88%, 05/15/34 |
321 |
300,780 | |
7.25%, 02/15/35 |
108 |
102,640 | |
Howard Midstream Energy Partners LLC (b) |
|||
7.38%, 07/15/32 |
37 |
39,041 | |
6.63%, 01/15/34 (f) |
396 |
406,824 | |
ITT Holdings LLC, 6.50%, 08/01/29 (b)(f) |
995 |
954,853 | |
Kinder Morgan, Inc. |
|||
7.80%, 08/01/31 |
197 |
228,105 | |
7.75%, 01/15/32 (f) |
4,586 |
5,319,389 | |
Kinetik Holdings LP (b) |
|||
6.63%, 12/15/28 |
83 |
85,463 | |
5.88%, 06/15/30 |
18 |
18,161 | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32 (b) |
187 |
192,194 | |
Marathon Petroleum Corp., 5.13%, 12/15/26 (f) |
937 |
943,967 | |
Matador Resources Co. (b) |
|||
6.88%, 04/15/28 |
274 |
279,997 | |
6.50%, 04/15/32 |
437 |
443,190 | |
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28 (g) |
400 |
401,228 | |
MPLX LP |
|||
5.20%, 03/01/47 (f) |
3,500 |
3,127,620 | |
4.70%, 04/15/48 (f) |
5,000 |
4,155,613 | |
5.50%, 02/15/49 (f) |
2,640 |
2,424,321 | |
5.65%, 03/01/53 |
885 |
820,701 | |
Murphy Oil Corp., 5.88%, 12/01/42 |
47 |
40,409 | |
Nabors Industries, Inc., 7.63%, 11/15/32 (b) |
165 |
162,175 | |
NGL Energy Operating LLC/NGL Energy Finance Corp. (b) |
|||
8.13%, 02/15/29 (f) |
508 |
527,286 | |
8.38%, 02/15/32 |
671 |
694,864 | |
NGPL PipeCo LLC, 7.77%, 12/15/37 (b) |
1,117 |
1,296,544 | |
Noble Finance II LLC, 8.00%, 04/15/30 (b) |
93 |
96,619 | |
Northern Oil & Gas, Inc., 7.88%, 10/15/33 (b) |
484 |
471,249 | |
Northriver Midstream Finance LP, 6.75%, 07/15/32 (b) |
244 |
248,649 | |
NuStar Logistics LP, 6.00%, 06/01/26 |
163 |
163,332 | |
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Occidental Petroleum Corp., 6.20%, 03/15/40 |
USD |
568 |
$ 576,778 |
ONEOK, Inc., 4.85%, 07/15/26 |
35 |
35,066 | |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |
211 |
203,201 | |
Permian Resources Operating LLC (b) |
|||
8.00%, 04/15/27 |
444 |
449,799 | |
5.88%, 07/01/29 |
1,002 |
1,007,873 | |
7.00%, 01/15/32 (f) |
321 |
334,590 | |
6.25%, 02/01/33 |
781 |
801,123 | |
Pertamina Hulu Energi PT, 5.25%, 05/21/30 (g) |
300 |
305,906 | |
Pertamina Persero PT (g) |
|||
1.40%, 02/09/26 |
250 |
249,183 | |
2.30%, 02/09/31 |
200 |
177,625 | |
Petroleos Mexicanos, 6.70%, 02/16/32 |
695 |
693,005 | |
Petronas Capital Ltd. (g) |
|||
2.48%, 01/28/32 |
200 |
179,518 | |
4.50%, 03/18/45 |
200 |
178,308 | |
Plains All American Pipeline LP, Series B, (3-mo. CME Term SOFR + 4.37%), 8.22% (a)(i) |
2,215 |
2,221,284 | |
Prairie Acquiror LP, 9.00%, 08/01/29 (b) |
269 |
279,605 | |
Reliance Industries Ltd., 3.67%, 11/30/27 (g) |
300 |
297,282 | |
Rockies Express Pipeline LLC, 6.88%, 04/15/40 (b) |
580 |
599,585 | |
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26 (f) |
493 |
493,698 | |
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31 (g) |
500 |
466,935 | |
Sunoco LP (b) |
|||
5.63%, 03/15/31 |
159 |
160,165 | |
6.63%, 08/15/32 |
297 |
305,262 | |
6.25%, 07/01/33 |
337 |
345,195 | |
5.88%, 03/15/34 |
161 |
160,986 | |
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |
317 |
317,774 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |
|||
5.50%, 01/15/28 |
255 |
255,137 | |
7.38%, 02/15/29 |
672 |
694,554 | |
6.00%, 09/01/31 |
182 |
181,149 | |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29 (b) |
398 |
394,112 | |
TransMontaigne Partners LLC, 8.50%, 06/15/30 (b) |
75 |
75,719 | |
Transocean International Ltd. (b) |
|||
8.25%, 05/15/29 |
137 |
138,076 | |
8.75%, 02/15/30 |
180 |
188,083 | |
8.50%, 05/15/31 |
203 |
201,077 | |
7.88%, 10/15/32 |
219 |
228,724 | |
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |
94 |
95,903 | |
Valaris Ltd., 8.38%, 04/30/30 (b) |
244 |
253,873 | |
Venture Global LNG, Inc. (b) |
|||
9.50%, 02/01/29 |
1,853 |
1,920,592 | |
7.00%, 01/15/30 |
40 |
38,497 | |
8.38%, 06/01/31 |
685 |
681,182 | |
9.88%, 02/01/32 |
1,037 |
1,071,296 | |
Venture Global Plaquemines LNG LLC (b) |
|||
6.13%, 12/15/30 |
890 |
906,327 | |
7.50%, 05/01/33 |
384 |
414,912 | |
6.50%, 01/15/34 |
1,123 |
1,150,222 | |
7.75%, 05/01/35 |
266 |
291,258 | |
6.75%, 01/15/36 |
1,205 |
1,234,270 | |
Vital Energy, Inc. |
|||
7.75%, 07/31/29 (b) |
154 |
153,708 | |
9.75%, 10/15/30 (f) |
76 |
79,756 | |
7.88%, 04/15/32 (b)(f) |
173 |
170,454 | |
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29 (b) |
396 |
399,732 | |
Williams Cos., Inc. (f) |
|||
8.75%, 03/15/32 |
2,478 |
3,006,279 | |
86
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Williams Cos., Inc. (f) (continued) |
|||
5.10%, 09/15/45 |
USD |
5,075 |
$ 4,657,615 |
Woodside Finance Ltd., 3.70%, 09/15/26 (g) |
200 |
199,234 | |
113,159,460 | |||
Passenger Airlines — 0.4% | |||
American Airlines, Inc., 8.50%, 05/15/29 (b)(f) |
372 |
389,072 | |
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (b) |
58 |
59,064 | |
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 (b) |
441 |
444,290 | |
OneSky Flight LLC, 8.88%, 12/15/29 (b) |
264 |
282,516 | |
Singapore Airlines Ltd., 3.00%, 07/20/26 (g) |
200 |
198,752 | |
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 03/15/27 (b) |
641 |
626,976 | |
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27 (f) |
2,309 |
2,367,185 | |
4,367,855 | |||
Personal Care Products — 0.1% | |||
Opal Bidco SAS, 6.50%, 03/31/32 (b) |
417 |
427,099 | |
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |
106 |
103,251 | |
530,350 | |||
Pharmaceuticals — 4.6% | |||
1261229 B.C. Ltd., 10.00%, 04/15/32 (b) |
5,253 |
5,463,209 | |
AbbVie, Inc. (f) |
|||
4.75%, 03/15/45 |
5,485 |
4,993,949 | |
4.70%, 05/14/45 |
3,255 |
2,943,588 | |
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32 (b) |
226 |
238,726 | |
Bausch Health Cos., Inc. (b) |
|||
4.88%, 06/01/28 |
179 |
160,205 | |
11.00%, 09/30/28 |
842 |
872,177 | |
Bayer U.S. Finance LLC, 6.88%, 11/21/53 (b) |
715 |
771,803 | |
CVS Health Corp. (f) |
|||
5.13%, 07/20/45 |
3,879 |
3,501,987 | |
5.05%, 03/25/48 |
8,205 |
7,233,117 | |
Eli Lilly & Co., 5.65%, 10/15/65 |
4,735 |
4,771,041 | |
Merck & Co., Inc., 6.50%, 12/01/33 (f) |
6,420 |
7,257,437 | |
Option Care Health, Inc., 4.38%, 10/31/29 (b) |
461 |
450,411 | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28 (b) |
1,000 |
974,435 | |
PRA Health Sciences, Inc., 2.88%, 07/15/26 (b)(f) |
707 |
701,253 | |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (f) |
8,270 |
7,556,484 | |
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 |
679 |
670,088 | |
48,559,910 | |||
Real Estate Management & Development — 0.7% | |||
Aldar Properties PJSC, (5-year CMT + 2.04%), 6.62%, 04/15/55 (a)(g) |
250 |
261,027 | |
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. |
|||
7.00%, 04/15/30 (b) |
114 |
113,228 | |
Series AI, 7.00%, 04/15/30 |
320 |
318,622 | |
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 04/15/30 (b) |
171 |
185,582 | |
AYC Finance Ltd., 3.90% (g)(i) |
300 |
198,858 | |
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28 (g) |
200 |
201,720 | |
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (b) |
216 |
230,708 | |
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22 (d)(g)(n) |
1,050 |
10,500 | |
Security |
Par (000) |
Value | |
Real Estate Management & Development (continued) | |||
Five Point Operating Co. LP, 8.00%, 10/01/30 (b) |
USD |
109 |
$ 113,881 |
Howard Hughes Corp., 4.13%, 02/01/29 (b) |
176 |
171,030 | |
New Metro Global Ltd., 4.50%, 05/02/26 (g) |
349 |
328,076 | |
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29 (b) |
4,485 |
4,365,940 | |
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26 (g) |
200 |
195,926 | |
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30 (g) |
200 |
187,386 | |
Yango Justice International Ltd. (d)(g)(n) |
|||
8.25%, 11/25/23 |
200 |
250 | |
7.50%, 04/15/24 |
200 |
250 | |
6,882,984 | |||
Retail REITs — 0.0% | |||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |
505 |
499,098 | |
Semiconductors & Semiconductor Equipment — 2.2% | |||
Amkor Technology, Inc., 5.88%, 10/01/33 (b) |
98 |
100,022 | |
Broadcom, Inc., 5.00%, 04/15/30 (f) |
10,970 |
11,291,489 | |
Entegris, Inc., 4.75%, 04/15/29 (b) |
2 |
2,004 | |
Kioxia Holdings Corp., 6.63%, 07/24/33 |
349 |
362,917 | |
Lam Research Corp., 4.88%, 03/15/49 (f) |
875 |
800,178 | |
NVIDIA Corp. (f) |
|||
3.50%, 04/01/50 |
2,785 |
2,061,034 | |
3.70%, 04/01/60 |
1,760 |
1,285,340 | |
NXP BV/NXP Funding LLC/NXP USA, Inc. (f) |
|||
4.40%, 06/01/27 |
750 |
753,383 | |
3.40%, 05/01/30 |
1,755 |
1,691,293 | |
QUALCOMM, Inc. (f) |
|||
4.30%, 05/20/47 |
3,500 |
2,938,687 | |
6.00%, 05/20/53 |
1,993 |
2,097,587 | |
TSMC Global Ltd., 2.25%, 04/23/31 (g) |
250 |
226,788 | |
23,610,722 | |||
Software — 2.3% | |||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (b) |
3,919 |
3,907,206 | |
Camelot Finance SA, 4.50%, 11/01/26 (b) |
189 |
187,713 | |
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |
923 |
950,666 | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 (b) |
101 |
87,781 | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b) |
302 |
256,039 | |
Cloud Software Group, Inc. (b) |
|||
6.50%, 03/31/29 |
1,674 |
1,695,909 | |
9.00%, 09/30/29 (f) |
3,888 |
4,049,392 | |
8.25%, 06/30/32 |
944 |
986,518 | |
CoreLogic, Inc., 4.50%, 05/01/28 (b) |
1,488 |
1,457,742 | |
CoreWeave, Inc., 9.25%, 06/01/30 (b)(f) |
438 |
407,240 | |
Elastic NV, 4.13%, 07/15/29 (b) |
718 |
695,359 | |
Ellucian Holdings, Inc., 6.50%, 12/01/29 (b) |
661 |
673,989 | |
Oracle Corp. |
|||
3.95%, 03/25/51 (f) |
4,425 |
2,911,471 | |
5.55%, 02/06/53 |
1,280 |
1,062,246 | |
Playtika Holding Corp., 4.25%, 03/15/29 (b) |
114 |
102,231 | |
PTC, Inc., 4.00%, 02/15/28 (b) |
365 |
359,515 | |
Sabre GLBL, Inc., 10.75%, 03/15/30 (b)(f) |
376 |
309,262 | |
SS&C Technologies, Inc., 6.50%, 06/01/32 (b) |
1,008 |
1,048,737 | |
Twilio, Inc. |
|||
3.63%, 03/15/29 |
259 |
250,188 | |
3.88%, 03/15/31 |
558 |
533,294 | |
Schedule of Investments
87
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Software (continued) | |||
UKG, Inc., 6.88%, 02/01/31 (b) |
USD |
1,949 |
$ 2,002,038 |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b) |
345 |
325,576 | |
24,260,112 | |||
Specialty Retail (b) — 0.1% | |||
Advance Auto Parts, Inc., 7.00%, 08/01/30 |
217 |
218,149 | |
Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, 01/15/31 |
220 |
226,586 | |
Staples, Inc., 10.75%, 09/01/29 |
210 |
208,778 | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |
237 |
227,527 | |
881,040 | |||
Technology Hardware, Storage & Peripherals — 0.3% | |||
Dell International LLC/EMC Corp., 8.35%, 07/15/46 (f) |
1,005 |
1,274,864 | |
Seagate Data Storage Technology Pte Ltd. (b) |
|||
8.25%, 12/15/29 |
589 |
624,597 | |
8.50%, 07/15/31 |
701 |
745,277 | |
Seagate Data Storage Technology Pte. Ltd., 5.88%, 07/15/30 (b) |
324 |
334,001 | |
2,978,739 | |||
Textiles, Apparel & Luxury Goods (b) — 0.3% | |||
Beach Acquisition Bidco LLC |
|||
5.25%, 07/15/32 |
EUR |
592 |
708,278 |
(10.00% Cash or 10.75% PIK), 10.00%, 07/15/33 (h) |
USD |
1,071 |
1,182,151 |
Crocs, Inc., 4.13%, 08/15/31 |
244 |
225,412 | |
Levi Strauss & Co. |
|||
4.00%, 08/15/30 |
EUR |
155 |
184,985 |
3.50%, 03/01/31 |
USD |
462 |
430,225 |
2,731,051 | |||
Tobacco (f) — 2.1% | |||
Altria Group, Inc., 10.20%, 02/06/39 |
13,392 |
18,699,386 | |
BAT Capital Corp., 4.54%, 08/15/47 |
1,999 |
1,658,224 | |
Reynolds American, Inc., 5.85%, 08/15/45 |
2,335 |
2,297,262 | |
22,654,872 | |||
Transportation Infrastructure — 0.5% | |||
FedEx Corp., 5.25%, 05/15/50 (f) |
6,000 |
5,528,108 | |
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26 (g) |
200 |
197,000 | |
5,725,108 | |||
Utilities — 0.2% | |||
TransAlta Corp., 5.88%, 02/01/34 |
269 |
270,859 | |
VoltaGrid LLC, 7.38%, 11/01/30 (b) |
1,670 |
1,654,545 | |
1,925,404 | |||
Wireless Telecommunication Services — 1.1% | |||
Altice France SA (b) |
|||
6.88%, 10/15/30 |
83 |
80,444 | |
6.50%, 10/15/31 |
1,463 |
1,389,296 | |
6.50%, 04/15/32 |
672 |
643,992 | |
6.88%, 07/15/32 |
386 |
370,170 | |
Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, 08/01/32 (b) |
1,261 |
1,309,082 | |
Level 3 Financing, Inc., 8.50%, 01/15/36 (b) |
1,705 |
1,745,890 | |
T-Mobile USA, Inc. |
|||
4.75%, 02/01/28 |
1,013 |
1,013,397 | |
2.63%, 02/15/29 |
438 |
418,065 | |
3.38%, 04/15/29 |
676 |
658,844 | |
2.88%, 02/15/31 |
235 |
218,120 | |
3.50%, 04/15/31 (f) |
990 |
946,499 | |
5.05%, 07/15/33 (f) |
2,000 |
2,040,903 | |
Security |
Par (000) |
Value | |
Wireless Telecommunication Services (continued) | |||
Vmed O2 U.K. Financing I PLC (b) |
|||
4.25%, 01/31/31 |
USD |
400 |
$ 364,804 |
4.75%, 07/15/31 |
200 |
184,643 | |
6.75%, 01/15/33 |
332 |
329,024 | |
11,713,173 | |||
Total Corporate Bonds — 110.4% (Cost: $1,166,732,896) |
1,169,906,445 | ||
Fixed Rate Loan Interests | |||
Distributors — 0.0% | |||
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31 (c)(h) |
2 |
— | |
IT Services — 0.0% | |||
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
256 |
254,437 | |
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |
23 |
22,901 | |
277,338 | |||
Software — 0.0% | |||
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
145 |
140,197 | |
Total Fixed Rate Loan Interests — 0.0% (Cost: $425,801) |
417,535 | ||
Floating Rate Loan Interests (a) | |||
Advertising Agencies — 0.0% | |||
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.83%, 08/23/28 |
84 |
83,562 | |
Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 09/24/32 |
98 |
98,245 | |
Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, 02/07/31 |
62 |
62,678 | |
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.93%, 02/15/29 |
37 |
34,104 | |
278,589 | |||
Aerospace & Defense — 0.2% | |||
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 10/31/30 |
139 |
139,941 | |
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR + 4.18%), 8.37%, 08/03/29 |
158 |
157,963 | |
Dynasty Acquisition Co., Inc. |
|||
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31 |
323 |
324,066 | |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31 |
123 |
123,616 | |
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/27/32 |
65 |
65,436 | |
Kaman Corp. |
|||
2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32 |
1 |
795 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.38%, 02/26/32 |
88 |
88,022 | |
88
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Aerospace & Defense (continued) | |||
Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, 12/01/32 |
USD |
89 |
$ 89,280 |
TransDigm, Inc. |
|||
2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 02/28/31 |
682 |
683,869 | |
2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/19/32 |
252 |
252,747 | |
2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 03/22/30 |
40 |
40,488 | |
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 08/19/32 |
416 |
417,605 | |
2,383,828 | |||
Air Freight & Logistics — 0.0% | |||
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30 |
181 |
181,232 | |
Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, 04/09/32 |
68 |
67,963 | |
249,195 | |||
Automobile Components — 0.1% | |||
Allison Transmission, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.45%, 11/05/32 |
123 |
123,513 | |
Clarios Global LP |
|||
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 05/06/30 |
502 |
501,557 | |
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/28/32 |
222 |
223,277 | |
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.84%, 01/30/32 |
13 |
12,907 | |
RealTruck Group, Inc. |
|||
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.86%), 7.58%, 01/31/28 |
26 |
19,798 | |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 8.83%, 01/31/28 |
77 |
59,701 | |
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28 |
201 |
197,304 | |
1,138,057 | |||
Beverages — 0.1% | |||
Naked Juice LLC |
|||
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.17%, 01/24/29 |
252 |
250,317 | |
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.02%, 01/24/29 |
115 |
76,016 | |
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.77%, 01/24/30 |
85 |
21,580 | |
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.92%, 03/31/28 |
119 |
119,509 | |
Sazerac Co., Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.50%, 07/09/32 |
151 |
150,768 | |
618,190 | |||
Security |
Par (000) |
Value | |
Biotechnology — 0.0% | |||
Parexel International Corporation, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 12/12/31 |
USD |
414 |
$ 415,214 |
Building Materials — 0.0% | |||
CP Iris HoldCo I, Inc. |
|||
2025 Delayed Draw Term Loan, 0.00%, 10/27/32 |
5 |
5,174 | |
2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/27/32 |
184 |
182,203 | |
187,377 | |||
Building Products — 0.3% | |||
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32 |
482 |
482,474 | |
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30 |
143 |
137,650 | |
EMRLD Borrower LP |
|||
2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.12%, 08/04/31 |
234 |
234,009 | |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.07%, 05/31/30 |
408 |
409,161 | |
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31 |
63 |
62,125 | |
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29 |
50 |
43,925 | |
Quikrete Holdings, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 03/19/29 |
177 |
177,785 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 02/10/32 |
95 |
95,553 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 04/14/31 |
196 |
196,776 | |
QXO Building Products, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 04/30/32 |
62 |
62,482 | |
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/22/28 |
23 |
23,535 | |
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 10/19/29 |
539 |
540,916 | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31 |
414 |
400,640 | |
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 5.83%, 10/04/28 |
97 |
97,000 | |
2,964,031 | |||
Capital Markets — 0.3% | |||
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 07/30/31 |
53 |
52,944 | |
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.69%, 11/01/30 |
80 |
79,972 | |
Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/09/30 |
81 |
81,850 | |
Schedule of Investments
89
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Capital Markets (continued) | |||
Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/24/32 |
USD |
170 |
$ 169,703 |
Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 11/01/32 (c) |
225 |
225,059 | |
Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 10/31/31 |
213 |
214,085 | |
CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 05/19/31 |
451 |
452,121 | |
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 04/07/28 |
191 |
191,621 | |
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 09/15/31 |
298 |
298,069 | |
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32 |
105 |
105,668 | |
GTCR Everest Borrower LLC, Add on Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 09/05/31 |
65 |
64,891 | |
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, 01/31/30 |
44 |
44,570 | |
Hudson River Trading LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, 03/18/30 |
105 |
105,234 | |
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, 12/15/31 |
450 |
447,801 | |
Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.60%, 07/30/32 |
279 |
279,993 | |
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, 10/16/31 (c) |
21 |
21,078 | |
2,834,659 | |||
Chemicals — 0.3% | |||
Advancion Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 7.82%, 11/24/27 |
72 |
65,603 | |
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, 12/20/29 |
189 |
189,289 | |
Chemours Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32 |
311 |
307,039 | |
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, 11/01/30 |
229 |
229,136 | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29 |
63 |
60,095 | |
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.84%, 06/12/31 |
167 |
167,264 | |
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 12/18/30 |
197 |
197,738 | |
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32 |
79 |
77,701 | |
Security |
Par (000) |
Value | |
Chemicals (continued) | |||
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.86%), 5.58%, 02/15/30 |
USD |
120 |
$ 119,652 |
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 02/18/30 |
71 |
56,894 | |
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 10/07/31 |
74 |
49,315 | |
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28 |
174 |
151,767 | |
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 11/26/31 (c) |
102 |
102,692 | |
Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.04%, 04/03/28 |
172 |
171,951 | |
Olympus Water U.S. Holding Corp. |
|||
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 06/20/31 |
334 |
331,260 | |
2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 11/03/32 |
208 |
206,571 | |
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31 |
206 |
151,837 | |
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.87%, 10/09/31 |
69 |
69,736 | |
Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32 |
329 |
330,234 | |
Solstice Advanced Materials, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, 10/29/32 |
115 |
115,504 | |
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.86%, 08/02/30 |
267 |
265,022 | |
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32 |
111 |
110,618 | |
3,526,918 | |||
Commercial Services & Supplies — 0.5% | |||
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, 05/21/31 |
243 |
243,911 | |
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32 |
358 |
358,692 | |
Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 08/20/32 |
679 |
681,711 | |
Anticimex International AB, 2025 USD Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 2.90%), 7.31%, 11/17/31 |
65 |
65,292 | |
Aramark Services, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 06/22/30 |
257 |
257,641 | |
Belron Finance LLC, 2025 Repriced Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.12%, 10/16/31 |
483 |
485,323 | |
Bright Horizons Family Solutions LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 08/23/32 |
177 |
178,031 | |
90
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Commercial Services & Supplies (continued) | |||
CHG Healthcare Services, Inc., 2025 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.71%, 09/29/28 |
USD |
180 |
$ 180,333 |
Creative Artists Agency LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 10/01/31 |
464 |
466,068 | |
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.84%, 08/01/29 |
198 |
198,841 | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, 07/31/30 (h) |
86 |
82,043 | |
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 02/01/29 |
265 |
265,723 | |
Grant Thornton Advisors LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 06/02/31 |
131 |
130,923 | |
Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.52%, 06/02/32 |
40 |
40,142 | |
Hertz Corp. |
|||
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.61%), 7.33%, 06/30/28 |
152 |
127,471 | |
2021 Term Loan C, (1-mo. CME Term SOFR at 0.00% Floor + 3.61%), 7.33%, 06/30/28 |
30 |
25,156 | |
ION Platform Finance U.S., Inc., USD Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 10/07/32 |
450 |
421,231 | |
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 7.86%, 08/11/28 |
26 |
21,842 | |
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.72%, 05/04/28 |
437 |
438,699 | |
Packers Holdings LLC, 2025 Takeback Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 6.50%), 10.32%, 03/10/31 |
21 |
19,998 | |
PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 03/26/31 |
51 |
50,891 | |
Prime Security Services Borrower LLC |
|||
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.13%, 10/13/30 |
97 |
97,421 | |
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32 |
364 |
362,946 | |
TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.90%, 12/30/32 (c) |
103 |
101,584 | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.04%, 12/17/28 (d)(n) |
113 |
13,509 | |
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/30/31 |
259 |
259,482 | |
5,574,904 | |||
Security |
Par (000) |
Value | |
Communications Equipment — 0.0% | |||
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 10/24/30 |
USD |
200 |
$ 200,182 |
Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.20%, 09/01/28 |
75 |
70,984 | |
271,166 | |||
Construction & Engineering — 0.1% | |||
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 09/23/31 |
439 |
441,570 | |
Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32 |
61 |
61,051 | |
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, 08/01/30 |
333 |
303,120 | |
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.56%, 07/01/31 |
183 |
183,538 | |
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 11/03/31 |
43 |
42,836 | |
Legence Holdings LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.97%, 12/16/31 |
95 |
95,436 | |
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/25/31 |
257 |
258,359 | |
1,385,910 | |||
Consumer Discretionary — 0.1% | |||
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29 |
358 |
358,659 | |
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/31/31 |
108 |
106,658 | |
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.68%), 7.35%, 07/06/29 |
83 |
83,159 | |
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.54%, 02/21/31 (c) |
87 |
87,599 | |
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.45%, 12/31/32 |
84 |
84,195 | |
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/19/31 |
74 |
74,613 | |
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.10%), 7.82%, 11/02/27 |
43 |
42,187 | |
837,070 | |||
Consumer Finance — 0.2% | |||
Boost Newco Borrower LLC, 2025 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 01/31/31 |
551 |
551,788 | |
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 04/01/32 |
190 |
190,491 | |
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 04/28/28 |
304 |
303,958 | |
Schedule of Investments
91
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Consumer Finance (continued) | |||
Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 06/30/32 |
USD |
77 |
$ 77,208 |
Trans Union LLC |
|||
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 06/24/31 |
202 |
202,851 | |
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 06/24/31 |
126 |
126,084 | |
WEX, Inc. |
|||
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 03/31/28 |
45 |
44,639 | |
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32 |
79 |
79,334 | |
1,576,353 | |||
Consumer Staples Distribution & Retail — 0.1% | |||
Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32 |
168 |
168,770 | |
Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 12/30/32 |
116 |
116,821 | |
Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, 12/16/32 |
147 |
147,887 | |
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 10/03/31 |
163 |
164,474 | |
597,952 | |||
Containers & Packaging — 0.2% | |||
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, 09/07/27 |
279 |
280,218 | |
Charter Next Generation, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.50%, 11/29/30 |
474 |
474,455 | |
Clydesdale Acquisition Holdings, Inc. |
|||
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 04/01/32 |
237 |
236,500 | |
Term Loan B, (1-mo. CME Term SOFR + 3.18%), 6.89%, 04/13/29 |
25 |
25,004 | |
LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28 |
231 |
145,847 | |
Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 04/15/30 |
135 |
132,048 | |
Potters Industries LLC, 2025 Repriced Term Loan B, (1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/09/32 (c) |
114 |
114,428 | |
Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 02/01/29 |
122 |
123,035 | |
Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.89%, 09/15/28 |
26 |
25,883 | |
Security |
Par (000) |
Value | |
Containers & Packaging (continued) | |||
Ring Container Technologies Group LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 09/15/32 |
USD |
69 |
$ 68,984 |
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, 09/15/28 |
127 |
121,821 | |
1,748,223 | |||
Distributors — 0.2% | |||
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31 |
203 |
203,508 | |
Core & Main LP |
|||
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 07/27/28 |
466 |
467,338 | |
2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 02/09/31 |
91 |
91,379 | |
Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 07/02/31 |
180 |
179,502 | |
Fluid-Flow Products, Inc., 2025 Term Loan B, 03/31/28 (o) |
57 |
57,349 | |
Gates Corp. |
|||
2022 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 11/16/29 |
45 |
44,935 | |
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 06/04/31 |
323 |
323,954 | |
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27 |
64 |
55,520 | |
Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 08/13/32 |
140 |
139,825 | |
1,563,310 | |||
Diversified REITs — 0.0% | |||
Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 01/31/31 |
60 |
59,773 | |
Diversified Telecommunication Services — 0.1% | |||
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 8.50%, 01/31/26 (c) |
242 |
239,428 | |
Lumen Technologies, Inc. |
|||
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.18%, 04/16/29 |
134 |
133,171 | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.18%, 04/15/30 |
176 |
174,919 | |
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, 06/01/28 |
11 |
10,956 | |
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 3.00% and 0.50% PIK), 7.33%, 03/11/30 (h) |
520 |
491,800 | |
1,050,274 | |||
Electric Utilities — 0.0% | |||
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.00%), 5.82%, 12/15/27 |
128 |
128,662 | |
92
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Electric Utilities (continued) | |||
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.35%, 12/15/31 |
USD |
86 |
$ 86,435 |
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 12/20/30 |
212 |
212,663 | |
427,760 | |||
Electronic Equipment, Instruments & Components — 0.1% | |||
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31 (c) |
55 |
55,436 | |
Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29 |
127 |
126,512 | |
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.37%, 12/02/31 |
91 |
91,808 | |
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32 |
118 |
118,125 | |
Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, 09/30/32 |
33 |
33,124 | |
Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.92%, 10/27/32 (c) |
132 |
132,165 | |
557,170 | |||
Energy Equipment & Services — 0.0% | |||
Deep Blue Operating I LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.59%, 10/01/32 |
40 |
40,092 | |
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 09/22/32 |
37 |
37,185 | |
77,277 | |||
Entertainment — 0.1% | |||
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.37%, 10/02/28 |
87 |
86,048 | |
Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, 09/30/31 |
342 |
342,366 | |
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.53%, 03/04/32 |
262 |
261,973 | |
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 07/31/32 |
48 |
47,466 | |
Live Nation Entertainment, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 10/21/32 |
218 |
218,000 | |
955,853 | |||
Environmental, Maintenance & Security Service — 0.2% | |||
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30 |
110 |
109,885 | |
Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32 |
95 |
95,791 | |
Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 10/21/28 |
404 |
405,773 | |
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32 |
332 |
333,164 | |
Security |
Par (000) |
Value | |
Environmental, Maintenance & Security Service (continued) | |||
JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, 10/17/30 |
USD |
85 |
$ 85,464 |
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.70%, 06/21/28 |
441 |
443,120 | |
Reworld Holding Corp. |
|||
2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 01/15/31 |
52 |
52,000 | |
2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 01/15/31 |
19 |
18,862 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 01/15/31 |
116 |
116,074 | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 11/30/28 |
65 |
64,984 | |
1,725,117 | |||
Financial Services — 0.0% | |||
Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.39%, 02/27/32 |
267 |
250,169 | |
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32 |
134 |
134,544 | |
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 11/05/28 |
52 |
52,728 | |
437,441 | |||
Food Products — 0.1% | |||
Aramark Services, Inc., 2025 Repriced Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 04/06/28 |
113 |
113,085 | |
Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 10/28/32 |
588 |
590,352 | |
Froneri U.S., Inc. |
|||
2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.45%, 09/30/31 |
437 |
436,822 | |
2025 USD Term Loan B6, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.12%, 09/30/32 |
130 |
129,951 | |
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.34%, 03/29/30 |
16 |
16,465 | |
Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32 |
8 |
8,006 | |
UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 01/29/32 |
131 |
131,250 | |
1,425,931 | |||
Ground Transportation — 0.1% | |||
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/10/31 |
601 |
601,358 | |
Health Care Equipment & Supplies — 0.1% | |||
Bausch & Lomb Corp. |
|||
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28 |
109 |
109,480 | |
Schedule of Investments
93
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Health Care Equipment & Supplies (continued) | |||
Bausch & Lomb Corp. (continued) |
|||
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 01/15/31 |
USD |
260 |
$ 261,840 |
QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 08/20/32 |
130 |
129,588 | |
500,908 | |||
Health Care Providers & Services — 0.2% | |||
AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, 09/20/32 |
24 |
24,420 | |
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 07/26/31 |
84 |
84,765 | |
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 11/01/28 |
241 |
242,296 | |
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 07/03/28 |
55 |
55,745 | |
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, 05/19/31 |
149 |
149,370 | |
Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.44%, 11/01/28 |
100 |
21,002 | |
Medline Borrower LP |
|||
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/30 |
85 |
84,948 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/28 |
199 |
198,965 | |
Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, 05/30/31 |
273 |
273,926 | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30 |
111 |
111,496 | |
Surgery Center Holdings, Inc., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 12/19/30 |
218 |
219,059 | |
Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, 06/30/28 |
60 |
59,849 | |
1,525,841 | |||
Hotel & Resort REITs — 0.0% | |||
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/20/30 |
78 |
78,139 | |
Hotels, Restaurants & Leisure — 0.5% | |||
Aimbridge Acquisition Co., Inc. |
|||
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 1.61% and 6.00% PIK), 11.35%, 03/11/30 (h) |
28 |
27,408 | |
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.61%), 9.35%, 03/11/30 |
30 |
29,668 | |
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 05/31/30 (c) |
161 |
161,647 | |
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Burger King (Restaurant Brands International Inc.)/New Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/20/30 |
USD |
280 |
$ 279,708 |
Caesars Entertainment, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 5.97%, 02/06/31 |
534 |
528,643 | |
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 5.97%, 02/06/30 |
114 |
112,726 | |
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32 |
473 |
474,723 | |
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, 01/27/29 |
655 |
654,527 | |
Flutter Financing BV |
|||
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, 11/30/30 |
454 |
452,982 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 06/04/32 |
128 |
128,243 | |
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 09/22/32 |
431 |
433,082 | |
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, 11/01/29 |
117 |
114,314 | |
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 05/27/32 |
122 |
123,150 | |
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 11/08/30 |
330 |
332,174 | |
IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 12/16/30 |
232 |
232,905 | |
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.99%, 04/14/29 |
196 |
196,818 | |
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 11/12/29 |
262 |
232,393 | |
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.92%, 08/01/30 |
60 |
55,204 | |
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 05/03/29 |
129 |
130,118 | |
Sabre GLBL, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 |
73 |
63,995 | |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 (c) |
39 |
34,537 | |
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.72%, 12/04/31 |
54 |
