In plain terms — BlackRock Debt Strategies Fund
Shares currently cost about 7.7% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 0.2% discount, so today's level is unusually wide for this fund (Z-score -3.4). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 13.7% a year of the share price (12.6% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.08 of assets — a ReinvestCapture™ rate of 14.8%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 3.6% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -2.55% | 1.94% | -2.04 | 55 |
| 6 months | -0.95% | 2.20% | -2.52 | 106 |
| 1 year | -0.19% | 1.86% | -3.40 | 208 |
| 3 years | +0.49% | — | — | — |
| 5 years | -2.93% | — | — | — |
Current contemporaneous premium/discount -6.50% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -6.50% to +2.56%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -5.53% | -10.39% | -14.44% | -15.68% | -4.90% | -5.52% |
| Market price total return | -4.51% | -7.53% | -6.27% | -4.94% | +6.15% | +4.52% |
| NAV return | -1.78% | -2.80% | -7.40% | -8.12% | -4.11% | -4.31% |
| NAV total return | -0.75% | +0.26% | +1.44% | +3.62% | +7.15% | +5.64% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The BlackRock Debt Strategies Fund, Inc. is a closed-end mutual fund, established by BlackRock, Inc., that focuses on fixed-income investments. Managed by BlackRock Advisors, LLC, the fund primarily allocates capital within U.S. fixed income markets. Its core strategy involves building a diverse portfolio of corporate debt instruments, including corporate loans. These holdings typically consist of securities rated in the lower categories by established services (BBB or below by S&P's, or Baa or below by Moody's), or unrated debt instruments deemed by the investment adviser to possess comparable quality. Formed on March 27, 1998, and domiciled in the United States, it was formerly known as Debt Strategies Fund Inc.
CEF Explorer research page for BlackRock Debt Strategies Fund, Inc.. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.