XML 9 R1.htm IDEA: XBRL DOCUMENT v3.25.0.1
N-2 - USD ($)
 3 Months Ended
Feb. 07, 2025
Jan. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Cover [Abstract]                    
Entity Central Index Key 0001222401                  
Amendment Flag false                  
Document Type 424B2                  
Entity Registrant Name BLACKROCK CORPORATE HIGH YIELD FUND, INC.                  
Fee Table [Abstract]                    
Shareholder Transaction Expenses [Table Text Block]
Shareholder Transaction Expenses
   
Sales load paid by you (as a percentage of offering price)
      1.00 %
(1)
 
Offering expenses borne by the Fund (as a percentage of offering price)
      0.02 %
(2)
 
Dividend reinvestment plan fees
     


 $0.02 per share for
open-market

purchases of
common shares
(3)
  
 
 
 
Dividend reinvestment plan sale transaction fee
      $2.50
(3)
 
(1)
Represents the estimated commission with respect to the Fund’s common shares being sold in this offering. There is no guarantee that there will be any sales of the Fund’s common shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of the Fund’s common shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per share of any such sale may be greater than or less than the price set forth under “Capitalization” below, depending on market price of the Fund’s common shares at the time of any such sale.
(2)
Based on a sale price per share of $9.90, which represents the last reported sale price per share of the Fund’s common shares on the NYSE on January 31 2025. Assumes all of the common shares being offered by this Prospectus Supplement and the accompanying Prospectus are sold. Represents the initial offering costs incurred by the Fund in connection with this offering, which are estimated to be $203,769. Offering costs generally include, but are not limited to, the preparation, review and filing with the SEC of the Fund’s registration statement, the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of the Prospectus Supplement and the accompanying Prospectus and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the offering.
(3)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
                 
Sales Load [Percent] [1] 1.00%                  
Dividend Reinvestment and Cash Purchase Fees [2] $ 2.5                  
Other Transaction Expenses [Abstract]                    
Other Transaction Expenses [Percent] [3] 0.02%                  
Annual Expenses [Table Text Block]
Estimated Annual Expenses
(as a percentage of net assets attributable to common shares)
         
      
    
Management fees
(4)(5)
      0.85 % 
Interest Payments on Borrowed Fund
(6)
      2.44 % 
Other Expenses
      0.06 % 
Total Annual Expenses
      3.35 % 
Fee Waivers and/or Expense Reimbursements
(5)
      —   
 
 
 
 
 
Total Annual Expenses after Fee Waivers and/or Expense Reimbursements
(5)
      3.35 % 
 
 
 
 
 
 
(4)
The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.60% based on an aggregate of (i) the Fund’s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”). “Net Assets” means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund’s net asset value. The Fund uses leverage in the form of a credit facility, which for the period of 12 months ended at December 31, 2023, amounted to approximately 29.0% of the Fund’s Managed Assets (approximately 40.9% of the Fund’s net assets). “Managed Assets” means the total assets of the Fund minus the sum of the Fund’s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund’s net assets attributable to common stock are the Fund’s Managed Assets minus the value of the Fund’s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund’s use of leverage in the form of higher fees as a percentage of the Fund’s net assets attributable to common stock than if the Fund did not use leverage.
(5)
The Fund and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to
 
waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act) of the Fund (the “Independent Directors”)) or a majority of the outstanding voting securities of the Fund, upon 90 days’ written notice by the Fund to the Advisor.
(6)
Reflects leverage, in the form of a credit facility, in an amount equal to approximately 29.0% of the Fund’s Managed Assets for the period of 12 months ended at December 31, 2023. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes.
                 
