N-2
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Dec. 12, 2025
USD ($)
$ / shares
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| Cover [Abstract] |
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| Entity Central Index Key |
0001222401
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| Amendment Flag |
false
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| Document Type |
424B5
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| Entity Registrant Name |
BLACKROCK CORPORATE HIGH YIELD FUND, INC.
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| Fee Table [Abstract] |
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| Shareholder Transaction Expenses [Table Text Block] |
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Shareholder Transaction Expenses |
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Sales load (as a percentage of offering price) (1) |
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None |
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Offering expenses borne by the Fund (as a percentage of offering price) (1) |
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None |
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Dividend reinvestment plan fees |
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$0.02 per share for open-market purchases of common shares (2) |
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Dividend reinvestment plan sale transaction fee |
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$2.50 (2) |
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| (1) |
Total offering expenses, which will be borne by the Advisor and not the Fund or Common Shareholders, are estimated to be $532,734 in the aggregate, or approximately 0.19% of the estimated Subscription Price, which assumes that the Rights offering is fully subscribed. |
| (2) |
Computershare Trust Company, N.A.’s (in such capacity, 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. |
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| Sales Load [Percent] |
0.00%
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[1] |
| Dividend Reinvestment and Cash Purchase Fees |
$ 2.5
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[2] |
| Other Transaction Expenses [Abstract] |
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| Other Transaction Expenses [Percent] |
0.00%
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[1] |
| Annual Expenses [Table Text Block] |
Estimated Annual Expenses (as a percentage of net assets attributable to Common Shares) |
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0.77% |
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1.33% |
Miscellaneous Other Expenses |
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0.06% |
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1.27% |
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Total Fund Operating Annual Expenses (7) |
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2.10% |
Fee Waivers and/or Expense Reimbursements (4) |
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0.01% |
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Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (4) |
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2.09% |
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| (3) |
The Fund currently pays the Advisor a monthly management fee in arrears at an annual rate equal to 0.60% of an aggregate of (i) the average daily value of the Fund’s net assets, and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage. For purposes of calculating these fees, “net assets” means the total assets of the Fund minus the sum of the accrued liabilities. The Fund uses leverage in the form of a credit facility, which as of June 30, 2025, amounted to approximately 22.8% of the Fund’s Managed 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. |
| (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 and other exchange-traded products sponsored by the Advisor or its affiliates, in each case that have a contractual management fee, through June 30, 2027. 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, 2027. 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 or a majority of the outstanding voting securities of the Fund), upon 90 days’ written notice by the Fund to the Advisor. |
| (5) |
Other expenses are estimated assuming net proceeds of the Rights offering to be approximately $283,377,389.24, based on the estimated Subscription Price per Common Share of $ 8.69 (90% of the Fund’s NAV per Share at the close of trading on the NYSE on December 31, 2025), assuming all new Common Shares offered are sold and that the expenses related to the Rights offering estimated at approximately $532,734 are paid by the Advisor. |
| (6) |
Reflects leverage, in the form of a credit facility, in an amount equal to approximately 22.8% of the Fund’s Managed Assets as of June 30, 2025. 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. |
| (7) |
The total annual expenses do not correlate to the ratios of expenses to average net assets shown in the Fund’s most recent annual report, which does not include the restatement of Other Expenses to reflect current fees. |
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| Management Fees [Percent] |
0.77%
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[3],[4] |
| Other Annual Expenses [Abstract] |
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| Other Annual Expense 1 [Percent] |
0.06%
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| Other Annual Expense 2 [Percent] |
1.27%
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[5] |
| Other Annual Expenses [Percent] |
1.33%
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[6] |
| Total Annual Expenses [Percent] |
2.10%
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[7] |
| Waivers and Reimbursements of Fees [Percent] |
0.01%
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[3] |
| Net Expense over Assets [Percent] |
2.09%
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[3] |
| Expense Example [Table Text Block] |
Example The following example illustrates the expenses that you would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.09% of net assets attributable to common shares, and (ii) a 5% annual return:
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Total expenses incurred |
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$31 |
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$75 |
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$121 |
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$250 |
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| * |
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. |
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| Expense Example, Year 01 |
$ 31
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| Expense Example, Years 1 to 3 |
75
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| Expense Example, Years 1 to 5 |
121
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| Expense Example, Years 1 to 10 |
$ 250
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| 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 as a percentage of net assets attributable to Common Shares. Amounts are for the current fiscal year after giving effect to anticipated net proceeds of the Rights offering.
