# EDGAR Filing Document

**Accession Number:** 0001752019
**File Stem:** 0001193125-26-093570
**Filing Date:** 2026-3
**Character Count:** 511802
**Document Hash:** 79b45c3dc3ae277ed4023cf9b1f0813c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093570.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093570

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock HPS Credit Strategies Fund
- **CENTRAL INDEX KEY:** 0001752019

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23380
- **FILM NUMBER:** 26725582

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** (206) 613-6700

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Credit Strategies Fund
- **DATE OF NAME CHANGE:** 20180918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Credit Opportunities Fund
- **DATE OF NAME CHANGE:** 20180905

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: 811-23380

Name of Fund: BlackRock HPS Credit Strategies Fund (formerly BlackRock Credit Strategies Fund)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock HPS Credit Strategies Fund (formerly BlackRock Credit Strategies Fund), 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

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Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

------

![](g105828img01bd15471.jpg)

December 31, 2025

2025 Annual Report<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock HPS Credit Strategies Fund**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

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**Table of Contents**

**Page**

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---

| | |
|:---|:---|
| **[Annual](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_rskderiv-footer-fundbookname-927_1)[Report:](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_rskderiv-footer-fundbookname-927_1)**  |  |
| [The Benefits and Risks of Leveraging](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_rskderiv-footer-fundbookname-927_1)  | 3 |
| [Derivative Financial Instruments](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_rskderiv-footer-fundbookname-927_1)  | 3 |
| [Fund Summary](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_fsm-footer-fundbookname-927_1)  | 4 |
| [About Fund Performance](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_about_c-footer-fundbookname-927_1)  | 7 |
| [Disclosure of Expenses for Continuously Offered Closed-End Funds](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_about_c-footer-fundbookname-927_1)  | 7 |
| [Financial Statements:](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_soi-footer-fundbookname-927_1)  |  |
| &nbsp;&nbsp;&nbsp; [Consolidated Schedules of Investments](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_soi-footer-fundbookname-927_1)  | 9 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_fs-footer-fundbookname-927_1)  | 30 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_fs-footer-fundbookname-927_3)  | 32 |
| &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_fs-footer-fundbookname-927_4)  | 33 |
| &nbsp;&nbsp;&nbsp; [Consolidated Statement of Cash Flows](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_fs-footer-fundbookname-927_5)  | 34 |
| [Financial Highlights](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_fihi-footer-fundbookname-927_1)  | 36 |
| [Notes to Consolidated Financial Statements](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_ntf-footer-fundbookname-927_1)  | 41 |
| [Report of Independent Registered Public Accounting Firm](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_audit-footer-fundbookname-927_1)  | 56 |
| [Important Tax Information](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_tax-1-footer-fundbookname-927_1)  | 57 |
| [Automatic Dividend Reinvestment Plan](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_divre-footer-fundbookname-927_1)  | 58 |
| [Trustee and Officer Information](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_off-footer-fundbookname-927_1)  | 59 |
| [Additional Information](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_addinfo-footer-fundbookname-927_1)  | 61 |
| [Glossary of Terms Used in this Report](#xx_d3e1bf4f-1b4b-4a62-afc0-36d7ecc98d52_terms-footer-fundbookname-927_1)  | 63 |

---

------

The Benefits and Risks of Leveraging

The Fund may utilize leverage to seek to enhance the distribution rate on, and net asset value ("NAV") of, its 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 the Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund'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 the Fund'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, the Fund'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 the Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, the Fund's financing cost of leverage is significantly lower than the income earned on the Fund'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 the Fund's return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage. Furthermore, the value of the Fund's 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 the Fund's obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Fund's NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Fund's intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the Fund'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 the Fund's shares than if the Fund were not leveraged. In addition, the Fund 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 Fund to incur losses. The use of leverage may limit the Fund's ability to invest in certain types of securities or use certain types of hedging strategies. The Fund 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 the Fund's investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Fund's investment adviser will be higher than if the Fund did not use leverage.

The Fund may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Consolidated Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund 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. The Fund may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, the Fund 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 Fund 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 Fund 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 Fund's 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 the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Consolidated Financial Statements.

The Benefits and Risks of Leveraging

------

Fund Summary as of December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**Investment Objective**

**BlackRock HPS Credit Strategies Fund's (the "Fund") (formerly known as BlackRock Credit Strategies Fund)** investment objective is to seek to provide attractive risk-adjusted returns, primarily in the form of current income. The Fund seeks to achieve its investment objective by dynamically allocating across a range of private and public credit investments and investment strategies, leveraging the full capabilities of BlackRock's credit platform, inclusive of HPS Investment Partners ("HPS"), a part of BlackRock. Under normal conditions, the Fund intends to invest at least 80% of its managed assets in credit-related investments.

The Fund's common shares are not listed on any securities exchange. The Fund is designed for long-term investors, and an investment in the common shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid.

On October 1, 2025, the Board of Trustees of the Fund (the "Board") approved a change in the name of the Fund to BlackRock HPS Credit Strategies Fund and certain changes to the Fund's investment objective and investment strategies. These changes were effective on December 1, 2025.

No assurance can be given that the Fund's investment objective will be achieved.

**Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/25* | *12/31/24* | *Change* | *High* | *Low* |
| Net Asset Value — Institutional | &nbsp;&nbsp; $8.18  | &nbsp;&nbsp;&nbsp;&nbsp; $8.47  | &nbsp;&nbsp;&nbsp;&nbsp; (3.42)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.49  | &nbsp;&nbsp;&nbsp;&nbsp; $8.18  |
| Net Asset Value — Class A | 8.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 |
| Net Asset Value — Class J | 8.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 |
| Net Asset Value — Class U | 8.19 | &nbsp;&nbsp;&nbsp;&nbsp;8.48 | &nbsp;&nbsp;&nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.19 |
| Net Asset Value — Class W | 8.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 |

---

**GROWTH OF $10,000 INVESTMENT**

![](g105828imgfbce3c8b2.jpg)

The Fund commenced operations on February 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>

Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>

A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>

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.

2025 BlackRock Annual Report to Shareholders

------

Fund Summary as of December 31, 2025(continued)

**BlackRock HPS Credit Strategies Fund**

**Performance**

Returns for the period ended December 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  | Average Annual Total Returns<sup>(a)</sup>  |
|  |  |  | 1 Year | 1 Year | 5 Years | 5 Years | Since <br>Inception<sup>(b)</sup> | Since <br>Inception<sup>(b)</sup> |
|  | *Standardized* <br>*30-Day Yields*<br>| &nbsp;&nbsp;&nbsp; *Unsubsidized* <br>*30-Day Yields*<br>| &nbsp;&nbsp;&nbsp; *Without* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *With* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *Without* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *With* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *Without* <br>*Sales* <br>*Charge*<br>| &nbsp;&nbsp;&nbsp; *With* <br>*Sales* <br>*Charge*<br>|
| Institutional<sup>(c)</sup> | 8.60<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.41<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.62<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 5.07<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Class A<sup>(c)</sup> | 7.64 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> % <br>|
| Class J<sup>(c)</sup> | 8.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 |
| Class U<sup>(c)</sup> | 7.83 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Class W<sup>(c)</sup> | 7.57 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.80 |
| **Morningstar LSTA U.S. Leveraged Loan Index** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| **Bloomberg U.S. Corporate High Yield 2% Issuer** <br> **Capped Index**<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> The Fund commenced operations on February 28, 2019.

<sup>(c)</sup> All returns reflect reinvestment of dividends and/or distributions at NAV on the payable date and reflect the Fund's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. 

N/A — Not applicable as share class and index do not have a sales charge. <br>Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. <br>Past performance is not an indication of future results.

The Fund is presenting the performance of one or more indices for informational purposes only. The Fund 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 Fund's investment strategies, portfolio components or past or future performance.

**The following discussion relates to the Fund's absolute performance based on NAV:**

**What factors influenced performance?**

Contributions to the Fund's performance were led by the performing liquid credit portion of the portfolio, across high yield bonds and leveraged loans. Additional contributions came from opportunistic credit exposure and securitized credit investments, namely CLO debt. Idiosyncratic underperformers in pre-existing middle market direct lending positions in the private credit portion of the portfolio detracted from performance during the period.

**Describe recent portfolio activity.**

The Fund initiated a strategic repositioning of the portfolio at the start of the fourth quarter to re-orient its investment approach to create diversification at the strategy level and create a more actively managed and balanced portfolio that seeks to maximize return and yield potential. As such, the public credit portion of the portfolio transitioned to a relative value driven multi-asset allocation based on fundamental credit selection that emphasizes consistent income generation and capital preservation. The private credit portion of the portfolio began to capture a more diversified opportunity set, adding direct lending investments that focus on large and upper-middle market borrowers. This transition enabled the Fund to increase yield and reduce concentration levels for the largest holdings in the portfolio.

**Describe portfolio positioning at period end.**

The Fund was strategically positioned with a focus on continuing to capture new private credit opportunities in the upper-middle/large borrower segment of the direct lending market that offer an attractive yield premium to liquid loan markets, compensating for illiquidity. The allocation to public credit represented just over half of the portfolio, with an emphasis on a targeted portfolio of opportunities across the high yield, leveraged loan, and CLO debt markets that offer compelling yields and relative value, complemented by opportunistic credit exposure that in our analysis offers additional yield and capital appreciation potential. The Fund will continue to dynamically allocate across asset classes as it seeks to capture attractive risk-adjusted returns, with a focus on consistent income generation and capital preservation.

*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.* <br>*These views are not intended to be a forecast of future events and are no guarantee of future results.*

Fund Summary

------

Fund Summary as of December 31, 2025(continued)

**BlackRock HPS Credit Strategies Fund**

**Overview of the Fund's Total Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION** | **PORTFOLIO COMPOSITION** |
| *Investment Type* | *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| Floating Rate Loan Interests | 78.4<br> %<br>|
| Corporate Bonds | 11.6 |
| Asset-Backed Securities | 6.8 |
| Fixed Rate Loan Interests | 1.6 |
| Preferred Securities | 1.3 |
| Other\* | 0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| AA/Aa | 0.8<br> %<br>|
| A | 3.2 |
| BBB/Baa | 1.8 |
| BB/Ba | 4.5 |
| B | 37.1 |
| CCC/Caa | 4.8 |
| CC | 0.7 |
| C | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| D | &nbsp;&nbsp; — <br><sup>(c)</sup><br>|
| N/R | 47.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Rounds to less than 0.1%.

\* Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Consolidated Schedule of Investments for details.

2025 BlackRock Annual Report to Shareholders

------

About Fund Performance

**Institutional Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees but are only available through the Fund's distributor or an asset-based fee program sponsored by a registered broker-dealer or registered investment adviser (also known as a "wrap fee" program) that has an agreement with the Fund's distributor.

**Class A Shares** are subject to a maximum initial sales charge (front-end load) of 2.50% and servicing and distribution fee of 0.75% per year. A contingent deferred sales charge of 1.50% is assessed on Fund repurchases of Class A Shares made within 18 months after purchase where no initial sales load was paid at the time of purchase as part of an investment of $250,000 or more. Class A Shares performance shown prior to the Class A Shares inception date of April 1, 2020 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class A Shares fees.

**Class J Shares** are subject to a maximum initial sales charge (front-end load) of 3.00% and servicing and distribution fee of 0.50% per year. These shares are available only through brokerage, transactional-based accounts and to clients of financial intermediaries with which the Fund has a selling agreement to distribute such shares. Class J Shares performance shown prior to the Class J Shares inception date of November 19, 2024 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class J Shares fees.

**Class U Shares** are not subject to any sales charge. These shares are subject to a servicing and distribution fee of 0.75% per year. These shares are available only to clients of financial intermediaries with which the Fund has a selling agreement to distribute such shares. Class U Shares performance shown prior to the Class U Shares inception date of July 9, 2021 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class U Shares fees.

**Class W Shares** are subject to a maximum initial sales charge (front-end load) of 3.50% and servicing and distribution fee of 0.75% per year. These shares are available only through brokerage, transactional-based accounts. Class W Shares performance shown prior to the Class W Shares inception date of July 9, 2021 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Class W Shares fees.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), the Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund's expenses. Without such waiver(s) and/or reimbursement(s), the Fund's performance would have been lower. With respect to the Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Consolidated Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses for Continuously Offered Closed-End Funds

Shareholders of the Fund may incur the following charges: (a) transactional expenses, including early withdrawal fees; and (b) operating expenses, including investment advisory fees, and other fund expenses. The example below (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense example also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense example are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

About Fund Performance

------

Disclosure of Expenses for Continuously Offered Closed-End Funds (continued)

