Form 4: BlackRock HYT Director Receives Subscription Rights

BlackRock Corporate High Yield Fund, Inc. Director W. Carl Kester received 440 transferable subscription rights as part of a pro rata offering.

Summary

• W. Carl Kester, a Director of BlackRock Corporate High Yield Fund, Inc. (HYT), acquired 440 transferable subscription rights on January 12, 2026.
• These rights are part of a pro rata offering announced by the Fund on December 15, 2025.
• Shareholders of record as of January 2, 2026, received one Right for each outstanding whole common share held.
• The rights entitle holders to purchase one new common share for every five rights held.
• Shareholders owning fewer than five common shares on the Record Date are entitled to subscribe for one common share.
• The estimated subscription price per common share is $8.69.
• The rights offering allows for the subscription of up to an aggregate of 32,609,596 of the Fund's common shares.

Sentiment

Score: 5

Explanation: This Form 4 reports a director's acquisition of subscription rights as part of a broader rights offering, which is a neutral corporate action for the reporting person and does not inherently indicate positive or negative sentiment for the company's performance.

Positives

• Director W. Carl Kester received 440 transferable subscription rights, providing an opportunity to acquire additional common shares at a potentially favorable estimated price of $8.69 per share.

Risks

• The value of the subscription rights and the potential investment depends on the future market price of BlackRock Corporate High Yield Fund, Inc. common shares relative to the estimated subscription price of $8.69.

Future Outlook

The rights offering will conclude by January 26, 2026, when the subscription rights expire, allowing shareholders to subscribe for new common shares at the estimated price.

Industry Context

This Form 4 reports an insider transaction related to a rights offering, a common capital-raising mechanism for closed-end funds like BlackRock Corporate High Yield Fund, Inc. Rights offerings can be used to expand the fund's asset base or manage share count dynamics.

Stakeholder Impact

• Shareholders: Existing shareholders (Record Date Shareholders) received rights, providing an opportunity to maintain their proportional ownership or acquire additional shares. The offering could lead to dilution if not fully subscribed or if the subscription price is below market value.

Next Steps

• The subscription rights will expire on January 26, 2026.
• Shareholders can exercise their rights to purchase new common shares at the estimated subscription price of $8.69.

Key Dates

Keywords

BlackRock, HYT, Form 4, Director, Subscription Rights, Rights Offering, Beneficial Ownership, Corporate High Yield Fund