NPORT-EX 2 NPORT_LCPI_35311515_0325.htm EDGAR HTML
March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Asset-Backed Securities
Bryant Park Funding Ltd., Series 2024-23A, Class D1,
(3-mo. CME Term SOFR + 3.85%), 8.17%,
05/15/37(a)(b)
USD
1,000
$ 1,003,608
Eaton Vance CLO Ltd., Series 2019-1A, Class D1R2,
(3-mo. CME Term SOFR + 3.35%), 7.65%,
07/15/37(a)(b)
 
2,000
2,009,602
Golub Capital Partners CLO Ltd.(a)(b)
 
Series 2023-66B, Class D, (3-mo. CME Term SOFR +
5.50%), 9.80%, 04/25/36
 
1,000
1,005,172
Series 2024-74A, Class D1, (3-mo. CME Term SOFR
+ 3.20%), 7.50%, 07/25/37
 
1,500
1,512,663
Madison Park Funding LXIX Ltd., Series 2024-69A,
Class D1, (3-mo. CME Term SOFR + 3.35%), 7.65%,
07/25/37(a)(b)
 
1,090
1,096,534
Oaktree CLO Ltd., Series 2024-26A, Class D1, (3-mo.
CME Term SOFR + 3.45%), 7.74%, 04/20/37(a)(b)
 
1,500
1,506,746
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo.
CME Term SOFR + 5.45%), 9.74%, 04/20/36(a)(b)
 
1,000
1,004,545
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R,
(3-mo. CME Term SOFR + 4.25%), 8.54%,
04/20/37(a)(b)
 
1,590
1,601,161
Symphony CLO Ltd.(a)(b)
 
Series 2023-38, Class D, (3-mo. CME Term SOFR +
5.20%), 9.50%, 04/24/36
 
1,000
1,004,749
Series 2023-40A, Class D1R, (3-mo. CME Term
SOFR + 2.65%), 7.07%, 01/05/38
 
1,000
997,851
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo.
CME Term SOFR + 5.15%), 9.44%, 04/20/36(a)(b)
 
1,000
1,004,264
Total Asset-Backed Securities — 2.4%
(Cost: $13,680,000)
13,746,895
 
 
 
 
Shares
 
Common Stocks
Construction & Engineering — 0.0%
Mcdermott International Ltd.(c)
 
1,131
18,661
Electronic Equipment, Instruments & Components — 0.0%
SunPower Corp.(c)(d)
 
1,707
—
Entertainment — 0.1%
Learfield Communications LLC, (Acquired 09/06/23,
Cost: $73,447)(c)(e)
 
5,846
444,296
Financial Services — 0.2%
Aimbridge Acquisition Co., Inc.(c)(d)
 
15,773
1,048,950
NMG Parent LLC
 
1,477
158,638
 
 
1,207,588
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc.(c)
 
1,661
3,321
Health Care Providers & Services — 0.0%
Envision Healthcare Corp., (Acquired 11/03/23, Cost:
$375,758)(c)(e)
 
12,098
128,033
Industrial Conglomerates(d) — 0.0%
Ameriforge Group, Inc.
 
1,664
—
SVP SINGER(c)
 
15,566
73,939
 
 
73,939
Security
 
 
Shares
Value
IT Services — 0.1%
Travelport Finance Luxembourg SARL(c)(d)
 
230
$ 645,332
Semiconductors & Semiconductor Equipment — 0.0%
Maxeon Solar Technologies Ltd.(c)
 
2
6
Trading Companies & Distributors — 0.1%
TMK Hawk Parent Corp.(c)(d)
 
24,798
247,978
Total Common Stocks — 0.5%
(Cost: $4,366,066)
2,769,154
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.2%
Clear Channel Outdoor Holdings, Inc.(b)
 
5.13%, 08/15/27
USD
148
143,039
7.75%, 04/15/28
 
168
144,403
9.00%, 09/15/28
 
203
208,494
7.50%, 06/01/29
 
120
99,103
7.88%, 04/01/30
 
216
211,776
CMG Media Corp., 8.88%, 06/18/29(b)
 
47
40,537
Lamar Media Corp., 4.00%, 02/15/30
 
15
13,892
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)
 
289
250,751
Outfront Media Capital LLC/Outfront Media Capital
Corp.(b)
 
5.00%, 08/15/27
 
24
23,588
4.25%, 01/15/29
 
98
90,883
4.63%, 03/15/30
 
22
20,114
7.38%, 02/15/31
 
43
44,785
Stagwell Global LLC, 5.63%, 08/15/29(b)
 
32
30,474
 
 
1,321,839
Aerospace & Defense(b) — 0.5%
AAR Escrow Issuer LLC, 6.75%, 03/15/29
 
71
72,147
Bombardier, Inc.
 
6.00%, 02/15/28
 
105
103,618
7.50%, 02/01/29
 
4
4,103
8.75%, 11/15/30
 
118
124,408
7.25%, 07/01/31
 
91
91,310
7.00%, 06/01/32
 
62
61,732
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%,
02/15/32
 
244
237,922
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%,
08/15/26
 
200
199,520
Goat Holdco LLC, 6.75%, 02/01/32
 
85
83,193
Spirit AeroSystems, Inc.
 
9.38%, 11/30/29
 
111
118,412
9.75%, 11/15/30
 
128
141,292
TransDigm, Inc.
 
6.75%, 08/15/28
 
143
145,088
6.38%, 03/01/29
 
309
312,150
7.13%, 12/01/31
 
191
196,508
6.63%, 03/01/32
 
560
567,137
6.00%, 01/15/33
 
264
259,812
Triumph Group, Inc., 9.00%, 03/15/28
 
191
200,795
 
 
2,919,147
1
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Air Freight & Logistics(b) — 0.0%
Rand Parent LLC, 8.50%, 02/15/30
USD
57
$ 56,430
Stonepeak Nile Parent LLC, 7.25%, 03/15/32
 
30
30,579
 
 
87,009
Automobile Components — 0.2%
Clarios Global LP/Clarios U.S. Finance Co.(b)
 
8.50%, 05/15/27
 
624
624,146
6.75%, 05/15/28
 
85
86,197
6.75%, 02/15/30
 
108
109,029
Dana, Inc.
 
4.25%, 09/01/30
 
21
19,381
4.50%, 02/15/32
 
33
30,051
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%,
05/31/32(b)
 
90
88,957
Goodyear Tire & Rubber Co.
 
5.00%, 07/15/29
 
26
24,117
5.25%, 04/30/31
 
3
2,706
5.63%, 04/30/33
 
30
26,797
Tenneco, Inc., 8.00%, 11/17/28(b)
 
146
139,247
 
 
1,150,628
Automobiles — 0.2%
Asbury Automotive Group, Inc.
 
4.50%, 03/01/28
 
39
37,548
5.00%, 02/15/32(b)
 
25
22,672
Carvana Co.(b)(f)
 
(9.00% PIK), 9.00%, 06/01/30
 
180
190,728
(9.00% PIK), 9.00%, 06/01/31
 
287
318,748
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b)
 
50
51,535
Group 1 Automotive, Inc., 6.38%, 01/15/30(b)
 
34
34,073
Ken Garff Automotive LLC, 4.88%, 09/15/28(b)
 
25
23,857
LCM Investments Holdings II LLC(b)
 
4.88%, 05/01/29
 
103
96,655
8.25%, 08/01/31
 
79
81,993
Venture Holdings Trust, 12.00%, 07/01/49(c)(d)(g)
 
5,150
—
Wabash National Corp., 4.50%, 10/15/28(b)
 
70
62,894
 
 
920,703
Banks — 0.1%
Banco Espirito Santo SA(c)(g)
 
2.63%, 05/08/17(h)
EUR
100
22,707
4.75%, 01/15/22(a)
 
200
45,415
4.00%, 01/21/22
 
100
22,707
Barclays Bank PLC, 1.00%, 02/16/29(i)
USD
93
92,003
State Street Corp., Series I, (5-year CMT + 2.61%),
6.70%(a)(j)
 
31
31,783
Walker & Dunlop, Inc., 6.63%, 04/01/33(b)
 
37
36,908
 
 
251,523
Building Materials — 0.5%
Builders FirstSource, Inc., 6.38%, 03/01/34(b)
 
51
50,608
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b)
 
6.63%, 12/15/30
 
703
703,312
6.75%, 07/15/31
 
168
169,092
JELD-WEN, Inc., 7.00%, 09/01/32(b)
 
112
99,362
New Enterprise Stone & Lime Co., Inc.(b)
 
5.25%, 07/15/28
 
26
25,130
9.75%, 07/15/28
 
59
59,311
Quikrete Holdings, Inc.(b)
 
6.38%, 03/01/32
 
340
342,159
6.75%, 03/01/33
 
100
99,545
Smyrna Ready Mix Concrete LLC(b)
 
6.00%, 11/01/28
 
87
84,413
8.88%, 11/15/31
 
311
322,207
Security
 
Par
(000)
Value
Building Materials (continued)
Standard Building Solutions, Inc., 6.50%, 08/15/32(b)
USD
154
$ 153,954
Standard Industries, Inc.
 
2.25%, 11/21/26(h)
EUR
100
105,021
4.38%, 07/15/30(b)
USD
80
73,821
3.38%, 01/15/31(b)
 
34
29,562
Wilsonart LLC, 11.00%, 08/15/32(b)
 
177
162,405
 
 
2,479,902
Building Products(b) — 0.1%
Beacon Roofing Supply, Inc., 6.50%, 08/01/30
 
48
50,494
GYP Holdings III Corp., 4.63%, 05/01/29
 
74
69,230
White Cap Buyer LLC, 6.88%, 10/15/28
 
540
518,266
 
 
637,990
Capital Markets — 0.3%
Apollo Debt Solutions BDC
 
6.90%, 04/13/29
 
22
22,827
6.70%, 07/29/31
 
35
36,111
6.55%, 03/15/32(b)
 
25
25,331
Ares Capital Corp., 5.80%, 03/08/32
 
20
19,880
Ares Strategic Income Fund(b)
 
5.70%, 03/15/28
 
40
40,001
5.60%, 02/15/30
 
77
75,894
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30
 
15
14,742
Blackstone Private Credit Fund
 
6.25%, 01/25/31
 
19
19,317
6.00%, 11/22/34(b)
 
170
163,542
Blue Owl Capital Corp. II, 8.45%, 11/15/26
 
28
29,350
Blue Owl Credit Income Corp.
 
7.75%, 09/16/27
 
37
38,617
6.60%, 09/15/29(b)
 
11
11,178
6.65%, 03/15/31
 
75
76,492
Blue Owl Technology Finance Corp., 6.75%, 04/04/29
 
16
16,218
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(b)
 
65
61,318
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
 
111
109,466
Golub Capital Private Credit Fund, 5.88%, 05/01/30(b)
 
26
25,744
HA Sustainable Infrastructure Capital, Inc., 6.38%,
07/01/34(b)
 
60
59,304
HAT Holdings I LLC/HAT Holdings II LLC(b)
 
3.38%, 06/15/26
 
59
57,228
8.00%, 06/15/27
 
54
55,902
HPS Corporate Lending Fund, 6.75%, 01/30/29
 
26
26,782
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
5.25%, 05/15/27
 
183
173,980
9.75%, 01/15/29
 
64
63,617
4.38%, 02/01/29
 
40
33,326
10.00%, 11/15/29(b)
 
159
157,886
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(i)
 
100
104,750
Sixth Street Lending Partners, 6.13%, 07/15/30(b)
 
25
25,162
 
 
1,543,965
Chemicals — 0.5%
Avient Corp., 6.25%, 11/01/31(b)
 
37
36,652
Celanese U.S. Holdings LLC
 
6.50%, 04/15/30
 
35
34,747
6.75%, 04/15/33
 
47
45,625
Chemours Co.
 
5.38%, 05/15/27
 
90
87,796
5.75%, 11/15/28(b)
 
134
123,594
4.63%, 11/15/29(b)
 
25
21,339
8.00%, 01/15/33(b)
 
89
83,222
Herens Holdco SARL, 4.75%, 05/15/28(b)
 
200
179,914
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28(b)
USD
157
$ 156,052
Ingevity Corp., 3.88%, 11/01/28(b)
 
23
21,467
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(b)(f)
 
95
85,195
Mativ Holdings, Inc., 8.00%, 10/01/29(b)
 
35
30,166
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b)
 
53
51,624
Minerals Technologies, Inc., 5.00%, 07/01/28(b)
 
55
52,977
Olympus Water U.S. Holding Corp.(b)
 
9.75%, 11/15/28
 
200
207,643
7.25%, 06/15/31
 
400
392,680
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
 
185
173,515
WR Grace Holdings LLC(b)
 
4.88%, 06/15/27
 
55
53,120
5.63%, 08/15/29
 
1,071
921,710
7.38%, 03/01/31
 
53
52,954
 
 
2,811,992
Commercial Services & Supplies — 0.9%
ADT Security Corp., 4.88%, 07/15/32(b)
 
68
63,477
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)
 
649
657,275
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 6.00%, 06/01/29(b)
 
515
473,275
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b)
 
400
378,187
APi Group DE, Inc.(b)
 
4.13%, 07/15/29
 
67
62,079
4.75%, 10/15/29
 
32
29,868
Brink’s Co.(b)
 
6.50%, 06/15/29
 
39
39,535
6.75%, 06/15/32
 
58
58,806
Deluxe Corp., 8.13%, 09/15/29(b)
 
31
31,181
EquipmentShare.com, Inc., 8.00%, 03/15/33(b)
 
76
76,526
Fortress Transportation and Infrastructure Investors
LLC(b)
 
5.50%, 05/01/28
 
144
141,137
7.88%, 12/01/30
 
161
168,142
7.00%, 05/01/31
 
259
263,150
7.00%, 06/15/32
 
140
141,968
5.88%, 04/15/33
 
107
102,224
Garda World Security Corp.(b)
 
4.63%, 02/15/27
 
70
68,134
7.75%, 02/15/28
 
175
179,348
6.00%, 06/01/29
 
27
25,315
8.25%, 08/01/32
 
187
182,501
8.38%, 11/15/32
 
448
440,478
Herc Holdings, Inc., 6.63%, 06/15/29(b)
 
58
58,186
Hertz Corp., 12.63%, 07/15/29(b)
 
36
32,507
Mavis Tire Express Services Topco Corp., 6.50%,
05/15/29(b)
 
39
36,912
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b)
 
116
112,643
RR Donnelley & Sons Co., 9.50%, 08/01/29(b)
 
262
259,511
Service Corp. International
 
3.38%, 08/15/30
 
2
1,782
4.00%, 05/15/31
 
49
44,380
5.75%, 10/15/32
 
275
270,253
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)
 
202
177,346
United Rentals North America, Inc., 6.13%, 03/15/34(b)
 
45
45,028
Veritiv Operating Co., 10.50%, 11/30/30(b)
 
41
43,412
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)
 
205
209,786
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Williams Scotsman, Inc.(b)
 
6.63%, 06/15/29
USD
10
$ 10,117
6.63%, 04/15/30
 
79
79,845
7.38%, 10/01/31
 
49
50,461
 
 
5,014,775
Construction & Engineering(b) — 0.1%
Arcosa, Inc., 4.38%, 04/15/29
 
117
109,648
Brand Industrial Services, Inc., 10.38%, 08/01/30
 
615
586,711
Dycom Industries, Inc., 4.50%, 04/15/29
 
37
34,591
 
 
730,950
Consumer Finance — 0.3%
Block, Inc.
 