53,982 | |
Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 05/01/31 |
54 |
53,033 | |
94
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 03/14/31 |
USD |
339 |
$ 339,854 |
Voyager Parent LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32 |
160 |
159,517 | |
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 08/03/28 |
106 |
106,243 | |
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/24/30 |
156 |
156,699 | |
5,668,293 | |||
Household Durables — 0.1% | |||
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.86%, 07/31/28 |
300 |
300,096 | |
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 01/20/32 |
286 |
287,610 | |
Somnigroup International, Inc., Term Loan B, (1-mo. SOFR at 0.00% Floor + 2.25%), 5.91%, 10/24/31 |
71 |
71,501 | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1- mo. CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, 12/19/29 |
31 |
30,246 | |
Weber-Stephen Products LLC, 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.74%, 10/01/32 |
206 |
206,103 | |
895,556 | |||
Household Products — 0.0% | |||
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 03/04/32 |
36 |
35,860 | |
Independent Power and Renewable Electricity Producers — 0.1% | |||
Calpine Construction Finance Co. LP, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 07/31/30 |
290 |
290,400 | |
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31 |
104 |
103,589 | |
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31 |
463 |
464,376 | |
Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/25/32 |
146 |
145,909 | |
1,004,274 | |||
Industrial Conglomerates — 0.0% | |||
CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.86%, 10/28/32 |
69 |
69,475 | |
Insurance — 0.6% | |||
Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 09/19/31 |
1,026 |
1,028,514 | |
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.97%, 01/30/32 |
449 |
450,584 | |
Amynta Agency Borrower, Inc., 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 12/29/31 |
304 |
304,830 | |
Security |
Par (000) |
Value | |
Insurance (continued) | |||
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.92%, 02/15/31 |
USD |
301 |
$ 299,820 |
Asurion LLC |
|||
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR at 0.00% Floor + 5.36%), 9.08%, 01/31/28 |
175 |
174,153 | |
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29 |
44 |
43,120 | |
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.07%, 08/19/28 |
133 |
132,771 | |
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30 |
60 |
59,595 | |
2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30 |
416 |
415,864 | |
Baldwin Insurance Group Holdings LLC, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.25%, 05/26/31 |
125 |
124,678 | |
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.12%, 06/20/30 |
545 |
548,057 | |
Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/31 |
281 |
281,359 | |
Jones DesLauriers Insurance Management Inc., 2025 Repriced Term Loan B, 12/10/32 (o) |
147 |
146,860 | |
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.59%, 03/15/30 |
141 |
140,865 | |
OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 07/02/31 |
58 |
57,843 | |
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/15/31 |
304 |
303,875 | |
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 07/31/31 |
503 |
504,326 | |
Truist Insurance Holdings LLC |
|||
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 05/06/31 |
471 |
471,101 | |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 05/06/32 |
56 |
56,926 | |
USI, Inc. |
|||
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 09/29/30 |
258 |
258,105 | |
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 11/21/29 |
424 |
424,777 | |
6,228,023 | |||
Interactive Media & Services — 0.0% | |||
MH Sub I LLC |
|||
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.97%, 05/03/28 |
93 |
85,799 | |
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.97%, 12/31/31 |
78 |
66,851 | |
152,650 | |||
Internet Software & Services — 0.2% | |||
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.34%, 08/15/29 |
155 |
125,333 | |
Schedule of Investments
95
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Internet Software & Services (continued) | |||
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.09%, 11/08/32 |
USD |
174 |
$ 174,411 |
Gen Digital, Inc. |
|||
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 09/12/29 |
438 |
438,671 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 04/16/32 |
72 |
71,676 | |
Go Daddy Operating Co. LLC |
|||
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/30/31 |
131 |
131,363 | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 11/09/29 |
212 |
212,043 | |
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28 |
476 |
477,457 | |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, 03/15/30 |
267 |
264,597 | |
1,895,551 | |||
IT Services — 0.3% | |||
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31 |
178 |
178,120 | |
Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 03/26/32 |
130 |
130,394 | |
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 06/17/30 |
152 |
152,354 | |
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31 |
173 |
172,477 | |
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31 (c) |
337 |
336,579 | |
Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/15/32 |
532 |
520,030 | |
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, 06/27/31 |
74 |
74,157 | |
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 03/01/29 |
227 |
208,782 | |
Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.85%), 7.69%, 02/01/28 |
241 |
222,965 | |
Ping Identity Corporation, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.62%, 11/15/32 |
72 |
72,090 | |
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 7.85%, 06/02/28 |
226 |
217,893 | |
Security |
Par (000) |
Value | |
IT Services (continued) | |||
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 06/28/30 (c) |
USD |
131 |
$ 130,616 |
X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 10.45%, 10/26/29 |
477 |
468,023 | |
2,884,480 | |||
Leisure Products — 0.0% | |||
Bombardier Recreational Products, Inc., 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 01/22/31 |
73 |
73,021 | |
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
175 |
174,355 | |
247,376 | |||
Machinery — 0.3% | |||
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.42%, 06/23/30 |
137 |
137,737 | |
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.48%, 03/15/30 |
60 |
60,224 | |
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, 05/14/28 (c) |
54 |
53,677 | |
Generac Power Systems, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, 07/03/31 |
40 |
39,599 | |
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.86%, 12/21/29 |
145 |
147,010 | |
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.53%, 02/15/29 |
546 |
549,556 | |
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, 11/22/29 |
104 |
104,601 | |
INNIO Group Holding GmbH, 2025 Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.13%, 11/02/28 |
106 |
106,265 | |
Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 09/26/31 |
72 |
72,427 | |
SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 04/05/29 |
377 |
377,841 | |
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.95%, 04/30/30 |
447 |
449,861 | |
Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32 |
529 |
531,004 | |
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.87%, 01/27/31 |
293 |
293,630 | |
2,923,432 | |||
96
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Media — 0.3% | |||
Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, 05/31/31 |
USD |
219 |
$ 219,149 |
Charter Communications Operating LLC |
|||
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.99%, 12/07/30 |
153 |
153,273 | |
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.24%, 12/15/31 |
149 |
148,734 | |
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, 12/02/31 |
134 |
131,778 | |
CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
427 |
372,743 | |
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27 |
16 |
15,696 | |
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/30/30 |
93 |
92,174 | |
Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.12%, 06/04/29 |
1 |
899 | |
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, 06/30/28 |
122 |
121,903 | |
NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31 |
178 |
162,480 | |
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 8.83%, 09/25/29 (h) |
944 |
722,222 | |
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.93%, 04/04/29 |
98 |
96,101 | |
Sunrise Financing Partnership, Term Loan AAA1, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.43%, 02/16/32 |
60 |
60,182 | |
Telenet Financing USD LLC, 2020 USD Term Loan AR, (1-mo. CME Term SOFR at 0.00% Floor + 2.11%), 5.86%, 04/30/28 |
45 |
44,966 | |
UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31 |
476 |
477,766 | |
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.11%, 01/31/29 |
225 |
225,281 | |
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.57%, 01/24/31 |
438 |
438,959 | |
3,484,306 | |||
Metals & Mining — 0.1% | |||
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 05/13/29 |
14 |
13,569 | |
BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30 |
297 |
293,534 | |
Covia Holdings LLC, 2025 Repriced Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.71%, 02/26/32 |
169 |
167,952 | |
Security |
Par (000) |
Value | |
Metals & Mining (continued) | |||
Element Solutions, Inc., 2025 Add-on Term Loan B, 12/18/30 (o) |
USD |
59 |
$ 59,270 |
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 03/11/32 |
349 |
350,523 | |
884,848 | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 11/22/32 |
62 |
62,005 | |
Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at 0.00% Floor + 1.75%), 5.41%, 07/30/32 |
255 |
255,141 | |
EG America LLC, 2025 USD Repriced Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.32%, 02/07/28 |
46 |
46,550 | |
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.12%, 12/21/28 |
285 |
285,584 | |
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.94%, 10/04/30 |
32 |
32,410 | |
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.74%, 02/11/30 |
112 |
112,223 | |
M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, 04/01/32 |
79 |
78,867 | |
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.59%, 04/07/32 |
44 |
44,354 | |
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 10/05/28 |
356 |
357,078 | |
Stakeholder Midstream LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31 |
90 |
90,056 | |
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/16/32 |
36 |
36,106 | |
1,400,374 | |||
Passenger Airlines — 0.1% | |||
AAdvantage Loyalty IP Ltd. |
|||
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.13%, 04/20/28 |
154 |
154,648 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.13%, 05/28/32 |
92 |
91,941 | |
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 03/21/31 |
210 |
211,561 | |
American Airlines, Inc. |
|||
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.69%, 01/29/27 |
106 |
105,653 | |
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.26%, 06/04/29 |
165 |
164,744 | |
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.00%, 02/15/28 |
159 |
159,287 | |
Schedule of Investments
97
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Passenger Airlines (continued) | |||
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.44%, 08/27/29 |
USD |
150 |
$ 143,741 |
United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 02/22/31 |
147 |
147,222 | |
1,178,797 | |||
Personal Care Products — 0.0% | |||
ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 12/15/32 (c) |
35 |
35,175 | |
Pharmaceuticals — 0.1% | |||
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, 08/01/32 |
293 |
295,464 | |
Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, 10/31/32 |
85 |
84,936 | |
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.47%, 04/23/31 |
70 |
69,001 | |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 7.77%, 10/01/27 |
79 |
77,914 | |
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, 05/05/28 |
275 |
275,918 | |
Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/22/32 |
211 |
211,588 | |
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, 05/19/31 |
49 |
47,492 | |
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 04/20/29 |
80 |
80,767 | |
PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 07/03/28 |
14 |
13,889 | |
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 08/01/31 |
56 |
55,630 | |
1,212,599 | |||
Real Estate Management & Development — 0.0% | |||
Cushman & Wakefield U.S. Borrower LLC, 2025 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 01/31/30 |
63 |
63,037 | |
Semiconductors & Semiconductor Equipment — 0.0% | |||
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 07/06/29 |
57 |
56,806 | |
MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.72%, 08/17/29 |
301 |
302,132 | |
358,938 | |||
Software — 1.0% | |||
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 02/24/31 |
504 |
506,159 | |
Security |
Par (000) |
Value | |
Software (continued) | |||
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/29 |
USD |
345 |
$ 345,019 |
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/25/31 |
201 |
201,377 | |
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, 07/30/31 |
451 |
449,092 | |
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.72%, 01/23/32 |
437 |
437,778 | |
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29 |
381 |
322,056 | |
Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.21%, 04/21/32 |
131 |
130,428 | |
Cloud Software Group, Inc. |
|||
2025 Term Loan B (2031), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 03/21/31 |
367 |
367,583 | |
2025 Term Loan B (2032), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 08/13/32 |
617 |
617,903 | |
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 7.57%, 10/08/28 |
63 |
60,384 | |
CoreLogic, Inc. |
|||
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.33%, 06/04/29 |
90 |
90,525 | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.33%, 06/02/28 |
264 |
264,380 | |
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.62%, 05/01/31 |
414 |
396,680 | |
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31 |
49 |
49,076 | |
Dayforce, Inc., 2025 Term Loan, 08/20/32 (o) |
390 |
388,608 | |
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 06/26/31 (c) |
87 |
84,965 | |
Ellucian Holdings, Inc. |
|||
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 10/08/29 |
438 |
440,483 | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.47%, 11/22/32 |
71 |
71,466 | |
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.22%, 05/30/31 |
428 |
429,067 | |
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/30/32 |
596 |
594,673 | |
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 03/20/32 |
457 |
456,813 | |
Mitchell International, Inc. |
|||
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, 06/17/31 |
286 |
286,855 | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 8.97%, 06/17/32 |
46 |
45,494 | |
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.09%, 07/01/31 |
74 |
73,700 | |
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/17/27 |
41 |
39,471 | |
98
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Software (continued) | |||
PointClickCare Technologies, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 11/03/31 |
USD |
129 |
$ 129,578 |
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.61%, 07/16/31 |
296 |
296,211 | |
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28 |
227 |
226,910 | |
Sabre GLBL, Inc. (c) |
|||
2025 11th Amendment Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
28 |
24,849 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
13 |
11,588 | |
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 05/09/31 |
502 |
504,319 | |
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, 02/10/31 |
542 |
542,089 | |
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.09%, 04/12/31 |
390 |
391,078 | |
Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/22/29 (c) |
84 |
84,384 | |
X.AI LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 7.25%), 10.85%, 06/28/30 |
288 |
283,508 | |
Zelis Payments Buyer, Inc. |
|||
5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 11/26/31 |
299 |
296,364 | |
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 09/28/29 |
159 |
157,466 | |
10,098,379 | |||
Specialty Retail — 0.0% | |||
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.31%, 04/23/31 |
129 |
128,700 | |
Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 09/29/32 |
48 |
48,040 | |
Restoration Hardware, Inc. |
|||
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.07%, 10/20/28 |
38 |
37,446 | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.33%, 10/20/28 |
88 |
87,251 | |
301,437 | |||
Technology Hardware, Storage & Peripherals — 0.0% | |||
Cubic Corp. |
|||
2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29 |
469 |
237,336 | |
2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29 |
50 |
25,447 | |
262,783 | |||
Security |
Par (000) |
Value | |
Textiles, Apparel & Luxury Goods — 0.0% | |||
ABG Intermediate Holdings 2 LLC |
|||
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 12/21/28 |
USD |
175 |
$ 175,212 |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32 |
89 |
89,176 | |
Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 09/12/32 |
46 |
46,316 | |
310,704 | |||
Trading Companies & Distributors — 0.0% | |||
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00% and 3.25% PIK), 8.97%, 07/02/29 (h) |
73 |
29,822 | |
Transportation Infrastructure — 0.0% | |||
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.07%, 12/15/26 |
119 |
117,805 | |
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 11.89%, 08/20/29 |
54 |
20,489 | |
138,294 | |||
Wireless Telecommunication Services — 0.1% | |||
Digicel International Finance Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.02%, 08/06/32 |
79 |
78,718 | |
Level 3 Financing, Inc., 2025 Repriced Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 03/29/32 |
475 |
476,069 | |
Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/06/32 (c) |
173 |
173,433 | |
728,220 | |||
Total Floating Rate Loan Interests — 7.6% (Cost: $80,728,168) |
80,066,471 | ||
Foreign Agency Obligations | |||
Brazil — 0.5% |
|||
Brazilian Government International Bonds, 5.00%, 01/27/45 |
6,525 |
5,243,359 | |
China — 0.1% |
|||
China Development Bank/Hong Kong, 2.00%, 02/16/27 (g) |
200 |
196,158 | |
Export-Import Bank of China, 3.38%, 03/14/27 (g) |
200 |
199,068 | |
395,226 | |||
Hong Kong — 0.0% |
|||
Airport Authority, 3.25%, 01/12/52 |
200 |
150,920 | |
India — 0.0% |
|||
Export-Import Bank of India, 3.88%, 02/01/28 (g) |
200 |
198,800 | |
Indonesia — 0.2% |
|||
Indonesia Government International Bonds |
|||
4.65%, 09/20/32 |
250 |
251,563 | |
4.85%, 01/11/33 |
200 |
202,125 | |
5.25%, 01/17/42 (g) |
200 |
200,650 | |
Schedule of Investments
99
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Indonesia (continued) |
|||
Indonesia Government International Bonds (continued) |
|||
4.75%, 07/18/47 (g) |
USD |
200 |
$ 187,125 |
3.70%, 10/30/49 |
200 |
152,750 | |
3.50%, 02/14/50 (f) |
200 |
146,150 | |
Perusahaan Penerbit SBSN Indonesia III (g) |
|||
1.50%, 06/09/26 |
200 |
197,750 | |
4.40%, 06/06/27 |
200 |
201,000 | |
1,539,113 | |||
Mexico — 1.5% |
|||
Eagle Funding Luxco SARL, 5.50%, 08/17/30 (b)(f) |
11,150 |
11,339,550 | |
Mexico Government International Bonds, 4.75%, 03/08/44 (f) |
5,800 |
4,776,300 | |
16,115,850 | |||
Pakistan — 0.1% |
|||
Pakistan Government International Bonds (g) |
|||
6.00%, 04/08/26 |
450 |
448,596 | |
7.38%, 04/08/31 |
200 |
199,250 | |
647,846 | |||
Philippines — 0.0% |
|||
Philippines Government International Bonds |
|||
3.70%, 03/01/41 |
300 |
250,500 | |
2.65%, 12/10/45 |
200 |
132,575 | |
383,075 | |||
Republic of Korea — 0.0% |
|||
Korea National Oil Corp., 4.88%, 04/03/29 |
200 |
204,234 | |
Saudi Arabia — 0.0% |
|||
Saudi Government International Bonds, 4.50%, 10/26/46 (g) |
200 |
171,000 | |
South Korea — 0.1% |
|||
Export-Import Bank of Korea, 1.63%, 01/18/27 |
200 |
195,514 | |
Korea Development Bank, 4.38%, 02/15/33 |
200 |
200,280 | |
Korea Expressway Corp., 1.13%, 05/17/26 |
200 |
197,778 | |
593,572 | |||
United Arab Emirates — 0.0% |
|||
Sharjah Sukuk Program Ltd., 6.09%, 03/19/34 (g) |
250 |
262,780 | |
Uruguay — 0.3% |
|||
Uruguay Government International Bonds, 5.10%, 06/18/50 (f) |
3,500 |
3,305,750 | |
Total Foreign Agency Obligations — 2.8% (Cost: $30,711,902) |
29,211,525 | ||
Shares |
|||
Investment Companies | |||
Equity Funds — 3.6% |
|||
Hearthside Equity |
1,014 |
15,294 | |
Invesco Senior Loan ETF |
170,000 |
3,570,000 | |
Security |
Shares |
Value | |
Equity Funds (continued) |
|||
iShares MSCI Emerging Markets ETF (p) |
143,716 |
$ 7,862,702 | |
VanEck J.P. Morgan EM Local Currency Bond ETF |
1,025,002 |
26,465,552 | |
37,913,548 | |||
Total Investment Companies — 3.6% (Cost: $37,164,266) |
37,913,548 | ||
Par (000) |
|||
Preferred Securities | |||
Capital Trusts — 10.2% | |||
Automobiles — 0.2% |
|||
General Motors Financial Co., Inc., Series C, 5.70% (a)(i) |
USD |
2,565 |
2,575,469 |
Banks — 4.3% |
|||
Bank of America Corp., 6.25% (a)(f)(i) |
10,000 |
10,157,060 | |
Barclays PLC (a)(i) |
|||
4.38% |
1,630 |
1,576,941 | |
9.63% |
3,340 |
3,783,539 | |
Citigroup, Inc. (a)(i) |
|||
Series BB, 7.20% |
6,750 |
7,007,368 | |
Series EE, 6.75% |
3,200 |
3,257,373 | |
HDFC Bank Ltd., 3.70% (a)(g)(i) |
200 |
196,688 | |
HSBC Holdings PLC, 7.05% (a)(i) |
400 |
415,814 | |
Industrial & Commercial Bank of China Ltd., 3.20% (a)(g)(i) |
300 |
297,546 | |
JPMorgan Chase & Co., 8.75%, 09/01/30 (f) |
2,000 |
2,354,763 | |
Kasikornbank PCL, 4.00% (a)(g)(i) |
300 |
294,900 | |
Macquarie Bank Ltd., 6.13% (a)(b)(f)(i) |
1,885 |
1,910,924 | |
Mitsubishi UFJ Financial Group, Inc. (a)(i) |
|||
6.35% |
400 |
407,738 | |
8.20% |
425 |
466,383 | |
Nordea Bank Abp, 6.63% (a)(b)(f)(i) |
5,540 |
5,586,154 | |
PNC Financial Services Group, Inc. (a)(i) |
|||
Series V, 6.20% (f) |
5,529 |
5,619,974 | |
Series W, 6.25% |
1,250 |
1,290,483 | |
Standard Chartered PLC (a)(g)(i) |
|||
7.63% |
200 |
212,858 | |
7.88% |
400 |
427,992 | |
45,264,498 | |||
Electric Utilities (a) — 1.0% |
|||
Dominion Energy, Inc., Series B, 7.00%, 06/01/54 |
1,810 |
1,959,779 | |
PPL Capital Funding, Inc., Series A, 6.61%, 03/30/67 (f) |
8,300 |
8,111,292 | |
10,071,071 | |||
Financial Services (a)(i) — 1.8% |
|||
Goldman Sachs Group, Inc., 6.85% (f) |
7,278 |
7,568,497 | |
Nomura Holdings, Inc., 7.00% |
375 |
384,957 | |
Royal Capital BV, 5.00% (g) |
200 |
199,600 | |
Sumitomo Mitsui Financial Group, Inc., 6.45% |
300 |
305,420 | |
UBS Group AG (b) |
|||
7.75% |
4,845 |
5,223,065 | |
Series NC10, 9.25% |
4,807 |
5,637,443 | |
19,318,982 | |||
Independent Power and Renewable Electricity Producers — 0.1% |
|||
Vistra Corp., 7.00% (a)(b)(i) |
1,349 |
1,372,559 | |
100
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Insurance — 1.9% |
|||
ACE Capital Trust II, 9.70%, 04/01/30 (f) |
USD |
7,000 |
$ 8,386,268 |
Dai-ichi Life Insurance Co. Ltd., 6.20% (a)(g)(i) |
200 |
208,920 | |
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |
5,000 |
4,895,345 | |
FWD Group Holdings Ltd. (g) |
|||
5.25%, 09/22/30 |
475 |
477,361 | |
5.84%, 09/22/35 |
475 |
480,386 | |
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52 (a)(g) |
200 |
202,812 | |
MetLife, Inc., 6.40%, 12/15/66 (f) |
5,000 |
5,245,936 | |
19,897,028 | |||
Oil, Gas & Consumable Fuels (a) — 0.3% |
|||
Enterprise Products Operating LLC, 6.83%, 06/01/67 (f) |
2,500 |
2,481,260 | |
Venture Global LNG, Inc., 9.00% (b)(i) |
1,216 |
960,313 | |
3,441,573 | |||
Passenger Airlines (a)(g)(i) — 0.0% |
|||
Airport Authority |
|||
2.10% |
200 |
198,300 | |
2.40% |
200 |
192,250 | |
390,550 | |||
Transportation Infrastructure — 0.1% |
|||
MTR Corp. CI Ltd., 5.63% (a)(g)(i) |
600 |
632,400 | |
Wireless Telecommunication Services — 0.5% |
|||
Vodafone Group PLC, 7.00%, 04/04/79 (a) |
4,745 |
5,026,437 | |
107,990,567 | |||
Shares |
|||
Preferred Stocks — 0.0% (d) | |||
Ground Transportation — 0.0% |
|||
Sirva BGRS Holdings, Inc., 07/21/30 |
22 |
3,966 | |
IT Services (c) — 0.0% |
|||
Veritas Newco |
|||
Series G |
311 |
7,294 | |
Series G-1 |
214 |
4,929 | |
12,223 | |||
16,189 | |||
Total Preferred Securities — 10.2% (Cost: $103,780,345) |
108,006,756 | ||
Par (000) |
|||
U.S. Government Sponsored Agency Securities | |||
Mortgage-Backed Securities — 15.1% |
|||
Uniform Mortgage-Backed Securities, 6.00%, 01/15/55 (q) |
USD |
156,425 |
160,605,844 |
Total U.S. Government Sponsored Agency Securities — 15.1% (Cost: $160,078,990) |
160,605,844 | ||
Security |
Shares |
Value | |
Warrants | |||
Financial Services — 0.0% |
|||
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) (d) |
321 |
$ — | |
Total Warrants — 0.0% (Cost: $ — ) |
— | ||
Total Long-Term Investments — 163.6% (Cost: $1,726,649,328) |
1,733,984,337 | ||
Short-Term Securities | |||
Money Market Funds — 0.3% |
|||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.65% (p)(r) |
2,595,886 |
2,595,886 | |
Total Short-Term Securities — 0.3% (Cost: $2,595,886) |
2,595,886 | ||
Total Investments — 163.9% (Cost: $1,729,245,214) |
1,736,580,223 | ||
Liabilities in Excess of Other Assets — (63.9)% |
(676,769,488 ) | ||
Net Assets — 100.0% |
$ 1,059,810,735 | ||
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
Non-income producing security. |
(e) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $46,480, representing less than 0.05% of its net assets as of period end, and an original cost of $5,212. |
(f) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
(g) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(h) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(i) |
Perpetual security with no stated maturity date. |
(j) |
When-issued security. |
(k) |
All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(l) |
Zero-coupon bond. |
(m) |
Convertible security. |
(n) |
Issuer filed for bankruptcy and/or is in default. |
(o) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(p) |
Affiliate of the Trust. |
(q) |
Represents or includes a TBA transaction. |
(r) |
Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
101
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:
Affiliated Issuer |
Value at 12/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/25 |
Shares Held at 12/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares |
$ 6,317,936 |
$ — |
$ (3,722,050 ) (a) |
$ — |
$ — |
$ 2,595,886 |
2,595,886 |
$ 261,232 |
$ — |
iShares MSCI Emerging Markets ETF |
— |
18,511,886 |
(10,897,642 ) |
180,184 |
68,274 |
7,862,702 |
143,716 |
109,693 |
— |
$ 180,184 |
$ 68,274 |
$ 10,458,588 |
$ 370,925 |
$ — |
(a) |
Represents net amount purchased (sold). |
Reverse Repurchase Agreements
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
Goldman Sachs & Co. LLC |
3.60 % (b) |
05/19/25 |
Open |
$ 475,150 |
$ 487,672 |
Corporate Bonds |
Open/Demand |
Goldman Sachs & Co. LLC |
3.70 (b) |
05/19/25 |
Open |
780,000 |
801,047 |
Corporate Bonds |
Open/Demand |
Goldman Sachs & Co. LLC |
3.70 (b) |
05/19/25 |
Open |
1,912,500 |
1,964,106 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.60 (b) |
07/21/25 |
Open |
185,319 |
188,865 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.60 (b) |
07/21/25 |
Open |
372,683 |
379,814 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.65 (b) |
07/21/25 |
Open |
354,414 |
361,135 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.65 (b) |
07/21/25 |
Open |
92,950 |
94,713 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.68 (b) |
07/21/25 |
Open |
1,434,884 |
1,462,297 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.70 (b) |
07/21/25 |
Open |
4,706,250 |
4,796,590 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.70 (b) |
07/21/25 |
Open |
561,488 |
572,266 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.70 (b) |
07/21/25 |
Open |
784,065 |
799,116 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.71 (b) |
07/21/25 |
Open |
320,314 |
326,477 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.72 (b) |
07/21/25 |
Open |
929,419 |
947,344 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.72 (b) |
07/21/25 |
Open |
1,003,275 |
1,022,625 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
550,703 |
561,374 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
369,985 |
377,155 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
4,070,250 |
4,149,124 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
8,852,375 |
9,023,917 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
318,623 |
324,797 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
1,501,520 |
1,530,617 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
957,870 |
976,432 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
1,473,658 |
1,502,214 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
210,875 |
214,961 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.74 (b) |
07/21/25 |
Open |
556,579 |
567,364 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
0.25 (b) |
08/19/25 |
Open |
184,365 |
184,858 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
(0.75 ) (b) |
08/26/25 |
Open |
130,000 |
130,000 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.25 (b) |
09/23/25 |
Open |
91,406 |
92,310 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.60 (b) |
10/06/25 |
Open |
3,156,423 |
3,186,338 |
Foreign Agency Obligations |
Open/Demand |
Nomura Securities International, Inc. |
3.65 |
10/06/25 |
Open |
736,036 |
743,101 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.67 (b) |
10/06/25 |
Open |
1,262,800 |
1,274,982 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.67 |
10/06/25 |
Open |
1,111,000 |
1,121,718 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/06/25 |
Open |
188,385 |
190,225 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/06/25 |
Open |
742,446 |
749,698 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/06/25 |
Open |
534,225 |
539,443 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/06/25 |
Open |
176,500 |
178,224 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/06/25 |
Open |
739,459 |
746,682 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/06/25 |
Open |
835,331 |
843,491 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
202,410 |
204,392 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
475,731 |
480,390 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
368,335 |
371,942 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
186,891 |
188,721 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
440,625 |
444,940 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
5,351,948 |
5,404,353 |
Capital Trusts |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
556,278 |
561,725 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
146,280 |
147,712 |
Corporate Bonds |
Open/Demand |
102
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
Nomura Securities International, Inc. |
3.73 % (b) |
10/06/25 |
Open |
$ 380,370 |
$ 384,095 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
10/06/25 |
Open |
1,171,500 |
1,182,971 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.80 (b) |
10/06/25 |
Open |
10,840,306 |
10,944,358 |
Foreign Agency Obligations |
Open/Demand |
Nomura Securities International, Inc. |
3.72 (b) |
10/07/25 |
Open |
325,200 |
328,338 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,497,719 |
4,540,619 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,352,900 |
2,375,343 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
1,845,113 |
1,862,712 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
542,588 |
547,763 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,856,500 |
4,902,823 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
778,750 |
786,178 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,081,250 |
4,120,178 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
1,611,694 |
1,627,067 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
602,175 |
607,919 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
5,918,281 |
5,974,650 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
5,147,785 |
5,196,886 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,950,594 |
2,978,737 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
1,908,000 |
1,926,199 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
3,394,125 |
3,426,499 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
1,433,906 |
1,447,583 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
912,038 |
920,737 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
5,572,500 |
5,625,652 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,626,250 |
2,651,300 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,669,088 |
4,713,623 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
566,934 |
572,341 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
581,350 |
586,895 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,224,088 |
2,245,302 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
3,010,000 |
3,038,710 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
862,188 |
870,411 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
643,560 |
649,698 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
7,078,050 |
7,145,563 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
912,404 |
921,107 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
3,969,686 |
4,007,550 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
3,845,781 |
3,882,464 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,267,500 |
2,289,128 |
Capital Trusts |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
624,225 |
630,179 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
3,498,473 |
3,531,842 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,449,844 |
4,492,288 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,868,285 |
2,895,644 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,700,513 |
4,745,348 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
7,143,213 |
7,211,347 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
3,180,938 |
3,211,278 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
4,797,188 |
4,842,945 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
2,829,050 |
2,856,034 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
1,265,044 |
1,277,110 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
10/09/25 |
Open |
1,639,588 |
1,655,227 |
Corporate Bonds |
Open/Demand |
Barclays Capital, Inc. |
3.74 (b) |
10/21/25 |
Open |
2,164,094 |
2,181,514 |
Corporate Bonds |
Open/Demand |
Barclays Capital, Inc. |
3.74 (b) |
10/21/25 |
Open |
4,895,000 |
4,934,402 |
Corporate Bonds |
Open/Demand |
Barclays Capital, Inc. |
3.74 (b) |
10/21/25 |
Open |
1,637,858 |
1,651,041 |
Capital Trusts |
Open/Demand |
BNP Paribas SA |
3.75 (b) |
10/21/25 |
Open |
2,659,031 |
2,680,488 |
Corporate Bonds |
Open/Demand |
BNP Paribas SA |
3.71 (b) |
10/23/25 |
Open |
364,893 |
367,722 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.25 (b) |
10/31/25 |
Open |
289,750 |
291,497 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.67 (b) |
11/13/25 |
Open |
75,430 |
75,832 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
2.75 (b) |
11/18/25 |
Open |
146,000 |
146,535 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
11/19/25 |
Open |
274,185 |
275,488 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.00 (b) |
11/20/25 |
Open |
126,074 |
126,552 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
1.85 (b) |
11/21/25 |
Open |
524,018 |
525,271 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.73 (b) |
11/21/25 |
Open |
83,270 |
83,647 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
3.65 (b) |
11/24/25 |
Open |
324,120 |
325,454 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.67 |
12/02/25 |
Open |
1,393,876 |
1,398,429 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.82 (b) |
12/02/25 |
Open |
620,165 |
622,269 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.57 (b) |
12/08/25 |
Open |
25,420 |
25,420 |
Corporate Bonds |
Open/Demand |
Nomura Securities International, Inc. |
3.82 (b) |
12/08/25 |
Open |
40,666 |
40,667 |
Corporate Bonds |
Open/Demand |
Schedule of Investments
103
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
HSBC Securities (USA), Inc. |
3.77 % (b) |
12/10/25 |
Open |
$ 13,985,438 |
$ 14,019,795 |
Corporate Bonds |
Open/Demand |
HSBC Securities (USA), Inc. |
3.77 (b) |
12/10/25 |
Open |
8,067,500 |
8,087,319 |
Capital Trusts |
Open/Demand |
HSBC Securities (USA), Inc. |
3.77 (b) |
12/10/25 |
Open |
4,813,088 |
4,824,912 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.80 (b) |
12/10/25 |
Open |
381,150 |
382,093 |
Corporate Bonds |
Open/Demand |
TD Securities (USA) LLC |
3.80 (b) |
12/11/25 |
Open |
401,850 |
402,799 |
Corporate Bonds |
Open/Demand |
J.P. Morgan Securities LLC |
3.55 |
12/12/25 |
