BLACKROCK CREDIT ALLOCATION INCOME TRUST Business Summary

The BlackRock Credit Allocation Income Trust (BTZ) operates as a closed-end management investment company designed to generate revenue through a combination of current income, capital gains, and capital appreciation. Its primary business model centers on an actively managed portfolio where at least 80% of assets are allocated to credit-related securities, including investment-grade corporate bonds, high-yield ("junk") debt, bank loans, and preferred securities. The trust generates top-line revenue through interest income and dividends from its underlying holdings, while the management firm, BlackRock Advisors, LLC, earns asset-based fees—most recently reported at a 0.96% management fee rate. BTZ utilizes structural leverage, approximately 35.5% of total investment exposure as of early 2026, to enhance yield for its shareholders. In the competitive landscape of fixed-income closed-end funds, BTZ competes directly with the PIMCO Income Strategy Fund (PFL), Nuveen Credit Strategies Income Fund (JQC), and Western Asset High Yield Corporate Bond Fund (HYI). It distinguishes itself by maintaining a diversified, multi-sector credit approach that balances investment-grade stability with high-yield return potential. The trust is overseen by a sophisticated leadership team within BlackRock’s Global Credit group, led by Portfolio Managers Jeffrey Cucunato, Mitchell S. Garfin, and Charley Hung. Cucunato serves as the Head of Multi-Strategy Debt Solutions and has been a lead manager for the trust since 2011, bringing over three decades of experience in global credit markets. Garfin, a Managing Director and Co-Head of Global Leveraged Finance, provides deep expertise in high-yield and leveraged loan strategies. While the trust is a product of BlackRock, Inc.—founded in 1988 by Laurence D. Fink, Robert S. Kapito, and six other partners—its specific governance is managed by a Board of Trustees that includes notable figures such as R. Glenn Hubbard and W. Carl Kester. As of 2026, the executive administration of the fund is spearheaded by John M. Perlowski, who serves as President and Chief Executive Officer of the trust, ensuring alignment with BlackRock’s broader institutional risk management and fiduciary standards.