# BlackRock Floating Rate Income Trust

BlackRock Floating Rate Income Trust is an Asset Manager based in Wilmington, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Wilmington, United States
- **Region:** North America
- **Address:** Wilmington, DE, United States
- **Founded:** 2004
- **Assets under management:** Undisclosed
- **Website:** blackrock.com

## Regulatory record

- **Reports private funds:** No

## About

BlackRock Floating Rate Income Trust (NYSE: BGT) began trading in November 2004 as a closed-end management investment company advised by BlackRock Advisors, LLC. The trust was built to hold a diversified portfolio of floating-rate senior loans, with secondary exposure to other debt instruments. BlackRock, the world's largest asset manager, provides the trust's investment advisory services and operational infrastructure. The portfolio management team sits within BlackRock's Global Credit group, drawing on a dedicated bank-loan research team that covers roughly 1,000 issuers across North America and Europe. The trust invests at least 80% of its managed assets in floating-rate income securities, predominantly senior secured loans to non-investment-grade US and European corporations. Sectors with historical concentration include software, healthcare providers, diversified telecommunication services and commercial services. The portfolio typically holds over 500 individual loan positions, sourced through BlackRock's direct relationships with arranging banks and private-credit sponsors. The trust may also hold second-lien loans, high-yield bonds, and use interest-rate swaps for hedging purposes. Confirmed top holdings in recent periods have included loans to Asurion, TransDigm and Altice USA (per BlackRock quarterly filings, 2024). As a publicly traded closed-end fund, BGT maintains roughly $1.8 billion in total managed assets and can employ leverage — typically around 30% of total assets — to enhance yield (per BlackRock fact sheet, mid-2024). The fund trades on the NYSE and distributes income monthly, a structure that draws yield-seeking individual and institutional investors alike. BlackRock's leveraged-finance platform, which includes approximately 40 dedicated investment professionals, supports the trust through credit analysis, trading, and risk management. The Chief Investment Officer of BlackRock's Global Credit group oversees the broader platform, with Garfin and Delbos handling day-to-day portfolio decisions. What distinguishes BGT from a typical open-end bank-loan fund is its closed-end structure. The trust's share count is fixed, allowing the managers to hold less-liquid loan positions without facing redemption-driven forced sales. This structural feature — combined with BlackRock's scale in loan origination and secondary trading — creates a permanence of capital that mirrors elements of a private-credit fund, but with daily exchange liquidity for shareholders. The trust can therefore lean into market dislocations when open-end peers face net outflows.

## Sectors

- Private Credit
- Leveraged Loans

## People

- Mitchell Garfin — Portfolio Manager
- David Delbos — Portfolio Manager

## Questions

### Who runs investment decisions at BlackRock Floating Rate Income Trust?

Mitchell Garfin and David Delbos serve as co-portfolio managers. Garfin joined BlackRock in 2010 and is a Managing Director within the Global Credit team. Delbos is also a Managing Director and has been with the firm's leveraged-finance group since 2007. They operate with support from BlackRock's roughly 40-person bank-loan research and trading platform.

### Which sectors does the trust typically avoid?

The trust does not publish explicit sector-exclusion lists, but its mandate to invest in senior secured loans naturally steers the portfolio toward industries with asset-heavy or contractual cash-flow characteristics. Historically, the trust has had limited exposure to speculative-growth sectors without tangible collateral or established revenue streams. The majority of holdings cluster in sponsored-backed companies across software, healthcare, telecommunications and business services.

### How does the trust's distribution policy work, and what happened in February 2024?

BGT adopted a managed distribution plan in February 2024, setting a fixed monthly distribution rate. The plan calculates distributions as a percentage of the trust's trailing net asset value, aiming to provide consistent monthly income regardless of short-term portfolio earnings fluctuations. If earnings fall short of the distribution, the shortfall is funded by a return of capital, which reduces NAV. The February 2024 announcement set the rate at $0.1180 per share monthly, based on a 5% annualized distribution rate (per SEC filing, February 2024).

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Last updated: 2026-06-03T20:00:00.000Z

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