| N-2 - USD ($) | 3 Months Ended | 12 Months Ended |
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2015 |
| Cover [Abstract] | | | | | | | | | | | | | | | | | | | |
| Entity Central Index Key | | | | | | | | | | 0001051003 | | | | | | | | | |
| Amendment Flag | | | | | | | | | | false | | | | | | | | | |
| Document Type | | | | | | | | | | N-CSR | | | | | | | | | |
| Entity Registrant Name | | | | | | | | | | BlackRock Debt Strategies Fund, Inc. | | | | | | | | | |
| Fee Table [Abstract] | | | | | | | | | | | | | | | | | | | |
| Shareholder Transaction Expenses [Table Text Block] | | | | | | | | | | DSU
Shareholder Transaction Expenses
Maximum sales load ( as a percentage of offering price (a) 1.00%
Offering expenses borne by the Fund ( as a percentage of offering price (a) 0.05%
Dividend reinvestment plan fees $0.02 per share (b)
(a) If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.
(b) Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by DSU. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. | | | | | | | | | |
| Sales Load [Percent] | [1] | | | | | | | | | 1% | | | | | | | | | |
| Dividend Reinvestment and Cash Purchase Fees | [2] | | | | | | | | | $ 0.02 | | | | | | | | | |
| Other Transaction Expenses [Abstract] | | | | | | | | | | | | | | | | | | | |
| Other Transaction Expenses [Percent] | [1] | | | | | | | | | 0.05% | | | | | | | | | |
| Annual Expenses [Table Text Block] | | | | | | | | | | Estimated Annual Expenses as a percentage of net assets attributable to common shares
Investment advisory fees (c)(d) 0.70%
Other expenses 1.77
Miscellaneous 0.09
Interest expense (e) 1.68
Total annual expenses 2.47
Fee waivers (d) —
Total annual Fund operating expenses after fee waivers (d) 2.47
(c) DSU currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.55% of the average daily value of DSU’s net assets, plus the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”).
(d) DSU and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of DSU’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (the “ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees DSU pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by DSU (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of DSU (the “Independent Directors”)) or a majority of the outstanding voting securities of DSU), upon 90 days’ written notice by DSU to the Manager.
(e) DSU uses leverage in the form of a credit facility, in an amount equal to approximately 22.7% of DSU’s Managed Assets at an annual interest expense to DSU of 5.91% which is based on current market conditions. The actual amount of interest expense borne by DSU will vary over time in accordance with the level of DSU’s use of leverage and variations in market interest rates. Interest expense is required to be treated as expense of DSU for accounting purposes. | | | | | | | | | |
| Management Fees [Percent] | [3],[4] | | | | | | | | | 0.70% | | | | | | | | | |
| Other Annual Expenses [Abstract] | | | | | | | | | | | | | | | | | | | |
| Other Annual Expense 1 [Percent] | | | | | | | | | | 0.09% | | | | | | | | | |
| Other Annual Expense 2 [Percent] | [5] | | | | | | | | | 1.68% | | | | | | | | | |
| Other Annual Expenses [Percent] | | | | | | | | | | 1.77% | | | | | | | | | |
| Total Annual Expenses [Percent] | | | | | | | | | | 2.47% | | | | | | | | | |
| Waivers and Reimbursements of Fees [Percent] | [3] | | | | | | | | | 0% | | | | | | | | | |
| Net Expense over Assets [Percent] | [3] | | | | | | | | | 2.47% | | | | | | | | | |
| Expense Example [Table Text Block] | | | | | | | | | | The following example illustrates DSU’s expenses (including the sales load of $10.00 and offering costs of $0.47) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.47% of net assets attributable to common shares and (ii) a 5% annual return:
1 Year 3 Years 5 Years 10 Years
Total expenses incurred $ 35 $ 87 $ 141 $ 288 | | | | | | | | | |