01/30/26 |
687,326 |
688,682 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.60 |
12/12/25 |
01/30/26 |
257,603 |
258,118 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.65 |
12/12/25 |
01/30/26 |
184,063 |
184,436 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.65 |
12/12/25 |
01/30/26 |
2,703,063 |
2,708,544 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 |
12/12/25 |
01/30/26 |
5,888,738 |
5,901,006 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 |
12/12/25 |
01/30/26 |
2,610,938 |
2,616,377 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 |
12/12/25 |
01/30/26 |
1,458,191 |
1,461,229 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 |
12/12/25 |
01/30/26 |
2,010,439 |
2,014,627 |
Corporate Bonds |
Up to 30 Days |
BofA Securities, Inc. |
3.20 |
12/12/25 |
03/04/26 |
130,240 |
130,472 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.40 |
12/12/25 |
03/04/26 |
45,209 |
45,294 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.40 |
12/12/25 |
03/04/26 |
764,525 |
765,969 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.45 |
12/12/25 |
03/04/26 |
240,090 |
240,550 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.50 |
12/12/25 |
03/04/26 |
154,474 |
154,774 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.50 |
12/12/25 |
03/04/26 |
371,338 |
372,060 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.50 |
12/12/25 |
03/04/26 |
4,075,249 |
4,083,173 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
247,586 |
248,081 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
249,078 |
249,576 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
2,317,500 |
2,322,135 |
Capital Trusts |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
262,500 |
263,025 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
884,000 |
885,768 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
398,750 |
399,548 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
3,221,788 |
3,228,231 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
731,053 |
732,515 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
240,625 |
241,106 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
197,944 |
198,340 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
80,654 |
80,815 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
721,926 |
723,370 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.60 |
12/12/25 |
03/04/26 |
187,800 |
188,176 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
1,262,138 |
1,264,697 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
167,265 |
167,604 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
98,668 |
98,868 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
1,662,421 |
1,665,792 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
1,512,720 |
1,515,787 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.65 |
12/12/25 |
03/04/26 |
1,708,774 |
1,712,239 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
596,160 |
597,385 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
744,623 |
746,153 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
5,220,000 |
5,230,730 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
5,191,485 |
5,202,156 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
390,145 |
390,947 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
110,880 |
111,108 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
396,741 |
397,557 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
89,691 |
89,876 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
361,925 |
362,669 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
1,276,520 |
1,279,144 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
4,087,500 |
4,095,902 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
642,675 |
643,996 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
81,638 |
81,805 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
1,431,911 |
1,434,855 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
1,972,500 |
1,976,555 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
1,664,250 |
1,667,671 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
2,799,300 |
2,805,054 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
6,759,375 |
6,773,269 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
306,446 |
307,076 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.70 |
12/12/25 |
03/04/26 |
88,058 |
88,239 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.73 |
12/12/25 |
03/04/26 |
5,137,500 |
5,148,146 |
Capital Trusts |
31 - 90 Days |
BofA Securities, Inc. |
3.73 |
12/12/25 |
03/04/26 |
2,853,750 |
2,859,664 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.73 |
12/12/25 |
03/04/26 |
11,220,000 |
11,243,250 |
Corporate Bonds |
31 - 90 Days |
104
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
Counterparty |
Interest Rate |
Trade Date |
Maturity Date (a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements (a) |
BofA Securities, Inc. |
3.74 % |
12/12/25 |
03/04/26 |
$ 5,287,500 |
$ 5,298,486 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
6,953,738 |
6,968,224 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
4,237,700 |
4,246,529 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
10,043,500 |
10,064,424 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
5,425,543 |
5,436,846 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
7,393,438 |
7,408,841 |
Corporate Bonds |
31 - 90 Days |
BofA Securities, Inc. |
3.75 |
12/12/25 |
03/04/26 |
446,738 |
447,668 |
Corporate Bonds |
31 - 90 Days |
Nomura Securities International, Inc. |
3.70 (b) |
12/12/25 |
Open |
213,953 |
214,392 |
Corporate Bonds |
Open/Demand |
J.P. Morgan Securities LLC |
3.70 |
12/17/25 |
01/30/26 |
2,388,750 |
2,392,433 |
Capital Trusts |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.72 |
12/17/25 |
01/30/26 |
2,261,531 |
2,265,037 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 |
12/17/25 |
01/30/26 |
6,816,620 |
6,827,271 |
Corporate Bonds |
Up to 30 Days |
J.P. Morgan Securities LLC |
3.75 (b) |
12/17/25 |
01/30/26 |
3,333,750 |
3,338,959 |
Corporate Bonds |
Up to 30 Days |
BofA Securities, Inc. |
3.40 |
12/17/25 |
03/04/26 |
593,000 |
593,840 |
Corporate Bonds |
31 - 90 Days |
HSBC Securities (USA), Inc. |
3.77 |
12/17/25 |
Open |
7,857,500 |
7,869,843 |
Corporate Bonds |
Open/Demand |
Barclays Capital, Inc. |
2.25 |
12/18/25 |
01/16/26 |
151,482 |
151,614 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.00 |
12/18/25 |
01/16/26 |
129,439 |
129,590 |
Foreign Agency Obligations |
Up to 30 Days |
Barclays Capital, Inc. |
3.25 |
12/18/25 |
01/16/26 |
168,004 |
168,216 |
Foreign Agency Obligations |
Up to 30 Days |
Barclays Capital, Inc. |
3.62 |
12/18/25 |
01/16/26 |
3,528,027 |
3,532,994 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.70 |
12/18/25 |
01/16/26 |
4,745,150 |
4,751,978 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.70 |
12/18/25 |
01/16/26 |
4,512,500 |
4,518,993 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
5,311,641 |
5,319,367 |
Capital Trusts |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
709,665 |
710,697 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
1,597,436 |
1,599,759 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
5,767,500 |
5,775,889 |
Capital Trusts |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
667,231 |
668,202 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
3,130,319 |
3,134,872 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
388,745 |
389,310 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
5,805,000 |
5,813,443 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
1,922,500 |
1,925,296 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
3,055,238 |
3,059,681 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
474,386 |
475,076 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
1,969,369 |
1,972,233 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
10,723,175 |
10,738,771 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
694,213 |
695,222 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
10,747,980 |
10,763,612 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
18,263,317 |
18,290,177 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
11,012,500 |
11,028,517 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
12,165,000 |
12,182,693 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
5,064,031 |
5,071,396 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
1,990,625 |
1,993,520 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
12,929,000 |
12,947,805 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
5,957,048 |
5,965,712 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
2,654,925 |
2,658,786 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
2,427,813 |
2,431,344 |
Corporate Bonds |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
2,328,125 |
2,331,511 |
Capital Trusts |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/18/25 |
01/16/26 |
11,461,750 |
11,478,420 |
Corporate Bonds |
Up to 30 Days |
BNP Paribas SA |
3.60 (b) |
12/19/25 |
Open |
102,765 |
102,899 |
Corporate Bonds |
Open/Demand |
Morgan Stanley & Co. LLC |
0.00 (b) |
12/19/25 |
Open |
139,613 |
139,613 |
Corporate Bonds |
Open/Demand |
J.P. Morgan Securities LLC |
3.80 |
12/22/25 |
01/30/26 |
4,461,452 |
4,465,690 |
Foreign Agency Obligations |
Up to 30 Days |
Barclays Capital, Inc. |
3.74 |
12/31/25 |
01/16/26 |
4,725,000 |
4,725,491 |
Corporate Bonds |
Up to 30 Days |
TD Securities (USA) LLC |
3.82 |
12/31/25 |
Open |
187,396 |
187,396 |
Corporate Bonds |
Open |
$ 541,541,803 |
$ 544,329,823 |
(a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
(b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Schedule of Investments
105
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |
||||
10-Year U.S. Treasury Note |
28 |
03/20/26 |
$ 3,148 |
$ (20,390 ) |
2-Year U.S. Treasury Note |
175 |
03/31/26 |
36,538 |
31,006 |
5-Year U.S. Treasury Note |
946 |
03/31/26 |
103,402 |
(75,373 ) |
(64,757 ) | ||||
Short Contracts |
||||
10-Year U.S. Ultra Long Treasury Note |
909 |
03/20/26 |
104,549 |
241,943 |
U.S. Long Bond |
798 |
03/20/26 |
92,244 |
623,846 |
Ultra U.S. Treasury Bond |
153 |
03/20/26 |
18,054 |
240,190 |
1,105,979 | ||||
$ 1,041,222 |
Forward Foreign Currency Exchange Contracts
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
USD |
500,592 |
EUR |
424,000 |
Deutsche Bank AG |
03/18/26 |
$ 627 |
USD |
5,828,042 |
EUR |
4,942,000 |
Toronto-Dominion Bank |
03/18/26 |
619 |
1,246 | ||||||
USD |
274,502 |
GBP |
205,000 |
Goldman Sachs International |
03/18/26 |
(1,777 ) |
$ (531 ) | ||||||
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index |
Financing Rate Received by the Trust |
Payment Frequency |
Termination Date |
Credit Rating (a) |
Notional Amount (000) (b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
CDX.NA.HY.44.V1 |
5.00 % |
Quarterly |
06/20/30 |
B- |
USD |
48,925 |
$ 3,957,292 |
$ 2,491,721 |
$ 1,465,571 |
(a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Centrally Cleared Swaps (a) |
$ 2,491,721 |
$ — |
$ 1,465,571 |
$ — |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Assets — Derivative Financial Instruments |
|||||||
Futures contracts Unrealized appreciation on futures contracts (a) |
$ — |
$ — |
$ — |
$ — |
$ 1,136,985 |
$ — |
$ 1,136,985 |
106
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Derivative Financial Instruments Categorized by Risk Exposure (continued)
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 1,246 |
$ — |
$ — |
$ 1,246 |
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) |
— |
1,465,571 |
— |
— |
— |
— |
1,465,571 |
$ — |
$ 1,465,571 |
$ — |
$ 1,246 |
$ 1,136,985 |
$ — |
$ 2,603,802 | |
Liabilities — Derivative Financial Instruments |
|||||||
Futures contracts Unrealized depreciation on futures contracts (a) |
$ — |
$ — |
$ — |
$ — |
$ 95,763 |
$ — |
$ 95,763 |
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
— |
— |
— |
1,777 |
— |
— |
1,777 |
$ — |
$ — |
$ — |
$ 1,777 |
$ 95,763 |
$ — |
$ 97,540 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Net Realized Gain (Loss) from: |
|||||||
Futures contracts |
$ — |
$ — |
$ (54,647 ) |
$ — |
$ 1,105,499 |
$ — |
$ 1,050,852 |
Forward foreign currency exchange contracts |
— |
— |
— |
(261,321 ) |
— |
— |
(261,321 ) |
Options purchased (a) |
— |
(205,938 ) |
(242,126 ) |
— |
(1,690,073 ) |
— |
(2,138,137 ) |
Options written |
— |
— |
170,212 |
— |
829,772 |
— |
999,984 |
Swaps |
— |
1,660,218 |
— |
— |
— |
— |
1,660,218 |
$ — |
$ 1,454,280 |
$ (126,561 ) |
$ (261,321 ) |
$ 245,198 |
$ — |
$ 1,311,596 | |
Net Change in Unrealized Appreciation (Depreciation) on: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ (1,989,025 ) |
$ — |
$ (1,989,025 ) |
Forward foreign currency exchange contracts |
— |
— |
— |
(35,181 ) |
— |
— |
(35,181 ) |
Options purchased (b) |
— |
— |
— |
— |
926,790 |
— |
926,790 |
Options written |
— |
— |
— |
— |
(478,459 ) |
— |
(478,459 ) |
Swaps |
— |
5,537,435 |
— |
— |
— |
— |
5,537,435 |
$ — |
$ 5,537,435 |
$ — |
$ (35,181 ) |
$ (1,540,694 ) |
$ — |
$ 3,961,560 |
(a) |
Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
(b) |
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
|
Average notional value of contracts — long |
$ 187,335,457 |
Average notional value of contracts — short |
208,516,789 |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
4,728,782 |
Average amounts sold — in USD |
33,263 |
Options: |
|
Average value of option contracts purchased |
101,330 |
Average value of option contracts written |
35,131 |
Credit default swaps: |
|
Average notional value — buy protection |
13,612,500 |
Average notional value — sell protection |
55,475,000 |
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
107
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
Assets |
Liabilities | |
Derivative Financial Instruments |
||
Futures contracts |
$ 402,375 |
$ 135,487 |
Forward foreign currency exchange contracts |
1,246 |
1,777 |
Swaps — centrally cleared |
— |
8,438 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
403,621 |
145,702 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(402,375 ) |
(143,925 ) |
Total derivative assets and liabilities subject to an MNA |
$ 1,246 |
$ 1,777 |
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral
received and pledged by the Trust:
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Received (b) |
Cash Collateral Received (b) |
Net Amount of Derivative Assets (c)(d) |
Deutsche Bank AG |
$ 627 |
$ — |
$ — |
$ — |
$ 627 |
Toronto-Dominion Bank |
619 |
— |
— |
— |
619 |
$ 1,246 |
$ — |
$ — |
$ — |
$ 1,246 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Pledged (b) |
Cash Collateral Pledged (b) |
Net Amount of Derivative Liabilities (c)(e) |
Goldman Sachs International |
$ 1,777 |
$ — |
$ — |
$ — |
$ 1,777 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust
’
s financial instruments into major categories
is disclosed in the Schedule of Investments above.
Level 1 |
Level 2 |
Level 3 |
Total | |
Assets |
||||
Investments |
||||
Long-Term Investments |
||||
Asset-Backed Securities |
$ — |
$ 147,418,976 |
$ — |
$ 147,418,976 |
Common Stocks |
— |
241,713 |
195,524 |
437,237 |
Corporate Bonds |
— |
1,169,906,445 |
— |
1,169,906,445 |
Fixed Rate Loan Interests |
— |
417,535 |
— |
417,535 |
Floating Rate Loan Interests |
— |
77,855,552 |
2,210,919 |
80,066,471 |
Foreign Agency Obligations |
— |
29,211,525 |
— |
29,211,525 |
Investment Companies |
||||
Equity Funds |
37,898,254 |
15,294 |
— |
37,913,548 |
Preferred Securities |
||||
Capital Trusts |
— |
107,990,567 |
— |
107,990,567 |
Preferred Stocks |
— |
3,966 |
12,223 |
16,189 |
108
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Credit Allocation Income Trust (BTZ)
Fair Value Hierarchy as of Period End (continued)
Level 1 |
Level 2 |
Level 3 |
Total | |
U.S. Government Sponsored Agency Securities |
$ — |
$ 160,605,844 |
$ — |
$ 160,605,844 |
Warrants |
— |
— |
— |
— |
Short-Term Securities |
||||
Money Market Funds |
2,595,886 |
— |
— |
2,595,886 |
Unfunded Floating Rate Loan Interests (a) |
— |
2,295 |
42 |
2,337 |
Liabilities |
||||
Unfunded Floating Rate Loan Interests (a) |
— |
(576 ) |
— |
(576 ) |
$ 40,494,140 |
$ 1,693,669,136 |
$ 2,418,708 |
$ 1,736,581,984 | |
Derivative Financial Instruments (b) |
||||
Assets |
||||
Credit Contracts |
$ — |
$ 1,465,571 |
$ — |
$ 1,465,571 |
Foreign Currency Exchange Contracts |
— |
1,246 |
— |
1,246 |
Interest Rate Contracts |
1,136,985 |
— |
— |
1,136,985 |
Liabilities |
||||
Foreign Currency Exchange Contracts |
— |
(1,777 ) |
— |
(1,777 ) |
Interest Rate Contracts |
(95,763 ) |
— |
— |
(95,763 ) |
$ 1,041,222 |
$ 1,465,040 |
$ — |
$ 2,506,262 |
(a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) |
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.
As of period end, reverse repurchase agreements of $544,329,823 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
109
Schedule of Investments
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Asset-Backed Securities | |||
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3- mo. CME Term SOFR + 3.85%), 7.70%, 05/15/37 (a)(b) |
$ |
1,000 |
$ 1,000,821 |
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3- mo. CME Term SOFR + 4.25%), 8.13%, 04/20/37 (a)(b) |
1,880 |
1,885,809 | |
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. CME Term SOFR + 2.65%), 6.56%, 01/05/38 (a)(b) |
1,000 |
1,002,413 | |
Total Asset-Backed Securities — 1.1% (Cost: $3,880,000) |
3,889,043 | ||
Shares |
|||
Common Stocks | |||
Automobile Components — 0.0% |
|||
Lear Corp. |
178 |
20,399 | |
Entertainment — 0.1% |
|||
Learfield Communications LLC, (Acquired 09/06/23, Cost: $22,770) (c)(d)(e) |
1,812 |
202,944 | |
Financial Services — 0.1% |
|||
Aimbridge Acquisition Co., Inc. (c)(d) |
4,388 |
295,094 | |
Ground Transportation — 0.0% |
|||
Sirva BGRS Holdings, Inc. (d) |
902 |
752 | |
Hotels, Restaurants & Leisure — 0.0% |
|||
Fortrex Equity (c)(d) |
3,954 |
106,758 | |
Household Products — 0.0% |
|||
Berkline Benchcraft Equity LLC (c)(d) |
6,155 |
— | |
Industrial Conglomerates (d) — 0.0% |
|||
Ameriforge Group, Inc. (c) |
832 |
— | |
SVP Singer |
10,903 |
42,249 | |
42,249 | |||
IT Services — 0.2% |
|||
Travelport LLC (c)(d) |
165 |
484,882 | |
Trading Companies & Distributors — 0.0% |
|||
TMK Hawk Midco Corp. (c)(d) |
14,592 |
102,141 | |
Transportation Infrastructure — 0.0% |
|||
Incora Top Holdco LLC (c)(d) |
13,193 |
75,068 | |
Wireless Telecommunication Services — 0.0% |
|||
Altice France Lux 3 (d) |
6,289 |
110,759 | |
Total Common Stocks — 0.4% (Cost: $2,215,292) |
1,441,046 | ||
Par (000) |
|||
Corporate Bonds | |||
Chemicals (b) — 0.1% | |||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 |
$ |
7 |
7,010 |
WR Grace Holdings LLC, 5.63%, 08/15/29 |
409 |
389,321 | |
396,331 | |||
Security |
Par (000) |
Value | |
Construction & Engineering — 0.1% | |||
Brand Industrial Services, Inc., 10.38%, 08/01/30 (b) |
$ |
154 |
$ 151,019 |
Diversified Telecommunication Services (b)(f) — 0.0% | |||
Zayo Group Holdings, Inc. |
|||
(5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |
27 |
25,093 | |
(7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |
126 |
115,855 | |
140,948 | |||
Electric Utilities — 0.0% | |||
Texas Competitive Electric Holdings Co. LLC, 1.00%, 11/10/21 (c)(d)(g) |
1,050 |
— | |
Environmental, Maintenance & Security Service — 0.2% | |||
Madison IAQ LLC, 5.88%, 06/30/29 (b) |
742 |
737,492 | |
Food Products — 0.1% | |||
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29 (b)(f) |
319 |
340,181 | |
Hotels, Restaurants & Leisure — 0.1% | |||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 (b) |
395 |
375,556 | |
Household Durables — 0.0% | |||
SWF Holdings I Corp., 6.50%, 10/06/29 (b) |
193 |
79,061 | |
Household Products — 0.0% | |||
Berkline Benchcraft LLC, (4.50% PIK), 4.50%, 05/03/12 (c)(d)(f)(g) |
400 |
— | |
Insurance — 0.1% | |||
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27 (b) |
220 |
221,292 | |
Interactive Media & Services — 1.6% | |||
Beignet Investor LLC, 6.58%, 05/30/49 (b) |
5,307 |
5,606,930 | |
Internet Software & Services (b) — 0.2% | |||
Getty Images, Inc., 11.25%, 02/21/30 |
283 |
265,362 | |
Uber Technologies, Inc., 4.50%, 08/15/29 |
235 |
235,029 | |
500,391 | |||
Machinery (b) — 0.2% | |||
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 |
216 |
226,525 | |
Vertiv Group Corp., 4.13%, 11/15/28 |
556 |
549,167 | |
775,692 | |||
Media — 0.1% | |||
Odeon Finco PLC, 12.75%, 11/01/27 (b) |
374 |
385,618 | |
Oil, Gas & Consumable Fuels — 0.1% | |||
EG Global Finance PLC, 12.00%, 11/30/28 (b) |
285 |
309,761 | |
Pharmaceuticals — 0.3% | |||
1261229 B.C. Ltd., 10.00%, 04/15/32 (b) |
1,040 |
1,081,618 | |
Software (b) — 0.1% | |||
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 |
118 |
102,557 | |
Cloud Software Group, Inc., 9.00%, 09/30/29 |
379 |
394,732 | |
497,289 | |||
Transportation Infrastructure — 0.0% | |||
Incora Top Holdco LLC, 6.00%, 01/31/33 (c) |
277 |
63,085 | |
110
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Wireless Telecommunication Services — 0.0% | |||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23 (b)(d)(f)(g) |
$ |
245 |
$ 61,329 |
Total Corporate Bonds — 3.3% (Cost: $11,528,433) |
11,723,593 | ||
Fixed Rate Loan Interests | |||
Distributors — 0.0% | |||
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, 12/15/31 (c)(f) |
39 |
— | |
IT Services — 0.4% | |||
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 12/09/31 |
1,134 |
1,128,629 | |
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |
123 |
122,472 | |
1,251,101 | |||
Software — 0.2% | |||
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |
715 |
691,457 | |
Total Fixed Rate Loan Interests — 0.6% (Cost: $2,009,463) |
1,942,558 | ||
Floating Rate Loan Interests (a) | |||
Advertising Agencies — 0.4% | |||
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 7.83%, 08/23/28 |
439 |
439,110 | |
Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 09/24/32 |
532 |
533,330 | |
Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, 02/07/31 |
287 |
288,537 | |
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.93%, 02/15/29 |
171 |
159,460 | |
1,420,437 | |||
Aerospace & Defense — 3.0% | |||
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 10/31/30 |
754 |
757,586 | |
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR + 4.18%), 8.37%, 08/03/29 |
774 |
776,224 | |
Dynasty Acquisition Co., Inc. |
|||
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31 |
1,660 |
1,665,328 | |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31 |
629 |
631,166 | |
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/27/32 |
345 |
345,355 | |
Kaman Corp. |
|||
2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32 |
4 |
3,774 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.38%, 02/26/32 |
415 |
416,639 | |
Propulsion BC Finco SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, 12/01/32 |
460 |
462,445 | |
TransDigm, Inc. |
|||
2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 02/28/31 |
2,823 |
2,832,725 | |
Security |
Par (000) |
Value | |
Aerospace & Defense (continued) | |||
TransDigm, Inc. (continued) |
|||
2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/19/32 |
$ |
577 |
$ 578,839 |
2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 03/22/30 |
72 |
72,088 | |
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 08/19/32 |
2,178 |
2,186,166 | |
10,728,335 | |||
Air Freight & Logistics — 0.5% | |||
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30 |
1,277 |
1,279,653 | |
Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, 04/09/32 |
370 |
369,800 | |
1,649,453 | |||
Automobile Components — 1.6% | |||
Allison Transmission, Inc., 2025 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.45%, 11/05/32 |
742 |
745,094 | |
Clarios Global LP |
|||
2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 05/06/30 |
2,504 |
2,504,560 | |
2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/28/32 |
1,020 |
1,024,269 | |
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.84%, 01/30/32 |
66 |
65,637 | |
RealTruck Group, Inc. |
|||
2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.86%), 7.58%, 01/31/28 |
150 |
114,389 | |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.11%), 8.83%, 01/31/28 |
395 |
304,548 | |
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28 |
971 |
953,143 | |
5,711,640 | |||
Beverages — 0.7% | |||
Naked Juice LLC |
|||
2025 FLFO Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), 9.17%, 01/24/29 |
957 |
949,914 | |
2025 FLSO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.02%, 01/24/29 |
601 |
395,113 | |
2025 FLTO Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.77%, 01/24/30 |
414 |
105,234 | |
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.92%, 03/31/28 |
564 |
565,505 | |
Sazerac Co., Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.50%, 07/09/32 |
539 |
539,523 | |
2,555,289 | |||
Biotechnology — 0.6% | |||
Parexel International Corporation, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 12/12/31 |
2,168 |
2,173,853 | |
Building Materials — 0.3% | |||
CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/27/32 |
1,010 |
1,001,572 | |
Building Products — 4.0% | |||
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32 |
2,134 |
2,136,814 | |
Schedule of Investments
111
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Building Products (continued) | |||
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30 |
$ |
851 |
$ 821,087 |
EMRLD Borrower LP |
|||
2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.12%, 08/04/31 |
1,244 |
1,245,316 | |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.07%, 05/31/30 |
1,961 |
1,964,503 | |
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31 |
312 |
307,126 | |
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29 |
308 |
272,094 | |
Quikrete Holdings, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 03/19/29 |
722 |
724,743 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 02/10/32 |
1,529 |
1,533,817 | |
QXO Building Products, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 04/30/32 |
302 |
302,566 | |
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/22/28 |
316 |
316,836 | |
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 10/19/29 |
2,517 |
2,526,581 | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31 |
2,068 |
2,001,165 | |
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.11%), 5.83%, 10/04/28 |
68 |
68,438 | |
14,221,086 | |||
Capital Markets — 4.0% | |||
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 07/30/31 |
285 |
285,698 | |
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.69%, 11/01/30 |
437 |
438,848 | |
Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/09/30 |
369 |
370,718 | |
Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/24/32 |
920 |
918,390 | |
Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 11/01/32 (c) |
1,206 |
1,207,527 | |
Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 10/31/31 |
921 |
925,229 | |
CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 05/19/31 |
2,412 |
2,416,416 | |
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 04/07/28 |
893 |
897,078 | |
Focus Financial Partners LLC, 2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 09/15/31 |
1,558 |
1,560,541 | |
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32 |
531 |
534,377 | |
GTCR Everest Borrower LLC, Add on Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 09/05/31 |
341 |
342,421 | |
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, 01/31/30 |
208 |
207,915 | |
Security |
Par (000) |
Value | |
Capital Markets (continued) | |||
Hudson River Trading LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, 03/18/30 |
$ |
319 |
$ 320,367 |
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, 12/15/31 |
2,343 |
2,330,023 | |
Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.60%, 07/30/32 |
1,337 |
1,341,760 | |
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, 10/16/31 (c) |
79 |
79,295 | |
14,176,603 | |||
Chemicals — 4.9% | |||
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, 12/20/29 |
668 |
669,024 | |
Chemours Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32 |
1,553 |
1,531,739 | |
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, 11/01/30 |
1,223 |
1,226,293 | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29 |
342 |
328,115 | |
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.84%, 06/12/31 |
1,092 |
1,092,968 | |
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 12/18/30 |
968 |
972,324 | |
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32 |
350 |
346,212 | |
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.86%), 5.58%, 02/15/30 |
176 |
175,756 | |
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 02/18/30 |
408 |
328,724 | |
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 10/07/31 |
354 |
234,739 | |
Lonza Group AG, USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28 |
840 |
733,115 | |
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 11/26/31 (c) |
585 |
586,478 | |
Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.04%, 04/03/28 |
750 |
749,233 | |
Olympus Water U.S. Holding Corp. |
|||
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 06/20/31 |
1,647 |
1,630,757 | |
2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 11/03/32 |
1,131 |
1,123,230 | |
Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31 |
990 |
728,999 | |
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.87%, 10/09/31 |
344 |
345,561 | |
Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32 |
1,677 |
1,683,289 | |
Solstice Advanced Materials, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, 10/29/32 |
607 |
609,659 | |
112
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Chemicals (continued) | |||
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.86%, 08/02/30 |
$ |
1,445 |
$ 1,432,154 |
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32 |
886 |
884,947 | |
17,413,316 | |||
Commercial Services & Supplies — 7.3% | |||
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, 05/21/31 |
1,211 |
1,217,097 | |
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32 |
1,796 |
1,797,959 | |
Allied Universal Holdco LLC, 2025 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 08/20/32 |
2,975 |
2,988,309 | |
Anticimex International AB, 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.90%), 7.31%, 11/17/31 |
329 |
330,299 | |
Aramark Services, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 06/22/30 |
707 |
708,976 | |
Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.12%, 10/16/31 |
2,176 |
2,186,500 | |
Bright Horizons Family Solutions LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 08/23/32 |
800 |
803,575 | |
CHG Healthcare Services, Inc., 2025 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.71%, 09/29/28 |
612 |
614,676 | |
Creative Artists Agency LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 10/01/31 |
2,064 |
2,070,773 | |
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.84%, 08/01/29 |
960 |
963,717 | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, 07/31/30 (f) |
299 |
286,154 | |
Garda World Security Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 02/01/29 |
1,365 |
1,368,644 | |
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 06/02/31 |
389 |
389,559 | |
Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.52%, 06/02/32 |
200 |
200,708 | |
Hertz Corp. |
|||
2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.61%), 7.33%, 06/30/28 |
695 |
582,300 | |
2021 Term Loan C, (1-mo. CME Term SOFR at 0.00% Floor + 3.61%), 7.33%, 06/30/28 |
137 |
114,912 | |
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.51%), 8.33%, 03/06/28 |
469 |
125,348 | |
ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, 10/07/32 |
2,396 |
2,242,824 | |
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 7.86%, 08/11/28 |
133 |
110,018 | |
Mavis Tire Express Services Topco Corp., 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 6.72%, 05/04/28 |
2,136 |
2,143,061 | |
Security |
Par (000) |
Value | |
Commercial Services & Supplies (continued) | |||
Packers Holdings LLC, 2025 Takeback Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 6.50%), 10.32%, 03/10/31 |
$ |
92 |
$ 88,348 |
PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 03/26/31 |
370 |
370,599 | |
Prime Security Services Borrower LLC |
|||
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.13%, 10/13/30 |
394 |
394,111 | |
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32 |
1,795 |
1,789,241 | |
TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.90%, 12/30/32 (c) |
533 |
525,671 | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.04%, 12/17/28 (d)(g) |
423 |
50,783 | |
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/30/31 |
1,328 |
1,329,097 | |
25,793,259 | |||
Communications Equipment — 0.4% | |||
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 10/24/30 |
844 |
845,785 | |
Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.20%, 09/01/28 |
353 |
335,489 | |
Radiate Holdco LLC |
|||
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29 |
22 |
21,424 | |
2025 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29 |
43 |
42,849 | |
1,245,547 | |||
Construction & Engineering — 2.1% | |||
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 09/23/31 |
2,147 |
2,157,120 | |
Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32 |
332 |
332,275 | |
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, 08/01/30 |
1,803 |
1,639,548 | |
Brown Group Holding LLC |
|||
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.56%, 07/01/31 |
865 |
868,544 | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 07/01/31 |
883 |
886,787 | |
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 11/03/31 |
196 |
197,245 | |
Legence Holdings LLC, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.97%, 12/16/31 |
477 |
480,420 | |
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/25/31 |
927 |
930,370 | |
7,492,309 | |||
Consumer Discretionary — 1.2% | |||
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29 |
1,843 |
1,848,690 | |
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/31/31 |
598 |
589,752 | |
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.68%), 7.35%, 07/06/29 |
308 |
309,547 | |
Schedule of Investments
113
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Consumer Discretionary (continued) | |||
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.54%, 02/21/31 (c) |
$ |
437 |
$ 439,084 |
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.45%, 12/31/32 |
405 |
406,116 | |
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/19/31 |
346 |
347,078 | |
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.10%), 7.82%, 11/02/27 |
180 |
176,437 | |
4,116,704 | |||
Consumer Finance — 2.2% | |||
Boost Newco Borrower LLC, 2025 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 01/31/31 |
2,363 |
2,364,380 | |
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, 04/01/32 |
1,012 |
1,014,093 | |
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 04/28/28 |
1,464 |
1,464,864 | |
Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 06/30/32 |
425 |
427,149 | |
Trans Union LLC |
|||
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 06/24/31 |
1,217 |
1,219,216 | |
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 06/24/31 |
702 |
703,318 | |
WEX, Inc. |
|||
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 03/31/28 |
223 |
223,197 | |
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32 |
293 |
292,544 | |
7,708,761 | |||
Consumer Staples Distribution & Retail — 0.8% | |||
Boots Group Finco LP, USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32 |
845 |
848,870 | |
Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, 12/30/32 |
612 |
616,333 | |
Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, 12/16/32 |
794 |
798,066 | |
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 10/03/31 |
576 |
580,144 | |
2,843,413 | |||
Containers & Packaging — 2.6% | |||
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, 09/07/27 |
1,247 |
1,250,454 | |
Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.50%, 11/29/30 |
2,349 |
2,351,843 | |
Clydesdale Acquisition Holdings, Inc. |
|||
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 04/01/32 |
1,053 |
1,051,995 | |
Term Loan B, (1-mo. CME Term SOFR + 3.18%), 6.89%, 04/13/29 |
140 |
140,024 | |
LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28 |
1,193 |
751,585 | |
Security |
Par (000) |
Value | |
Containers & Packaging (continued) | |||
Mauser Packaging Solutions Holding Co., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.23%, 04/15/30 |
$ |
725 |
$ 709,144 |
Potters Industries LLC, 2025 Repriced Term Loan B, (1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, 12/09/32 (c) |
596 |
598,235 | |
Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 02/01/29 |
1,035 |
1,043,173 | |
Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 7.89%, 09/15/28 |
130 |
130,408 | |