2.75%, 06/01/26
 
63
61,104
6.50%, 05/15/32(b)
 
273
275,752
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)
 
200
208,187
Bread Financial Holdings, Inc., (5-year CMT + 4.30%),
8.38%, 06/15/35(a)(b)
 
21
20,534
Global Payments, Inc., 1.50%, 03/01/31(i)
 
106
99,852
Navient Corp., 9.38%, 07/25/30
 
61
64,983
OneMain Finance Corp.
 
6.63%, 01/15/28
 
30
30,223
6.63%, 05/15/29
 
129
129,241
5.38%, 11/15/29
 
26
24,735
7.88%, 03/15/30
 
72
74,626
4.00%, 09/15/30
 
95
83,691
7.50%, 05/15/31
 
21
21,369
7.13%, 11/15/31
 
52
52,309
6.75%, 03/15/32
 
91
89,315
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
6.75%, 08/15/32(b)
 
195
196,548
SLM Corp.
 
3.13%, 11/02/26
 
56
54,099
6.50%, 01/31/30
 
16
16,418
WEX, Inc., 6.50%, 03/15/33(b)
 
81
80,112
 
 
1,583,098
Consumer Staples Distribution & Retail — 0.0%
Walgreens Boots Alliance, Inc.
 
8.13%, 08/15/29
 
39
39,823
4.80%, 11/18/44
 
25
22,634
 
 
62,457
Containers & Packaging — 0.5%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC(b)
 
6.00%, 06/15/27
 
200
197,217
4.00%, 09/01/29
 
285
242,685
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc.
 
2.13%, 08/15/26(h)
EUR
100
99,885
4.13%, 08/15/26(b)
USD
200
183,692
Clydesdale Acquisition Holdings, Inc.(b)
 
6.63%, 04/15/29
 
49
49,271
6.88%, 01/15/30
 
143
144,085
8.75%, 04/15/30
 
282
285,989
6.75%, 04/15/32
 
190
191,314
LABL, Inc.(b)
 
5.88%, 11/01/28
 
68
53,513
9.50%, 11/01/28
 
117
98,921
8.63%, 10/01/31
 
157
116,965
3
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Mauser Packaging Solutions Holding Co.(b)
 
7.88%, 04/15/27
USD
749
$ 734,020
9.25%, 04/15/27
 
40
37,732
Sealed Air Corp.(b)
 
4.00%, 12/01/27
 
19
18,289
5.00%, 04/15/29
 
15
14,568
6.50%, 07/15/32
 
46
46,559
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b)
 
27
28,958
 
 
2,543,663
Diversified REITs — 0.2%
Digital Realty Trust LP, 1.88%, 11/15/29(b)(i)
 
20
19,806
Global Net Lease, Inc./Global Net Lease Operating
Partnership LP, 3.75%, 12/15/27(b)
 
35
32,942
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(b)
 
77
71,094
Iron Mountain, Inc.(b)
 
7.00%, 02/15/29
 
87
88,977
5.25%, 07/15/30
 
6
5,753
5.63%, 07/15/32
 
44
42,064
6.25%, 01/15/33
 
118
116,863
SBA Communications Corp., 3.13%, 02/01/29
 
170
155,152
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 10.50%, 02/15/28(b)
 
559
593,821
VICI Properties LP/VICI Note Co., Inc., 4.63%,
06/15/25(b)
 
147
146,962
 
 
1,273,434
Diversified Telecommunication Services — 1.1%
Altice Financing SA, 5.75%, 08/15/29(b)
 
200
146,297
CommScope LLC(b)
 
4.75%, 09/01/29
 
154
136,914
9.50%, 12/15/31
 
127
130,810
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
 
200
182,346
EchoStar Corp.
 
(6.75% PIK), 6.75%, 11/30/30(f)
 
487
442,154
10.75%, 11/30/29
 
415
435,874
Frontier Communications Holdings LLC
 
5.88%, 10/15/27(b)
 
12
11,986
5.00%, 05/01/28(b)
 
21
20,719
5.88%, 11/01/29
 
42
41,754
6.00%, 01/15/30(b)
 
59
59,131
8.75%, 05/15/30(b)
 
553
582,548
8.63%, 03/15/31(b)
 
98
104,387
Iliad Holding SASU(b)
 
7.00%, 10/15/28
 
200
202,427
8.50%, 04/15/31
 
250
262,191
7.00%, 04/15/32
 
200
200,264
Level 3 Financing, Inc.(b)
 
10.50%, 04/15/29
 
300
329,978
4.88%, 06/15/29
 
189
159,773
11.00%, 11/15/29
 
829
924,143
4.50%, 04/01/30
 
77
61,656
10.50%, 05/15/30
 
218
233,586
3.88%, 10/15/30
 
10
7,548
10.75%, 12/15/30
 
234
258,771
Lumen Technologies, Inc.(b)
 
4.13%, 04/15/29
 
50
46,940
4.13%, 04/15/30
 
50
46,624
10.00%, 10/15/32
 
51
50,916
Sable International Finance Ltd., 7.13%, 10/15/32(b)
 
200
192,400
Telecom Italia Capital SA, 7.72%, 06/04/38
 
20
20,714
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Viavi Solutions, Inc., 3.75%, 10/01/29(b)
USD
31
$ 28,348
Windstream Escrow LLC/Windstream Escrow Finance
Corp., 8.25%, 10/01/31(b)
 
366
372,627
Zayo Group Holdings, Inc.(b)
 
4.00%, 03/01/27
 
524
477,279
6.13%, 03/01/28
 
137
113,949
 
 
6,285,054
Electric Utilities — 0.3%
Alpha Generation LLC, 6.75%, 10/15/32(b)
 
79
79,051
Calpine Corp.(b)
 
4.63%, 02/01/29
 
47
45,114
5.00%, 02/01/31
 
19
18,140
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)
 
8
7,755
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b)
 
200
200,880
Edison International, Series A, (5-year CMT + 4.70%),
5.38%(a)(j)
 
164
156,957
FirstEnergy Corp., 4.00%, 05/01/26(i)
 
161
163,093
Lightning Power LLC, 7.25%, 08/15/32(b)
 
23
23,680
NextEra Energy Capital Holdings, Inc., (5-year CMT +
2.46%), 6.75%, 06/15/54(a)
 
46
46,954
NRG Energy, Inc.(b)
 
5.75%, 07/15/29
 
86
84,384
6.00%, 02/01/33
 
186
180,948
6.25%, 11/01/34
 
193
189,991
Pattern Energy Operations LP/Pattern Energy
Operations, Inc., 4.50%, 08/15/28(b)
 
8
7,443
Pike Corp., 8.63%, 01/31/31(b)
 
23
24,238
Southern Co., 4.50%, 06/15/27(b)(i)
 
50
55,040
Texas Competitive Electric Holdings, Series M, 5.03%,
11/10/21(c)(d)(g)
 
2,375
—
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(j)
 
44
45,152
Vistra Operations Co. LLC(b)
 
7.75%, 10/15/31
 
70
73,307
6.88%, 04/15/32
 
95
96,826
XPLR Infrastructure Operating Partners LP, 8.38%,
01/15/31(b)
 
195
191,760
 
 
1,690,713
Electronic Equipment, Instruments & Components(b) — 0.1%
Coherent Corp., 5.00%, 12/15/29
 
65
62,008
Sensata Technologies BV, 4.00%, 04/15/29
 
36
33,088
Sensata Technologies, Inc., 4.38%, 02/15/30
 
146
134,870
WESCO Distribution, Inc., 6.38%, 03/15/33
 
67
67,338
Xerox Corp., 10/15/30(k)
 
31
30,690
Zebra Technologies Corp., 6.50%, 06/01/32
 
29
29,349
 
 
357,343
Energy Equipment & Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.(b)
 
6.88%, 04/01/27
 
77
77,041
6.25%, 04/01/28
 
37
37,028
6.63%, 09/01/32
 
115
115,452
Enerflex Ltd., 9.00%, 10/15/27(b)
 
31
31,724
Kodiak Gas Services LLC, 7.25%, 02/15/29(b)
 
133
135,574
Oceaneering International, Inc., 6.00%, 02/01/28
 
18
17,810
Star Holding LLC, 8.75%, 08/01/31(b)
 
127
121,392
USA Compression Partners LP/USA Compression
Finance Corp., 7.13%, 03/15/29(b)
 
106
107,809
Weatherford International Ltd., 8.63%, 04/30/30(b)
 
115
116,768
 
 
760,598
Entertainment(b) — 0.5%
Boyne USA, Inc., 4.75%, 05/15/29
 
165
155,343
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment (continued)
Caesars Entertainment, Inc.
 
4.63%, 10/15/29
USD
338
$ 310,667
7.00%, 02/15/30
 
275
278,767
6.50%, 02/15/32
 
175
174,433
6.00%, 10/15/32
 
47
43,892
Churchill Downs, Inc.
 
4.75%, 01/15/28
 
47
45,660
5.75%, 04/01/30
 
231
225,948
6.75%, 05/01/31
 
104
104,819
Cinemark USA, Inc., 7.00%, 08/01/32
 
28
28,264
Great Canadian Gaming Corp., 8.75%, 11/15/29
 
94
94,441
Light & Wonder International, Inc., 7.50%, 09/01/31
 
81
82,975
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29
 
54
50,101
Live Nation Entertainment, Inc.
 
4.75%, 10/15/27
 
58
56,541
3.75%, 01/15/28
 
35
33,303
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29
 
40
37,541
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 04/15/30(k)
 
46
45,207
Odeon Finco PLC, 12.75%, 11/01/27
 
519
542,418
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.
 
5.63%, 09/01/29
 
34
24,990
5.88%, 09/01/31
 
49
32,462
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33
 
43
42,281
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30
 
69
65,073
Six Flags Entertainment Corp., 7.25%, 05/15/31
 
69
69,266
Vail Resorts, Inc., 6.50%, 05/15/32
 
90
90,997
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
 
5.13%, 10/01/29
 
202
193,850
7.13%, 02/15/31
 
128
132,462
6.25%, 03/15/33
 
45
43,827
 
 
3,005,528
Environmental, Maintenance & Security Service — 0.3%
Clean Harbors, Inc., 6.38%, 02/01/31(b)
 
7
7,075
GFL Environmental, Inc.(b)
 
4.00%, 08/01/28
 
8
7,603
4.75%, 06/15/29
 
164
157,824
4.38%, 08/15/29
 
65
61,311
6.75%, 01/15/31
 
117
120,605
Madison IAQ LLC, 5.88%, 06/30/29(b)
 
1,205
1,138,449
Reworld Holding Corp.
 