**Expense Example for Continuously Offered Closed-End Funds** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual  | Actual  | Actual  | Actual  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |
|  |  |  | Expenses Paid During the <br> Period  | Expenses Paid During the <br> Period  |  | Including Interest <br>Expense <br>and Fees | Including Interest <br>Expense <br>and Fees | Excluding Interest <br>Expense <br>and Fees | Excluding Interest <br>Expense <br>and Fees | Annualized Expense Ratio  | Annualized Expense Ratio  |
|  | *Beginning* <br>*Account* <br>*Value* <br>*(07/01/25)*<br>| *Ending* <br>*Account* <br>*Value* <br>*(12/31/25)*<br>| *Including* <br>*Interest* <br>*Expense* <br>*and Fees*<sup>(a)</sup> <br>| *Excluding* <br>*Interest* <br>*Expense* <br>*and Fees*<sup>(a)</sup> <br>| *Beginning* <br>*Account* <br>*Value* <br>*(07/01/25)*<br>| *Ending* <br>*Account* <br>*Value* <br>*(12/31/25)*<br>| *Expenses* <br>*Paid* <br>*During* <br>*the* <br>*Period*<sup>(a)</sup> <br>| *Ending* <br>*Account* <br>*Value* <br>*(12/31/25)*<br>| *Expenses* <br>*Paid* <br>*During* <br>*the* <br>*Period*<sup>(a)</sup> <br>| *Including* <br>*Interest* <br>*Expense* <br>*and Fees*<br>| *Excluding* <br>*Interest* <br>*Expense* <br>*and Fees*<br>|
| Institutional | $1000.00  | $1024.80  | $8.47 | $6.24 | $1000.00  | $1016.84  | $8.44  | $1019.04  | $6.21  | 1.66<br> % <br>| 1.22<br> % <br>|
| Class A | 1000.00 | 1021.90 | 11.99 | 9.74 | 1000.00 | 1013.35 | 11.94 | 1015.57 | 9.70 | 2.35 | 1.91 |
| Class J | 1000.00 | 1023.30 | 10.57 | 8.35 | 1000.00 | 1014.75 | 10.53 | 1016.95 | 8.32 | 2.07 | 1.64 |
| Class U | 1000.00 | 1020.80 | 12.37 | 10.15 | 1000.00 | 1012.96 | 12.33 | 1015.16 | 10.11 | 2.43 | 1.99 |
| Class W | 1000.00 | 1021.90 | 11.82 | 9.59 | 1000.00 | 1013.51 | 11.77 | 1015.71 | 9.56 | 2.32 | 1.88 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| &nbsp;&nbsp;&nbsp; 720 East CLO Ltd., Series 2022-1A, Class CR, (3-mo. <br> CME Term SOFR + 1.90%), 5.78%, 01/20/38<sup>(a)(b)</sup><br>| USD | 1000 | &nbsp;&nbsp; $1003418  |
| &nbsp;&nbsp;&nbsp; Abry Liquid Credit CLO Ltd., Series 2025-2A, Class C, <br> (3-mo. CME Term SOFR + 2.10%), 5.78%, <br> 01/15/39<sup>(a)(b)</sup><br>|  | 750 | &nbsp;&nbsp; 752250 |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Ltd., Series 2020-11A, Class CR2, (3-mo. <br> CME Term SOFR + 1.90%), 5.78%, 07/17/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003944 |
| &nbsp;&nbsp;&nbsp; AMMC CLO 27 Ltd., Series 2022-27A, Class ER, (3-<br> mo. CME Term SOFR + 5.15%), 9.03%, <br> 01/20/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 496343 |
| &nbsp;&nbsp;&nbsp; Anchorage Capital CLO Ltd., Series 2019-11A, <br> Class C1R2, (3-mo. CME Term SOFR + 2.40%), <br> 6.26%, 07/22/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1004768 |
| &nbsp;&nbsp;&nbsp; Atlantic Avenue Ltd., Series 2023-1A, Class CR, (3-mo. <br> CME Term SOFR + 2.20%), 5.97%, 01/15/39<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1004252 |
| &nbsp;&nbsp;&nbsp; Ballyrock CLO Ltd., Series 2024-22A, Class B, (3-mo. <br> CME Term SOFR + 2.35%), 6.25%, 04/15/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1506902 |
| &nbsp;&nbsp;&nbsp; Barings CLO Ltd., Series 2022-1A, Class ER, (3-mo. <br> CME Term SOFR + 6.25%), 9.99%, 01/15/39<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp; Bryant Park Funding Ltd., Series 2024-22A, Class C, <br> (3-mo. CME Term SOFR + 2.60%), 6.50%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1507951 |
| &nbsp;&nbsp;&nbsp; CarVal CLO VC Ltd., Series 2021-2A, Class C, (3-mo. <br> CME Term SOFR + 2.46%), 6.37%, 10/15/34<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1001592 |
| &nbsp;&nbsp;&nbsp; Dryden CLO Ltd., Series 2019-72A, Class DR, (3-mo. <br> CME Term SOFR + 3.26%), 7.11%, 05/15/32<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1001569 |
| Elevation CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A, Class D1, (3-mo. CME Term <br> SOFR + 4.88%), 8.74%, 07/25/34<br>|  | 2500 | &nbsp;&nbsp; 2502536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-16A, Class D2, (3-mo. CME Term <br> SOFR + 6.01%), 9.87%, 07/25/34<br>|  | 2500 | &nbsp;&nbsp; 2532685 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. <br> CME Term SOFR + 2.40%), 6.28%, 04/18/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1004745 |
| &nbsp;&nbsp;&nbsp; Elmwood CLO 37 Ltd., Series 2024-13A, Class D1, <br> (3-mo. CME Term SOFR + 2.60%), 6.48%, <br> 01/17/38<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1005931 |
| &nbsp;&nbsp;&nbsp; Galaxy XXIV CLO Ltd., Series 2024-R, Class CR, (3-<br> mo. CME Term SOFR + 2.45%), 6.35%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1106 | &nbsp;&nbsp; 1112101 |
| &nbsp;&nbsp;&nbsp; Greywolf CLO V Ltd., Series 2015-1A, Class CR, (3-<br> mo. CME Term SOFR + 3.26%), 7.12%, <br> 01/27/31<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501737 |
| &nbsp;&nbsp;&nbsp; HalseyPoint CLO Ltd., Series 2021-4A, Class C, (3-mo. <br> CME Term SOFR + 2.41%), 6.30%, 04/20/34<sup>(a)(b)</sup><br>|  | 750 | &nbsp;&nbsp; 751178 |
| &nbsp;&nbsp;&nbsp; Madison Park Funding XXXIII Ltd., Series 2019-33A, <br> Class CR, (3-mo. CME Term SOFR + 2.20%), <br> 6.10%, 10/15/32<sup>(a)(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp; Marble Point CLO XV Ltd., Series 2019-1A, Class E, <br> (3-mo. CME Term SOFR + 7.09%), 10.95%, <br> 07/23/32<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 471027 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Loan Advisers CLO Ltd., <br> Series 2022-49A, Class CR2, (3-mo. CME Term <br> SOFR + 1.75%), 5.61%, 12/25/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1002310 |
| &nbsp;&nbsp;&nbsp; Northwoods Capital XV Ltd., Series 2017-15A, <br> Class ER3, (3-mo. CME Term SOFR + 7.25%), <br> 10.99%, 03/20/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 241875 |
| &nbsp;&nbsp;&nbsp; Oaktree CLO Ltd., Series 2024-27A, Class B, (3-mo. <br> CME Term SOFR + 1.65%), 5.51%, 10/22/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1503682 |
| &nbsp;&nbsp;&nbsp; OCP CLO Ltd., Series 2019-17A, Class CR2, (3-mo. <br> CME Term SOFR + 2.00%), 5.88%, 07/20/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1004779 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp; OHA Credit Funding Ltd., Series 2019-2A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.70%), 6.57%, <br> 01/21/38<sup>(a)(b)</sup><br>| USD | 1000 | &nbsp;&nbsp; $1003762  |
| &nbsp;&nbsp;&nbsp; OHA Credit Partners XV Ltd., Series 2017-15R, <br> Class D1R, (3-mo. CME Term SOFR + 3.45%), <br> 7.33%, 04/20/37<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1504445 |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., Series 2013-1A, Class D1R3, <br> (3-mo. CME Term SOFR + 3.30%), 7.16%, <br> 04/23/37<sup>(a)(b)</sup><br>|  | 750 | &nbsp;&nbsp; 753342 |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2021-4A, Class CR, <br> (3-mo. CME Term SOFR + 1.85%), 5.75%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003280 |
| &nbsp;&nbsp;&nbsp; Post CLO Ltd., Series 2022-1A, Class D, (3-mo. CME <br> Term SOFR + 3.20%), 7.08%, 04/20/35<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 999519 |
| &nbsp;&nbsp;&nbsp; Silver Point CLO Ltd., Series 2024-5A, Class C, (3-mo. <br> CME Term SOFR + 2.10%), 5.98%, 10/20/37<sup>(a)(b)</sup><br>|  | 1250 | &nbsp;&nbsp; 1255868 |
| &nbsp;&nbsp;&nbsp; Sixth Street CLO XIX Ltd., Series 2021-19A, <br> Class D1R, (3-mo. CME Term SOFR + 2.80%), <br> 6.68%, 07/17/38<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1002970 |
| &nbsp;&nbsp;&nbsp; Sound Point CLO XXVIII Ltd., Series 2020-3A, Class C, <br> (3-mo. CME Term SOFR + 2.51%), 6.37%, <br> 01/25/32<sup>(a)(b)</sup><br>|  | 870 | &nbsp;&nbsp; 873037 |
| &nbsp;&nbsp;&nbsp; Symphony CLO XXII Ltd., Series 2020-22A, Class CR, <br> (3-mo. CME Term SOFR + 2.10%), 5.98%, <br> 04/18/33<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1504295 |
| Tikehau US CLO IV Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class DR, (3-mo. CME Term SOFR <br> + 4.20%), 8.01%, 03/15/38<br>|  | 2000 | &nbsp;&nbsp; 2002289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class ER, (3-mo. CME Term SOFR <br> + 7.89%), 11.70%, 03/15/38<br>|  | 500 | &nbsp;&nbsp; 485005 |
| &nbsp;&nbsp;&nbsp; Voya CLO Ltd., Series 2022-3A, Class DR2, (3-mo. <br> CME Term SOFR + 2.60%), 6.48%, 10/20/36<sup>(a)(b)</sup><br>|  | 350 | &nbsp;&nbsp; 349314 |
| &nbsp;&nbsp;&nbsp; Whitebox CLO II Ltd., Series 2020-2A, Class CR2, <br> (3-mo. CME Term SOFR + 1.95%), 5.82%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 640 | &nbsp;&nbsp; 642762 |
| **Total Asset-Backed Securities — 7.1%** <br>**(Cost: $39,651,734)** | **Total Asset-Backed Securities — 7.1%** <br>**(Cost: $39,651,734)** | **Total Asset-Backed Securities — 7.1%** <br>**(Cost: $39,651,734)** | &nbsp;&nbsp; 39797463 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Beverages — 0.0%** | **Beverages — 0.0%** |  |
| Juice Plus & Co. LLC<sup>(c)(d)(e)</sup> | 5780 | &nbsp;&nbsp; — |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Thrasio LLC, (Acquired 06/18/24, Cost: <br> $1,907,522)<sup>(d)(e)(f)</sup><br>| 20031 | &nbsp;&nbsp; — |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Mcdermott International Ltd.<sup>(e)</sup> | 17 | &nbsp;&nbsp; 354 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Kellermeyer Bergensons Services LLC, Preference <br> Shares<sup>(d)(e)</sup><br>| 45118 | &nbsp;&nbsp; — |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |  |
| Virgil Holdings, Inc.<sup>(d)(e)</sup> | 79434 | &nbsp;&nbsp; 1 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Pluralsight LLC, (Acquired 08/22/24, Cost: <br> $77,568)<sup>(d)(e)(f)</sup><br>| 208956 | &nbsp;&nbsp; 2 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Creditex LLC<sup>(d)(e)</sup> | 5923 | &nbsp;&nbsp; $— |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc.<sup>(e)</sup> | 34 | &nbsp;&nbsp; 29 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Quorum Restructuring Equity<sup>(d)(e)</sup> | 43661 | &nbsp;&nbsp; 21831 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| SVP Singer<sup>(e)</sup> | 1930 | &nbsp;&nbsp; 7479 |
| **IT Services — 0.0%** | **IT Services — 0.0%** |  |
| Travelport LLC<sup>(d)(e)</sup> | 10 | &nbsp;&nbsp; 29387 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| ADLER Group SA<sup>(d)(e)</sup> | 16485 | &nbsp;&nbsp; — |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |  |
| Razor Group & Infinite Commerce<sup>(d)(e)</sup> | 23794 | &nbsp;&nbsp; — |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| TMK Hawk Midco Corp.<sup>(d)(e)</sup> | 543 | &nbsp;&nbsp; 3801 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| Altice France Lux 3<sup>(e)</sup> | 3058 | &nbsp;&nbsp; 53856 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $2,103,667)** | **Total Common Stocks — 0.0%** <br>**(Cost: $2,103,667)** | &nbsp;&nbsp; 116740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc., 7.75%, <br> 10/15/33<sup>(b)</sup><br>| USD | 1480 | &nbsp;&nbsp; 1507496 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/30<sup>(b)</sup> |  | 40 | &nbsp;&nbsp; 41752 |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(g)</sup> | EUR | 140 | &nbsp;&nbsp; 166871 |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/32<sup>(b)</sup> | USD | 52 | &nbsp;&nbsp; 53924 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 1448 | &nbsp;&nbsp; 1452634 |
|  |  |  | &nbsp;&nbsp; 3222677 |
| **Automobiles**<sup>(g)</sup> **— 0.1%** | **Automobiles**<sup>(g)</sup> **— 0.1%** | **Automobiles**<sup>(g)</sup> **— 0.1%** | **Automobiles**<sup>(g)</sup> **— 0.1%** |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29 | GBP | 226 | &nbsp;&nbsp; 277308 |
| RCI Banque SA<sup>(a)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>| EUR | 100 | &nbsp;&nbsp; 119769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 200 | &nbsp;&nbsp; 247718 |
|  |  |  | &nbsp;&nbsp; 644795 |
| **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
| CP Atlas Buyer, Inc., 9.75%, 07/15/30<sup>(b)</sup> | USD | 4 | &nbsp;&nbsp; 4143 |
| PCF GmbH, 4.75%, 04/15/29<sup>(g)</sup> | EUR | 171 | &nbsp;&nbsp; 93650 |
|  |  |  | &nbsp;&nbsp; 97793 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Park River Holdings, Inc., 8.00%, 03/15/31<sup>(b)</sup> | USD | 1459 | &nbsp;&nbsp; 1504222 |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<br>|  | 6 | &nbsp;&nbsp; 6113 |
| Osaic Holdings, Inc., 8.00%, 08/01/33<sup>(b)</sup> |  | 1417 | &nbsp;&nbsp; 1473249 |
|  |  |  | &nbsp;&nbsp; 1479362 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Advancion Sciences, Inc., (9.25% Cash or 10.00% <br> PIK), 9.25%, 11/01/26<sup>(b)(h)</sup><br>| USD | 29 | &nbsp;&nbsp; $25558  |
| INEOS Finance PLC<sup>(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/29 | EUR | 202 | &nbsp;&nbsp; 208291 |
| &nbsp;&nbsp;&nbsp; 7.25%, 03/31/31 |  | 164 | &nbsp;&nbsp; 165842 |
| INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29<sup>(g)</sup> |  | 104 | &nbsp;&nbsp; 97102 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(g)</sup> |  | 102 | &nbsp;&nbsp; 13785 |
|  |  |  | &nbsp;&nbsp; 510578 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 5.38%, 05/21/30<sup>(g)</sup><br>|  | 113 | &nbsp;&nbsp; 136967 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> | USD | 10 | &nbsp;&nbsp; 10490 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.75%, 02/15/28 |  | 69 | &nbsp;&nbsp; 70559 |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 4 | &nbsp;&nbsp; 3923 |
| &nbsp;&nbsp;&nbsp; 8.25%, 08/01/32 |  | 62 | &nbsp;&nbsp; 63012 |
| &nbsp;&nbsp;&nbsp; 8.38%, 11/15/32 |  | 67 | &nbsp;&nbsp; 68247 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/15/31 |  | 145 | &nbsp;&nbsp; 147152 |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/34 |  | 145 | &nbsp;&nbsp; 146933 |
|  |  |  | &nbsp;&nbsp; 647283 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> |  | 420 | &nbsp;&nbsp; 411870 |
| Heathrow Finance PLC<sup>(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/01/27<sup>(i)</sup> | GBP | 126 | &nbsp;&nbsp; 166578 |
| &nbsp;&nbsp;&nbsp; 6.63%, 03/01/31 |  | 100 | &nbsp;&nbsp; 135539 |
| IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(g)</sup> | USD | 400 | &nbsp;&nbsp; 413500 |
|  |  |  | &nbsp;&nbsp; 1127487 |
| **Consumer Finance**<sup>(g)</sup> **— 0.0%** | **Consumer Finance**<sup>(g)</sup> **— 0.0%** | **Consumer Finance**<sup>(g)</sup> **— 0.0%** | **Consumer Finance**<sup>(g)</sup> **— 0.0%** |
| Worldline SA/France |  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 07/30/26<sup>(j)(k)</sup> | EUR | 12 | &nbsp;&nbsp; 14079 |
| &nbsp;&nbsp;&nbsp; 0.88%, 06/30/27 |  | 100 | &nbsp;&nbsp; 106539 |
|  |  |  | &nbsp;&nbsp; 120618 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| Boots Group Finco LP, 5.38%, 08/31/32<sup>(g)</sup> |  | 100 | &nbsp;&nbsp; 121437 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29<sup>(g)(h)</sup> |  | 117 | &nbsp;&nbsp; 105452 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(e)(g)(l)</sup> |  | 100 | &nbsp;&nbsp; 17628 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 | USD | 1273 | &nbsp;&nbsp; 787010 |
| &nbsp;&nbsp;&nbsp; 9.50%, 11/01/28 |  | 91 | &nbsp;&nbsp; 57418 |
| Magnera Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/29 |  | 1668 | &nbsp;&nbsp; 1542200 |
| &nbsp;&nbsp;&nbsp; 7.25%, 11/15/31 |  | 769 | &nbsp;&nbsp; 754897 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 04/15/30 |  | 299 | &nbsp;&nbsp; 296641 |
| &nbsp;&nbsp;&nbsp; 9.25%, 04/15/30 |  | 20 | &nbsp;&nbsp; 19200 |
|  |  |  | &nbsp;&nbsp; 3580446 |
| **Diversified REITs**<sup>(b)</sup> **— 0.5%** | **Diversified REITs**<sup>(b)</sup> **— 0.5%** | **Diversified REITs**<sup>(b)</sup> **— 0.5%** | **Diversified REITs**<sup>(b)</sup> **— 0.5%** |
| Rithm Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 |  | 1446 | &nbsp;&nbsp; 1484609 |
| &nbsp;&nbsp;&nbsp; 8.00%, 07/15/30 |  | 1447 | &nbsp;&nbsp; 1479794 |
|  |  |  | &nbsp;&nbsp; 2964403 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Altice Financing SA, 3.00%, 01/15/28<sup>(g)</sup> | EUR | 100 | &nbsp;&nbsp; 80756 |
| Eutelsat SA, 9.75%, 04/13/29<sup>(g)</sup> |  | 153 | &nbsp;&nbsp; 191750 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Fibercop SpA<sup>(g)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 06/30/30 | EUR | 128 | &nbsp;&nbsp; $152852  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/30/32 |  | 100 | &nbsp;&nbsp; 119440 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 28 | &nbsp;&nbsp; 31016 |
|  |  |  | &nbsp;&nbsp; 575814 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; Orsted A/S, (5-year EURIBOR ICE Swap + 2.59%), <br> 5.13%, 03/14/3024<sup>(a)(g)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120714 |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br> 04/24/33<sup>(g)</sup><br>| USD | 128 | &nbsp;&nbsp; 131405 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(b)</sup><br>|  | 47 | &nbsp;&nbsp; 49333 |
|  |  |  | &nbsp;&nbsp; 301452 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> |  | 1472 | &nbsp;&nbsp; 1417330 |
| **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** |
| Luna 15 SARL, (10.50% PIK), 10.50%, 07/01/32<sup>(g)(h)</sup> | EUR | 124 | &nbsp;&nbsp; 151528 |
| **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** | **Financial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; CrossCountry Intermediate HoldCo LLC, 6.75%, <br> 12/01/32<sup>(b)</sup><br>| USD | 730 | &nbsp;&nbsp; 741845 |
| Freedom Mortgage Holdings LLC, 6.88%, 05/01/31<sup>(b)</sup> |  | 2700 | &nbsp;&nbsp; 2701623 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(g)</sup> | EUR | 111 | &nbsp;&nbsp; 124879 |
| &nbsp;&nbsp;&nbsp; Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br> 01/14/31<sup>(h)</sup><br>|  | 108 | &nbsp;&nbsp; 22748 |
|  |  |  | &nbsp;&nbsp; 3591095 |
| **Health Care Providers & Services**<sup>(b)</sup> **— 0.4%** | **Health Care Providers & Services**<sup>(b)</sup> **— 0.4%** | **Health Care Providers & Services**<sup>(b)</sup> **— 0.4%** | **Health Care Providers & Services**<sup>(b)</sup> **— 0.4%** |
| Fortrea Holdings, Inc., 7.50%, 07/01/30 | USD | 2067 | &nbsp;&nbsp; 2112693 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31 |  | 12 | &nbsp;&nbsp; 11284 |
|  |  |  | &nbsp;&nbsp; 2123977 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Diversified Healthcare Trust, 4.75%, 02/15/28 |  | 2738 | &nbsp;&nbsp; 2642908 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| &nbsp;&nbsp;&nbsp; Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.75%, 07/18/30<sup>(a)(g)</sup><br>| EUR | 100 | &nbsp;&nbsp; 116824 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>| USD | 28 | &nbsp;&nbsp; 28284 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 25037 |
| &nbsp;&nbsp;&nbsp; Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>|  | 1413 | &nbsp;&nbsp; 1472914 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<sup>(b)</sup> |  | 26 | &nbsp;&nbsp; 24830 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 1380 | &nbsp;&nbsp; 1464347 |
|  |  |  | &nbsp;&nbsp; 3132236 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
| XPLR Infrastructure LP, 2.50%, 06/15/26<sup>(b)(j)</sup> |  | 43 | &nbsp;&nbsp; 42196 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp; Amynta Agency Borrower, Inc. and Amynta Warranty <br> Borrower, Inc., 7.50%, 07/15/33<sup>(b)</sup><br>|  | 1410 | &nbsp;&nbsp; 1426493 |
| Ardonagh Finco Ltd., 6.88%, 02/15/31<sup>(g)</sup> | EUR | 266 | &nbsp;&nbsp; 322191 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., 6.88%, <br> 10/01/33<sup>(b)</sup><br>| USD | 1451 | &nbsp;&nbsp; 1401074 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 193 | &nbsp;&nbsp; 199996 |
| &nbsp;&nbsp;&nbsp; SBL Holdings, Inc., (5-year CMT + 5.62%), <br> 6.50%<sup>(a)(b)(m)</sup><br>|  | 1725 | &nbsp;&nbsp; 1636484 |
|  |  |  | &nbsp;&nbsp; 4986238 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(b)</sup> | USD | 4000 | &nbsp;&nbsp; $4225980  |
| Telegram Group, Inc., 9.00%, 06/05/30<sup>(g)</sup> |  | 2500 | &nbsp;&nbsp; 2636529 |
|  |  |  | &nbsp;&nbsp; 6862509 |
| **Internet Software & Services — 0.0%** | **Internet Software & Services — 0.0%** | **Internet Software & Services — 0.0%** | **Internet Software & Services — 0.0%** |
| Match Group Holdings II LLC, 6.13%, 09/15/33<sup>(b)</sup> |  | 26 | &nbsp;&nbsp; 26311 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> |  | 19 | &nbsp;&nbsp; 20028 |
| OVH Groupe SA, 4.75%, 02/05/31<sup>(g)</sup> | EUR | 116 | &nbsp;&nbsp; 136155 |
|  |  |  | &nbsp;&nbsp; 156183 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Advantage Sales & Marketing, Inc., 6.50%, 11/15/28<sup>(b)</sup> | USD | 500 | &nbsp;&nbsp; 408750 |
| CSC Holdings LLC, 11.25%, 05/15/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 159133 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)</sup> |  | 1407 | &nbsp;&nbsp; 1469513 |
| Sunrise FinCo I BV, 4.63%, 05/15/32<sup>(g)</sup> | EUR | 114 | &nbsp;&nbsp; 135316 |
| &nbsp;&nbsp;&nbsp; TalkTalk Telecom Group Ltd., (8.25% PIK), 8.25%, <br> 02/29/28<sup>(g)(h)</sup><br>| GBP | 34 | &nbsp;&nbsp; 28775 |
| &nbsp;&nbsp;&nbsp; Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(g)(h)</sup><br>| EUR | 133 | &nbsp;&nbsp; 102906 |
|  |  |  | &nbsp;&nbsp; 2304393 |
| **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** | **Multi-Utilities — 0.0%** |
| &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(b)</sup><br>| USD | 6 | &nbsp;&nbsp; 6392 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| &nbsp;&nbsp;&nbsp; Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 |  | 2 | &nbsp;&nbsp; 2543 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/15/33 |  | 13 | &nbsp;&nbsp; 13456 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(g)</sup> | GBP | 337 | &nbsp;&nbsp; 475288 |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/15/53 | USD | 530 | &nbsp;&nbsp; 581865 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 2.97%), 7.20%, 06/27/54<sup>(a)</sup> |  | 15 | &nbsp;&nbsp; 15883 |
| &nbsp;&nbsp;&nbsp; (5-year CMT + 3.12%), 7.38%, 03/15/55<sup>(a)</sup> |  | 15 | &nbsp;&nbsp; 15878 |
| Ithaca Energy North Sea PLC, 5.50%, 10/01/31<sup>(g)</sup> | EUR | 100 | &nbsp;&nbsp; 118123 |
| MPLX LP, 4.95%, 03/14/52 | USD | 400 | &nbsp;&nbsp; 336244 |
| &nbsp;&nbsp;&nbsp; Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(a)(g)(m)</sup><br>| EUR | 200 | &nbsp;&nbsp; 239778 |
|  |  |  | &nbsp;&nbsp; 1799058 |
| **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** | **Personal Care Products — 0.7%** |
| Beauty Health Co., 1.25%, 10/01/26<sup>(b)(j)</sup> | USD | 4250 | &nbsp;&nbsp; 4005625 |
| **Pharmaceuticals**<sup>(g)</sup> **— 0.1%** | **Pharmaceuticals**<sup>(g)</sup> **— 0.1%** | **Pharmaceuticals**<sup>(g)</sup> **— 0.1%** | **Pharmaceuticals**<sup>(g)</sup> **— 0.1%** |
| Dolcetto Holdco SpA, 5.63%, 07/14/32 | EUR | 102 | &nbsp;&nbsp; 121666 |
| Nidda Healthcare Holding GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 02/21/30 |  | 277 | &nbsp;&nbsp; 337912 |
| &nbsp;&nbsp;&nbsp; (3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32<sup>(a)</sup> |  | 213 | &nbsp;&nbsp; 252578 |
|  |  |  | &nbsp;&nbsp; 712156 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| &nbsp;&nbsp;&nbsp; Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(h)</sup><br>|  | 363 | &nbsp;&nbsp; 466895 |
| &nbsp;&nbsp;&nbsp; Alexandrite Lake Lux Holdings SARL, 6.75%, <br> 07/30/30<sup>(g)</sup><br>|  | 140 | &nbsp;&nbsp; 167366 |
| Fantasia Holdings Group Co. Ltd.<sup>(e)(g)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 | USD | 710 | &nbsp;&nbsp; 7100 |
| &nbsp;&nbsp;&nbsp; 12.25%, 10/18/22 |  | 200 | &nbsp;&nbsp; 2000 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(b)</sup> |  | 5 | &nbsp;&nbsp; 5224 |
| Vivion Investments SARL<sup>(g)(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28 | EUR | 20 | &nbsp;&nbsp; 23985 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Vivion Investments SARL<sup>(g)(h)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp; (6.50% PIK), 6.50%, 02/28/29 | EUR | 138 | &nbsp;&nbsp; $161708  |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(g)(j)</sup> |  | 100 | &nbsp;&nbsp; 113583 |
|  |  |  | &nbsp;&nbsp; 947861 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)</sup> | USD | 268 | &nbsp;&nbsp; 267193 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> |  | 118 | &nbsp;&nbsp; 115601 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 17 | &nbsp;&nbsp; 15806 |
| Skillz, Inc., 10.25%, 12/15/26<sup>(b)(d)</sup> |  | 2518 | &nbsp;&nbsp; 2460086 |
| X.AI LLC/X.AI Co. Issuer Corp., 12.50%, 06/30/30 |  | 3600 | &nbsp;&nbsp; 3832044 |
|  |  |  | &nbsp;&nbsp; 6690730 |
| **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(g)</sup> | EUR | 244 | &nbsp;&nbsp; 298303 |
| Bubbles Bidco SpA, 6.50%, 09/30/31<sup>(g)</sup> |  | 100 | &nbsp;&nbsp; 120566 |
| Michaels Cos., Inc., 5.25%, 05/01/28<sup>(b)</sup> | USD | 1586 | &nbsp;&nbsp; 1524713 |
| PetSmart LLC/PetSmart Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.50%, 09/15/32 |  | 2092 | &nbsp;&nbsp; 2128996 |
| &nbsp;&nbsp;&nbsp; 10.00%, 09/15/33 |  | 1828 | &nbsp;&nbsp; 1882250 |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> |  | 1494 | &nbsp;&nbsp; 1485306 |
|  |  |  | &nbsp;&nbsp; 7440134 |
| **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** | **Textiles, Apparel & Luxury Goods — 0.0%** |
| European TopSoho SARL, 4.00%, 09/21/21<sup>(e)(g)(j)(l)</sup> | EUR | 300 | &nbsp;&nbsp; 285579 |
| **Transportation Infrastructure**<sup>(g)</sup> **— 0.2%** | **Transportation Infrastructure**<sup>(g)</sup> **— 0.2%** | **Transportation Infrastructure**<sup>(g)</sup> **— 0.2%** | **Transportation Infrastructure**<sup>(g)</sup> **— 0.2%** |
| Edge Finco PLC, 8.13%, 08/15/31 | GBP | 283 | &nbsp;&nbsp; 405317 |
| gategroup Finance Luxembourg SA, 3.00%, 02/28/27 | CHF | 265 | &nbsp;&nbsp; 332902 |
| &nbsp;&nbsp;&nbsp; Mobico Group PLC, (5-year UK Government Bond + <br> 4.14%), 4.25%<sup>(a)(m)</sup><br>| GBP | 200 | &nbsp;&nbsp; 158645 |
|  |  |  | &nbsp;&nbsp; 896864 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Altice France SA |  |  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 10/15/30<sup>(g)</sup> | EUR | 251 | &nbsp;&nbsp; 277415 |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/32<sup>(b)</sup> | USD | 154 | &nbsp;&nbsp; 147656 |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/32<sup>(g)</sup> | EUR | 30 | &nbsp;&nbsp; 32987 |
|  |  |  | &nbsp;&nbsp; 458058 |
| **Total Corporate Bonds — 12.0%** <br>**(Cost: $67,328,503)** | **Total Corporate Bonds — 12.0%** <br>**(Cost: $67,328,503)** | **Total Corporate Bonds — 12.0%** <br>**(Cost: $67,328,503)** | &nbsp;&nbsp; 67577728 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** | **Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp; TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br> 12/15/31<sup>(d)(h)</sup><br>| USD | 1 | &nbsp;&nbsp; — |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 214 | &nbsp;&nbsp; 212855 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 6009 | &nbsp;&nbsp; 5983222 |
|  |  |  | &nbsp;&nbsp; 6196077 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp; Terraboost Media, Term Loan, (4.00% Cash and 6.00% <br> PIK), 10.00%, 08/21/26<sup>(d)(h)</sup><br>|  | 2470 | &nbsp;&nbsp; 2420837 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Ligado Networks LLC, 2025 Fixed Backstop Term <br> Loan 1, 17.50%, 05/04/28<sup>(d)</sup><br>| USD | 957 | &nbsp;&nbsp; $774911 |
| **Total Fixed Rate Loan Interests — 1.7%** <br>**(Cost: $9,580,413)** | **Total Fixed Rate Loan Interests — 1.7%** <br>**(Cost: $9,580,413)** | **Total Fixed Rate Loan Interests — 1.7%** <br>**(Cost: $9,580,413)** | &nbsp;&nbsp; 9391825 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Advertising Agencies — 0.5%** | **Advertising Agencies — 0.5%** | **Advertising Agencies — 0.5%** | **Advertising Agencies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 3.00%), 6.82%, 02/07/31<br>|  | 22 | &nbsp;&nbsp; 21886 |
| &nbsp;&nbsp;&nbsp; Research Now Group LLC, 2024 First Lien First Out <br> Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.00%), 9.14%, 07/15/28<br>|  | 2756 | &nbsp;&nbsp; 2730360 |
|  |  |  | &nbsp;&nbsp; 2752246 |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Aras Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.25%), 8.92%, 04/13/29<br>|  | 512 | &nbsp;&nbsp; 511558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.25%), 8.92%, 04/13/29<br>|  | 3565 | &nbsp;&nbsp; 3579534 |
| &nbsp;&nbsp;&nbsp; Engineering Research and Consulting LLC, 2024 Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 5.00%), 8.67%, 08/29/31<sup>(d)</sup><br>|  | 4950 | &nbsp;&nbsp; 3465000 |
| Kaman Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>|  | — <br><sup>(n)</sup><br>| &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.50%), 6.38%, 02/26/32<br>|  | 32 | &nbsp;&nbsp; 32212 |
| Skydio, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan Tranche A, (1-mo. CME <br> Term SOFR + 5.00%), 8.73%, 12/04/29<br>|  | 25 | &nbsp;&nbsp; 24775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.00% Floor <br> + 2.75% and 2.75% PIK), 9.28%, 12/04/29<sup>(h)</sup><br>|  | 52 | &nbsp;&nbsp; 50945 |
|  |  |  | &nbsp;&nbsp; 7664316 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Arrow Purchaser, Inc., Revolver, (3-mo. CME Term <br> SOFR + 6.75%), 10.42%, 04/15/26<sup>(d)</sup><br>|  | 51 | &nbsp;&nbsp; 51067 |
| Clarios Global LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.22%, 05/06/30<br>|  | 163 | &nbsp;&nbsp; 163062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 6.47%, 01/28/32<br>|  | 79 | &nbsp;&nbsp; 79098 |
| &nbsp;&nbsp;&nbsp; Emerald Electronics Manufacturing Services, Term <br> Loan, 0.00%, 12/29/27<sup>(d)</sup><br>|  | 1352 | &nbsp;&nbsp; 838290 |
| &nbsp;&nbsp;&nbsp; Tenneco, Inc., 2022 Term Loan A, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.85%), 8.74%, 11/17/28<br>|  | 1494 | &nbsp;&nbsp; 1463307 |
|  |  |  | &nbsp;&nbsp; 2594824 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| &nbsp;&nbsp;&nbsp; Arrow Purchaser, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.75%), 10.42%, 04/15/26<sup>(d)</sup><br>|  | 825 | &nbsp;&nbsp; 822910 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| &nbsp;&nbsp;&nbsp; Chrysaor Bidco SARL, 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.14%, <br> 10/30/31<br>| USD | 1352 | &nbsp;&nbsp; $1360321  |
| &nbsp;&nbsp;&nbsp; Security Services Acquisition Sub Corp., 2024 11th <br> Amendment Term Loan A, (1-mo. CME Term SOFR <br> at 1.00% Floor + 5.75%), 9.57%, 09/30/27<sup>(d)</sup><br>|  | 516 | &nbsp;&nbsp; 511557 |
|  |  |  | &nbsp;&nbsp; 1871878 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp; JP Intermediate B LLC, 2025 Takeback Term Loan A, <br> (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), <br> 9.50%, 03/31/31<sup>(d)</sup><br>|  | 578 | &nbsp;&nbsp; 383744 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| &nbsp;&nbsp;&nbsp; Parexel International Corp., 2025 Repriced Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 6.47%, 12/12/31<br>|  | 3306 | &nbsp;&nbsp; 3314978 |
| **Broadline Retail**<sup>(d)</sup> **— 0.3%** | **Broadline Retail**<sup>(d)</sup> **— 0.3%** | **Broadline Retail**<sup>(d)</sup> **— 0.3%** | **Broadline Retail**<sup>(d)</sup> **— 0.3%** |
| Thrasio LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Out Take Back Term Loan, (1-mo. CME <br> Term SOFR + 10.00%), 13.84%, 06/18/29<br>|  | 465 | &nbsp;&nbsp; 465205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Out Take Back Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor +7.25%), 11.22%, <br> 06/18/29<sup>(e)(l)</sup><br>|  | 1350 | &nbsp;&nbsp; 973000 |
|  |  |  | &nbsp;&nbsp; 1438205 |
| **Building Products — 2.9%** | **Building Products — 2.9%** | **Building Products — 2.9%** | **Building Products — 2.9%** |
| &nbsp;&nbsp;&nbsp; AHF Parent Holding, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 6.25%), 10.18%, <br> 02/01/28<br>|  | 1701 | &nbsp;&nbsp; 1558080 |
| &nbsp;&nbsp;&nbsp; Alpine Holding Corp., Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 6.00%), 9.72%, 08/01/30<sup>(d)</sup><br>|  | 3961 | &nbsp;&nbsp; 3976577 |
| &nbsp;&nbsp;&nbsp; HP PHRG Borrower LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 7.67%, <br> 02/20/32<br>|  | 4975 | &nbsp;&nbsp; 4937688 |
| &nbsp;&nbsp;&nbsp; LBM Acquisition LLC, 2025 Incremental Term Loan, <br> 06/06/31<sup>(o)</sup><br>|  | 1000 | &nbsp;&nbsp; 998000 |
| &nbsp;&nbsp;&nbsp; Park River Holdings, Inc., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.50%), 8.49%, <br> 03/15/31<br>|  | 1472 | &nbsp;&nbsp; 1479678 |
| &nbsp;&nbsp;&nbsp; Porcelain Acquisition Corp., Term Loan, 0.00%, <br> 12/31/28<sup>(d)(e)(l)</sup><br>|  | 1207 | &nbsp;&nbsp; 634714 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 04/30/32<br>|  | 1450 | &nbsp;&nbsp; 1453122 |