Ring Container Technologies Group LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 09/15/32 |
373 |
373,912 | |
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, 09/15/28 |
703 |
673,855 | |
9,074,628 | |||
Distributors — 2.0% | |||
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31 |
983 |
985,980 | |
Core & Main LP |
|||
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 07/27/28 |
2,110 |
2,114,479 | |
2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 02/09/31 |
479 |
479,497 | |
Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 07/02/31 |
806 |
805,035 | |
Fluid-Flow Products, Inc., 2025 Term Loan B, 03/31/28 (h) |
253 |
253,824 | |
Gates Corp. |
|||
2022 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 11/16/29 |
214 |
214,689 | |
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 06/04/31 |
1,208 |
1,210,083 | |
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27 |
258 |
224,099 | |
Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 08/13/32 |
740 |
740,925 | |
7,028,611 | |||
Diversified Telecommunication Services — 1.5% | |||
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime + 1.75%), 8.50%, 01/31/26 (c) |
920 |
908,774 | |
Lumen Technologies, Inc. |
|||
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.18%, 04/16/29 |
761 |
755,662 | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.18%, 04/15/30 |
891 |
884,576 | |
2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, 06/01/28 |
72 |
72,531 | |
Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00% and 0.50% PIK), 7.33%, 03/11/30 (f) |
2,986 |
2,826,180 | |
5,447,723 | |||
114
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Electric Utilities — 0.7% | |||
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.00%), 5.82%, 12/15/27 |
$ |
786 |
$ 788,206 |
Talen Energy Supply LLC, 2024-1 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.35%, 12/15/31 |
418 |
419,259 | |
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 12/20/30 |
1,069 |
1,074,347 | |
2,281,812 | |||
Electronic Equipment, Instruments & Components — 0.8% | |||
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31 (c) |
272 |
273,219 | |
Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29 |
548 |
548,935 | |
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.37%, 12/02/31 |
457 |
459,042 | |
Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32 |
628 |
630,000 | |
Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, 09/30/32 |
172 |
172,645 | |
Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.92%, 10/27/32 (c) |
749 |
749,936 | |
2,833,777 | |||
Energy Equipment & Services — 0.1% | |||
Deep Blue Operating I LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.59%, 10/01/32 |
233 |
233,534 | |
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.69%, 09/22/32 |
189 |
189,945 | |
423,479 | |||
Entertainment — 1.4% | |||
Bally ’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.37%, 10/02/28 |
460 |
452,718 | |
Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, 09/30/31 |
1,777 |
1,781,715 | |
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.53%, 03/04/32 |
1,407 |
1,406,505 | |
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 07/31/32 |
238 |
236,339 | |
Live Nation Entertainment, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 10/21/32 |
1,167 |
1,167,000 | |
5,044,277 | |||
Environmental, Maintenance & Security Service — 2.6% | |||
Action Environmental Group, Inc., 2023 Term Loan B, (3- mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30 |
560 |
560,259 | |
Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32 |
391 |
394,257 | |
Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 10/21/28 |
2,046 |
2,055,582 | |
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32 |
1,773 |
1,778,876 | |
JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, 10/17/30 |
426 |
426,199 | |
Security |
Par (000) |
Value | |
Environmental, Maintenance & Security Service (continued) | |||
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.70%, 06/21/28 |
$ |
2,224 |
$ 2,233,414 |
Reworld Holding Corp. |
|||
2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 01/15/31 |
262 |
262,000 | |
2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 01/15/31 |
119 |
118,720 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 01/15/31 |
730 |
730,583 | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 11/30/28 |
547 |
547,057 | |
9,106,947 | |||
Financial Services — 0.6% | |||
Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.39%, 02/27/32 |
1,392 |
1,306,167 | |
Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32 |
658 |
660,671 | |
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 11/05/28 |
289 |
290,355 | |
2,257,193 | |||
Food Products — 1.9% | |||
Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 10/28/32 |
3,156 |
3,168,607 | |
Froneri U.S., Inc. |
|||
2024 USD Term Loan B4, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.45%, 09/30/31 |
2,286 |
2,284,005 | |
2025 USD Term Loan B6, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.12%, 09/30/32 |
236 |
235,910 | |
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.50%), 10.34%, 03/29/30 |
92 |
92,803 | |
Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32 |
44 |
44,036 | |
UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 01/29/32 |
712 |
714,323 | |
Wellness Pet LLC |
|||
2025 First Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.95%), 7.62%, 12/31/29 |
159 |
96,310 | |
2025 Second Out Exchange Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 7.68%, 12/31/29 |
89 |
9,767 | |
6,645,761 | |||
Ground Transportation — 0.7% | |||
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/10/31 |
2,491 |
2,490,516 | |
Health Care Equipment & Supplies — 0.7% | |||
Bausch & Lomb Corp. |
|||
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28 |
567 |
566,950 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 01/15/31 |
1,304 |
1,315,984 | |
QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 08/20/32 |
678 |
676,880 | |
2,559,814 | |||
Schedule of Investments
115
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Health Care Providers & Services — 2.2% | |||
AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, 09/20/32 |
$ |
143 |
$ 143,030 |
Concentra Health Services, Inc., 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 07/26/31 |
426 |
428,856 | |
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 11/01/28 |
1,337 |
1,343,529 | |
EyeCare Partners LLC, 2024 Third Out Term Loan C, 0.00%, 11/30/28 (d)(g) |
32 |
5,537 | |
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 07/03/28 |
341 |
343,704 | |
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, 05/19/31 |
770 |
771,758 | |
Medical Solutions Holdings, Inc. |
|||
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.44%, 11/01/28 |
547 |
115,469 | |
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 10.94%, 11/01/29 |
377 |
76,531 | |
Medline Borrower LP |
|||
2025 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/30 |
458 |
459,891 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/28 |
935 |
937,686 | |
Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, 05/30/31 |
1,294 |
1,299,201 | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30 |
628 |
628,295 | |
Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 12/19/30 |
946 |
948,531 | |
Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, 06/30/28 |
342 |
343,136 | |
7,845,154 | |||
Hotel & Resort REITs — 0.1% | |||
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/20/30 |
297 |
296,928 | |
Hotels, Restaurants & Leisure — 7.0% | |||
Aimbridge Acquisition Co., Inc. |
|||
2025 1st Lien Second Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 1.61% and 6.00% PIK), 11.35%, 03/11/30 (f) |
128 |
126,608 | |
2025 First Out Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 5.61%), 9.35%, 03/11/30 |
137 |
137,051 | |
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 05/31/30 (c) |
636 |
638,824 | |
Burger King (Restaurant Brands International Inc.)/New Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/20/30 |
1,242 |
1,242,216 | |
Caesars Entertainment, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 5.97%, 02/06/31 |
1,999 |
1,978,508 | |
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 5.97%, 02/06/30 |
797 |
789,943 | |
Security |
Par (000) |
Value | |
Hotels, Restaurants & Leisure (continued) | |||
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32 |
$ |
2,153 |
$ 2,162,740 |
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, 01/27/29 |
2,617 |
2,615,267 | |
Flutter Financing BV |
|||
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.42%, 11/30/30 |
2,399 |
2,395,399 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 06/04/32 |
718 |
718,004 | |
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 09/22/32 |
1,914 |
1,924,188 | |
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, 11/01/29 |
508 |
498,237 | |
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 05/27/32 |
595 |
598,729 | |
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.48%, 11/08/30 |
485 |
487,735 | |
IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 12/16/30 |
1,155 |
1,157,319 | |
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.99%, 04/14/29 |
684 |
685,737 | |
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 11/12/29 |
1,345 |
1,191,290 | |
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.92%, 08/01/30 |
364 |
335,867 | |
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 05/03/29 |
713 |
716,488 | |
Sabre GLBL, Inc. |
|||
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 |
318 |
279,412 | |
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 9.82%, 11/15/29 (c) |
162 |
143,880 | |
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.72%, 12/04/31 |
330 |
327,749 | |
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 05/01/31 |
205 |
202,233 | |
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 03/14/31 |
1,228 |
1,231,355 | |
Voyager Parent LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32 |
747 |
746,739 | |
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, 08/03/28 |
588 |
589,209 | |
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/24/30 |
828 |
828,890 | |
24,749,617 | |||
Household Durables — 1.2% | |||
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.86%, 07/31/28 |
1,419 |
1,421,990 | |
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 01/20/32 |
1,435 |
1,440,014 | |
116
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Household Durables (continued) | |||
Somnigroup International, Inc., Term Loan B, (1-mo. SOFR at 0.00% Floor + 2.25%), 5.91%, 10/24/31 |
$ |
254 |
$ 255,377 |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, 12/19/29 |
105 |
103,438 | |
Weber-Stephen Products LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.74%, 10/01/32 |
1,029 |
1,029,515 | |
4,250,334 | |||
Household Products — 0.2% | |||
Reynolds Consumer Products LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 03/04/32 |
696 |
699,373 | |
Independent Power and Renewable Electricity Producers — 1.4% | |||
Calpine Construction Finance Co. LP, 2025 Repriced Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 07/31/30 |
1,565 |
1,565,945 | |
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31 |
487 |
487,131 | |
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31 |
1,981 |
1,985,498 | |
Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/25/32 |
715 |
714,557 | |
4,753,131 | |||
Industrial Conglomerates — 0.1% | |||
CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.86%, 10/28/32 |
375 |
377,580 | |
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. CME Term SOFR + 7.50%), 11.43%, 12/31/29 |
153 |
122,746 | |
500,326 | |||
Insurance — 8.8% | |||
Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 09/19/31 |
4,777 |
4,786,542 | |
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 5.97%, 01/30/32 |
1,783 |
1,787,447 | |
Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 12/29/31 |
1,644 |
1,646,895 | |
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.92%, 02/15/31 |
1,772 |
1,766,381 | |
Asurion LLC |
|||
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR at 0.00% Floor + 5.36%), 9.08%, 01/31/28 |
689 |
685,369 | |
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29 |
654 |
640,920 | |
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.07%, 08/19/28 |
978 |
979,491 | |
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30 |
603 |
602,780 | |
2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30 |
1,144 |
1,143,149 | |
Baldwin Insurance Group Holdings LLC, 2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.25%, 05/26/31 |
688 |
685,730 | |
HUB International Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.12%, 06/20/30 |
2,869 |
2,882,007 | |
Security |
Par (000) |
Value | |
Insurance (continued) | |||
Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/31 |
$ |
1,210 |
$ 1,212,232 |
Jones DesLauriers Insurance Management Inc., 2025 Repriced Term Loan B, 12/10/32 (h) |
786 |
786,081 | |
Jones Deslauriers Insurance Management, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.59%, 03/15/30 |
752 |
752,090 | |
OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 07/02/31 |
155 |
155,409 | |
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/15/31 |
1,296 |
1,296,684 | |
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 07/31/31 |
2,614 |
2,621,427 | |
Truist Insurance Holdings LLC |
|||
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 05/06/31 |
2,508 |
2,508,650 | |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, 05/06/32 |
325 |
328,786 | |
USI, Inc. |
|||
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 09/29/30 |
1,215 |
1,216,843 | |
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 11/21/29 |
2,449 |
2,454,131 | |
30,939,044 | |||
Interactive Media & Services — 0.2% | |||
MH Sub I LLC |
|||
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.97%, 05/03/28 |
441 |
408,750 | |
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 7.97%, 12/31/31 |
366 |
312,185 | |
720,935 | |||
Internet Software & Services — 2.6% | |||
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.34%, 08/15/29 |
768 |
619,897 | |
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.09%, 11/08/32 |
915 |
916,774 | |
Gen Digital, Inc. |
|||
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 09/12/29 |
2,021 |
2,023,050 | |
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 04/16/32 |
201 |
201,090 | |
Go Daddy Operating Co. LLC |
|||
2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 05/30/31 |
714 |
715,179 | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 11/09/29 |
1,025 |
1,026,250 | |
Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28 |
2,346 |
2,356,033 | |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, 03/15/30 |
1,355 |
1,340,410 | |
9,198,683 | |||
IT Services — 4.1% | |||
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31 |
860 |
861,046 | |
Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 03/26/32 |
80 |
79,888 | |
Schedule of Investments
117
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
IT Services (continued) | |||
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 06/17/30 |
$ |
817 |
$ 815,557 |
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31 |
1,655 |
1,653,804 | |
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31 (c) |
1,139 |
1,137,207 | |
Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 09/15/32 |
2,649 |
2,589,397 | |
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, 06/27/31 |
384 |
383,844 | |
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, 03/01/29 |
1,188 |
1,092,612 | |
Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.85%), 7.69%, 02/01/28 |
1,185 |
1,098,288 | |
Ping Identity Corporation, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.62%, 11/15/32 |
396 |
396,495 | |
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.01%), 7.85%, 06/02/28 |
1,094 |
1,053,697 | |
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 06/28/30 (c) |
708 |
706,105 | |
X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.75%), 10.45%, 10/26/29 |
2,754 |
2,702,910 | |
14,570,850 | |||
Leisure Products — 0.4% | |||
Bombardier Recreational Products, Inc., 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 01/22/31 |
396 |
397,117 | |
City Football Group Ltd., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30 |
860 |
857,837 | |
1,254,954 | |||
Machinery — 3.9% | |||
Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 6.42%, 06/23/30 |
596 |
597,884 | |
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.48%, 03/15/30 |
322 |
322,858 | |
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, 05/14/28 (c) |
185 |
185,498 | |
Generac Power Systems, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, 07/03/31 |
198 |
197,994 | |
Husky Injection Molding Systems Ltd., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 7.53%, 02/15/29 |
2,648 |
2,664,932 | |
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, 11/22/29 |
574 |
576,831 | |
INNIO Group Holding GmbH, 2025 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.13%, 11/02/28 |
608 |
609,520 | |
Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.23%, 09/26/31 |
342 |
343,691 | |
SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 04/05/29 |
1,814 |
1,817,657 | |
Security |
Par (000) |
Value | |
Machinery (continued) | |||
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.95%, 04/30/30 |
$ |
2,312 |
$ 2,324,731 |
Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32 |
2,530 |
2,541,234 | |
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.87%, 01/27/31 |
1,486 |
1,487,990 | |
13,670,820 | |||
Media — 4.1% | |||
Altice France SA, 2025 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, 05/31/31 |
1,070 |
1,068,279 | |
Charter Communications Operating LLC |
|||
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.99%, 12/07/30 |
842 |
840,557 | |
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.24%, 12/15/31 |
586 |
586,512 | |
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, 12/02/31 |
654 |
644,280 | |
CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), 8.25%, 04/15/27 |
2,114 |
1,843,333 | |
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27 |
65 |
64,795 | |
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/30/30 |
646 |
643,936 | |
Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.12%, 06/04/29 |
3 |
2,997 | |
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, 06/30/28 |
384 |
384,475 | |
NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31 |
961 |
877,210 | |
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), 8.83%, 09/25/29 (f) |
1,941 |
1,484,632 | |
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.93%, 04/04/29 |
494 |
484,252 | |
Sunrise Financing Partnership, Term Loan AAA1, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.43%, 02/16/32 |
358 |
359,088 | |
Telenet Financing USD LLC, 2020 USD Term Loan AR, (1-mo. CME Term SOFR at 0.00% Floor + 2.11%), 5.86%, 04/30/28 |
235 |
234,824 | |
UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31 |
2,384 |
2,393,374 | |
Virgin Media Bristol LLC |
|||
2020 USD Term Loan Q, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.11%, 01/31/29 |
278 |
278,348 | |
2023 USD Term Loan Y, (6-mo. CME Term SOFR at 0.00% Floor + 3.28%), 7.05%, 03/31/31 |
609 |
602,694 | |
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.57%, 01/24/31 |
1,828 |
1,832,474 | |
14,626,060 | |||
Metals & Mining — 1.3% | |||
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 05/13/29 |
68 |
68,269 | |
BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30 |
1,746 |
1,725,624 | |
118
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Metals & Mining (continued) | |||
Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.71%, 02/26/32 |
$ |
977 |
$ 968,476 |
Element Solutions, Inc., 2025 Add-on Term Loan B, 12/18/30 (h) |
320 |
321,466 | |
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, 03/11/32 |
1,547 |
1,552,460 | |
4,636,295 | |||
Oil, Gas & Consumable Fuels — 2.0% | |||
Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 11/22/32 |
337 |
338,303 | |
Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at 0.00% Floor + 1.75%), 5.41%, 07/30/32 |
1,284 |
1,282,527 | |
EG America LLC, 2025 USD Repriced Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.32%, 02/07/28 |
223 |
223,835 | |
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.12%, 12/21/28 |
1,390 |
1,393,835 | |
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.94%, 10/04/30 |
163 |
162,926 | |
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.74%, 02/11/30 |
476 |
476,700 | |
M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, 04/01/32 |
353 |
354,900 | |
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.59%, 04/07/32 |
216 |
217,737 | |
Oryx Midstream Services Permian Basin LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.98%, 10/05/28 |
1,851 |
1,858,516 | |
Stakeholder Midstream LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31 |
514 |
515,341 | |
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.98%, 06/16/32 |
178 |
178,527 | |
7,003,147 | |||
Passenger Airlines — 1.3% | |||
AAdvantage Loyalty IP Ltd. |
|||
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.13%, 04/20/28 |
561 |
562,212 | |
2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.13%, 05/28/32 |
453 |
454,708 | |
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 03/21/31 |
1,049 |
1,054,646 | |
American Airlines, Inc. |
|||
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.85%), 5.69%, 01/29/27 |
164 |
163,622 | |
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.26%, 06/04/29 |
904 |
904,417 | |
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.44%, 08/27/29 |
676 |
645,897 | |
United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, 02/22/31 |
723 |
725,359 | |
4,510,861 | |||
Security |
Par (000) |
Value | |
Personal Care Products — 0.1% | |||
ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, 12/15/32 (c) |
$ |
186 |
$ 186,930 |
Pharmaceuticals — 1.7% | |||
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, 08/01/32 |
1,492 |
1,503,452 | |
Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, 10/31/32 |
265 |
265,525 | |
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 7.47%, 04/23/31 |
393 |
389,409 | |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 7.77%, 10/01/27 |
429 |
420,840 | |
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, 05/05/28 |
1,092 |
1,095,463 | |
Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/22/32 |
1,103 |
1,107,882 | |
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, 05/19/31 |
264 |
253,834 | |
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 04/20/29 |
515 |
517,065 | |
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, 07/03/28 |
85 |
85,634 | |
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, 08/01/31 |
219 |
219,201 | |
5,858,305 | |||
Real Estate Management & Development — 0.1% | |||
Cushman & Wakefield U.S. Borrower LLC, 2025 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 01/31/30 |
339 |
340,742 | |
Semiconductors & Semiconductor Equipment — 0.4% | |||
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, 07/06/29 |
271 |
272,197 | |
MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.72%, 08/17/29 |
1,009 |
1,013,027 | |
1,285,224 | |||
Software — 13.5% | |||
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, 02/24/31 |
2,333 |
2,345,322 | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/29 |
1,859 |
1,861,056 | |
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/25/31 |
1,021 |
1,022,939 | |
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, 07/30/31 |
2,195 |
2,187,326 | |
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 5.72%, 01/23/32 |
1,588 |
1,592,041 | |
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29 |
1,985 |
1,676,611 | |
Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.21%, 04/21/32 |
691 |
689,975 | |
Cloud Software Group, Inc. |
|||
2025 Term Loan B (2031), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 03/21/31 |
1,860 |
1,861,745 | |
Schedule of Investments
119
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Software (continued) | |||
Cloud Software Group, Inc. (continued) |
|||
2025 Term Loan B (2032), (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 08/13/32 |
$ |
2,585 |
$ 2,586,738 |
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 7.57%, 10/08/28 |
471 |
448,833 | |
CoreLogic, Inc. |
|||
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.33%, 06/04/29 |
333 |
335,344 | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.33%, 06/02/28 |
1,172 |
1,171,910 | |
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.62%, 05/01/31 |
1,421 |
1,363,026 | |
Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31 |
158 |
158,082 | |
Dayforce, Inc., 2025 Term Loan, 08/20/32 (h) |
2,050 |
2,042,681 | |
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.92%, 06/26/31 (c) |
432 |
423,313 | |
Ellucian Holdings, Inc. |
|||
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, 10/08/29 |
2,015 |
2,025,423 | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 8.47%, 11/22/32 |
352 |
354,309 | |
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.22%, 05/30/31 |
1,797 |
1,801,638 | |
Genesys Cloud Services, Inc., 2025 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, 01/30/32 |
3,276 |
3,265,318 | |
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, 03/20/32 |
2,223 |
2,223,171 | |
Mitchell International, Inc. |
|||
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, 06/17/31 |
1,427 |
1,430,601 | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 8.97%, 06/17/32 |
329 |
325,381 | |
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.09%, 07/01/31 |
414 |
410,975 | |
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/17/27 |
197 |
188,061 | |
PointClickCare Technologies, Inc., 2025 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, 11/03/31 |
485 |
484,797 | |
Project Boost Purchaser LLC, 2025 Refinancing Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.61%, 07/16/31 |
1,593 |
1,596,291 | |
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28 |
1,171 |
1,169,029 | |
Sabre GLBL, Inc. (c) |
|||
2025 11th Amendment Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
116 |
103,521 | |
2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29 |
57 |
50,593 | |
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 05/09/31 |
2,420 |
2,433,066 | |
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, 02/10/31 |
2,645 |
2,645,867 | |
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.09%, 04/12/31 |
1,624 |
1,628,035 | |
Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/22/29 (c) |
458 |
460,417 | |
Security |
Par (000) |
Value | |
Software (continued) | |||
X.AI LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 7.25%), 10.85%, 06/28/30 |
$ |
1,561 |
$ 1,538,618 |
Zelis Payments Buyer, Inc. |
|||
5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 11/26/31 |
1,183 |
1,172,698 | |
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, 09/28/29 |
705 |
697,551 | |
47,772,302 | |||
Specialty Retail — 0.3% | |||
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.31%, 04/23/31 |
545 |
545,115 | |
Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.92%, 09/29/32 |
240 |
240,199 | |
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.07%, 10/20/28 |
202 |
200,165 | |
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. CME Term SOFR + 7.61%), 11.29%, 06/29/28 |
189 |
177,291 | |
1,162,770 | |||
Technology Hardware, Storage & Peripherals — 0.4% | |||
Cubic Corp. |
|||
2025 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29 |
2,142 |
1,084,380 | |
2025 Second Out Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29 |
311 |
157,381 | |
1,241,761 | |||
Textiles, Apparel & Luxury Goods — 0.4% | |||
ABG Intermediate Holdings 2 LLC |
|||
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 12/21/28 |
862 |
861,967 | |
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32 |
456 |
456,152 | |
Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, 09/12/32 |
220 |
221,514 | |
1,539,633 | |||
Trading Companies & Distributors — 0.1% | |||
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 2.00% and 3.25% PIK), 8.97%, 07/02/29 (f) |
1,143 |
465,601 | |
Transportation Infrastructure — 0.2% | |||
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.07%, 12/15/26 |
508 |
504,195 | |
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 11.89%, 08/20/29 |
671 |
255,052 | |
759,247 | |||
Wireless Telecommunication Services — 1.1% | |||
Digicel International Finance Ltd., 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.02%, 08/06/32 |
497 |
495,226 | |
120
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security |
Par (000) |
Value | |
Wireless Telecommunication Services (continued) | |||
Level 3 Financing, Inc., 2025 Repriced Term Loan B4, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, 03/29/32 |
$ |
2,331 |
$ 2,336,245 |
Windstream Services LLC, 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/06/32 (c) |
920 |
922,300 | |
3,753,771 | |||
Total Floating Rate Loan Interests — 108.8% (Cost: $388,273,648) |
384,038,913 | ||
Shares |
|||
Investment Companies | |||
Equity Funds — 5.2% |
|||
Hearthside Equity |
5,718 |
86,245 | |
Invesco Senior Loan ETF |
640,400 |
13,448,400 | |
SPDR Blackstone Senior Loan ETF |
120,000 |
4,952,400 | |
18,487,045 | |||
Fixed Income Funds (i) — 3.4% |
|||
iShares 0-5 Year High Yield Corporate Bond ETF |
5,000 |
214,350 | |
iShares Broad USD High Yield Corporate Bond ETF |
240,000 |
8,974,800 | |
iShares iBoxx $ High Yield Corporate Bond ETF |
33,000 |
2,660,790 | |
11,849,940 | |||
Total Investment Companies — 8.6% (Cost: $30,143,316) |
30,336,985 | ||
Benefical Interest (000) |
|||
Other Interests | |||
Capital Markets — 0.0% |
|||
Millennium Lender Claim Trust (c)(j) |
$ |
991 |
— |
Industrial Conglomerates — 0.0% |
|||
Millennium Corp. (c)(j) |
930 |
— | |
Total Other Interests — 0.0% (Cost: $ — ) |
— | ||
Shares |
|||
Preferred Securities | |||
Preferred Stocks — 0.0% (d) | |||
Ground Transportation — 0.0% |
|||
Sirva BGRS Holdings, Inc., 07/21/30 |
207 |
36,167 | |
Security |
Shares |
Value | |
IT Services (c) — 0.0% |
|||
Veritas Newco |
|||
Series G |
1,121 |
$ 26,346 | |
Series G-1 |
774 |
17,805 | |
44,151 | |||
80,318 | |||
Total Preferred Securities — 0.0% (Cost: $184,682) |
80,318 | ||
Warrants | |||
Financial Services — 0.0% |
|||
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00) (d) |
1,675 |
— | |
Total Warrants — 0.0% (Cost: $ — ) |
— | ||
Total Investments — 122.8% (Cost: $438,234,834) |
433,452,456 | ||
Liabilities in Excess of Other Assets — (22.8)% |
(80,398,046 ) | ||
Net Assets — 100.0% |
$ 353,054,410 | ||
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
Non-income producing security. |
(e) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $202,944, representing 0.1% of its net assets as of period end, and an original cost of $22,770. |
(f) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(g) |
Issuer filed for bankruptcy and/or is in default. |
(h) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(i) |
Affiliate of the Trust. |
(j) |
Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
121
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows:
Affiliated Issuer |
Value at 12/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 12/31/25 |
Shares Held at 12/31/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares (a) |
$ — |
$ 67,722,798 |
$ (67,722,798 ) |
$ — |
$ — |
$ — |
— |
$ 21,677 |
$ — |
iShares 0-5 Year High Yield Corporate Bond ETF |
213,050 |
— |
— |
— |
1,300 |
214,350 |
5,000 |
15,061 |
— |
iShares Broad USD High Yield Corporate Bond ETF |
— |
8,864,310 |
— |
— |
110,490 |
8,974,800 |
240,000 |
512,275 |
— |
iShares iBoxx $ High Yield Corporate Bond ETF |
2,202,200 |
6,688,650 |
(6,304,122 ) |
8,922 |
65,140 |
2,660,790 |
33,000 |
299,534 |
— |
$ 8,922 |
$ 176,930 |
$ 11,849,940 |
$ 848,547 |
$ — |
(a) |
As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Short Contracts |
||||
10-Year U.S. Ultra Long Treasury Note |
17 |
03/20/26 |
$ 1,955 |
$ 2,495 |
U.S. Long Bond |
9 |
03/20/26 |
1,040 |
8,547 |
$ 11,042 |
Forward Foreign Currency Exchange Contracts
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
USD |
24,091 |
GBP |
18,000 |
HSBC Bank PLC |
03/18/26 |
$ (167 ) |
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index |
Financing Rate Received by the Trust |
Payment Frequency |
Termination Date |
Credit Rating (a) |
Notional Amount (000) (b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
CDX.NA.HY.43.V1 |
5.00 % |
Quarterly |
12/20/29 |
B- |
USD |
3,200 |
$ 248,120 |
$ 218,125 |
$ 29,995 |
CDX.NA.HY.44.V1 |
5.00 |
Quarterly |
06/20/30 |
B- |
USD |
300 |
24,265 |
14,733 |
9,532 |
$ 272,385 |
$ 232,858 |
$ 39,527 | |||||||
(a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Total Return Swaps
Paid by the Trust |
Received by the Trust |
||||||||||
Rate/Reference |
Frequency |
Rate/Reference |
Frequency |
Counterparty |
Effective Date |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) | |
1-day SOFR, 3.87% |
Quarterly |
Markit iBoxx USD Liquid Leveraged Loan Index |
Quarterly |
Barclays Bank PLC |
N/A |
06/20/26 |
USD |
5,000 |
$ 72,675 |
$ (54,056 ) |
$ 126,731 |
122
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
Description |
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
Centrally Cleared Swaps (a) |
$ 232,858 |
$ — |
$ 39,527 |
$ — |
OTC Swaps |
— |
(54,056 ) |
126,731 |
— |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Assets — Derivative Financial Instruments |
|||||||
Futures contracts Unrealized appreciation on futures contracts (a) |
$ — |
$ — |
$ — |
$ — |
$ 11,042 |
$ — |
$ 11,042 |
Swaps — centrally cleared Unrealized appreciation on centrally cleared swaps (a) |
— |
39,527 |
— |
— |
— |
— |
39,527 |
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid |
— |
— |
— |
— |
126,731 |
— |
126,731 |
$ — |
$ 39,527 |
$ — |
$ — |
$ 137,773 |
$ — |
$ 177,300 | |
Liabilities — Derivative Financial Instruments |
|||||||
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts |
$ — |
$ — |
$ — |
$ 167 |
$ — |
$ — |
$ 167 |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received |
— |
— |
— |
— |
54,056 |
— |
54,056 |
$ — |
$ — |
$ — |
$ 167 |
$ 54,056 |
$ — |
$ 54,223 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | |
Net Realized Gain (Loss) from: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 23,456 |
$ — |
$ 23,456 |
Forward foreign currency exchange contracts |
— |
— |
— |
(1,316 ) |
— |
— |
(1,316 ) |
Swaps |
— |
136,053 |
— |
— |
57,198 |
— |
193,251 |
$ — |
$ 136,053 |
$ — |
$ (1,316 ) |
$ 80,654 |
$ — |
$ 215,391 | |
Net Change in Unrealized Appreciation (Depreciation) on: |
|||||||
Futures contracts |
$ — |
$ — |
$ — |
$ — |
$ 11,042 |
$ — |
$ 11,042 |
Forward foreign currency exchange contracts |
— |
— |
— |
(433 ) |
— |
— |
(433 ) |
Swaps |
— |
58,819 |
— |
— |
(102,558 ) |
— |
(43,739 ) |
$ — |
$ 58,819 |
$ — |
$ (433 ) |
$ (91,516 ) |
$ — |
$ (33,130 ) |
Schedule of Investments
123
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
|
Average notional value of contracts — short |
$ 748,902 |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
24,032 |
Credit default swaps: |
|
Average notional value — sell protection |
3,825,000 |
Total return swaps: |
|
Average notional value |
5,000,000 |
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
Assets |
Liabilities | |
Derivative Financial Instruments |
||
Futures contracts |
$ 5,157 |
$ — |
Forward foreign currency exchange contracts |
— |
167 |
Swaps — centrally cleared |
— |
1,633 |
Swaps — OTC (a) |
126,731 |
54,056 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities |
131,888 |
55,856 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(5,157 ) |
(1,633 ) |
Total derivative assets and liabilities subject to an MNA |
$ 126,731 |
$ 54,223 |
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities. |
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral
received and pledged by the Trust:
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Received (b) |
Cash Collateral Received (b) |
Net Amount of Derivative Assets (c)(d) |
Barclays Bank PLC |
$ 126,731 |
$ (54,056 ) |
$ — |
$ — |
$ 72,675 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset (a) |
Non-Cash Collateral Pledged (b) |
Cash Collateral Pledged (b) |
Net Amount of Derivative Liabilities (c)(e) |
Barclays Bank PLC |
$ 54,056 |
$ (54,056 ) |
$ — |
$ — |
$ — |
HSBC Bank PLC |
167 |
— |
— |
— |
167 |
$ 54,223 |
$ (54,056 ) |
$ — |
$ — |
$ 167 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
124
2025
BlackRock Annual Report to Shareholders
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s
policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust
’
s financial instruments into major categories
is disclosed in the Schedule of Investments above.