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| Basis of Transaction Fees, Note [Text Block] |
as a percentage of offering price
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| Other Transaction Fees, Note [Text Block] |
Computershare Trust Company, N.A.’s (in such capacity, 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.
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| Other Expenses, Note [Text Block] |
Other expenses are estimated assuming net proceeds of the Rights offering to be approximately $283,377,389.24, based on the estimated Subscription Price per Common Share of $ 8.69 (90% of the Fund’s NAV per Share at the close of trading on the NYSE on December 31, 2025), assuming all new Common Shares offered are sold and that the expenses related to the Rights offering estimated at approximately $532,734 are paid by the Advisor.
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| Management Fee not based on Net Assets, Note [Text Block] |
The Fund currently pays the Advisor a monthly management fee in arrears at an annual rate equal to 0.60% of an aggregate of (i) the average daily value of the Fund’s net assets, and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage. For purposes of calculating these fees, “net assets” means the total assets of the Fund minus the sum of the accrued liabilities. The Fund uses leverage in the form of a credit facility, which as of June 30, 2025, amounted to approximately 22.8% of the Fund’s Managed 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. |
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| General Description of Registrant [Abstract] |
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| Investment Objectives and Practices [Text Block] |
The Fund’s primary investment objective is to provide shareholders with current income. The Fund’s secondary investment objective is to provide shareholders with capital appreciation. The Fund’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act).
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| Risk Factors [Table Text Block] |
SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS OFFERING Risk is inherent in all investing. Therefore, before investing in the Common Shares you should consider the risks associated with such an investment carefully. See “Risks” in the Prospectus. The following summarizes some of the matters that you should consider before investing in the Fund through the Rights offering: . Record Date Shareholders who do not fully exercise their Rights will, at the completion of the Rights offering, own a smaller proportional interest in the Fund than owned prior to the Rights offering. The completion of the Rights offering will result in immediate voting dilution for such shareholders. In addition, because the Subscription Price will be less than the NAV per Common Share as of the Expiration Date, the completion of this Rights offering will result in an immediate dilution of the NAV per Common Share for all existing Common Shareholders ( , will cause the NAV per Common Share to decrease). As a result, existing Common Shareholders will experience immediate dilution even if they fully exercise their Rights. The amount of such dilution is not currently determinable because it is not known how many Common Shares will be subscribed for, what the NAV per Common Share or market price of the Common Shares will be on the Expiration Date or what the Subscription Price per Common Share will be. If the Subscription Price is substantially less than the current NAV per Common Share, this dilution could be substantial. You will experience an immediate dilution of the aggregate NAV per Common Share if you do not participate in the Rights offering and will experience a reduction in the NAV per Common Share whether or not you exercise your Rights, as the Subscription Price will be below the Fund’s NAV per Common Share on the Expiration Date, because:
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• |
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the offered Common Shares are being sold at less than their current NAV; and |
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• |
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the number of Common Shares outstanding after the Rights offering will have increased proportionately more than the increase in the amount of the Fund’s net assets. | Furthermore, if you do not participate in the over-subscription, if it is available, your percentage ownership will also be diluted. The Fund cannot state precisely the amount of dilution because it is not known at this time what the NAV per Common Share will be on the Expiration Date or what proportion of the Rights will be exercised or what the Subscription Price per Common Share will be. The impact of the Rights offering on NAV per Common Share is shown by the following example, assuming the Rights offering is fully subscribed and the estimated Subscription Price of $8.69:
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$ |
9.49 |
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$ |
8.69 |
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| Reduction in NAV ($) |