| &nbsp;&nbsp;&nbsp; White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.97%, 10/19/29<br>|  | 1274 | &nbsp;&nbsp; 1279191 |
|  |  |  | &nbsp;&nbsp; 16317050 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| &nbsp;&nbsp;&nbsp; Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br> 08/09/30<br>|  | 2194 | &nbsp;&nbsp; 2200615 |
| &nbsp;&nbsp;&nbsp; CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.76%, <br> 05/19/31<br>|  | 137 | &nbsp;&nbsp; 137292 |
| &nbsp;&nbsp;&nbsp; GC Champion Acquisition LLC, 1st Lien Term Loan, <br> (6-mo. CME Term SOFR at 1.00% Floor + 5.00%), <br> 9.22%, 08/21/28<sup>(d)</sup><br>|  | 2992 | &nbsp;&nbsp; 2968648 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| &nbsp;&nbsp;&nbsp; Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, <br> 09/13/32<br>| USD | 39 | &nbsp;&nbsp; $39248  |
| &nbsp;&nbsp;&nbsp; GTCR Everest Borrower LLC, Add on Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.42%, 09/05/31<br>|  | 24 | &nbsp;&nbsp; 23959 |
| &nbsp;&nbsp;&nbsp; Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, <br> 01/31/30<br>|  | 1454 | &nbsp;&nbsp; 1455121 |
| &nbsp;&nbsp;&nbsp; Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.60%, <br> 07/30/32<br>|  | 1373 | &nbsp;&nbsp; 1378166 |
| Pico Quantitative Trading Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3-mo. CME Term SOFR at 1.50% <br> Floor + 7.25%), 11.35%, 02/08/27<br>|  | 404 | &nbsp;&nbsp; 404055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 10th Amendment Term Loan, (3-mo. CME Term <br> SOFR at 1.50% Floor + 7.25%), 11.33%, <br> 02/08/27<br>|  | 3343 | &nbsp;&nbsp; 3343507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.50% Floor <br> + 7.25%), 11.42%, 02/08/27<br>|  | 439 | &nbsp;&nbsp; 441095 |
| &nbsp;&nbsp;&nbsp; Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.22%, 10/16/31<sup>(d)</sup><br>|  | 1461 | &nbsp;&nbsp; 1469946 |
|  |  |  | &nbsp;&nbsp; 13861652 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp; Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, <br> 11/01/30<br>|  | 1393 | &nbsp;&nbsp; 1396450 |
| &nbsp;&nbsp;&nbsp; Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 7.61%, <br> 10/04/29<br>|  | 2839 | &nbsp;&nbsp; 2723177 |
| &nbsp;&nbsp;&nbsp; Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>|  | 1444 | &nbsp;&nbsp; 1427085 |
| &nbsp;&nbsp;&nbsp; Illuminate Buyer LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br> 12/31/29<br>|  | 1496 | &nbsp;&nbsp; 1496780 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.97%, 02/18/30<br>|  | 29 | &nbsp;&nbsp; 23706 |
| &nbsp;&nbsp;&nbsp; INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 7.97%, 10/07/31<br>|  | 25 | &nbsp;&nbsp; 16438 |
| &nbsp;&nbsp;&nbsp; Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.35%), 8.29%, <br> 04/08/31<br>|  | 73 | &nbsp;&nbsp; 53676 |
| &nbsp;&nbsp;&nbsp; SCIL IV LLC, USD Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.79%, 11/08/32<br>|  | 1319 | &nbsp;&nbsp; 1320511 |
|  |  |  | &nbsp;&nbsp; 8457823 |
| **Commercial Services & Supplies — 3.1%** | **Commercial Services & Supplies — 3.1%** | **Commercial Services & Supplies — 3.1%** | **Commercial Services & Supplies — 3.1%** |
| &nbsp;&nbsp;&nbsp; Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, <br> 05/21/31<br>|  | 97 | &nbsp;&nbsp; 97518 |
| &nbsp;&nbsp;&nbsp; Catawba Nation Gaming Authority, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, <br> 03/29/32<br>|  | 1466 | &nbsp;&nbsp; 1498833 |
| &nbsp;&nbsp;&nbsp; Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 8.57%, <br> 02/23/29<br>|  | 1573 | &nbsp;&nbsp; 1487820 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| CohnReznick LLP<sup>(o)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, 03/31/32 | USD | 103 | &nbsp;&nbsp; $103162  |
| &nbsp;&nbsp;&nbsp; Term Loan, 03/31/32 |  | 647 | &nbsp;&nbsp; 649185 |
| &nbsp;&nbsp;&nbsp; Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.84%, <br> 08/01/29<br>|  | 1394 | &nbsp;&nbsp; 1400372 |
| Fusion Holding Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (Prime at 0.75% Floor + 5.25%), 12.00%, <br> 09/15/27<br>|  | 10 | &nbsp;&nbsp; 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 6.25%), 9.92%, 09/14/29<br>|  | 224 | &nbsp;&nbsp; 207849 |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br> 02/01/29<br>|  | 97 | &nbsp;&nbsp; 97760 |
| &nbsp;&nbsp;&nbsp; Grant Thornton Advisors LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.47%, 06/02/31<br>|  | 1496 | &nbsp;&nbsp; 1497437 |
| &nbsp;&nbsp;&nbsp; ION Platform Finance U.S., Inc., USD Term Loan, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.42%, 10/07/32<br>|  | 1911 | &nbsp;&nbsp; 1788766 |
| &nbsp;&nbsp;&nbsp; Kellermeyer Bergensons Services LLC, <br> 2024 Amendment No. 8 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 1.75% and 3.50% <br> PIK), 9.24%, 11/06/28<sup>(d)(h)</sup><br>|  | 383 | &nbsp;&nbsp; 382895 |
| &nbsp;&nbsp;&nbsp; Learning Care Group (US) No. 2 Inc., 2024 Term Loan <br> B, (3-mo. CME Term SOFR + 4.00%), 7.87%, <br> 08/11/28<br>|  | 1462 | &nbsp;&nbsp; 1209632 |
| Pueblo Mechanical and Controls LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.25%), 8.92%, 08/23/28<br>|  | 486 | &nbsp;&nbsp; 480199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.25%), 8.92%, 08/23/28<br>|  | 701 | &nbsp;&nbsp; 692264 |
| &nbsp;&nbsp;&nbsp; Thermostat Purchaser III, Inc., 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), <br> 11.22%, 08/31/29<sup>(d)</sup><br>|  | 1388 | &nbsp;&nbsp; 1387806 |
| &nbsp;&nbsp;&nbsp; Thunder Purchaser, Inc., 2024 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), <br> 9.07%, 06/30/28<sup>(d)</sup><br>|  | 385 | &nbsp;&nbsp; 381753 |
| &nbsp;&nbsp;&nbsp; Topsail Debtco LLC, Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 5.75%), 9.42%, 12/27/30<sup>(d)</sup><br>|  | 95 | &nbsp;&nbsp; 94240 |
| &nbsp;&nbsp;&nbsp; TouchTunes Music Group LLC, 2024 Incremental Term <br> Loan, (3-mo. CME Term SOFR + 4.75%), 8.42%, <br> 04/02/29<br>|  | 3554 | &nbsp;&nbsp; 3451426 |
| TTF Holdings LLC, 2024 Term Loan, 07/18/31<sup>(o)</sup> |  | 487 | &nbsp;&nbsp; 390550 |
| &nbsp;&nbsp;&nbsp; Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br> 12/17/28<br>|  | 45 | &nbsp;&nbsp; 5375 |
|  |  |  | &nbsp;&nbsp; 17314806 |
| **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** |
| &nbsp;&nbsp;&nbsp; Arcfield Acquisition Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 5.00%), 8.84%, <br> 10/28/31<br>|  | 1764 | &nbsp;&nbsp; 1754657 |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.35%, 08/01/30<br>|  | 1436 | &nbsp;&nbsp; 1305562 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| Lighthouse Parent Holdings, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 4.75%), 8.51%, 12/22/31<br>| USD | 11 | &nbsp;&nbsp; $10651  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.75%), 8.65%, 12/22/31<br>|  | 59 | &nbsp;&nbsp; 58961 |
| LJ Avalon Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.34%, 02/01/30<br>|  | 781 | &nbsp;&nbsp; 780810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 3rd Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.29%, 02/01/30<br>|  | 83 | &nbsp;&nbsp; 82827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 4.50%), 8.27%, 02/01/30<br>|  | 107 | &nbsp;&nbsp; 107403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 4.50%), 8.46%, 02/01/30<br>|  | 279 | &nbsp;&nbsp; 278950 |
| &nbsp;&nbsp;&nbsp; RBS Buyer, Inc., Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 5.00%), 8.84%, 07/31/31<sup>(d)</sup><br>|  | 2040 | &nbsp;&nbsp; 2060400 |
| &nbsp;&nbsp;&nbsp; Saber Parent Holdings Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.50%), 11.00%, <br> 12/16/32<br>|  | 2467 | &nbsp;&nbsp; 2454795 |
| &nbsp;&nbsp;&nbsp; Titan Home Improvement LLC, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 4.75%), 8.57%, <br> 05/31/30<sup>(d)</sup><br>|  | 3674 | &nbsp;&nbsp; 3711163 |
|  |  |  | &nbsp;&nbsp; 12606179 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| &nbsp;&nbsp;&nbsp; Kellermeyer Bergensons Services LLC, 2023 6th <br> Amendment Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 1.00% and 7.00% PIK), 11.99%, <br> 11/06/28<sup>(d)(e)(h)(l)</sup><br>|  | 175 | &nbsp;&nbsp; 62307 |
| **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** | **Consumer Discretionary — 0.7%** |
| &nbsp;&nbsp;&nbsp; Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br> 11/19/31<br>|  | 1349 | &nbsp;&nbsp; 1352633 |
| Razor Group GmbH<sup>(d)(e)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 Tranche Term Loan 2 A, 0.00%, 12/20/29 |  | 219 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 2025 Tranche Term Loan 2 B, 0.00%, 12/20/29 |  | 96 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; 2025 Tranche Term Loan 3 B, 0.00%, 12/20/29 |  | 1457 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Sellerx, 2024 Revolver, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.00%), 8.91%, 10/28/26<sup>(d)</sup><br>|  | 130 | &nbsp;&nbsp; 130344 |
| &nbsp;&nbsp;&nbsp; Shutterfly, Inc., 2023 2nd Lien PIK Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.00%), 8.82%, <br> 10/01/27<sup>(h)</sup><br>|  | 1696 | &nbsp;&nbsp; 1612619 |
| &nbsp;&nbsp;&nbsp; Supergoop LLC, Revolver, (1-mo. CME Term SOFR + <br> 5.75%), 9.58%, 12/29/27<sup>(d)</sup><br>|  | 212 | &nbsp;&nbsp; 202016 |
| &nbsp;&nbsp;&nbsp; TruGreen LP, 2020 Term Loan, (3-mo. CME Term <br> SOFR + 4.00%), 7.77%, 11/02/27<br>|  | 941 | &nbsp;&nbsp; 919672 |
|  |  |  | &nbsp;&nbsp; 4217284 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp; Barri Financial Group LLC, 2022 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 8.25%), 12.07%, <br> 12/14/27<sup>(d)</sup><br>|  | 386 | &nbsp;&nbsp; 370737 |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, 2025 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 5.67%, 01/31/31<br>|  | 205 | &nbsp;&nbsp; 205088 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| &nbsp;&nbsp;&nbsp; Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.67%, 04/01/32<br>| USD | 750 | &nbsp;&nbsp; $751875  |
| Trans Union LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 56 | &nbsp;&nbsp; 56378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 132 | &nbsp;&nbsp; 131741 |
|  |  |  | &nbsp;&nbsp; 1515819 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Boots Group Finco LP, USD Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br> 08/30/32<br>|  | 60 | &nbsp;&nbsp; 60275 |
| Pye-Barker Fire & Safety LLC |  |  |  |
| &nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, 12/16/32<sup>(o)</sup> |  | 119 | &nbsp;&nbsp; 119860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.27%, 12/16/32<br>|  | 798 | &nbsp;&nbsp; 802137 |
|  |  |  | &nbsp;&nbsp; 982272 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| &nbsp;&nbsp;&nbsp; Brook & Whittle Holding Corp., 2025 Term Loan C, <br> (3-mo. CME Term SOFR at 1.00% Floor +9.25%), <br> 13.09%, 03/14/29<sup>(d)(e)(l)</sup><br>|  | 3264 | &nbsp;&nbsp; 437315 |
| &nbsp;&nbsp;&nbsp; Iris Holding, Inc., Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 4.75%), 8.69%, 06/28/28<br>|  | 1490 | &nbsp;&nbsp; 1442359 |
| &nbsp;&nbsp;&nbsp; Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. <br> CME Term SOFR + 4.00%), 7.90%, 09/15/28<br>|  | 1463 | &nbsp;&nbsp; 1464309 |
|  |  |  | &nbsp;&nbsp; 3343983 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| &nbsp;&nbsp;&nbsp; PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR + 4.01%), 7.83%, 10/28/27<br>|  | 938 | &nbsp;&nbsp; 815613 |
| **Diversified Consumer Services**<sup>(d)</sup> **— 0.9%** | **Diversified Consumer Services**<sup>(d)</sup> **— 0.9%** | **Diversified Consumer Services**<sup>(d)</sup> **— 0.9%** | **Diversified Consumer Services**<sup>(d)</sup> **— 0.9%** |
| &nbsp;&nbsp;&nbsp; Express Wash Acquisition Co. LLC, 2025 Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), <br> 10.18%, 04/10/31<br>|  | 4710 | &nbsp;&nbsp; 4404248 |
| &nbsp;&nbsp;&nbsp; Pluralsight, Inc., 2024 Second Priority Term Loan B, <br> (3-mo. CME Term SOFR at 1.00% Floor + 7.50%), <br> 11.32%, 08/22/29<br>|  | 730 | &nbsp;&nbsp; 317587 |
| &nbsp;&nbsp;&nbsp; TL Voltron Purchaser LLC, Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.09%, <br> 12/31/30<br>|  | 80 | &nbsp;&nbsp; 79021 |
|  |  |  | &nbsp;&nbsp; 4800856 |
| **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
| &nbsp;&nbsp;&nbsp; Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 8.50%, 01/31/26<sup>(d)</sup><br>|  | 79 | &nbsp;&nbsp; 77783 |
| Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.18%, 04/16/29<br>|  | 50 | &nbsp;&nbsp; 50124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.18%, 04/15/30<br>|  | 66 | &nbsp;&nbsp; 65846 |
|  |  |  | &nbsp;&nbsp; 193753 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| MRP Buyer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 6.92%, 06/04/32<br>| USD | 101 | &nbsp;&nbsp; $99830  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.00% Floor <br> + 3.25%), 6.92%, 06/04/32<br>|  | 1312 | &nbsp;&nbsp; 1300488 |
|  |  |  | &nbsp;&nbsp; 1400318 |
| **Electrical Equipment**<sup>(d)</sup> **— 0.0%** | **Electrical Equipment**<sup>(d)</sup> **— 0.0%** | **Electrical Equipment**<sup>(d)</sup> **— 0.0%** | **Electrical Equipment**<sup>(d)</sup> **— 0.0%** |
| Sparkstone Electrical Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 5.25%), 9.03%, <br> 10/15/31<br>|  | 4 | &nbsp;&nbsp; 3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 5.25%), <br> 9.13%, 10/15/31<br>|  | 55 | &nbsp;&nbsp; 45156 |
|  |  |  | &nbsp;&nbsp; 48258 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| &nbsp;&nbsp;&nbsp; Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, <br> 09/30/32<br>|  | 12 | &nbsp;&nbsp; 12045 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, <br> 07/31/31<br>|  | 1471 | &nbsp;&nbsp; 1443891 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp; Streamland Media Midco LLC, 2025 2nd Amendment <br> First Out Delayed Draw TL, (3-mo. CME Term SOFR <br> at 1.00% Floor + 4.50%), 8.43%, 04/02/29<sup>(d)</sup><br>|  | 2 | &nbsp;&nbsp; 2504 |
| **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** |
| &nbsp;&nbsp;&nbsp; Filtration Group Corp., 2025 USD Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br> 10/21/28<br>|  | 148 | &nbsp;&nbsp; 148504 |
| &nbsp;&nbsp;&nbsp; GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32<br>|  | 120 | &nbsp;&nbsp; 120059 |
|  |  |  | &nbsp;&nbsp; 268563 |
| **Financial Services — 7.6%** | **Financial Services — 7.6%** | **Financial Services — 7.6%** | **Financial Services — 7.6%** |
| &nbsp;&nbsp;&nbsp; 1475 Holdings LLC, Term Loan, (1-mo. CME Term <br> SOFR + 5.25%), 8.97%, 01/18/30<sup>(d)</sup><br>|  | 79 | &nbsp;&nbsp; 78713 |
| &nbsp;&nbsp;&nbsp; Accuserve Solutions, Inc., 2024 Incremental Term <br> Loan, (3-mo. CME Term SOFR + 5.25%), 9.09%, <br> 03/15/30<sup>(d)</sup><br>|  | 594 | &nbsp;&nbsp; 526456 |
| &nbsp;&nbsp;&nbsp; Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.39%, 02/27/32<br>|  | 3069 | &nbsp;&nbsp; 2880485 |
| &nbsp;&nbsp;&nbsp; Beekeeper Buyer, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.25%), 8.92%, 06/30/31<sup>(d)</sup><br>|  | 3009 | &nbsp;&nbsp; 3012075 |
| Foreside Financial<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Delayed Draw Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.25%), <br> 9.08%, 09/30/27<br>|  | 401 | &nbsp;&nbsp; 400612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incremental Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.25%), 9.22%, 09/30/27<br>|  | 1930 | &nbsp;&nbsp; 1929657 |
| &nbsp;&nbsp;&nbsp; GC Champion Acquisition LLC, 1st Lien Delayed Draw <br> Term Loan, (6-mo. CME Term SOFR at 1.00% Floor <br> + 5.00%), 9.22%, 08/21/28<sup>(d)</sup><br>|  | 47 | &nbsp;&nbsp; 47029 |
| &nbsp;&nbsp;&nbsp; GC Waves Holdings, Inc., 2024 Replacing Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), <br> 8.22%, 10/04/30<sup>(d)</sup><br>|  | 3838 | &nbsp;&nbsp; 3876785 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Lucky U.S. Buyerco LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 7.50%), 11.22%, 03/29/29<br>| USD | 10 | &nbsp;&nbsp; $9934  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 1.00% <br> Floor + 7.50%), 11.22%, 03/29/29<br>|  | 85 | &nbsp;&nbsp; 83311 |
| Nxgen Buyer, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 11th Amendment Incremental Term Loan, (1-<br> mo. CME Term SOFR at 1.00% Floor + 4.75%), <br> 8.47%, 11/01/27<br>|  | 3806 | &nbsp;&nbsp; 3798405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 12th Amendment Incremental Term Loan, (1-<br> mo. CME Term SOFR at 1.00% Floor + 4.75%), <br> 8.47%, 11/01/27<br>|  | 273 | &nbsp;&nbsp; 272708 |
| &nbsp;&nbsp;&nbsp; Oak Funding LLC, Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 4.50%), 8.29%, 12/02/32<br>|  | 6085 | &nbsp;&nbsp; 6027826 |
| &nbsp;&nbsp;&nbsp; Oak Purchaser, Inc., 2024 Delayed Draw Term Loan, <br> (6-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.37%, 05/31/28<sup>(d)</sup><br>|  | 64 | &nbsp;&nbsp; 63547 |
| &nbsp;&nbsp;&nbsp; Oasis Financial LLC, 2nd Lien Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 8.50%), 12.33%, <br> 07/05/26<sup>(d)</sup><br>|  | 833 | &nbsp;&nbsp; 841667 |
| &nbsp;&nbsp;&nbsp; Orion US Finco Inc., 2nd Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.50%), 9.43%, <br> 10/10/33<br>|  | 1472 | &nbsp;&nbsp; 1479339 |
| &nbsp;&nbsp;&nbsp; PMA Parent Holdings LLC, Term Loan, (3-mo. CME <br> Term SOFR + 4.75%), 8.42%, 01/31/31<sup>(d)</sup><br>|  | 87 | &nbsp;&nbsp; 86344 |
| &nbsp;&nbsp;&nbsp; PREIT Associates LP, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 7.00%), 10.77%, <br> 04/01/29<br>|  | 3627 | &nbsp;&nbsp; 3669917 |
| &nbsp;&nbsp;&nbsp; SitusAMC Holdings Corp., 2025 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.75% Floor + <br> 5.50%), 9.17%, 05/14/31<sup>(d)</sup><br>|  | 4925 | &nbsp;&nbsp; 4959312 |
| Smarsh, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Repriced Revolver, (3-mo. CME Term SOFR at <br> 0.75% Floor + 4.75%), 8.43%, 02/16/29<br>|  | 37 | &nbsp;&nbsp; 36358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.75%), 8.42%, 02/16/29<br>|  | 1714 | &nbsp;&nbsp; 1692514 |
| Wealth Enhancement Group LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 August Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 4.50%), 8.49%, <br> 10/02/28<br>|  | 1164 | &nbsp;&nbsp; 1159072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 11th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.49%, 10/02/28<br>|  | 3505 | &nbsp;&nbsp; 3489042 |
| &nbsp;&nbsp;&nbsp; Wharf Street Ratings Acquisition LLC, 2025 Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), <br> 8.47%, 09/16/32<sup>(d)</sup><br>|  | 2126 | &nbsp;&nbsp; 2111371 |
|  |  |  | &nbsp;&nbsp; 42532479 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. <br> CME Term SOFR at 2.00% Floor + 6.50%), 10.34%, <br> 03/29/30<br>|  | 11 | &nbsp;&nbsp; 10898 |
| &nbsp;&nbsp;&nbsp; JP Intermediate B LLC, 2025 Term Loan (2030), (3-mo. <br> CME Term SOFR at 1.00% Floor + 7.00%), 10.67%, <br> 09/30/30<sup>(d)</sup><br>|  | 161 | &nbsp;&nbsp; 161114 |
| &nbsp;&nbsp;&nbsp; PFI Lower Midco LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.87%, 12/01/32<br>|  | 685 | &nbsp;&nbsp; 689795 |
|  |  |  | &nbsp;&nbsp; 861807 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ground Transportation**<sup>(d)</sup> **— 0.9%** | **Ground Transportation**<sup>(d)</sup> **— 0.9%** | **Ground Transportation**<sup>(d)</sup> **— 0.9%** | **Ground Transportation**<sup>(d)</sup> **— 0.9%** |
| Keep Truckin, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 7.25%), 11.08%, 04/08/27<br>| USD | 500 | &nbsp;&nbsp; $504000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 7.25%), 11.08%, 04/08/27<br>|  | 988 | &nbsp;&nbsp; 995998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan 2, (1-mo. CME Term <br> SOFR at 1.00% Floor + 7.25%), 11.08%, <br> 04/08/27<br>|  | 1512 | &nbsp;&nbsp; 1524002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 7.25%), 11.08%, 04/08/27<br>|  | 2000 | &nbsp;&nbsp; 2016000 |
|  |  |  | &nbsp;&nbsp; 5040000 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| &nbsp;&nbsp;&nbsp; Agiliti Health, Inc., 2023 Term Loan, (6-mo. CME Term <br> SOFR + 3.00%), 6.86%, 05/01/30<br>|  | 1388 | &nbsp;&nbsp; 1356481 |
| Bausch & Lomb Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 1430 | &nbsp;&nbsp; 1430262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 7.97%, 01/15/31<br>|  | 1375 | &nbsp;&nbsp; 1386845 |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corporation, 2025 Repriced Term <br> Loan, (1-mo. CME Term SOFR + 3.75%), 7.51%, <br> 01/15/31<br>|  | 5459 | &nbsp;&nbsp; 5507607 |
| Birdie Bidco, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.50%), 8.17%, 11/17/32<br>|  | 56 | &nbsp;&nbsp; 56118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.50%), 8.17%, 11/17/32<br>|  | 2787 | &nbsp;&nbsp; 2773406 |
|  |  |  | &nbsp;&nbsp; 12510719 |
| **Health Care Providers & Services — 6.3%** | **Health Care Providers & Services — 6.3%** | **Health Care Providers & Services — 6.3%** | **Health Care Providers & Services — 6.3%** |
| ADMI Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Incremental Term Loan B3, (1-mo. CME Term <br> SOFR + 3.75%), 7.58%, 12/23/27<br>|  | 1474 | &nbsp;&nbsp; 1394073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Term Loan B5, (1-mo. CME Term SOFR + <br> 5.75%), 9.47%, 12/23/27<br>|  | 2386 | &nbsp;&nbsp; 2280257 |
| BW NHHC Holdco, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 1st Lien Second Out Term Loan, (3-mo. CME <br> Term SOFR at 2.00% Floor + 12.20%), 15.87%, <br> 01/15/26<br>|  | 4444 | &nbsp;&nbsp; 4310970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 2nd Lien Third Out Term Loan, (3-mo. CME <br> Term SOFR + 12.00%), 15.87%, 11/15/26<sup>(d)</sup><br>|  | 2176 | &nbsp;&nbsp; 169710 |
| &nbsp;&nbsp;&nbsp; CareRing Health LLC, Delayed Draw Term Loan, (3-<br> mo. CME Term SOFR at 0.75% Floor + 6.00%), <br> 9.82%, 05/04/28<sup>(d)</sup><br>|  | 665 | &nbsp;&nbsp; 652439 |
| CBI-Gator Acquisition LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.50%), 10.47%, 10/25/27<br>|  | 235 | &nbsp;&nbsp; 222734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 6.50%), <br> 9.72%, 10/25/27<br>|  | 2811 | &nbsp;&nbsp; 2664887 |
| &nbsp;&nbsp;&nbsp; EyeCare Partners LLC, 2024 Third Out Term Loan C, <br> 0.00%, 11/30/28<sup>(e)(l)</sup><br>|  | 7 | &nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp; Ivyrehab Intermediate II LLC, 2024 2nd Amendment <br> Tranche A Delayed Draw Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.25%), 9.15%, <br> 04/23/29<sup>(d)</sup><br>|  | 99 | &nbsp;&nbsp; 99448 |
| &nbsp;&nbsp;&nbsp; IvyRehab Intermediate II LLC, 2025 Incremental <br> Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 5.00%), 8.98%, 04/23/29<sup>(d)</sup><br>|  | 1479 | &nbsp;&nbsp; 1470161 |
| &nbsp;&nbsp;&nbsp; Lumexa Imaging, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 6.98%, 12/13/32<br>|  | 1665 | &nbsp;&nbsp; 1672577 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Medical Solutions Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 1st Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.60%), 7.44%, 11/01/28<br>| USD | — <br><sup>(n)</sup><br>| &nbsp;&nbsp; $13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 7.10%), 10.94%, 11/01/29<br>|  | 80 | &nbsp;&nbsp; 16240 |
| &nbsp;&nbsp;&nbsp; MRO Parent Corp., Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 4.50%), 8.22%, 06/09/32<sup>(d)</sup><br>|  | 4259 | &nbsp;&nbsp; 4233704 |
| &nbsp;&nbsp;&nbsp; Patriot Home Care, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 6.00%), 9.82%, 05/05/28<sup>(d)</sup><br>|  | 2868 | &nbsp;&nbsp; 2812518 |
| &nbsp;&nbsp;&nbsp; Precision Medicine Group LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.17%, 08/20/32<br>|  | 1144 | &nbsp;&nbsp; 1149580 |
| PTSH Intermediate Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 5.50%), 9.32%, 12/17/27<br>|  | 464 | &nbsp;&nbsp; 463966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 5.50%), 9.32%, 12/17/27<br>|  | 2438 | &nbsp;&nbsp; 2437895 |
| &nbsp;&nbsp;&nbsp; Quorum Health Corp., 2020 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.60% and 4.00% <br> PIK), 14.53%, 01/28/28<sup>(h)</sup><br>|  | 3764 | &nbsp;&nbsp; 2681816 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 1427 | &nbsp;&nbsp; 1427722 |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br> 06/30/28<br>|  | 1449 | &nbsp;&nbsp; 1452829 |
| &nbsp;&nbsp;&nbsp; Team Public Choices LLC, Second Lien Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 9.00%), <br> 13.10%, 12/18/28<sup>(d)</sup><br>|  | 2265 | &nbsp;&nbsp; 2253309 |
| &nbsp;&nbsp;&nbsp; WCG Intermediate Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 1.00% Floor + 3.00%), 6.72%, <br> 02/25/32<br>|  | 1472 | &nbsp;&nbsp; 1474490 |
|  |  |  | &nbsp;&nbsp; 35342510 |
| **Health Care Technology**<sup>(d)</sup> **— 1.0%** | **Health Care Technology**<sup>(d)</sup> **— 1.0%** | **Health Care Technology**<sup>(d)</sup> **— 1.0%** | **Health Care Technology**<sup>(d)</sup> **— 1.0%** |
| &nbsp;&nbsp;&nbsp; Appriss Health LLC, Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 4.75%), 8.57%, 05/06/27<br>|  | 691 | &nbsp;&nbsp; 696902 |
| ESO Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.75%), 10.58%, <br> 05/03/27<br>|  | 964 | &nbsp;&nbsp; 960813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.75%), 10.54%, 05/03/27<br>|  | 273 | &nbsp;&nbsp; 272493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 6.75%), 10.58%, 05/03/27<br>|  | 3696 | &nbsp;&nbsp; 3685230 |
|  |  |  | &nbsp;&nbsp; 5615438 |
| **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** | **Hotels, Restaurants & Leisure — 4.3%** |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 1.61% and 6.00% <br> PIK), 11.35%, 03/11/30<sup>(h)</sup><br>|  | 10 | &nbsp;&nbsp; 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 First Out Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 5.61%), 9.35%, 03/11/30<br>|  | 11 | &nbsp;&nbsp; 10805 |
| &nbsp;&nbsp;&nbsp; EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32<br>|  | 168 | &nbsp;&nbsp; 168902 |
| &nbsp;&nbsp;&nbsp; Great Canadian Gaming Corp., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.44%, 11/01/29<br>|  | 41 | &nbsp;&nbsp; 40261 |
| Gympass<sup>(d)(h)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 2nd Amendment Delayed Draw Term Loan, <br> (1-mo. CME Term SOFR at 1.50% Floor + 3.25% <br> and 3.25% PIK), 10.34%, 08/29/29<br>|  | 4903 | &nbsp;&nbsp; 4952590 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Gympass<sup>(d)(h)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 3.25% and 3.25% PIK), 10.34%, 07/08/27<br>| USD | 285 | &nbsp;&nbsp; $287762  |
| &nbsp;&nbsp;&nbsp; Herschend Entertainment Co. LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.97%, 05/27/32<br>|  | 1423 | &nbsp;&nbsp; 1431773 |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 7.92%, <br> 08/01/30<br>|  | 25 | &nbsp;&nbsp; 23003 |
| &nbsp;&nbsp;&nbsp; Oravel Stays Singapore Pte. Ltd., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 1.00% Floor + 8.00%), <br> 11.67%, 01/08/30<br>|  | 5007 | &nbsp;&nbsp; 5124344 |
| &nbsp;&nbsp;&nbsp; Peninsula Pacific Entertainment LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.42%, 10/01/32<sup>(d)</sup><br>|  | 1194 | &nbsp;&nbsp; 1196879 |
| &nbsp;&nbsp;&nbsp; SGH2 LLC, 2025 USD Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.28%, 08/18/32<br>|  | 1474 | &nbsp;&nbsp; 1477583 |
| &nbsp;&nbsp;&nbsp; Showtime Acquisition LLC, 2024 1st Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 8.63%, 08/16/31<sup>(d)</sup><br>|  | 4944 | &nbsp;&nbsp; 4901758 |
| &nbsp;&nbsp;&nbsp; Stonebridge Cos. LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 8.72%, 05/16/31<sup>(d)</sup><br>|  | 3250 | &nbsp;&nbsp; 3250163 |
| &nbsp;&nbsp;&nbsp; Voyager Parent LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32<br>|  | 1409 | &nbsp;&nbsp; 1407905 |
|  |  |  | &nbsp;&nbsp; 24283710 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| &nbsp;&nbsp;&nbsp; SWF Holdings I Corp., 2024 First Lien Second Out TL <br> A2, (1-mo. CME Term SOFR at 1.00% Floor + <br> 4.00%), 7.83%, 10/06/28<br>|  | 591 | &nbsp;&nbsp; 384927 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| &nbsp;&nbsp;&nbsp; Forgent Intermediate IV LLC, Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 6.94%, <br> 12/20/32<sup>(d)</sup><br>|  | 1264 | &nbsp;&nbsp; 1254866 |
| &nbsp;&nbsp;&nbsp; Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-<br> mo. CME Term SOFR + 7.50%), 11.43%, 12/31/29<br>|  | 27 | &nbsp;&nbsp; 21725 |
|  |  |  | &nbsp;&nbsp; 1276591 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| Acrisure LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B6, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 6.72%, 11/06/30<br>|  | 1470 | &nbsp;&nbsp; 1467146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 6.97%, 06/21/32<br>|  | 1470 | &nbsp;&nbsp; 1469157 |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.22%, 09/19/31<br>|  | 1500 | &nbsp;&nbsp; 1502970 |
| &nbsp;&nbsp;&nbsp; Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.48%, 02/15/31<br>|  | 112 | &nbsp;&nbsp; 111829 |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance Holdings LLC, 2025 Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.75%, 01/08/32<sup>(d)</sup><br>|  | 300 | &nbsp;&nbsp; 301288 |
| &nbsp;&nbsp;&nbsp; HIG Operations Holdings, Inc., 2025 6th Amendment <br> Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 4.50%), 8.22%, 06/11/31<br>|  | 4249 | &nbsp;&nbsp; 4248616 |
| &nbsp;&nbsp;&nbsp; Hyperion Insurance Group Ltd., 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 6.49%, 04/18/30<br>|  | 1463 | &nbsp;&nbsp; 1465299 |
| IT Parent LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.50%), 9.42%, 10/01/26<br>|  | 304 | &nbsp;&nbsp; 305871 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| IT Parent LLC<sup>(d)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 5.50%), 9.41%, <br> 10/01/26<br>| USD | 287 | &nbsp;&nbsp; $286894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.50%), 9.42%, 10/01/26<br>|  | 2385 | &nbsp;&nbsp; 2399119 |
| &nbsp;&nbsp;&nbsp; Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 6.59%, 03/15/30<br>|  | 1421 | &nbsp;&nbsp; 1421452 |
| &nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, 2025 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 6.72%, 07/02/31<br>|  | 1456 | &nbsp;&nbsp; 1457713 |
| &nbsp;&nbsp;&nbsp; Sedgwick Claims Management Services, Inc., <br> 2023 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.22%, 07/31/31<br>|  | 1496 | &nbsp;&nbsp; 1500610 |
| Truist Insurance Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 6.42%, 05/06/31<br>|  | 204 | &nbsp;&nbsp; 204578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 8.42%, 05/06/32<br>|  | 34 | &nbsp;&nbsp; 34049 |
|  |  |  | &nbsp;&nbsp; 18176591 |
| **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** | **Interactive Media & Services — 1.4%** |
| &nbsp;&nbsp;&nbsp; Delivery Hero Finco LLC, 2024 USD Term Loan B, (3-<br> mo. CME Term SOFR + 5.00%), 8.84%, 12/12/29<br>|  | 4024 | &nbsp;&nbsp; 4029867 |
| Kid Distro Holdings LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Incremental Term Loan, (6-mo. CME Term <br> SOFR at 1.00% Floor + 4.75%), 9.20%, 10/01/29<br>|  | 353 | &nbsp;&nbsp; 350126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 1.00% Floor <br> + 4.75%), 9.20%, 10/01/29<br>|  | 3246 | &nbsp;&nbsp; 3216283 |
|  |  |  | &nbsp;&nbsp; 7596276 |
| **Internet Software & Services — 0.5%** | **Internet Software & Services — 0.5%** | **Internet Software & Services — 0.5%** | **Internet Software & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br> 08/31/28<br>|  | 2774 | &nbsp;&nbsp; 2785313 |
| **IT Services — 5.8%** | **IT Services — 5.8%** | **IT Services — 5.8%** | **IT Services — 5.8%** |
| Acquia, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.50%), 9.61%, 10/30/26<br>|  | 36 | &nbsp;&nbsp; 35699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.50%), 9.59%, 10/30/26<br>|  | 481 | &nbsp;&nbsp; 477535 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br> 09/29/31<br>|  | 61 | &nbsp;&nbsp; 61503 |
| &nbsp;&nbsp;&nbsp; Applause App Quality, Inc., 2024 7th Amendment <br> Refinancing Term Loan, (3-mo. CME Term SOFR at <br> 1.50% Floor + 5.75%), 9.43%, 10/24/29<sup>(d)</sup><br>|  | 81 | &nbsp;&nbsp; 80485 |
| &nbsp;&nbsp;&nbsp; Avalara, Inc., 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 6.42%, 03/26/32<br>|  | 46 | &nbsp;&nbsp; 46036 |
| &nbsp;&nbsp;&nbsp; Aventiv Technologies LLC, 2025 5th Amendment <br> Incremental Bridge Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 10.00%), 14.16%, 03/25/26<br>|  | 3000 | &nbsp;&nbsp; 3137490 |