Level 1 |
Level 2 |
Level 3 |
Total | |
Assets |
||||
Investments |
||||
Long-Term Investments |
||||
Asset-Backed Securities |
$ — |
$ 3,889,043 |
$ — |
$ 3,889,043 |
Common Stocks |
||||
Automobile Components |
20,399 |
— |
— |
20,399 |
Entertainment |
— |
— |
202,944 |
202,944 |
Financial Services |
— |
— |
295,094 |
295,094 |
Ground Transportation |
— |
752 |
— |
752 |
Hotels, Restaurants & Leisure |
— |
— |
106,758 |
106,758 |
Household Products |
— |
— |
— |
— |
Industrial Conglomerates |
— |
42,249 |
— |
42,249 |
IT Services |
— |
— |
484,882 |
484,882 |
Trading Companies & Distributors |
— |
— |
102,141 |
102,141 |
Transportation Infrastructure |
— |
— |
75,068 |
75,068 |
Wireless Telecommunication Services |
— |
110,759 |
— |
110,759 |
Corporate Bonds |
— |
11,660,508 |
63,085 |
11,723,593 |
Fixed Rate Loan Interests |
— |
1,942,558 |
— |
1,942,558 |
Floating Rate Loan Interests |
— |
373,712,106 |
10,326,807 |
384,038,913 |
Investment Companies |
||||
Equity Funds |
18,400,800 |
86,245 |
— |
18,487,045 |
Fixed Income Funds |
11,849,940 |
— |
— |
11,849,940 |
Other Interests |
— |
— |
— |
— |
Preferred Securities |
||||
Preferred Stocks |
— |
36,167 |
44,151 |
80,318 |
Warrants |
— |
— |
— |
— |
Unfunded Floating Rate Loan Interests (a) |
— |
6,352 |
224 |
6,576 |
Liabilities |
||||
Unfunded Floating Rate Loan Interests (a) |
— |
(2,803 ) |
— |
(2,803 ) |
$ 30,271,139 |
$ 391,483,936 |
$ 11,701,154 |
$ 433,456,229 | |
Derivative Financial Instruments (b) |
||||
Assets |
||||
Credit Contracts |
$ — |
$ 39,527 |
$ — |
$ 39,527 |
Interest Rate Contracts |
11,042 |
126,731 |
— |
137,773 |
Liabilities |
||||
Foreign Currency Exchange Contracts |
— |
(167 ) |
— |
(167 ) |
$ 11,042 |
$ 166,091 |
$ — |
$ 177,133 |
(a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) |
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings
payable of $71,000,000 are categorized as Level 2 within the fair value hierarchy.
Schedule of Investments
125
Schedule of Investments
(continued)
December 31, 2025
BlackRock Floating Rate Income Trust (BGT)
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the
beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in
determining fair value:
Common Stocks |
Corporate Bonds |
Fixed Rate Loan Interests |
Floating Rate Loan Interests |
Other Interests |
Preferred Stocks |
Unfunded Floating Rate Loan Interests |
Total | |
Assets |
||||||||
Opening balance, as of December 31, 2024 |
$ 994,251 |
$ 138,839 |
$ 1,620,655 |
$ 15,206,471 |
$ — (a) |
$ 37,905 |
$ — |
$ 17,998,121 |
Transfers into Level 3 (b) |
— |
— |
18,456 |
712,145 |
— |
— |
— |
730,601 |
Transfers out of Level 3 (c) |
— |
— |
(1,140,000 ) |
(5,801,994 ) |
— |
— |
— |
(6,941,994 ) |
Accrued discounts/premiums |
— |
7,579 |
357 |
30,238 |
— |
— |
— |
38,174 |
Net realized gain (loss) |
222,028 |
(85 ) |
1,851 |
(110,879 ) |
— |
— |
— |
112,915 |
Net change in unrealized appreciation (depreciation) (d)(e) |
(871,543 ) |
(68,714 ) |
(18,108 ) |
(39,003 ) |
— |
6,246 |
224 |
(990,898 ) |
Purchases |
1,578,719 |
139,455 |
6,210 |
9,170,471 |
— |
— |
— |
10,894,855 |
Sales |
(656,568 ) |
(153,989 ) |
(489,421 ) |
(8,840,642 ) |
— |
— |
— |
(10,140,620 ) |
Closing balance, as of December 31, 2025 |
$ 1,266,887 |
$ 63,085 |
$ — |
$ 10,326,807 |
$ — (a) |
$ 44,151 |
$ 224 |
$ 11,701,154 |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 (e) |
$ (871,543 ) |
$ (83,344 ) |
$ (22,577 ) |
$ 62,089 |
$ — |
$ 6,246 |
$ 224 |
$ (908,905 ) |
(a) |
Rounds to less than $1. |
(b) |
As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. |
(c) |
As of December 31, 2024, the Trust used significant unobservable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. |
(d) |
Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
(e) |
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. |
The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on
unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
126
2025
BlackRock Annual Report to Shareholders
Statements of Assets and Liabilities
December 31, 2025
BHK |
HYT (a) |
BTZ |
BGT | |
ASSETS |
||||
Investments, at value — unaffiliated (b) |
$ 1,050,340,854 |
$ 1,972,330,686 |
$ 1,726,121,635 |
$ 421,602,516 |
Investments, at value — affiliated (c) |
1,210,830 |
18,900,621 |
10,458,588 |
11,849,940 |
Cash |
25,749 |
381,807 |
— |
— |
Cash pledged: |
||||
Collateral — reverse repurchase agreements |
2,040,000 |
— |
56,000 |
— |
Collateral — exchange-traded options written |
— |
— |
1,628,000 |
— |
Futures contracts |
905,415 |
1,117,000 |
5,331,000 |
78,000 |
Centrally cleared swaps |
596,000 |
1,687,000 |
3,627,000 |
242,000 |
Foreign currency, at value (d) |
382,073 |
67,434 |
135,788 |
2,653 |
Receivables: |
||||
Investments sold |
305,745 |
2,999,282 |
341,618 |
730,648 |
Reverse repurchase agreements |
7,114,709 |
— |
187,396 |
— |
Dividends — unaffiliated |
14,346 |
234,564 |
— |
— |
Dividends — affiliated |
2,364 |
223 |
5,103 |
1,862 |
Interest — unaffiliated |
14,780,346 |
32,819,241 |
22,944,302 |
2,751,518 |
Variation margin on futures contracts |
65,031 |
73,531 |
402,375 |
5,157 |
Variation margin on centrally cleared swaps |
2,144 |
— |
— |
— |
Swap premiums paid |
5,046 |
76,151 |
— |
— |
Unrealized appreciation on: |
||||
Forward foreign currency exchange contracts |
21,692 |
134,039 |
1,246 |
— |
OTC swaps |
5,183 |
1,434,561 |
— |
126,731 |
Unfunded floating rate loan interests |
1,124 |
10,202 |
2,337 |
6,576 |
Deferred offering costs |
147,962 |
224,130 |
— |
118,233 |
Prepaid expenses |
151 |
325 |
682 |
72 |
Total assets |
1,077,966,764 |
2,032,490,797 |
1,771,243,070 |
437,515,906 |
LIABILITIES |
||||
Bank overdraft |
— |
— |
91,179 |
446,221 |
Cash received: |
||||
Collateral — reverse repurchase agreements |
73,000 |
— |
— |
— |
Collateral — OTC derivatives |
— |
880,000 |
— |
— |
Collateral — TBA commitments |
— |
— |
550,000 |
— |
Reverse repurchase agreements, at value |
345,404,248 |
— |
544,329,823 |
— |
Payables: |
||||
Investments purchased |
1,107,237 |
9,400,720 |
163,569,892 |
11,964,511 |
Reverse repurchase agreements |
7,142,146 |
— |
482,043 |
— |
Accounting services fees |
47,696 |
69,251 |
58,922 |
21,731 |
Bank borrowings |
— |
444,000,000 |
— |
71,000,000 |
Custodian fees |
19,191 |
16,241 |
27,185 |
9,481 |
Income dividend distributions |
165,542 |
569,733 |
388,461 |
97,884 |
Interest expense |
— |
1,811,546 |
— |
315,062 |
Investment advisory fees |
481,267 |
1,011,861 |
845,521 |
263,706 |
Offering costs |
34,967 |
— |
— |
— |
Trustees ’ and Officer ’ s fees |
256,718 |
692,736 |
791,903 |
182,137 |
Other accrued expenses |
675 |
58,650 |
1,441 |
1,851 |
Principal payups |
3,001,738 |
— |
— |
— |
Professional fees |
82,697 |
146,957 |
57,189 |
87,850 |
Proxy fees |
— |
— |
67,446 |
— |
Transfer agent fees |
19,662 |
50,459 |
25,052 |
12,403 |
Variation margin on futures contracts |
106,942 |
38 |
135,487 |
— |
Variation margin on centrally cleared swaps |
— |
6,942 |
8,438 |
1,633 |
Swap premiums received |
2,356 |
378,559 |
— |
54,056 |
Financial Statements
127
Statements of Assets and Liabilities
(continued)
December 31, 2025
BHK |
HYT (a) |
BTZ |
BGT | |
Unrealized depreciation on: |
||||
Forward foreign currency exchange contracts |
$ 12,917 |
$ 43,541 |
$ 1,777 |
$ 167 |
OTC swaps |
59 |
453 |
— |
— |
Unfunded floating rate loan interests |
392 |
3,214 |
576 |
2,803 |
Total liabilities |
357,959,450 |
459,140,901 |
711,432,335 |
84,461,496 |
Commitments and contingent liabilities |
||||
NET ASSETS |
$ 720,007,314 |
$ 1,573,349,896 |
$ 1,059,810,735 |
$ 353,054,410 |
NET ASSETS CONSIST OF |
||||
Paid-in capital (e)(f)(g) |
$ 865,559,647 |
$ 1,787,878,412 |
$ 1,137,936,567 |
$ 398,118,747 |
Accumulated loss |
(145,552,333) |
(214,528,516) |
(78,125,832) |
(45,064,337) |
NET ASSETS |
$ 720,007,314 |
$ 1,573,349,896 |
$ 1,059,810,735 |
$ 353,054,410 |
Net asset value |
$ 9.97 |
$ 9.65 |
$ 11.36 |
$ 11.84 |
(a) Consolidated Statement of Assets and Liabilities. | ||||
(b) Investments, at cost — unaffiliated |
$1,053,320,315 |
$1,923,113,450 |
$1,718,854,900 |
$426,665,782 |
(c) Investments, at cost — affiliated |
$1,210,830 |
$18,400,263 |
$10,390,314 |
$11,569,052 |
(d) Foreign currency, at cost |
$399,901 |
$67,310 |
$135,815 |
$2,586 |
(e) Shares outstanding |
72,224,224 |
93,324,457 |
29,824,720 | |
(f) Shares authorized |
Unlimited |
Unlimited |
Unlimited | |
(g) Par value |
$0.001 |
$0.10 |
$0.001 |
$0.001 |
See notes to financial statements.
128
2025
BlackRock Annual Report to Shareholders
Statements of Operations
Year Ended December 31, 2025
BHK |
HYT (a) |
BTZ |
BGT | |
INVESTMENT INCOME |
||||
Dividends — unaffiliated |
$ 83,517 |
$ 2,160,907 |
$ 1,167,084 |
$ 1,299,628 |
Dividends — affiliated |
239,454 |
1,477,264 |
370,925 |
848,547 |
Interest — unaffiliated |
56,484,849 |
142,983,411 |
99,035,552 |
28,553,800 |
Payment-in-kind interest — unaffiliated |
272,360 |
2,491,627 |
603,271 |
358,704 |
Other income — unaffiliated |
5,357 |
82,986 |
282,542 |
187,169 |
Total investment income |
57,085,537 |
149,196,195 |
101,459,374 |
31,247,848 |
EXPENSES |
||||
Investment advisory |
5,108,958 |
11,887,495 |
10,002,211 |
3,069,536 |
Accounting services |
139,514 |
208,518 |
180,543 |
65,456 |
Professional |
130,134 |
251,592 |
120,102 |
104,720 |
Transfer agent |
83,801 |
156,742 |
106,421 |
50,030 |
Offering |
76,501 |
— |
— |
— |
Trustees and Officer |
64,591 |
174,773 |
145,969 |
43,555 |
Custodian |
53,523 |
52,982 |
75,782 |
27,850 |
Registration |
19,553 |
77,902 |
33,299 |
15,404 |
Printing and postage |
7,569 |
12,346 |
31,610 |
4,103 |
Miscellaneous |
27,364 |
56,225 |
34,253 |
12,371 |
Total expenses excluding interest expense |
5,711,508 |
12,878,575 |
10,730,190 |
3,393,025 |
Interest expense and fees — unaffiliated |
15,830,558 |
23,146,019 |
24,820,552 |
3,710,068 |
Total expenses |
21,542,066 |
36,024,594 |
35,550,742 |
7,103,093 |
Less fees waived and/or reimbursed by the Manager |
(4,477 ) |
(132,583 ) |
(15,692 ) |
(96,530 ) |
Total expenses after fees waived and/or reimbursed |
21,537,589 |
35,892,011 |
35,535,050 |
7,006,563 |
Net investment income |
35,547,948 |
113,304,184 |
65,924,324 |
24,241,285 |
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
Net realized gain (loss) from: |
||||
Investments — unaffiliated |
921,986 |
10,934,973 |
4,587,392 |
(4,816,686 ) |
Investments — affiliated |
— |
(58,113 ) |
180,184 |
8,922 |
Forward foreign currency exchange contracts |
(514,746 ) |
(4,151,481 ) |
(261,321 ) |
(1,316 ) |
Foreign currency transactions |
(15,134 ) |
(363,858 ) |
51,894 |
67 |
Futures contracts |
(4,196,017 ) |
361,422 |
1,050,852 |
23,456 |
Options written |
— |
— |
999,984 |
— |
Swaps |
(380,403 ) |
1,936,633 |
1,660,218 |
193,251 |
(4,184,314 ) |
8,659,576 |
8,269,203 |
(4,592,306 ) | |
Net change in unrealized appreciation (depreciation) on: |
||||
Investments — unaffiliated |
19,387,707 |
23,547,253 |
24,980,420 |
(367,593 ) |
Investments — affiliated |
— |
316,583 |
68,274 |
176,930 |
Forward foreign currency exchange contracts |
(141,584 ) |
(600,238 ) |
(35,181 ) |
(433 ) |
Foreign currency translations |
9,634 |
32,806 |
1,258 |
183 |
Futures contracts |
1,443,262 |
115,507 |
(1,989,025 ) |
11,042 |
Options written |
— |
— |
(478,459 ) |
— |
Swaps |
242,221 |
476,581 |
5,537,435 |
(43,739 ) |
Unfunded floating rate loan interests |
1,284 |
11,186 |
933 |
2,852 |
20,942,524 |
23,899,678 |
28,085,655 |
(220,758 ) | |
Net realized and unrealized gain (loss) |
16,758,210 |
32,559,254 |
36,354,858 |
(4,813,064 ) |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ 52,306,158 |
$ 145,863,438 |
$ 102,279,182 |
$ 19,428,221 |
(a) Consolidated Statement of Operations. | ||||
See notes to financial statements.
Financial Statements
129
Statements of Changes in Net Assets
BHK |
HYT (a) | |||
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/25 |
Year Ended 12/31/24 | |
INCREASE (DECREASE) IN NET ASSETS |
||||
OPERATIONS |
||||
Net investment income |
$ 35,547,948 |
$ 30,991,491 |
$ 113,304,184 |
$ 108,305,520 |
Net realized gain (loss) |
(4,184,314 ) |
(31,564,588 ) |
8,659,576 |
(7,309,115 ) |
Net change in unrealized appreciation (depreciation) |
20,942,524 |
10,094,872 |
23,899,678 |
26,090,798 |
Net increase in net assets resulting from operations |
52,306,158 |
9,521,775 |
145,863,438 |
127,087,203 |
DISTRIBUTIONS TO SHAREHOLDERS (b) |
||||
From net investment income |
(35,510,779 ) |
(31,728,469 ) |
(115,506,088 ) |
(113,650,697 ) |
Return of capital |
(21,053,491 ) |
(16,662,102 ) |
(33,990,930 ) |
(22,803,870 ) |
Decrease in net assets resulting from distributions to shareholders |
(56,564,270 ) |
(48,390,571 ) |
(149,497,018 ) |
(136,454,567 ) |
CAPITAL SHARE TRANSACTIONS |
||||
Net proceeds from the issuance of shares |
— |
— |
84,830,682 |
95,831,907 |
Proceeds from rights offering (Note 11) |
166,476,836 |
— |
— |
— |
Reinvestment of distributions |
495,710 |
1,179,065 |
6,559,791 |
10,528,206 |
Net increase in net assets derived from capital share transactions |
166,972,546 |
1,179,065 |
91,390,473 |
106,360,113 |
NET ASSETS |
||||
Total increase (decrease) in net assets |
162,714,434 |
(37,689,731 ) |
87,756,893 |
96,992,749 |
Beginning of year |
557,292,880 |
594,982,611 |
1,485,593,003 |
1,388,600,254 |
End of year |
$ 720,007,314 |
$ 557,292,880 |
$ 1,573,349,896 |
$ 1,485,593,003 |
(a) |
Consolidated Statements of Changes in Net Assets. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
130
2025
BlackRock Annual Report to Shareholders
Statements of Changes in Net Assets
(continued)
BTZ |
BGT | |||
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/25 |
Year Ended 12/31/24 | |
INCREASE (DECREASE) IN NET ASSETS |
||||
OPERATIONS |
||||
Net investment income |
$ 65,924,324 |
$ 64,589,850 |
$ 24,241,285 |
$ 25,830,434 |
Net realized gain (loss) |
8,269,203 |
(4,234,815 ) |
(4,592,306 ) |
(3,367,523 ) |
Net change in unrealized appreciation (depreciation) |
28,085,655 |
3,002,423 |
(220,758 ) |
2,583,268 |
Net increase in net assets resulting from operations |
102,279,182 |
63,357,458 |
19,428,221 |
25,046,179 |
DISTRIBUTIONS TO SHAREHOLDERS (a) |
||||
From net investment income |
(67,754,878 ) |
(62,856,630 ) |
(24,276,229 ) |
(26,212,029 ) |
Return of capital |
(26,204,185 ) |
(31,102,433 ) |
(16,110,907 ) |
(7,131,653 ) |
Decrease in net assets resulting from distributions to shareholders |
(93,959,063 ) |
(93,959,063 ) |
(40,387,136 ) |
(33,343,682 ) |
CAPITAL SHARE TRANSACTIONS |
||||
Net proceeds from the issuance of shares |
— |
— |
52,361,205 |
40,437,940 |
Reinvestment of distributions |
— |
— |
858,415 |
832,604 |
Net increase in net assets derived from capital share transactions |
— |
— |
53,219,620 |
41,270,544 |
NET ASSETS |
||||
Total increase (decrease) in net assets |
8,320,119 |
(30,601,605 ) |
32,260,705 |
32,973,041 |
Beginning of year |
1,051,490,616 |
1,082,092,221 |
320,793,705 |
287,820,664 |
End of year |
$ 1,059,810,735 |
$ 1,051,490,616 |
$ 353,054,410 |
$ 320,793,705 |
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Financial Statements
131
Statements of Cash Flows
Year Ended December 31, 2025
BHK |
HYT (a) |
BTZ |
BGT | |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||
Net increase in net assets resulting from operations |
$ 52,306,158 |
$ 145,863,438 |
$ 102,279,182 |
$ 19,428,221 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: |
||||
Proceeds from sales of long-term investments and principal paydowns/payups |
339,331,950 |
1,076,269,129 |
2,299,045,204 |
160,202,946 |
Purchases of long-term investments |
(464,376,320 ) |
(1,154,312,859 ) |
(2,286,222,385 ) |
(207,361,951 ) |
Net proceeds from sales (purchases) of short-term securities |
3,254,366 |
(418,476 ) |
3,744,035 |
(61,979 ) |
Amortization of premium and accretion of discount on investments and other fees |
(3,099,832 ) |
(9,007,521 ) |
(1,642,145 ) |
(584,446 ) |
Paid-in-kind income |
(283,663 ) |
(2,491,627 ) |
(601,890 ) |
(343,118 ) |
Premiums paid on closing options written |
— |
— |
(63,211 ) |
— |
Premiums received from options written |
— |
— |
233,423 |
— |
Net realized (gain) loss on investments and options written |
(917,306 ) |
(9,987,955 ) |
(5,570,309 ) |
4,830,597 |
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations, unfunded floating rate loan interests and forwards |
(19,250,654 ) |
(24,058,454 ) |
(24,535,985 ) |
290,619 |
(Increase) Decrease in Assets |
||||
Receivables |
||||
Dividends — affiliated |
1,517 |
6,291 |
6,257 |
(8 ) |
Dividends — unaffiliated |
(14,346 ) |
(159,317 ) |
— |
— |
Interest — unaffiliated |
(4,806,697 ) |
(1,656,201 ) |
(196,398 ) |
65,481 |
Variation margin on futures contracts |
221,720 |
(70,567 ) |
66,563 |
(5,157 ) |
Variation margin on centrally cleared swaps |
(2,144 ) |
42,675 |
— |
3,526 |
Swap premiums paid |
(330 ) |
(26,996 ) |
— |
— |
Prepaid expenses |
4,880 |
12,051 |
9,000 |
2,429 |
Deferred offering costs. |
(147,962 ) |
(74,479 ) |
— |
24,137 |
Increase (Decrease) in Liabilities |
||||
Cash received |
||||
Collateral — reverse repurchase agreements |
59,000 |
— |
— |
— |
Collateral — OTC derivatives |
— |
880,000 |
— |
— |
Collateral — TBA commitments |
— |
— |
550,000 |
— |
Payables |
||||
Accounting services fees |
(1,648 ) |
(13,165 ) |
(16,935 ) |
(5,203 ) |
Custodian fees |
(4,120 ) |
(5,232 ) |
(4,986 ) |
(2,239 ) |
Interest expense |
(1,190,002 ) |
(190,637 ) |
1,090,865 |
(15,641 ) |
Investment advisory fees |
87,196 |
64,570 |
6,358 |
23,294 |
Trustees ’ and Officer ’ s fees |
33,484 |
66,251 |
29,598 |
3,612 |
Other accrued expenses |
(8,657 ) |
(5,544 ) |
(1,290 ) |
(8,092 ) |
Professional fees |
(18,256 ) |
45,160 |
(26,201 ) |
(19,464 ) |
Transfer agent fees |
3,274 |
24,110 |
2,808 |
2,944 |
Variation margin on futures contracts |
(263,865 ) |
38 |
(119,148 ) |
— |
Variation margin on centrally cleared swaps |
(16,307 ) |
6,942 |
(23,107 ) |
1,633 |
Swap premiums received |
(1,660 ) |
(199,736 ) |
— |
(18,949 ) |
Other liabilities |
(627,077 ) |
— |
— |
— |
Net cash provided by (used for) operating activities |
(99,727,301 ) |
20,601,889 |
88,039,303 |
(23,546,808 ) |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||
Cash dividends paid to shareholders |
(55,903,018 ) |
(142,367,494 ) |
(93,570,602 ) |
(39,430,837 ) |
Payments for offering costs |
34,967 |
— |
— |
— |
Payments for bank borrowings |
— |
(611,000,000 ) |
— |
(117,000,000 ) |
Proceeds from bank borrowings |
— |
648,000,000 |
— |
126,000,000 |
Increase (decrease) in bank overdraft |
(132,109 ) |
(920,425 ) |
91,179 |
446,221 |
Proceeds from issuance of capital shares |
— |
84,830,682 |
— |
52,998,059 |
Proceeds from rights offering |
166,476,836 |
— |
— |
— |
Net borrowing of reverse repurchase agreements |
(17,663,178 ) |
— |
7,485,296 |
— |
Net cash provided by (used for) for financing activities |
92,813,498 |
(21,457,237 ) |
(85,994,127 ) |
23,013,443 |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
||||
Cash impact from foreign exchange fluctuations |
2,691 |
(548 ) |
(2 ) |
183 |
132
2025
BlackRock Annual Report to Shareholders
Statements of Cash Flows
(continued)
Year Ended December 31, 2025
BHK |
HYT (a) |
BTZ |
BGT | |
CASH AND FOREIGN CURRENCY |
||||
Net increase (decrease) in restricted and unrestricted cash and foreign currency |
$ (6,911,112 ) |
$ (855,896 ) |
$ 2,045,174 |
$ (533,182 ) |
Restricted and unrestricted cash and foreign currency at beginning of year |
10,860,349 |
4,109,137 |
8,732,614 |
855,835 |
Restricted and unrestricted cash and foreign currency at end of year |
$ 3,949,237 |
$ 3,253,241 |
$ 10,777,788 |
$ 322,653 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
||||
Cash paid during the year for interest expense |
$ 17,020,560 |
$ 23,336,656 |
$ 23,729,687 |
$ 3,725,709 |
NON-CASH FINANCING ACTIVITIES |
||||
Reinvestment of distributions |
$ 495,710 |
$ 6,559,791 |
$ — |
$ 858,415 |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES |
||||
Cash |
$ 25,749 |
$ 381,807 |
$ — |
$ — |
Cash pledged |
||||
Collateral — reverse repurchase agreements |
2,040,000 |
— |
56,000 |
— |
Collateral — exchange-traded options written |
— |
— |
1,628,000 |
— |
Futures contracts |
905,415 |
1,117,000 |
5,331,000 |
78,000 |
Centrally cleared swaps |
596,000 |
1,687,000 |
3,627,000 |
242,000 |
Foreign currency at value |
382,073 |
67,434 |
135,788 |
2,653 |
$ 3,949,237 |
$ 3,253,241 |
$ 10,777,788 |
$ 322,653 |
(a) |
Consolidated Statement of Cash Flows. |
See notes to financial statements.
