BlackRock Credit Allocation Income Trust (BTZ) Cash Flow Statement
Where BTZ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $71.5M −49.5% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $71.5M 65.2% margin
- Returned to shareholders
- $93.6M 131% of free cash flow
- Change in cash
- −$63,826 cash at year-end $135,788
Drawn to scale: where the cash came from and how it was used. Hover for values.
BTZ operating cash flow, capex and free cash flow
BTZ cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $126.0M2016 | $71.5M2025 | −6.1%/yr | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $126.0M2016 | $71.5M2025 | −6.1%/yr | |
| Free cash flow margin | 164.3%2016 | 65.2%2025 | −99.1 pts | |
| Operating cash flow / net income | 0.972016 | 0.702025 | −0.27 | |
| Dividends paid | $100.0M2016 | $93.6M2025 | −0.7%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTZ cash flow by activity
BTZ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BTZ cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $102.3M | $63.4M | $132.2M | −$280.0M | $37.7M | $162.7M | $209.3M | −$41.5M | $118.4M | $130.0M |
| Depreciation & amortization | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Change in working capital | $1.4M | −$11.1M | $6.5M | $5.4M | −$12.1M | $4.9M | $5.7M | −$4.0M | −$1.9M | $20.1M |
| Other non-cash items | −$32.2M | $89.1M | −$41.2M | $377.6M | $94.7M | $44.6M | $23.7M | −$72.6M | $143.5M | −$24.1M |
| Cash from operating activities | $71.5M | $141.4M | $97.4M | $103.0M | $120.3M | $212.2M | $238.7M | −$118.0M | $259.9M | $126.0M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | −$3 | −$4 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Acquisitions & other investing | $12.8M | $68.5M | $41.0M | $12.1M | $48.3M | $126.3M | $155.2M | −$219.9M | $170.5M | $29.4M |
| Cash from investing activities | $12.8M | $68.5M | $41.0M | $12.1M | $48.3M | $126.3M | $155.2M | −$219.9M | $170.5M | $29.4M |
| Financing activities | ||||||||||
| Dividends paid | −$93.6M | −$94.0M | −$94.1M | −$94.1M | −$93.7M | −$95.0M | −$85.4M | −$85.6M | −$90.7M | −$100.0M |
| Share repurchases & issuance (net) | $0 | −$29,565 | −$1.8M | −$6.0M | $0 | −$155.2M | −$13.0M | −$30.5M | −$8.8M | $0 |
| Net borrowing (repayment) | $7.6M | −$54.1M | −$3.5M | $6.0M | −$26.7M | $40.2M | −$145.5M | $237.2M | −$160.4M | −$47.8M |
| Shares issued | $0 | $0 | $0 | $33,408 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $6.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash from financing activities | −$86.0M | −$148.1M | −$99.5M | −$88.1M | −$120.4M | −$210.1M | −$243.9M | $121.1M | −$259.9M | −$147.8M |
| Summary | ||||||||||
| Net change in cash | −$63,826 | −$6.7M | −$2.0M | $14.9M | −$85,803 | $2.1M | −$5.3M | $3.1M | $14,142 | −$1.7M |
| Cash at end of period | $135,788 | $8.7M | $15.4M | $17.5M | $2.5M | $2.6M | $609,230 | $5.9M | $31,193 | $17,051 |
| Free cash flow | $71.5M | $141.4M | $97.4M | $103.0M | $120.3M | $212.2M | $238.7M | −$118.0M | $259.9M | $126.0M |
| Free cash flow margin | 65.2% | 137.5% | 185.6% | — | 310.9% | 129.6% | 112.6% | — | 217.8% | 164.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | — | 0.0% | 0.0% |
| Operating cash flow / net income | 0.70 | 2.23 | 0.74 | — | 3.19 | 1.30 | 1.14 | — | 2.20 | 0.97 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $11.2M | $5.6M | $46.2M | $23.1M | $28.0M | $28.0M | $47.2M | $23.6M | $8.1M | $8.1M | $41.2M | $41.2M |