| Bynder Holding BV<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan Tranche A, (3-mo. CME Term SOFR at <br> 1.00% Floor + 6.00%), 9.86%, 01/26/29<br>|  | 15 | &nbsp;&nbsp; 15018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan Tranche B, (3-mo. CME Term SOFR at <br> -5.00% Floor + 6.00%), 9.86%, 01/26/29<br>|  | 54 | &nbsp;&nbsp; 54439 |
| &nbsp;&nbsp;&nbsp; CivicPlus LLC, 2025 Refinancing Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 6.50%), 9.82%, <br> 08/23/30<sup>(d)</sup><br>|  | 1852 | &nbsp;&nbsp; 1838486 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp; Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31<br>| USD | 180 | &nbsp;&nbsp; $179490  |
| &nbsp;&nbsp;&nbsp; Elastic Path Software, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.70%, <br> 01/06/27<sup>(d)</sup><br>|  | 1342 | &nbsp;&nbsp; 1250456 |
| &nbsp;&nbsp;&nbsp; Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br> 09/15/32<br>|  | 195 | &nbsp;&nbsp; 190613 |
| G-3 Apollo Acquisition Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 5.00%), 8.71%, 03/10/31<br>|  | 1 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.00%), 8.74%, 03/10/31<br>|  | 66 | &nbsp;&nbsp; 66267 |
| &nbsp;&nbsp;&nbsp; Honey Intermediate, Inc., Term Loan, (1-mo. CME Term <br> SOFR + 2.88% and 3.38% PIK), 9.97%, <br> 09/30/31<sup>(d)(h)</sup><br>|  | 92 | &nbsp;&nbsp; 90619 |
| &nbsp;&nbsp;&nbsp; Huckabee Acquisition LLC, Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.25%), 8.92%, <br> 01/16/30<sup>(d)</sup><br>|  | 73 | &nbsp;&nbsp; 72895 |
| Integratecom, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 6.75%), 10.57%, 12/15/27<br>|  | 103 | &nbsp;&nbsp; 97905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.75%), 10.59%, 12/15/27<br>|  | 135 | &nbsp;&nbsp; 127440 |
| &nbsp;&nbsp;&nbsp; Intercept Bidco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.00%), 9.77%, 06/03/30<sup>(d)</sup><br>|  | 3611 | &nbsp;&nbsp; 3567778 |
| Lightspeed Solution LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment Incremental Term Loan, (1-<br> mo. CME Term SOFR at 0.75% Floor + 6.00%), <br> 9.72%, 03/01/28<br>|  | 92 | &nbsp;&nbsp; 91211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 6.00%), 9.72%, 03/01/28<br>|  | 28 | &nbsp;&nbsp; 27346 |
| &nbsp;&nbsp;&nbsp; LogicMonitor, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.50%), 9.34%, 11/19/31<sup>(d)</sup><br>|  | 200 | &nbsp;&nbsp; 197843 |
| &nbsp;&nbsp;&nbsp; Madison Logic Holdings, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 7.50%), 10.82%, 12/30/28<sup>(d)</sup><br>|  | 89 | &nbsp;&nbsp; 77322 |
| Magenta Security Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 6.75%), 10.85%, 07/27/28<br>|  | 19 | &nbsp;&nbsp; 14047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%), 11.10%, <br> 07/27/28<br>|  | 19 | &nbsp;&nbsp; 7980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Super Priority Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.25%), 10.09%, <br> 07/27/28<br>|  | 4069 | &nbsp;&nbsp; 4060992 |
| &nbsp;&nbsp;&nbsp; 2024 Third Out Term Loan, 0.00%, 07/27/28<sup>(e)(l)</sup> |  | 42 | &nbsp;&nbsp; 9197 |
| &nbsp;&nbsp;&nbsp; Oak Purchaser, Inc., Revolver, (Prime at 0.75% Floor + <br> 4.50%), 11.25%, 05/31/28<sup>(d)</sup><br>|  | 19 | &nbsp;&nbsp; 19189 |
| &nbsp;&nbsp;&nbsp; Peraton Corp., Term Loan B, (3-mo. CME Term SOFR <br> at 0.75% Floor + 3.85%), 7.69%, 02/01/28<br>|  | 89 | &nbsp;&nbsp; 82093 |
| &nbsp;&nbsp;&nbsp; Persado, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 1.80% Floor + 7.50%), 11.37%, 06/10/27<sup>(d)</sup><br>|  | 87 | &nbsp;&nbsp; 94675 |
| &nbsp;&nbsp;&nbsp; Ping Identity Corporation, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.62%, <br> 11/15/32<br>|  | 610 | &nbsp;&nbsp; 610837 |
| &nbsp;&nbsp;&nbsp; Pluralsight, Inc., 2024 First Priority Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 3.00% and <br> 1.50% PIK), 8.32%, 08/22/29<sup>(d)(h)</sup><br>|  | 424 | &nbsp;&nbsp; 423941 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| &nbsp;&nbsp;&nbsp; Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 7.85%, <br> 06/02/28<br>| USD | 1449 | &nbsp;&nbsp; $1394927  |
| &nbsp;&nbsp;&nbsp; Project Alpha Intermediate Holding, Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 6.92%, 10/26/30<br>|  | 1430 | &nbsp;&nbsp; 1426526 |
| &nbsp;&nbsp;&nbsp; Research Now Group LLC, 2024 First Lien Second Out <br> Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 5.50%), 9.64%, 10/15/28<br>|  | 5693 | &nbsp;&nbsp; 3451470 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc., 2023 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 7.47%, <br> 11/28/28<br>|  | 1469 | &nbsp;&nbsp; 1468078 |
| &nbsp;&nbsp;&nbsp; Serrano Parent LLC, Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.50%), 10.36%, 05/13/30<sup>(d)</sup><br>|  | 90 | &nbsp;&nbsp; 84600 |
| &nbsp;&nbsp;&nbsp; SMX Group LLC, Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 4.50%), 8.22%, 02/06/32<br>|  | 2450 | &nbsp;&nbsp; 2415515 |
| &nbsp;&nbsp;&nbsp; SonicWall U.S. Holdings, Inc., 2023 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 5.00%), 8.67%, <br> 05/18/28<br>|  | 217 | &nbsp;&nbsp; 138368 |
| Suited Connector LLC<sup>(d)(e)(l)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR at 1.00% Floor + <br> 6.00%), 10.04%, 12/01/27<br>|  | 429 | &nbsp;&nbsp; 135593 |
| &nbsp;&nbsp;&nbsp; Term Loan, 0.00%, 12/01/27 |  | 2790 | &nbsp;&nbsp; 881796 |
| &nbsp;&nbsp;&nbsp; Tempo Acquisition LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 5.47%, 08/31/28<br>|  | 49 | &nbsp;&nbsp; 46877 |
| Trading Tech International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> + 4.25%), 7.96%, 11/04/32<br>|  | 911 | &nbsp;&nbsp; 909494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 4.25%), <br> 8.14%, 11/04/32<sup>(d)</sup><br>|  | 2732 | &nbsp;&nbsp; 2728482 |
| &nbsp;&nbsp;&nbsp; X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 6.75%), 10.45%, 10/26/29<br>|  | 144 | &nbsp;&nbsp; 141253 |
|  |  |  | &nbsp;&nbsp; 32331233 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; GSM Holdings, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.00%), 8.67%, <br> 09/30/31<br>|  | 1477 | &nbsp;&nbsp; 1458511 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Sonny's Enterprises LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 Restatement Date Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 5.50%), 9.52%, <br> 08/05/28<br>|  | 3757 | &nbsp;&nbsp; 3614489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 1.00% Floor + 5.50%), <br> 9.49%, 08/05/28<br>|  | 93 | &nbsp;&nbsp; 89232 |
| &nbsp;&nbsp;&nbsp; SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 6.47%, 04/05/29<br>|  | 134 | &nbsp;&nbsp; 134227 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br> 6.95%, 04/30/30<br>|  | 1344 | &nbsp;&nbsp; 1352062 |
|  |  |  | &nbsp;&nbsp; 5190010 |
| **Media — 2.3%** | **Media — 2.3%** | **Media — 2.3%** | **Media — 2.3%** |
| &nbsp;&nbsp;&nbsp; Altice France SA, 2025 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br> 05/31/31<br>|  | 5000 | &nbsp;&nbsp; 4992700 |
| &nbsp;&nbsp;&nbsp; CMG Media Corp., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.60%), 7.27%, 06/18/29<br>|  | 1509 | &nbsp;&nbsp; 1404286 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp; Coral-US Co-Borrower LLC, 2021 Term Loan B6, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 6.86%, 10/15/29<br>| USD | 2842 | &nbsp;&nbsp; $2812695  |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 8.25%, 04/15/27<br>|  | 132 | &nbsp;&nbsp; 115384 |
| MSM Acquisitions, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.00%), 9.82%, 12/09/26<br>|  | 83 | &nbsp;&nbsp; 67291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (3-mo. CME Term SOFR <br> at 1.00% Floor + 6.00%), 9.82%, 12/09/26<br>|  | 358 | &nbsp;&nbsp; 289881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (3-mo. CME Term SOFR + 6.00%), 9.81%, <br> 12/09/26<br>|  | 150 | &nbsp;&nbsp; 121248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 1.00% Floor <br> + 6.00%), 9.82%, 12/09/26<br>|  | 1085 | &nbsp;&nbsp; 879205 |
| &nbsp;&nbsp;&nbsp; NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31<br>|  | 2522 | &nbsp;&nbsp; 2302404 |
| Streamland Media Midco LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment First Out Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.50% and <br> 1.00% PIK), 10.43%, 04/02/29<sup>(h)</sup><br>|  | 31 | &nbsp;&nbsp; 30581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Amendment Last Out Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor +5.76% and <br> 1.00% PIK), 10.43%, 04/02/29<sup>(e)(h)(l)</sup><br>|  | 28 | &nbsp;&nbsp; 20161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Revolver, (3-mo. CME Term SOFR at 1.00% <br> Floor + 4.76%), 8.70%, 04/02/29<br>|  | 4 | &nbsp;&nbsp; 4340 |
| &nbsp;&nbsp;&nbsp; Sunrise Financing Partnership, Term Loan AAA1, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.43%, 02/16/32<br>|  | 25 | &nbsp;&nbsp; 25076 |
|  |  |  | &nbsp;&nbsp; 13065252 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp; Trulite Glass & Aluminum Solutions LLC, Term Loan, <br> (3-mo. CME Term SOFR + 6.00%), 9.98%, <br> 03/01/30<sup>(d)</sup><br>|  | 2846 | &nbsp;&nbsp; 2732143 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| &nbsp;&nbsp;&nbsp; CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 7.67%, 12/30/27<br>|  | 224 | &nbsp;&nbsp; 223457 |
| &nbsp;&nbsp;&nbsp; EG America LLC, 2025 USD Repriced Term Loan, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.32%, 02/07/28<br>|  | 1452 | &nbsp;&nbsp; 1456180 |
| &nbsp;&nbsp;&nbsp; Freeport LNG Investments, LLLP, 2025 Term Loan B, <br> 12/21/28<sup>(o)</sup><br>|  | 1369 | &nbsp;&nbsp; 1373097 |
| &nbsp;&nbsp;&nbsp; M6 ETX Holdings II Midco LLC, 2025 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.20%, 04/01/32<br>|  | 28 | &nbsp;&nbsp; 28167 |
| &nbsp;&nbsp;&nbsp; Par Petroleum LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 6.95%, <br> 02/28/30<br>|  | 1473 | &nbsp;&nbsp; 1476763 |
| &nbsp;&nbsp;&nbsp; Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br> 01/02/31<br>|  | 1442 | &nbsp;&nbsp; 1447015 |
|  |  |  | &nbsp;&nbsp; 6004679 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |
| &nbsp;&nbsp;&nbsp; FSK Pallet Holding Corp., Term Loan, (3-mo. CME <br> Term SOFR + 6.75%), 10.83%, 12/23/26<sup>(d)</sup><br>|  | 93 | &nbsp;&nbsp; 92178 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 8.44%, <br> 08/27/29<br>|  | 1478 | &nbsp;&nbsp; 1412389 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| &nbsp;&nbsp;&nbsp; Advarra Holdings, Inc., 2025 Incremental Term Loan, <br> (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), <br> 8.22%, 09/15/31<sup>(d)</sup><br>| USD | 6079 | &nbsp;&nbsp; $6139873  |
| Alcami Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 7.00%), 10.83%, <br> 12/21/28<br>|  | 5 | &nbsp;&nbsp; 5086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Revolver, (1-mo. CME Term SOFR at 1.00% <br> Floor + 7.00%), 10.83%, 12/21/28<br>|  | 2 | &nbsp;&nbsp; 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, (3-mo. CME Term SOFR at 1.00% <br> Floor + 7.00%), 10.97%, 12/21/28<br>|  | 69 | &nbsp;&nbsp; 69096 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.22%, 08/01/32<br>|  | 1362 | &nbsp;&nbsp; 1371774 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br> 7.47%, 04/23/31<br>|  | 1530 | &nbsp;&nbsp; 1516463 |
| Gainwell Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 8.00%), 12.04%, 10/02/28<sup>(d)</sup><br>|  | 994 | &nbsp;&nbsp; 969255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.10%), 7.77%, 10/01/27<br>|  | 36 | &nbsp;&nbsp; 35728 |
| &nbsp;&nbsp;&nbsp; Pathway Vet Alliance LLC, 2025 Tranche A Term Loan <br> A, (3-mo. CME Term SOFR at 1.00% Floor + 5.00%), <br> 8.84%, 06/30/28<br>|  | 5609 | &nbsp;&nbsp; 5634643 |
|  |  |  | &nbsp;&nbsp; 15743936 |
| **Professional Services — 5.7%** | **Professional Services — 5.7%** | **Professional Services — 5.7%** | **Professional Services — 5.7%** |
| &nbsp;&nbsp;&nbsp; Applause App Quality, Inc., 2024 7th Amendment <br> Refinancing Revolver, (3-mo. CME Term SOFR at <br> 1.50% Floor + 5.75%), 9.69%, 10/24/29<sup>(d)</sup><br>|  | 2 | &nbsp;&nbsp; 1610 |
| Bullhorn, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2019 Revolver, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.00%), 8.72%, 10/01/29<br>|  | 37 | &nbsp;&nbsp; 35944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.00%), 8.72%, 10/01/29<br>|  | 4064 | &nbsp;&nbsp; 4023351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 8th Amendment Delayed Draw Term Loan 1, <br> (1-mo. CME Term SOFR + 5.00%), 8.72%, <br> 10/01/29<br>|  | 544 | &nbsp;&nbsp; 538124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 8th Amendment Delayed Draw Term Loan 2, <br> (1-mo. CME Term SOFR at 1.00% Floor + 5.00%), <br> 8.72%, 10/01/29<br>|  | 63 | &nbsp;&nbsp; 62119 |
| Chronicle Bidco, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 5.00%), 8.88%, 04/15/31<br>|  | 133 | &nbsp;&nbsp; 133003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Term Loan, (3-mo. CME Term SOFR at 1.00% <br> Floor + 5.00%), 8.90%, 04/15/31<br>|  | 5118 | &nbsp;&nbsp; 5123463 |
| &nbsp;&nbsp;&nbsp; Compsych Investments Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 4.75%), 8.61%, <br> 07/22/31<sup>(d)</sup><br>|  | 3283 | &nbsp;&nbsp; 3316055 |
| &nbsp;&nbsp;&nbsp; DTI Holdco, Inc., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 4.00%), 7.72%, 04/26/29<br>|  | 4414 | &nbsp;&nbsp; 4106047 |
| &nbsp;&nbsp;&nbsp; Employ, Inc., Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.50%), 11.37%, 08/07/28<sup>(d)</sup><br>|  | 250 | &nbsp;&nbsp; 233243 |
| &nbsp;&nbsp;&nbsp; Empower Payments Investor LLC, 2025 3rd <br> Amendment Incremental Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.50%), 8.37%, <br> 03/12/31<sup>(d)</sup><br>|  | 4947 | &nbsp;&nbsp; 4897656 |
| HSI Halo Acquisition, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.00%), 8.84%, 06/30/31<br>|  | 205 | &nbsp;&nbsp; 205369 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| HSI Halo Acquisition, Inc.<sup>(d)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% <br> Floor + 5.00%), 8.84%, 06/30/31<br>| USD | 2289 | &nbsp;&nbsp; $2288807  |
| Job & Talent USA, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3rd Incremental Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 6.75%), 7.17%, 10/13/28<br>|  | 2039 | &nbsp;&nbsp; 2075267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 6.75%), 7.17%, 10/13/28<br>|  | 510 | &nbsp;&nbsp; 518817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Initial Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 6.75%), 10.47%, 10/13/28<br>|  | 1529 | &nbsp;&nbsp; 1556450 |
| Security Services Acquisition Sub Corp.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 12th Amendment Term Loan A, (1-mo. CME <br> Term SOFR at 1.00% Floor + 5.75%), 9.57%, <br> 09/30/27<br>|  | 925 | &nbsp;&nbsp; 916903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 1.00% <br> Floor + 5.75%), 9.57%, 09/30/27<br>|  | 1835 | &nbsp;&nbsp; 1818921 |
| &nbsp;&nbsp;&nbsp; Vensure Employer Services, Inc., 2024 Term Loan, <br> (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), <br> 8.70%, 09/29/31<sup>(d)</sup><br>|  | 95 | &nbsp;&nbsp; 93800 |
|  |  |  | &nbsp;&nbsp; 31944949 |
| **Real Estate Management & Development**<sup>(d)</sup> **— 1.0%** | **Real Estate Management & Development**<sup>(d)</sup> **— 1.0%** | **Real Estate Management & Development**<sup>(d)</sup> **— 1.0%** | **Real Estate Management & Development**<sup>(d)</sup> **— 1.0%** |
| Greystone Affordable Housing Initiatives LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan, (1-mo. CME Term SOFR at 1.25% <br> Floor + 6.50%), 10.33%, 03/08/27<br>|  | 1636 | &nbsp;&nbsp; 1623815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (6-mo. CME Term SOFR <br> at 1.25% Floor + 6.00%), 10.63%, 03/02/26<br>|  | 2800 | &nbsp;&nbsp; 2741200 |
| &nbsp;&nbsp;&nbsp; HowlCo LLC, Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.00% and 3.50% PIK), 10.51%, <br> 10/22/27<sup>(h)</sup><br>|  | 1173 | &nbsp;&nbsp; 1152391 |
|  |  |  | &nbsp;&nbsp; 5517406 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Emerald Technologies U.S. Acquisitionco, Inc., <br> Revolver, (3-mo. CME Term SOFR + 6.00%), <br> 10.00%, 12/29/26<sup>(d)</sup><br>|  | 516 | &nbsp;&nbsp; 316250 |
| **Software — 7.9%** | **Software — 7.9%** | **Software — 7.9%** | **Software — 7.9%** |
| &nbsp;&nbsp;&nbsp; Alphasense, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 2.00% Floor + 6.25%), 9.94%, 06/27/29<sup>(d)</sup><br>|  | 4167 | &nbsp;&nbsp; 4151693 |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br> 02/15/29<br>|  | 207 | &nbsp;&nbsp; 207158 |
| &nbsp;&nbsp;&nbsp; BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br> 11/25/31<br>|  | 62 | &nbsp;&nbsp; 61787 |
| &nbsp;&nbsp;&nbsp; Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br> 07/06/29<br>|  | 1523 | &nbsp;&nbsp; 1286514 |
| Clever Devices Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 1.00% Floor + <br> 6.00%), 9.73%, 06/12/30<br>|  | 590 | &nbsp;&nbsp; 582110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br> + 6.00%), 9.72%, 06/12/30<br>|  | 2617 | &nbsp;&nbsp; 2580202 |
| CoreLogic, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 6.61%), 10.33%, 06/04/29<br>|  | 30 | &nbsp;&nbsp; 30174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.61%), 7.33%, 06/02/28<br>|  | 93 | &nbsp;&nbsp; 92688 |
| Dayforce, Inc., 2025 Term Loan, 08/20/32<sup>(o)</sup> |  | 2226 | &nbsp;&nbsp; 2217636 |
| DNAnexus, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 3.00% Floor + 5.25%), 8.98%, 12/18/29<br>|  | 5 | &nbsp;&nbsp; 4990 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| DNAnexus, Inc.<sup>(d)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (1-mo. CME Term SOFR at 3.00% <br> Floor + 5.25%), 8.98%, 12/18/29<br>| USD | 25 | &nbsp;&nbsp; $24950  |
| Docupace Technologies LLC<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan B, (3-mo. CME Term <br> SOFR + 5.75%), 9.44%, 07/15/30<br>|  | 54 | &nbsp;&nbsp; 53080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 5.75%), <br> 9.44%, 07/15/30<br>|  | 2064 | &nbsp;&nbsp; 2034750 |
| &nbsp;&nbsp;&nbsp; Doughlas Holdings, Inc., PIK Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR + 5.75%), 9.44%, <br> 07/15/30<sup>(d)(h)</sup><br>|  | 187 | &nbsp;&nbsp; 184224 |
| &nbsp;&nbsp;&nbsp; Emburse, Inc., Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 4.25%), 7.92%, 05/28/32<sup>(d)</sup><br>|  | 3684 | &nbsp;&nbsp; 3746842 |
| Firstup, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 2 Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.25%), 9.92%, 07/13/27<br>|  | 429 | &nbsp;&nbsp; 426443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR + 6.25%), <br> 9.92%, 07/13/27<br>|  | 4173 | &nbsp;&nbsp; 4148315 |
| &nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.22%, 01/30/32<br>|  | 1203 | &nbsp;&nbsp; 1199566 |
| &nbsp;&nbsp;&nbsp; Integratecom, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.75%), 8.32%, 12/15/27<sup>(d)</sup><br>|  | 1627 | &nbsp;&nbsp; 1540642 |
| Kaseya, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 6.72%, 03/20/32<br>|  | 1697 | &nbsp;&nbsp; 1697081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 2nd Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 5.00%), 8.72%, 03/18/33<br>|  | 1473 | &nbsp;&nbsp; 1438610 |
| &nbsp;&nbsp;&nbsp; Lightspeed Solution LLC, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.00%), 9.72%, 03/01/28<sup>(d)</sup><br>|  | 417 | &nbsp;&nbsp; 414606 |
| &nbsp;&nbsp;&nbsp; Mitchell International, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 6.97%, 06/17/31<br>|  | 1365 | &nbsp;&nbsp; 1368612 |
| Oak Purchaser, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Term Loan, (6-mo. CME Term SOFR at 0.75% <br> Floor + 5.50%), 9.37%, 05/31/28<br>|  | 262 | &nbsp;&nbsp; 261664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (6-mo. CME Term SOFR <br> at 0.75% Floor + 5.50%), 9.37%, 05/31/28<br>|  | 1439 | &nbsp;&nbsp; 1449228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (6-mo. CME Term SOFR at 0.75% Floor <br> + 5.50%), 9.37%, 05/31/28<br>|  | 2159 | &nbsp;&nbsp; 2173841 |
| &nbsp;&nbsp;&nbsp; Pluralsight, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 3.00% and 1.50% PIK), <br> 8.32%, 08/22/29<sup>(d)(h)</sup><br>|  | 227 | &nbsp;&nbsp; 227043 |
| &nbsp;&nbsp;&nbsp; Red Planet Borrower LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.00%), 7.72%, <br> 09/08/32<br>|  | 1498 | &nbsp;&nbsp; 1499330 |
| Spartan Bidco Pty. Ltd.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 6.50%), 10.33%, 01/24/28<br>|  | 79 | &nbsp;&nbsp; 78864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3-mo. CME Term SOFR at 0.75% Floor <br> + 6.50%), 10.51%, 01/24/28<br>|  | 2139 | &nbsp;&nbsp; 2135062 |
| Thunder Purchaser, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Incremental Delayed Draw Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.25%), <br> 9.07%, 06/30/28<br>|  | 687 | &nbsp;&nbsp; 681701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 Refinancing Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 5.25%), 9.07%, 06/30/28<br>|  | 3042 | &nbsp;&nbsp; 3018460 |
| &nbsp;&nbsp;&nbsp; Traack Technologies, Inc., Term Loan, (6-mo. CME <br> Term SOFR + 7.50%), 11.78%, 09/15/26<sup>(d)</sup><br>|  | 389 | &nbsp;&nbsp; 377789 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp; X.AI LLC, Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 7.25%), 10.85%, 06/28/30<br>| USD | 49 | &nbsp;&nbsp; $48171  |
| &nbsp;&nbsp;&nbsp; Zelis Payments Buyer, Inc., 5th Amendment Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 6.97%, 11/26/31<br>|  | 1368 | &nbsp;&nbsp; 1356005 |
| Zilliant, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 2.00% and 5.00% PIK), 10.82%, <br> 12/21/27<sup>(h)</sup><br>|  | 329 | &nbsp;&nbsp; 248179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 6.10%), 9.77%, 12/21/27<br>|  | 81 | &nbsp;&nbsp; 61437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 6.00% and 5.00% PIK), 14.82%, 12/21/27<sup>(h)</sup><br>|  | 1798 | &nbsp;&nbsp; 1355425 |
|  |  |  | &nbsp;&nbsp; 44464872 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp; Cart.Com, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 1.50% Floor + 7.75%), 11.47%, 05/30/29<sup>(d)</sup><br>|  | 5000 | &nbsp;&nbsp; 4945000 |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.25%), 6.97%, <br> 01/23/32<br>|  | 1470 | &nbsp;&nbsp; 1476934 |
| &nbsp;&nbsp;&nbsp; Hanna Andersson LLC, Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 6.25%), 10.19%, 07/02/26<sup>(d)</sup><br>|  | 2901 | &nbsp;&nbsp; 2816507 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc., 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.25%), 8.18%, <br> 04/17/28<br>|  | 1485 | &nbsp;&nbsp; 1433145 |
| &nbsp;&nbsp;&nbsp; Petco Health and Wellness Company, Inc., 2021 Term <br> Loan B, (3-mo. CME Term SOFR at 0.75% Floor + <br> 3.25%), 7.18%, 03/03/28<br>|  | 1433 | &nbsp;&nbsp; 1417071 |
| Sellerx<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Revolver, (3-mo. CME Term SOFR + 5.00%), <br> 8.69%, 06/25/29<br>|  | 1218 | &nbsp;&nbsp; 1218489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Tranche A1 Term Loan, (3-mo. CME Term <br> SOFR + 9.00%), 12.69%, 12/31/28<br>|  | 775 | &nbsp;&nbsp; 531494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Tranche A2 Term Loan, (3-mo. CME Term <br> SOFR + 9.00%), 12.69%, 12/31/28<br>|  | 775 | &nbsp;&nbsp; 531184 |
| &nbsp;&nbsp;&nbsp; Staples, Inc., 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.75%), 9.60%, 09/04/29<br>|  | 1508 | &nbsp;&nbsp; 1428594 |
| &nbsp;&nbsp;&nbsp; Supergoop LLC, Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 5.75%), 9.57%, 12/29/28<sup>(d)</sup><br>|  | 1152 | &nbsp;&nbsp; 1099165 |
|  |  |  | &nbsp;&nbsp; 16897583 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| &nbsp;&nbsp;&nbsp; SumUp Holdings Luxembourg, 2024 Delayed Draw <br> Term Loan A, (3-mo. CME Term SOFR + 6.00%), <br> 9.82%, 04/22/31<sup>(d)</sup><br>|  | 4000 | &nbsp;&nbsp; 4024000 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 5.97%, 12/21/28<br>|  | 63 | &nbsp;&nbsp; 48006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32<br>|  | 30 | &nbsp;&nbsp; 29713 |
| James Perse Enterprises, Inc.<sup>(d)</sup> <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolver, (12-mo. CME Term SOFR at 1.00% Floor <br> + 6.25%), 9.86%, 09/08/27<br>|  | 307 | &nbsp;&nbsp; 306667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (12-mo. CME Term SOFR at 1.00% <br> Floor + 6.25%), 10.31%, 09/08/27<br>|  | 4000 | &nbsp;&nbsp; 4000000 |
|  |  |  | &nbsp;&nbsp; 4384386 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |
| &nbsp;&nbsp;&nbsp; TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 1.00% Floor + 2.00% and <br> 3.25% PIK), 8.97%, 07/02/29<sup>(h)</sup><br>| USD | 43 | &nbsp;&nbsp; $17327 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| &nbsp;&nbsp;&nbsp; OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.07%, 12/15/26<br>|  | 109 | &nbsp;&nbsp; 107909 |
| **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** | **Wireless Telecommunication Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Delta TopCo, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.58%, <br> 11/30/29<br>|  | 1479 | &nbsp;&nbsp; 1470403 |
| &nbsp;&nbsp;&nbsp; Liberty Co. Insurance Brokers LLC, Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 7.65%, 10/15/32<sup>(d)</sup><br>|  | 1236 | &nbsp;&nbsp; 1240211 |
| &nbsp;&nbsp;&nbsp; OpenMarket, Inc., 2025 Refinancing Term Loan, (3-mo. <br> CME Term SOFR at 0.75% Floor + 5.50%), 9.17%, <br> 06/11/29<sup>(d)</sup><br>|  | 4888 | &nbsp;&nbsp; 4839853 |
|  |  |  | &nbsp;&nbsp; 7550467 |
| **Total Floating Rate Loan Interests — 81.6%** <br>**(Cost: $473,267,105)** | **Total Floating Rate Loan Interests — 81.6%** <br>**(Cost: $473,267,105)** | **Total Floating Rate Loan Interests — 81.6%** <br>**(Cost: $473,267,105)** | &nbsp;&nbsp; 458169918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| H-Food Holdings, LLC | 671 | &nbsp;&nbsp; 10121 |
| &nbsp;&nbsp;&nbsp; Igloo Parent Holdings LLC, (Acquired 05/09/25, Cost: <br> $1,770,617)<sup>(d)(f)(p)</sup><br>| 21 | &nbsp;&nbsp; 1747103 |
|  |  | &nbsp;&nbsp; 1757224 |
| **Total Investment Companies — 0.3%** <br>**(Cost: $1,778,277)** | **Total Investment Companies — 0.3%** <br>**(Cost: $1,778,277)** | &nbsp;&nbsp; 1757224 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.3%**<sup>(a)</sup> | **Capital Trusts — 0.3%**<sup>(a)</sup> | **Capital Trusts — 0.3%**<sup>(a)</sup> | **Capital Trusts — 0.3%**<sup>(a)</sup> |
| **Automobiles — 0.0%** | **Automobiles — 0.0%** | **Automobiles — 0.0%** |  |
| RCI Banque SA, 6.13%<sup>(g)(m)</sup> | EUR | 200 | &nbsp;&nbsp; 236277 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |  |
| Nationwide Building Society, 7.50%<sup>(g)(m)</sup> | GBP | 200 | &nbsp;&nbsp; 280602 |
| **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** | **Electric Utilities — 0.1%** |  |
| Dominion Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/55 | USD | 10 | &nbsp;&nbsp; 10304 |
| &nbsp;&nbsp;&nbsp; Series B, 7.00%, 06/01/54 |  | 355 | &nbsp;&nbsp; 384377 |
|  |  |  | &nbsp;&nbsp; 394681 |
| **Oil, Gas & Consumable Fuels**<sup>(g)</sup> **— 0.1%** | **Oil, Gas & Consumable Fuels**<sup>(g)</sup> **— 0.1%** | **Oil, Gas & Consumable Fuels**<sup>(g)</sup> **— 0.1%** |  |
| Eni SpA, 4.50%<sup>(m)</sup> | EUR | 100 | &nbsp;&nbsp; 119341 |
| Var Energi ASA, 7.86%, 11/15/83 |  | 300 | &nbsp;&nbsp; 387089 |
|  |  |  | &nbsp;&nbsp; 506430 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |  |
| Bayer AG, 5.38%, 03/25/82<sup>(g)</sup> | EUR | 400 | &nbsp;&nbsp; $482394 |
|  |  |  | &nbsp;&nbsp; 1900384 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |  |
| StubHub, Inc., Series K, 12/31/49<sup>(d)(e)</sup> | 3000 | &nbsp;&nbsp; 3164350 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| Kellermeyer Bergensons Services LLC<sup>(d)(e)</sup> | 45118 | &nbsp;&nbsp; — |
| **Consumer Discretionary — 0.0%** | **Consumer Discretionary — 0.0%** |  |
| Sellerx, Series Z<sup>(d)(e)</sup> | 4707471 | &nbsp;&nbsp; 47 |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; WorldRemit Ltd., Series X, (Acquired 06/24/24, Cost: <br> $0)<sup>(d)(e)(f)</sup><br>| 136 | &nbsp;&nbsp; 16034 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc., 07/21/30<sup>(e)</sup> | 8 | &nbsp;&nbsp; 1376 |
| **Insurance — 0.0%** | **Insurance — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Alliant Cali, Inc., (Acquired 09/24/24, Cost: $83,725), <br> 12/31/79<sup>(d)(f)</sup><br>| 85 | &nbsp;&nbsp; 90177 |
| **Interactive Media & Services**<sup>(d)(e)(f)</sup> **— 0.3%** | **Interactive Media & Services**<sup>(d)(e)(f)</sup> **— 0.3%** |  |
| &nbsp;&nbsp;&nbsp; ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $681,004)<br>| 6215 | &nbsp;&nbsp; 1607634 |
| &nbsp;&nbsp;&nbsp; Streamland Media Holdings LLC, (Acquired 03/31/25, <br> Cost: $42,479)<br>| 264 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1607634 |
| **IT Services**<sup>(d)(e)</sup> **— 0.0%** | **IT Services**<sup>(d)(e)</sup> **— 0.0%** |  |
| Veritas Newco |  |  |
| &nbsp;&nbsp;&nbsp; Series G | 219 | &nbsp;&nbsp; 5147 |
| &nbsp;&nbsp;&nbsp; Series G-1 | 161 | &nbsp;&nbsp; 3703 |
|  |  | &nbsp;&nbsp; 8850 |
| **Professional Services**<sup>(d)(e)(f)</sup> **— 0.2%** | **Professional Services**<sup>(d)(e)(f)</sup> **— 0.2%** |  |
| Job and Talent Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; Series F-1, (Acquired 02/12/25, Cost: $213,159) | 16953 | &nbsp;&nbsp; 912716 |
| &nbsp;&nbsp;&nbsp; Series F-3, (Acquired 02/12/25, Cost: $0) | 1130 | &nbsp;&nbsp; 59711 |
|  |  | &nbsp;&nbsp; 972427 |
| **Specialty Retail**<sup>(d)(e)</sup> **— 0.0%** | **Specialty Retail**<sup>(d)(e)</sup> **— 0.0%** |  |
| Razor Group GMBH Priority 4 | 696280 | &nbsp;&nbsp; 7 |
| Razor Group GMBH Priority 5C | 2815464 | &nbsp;&nbsp; 28 |
|  |  | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 5860930 |
| **Total Preferred Securities — 1.4%** <br>**(Cost: $7,339,159)** | **Total Preferred Securities — 1.4%** <br>**(Cost: $7,339,159)** | &nbsp;&nbsp; 7761314 |
| **Warrants** | **Warrants** | **Warrants** |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Pico Quantitative Trade Holding LLC, (Acquired <br> 02/07/20, Cost: $—), (Issued 02/07/20, Expires <br> 02/07/30)<sup>(c)(d)(e)(f)</sup><br>| 142 | &nbsp;&nbsp; 25994 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Consumer Finance — 0.0%** | **Consumer Finance — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; WorldRemit Ltd., Series D, (Issued/Exercisable <br> 02/11/21, 1,596 Shares for 1 Warrant, Expires <br> 02/11/31, Strike Price USD 37.59)<sup>(d)(e)</sup><br>| 1596 | &nbsp;&nbsp; $1393 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Motive Technologies, Inc., (Acquired 05/07/25, Cost: <br> $—)<sup>(d)(e)(f)</sup><br>| 75000 | &nbsp;&nbsp; 73500 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Research Now, Inc., (Issued 07/15/24, Exercisable <br> 07/15/29, Expires 07/15/29, Strike Price USD <br> 37.72)<sup>(d)(e)</sup><br>| 2857 | &nbsp;&nbsp; 429 |
| **Media — 0.0%** | **Media — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Suited Connector LLC, (Issued/Exercisable 03/06/23, <br> 1 Share for 1 Warrant, Expires 03/06/33, Strike Price <br> USD 33.71)<sup>(d)(e)</sup><br>| 20348 | &nbsp;&nbsp; — |
| **Software — 0.0%** | **Software — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Grey Orange, (Issued/Exercisable 05/06/22, 1 Share <br> for 1 Warrant, Expires 05/06/32, Strike Price USD <br> 28.93)<sup>(d)(e)</sup><br>| 460 | &nbsp;&nbsp; 92 |
| **Total Warrants — 0.0%** <br>**(Cost: $30)** | **Total Warrants — 0.0%** <br>**(Cost: $30)** | &nbsp;&nbsp; 101408 |
| **Total Long-Term Investments — 104.1%** <br>**(Cost: $601,048,888)** | **Total Long-Term Investments — 104.1%** <br>**(Cost: $601,048,888)** | &nbsp;&nbsp; 584673620 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.7%** | **Money Market Funds — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(p)(q)</sup><br>| 20588195 | &nbsp;&nbsp; 20588195 |
| **Total Short-Term Securities — 3.7%** <br>**(Cost: $20,588,195)** | **Total Short-Term Securities — 3.7%** <br>**(Cost: $20,588,195)** | &nbsp;&nbsp; 20588195 |
| **Total Investments — 107.8%** <br>**(Cost: $621,637,083)** | **Total Investments — 107.8%** <br>**(Cost: $621,637,083)** | &nbsp;&nbsp; 605261815 |
| **Liabilities in Excess of Other Assets — (7.8)%** | **Liabilities in Excess of Other Assets — (7.8)%** | &nbsp;&nbsp; (43581339)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $561680476 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary. 