Financial Statements
133
Financial Highlights
(For a share outstanding throughout each period)
BHK | |||||
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 | |
Net asset value, beginning of year |
$ 10.30 |
$ 11.02 |
$ 10.89 |
$ 15.47 |
$ 16.45 |
Net investment income (a) |
0.56 |
0.57 |
0.56 |
0.64 |
0.72 |
Net realized and unrealized gain (loss) |
0.15 |
(0.39 ) |
0.47 |
(4.40 ) |
(0.65 ) |
Net increase (decrease) from investment operations |
0.71 |
0.18 |
1.03 |
(3.76 ) |
0.07 |
Distributions (b) |
|||||
From net investment income |
(0.56 ) |
(0.59 ) |
(0.54 ) |
(0.69 ) |
(0.80 ) |
From net realized gain |
— |
— |
— |
(0.11 ) |
(0.25 ) |
Return of capital |
(0.34 ) |
(0.31 ) |
(0.36 ) |
(0.02 ) |
— |
Total distributions |
(0.90 ) |
(0.90 ) |
(0.90 ) |
(0.82 ) |
(1.05 ) |
Dilutive effect of rights offer (Note 11) |
(0.14 ) |
— |
— |
— |
— |
Net asset value, end of year |
$ 9.97 |
$ 10.30 |
$ 11.02 |
$ 10.89 |
$ 15.47 |
Market price, end of year |
$ 9.59 |
$ 10.46 |
$ 10.91 |
$ 10.38 |
$ 16.51 |
Total Return (c) |
|||||
Based on net asset value |
5.87 % |
1.58 % |
10.12 % |
(24.44 )% |
0.50 % (d) |
Based on market price |
0.28 % |
4.19 % |
14.38 % |
(32.52 )% |
8.25 % |
Ratios to Average Net Assets (e) |
|||||
Total expenses |
3.34 % (f) |
3.67 % (g) |
3.69 % |
1.95 % |
0.85 % |
Total expenses after fees waived and/or reimbursed |
3.34 % (f) |
3.67 % (g) |
3.69 % |
1.95 % |
0.85 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs |
0.87 % |
0.86 % |
0.88 % |
0.90 % |
0.81 % |
Net investment income |
5.51 % |
5.37 % |
5.23 % |
5.13 % |
4.50 % |
Supplemental Data |
|||||
Net assets, end of year (000) |
$ 720,007 |
$ 557,293 |
$ 594,983 |
$ 588,071 |
$ 835,314 |
Borrowings outstanding, end of year (000) |
$ 345,404 |
$ 364,277 |
$ 292,808 |
$ 387,219 |
$ 405,522 |
Portfolio turnover rate (h) |
34 % |
132 % |
133 % |
104 % |
54 % |
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Includes payment from an affiliate, which had no impact on the Trust ’ s total return. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.33%, and 3.33% respectively. |
(g) |
Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.64% and 3.64% respectively. |
(h) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 | |
Portfolio turnover rate (excluding MDRs) |
32 % |
96 % |
81 % |
76 % |
34 % |
See notes to financial statements.
134
2025
BlackRock Annual Report to Shareholders
Financial Highlights
(continued)
(For a share outstanding throughout each period)
HYT (a) | |||||
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 | |
Net asset value, beginning of year |
$ 9.67 |
$ 9.73 |
$ 9.25 |
$ 11.99 |
$ 11.95 |
Net investment income (b) |
0.71 |
0.74 |
0.69 |
0.67 |
0.76 |
Net realized and unrealized gain (loss) |
0.20 |
0.13 |
0.72 |
(2.42 ) |
0.21 |
Net increase (decrease) from investment operations |
0.91 |
0.87 |
1.41 |
(1.75 ) |
0.97 |
Distributions (c) |
|||||
From net investment income |
(0.72 ) |
(0.77 ) |
(0.68 ) |
(0.60 ) |
(0.80 ) |
Return of capital |
(0.21 ) |
(0.16 ) |
(0.25 ) |
(0.26 ) |
(0.13 ) |
Total distributions |
(0.93 ) |
(0.93 ) |
(0.93 ) |
(0.86 ) |
(0.93 ) |
Dilutive effect of rights offer (Note 11) |
— |
— |
— |
(0.13 ) |
— |
Net asset value, end of year |
$ 9.65 |
$ 9.67 |
$ 9.73 |
$ 9.25 |
$ 11.99 |
Market price, end of year |
$ 8.90 |
$ 9.81 |
$ 9.43 |
$ 8.74 |
$ 12.34 |
Total Return (d) |
|||||
Based on net asset value |
10.06 % |
9.41 % |
16.80 % |
(15.71 )% |
8.42 % |
Based on market price |
0.06 % |
14.52 % |
19.80 % |
(22.62 )% |
16.66 % |
Ratios to Average Net Assets (e) |
|||||
Total expenses |
2.34 % |
2.82 % |
3.35 % |
1.89 % |
1.35 % |
Total expenses after fees waived and/or reimbursed |
2.33 % |
2.82 % |
3.35 % |
1.89 % |
1.34 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |
0.83 % |
0.85 % |
0.91 % |
0.91 % |
0.93 % |
Net investment income |
7.37 % |
7.66 % |
7.34 % |
6.61 % |
6.30 % |
Supplemental Data |
|||||
Net assets, end of year (000) |
$ 1,573,350 |
$ 1,485,593 |
$ 1,388,600 |
$ 1,319,444 |
$ 1,465,171 |
Borrowings outstanding, end of year (000) |
$ 444,000 |
$ 407,000 |
$ 596,000 |
$ 529,000 |
$ 647,000 |
Asset coverage, end of year per $1,000 of bank borrowings (f) |
$ 4,544 |
$ 4,650 |
$ 3,330 |
$ 3,494 |
$ 3,265 |
Portfolio turnover rate |
54 % |
73 % |
62 % |
45 % |
54 % |
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
See notes to financial statements.
Financial Highlights
135
Financial Highlights
(continued)
(For a share outstanding throughout each period)
BTZ | |||||
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 | |
Net asset value, beginning of year |
$ 11.27 |
$ 11.59 |
$ 11.19 |
$ 15.10 |
$ 15.71 |
Net investment income (a) |
0.71 |
0.69 |
0.67 |
0.77 |
0.85 |
Net realized and unrealized gain (loss) |
0.39 |
0.00 (b) |
0.74 |
(3.76 ) |
(0.45 ) |
Net increase (decrease) from investment operations |
1.10 |
0.69 |
1.41 |
(2.99 ) |
0.40 |
Distributions (c) |
|||||
From net investment income |
(0.73 ) |
(0.68 ) |
(0.63 ) |
(0.70 ) |
(0.86 ) |
Return of capital |
(0.28 ) |
(0.33 ) |
(0.38 ) |
(0.22 ) |
(0.15 ) |
Total distributions |
(1.01 ) |
(1.01 ) |
(1.01 ) |
(0.92 ) |
(1.01 ) |
Net asset value, end of year |
$ 11.36 |
$ 11.27 |
$ 11.59 |
$ 11.19 |
$ 15.10 |
Market price, end of year |
$ 10.83 |
$ 10.46 |
$ 10.32 |
$ 10.10 |
$ 15.05 |
Total Return (d) |
|||||
Based on net asset value |
10.52 % |
6.72 % |
14.24 % |
(19.50 )% |
2.73 % |
Based on market price |
13.53 % |
11.24 % |
12.70 % |
(27.10 )% |
9.36 % |
Ratios to Average Net Assets (e) |
|||||
Total expenses |
3.37 % |
3.99 % |
3.98 % |
1.79 % |
1.12 % |
Total expenses after fees waived and/or reimbursed |
3.37 % |
3.98 % |
3.97 % |
1.79 % |
1.12 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense |
1.02 % |
1.03 % |
1.03 % |
0.94 % |
0.94 % |
Net investment income |
6.26 % |
6.06 % |
5.99 % |
6.22 % |
5.49 % |
Supplemental Data |
|||||
Net assets, end of year (000) |
$ 1,059,811 |
$ 1,051,491 |
$ 1,082,092 |
$ 1,045,886 |
$ 1,412,147 |
Borrowings outstanding, end of year (000) |
$ 544,330 |
$ 536,048 |
$ 590,829 |
$ 589,324 |
$ 587,017 |
Portfolio turnover rate (f) |
136 % |
102 % |
155 % |
42 % |
20 % |
(a) |
Based on average shares outstanding. |
(b) |
Amount is less than $0.005 per share. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 | |
Portfolio turnover rate (excluding MDRs) |
70 % |
73 % |
93 % |
42 % |
20 % |
See notes to financial statements.
136
2025
BlackRock Annual Report to Shareholders
Financial Highlights
(continued)
(For a share outstanding throughout each period)
BGT | |||||
Year Ended 12/31/25 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/22 |
Year Ended 12/31/21 | |
Net asset value, beginning of year |
$ 12.57 |
$ 12.90 |
$ 12.43 |
$ 13.44 |
$ 13.40 |
Net investment income (a) |
0.87 |
1.12 |
1.22 |
0.82 |
0.65 |
Net realized and unrealized gain (loss) |
(0.16 ) |
(0.01 ) |
0.53 |
(1.08 ) |
0.17 |
Net increase (decrease) from investment operations |
0.71 |
1.11 |
1.75 |
(0.26 ) |
0.82 |
Distributions (b) |
|||||
From net investment income |
(0.87 ) |
(1.13 ) |
(1.22 ) |
(0.75 ) |
(0.66 ) |
Return of capital |
(0.57 ) |
(0.31 ) |
(0.06 ) |
— |
(0.12 ) |
Total distributions |
(1.44 ) |
(1.44 ) |
(1.28 ) |
(0.75 ) |
(0.78 ) |
Net asset value, end of year |
$ 11.84 |
$ 12.57 |
$ 12.90 |
$ 12.43 |
$ 13.44 |
Market price, end of year |
$ 11.33 |
$ 12.86 |
$ 12.38 |
$ 10.94 |
$ 13.99 |
Total Return (c) |
|||||
Based on net asset value |
6.14 % |
9.11 % |
15.69 % |
(1.32 )% |
6.43 % |
Based on market price |
(0.73 )% |
16.32 % |
26.14 % |
(16.56 )% |
25.91 % |
Ratios to Average Net Assets (d) |
|||||
Total expenses |
2.09 % |
2.87 % |
3.04 % |
2.20 % |
1.61 % |
Total expenses after fees waived and/or reimbursed |
2.06 % |
2.86 % |
3.03 % |
2.20 % |
1.60 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |
0.97 % |
1.09 % |
1.09 % |
1.17 % |
1.19 % |
Net investment income |
7.14 % |
8.77 % |
9.57 % |
6.40 % |
4.82 % |
Supplemental Data |
|||||
Net assets, end of year (000) |
$ 353,054 |
$ 320,794 |
$ 287,821 |
$ 277,978 |
$ 300,712 |
Borrowings outstanding, end of year (000) |
$ 71,000 |
$ 62,000 |
$ 97,000 |
$ 91,000 |
$ 143,000 |
Asset coverage, end of year per $1,000 of bank borrowings (e) |
$ 5,973 |
$ 6,174 |
$ 3,967 |
$ 4,055 |
$ 3,103 |
Portfolio turnover rate |
37 % |
38 % |
25 % |
16 % |
50 % |
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(e) |
Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
See notes to financial statements.
Financial Highlights
137
Notes to Financial Statements
1.
ORGANIZATION
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to
herein collectively as the “Trusts”, or individually as a “Trust”:
Trust Name |
Herein Referred To As |
Organized |
Diversification Classification |
BlackRock Core Bond Trust |
BHK |
Delaware |
Diversified |
BlackRock Corporate High Yield Fund, Inc. |
HYT |
Maryland |
Diversified |
BlackRock Credit Allocation Income Trust |
BTZ |
Delaware |
Diversified |
BlackRock Floating Rate Income Trust |
BGT |
Delaware |
Diversified |
The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred
to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of
funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation:
The accompanying consolidated financial statements of HYT include the accounts of HYT Subsidiary LLC (the “Taxable Subsidiary”), which is a
wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold certain pass-through investments and satisfy regulated investment company tax
requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown
as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or
unrealized gain (loss) in the Consolidated Statement of Operations for HYT. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated
Statement of Assets and Liabilities. HYT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $750,
which is less than 0.1% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same
investment policies and restrictions that apply to HYT.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require
management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results
could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to
investment companies. Below is a summary of significant accounting policies:
Investment
Transactions and Income Recognition:
For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.
Realized gains and losses on investment transactions are determined using the specific identification method.
Dividend income and capital gain distributions, if any, are
recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.
Dividends from foreign securities where the ex-dividend
dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various
rates may be imposed on capital gains, dividends and interest.
Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may
be redesignated as a reduction of cost of the related investment and/or realized gain.
Interest income, including amortization and accretion of premiums and discounts on debt
securities, and payment-in-kind interest are recognized daily on an accrual basis.
For convertible securities, premiums attributable to the debt instrument are amortized, but
premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation:
Each
Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies
are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are
recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the
investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each
Trust
does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes.
Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those
investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each
Trust reports realized currency gains (losses) on foreign
currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income
for U.S. federal income tax purposes. Each
Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for
U.S. federal income tax purposes.
Cash:
The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash
disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts
are obligated to repay the custodian for any overdraft, including
any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization:
If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or
broker-dealer or custodian as collateral for certain investments.
138
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
Distributions:
Distributions from net investment income are declared and paid monthly.
Distributions of capital gains are recorded on the ex-dividend dates and made at least
annually.
The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return
of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Deferred Compensation Plan:
Under the Deferred Compensation Plan (the “Plan”) approved by each Trust
’
s Board, the trustees who are not “interested persons” of the
Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as
though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This
has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock
Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation
liabilities, if any, are included in the Trustees
’
and Officer
’
s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts
are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the
BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a
result of a decrease in value of the deferred accounts.
Indemnifications:
In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust
’
s
maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.
Other:
Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are
prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting:
The Chief Financial Officer acts as the Trusts
’
Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating
resources with respect to each
Trust. The CODM has concluded that each
Trust operates as a single operating segment since each
Trust has a single investment strategy as
disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each
Trust
’
s
financial statements.
Recent Accounting Standard:
The Trusts adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax
Disclosures (“ASU 2023-09”) during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The
Trusts
’
adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Trust
’
s financial position or results of operations.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment
Valuation Policies:
Each
Trust
’
s investments are valued at fair value (also referred to as “market value” within the
financial statements) each day that the Trust
is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer
a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each
Trust’s Manager as the valuation
designee for each
Trust. Each
Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies.
If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the
Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and
to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies:
The following methods and inputs are used to establish the fair value of each Trust
’
s assets and liabilities:
•
Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day’s official
closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales
on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•
Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price
provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent
brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an
institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower
prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may
use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and
offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed
and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a
benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method
of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent
fair value.
•
Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the
exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued
at the last trade or last available bid (long positions) or ask (short positions) price.
•
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
Notes to Financial Statements
139
Notes to Financial Statements
(continued)
•
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based
on that day’s prevailing forward exchange rate for the underlying currencies.
•
Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which
are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing
quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying
reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use
current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is
designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that
application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not
available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued
Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation
techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.
When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from
the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation
Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments,
the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but
not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying
investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or
default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such
investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an
option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate
under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise
value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made
available by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the
investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy:
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are
categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•
Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;
•
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•
Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions
used in determining the fair value of financial instruments).
140
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is
determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Investments classified within Level 3 have significant unobservable
inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may
not have a secondary market and/or may have a limited number of investors.
The categorization of a value determined for financial instruments is based on the pricing
transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities:
Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities
issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments,
which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and
issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain
asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because
the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as
borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening
the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security
at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government
that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the
timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities
issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie
Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject
to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The
ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God,
terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations:
Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are
types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO
can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears
the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances.
Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and
often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can
experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes
in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities:
Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed
securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In
general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these
are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage
Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped
mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the
interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise
and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the
rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is
lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in
the IOs may not fully recoup.
Stripped Mortgage-Backed Securities:
Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped
mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of
Mortgage Assets. Stripped mortgage-backed securities may be privately issued.
Zero-Coupon Bonds:
Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may
experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities:
Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of
interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities,
generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable
coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed
Notes to Financial Statements
141
Notes to Financial Statements
(continued)
to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all
cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities
generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks:
Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the
issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and
perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt
securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior
debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board
of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants:
Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are
subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the
warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk
than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the
price of the underlying stock.
Floating Rate Loan Interests:
Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly
offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain
and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result
in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully
funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests
generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing
interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan
interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime
rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in
foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a
fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are
typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment
penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple
series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or
assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not
with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon
receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower
with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has
purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan
participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the
Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result
in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a
fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations,
is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included
in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:
Trust Name |
Borrower |
Par |
Commitment Amount |
Value |
Unrealized Appreciation (Depreciation) |
BHK |
Air Comm Corp. LLC |
$ 3,823 |
$ 3,814 |
$ 3,833 |
$ 19 |
GrafTech Global Enterprises, Inc. |
33,947 |
33,947 |
34,442 |
495 | |
Jupiter Buyer, Inc. |
4,389 |
4,367 |
4,430 |
63 | |
Kaman Corp. |
3,332 |
3,328 |
3,343 |
15 | |
Pinnacle Buyer LLC |
13,587 |
13,587 |
13,630 |
43 | |
Pye-Barker Fire & Safety, LLC |
12,740 |
12,740 |
12,814 |
74 | |
Springs Windows Fashions LLC |
36,595 |
36,595 |
36,203 |
(392) | |
Titan Acquisition Ltd. |
65,000 |
65,000 |
65,415 |
415 | |
$ 732 | |||||
HYT |
Air Comm Corp. LLC |
$ 35,818 |
$ 35,728 |
$ 35,907 |
179 |
GrafTech Global Enterprises, Inc. |
267,440 |
267,440 |
271,339 |
3,899 | |
Jupiter Buyer, Inc. |
40,530 |
40,328 |
40,911 |
583 |
142
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
Trust Name |
Borrower |
Par |
Commitment Amount |
Value |
Unrealized Appreciation (Depreciation) |
HYT (continued) |
Kaman Corp. |
$ 153,618 |
$ 153,426 |
$ 154,134 |
$ 708 |
Pinnacle Buyer LLC |
125,773 |
125,773 |
126,167 |
394 | |
Pye-Barker Fire & Safety, LLC |
114,790 |
114,790 |
115,459 |
669 | |
Radiate Holdco, LLC |
45,525 |
45,525 |
45,184 |
(341) | |
Springs Windows Fashions LLC |
268,234 |
268,234 |
265,361 |
(2,873) | |
Titan Acquisition Ltd. |
590,000 |
590,000 |
593,770 |
3,770 | |
$ 6,988 | |||||
BTZ |
Chicago U.S. Midco III LP |
$ 33,383 |
$ 33,383 |
$ 33,425 |
42 |
Citrin Cooperman Advisors LLC |
64,553 |
63,908 |
64,715 |
807 | |
CP Iris HoldCo I, Inc. |
17,459 |
17,459 |
17,320 |
(139) | |
GrafTech Global Enterprises, Inc. |
82,799 |
82,799 |
84,006 |
1,207 | |
Kaman Corp. |
7,500 |
7,491 |
7,526 |
35 | |
Pinnacle Buyer LLC |
22,645 |
22,645 |
22,716 |
71 | |
Pye-Barker Fire & Safety, LLC |
21,970 |
21,970 |
22,098 |
128 | |
Raven Acquisition Holdings LLC |
5,926 |
5,896 |
5,943 |
47 | |
Springs Windows Fashions LLC |
40,765 |
40,765 |
40,328 |
(437) | |
$ 1,761 | |||||
BGT |
Chicago U.S. Midco III LP |
$ 179,112 |
$ 179,112 |
$ 179,336 |
224 |
Citrin Cooperman Advisors LLC |
393,999 |
390,059 |
394,984 |
4,925 | |
CP Iris HoldCo I, Inc. |
124,638 |
124,638 |
123,651 |
(987) | |
Kaman Corp. |
35,502 |
35,456 |
35,621 |
165 | |
Pinnacle Buyer LLC |
120,776 |
120,776 |
121,154 |
378 | |
Pye-Barker Fire & Safety, LLC |
118,560 |
118,560 |
119,251 |
691 | |
Radiate Holdco, LLC |
43,172 |
43,172 |
42,849 |
(323) | |
Raven Acquisition Holdings LLC |
24,691 |
24,568 |
24,761 |
193 | |
Springs Windows Fashions LLC |
139,410 |
139,410 |
137,917 |
(1,493) | |
$ 3,773 |
Forward Commitments, When-Issued and Delayed Delivery Securities:
The Trusts may purchase securities on a when-issued basis and may purchase or sell securities
on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may
purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date.
Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is
not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the
security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts
’
maximum amount of loss is the unrealized appreciation of
unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the
Trusts to make future cash payments. An unfunded
commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of
Operations.
TBA Commitments:
TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment
and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet
specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed
securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases,
respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master
Securities Forward Transaction Agreements (each, an “MSFTA”).
An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event
of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and
comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund
and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments
or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is
permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized,
contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions:
The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type,
coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest
and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions.
Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those
securities.
Notes to Financial Statements
143
Notes to Financial Statements
(continued)
Reverse Repurchase Agreements:
Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or
broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes.
During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no
stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon
competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from
the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers
a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund
remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion
of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face
value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund
to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive
a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the year ended December 31, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were
as follows:
Trust Name |
Average Amount Outstanding |
Weighted Average Interest Rate |
BHK |
$ 378,036,260 |
4.19 % |
BTZ |
557,766,351 |
4.45 |
Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances,
including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and
create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge,
or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of
offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a
market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty,
a fund is considered an unsecured creditor to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase
price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.
As of period end, the following table is a summary of BHK and BTZ’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net
basis:
Trust Name/Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) |
Cash Collateral Pledged/Received (a) |
Net Amount (b) |
BHK |
||||
Barclays Bank PLC |
$ (18,362,614 ) |
$ 18,362,614 |
$ — |
$ — |
Barclays Capital, Inc. |
(4,481,443 ) |
4,481,443 |
— |
— |
BNP Paribas SA |
(52,247,981 ) |
52,247,981 |
— |
— |
BofA Securities, Inc. |
(25,437,009 ) |
25,437,009 |
— |
— |
Fixed Income Clearing Corporation - Morgan Stanley |
(160,304,662 ) |
158,727,381 |
— |
(1,577,281 ) |
Goldman Sachs & Co. LLC |
(599,132 ) |
599,132 |
— |
— |
HSBC Bank PLC |
(3,960,271 ) |
1,999,835 |
1,960,436 |
— |
HSBC Securities (USA), Inc. |
(70,609,273 ) |
70,609,273 |
— |
— |
J.P. Morgan Securities LLC |
(5,490,767 ) |
5,490,767 |
— |
— |
Morgan Stanley & Co. LLC |
(1,329,050 ) |
1,329,050 |
— |
— |
Nomura Securities International, Inc. |
(2,013,507 ) |
2,013,507 |
— |
— |
U.S. Bancorp Investments, Inc. |
(568,539 ) |
568,539 |
— |
— |
$ (345,404,248 ) |
$ 341,866,531 |
$ 1,960,436 |
$ (1,577,281 ) |
(a) |
Net collateral, including accrued interest, if any, with a value of $353,172,051 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |
(b) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
Trust Name/Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) |
Cash Collateral Pledged/Received (a) |
Net Amount |
BTZ |
||||
Barclays Capital, Inc. |
$ (166,167,144 ) |
$ 166,167,144 |
$ — |
$ — |
BNP Paribas SA |
(33,330,306 ) |
33,330,306 |
— |
— |
BofA Securities, Inc. |
(115,976,030 ) |
115,976,030 |
— |
— |
144
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
Trust Name/Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest (a) |
Cash Collateral Pledged/Received (a) |
Net Amount |
Goldman Sachs & Co. LLC |
$ (3,252,825 ) |
$ 3,252,825 |
$ — |
$ — |
HSBC Securities (USA), Inc. |
(34,801,869 ) |
34,801,869 |
— |
— |
J.P. Morgan Securities LLC |
(35,122,409 ) |
35,122,409 |
— |
— |
Morgan Stanley & Co. LLC |
(1,962,090 ) |
1,962,090 |
— |
— |
Nomura Securities International, Inc. |
(32,331,714 ) |
32,331,714 |
— |
— |
TD Securities (USA) LLC |
(121,385,436 ) |
121,385,436 |
— |
— |
$ (544,329,823 ) |
$ 544,329,823 |
$ — |
$ — |
(a) |
Net collateral, including accrued interest, if any, with a value of $585,935,660 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |
In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while
the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain
risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial
instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts:
Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value
of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and
on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a
cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in
an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.
Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the
Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market
value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)
on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the
difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the
risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts
: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign
currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help
to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure
to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements
of Assets and Liabilities. When
a contract is closed, a realized gain or loss is recorded in the Statements
of Operations equal to the difference between the value at the time it was opened and the value at the
time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of
forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the
value of the referenced foreign currencies, and such value may exceed the amount(s)
reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward
foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.
The Trusts
’
risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trusts.
Options:
The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest
rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the
underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the
writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –
unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option,
the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to
Notes to Financial Statements
145
Notes to Financial Statements
(continued)
the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing
transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument
subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which
are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into
a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price
different from the current market value.
Swaps:
Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to
make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be
entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements
of
Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in
the Statements
of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap
is terminated, a realized gain or loss is recorded in the Statements
of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the
Trusts
’
basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the
Trusts
’
counterparty on the swap. Each
Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each
Trust is required to
deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited
as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements
of Assets and
Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities.
Pursuant to the contract, each
Trust agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and
shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are
amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
•
Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of
corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Trusts
may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded
indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection
seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration,
repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts
will either (i) receive from the seller an amount equal to the notional
amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount
of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts
will
either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or
pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•
Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or
to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price
risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions
plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of
the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or
make a payment to the counterparty.
•
Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest
rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest
payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may
decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and
Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to
perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated
with these transactions.
Master Netting Arrangements:
In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International
Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master
Agreement is a bilateral agreement between a
Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting
146
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a
Trust may, under certain circumstances, offset with the
counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the
ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or
insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements:
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount
for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts
and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts
and cash collateral received from the counterparty, if any, is reported separately in the Statements
of
Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules
of
Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is
determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts
on the next business day. Typically, the counterparty
is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A
Trust
generally agrees not to use non-cash collateral that it receives but may, absent default
or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant
to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts
from the counterparties are not fully collateralized, each
Trust
bears the risk of loss
from counterparty non-performance. Likewise, to the extent the
Trusts
have
delivered collateral to a counterparty and stand
ready to perform under the terms of
their
agreement with such counterparty, each
Trust
bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to
return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do
not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets
and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory:
Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts
’
investment adviser and an indirect, majority-owned
subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust
’
s
portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, BHK, BTZ and BGT pay the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust
’
s managed
assets.
BHK |
BTZ |
BGT | |
Investment advisory fees |
0.50 % |
0.62 % |
0.75 % |
For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment
purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT’s net assets, plus the proceeds of any debt
securities or outstanding borrowings used for leverage.
For purposes of calculating this fee, “net assets” means the total assets of the Trust minus the sum of its accrued liabilities.
The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable
Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt
securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.
With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and, with respect to BHK and BTZ,
BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that
portion of each Trust for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust
to the Manager.
Distribution Fees:
BHK, HYT and BGT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for
distribution of BHK, HYT and BGT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”).
Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale
of BHK, HYT and BGT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the
period ended December 31, 2025 amounted to $0, $171,720 and $105,850 for each of BHK, HYT and BGT, respectively.
Expense
Waivers and Reimbursements:
With respect to each
Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment
advisory fees each
Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30,
2027.
The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting
Notes to Financial Statements
147
Notes to Financial Statements
(continued)
securities of a
Trust.
These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025,
the amounts waived were as follows:
Trust Name |
Fees Waived and/or Reimbursed by the Manager |
BHK |
$ 4,477 |
HYT |
1,267 |
BTZ |
4,822 |
BGT |
374 |
The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each
Trust
’
s assets invested in affiliated equity and fixed-income mutual
funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The agreement can be renewed for annual periods thereafter, and
may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts
’
Independent Trustees. These amounts are included in fees waived and/or
reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived in investment advisory fees pursuant to these
arrangements were as follows:
Trust Name |
Fees Waived and/or Reimbursed by the Manager |
HYT |
$ 131,316 |
BTZ |
10,870 |
BGT |
96,156 |
Trustees and Officers:
Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion
of the compensation paid to the Trusts
’
Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
7.
PURCHASES AND SALES
For the year ended December 31, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as
follows:
U.S. Government Securities |
Other Securities | |||
Trust Name |
Purchases |
Sales |
Purchases |
Sales |
BHK |
$ 177,765,475 |
$ 133,352,402 |
$ 279,712,633 |
$ 199,520,755 |
HYT |
— |
— |
1,157,712,507 |
1,062,724,772 |
BTZ |
1,989,256,174 |
1,831,867,972 |
455,494,472 |
465,665,031 |
BGT |
— |
— |
206,154,088 |
157,214,995 |
For the year
ended December 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:
Trust Name |
Purchases |
Sales |
BHK |
$ 11,008,971 |
$ 11,016,740 |
BTZ |
1,114,765,222 |
1,115,360,160 |
8.
INCOME TAX INFORMATION
It is each
Trust
’
s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute
substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable
Subsidiary.
Each
Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each
Trust
’
s
U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each
Trust
’
s state and local tax returns may remain
open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2025, inclusive of the open tax return years, and does not believe
that there are any uncertain tax positions that require recognition of a tax liability in the Trusts
’
financial statements. Management’s analysis is based on the tax laws and judicial
and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may
impact the Trusts
’
NAV.
148
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no
effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses and net losses derived from the Trust
’
s wholly owned
subsidiary were reclassified to the following accounts:
Trust Name |
Paid-in Capital |
Accumulated Earnings (Loss) |
BHK |
$ (76,501 ) |
$ 76,501 |
HYT |
(4,242,656 ) |
4,242,656 |
The tax character of distributions paid was as follows:
Trust Name |
Year Ended 12/31/25 |
Year Ended 12/31/24 |
BHK |
||
Ordinary income |
$ 35,510,779 |
$ 31,728,469 |
Return of capital |
21,053,491 |
16,662,102 |
$ 56,564,270 |
$ 48,390,571 | |
HYT |
||
Ordinary income |
$ 115,506,088 |
$ 113,650,697 |
Return of capital |
33,990,930 |
22,803,870 |
$ 149,497,018 |
$ 136,454,567 | |
BTZ |
||
Ordinary income |
$ 67,754,878 |
$ 62,856,630 |
Return of capital |
26,204,185 |
31,102,433 |
$ 93,959,063 |
$ 93,959,063 | |
BGT |
||
Ordinary income |
$ 24,276,229 |
$ 26,212,029 |
Return of capital |
16,110,907 |
7,131,653 |
$ 40,387,136 |
$ 33,343,682 |
As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:
Trust Name |
Non-Expiring Capital Loss Carryforwards (a) |
Net Unrealized Gains (Losses) (b) |
Qualified Late-Year Ordinary Losses (c) |
Total |
BHK |
$ (140,114,103 ) |
$ (5,399,627 ) |
$ (38,603 ) |
$ (145,552,333 ) |
HYT |
(257,602,267 ) |
43,256,582 |
(182,831 ) |
(214,528,516 ) |
BTZ |
(84,644,780 ) |
6,565,782 |
(46,834 ) |
(78,125,832 ) |
BGT |
(40,049,816 ) |
(5,014,521 ) |
— |
(45,064,337 ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, classification of investments and the deferral of compensation to Trustees. |
(c) |
The Trust has elected to defer these qualified late-year losses and recognize such losses in the next taxable year. |
During the year ended December 31, 2025, the Trusts
listed below utilized the following amounts of their respective capital loss carryforwards:
Trust Name |
Utilized |
HYT |
$ 14,983,138 |
BTZ |
5,266,481 |
As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal
income tax purposes were as follows:
Trust Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
BHK |
$ 1,054,822,240 |
$ 21,138,345 |
$ (24,444,419 ) |
$ (3,306,074 ) |
HYT |
1,942,521,094 |
69,980,147 |
(21,045,261 ) |
48,934,886 |
BTZ |
1,730,399,083 |
46,473,796 |
(38,899,195 ) |
7,574,601 |
BGT |
438,328,237 |
3,269,525 |
(8,102,006 ) |
(4,832,481 ) |
Notes to Financial Statements
149
Notes to Financial Statements
(continued)
9.
