Please wait
September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Floating Rate Income Trust (BGT)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-
mo. CME Term SOFR + 3.85%), 8.06%, 05/15/37(a)(b)
$
1,000
$ 1,021,503
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-
mo. CME Term SOFR + 4.25%), 8.58%, 04/20/37(a)(b)
 
1,880
1,907,172
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo.
CME Term SOFR + 2.65%), 6.97%, 01/05/38(a)(b)
 
1,000
1,010,544
Total Asset-Backed Securities — 1.1%
(Cost: $3,880,000)
3,939,219
 
 
 
 
Shares
 
Common Stocks
Automobile Components — 0.0%
Lear Corp.
 
178
17,908
Construction & Engineering — 0.0%
Mcdermott International Ltd.(c)
 
613
12,199
Entertainment — 0.1%
Learfield Communications LLC, (Acquired 09/06/23, Cost:
$22,770)(c)(d)(e)
 
1,812
190,260
Financial Services — 0.1%
Aimbridge Acquisition Co., Inc.(c)(d)
 
6,358
410,092
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc.(c)
 
902
752
Household Products — 0.0%
Berkline Benchcraft Equity LLC(c)(d)
 
6,155
—
Industrial Conglomerates(c) — 0.0%
Ameriforge Group, Inc.(d)
 
832
—
SVP Singer
 
10,903
47,701
 
 
47,701
IT Services — 0.1%
Travelport LLC(c)(d)
 
165
498,008
Trading Companies & Distributors — 0.1%
TMK Hawk Midco Corp.(c)(d)
 
14,592
160,507
Transportation Infrastructure — 0.0%
Incora Top Holdco LLC(c)(d)
 
13,193
82,852
Total Common Stocks — 0.4%
(Cost: $2,697,374)
1,420,279
 
 
 
Par
(000)
 
Corporate Bonds
Chemicals(b) — 0.1%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28
$
32
32,101
WR Grace Holdings LLC, 5.63%, 08/15/29
 
409
380,165
 
 
412,266
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)
 
154
153,509
Security
 
Par
(000)
Value
Diversified Telecommunication Services(b)(f) — 0.1%
Zayo Group Holdings, Inc.
 
03/09/30
$
30
$ 28,991
09/09/30
 
126
119,643
 
 
148,634
Electric Utilities — 0.0%
Texas Competitive Electric Holdings Co. LLC, 1.00%,
11/10/17(c)(d)(g)
 
1,050
—
Environmental, Maintenance & Security Service — 0.2%
Madison IAQ LLC, 5.88%, 06/30/29(b)
 
742
733,022
Food Products — 0.1%
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK),
8.75%, 10/01/29(b)(h)
 
304
322,427
Hotels, Restaurants & Leisure(b) — 0.3%
Caesars Entertainment, Inc., 4.63%, 10/15/29
 
240
229,496
Fertitta Entertainment LLC/Fertitta Entertainment Finance
Co., Inc., 6.75%, 01/15/30
 
395
370,681
Sabre GLBL, Inc., 11.13%, 07/15/30
 
480
464,856
 
 
1,065,033
Household Durables — 0.0%
SWF Holdings I Corp., 6.50%, 10/06/29(b)
 
193
96,416
Household Products — 0.0%
Berkline Benchcraft LLC, 4.50%, 06/01/22(a)(c)(d)(g)
 
400
—
Insurance — 0.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer, 6.75%, 10/15/27(b)
 
220
220,474
Internet Software & Services(b) — 0.1%
Getty Images, Inc., 11.25%, 02/21/30
 
283
270,245
Uber Technologies, Inc., 4.50%, 08/15/29
 
235
234,334
 
 
504,579
Machinery(b) — 0.2%
Husky Injection Molding Systems Ltd./Titan Co-Borrower
LLC, 9.00%, 02/15/29
 
216
225,761
Vertiv Group Corp., 4.13%, 11/15/28
 
556
542,923
 
 
768,684
Media — 0.1%
Odeon Finco PLC, 12.75%, 11/01/27(b)
 
374
387,371
Oil, Gas & Consumable Fuels — 0.1%
eG Global Finance PLC, 12.00%, 11/30/28(b)
 
285
313,031
Pharmaceuticals — 0.2%
1261229 B.C. Ltd., 10.00%, 04/15/32(b)
 
530
543,278
Software(b) — 0.3%
AthenaHealth Group, Inc., 6.50%, 02/15/30
 
490
485,991
Central Parent LLC/CDK Global II LLC/CDK Financing Co.,
Inc., 8.00%, 06/15/29
 
118
103,988
Cloud Software Group, Inc., 9.00%, 09/30/29
 
379
393,101
Ellucian Holdings, Inc., 6.50%, 12/01/29
 
219
222,486
 
 
1,205,566
Transportation Infrastructure — 0.0%
Incora Top Holdco LLC, 6.00%, 01/31/33(d)
 
277
69,651
Wireless Telecommunication Services — 0.0%
Ligado Networks LLC, (15.50% PIK), 15.50%,
11/01/23(b)(c)(g)(h)
 
226
73,877
Total Corporate Bonds — 2.0%
(Cost: $7,054,236)
7,017,818
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Fixed Rate Loan Interests
Distributors — 0.0%
TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%,
12/15/31(d)(h)
$
38
$ —
IT Services — 0.4%
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%,
12/09/31
 
1,137
1,143,552
X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29
 
123
123,290
 
 
1,266,842
Software — 0.2%
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31
 
715
717,153
Total Fixed Rate Loan Interests — 0.6%
(Cost: $2,011,145)
1,983,995
Floating Rate Loan Interests(a)
Advertising Agencies — 0.4%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.28%, 08/23/28
 
439
439,202
Outfront Media Capital LLC, 2025 Term Loan B, 09/24/32(i)
 
532
531,670
Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR + 3.00%), 7.20%, 02/07/31
 
288
288,910
Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 5.26%), 9.26%,
02/15/29
 
172
168,974
 
 
1,428,756
Aerospace & Defense — 2.9%
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.50%, 10/31/30
 
756
755,837
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo.
CME Term SOFR + 4.18%), 8.37%, 08/03/29
 
776
775,779
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.16%, 10/31/31
 
1,664
1,663,959
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.16%, 10/31/31
 
631
630,647
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.91%, 01/27/32
 
378
378,304
Kaman Corp.
 
2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR
at 0.50% Floor + 2.50%), 6.83%, 02/26/32
 
4
3,658
2025 Term Loan B, (6-mo. CME Term SOFR at 0.50%
Floor + 2.75%), 6.67%, 02/26/32
 
416
414,686
Propulsion BC Finco SARL, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 7.04%, 09/14/29
 
134
134,356
TransDigm, Inc.
 