| Expense Example, Year 01 | | | | | | | | | | $ 35 | | | | | | | | | |
| Expense Example, Years 1 to 3 | | | | | | | | | | 87 | | | | | | | | | |
| Expense Example, Years 1 to 5 | | | | | | | | | | 141 | | | | | | | | | |
| Expense Example, Years 1 to 10 | | | | | | | | | | $ 288 | | | | | | | | | |
| Purpose of Fee Table , Note [Text Block] | | | | | | | | | | The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in DSU’s common shares. | | | | | | | | | |
| Basis of Transaction Fees, Note [Text Block] | | | | | | | | | | as a percentage of offering price | | | | | | | | | |
| Other Transaction Fees, Note [Text Block] | | | | | | | | | | Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by DSU. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. | | | | | | | | | |
| Other Expenses, Note [Text Block] | | | | | | | | | | The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. DSU’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. | | | | | | | | | |
| Management Fee not based on Net Assets, Note [Text Block] | | | | | | | | | | DSU and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of DSU’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (the “ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees DSU pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by DSU (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of DSU (the “Independent Directors”)) or a majority of the outstanding voting securities of DSU), upon 90 days’ written notice by DSU to the Manager. | | | | | | | | | |
| Financial Highlights [Abstract] | | | | | | | | | | | | | | | | | | | |
| Senior Securities [Table Text Block] | | | | | | | | | | The following table sets forth information regarding DSU’s outstanding senior securities as of the end of each of DSU’s last ten fiscal years, as applicable. DSU’s audited financial statements, including Deloitte & Touche LLP’s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report.
DSU — Fiscal Year Ended Total Amount Outstanding Asset Coverage (a) Liquidation Preference Average Market Value (b) Type of Senior Security
December 31, 2023 $ 149,000 $ 4,405 $ N/A $ 137,195 Bank Borrowings
December 31, 2022 164,000 3,967 N/A 215,814 Bank Borrowings
December 31, 2021 248,000 3,172 N/A 239,134 Bank Borrowings
December 31, 2020 229,000 3,349 N/A 220,721 Bank Borrowings
December 31, 2019 262,000 3,310 N/A 264,317 Bank Borrowings
February 28, 2019 278,000 3,308 N/A 293,419 Bank Borrowings
February 28, 2018 338,000 3,196 N/A 348,104 Bank Borrowings
February 28, 2017 318,000 3,455 N/A 234,238 Bank Borrowings
February 29, 2016 190,000 4,733 N/A 254,199 Bank Borrowings
February 28, 2015 295,000 3,719 N/A 303,926 Bank Borrowings
(a) Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.
(b) Represents the average daily amount outstanding for loans under the revolving credit agreements. | | | | | | | | | |
| Senior Securities Amount | | $ 149,000 | | | | $ 164,000 | | | | $ 149,000 | $ 164,000 | $ 248,000 | $ 229,000 | $ 262,000 | $ 278,000 | $ 338,000 | $ 318,000 | $ 190,000 | $ 295,000 |
| Senior Securities Coverage per Unit | [6] | $ 4,405 | | | | $ 3,967 | | | | $ 4,405 | $ 3,967 | $ 3,172 | $ 3,349 | $ 3,310 | $ 3,308 | $ 3,196 | $ 3,455 | $ 4,733 | $ 3,719 |
| Preferred Stock Liquidating Preference | | | | | | | | | | | | | | | | | | | |
| Senior Securities Average Market Value per Unit | [7] | | | | | | | | | $ 137,195 | $ 215,814 | $ 239,134 | $ 220,721 | $ 264,317 | $ 293,419 | $ 348,104 | $ 234,238 | $ 254,199 | $ 303,926 |
| Senior Securities, Note [Text Block] | | | | | | | | | | Senior Securities The following table sets forth information regarding DSU’s outstanding senior securities as of the end of each of DSU’s last ten fiscal years, as applicable. DSU’s audited financial statements, including Deloitte & Touche LLP’s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report.