4.88%, 12/01/29(b)
 
43
39,995
5.00%, 09/01/30
 
21
19,452
Waste Pro USA, Inc., 7.00%, 02/01/33(b)
 
253
253,854
Wrangler Holdco Corp., 6.63%, 04/01/32(b)
 
38
38,689
 
 
1,844,857
Financial Services — 0.3%
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%,
01/17/40(a)
 
10
9,676
Azorra Finance Ltd., 7.75%, 04/15/30(b)
 
40
39,439
Clue Opco LLC, 9.50%, 10/15/31(b)
 
37
37,011
Freedom Mortgage Holdings LLC(b)
 
9.25%, 02/01/29
 
42
42,653
9.13%, 05/15/31
 
102
102,644
8.38%, 04/01/32
 
53
51,786
GGAM Finance Ltd.(b)
 
8.00%, 02/15/27
 
83
85,035
Security
 
Par
(000)
Value
Financial Services (continued)
GGAM Finance Ltd.(b) (continued)
 
8.00%, 06/15/28
USD
29
$ 30,410
6.88%, 04/15/29
 
65
65,773
5.88%, 03/15/30
 
103
101,778
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b)
 
66
66,908
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,
08/15/28(b)
 
200
188,029
Macquarie Airfinance Holdings Ltd.(b)
 
8.13%, 03/30/29
 
57
59,819
6.50%, 03/26/31
 
40
41,653
Nationstar Mortgage Holdings, Inc.(b)
 
6.50%, 08/01/29
 
172
174,373
5.13%, 12/15/30
 
21
20,946
5.75%, 11/15/31
 
79
78,975
7.13%, 02/01/32
 
195
202,559
PennyMac Financial Services, Inc.(b)
 
7.88%, 12/15/29
 
52
54,096
7.13%, 11/15/30
 
68
69,086
6.88%, 02/15/33
 
51
50,681
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b)
 
2.88%, 10/15/26
 
75
71,883
3.88%, 03/01/31
 
68
60,914
4.00%, 10/15/33
 
31
26,592
UWM Holdings LLC, 6.63%, 02/01/30(b)
 
114
113,069
 
 
1,845,788
Food Products — 0.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(b)
 
5.88%, 02/15/28
 
84
83,959
6.50%, 02/15/28
 
10
10,140
6.25%, 03/15/33
 
55
55,536
Aramark International Finance SARL, 3.13%, 04/01/25(h)
EUR
100
108,130
Aramark Services, Inc., 5.00%, 02/01/28(b)
USD
41
40,253
B&G Foods, Inc., 8.00%, 09/15/28(b)
 
22
22,104
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK),
8.75%, 10/01/29(b)(f)
 
341
370,654
Chobani LLC/Chobani Finance Corp., Inc.(b)
 
4.63%, 11/15/28
 
258
248,249
7.63%, 07/01/29
 
273
280,492
Darling Ingredients, Inc., 6.00%, 06/15/30(b)
 
63
62,618
Fiesta Purchaser, Inc.(b)
 
7.88%, 03/01/31
 
16
16,519
9.63%, 09/15/32
 
80
82,211
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc., 9.00%, 02/15/29(b)
 
39
40,116
Performance Food Group, Inc.(b)
 
4.25%, 08/01/29
 
74
69,200
6.13%, 09/15/32
 
129
128,221
Post Holdings, Inc.(b)
 
4.63%, 04/15/30
 
36
33,619
4.50%, 09/15/31
 
28
25,359
6.38%, 03/01/33
 
76
74,732
6.25%, 10/15/34
 
95
93,534
U.S. Foods, Inc.(b)
 
4.63%, 06/01/30
 
7
6,648
7.25%, 01/15/32
 
60
62,370
United Natural Foods, Inc., 6.75%, 10/15/28(b)
 
53
52,337
 
 
1,967,001
Ground Transportation — 0.0%
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b)
 
106
105,917
5
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Equipment & Supplies(b) — 0.2%
Bausch & Lomb Corp., 8.38%, 10/01/28
USD
434
$ 450,275
Insulet Corp., 6.50%, 04/01/33
 
62
63,021
Medline Borrower LP
 
3.88%, 04/01/29
 
157
146,753
5.25%, 10/01/29
 
458
439,485
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%,
04/01/29
 
25
25,318
Neogen Food Safety Corp., 8.63%, 07/20/30
 
64
67,385
Sotera Health Holdings LLC, 7.38%, 06/01/31
 
94
95,563
 
 
1,287,800
Health Care Providers & Services — 0.5%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b)
 
41
40,960
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
 
110
102,053
CHS/Community Health Systems, Inc.(b)
 
5.63%, 03/15/27
 
197
188,119
6.00%, 01/15/29
 
180
159,957
5.25%, 05/15/30
 
225
185,635
4.75%, 02/15/31
 
72
56,914
10.88%, 01/15/32
 
310
305,403
Concentra Escrow Issuer Corp., 6.88%, 07/15/32(b)
 
86
87,506
DaVita, Inc., 6.88%, 09/01/32(b)
 
43
43,241
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
 
29
26,370
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b)
 
52
50,079
HealthEquity, Inc., 4.50%, 10/01/29(b)
 
182
170,605
LifePoint Health, Inc.(b)
 
9.88%, 08/15/30
 
28
29,543
11.00%, 10/15/30
 
196
213,073
8.38%, 02/15/32
 
106
106,727
10.00%, 06/01/32
 
234
223,215
Molina Healthcare, Inc., 6.25%, 01/15/33(b)
 
58
57,083
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b)
 
28
26,417
Star Parent, Inc., 9.00%, 10/01/30(b)
 
215
211,916
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)
 
292
288,754
Tenet Healthcare Corp., 6.75%, 05/15/31
 
288
292,115
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)
 
154
153,556
 
 
3,019,241
Health Care REITs — 0.0%
MPT Operating Partnership LP/MPT Finance Corp.,
8.50%, 02/15/32(b)
 
215
219,019
Hotel & Resort REITs — 0.2%
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b)
 
56
56,413
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%,
10/15/29(b)
 
29
28,672
Pebblebrook Hotel Trust, 1.75%, 12/15/26(i)
 
3
2,803
RHP Hotel Properties LP/RHP Finance Corp.(b)
 
4.50%, 02/15/29
 
39
36,895
6.50%, 04/01/32
 
167
166,701
RLJ Lodging Trust LP, 4.00%, 09/15/29(b)
 
74
66,380
Service Properties Trust
 
8.63%, 11/15/31(b)
 
398
419,856
8.88%, 06/15/32
 
113
111,827
XHR LP, 6.63%, 05/15/30(b)
 
28
27,489
 
 
917,036
Hotels, Restaurants & Leisure — 0.7%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%,
09/15/29(b)
 
46
45,537
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc., 4.00%, 10/15/30(b)
 
75
67,876
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Carnival Corp.(b)
 
6.00%, 05/01/29
USD
149
$ 147,956
6.13%, 02/15/33
 
232
228,620
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc.(b)
 
4.63%, 01/15/29
 
139
128,020
6.75%, 01/15/30
 
586
506,654
Hilton Domestic Operating Co., Inc.
 
4.88%, 01/15/30
 
14
13,539
3.63%, 02/15/32(b)
 
12
10,518
5.88%, 03/15/33(b)
 
160
158,422
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b)
 
31
31,590
Lindblad Expeditions LLC, 6.75%, 02/15/27(b)
 
77
76,549
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)
 
78
59,504
Melco Resorts Finance Ltd.(b)
 
5.38%, 12/04/29
 
200
183,998
7.63%, 04/17/32
 
200
199,715
MGM Resorts International, 6.13%, 09/15/29
 
112
110,890
NCL Corp. Ltd.(b)
 
8.13%, 01/15/29
 
31
32,607
6.25%, 03/01/30
 
36
35,343
6.75%, 02/01/32
 
138
136,317
NCL Finance Ltd., 6.13%, 03/15/28(b)
 
46
45,853
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)
 
36
38,246
Royal Caribbean Cruises Ltd.(b)
 
5.63%, 09/30/31
 
219
215,041
6.00%, 02/01/33
 
226
225,859
Sabre GLBL, Inc.(b)
 
8.63%, 06/01/27
 
59
58,385
10.75%, 11/15/29
 
113
113,822
Station Casinos LLC(b)
 
4.50%, 02/15/28
 
69
66,089
4.63%, 12/01/31
 
81
72,780
6.63%, 03/15/32
 
49
48,598
Viking Cruises Ltd.(b)
 
5.88%, 09/15/27
 
58
57,706
7.00%, 02/15/29
 
13
13,044
9.13%, 07/15/31
 
215
229,648
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)
 
27
26,545
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(b)
 
44
42,023
Wynn Macau Ltd., 5.63%, 08/26/28(b)
 
400
384,500
 
 
3,811,794
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
 
4.63%, 08/01/29
 
32
28,962
4.63%, 04/01/30
 
46
41,594
Beazer Homes USA, Inc.
 
5.88%, 10/15/27
 
14
13,727
7.50%, 03/15/31(b)
 
10
9,688
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC(b)
 
5.00%, 06/15/29
 
67
60,410
4.88%, 02/15/30
 
56
48,948
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%,
10/15/29(b)
 
44
40,150
Dream Finders Homes, Inc., 8.25%, 08/15/28(b)
 
26
26,872
Empire Communities Corp., 9.75%, 05/01/29(b)
 
13
13,148
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b)
 
209
223,549
LGI Homes, Inc.(b)
 
8.75%, 12/15/28
 
33
34,392
7.00%, 11/15/32
 
62
58,633
Mattamy Group Corp., 4.63%, 03/01/30(b)
 
72
66,274
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Household Durables (continued)
Meritage Homes Corp., 1.75%, 05/15/28(b)(i)
USD
98
$ 95,746
New Home Co., Inc., 9.25%, 10/01/29(b)
 
56
57,442
Scotts Miracle-Gro Co.
 
4.50%, 10/15/29
 
5
4,662
4.38%, 02/01/32
 
97
85,229
Somnigroup International, Inc.(b)
 
4.00%, 04/15/29
 
89
82,656
3.88%, 10/15/31
 
23
20,194
STL Holding Co. LLC, 8.75%, 02/15/29(b)
 
31
31,816
SWF Holdings I Corp., 6.50%, 10/06/29(b)
 
285
156,890
 
 
1,200,982
Household Products — 0.0%
Central Garden & Pet Co.
 
4.13%, 10/15/30
 
26
23,638
4.13%, 04/30/31(b)
 
39
34,899
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b)
 
15
13,303
Spectrum Brands, Inc., 3.88%, 03/15/31(b)
 
10
8,518
 
 
80,358
Independent Power and Renewable Electricity Producers — 0.0%
XPLR Infrastructure LP, 2.50%, 06/15/26(b)(i)
 
73
69,606
Industrial Conglomerates — 0.0%
Amsted Industries, Inc., 6.38%, 03/15/33(b)
 
32
31,830
Axon Enterprise, Inc.(b)
 
6.13%, 03/15/30
 
72
72,664
6.25%, 03/15/33
 
56
56,576
NM Holdings Co. LLC, Series B, 9.50%, 07/01/05(c)(d)(g)
 
5,125
1
 
 
161,071
Insurance(b) — 1.2%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer
 
4.25%, 10/15/27
 
275
265,403
6.75%, 10/15/27
 
589
586,656
6.75%, 04/15/28
 
37
37,145
5.88%, 11/01/29
 
376
363,417
7.00%, 01/15/31
 
238
238,728
7.38%, 10/01/32
 
426
427,871
AmWINS Group, Inc.
 
6.38%, 02/15/29
 
36
36,274
4.88%, 06/30/29
 
88
82,958
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, 7.88%,
11/01/29
 
53
52,235
Ardonagh Finco Ltd., 7.75%, 02/15/31
 
400
407,462
Ardonagh Group Finance Ltd., 8.88%, 02/15/32
 
400
407,207
AssuredPartners, Inc., 7.50%, 02/15/32
 
99
105,676
Howden UK Refinance PLC/Howden UK Refinance
2 PLC/Howden US Refinance LLC
 
7.25%, 02/15/31
 
400
403,694
8.13%, 02/15/32
 
245
247,569
HUB International Ltd.
 
7.25%, 06/15/30
 
847
872,415
7.38%, 01/31/32
 
902
918,401
Jones Deslauriers Insurance Management, Inc.
 
8.50%, 03/15/30
 
136
142,871
10.50%, 12/15/30
 
115
123,143
Panther Escrow Issuer LLC, 7.13%, 06/01/31
 
689
702,044
Ryan Specialty LLC, 5.88%, 08/01/32
 
143
141,239
USI, Inc., 7.50%, 01/15/32
 
119
121,401
 
 
6,683,809
Security
 
Par
(000)
Value
Interactive Media & Services — 0.0%
Snap, Inc., 6.88%, 03/01/33(b)
USD
170
$ 169,987
Internet Software & Services(b) — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%,
05/01/28
 
200
183,653
ANGI Group LLC, 3.88%, 08/15/28
 
80
72,597
Match Group Holdings II LLC, 3.63%, 10/01/31
 
65
56,018
Rakuten Group, Inc., 9.75%, 04/15/29
 
200
217,144
Uber Technologies, Inc.
 
7.50%, 09/15/27
 
15
15,183
6.25%, 01/15/28
 
201
202,209
4.50%, 08/15/29
 
330
324,173
 
 
1,070,977
IT Services(b) — 0.1%
Amentum Holdings, Inc., 7.25%, 08/01/32
 
63
61,970
CA Magnum Holdings, 5.38%, 10/31/26
 
201
197,422
Fortress Intermediate 3, Inc., 7.50%, 06/01/31
 
220
221,781
KBR, Inc., 4.75%, 09/30/28
 
75
71,304
McAfee Corp., 7.38%, 02/15/30
 
178
157,544
 
 
710,021
Machinery — 0.5%
ATS Corp., 4.13%, 12/15/28(b)
 
35
32,508
Chart Industries, Inc., 7.50%, 01/01/30(b)
 
224
232,321
Esab Corp., 6.25%, 04/15/29(b)
 
66
66,963
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b)
 
35
27,475
Husky Injection Molding Systems Ltd./Titan Co-Borrower
LLC, 9.00%, 02/15/29(b)
 
553
554,027
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
 
32
32,894
Terex Corp., 6.25%, 10/15/32(b)
 
43
41,700
TK Elevator Holdco GmbH
 
6.63%, 07/15/28(h)
EUR
90
97,464
7.63%, 07/15/28(b)
USD
200
200,170
TK Elevator Midco GmbH, 4.38%, 07/15/27(h)
EUR
200
214,908
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
USD
312
306,153
Vertiv Group Corp., 4.13%, 11/15/28(b)
 
781
743,482
 
 
2,550,065
Media — 0.9%
Adelphia Communications Corp., 10.50%,
12/31/49(c)(d)(g)
 
400
—
Cable One, Inc.
 
0.00%, 03/15/26(i)(l)
 
28
26,530
1.13%, 03/15/28(i)
 
82
65,089
4.00%, 11/15/30(b)
 
5
3,965
CCO Holdings LLC/CCO Holdings Capital Corp.
 