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.50%, 02/28/31
 
2,830
2,828,452
2024 Term Loan L, (3-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.50%, 01/19/32
 
578
577,761
2025 Term Loan K, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.25%, 03/22/30
 
72
71,987
2025 Term Loan M, (1-mo. CME Term SOFR at 0.00%
Floor + 2.50%), 6.66%, 08/19/32
 
2,183
2,180,206
 
 
10,415,632
Security
 
Par
(000)
Value
Air Freight & Logistics — 0.5%
Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.00%, 03/18/30
$
1,280
$ 1,273,767
Stonepeak Nile Parent LLC, 2025 Term Loan B, 04/09/32(i)
 
370
369,538
 
 
1,643,305
Automobile Components — 1.2%
Clarios Global LP
 
2024 USD Term Loan B, (1-mo. CME Term SOFR +
2.50%), 6.66%, 05/06/30
 
1,980
1,978,697
2025 USD Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.75%), 6.91%, 01/28/32
 
1,023
1,022,683
Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 6.31%, 01/30/32
 
71
70,468
RealTruck Group, Inc., 2023 Incremental Term Loan, (1-mo.
CME Term SOFR + 5.11%), 9.28%, 01/31/28
 
286
265,459
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR
+ 5.10%), 9.30%, 11/17/28
 
971
948,851
 
 
4,286,158
Beverages — 0.8%
Naked Juice LLC
 
2025 FLFO Term Loan, (3-mo. CME Term SOFR at
1.00% Floor + 5.50%), 9.50%, 01/24/29
 
957
961,578
2025 FLSO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.35%), 7.35%, 01/24/29
 
602
452,912
2025 FLTO Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.10%, 01/24/30
 
409
166,372
Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.25%, 03/31/28
 
566
565,259
Sazerac Co., Inc., Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.70%, 07/09/32
 
539
541,997
 
 
2,688,118
Building Products — 4.8%
Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.16%, 09/08/32
 
2,139
2,140,086
CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 5.25%), 9.41%, 07/08/30
 
853
833,808
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR + 3.50%), 7.66%, 10/02/28
 
1,067
1,064,958
EMRLD Borrower LP
 
2024 Term Loan B, (6-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.12%, 08/04/31
 
1,244
1,237,954
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.25%), 6.45%, 05/31/30
 
1,970
1,963,864
Foundation Building Materials, Inc., 2024 Term Loan B2,
(3-mo. CME Term SOFR at 0.00% Floor + 4.00%),
8.31%, 01/29/31
 
1,479
1,481,024
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.00%, 06/17/31
 
325
325,059
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term
SOFR at 0.50% Floor + 6.00%), 10.16%, 03/08/29
 
309
284,569
Potters Borrower LP, 2025 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.75% Floor + 3.00%), 7.16%,
12/14/27
 
317
317,915
Quikrete Holdings, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%),
6.41%, 03/19/29
 
724
724,364
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.41%, 02/10/32
 
1,533
1,532,252
QXO, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.00%), 7.16%, 04/30/32
 
302
304,135
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Products (continued)
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME
Term SOFR + 1.75%), 5.89%, 09/22/28
$
320
$ 320,073
White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.42%,
10/19/29
 
2,524
2,523,639
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.25%), 8.25%, 08/05/31
 
2,074
2,001,047
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR +
2.11%), 6.28%, 10/04/28
 
68
68,438
 
 
17,123,185
Capital Markets — 2.6%
Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.91%,
07/30/31
 
285
285,494
Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.81%, 11/01/30
 
439
439,074
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.16%,
08/02/28
 
1,366
1,364,396
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.66%, 08/09/30
 
370
369,503
Citadel Securities LP, 2024 First Lien Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
10/31/31
 
923
924,565
Edelman Financial Engines Center LLC, 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.16%, 04/07/28
 
896
895,824
Focus Financial Partners LLC, 2025 Incremental Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.91%, 09/15/31
 
1,062
1,062,360
Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 6.88%, 09/13/32
 
531
532,163
GTCR Everest Borrower LLC, Add on Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.75%,
09/05/31
 
342
342,115
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 3.50%), 7.50%, 01/31/30
 
208
208,229
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.20%, 12/15/31
 
1,376
1,364,331
Osaic Holdings, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.16%, 07/30/32
 
1,337
1,336,011
Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.66%,
10/16/31
 
79
79,231
 
 
9,203,296
Chemicals — 4.7%
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term
Loan B7, (3-mo. CME Term SOFR at 0.50% Floor +
1.75%), 5.75%, 12/20/29
 
760
762,402
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term
SOFR + 3.00%), 7.16%, 08/18/28
 
442
440,989
Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.18%, 11/01/30
 
1,151
1,152,664
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.75%), 8.08%, 10/04/29
 
233
231,862
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.31%, 06/12/31
 
985
983,607
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME
Term SOFR + 1.75%), 5.91%, 12/18/30
 
968
973,137
Security
 
Par
(000)
Value
Chemicals (continued)
Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.50%), 7.50%, 03/29/32
$
351
$ 348,778
HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 1.75%), 5.91%, 02/15/30
 
176
176,531
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.41%,
02/18/30
 
409
368,898
INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.41%,
10/07/31
 
355
304,302
Lonza Group AG, USD Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.03%), 8.03%, 07/03/28
 
842
757,931
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%, 11/26/31(d)
 
597
596,493
Momentive Performance Materials, Inc., 2023 Term Loan,
(1-mo. CME Term SOFR + 4.00%), 8.16%, 03/29/28
 
942
944,848
Nouryon Finance BV, 2024 USD Term Loan B1, (1-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.50%, 04/03/28
 
752
752,240
Olympus Water U.S. Holding Corp.
 
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 3.00%), 7.00%, 06/20/31
 
1,521
1,504,352
2025 USD Term Loan B, 07/23/32(i)
 
1,131
1,121,715
Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-mo.
CME Term SOFR at 0.00% Floor + 4.35%), 8.64%,
04/08/31
 
992
911,051
Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.24%, 10/09/31
 
344
343,409
Qnity Electronics, Inc., Term Loan B, 08/12/32(i)
 
1,242
1,240,448
Solstice Advanced Materials, Inc., Term Loan B, 09/17/32(i)
 
607
607,382
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.00%), 7.28%, 08/02/30
 
1,294
1,275,550
WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.00%, 08/19/32
 
888
889,483
 
 
16,688,072
Commercial Services & Supplies — 6.0%
Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.21%, 05/21/31
 
1,214
1,216,367
AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.16%, 08/12/32
 
1,796
1,783,087
Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 3.35%), 7.51%,
08/20/32
 
2,982
2,991,713
Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.50%), 6.74%,
10/16/31
 
2,181
2,190,642
Bright Horizons Family Solutions LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 1.75%),
5.91%, 08/23/32
 
800
802,327
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.75%), 8.95%, 02/23/29
 
114
106,798
CHG Healthcare Services, Inc., 2025 Term Loan B1, (3-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 7.05%,
09/29/28
 
614
613,613
Creative Artists Agency LLC, 2025 Repriced Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.66%, 10/01/31
 
2,069
2,071,225
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.31%, 08/01/29
 
962
964,044
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR + 2.00%, 3.75% PIK), 10.06%, 07/31/30(h)
 
297
268,683
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Garda World Security Corp., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.17%,
02/01/29
$
1,369
$ 1,368,328
Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
06/02/31
 
390
387,568
Herc Holdings, Inc., Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.25%, 06/02/32
 
200
200,750
Hertz Corp.
 
