BlackRock HPS Credit Strategies Fund Repositions Portfolio in Q4

As described in their Annual Report, BlackRock HPS Credit Strategies Fund strategically repositioned the portfolio in Q4 2025. The public credit portion of the portfolio transitioned to a relative value driven multi-asset allocation based on fundamental credit selection that emphasizes consistent income generation and capital preservation. The private credit portion of the portfolio began to capture a more diversified opportunity set, adding direct lending investments that focus on large and upper-middle market borrowers. This transition enabled the Fund to increase yield and reduce concentration levels for the largest holdings in the portfolio.