6.38%, 09/01/29(b)
 
261
260,221
4.75%, 03/01/30(b)
 
106
98,309
4.50%, 08/15/30(b)
 
22
20,027
4.25%, 02/01/31(b)
 
102
90,385
7.38%, 03/01/31(b)
 
327
332,224
4.75%, 02/01/32(b)
 
37
32,852
4.50%, 05/01/32
 
7
6,076
4.50%, 06/01/33(b)
 
9
7,676
4.25%, 01/15/34(b)
 
207
170,257
CSC Holdings LLC(b)
 
5.50%, 04/15/27
 
200
185,163
5.38%, 02/01/28
 
200
170,566
11.75%, 01/31/29
 
400
387,937
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(b)
 
5.88%, 08/15/27
 
173
167,645
10.00%, 02/15/31
 
171
164,194
7
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
DISH DBS Corp.(b)
 
5.25%, 12/01/26
USD
188
$ 172,574
5.75%, 12/01/28
 
215
181,320
DISH Network Corp., 11.75%, 11/15/27(b)
 
432
454,929
GCI LLC, 4.75%, 10/15/28(b)
 
17
15,672
Gray Media, Inc.(b)
 
7.00%, 05/15/27
 
41
40,181
10.50%, 07/15/29
 
215
223,998
LCPR Senior Secured Financing DAC, 6.75%,
10/15/27(b)
 
180
150,487
Midcontinent Communications, 8.00%, 08/15/32(b)
 
154
155,711
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%,
09/15/26(b)
 
604
516,788
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)
 
411
405,568
Sirius XM Radio, Inc.(b)
 
3.13%, 09/01/26
 
18
17,439
5.00%, 08/01/27
 
98
95,750
4.00%, 07/15/28
 
53
49,449
Univision Communications, Inc.(b)
 
6.63%, 06/01/27
 
155
153,718
8.00%, 08/15/28
 
183
183,572
8.50%, 07/31/31
 
208
203,245
 
 
5,209,517
Metals & Mining — 0.6%
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b)
 
42
42,183
Arsenal AIC Parent LLC(b)
 
8.00%, 10/01/30
 
46
46,902
11.50%, 10/01/31
 
291
316,442
ATI, Inc.
 
5.88%, 12/01/27
 
19
18,867
4.88%, 10/01/29
 
32
30,476
7.25%, 08/15/30
 
103
106,166
5.13%, 10/01/31
 
88
82,406
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(b)
 
296
296,397
Carpenter Technology Corp., 7.63%, 03/15/30
 
65
66,953
Cleveland-Cliffs, Inc.(b)
 
6.88%, 11/01/29
 
79
77,306
7.50%, 09/15/31
 
21
20,503
7.38%, 05/01/33
 
81
77,722
Constellium SE(b)
 
3.75%, 04/15/29
 
250
226,498
6.38%, 08/15/32
 
250
244,125
ERO Copper Corp., 6.50%, 02/15/30(b)
 
105
101,992
First Quantum Minerals Ltd., 9.38%, 03/01/29(b)
 
200
210,500
Kaiser Aluminum Corp.(b)
 
4.63%, 03/01/28
 
63
59,841
4.50%, 06/01/31
 
259
229,222
New Gold, Inc., 6.88%, 04/01/32(b)
 
79
79,788
Novelis Corp.(b)
 
3.25%, 11/15/26
 
206
199,149
4.75%, 01/30/30
 
134
124,325
3.88%, 08/15/31
 
96
83,463
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(h)
EUR
100
102,798
Novelis, Inc., 6.88%, 01/30/30(b)
USD
159
161,250
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b)
 
39
36,613
 
 
3,041,887
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Blackstone Mortgage Trust, Inc.
 
3.75%, 01/15/27
 
87
82,720
Security
 
Par
(000)
Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Blackstone Mortgage Trust, Inc. (continued)
 
7.75%, 12/01/29
USD
25
$ 25,732
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp.
 
4.75%, 06/15/29
 
22
20,952
7.00%, 07/15/31
 
55
56,451
Starwood Property Trust, Inc.
 
7.25%, 04/01/29
 
43
44,081
6.00%, 04/15/30
 
21
20,521
6.50%, 07/01/30
 
41
41,021
10/15/30(k)
 
61
60,434
 
 
351,912
Oil, Gas & Consumable Fuels — 1.6%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b)
 
93
94,595
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.38%, 06/15/29(b)
 
66
64,513
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b)
 
9.00%, 11/01/27
 
38
46,550
5.88%, 06/30/29
 
89
86,849
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)
 
7.00%, 07/15/29
 
56
57,231
7.25%, 07/15/32
 
45
46,553
Borr IHC Ltd./Borr Finance LLC, 10.00%, 11/15/28(b)
 
185
175,334
Buckeye Partners LP
 
6.88%, 07/01/29(b)
 
24
24,397
6.75%, 02/01/30(b)
 
23
23,297
5.85%, 11/15/43
 
16
14,146
5.60%, 10/15/44
 
1
857
Chord Energy Corp., 6.75%, 03/15/33(b)
 
45
44,764
CITGO Petroleum Corp., 8.38%, 01/15/29(b)
 
130
132,296
Civitas Resources, Inc.(b)
 
8.38%, 07/01/28
 
57
58,823
8.63%, 11/01/30
 
50
51,584
8.75%, 07/01/31
 
124
127,341
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
 
32
29,791
CNX Resources Corp., 7.25%, 03/01/32(b)
 
29
29,489
Comstock Resources, Inc.(b)
 
6.75%, 03/01/29
 
350
342,101
5.88%, 01/15/30
 
2
1,889
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(b)
 
250
239,839
Crescent Energy Finance LLC(b)
 
7.63%, 04/01/32
 
178
176,054
7.38%, 01/15/33
 
147
141,740
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
 
35
35,866
DT Midstream, Inc., 4.38%, 06/15/31(b)
 
79
72,665
eG Global Finance PLC, 12.00%, 11/30/28(b)
 
415
459,508
Enbridge, Inc.(a)
 
(5-year CMT + 2.97%), 7.20%, 06/27/54
 
40
40,363
(5-year CMT + 3.12%), 7.38%, 03/15/55
 
54
55,439
Encino Acquisition Partners Holdings LLC, 8.75%,
05/01/31(b)
 
41
43,568
Energy Transfer LP(a)
 
(5-year CMT + 2.83%), 7.13%, 10/01/54
 
75
76,157
(5-year CMT + 4.02%), 8.00%, 05/15/54
 
127
133,648
Series H, (5-year CMT + 5.69%), 6.50%(j)
 
129
128,848
EQM Midstream Partners LP, 6.38%, 04/01/29(b)
 
89
91,058
Schedule of Investments
8
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP/Genesis Energy Finance Corp.
 
7.75%, 02/01/28
USD
29
$ 29,288
8.25%, 01/15/29
 
82
84,660
8.88%, 04/15/30
 
5
5,193
7.88%, 05/15/32
 
102
102,725
8.00%, 05/15/33
 
80
80,623
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
 
45
45,599
Harvest Midstream I LP, 7.50%, 05/15/32(b)
 
25
25,692
Hess Midstream Operations LP, 6.50%, 06/01/29(b)
 
64
65,272
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
 
6.25%, 11/01/28
 
3
2,997
5.75%, 02/01/29
 
72
69,563
6.00%, 04/15/30
 
5
4,755
8.38%, 11/01/33
 
151
154,741
6.88%, 05/15/34
 
84
79,000
7.25%, 02/15/35
 
34
32,470
Howard Midstream Energy Partners LLC(b)
 
8.88%, 07/15/28
 
56
58,390
7.38%, 07/15/32
 
55
56,349
ITT Holdings LLC, 6.50%, 08/01/29(b)
 
135
124,542
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b)
 
129
128,925
Kinetik Holdings LP, 5.88%, 06/15/30(b)
 
6
5,937
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas
Finance Corp., 6.88%, 12/01/32(b)
 
82
81,849
Matador Resources Co.(b)
 
6.88%, 04/15/28
 
64
64,809
6.50%, 04/15/32
 
75
74,327
Moss Creek Resources Holdings, Inc., 8.25%,
09/01/31(b)
 
24
23,402
Nabors Industries Ltd., 7.50%, 01/15/28(b)
 
31
28,535
Nabors Industries, Inc., 7.38%, 05/15/27(b)
 
71
70,027
NFE Financing LLC, 12.00%, 11/15/29(b)
 
131
110,260
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
 
8.13%, 02/15/29
 
69
69,482
8.38%, 02/15/32
 
264
264,566
Noble Finance II LLC, 8.00%, 04/15/30(b)
 
75
74,956
Northern Oil & Gas, Inc.
 
8.13%, 03/01/28(b)
 
207
207,533
3.63%, 04/15/29(i)
 
40
42,152
8.75%, 06/15/31(b)
 
52
53,038
Northriver Midstream Finance LP, 6.75%, 07/15/32(b)
 
42
42,392
Parkland Corp., 6.63%, 08/15/32(b)
 
60
59,966
PBF Holding Co. LLC/PBF Finance Corp., 7.88%,
09/15/30(b)
 
34
29,777
Permian Resources Operating LLC(b)
 
8.00%, 04/15/27
 
70
71,323
7.00%, 01/15/32
 
85
86,921
6.25%, 02/01/33
 
118
117,533
Prairie Acquiror LP, 9.00%, 08/01/29(b)
 
50
50,894
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)
 
14
13,406
Sitio Royalties Operating Partnership LP/Sitio Finance
Corp., 7.88%, 11/01/28(b)
 
100
102,931
SM Energy Co.
 
6.50%, 07/15/28
 
6
5,959
7.00%, 08/01/32(b)
 
33
32,387
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31(b)
 
29
26,182
Sunoco LP, 6.25%, 07/01/33(b)
 
75
75,078
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b)
 
5.50%, 01/15/28
 
35
34,065
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b) (continued)
 
7.38%, 02/15/29
USD
149
$ 149,742
6.00%, 12/31/30
 
2
1,897
6.00%, 09/01/31
 
41
38,760
Talos Production, Inc., 9.38%, 02/01/31(b)
 
40
40,698
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)
 
135
126,752
TransMontaigne Partners LLC, 8.50%, 06/15/30(b)
 
15
15,110
Transocean Aquila Ltd., 8.00%, 09/30/28(b)
 
27
27,346
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)
 
24
24,031
Transocean, Inc.(b)
 
8.00%, 02/01/27
 
89
88,666
8.25%, 05/15/29
 
96
93,838
8.75%, 02/15/30
 
56
58,161
8.50%, 05/15/31
 
82
79,678
Valaris Ltd., 8.38%, 04/30/30(b)
 
186
186,213
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29(b)
 
79
73,131
Venture Global LNG, Inc.(b)
 
9.50%, 02/01/29
 
574
615,507
8.38%, 06/01/31
 
233
236,327
9.88%, 02/01/32
 
273
289,949
Vermilion Energy, Inc., 6.88%, 05/01/30(b)
 
51
49,942
Vital Energy, Inc.
 
9.75%, 10/15/30
 
62
63,061
7.88%, 04/15/32(b)
 
159
148,016
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b)
 
53
51,525
 
 
8,675,974
Paper & Forest Products — 0.0%
Magnera Corp., 7.25%, 11/15/31(b)
 
33
32,096
Passenger Airlines(b) — 0.1%
American Airlines, Inc., 8.50%, 05/15/29
 
121
122,839
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31
 
55
54,290
OneSky Flight LLC, 8.88%, 12/15/29
 
68
68,727
United Airlines, Inc., 4.63%, 04/15/29
 
98
92,735
 
 
338,591
Personal Care Products — 0.0%
Perrigo Finance Unlimited Co., 6.13%, 09/30/32
 
77
75,757
Pharmaceuticals — 0.3%
1261229 BC Ltd., 04/15/32(b)(k)
 
625
621,164
1375209 BC Ltd., 9.00%, 01/30/28(b)
 
60
59,953
Bausch Health Cos., Inc.(b)
 
5.50%, 11/01/25
 
72
71,928
6.13%, 02/01/27
 
227
230,178
5.75%, 08/15/27
 
39
38,932
11.00%, 09/30/28
 
386
367,665
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)
 
108
112,593
Option Care Health, Inc., 4.38%, 10/31/29(b)
 
79
73,708
Teva Pharmaceutical Finance Netherlands III BV, 3.15%,
10/01/26
 
227
219,418
 
 
1,795,539
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp.
 
7.00%, 04/15/30(b)
 
45
40,276
Series AI, 7.00%, 04/15/30
 
80
71,138
CoreLogic, Inc., 4.50%, 05/01/28(b)
 
309
287,607
9
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Real Estate Management & Development (continued)
Cushman & Wakefield U.S. Borrower LLC, 8.88%,
09/01/31(b)
USD
120
$ 127,429
Howard Hughes Corp., 4.38%, 02/01/31(b)
 
53
47,177
 
 
573,627
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)
 
77
73,779
Semiconductors & Semiconductor Equipment(i) — 0.0%
MKS Instruments, Inc., 1.25%, 06/01/30(b)
 
134
120,533
ON Semiconductor Corp., 0.50%, 03/01/29
 
61
52,539
 
 
173,072
Software — 1.1%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)
 
877
822,636
Camelot Finance SA, 4.50%, 11/01/26(b)
 
149
146,045
Capstone Borrower, Inc., 8.00%, 06/15/30(b)
 
193
198,156
Central Parent LLC/CDK Global II LLC/CDK Financing
Co., Inc., 8.00%, 06/15/29(b)
 
276
242,155
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(b)
 
111
96,057
Clarivate Science Holdings Corp.(b)
 
3.88%, 07/01/28
 
328
304,266
4.88%, 07/01/29
 
180
160,558
Cloud Software Group, Inc.(b)
 
6.50%, 03/31/29
 
863
838,893
9.00%, 09/30/29
 
1,287
1,268,865
8.25%, 06/30/32
 
636
646,640
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)
 
153
153,253
Ellucian Holdings, Inc., 6.50%, 12/01/29(b)
 
121
118,995
Playtika Holding Corp., 4.25%, 03/15/29(b)
 
21
18,486
SS&C Technologies, Inc., 6.50%, 06/01/32(b)
 
176
177,903
Twilio, Inc.
 