2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%),
8.07%, 06/30/28
 
697
624,346
2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%),
8.07%, 06/30/28
 
137
122,888
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term
SOFR + 4.51%), 8.71%, 03/06/28
 
470
145,644
KUEHG Corp., 2025 Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 2.75%), 6.75%, 06/12/30
 
355
354,693
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B,
(3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28(d)
 
133
130,624
Mavis Tire Express Services Topco Corp., 2025 Repriced
Term Loan, (3-mo. CME Term SOFR at 0.75% Floor +
3.00%), 7.20%, 05/04/28
 
2,142
2,140,364
Prime Security Services Borrower LLC
 
2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.13%, 10/13/30
 
439
438,112
2025 Incremental Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 6.00%, 03/07/32
 
1,036
1,024,968
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.50%), 7.66%, 11/14/30
 
50
50,298
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 8.37%, 12/17/28
 
413
90,862
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
01/30/31
 
1,345
1,339,607
 
 
21,427,551
Communications Equipment — 0.3%
Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.89%, 10/24/30
 
846
846,863
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.75% Floor + 4.51%), 8.62%, 09/01/28
 
355
318,721
 
 
1,165,584
Construction & Engineering — 1.9%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 2.50%), 6.66%, 09/23/31
 
2,152
2,151,333
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 4.50%), 8.80%,
08/01/30
 
1,808
1,634,517
Brown Group Holding LLC
 
2022 Incremental Term Loan B2, (1-mo. CME Term
SOFR at 0.50% Floor + 2.50%), 6.89%, 07/01/31
 
869
870,465
Term Loan B, 07/01/31(i)
 
885
885,372
Construction Partners, Inc., Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.66%, 11/03/31
 
197
196,945
Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.58%, 10/17/31
 
131
131,668
Security
 
Par
(000)
Value
Construction & Engineering (continued)
Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.00%), 7.16%, 12/18/28
$
130
$ 129,520
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.92%, 01/25/31
 
929
932,096
 
 
6,931,916
Consumer Discretionary — 1.2%
APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.91%, 01/03/29
 
1,753
1,750,854
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 2.75%), 6.91%, 01/31/31
 
598
594,479
Element Materials Technology Group U.S. Holdings, Inc.,
2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 3.68%), 7.68%, 07/06/29
 
308
310,055
Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.54%,
02/21/31(d)
 
244
243,540
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.81%, 07/25/30
 
406
405,835
Peer Holding III BV, 2025 USD Term Loan B, 09/27/32(i)
 
240
240,000
PG Polaris BidCo SARL, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 6.91%, 03/26/31
 
370
370,943
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%, 11/19/31
 
346
345,891
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR +
4.10%), 8.26%, 11/02/27
 
181
177,384
 
 
4,438,981
Consumer Finance — 2.2%
Boost Newco Borrower LLC, 2025 USD Term Loan B2, (3-
mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.00%,
01/31/31
 
2,369
2,369,839
Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.00%,
04/01/32
 
506
503,426
Corpay Technologies Operating Co. LLC, Term Loan B5,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.91%, 04/28/28
 
1,788
1,784,427
Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.50%, 06/30/32
 
486
489,441
Trans Union LLC
 
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 06/24/31
 
1,220
1,219,137
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.91%, 06/24/31
 
1,119
1,118,142
WEX, Inc.
 
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 03/31/28
 
223
222,949
2025 Incremental Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.91%, 03/05/32
 
294
292,148
 
 
7,999,509
Consumer Staples Distribution & Retail — 0.4%
Boots Group Finco LP, USD Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.70%, 08/30/32
 
845
846,758
U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.91%, 10/03/31
 
578
580,933
 
 
1,427,691
Containers & Packaging — 2.5%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.85%), 6.01%, 09/07/27
 
1,250
1,249,321
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo.
CME Term SOFR at 0.75% Floor + 2.75%), 6.93%,
11/29/30
$
2,355
$ 2,361,116
Clydesdale Acquisition Holdings, Inc.
 
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 7.41%, 04/01/32
 
—
(j)
553
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 3.25%), 7.41%, 04/01/32
 
1,053
1,050,949
Term Loan B, (1-mo. CME Term SOFR + 3.18%), 7.34%,
04/13/29
 
140
139,764
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.26%, 10/30/28
 
1,196
978,090
Mauser Packaging Solutions Holding Co., 2024 Term Loan
B, (1-mo. CME Term SOFR + 3.00%), 7.28%, 04/15/27
 
683
682,588
Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 4.00%), 8.16%,
02/01/29
 
1,038
1,044,316
Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. CME
Term SOFR + 4.00%), 8.26%, 09/15/28
 
131
130,962
Ring Container Technologies Group LLC, 2025 Term Loan
B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%),
6.66%, 09/15/32
 
374
373,252
Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 7.75%, 09/15/28
 
774
759,773
 
 
8,770,684
Distributors — 1.9%
American Builders & Contractors Supply Co., Inc.,
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 01/31/31
 
985
986,854
Core & Main LP
 
2024 Term Loan D, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.17%, 07/27/28
 
2,117
2,115,845
2024 Term Loan E, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.17%, 02/09/31
 
481
479,208
Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.16%,
07/02/31
 
808
803,367
Gates Corp./DE, 2024 Term Loan B5, (1-mo. CME Term
SOFR + 1.75%), 5.91%, 06/04/31
 
1,210
1,208,413
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term
SOFR + 4.01%), 8.32%, 10/28/27
 
258
214,874
Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.04%,
08/13/32
 
740
739,541
TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME
Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.41%,
06/30/29(h)
 
1,136
400,309
 
 
6,948,411
Diversified Consumer Services — 0.1%
Anticimex International AB, 2024 Term Loan B6, (3-mo.
SOFR + 3.40%), 7.76%, 11/16/28
 
428
428,476
Diversified Telecommunication Services — 1.6%
Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime
+ 1.75%), 9.00%, 01/31/26(d)
 
923
885,867
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.75% Floor + 2.25%), 6.41%, 09/20/30
 
395
373,129
Lumen Technologies, Inc.
 
2024 Extended Term Loan B1, (1-mo. CME Term SOFR
at 2.00% Floor + 2.46%), 6.63%, 04/16/29
 
762
756,751
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Lumen Technologies, Inc. (continued)
 
2024 Extended Term Loan B2, (1-mo. CME Term SOFR
at 2.00% Floor + 2.46%), 6.63%, 04/15/30
$
894
$ 887,452
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%),
10.16%, 06/01/28
 
73
74,427
Zayo Group Holdings, Inc., 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.61%,
03/11/30
 
2,826
2,779,954
 
 
5,757,580
Electric Utilities — 0.7%
Constellation Renewables LLC, 2020 Term Loan, (3-mo.
CME Term SOFR at 1.00% Floor + 2.25%), 6.45%,
12/15/27
 
666
664,246
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME
Term SOFR + 3.11%), 7.28%, 01/21/28
 
641
644,681
Talen Energy Supply LLC, 2024-1 Incremental Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.73%, 12/15/31
 
419
418,923
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo.
CME Term SOFR + 1.75%), 5.91%, 12/20/30
 
887
887,353
 
 
2,615,203
Electronic Equipment, Instruments & Components — 0.8%
Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.92%, 06/20/31(d)
 
272
273,913
Coherent Corp., 2025 1st Lien Term Loan B2, (1-mo. CME
Term SOFR at 0.50% + 1.75%), 5.94%, 07/02/29
 
549
547,531
Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan
B, 12/02/31(i)
 
470
470,296
Pinnacle Buyer LLC(i)
 
Delayed Draw Term Loan, 09/10/32
 
121
120,927
Term Loan, 09/10/32
 
628
628,819
Project Aurora U.S. Finco, Inc., USD Term Loan,
09/24/32(d)(i)
 
172
172,215
Sanmina Corp., Term Loan B, 08/06/32(d)(i)
 
749
747,127
 
 
2,960,828
Energy Equipment & Services — 0.1%
Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.00%, 09/22/32
 
189
188,764
Entertainment — 0.7%
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR
at 0.50% Floor + 3.51%), 7.84%, 10/02/28
 
586
567,811
Delta 2 Lux SARL, 2024 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.00%), 6.00%, 09/30/31
 
1,777
1,776,720
 
 
2,344,531
Environmental, Maintenance & Security Service — 2.9%
Action Environmental Group, Inc., 2023 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.25%,
10/24/30(d)
 
561
560,630
Clean Harbors, Inc.
 
