BLACKROCK FLOATING RATE INCOME TRUST Business Summary

BlackRock Floating Rate Income Trust (BGT) is a closed-end management investment company that generates revenue primarily through interest income and capital appreciation from a diversified portfolio of floating and variable rate instruments. The Trust’s business model centers on investing at least 80% of its managed assets in senior secured floating rate loans, high-yield corporate debt, and collateralized loan obligations (CLOs) issued by U.S. and non-U.S. entities. By maintaining an average effective duration of 1.5 years or less, BGT positions itself as a low-duration income vehicle designed to mitigate interest rate risk while providing high current distributions to shareholders. Its primary business segments are categorized under taxable fixed-income and bank-loan strategies. BGT competes directly with other senior loan closed-end funds such as the Nuveen Floating Rate Income Fund (JFR), Eaton Vance Senior Floating Rate Trust (EFR), and the BlackRock Floating Rate Income Strategies Fund (FRA), maintaining a competitive edge through BlackRock’s proprietary Aladdin risk management technology and global credit research platform. Managed by BlackRock Advisors, LLC, the Trust is overseen by a leadership team led by Charles Choon Sik Park, who serves as the Chief Executive Officer and Chief Compliance Officer. The core investment strategy is executed by a veteran portfolio management team including Managing Directors David Delbos, Mitchell S. Garfin, and Carly Wilson, who collectively bring decades of experience in global leveraged finance and high-yield credit markets. The Trust benefits from the institutional pedigree of its sponsor, BlackRock Inc., which was co-founded in 1988 by Chairman and CEO Larry Fink and President Robert S. Kapito. Governance is provided by a common Board of Trustees for BlackRock’s closed-end funds, which includes notable members such as Gregory J. Fleming and Adebayo Ogunlesi. As of February 2026, the Trust remains a key component of BlackRock’s $14 trillion asset management ecosystem, supported by a robust framework of institutional and retail investors.