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$ |
(0.16 |
) |
| Reduction in NAV (%) |
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(1.66 |
)% |
| (1) |
The example assumes the full primary subscription and the over-subscription privilege are exercised. Actual amounts may vary due to rounding. |
| (2) |
For illustrative purposes only. It is not known at this time what the NAV per Common Share will be on the Expiration Date. |
| (3) |
For illustrative purposes only; reflects an estimated Subscription Price of $8.69 based on 90% of the Fund’s NAV per Share at the close of trading on the NYSE on December 31, 2025. It is not known at this time what the Subscription Price will be on the Expiration Date. | If you do not wish to exercise your Rights, you should consider selling them as set forth in this Prospectus Supplement. Any cash you receive from selling your Rights may serve as partial compensation for dilution of your interest in the Fund. The Fund cannot give assurance, however, that a market for the Rights will develop or that the Rights will have any marketable value. Additionally, the fact that the Advisor, and not the Fund, is paying all offering expenses (which include, among other items, the expenses of preparing, printing and mailing the prospectus and Rights subscription materials for the Rights offering, SEC registration fees and the fees assessed by service providers (including the cost of the Fund’s counsel and independent registered public accounting firm)) may reduce the effects of dilution as a result of the Rights offering since the Fund’s net assets will not additionally be reduced by the expenses of conducting the Rights offering and since the Fund will receive as proceeds from the Rights offering the full Subscription Price for each Common Share issued. The Fund’s largest shareholders could increase their percentage ownership in the Fund through the exercise of the primary subscription and over-subscription privilege. Risks of Investing in Rights. Shares of closed-end funds such as the Fund frequently trade at a discount to NAV. The Subscription Price may be greater than the market price of a Common Share on the Expiration Date. If that is the case, the Rights will have no value, and a person who exercises Rights will experience an immediate loss of value. Leverage creates a greater risk of loss, as well as a potential for more gain, for the Common Shares than if leverage were not used. Following the completion of the Rights offering, the Fund’s amount of leverage outstanding will decrease. The leverage of the Fund as of December 15, 2025 was approximately 21.45% of the Fund’s Managed Assets. After the completion of the Rights offering, the amount of leverage outstanding is expected to decrease to approximately 18.79% of the Fund’s Managed Assets. The use of leverage for investment purposes creates opportunities for greater total returns but at the same time increases risk. When leverage is employed, the NAV and market price of the Common Shares and the yield to holders of Common Shares may be more volatile. Any investment income or gains earned with respect to the amounts borrowed in excess of the interest due on the borrowing will augment the Fund’s income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the Fund’s Common Shares may decrease more quickly than would otherwise be the case, and distributions on the Common Shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for distribution to holders of the Common Shares. Because the fee paid to the Advisor is calculated on the basis of the Fund’s Managed Assets, which include the proceeds of leverage, the dollar amount of the management fee paid by the Fund to the Advisor will be higher (and the Advisor will be benefited to that extent) when leverage is used. The Advisor will use leverage only if it believes such action would result in a net benefit to the Fund’s shareholders after taking into account the higher fees and expenses associated with leverage (including higher management fees). The Fund’s leveraging strategy may not be successful. Increase in Share Price Volatility; Decrease in Share Price. The Rights offering may result in an increase in trading of the Common Shares, which may increase volatility in the market price of the Common Shares. The Rights offering may result in an increase in the number of shareholders wishing to sell their Common Shares, which would exert downward price pressure on the price of Common Shares. It is possible that the Rights offering will not be fully subscribed. Under-subscription of the Rights offering would have an impact on the net proceeds of the Rights offering and whether the Fund achieves any benefits. |
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| Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
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| Capital Stock [Table Text Block] |
The following table sets forth the unaudited capitalization of the Fund as of June 30, 2025 and its adjusted capitalization assuming the Common Shares available in the Rights offering discussed in this Prospectus Supplement had been issued.