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 10/09/28
 
622
622,011
2025 Term Loan, 09/24/32(i)
 
391
391,489
Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 6.91%, 10/21/28
 
2,137
2,144,659
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.67%, 03/03/32
 
1,778
1,775,671
JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 7.89%, 10/17/30
 
427
427,645
6
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Environmental, Maintenance & Security Service (continued)
Madison IAQ LLC
 
2025 Term Loan B, (6-mo. CME Term SOFR at 0.50%
Floor + 3.25%), 7.45%, 05/06/32
$
1,011
$ 1,015,662
Term Loan, (6-mo. CME Term SOFR at 0.50% Floor +
2.50%), 6.70%, 06/21/28
 
2,230
2,230,082
Packers Holdings LLC, 2021 Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 3.35%), 7.66%, 03/09/28
 
544
169,891
Reworld Holding Corp.
 
2025 1st Lien Term Loan B, 01/15/31(i)
 
262
261,182
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 6.39%, 11/30/28
 
682
682,082
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 6.39%, 11/30/28
 
53
52,798
 
 
10,333,802
Financial Services — 1.7%
Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.75%,
02/27/32
 
1,085
1,059,347
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term
SOFR + 2.00%), 6.16%, 05/19/31
 
1,868
1,865,715
ION Platform Finance U.S., Inc., USD Term Loan,
09/30/32(d)(i)
 
2,396
2,375,035
Orion U.S. Finco, Inc., 1st Lien Term Loan, 05/20/32(i)
 
658
661,290
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.75%,
11/05/28
 
289
290,424
 
 
6,251,811
Food Products — 2.1%
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.17%, 06/22/30
 
711
711,983
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.66%, 10/25/27
 
2,483
2,488,278
Froneri U.S., Inc.
 
2024 USD Term Loan B4, (6-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.20%, 09/30/31
 
2,292
2,273,712
2025 USD Term Loan, 08/02/32(i)
 
236
235,372
H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME
Term SOFR at 2.00% Floor + 6.50%), 10.81%, 03/29/30
 
99
100,141
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29
 
611
611,537
UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.50%, 01/29/32
 
982
981,163
Wellness Pet LLC
 
2025 First Out Exchange Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 3.95%), 7.95%, 12/31/29
 
159
126,026
2025 Second Out Exchange Term Loan, (3-mo. CME
Term SOFR at 0.75% Floor + 4.01%), 8.01%,
12/31/29
 
89
38,181
 
 
7,566,393
Ground Transportation — 0.7%
Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.75%, 04/10/31
 
2,498
2,487,493
Health Care Equipment & Supplies — 0.7%
Avantor Funding, Inc., 2024 Term Loan B6, (1-mo. CME
Term SOFR at 0.50% Floor + 2.10%), 6.26%, 11/08/27
 
70
69,920
Security
 
Par
(000)
Value
Health Care Equipment & Supplies (continued)
Bausch & Lomb Corp.
 
2023 Incremental Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.17%, 09/29/28
$
568
$ 567,690
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 4.25%), 8.41%, 01/15/31
 
1,308
1,306,437
QuidelOrtho Corp., Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.00%, 08/20/32
 
509
506,033
 
 
2,450,080
Health Care Providers & Services — 3.9%
AHP Health Partners, Inc., 2025 Term Loan B, 09/20/32(i)
 
143
143,612
Concentra Health Services, Inc., 2025 Repriced Term Loan
B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%),
6.16%, 07/26/31
 
427
428,603
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.75%), 6.91%, 11/01/28
 
1,381
1,383,107
EyeCare Partners LLC
 
2024 Second Out Term Loan B, (6-mo. CME Term SOFR
at 0.00% Floor + 1.00%, 3.61% PIK), 8.84%,
11/30/28(h)
 
345
216,831
2024 Superpriority New Money 1st Out Term Loan A,
(6-mo. CME Term SOFR at 0.00% Floor + 5.75%),
9.88%, 08/31/28
 
389
390,727
2024 Third Out Term Loan C, (3-mo. CME Term SOFR at
0.00% Floor + 6.85%), 10.98%, 11/30/28(c)(g)
 
31
6,681
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.00%,
07/03/28
 
344
343,735
LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.75%), 8.07%,
05/19/31
 
772
769,572
Medical Solutions Holdings, Inc.
 
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.60%), 7.91%, 11/01/28
 
548
188,016
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 7.10%), 11.41%, 11/01/29
 
377
76,030
Medline Borrower LP
 
2025 Incremental Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 2.00%), 6.16%, 10/23/30
 
175
174,454
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 6.16%, 10/23/28
 
4,918
4,918,043
Parexel International Corp., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.66%, 11/15/28
 
1,769
1,770,136
Sotera Health Holdings LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
05/30/31
 
1,294
1,294,078
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 4.00%), 8.00%, 09/27/30
 
629
629,139
Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.66%,
12/19/30
 
948
947,966
Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.80%, 06/30/28
 
343
342,210
 
 
14,022,940
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
05/20/30
$
298
$ 297,898
Hotels, Restaurants & Leisure — 7.3%
Aimbridge Acquisition Co., Inc.
 
2025 1st Lien Second Out Term Loan, (1-mo. CME Term
SOFR at 1.00% Floor + 1.61%, 6.00% PIK), 11.76%,
03/11/30(h)
 
126
125,295
2025 First Out Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 5.61%), 9.76%, 03/11/30
 
137
136,821
Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.66%, 05/31/30
 
638
638,434
Burger King (Restaurant Brands International Inc.)/New Red
Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.91%, 09/20/30
 
1,301
1,295,154
Caesars Entertainment, Inc.
 
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%),
6.41%, 02/06/31
 
1,998
1,991,838
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.41%,
02/06/30
 
800
796,859
EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 3.00%), 7.16%, 03/24/32
 
2,159
2,157,511
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.41%,
01/27/29
 
2,623
2,618,781
Flutter Financing BV
 
2024 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.75%, 11/30/30
 
2,406
2,395,304
2025 Term Loan B, (3-mo. CME Term SOFR at 0.50%
Floor + 2.00%), 6.00%, 06/04/32
 
875
873,110
Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 1.75%), 5.91%, 09/22/32
 
1,919
1,921,154
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 8.75%,
11/01/29
 
508
488,389
Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.41%,
05/27/32
 
597
598,122
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4,
(1-mo. CME Term SOFR + 1.75%), 5.91%, 11/08/30
 
485
485,310
IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 2.50%), 6.66%, 12/15/27
 
1,158
1,158,054
Light & Wonder International, Inc., 2024 Term Loan B2,
(1-mo. CME Term SOFR at 0.50% Floor + 2.25%),
6.39%, 04/14/29
 
686
686,403
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.50%, 11/12/29
 
1,248
1,116,466
Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.25%), 8.24%, 08/01/30
 
364
354,628
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.66%, 05/03/29
 
890
888,658
Sabre GLBL, Inc.
 