DSU — Fiscal Year Ended Total Amount Outstanding Asset Coverage (a) Liquidation Preference Average Market Value (b) Type of Senior Security
December 31, 2023 $ 149,000 $ 4,405 $ N/A $ 137,195 Bank Borrowings
December 31, 2022 164,000 3,967 N/A 215,814 Bank Borrowings
December 31, 2021 248,000 3,172 N/A 239,134 Bank Borrowings
December 31, 2020 229,000 3,349 N/A 220,721 Bank Borrowings
December 31, 2019 262,000 3,310 N/A 264,317 Bank Borrowings
February 28, 2019 278,000 3,308 N/A 293,419 Bank Borrowings
February 28, 2018 338,000 3,196 N/A 348,104 Bank Borrowings
February 28, 2017 318,000 3,455 N/A 234,238 Bank Borrowings
February 29, 2016 190,000 4,733 N/A 254,199 Bank Borrowings
February 28, 2015 295,000 3,719 N/A 303,926 Bank Borrowings
(a) Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.
(b) Represents the average daily amount outstanding for loans under the revolving credit agreements. | | | | | | | | | |
| Senior Securities Headings, Note [Text Block] | | | | | | | | | | The following table sets forth information regarding DSU’s outstanding senior securities as of the end of each of DSU’s last ten fiscal years, as applicable. DSU’s audited financial statements, including Deloitte & Touche LLP’s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report. | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk Factors [Table Text Block] | | | | | | | | | | 10. PRINCIPAL RISKS In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Illiquidity Risk: Market Risk: Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. Counterparty Credit Risk: A derivative contract may suffer a mark-to-market For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option. With exchange-traded options purchased, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds. Geographic/Asset Class Risk: Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features. The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance. The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments. LIBOR Transition Risk Risk Factors This section contains a discussion of the general risks of investing in each Fund. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Fund will meet its investment objective or that the Fund’s performance will be positive for any period of time. Each risk noted below is applicable to each Fund unless the specific Fund or Funds are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk. Investment and Market Discount Risk: closed-end Concentration Risk (BIT): Debt Securities Risk:
• Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
• Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.
• Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
• Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. U.S. Government Obligations Risk: non-payment U.S. Government Mortgage-Related Securities Risk (FRA, BKT and BLW): Mortgage- and Asset-Backed Securities Risks (FRA, BKT, BLW and BIT): Senior Loans Risk (DSU, FRA, BLW and BIT): non-payment non-payment Second Lien Loans Risk (BIT): CLO Risk (BIT and FRA): Risks of Loan Assignments and Participations (BLW): set-off set-off Corporate Loans Risk (DSU): Variable and Floating Rate Instrument Risk (DSU, FRA and BLW): Unrated Securities Risk (BIT): High Yield Bonds Risk (DSU, FRA, BLW and BIT): Distressed Securities Risk (DSU and FRA): expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. Collateralized Bond Obligations Risk (BLW): Collateralized Debt Obligations Risk (FRA): Sovereign Debt Risk (FRA, BLW and BIT): Municipal Securities Risks (BIT):
• General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.
• Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.
• Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.
• Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.
• Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.
• Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.
• Tax-Exempt tax-exempt Brady Bonds Ris (BLW): non-U.S. Supranational Entities Risk (BLW): Yield and Ratings Risk (BKT) Repurchase Agreements and Purchase and Sale Contracts Risk (BKT and BIT) Foreign Securities Risk (DSU, FRA, BLW and BIT):
• The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.
• Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.
• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.
• The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.
• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.
• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
• The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund’s net asset value. Emerging Markets Risk (FRA, BLW and BIT): Equity Securities Risk (DSU, FRA, BLW and BIT): Small and Mid-Capitalization mid-size Preferred Securities Risk (DSU, FRA, BLW and BIT): Convertible Securities Risk (DSU, FRA and BIT): Warrants Risk (DSU and FRA): Real Estate-Related Securities Risk (BLW): re-lease REIT Investment Risk (BLW and BIT): Structured Securities Risk (BIT): Derivatives Risk:
• Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.
• Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value.
• Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
• Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.
• Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.
• Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
• Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
• Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.
• Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
• Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. Structured Notes Risk (FRA): Leverage Risk: The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful. Leverage involves risks and special considerations for common shareholders, including:
• the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
• the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;
• the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;
• leverage may increase operating costs, which may reduce total return.
• Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares. Reverse Repurchase Agreements Risk: Dollar Rolls Risk (BLW and BIT): Short Sales Risk (DSU and BIT): Illiquid Investments Risk: Inverse Floater and Related Securities Risk (BIT): Investment Companies and ETFs Risk (DSU, BLW and BIT): The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished. As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited. Risk of Investing in the United States: Market Risk and Selection Risk: An outbreak of an infectious coronavirus (COVID-19) Shareholder Activism Risk: closed-end | | | | | | | | | |
| Share Price [Table Text Block] | | | | | | | | | | The following tables summarize each Fund’s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.
NYSE Market Price Per Common Share NAV per Common Share on Date of Market Price Premium/ (Discount) on Date of Market Price
DSU — During Quarter Ended High Low High Low High Low Trading Volume
December 31, 2023 $ 10.85 $ 9.78 $ 10.87 $ 10.61 (0.18 )% (7.82 )% 9,476,571
September 30, 2023 10.36 9.81 10.84 10.76 (4.43 ) (8.83 ) 8,558,668
June 30, 2023 9.79 9.25 10.72 10.51 (8.68 ) (11.99 ) 8,742,409
March 31, 2023 9.96 9.25 10.79 10.48 (7.69 ) (11.74 ) 8,395,438
December 31, 2022 9.77 8.80 10.48 10.24 (6.77 ) (14.06 ) 9,860,686
September 30, 2022 10.15 8.83 10.84 10.27 (6.37 ) (14.02 ) 6,897,776
June 30, 2022 10.52 8.59 11.34 10.40 (7.23 ) (17.40 ) 11,465,492
March 31, 2022 11.75 10.06 11.57 11.20 1.56 (10.18 ) 11,354,361 As of December 31, 2023, DSU’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.79 | | | | | | | | | |
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | | | | | | | | | | |
| Capital Stock [Table Text Block] | | | | | | | | | | 11. CAPITAL SHARE TRANSACTIONS DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. FRA and BKT are authorized to issue 200 million shares, all of which were initially classified as Common Shares. BLW and BIT is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for DSU’s, FRA’s, BKT’s, BLW’s and BIT’s shares is $0.10, $0.10, $0.010, $0.001 and $0.001, respectively. The Board for DSU, FRA, BLW and BIT are each authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders. Common Shares For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
Year Ended
Fund Name 12/31/23 12/31/22
DSU — 3,721
BKT 3,394 3,887 (a)
(a) Share transactions reflect 1-for-3
Period from Year Ended
Fund Name to 12/31/23 10/31/23 10/31/22
BIT 31,420 103,666 74,296
For the year ended December 31, 2023, shares issued and outstanding remained constant for DSU. For the year ended December 31, 2023 and the year ended December 31, 2022, shares issued and outstanding remained constant for FRA and BLW. The Funds participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2022 through November 30, 2023, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. From December 1, 2023 through November 30, 2024, each Fund may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Fund’s NAV. There is no assurance that the Funds will purchase shares in any particular amounts. For the period ended December 31, 2023, the Funds did not repurchase any shares. DSU, BKT, BLW and BIT have each filed a prospectus with the SEC allowing them to issue an additional 16,000,000, 8,333,333, 10,000,000 and 15,000,000 Common Shares, respectively, through an equity Shelf Offering. Under the Shelf Offering, DSU, BKT, BLW and BIT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). As of period end, 16,000,000, 8,333,333, 10,000,000 and 15,000,000 Common Shares, respectively, remain available for issuance under the Shelf Offering. For the period ended December 31, 2023, Common Shares issued and outstanding under the Shelf Offering remained constant for DSU, BKT, BLW and BIT. See Additional Information - Shelf Offering Program for additional information. Initial costs incurred by DSU, BKT, BLW and BIT in connection with their Shelf Offering are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. | | | | | | | | | |
| Investment and Market Discount Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Investment and Market Discount Risk: closed-end | | | | | | | | | |
| Concentration Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Concentration Risk (BIT): | | | | | | | | | |
| Debt Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Debt Securities Risk:
• Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
• Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund management. To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund’s performance.
• Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
• Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. | | | | | | | | | |
| U S Government Obligations Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | U.S. Government Obligations Risk: non-payment | | | | | | | | | |
| U S Government MortgageRelated Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | U.S. Government Mortgage-Related Securities Risk (FRA, BKT and BLW): | | | | | | | | | |
| Mortgage and AssetBacked Securities Risks [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Mortgage- and Asset-Backed Securities Risks (FRA, BKT, BLW and BIT): | | | | | | | | | |
| Senior Loans Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Senior Loans Risk (DSU, FRA, BLW and BIT): non-payment non-payment | | | | | | | | | |
| Second Lien Loans Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Second Lien Loans Risk (BIT): | | | | | | | | | |
| CLO Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | CLO Risk (BIT and FRA): | | | | | | | | | |
| Risks of Loan Assignments and Participations [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Risks of Loan Assignments and Participations (BLW): set-off set-off | | | | | | | | | |
| Corporate Loans Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Corporate Loans Risk (DSU): | | | | | | | | | |
| Variable and Floating Rate Instrument Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Variable and Floating Rate Instrument Risk (DSU, FRA and BLW): | | | | | | | | | |
| Unrated Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Unrated Securities Risk (BIT): | | | | | | | | | |
| High Yield Bonds Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | High Yield Bonds Risk (DSU, FRA, BLW and BIT): | | | | | | | | | |
| Distressed Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Distressed Securities Risk (DSU and FRA): expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. | | | | | | | | | |
| Collateralized Bond Obligations Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Collateralized Bond Obligations Risk (BLW): | | | | | | | | | |
| Collateralized Debt Obligations Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Collateralized Debt Obligations Risk (FRA): | | | | | | | | | |
| Sovereign Debt Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Sovereign Debt Risk (FRA, BLW and BIT): | | | | | | | | | |
| Municipal Securities Risks [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Municipal Securities Risks (BIT):
• General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.
• Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.
• Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.
• Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.
• Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.
• Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property.
• Tax-Exempt tax-exempt | | | | | | | | | |
| Brady Bonds Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Brady Bonds Ris (BLW): non-U.S. | | | | | | | | | |
| Supranational Entities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Supranational Entities Risk (BLW): | | | | | | | | | |
| Yield and Ratings Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Yield and Ratings Risk (BKT) | | | | | | | | | |
| Repurchase Agreements and Purchase and Sale Contracts Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Repurchase Agreements and Purchase and Sale Contracts Risk (BKT and BIT) | | | | | | | | | |
| Foreign Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Foreign Securities Risk (DSU, FRA, BLW and BIT):
• The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.
• Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.
• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.
• The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.
• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.
• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
• The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund’s net asset value. | | | | | | | | | |
| Emerging Markets Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Emerging Markets Risk (FRA, BLW and BIT): | | | | | | | | | |
| Small and Mid Capitalization Company Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Small and Mid-Capitalization mid-size | | | | | | | | | |
| Preferred Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Preferred Securities Risk (DSU, FRA, BLW and BIT): | | | | | | | | | |
| Convertible Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Convertible Securities Risk (DSU, FRA and BIT): | | | | | | | | | |
| Warrants Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Warrants Risk (DSU and FRA): | | | | | | | | | |
| Real Estate Related Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Real Estate-Related Securities Risk (BLW): re-lease | | | | | | | | | |
| REIT Investment Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | REIT Investment Risk (BLW and BIT): | | | | | | | | | |
| Structured Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Structured Securities Risk (BIT): | | | | | | | | | |
| Derivatives Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Derivatives Risk:
• Leverage Risk — The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.
• Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s derivatives positions to lose value.
• Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
• Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.
• Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.
• Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
• Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
• Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.
• Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
• Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. | | | | | | | | | |
| Structured Notes Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Structured Notes Risk (FRA): | | | | | | | | | |
| Leverage Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Leverage Risk: The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Fund employs may not be successful. Leverage involves risks and special considerations for common shareholders, including:
• the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
• the risk that fluctuations in interest rates or dividend rates on any leverage that the Fund must pay will reduce the return to the common shareholders;
• the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;
• leverage may increase operating costs, which may reduce total return.
• Any decline in the net asset value of the Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Fund’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares. | | | | | | | | | |
| Reverse Repurchase Agreements Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Reverse Repurchase Agreements Risk: | | | | | | | | | |
| Dollar Rolls Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Dollar Rolls Risk (BLW and BIT): | | | | | | | | | |
| Short Sales Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Short Sales Risk (DSU and BIT): | | | | | | | | | |
| Illiquid Investments Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Illiquid Investments Risk: | | | | | | | | | |
| Inverse Floater and Related Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Inverse Floater and Related Securities Risk (BIT): | | | | | | | | | |
| Investment Companies and ETFs Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Investment Companies and ETFs Risk (DSU, BLW and BIT): The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Fund) will be diminished. As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited. | | | | | | | | | |
| Risk of Investing in the United States [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Risk of Investing in the United States: | | | | | | | | | |
| Market Risk and Selection Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Market Risk and Selection Risk: An outbreak of an infectious coronavirus (COVID-19) | | | | | | | | | |
| Shareholder Activism Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Shareholder Activism Risk: closed-end | | | | | | | | | |
| Illiquidity Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Illiquidity Risk: | | | | | | | | | |
| Market Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Market Risk: | | | | | | | | | |
| Valuation Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Valuation Risk: The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers. | | | | | | | | | |
| Counterparty Credit Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Counterparty Credit Risk: A derivative contract may suffer a mark-to-market For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option. With exchange-traded options purchased, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds. | | | | | | | | | |
| Geographic Asset Class Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Geographic/Asset Class Risk: Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features. The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance. The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment | | | | | | | | | |
| LIBOR Transition Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | LIBOR Transition Risk | | | | | | | | | |
| Equity Securities Risk [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Risk [Text Block] | | | | | | | | | | Equity Securities Risk (DSU, FRA, BLW and BIT): | | | | | | | | | |
| Investment Objective [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Investment Objectives and Practices [Text Block] | | | | | | | | | | Investment Objective BlackRock Debt Strategies Fund, Inc.’s (DSU) (the “Fund”) No assurance can be given that the Fund’s investment objective will be ach | | | | | | | | | |
