Blackstone Loan Financing Share Discussion Threads

[eggbaconandbubble] 25/11/2024 14:17

Question is, are those large trades ‘sells’ or ‘buys’?

[gary1966] 22/11/2024 10:25

Hadn't seen the announcement last night. Well that moves the goal posts. Quite a haircut. Personally was happy to wait years and take the very healthy dividend in the meantime. To get the same income holders are going to have to find something paying 11% at the takeout price, and that is assuming we see it all and that isn't shaved again for costs. Having only started buying in May at under 60c I mustn't complain but am going to miss what I considered a relatively safe income.

[dendria] 22/11/2024 10:04

Looks like the wind-up is going to be completed a lot sooner than we anticipated.

[gary1966] 21/11/2024 11:43

Yes to the first and no to the second from memory as it is a capital reduction not a dividend.

[eggbaconandbubble] 19/11/2024 13:02

Thank you!

[gary1966] 19/11/2024 12:54

Not that I am aware of, but that doesn't always mean much.😂ԍ15; Will always be economic risk on a debt fund. As I said I re-invested the proceeds of the last capital reduction and will likely do the same this time. Have a look through the last couple of factsheets and company accounts as that will probably give you all the info you need.

[eggbaconandbubble] 19/11/2024 11:51

Again, thank you Gary - idiot me took the ADVFN price as being in £'s!

Good discount for a potential capital gain and in the meantime a very healthy return, which is why I'm here!

Any reason or alarm bells I should be concerned about before an initial investmenT?

[gary1966] 19/11/2024 11:34

€0.90 and price quoted in €cents so still about a 15% discount at todays price with 20% uplift.

No inkling on timescales but when I bought the yield was so high and the capital uplift excellent and so I was happy to hold if it took a long time. Reinvested the last capital redemption and will probably do the same again this time as still yielding just under 12% with scope for some capital appreciation still.

[eggbaconandbubble] 19/11/2024 10:27

Thank you Gary - Do you have any inkling of the actual timescale before completion?

Please correct me if I'm wrong but has the discount now disappeared - the latest NAV I can see was £0.753 on 21st Oct.?

[gary1966] 19/11/2024 09:34

Yes being wound down but no timescales given and I am not expecting it to be quick but good yield while you wait and redemptions at NAV and so good capital appreciation as still trading at a good discount.

[eggbaconandbubble] 19/11/2024 08:43

Is this fund being wound down completely/ If so what is the time scale?

[gary1966] 12/11/2024 16:33

Discount starting to close after the latest announcement of a capital redemption. Surprised it took so long. Still a very generous yield for a company in wind up and on a 20% discount to NAV.

[pejaten] 08/11/2024 10:52

so redemptions are running well ahead of maturity profile when they first discussed winding up. Good news

[gary1966] 08/11/2024 07:40

Another 15% or so being redeemed in December.

[makinbuks] 05/7/2023 15:34

Any thoughts on the announced wind up? Will it close the discount? Appears it won't as they don't intend doing anything in a hurry and only 2.3% matures between now and end 2024 then 10% in 2025

[rambutan2] 29/11/2022 17:17

Fidelity drops 22m ords (from 8% to 1.5%) at Eur 0.58:

[q8don] 20/5/2022 16:34

Likewise friend, today's trade is mine, been sitting as a limit order for two days! So, I guess it's not Swissquote's fault.I'm just reluctantly reducing a large position here. It has been a great long term earner for me. I think it will be fine during a rising rate environment but, in an outright recession or panic, would probably take a (hopefully temporary) hit.

[yieldsearch] 20/5/2022 15:35

Zero liquidity in this one. left an order to sell (at bid level) and got done only after few days. i am using interactive investor , usually good.

[fidra] 22/4/2021 10:22

Should be due a dividend announcement going by the dates in last few years .anytime in the next week.
Appears a lot of interest around auction time on the hour but otherwise not much.

My dividend does come converted into £ .

[danieldruff2] 13/4/2021 21:11

To give you some idea of the volatility that is possible, back in the financial crisis of 2008, GLIF (which once held a CLO portfolio they offloaded to FAIR), sunk down to 1.5p a share at one point, with all dividends stopped. Then with the recovery it went to 45p with dividend restored.

With the covid fall in March last year I kept an eye on this sector in case the same opportunity arose but it never got remotely close to such dramas.

[fidra] 13/4/2021 20:51

Thank you for you considered response.which is very enlightening and interesting.

Take your points re time to buy.

It is a the present time trading at a discount of around 10% to market value.

This is what drew me and the “yield”

I see a few more traded today.

As I said not a big number here for me ,so I am probably thinking of keeping for 3 months to see how it does.

Just wondering if the divi is paid in euros?as not quite sure how much that will cost to change to Sterling.if that is the case I may sell and rebuy depending how I am doing the day before closing,as I don’t rethink I want paid small amounts in euros.

There are some interesting discussions on these boards regarding “yield” shares,so thank you for sharing.

[yieldsearch] 13/4/2021 16:40

This is not a growth share, because really the underlying are complex leverage structures of loans: Loan upside (like any debt) is capped at the amount of interest generated by the loan.

BGLF, similar to CIFU, VTA, FAIR and a few others, are leverage position on corporate loans/ debt.
If the market value of the loans goes down, due to leverage, the market value of BGLF will go down faster (eg feb march 2020).
If loans are defaulting, then reduced income will be received by BGLF, which will then likely trigger a decline in price.

so all in all, when the macro economy is doing well, you will get a nice dividend, but with a recession, the market value of bglf will go down.
The best time to buy this is quite likely just after a crash (dividend increase and market value increase)

[fidra] 13/4/2021 15:07

Thanks for that .very informative.
And yes I agree with what you say regarding terry smith .
I have taken a small position here.Just to see how it goes.under 4K.so not a big deal for me.

I appreciate your frankness in the reply.

[danieldruff2] 13/4/2021 10:35

I guess I should reply having done the first post here in 2015. I quit this share a couple of years ago. One thing you notice with these high yielders is that eventually something negative will happen, either the yield is cut or the company assets shrink. The share price is about a quarter down from where it was in 2015.

It is a similar story across other shares I've held for high yield and as a result I've come to appreciate the views of Terry Smith, that holding for yield is nuts and you should go for growth and skim some off if you want to take an income.

I still hold a few income shares where I expect a little growth, like HFEL and BATS, but I wouldn't buy this again.

[fidra] 13/4/2021 08:38

Anyone else in this share .

I see it near the top of the dividend list.

Have to say from reading the 72pages it looks filled with data and complicated to me.

However the dividend is good .