BANK BORROWINGS
HYT and BGT
are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank
and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to HYT and BGT. As of period end, HYT and BGT
have not received any
notice to terminate. HYT and BGT
have granted a security interest in substantially all of their assets to SSB.
The SSB Agreement allows for the following maximum commitment amounts:
Trust Name |
Commitment Amounts |
HYT |
$ 758,000,000 |
BGT |
157,000,000 |
Advances will be made by SSB to HYT and BGT at HYT and BGT’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One
Month Term SOFR are subject to a 0% floor.
In addition, HYT and BGT paid a commitment fee (based on the daily unused portion of the commitments). Advances to HYT and BGT as of period end, if any, are shown in
the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying
amount of the borrowings approximates fair value.
HYT and BGT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset
coverage with respect to the outstanding borrowings is less than 300%.
For the year ended December 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit
agreement were as follows:
Trust Name |
Maximum Amount Borrowed |
Average Amount Outstanding |
Daily Weighted Average Interest Rate |
HYT |
$ 508,000,000 |
$ 443,339,726 |
5.11 % |
BGT |
80,000,000 |
69,876,712 |
5.11 |
10.
PRINCIPAL RISKS
In the normal course of business, each
Trust
invests in securities or other instruments and may enter into certain transactions, and such activities subject each
Trust to various
risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also
be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;
(iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as
war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their
investments.
Illiquidity Risk:
Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are
otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could
sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if
necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make
dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in
below investment grade public debt securities.
Market Risk:
Each
Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during
periods of declining interest rates, which would force each
Trust to reinvest in lower yielding securities. Each
Trust
may also be exposed to reinvestment risk, which is the risk
that income from each
Trust’s portfolio will decline if each
Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are
below each
Trust portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy
of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal
securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the
municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities
backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project
or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and
there
may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk:
The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due
to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries.
A
Trust may invest in illiquid investments. An illiquid investment is any investment that a
Trust reasonably expects cannot be sold or disposed of in current market conditions
in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A
Trust may experience difficulty in selling illiquid
investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company,
150
2025
BlackRock Annual Report to Shareholders
Notes to Financial Statements
(continued)
market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each
Trust’s NAV to experience significant
increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a
Trust may lose value, regardless of the
individual results of the securities and other instruments in which a
Trust invests. A
Trust’s ability to value its investments may also be impacted by technological issues and/or
errors by pricing services or other third-party service providers.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust
’
s valuation of the investment, particularly for securities that trade in
thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and
assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore
a Trust
’
s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater
than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk:
The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to
unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by
entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of
those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and
receivables due from counterparties. The extent of the Trusts
’
exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately
their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying
instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each
Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the
Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally
obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each
Trust
deposits
collateral with its counterparty to a written option.
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or
clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract;
therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a
clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally
cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer
margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of
margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting
in losses to the Trusts.
Geographic/Asset Class Risk:
A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular
investment will have a material impact on the NAV of a fund. The investment concentrations within each
Trust’s portfolio are disclosed in its Schedule of Investments.
The
Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”)
or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may
be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are
subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption
features.
The
Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or
economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease
as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest
rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts
’
performance.
The
Trusts invest a significant portion of their assets in securities of issuers located in the United States.
A decrease in imports or exports, changes in trade regulations,
inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed
and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.
Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic
growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such
non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it
could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to
continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.
Certain
Trusts
invest
a significant portion of their
assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed
securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in
economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment
percentages in these securities are presented in the Schedules of Investments.
Notes to Financial Statements
151
Notes to Financial Statements
(continued)
11.
CAPITAL SHARE TRANSACTIONS
BHK, BTZ and BGT are authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares.
HYT is authorized to
issue 250 million shares, par value $0.10, all of which were initially classified as Common Shares.
Shares to Preferred Shares without the approval of Common Shareholders.
Common Shares
As of the close of business on May 27, 2025, BHK issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for
shares of BHK’s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders
to purchase one new Common Share for every three rights held (1-for-3). The Offer expired on June 18, 2025. BHK received from the Offer gross proceeds of
$166,476,836 for the issuance of 18,056,056 Common Shares. The rights offering resulted in $(0.14) or (1.41)% NAV dilution since the Common Shares were issued below
BHK’s NAV. BHK received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related
to the Offer.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
Year Ended | ||
Trust Name |
12/31/25 |
12/31/24 |
BHK |
47,771 |
109,695 |
HYT |
682,619 |
1,085,559 |
BGT |
70,399 |
65,437 |
For the year ended December 31, 2025, and the year ended December 31, 2024, shares issued and outstanding remained constant for BTZ.
BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 25,000,000, 55,000,000 and 17,000,000 Common Shares, respectively, through
an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, BHK, HYT and BGT, subject to market conditions, may raise additional equity capital from time to time
in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period
end December 31, 2025, 25,000,000, 36,420,118 and 9,626,753 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the year ended
December 31, 2025, BHK, HYT and BGT issued 0, 8,782,159 and 4,232,842 shares, respectively, under the Shelf Offering. See Additional Information - Shelf Offering Program
for additional information.
Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As
shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering
period will be charged to expense.
12.
SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Trusts
’
financial statements was completed through the date the financial statements were issued and
the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:
Trust Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share | |
BHK |
01/02/26 |
01/20/26 |
01/30/26 |
$ 0.074600 | |
01/02/26 |
02/13/26 |
02/27/26 |
0.074600 | ||
01/02/26 |
03/13/26 |
03/31/26 |
0.074600 | ||
HYT |
01/02/26 |
01/20/26 |
01/30/26 |
0.077900 | |
01/02/26 |
02/13/26 |
02/27/26 |
0.077900 | ||
01/02/26 |
03/13/26 |
03/31/26 |
0.077900 | ||
BTZ |
01/02/26 |
01/20/26 |
01/30/26 |
0.083900 | |
01/02/26 |
02/13/26 |
02/27/26 |
0.083900 | ||
01/02/26 |
03/13/26 |
03/31/26 |
0.083900 | ||
BGT |
01/02/26 |
01/20/26 |
01/30/26 |
0.120280 | |
01/02/26 |
02/13/26 |
02/27/26 |
0.120280 | ||
01/02/26 |
03/13/26 |
03/31/26 |
0.120280 |
As of the close of business on December 15, 2025, HYT announced the terms of a transferrable rights offering to its Common Shareholders of record as of January 2, 2026,
entitling the holders of those rights to subscribe for shares of HYT
’
s common stock (the “Offer”). Shareholders received one right for each outstanding Common Share owned
on the record date. The rights entitled their holders to purchase one new Common Share for every five rights held (1-for-5). The Offer expired on January 26, 2026. HYT
received from the Offer gross proceeds of $283,051,293 for the issuance of 32,609,596 Common Shares. The rights offering resulted in $(0.16) or (1.66)% NAV dilution since
the Common Shares were issued below HYT
’
s NAV. HYT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all
expenses (including sales commissions) related to the Offer.
152
2025
BlackRock Annual Report to Shareholders
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees/Directors of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Credit Allocation Income Trust,
and BlackRock Floating Rate Income Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc. and subsidiary, BlackRock
Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust (the “Funds”), including the schedules of investments, as of December 31, 2025, the related
statements of operations and cash flows for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights
for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). Such financial
statements and financial highlights of BlackRock Corporate High Yield Fund, Inc. are consolidated as of and for the five years in the period ended December 31, 2025. In our
opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of
their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial
statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)
(PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we
engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial
reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by
correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable
basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
February 24, 2026
We have served as the auditor of one or more BlackRock investment companies since 1992.
Report of Independent Registered Public Accounting Firm
153
Important Tax Information
(unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31,
2025:
Trust Name |
Qualified Dividend Income |
BHK |
$ 2,588,035 |
HYT |
5,917,164 |
BTZ |
6,145,906 |
BGT |
549 |
The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025:
Trust Name |
Qualified Business Income |
HYT |
$ 110,948 |
The Trusts hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended
December 31, 2025:
Trust Name |
Federal Obligation Interest |
BHK |
$ 75,231 |
HYT |
25,090 |
BTZ |
113,626 |
BGT |
8,474 |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are
advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the
dividends-received deduction for corporate shareholders:
Trust Name |
Dividends-Received Deduction |
BHK |
5.85 % |
HYT |
3.59 |
BTZ |
4.67 |
The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for
the fiscal year ended December 31, 2025:
Trust Name |
Interest Dividends |
BHK |
$ 33,307,423 |
HYT |
104,013,420 |
BTZ |
59,127,310 |
BGT |
22,544,006 |
The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for
nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:
Trust Name |
Interest- Related Dividends |
BHK |
$ 28,578,385 |
HYT |
85,153,906 |
BTZ |
37,231,356 |
BGT |
19,528,557 |
154
2025
BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks
Recent Changes
The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since
you purchased the relevant Trust.
Effective May 1, 2025, the 80% investment policy of BlackRock Corporate High Yield Fund, Inc. (HYT) was amended to read as follows: Under normal market conditions, the
Trust invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings for investment purposes, in high yield
securities of corporate issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For
purposes of the Trust’s 80% policy, high yield securities of corporate issuers include high yield bonds (commonly referred to as “junk bonds”), corporate loans, convertible debt
securities and preferred securities, which are rated below investment grade or, if unrated, are considered by the Advisors to be of comparable quality, as well as credit linked
notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities.
Except as noted above, during each Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved
by shareholders or in the principal risk factors associated with investment in the Trust.
Investment Objectives and Policies
BlackRock Core Bond Trust (BHK)
The Trust’s investment objective is to provide current income and capital appreciation.
As a non-fundamental policy, under normal market conditions, the Trust invests at least 80% of its assets in bonds. For the purposes of this strategy, “bonds” include
the
following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed
securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (“TBA”) securities; debt obligations of
U.S. or foreign issuers; municipal securities; and asset-backed securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that
they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The 80% policy is a
non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. Under current market conditions, the Trust intends to invest its
assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds, mortgage-related securities and
U.S. government and agency debt securities. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may also purchase
loan participations and assignments. The Trust may invest directly in securities or synthetically through the use of derivatives.
The Trust will also invest in bonds that, in the opinion of BlackRock Advisors, LLC (the “Manager”) and BlackRock International Limited (“BIL”) and BlackRock (Singapore)
Limited (“BSL” and collectively with the Manager and BIL, the “Advisors”), the Trust’s sub-advisors, are underrated or undervalued or have the potential for above-average
current income and capital appreciation. Underrated bonds are those whose ratings do not, in Advisors’ opinion, reflect their true creditworthiness. Undervalued bonds are
bonds that, in the opinion of the Advisors, are worth more than the value assigned to them in the marketplace. The Advisors may at times believe that bonds associated with
a particular market sector (for example, mortgage-related securities), or issued by a particular issuer, are undervalued. The Advisors may purchase those bonds for the Trust’s
portfolio because they represent a market sector or issuer that the Advisors consider undervalued, even if the value of those particular bonds appears to be consistent with the
value of similar bonds. Bonds of particular issuers (for example, the Federal Home Loan Mortgage Association) may be undervalued because there is a temporary excess of
supply in that market sector, or because of a general decline in the market price of bonds of the market sector for reasons that do not apply to the particular bonds that are
considered undervalued. The Trust’s investment in underrated or undervalued bonds will be based on the Advisors’ belief that their yield is higher than that available on bonds
bearing equivalent levels of interest rate risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. The Trust
may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.
The Trust invests primarily in investment grade bonds. Under normal market conditions, the Trust invests at least 75% of its total managed assets in investment grade quality
bonds. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody’s Investors Service,
Inc. (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings, Inc. (“Fitch”) or another nationally recognized rating agency) by one nationally recognized rating agency or are
unrated but judged to be of comparable quality by the Advisors. Bonds that are rated by two or more nationally recognized rating agencies will be considered to have the higher
credit rating. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for bonds that are rated BBB or Baa (or that have
equivalent ratings) to make principal and interest payments than is the case for higher rated bonds. The Trust may invest up to 25% of its total managed assets in bonds that
are rated, at the time of investment, Ba/BB or below by Moody’s, S&P, Fitch or another nationally recognized rating agency or that are unrated but judged to be of comparable
quality by the Advisors. Bonds of below investment grade quality are commonly referred to as “junk bonds.” Bonds of below investment grade quality are regarded as having
predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. The lowest rated bonds in which the Trust may invest are
securities rated in the category “C” or determined by the Advisors to be of comparable quality. Securities rated “C” are considered highly speculative and may be used to cover
a situation where the issuer has filed a bankruptcy petition but debt service payments are continued. While such debt will likely have some quality and protective
characteristics, those are outweighed by large uncertainties or major risk exposure to adverse conditions. These credit quality policies apply only at the time a security is
purchased, and the Trust is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining
whether to retain or sell a security that a rating agency has downgraded, the Advisors may consider such factors as the Advisors’ assessment of the credit quality of the issuer
of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies.
The Trust may also invest in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the Trust may invest directly.
As part of the management of the Trust, the Advisors manage the effective duration of the Trust’s portfolio. The target duration of the Trust’s portfolio may change from time to
time.
Investment Objectives, Policies and Risks
155
Investment Objectives, Policies and Risks
(continued)
The Advisors may, but are not required to, when consistent with the Trust’s investment objective, use various strategic investment transactions to earn income, facilitate
portfolio management and mitigate risks, including currency risk. The Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put
and call options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments, purchase and sell financial futures contracts and
options thereon, enter into various interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions such as currency forward
contracts, currency futures contracts, currency swaps or options on currency or currency futures or credit transactions and credit default swaps. The Trust also may purchase
derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as “Strategic Transactions.” The Trust generally seeks to use
Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be
purchased for the Trust’s portfolio, protect the value of the Trust’s portfolio, facilitate the sale of certain securities for investment purposes, manage the effective interest rate
exposure of the Trust, protect against changes in currency exchange rates, manage the effective maturity or duration of the Trust’s portfolio, or establish positions in the
derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance potential gain, although no
more than 5% of the Trust’s total managed assets will be committed to variation margin for Strategic Transactions for non-hedging purposes.
During temporary defensive periods and in order to keep the Trust fully invested, the Trust may invest up to 100% of its total managed assets in short-term investments. The
Trust may not achieve its investment objective under these circumstances.
Leverage:
The Trust currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Trust may borrow from banks or other financial
institutions and may also borrow additional funds using such investment techniques and in such amounts as the Advisors may from time to time determine.
Borrowings may be made by the Trust through dollar roll transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
Although the Trust is authorized to issue preferred shares, the Trust anticipates that under current market conditions it will not offer preferred shares.
BlackRock Corporate High Yield Fund, Inc. (HYT)
The Trust’s primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital
appreciation. The Trust’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the
Trust (as defined in the Investment Company Act of 1940 Act, as amended (the “Investment Company Act”)).
The Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of fixed-income securities which are rated below investment grade by the
established rating services (Ba or lower by Moody’s Investor’s Service, Inc. (“Moody’s”), BB or lower by S&P Global Ratings (“S&P”) or BB or lower by Fitch Ratings, Inc.
(“Fitch”)) or, if unrated, are considered by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”),
the sub-advisor to the Trust, to be of comparable quality. The Trust may invest directly in fixed-income securities or synthetically through the use of derivatives. The Trust may
invest in securities of any maturity.
Under normal market conditions, the Trust invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings
for investment purposes, in high yield securities of corporate issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors
associated with such securities. For purposes of the Trust’s 80% policy, high yield securities of corporate issuers include high yield bonds (commonly referred to as “junk
bonds”), corporate loans, convertible debt securities and preferred securities which are rated below investment grade or, if unrated, are considered by the Advisors to be of
comparable quality, as well as credit linked notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield
securities. This is a non-fundamental policy and may be changed by the Board of Directors of the Trust provided that stockholders are provided with at least 60 days’ prior
written notice of any change, unless such change was previously approved by shareholders, as required by the rules under the Investment Company Act.
The Trust may receive warrants or other non-income producing equity securities in connection with its investments in high yield securities, including in unit offerings, in an
exchange offer, upon the conversion of a convertible security, or upon the restructuring or bankruptcy of investments owned by the Trust. The Trust may continue to hold such
securities until, in the Advisors’ judgment in light of current market conditions, it is advantageous to effect a disposition of such securities.
Although the Trust will invest primarily in below investment grade securities, other than with respect to Distressed Securities (described below), it will not invest in securities in
the lowest rating categories (Ca or lower by Moody’s, CC or lower by S&P or CC or lower by Fitch) unless the Advisors believe that the financial condition of the issuer or the
protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings.
The Trust may invest up to 10% of its total assets in high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal
and/or payment of interest at the time of acquisition by the Trust or are rated in the lowest rating categories (Ca or lower by Moody’s, CC or lower by S&P or CC or lower by
Fitch) or, if unrated, are considered by the Advisors to be of comparable quality (“Distressed Securities”).
The Trust may invest, without limitation, in securities of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational
currency units (“Non-U.S. Securities”).
The Trust may invest up to 25% of its total assets in corporate loans extended to borrowers by commercial banks or other financial institutions (“Corporate Loans”). The
Corporate Loans in which the Trust may invest may be rated below investment grade (Ba or lower by Moody’s, BB or lower by S&P or BB or lower by Fitch) or, if unrated, are
considered by the Advisors to be of comparable quality.
The Trust may invest up to 15% of its total assets in convertible debt securities and up to 15% of its total assets in preferred securities, including preferred securities that may
be converted into common stock or other securities of the same or a different issuer, and non-convertible preferred securities. The convertible debt securities and preferred
156
2025
BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks
(continued)
securities in which the Trust may invest may be rated below investment grade by the established rating services (Ba or lower by Moody’s, BB or lower by S&P or BB or lower
by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality.
The Trust may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Trust may make short sales
both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Trust also may make short sales “against
the box.” Short sales “against the box” are not subject to the foregoing 10% limitation.
The Trust may not purchase securities of other investment companies, except to the extent that such purchases are permitted by applicable law.
The Trust has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.
The Trust may engage in various portfolio strategies both to seek to increase its return and to hedge its portfolio against movements in interest rates and in the securities
markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, credit default swaps and short
selling.
Leverage:
The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust generally will not utilize leverage if it anticipates that the
Trust’s leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount
of time. At times, the Trust could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a
combination thereof. The Trust may also leverage through the use of reverse repurchase agreements.
There can be no assurance that the Trust will borrow in order to leverage its assets or, if it does, what percentage of the Trust’s assets such borrowings will represent. The Trust
does not currently anticipate issuing any preferred stock.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities
transactions which otherwise might require untimely dispositions of Trust securities.
BlackRock Credit Allocation Income Trust (BTZ)
The investment objective of the Trust is to seek current income, current gains and capital appreciation.
The Trust, under normal market conditions, seeks to achieve its investment objective by investing at least 80% of its assets in credit-related securities, including, but not limited
to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with
economic characteristics similar to these credit-related securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they
provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
The Trust may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership
interests in an underlying pool of assets, or as debt instruments, which are also known as collateralized obligations, and are generally issued as the debt of a special purpose
entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations
of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or
a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates
in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with
respect to an asset-backed security subject to such a prepayment feature will have the effect of shortening the maturity of the security. If the Trust has purchased such an
asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
The Trust may purchase certain mortgage pass-through securities. There are a number of important differences among the agencies and instrumentalities of the
U.S. government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are
guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However,
mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed Mortgage Pass-Through Certificates, which are solely
the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow
from the Treasury.
The Trust may invest in collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”). CBOs and
CLOs are types of asset-backed securities. A CDO is a bankruptcy remote entity which is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans
(CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or
“equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in
all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields
than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more
junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more
protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
The Trust may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon
bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.
Investment Objectives, Policies and Risks
157
Investment Objectives, Policies and Risks
(continued)
The Trust may invest in capital trusts. These securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities
characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The
securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. Dividends can be deferred without creating
an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the
purchase or sale of these securities in the open market. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These
securities generally are rated below that of the issuing company’s senior debt securities.
The Trust may invest in preferred stocks. Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated
to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with
interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock
is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in
a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the
issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Under normal market conditions, the Trust may invest without limitation in securities rated below investment grade at the time of purchase. However, it is anticipated, under
current market conditions, that the Trust will have an average credit quality of at least investment grade.
Securities rated below investment grade include securities that are rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB or lower by S&P Global Ratings
(“S&P”) or Fitch Ratings, Inc. (“Fitch”) or securities comparably rated by other rating agencies or in unrated securities determined by the BlackRock Advisors, LLC (the
“Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, to be of comparable quality. Securities rated Ba
by Moody’s are judged to have speculative elements, their future cannot be considered as well assured and often the protection of interest and principal payments may be very
moderate. Securities rated BB by S&P or Fitch are regarded as having predominantly speculative characteristics and, while such obligations have less near-term vulnerability
to default than other speculative grade debt, they face major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to
inadequate capacity to meet timely interest and principal payments. Securities rated C are generally regarded as having extremely poor prospects of ever attaining any real
investment standing. Securities rated D are in default and the payment of interest and/or repayment of principal is in arrears.
The prices of debt securities generally are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities also is
inversely related to the coupon of such securities. Accordingly, lower grade securities may be relatively less sensitive to interest rate changes than higher quality securities of
comparable maturity because of their higher coupon. This higher coupon is what the investor receives in return for bearing greater credit risk. The higher credit risk associated
with lower grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity and will
be a substantial factor in the Trust’s relative share price volatility.
Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could disrupt severely the market for such securities and
may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such
securities to repay principal and pay interest thereon and increase the incidence of default for such securities.
The ratings of Moody’s, S&P and the other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and
subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations.
Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the
issuers of such securities to pay interest and principal. To the extent that the Trust invests in lower grade securities that have not been rated by a rating agency, the Trust’s
ability to achieve its investment objective(s) will be more dependent on the Advisors’ credit analysis than would be the case when the Trust invests in rated securities.
Under normal market conditions, up to 50% of the Trust’s Managed Assets may be invested in non-U.S. securities, which may include securities denominated in U.S. dollars
or in non-U.S. currencies or multinational currency units. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for
investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). The Trust may also invest in non-U.S. securities
of so-called emerging market issuers. A company is deemed to be a non-U.S. company if it meets any of the following tests: (i) such company was not organized in the
United States; (ii) such company’s primary business office is not in the United States; (iii) the principal trading market for such company’s assets is not located in the
United States; (iv) less than 50% of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from outside the
United States.
The Trust may make short sales of securities. However, the Trust may not make a short sale if, after giving effect to such sale, the market value of all securities sold short
exceeds 25% of the value of the Trust’s total assets, or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that
class. The Trust may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the
immediate and unconditional right to acquire at no additional cost the identical security.
During periods in which the Advisors determine that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so or pending
reinvestment of proceeds received in connection with the sale of a security, the Trust may deviate from its investment strategy and invest all or any portion of its assets in cash,
cash equivalents or short-term debt instruments.
The Advisors’ determination that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in
which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent.
In such a case, shares of the Trust may be adversely affected and the Trust may not pursue or achieve its investment objective. The Advisors currently anticipate that these are
the only circumstances in which the Trust will invest in short-term debt securities.
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The Trust may also lend the securities it owns to others, which allows the Trust the opportunity to earn additional income. Although the Trust will require the borrower of the
securities to post collateral for the loan in accordance with market practice and the terms of the loan will require that the Trust be able to reacquire the loaned securities if certain
events occur, the Trust is still subject to the risk that the borrower of the securities may default, which could result in the Trust losing money, which would result in a decline in
the Trust’s net asset value. The Trust may also purchase securities for delayed settlement. This means that the Trust is generally obligated to purchase the securities at a future
date for a set purchase price, regardless of whether the value of the securities is more or less than the purchase price at the time of settlement.
The Trust may enter into interest rate swap or cap transactions.
The Trust may, but is not required to, use various strategic transactions to facilitate portfolio management, mitigate risks and enhance total return. Although the Advisors seek
to use the practices to further the Trust’s investment objective, no assurance can be given that these practices will achieve this result.
The Trust may purchase and sell derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices and
other financial instruments, purchase and sell financial futures contracts and options thereon and engage in swaps. These derivative instruments may be transacted on an
exchange or over-the-counter. The Trust also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as
“Strategic Transactions.”
The Trust generally seeks to use Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market
value of securities held in or to be purchased for the Trust’s portfolio, protect the value of the Trust’s portfolio, facilitate the sale of certain securities for investment purposes,
or establish positions in the derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance
potential total returns.
Leverage:
The Trust uses leverage to seek to obtain its investment objective. The Trust may utilize leverage to seek to enhance the yield and net asset value of its common
shares. However, these objectives cannot be achieved in all interest rate environments. The Trust may utilize leverage by borrowing through a credit facility or through entering
into reverse repurchase agreements.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities
transactions which otherwise might require untimely dispositions of Trust securities.
Borrowings may be made by the Trust through dollar roll transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust is able to issue preferred shares.
BlackRock Floating Rate Income Trust (BGT)
The Trust’s investment objective is to provide a high level of current income. The Trust, as a secondary objective, also seeks the preservation of capital to the extent consistent
with its primary objective of high current income. The Trust will pursue its objectives by investing in a global portfolio of floating rate securities, including investing a significant
amount in U.S. and non-U.S. senior secured floating rate loans (“Senior Loans”). Senior Loans are made to corporations, partnerships and other business entities which
operate in various industries and geographical regions. Senior Loans pay interest at rates which are redetermined periodically by reference to a base lending rate, primarily
LIBOR, plus a premium. It is anticipated that the proceeds of the Senior Loans in which the Trust will acquire interests primarily will be used to finance leveraged buyouts,
recapitalizations, mergers, acquisitions, stock repurchases, refinancing and internal growth and for other corporate purposes of borrowers.
Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a
substantial portion of its assets in senior, secured loans made to corporate and other business entities. Floating and variable rate instruments may include, but are not limited
to, any combination of the following securities: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii)
participations or assignments in senior floating rate loans or second lien floating rate loans; and (iv) fixed-rate loans or debt with respect to which the Fund has entered into
derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. The Trust’s investments in derivatives will be counted toward
the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such
securities. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. “Managed Assets”
means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than
money borrowed for investment purposes).
The Trust may also invest up to 20% of its Managed Assets in fixed rate instruments of U.S. and non-U.S. issuers, including developed and emerging markets debt, investment
grade and high yield corporate debt, sovereign debt, and mortgage-related and asset-backed securities. The Trust may invest directly in such securities or synthetically
through the use of derivatives.
Under normal market conditions, the Trust expects its portfolio to have a duration of no more than 1.5 years (including the effect of anticipated leverage). In comparison to
maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument
as a result in changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from
maturity in that it takes into account a security’s yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the
value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter
durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. For
example, a hypothetical portfolio with a duration of 1.5 years means that a 1% decrease in interest rates will increase the net asset value of the portfolio by approximately 1.5%;
if interest rates increase by 1%, the net asset value will decrease by 1.5%. If this portfolio were leveraged, its net asset value, in the example, may fall more than 1.5% because
changes in the net asset value of the Trust are borne entirely by the common shareholders.
Investment Objectives, Policies and Risks
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Investment Objectives, Policies and Risks
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Under current market conditions, the Trust expects that substantially all of its portfolio will consist of below investment grade debt securities, commonly referred to as “junk
bonds,” rated as such at the time of investment, meaning that such bonds are rated by national rating agencies below the four highest grades or are unrated but judged to be
of comparable quality by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors’), the Trust’s
sub-advisor. S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. ( “Fitch”) consider securities rated below BBB- to be below investment grade and Moody’s Investors Service,
Inc. (“Moody’s”) considers securities rated below Baa3 to be below investment grade. Securities of below investment grade quality are regarded as having predominantly
speculative characteristics with respect to issuers’ capacity to pay interest and repay principal. The remainder of the Trust’s assets will be invested in investment grade debt
securities. The Trust may invest in individual securities of any credit quality.
The Trust will generally invest in U.S. dollar-denominated securities or in non U.S. dollar-denominated securities for which currency exchange exposure versus the U.S. dollar
has been hedged. However, the Trust may invest up to 10% of its Managed Assets in non-U.S. dollar-denominated securities whose currency exchange exposure versus the
U.S. dollar remains unhedged. The Trust will not invest 25% or more of its Managed Assets in securities issued or guaranteed by any non-U.S. government, its agencies,
instrumentalities or corporations. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus
the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps and other strategic transactions in connection with its
investments in non-U.S. securities.
The Trust may invest in illiquid securities and securities for which prices are not readily available without limit. The Trust may implement various temporary “defensive”
strategies at times when the Advisor determine that conditions in the markets make pursuing the Trust’s basic investment strategy inconsistent with the best interests of its
shareholders. These strategies may include investing all or a portion of the Trust’s assets in U.S. Government obligations and high-quality, short-term debt securities.
Leverage:
The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust may borrow through reverse repurchase agreements,
dollar rolls and other investment techniques. The Trust also has the ability to utilize leverage through the issuance of preferred shares.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
Risk Factors
This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will
fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment
objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted
in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk
factor
.Investment and Market Discount Risk:
An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you
invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or
less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end
management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value
could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested,
even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks
will be magnified.
Debt Securities Risk:
Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in
further detail below:
•
Credit Risk
—
Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when
due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The
degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
•
Interest Rate Risk
—
The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is
the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.
The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming
a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a
measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market
price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s
investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose
money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.
To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities
to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically
reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net
asset value of the Trust to the extent that it invests in floating rate debt securities.
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(continued)
These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only
as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will
fluctuate in value when interest rates change.
A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds
that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and
could hurt the Trust’s performance.
•
Extension Risk
—
When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
•
Prepayment Risk
—
When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest
the proceeds in securities with lower yields.
Mortgage- and Asset-Backed Securities
Risks
(BHK, BTZ and BGT): Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets,
including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These
securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both
increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.
U.S. Government Mortgage-Related Securities Risk (BTZ):
There are a number of important differences among the agencies and instrumentalities of the U.S. Government
that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage Association
(“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the
United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related
securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or entitled to the full faith
and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.
U.S. Government Obligations Risk (BHK, BTZ and BGT):
Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies
and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition,
circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such
non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.
Senior Loans Risk (BGT):
There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic
downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure
a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which
may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans
in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation
in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the
borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.
Risks of Loan Assignments and Participations (BHK):
As the purchaser of an assignment, the Trust typically succeeds to all the rights and obligations of the assigning
institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Trust may not be able unilaterally to enforce all rights and
remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and
potential assignors, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning
lender. In addition, if the loan is foreclosed, the Trust could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral.
The Trust may be required to pass along to a purchaser that buys a loan from the Trust by way of assignment a portion of any fees to which the Trust is entitled under the loan.
In connection with purchasing participations, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the
loan, nor any rights of set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As
a result, the Trust will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a
participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off between the lender
and
the borrower.Corporate Loans Risk (HYT and BTZ):
Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to
grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight
Financing Rate (‘SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in
market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In
addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make
additional investments or to meet the Trust’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Trust may hold
additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Trust invests are usually rated below investment grade.
Variable and Floating Rate Instrument Risk (BGT):
Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities
with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not
reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally
increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and
may adversely affect the value of the Trust’s shares. These securities may be subject to greater illiquidity risk than other fixed-income securities, meaning the absence of an
active market for these securities could make it difficult for the Trust to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual
Investment Objectives, Policies and Risks
161
Investment Objectives, Policies and Risks
(continued)
restrictions on resale, may trade infrequently, and their value may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may
not
accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could
impair their value.
High Yield Bonds Risk:
Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered
speculative and may cause income and principal losses for the
Trust
.Distressed Securities Risk (HYT):
Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Trust will generally
not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that
principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Trust may incur additional expenses
to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding
relating to a portfolio company, the Trust may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed
securities and any securities received in an exchange for such securities may be subject to restrictions on resale.
