Marble Point Loan Financ... Share Discussion Threads

[tag57] 25/8/2023 01:24

Hi Rambutan, what are your current views on this fund?
Thanks
Tag

[rambutan2] 02/12/2022 19:59

Also (very) noted:

On 17 November 2022, the board of directors announced that all resolutions proposed at the Company’s general meeting and annual general meeting held on 16 November 2022 were duly passed including the Continuation Resolution and an amendment to the Company’s articles of incorporation resulting in the creation of a biennial liquidity facility (“Liquidity Facility”).

The Liquidity Facility will provide shareholders with an opportunity to convert Ordinary Shares into a new share class for which assets attributable to such share class are intended to be realised and distributed to shareholders over time, net of any amounts withheld for expenses such as interest expense, debt amortization and other liabilities.

Shareholders may choose to make an irrevocable election to participate in the Liquidity Facility (“Liquidity Election”) by 15 December 2022 with subsequent elections available to be made by 15 December of every other year (each an “Election Date”). Conversion of each electing investor’s Ordinary Shares to Liquidity Facility shares will commence on 1 January 2023 with subsequent conversions on 1 January of every other year following each subsequent Liquidity Election (each a “Conversion Date”). The maximum number of Ordinary Shares which may be converted into Liquidity Facility shares as at any Conversion Date shall be limited to 25.0% of the total outstanding Ordinary Shares as at any Election Date (“Conversion Limit”). As at any Election Date, if Liquidity Elections exceed the Conversion Limit, the board of directors may accept only part of the Liquidity Elections with any reduction applied pro rata across all Liquidity Elections made. Shareholders will be notified as to the number of Ordinary Shares in respect of which Liquidity Election has been accepted prior to each Conversion Date.

[rambutan2] 02/12/2022 19:43

Interestingly noted:

"The Board of Directors of the Company today announces that Investcorp, a leading global alternative investment firm, has agreed to acquire Marble Point Credit Management LLC, a leading US CLO manager and investment manager for the Company. Specific terms of the transaction were not disclosed."

[rambutan2] 13/9/2021 21:19

Interims, "...the Company generated a total NAV return of 13.41% over the first six months of 2021."

[rambutan2] 09/4/2021 21:46

Annual report encompassing an eventful year:

[rambutan2] 11/4/2020 21:29

The inevitable...

8 April 2020

Marble Point Loan Financing Limited

COVID-19 and Q1 2020 dividend update

Marble Point Loan Financing Limited ("the Company" or "MPLF") , today issues an update on the impact of COVID-19 and its Q1 2020 dividend.

As detailed in the Company's previous monthly reports, the quarterly cash distributions from its portfolio of CLO Equity, CLO Debt and other related investments have increased over the past several quarters. These quarterly distributions have funded Company cumulative dividend payments of approximately $0.155 per share since the IPO and other cash uses including new investments. Further, in each of the past five quarters, portfolio cash distributions exceeded the quarterly dividend by a sound margin, in-line with the Board's expectations in normal market conditions.

Given the ongoing uncertainty caused by the COVID-19 pandemic, however, the Board has resolved to temporarily suspend the declaration of dividends. The Board and the Investment Manager recognise the importance of dividends for Shareholders but believe preserving liquidity is the appropriate and prudent action considering the significant near-term uncertainties that exist.

The COVID-19 pandemic and its unprecedented economic disruption have seen rating agencies downgrade CLOs' underlying senior secured loan collateral at an accelerating pace which increases the risk of triggering provisions of CLOs' tests which could impact near-term cash flows. Additionally, the heightened risk of higher than modeled default rates may impact the portion of distributions ascribed to income under the Company's effective yield methodology, thereby potentially affecting the magnitude of cash flows.

It is difficult to predict the full impact of the COVID-19 pandemic on loan and CLO markets, but the Company remains focused on delivering long term value to shareholders and taking prudent actions in the near term in respect of this quickly changing market dynamic.

