RCS - QuotedData NEWCO - Initiation from QuotedData

North American Income TrustAnnouncement

Today 13:15

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RNS Number : 3168J  QuotedData NEWCO  27 November 2025

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
(https://quoteddata.com/glossary/tender-offer/)  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 (https://quoteddata.com/glossary/active-share/)  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
(https://quoteddata.com/glossary/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/
(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
(http://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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