Collateralized Bond Obligations Risk (BTZ):
The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches
representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater
risk, pay higher interest rates.
Collateralized Debt Obligations Risk (BTZ):
In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt
obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will
not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized
statistical rating organization; (iii) the Trust may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the
legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Trust could be significantly
different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical
defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.
Zero Coupon Securities Risk (BTZ):
While interest payments are not made on such securities, holders of such securities are deemed to have received income (“phantom
income”) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is
earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate
eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to
reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market
interest rates than are comparable securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon
bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to
defer receipt of cash.
Capital Trusts Risk (BTZ):
These securities are subject to interest rate risk and credit risk.
Foreign Securities Risk:
Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These
risks include:
•
The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody
business and may be subject to only limited or no regulatory oversight.
•
Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.
•
The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national
product, reinvestment of capital, resources and balance of payments position.
•
The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through
capital
controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer
currency, securities, derivatives or other assets.
•
Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not
have laws to protect investors that are comparable to U.S. securities laws.
•
Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and
clearance of U.S. investments.
•
The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due
to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or
in full, which will adversely affect the Trust’s net asset value.
Emerging Markets Risk (BTZ and BGT):
Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop.
Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely
affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.
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Sovereign Debt Risk (BGT):
Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its
sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt
position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.
Equity Securities Risk (HYT):
Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and
economic conditions.
Preferred Securities Risk (BHK, HYT and BTZ):
Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market
risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to
holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes
in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of
larger companies.
Convertible Securities Risk (BHK, HYT and BTZ):
The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise,
the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when
due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of
its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying
common stock, including the potential for increased volatility in the price of the convertible security.
Warrants Risk (BHK and HYT):
If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any
value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants
may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Derivatives Risk:
The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility. Derivatives involve significant risks, including:
•
Leverage Risk
—
The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value
of a derivatives position and can result in losses that greatly exceed the amount originally invested.
•
Market Risk
—
Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses
related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict
correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.
•
Counterparty Risk
—
Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its
contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
•
Illiquidity Risk
—
The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position
could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.
•
Operational Risk
—
The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures,
inadequate controls and human error.
•
Legal Risk
—
The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
•
Volatility and Correlation Risk
—
Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period.
A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
•
Valuation Risk
—
Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and
market makers may be reluctant to purchase complex instruments or quote prices for them.
•
Hedging Risk
—
Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the
Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
•
Tax Risk
—
Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently
unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct
investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.
Structured Notes Risk (HYT):
Structured notes and other related instruments purchased by the Trust are generally privately negotiated debt obligations where the principal
and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured
notes exposes the Trust to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value
relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or
more traditional debt securities.
Leverage Risk:
The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.
The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust
cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.
Investment Objectives, Policies and Risks
163
Investment Objectives, Policies and Risks
(continued)
Leverage involves risks and special considerations for common shareholders, including:
•
the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
•
the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;
•
the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged,
which may result in a greater decline in the market price of the common shares;
•
leverage may increase operating costs, which may reduce total return.
Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio
declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value
decrease will also tend to cause a greater decline in the market price for the common shares.
Reverse Repurchase Agreements Risk:
Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at
an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or
at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash
collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve
the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.
Dollar Rolls Risk (BHK, BTZ and BGT):
Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of
the securities the Trust has sold. These transactions may involve leverage.
Short Sales Risk (HYT and BTZ):
Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short
sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date
on which the Trust replaces the security sold short.
Illiquid Investments Risk
: The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which
are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the
Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing
transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset
value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent
years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and
substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of
such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of
the same risks as investing in below investment grade public debt securities.
Securities Lending Risk (BTZ):
The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the
loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned
securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.
Investment Companies and ETFs Risk (BHK and HYT):
Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire
shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other
investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s
expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not
offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and
ETFs (to the extent not offset by the Manager through waivers).
The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through
an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market
value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.
As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated
fund, the ability of the Trust itself to hold other investment companies may be limited.
Risk of Investing in the United States:
Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an
adverse effect on the securities to which the Trust has exposure.
Market Risk and Selection Risk:
Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will
go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not
specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry,
group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like
pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by
164
2025
BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks
(continued)
Trust management will underperform the markets, the relevant indices or the securities selected by
other
funds with similar investment objectives and investment strategies. This means you may lose money.
Shareholder Activism Risk:
Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging
in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate
governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other
actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of
shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur
substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the
Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.
Investment Objectives, Policies and Risks
165
Shareholder Update
(unaudited)
The following information is presented for BHK, HYT and BGT, in conformance with annual reporting requirements for funds that have filed a shelf offering registration
statement pursuant to General Instruction A.2 of Form N-2.
Summary of Expenses
BlackRock Core Bond Trust (BHK)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in
BHK
’
s common shares.
BHK | |
Shareholder Transaction Expenses |
|
Maximum sales load (as a percentage of offering price) (a) |
1.00% |
Offering expenses borne by the Trust (as a percentage of offering price) (a) |
0.02% |
Dividend reinvestment plan fees |
$0.02 per share for open market purchases of common shares (b) |
Dividend reinvestment plan sale transaction fee |
$2.50 (b) |
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
|
Investment advisory fees (c)(d) |
0.79 % |
Other expenses |
2.55 |
Miscellaneous |
0.10 |
Interest expense (e) |
2.45 |
Total annual expenses |
3.34 |
Fee waivers (d) |
— |
Total annual Trust operating expenses after fee waivers (d) |
3.34 |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BHK. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any
applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BHK currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.50% of its average weekly managed assets. For purposes of calculating
these fees, “managed assets” means the total assets of BHK (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed
for investment purposes).
(d)
BHK and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BHK’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed
to waive its investment advisory fees by the amount of investment advisory fees BHK pays to the Manager indirectly through its investment in money market funds managed by the
Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BHK (upon the vote of a
majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BHK or a majority of the outstanding voting securities of BHK), upon 90 days’
written notice by BHK to the Manager.
(e)
BHK uses leverage in the form of reverse repurchase agreements representing 32.4% of managed assets at an annual interest expense to BHK of 4.2%, which is based on current
market conditions. The actual amount of interest expense borne by BHK will vary over time in accordance with the level of BHK’s use of reverse repurchase agreements and variations
in market interest rates. Interest expense is required to be treated as an expense of BHK for accounting purposes.
The following example illustrates BHK
’
s expenses (including the sales load of $10.00 and offering costs of $0.21) that shareholders would pay on a $1,000 investment in
common shares, assuming (i) total net annual expenses of 3.34% of net assets attributable to common shares and (ii) a 5% annual return:
1 Year |
3 Years |
5 Years |
10 Years |
|||
Total expenses incurred |
$ 44 |
$ 112 |
$ 183 |
$ 370 |
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual
Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BHK’s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.
166
2025
BlackRock Annual Report to Shareholders
Shareholder Update
(unaudited)
(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in
HYT
’
s common shares.
HYT | |
Shareholder Transaction Expenses |
|
Maximum sales load ( (a) |
|
Offering expenses borne by the Trust ( (a) |
|
Dividend reinvestment plan fees |
$0.02 per share for open market purchases of common shares (b) |
Dividend reinvestment plan sale transaction fee |
$ (b) |
Estimated Annual Expenses ( |
|
Investment advisory fees (c)(d) |
% |
Other expenses |
|
Miscellaneous |
|
Interest expense (e) |
|
Acquired fund fees and expenses (f) |
|
Total annual expenses (f) |
|
Fee waivers (d) |
( |
Total annual Trust operating expenses after fee waivers (d) |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses.
Trust
shareholders will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by HYT. However, shareholders
will
pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any
applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
HYT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.60% based on an aggregate of (i) HYT’s
average
daily Net Assets
and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”).
(d)
HYT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of HYT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed
to waive its investment advisory fees by the amount of investment advisory fees HYT pays to the Manager indirectly through its investment in money market funds managed by the
Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by HYT (upon the vote of a
majority of the Directors who are not “interested persons” (as defined in the Investment Company Act) of the Fund (the “Independent Directors”)) or a majority of the outstanding voting
securities of HYT), upon 90 days’ written notice by HYT to the Manager.
(e)
HYT uses leverage in the form of a credit facility in an amount equal to approximately 22.0% of HYT’s Managed Assets as of December 31, 2025. The interest expense borne by HYT
will vary over time in accordance with the level of HYT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of HYT for
accounting purposes.
(f)
The total annual expenses do not correlate to the ratios to average net assets shown in HYT’s Financial Highlights for the year ended December 31, 2025, which do not include
acquired fund fees and expenses.
The following example illustrates HYT
’
s expenses (including the sales load of $10.00 and offering costs of $0.15) that shareholders would pay on a $1,000 investment in
common shares, assuming (i) total net annual expenses of 2.34% of net assets attributable to common shares and (ii) a 5% annual return:
1 Year |
3 Years |
5 Years |
10 Years |
|||
Total expenses incurred |
$ |
$ |
$ |
$ |
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual
Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. HYT’s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.
Shareholder Update
167
Shareholder Update
(unaudited)
(continued)
BlackRock Floating Rate Income Trust (BGT)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in
BGT
’
s common shares.
BGT | |
Shareholder Transaction Expenses |
|
Maximum sales load (as a percentage of offering price) (a) |
1.00% |
Offering expenses borne by the Trust (as a percentage of offering price) (a) |
0.03% |
Dividend reinvestment plan fees |
$0.02 per share for open market purchases of common shares (b) |
Dividend reinvestment plan sale transaction fee |
$2.50 (b) |
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) |
|
Investment advisory fees (c)(d) |
0.90 % |
Other expenses |
1.19 |
Miscellaneous |
0.10 |
Interest expense (e) |
1.09 |
Acquired fund fees and expenses (f) |
0.04 |
Total annual expenses (f) |
2.13 |
Fee waivers (d) |
(0.03) |
Total annual Trust operating expenses after fee waivers (d) |
2.10 |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and
pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage
commissions the Reinvestment Plan Agent is required to pay.
(c)
BGT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of BGT’s Managed Assets. “Managed
Assets” means the total assets of BGT (including any assets attributable to money borrowed for investment purposes) minus the sum of BGT’s accrued liabilities (other than money
borrowed for investment purposes).
(d)
BGT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BGT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by
the Manager or its affiliates that have a contractual management fee, through June 30, 2027. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed
to waive its investment advisory fees by the amount of investment advisory fees BGT pays to the Manager indirectly through its investment in money market funds managed by the
Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a
majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BGT (the “Independent Trustees”) or a majority of the outstanding voting
securities of BGT), upon 90 days’ written notice by BGT to the Manager.
(e)
BGT uses leverage in the form of a credit facility in an amount equal to approximately 16.7% of BGT’s Managed Assets as of December 31, 2025. The interest expense borne by BGT
will vary over time in accordance with the level of BGT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of BGT for
accounting purposes.
(f)
The total annual expenses do not correlate to the ratios to average net assets shown in BGT’s Financial Highlights for the year ended December 31, 2025, which do not include
acquired fund fees and expenses.
The following example illustrates BGT
’
s expenses (including the sales load of $10.00 and offering costs of $0.35) that shareholders would pay on a $1,000 investment in
common shares, assuming (i) total net annual expenses of 2.10% of net assets attributable to common shares and (ii) a 5% annual return:
1 Year |
3 Years |
5 Years |
10 Years |
|||
Total expenses incurred |
$ 31 |
$ 76 |
$ 123 |
$ 254 |
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual
Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BGT’s actual rate of
return may be greater or less than the hypothetical 5% return shown in the example.
168
2025
BlackRock Annual Report to Shareholders
Shareholder Update
(unaudited)
(continued)
Share Price Data
The following tables summarize each Trust
’
s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to
or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the
respective quarters.
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
|||||
BHK — During Quarter Ended |
High |
Low |
High |
Low |
High |
Low |
Trading Volume |
December 31, 2025 |
$ 10.11 |
$ 9.41 |
$ 10.14 |
$ 10.02 |
(0.30 ) % |
(6.09 ) % |
21,063,964 |
September 30, 2025 |
9.94 |
9.42 |
10.12 |
9.90 |
(1.78 ) |
(4.85 ) |
20,893,275 |
June 30, 2025 |
11.00 |
9.50 |
10.43 |
10.12 |
5.47 |
(6.13 ) |
14,289,528 |
March 31, 2025 |
10.86 |
10.15 |
10.59 |
10.14 |
2.55 |
0.10 |
7,637,892 |
December 31, 2024 |
12.03 |
10.39 |
11.08 |
10.31 |
8.57 |
0.78 |
9,289,850 |
September 30, 2024 |
12.06 |
10.55 |
11.15 |
10.46 |
8.16 |
0.86 |
10,186,620 |
June 30, 2024 |
10.86 |
10.23 |
10.71 |
10.24 |
1.40 |
(0.10 ) |
8,354,790 |
March 31, 2024 |
11.00 |
10.37 |
11.02 |
10.61 |
(0.18 ) |
(2.26 ) |
11,686,607 |
As of December 31, 2025, BHK
’
s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $9.59, $9.97, and (3.81)%, respectively.
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
|||||
HYT — During Quarter Ended |
High |
Low |
High |
Low |
High |
Low |
Trading Volume |
December 31, 2025 |
$ |
$ |
$ |
$ |
( ) % |
( ) % |
47,693,339 |
September 30, 2025 |
( ) |
43,090,858 | |||||
June 30, 2025 |
( ) |
50,957,204 | |||||
March 31, 2025 |
( ) |
37,591,838 | |||||
December 31, 2024 |
31,471,257 | ||||||
September 30, 2024 |
29,991,036 | ||||||
June 30, 2024 |
( ) |
22,921,444 | |||||
March 31, 2024 |
( ) |
27,063,172 | |||||
As of December 31, 2025, HYT
’
s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $8.90 , $9.65 , and (7.77 )%, respectively.
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
|||||
BGT — During Quarter Ended |
High |
Low |
High |
Low |
High |
Low |
Trading Volume |
December 31, 2025 |
$ 12.21 |
$ 11.03 |
$ 11.97 |
$ 11.84 |
2.01 % |
(6.84 ) % |
11,701,108 |
September 30, 2025 |
12.75 |
12.07 |
12.20 |
12.02 |
4.51 |
0.42 |
10,007,276 |
June 30, 2025 |
12.62 |
10.95 |
12.06 |
11.88 |
4.64 |
(7.83 ) |
8,079,245 |
March 31, 2025 |
12.93 |
12.34 |
12.58 |
12.22 |
2.78 |
0.98 |
9,161,297 |
December 31, 2024 |
13.40 |
12.69 |
12.57 |
12.54 |
6.60 |
1.20 |
7,387,718 |
September 30, 2024 |
13.20 |
12.37 |
12.72 |
12.59 |
3.77 |
(1.75 ) |
6,972,629 |
June 30, 2024 |
13.74 |
12.69 |
12.80 |
12.78 |
7.34 |
(0.70 ) |
5,730,756 |
March 31, 2024 |
13.40 |
12.04 |
12.95 |
12.82 |
3.47 |
(6.08 ) |
6,655,848 |
As of December 31, 2025, BGT
’
s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $11.33, $11.84, and (4.31)%, respectively.
Common shares of each Trust have historically traded at both a premium and discount to NAV.
Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of
shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the
discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if
undertaken, would result in the shares trading at a price equal or close to the NAV.
Shareholder Update
169
Shareholder Update
(unaudited)
(
continued)
Senior Securities
The following tables set forth information regarding HYT
’
s and BGT
’
s outstanding senior securities as of the end of each Trust
’
s last ten fiscal years, as applicable. Each of
HYT
’
s and BGT
’
s audited financial statements, including Deloitte & Touche LLP
’
s Report of Independent Registered Public Accounting Firm, and accompanying notes to
financial statements, are included in this annual report.
HYT — Fiscal Year Ended |
Total Amount Outstanding (000) |
Asset Coverage (a) |
Liquidation Preference |
Average Market Value (000) (b) |
Type of Senior Security |
December 31, 2025 |
$ |
$ |
$ |
$ |
Bank Borrowings |
December 31, 2024 |
Bank Borrowings | ||||
December 31, 2023 |
Bank Borrowings | ||||
December 31, 2022 |
Bank Borrowings | ||||
December 31, 2021 |
Bank Borrowings | ||||
December 31, 2020 |
Bank Borrowings | ||||
December 31, 2019 |
Bank Borrowings | ||||
August 31, 2019 |
Bank Borrowings | ||||
August 31, 2018 |
Bank Borrowings | ||||
August 31, 2017 |
Bank Borrowings |
BGT — Fiscal Year Ended |
Total Amount Outstanding (000) |
Asset Coverage (a) |
Liquidation Preference |
Average Market Value (000) (b) |
Type of Senior Security |
December 31, 2025 |
$ 71,000 |
$ 5,973 |
$ N/A |
$ 69,877 |
Bank Borrowings |
December 31, 2024 |
62,000 |
6,174 |
N/A |
83,713 |
Bank Borrowings |
December 31, 2023 |
97,000 |
3,967 |
N/A |
90,578 |
Bank Borrowings |
December 31, 2022 |
91,000 |
4,055 |
N/A |
121,677 |
Bank Borrowings |
December 31, 2021 |
143,000 |
3,103 |
N/A |
134,068 |
Bank Borrowings |
December 31, 2020 |
129,000 |
3,327 |
N/A |
122,934 |
Bank Borrowings |
December 31, 2019 |
130,000 |
3,490 |
N/A |
122,426 |
Bank Borrowings |
October 31, 2019 |
123,000 |
3,610 |
N/A |
128,378 |
Bank Borrowings |
October 31, 2018 |
142,000 |
3,389 |
N/A |
144,490 |
Bank Borrowings |
October 31, 2017 |
150,000 |
3,287 |
N/A |
138,255 |
Bank Borrowings |
(a) |
Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
(b) |
Represents the average daily amount outstanding for loans under the revolving credit agreements. |
170
2025
BlackRock Annual Report to Shareholders
Shareholder Update
(unaudited)
(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BHK
’
s financial performance for the periods presented. Certain information reflects financial
results for a single common share of BHK.
BHK | ||||||
Year Ended |
Period from 09/01/19 |
Year Ended |
Year Ended |
Year Ended |
Year Ended | |
12/31/20 |
to 12/31/19 |
08/31/19 |
08/31/18 |
08/31/17 |
08/31/16 | |
Net asset value, beginning of period |
$ 15.32 |
$ 15.79 |
$ 14.08 |
$ 14.96 |
$ 15.25 |
$ 14.29 |
Net investment income (a) |
0.72 |
0.22 |
0.66 |
0.72 |
0.76 |
0.79 |
Net realized and unrealized gain (loss) |
1.24 |
(0.36 ) |
1.82 |
(0.82 ) |
(0.27 ) |
1.01 |
Net increase (decrease) from investment operations |
1.96 |
(0.14 ) |
2.48 |
(0.10 ) |
0.49 |
1.80 |
Distributions (b) |
||||||
From net investment income |
(0.64 ) |
(0.27 ) |
(0.73 ) |
(0.78 ) |
(0.78 ) |
(0.84 ) |
From net realized gain |
(0.19 ) |
(0.04 ) |
(0.04 ) |
— |
— |
— |
Return of capital |
— |
(0.02 ) |
— |
— |
— |
— |
Total distributions |
(0.83 ) |
(0.33 ) |
(0.77 ) |
(0.78 ) |
(0.78 ) |
(0.84 ) |
Net asset value, end of period |
$ 16.45 |
$ 15.32 |
$ 15.79 |
$ 14.08 |
$ 14.96 |
$ 15.25 |
Market price, end of period |
$ 16.30 |
$ 14.58 |
$ 14.56 |
$ 12.85 |
$ 14.10 |
$ 14.33 |
Total Return (c) |
||||||
Based on net asset value |
13.24 % |
(0.75 )% (d) |
18.86 % |
(0.24 )% |
3.88 % |
13.67 % |
Based on market price |
17.90 % |
2.43 % (d) |
20.09 % |
(3.40 )% |
4.20 % |
20.85 % |
Ratios to Average Net Assets (e) |
||||||
Total expenses |
0.91 % |
1.42 % (f)(g) |
1.72 % |
1.60 % |
1.16 % |
0.97 % |
Total expenses after fees waived and/or reimbursed |
0.90 % |
1.42 % (f) |
1.72 % |
1.60 % |
1.16 % |
0.97 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs |
0.75 % |
0.79 % (f) |
0.77 % |
0.82 % |
0.78 % |
0.78 % |
Net investment income |
4.52 % |
4.15 % (f) |
4.63 % |
4.99 % |
5.19 % |
5.48 % |
Supplemental Data |
||||||
Net assets, end of period (000) |
$ 886,970 |
$ 826,349 |
$ 851,650 |
$ 759,385 |
$ 806,848 |
$ 822,549 |
Borrowings outstanding, end of period (000) |
$ 296,921 |
$ 271,749 |
$ 273,621 |
$ 316,216 |
$ 289,078 |
$ 288,239 |
Portfolio turnover rate (h) |
69 % |
21 % |
27 % |
28 % |
32 % |
35 % |
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Not annualized. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Annualized. |
(g) |
Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.78%. |
(h) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
Year Ended |
Period from 09/01/19 |
Year Ended |
Year Ended |
Year Ended |
Year Ended | |
12/31/20 |
to 12/31/19 |
08/31/19 |
08/31/18 |
08/31/17 |
08/31/16 | |
Portfolio turnover rate (excluding MDRs) |
55 % |
11 % |
27 % |
N/A |
32 % |
35 % |
Shareholder Update
171
Shareholder Update
(unaudited)
(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand HYT
’
s financial performance for the periods presented. Certain information reflects financial
results for a single common share of HYT.
HYT (a) | ||||||
Year Ended |
Period from 09/01/19 |
Year Ended |
Year Ended |
Year Ended |
Year Ended | |
12/31/20 |
to 12/31/19 |
08/31/19 |
08/31/18 |
08/31/17 |
08/31/16 | |
Net asset value, beginning of period |
$ 11.91 |
$ 11.82 |
$ 11.90 |
$ 12.22 |
$ 11.79 |
$ 12.06 |
Net investment income (b) |
0.79 |
0.25 |
0.79 |
0.83 |
0.85 |
0.82 |
Net realized and unrealized gain (loss) |
0.18 |
0.22 |
(0.01 ) |
(0.31 ) |
0.47 |
(0.10 ) |
Net increase from investment operations |
0.97 |
0.47 |
0.78 |
0.52 |
1.32 |
0.72 |
Distributions (c) |
||||||
From net investment income |
(0.82 ) |
(0.35 ) |
(0.86 ) |
(0.84 ) |
(0.89 ) |
(0.99 ) |
Return of capital |
(0.11 ) |
(0.03 ) |
— |
— |
— |
— |
Total distributions |
(0.93 ) |
(0.38 ) |
(0.86 ) |
(0.84 ) |
(0.89 ) |
(0.99 ) |
Net asset value, end of period |
$ 11.95 |
$ 11.91 |
$ 11.82 |
$ 11.90 |
$ 12.22 |
$ 11.79 |
Market price, end of period |
$ 11.43 |
$ 11.20 |
$ 10.51 |
$ 10.70 |
$ 11.13 |
$ 10.88 |
Total Return (d) |
||||||
Based on net asset value |
9.57 % |
4.28 % (e) |
8.06 % |
5.25 % |
12.41 % (f) |
7.76 % |
Based on market price |
11.45 % |
10.28 % (e) |
6.86 % |
3.91 % |
10.94 % |
20.29 % |
Ratios to Average Net Assets |
||||||
Total expenses |
1.50 % |
1.92 % (g)(h)(i) |
2.19 % |
1.99 % (i) |
1.54 % (i) |
1.39 % (i)(j) |
Total expenses after fees waived and/or reimbursed |
1.49 % |
1.92 % (g)(i) |
2.19 % |
1.99 % (i) |
1.54 % (i) |
1.39 % (i) |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |
0.94 % |
0.93 % (g)(i) |
0.92 % |
0.94 % (i) |
0.91 % (i) |
0.93 % (i) |
Net investment income |
7.06 % |
6.39 % (g)(i) |
6.87 % |
6.88 % (i) |
7.04 % (i) |
7.30 % (i) |
Supplemental Data |
||||||
Net assets, end of period (000) |
$ 1,456,907 |
$ 1,451,868 |
$ 1,440,436 |
$ 1,482,422 |
$ 1,545,622 |
$ 1,492,948 |
Borrowings outstanding, end of period (000) |
$ 685,000 |
$ 607,000 |
$ 486,000 |
$ 647,000 |
$ 649,000 |
$ 604,000 |
Asset coverage, end of period per $1,000 of bank borrowings (k) |
$ 3,127 |
$ 3,392 |
$ 3,965 |
$ 3,292 |
$ 3,382 |
$ 3,472 |
Portfolio turnover rate |
82 % |
20 % |
64 % |
65 % |
75 % |
66 % |
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(e) |
Not annualized. |
(f) |
Includes proceeds received from a settlement of litigation, which had no impact on the Trust ’ s total return. |
(g) |
Annualized. |
(h) |
Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.95%. |
(i) |
Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
Year Ended |
Period from 09/01/19 |
Year Ended |
Year Ended |
Year Ended |
Year Ended | |
12/31/20 |
to 12/31/19 |
08/31/19 |
08/31/18 |
08/31/17 |
08/31/16 | |
Investments in underlying funds |
— % |
0.01 % |
— % |
0.01 % |
0.04 % |
0.11 % |
(j) |
Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.34%, 1.34% and 0.97%, respectively. |
(k) |
Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
172
2025
BlackRock Annual Report to Shareholders
Shareholder Update
(unaudited)
(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BGT
’
s financial performance for the periods presented. Certain information reflects financial
results for a single common share of BGT.
BGT | ||||||
Year Ended |
Period from 11/01/19 |
Year Ended |
Year Ended |
Year Ended |
Year Ended | |
12/31/20 |
to 12/31/19 |
10/31/19 |
10/31/18 |
10/31/17 |
10/31/16 | |
Net asset value, beginning of period |
$ 14.10 |
$ 13.95 |
$ 14.33 |
$ 14.49 |
$ 14.41 |
$ 14.18 |
Net investment income (a) |
0.66 |
0.12 |
0.80 |
0.76 |
0.73 |
0.74 |
Net realized and unrealized gain (loss) |
(0.47 ) |
0.26 |
(0.37 ) |
(0.21 ) |
0.12 |
0.19 |
Net increase from investment operations |
0.19 |
0.38 |
0.43 |
0.55 |
0.85 |
0.93 |
Distributions (b) |
||||||
From net investment income |
(0.69 ) |
(0.23 ) |
(0.81 ) |
(0.71 ) |
(0.77 ) |
(0.70 ) |
Return of capital |
(0.20 ) |
— |
— |
— |
— |
— |
Total distributions |
(0.89 ) |
(0.23 ) |
(0.81 ) |
(0.71 ) |
(0.77 ) |
(0.70 ) |
Net asset value, end of period |
$ 13.40 |
$ 14.10 |
$ 13.95 |
$ 14.33 |
$ 14.49 |
$ 14.41 |
Market price, end of period |
$ 11.79 |
$ 12.87 |
$ 12.42 |
$ 12.72 |
$ 14.31 |
$ 13.58 |
Total Return (c) |
||||||
Based on net asset value |
2.83 % |
2.89 % (d) |
4.00 % |
4.25 % |
6.13 % |
7.27 % |
Based on market price |
(0.88 )% |
5.48 % (d) |
4.31 % |
(6.30 )% |
11.21 % |
12.25 % |
Ratios to Average Net Assets |
||||||
Total expenses |
1.72 % |
2.11 % (e)(f)(g) |
2.41 % (g) |
2.29 % (g) |
1.92 % |
1.58 % |
Total expenses after fees waived and/or reimbursed |
1.70 % |
2.11 % (e)(g) |
2.41 % (g) |
2.29 % (g) |
1.92 % |
1.58 % |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees |
1.17 % |
1.28 % (e)(g) |
1.16 % (g) |
1.21 % (g) |
1.20 % |
1.16 % |
Net investment income |
5.13 % |
5.23 % (e)(g) |
5.68 % (g) |
5.27 % (g) |
5.02 % |
5.29 % |
Supplemental Data |
||||||
Net assets, end of period (000) |
$ 300,126 |
$ 323,708 |
$ 321,091 |
$ 339,096 |
$ 342,890 |
$ 340,944 |
Borrowings outstanding, end of period (000) |
$ 129,000 |
$ 130,000 |
$ 123,000 |
$ 142,000 |
$ 150,000 |
$ 148,000 |
Asset coverage, end of period per $1,000 of bank borrowings (h) |
$ 3,327 |
$ 3,490 |
$ 3,610 |
$ 3,389 |
$ 3,287 |
$ 3,304 |
Portfolio turnover rate |
65 % |
6 % |
53 % |
57 % |
63 % |
47 % |
(a) |
Based on average shares outstanding. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(d) |
Not annualized. |
(e) |
Annualized. |
(f) |
Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the expense ratio would have been 2.21%. |
(g) |
Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
Year Ended |
Period from 11/01/19 |
Year Ended |
Year Ended |
Year Ended |
Year Ended | |
12/31/20 |
to 12/31/19 |
10/31/19 |
10/31/18 |
10/31/17 |
10/31/16 | |
Investments in underlying funds |
— % |
0.04 % |
0.04 % |
0.01 % |
— % |
— % |
(h) |
Calculated by subtracting the Trust ’ s total liabilities (not including bank borrowings) from the Trust ’ s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
Shareholder Update
173
Automatic Dividend Reinvestment Plan
Pursuant to BHK, HYT, BTZ and BGT
’
s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of
dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust
’
s Common
Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly
to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent
for the shareholders in administering the Reinvestment Plan.
After BHK, HYT, BTZ and BGT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’
accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (“newly issued shares”) or (ii) by purchase
of outstanding shares on the open market or on the Trust
’
s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per
share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment
Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s
account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price
on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the
NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent
will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend
amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested
portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue
for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the
Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the
payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or
resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of
brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic
reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust
reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BHK, HYT, BTZ and BGT that request a sale of
shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required
to pay. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at
computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006 Providence, RI 02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be
directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.
174
2025
BlackRock Annual Report to Shareholders
Trustee and Officer Information
Independent Trustees (a) | ||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years |
R. Glenn Hubbard 1958 |
Chair of the Board (Since 2022) Trustee (Since 2007) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. |
66 RICs consisting of 100 Portfolios |
ADP (data and information services) from 2004 to 2020; ⚠️ Filing Content TruncatedThis filing was too large to display in its entirety (original size: 15.24 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website
Filing: N-CSR - BLACKROCK CORPORATE HIGH YIELD FUND, INC. (HYT) |
FAQ
What distributions did HYT report for the fiscal period ending 12/31/2025?
HYT reported a total cumulative distribution of $0.934800 per share. The filing states this distribution is composed of 75% net income and 25% return of capital, presented in the Section 19(a) distribution breakdown.
What is HYT’s monthly distribution and how is it funded?
The Fund’s current monthly distribution is $0.077900 per common share. The managed distribution plan permits distributions from net investment income, short-term gains, long-term gains and/or return of capital as described in the filing.
What were HYT’s market price, NAV and stated distribution rate as of 12/31/2025?
As of 12/31/2025 HYT’s closing market price was $8.90 and NAV was $9.65. The filing shows a current distribution rate on closing market price of 10.50%, calculated by annualized distribution divided by closing market price.
Does HYT use leverage and how much was reported at year end?
Yes. The Fund reported leverage of 22% as of 12/31/2025. The filing notes leverage is shown as bank borrowings outstanding as a percentage of total managed assets and that leverage may amplify NAV and market price movements.
What are the rights offering terms disclosed for HYT?
The Board approved transferable rights with a Record Date of 01/02/2026. The terms state one Right for each outstanding share and rights entitle holders to purchase one new share for every five Rights held.
BlackRock Corp High Yield