Management Fees [Percent] [4],[5] 0.85%                  
Interest Expenses on Borrowings [Percent] [6] 2.44%                  
Other Annual Expenses [Abstract]                    
Other Annual Expenses [Percent] 0.06%                  
Total Annual Expenses [Percent] 3.35%                  
Waivers and Reimbursements of Fees [Percent] [4] 0.00%                  
Net Expense over Assets [Percent] [4] 3.35%                  
Expense Example [Table Text Block]
Example
The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.13) that you would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 3.35% of net assets attributable to common shares and (ii) a 5% annual return:
 
    
1 Year
     
3 Years
     
5 Years
     
10 Years
  
Total expenses incurred
    $ 44      $ 112      $ 183      $ 370  
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at net asset value. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
                 
Expense Example, Year 01 $ 44                  
Expense Example, Years 1 to 3 112                  
Expense Example, Years 1 to 5 183                  
Expense Example, Years 1 to 10 $ 370                  
Purpose of Fee Table , Note [Text Block] The following table and example are intended to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our common shares.                  
Basis of Transaction Fees, Note [Text Block] as a percentage of offering price                  
Other Transaction Fees, Note [Text Block] Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.                  
Management Fee not based on Net Assets, Note [Text Block] The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.60% based on an aggregate of (i) the Fund’s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”). “Net Assets” means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund’s net asset value. The Fund uses leverage in the form of a credit facility, which for the period of 12 months ended at December 31, 2023, amounted to approximately 29.0% of the Fund’s Managed Assets (approximately 40.9% of the Fund’s net assets). “Managed Assets” means the total assets of the Fund minus the sum of the Fund’s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund’s net assets attributable to common stock are the Fund’s Managed Assets minus the value of the Fund’s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund’s use of leverage in the form of higher fees as a percentage of the Fund’s net assets attributable to common stock than if the Fund did not use leverage.                  
General Description of Registrant [Abstract]                    
Investment Objectives and Practices [Text Block] The Fund’s investment objective is to provide shareholders with current income. The Fund’s secondary investment objective is to provide shareholders with capital appreciation.                  
Share Price [Table Text Block]
The following table sets forth, for the quarters indicated, the highest and lowest daily closing prices on the NYSE per
common
share, and the NAV per common share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded on the NYSE during the respective quarters.
 
    
NYSE Market Price
Per Common Share
     
NAV per
Common
Share on Date of
Market Price
     
Premium/
(Discount) on
Date of
Market Price
    
Trading

Volume
  
During Quarter Ended
   
High
     
Low
     
High
     
Low
     
High
    
Low
  
December 31, 2024
    $ 10.11      $ 9.64      $ 9.87      $ 9.64        2.43 %      0.00 %      31,471,256  
September 30, 2024
    $ 10.10      $ 9.59      $ 9.81      $ 9.58        2.96 %      0.10 %      29,991,036  
June 30, 2024
    $ 9.93      $ 9.26      $ 9.60      $ 9.47        3.44 %      (2.22 )%      22,921,620  
March 31, 2024
    $ 9.88      $ 9.38      $ 9.73      $ 9.58        1.54 %      (2.09 )%      27,063,172  
December 31, 2023
    $ 9.56      $ 8.24      $ 9.74      $ 8.87        (1.85 )%      (7.10 )%      32,227,355  
September 30, 2023
    $ 9.28      $ 8.60      $ 9.41      $ 9.18        (1.38 )%      (6.32 )%      31,818,726  
June 30, 2023
    $ 8.92      $ 8.41      $ 9.39      $ 9.29        (5.01 )%      (9.47 )%      27,377,682  
March 31, 2023
    $ 9.43      $ 8.28      $ 9.85      $ 9.13        (4.26 )%      (9.31 )%      39,758,961  
As of January 31, 2025, the NAV per common share of the Fund was $9.74 and the market price per common share was $9.90, representing a premium to NAV of 1.64%. Common shares of the Fund have historically traded at both a premium and discount to NAV.
As of January 31, 2025, the Fund had outstanding 154,445,033 common shares.
                 