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50%
Floor + 3.61%), 7.78%, 12/17/27
 
116
109,918
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50%
Floor + 3.61%), 7.78%, 12/17/27
 
38
35,797
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR +
5.10%), 9.26%, 06/30/28
 
19
17,733
2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50%
Floor + 6.10%), 10.26%, 11/15/29(d)
 
318
298,463
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Sabre GLBL, Inc. (continued)
 
2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50%
Floor + 6.10%), 10.26%, 11/15/29(d)
$
162
$ 152,347
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.16%, 12/04/31
 
331
330,374
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.16%,
05/01/31
 
205
203,911
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.00%), 6.16%, 03/14/31
 
1,231
1,230,807
Turquoise Topco Ltd., Term Loan B, 08/13/32(i)
 
533
533,336
Voyager Parent LLC, Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.75%), 8.75%, 07/01/32
 
749
750,026
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.66%, 08/03/28
 
789
789,709
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.91%,
05/24/30
 
830
831,923
 
 
26,010,635
Household Durables — 1.5%
AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.28%,
07/31/28
 
1,423
1,425,506
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 3.25%), 7.25%, 01/20/32
 
1,438
1,438,257
Somnigroup International, Inc., Term Loan B, (1-mo. SOFR
+ 2.25%), 6.37%, 10/24/31
 
285
286,070
Springs Windows Fashions LLC
 
2024 First Lien Second Out Term Loan A2, (1-mo. CME
Term SOFR at 1.00% Floor + 4.11%), 8.28%,
10/06/28
 
481
391,011
2024 FLFO A1 Term Loan, (1-mo. CME Term SOFR at
1.00% Floor + 4.50%), 8.66%, 12/19/29
 
104
104,688
Weber-Stephen Products LLC
 
2025 Term Loan B, 09/17/32(i)
 
1,029
1,017,424
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor +
3.25%), 7.53%, 10/30/27
 
582
575,826
 
 
5,238,782
Household Products — 0.4%
Lavender U.S. HoldCo 1, Inc., USD Term Loan,
09/27/32(d)(i)
 
612
612,000
Reynolds Consumer Products LLC, 2025 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 1.75%),
5.91%, 03/04/32
 
718
719,083
 
 
1,331,083
Independent Power and Renewable Electricity Producers — 1.0%
Calpine Construction Finance Co. LP, 2023 Refinancing
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.00%), 6.16%, 07/31/30
 
1,130
1,130,074
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 5.91%, 01/31/31
 
487
486,610
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.06%, 04/16/31
 
1,986
1,985,307
 
 
3,601,991
Industrial Conglomerates — 0.0%
Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo.
CME Term SOFR + 7.50%), 11.76%, 12/31/29
 
148
120,644
8
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance — 8.5%
Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.67%,
09/19/31
$
4,789
$ 4,775,198
AmWINS Group, Inc., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 2.25%), 6.25%, 01/30/32
 
1,787
1,786,313
Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.91%,
12/29/31
 
1,648
1,641,676
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor + 2.75%),
6.94%, 02/15/31
 
1,772
1,761,557
Asurion LLC
 
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR +
5.36%), 9.53%, 01/31/28
 
689
669,763
2021 Second Lien Term Loan B4, (1-mo. CME Term
SOFR + 5.36%), 9.53%, 01/20/29
 
654
624,662
2021 Term Loan B9, (1-mo. CME Term SOFR at 0.00%
Floor + 3.36%), 7.53%, 07/31/27
 
148
147,590
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00%
Floor + 4.35%), 8.51%, 08/19/28
 
981
983,578
2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00%
Floor + 4.25%), 8.41%, 09/19/30
 
533
530,814
2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00%
Floor + 4.25%), 8.41%, 09/19/30
 
1,147
1,138,796
Baldwin Insurance Group Holdings LLC, 2025 Term Loan
B2, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.64%, 05/26/31
 
690
689,177
Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-
mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.66%,
04/18/30
 
123
123,251
HUB International Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.58%, 06/20/30
 
2,877
2,880,392
Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 2.75%), 6.91%,
02/15/31
 
1,213
1,213,070
Jones Deslauriers Insurance Management, Inc., 2025 Term
Loan B, (3-mo. CME Term SOFR at 0.00% Floor +
2.75%), 7.06%, 03/15/30
 
754
749,981
OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.16%,
07/02/31
 
156
155,415
Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%, 09/15/31
 
1,299
1,298,737
Sedgwick Claims Management Services, Inc., 2023 Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.66%, 07/31/31
 
2,620
2,616,274
Truist Insurance Holdings LLC
 
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00%
Floor + 2.75%), 6.75%, 05/06/31
 
2,698
2,693,389
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00%
Floor + 4.75%), 8.75%, 05/06/32
 
325
330,854
USI, Inc.
 
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.25%, 09/29/30
 
1,218
1,216,281
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.25%, 11/21/29
 
2,456
2,452,265
 
 
30,479,033
Security
 
Par
(000)
Value
Interactive Media & Services — 0.6%
MH Sub I LLC
 
2023 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor
+ 4.25%), 8.25%, 05/03/28
$
442
$ 424,343
2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50%
Floor + 4.25%), 8.41%, 12/31/31
 
367
337,109
Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.24%,
12/10/31
 
1,494
1,495,441
 
 
2,256,893
Internet Software & Services — 2.7%
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.50%), 8.81%, 08/15/29
 
770
642,814
CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 2.25%), 6.56%, 11/08/32
 
915
914,212
Gen Digital, Inc.
 
2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%),
5.91%, 09/12/29
 
2,029
2,023,015
2025 Term Loan B, (1-mo. CME Term SOFR at 0.50%
Floor + 1.75%), 5.91%, 04/16/32
 
201
200,538
Go Daddy Operating Co. LLC
 
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%),
5.91%, 05/30/31
 
881
879,350
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 11/09/29
 
1,028
1,026,125
Proofpoint, Inc.
 
2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.00%), 7.16%, 08/31/28
 
2,122
2,127,617
2025 Fungible Term Loan, 08/31/28(i)
 
230
230,600
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 8.91%, 03/15/30
 
1,557
1,540,633
 
 
9,584,904
IT Services — 4.6%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.41%, 09/29/31
 
862
861,373
Avalara, Inc., 2025 Term Loan, 03/26/32(i)
 
80
79,778
Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.75%, 06/17/30
 
817
814,634
Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.75%), 7.94%, 12/09/31
 
2,159
2,158,133
Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.31%, 03/01/31(d)
 
1,139
1,138,631
Finastra USA, Inc., 2025 1st Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 4.00%), 8.04%, 07/30/32
 
2,649
2,636,709
Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.25%,
06/27/31
 
385
386,127
Magenta Security Holdings LLC
 
2024 First Out Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 7.01%), 11.32%, 07/27/28
 
218
177,650
2024 Second Out Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 7.26%), 11.57%, 07/27/28
 
334
144,423
2024 Third Out Term Loan, (3-mo. CME Term SOFR at
0.75% Floor + 6.51%), 10.82%, 07/27/28(c)(g)
 
674
134,247
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.22%,
03/01/29
 
1,261
1,202,308
Peraton Corp., Term Loan B, (1-mo. CME Term SOFR at
0.75% Floor + 3.85%), 8.01%, 02/01/28
 