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,532,871, representing 0.8% of its net assets as of period end, and an original cost of $4,776,074. 

<sup>(g)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(h)</sup> 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. 

<sup>(i)</sup> 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. 

<sup>(j)</sup> Convertible security.

<sup>(k)</sup> Zero-coupon bond.

<sup>(l)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(m)</sup> Perpetual security with no stated maturity date.

<sup>(n)</sup> Rounds to less than 1,000.

<sup>(o)</sup> 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. 

<sup>(p)</sup> Affiliate of the Fund.

<sup>(q)</sup> 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 Fund for compliance purposes.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund 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* | &nbsp;&nbsp; *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| $73339862 | $— | $(52751667 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— | $— | $20588195 | 20588195 | $1091742 | $— |
| Igloo Parent Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 1770617 |  | &nbsp;&nbsp;&nbsp; — | (23514)<br>| 1747103 | 21 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1645104 |  | (1778463)<br>| &nbsp;&nbsp;&nbsp; (219743)<br>| 353102 |  |  | 66873 |  |
| iShares MSCI Emerging Markets ETF<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 10281981 | (10455429)<br>| &nbsp;&nbsp;&nbsp; 173448 |  |  |  |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $(46295)<br>| $329588 | $22335298 |  | $1158615 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> As of period end, the entity is no longer held.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Long Bond | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; $809 | &nbsp;&nbsp;&nbsp;&nbsp; $(6676)<br>|
| &nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 7308 | &nbsp;&nbsp;&nbsp;&nbsp; 6201 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (475)<br>|
| Short Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2242 | &nbsp;&nbsp;&nbsp;&nbsp; 25132 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $24657 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| EUR | 300000 | USD | 352028 | Bank of America N.A. | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $682 |
| EUR | 2708000 | USD | 3177439 | Morgan Stanley & Co. International PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6360 |
| GBP | 2214575 | USD | 2974418 | Goldman Sachs International | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10693 |
| GBP | 115499 | USD | 154712 | HSBC Bank PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 |
| USD | 16046 | EUR | 13564 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18762 |
| EUR | 2600000 | USD | 3059919 | Goldman Sachs International | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3095)<br>|
| EUR | 1200000 | USD | 1411685 | HSBC Bank PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (843)<br>|
| EUR | 1800000 | USD | 2118426 | HSBC Bank PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2163)<br>|
| EUR | 3500000 | USD | 4128469 | HSBC Bank PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13515)<br>|
| USD | 337634 | CHF | 270000 | JPMorgan Chase Bank N.A. | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3529)<br>|
| USD | 21957571 | EUR | 18808000 | Morgan Stanley & Co. International PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155019)<br>|
| USD | 5407855 | GBP | 4050000 | Morgan Stanley & Co. International PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51297)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (229461)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(210699)<br>|

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Fund*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.44.V1 | 5.00<br> % <br>| Quarterly | 06/20/30 | B- | USD | 8250 | &nbsp;&nbsp;&nbsp; $667300 | &nbsp;&nbsp;&nbsp; $518103 | &nbsp;&nbsp;&nbsp; $149197 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

**Balances Reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $518103  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $149197  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Consolidated Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $31333  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $31333  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18762 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 149197 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 149197 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18762 | &nbsp;&nbsp; $31333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199292 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $6676  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $6676  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 229461 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 229461 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229461 | &nbsp;&nbsp; $6676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $236137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statement 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 Consolidated Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(32280 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $547013  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $514733  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4171254)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4171254)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (117666)<br>| &nbsp;&nbsp; (80553)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (853641)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1051860)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 98480 | &nbsp;&nbsp; — | &nbsp;&nbsp; 445839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 544319 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 967392 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 967392 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $849726 | &nbsp;&nbsp; $(14353)<br>| &nbsp;&nbsp; $(4171254)<br>| &nbsp;&nbsp; $139211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3196670)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1094413 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $(1094413 )<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (702220)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (702220)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 495099 | &nbsp;&nbsp; — | &nbsp;&nbsp; 495099 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (257651)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (257651)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 1635528 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1635528 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1635528 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(702220)<br>| &nbsp;&nbsp; $(856965)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $76343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — long | &nbsp;&nbsp; $51861680 |
| &nbsp;&nbsp;&nbsp; Average notional value of contracts — short | &nbsp;&nbsp; 43452543 |
| Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | &nbsp;&nbsp; 38328827 |
| &nbsp;&nbsp;&nbsp; Average amounts sold — in USD | &nbsp;&nbsp; 5828434 |
| Options: |  |
| &nbsp;&nbsp;&nbsp; Average value of option contracts purchased | &nbsp;&nbsp; 55067 |
| &nbsp;&nbsp;&nbsp; Average value of option contracts written | &nbsp;&nbsp; 18819 |
| &nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp; Average notional value — buy protection | &nbsp;&nbsp; 4950000 |
| &nbsp;&nbsp;&nbsp; Average notional value — sell protection | &nbsp;&nbsp; 20105178 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; $7125  | &nbsp;&nbsp;&nbsp;&nbsp; $3908  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; 18762 | &nbsp;&nbsp;&nbsp;&nbsp; 229461 |
| &nbsp;&nbsp;&nbsp; Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2802 |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 25887 | &nbsp;&nbsp;&nbsp;&nbsp; 236171 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (7125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6710)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $18762 | &nbsp;&nbsp;&nbsp;&nbsp; $229461 |

---

The following table presents the Fund'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 Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $682 | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $682 |
| Goldman Sachs International | &nbsp;&nbsp; 10745 | &nbsp;&nbsp; (3095)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7650 |
| HSBC Bank PLC | &nbsp;&nbsp; 975 | &nbsp;&nbsp; (975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 6360 | &nbsp;&nbsp; (6360)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $18762 | &nbsp;&nbsp; $(10430)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8332 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Goldman Sachs International | &nbsp;&nbsp; $3095  | &nbsp;&nbsp; $(3095 )<br>| &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  | &nbsp;&nbsp; $—  |
| HSBC Bank PLC | &nbsp;&nbsp; 16521 | &nbsp;&nbsp; (975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15546 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3529 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3529 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 206316 | &nbsp;&nbsp; (6360)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 199956 |
|  | &nbsp;&nbsp; $229461 | &nbsp;&nbsp; $(10430)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

**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 Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $39797463  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $39797463  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21831 | &nbsp;&nbsp;&nbsp;&nbsp; 21831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29387 | &nbsp;&nbsp;&nbsp;&nbsp; 29387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3801 | &nbsp;&nbsp;&nbsp;&nbsp; 3801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65117642 | &nbsp;&nbsp;&nbsp;&nbsp; 2460086 | &nbsp;&nbsp;&nbsp;&nbsp; 67577728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6196077 | &nbsp;&nbsp;&nbsp;&nbsp; 3195748 | &nbsp;&nbsp;&nbsp;&nbsp; 9391825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 215236986 | &nbsp;&nbsp;&nbsp;&nbsp; 242932932 | &nbsp;&nbsp;&nbsp;&nbsp; 458169918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10121 | &nbsp;&nbsp;&nbsp;&nbsp; 1747103 | &nbsp;&nbsp;&nbsp;&nbsp; 1757224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1900384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1900384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp;&nbsp; 5859554 | &nbsp;&nbsp;&nbsp;&nbsp; 5860930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101408 | &nbsp;&nbsp;&nbsp;&nbsp; 101408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 20588195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20588195 |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12652 | &nbsp;&nbsp;&nbsp;&nbsp; 124406 | &nbsp;&nbsp;&nbsp;&nbsp; 137058 |
| Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (835219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (835219)<br>|
|  | &nbsp;&nbsp; $20588549 | &nbsp;&nbsp;&nbsp;&nbsp; $328334065 | &nbsp;&nbsp;&nbsp;&nbsp; $255641040 | &nbsp;&nbsp;&nbsp;&nbsp; $604563654 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $149197  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $149197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; 31333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31333 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (229461)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (229461)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | &nbsp;&nbsp; (6676)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6676)<br>|
|  | &nbsp;&nbsp; $24657 | &nbsp;&nbsp;&nbsp;&nbsp; $(61502)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(36845)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> 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 Fund 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 $20,000,000 are categorized as Level 2 within the fair value hierarchy.