3.63%, 03/15/29
 
22
20,398
3.88%, 03/15/31
 
43
38,735
UKG, Inc., 6.88%, 02/01/31(b)
 
675
684,746
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)
 
162
148,614
 
 
6,085,401
Specialty Retail — 0.0%
Staples, Inc., 10.75%, 09/01/29(b)
 
54
48,786
Technology Hardware, Storage & Peripherals — 0.0%
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b)
 
39
40,426
NCR Atleos Corp., 9.50%, 04/01/29(b)
 
17
18,433
Seagate HDD Cayman
 
8.25%, 12/15/29
 
54
57,416
8.50%, 07/15/31
 
76
80,717
 
 
196,992
Textiles, Apparel & Luxury Goods(b) — 0.0%
Crocs, Inc.
 
4.25%, 03/15/29
 
57
52,985
4.13%, 08/15/31
 
13
11,464
Hanesbrands, Inc., 9.00%, 02/15/31
 
3
3,161
Kontoor Brands, Inc., 4.13%, 11/15/29
 
17
15,621
 
 
83,231
Trading Companies & Distributors(b) — 0.1%
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28
 
12
11,694
Gates Corp., 6.88%, 07/01/29
 
74
75,282
Security
 
Par
(000)
Value
Trading Companies & Distributors (continued)
H&E Equipment Services, Inc., 3.88%, 12/15/28
USD
20
$ 19,936
Resideo Funding, Inc.
 
4.00%, 09/01/29
 
18
16,342
6.50%, 07/15/32
 
99
98,763
 
 
222,017
Wireless Telecommunication Services — 0.1%
Altice France SA(b)
 
5.13%, 07/15/29
 
200
156,667
5.50%, 10/15/29
 
200
158,471
T-Mobile U.S., Inc.
 
3.38%, 04/15/29
 
67
63,642
3.50%, 04/15/31
 
26
24,041
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(b)
 
200
173,692
 
 
576,513
Total Corporate Bonds — 16.5%
(Cost: $102,517,780)
92,702,331
Fixed Rate Loan Interests
Commercial Services & Supplies — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, (3-mo.
CME Term SOFR + 11.00%), 11.00%, 12/15/31
 
61
36,518
Diversified Consumer Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan,
15.00%, 12/09/27
 
9
8,941
Internet Software & Services — 0.0%
Abe Investment Holdings, Inc., 2025 USD Term Loan B,
11.25%, 02/21/30(d)
 
393
390,053
IT Services — 0.3%
Clover Holdings 2 LLC, Term Loan B, 7.75%, 12/09/31(d)
 
1,672
1,661,550
Software — 0.2%
Cotiviti, Inc., 2024 Term Loan B, 7.63%, 05/01/31
 
1,037
1,020,360
Total Fixed Rate Loan Interests — 0.5%
(Cost: $3,171,951)
3,117,422
Floating Rate Loan Interests(a)
Advertising Agencies — 0.3%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.44%, 08/23/28
 
643
637,960
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 3.00%), 7.32%, 02/07/31
 
698
695,495
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
9.56%, 02/15/29
 
249
247,832
 
 
1,581,287
Aerospace & Defense — 2.3%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.05%,
10/31/30
 
1,218
1,207,311
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-
mo. CME Term SOFR + 4.18%), 8.43%, 08/03/29
 
1,114
1,108,871
Schedule of Investments
10
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 10/31/31
USD
2,154
$ 2,146,559
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 10/31/31
 
819
816,388
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.32%, 01/27/32
 
553
548,852
Kaman Corp., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 7.05%, 02/26/32
 
604
595,349
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 5.60%), 9.92%, 04/09/26
 
744
741,376
Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
09/14/29
 
194
193,895
Signia Aerospace LLC, 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.32%,
11/21/31
 
563
558,670
TransDigm, Inc.
 
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 02/28/31
 
4,123
4,097,377
2024 Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 01/19/32
 
839
833,828
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 7.05%, 03/22/30
 
98
97,788
 
 
12,946,264
Air Freight & Logistics — 0.0%
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30
 
218
214,437
Automobile Components — 1.0%
Clarios Global LP
 
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.82%, 05/06/30
 
2,918
2,873,809
2025 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.75%), 7.07%, 01/28/32
 
1,320
1,298,550
Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.54%, 01/17/32
 
102
101,107
RealTruck Group, Inc., 2023 Incremental Term Loan,
(1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28
 
417
407,695
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term
SOFR + 5.10%), 9.42%, 11/17/28
 
1,121
1,089,332
 
 
5,770,493
Banks — 0.3%
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.32%,
08/02/28
 
1,907
1,890,635
Beverages — 0.4%
Naked Juice LLC
 
2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.40%, 01/24/30
 
1,588
348,772
Term Loan, (3-mo. CME Term SOFR + 3.10%),
7.40%, 01/24/29
 
2,064
1,054,260
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.25%), 6.55%,
03/31/28
 
830
826,038
 
 
2,229,070
Building Materials — 2.9%
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 4.51%), 8.81%,
05/17/28
 
429
280,509
Security
 
Par
(000)
Value
Building Materials (continued)
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.00%), 6.32%, 09/19/31(d)
USD
822
$ 821,940
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term
SOFR + 3.25%), 7.67%, 11/03/28
 
2,665
2,637,448
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR + 3.50%), 7.82%, 10/02/28
 
854
841,146
EMRLD Borrower LP
 
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.80%, 08/04/31
 
1,529
1,513,747
Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor
+ 2.50%), 6.93%, 05/31/30
 
1,935
1,913,998
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 10.32%, 03/08/29
 
718
688,767
Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.25%), 8.55%,
04/29/29
 
1,123
1,047,370
Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.32%,
12/14/27
 
466
465,949
Quikrete Holdings, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR +
2.25%), 6.57%, 03/19/29
 
785
776,312
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.57%, 02/10/32
 
2,133
2,106,871
Smyrna Ready Mix Concrete LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR + 3.00%), 7.32%,
04/02/29(d)
 
377
373,757
Standard Industries, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR + 1.75%), 6.07%, 09/22/28
 
466
465,853
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31
 
2,530
2,401,392
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR +
2.11%), 6.44%, 10/04/28
 
98
97,895
 
 
16,432,954
Building Products — 1.2%
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.32%,
05/19/28
 
1,277
1,275,234
Foundation Building Materials, Inc., 2024 Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 4.26%),
8.55%, 01/29/31
 
2,159
1,957,487
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31
 
476
471,414
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME
Term SOFR + 2.25%), 6.57%, 05/12/30
 
276
275,511
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.57%, 10/19/29
 
2,604
2,520,211
 
 
6,499,857
Capital Markets — 2.5%
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.82%,
08/09/30
 
543
538,236
Citadel Securities Global Holdings LLC, 2024 First Lien
Term Loan, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.32%, 10/31/31
 
1,334
1,331,485
CPI Holdco B LLC
 
2024 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.57%, 05/17/31
 
766
759,780
2024 Term Loan, (1-mo. CME Term SOFR + 2.00%),
6.32%, 05/19/31
 
1,491
1,474,745
11
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Capital Markets (continued)
Deerfield Dakota Holding LLC
 
2020 USD Term Loan B, (3-mo. CME Term SOFR at
1.00% Floor + 3.75%), 8.05%, 04/09/27
USD
2,604
$ 2,465,449
2021 USD 2nd Lien Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28
 
982
935,831
Edelman Financial Engines Center LLC, 2024 Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
3.00%), 7.32%, 04/07/28
 
1,021
1,017,601
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.57%, 06/27/29
 
421
421,083
Focus Financial Partners LLC, 2025 Incremental Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.75%), 7.07%, 09/15/31
 
1,333
1,318,819
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.80%,
01/31/30
 
214
210,482
Jane Street Group LLC, 2024 Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.31%,
12/15/31
 
1,683
1,661,430
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.32%,
10/21/31
 
662
659,578
Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.82%,
08/17/28
 
1,042
1,033,099
 
 
13,827,618
Chemicals — 3.3%
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 6.05%, 12/20/29
 
1,069
1,067,583
Chemours Co., 2023 USD Term Loan B, (1-mo. CME
Term SOFR + 3.00%), 7.32%, 08/18/28
 
1,026
1,022,090
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.31%,
11/01/30
 
1,844
1,828,739
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.04%,
10/04/29
 
151
148,975
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.29%, 06/12/31
 
1,492
1,466,636
Element Solutions, Inc., 1st Lien, Term Loan B2, (1-mo.
CME Term SOFR + 1.75%), 6.07%, 12/18/30
 
1,381
1,376,151
Fortis 333, Inc., USD Term Loan B, 02/06/32(d)(m)
 
510
505,537
H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 6.07%, 02/15/30
 
260
259,736
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 4.03%), 8.32%,
07/03/28
 
1,221
1,121,059
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.57%, 02/18/30
 
607
582,283
INEOS US Petrochem LLC, 2024 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
8.57%, 10/07/31(d)
 
526
491,810
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.32%,
11/26/31(d)
 
867
864,660
Security
 
Par
(000)
Value
Chemicals (continued)
Momentive Performance Materials, Inc., 2023 Term
Loan, (1-mo. CME Term SOFR + 4.00%), 8.32%,
03/29/28
USD
1,982
$ 1,967,472
Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.55%,
04/03/28
 
1,099
1,094,987
OQ Chemicals Corp.
 
2017 USD Term Loan B2, (3-mo. CME Term SOFR at
0.00% Floor + 3.50%), 7.90%, 12/31/26
 
1,552
1,350,276
2024 USD Term Loan B, (1-mo. CME Term SOFR at
3.00% Floor + 8.00%), 12.32%, 12/31/26
 
175
180,265
Paint Intermediate III, LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.30%,
10/09/31
 
506
504,735
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.32%,
08/02/30
 
1,434
1,421,075
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
09/22/28
 
1,240
1,225,719
 
 
18,479,788
Commercial Services & Supplies — 7.0%
Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.30%,
08/16/29
 
1,746
1,744,512
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.61%), 6.94%,
02/04/28
 
1,737
1,735,463
Allied Universal Holdco LLC, 2021 USD Incremental
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.85%), 8.17%, 05/12/28
 
3,742
3,736,146
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 01/03/29
 
1,902
1,894,909
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo.
CME Term SOFR + 1.86%), 6.19%, 08/06/27
 
556
541,640
Belron Finance LLC, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 7.05%,
10/16/31
 
3,029
3,019,104
Bright Horizons Family Solutions LLC, 2024 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.07%, 11/24/28
 
1,365
1,362,222
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 7.07%, 01/31/31
 
2,028
1,999,433
Champions Financing, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 9.07%,
02/23/29
 
1,379
1,237,127
CHG Healthcare Services Inc., 2024 Term Loan B1, (3-
mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.31%, 09/29/28
 
878
876,583
Creative Artists Agency LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.07%, 10/01/31
 
2,988
2,977,287
Element Materials Technology Group U.S. Holdings, Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.75%), 8.05%, 07/06/29
 
449
447,291
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.29%,
08/01/29
 
1,166
1,163,726
Schedule of Investments
12
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Fleet US Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.06%,
02/21/31(d)
USD
357
$ 355,866
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 4.75%), 9.29%, 07/31/30
 
432
360,972
Garda World Security Corp., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.32%,
02/01/29
 
1,049
1,043,876
Grant Thornton Advisors Holdings LLC
 
2025 Delayed Draw Term Loan, 06/02/31(m)
 
3
2,963
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 7.07%, 06/02/31
 
551
548,190
Hertz Corp.
 
2021 Term Loan B, (1-mo. CME Term SOFR +
3.61%), 7.94%, 06/30/28
 
1,180
906,042
2021 Term Loan C, (1-mo. CME Term SOFR +
3.61%), 7.94%, 06/30/28
 
199
152,558
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term
SOFR + 4.51%), 8.82%, 03/06/28
 
693
287,619
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30
 
785
782,621
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan
B, (3-mo. CME Term SOFR + 4.00%), 8.30%,
08/11/28
 
196
194,261
Mavis Tire Express Services Topco Corp., 2025 Repriced
Term Loan, (3-mo. CME Term SOFR at 0.75% Floor +
3.00%), 7.31%, 05/04/28
 
2,332
2,314,909
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.05%,
07/25/30
 
594
589,067
PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.30%, 03/26/31
 
547
546,176
Prime Security Services Borrower LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 10/13/30
 
874
869,202
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.08%, 03/07/32
 
299
295,101
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.57%,
11/19/31
 
511
504,173
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.50%), 7.82%, 11/14/30
 
74
73,972
Spring Education Group, Inc., Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.30%,
10/04/30
 
1,390
1,386,303
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 1.00% Floor + 2.00%), 6.32%,
06/30/29
 
1,906
1,143,669
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR
+ 4.10%), 8.42%, 11/02/27
 
632
593,462
Veritiv Operating Co., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.30%, 11/30/30
 
493
489,475
Vestis Corp., Term Loan, (3-mo. CME Term SOFR +
2.25%), 6.58%, 02/22/31
 
1,332
1,325,632
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 8.66%,
12/17/28
USD
573
$ 270,088
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.82%, 01/30/31
 
1,649
1,622,727
 
 
39,394,367
Construction & Engineering — 1.8%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.82%, 09/23/31
 
2,003
1,986,458
Arcosa Inc., Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.57%, 08/12/31
 
814
812,078
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.79%, 08/01/30
 
3,210
3,030,331
Brown Group Holding LLC
 
2022 Incremental Term Loan B2, (3-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31
 
1,255
1,246,220
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.50%), 6.82%, 07/01/31
 
1,747
1,735,393
Construction Partners, Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.83%,
11/03/31
 
376
373,338
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.79%,
10/17/31
 
194
192,384
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.25%), 7.57%,
12/18/28
 
512
506,490
 
 
9,882,692
Consumer Finance — 2.2%
Boost Newco Borrower LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.30%, 01/31/31
 
3,459
3,432,290
Citrin Cooperman Advisors LLC(m)
 
2025 Delayed Draw Term Loan, 03/06/32
 
48
47,109
2025 Term Loan B, 03/06/32
 
736
730,187
Corpay Technologies Operating Co. LLC, Term Loan B5,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.07%, 04/28/28
 
2,541
2,532,682
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan
B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.32%, 11/17/31
 
1,600
1,587,552
Trans Union LLC
 
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.07%, 06/24/31
 
1,883
1,875,911
2024 Term Loan B9, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.07%, 06/24/31
 
1,597
1,591,202
WEX, Inc.
 