The Investment Manager believes the dislocation in credit markets may also create attractive investment opportunities beneficial to future investment portfolio cash distributions, with the goal of seeking to maximise shareholders' total return over the long term. The Company believes it is well positioned to take advantage of such dislocation. To the extent that income generated by the CLOs is not distributed but is available for reinvestment into additional collateral within the CLOs, given the current loan market environment, such reinvestment activities may build par and enhance potential distributions from the CLOs in the future.

In the event that cash flows in the near term are not impacted or should conditions in the loan market improve, the Board will consider the reinstatement of the quarterly dividend and other appropriate options.

The Board will, in consultation with the Investment Manager monitor these developments and the performance of the Company's investments and make further announcements as appropriate.

Robert Brown, Chairman of Marble Point Loan Financing, commented:

"With an average of over 29 years' experience in leveraged credit markets, the Investment Manager's senior management team has invested through several previous market dislocations. MPLF's Board of Directors has confidence in the Investment Manager's ability to manage the Company's investments through this period and deliver long-term value for shareholders."

[rambutan2] 05/4/2020 22:18

Last nav before the storm hits!

[rambutan2] 21/10/2019 19:18

Worth a butcher's:



My pick in the sector remains TORO - see comparison chart on pg10 of above report for sector players and performance.

[davebowler] 20/6/2018 09:38

Liberum;
Event

Volta Finance and Marble Point Loan Financing have both reported positive NAV updates for May 2018:

Volta's NAV per share rose by 2.4% to €8.45 at 31 May 2018 (April 2018: €8.25). US Dollar strength added 1.2% to NAV performance in the month. Portfolio gains were driven by CLO debt investments (+1.3%) and bank balance sheet transactions (+1.9%). The company has provided additional disclosure on its exposure to Italian investments (Italian companies account for less than 2.5% of the company's European CLO investments). The discount to NAV has steadily widened over the past year and now stands at -17.2%. The average discount for the CLO fund peer group is -3.1%.

Marble Point Loan Financing generated a 0.7% NAV gain in the month to $0.984 per share. The company believes it is on track to achieve the targeted 10% dividend in year two. The manager reports a healthy environment for CLO issuance with $54 billion of new CLOs issued to date in 2018. We note reports of a slight widening in AAA CLO spreads due to the high level of new issues coming to market. The stock trades on a 4.7% premium to NAV.

[yieldsearch] 31/5/2018 20:29

Hi Rambutan2, tks for setting up this thread, how do you compare each of these debt funds?
I am long VTA only, really because the fund is managed by a large asset manager (Axa). I never heard of Marble Point, i guess based in the USA?

[rambutan2] 02/5/2018 03:15

Other LSE listed CLO/debt funds:

BGLF

CIFU

FAIR

TORO

VTA

[rambutan2] 30/4/2018 19:35

Out today:

The Board of Directors (the "Board") of Marble Point Loan Financing Limited (the "Company") is pleased to announce that the Company's Annual Report and Audited Financial Statements for the year ended 31 December 2017 have been published today and are available on the Company's website (see header above).

During the full year 2017, the Company was a private unlisted investment vehicle whose investments were managed by Marble Point Credit Management LLC, the Company's investment manager. Although the Company was a private vehicle during this period, the Board of the Company is committed to providing meaningful information to our shareholders regarding the Company and its operations for the most recently completed fiscal year.

2017 Highlights and 2018 Update (YTD)

-- In 2017, as a private unlisted investment vehicle, the Company increased its net assets from US$10.2 million to US$165.1 million and net asset value ("NAV") per share increased 20.39% from US$1.03 to US$1.24.(1)

-- On 9 February 2018, the Company raised US$42.5 million in gross proceeds in its initial public offering ("IPO") at an issue price of US$1.00 per ordinary share (or approximately US$40.5 million in net proceeds) and on 13 February 2018, all of the Company's 205,716,892 ordinary shares were admitted to trading on the Specialist Fund Segment of the London Stock Exchange.