| Investment Objectives and Policies [Member] | | | | | | | | | | | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Investment Objectives and Practices [Text Block] | | | | | | | | | | Investment Objectives and Policies BlackRock Debt Strategies Fund, Inc. (DSU) The Fund’s primary investment objective is to seek to provide current income by investing primarily in a diversified portfolio of U.S. companies’ debt instruments, including Corporate Loans (as defined below), which are rated in the lower rating categories of the established rating services (Baa or lower by Moody’s Investor’s Service (“Moody’s”) or BBB or lower by S&P Global Ratings (“S&P”)) or unrated debt instruments which are in the judgment of BlackRock Advisors, LLC (the “Manager”) of equivalent quality. Such investments generally involve greater volatility of price and risks to principal and income than securities in the higher rating categories. As a secondary objective, the Fund will seek to provide capital appreciation. The Fund’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”)). Under normal market conditions, at least 80% of the Fund’s total assets will be invested in debt instruments. The Fund may invest directly in debt instruments or synthetically through the use of derivatives. The Fund has no restrictions on portfolio maturity or duration of the debt securities in which it may invest. The Fund’s investment policies permit investment in the following asset classes which are described in greater detail below: (i) senior and subordinated corporate loans, both secured and unsecured (“Corporate Loans”), issued either directly by the borrower or in the form of participation interests in Corporate Loans made by banks and other financial institutions; (ii) publicly offered and privately placed high-yield debt securities, senior and subordinated, both secured and unsecured; and (iii) convertible debt instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and nonconvertible preferred stock. The debt securities and Corporate Loans in which the Fund invests may pay interest at fixed rates or at rates that float at a margin above a generally recognized base lending rate such as the prime rate of a designated U.S. bank, or that adjust periodically at a margin above the CD rate or LIBOR. In connection with its investments in corporate debt securities, or restructuring of investments owned by the Fund, the Fund may receive warrants or other non-income The Fund will not invest in Corporate Loans that would require the Fund to make any additional investments in connection with its obligation to make future advances to a borrower in connection with revolving credit facilities if such commitments would exceed 20% of the Fund’s total assets or would cause the Fund to fail to meet the diversification requirements described herein. The Fund may invest in high-yield corporate debt securities, including Corporate Loans, which are rated in the lower rating categories of the established rating services (Baa or lower by Moody’s and BBB or lower by S&P Global Ratings), or in unrated securities considered by the Manager to be of comparable quality. Securities rated below Baa or lower by Moody’s or BBB or lower by S&P and unrated securities of comparable quality, are commonly known as “junk bonds.” Securities which subsequently are downgraded may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so. Up to 20% of the Fund’s total assets may be invested in Distressed Securities (defined below), which includes publicly offered or privately placed debt securities and Corporate Loans which, at the time of investment, are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest or are rated in the lowest rating categories (Ca or lower by Moody’s and CC or lower by S&P) or which, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”). Although the Fund will invest primarily in lower-rated securities, other than with respect to Distressed Securities (which are discussed below) it will not invest in securities in the lowest rating categories (Ca or below by Moody’s and CC or below by S&P) unless the Manager believes that the financial condition of the issuer or the protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings. Securities which subsequently are downgraded may continue to be held by the Fund and will be sold only if, in the judgment of the Manager, it is advantageous to do so. Up to 20% of the Fund’s total assets may be invested in financial instruments of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational foreign currency units, provided that the foreign issuers of any non-U.S. Co-operation Up to 20% of the Fund’s total assets can be invested in convertible debt instruments and preferred stock, each of which may be converted into common stock or other securities of the same or a different issuer, and non-convertible As a result of conversions of convertible securities or upon an exchange offer or bankruptcy plan of reorganization, a significant portion of the Fund’s total assets may be invested in common stock at certain points in time. The Fund may engage in various portfolio strategies to seek to increase its return and to hedge its portfolio against movements in interest rates or foreign currencies through the use of interest rate or foreign currency swap transactions, the purchase of call and put options on securities, the sale of covered call and put options on its portfolio securities and transactions in financial futures and related options on such futures. There can be no assurance that the Fund will employ these strategies or that, if employed, they will be effective. The Fund may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Fund may make short sales both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Fund’s obligation to replace the borrowed security will be secured by collateral deposited with the broker dealer, usually cash, U.S. government securities or other liquid securities similar to those borrowed. The Fund also will be required