1,185
997,563
Schedule of Investments
9
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
IT Services (continued)
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term
SOFR at 0.50% Floor + 4.26%), 8.57%, 06/02/28
$
1,097
$ 1,056,185
Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term
Loan B, (3-mo. CME Term SOFR at 0.50% Floor +
3.25%), 7.25%, 10/26/30
 
593
594,774
Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.25%, 06/28/30
 
1,050
1,045,072
Skopima Consilio Parent LLC, 2024 Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.75%),
7.91%, 05/12/28
 
589
497,308
Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 5.91%,
08/31/28
 
711
694,564
X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50%
Floor + 6.65%), 10.96%, 10/26/29
 
1,786
1,750,590
 
 
16,370,069
Leisure Products — 0.3%
Bombardier Recreational Products, Inc., 2024 Term Loan
B4, 01/22/31(i)
 
397
397,250
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 7.70%, 07/22/30
 
862
861,187
 
 
1,258,437
Machinery — 3.4%
Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME
Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30
 
558
557,168
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term
SOFR + 2.50%), 6.79%, 03/15/30
 
345
346,120
Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 2.50%), 6.50%, 05/14/28(d)
 
186
186,039
Generac Power Systems, Inc., 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.03%,
07/03/31
 
198
198,742
Husky Injection Molding Systems Ltd., 2024 Term Loan B,
(6-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.75%, 02/15/29
 
2,655
2,659,883
Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 6.75%, 11/22/29
 
575
575,699
Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.91%,
09/26/31
 
342
341,843
SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term SOFR
at 0.50% Floor + 2.75%), 6.91%, 04/05/29
 
1,814
1,820,886
TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B,
(6-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.20%, 04/30/30
 
1,706
1,710,156
Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 1.75%), 6.03%, 08/12/32
 
2,537
2,539,020
WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.53%, 01/27/31
 
1,334
1,334,758
 
 
12,270,314
Media — 4.5%
Charter Communications Operating LLC
 
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.29%, 12/07/30
 
844
842,524
2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00%
Floor + 2.25%), 6.54%, 12/15/31
 
588
587,370
Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 4.50%), 8.78%, 12/02/31
 
656
654,185
CSC Holdings LLC
 
2019 Term Loan B5, (Prime + 1.50%), 8.75%, 04/15/27
 
1,774
1,714,173
Security
 
Par
(000)
Value
Media (continued)
CSC Holdings LLC (continued)
 
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00%
Floor + 4.50%), 8.65%, 01/18/28
$
271
$ 268,947
DirecTV Financing LLC, Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 5.26%), 9.57%, 08/02/27
 
65
64,785
DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 6.00%, 03/04/32
 
1,410
1,407,664
ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%, 08/30/30
 
648
646,846
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR + 5.25%), 9.53%, 06/04/29
 
3
2,999
GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032),
07/31/32(i)
 
239
238,521
Learfield Communications LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.66%,
06/30/28
 
385
388,609
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME
Term SOFR at 0.00% Floor + 1.85%), 5.99%, 10/19/26
 
1,138
1,135,895
NEP Group, Inc., 2018 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.36%), 7.53%, 08/19/26
 
99
97,550
Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.61%, 1.50% PIK), 9.28%,
09/25/29(h)
 
1,938
1,560,767
Scientific Games Holdings LP, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.50% Floor + 3.00%),
7.29%, 04/04/29
 
495
490,426
Telenet Financing USD LLC, 2020 USD Term Loan AR,
04/30/28(i)
 
235
232,894
UFC Holdings LLC, 1st Lien Term Loan B5, (3-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.04%, 11/21/31
 
2,210
2,210,435
Virgin Media Bristol LLC
 
2020 USD Term Loan Q, (1-mo. CME Term SOFR +
3.36%), 7.51%, 01/31/29
 
278
277,733
2025 Term Loan Y4, (3-mo. CME Term SOFR at 0.00%
Floor + 3.28%), 7.59%, 03/31/31
 
609
600,056
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.95%, 01/24/31
 
1,828
1,829,622
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME
Term SOFR at 0.00% Floor + 2.61%), 6.76%, 04/30/28
 
673
670,824
 
 
15,922,825
Metals & Mining — 0.5%
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%),
5.91%, 05/13/29
 
79
79,229
Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.95%,
02/26/32
 
208
208,258
Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.75%, 03/11/32
 
1,551
1,553,485
 
 
1,840,972
Oil, Gas & Consumable Fuels — 1.9%
Buckeye Partners LP
 
2025 Term Loan B, 0.00%, 09/24/32
 
94
93,607
2025 Term Loan B2, (1-mo. CME Term SOFR at 0.00%
Floor + 1.75%), 5.91%, 11/22/30
 
243
243,141
Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR +
1.75%), 5.87%, 07/30/32
 
1,147
1,139,648
EG America LLC, 2025 USD Repriced Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.70%,
02/07/28
 
224
224,782
Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.58%,
12/21/28
 
1,393
1,392,332
10
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.29%,
10/04/30
$
165
$ 164,858
Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.15%, 02/11/30
 
478
477,600
M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (Prime +
2.00%), 9.25%, 04/01/32
 
377
377,055
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 6.03%, 04/07/32
 
216
217,575
Oryx Midstream Services Permian Basin LLC, 2025 Term
Loan B, (1-mo. CME Term SOFR at 0.50% Floor +
2.25%), 6.42%, 10/05/28
 
1,856
1,855,004
Stakeholder Midstream LLC, Term Loan, (3-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.04%, 01/01/31
 
457
457,426
Whitewater Matterhorn Holdings LLC, 2025 Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 2.25%),
6.25%, 06/16/32
 
178
177,806
 
 
6,820,834
Passenger Airlines — 1.3%
AAdvantage Loyalty IP Ltd., 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.58%, 05/28/32
 
454
455,564
Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.00%), 6.17%, 03/21/31
 
1,052
1,050,755
American Airlines, Inc.
 
Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term
SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27
 
164
163,290
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.26%, 06/04/29
 
913
911,070
2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor
+ 2.25%), 6.58%, 04/20/28
 
563
561,470
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.75%), 8.75%, 08/27/29
 
678
649,153
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 2.00%), 6.20%,
02/22/31
 
723
724,307
 
 
4,515,609
Personal Care Products — 0.4%
ACP Tara Holdings, Inc., 2025 Term Loan B, 09/17/32(d)(i)
 
186
186,000
Opal U.S. LLC, USD Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.25%), 7.25%, 04/28/32
 
1,240
1,242,480
 
 
1,428,480
Pharmaceuticals — 1.8%
Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.50%), 7.66%,
08/01/32
 
1,496
1,493,502
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term
SOFR + 1.85%), 6.13%, 08/01/27
 
468
467,364
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan,
04/23/31(i)
 
460
460,672
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term
SOFR at 0.75% Floor + 4.10%), 8.10%, 10/01/27
 
595
584,961
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2,
(1-mo. CME Term SOFR + 2.25%), 6.41%, 05/05/28
 
1,096
1,096,323
Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 1.75%), 5.89%, 09/16/32
 
1,106
1,103,628
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 2.25%), 6.41%, 05/19/31
 
334
325,364
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%, 04/20/29
$
516
$ 515,575
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 2.00%), 6.00%,
07/03/28
 
86
85,642
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 1.75%), 5.91%, 08/01/31
 
219
219,063
 
 
6,352,094
Professional Services — 0.1%
Deep Blue Operating I LLC, Term Loan, 09/17/32(i)
 
233
233,000
Real Estate Management & Development — 0.5%
CoreLogic, Inc.
 