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Actual as of June
30, 2025
(unaudited) |
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As Adjusted
(unaudited) |
| Shareholders’ equity applicable to Common Shares: |
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| Common Shares |
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$160,169,592 |
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$192,779,188 |
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$1,798,208,695 |
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$2,081,586,084 |
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| Distributions in excess of net investment income, net realized gain on investments, futures contracts, and foreign currency transactions |
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$(17,414,944 |
) |
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$(17,414,944 |
) |
| Accumulated Gain/(Loss) |
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$(10,678,779 |
) |
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$(10,678,779 |
) |
| Net depreciation |
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$(218,084,480 |
) |
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$(218,084,480 |
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| Net Assets applicable to Common Shares |
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$1,552,030,492 |
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$1,835,407,881 |
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| Net Asset Value |
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$9.69 |
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$9.52 |
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| * |
As adjusted paid-in surplus reflects the issuance of 32,609,596 Common Shares issued in the primary subscription at the estimated Subscription Price of $8.69. |
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| Other Securities [Table Text Block] |
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Number of Rights Required to Purchase One Common Share |
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A holder of Rights may purchase one Common Share of the Fund for every five Rights exercised (1 for 5); however, any Record Date Shareholder (as defined below) who owns fewer than five Common Shares as of the close of business on the Record Date may subscribe for one full Common Share. See “Terms of the Rights Offering.” |
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| Other Security, Title [Text Block] |
Subscription Rights to Acquire Shares of Common Stock
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| Other Security, Description [Text Block] |
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Terms of the Rights Offering |
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One transferable subscription right (a “Right”) will be issued for each share of common stock of the Fund (each, a “Common Share,” and collectively, the “Common Shares”) held on the Record Date (as defined below). Rights are expected to trade on the New York Stock Exchange (“NYSE”) under the symbol “HYT RT.” The Rights will allow Common Shareholders to subscribe for new Common Shares of the Fund. 163,047,980 Common Shares of the Fund are outstanding as of December 31, 2025. Five Rights will be required to purchase one Common Share (1 for 5) however, any Record Date Shareholder (as defined below) who owns fewer than five Common Shares as of the close of business on the Record Date may subscribe for one full Common Share. Shares of the Fund, as a closed-end fund, can trade at a discount to net asset value (“NAV”). Upon exercise of the Rights offering, Fund shares will be issued at a price below NAV per Common Share. An over-subscription privilege will be offered, subject to the right of the Board to eliminate the over-subscription privilege. Approximately 32,609,596 Common Shares of the Fund will be issued if all Rights are exercised. See “Terms of the Rights Offering.” The Fund has declared a monthly distribution payable on January 30, 2026 with a record date of January 15, 2026. Any Common Shares issued after such record date as a result of the Rights offering will not be record date shares for the Fund’s monthly distribution to be paid on January 30, 2026 and will not be entitled to receive such distribution. The exercise of Rights by a Rights holder is irrevocable. |
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| Warrants or Rights, Called Amount |
$ 283,377,389.24
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| Warrants or Rights, Called Period [Date] |
Jan. 26, 2026
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| Warrants or Rights, Exercise Price | $ / shares |
$ 8.69
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| Dilution [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
. Record Date Shareholders who do not fully exercise their Rights will, at the completion of the Rights offering, own a smaller proportional interest in the Fund than owned prior to the Rights offering. The completion of the Rights offering will result in immediate voting dilution for such shareholders. In addition, because the Subscription Price will be less than the NAV per Common Share as of the Expiration Date, the completion of this Rights offering will result in an immediate dilution of the NAV per Common Share for all existing Common Shareholders ( , will cause the NAV per Common Share to decrease). As a result, existing Common Shareholders will experience immediate dilution even if they fully exercise their Rights. The amount of such dilution is not currently determinable because it is not known how many Common Shares will be subscribed for, what the NAV per Common Share or market price of the Common Shares will be on the Expiration Date or what the Subscription Price per Common Share will be. If the Subscription Price is substantially less than the current NAV per Common Share, this dilution could be substantial. You will experience an immediate dilution of the aggregate NAV per Common Share if you do not participate in the Rights offering and will experience a reduction in the NAV per Common Share whether or not you exercise your Rights, as the Subscription Price will be below the Fund’s NAV per Common Share on the Expiration Date, because:
| |
• |
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the offered Common Shares are being sold at less than their current NAV; and |
