BlackRock Debt Strategies Fund, Inc.

Cusip: 09255R202

Ticker: DSU

Record Date		December 15, 2023
Pay Date		December 20, 2023
Distribution Amount per share	$	0.098730

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.

							% Breakdown of the
			% Breakdown		Total Cumulative		Total Cumulative
			of the Current		Distributions for the Fiscal		Distributions for the
	Current Distribution		Distribution		Year to Date		Fiscal Year to Date
Net Income	$	0.085822		87%	$	0.983251		94	%
Net Realized Short-Term Capital Gains	$	-		0%	$	-		0	%
Net Realized Long-Term Capital Gains	$	-		0%	$	-		0	%
Return of Capital	$	0.012908		13%	$	0.063179		6	%
Total (per common share)	$	0.098730		100%	$	1.046430		100	%
Average annual total return (in relation to NAV) for the 5-year period ending on November 30, 2023								5.98	%
Annualized current distribution rate expressed as a percentage of NAV as of November 30, 2023								11.03	%
Cumulative total return (in relation to NAV) for the fiscal year through November 30, 2023								13.12	%
Cumulative fiscal year distributions as a percentage of NAV as of November 30, 2023								8.82	%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052

NM1223U-3293548-1/1

BlackRock Debt Strategies Fund, Inc.

Cusip: 09255R202

Ticker: DSU

Record Date		January 12, 2024
Pay Date		January 31, 2024
Distribution Amount per share	$	0.098730

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.

							% Breakdown of the
			% Breakdown		Total Cumulative		Total Cumulative
			of the Current		Distributions for the Fiscal		Distributions for the
	Current Distribution		Distribution		Year to Date		Fiscal Year to Date
Net Income	$	0.083355		84%	$	0.083355		84	%
Net Realized Short-Term Capital Gains	$	-		0%	$	-		0	%
Net Realized Long-Term Capital Gains	$	-		0%	$	-		0	%
Return of Capital	$	0.015375		16%	$	0.015375		16	%
Total (per common share)	$	0.098730		100%	$	0.098730		100	%
Average annual total return (in relation to NAV) for the 5-year period ending on December 31, 2023								7.34	%
Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2023								10.88	%
Cumulative total return (in relation to NAV) for the fiscal year through December 31, 2023								15.74	%
Cumulative fiscal year distributions as a percentage of NAV as of December 31, 2023								0.91	%

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Funds Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income’.

When distributions exceed total return performance, the difference will reduce the Fund’s net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052