2024 Term Loan B2, 03/31/28(m)
 
325
322,969
2025 Incremental Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 03/05/32
 
425
420,750
 
 
12,540,652
Containers & Packaging — 1.6%
Charter Next Generation, Inc., 2024 Term Loan B1, (1-
mo. CME Term SOFR at 0.75% Floor + 3.00%),
7.31%, 11/29/30
 
3,436
3,429,194
13
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Clydesdale Acquisition Holdings, Inc.(m)
 
2025 Delayed Draw Term Loan, 03/26/32
USD
20
$ 20,315
2025 Term Loan B, 03/26/32
 
1,169
1,162,043
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.42%,
10/30/28
 
1,438
1,187,447
Mauser Packaging Solutions Holding Co., 2024 Term
Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%,
04/15/27
 
1,204
1,198,849
Pregis TopCo LLC
 
1st Lien Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.32%, 07/31/26
 
581
580,533
2021 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 4.11%), 8.44%, 07/31/26
 
603
602,137
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo.
CME Term SOFR at 0.50% Floor + 3.75%), 8.05%,
09/15/28
 
1,121
1,081,368
 
 
9,261,886
Diversified REITs — 0.2%
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.08%,
01/25/31
 
1,356
1,354,025
Diversified Telecommunication Services — 2.2%
Altice Financing SA, USD 2017 1st Lien Term Loan, (1-
mo. CME Term SOFR + 2.75%), 7.43%, 01/31/26(d)
 
1,682
1,530,515
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%,
10/24/30
 
1,239
1,237,317
Connect Finco SARL, 2024 Extended Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.82%, 09/27/29
 
894
783,078
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.57%,
09/20/30
 
581
570,673
Level 3 Financing, Inc., 2025 Term Loan B, 03/27/32(m)
 
2,873
2,834,387
Lumen Technologies, Inc.
 
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/29
 
664
637,183
2024 Extended Term Loan B2, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30
 
678
650,406
2024 Term Loan A, (1-mo. CME Term SOFR +
6.00%), 10.32%, 06/01/28
 
124
123,724
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.11%), 7.44%,
03/09/27
 
4,386
4,073,221
 
 
12,440,504
Electric Utilities — 1.5%
Calpine Construction Finance Co. LP, 2023 Refinancing
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 2.00%), 6.32%, 07/31/30
 
1,647
1,640,849
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 01/31/31
 
697
694,573
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.25%), 6.56%,
12/15/27
 
1,011
1,008,541
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.32%, 05/22/31
 
325
324,579
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.04%, 04/16/31
 
1,388
1,384,695
Security
 
Par
(000)
Value
Electric Utilities (continued)
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME
Term SOFR + 3.11%), 7.44%, 01/21/28
USD
925
$ 925,795
Talen Energy Supply LLC, 2024-1 Incremental Term
Loan, (3-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.82%, 12/15/31
 
611
608,614
Thunder Generation Funding LLC, Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.30%,
10/03/31
 
818
816,995
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-
mo. CME Term SOFR + 1.75%), 6.07%, 12/20/30
 
1,288
1,282,998
 
 
8,687,639
Electronic Equipment, Instruments & Components — 0.6%
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31
 
836
834,640
Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 6.32%,
07/02/29
 
1,560
1,556,071
Roper Industrial Products Investment Co., 2024 USD 1st
Lien Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 7.05%, 11/22/29
 
1,045
1,038,408
 
 
3,429,119
Entertainment — 5.1%
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 3.51%), 7.80%, 10/02/28
 
1,277
1,133,118
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (3-mo. CME Term SOFR +
2.25%), 6.56%, 02/06/31
 
2,886
2,862,638
Term Loan B, (3-mo. CME Term SOFR + 2.25%),
6.56%, 02/06/30
 
927
920,464
Crown Finance US, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 5.25%), 9.57%,
12/02/31
 
589
584,741
Delta 2 Lux SARL(m)
 
2024 Term Loan B1, 09/30/31
 
1,709
1,703,874
2024 Term Loan B2, 09/30/31
 
856
853,224
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.06%,
03/04/32
 
874
867,996
ECL Entertainment LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.82%, 08/31/30
 
944
941,616
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.32%, 03/24/32
 
3,120
3,114,166
Flutter Financing BV, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 6.05%,
11/30/30
 
3,472
3,448,981
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
9.05%, 11/01/29
 
750
738,075
Herschend Entertainment Co. LLC, 2021 Term Loan,
(1-mo. CME Term SOFR + 3.00%), 7.32%, 08/27/28
 
147
146,611
Light & Wonder International, Inc., 2024 Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.57%, 04/14/29
 
983
978,919
Live Nation Entertainment, Inc., Term Loan B4, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.17%,
10/19/26
 
1,659
1,654,272
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.80%,
11/12/29
 
1,222
1,171,920
Schedule of Investments
14
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment (continued)
OVG Business Services LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.00%), 7.32%, 06/25/31(d)
USD
638
$ 633,011
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.82%,
05/03/29
 
1,252
1,250,300
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.30%, 04/04/29
 
373
370,688
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.32%, 12/04/31
 
462
458,065
Six Flags Entertainment Corp., 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.32%, 05/01/31
 
301
299,525
UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.58%,
11/21/31
 
2,086
2,079,244
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.04%,
01/24/31
 
2,657
2,646,256
 
 
28,857,704
Environmental, Maintenance & Security Service — 2.5%
Action Environmental Group, Inc., 2023 Term Loan B,
(3-mo. CME Term SOFR + 3.75%), 8.05%,
10/24/30(d)
 
660
659,687
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%,
10/09/28
 
909
914,860
Filtration Group Corp., 2025 USD Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.32%,
10/21/28
 
3,062
3,056,186
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.82%, 02/04/32
 
2,041
2,018,549
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 4.00%), 8.30%,
10/17/30
 
626
624,686
Madison IAQ LLC
 
2025 Term Loan B, 03/28/32(d)(m)
 
1,455
1,440,450
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.76%, 06/21/28
 
3,195
3,154,304
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME
Term SOFR at 0.75% Floor + 3.35%), 7.67%,
03/09/28
 
803
460,926
Reworld Holding Corp , Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.57%, 11/30/28
 
972
968,799
Reworld Holding Corp.
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.50%), 6.81%, 11/30/28
 
774
771,555
2024 1st Lien Term Loan C, (1-mo. CME Term SOFR
at 0.50% Floor + 2.50%), 6.81%, 11/30/28
 
43
42,480
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor
+ 2.25%), 6.57%, 11/30/28
 
75
74,617
 
 
14,187,099
Security
 
Par
(000)
Value
Financial Services — 0.2%
Apex Group Treasury LLC, 2025 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.50%),
7.82%, 02/27/32
USD
472
$ 469,937
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.05%,
11/05/28
 
588
589,075
 
 
1,059,012
Food Products — 2.2%
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.32%,
06/22/30
 
971
969,881
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.82%,
10/25/27
 
3,659
3,655,595
Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.24%,
09/17/31
 
3,962
3,932,107
H-Food Holdings LLC, 2018 Term Loan B, 05/23/25(d)(m)
 
146
145,645
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.97%,
11/12/29
 
893
889,805
U.S. Foods, Inc.
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 6.07%, 10/03/31
 
622
623,934
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 6.07%, 11/22/28
 
708
712,293
UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.82%,
01/29/32
 
1,411
1,405,591
 
 
12,334,851
Ground Transportation — 0.6%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.05%,
04/10/31
 
3,199
3,167,352
Health Care Equipment & Supplies — 2.1%
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.10%), 6.42%,
11/08/27
 
104
104,410
Bausch & Lomb Corp.
 
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.32%, 09/29/28
 
839
835,553
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.35%), 7.67%, 05/10/27
 
2,005
1,996,095
Medline Borrower LP, 2024 USD Add-on Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.57%, 10/23/28
 
7,054
7,037,817
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.55%,
05/30/31
 
1,981
1,973,616
 
 
11,947,491
Health Care Providers & Services — 2.1%
Concentra Health Services, Inc., 2025 Repriced Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.32%, 07/26/31(d)
 
339
338,302
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 7.07%,
11/01/28
 
2,018
2,013,314
15
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
EyeCare Partners LLC
 
2024 Second Out Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.10%, 3.61% PIK), 9.00%,
11/30/28(f)
USD
1,004
$ 781,914
2024 Superpriority New Money 1st Out Term Loan A,
(3-mo. CME Term SOFR at 0.00% Floor + 5.75%),
10.04%, 08/31/28
 
684
693,889
2024 Third Out Term Loan C, 11/30/28(c)(d)(g)(m)
 
41
9,312
Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term
SOFR + 3.75%), 8.07%, 07/01/30
 
101
94,466
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.30%, 07/03/28
 
497
497,605
Medical Solutions Holdings, Inc.
 
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.60%), 7.89%, 11/01/28
 
540
344,575
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 7.10%), 11.39%, 11/01/29
 
536
268,000
Opal Bidco SAS, 1st Lien, Term Loan B, 03/31/32(d)(m)
 
1,775
1,766,125
Phoenix Newco, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.82%,
11/15/28
 
2,520
2,512,768
Precision Medicine Group LLC, 2021 Term Loan, (3-mo.
CME Term SOFR at 0.75% Floor + 3.10%), 7.40%,
11/18/27
 
298
294,316
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.30%, 09/27/30
 
1,073
1,023,809
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.07%,
12/19/30
 
1,170
1,168,165
 
 
11,806,560
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.32%, 05/18/30
 
439
438,156
Hotels, Restaurants & Leisure — 3.9%
1011778 B.C. Unlimited Liability Co., 2024 Term Loan
B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.07%, 09/20/30
 
1,855
1,834,392
Aimbridge Acquisition Co., Inc.
 
2025 1st Lien Second Out Term Loan, (1-mo. CME
Term SOFR at 1.00% Floor + 7.61%), 11.94%,
03/11/30
 
180
175,895
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.61%), 9.93%, 03/11/30
 
203
201,308
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.32%,
05/31/30
 
825
823,779
Carnival Corp., 2025 Term Loan (2027), (1-mo. CME
Term SOFR at 0.75% Floor + 2.00%), 6.32%,
08/08/27
 
563
561,568
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 7.94%,
07/22/30
 
1,640
1,615,667
Fender Musical Instruments Corp., 2021 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 4.10%),
8.42%, 12/01/28(d)
 
301
256,020
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.50%),
7.82%, 01/27/29
USD
3,741
$ 3,679,350
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
6.07%, 11/30/29
 
2,804
2,801,167
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30
 
696
695,012
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 2.50%), 6.82%,
12/15/27
 
1,682
1,670,597
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 7.07%, 01/05/29
 
402
400,885
Sabre GLBL, Inc.
 
2021 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.94%, 12/17/27
 
170
162,939
2021 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.94%, 12/17/27
 
96
92,045
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR
+ 5.10%), 9.42%, 06/30/28
 
48
46,471
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.42%, 11/15/29
 
809
788,302
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.42%, 11/15/29
 
236
228,635
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.32%,
03/14/31
 
1,884
1,871,805
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.82%,
08/03/28
 
2,677
2,664,046
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.07%, 05/24/30
 
1,140
1,138,873
 
 
21,708,756
Household Durables — 1.3%
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.32%, 07/31/28
 
1,884
1,865,124
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
01/20/32
 
2,524
2,404,824
Somnigroup International, Inc., 2024 Term Loan B, (3-
mo. SOFR + 2.50%), 6.81%, 10/24/31
 
486
485,073
Springs Windows Fashions, LLC, 2024 First Lien Second
Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor +
4.11%), 8.44%, 10/06/28
 
1,442
1,179,381
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 4.50%), 8.82%,
12/19/29
 
153
153,592
Weber-Stephen Products LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.36%), 7.69%,
10/30/27
 
1,524
1,471,538
 
 
7,559,532
Household Products — 0.1%
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.07%, 03/04/32
 
261
261,164
Schedule of Investments
16
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Industrial Conglomerates — 0.0%
Stitch Acquisition Corp., 2024 2nd Lien Term Loan, (3-
mo. CME Term SOFR + 7.50%), 12.06%, 12/31/29(d)
USD
199
$ 165,139
Insurance — 7.5%
Alliant Holdings Intermediate LLC, 2024 Term Loan B6,
(1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.07%, 09/19/31
 
6,784
6,738,123
AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.25%), 6.57%,
01/30/32
 
2,590
2,566,748
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.29%, 12/06/31
 
2,429
2,403,120
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.04%, 02/15/31
 
1,833
1,807,796
AssuredPartners, Inc., 2024 Incremental Term Loan B5,
(1-mo. CME Term SOFR at 0.50% Floor + 3.50%),
7.82%, 02/14/31
 
2,369
2,370,644
Asurion LLC
 
2020 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 3.36%), 7.69%, 12/23/26
 
289
288,299
2021 2nd Lien Term Loan B3, (1-mo. CME Term
SOFR + 5.36%), 9.69%, 01/31/28
 
985
930,488
2021 Second Lien Term Loan B4, (1-mo. CME Term
SOFR + 5.36%), 9.69%, 01/20/29
 
953
880,486
2023 Term Loan B11, (1-mo. CME Term SOFR at
0.00% Floor + 4.35%), 8.67%, 08/19/28
 
1,355
1,340,969
Baldwin Insurance Group Holdings LLC, 2024 Repriced
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor
+ 3.00%), 7.32%, 05/26/31
 
1,750
1,743,117
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.79%,
06/20/30
 
5,040
5,014,707
Hyperion Refinance SARL, 2024 USD 1st Lien Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
3.00%), 7.32%, 02/15/31
 
1,610
1,596,422
Jones Deslauriers Insurance Management, Inc.,
2025 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 7.07%, 03/15/30
 
1,112
1,096,564
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.57%,
09/15/31
 
1,694
1,686,869
Sedgwick Claims Management Services, Inc., 2023 Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
3.00%), 7.31%, 07/31/31
 
3,580
3,566,555
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.05%,
05/06/31
 
2,174
2,158,199
Truist Insurance Holdings LLC, 2nd Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 4.75%),
9.05%, 05/06/32
 
476
479,063
USI, Inc.
 