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• |
|
the number of Common Shares outstanding after the Rights offering will have increased proportionately more than the increase in the amount of the Fund’s net assets. | Furthermore, if you do not participate in the over-subscription, if it is available, your percentage ownership will also be diluted. The Fund cannot state precisely the amount of dilution because it is not known at this time what the NAV per Common Share will be on the Expiration Date or what proportion of the Rights will be exercised or what the Subscription Price per Common Share will be. The impact of the Rights offering on NAV per Common Share is shown by the following example, assuming the Rights offering is fully subscribed and the estimated Subscription Price of $8.69:
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$ |
9.49 |
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$ |
8.69 |
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| Reduction in NAV ($) |
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$ |
(0.16 |
) |
| Reduction in NAV (%) |
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(1.66 |
)% |
| (1) |
The example assumes the full primary subscription and the over-subscription privilege are exercised. Actual amounts may vary due to rounding. |
| (2) |
For illustrative purposes only. It is not known at this time what the NAV per Common Share will be on the Expiration Date. |
| (3) |
For illustrative purposes only; reflects an estimated Subscription Price of $8.69 based on 90% of the Fund’s NAV per Share at the close of trading on the NYSE on December 31, 2025. It is not known at this time what the Subscription Price will be on the Expiration Date. | If you do not wish to exercise your Rights, you should consider selling them as set forth in this Prospectus Supplement. Any cash you receive from selling your Rights may serve as partial compensation for dilution of your interest in the Fund. The Fund cannot give assurance, however, that a market for the Rights will develop or that the Rights will have any marketable value. Additionally, the fact that the Advisor, and not the Fund, is paying all offering expenses (which include, among other items, the expenses of preparing, printing and mailing the prospectus and Rights subscription materials for the Rights offering, SEC registration fees and the fees assessed by service providers (including the cost of the Fund’s counsel and independent registered public accounting firm)) may reduce the effects of dilution as a result of the Rights offering since the Fund’s net assets will not additionally be reduced by the expenses of conducting the Rights offering and since the Fund will receive as proceeds from the Rights offering the full Subscription Price for each Common Share issued. The Fund’s largest shareholders could increase their percentage ownership in the Fund through the exercise of the primary subscription and over-subscription privilege. |
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| Increase in Share Price Volatility [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Increase in Share Price Volatility; Decrease in Share Price. The Rights offering may result in an increase in trading of the Common Shares, which may increase volatility in the market price of the Common Shares. The Rights offering may result in an increase in the number of shareholders wishing to sell their Common Shares, which would exert downward price pressure on the price of Common Shares. |
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| Risks Of Investing In Rights [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Risks of Investing in Rights. Shares of closed-end funds such as the Fund frequently trade at a discount to NAV. The Subscription Price may be greater than the market price of a Common Share on the Expiration Date. If that is the case, the Rights will have no value, and a person who exercises Rights will experience an immediate loss of value. |
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| Leverage [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
Leverage creates a greater risk of loss, as well as a potential for more gain, for the Common Shares than if leverage were not used. Following the completion of the Rights offering, the Fund’s amount of leverage outstanding will decrease. The leverage of the Fund as of December 15, 2025 was approximately 21.45% of the Fund’s Managed Assets. After the completion of the Rights offering, the amount of leverage outstanding is expected to decrease to approximately 18.79% of the Fund’s Managed Assets. The use of leverage for investment purposes creates opportunities for greater total returns but at the same time increases risk. When leverage is employed, the NAV and market price of the Common Shares and the yield to holders of Common Shares may be more volatile. Any investment income or gains earned with respect to the amounts borrowed in excess of the interest due on the borrowing will augment the Fund’s income. Conversely, if the investment performance with respect to the amounts borrowed fails to cover the interest on such borrowings, the value of the Fund’s Common Shares may decrease more quickly than would otherwise be the case, and distributions on the Common Shares could be reduced or eliminated. Interest payments and fees incurred in connection with such borrowings will reduce the amount of net income available for distribution to holders of the Common Shares. |
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| Under Subscription [Member] |
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| General Description of Registrant [Abstract] |
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| Risk [Text Block] |
It is possible that the Rights offering will not be fully subscribed. Under-subscription of the Rights offering would have an impact on the net proceeds of the Rights offering and whether the Fund achieves any benefits. |
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| Common Shares [Member] |
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| Other Annual Expenses [Abstract] |
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| Basis of Transaction Fees, Note [Text Block] |
as a percentage of net assets attributable to Common Shares
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