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

A reconciliation of Level 3 financial instruments is presented when the Fund 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Asset-Backed* <br>*Securities*<br>| *Common* <br>*Stocks*<br>| *Corporate* <br>*Bonds*<br>| *Fixed* <br>*Rate Loan* <br>*Interests*<br>| *Floating* <br>*Rate Loan* <br>*Interests*<br>| *Investment* <br>*Companies*<br>| *Preferred* <br>*Stocks*<br>|
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $1000000  | $1352233  | $85458  | $3646756  | $258529849  | $—  | $5491882  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 471380 | 687 | 1354126 |  |  |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1000000)<br>|  | (85458)<br>| (215000)<br>| (6158204)<br>|  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 25073 | 5835 | 757319 |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — | 528941 |  | (371109)<br>| (19282469)<br>|  | (3393339)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | (414099)<br>| (6367)<br>| 263937 | 5866417 | (23514)<br>| 2698168 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — | 796 | 1970000 | 1131358 | 92181040 | 1770617 | 1644343 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — | (1412849)<br>|  | (1266716)<br>| (90315146)<br>|  | (581500)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $— | $55022 | $2460086 | $3195748 | $242932932 | $1747103 | $5859554 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments still held at <br> December 31, 2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | $(289856)<br>| $(6367)<br>| $(218688)<br>| $(9291153)<br>| $(23514)<br>| $(740782)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Unfunded* <br>*Floating* <br>*Rate Loan* <br>*Interests*<br>| *Warrants* | *Total*  |
| **Assets** |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $(88115 )<br>| $27419  | $270045482  |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 1826193 |
| Transfers out of Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 473 |  | (7458189)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 788227 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (22517976)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (623171)<br>| 73989 | 7835360 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; — |  | 98698154 |
| Sales | &nbsp;&nbsp;&nbsp;&nbsp; — |  | (93576211)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; $(710813)<br>| $101408 | $255641040 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $(642199)<br>| $73989 | $(11138570)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2025, the Fund 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.

<sup>(d)</sup> 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 following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Fund's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $22,081,744.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs Based* <br>*on Fair Value* <br>|
| **Assets** |  |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $29387 | Market | EBITDA Multiple | 13.25x |  |
| Floating Rate Loan Interests<sup>(b)</sup> | &nbsp;&nbsp; 223410369 | Income | Discount Rate | 8% - 28% | 10% |
|  |  | Market | Revenue Multiple | 0.35x -3.25x | 1.39x |
|  |  |  | EBITDA Multiple | 6.50x - 11.75x | 9.45x |
| Fixed Rate Loan Interests | &nbsp;&nbsp; 2420837 | Income | Discount Rate | 13% |  |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Schedule of Investments (continued)

December 31, 2025

**BlackRock HPS Credit Strategies Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation*<br> *Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable*<br> *Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of*<br> *Unobservable*<br> *Inputs*<br> *Utilized*<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; *Weighted*<br> *Average of*<br> *Unobservable*<br> *Inputs Based*<br> *on Fair Value* <br>|
| Investment Companies | &nbsp;&nbsp; 1747103 | Market | EBITDA Multiple | 19.25x |  |
| Preferred Stocks | &nbsp;&nbsp; 5850621 | Income | Discount Rate | 10% -15% | 15% |
|  |  | Market | Revenue Multiple | 0.50x - 3.10x | 1.10x |
|  |  |  | Time to Exit | 2.0 years |  |
|  |  |  | Volatility | 45% |  |
|  |  |  | Discount for lack of marketability | 15%-15% | 15% |
| Warrants | &nbsp;&nbsp; 100979 | Market | Revenue Multiple | 3.10x - 7.25x | 4.67x |
|  |  |  | Time to Exit | 1.0 - 2.0 years | 1.9 years |
|  |  |  | Volatility | 45%-60% | 46% |
|  |  |  | Discount for lack of marketability | 10% |  |
|  |  | Income | Discount Rate | 15% |  |
|  | &nbsp;&nbsp; $233559296 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

<sup>(b)</sup> For the period end December 31, 2025, the valuation technique for investments classified as Floating Rate Loan Interests amounting to $1,357,625 changed to a Market approach. The investments were previously valued utilizing an income approach. The change was due to consideration of the information that was available at the time the investments were valued. 

*See notes to consolidated financial statements.*

Consolidated Schedule of Investments

------

Consolidated Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock HPS Credit <br>Strategies Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)</sup> | $582926517 |
| Investments, at value — affiliated<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 22335298 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824361 |
| Cash pledged: |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612000 |
| Foreign currency, at value<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550970 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp; Investments sold | &nbsp;&nbsp;&nbsp;&nbsp; 6351964 |
| &nbsp;&nbsp;&nbsp; Capital shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1608818 |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37360 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38406 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp;&nbsp;&nbsp; 7644713 |
| &nbsp;&nbsp;&nbsp; From the Manager | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20459 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7125 |
| Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18762 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137058 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111936 |
| Total assets | &nbsp;&nbsp; 623312747 |
| **LIABILITIES** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 36248881 |
| &nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34021 |
| &nbsp;&nbsp;&nbsp; Bank borrowings | &nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp; Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213348 |
| &nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59412 |
| &nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7018 |
| &nbsp;&nbsp;&nbsp; Income dividend distributions | &nbsp;&nbsp;&nbsp;&nbsp; 3361574 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201044 |
| &nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59883 |
| &nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp; Recoupment of past waived fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50896 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193434 |
| &nbsp;&nbsp;&nbsp; Service and distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85257 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32869 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3908 |
| &nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2802 |
| Unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229461 |
| &nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835219 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 61632271 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $561680476 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $664647134 |
| Accumulated loss | &nbsp;&nbsp; (102966658) |
| NET ASSETS | $561680476 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $599278271 |
| <sup>(b)</sup> Investments, at cost—affiliated | $22358812 |
| <sup>(c)</sup> Foreign currency, at cost | $550618 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Statement of Assets and Liabilities (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock HPS Credit <br>Strategies Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $423034091 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 51715823 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.18 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class A** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $88750304 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 10802417 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.22 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class J** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $474946 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57937 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.20 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class U** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $49225670 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 6010127 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.19 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |
| **Class W** |  |
| &nbsp;&nbsp;&nbsp; Net assets | $195465 |
| &nbsp;&nbsp;&nbsp; Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23787 |
| &nbsp;&nbsp;&nbsp; Net asset value | $8.22 |
| &nbsp;&nbsp;&nbsp; Shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlimited |
| &nbsp;&nbsp;&nbsp; Par value | $0.001 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Consolidated Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; BlackRock HPS Credit <br>Strategies Fund<br>|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; $427371 |
| &nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 1158615 |
| &nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 51854872 |
| &nbsp;&nbsp;&nbsp; Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 6059143 |
| &nbsp;&nbsp;&nbsp; Other income — unaffiliated | &nbsp;&nbsp; 1400557 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld | &nbsp;&nbsp; (2641)<br>|
| Total investment income | &nbsp;&nbsp; 60897917 |
| EXPENSES |  |
| &nbsp;&nbsp;&nbsp; Investment advisory | &nbsp;&nbsp; 6245332 |
| &nbsp;&nbsp;&nbsp; Service and distribution — class specific | &nbsp;&nbsp; 1163291 |
| &nbsp;&nbsp;&nbsp; Transfer agent — class specific | &nbsp;&nbsp; 556046 |
| &nbsp;&nbsp;&nbsp; Professional | &nbsp;&nbsp; 482451 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp; 181239 |
| &nbsp;&nbsp;&nbsp; Trustees and Officer | &nbsp;&nbsp; 163431 |
| &nbsp;&nbsp;&nbsp; Accounting services | &nbsp;&nbsp; 105150 |
| &nbsp;&nbsp;&nbsp; Registration | &nbsp;&nbsp; 103902 |
| &nbsp;&nbsp;&nbsp; Printing and postage | &nbsp;&nbsp; 86603 |
| &nbsp;&nbsp;&nbsp; Offering | &nbsp;&nbsp; 83184 |
| &nbsp;&nbsp;&nbsp; Recoupment of past waived and/or reimbursed fees — class specific | &nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp; 186996 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 9370446 |
| &nbsp;&nbsp;&nbsp; Interest expense and fees — unaffiliated | &nbsp;&nbsp; 2768183 |
| Total expenses | &nbsp;&nbsp; 12138629 |
| &nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (550570)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (30007)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 11558052 |
| Net investment income | &nbsp;&nbsp; 49339865 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | &nbsp;&nbsp; (24941781)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; (46295)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (4171254)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; 1464759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 514733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; 544319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment by affiliate | &nbsp;&nbsp; 9490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 967392 |
|  | &nbsp;&nbsp; (25658637)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 8431906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | &nbsp;&nbsp; 329588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | &nbsp;&nbsp; (702220)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp; 18842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; (1094413)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp; (257651)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp; 1635528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | &nbsp;&nbsp; (610119)<br>|
|  | &nbsp;&nbsp; 7751461 |
| Net realized and unrealized loss | &nbsp;&nbsp; (17907176)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $31432689 |
| <sup>(a)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(7018)<br>|

---

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock HPS Credit <br>Strategies Fund | BlackRock HPS Credit <br>Strategies Fund |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $49339865 | &nbsp;&nbsp;&nbsp;&nbsp; $50666326 |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (25658637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2836896)<br>|
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 7751461 | &nbsp;&nbsp;&nbsp;&nbsp; (6656436)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 31432689 | &nbsp;&nbsp;&nbsp;&nbsp; 41172994 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | &nbsp;&nbsp; (39070075)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38557760)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; (8638427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9133532)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class J | &nbsp;&nbsp; (40917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6794)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp; (3992391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4139338)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class W | &nbsp;&nbsp; (16306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18311)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (51758116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51855735)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold and issued | &nbsp;&nbsp; 114132985 | &nbsp;&nbsp;&nbsp;&nbsp; 219162300 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp; 12772693 | &nbsp;&nbsp;&nbsp;&nbsp; 14491229 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (151217648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78363818)<br>|
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (24311970)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155289711 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (44637397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 144606970 |
| Beginning of year | &nbsp;&nbsp; 606317873 | &nbsp;&nbsp;&nbsp;&nbsp; 461710903 |
| End of year | &nbsp;&nbsp; $561680476 | &nbsp;&nbsp;&nbsp;&nbsp; $606317873 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Statements of Changes in Net Assets. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to consolidated financial statements.*

Financial Statements

------

Consolidated Statement of Cash Flows

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; BlackRock HPS Credit <br>Strategies Fund<br>|
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $31432689 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp; 578798370 |
| &nbsp;&nbsp;&nbsp; Purchases of long-term investments | &nbsp;&nbsp; (504102181)<br>|
| &nbsp;&nbsp;&nbsp; Net purchases of short-term securities | &nbsp;&nbsp; (11357236)<br>|
| &nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (3844695)<br>|
| &nbsp;&nbsp;&nbsp; Paid-in-kind income | &nbsp;&nbsp; (6059143)<br>|
| &nbsp;&nbsp;&nbsp; Premiums paid on closing options written | &nbsp;&nbsp; (36980)<br>|
| &nbsp;&nbsp;&nbsp; Premiums received from options written | &nbsp;&nbsp; 135460 |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments and options written | &nbsp;&nbsp; 24580843 |
| &nbsp;&nbsp;&nbsp; Net unrealized (appreciation) depreciation on investments, options written, swaps, forwards, foreign currency translations and unfunded floating rate loan interests | &nbsp;&nbsp; (7209122)<br>|
| (Increase) Decrease in Assets |  |
| &nbsp;&nbsp;&nbsp; Receivables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | &nbsp;&nbsp; 155710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | &nbsp;&nbsp; (36028)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From the Manager | &nbsp;&nbsp; (20459)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | &nbsp;&nbsp; 1302609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; 173563 |
| &nbsp;&nbsp;&nbsp; Swap premiums paid | &nbsp;&nbsp; 12300 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp; 202221 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp; 101352 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs. | &nbsp;&nbsp; 83184 |
| Increase (Decrease) in Liabilities |  |
| &nbsp;&nbsp;&nbsp; Payables |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | &nbsp;&nbsp; (5282)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | &nbsp;&nbsp; 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | &nbsp;&nbsp; 7018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | &nbsp;&nbsp; (18195)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp; (543944)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | &nbsp;&nbsp; (191)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recoupment of past waived fees | &nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | &nbsp;&nbsp; 24080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp; (1411)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | &nbsp;&nbsp; (12382)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp; 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp; (57600)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | &nbsp;&nbsp; (15291)<br>|
| &nbsp;&nbsp;&nbsp; Swap premiums received | &nbsp;&nbsp; (21388)<br>|
| Net cash provided by operating activities | &nbsp;&nbsp; 103685116 |
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (39167670)<br>|
| Payments for offering costs | &nbsp;&nbsp; (28769)<br>|
| Payments for bank borrowings | &nbsp;&nbsp; (153500000)<br>|
| Net payments on redemption of capital shares | &nbsp;&nbsp; (151165988)<br>|
| Proceeds from bank borrowings | &nbsp;&nbsp; 123500000 |
| Proceeds from issuance of capital shares | &nbsp;&nbsp; 114302409 |
| Net cash used for financing activities | &nbsp;&nbsp; (106060018)<br>|
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 896 |

---

2025 BlackRock Annual Report to Shareholders

------

Consolidated Statement of Cash Flows (continued)

Year Ended December 31, 2025

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; BlackRock HPS Credit<br> Strategies Fund<br>|
| **CASH AND FOREIGN CURRENCY** |  |
| Net decrease in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $(2374006)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp; 4448337 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp; $2074331 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp; $2786378 |
| **NON-CASH FINANCING ACTIVITIES** |  |
| Reinvestment of distributions | &nbsp;&nbsp; $12772693 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE CONSOLIDATED** <br> **STATEMENT OF ASSETS AND LIABILITIES**<br>|  |
| Cash | &nbsp;&nbsp; $824361 |
| Cash pledged |  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp; 87000 |
| &nbsp;&nbsp;&nbsp; Centrally cleared swaps | &nbsp;&nbsp; 612000 |
| Foreign currency at value | &nbsp;&nbsp; 550970 |
|  | &nbsp;&nbsp; $2074331 |

---

*See notes to consolidated financial statements.*

Consolidated Financial Statements

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock HPS Credit Strategies Fund | BlackRock HPS Credit Strategies Fund | BlackRock HPS Credit Strategies Fund | BlackRock HPS Credit Strategies Fund | BlackRock HPS Credit Strategies Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.47 | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $9.96 | &nbsp;&nbsp;&nbsp;&nbsp; $10.41 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| Net increase (decrease) from investment operations | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.18 | &nbsp;&nbsp;&nbsp;&nbsp; $8.47 | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $9.96 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses<sup>(g)</sup> | 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering <br> costs<br>| 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| Net investment income | 8.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.30<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $423034 | &nbsp;&nbsp;&nbsp;&nbsp; $445710 | &nbsp;&nbsp;&nbsp;&nbsp; $321744 | &nbsp;&nbsp;&nbsp;&nbsp; $293515 | &nbsp;&nbsp;&nbsp;&nbsp; $285729 |
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp; $20000 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 |
| Asset coverage, end of year per $1,000 of bank borrowings | &nbsp;&nbsp; $29084 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |
| Portfolio turnover rate | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| Expense ratios | 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.18%, 2.18% and 1.55%, respectively. 

<sup>(i)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) |
|  | Class A | Class A | Class A | Class A | Class A |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.42 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>|
| Net increase (decrease) from investment operations | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses<sup>(g)</sup> | 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering <br> costs<br>| 1.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.39<br> %<br>|
| Net investment income | 7.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $88750 | &nbsp;&nbsp;&nbsp;&nbsp; $112309 | &nbsp;&nbsp;&nbsp;&nbsp; $95592 | &nbsp;&nbsp;&nbsp;&nbsp; $97062 | &nbsp;&nbsp;&nbsp;&nbsp; $116182 |
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp; $20000 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 |
| Asset coverage, end of year per $1,000 of bank borrowings | &nbsp;&nbsp; $29084 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |
| Portfolio turnover rate | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/21 |
| Expense ratios | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.85%, 2.85% and 2.23%, respectively. 

<sup>(i)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) |
|  | Class J | Class J |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>11/19/24<sup>(b)</sup> <br>to 12/31/24 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>11/19/24<sup>(b)</sup> <br>to 12/31/24 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.63 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net increase (decrease) from investment operations | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.20 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | 5.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71 %<sup>(h)(i)</sup> <br>|
| Total expenses after fees waived and/or reimbursed | 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering costs | 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(i)</sup><br>|
| Net investment income | 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.85<br> %<br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $475 | &nbsp;&nbsp;&nbsp;&nbsp; $491 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $20000 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $29084 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 |
| Portfolio turnover rate | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 %<sup>(j)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.69%, 2.68% and 2.05%, respectively. 

<sup>(i)</sup> Annualized.

<sup>(j)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) |
|  | Class U | Class U | Class U | Class U | Class U |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.38)<br>|
| Net increase (decrease) from investment operations | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.19 | &nbsp;&nbsp;&nbsp;&nbsp; $8.48 | &nbsp;&nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.74 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses<sup>(i)</sup> | 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80 %<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or <br> offering costs<br>| 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47 %<sup>(k)</sup><br>|
| Net investment income | 7.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $49226 | &nbsp;&nbsp;&nbsp;&nbsp; $47606 | &nbsp;&nbsp;&nbsp;&nbsp; $44169 | &nbsp;&nbsp;&nbsp;&nbsp; $39203 | &nbsp;&nbsp;&nbsp;&nbsp; $26076 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $20000 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $29084 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |
| Portfolio turnover rate | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55 %<sup>(l)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Amount is greater than $(0.005) per share.

<sup>(f)</sup> Where applicable, assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| Expense ratios | 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.87%, 2.86% and 2.23%, respectively. 

<sup>(k)</sup> Annualized.

<sup>(l)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) | BlackRock HPS Credit Strategies Fund (continued) |
|  | Class W | Class W | Class W | Class W | Class W |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp; $10.51 |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>|
| Net increase (decrease) from investment operations | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>|
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>|
| &nbsp;&nbsp;&nbsp; From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>|
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00 )<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.22 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp;&nbsp; $8.50 | &nbsp;&nbsp;&nbsp;&nbsp; $9.97 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.74 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses<sup>(i)</sup> | 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(k)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70 %<sup>(k)</sup><br>|
| &nbsp;&nbsp;&nbsp; Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or <br> offering costs<br>| 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 %<sup>(k)</sup><br>|
| Net investment income | 7.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.64 %<sup>(k)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $195 | &nbsp;&nbsp;&nbsp;&nbsp; $202 | &nbsp;&nbsp;&nbsp;&nbsp; $206 | &nbsp;&nbsp;&nbsp;&nbsp; $202 | &nbsp;&nbsp;&nbsp;&nbsp; $237 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $20000 | &nbsp;&nbsp;&nbsp;&nbsp; $50000 | &nbsp;&nbsp;&nbsp;&nbsp; $7450 | &nbsp;&nbsp;&nbsp;&nbsp; $55850 | &nbsp;&nbsp;&nbsp;&nbsp; $73250 |
| Asset coverage, end of period per $1,000 of bank borrowings | &nbsp;&nbsp; $29084 | &nbsp;&nbsp;&nbsp;&nbsp; $13126 | &nbsp;&nbsp;&nbsp;&nbsp; $62975 | &nbsp;&nbsp;&nbsp;&nbsp; $8699 | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |
| Portfolio turnover rate | &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45 %<sup>(l)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55 %<sup>(l)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Commencement of operations.

<sup>(c)</sup> Based on average shares outstanding.

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Amount is greater than $(0.005) per share.

<sup>(f)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. The Fund is a continuously offered closed-end fund, the Shares of which are offered at net asset value. No secondary market for the Fund's Shares exists. 

<sup>(g)</sup> Not annualized.

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
|  | &nbsp;&nbsp; Year Ended <br>12/31/25<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/23<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Year Ended <br>12/31/22<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; Period from <br>07/12/21<sup>(b)</sup> <br>to 12/31/21 |
| Expense ratios | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(j)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expense, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense and fees would have been 2.86, 2.85% and 2.24%, respectively. 

<sup>(k)</sup> Annualized.

<sup>(l)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to consolidated financial statements.*

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock HPS Credit Strategies Fund (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is registered as a diversified, closed-end management investment company that has elected to operate as an interval fund. The Fund is organized as a Delaware statutory trust. The Fund engages in a continuous offering of shares and will offer to make quarterly repurchases of shares at net asset value ("NAV"), reduced by any applicable repurchase fee. The Fund determines and makes available for publication the NAV of its shares on a daily basis. The Fund's shares are offered for sale daily through its Distributor (defined below) at the then-current NAV plus any applicable sales load. The price of the shares during the Fund's continuous offering will fluctuate over time with the NAV of the shares. The sales load payable by each investor depends upon the amount invested in each share class by the investor in the Fund but may range from 0.00% to 3.50%.

The Fund offers five classes of shares designated as Institutional Shares, Class A Shares, Class J Shares, Class U Shares and Class W Shares. Each class of shares have identical voting, dividend, liquidation and other rights and will be subject to the same terms and conditions, except that Class A, Class U and Class W Shares bear expenses related to the shareholder servicing and distribution of such shares.

On October 1, 2025, the Board of Trustees of the Fund (the "Board") approved a change in the name of the Fund to BlackRock HPS Credit Strategies Fund and certain changes to the Fund's investment objective and investment strategies. These changes were effective on December 1, 2025.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the account of CREDX Subsidiary, LLC (the "Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of the Fund. The Taxable Subsidiary enables the Fund to hold investments that may produce non-qualifying income for tax purposes 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 the Fund. 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 the Fund. The Fund 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 $25,994 which is less than 0.1% of the Fund'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 the Fund.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The consolidated 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 consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated 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. The Fund 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 Fund is 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. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

**Foreign Currency Translation:** The Fund'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.

The Fund 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 Consolidated Statement 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. The Fund 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. The Fund 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.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Consolidated Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is 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 Consolidated Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. 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 the Board of Trustees of the Fund (the "Board"), the trustees who are not "interested persons" of the Fund, 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 the Fund, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Consolidated Statement of Assets and Liabilities and will remain as a liability of the Fund 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 Consolidated Statement of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Offering Costs:** Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. 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 Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund 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 the Fund's financial statements.

**Recent Accounting Standard:** The Fund 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 Fund's adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Fund's financial position or results of operations.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund' s investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund 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 the Fund's Manager as the valuation designee for the Fund. The Fund 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.

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Fund uses 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 the Fund 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund 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:

&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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).

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.