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.55%, 09/29/30
 
1,770
1,751,324
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.55%, 11/21/29
 
3,630
3,592,411
 
 
42,011,904
Security
 
Par
(000)
Value
Interactive Media & Services — 0.7%
MH Sub I LLC
 
2023 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 4.25%), 8.57%, 05/03/28
USD
976
$ 923,044
2024 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 4.25%), 8.57%, 12/31/31
 
661
604,288
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
12/10/31
 
2,162
2,156,595
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.76%), 8.05%,
07/20/28
 
208
208,064
 
 
3,891,991
Internet Software & Services — 2.7%
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 2.50%), 6.80%,
11/08/32
 
1,328
1,318,485
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR + 1.75%), 6.07%, 09/12/29
 
2,741
2,725,322
Go Daddy Operating Co. LLC
 
2024 Term Loan B7, (1-mo. CME Term SOFR +
1.75%), 6.07%, 05/30/31
 
2,301
2,287,020
2024 Term Loan B8, (1-mo. CME Term SOFR at
0.00% Floor + 1.75%), 6.07%, 11/09/29
 
1,245
1,238,292
Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.55%, 02/03/29
 
837
822,151
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.00%), 7.32%, 08/31/28
 
3,097
3,084,163
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 9.07%,
03/15/30(d)
 
3,675
3,656,634
 
 
15,132,067
IT Services — 2.9%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%,
09/29/31
 
1,565
1,510,300
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.29%, 12/09/31
 
4,115
4,063,562
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 8.07%,
06/27/31
 
564
562,517
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.57%,
03/22/32
 
2,550
2,538,857
Magenta Security Holdings LLC
 
2024 First Out Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 7.01%), 11.30%, 07/27/28
 
487
439,408
2024 Second Out Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.26%), 11.55%, 07/27/28
 
590
298,323
2024 Super Priority Term Loan, (3-mo. CME Term
SOFR at 1.00% Floor + 6.25%), 10.54%, 07/27/28
 
188
189,857
2024 Third Out Term Loan, (3-mo. CME Term SOFR
at 0.75% Floor + 1.76%), 5.79%, 07/27/28(c)(g)
 
950
258,740
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.32%,
03/01/29
 
2,457
2,341,227
Peraton Corp.
 
2nd Lien Term Loan B1, (3-mo. CME Term SOFR +
7.85%), 12.18%, 02/01/29
 
432
321,780
17
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services (continued)
Peraton Corp. (continued)
 
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor
+ 3.85%), 8.17%, 02/01/28
USD
1,724
$ 1,531,692
Tempo Acquisition LLC, 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.07%, 08/31/28
 
2,280
2,260,103
 
 
16,316,366
Machinery — 3.4%
Arcline FM Holdings LLC
 
2024 Term Loan, (3-mo. CME Term SOFR at 0.75%
Floor + 4.50%), 8.80%, 06/23/28
 
2,020
2,006,934
2025 Term Loan, 06/24/30(m)
 
801
795,793
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR + 2.50%), 6.81%, 03/15/30
 
531
530,336
Columbus McKinnon Corp., 2024 Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.80%,
05/14/28(d)
 
273
272,393
Generac Power Systems, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 1.75%),
6.06%, 07/03/31
 
289
288,550
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-
mo. CME Term SOFR at 2.00% Floor + 6.00%),
10.30%, 12/21/29
 
25
25,849
Husky Injection Molding Systems Ltd., 2024 Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.72%, 02/15/29
 
3,898
3,876,029
Madison Safety & Flow LLC, 1st Lien, Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.07%, 09/26/31
 
586
585,888
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.32%,
04/05/29
 
1,455
1,451,186
TK Elevator U.S. Newco, Inc.
 
2025 USD Term Loan B, 04/30/30(m)
 
2,479
2,470,596
USD Term Loan B, (6-mo. CME Term SOFR at 0.50%
Floor + 3.50%), 7.74%, 04/30/30
 
3,490
3,477,737
Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%,
03/02/27
 
2,197
2,190,269
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%,
01/27/31
 
1,314
1,300,486
 
 
19,272,046
Media — 1.7%
Charter Communications Operating LLC
 
2023 Term Loan B4, (3-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.31%, 12/07/30
 
1,237
1,230,123
2024 Term Loan B5, (3-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.56%, 12/15/31
 
863
859,929
CSC Holdings LLC, 2019 Term Loan B5, (Prime +
1.50%), 9.00%, 04/15/27
 
1,592
1,493,409
DirecTV Financing LLC, Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 5.26%), 9.55%, 08/02/27
 
260
259,601
Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR + 5.25%), 9.57%, 06/04/29
 
218
210,845
Learfield Communications LLC, 2024 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.82%, 06/30/28
 
545
544,266
Security
 
Par
(000)
Value
Media (continued)
NEP Group, Inc.
 
2018 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 3.51%), 7.82%, 08/19/26
USD
145
$ 133,543
2023 Term Loan B, (3-mo. CME Term SOFR + 3.51%,
1.50% PIK), 9.32%, 08/19/26(f)
 
797
739,314
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.36%), 7.69%,
09/25/26
 
2,345
2,002,654
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-
mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29
 
1,212
1,186,790
Ziggo Financing Partnership, USD Term Loan I, (1-mo.
CME Term SOFR at 0.00% Floor + 2.61%), 6.93%,
04/30/28
 
1,066
1,037,772
 
 
9,698,246
Metals & Mining — 0.5%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.82%, 05/13/29
 
224
224,359
Covia Holdings LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.57%,
02/14/32
 
300
298,782
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.29%,
03/11/32
 
2,221
2,218,224
 
 
2,741,365
Oil, Gas & Consumable Fuels — 1.6%
Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.07%,
11/22/30
 
350
349,454
EG America LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.56%, 02/07/28
 
327
327,123
Freeport LNG Investments LLLP, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.54%, 12/21/28
 
2,537
2,500,651
GIP Pilot Acquisition Partners LP, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.30%, 10/04/30
 
248
246,553
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.32%, 02/11/30
 
692
690,270
M6 ETX Holdings II Midco LLC
 
2025 Term Loan B, 04/01/32(m)
 
541
539,312
Term Loan B, (Prime + 3.50%), 11.00%, 09/19/29
 
224
223,889
Murphy USA, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 1.75%), 6.19%, 01/31/28
 
552
552,613
New Fortress Energy, Inc., 2025 Incremental Term Loan
B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%),
9.79%, 10/30/28(d)
 
307
262,603
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.75%), 8.07%, 02/03/31
 
577
573,028
NGP XI Midstream Holdings LLC, Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.80%,
07/25/31(d)
 
159
157,810
Oryx Midstream Services Permian Basin LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 6.57%, 10/05/28
 
2,627
2,622,381
 
 
9,045,687
Paper & Forest Products — 0.3%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.85%), 6.17%,
09/07/27
 
1,829
1,825,393
Schedule of Investments
18
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Passenger Airlines — 1.2%
AAdvantage Loyalty IP Ltd., 2025 Term Loan, (1-mo.
CME Term SOFR + 2.25%), 6.54%, 04/20/28
USD
816
$ 805,410
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 03/21/31
 
1,797
1,772,450
American Airlines, Inc.
 
Series AA, 2017 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 1.85%), 6.17%,
01/29/27
 
143
141,264
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.51%, 06/04/29
 
1,547
1,522,999
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.57%, 02/15/28
 
1,131
1,112,317
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 9.05%,
08/27/29
 
633
611,690
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.30%,
02/22/31
 
1,054
1,050,147
 
 
7,016,277
Pharmaceuticals — 1.9%
1261229 BC Ltd., 2025 Term Loan B, 09/25/30(m)
 
1,785
1,713,600
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.82%,
05/04/28
 
1,023
1,039,656
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR + 5.25%), 9.67%, 02/01/27
 
1,024
1,022,127
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME
Term SOFR + 1.85%), 6.17%, 08/01/27
 
851
849,284
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 8.40%,
10/01/27
 
1,929
1,804,755
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR + 2.25%), 6.57%, 05/05/28
 
1,604
1,602,867
Option Care Health, Inc., 2021 Term Loan B, (1-mo.
CME Term SOFR + 2.36%), 6.69%, 10/27/28
 
699
701,061
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31(d)
 
862
848,882
Perrigo Investments LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.32%,
04/20/29
 
901
897,879
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.30%, 07/03/28
 
124
123,979
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 6.07%, 08/01/31
 
332
331,856
 
 
10,935,946
Real Estate Management & Development — 0.4%
CoreLogic, Inc.
 
2nd Lien Term Loan, (1-mo. CME Term SOFR +
6.61%), 10.94%, 06/04/29
 
488
470,208
Security
 
Par
(000)
Value
Real Estate Management & Development (continued)
CoreLogic, Inc. (continued)
 
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.61%), 7.94%, 06/02/28
USD
1,418
$ 1,388,425
Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche
2 Incremental Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.57%, 01/31/30
 
565
563,610
 
 
2,422,243
Semiconductors & Semiconductor Equipment — 0.4%
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.05%, 07/06/29
 
840
837,964
MKS Instruments, Inc., 2025 USD Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.32%, 08/17/29
 
1,155
1,153,134
 
 
1,991,098
Software — 13.2%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.05%,
02/24/31
 
3,276
3,273,431
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.32%,
02/15/29
 
4,339
4,277,669
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.57%,
04/30/31
 
715
711,084
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.79%,
08/15/29
 
993
856,678
BCPE Pequod Buyer, Inc., USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.79%,
11/25/31
 
1,216
1,211,221
BMC Software Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.29%,
07/30/31
 
2,196
2,155,198
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 7.05%,
06/17/30
 
765
760,296
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR + 2.00%), 6.32%, 01/23/32
 
2,292
2,286,647
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.55%,
07/06/29
 
3,002
2,569,191
Clearwater Analytics LLC, 2025 Term Loan B,
02/07/32(d)(m)
 
321
319,395
Cloud Software Group, Inc.
 
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.50% Floor + 3.50%), 7.80%, 03/30/29
 
3,400
3,364,781
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.75%), 8.05%, 03/21/31
 
2,719
2,690,253
Cloudera, Inc.
 
2021 Second Lien Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 6.10%), 10.42%, 10/08/29
 
616
585,459
2021 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.85%), 8.17%, 10/08/28
 
1,856
1,828,464
19
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR +
2.75%), 7.07%, 05/01/31
USD
1,736
$ 1,696,465
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.32%, 03/01/31(d)
 
1,666
1,658,096
DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 4.25%), 8.55%, 06/26/31
 
654
627,368
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%,
01/18/29
 
4,929
4,915,884
Ellucian Holdings, Inc.
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 3.00%), 7.32%, 10/09/29
 
2,453
2,446,475
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 4.75%), 9.07%, 11/22/32
 
513
519,838
Epicor Software Corp., 2024 Term Loan E, (1-mo. CME
Term SOFR at 0.75% Floor + 2.75%), 7.07%,
05/30/31
 
2,628
2,619,382
Flexera Software LLC, 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.30%,
03/03/28
 
603
599,812
Gen Digital, Inc., 2025 Term Loan B, 02/13/32(m)
 
289
285,893
Genesys Cloud Services, Inc., 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.82%, 01/30/32
 
4,322
4,270,222
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.57%, 10/27/28
 
2,613
2,609,365
Mitchell International, Inc.
 
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.57%, 06/17/31
 
2,036
2,009,549
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR +
5.25%), 9.57%, 06/17/32
 
474
460,491
Modena Buyer LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.50%), 8.79%, 07/01/31
 
610
590,011
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.80%,
12/17/27
 
215
212,789
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME
Term SOFR + 2.86%), 7.19%, 03/13/28
 
1,294
1,280,127
PointClickCare Technologies, Inc., 2024 USD Term Loan
B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.55%, 11/03/31
 
713
710,440
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.01%), 8.30%,
06/02/28
 
2,487
2,375,568
Project Alpha Intermediate Holding, Inc.(m)
 
2024 1st Lien Term Loan B, 10/28/30
 
328
327,387
2024 Add-on Term Loan B, 10/28/30
 
251
250,267
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.30%,
07/16/31
 
1,387
1,377,730
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.55%,
06/28/30(d)
 
1,826
1,812,078
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.26%), 7.56%, 04/24/28
 
1,846
1,819,057
Skopima Consilio Parent LLC, 2024 Repriced Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.75%), 8.07%, 05/15/28
 
615
609,695
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.32%,
05/09/31
 
2,851
2,847,888
Security
 
Par
(000)
Value
Software (continued)
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 7.30%, 02/10/31
USD
3,820
$ 3,809,657
VS Buyer LLC, 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.07%,
04/12/31
 
2,370
2,367,262
Waystar Technologies, Inc., 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.57%, 10/22/29
 
429
426,563
Zelis Payments Buyer, Inc.
 