| Change in working capital | −$409,302 | −$204,651 | −$2.9M | −$1.4M | $2.1M | $2.1M | $1.5M | $762,296 | −$6.3M | −$6.3M | $7.1M | $3.6M |
| Other non-cash items | $22.0M | $57.8M | −$12.9M | $22.1M | $10.8M | −$29.9M | −$12.0M | $27.8M | $24.9M | $16.8M | −$6.7M | −$11.4M |
| Cash from operating activities | $32.8M | $63.1M | $30.5M | $43.8M | $41.0M | $251,013 | $36.7M | $52.1M | $26.7M | $18.6M | $41.6M | $33.4M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | −$3 | $0 | $0 | $0 | −$5 | $0 | −$2 | $0 | −$4 | $0 |
| Acquisitions & other investing | $97.3M | — | $52.9M | — | −$40.1M | — | $63.4M | — | $5.2M | — | $33.3M | — |
| Cash from investing activities | $97.3M | — | $52.9M | — | −$40.1M | — | $63.4M | — | $5.2M | — | $33.3M | — |
| Financing activities | ||||||||||||
| Dividends paid | −$47.0M | −$23.5M | −$47.0M | −$23.5M | −$23.3M | −$23.3M | −$47.3M | −$23.7M | −$23.3M | −$23.3M | −$47.4M | −$23.7M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | — | −$911,947 | −$911,947 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$81.8M | −$40.9M | −$42.0M | −$21.0M | $26.3M | $24.8M | −$58.4M | −$29.2M | −$19.0M | $2.1M | −$27.7M | −$13.4M |
| Cash from financing activities | −$128.8M | −$64.4M | −$89.0M | −$44.5M | $3.0M | $1.5M | −$105.7M | −$52.9M | −$42.4M | −$21.2M | −$76.0M | −$38.0M |
| Summary | ||||||||||||
| Net change in cash | $104,736 | — | $134,570 | — | −$198,396 | — | −$883,956 | — | $1.1M | −$2.6M | −$551,781 | −$4.6M |
| Cash at end of period | $240,524 | $135,788 | $135,788 | $1,218 | $1,218 | $199,614 | $199,614 | $1.1M | $1.1M | −$2.6M | $1,475 | −$4.6M |
| Free cash flow | $32.8M | $63.1M | $30.5M | $43.8M | $251,013 | $251,013 | $36.7M | $52.1M | $18.6M | $18.6M | $41.6M | $33.4M |
| Free cash flow margin | 65.8% | 273.2% | 53.1% | 172.3% | 1.0% | 1.0% | 66.2% | 197.5% | 68.5% | 68.5% | 88.8% | 125.2% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | 2.94 | 11.32 | 0.66 | 1.89 | 1.46 | 0.01 | 0.78 | 2.21 | 3.29 | 2.30 | 1.01 | 0.81 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BTZ cash generation
In fiscal 2025 (ended December 31, 2025), BlackRock Credit Allocation Income Trust generated $71.5 million of cash from operations (down 49.5%) and spent $0 on capital expenditures, leaving free cash flow of $71.5 million, 65.2% of revenue. It returned $93.6 million to shareholders through dividends ($93.6 million) and net share buybacks ($0). Cash and equivalents fell by $0.1 million over the year.
Related: BTZ income statement, BTZ balance sheet, BTZ dividend history. See the BTZ stock overview for the latest quote and news.
BTZ cash flow FAQ
What is BlackRock Credit Allocation Income Trust's free cash flow?
BlackRock Credit Allocation Income Trust's free cash flow was $71.5 million in fiscal 2025: $71.5 million of operating cash flow minus $0 of capital expenditures It was $141.4 million a year earlier..
How much cash does BlackRock Credit Allocation Income Trust generate from operations?
BlackRock Credit Allocation Income Trust generated $71.5 million of cash from operating activities in fiscal 2025, 0.70 times its net income of $102.3 million.
How much does BlackRock Credit Allocation Income Trust pay in dividends?
BlackRock Credit Allocation Income Trust paid $93.6 million in dividends in fiscal 2025, 130.9% of free cash flow.