2025 BlackRock Annual Report to Shareholders

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Notes to Consolidated Financial Statements (continued)

**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 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

Notes to Consolidated Financial Statements

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Notes to Consolidated Financial Statements (continued)

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 Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the 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 Consolidated Statement 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 Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BlackRock HPS Credit Strategies Fund | 1475 Holdings LLC | &nbsp;&nbsp; $21429 | $21139 | &nbsp;&nbsp; $21429 | $290 |
|  | Alcami Corp. | &nbsp;&nbsp; 7479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7479 | &nbsp;&nbsp; 7479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Alphasense, Inc. | &nbsp;&nbsp; 833333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833333 | &nbsp;&nbsp; 830339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2994) |
|  | Applause App Quality, Inc. | &nbsp;&nbsp; 6465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6366 | &nbsp;&nbsp; 6439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
|  | Appriss Health LLC | &nbsp;&nbsp; 94478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94478 | &nbsp;&nbsp; 94478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Aras Corp. | &nbsp;&nbsp; 950037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950037 | &nbsp;&nbsp; 950037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Arcfield Acquisition Corp. | &nbsp;&nbsp; 563428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560611 | &nbsp;&nbsp; 560611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Archway Technology Partners, LLC | &nbsp;&nbsp; 752266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744744 | &nbsp;&nbsp; 752266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7522 |
|  | Arrow Purchaser, Inc. | &nbsp;&nbsp; 51169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51113 | &nbsp;&nbsp; 51067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) |
|  | Birdie Bidco, Inc. | &nbsp;&nbsp; 447168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444932 | &nbsp;&nbsp; 444932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Birdie Bidco, Inc. | &nbsp;&nbsp; 809229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 807206 | &nbsp;&nbsp; 805172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2034) |
|  | Bullhorn, Inc. | &nbsp;&nbsp; 242112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241718 | &nbsp;&nbsp; 233638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8080) |
|  | Bullhorn, Inc. | &nbsp;&nbsp; 50343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50270 | &nbsp;&nbsp; 49840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (430) |
|  | Bynder Holding BV | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Bynder Holding BV | &nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4410 | &nbsp;&nbsp; 4410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | CBI-Gator Acquisition LLC | &nbsp;&nbsp; 14788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14748 | &nbsp;&nbsp; 14019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (729) |
|  | Chronicle Bidco, Inc. | &nbsp;&nbsp; 1487500 | &nbsp;&nbsp;&nbsp; 1480063 | &nbsp;&nbsp; 1488988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8925 |
|  | Chronicle Bidco, Inc. | &nbsp;&nbsp; 540123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534722 | &nbsp;&nbsp; 540123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5401 |
|  | CivicPlus LLC | &nbsp;&nbsp; 136795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136795 | &nbsp;&nbsp; 135797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (998) |
|  | Clever Devices Ltd. | &nbsp;&nbsp; 516578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516578 | &nbsp;&nbsp; 509346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7232) |
|  | Compsych Investments Corp. | &nbsp;&nbsp; 946970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944602 | &nbsp;&nbsp; 956439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11837 |
|  | DNAnexus, Inc. | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69300 | &nbsp;&nbsp; 69860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560 |
|  | Docupace Technologies LLC | &nbsp;&nbsp; 179447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177348 | &nbsp;&nbsp; 176935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (413) |
|  | Docupace Technologies LLC | &nbsp;&nbsp; 394784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394784 | &nbsp;&nbsp; 389257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5527) |
|  | Doughlas Holdings, Inc. | &nbsp;&nbsp; 67975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67975 | &nbsp;&nbsp; 67024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (951) |
|  | Emburse, Inc. | &nbsp;&nbsp; 657895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657072 | &nbsp;&nbsp; 669079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12007 |
|  | Emburse, Inc. | &nbsp;&nbsp; 657895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656250 | &nbsp;&nbsp; 657895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1645 |
|  | Emerald Technologies U.S. Acquisitionco, Inc. | &nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241) |
|  | Empower Payments Investor, LLC | &nbsp;&nbsp; 1487858 | &nbsp;&nbsp;&nbsp; 1480418 | &nbsp;&nbsp; 1472979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7439) |
|  | ESO Solutions, Inc. | &nbsp;&nbsp; 30368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30368 | &nbsp;&nbsp; 30277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91) |
|  | Express Wash Acquisition Co. LLC | &nbsp;&nbsp; 277769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274992 | &nbsp;&nbsp; 259714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15278) |
|  | Firstup, Inc. | &nbsp;&nbsp; 386200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386200 | &nbsp;&nbsp; 383883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2317) |
|  | Foreside Financial | &nbsp;&nbsp; 101695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101695 | &nbsp;&nbsp; 101695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Foreside Financial | &nbsp;&nbsp; 2480349 | &nbsp;&nbsp;&nbsp; 2480349 | &nbsp;&nbsp; 2480349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Fusion Holding Corp. | &nbsp;&nbsp; 8491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8491 | &nbsp;&nbsp; 8153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338) |
|  | G-3 Apollo Acquisition Corp. | &nbsp;&nbsp; 14286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14286 | &nbsp;&nbsp; 14271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) |
|  | G-3 Apollo Acquisition Corp. | &nbsp;&nbsp; 12857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12857 | &nbsp;&nbsp; 12844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
|  | GC Champion Acquisition LLC | &nbsp;&nbsp; 1344481 | &nbsp;&nbsp;&nbsp; 1331163 | &nbsp;&nbsp; 1334082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919 |
|  | HIG Operations Holdings, Inc. | &nbsp;&nbsp; 684639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684639 | &nbsp;&nbsp; 684639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Honey Intermediate, Inc. | &nbsp;&nbsp; 11765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11632 | &nbsp;&nbsp; 11576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) |
|  | HSI Halo Acquisition, Inc. | &nbsp;&nbsp; 206422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205390 | &nbsp;&nbsp; 206422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1032 |
|  | HSI Halo Acquisition, Inc. | &nbsp;&nbsp; 275229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272477 | &nbsp;&nbsp; 275229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2752 |
|  | Huckabee Acquisition LLC | &nbsp;&nbsp; 9677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9677 | &nbsp;&nbsp; 9677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Huckabee Acquisition LLC | &nbsp;&nbsp; 16129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16129 | &nbsp;&nbsp; 16129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Integratecom, Inc. | &nbsp;&nbsp; 3239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3239 | &nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173) |
|  | Integrity Marketing Acquisition LLC | &nbsp;&nbsp; 209276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209276 | &nbsp;&nbsp; 207653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1623) |
|  | Intercept Bidco, Inc. | &nbsp;&nbsp; 555556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547316 | &nbsp;&nbsp; 548889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573 |
|  | Intercept Bidco, Inc. | &nbsp;&nbsp; 833333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp; 823333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1667) |
|  | IT Parent LLC | &nbsp;&nbsp; 71724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71539 | &nbsp;&nbsp; 71724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
|  | IvyRehab Intermediate II LLC | &nbsp;&nbsp; 3420200 | &nbsp;&nbsp;&nbsp; 3376702 | &nbsp;&nbsp; 3400119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23417 |
|  | James Perse Enterprises, Inc. | &nbsp;&nbsp; 193333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193333 | &nbsp;&nbsp; 193333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Kaman Corp. | &nbsp;&nbsp; 2750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2747 | &nbsp;&nbsp; 2759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
|  | Kid Distro Holdings LLC | &nbsp;&nbsp; 301347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300571 | &nbsp;&nbsp; 298582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1989) |
|  | Ligado Networks LLC | &nbsp;&nbsp; 3881589 | &nbsp;&nbsp;&nbsp; 3881589 | &nbsp;&nbsp; 3144086 | &nbsp;&nbsp;&nbsp;&nbsp; (737503) |
|  | Lighthouse Parent Holdings, Inc. | &nbsp;&nbsp; 18077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18077 | &nbsp;&nbsp; 17968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109) |

---

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment*<br> *Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| BlackRock HPS Credit Strategies Fund (continued) | Lighthouse Parent Holdings, Inc. | &nbsp;&nbsp; $11538 | $11394 | &nbsp;&nbsp; $11469 | $75 |
|  | LJ Avalon Holdings LLC | &nbsp;&nbsp; 148193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147232 | &nbsp;&nbsp; 148193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 |
|  | LJ Avalon Holdings LLC | &nbsp;&nbsp; 390871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387292 | &nbsp;&nbsp; 392434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5142 |
|  | LogicMonitor, Inc. | &nbsp;&nbsp; 10150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10023 | &nbsp;&nbsp; 10028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
|  | LogicMonitor, Inc. | &nbsp;&nbsp; 59525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58781 | &nbsp;&nbsp; 58811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  | Lucky U.S. Buyerco LLC | &nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) |
|  | Madison Logic Holdings, Inc. | &nbsp;&nbsp; 3349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3349 | &nbsp;&nbsp; 2917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (432) |
|  | MRO Parent Corp. | &nbsp;&nbsp; 370370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367593 | &nbsp;&nbsp; 368148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
|  | MRO Parent Corp. | &nbsp;&nbsp; 370370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364815 | &nbsp;&nbsp; 368148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3333 |
|  | MRP Buyer LLC | &nbsp;&nbsp; 66532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65323 | &nbsp;&nbsp; 65930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
|  | Nxgen Buyer, Inc. | &nbsp;&nbsp; 84110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84110 | &nbsp;&nbsp; 83942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168) |
|  | Oak Funding LLC | &nbsp;&nbsp; 593655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590687 | &nbsp;&nbsp; 587719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2968) |
|  | Oak Purchaser, Inc. | &nbsp;&nbsp; 268642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265956 | &nbsp;&nbsp; 268642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2686 |
|  | Peninsula Pacific Entertainment LLC | &nbsp;&nbsp; 279819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280563 | &nbsp;&nbsp; 280519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44) |
|  | Pluralsight, Inc. | &nbsp;&nbsp; 279766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279766 | &nbsp;&nbsp; 279766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Pluralsight, Inc. | &nbsp;&nbsp; 105609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105609 | &nbsp;&nbsp; 105609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | PMA Parent Holdings LLC | &nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp; 12397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103) |
|  | Pueblo Mechanical and Controls LLC | &nbsp;&nbsp; 117500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117500 | &nbsp;&nbsp; 116367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1133) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 96830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96906 | &nbsp;&nbsp; 97102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  | RBS Buyer, Inc. | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592500 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500 |
|  | RBS Buyer, Inc. | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355500 | &nbsp;&nbsp; 363600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8100 |
|  | Saber Parent Holdings Corp. | &nbsp;&nbsp; 680588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678886 | &nbsp;&nbsp; 677185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1701) |
|  | Saber Parent Holdings Corp. | &nbsp;&nbsp; 373686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371817 | &nbsp;&nbsp; 371817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Serrano Parent LLC | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (540) |
|  | Skydio, Inc. | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24750 | &nbsp;&nbsp; 24775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
|  | Smarsh, Inc. | &nbsp;&nbsp; 190476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188571 | &nbsp;&nbsp; 188057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (514) |
|  | Smarsh, Inc. | &nbsp;&nbsp; 58413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58413 | &nbsp;&nbsp; 57671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (742) |
|  | Sparkstone Electrical Group | &nbsp;&nbsp; 7397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7286 | &nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1265) |
|  | Sparkstone Electrical Group | &nbsp;&nbsp; 22414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22078 | &nbsp;&nbsp; 18245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3833) |
|  | Spartan Bidco Pty. Ltd. | &nbsp;&nbsp; 151749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151749 | &nbsp;&nbsp; 151448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (301) |
|  | Stonebridge Cos. LLC | &nbsp;&nbsp; 928618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928618 | &nbsp;&nbsp; 932333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3715 |
|  | Stonebridge Cos. LLC | &nbsp;&nbsp; 619079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619079 | &nbsp;&nbsp; 619079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Streamland Media Midco LLC | &nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | Supergoop LLC | &nbsp;&nbsp; 64439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64183 | &nbsp;&nbsp; 61483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2700) |
|  | Thunder Purchaser, Inc. | &nbsp;&nbsp; 204439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204439 | &nbsp;&nbsp; 203458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (981) |
|  | Thunder Purchaser, Inc. | &nbsp;&nbsp; 231285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231285 | &nbsp;&nbsp; 229529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1756) |
|  | Titan Home Improvement LLC | &nbsp;&nbsp; 697674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690698 | &nbsp;&nbsp; 704651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13953 |
|  | Titan Home Improvement LLC | &nbsp;&nbsp; 581395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572788 | &nbsp;&nbsp; 581395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8607 |
|  | Trading Tech International, Inc. | &nbsp;&nbsp; 668284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667449 | &nbsp;&nbsp; 667401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) |
|  | Vensure Employer Services, Inc. | &nbsp;&nbsp; 1523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) |
|  | Wealth Enhancement Group LLC | &nbsp;&nbsp; 282352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282352 | &nbsp;&nbsp; 281078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1274) |
|  | Wharf Street Ratings Acquisition LLC | &nbsp;&nbsp; 236250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233888 | &nbsp;&nbsp; 234597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  | Wharf Street Ratings Acquisition LLC | &nbsp;&nbsp; 236250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233888 | &nbsp;&nbsp; 234597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  | Zilliant, Inc. | &nbsp;&nbsp; 66667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66667 | &nbsp;&nbsp; 50267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16400) |
|  |  |  |  |  | $(698161) |

---

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Fund 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 Fund 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 Fund 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 Fund assumes 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 Fund's 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 Fund to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its 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 Consolidated Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

**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 Fund 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 Fund is 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 Consolidated Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Consolidated Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statement 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 Fund 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 Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement 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 Consolidated Statement 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 Consolidated Statement of Assets and Liabilities. The Fund's 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 Fund.

**Options:** The Fund may purchase and write call and put options to increase or decrease its 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 Consolidated Statement 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 Consolidated Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Consolidated Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes 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 Consolidated Statement of Assets and Liabilities.

In purchasing and writing options, the Fund bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Fund purchasing or selling a security when it 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 Fund 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 Consolidated Statement 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 Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's 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 Fund's counterparty on the swap. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

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 Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund 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 Consolidated Statement 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 Consolidated Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Fund 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 Fund 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 Fund 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.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Consolidated Statement 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, the Fund 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 the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund 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 Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule 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 Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund 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 Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund 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 Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Fund entered into an Investment Advisory Agreement with the Manager, the Fund's 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 the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 1.00% of the average daily value of the Fund's managed assets. For purposes of calculating this fee,"managed assets" are determined as total assets of the Fund (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

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, the Fund pays the Manager based on the Fund's net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

The Manager entered into sub-advisory agreements with BlackRock Capital Investment Advisors, LLC ("BCIA"), BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL"), each an affiliate of the Manager. The Manager pays BCIA, BIL and BSL for services they provide for that portion of the Fund for which BCIA, BIL and BSL, respectively, acts as sub-adviser a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Fund has entered into a Distribution Agreement (the "Distribution Agreement") with BlackRock Investments, LLC (the "Distributor"), an affiliate of the Manager, to provide for distribution of the common shares. The Distribution Agreement provides that the Distributor will sell, and will appoint financial intermediaries to sell, common shares on behalf of the Fund on a reasonable efforts basis. The Fund has adopted a distribution and servicing plan (the "Distribution and Servicing Plan") with respect to certain classes of the common shares and in doing so has voluntarily complied with Rule 12b-1 under the 1940 Act, as if the Fund were an open-end investment company, and will be subject to an ongoing distribution fee and shareholder servicing fee (together, the "Distribution and Servicing Fee") in respect of the classes of common shares paying such Distribution and Servicing Fee. The maximum annual rates at which the Distribution and Servicing Fees may be paid under the Distribution and Servicing Plan (calculated as a percentage of the Fund's average daily net assets attributable to the classes of common shares paying such Distribution and Servicing Fee) is 0.75% for Class A Shares, Class W Shares and Class U Shares and 0.50% for Class J Shares. 0.25% of such fee is a shareholder service fee and the remaining portion is a distribution fee. Institutional Shares are not subject to a distribution fee or shareholder servicing fee.

For the year ended December 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Class A* | *Class J* | *Class U* | *Class W* | *Total* |
| Service and distribution fees — class specific | &nbsp;&nbsp; $793884  | &nbsp;&nbsp;&nbsp; $2424  | &nbsp;&nbsp;&nbsp; $365486  | &nbsp;&nbsp;&nbsp; $1497  | &nbsp;&nbsp;&nbsp; $1163291  |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended December 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

For the year ended December 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Class A* | *Class J* | *Class U* | *Class W* | *Total* |
| Transfer agent fees — class specific | &nbsp;&nbsp; $465423  | &nbsp;&nbsp;&nbsp; $23661  | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp; $66874  | &nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp;&nbsp; $556046  |

---

**Other Fees:** For the year ended December 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Class A Shares for a total of $16.

For the year ended December 31, 2025, affiliates received CDSCs of $53,810 for Class A Shares.

**Expense Limitations, Waivers, Reimbursements, and Recoupments:** Effective December 1, 2025, the Manager contractually agreed to waive the Fund's investment advisory fees through June 30, 2026. 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 securities of the Fund. This amount waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amount waived was $498,470.

With respect to the Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund 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 securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the year ended December 31, 2025, the amount waived was $15,714.

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of the Fund' 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 Fund's Independent Trustees. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the year ended December 31, 2025, the Manager waived $15,927 in investment advisory fees pursuant to these arrangements.

The Manager contractually agreed to waive and/or reimburse certain operating and other expenses of the Fund in order to limit certain expenses to 0.50% of the Fund's average daily value of the net assets of each share class ("expense limitation"). Expenses excluded from the expense limitation are limited to the investment advisory fee, service and distribution fees, interest expense, portfolio transaction and other investment-related costs (including acquired fund fees and expenses, commitment fees on leverage, prime broker fees and dividend expense) and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business. The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025, the Manager waived $20,459 pursuant to this arrangement.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed by the Administrator – class specific in the Consolidated Statement of Operations. For the year ended December 31, 2025, class specific expense waivers and/or reimbursements were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Class A* | *Class J* | *Class U* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; $25903  | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp; $15 | &nbsp;&nbsp;&nbsp; $4031  | &nbsp;&nbsp;&nbsp; $30007  |

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2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

With respect to the contractual expense limitation, if during the Fund's fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Manager or an affiliate continues to serve as the Fund's investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective February 28, 2026, the repayment arrangement between the Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund's contractual caps on net expenses will be terminated.

For the year ended December 31, 2025, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Institutional* | *Class U* |
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $11873  | &nbsp;&nbsp; 948 |

---

As of December 31, 2025, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement were as follows:

---

| | |
|:---|:---|
|  | *Expiring* |
| *Fund Name/Fund Level/Share Class* | *02/28/26* |
| BlackRock HPS Credit Strategies Fund |  |
| &nbsp;&nbsp;&nbsp; Fund Level | &nbsp;&nbsp; $20459  |
| &nbsp;&nbsp;&nbsp; Institutional | &nbsp;&nbsp; 25903 |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Class J | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Class U | &nbsp;&nbsp; 4031 |

---

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Consolidated Statement of Operations.

**Other Transactions:** During the year ended December 31, 2025, the Fund received a reimbursement of $9,490 from an affiliate, which is included in payment by affiliate in the Statements of Operations, related to an operating event.

***7.*** ***PURCHASES AND SALES*** 

For the year ended December 31, 2025, purchases and sales of investments, including paydowns/payups, and excluding short-term securities, were $531,417,482 and $582,809,064, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

It is the Fund'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.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund' s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund'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 Fund 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 Fund's consolidated 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 Fund's NAV.

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 nondeductible expenses were reclassified to the following accounts:

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| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $(83184 )<br>| &nbsp;&nbsp;&nbsp; $83184  |

---

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| BlackRock HPS Credit Strategies Fund |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary income | &nbsp;&nbsp; $51758116 | &nbsp;&nbsp;&nbsp;&nbsp; $51855735 |

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $(83396056 )<br>| &nbsp;&nbsp;&nbsp; $(19300102 )<br>| &nbsp;&nbsp;&nbsp; $(270500 )<br>| &nbsp;&nbsp;&nbsp; $(102966658 )<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> 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, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency contracts, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, amortization methods for premiums on fixed income securities and the classification of investments. 

<sup>(c)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $623431928 | &nbsp;&nbsp;&nbsp;&nbsp; $5030146 | &nbsp;&nbsp;&nbsp;&nbsp; $(23765143) | &nbsp;&nbsp;&nbsp;&nbsp; $(18734997) |

---

***9.*** ***BANK BORROWINGS*** 

The Fund has entered into a credit agreement with Société Générale (the "Lender") that established a revolving credit facility with a commitment of $200 million (the "the Facility"). The Facility may be increased to a maximum of $450 million. The Facility has the following terms: an unused commitment fee of 0.25% per annum when amounts borrowed is greater than $100 million or 0.30% per annum when amounts borrowed is less than $100 million and interest at a rate equal to Daily Simple SOFR on the date the loan is made plus 1.75% per annum on amounts borrowed. The agreement expires on September 30, 2026 unless extended or renewed. The Fund's borrowings, if any, are secured by eligible securities held in its portfolio of investments. During the period, the Fund paid the commitment fee based on the daily unused portion of the Facility and an extension fee. The fees associated with the agreement are included in the Consolidated Statement of Operations as interest expense and fees, if any. Advances to the Fund as of period end, if any, are shown in the Consolidated Statement 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. 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:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Maximum* <br>*Amount Borrowed*<br>| &nbsp;&nbsp; *Average Amount* <br>*Outstanding*<br>| &nbsp;&nbsp; *Daily Weighted Average* <br>*Interest Rate*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $67500000  | &nbsp;&nbsp;&nbsp; $34117808  | &nbsp;&nbsp;&nbsp;&nbsp; 6.14<br> % <br>|

---

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund 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 Fund and its investments. The Fund' s prospectus provides details of the risks to which the Fund is subject.

**Illiquidity Risk:** The Fund 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 Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund 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 the Fund'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:** The Fund 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 the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

**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. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund 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. The Fund 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, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund'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 the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund'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 the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund'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 the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statement of Assets and Liabilities, less any collateral held by the Fund.

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.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Fund 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, the Fund 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 Fund.

**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 the Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

The Fund invests a significant portion of its 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 Fund invests a significant portion of its assets in fixed-income securities and/or uses 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 Fund 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 Fund's performance.

The Fund invests a significant portion of its 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 Fund invests.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

The Fund is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for the Fund's Common Shares is $0.001.

Notes to Consolidated Financial Statements

------

Notes to Consolidated Financial Statements (continued)

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock HPS Credit Strategies Fund  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 11434104 | &nbsp;&nbsp;&nbsp;&nbsp; $95625130 | &nbsp;&nbsp;&nbsp;&nbsp; 21156045 | &nbsp;&nbsp;&nbsp;&nbsp; $181764460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 650755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5431689 | &nbsp;&nbsp;&nbsp;&nbsp; 674700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5778817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (12991306) | &nbsp;&nbsp;&nbsp;&nbsp; (108544939) | &nbsp;&nbsp;&nbsp;&nbsp; (6510122) | &nbsp;&nbsp;&nbsp;&nbsp; (55737987) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (906447) | &nbsp;&nbsp;&nbsp;&nbsp; $(7488120) | &nbsp;&nbsp;&nbsp;&nbsp; 15320623 | &nbsp;&nbsp;&nbsp;&nbsp; $131805290 |
| &nbsp;&nbsp;&nbsp; Class A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1336578 | &nbsp;&nbsp;&nbsp;&nbsp; $11226614 | &nbsp;&nbsp;&nbsp;&nbsp; 2922603 | &nbsp;&nbsp;&nbsp;&nbsp; $25157316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 618953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5184173 | &nbsp;&nbsp;&nbsp;&nbsp; 732355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6292600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (4371108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36548405) | &nbsp;&nbsp;&nbsp;&nbsp; (1485768) | &nbsp;&nbsp;&nbsp;&nbsp; (12782087) |
|  | &nbsp;&nbsp; (2415577) | &nbsp;&nbsp;&nbsp;&nbsp; $(20137618) | &nbsp;&nbsp;&nbsp;&nbsp; 2169190 | &nbsp;&nbsp;&nbsp;&nbsp; $18667829 |
| &nbsp;&nbsp;&nbsp; Class J<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 57937 | &nbsp;&nbsp;&nbsp;&nbsp; $500000 |
| &nbsp;&nbsp;&nbsp; Class U |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 870986 | &nbsp;&nbsp;&nbsp;&nbsp; $7281241 | &nbsp;&nbsp;&nbsp;&nbsp; 1369167 | &nbsp;&nbsp;&nbsp;&nbsp; $11740524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 258222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2156831 | &nbsp;&nbsp;&nbsp;&nbsp; 282007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (732840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6124304) | &nbsp;&nbsp;&nbsp;&nbsp; (1147522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9843744) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 396368 | &nbsp;&nbsp;&nbsp;&nbsp; $3313768 | &nbsp;&nbsp;&nbsp;&nbsp; 503652 | &nbsp;&nbsp;&nbsp;&nbsp; $4316592 |
|  | &nbsp;&nbsp; (2925656) | &nbsp;&nbsp;&nbsp;&nbsp; $(24311970) | &nbsp;&nbsp;&nbsp;&nbsp; 18051402 | &nbsp;&nbsp;&nbsp;&nbsp; $155289711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The share class commenced operation on November 19, 2024.

The Fund will make offers to purchase between 5% and 25% of its outstanding shares at approximate 3 month intervals.

Repurchase offer results for the periods shown were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of* <br>*Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Number of* <br>*Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*Purchased* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Purchase* <br>*Price*<br>| &nbsp;&nbsp; *Total* <br>*Amount of* <br>*Purchases*<br>|
| Institutional | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3273284 | &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3273284 | &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.45  | &nbsp;&nbsp;&nbsp;&nbsp; $27659253  |
| Class A | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 361019 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp; 361019 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp; 3057829 |
| Class J | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 140613 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp; 140613 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;8.46 | &nbsp;&nbsp;&nbsp;&nbsp; 1189587 |
| Class W | 01/08/25 | 02/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3014274 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp; 3014274 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp; 25018471 |
| Class A | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1021896 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1025315 | &nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;&nbsp; 8540981 |
| Class J | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 200873 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp; 200873 | &nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp; 1669257 |
| Class W | 04/08/25 | 05/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3976856 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp; 3976856 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp; 33206745 |
| Class A | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 867663 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp; 869396 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;&nbsp;&nbsp; 7286192 |
| Class J | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; 234915 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp; 234915 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp; 1963890 |
| Class W | 07/08/25 | 08/07/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 10/07/25 | 11/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4300413 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;&nbsp; 2726892 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp; 22660470 |
| Class A | 10/07/25 | 11/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3336031 | &nbsp;&nbsp;&nbsp;&nbsp;26.29 | &nbsp;&nbsp;&nbsp;&nbsp; 2115378 | &nbsp;&nbsp;&nbsp;&nbsp;16.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp; 17663403 |
| Class J | 10/07/25 | 11/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Class U | 10/07/25 | 11/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; 246710 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp; 156439 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;&nbsp; 1301570 |
| Class W | 10/07/25 | 11/06/25 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

2025 BlackRock Annual Report to Shareholders

------

Notes to Consolidated Financial Statements (continued)

Repurchase offers results for the year ended December 31, 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *Commencement* <br>*Date of Tender* <br>*Offer Period*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Valuation* <br>*Date*<br>| &nbsp;&nbsp; *Number of* <br>*Shares* <br>*Tendered*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Number of* <br>*Tendered* <br>*Shares* <br>*Purchased*<br>| &nbsp;&nbsp; *Tendered* <br>*Shares* <br>*Purchased* <br>*as a* <br>*Percentage of* <br>*Outstanding* <br>*Shares*<br>| &nbsp;&nbsp; *Purchase* <br>*Price*<br>| &nbsp;&nbsp; *Total* <br>*Amount of* <br>*Purchases*<br>|
| Institutional | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1251004 | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1251004 | &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; $8.60  | &nbsp;&nbsp;&nbsp;&nbsp; $10758638  |
| Class A | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 354469 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp; 354469 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp; 3055525 |
| Class U | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 152926 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp; 152926 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1316692 |
| Class W | 01/08/24 | 02/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1768913 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp; 1768913 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp;&nbsp; 15141892 |
| Class A | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 116792 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp; 116792 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp; 1003245 |
| Class U | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; 314981 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp; 314981 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp; 2702537 |
| Class W | 04/08/24 | 05/08/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1981220 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1981220 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp; 16860182 |
| Class A | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 354125 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp; 354125 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;&nbsp; 3024227 |
| Class U | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; 375171 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp; 375171 | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp; 3200205 |
| Class W | 07/08/24 | 08/07/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Institutional | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; 1508985 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp; 1508985 | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;&nbsp;&nbsp; 12977275 |
| Class A | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; 660381 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp; 660381 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp; 5699090 |
| Class U | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; 304444 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp; 304444 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2624310 |
| Class W | 10/07/24 | 11/06/24 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Date the repurchase offer period began.

