BLACKROCK INCOME TRUST Business Summary

BlackRock Income Trust, Inc. (BKT) is a diversified, closed-end management investment company that generates revenue primarily through interest income and capital appreciation from a portfolio of high-quality fixed-income securities. The Trust’s business model is centered on a specialized mandate to invest at least 65% of its assets in mortgage-backed securities (MBS) and at least 80% in securities that are either U.S. government-guaranteed or rated AAA/Aaa. Following its 2025 reorganization with the BlackRock Enhanced Government Fund (EGF), BKT has solidified its position as a primary vehicle for BlackRock’s agency mortgage strategies, utilizing leverage to enhance monthly distributions. Its primary direct competitors include mortgage-focused closed-end funds such as the Western Asset Mortgage Opportunity Fund (DMO), Nuveen Mortgage and Income Fund (JLS), and the First Trust Mortgage Income Fund (FMY). Within this competitive landscape, BKT occupies a conservative niche, prioritizing agency-backed collateral and high credit quality over the higher-yield, credit-sensitive strategies of its non-agency-focused peers. Launched in 1988 as BlackRock’s inaugural closed-end fund, the Trust is managed by BlackRock Advisors, LLC and led by a veteran executive team including John M. Perlowski, who serves as President and Chief Executive Officer, and Jay M. Fife, the Treasurer. The day-to-day investment operations are spearheaded by lead portfolio managers Matthew Kraeger, a Managing Director and co-head of the Agency Mortgage Team, and Nicholas Kramvis, a Director specializing in agency MBS alpha strategies. The fund’s governance is provided by an independent Board of Directors, which includes notable members such as Richard E. Cavanagh and Karen P. Robards, ensuring institutional oversight and alignment with shareholder interests. This leadership structure leverages the broader BlackRock ecosystem, including the proprietary Aladdin risk management platform, to navigate complex interest rate environments and maintain the Trust’s long-standing position as a staple for income-oriented investors.