Capital Stock, Long-Term Debt, and Other Securities [Abstract]                    
Outstanding Security, Held [Shares]   154,445,033                
Common Shares [Member]                    
Other Annual Expenses [Abstract]                    
Basis of Transaction Fees, Note [Text Block] as a percentage of net assets attributable to common shares                  
General Description of Registrant [Abstract]                    
Lowest Price or Bid     $ 9.64 $ 9.59 $ 9.26 $ 9.38 $ 8.24 $ 8.6 $ 8.41 $ 8.28
Highest Price or Bid     10.11 10.1 9.93 9.88 9.56 9.28 8.92 9.43
Lowest Price or Bid, NAV     9.64 9.58 9.47 9.58 8.87 9.18 9.29 9.13
Highest Price or Bid, NAV     $ 9.87 $ 9.81 $ 9.6 $ 9.73 $ 9.74 $ 9.41 $ 9.39 $ 9.85
Highest Price or Bid, Premium (Discount) to NAV [Percent]     2.43% 2.96% 3.44% 1.54% (1.85%) (1.38%) (5.01%) (4.26%)
Lowest Price or Bid, Premium (Discount) to NAV [Percent]     0.00% 0.10% (2.22%) (2.09%) (7.10%) (6.32%) (9.47%) (9.31%)
Share Price   $ 9.9                
NAV Per Share   $ 9.74                
Latest Premium (Discount) to NAV [Percent]   1.64%                
[1] Represents the estimated commission with respect to the Fund’s common shares being sold in this offering. There is no guarantee that there will be any sales of the Fund’s common shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of the Fund’s common shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth under “Capitalization” below. In addition, the price per share of any such sale may be greater than or less than the price set forth under “Capitalization” below, depending on market price of the Fund’s common shares at the time of any such sale.
[2] Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by the Fund. However, you will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. You will also be charged a $2.50 sales fee and pay a $0.15 per share fee if you direct the Reinvestment Plan Agent to sell your common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
[3] Based on a sale price per share of $9.90, which represents the last reported sale price per share of the Fund’s common shares on the NYSE on January 31 2025. Assumes all of the common shares being offered by this Prospectus Supplement and the accompanying Prospectus are sold. Represents the initial offering costs incurred by the Fund in connection with this offering, which are estimated to be $203,769. Offering costs generally include, but are not limited to, the preparation, review and filing with the SEC of the Fund’s registration statement, the preparation, review and filing of any associated marketing or similar materials, costs associated with the printing, mailing or other distribution of the Prospectus Supplement and the accompanying Prospectus and/or marketing materials, associated filing fees, NYSE listing fees, and legal and auditing fees associated with the offering.
[4] The Fund and the Advisor have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Advisor has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Advisor or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Advisor has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to the Advisor indirectly through its investment in money market funds managed by the Advisor or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Fund (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act) of the Fund (the “Independent Directors”)) or a majority of the outstanding voting securities of the Fund, upon 90 days’ written notice by the Fund to the Advisor.
[5] The Fund currently pays the Advisor a contractual management fee at an annual rate of 0.60% based on an aggregate of (i) the Fund’s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”). “Net Assets” means the total assets of the Fund minus the sum of the accrued liabilities. The liquidation preference of any outstanding preferred stock (other than accumulated dividends) is not considered a liability in determining the Fund’s net asset value. The Fund uses leverage in the form of a credit facility, which for the period of 12 months ended at December 31, 2023, amounted to approximately 29.0% of the Fund’s Managed Assets (approximately 40.9% of the Fund’s net assets). “Managed Assets” means the total assets of the Fund minus the sum of the Fund’s accrued liabilities (other than the aggregate indebtedness constituting financial leverage). The Fund’s net assets attributable to common stock are the Fund’s Managed Assets minus the value of the Fund’s assets attributable to indebtedness constituting financial leverage. Thus, when the Fund uses leverage, its net assets attributable to common stock are less than its Managed Assets and its expenses (including the management fee) stated as a percentage of its net assets attributable to common stock are greater than they would be if stated as a percentage of its Managed Assets. This table reflects the fact that you, as a common shareholder, bear the expenses of the Fund’s use of leverage in the form of higher fees as a percentage of the Fund’s net assets attributable to common stock than if the Fund did not use leverage.
[6] Reflects leverage, in the form of a credit facility, in an amount equal to approximately 29.0% of the Fund’s Managed Assets for the period of 12 months ended at December 31, 2023. The interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Fund for accounting purposes.