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CREDX

BlackRock HPS Credit Strategies Fund

Dynamically allocating across the full credit spectrum to seek opportunities for total returns. Learn how a blended portfolio can help navigate fluctuating markets through BlackRock’s HPS Credit Strategies Fund (CREDX).1

1 Prior to December 1, 2025, the Fund's name was BlackRock Credit Strategies Fund. In addition, there were material changes to the investment strategies and changed to its portfolio managers. For further information please refer to the prospectus for Fund changes. The Fund has filed a final prospectus with the Securities and Exchange Commission. BlackRock is not making any recommendation or soliciting any action based upon the information contained herein. This information is furnished to you with the express understanding that it does not constitute: (i) an offer, solicitation or recommendation to invest in a particular investment in any jurisdiction; (ii) a means by which any such investment may be offered or sold; or (iii) advice or an expression of BlackRock’s view as to whether a particular investment is appropriate for you and meets your financial objectives.

Access investments across the credit spectrum

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Public-private opportunity

A single access point for differentiated sources of potential income with an integrated view across credit markets.
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Seeking income

Aims to target monthly income distributions from a diverse set of higher yielding alternative credit with a focus on seeking capital protection.
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A leading platform

Our credit platform is focused on capturing opportunity at the intersection of public and private markets with scale and precision in execution.

 

 

8.86%
Distribution rate2
$8.25
NAV per share
$573
AUM (mm)

Source: Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor's shares, when redeemed or sold, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Refer to blackrock.com for current month-end performance. As of November 30, 2025. Subject to change. Exposures reflect market value as % of NAV where applicable. Past performance is no guarantee of future results. See below for the standardized performance for the Fund’s performance.

2 Distribution rate is calculated by annualizing the most recent monthly distribution per share and dividing by the net asset value at the end of the period. The distribution rate is net of applicable shareholder servicing and/or distribution fees. Dividends and distributions may be uncertain. Distributions are not guaranteed and may be funded through sources other than cash flow. For the Fund’s current fiscal year through October 31, 2025, 97% of the distributions have been funded from cash flows from operations, while the rest come from Return of Capital (ROC). A past record of distributions may not be indicative of future returns. Please refer to https://www.blackrock.com/us/individual/education/mutual-funds/section-19-notices, for Section 19 notices that provide estimated amounts and sources of the Fund’s distributions. Section 19 notices should not be relied upon for tax reporting purposes. The amounts and sources of distributions reported in Section 19 Notices are only estimates and are not being provided for tax reporting purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Navigating greater uncertainty

We believe more dispersion is ahead and that credit selection will grow in importance and drive more differentiated outcomes. Taking advantage of opportunities across the credit spectrum, in our view, creates more significant investment opportunities.
View global credit outlook View global credit outlook
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Credit portfolios are evolving

CREDX allocation targets chart

An alternative approach invested across public and private markets may help manage the effects of asset class volatility, while potentially enhancing overall yield and returns versus traditional fixed income funds.

3 As of December 1, 2025. Target allocations shown are for illustrative purposes only and reflect current general targets. They do not represent fixed investment parameters and may be adjusted at any time without prior notice. For illustrative purposes only. Subject to change. Neither asset allocation nor diversification can guarantee profit or prevent loss. Direct Lending (30-50%): Privately originated senior secured loans to established core and upper middle market companies on a global basis. Asset-Based Financing (5-15%): Private credit investments backed by identified hard asset or financial asset collateral (e.g., infrastructure, equipment leases, real estate, music/media royalties, etc.). Opportunistic Credit (10-20%): Dynamic relative value allocation across liquid non-investment grade credit markets, driven by fundamental credit focused asset selection. Structured Credit (5-15%): Investments in CLO tranches across the capital stack. Performing Liquid Credit (20-30%): Higher credit quality broadly syndicated loans, high yield and other fixed income securities with an emphasis on tranche size, bid depth and other liquidity characteristics.

CREDX performance data table

4 Net annualized returns
5 Inception for share class I is 2/28/19.
6 The performance information for periods prior to the inception date of the Class A Shares (3/31/2020) is based on the fund's Institutional Shares, adjusted to reflect the fees and expenses applicable to the Class A Share.
7 The performance information for periods prior to the inception date of the Class W Shares (7/12/2021) is based on the fund's Institutional Shares, adjusted to reflect the fees and expenses applicable to the Class W Share.
8 The performance information for periods prior to the inception date of the Class U Shares (7/12/2021) is based on the fund's Institutional Shares, adjusted to reflect the fees and expenses applicable to the Class U Share.

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