to segregate similar collateral with its custodian or designate such collateral on its books and records to the extent, if any, necessary so that the value of both collateral amounts in the aggregate is at all times equal to at least 100% of the current market value of the security sold short. The Fund also may make short sales “against the box.” Short sales “against the box” are not subject to the foregoing 10% limitation. Subject to other investment restrictions applicable to the Fund, up to 10% of the Fund’s assets may be invested in debt instruments, including Corporate Loans, of investment companies (which may or may not be registered under the Investment Company Act) whose portfolio securities consist entirely of (i) corporate debt or equity securities acceptable to the Manager or (ii) money market instruments. The Fund has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale. Leverage: The Fund may enter into derivative securities transactions that have leverage embedded in them. The Fund may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which may otherwise require untimely dispositions of Fund securities. The Fund at times may borrow from affiliates of the Manager, provided that the terms of such borrowings are no less favorable than those available from comparable sources of funds in the marketplace. There can be no assurance that the Fund will borrow in order to leverage its assets or, if it does, what percentage of the Fund’s assets such borrowings will represent. The Fund does not currently anticipate issuing any preferred stock. | | | | | | | | | |
| Common Shares [Member] | | | | | | | | | | | | | | | | | | | |
| Other Annual Expenses [Abstract] | | | | | | | | | | | | | | | | | | | |
| Basis of Transaction Fees, Note [Text Block] | | | | | | | | | | as a percentage of net assets attributable to common shares | | | | | | | | | |
| General Description of Registrant [Abstract] | | | | | | | | | | | | | | | | | | | |
| Lowest Price or Bid | | 9.78 | $ 9.81 | $ 9.25 | $ 9.25 | 8.8 | $ 8.83 | $ 8.59 | $ 10.06 | | | | | | | | | | |
| Highest Price or Bid | | 10.85 | 10.36 | 9.79 | 9.96 | 9.77 | 10.15 | 10.52 | 11.75 | | | | | | | | | | |
| Lowest Price or Bid, NAV | | 10.61 | 10.76 | 10.51 | 10.48 | 10.24 | 10.27 | 10.4 | 11.2 | | | | | | | | | | |
| Highest Price or Bid, NAV | | $ 10.87 | $ 10.84 | $ 10.72 | $ 10.79 | $ 10.48 | $ 10.84 | $ 11.34 | $ 11.57 | | | | | | | | | | |
| Highest Price or Bid, Premium (Discount) to NAV [Percent] | | (0.18%) | (4.43%) | (8.68%) | (7.69%) | (6.77%) | (6.37%) | (7.23%) | 1.56% | | | | | | | | | | |
| Lowest Price or Bid, Premium (Discount) to NAV [Percent] | | (7.82%) | (8.83%) | (11.99%) | (11.74%) | (14.06%) | (14.02%) | (17.40%) | (10.18%) | | | | | | | | | | |
| Share Price | | $ 10.79 | | | | | | | | $ 10.79 | | | | | | | | | |
| NAV Per Share | | $ 10.89 | | | | | | | | $ 10.89 | | | | | | | | | |
| Latest Premium (Discount) to NAV [Percent] | | | | | | | | | | (0.92%) | | | | | | | | | |
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | | | | | | | | | | | | | | | | | | | |
| Outstanding Securities [Table Text Block] | | | | | | | | | | DSU is authorized to issue 400 million shares, all of which were initially classified as Common Shares. | | | | | | | | | |
| Outstanding Security, Authorized [Shares] | | | | | | | | | | 400,000,000 | | | | | | | | | |
| Outstanding Security, Held [Shares] | | | | | | | | | | 46,610,312 | | | | | | | | | |
| |
| [1]If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Fund shareholders will pay all offering expenses involved with an offering.[2]Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by DSU. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $0.02 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.[3]DSU and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of DSU’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (the “ETFs”) managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2025. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees DSU pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2025. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by DSU (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of DSU (the “Independent Directors”)) or a majority of the outstanding voting securities of DSU), upon 90 days’ written notice by DSU to the Manager.[4]DSU currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.55% of the average daily value of DSU’s net assets, plus the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”).[5]DSU uses leverage in the form of a credit facility, in an amount equal to approximately 22.7% of DSU’s Managed Assets at an annual interest expense to DSU of 5.91% which is based on current market conditions. The actual amount of interest expense borne by DSU will vary over time in accordance with the level of DSU’s use of leverage and variations in market interest rates. Interest expense is required to be treated as expense of DSU for accounting purposes.[6]Calculated by subtracting the Fund’s total liabilities (not including bank borrowings) from the Fund’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000.[7]Represents the average daily amount outstanding for loans under the revolving credit agreements. | |
