Initiation from QuotedData

BlackRock American Income Trust - Initiation from QuotedData

27 November 2025

And now for something completely different

Earlier this year, BlackRock American Income (BRAI) announced a radical shake up. It asked shareholders to approve a new investment objective and policy, announced a new enhanced dividend policy, cut management fees drastically, and offered shareholders a 20% tender at a 2% discount to NAV (after costs).

The proposals were welcomed by investors, with more than 99% of those voting giving their approval. The tender offer was undersubscribed, with just 16.15% of BRAI's shares validly tendered.

In its new form, the trust is following an investment approach distinct from any other investment company listed in the UK - investing using a systematic active equity approach devised by BlackRock (which uses data-driven insights to identify and take advantage of mispriced stocks). This note seeks to explain BRAI's new approach and the corporate structure that supports that. Whilst we have included some historical performance data for reference in the charts on this page, further analysis of it feels redundant. Instead, we have focused on BRAI's returns since the strategy change.

The portfolio continues to focus on income and capital growth from US value stocks, offering diversification for investors mainly exposed to large US tech stocks. There has been a major change in how investments are chosen, detailed further below.

Full Research:

https://quoteddata.com/research/blackrock-american-income-trust-and-now-for-something-completely-different-qd/

This research is also available free on our website www.quoteddata.com where you will also find news, performance data and factsheets on every London listed Investment Company. QuotedData writes and distributes research on a number of quoted companies, facilitates meetings between those companies and existing and potential investors and assists in raising additional capital where required.

NB: Marten & Co was paid to produce this note BlackRock American Income Trust Plc, and it is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the Financial Conduct Authority. Marten & Co is not permitted to provide investment advice to individual investors categorised as Retail Clients under the rules of the Financial Conduct Authority.

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