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%),
10.78%, 06/04/29
 
334
330,796
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.61%), 7.78%, 06/02/28
 
1,175
1,174,288
Cushman & Wakefield U.S. Borrower LLC, 2025 Term Loan
B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%),
6.91%, 01/31/30
 
379
379,713
 
 
1,884,797
Semiconductors & Semiconductor Equipment — 0.4%
Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR
at 0.00% Floor + 1.75%), 5.79%, 07/06/29
 
361
363,424
MKS Instruments, Inc., 2025 USD Repriced Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 2.00%),
6.17%, 08/17/29
 
1,061
1,059,210
 
 
1,422,634
Software — 12.8%
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.25%), 6.25%,
02/24/31
 
2,339
2,339,684
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME
Term SOFR at 0.50% Floor + 2.75%), 6.91%, 02/15/29
 
2,944
2,936,446
BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.16%, 11/25/31
 
836
836,950
Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.20%,
07/30/31
 
2,201
2,195,738
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME
Term SOFR + 2.00%), 6.16%, 01/23/32
 
1,591
1,588,667
Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 7.25%, 07/06/29
 
1,990
1,717,057
Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.46%, 04/21/32
 
693
693,000
Cloud Software Group, Inc.
 
2025 Term Loan B (2031), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.25%, 03/21/31
 
1,865
1,871,372
2025 Term Loan B (2032), (3-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.25%, 08/13/32
 
2,592
2,598,974
Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.85%), 8.01%, 10/08/28
 
472
463,973
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR +
2.75%), 7.03%, 05/01/31
 
1,425
1,397,933
DS Admiral Bidco LLC, 2024 Term Loan B, (1-mo. CME
Term SOFR + 4.25%), 8.41%, 06/26/31
 
442
441,117
Ellucian Holdings, Inc.
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at
0.50% Floor + 2.75%), 6.91%, 10/09/29
 
2,020
2,019,170
Schedule of Investments
11
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Ellucian Holdings, Inc. (continued)
 
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 4.75%), 8.91%, 11/22/32
$
352
$ 359,332
Epicor Software Corp., 2024 Term Loan F, (1-mo. CME
Term SOFR at 0.75% Floor + 2.50%), 6.66%, 05/30/31
 
1,801
1,802,741
Genesys Cloud Services, Inc., 2025 USD Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.66%, 01/30/32
 
3,724
3,696,379
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 2.25%), 6.41%, 10/27/28
 
983
983,973
Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.25%), 7.41%, 03/20/32
 
1,968
1,970,250
Mitchell International, Inc.
 
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.25%), 7.41%, 06/17/31
 
1,590
1,588,077
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR +
5.25%), 9.41%, 06/17/32
 
329
324,723
Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at
0.00% Floor + 4.50%), 8.81%, 07/01/31
 
415
408,978
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.50%,
12/17/27
 
217
213,174
PointClickCare Technologies, Inc., 2025 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.75%,
11/03/31
 
486
486,080
Project Boost Purchaser LLC, 2025 Refinancing Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 2.75%),
7.07%, 07/16/31
 
1,597
1,592,209
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term
SOFR + 3.26%), 7.26%, 04/24/28
 
1,170
1,167,059
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME
Term SOFR at 0.00% Floor + 2.00%), 6.16%, 05/09/31
 
1,813
1,817,539
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at
0.00% Floor + 2.50%), 6.81%, 02/10/31
 
2,841
2,837,772
VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.56%, 04/12/31
 
1,628
1,623,470
Waystar Technologies, Inc.
 
2025 Add-on Term Loan B, 10/22/29(i)
 
342
341,473
2025 Term Loan B, (1-mo. CME Term SOFR at 0.00%
Floor + 2.00%), 6.16%, 10/22/29
 
968
967,263
X.AI Corp., Term Loan, (6-mo. CME Term SOFR at 0.00%
Floor + 7.25%), 11.12%, 06/28/30
 
721
696,997
Zelis Payments Buyer, Inc.
 
5th Amendment Term Loan, (1-mo. CME Term SOFR at
0.00% Floor + 3.25%), 7.41%, 11/26/31
 
1,186
1,185,445
Term Loan B, (1-mo. CME Term SOFR + 2.75%), 6.91%,
09/28/29
 
707
704,918
 
 
45,867,933
Specialty Retail — 0.3%
LS Group OpCo Acquistion LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 2.50%), 6.70%,
04/23/31
 
546
544,783
Security
 
Par
(000)
Value
Specialty Retail (continued)
Restoration Hardware, Inc., 2022 Incremental Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.35%),
7.51%, 10/20/28
$
202
$ 197,815
Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo.
CME Term SOFR + 7.61%), 11.62%, 06/29/28
 
305
284,463
 
 
1,027,061
Technology Hardware, Storage & Peripherals — 0.4%
Cubic Corp.
 
2025 Second Out Term Loan B, (3-mo. CME Term SOFR
at 0.75% Floor + 4.51%), 8.83%, 05/25/29
 
2,153
1,226,667
2025 Second Out Term Loan C, (3-mo. CME Term SOFR
at 0.75% Floor + 4.51%), 8.57%, 05/25/29
 
309
175,650
 
 
1,402,317
Textiles, Apparel & Luxury Goods — 0.4%
ABG Intermediate Holdings 2 LLC
 
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at
0.00% Floor + 2.25%), 6.41%, 12/21/28
 
864
861,308
2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR
at 0.00% Floor + 2.25%), 6.41%, 02/13/32
 
457
456,350
Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.31%,
09/12/32
 
220
220,917
 
 
1,538,575
Transportation Infrastructure — 0.2%
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR
at 0.75% Floor + 6.35%), 10.51%, 12/15/26
 
508
504,195
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term
SOFR at 2.00% Floor + 8.00%), 12.20%, 08/20/29
 
663
251,834
 
 
756,029
Wireless Telecommunication Services — 1.6%
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME
Term SOFR at 0.00% Floor + 5.50%), 9.82%, 08/15/28(d)
 
1,389
1,340,601
Digicel International Finance Ltd., 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 5.25%), 9.49%,
08/06/32
 
497
496,379
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR + 3.86%), 8.03%, 04/30/28
 
568
562,761
Level 3 Financing, Inc., 2025 Repriced Term Loan B4, (1-
mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.42%,
03/29/32
 
2,331
2,331,000
Windstream Services, LLC, 2025 Term Loan B,
09/24/32(d)(i)
 
920
910,800
 
 
5,641,541
Total Floating Rate Loan Interests — 107.8%
(Cost: $389,137,173)
385,470,134
 
 
 
 
Shares
 
Investment Companies
Equity Funds — 2.8%
Hearthside Equity
 
5,718
109,666
12
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Equity Funds (continued)
Janus Henderson AAA CLO ETF
 
100,000
$ 5,078,000
SPDR Blackstone Senior Loan ETF
 
120,000
4,989,600
 
 
10,177,266
Fixed Income Funds — 7.7%
Invesco Senior Loan ETF
 
640,400
13,403,572
iShares 0-5 Year High Yield Corporate Bond ETF(k)(l)
 
5,000
216,500
iShares Broad USD High Yield Corporate Bond ETF(k)(l)
 
240,000
9,067,200
iShares iBoxx $ High Yield Corporate Bond ETF(k)(l)
 