5th Amendment Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 7.57%, 11/26/31
 
1,728
1,721,727
Term Loan B, (1-mo. CME Term SOFR + 2.75%),
7.07%, 09/28/29
 
208
206,399
 
 
74,353,252
Specialty Retail — 0.5%
LS Group OpCo Acquistion LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.81%, 04/23/31
 
792
786,025
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term
SOFR at 0.75% Floor + 3.85%), 8.17%, 02/11/28
 
826
810,966
Restoration Hardware, Inc., 2022 Incremental Term
Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.35%), 7.67%, 10/20/28
 
366
352,584
Serta Simmons Bedding LLC, 2023 New Term Loan,
(3-mo. CME Term SOFR + 7.61%), 11.91%, 06/29/28
 
442
410,344
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 4.01%), 8.31%,
12/21/27
 
331
170,158
 
 
2,530,077
Technology Hardware, Storage & Peripherals — 0.4%
Cubic Corp.
 
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor
+ 4.51%), 8.82%, 05/25/28
 
3,025
1,800,956
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor
+ 4.51%), 8.82%, 05/25/28
 
616
366,314
 
 
2,167,270
Textiles, Apparel & Luxury Goods — 0.5%
ABG Intermediate Holdings 2 LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.57%, 12/21/28
 
1,263
1,248,140
2025 Delayed Draw Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.57%, 02/13/32
 
900
889,128
Fanatics Commerce Intermediate Holdco LLC, Term
Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%,
11/24/28(d)
 
442
441,231
 
 
2,578,499
Trading Companies & Distributors — 1.8%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 6.07%, 01/31/31
 
1,441
1,437,329
Core & Main LP
 
2024 Term Loan B, (6-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.27%, 07/27/28
 
2,998
2,990,921
2024 Term Loan E, (6-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.27%, 02/09/31
 
699
695,459
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.32%, 07/02/31(d)
 
1,175
1,168,074
Schedule of Investments
20
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Trading Companies & Distributors (continued)
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term
SOFR + 1.75%), 6.07%, 06/04/31
USD
1,765
$ 1,745,216
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term
SOFR + 4.01%), 8.30%, 10/28/27
 
852
712,894
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.30%,
06/20/31
 
1,425
1,400,981
 
 
10,150,874
Transportation Infrastructure — 0.2%
OLA Netherlands BV, Term Loan, (1-mo. CME Term
SOFR at 0.75% Floor + 6.35%), 10.67%, 12/15/26
 
723
719,367
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 8.00%), 12.32%,
08/20/29
 
1,031
407,439
 
 
1,126,806
Wireless Telecommunication Services — 0.7%
Altice France SA, 2023 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.80%,
08/15/28
 
2,047
1,831,296
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR + 3.86%), 8.19%, 04/30/28
 
812
758,175
ORBCOMM, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.75% Floor + 4.51%), 8.75%, 09/01/28
 
507
437,832
Viasat, Inc.
 
2023 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 4.61%), 8.94%, 05/30/30
 
414
375,919
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor +
4.61%), 8.94%, 03/02/29
 
439
408,653
 
 
3,811,875
Total Floating Rate Loan Interests — 94.0%
(Cost: $541,133,077)
529,375,385
 
 
 
 
Shares
 
Investment Companies
Equity Funds — 1.3%
Hearthside Equity
 
8,393
96,014
SPDR Blackstone Senior Loan ETF
 
175,000
7,197,750
 
 
7,293,764
Fixed Income Funds — 4.1%
Invesco Senior Loan ETF
 
961,200
19,896,840
iShares Broad USD High Yield Corporate Bond ETF(n)
 
95,000
3,496,950
 
 
23,393,790
Total Investment Companies — 5.4%
(Cost: $31,141,861)
30,687,554
 
 
 
Benefical
Interest (000)
 
Other Interests
Capital Markets — 0.0%
Millennium Lender Claim Trust(d)(o)
USD
1,156
—
Security
 
Benefical
Interest (000)
Value
Industrial Conglomerates — 0.0%
Millennium Corp.(d)(o)
USD
1,084
$           —
Total Other Interests — 0.0%
(Cost: $ — )
—
 
 
 
Par
(000)
 
Preferred Securities
Capital Trusts — 0.7%(a)
Banks(j) — 0.2%
Barclays PLC
 
4.38%
USD
200
180,210
9.63%
 
200
219,370
Citigroup, Inc.
 
Series AA, 7.63%
 
37
38,493
Series CC, 7.13%
 
180
184,084
Series DD, 7.00%
 
45
46,654
Series EE, 6.75%
 
100
98,883
Series FF, 6.95%
 
65
64,813
PNC Financial Services Group, Inc.
 
Series V, 6.20%
 
35
35,486
Series W, 6.25%
 
72
72,369
Wells Fargo & Co., 6.85%
 
44
45,659
 
 
986,021
Capital Markets — 0.1%
Brookfield Finance, Inc., 6.30%, 01/15/55
 
125
119,104
Goldman Sachs Group, Inc.(j)
 
6.85%
 
85
86,062
Series Y, 6.13%
 
205
200,515
UBS Group AG(b)(j)
 
7.75%
 
200
208,090
Series NC10, 9.25%
 
200
228,241
 
 
842,012
Electric Utilities — 0.1%
Duke Energy Corp., 6.45%, 09/01/54
 
49
48,917
Edison International, Series B, 5.00%(j)
 
42
37,945
NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55
 
55
55,059
NRG Energy, Inc., 10.25%(b)(j)
 
145
159,647
 
 
301,568
Energy Equipment & Services — 0.1%
Venture Global LNG, Inc., 9.00%(b)(j)
 
826
783,865
Financial Services — 0.1%
Apollo Global Management, Inc., 6.00%, 12/15/54
 
84
81,136
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54
 
200
195,780
Corebridge Financial, Inc., 6.38%, 09/15/54
 
59
58,616
 
 
335,532
Gas Utilities — 0.0%
AltaGas Ltd., 7.20%, 10/15/54(b)
 
52
51,297
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp., 7.60%, 01/15/55
 
71
71,647
Vistra Corp., 7.00%(b)(j)
 
228
230,872
 
 
302,519
21
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Multi-Utilities — 0.0%
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55
USD
34
$ 34,061
Dominion Energy, Inc., 6.63%, 05/15/55
 
15
14,895
 
 
48,956
 
3,651,770
 
 
 
 
Shares
 
Preferred Stocks — 0.0%(c)
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc., 07/21/30
 
382
85,878
IT Services — 0.0%
Veritas Kapital Assurance PLC
 
Series G
 
1,882
43,291
Series G-1
 
1,302
29,946
 
 
73,237
 
159,115
Total Preferred Securities — 0.7%
(Cost: $3,996,436)
3,810,885
Warrants
Consumer Discretionary — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)(c)
 
2,435
—
Energy Equipment & Services — 0.0%
Turbo Cayman Ltd.(c)(d)
 
1
—
Total Warrants — 0.0%
(Cost: $ — )
—
Total Long-Term Investments — 120.0%
(Cost: $700,007,171)
676,209,626
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(n)(p)
 
2,165,949
2,165,949
Total Short-Term Securities — 0.4%
(Cost: $2,165,949)
2,165,949
Total Investments — 120.4%
(Cost: $702,173,120)
678,375,575
Liabilities in Excess of Other Assets — (20.4)%
(115,082,689
)
Net Assets — 100.0%
$  563,292,886
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Non-income producing security.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $572,329, representing 0.1% of its net assets as of
period end, and an original cost of $449,205.
(f)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(g)
Issuer filed for bankruptcy and/or is in default.
(h)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(i)
Convertible security.
(j)
Perpetual security with no stated maturity date.
(k)
When-issued security.
(l)
Zero-coupon bond.
(m)
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.
(n)
Affiliate of the Fund.
(o)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
(p)
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.
Schedule of Investments
22
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ —
$ 2,165,949
(a)
$ —
$ —
$ —
$ 2,165,949
2,165,949
$ 20,433
$ —
iShares Broad USD High Yield Corporate Bond ETF
—
3,504,113
—
—
(7,163
)
3,496,950
95,000
—
—
 
$ —
$ (7,163
)
$ 5,662,899
$ 20,433
$ —
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
700,069
EUR
638,000
Barclays Bank PLC
06/18/25
$ 7,219
USD
18,726
EUR
17,079
State Street Bank and Trust Co.
06/18/25
178
USD
11,986
EUR
10,921
Toronto-Dominion Bank
06/18/25
127
 
 
 
 
 
 
$ 7,524
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR, 4.41%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
BNP Paribas SA
N/A
06/20/25
USD
14,200
$ 344,980
$ (182,118
)
$ 527,098
1-day SOFR, 4.41%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Morgan Stanley &
Co. International
PLC
N/A
06/20/25
USD
4,000
(14,240
)
(44,039
)
29,799
 
 
 
 
 
 
 
$ 330,740
$ (226,157
)
$ 556,897
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
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 privately held companies or funds 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
23
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
 
Fair Value Hierarchy as of Period End (continued)
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 Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 13,746,895
$ —
$ 13,746,895
Common Stocks 
Construction & Engineering
—
18,661
—
18,661
Electronic Equipment, Instruments & Components
—
—
—
—
Entertainment
—
444,296
—
444,296
Financial Services
—
158,638
1,048,950
1,207,588
Ground Transportation
—
3,321
—
3,321
Health Care Providers & Services
—
128,033
—
128,033
Industrial Conglomerates
—
—
73,939
73,939
IT Services
—
—
645,332
645,332
Semiconductors & Semiconductor Equipment
6
—
—
6
Trading Companies & Distributors
—
—
247,978
247,978
Corporate Bonds
—
92,702,330
1
92,702,331
Fixed Rate Loan Interests
—
1,065,819
2,051,603
3,117,422
Floating Rate Loan Interests
—
508,420,413
20,954,972
529,375,385
Investment Companies 
Equity Funds
7,197,750
96,014
—
7,293,764
Fixed Income Funds
23,393,790
—
—
23,393,790
Other Interests
—
—
—
—
Preferred Securities
Capital Trusts
—
3,651,770
—
3,651,770
Preferred Stocks
—
159,115
—
159,115
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
2,165,949
—
—
2,165,949
Unfunded Floating Rate Loan Interests(a)
—
894
—
894
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(1,505
)
—
(1,505
)
 
$32,757,495
$620,594,694
$25,022,775
$678,374,964
Derivative Financial Instruments(b)
Assets 
Foreign Currency Exchange Contracts
$ —
$ 7,524
$ —
$ 7,524
Interest Rate Contracts
—
556,897
—
556,897
 
$—
$564,421
$—
$564,421
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized
appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $101,000,000 are categorized as Level 2 within the fair value hierarchy.
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 period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Warrants
Assets
Opening balance, as of December 31, 2024
$ 1,426,241
$ 205,241
$ 2,375,848
$ 22,428,208
$ —
(a)
$ 63,638
$ —
Transfers into Level 3(b)
—
—
—
6,449,893
—
—
—
Transfers out of Level 3(c)
(432,604
)
—
(50,486
)
(11,419,057
)
—
(63,638
)
—
Accrued discounts/premiums
—
666
516
2,767
—
—
—
Net realized gain (loss)
—
102
4,660
17
—
—
—
Net change in unrealized appreciation (depreciation)(d)
5,799
21,627
(6,936
)
(158,795
)
—
—
—
Schedule of Investments
24
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Debt Strategies Fund, Inc. (DSU)
 
 
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Warrants
Purchases
$ 1,016,763
$ —
$ 393,001
$ 10,101,852
$ —
$ —
$ —
Sales
—
(227,635
)
(665,000
)
(6,449,913
)
—
—
—
Closing balance, as of March 31, 2025
$ 2,016,199
$ 1
$ 2,051,603
$ 20,954,972
$ —
(a)
$ —
$ —
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025(d)
$ 5,799
$ —
$ (13,398
)
$ (112,358
)
$ —
$ —
$ —
 
 
Total
Assets
Opening balance, as of December 31, 2024
$ 26,499,176
Transfers into Level 3(b)
6,449,893
Transfers out of Level 3(c)
(11,965,785
)
Accrued discounts/premiums
3,949
Net realized gain (loss)
4,779
Net change in unrealized appreciation (depreciation)(d)
(138,305
)
Purchases
11,511,616
Sales
(7,342,548
)
Closing balance, as of March 31, 2025
$ 25,022,775
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025(d)
$ (119,957
)
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2024, the Fund used observable inputs in determining the value of certain investments. As of March 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.
(c)
As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of March 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.
(d)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
 
Currency Abbreviation 
EUR
Euro
USD
United States Dollar
 
Portfolio Abbreviation 
CLO
 Collateralized Loan Obligation
CMT
 Constant Maturity Treasury
DAC
 Designated Activity Company
ETF
 Exchange-Traded Fund
GO
 General Obligation Bonds
PIK
 Payment-in-Kind
REIT
 Real Estate Investment Trust
SOFR
 Secured Overnight Financing Rate
SPDR
 Standard & Poor’s Depository Receipt
25