The amount of the repurchase offers is shown as redemptions of shares resulting from repurchase offers in the Consolidated Statements of Changes in Net Assets.

As of December 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional*  | *Class A* | *Class J* | *Class U* | *Class W* |
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9,800,000 | &nbsp;&nbsp;&nbsp;&nbsp; 58,962 | &nbsp;&nbsp;&nbsp;&nbsp; 57,937 | &nbsp;&nbsp;&nbsp;&nbsp; 23,787 | &nbsp;&nbsp;&nbsp;&nbsp; 23,787 |

---

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

Notes to Consolidated Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of BlackRock HPS Credit Strategies Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of BlackRock HPS Credit Strategies Fund (formerly BlackRock Credit Strategies Fund) (the "Fund"), including the consolidated schedule of investments, as of December 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the 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"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for the 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 Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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 <br>Boston, Massachusetts <br>February 25, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Report to Shareholders

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $1640770  |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $594644  |

---

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 percentage, or maximum percentage 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:

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| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| BlackRock HPS Credit Strategies Fund | 2.43<br> % <br>|

---

The Fund hereby designates the following amount, or maximum amount 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:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $48013047  |

---

The Fund hereby designates the following amount, or maximum amount 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:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| BlackRock HPS Credit Strategies Fund | &nbsp;&nbsp; $37921140  |

---

Important Tax Information

------

Automatic Dividend Reinvestment Plan

Pursuant to the Fund's dividend reinvestment plan (the "Reinvestment Plan"), registered shareholders will have all dividends, including any capital gain dividends, reinvested automatically in additional Shares of the Fund by BNY Mellon Investment Servicing (US) Inc. (the "Reinvestment Plan Agent"), unless the shareholder elects to receive cash. Shareholders who elect not to participate in the Reinvestment Plan will receive all dividends in cash paid directly to the shareholder of record (or, if the Shares are held through banks, brokers or other nominee name, then to such banks, brokers or other nominee) by BNY Mellon Investment Servicing (US) Inc., as dividend disbursing agent. You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting your bank, broker or other nominee who holds your Fund common shares or if your Fund common shares are held directly by the Fund, 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 written 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.

In the case of record shareholders such as banks, brokers or other nominees that hold Fund common shares for others who are the beneficial owners, the Reinvestment Plan Agent will administer the Reinvestment Plan on the basis of the number of Shares certified from time to time by the record shareholder as representing the total amount registered in such shareholder's name and held for the account of beneficial owners who are to participate in the Reinvestment Plan. Shareholders whose Shares are held in the name of a bank, broker or other nominee should contact the bank, broker or other nominee for details. Such shareholders may not be able to transfer their shares to another bank, broker or other nominee and continue to participate in the Reinvestment Plan.

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 net asset value per share on the reinvestment date; there is no sales or other charge for reinvestment.

The Reinvestment Plan Agent's fees for the handling of the reinvestment of dividends will be paid by the Fund. The Fund reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants with regard to newly issued Shares in the Reinvestment Plan. Notice of amendments to the Reinvestment Plan will be sent to participants.

All correspondence concerning the Reinvestment Plan should be directed to the Reinvestment Plan Agent, in writing to: BlackRock Funds, C/O BNY Mellon Investment Servicing, PO Box 534429, Pittsburgh, PA 15253.

2025 BlackRock Annual Report to Shareholders

------

Trustee and Officer Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  | **Independent Trustees**  |
| **Name** <br>**Year of Birth**<sup>(a)(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships** <br> **Held During** <br>**Past 5 Years**<br>|
| **W. Carl Kester** <br>1951<br>| &nbsp;&nbsp; Chair of the Board and <br> Trustee <br>(Since 2018)<br>| &nbsp;&nbsp; Baker Foundation Professor and George Fisher Baker Jr. <br> Professor of Business Administration, Emeritus, Harvard <br> Business School since 2022; George Fisher Baker Jr. <br> Professor of Business Administration, Harvard Business <br> School from 2008 to 2022; Deputy Dean for Academic <br> Affairs from 2006 to 2010; Chairman of the Finance Unit, <br> from 2005 to 2006; Senior Associate Dean and Chairman <br> of the MBA Program from 1999 to 2005; Member of the <br> faculty of Harvard Business School since 1981.<br>| 68 RICs consisting of 102 Portfolios |  |
| **Catherine A. Lynch** <br>1961<br>| &nbsp;&nbsp; Trustee <br>(Since 2018)<br>| &nbsp;&nbsp; Chief Executive Officer, Chief Investment Officer and <br> various other positions, National Railroad Retirement <br> Investment Trust from 2003 to 2016; Associate Vice <br> President for Treasury Management, The George <br> Washington University from 1999 to 2003; Assistant <br> Treasurer, Episcopal Church of America from 1995 to <br> 1999.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp; PennyMac <br> Mortgage <br> Investment Trust.<br>|
| **Cynthia L. Egan** <br>1955<br>| &nbsp;&nbsp; Trustee <br>(Since 2023)<br>| &nbsp;&nbsp; Advisor, U.S. Department of the Treasury from 2014 to <br> 2015; President, Retirement Plan Services, for T. Rowe <br> Price Group, Inc. from 2007 to 2012; executive positions <br> within Fidelity Investments from 1989 to 2007.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp; Unum (insurance); <br> The Hanover <br> Insurance Group <br> (Board Chair); <br> Huntsman <br> Corporation (Lead <br> Independent <br> Director and non-<br> Executive Vice <br> Chair of the <br> Board) (chemical <br> products)<br>|
| **Arthur P. Steinmetz** <br>1958<br>| &nbsp;&nbsp; Trustee <br>(Since 2023)<br>| &nbsp;&nbsp; Trustee of Denison University since 2020; Consultant, <br> Posit PBC (enterprise data science) since 2020; Director, <br> ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief <br> Executive Officer and President of OppenheimerFunds, <br> Inc. from 2015, 2014 and 2013, respectively to 2019; <br> Trustee, President and Principal Executive Officer of <br> 104 OppenheimerFunds funds from 2014 to 2019; <br> Portfolio manager of various OppenheimerFunds fixed <br> income mutual funds from 1986 to 2014.<br>| 68 RICs consisting of 102 Portfolios |  |

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Trustee and Officer Information

------

Trustee and Officer Information (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interested Trustees**<sup>(d)</sup>  | **Interested Trustees**<sup>(d)</sup>  | **Interested Trustees**<sup>(d)</sup>  | **Interested Trustees**<sup>(d)</sup>  | **Interested Trustees**<sup>(d)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<sup>(c)</sup> <br>| **Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp; **Number of BlackRock-Advised** <br>**Registered Investment Companies** <br>**("RICs") Consisting of Investment** <br>**Portfolios ("Portfolios") Overseen**<br>| &nbsp;&nbsp; **Public Company** <br> **and Other** <br>**Investment** <br> **Company** <br>**Directorships** <br> **Held During** <br>**Past 5 Years**<br>|
| **John M. Perlowski** <br>1964<br>| &nbsp;&nbsp; Trustee <br>(Since 2018) and President <br> and <br>Chief Executive Officer <br>(Since 2018)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2009; Head of <br> BlackRock Global Accounting and Product Services since <br> 2009; Advisory Director of Family Resource Network <br> (charitable foundation) since 2009; Member of <br> BlackRock's Global Executive Committee since 2025.<br>| 94 RICs consisting of 270 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

<sup>(b)</sup> Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. 

<sup>(c)</sup> Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: W. Carl Kester, 1995. Certain other Independent Trustees became members of the boards of the close-end funds in the BlackRock Fixed-Income Complex as follows: Catherine A. Lynch, 2016. 

<sup>(d)</sup> Mr. Perlowski is an "interested person," as defined in the 1940 Act, of the Fund based on his position with BlackRock, Inc. and its affiliates. Mr. Perlowski is also a board member of the BlackRock Multi-Asset Complex. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **Officers Who Are Not Trustees**<sup>(a)</sup>  | **Officers Who Are Not Trustees**<sup>(a)</sup>  | **Officers Who Are Not Trustees**<sup>(a)</sup>  |
| **Name** <br>**Year of Birth**<sup>(b)</sup> <br>| &nbsp;&nbsp; **Position(s) Held** <br>**(Length of Service)**<br>| **Principal Occupation(s) During Past 5 Years** |
| **Jonathan Diorio** <br>1980<br>| &nbsp;&nbsp; Vice President <br>(Since 2018)<br>| Member of BlackRock's Global Operating Committee since 2023; Managing Director of BlackRock, Inc. since 2015. |
| **Lindsey Lorenz** <br>1982<br>| &nbsp;&nbsp; Chief Financial Officer <br>(Since 2025)<br>| &nbsp;&nbsp; Director of BlackRock, Inc. since 2020; Assistant Treasurer and Director of US Fund Oversight at Janus Henderson <br> Investors from 2017 to 2020.<br>|
| **Jay M. Fife** <br>1970<br>| &nbsp;&nbsp; Treasurer <br>(Since 2018)<br>| Managing Director of BlackRock, Inc. since 2007. |
| **Charles Park** <br>1967<br>| &nbsp;&nbsp; Chief Compliance Officer <br>(Since 2025)<br>| &nbsp;&nbsp; Chief Compliance Officer of BlackRock Advisors, LLC and other BlackRock US registered investment advisers since 2014; <br> Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund <br> Advisors ("BFA") since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012; <br> Chief Compliance Officer of the Fund from 2018 to February 2024; Chief Compliance Officer of the BlackRock-advised <br> Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex from 2014 to 2023; Chief <br> Compliance Officer for the BFA advised iShares® exchange traded funds from 2006 to 2023.<br>|
| **Lisa Belle** <br>1968<br>| &nbsp;&nbsp; Anti-Money Laundering <br>Compliance Officer <br>(Since 2019)<br>| &nbsp;&nbsp; Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP <br> Morgan from 2013 to 2019.<br>|
| **Janey Ahn** <br>1975<br>| &nbsp;&nbsp; Secretary <br>(Since 2018)<br>| Managing Director of BlackRock, Inc. since 2018. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. <br> <sup>(b)</sup> Officers of the Fund serve at the pleasure of the Board.

Further information about the Fund's Directors and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 882-0052.

&nbsp;&nbsp; Effective October 1, 2025, each of David Delbos, Philip Tseng, Patrick Wolfe and Eric Yuan are no longer a portfolio manager of the Fund. Effective October 1, 2025, each of Michael <br> Patterson and Purnima Puri became a portfolio manager of the Fund. Mr. Patterson and Ms. Puri have been employed by BlackRock since 2025 and by HPS since 2007. Jeffrey Cucunato <br> continues to serve as a portfolio manager of the Fund.<br>

2025 BlackRock Annual Report to Shareholders

------

Additional Information

**General Information**

The Fund's Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.

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 Fund.

Except if noted otherwise herein, there were no changes to the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund's portfolios.

In accordance with Section 23(c) of the Investment Company Act of 1940, the Fund may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, shareholder reports, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are available on BlackRock's website.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:**

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

**Householding**

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 882-0052.

**Availability of Quarterly Schedule of Investments**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at **sec.gov**. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records**

The Board of Trustees of the Fund has delegated the voting of proxies for the Fund's securities to BlackRock Advisors, LLC (the "Advisor") pursuant to the Closed-End Fund Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. The BAIS Guidelines are available at **www.blackrock.com**.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Fund Updates**

BlackRock will update performance and certain other data for the Fund on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Fund. This reference to BlackRock's website is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

Additional Information

------

Additional Information (continued)

**Fundamental Periodic Repurchase Policy**

The Fund has adopted an "interval fund" structure pursuant to Rule 23c-3 under the 1940 Act as a fundamental policy. As an interval fund, the Fund will make quarterly repurchase offers at net asset value (less a repurchase fee not to exceed 2%) to all Fund shareholders. The percentage of outstanding shares that the Fund can repurchase in each offer will be established by the Fund's Board shortly before the commencement of each offer and will be between 5% and 25% of the Fund's then outstanding shares.

The Fund has adopted the following fundamental policies regarding periodic repurchases:

(a) The Fund will make repurchase offers at periodic intervals pursuant to Rule 23c-3 under the 1940 Act.

(b) The periodic interval between repurchase request deadlines will be approximately 3 months.

(c) The maximum number of days between a repurchase request deadline and the next repurchase pricing date will be 14 days; provided that if the 14th day after a repurchase request deadline is not a business day, the repurchase pricing date shall be the next business day.

The Board may place such conditions and limitations on a repurchase offer as may be permitted under Rule 23c-3. Repurchase offers may be suspended or postponed under certain circumstances, as provided in Rule 23c-3.

During the fiscal year ended December 31, 2025, the Fund conducted repurchase offer for up to 5% of its outstanding Common Shares, pursuant to Rule 23c-3 under the 1940 Act, as summarized in the following table:

---

| | | |
|:---|:---|:---|
| *Number of* <br>*Repurchase Offers*<br>| *Number of* <br>*Shares Repurchased*<br>| &nbsp;&nbsp; *Number of* <br>*Shares Tendered*<br>|
| 4 | 18,095,254 | 20,974,547 |

---

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC <br>Wilmington, DE 19809

**Sub-Adviser**

BlackRock Capital Investment Advisors, LLC <br>New York, New York 10001

BlackRock International Limited <br>Edinburgh, EH3 8BL <br>United Kingdom

BlackRock (Singapore) Limited <br>079912 Singapore

**Accounting Agent and Custodian**

State Street Bank and Trust Company <br>Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc. <br>Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC <br>New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP <br>Boston, MA 02110

**Legal Counsel**

Willkie Farr & Gallagher LLP <br>New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway <br>Wilmington, DE 19809

2025 BlackRock Annual Report to Shareholders

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| CLO | Collateralized Loan Obligation |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| CVR | Contingent Value Right |
| EURIBOR | Euro Interbank Offered Rate |
| PIK | Payment-in-Kind |
| SOFR | Secured Overnight Financing Rate |

---

Glossary of Terms Used in this Report

------

Want to know more?

blackrock.com \| 877-275-1255

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when repurchased by the Fund in connection with any applicable repurchase offer, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

CRST-12/25-AR

![](g105828img0ccb669a3.jpg)

![](g105828img01bd15471.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.  |

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Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4– Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related**<br> **Fees<sup>1</sup>** | **(b) Audit-Related**<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Current</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Previous</u> <br><u>Fiscal</u>** <br> **<u>Year</u>** <br> **<u>End</u>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock HPS Credit Strategies Fund | $114390 | $113832 | $0 | $8000 | $49400 | $22900 | $0 | $0 |

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The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

------

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| | | |
|:---|:---|:---|
|  |  **<u>Current Fiscal Year End</u>** |  **<u>Previous Fiscal Year End</u>** |
| &nbsp;&nbsp;&nbsp; **(b) Audit-Related Fees<sup>1</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp; **(c) Tax Fees<sup>2</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp; **(d) All Other Fees<sup>3</sup>** | $2149000 | $2149000 |

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<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored or advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp;BlackRock HPS Credit Strategies Fund | $49400 | $30900 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

------

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

---

| | |
|:---|:---|
| Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - The board of trustees has delegated the voting of proxies for the Fund's portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as [Exhibit 99.PROXYPOL](d105828dex99proxypol.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at <u>www.blackrock.com</u> and (iii) on the SEC's website at <u>http://www.sec.gov</u>.  |

---

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Jeffrey Cucunato, Managing Director at BlackRock, Michael Patterson, Managing Director at BlackRock, and Purnima Puri, Managing Director at BlackRock. Messrs. Cucunato and Patterson and Ms. Puri are the Fund's portfolio managers and are responsible for the day-to-day management of the Fund's portfolio and the selection of its investments. Mr. Cucunato has been a member of the Fund's management team since 2019, and Mr. Patterson and Ms. Puri have been members of the Fund's management team since 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Manager**<br>| **Biography**<br>|
| &nbsp;&nbsp;&nbsp; Jeffrey Cucunato | Managing Director of BlackRock since 2005. |
| &nbsp;&nbsp;&nbsp; Michael Patterson | Managing Director of BlackRock, Inc. since 2025. Founding Partner of HPS Investment Partners since 2007. |
| &nbsp;&nbsp;&nbsp; Purnima Puri | Managing Director of BlackRock, Inc. since 2025. Founding Partner of HPS Investment Partners since 2007. |

---

(a)(2) As of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(ii) Number of**<br>**Other Accounts Managed**<br>**and Assets by Account Type** | **(ii) Number of**<br>**Other Accounts Managed**<br>**and Assets by Account Type** | **(ii) Number of**<br>**Other Accounts Managed**<br>**and Assets by Account Type** | **(iii) Number of Other Accounts and**<br>**Assets for Which Advisory Fee is**<br>**Performance-Based** | **(iii) Number of Other Accounts and**<br>**Assets for Which Advisory Fee is**<br>**Performance-Based** | **(iii) Number of Other Accounts and**<br>**Assets for Which Advisory Fee is**<br>**Performance-Based** |
| &nbsp;&nbsp;&nbsp; **(i) Name of Portfolio**<br> **Manager**<br>| **Other**<br> **Registered**<br> **Investment** <br> **Companies** | **Other Pooled <br>Investment**<br> **Vehicles** | **Other**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accounts**  | **Other**<br> **Registered**<br> **Investment** <br> **Companies** | **Other Pooled <br>Investment**<br> **Vehicles** | **Other**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Accounts**  |
| &nbsp;&nbsp;&nbsp; Jeffrey Cucunato | 3 | 8 | 1 | 0 | 0 | 0 |
|  | $2.80 Billion | $681.4 Million | $367.5 Million | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp; Michael Patterson | 0 | 69 | 114 | 0 | 66 | 99 |
|  | $0 | $46.54 Billion | $55.41 Billion | $0 | $42.00 Billion | $42.50 Billion |
| &nbsp;&nbsp;&nbsp; Purnima Puri | 0 | 20 | 93 | 0 | 18 | 63 |
|  | $0 | $1.43 Billion | $25.18 Billion | $0 | $1.15 Billion | $17.30 Billion |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Cucunato and Patterson and Ms. Puri may be managing funds and/or accounts that are subject to incentive fees. Messrs. Cucunato and Patterson and Ms. Puri may therefore be entitled to receive a portion of any incentive fees earned on such funds and/or accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2025:

**Portfolio Manager Compensation Overview** 

The discussion below describes the portfolio managers' compensation as of December 31, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary and a performance-based discretionary bonus, and may also include participation in various benefits programs and/or one or more of the incentive compensation programs established by BlackRock.

------

**Base Compensation**. Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation**.Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock.

Discretionary incentive compensation is generally distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, deferred cash and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Certain portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. Certain of the portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash or deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and/or whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits**. In addition to base salary and discretionary incentive compensation, certain portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans* – BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP).

(a)(4) Beneficial Ownership of Securities – As of December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity Securities of**<br> **the Fund Beneficially Owned** |
| &nbsp;&nbsp;&nbsp;Jeffrey Cucunato | $100001 - $500000 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity Securities of<br>the Fund Beneficially Owned** |
| &nbsp;&nbsp;&nbsp;Michael Patterson | None |
| &nbsp;&nbsp;&nbsp;Purnima Puri | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](d105828dncsr.htm#item2105828_1)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d105828dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d105828dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock HPS Credit Strategies Fund

---

| | |
|:---|:---|
|  By:  | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock HPS Credit Strategies Fund |

---

Date: February 25, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By:  | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock HPS Credit Strategies Fund |

---

Date: February 25, 2026

---

| | |
|:---|:---|
|  By:  | <u>/s/ Lindsey Lorenz</u>  |
|  | Lindsey Lorenz |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock HPS Credit Strategies Fund |

---

Date: February 25, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock HPS Credit Strategies Fund, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock HPS Credit Strategies Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 25, 2026

---

| |
|:---|
| <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock HPS Credit Strategies Fund |

---

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Lindsey Lorenz, Chief Financial Officer (principal financial officer) of BlackRock HPS Credit Strategies Fund, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock HPS Credit Strategies Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 25, 2026

---

| |
|:---|
| <u>/s/ Lindsey Lorenz</u>  |
| Lindsey Lorenz |
| Chief Financial Officer (principal financial officer) of |
| BlackRock HPS Credit Strategies Fund |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock HPS Credit Strategies Fund (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 25, 2026

---

| |
|:---|
| <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock HPS Credit Strategies Fund |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock HPS Credit Strategies Fund (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: February 25, 2026 |
| <u>/s/ Lindsey Lorenz</u>  |
| Lindsey Lorenz |
| Chief Financial Officer (principal financial officer) of |
| BlackRock HPS Credit Strategies Fund |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

August 1, 2021

![LOGO](g105828dsp021b.jpg)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Closed-End Fund Proxy Voting Policy |
| &nbsp;&nbsp;&nbsp;***Procedures Governing Delegation of Proxy Voting to Fund Adviser*** |
| &nbsp;&nbsp;&nbsp;Effective Date: August 1, 2021 |
| &nbsp;&nbsp;&nbsp;Last Review Date: September 1, 2024 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**Applies to the following types of Funds registered under the 1940 Act:** |
| &nbsp;&nbsp;&nbsp;☐ Open-End Mutual Funds (including money market funds) |
| &nbsp;&nbsp;&nbsp;☐ Money Market Funds |
| &nbsp;&nbsp;&nbsp;☐ Exchange-Traded Funds |
| &nbsp;&nbsp;&nbsp;☒ Closed-End Funds |
| &nbsp;&nbsp;&nbsp;☐ Other |

---

**Objective and Scope** 

Set forth below is the Closed-End Fund Proxy Voting Policy.

**Policy / Document Requirements and Statements** 

The Boards of Trustees/Directors (the "Directors") of the closed-end funds advised by BlackRock Advisors, LLC ("BlackRock"), (the "Funds") have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock's authority to manage, acquire and dispose of account assets, all as contemplated by the Funds' respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the "BlackRock proxy voting guidelines") governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy voting guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as applicable to the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock proxy voting guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock proxy voting guidelines that have not previously been reported.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## BlackRock

## Active

## Investment

## Stewardship

## Global Engagement and Voting Guidelines
Effective as of January 2026

![LOGO](g105828dsp022.jpg)

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## Contents

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|:---|:---|
|  **[Overview](#proxypol105828_1)** | **3** |
|  **[Introduction to BlackRock](#proxypol105828_2)** | **4** |
|  **[About BlackRock Active Investment Stewardship](#proxypol105828_3)** | **4** |
|  **[Our approach to stewardship within active equities](#proxypol105828_4)** | **5** |
|  **[Our approach to stewardship within fixed income](#proxypol105828_5)** | **5** |
|  **[Boards of Directors](#proxypol105828_6)** | **6** |
|  **[Executive compensation](#proxypol105828_7)** | **9** |
|  **[Non-executive director compensation](#proxypol105828_8)** | **11** |
|  **[Capital structure](#proxypol105828_9)** | **11** |
|  **[Transactions and special situations](#proxypol105828_10)** | **12** |
|  **[Corporate reporting, risk management and audit](#proxypol105828_11)** | **13** |
|  **[Shareholder rights and protections](#proxypol105828_12)** | **14** |
|  **[Shareholder proposals](#proxypol105828_13)** | **15** |
|  **[Corporate political activities](#proxypol105828_14)** | **16** |
|  **[Material sustainability-related risks and opportunities](#proxypol105828_15)** | **16** |
|  **[Key stakeholders](#proxypol105828_16)** | **17** |
|  **[Climate and decarbonization investment objectives](#proxypol105828_17)** | **18** |
|  **[Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities](#proxypol105828_18)** | **19** |

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **2** |

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**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity2, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **3** |

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**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own — it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management

Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors4 and on matters that routinely come to a shareholder vote. We

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

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recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

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**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness** 

***Appointment process***

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

<sup>6</sup> See the Corporate Governance Codes of <u>Germany</u>, <u>Japan</u>, and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **6** |

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***Independence***

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

***Independent board leadership***

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

***Tenure and succession***

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

<sup>7</sup> Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company; interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially interfere with a director's ability to act in the best interests of the company and shareholders.

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In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

***Capacity***

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

***Director elections***

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure8 may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

***Committees***

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

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understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nominating, governance and human capital – oversight responsibilities for corporate governance principles and
practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital
management strategies, including corporate culture and purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Executive compensation – determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

***Board and director evaluation***

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

***Access to independent advice***

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward

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performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company's size, sector and market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-term incentives that motivate sustained performance across a multi-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pay outcomes that are consistent with the returns to investors over the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board or relevant board committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change of control provisions that appropriately balance the interests of executives and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

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**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **11** |

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to

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what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>10</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en

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management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

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If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

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**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors11 that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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**Key stakeholders** 

In our view, companies should understand and take into consideration the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

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| &nbsp;&nbsp; **Climate and decarbonization investment objectives**<br>Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client. |
| &nbsp;&nbsp; These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. |
| &nbsp;&nbsp; Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines. |

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**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures," below).

When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

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In certain markets, proxy voting involves logistical issues which can affect BAIS' ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>12</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>13</sup>

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

<sup>13</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

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assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopted these Guidelines which are designed to advance our clients' long-term financial interests in the companies in
which BlackRock invests on their behalf

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business partnership
roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or
business partners are not given preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better
understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with

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employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting recommendations for shares of BlackRock, Inc.
and companies affiliated with BlackRock, Inc. BlackRock may also use an independent third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that include BlackRock employees on their boards of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of
directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are the subject of certain transactions involving BlackRock Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are joint venture partners with BlackRock, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service
provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may

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determine, in our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and disclosure on our <u>website</u>.

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.com</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.©2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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