58,000
4,709,020
 
 
27,396,292
Total Investment Companies — 10.5%
(Cost: $37,168,316)
37,573,558
 
 
 
Benefical
Interest (000)
 
Other Interests
Capital Markets — 0.0%
Millennium Lender Claim Trust(d)(m)
$
991
—
Industrial Conglomerates — 0.0%
Millennium Corp.(d)(m)
 
930
—
Total Other Interests — 0.0%
(Cost: $ — )
—
 
 
 
 
Shares
 
Preferred Securities
Preferred Stocks — 0.0%(c)
Ground Transportation — 0.0%
Sirva BGRS Holdings, Inc., 07/21/30
 
207
36,167
IT Services(d) — 0.0%
Veritas Kapital Assurance PLC
 
Series G
 
1,121
25,505
Series G-1
 
774
17,612
 
 
43,117
 
79,284
Total Preferred Securities — 0.0%
(Cost: $184,682)
79,284
Security
 
 
Shares
Value
Warrants
Financial Services — 0.0%
Service King (Carnelian Point), (Exercisable 01/14/23,
1 Share for 1 Warrant, Expires 06/30/27, Strike Price
USD 10.00)(c)
 
1,675
$          —
Total Warrants — 0.0%
(Cost: $ — )
—
Total Investments — 122.4%
(Cost: $442,132,926)
437,484,287
Liabilities in Excess of Other Assets — (22.4)%
(80,072,795
)
Net Assets — 100.0%
$ 357,411,492
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(c)
Non-income producing security.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $190,260, representing 0.1% of its net assets as of
period end, and an original cost of $22,770.
(f)
When-issued security.
(g)
Issuer filed for bankruptcy and/or is in default.
(h)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(i)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(j)
Rounds to less than 1,000.
(k)
Affiliate of the Trust.
(l)
Annualized 7-day yield as of period end.
(m)
Other interests represent beneficial interests in liquidation trusts and other reorganization
or private entities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
13
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a)
$ —
$ 47,298,526
$ (47,298,526
)
$ —
$ —
$ —
—
$ 15,622
$ —
iShares 0-5 Year High Yield Corporate Bond ETF
213,050
—
—
—
3,450
216,500
5,000
10,089
—
iShares Broad USD High Yield Corporate Bond ETF
—
8,864,310
—
—
202,890
9,067,200
240,000
307,270
—
iShares iBoxx $ High Yield Corporate Bond ETF
2,202,200
6,688,650
(4,285,672
)
(42,278
)
146,120
4,709,020
58,000
238,968
—
 
$ (42,278
)
$ 352,460
$ 13,992,720
$ 571,949
$ —
 
(a)
As of period end, the entity is no longer held.
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
24,411
GBP
18,000
Morgan Stanley & Co. International PLC
12/17/25
$ 200
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Trust
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.43.V1
5.00
% 
Quarterly
12/20/29
B
USD
3,200
$ 245,394
$ 231,042
$ 14,352
CDX.NA.HY.44.V1
5.00
Quarterly
06/20/30
B
USD
300
24,370
15,501
8,869
 
 
 
 
 
$ 269,764
$ 246,543
$ 23,221
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Total Return Swaps 
Paid by the Trust
Received by the Trust
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day SOFR, 4.24%
Quarterly
Markit iBoxx USD
Liquid Leveraged
Loan Index
At Termination
Barclays Bank PLC
N/A
06/20/26
USD
5,000
$ 984
$ (54,056
)
$ 55,040
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
14
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
 
Fair Value Hierarchy as of Period End (continued)
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 3,939,219
$ —
$ 3,939,219
Common Stocks 
Automobile Components
17,908
—
—
17,908
Construction & Engineering
12,199
—
—
12,199
Entertainment
—
—
190,260
190,260
Financial Services
—
—
410,092
410,092
Ground Transportation
—
752
—
752
Household Products
—
—
—
—
Industrial Conglomerates
—
47,701
—
47,701
IT Services
—
—
498,008
498,008
Trading Companies & Distributors
—
—
160,507
160,507
Transportation Infrastructure
—
—
82,852
82,852
Corporate Bonds
—
6,948,167
69,651
7,017,818
Fixed Rate Loan Interests
—
1,983,995
—
1,983,995
Floating Rate Loan Interests
—
374,659,809
10,810,325
385,470,134
Investment Companies 
Equity Funds
10,067,600
109,666
—
10,177,266
Fixed Income Funds
27,396,292
—
—
27,396,292
Other Interests
—
—
—
—
Preferred Securities
Preferred Stocks
—
36,167
43,117
79,284
Warrants
—
—
—
—
Unfunded Floating Rate Loan Interests(a)
—
282
—
282
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(137
)
—
(137
)
 
$37,493,999
$387,725,621
$12,264,812
$437,484,432
Derivative Financial Instruments(b)
Assets 
Credit Contracts
$ —
$ 23,221
$ —
$ 23,221
Foreign Currency Exchange Contracts
—
200
—
200
Interest Rate Contracts
—
55,040
—
55,040
 
$—
$78,461
$—
$78,461
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized
appreciation (depreciation) on the instrument.
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, bank borrowings payable of $65,000,000 are categorized as Level 2 within the fair value hierarchy.
Schedule of Investments
15
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Floating Rate Income Trust (BGT)
 
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Corporate
Bonds
Fixed
Rate Loan
Interests
Floating
Rate Loan
Interests
Other
Interests
Preferred
Stocks
Total
Assets
Opening balance, as of December 31, 2024
$ 994,251
$ 138,839
1,620,655
$ 15,206,471
—
(a)
$ 37,905
$ 17,998,121
Transfers into Level 3(b)
—
—
18,456
2,093,583
—
—
2,112,039
Transfers out of Level 3(c)
—
—
(1,168,705
)
(7,680,554
)
—
—
(8,849,259
)
Accrued discounts/premiums
—
5,295
357
21,225
—
—
26,877
Net realized gain (loss)
210,620
(85
)
3,224
17,779
—
—
231,538
Net change in unrealized appreciation (depreciation)(d)
(809,272
)
(59,864
)
(16,973
)
162,356
—
5,212
(718,541
)
Purchases
1,464,295
139,454
2,986
6,941,892
—
—
8,548,627
Sales
(518,175
)
(153,988
)
(460,000
)
(5,952,427
)
—
—
(7,084,590
)
Closing balance, as of September 30, 2025
$ 1,341,719
$ 69,651
—
$ 10,810,325
—
(a)
$ 43,117
$ 12,264,812
Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2025(d)
$ (809,272
)
$ (74,494
)
(21,443
)
$ 202,084
—
$ 5,212
$ (697,913
)
 
(a)
Rounds to less than $1.
(b)
As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of September 30, 2025, the Trust used significant unobservable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.
(c)
As of December 31, 2024, the Trust used significant unobservable inputs in determining the value of certain investments. As of September 30, 2025, the Trust used observable inputs in
determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.
(d)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
 
Currency Abbreviation 
GBP
British Pound
USD
United States Dollar
 
Portfolio Abbreviation 
CLO
 Collateralized Loan Obligation
CME
 Chicago Mercantile Exchange
DAC
 Designated Activity Company
ETF
 Exchange-Traded Fund
GO
 General Obligation Bonds
PIK
 Payment-in-Kind
SOFR
 Secured Overnight Financing Rate
SPDR
 Standard & Poor’s Depository Receipt
16