-- On 9 April 2018, the Company announced that it had declared a dividend of US$0.0104 per ordinary share payable on 30 April 2018 to shareholders of record on 20 April 2018, representing an annualised dividend in line with the initial targeted dividend of 8% per annum based on the IPO price.

-- Market capitalisation (as at 27 April 2018): US$207.6 million (GBP149 million).(1)

Active Management of Marble Point CLO Investments

In 2017, the CLO market embraced CLO refinancing and reset transactions and "call and roll" transactions, in industry parlance, which effectively make use of a significant portion of an existing CLO's loan assets to recast and renew the CLO's liabilities into a new CLO with updated (often lower) pricing and a new extended maturity. During 2017, there were seven refinancing, reset and "call and roll" transactions involving the Marble Point CLOs held directly or indirectly in the Company's investment portfolio, representing the issuance of approximately US$3.1 billion of CLO debt and equity securities (including newly issued securities). Importantly for the Company, each of these transactions resulted in either (or, in certain instances, both) a reduction of the CLO's weighted average cost of debt or an extension of the CLO's reinvestment period. Extending the reinvestment period allows the collateral managers of the Marble Point CLOs to continue to actively manage the loan portfolio underlying each of these CLOs, thereby positioning the Company, as an investor in the equity securities issued by each of the Marble Point CLOs, to react to and/or benefit from, changing market conditions over time.

[rambutan2] 30/4/2018 19:12

Re divs:
MPLF expects to declare (it did - see below rns) a dividend of at least $0.01 in early April 2018 for the period 13 February 2018 through 31 March 2018. MPLF also expects to declare a quarterly dividend of $0.02 per share in early July 2018.

Dividend for Period 13 February 2018 through 31 March 2018

The Board of Directors of Marble Point Loan Financing Limited ("MPLF") has declared a dividend in respect of the period beginning 13 February 2018 (the date of MPLF's admission to the LSE) through 31 March 2018. This dividend will be payable to MPLF's shareholders of record as follows:


Dividend: US$0.0104 per Ordinary
Share
Ex-Dividend Date: 19 April 2018
Record Date: 20 April 2018
Payment Date: 30 April 2018


This US$0.0104 dividend represents an annualized dividend of 8% based on the IPO price of $1.00 per share.

[rambutan2] 30/4/2018 19:00

Worth noting:

There are no management fees calculated or payable by MPLF on any of its assets that are invested in other entities managed by Marble Point (such as CLOs) as management fees are payable at the level of such underlying investments. As at 28 February 2018, all of MPLF’s non-cash investments are in such entities. MPLF pays Marble Point a management fee quarterly in arrears in an amount equal to 0.40 per cent. per annum of MPLF’s consolidated total assets, except that such fee is not payable in respect of MPLF’s attributable primary market investments in other entities managed by Marble Point or its affiliates and which otherwise pay management fees to Marble Point or such affiliates. In this respect, Marble Point CLOs generally pay Marble Point collateral managers a management fee of up to 40 basis points per annum of such CLO’s total aggregate principal balance of loans, cash equivalents and other investments as well as an incentive fee of up to 20 per cent. of cash on cash returns after the equity tranche of a CLO has achieved a fully-realized 12 per cent. cash-on-cash internal rate of return. In addition, MPLF Funding Ltd. (the “Funding Subsidiary”) pays Marble Point a management fee of 40 basis points per annum of the average daily aggregate principal balance of loans held by MPLF Funding Ltd.

[rambutan2] 30/4/2018 18:58

Listed on the SFM on 13/02/18 with 205,716,892 shares, having raised US$42.5 million through a placing of 42,500,001 new ords:



Robert Brown, Chairman of Marble Point Loan Financing Limited, said:

"We are pleased with the support shown by investors and to achieve the significant milestone of listing the Company. We believe that Marble Point Loan Financing Limited will be the first LSE listed company predominantly focused on US senior secured loans and CLOs that are not managed by third-party CLO collateral managers."

Fellow LSE listed CLOers:

Blackstone/GSO

Chenavari Toro

Fair Oaks

TwentyFour

Volta