benjaminalbiachCapital preservation is one of the keys to long-term investment success, and like many things in life, that’s probably easier said than done. What often gets overlooked, however, is that when you buy dividend paying stocks, your initial capital is de-risked with every dividend payment into your account. For example, if you buy a stock at $100 per share, and get $5 in dividends after one year, then tax considerations aside, it’s the same as if you bought the stock at $95 today. That’s why ...

文章核心观点 - Enstar Group Limited (ESGR)被全球投资公司Sixth Street以51亿美元的总股权价值收购[2] - 交易完成后,ESGR的优先股系列D和系列E将从纳斯达克交易所退市[2] - 公司私有化后,不再需要遵守1934年证券交易法的报告义务,可以简化行政和监管负担[3] - 维持上市地位涉及成本和监管合规,私有化后可以避免这些费用[3] 根据目录分别总结 为什么优先股会在私有化交易中退市 - 公司私有化后不再是公众公司,普通股和优先股将被退市和注销登记[3] - 公司不再需要遵守证券交易法的报告义务,可以简化行政和监管负担[3] - 维持上市地位涉及成本和监管合规,私有化后可以避免这些费用[3] 2021年之前退市并不是什么大问题 - 2021年SEC修订规则15c2-11,要求在场外交易市场交易的公司维持严格的披露标准[5] - 经纪商被禁止公开报价那些母公司为私有实体的退市证券,只接受低价卖出订单[5] - 但这并不意味着这些证券的股息和利息支付存在风险,仍可以安全收取[5] 退市后优先股股息是否容易被暂停 - 任何公司都可以随时暂停优先股股息,不需要退市[6] - 退市本身并不意味着股息就会被削减[6] 几个退市案例分析 1. HMLP-A优先股退市: - 主要原因是维持上市和定期报告的成本[8] - 退市后HMLPF继续按时支付股息[8] 2. PSB优先股退市和收购要约: - 在Blackstone收购PSB后,公司宣布以60美分/股的价格收购优先股[8][9] - 未参与收购的优先股继续按时支付股息[9] 3. CDR优先股"孤立": - CDR部分资产被出售后,优先股CDDR-B和CDDR-C继续按时支付股息[9][10] 4. LTS优先股和债券退市: - LTS证券在2019年被Advisor Group收购后退市[11] - 尽管失去交易性,但LTS优先股和债券仍在按时支付收益[11][12] 投资永续优先股需要注意的事项 - 永续优先股可以在赎回日后无限期继续交易[13] - 赎回取决于发行人,除非可以以大幅降低的成本借款,否则不太可能赎回[13] - 投资永续优先股的目的应该是长期持有获得收益,而非交易[13] 是否应该选择有控制权变更条款的优先股 - 有此类条款的优先股通常风险较高,因为发行人的财务状况和业务较弱[14] - 高评级发行人的优先股通常没有太多保护性条款[14] - 我们建议采取多元化投资策略,分散投资于不同公司的优先股[14]

Digital Vision./DigitalVision via Getty Images On Sept. 5, the 2024/2025 NFL Season will start with a match between the Baltimore Ravens and the defending champions, the Kansas City Chiefs. If the 2023/2024 season was any indication, this is going to be a great game! That said, did you know that in 2022, the National Football League generated $18 billion in revenue? That's according to a list compiled by Wikipedia. This number makes it the biggest league in the world - by a huge margin. Number two on the li ...

Adam Gault In this article, we discuss the latest quarterly results from the Business Development Company (“BDC”) Blackstone Secured Lending Fund (NYSE:BXSL). The company delivered a 4.2% total NAV return, one of the best Q2 results in our coverage. BXSL is a large BDC with a focus on upper middle-market borrowers. It has overweight exposure to software and healthcare companies, something we see across most other BDCs. BXSL is trading at an 11% premium to book value (about 8% rich to the average in our ...

maselkoo99 Self-made billionaires, Jon Gray and Steve Schwartzman, who lead the private equity powerhouse Blackstone (BX), have been pouring billions into REITs (VNQ) this year. They first acquired Tricon Residential (TCN) in a $3 billion transaction in January and paid a ~30% premium for it: YCHARTS Then they doubled down and acquired Apartment Income REIT (AIRC) in a huge $10 billion transaction in April and paid a ~25% premium this time: YCHARTS And now, they are rumored to be in talks to acquire ...

文章核心观点 - 近期Blackstone加速了交易和资本部署,这将在未来几个季度为公司的与费用相关的收益带来显著提升[2][3] - Blackstone的加速资本部署对维持其出色的ROE至关重要,过去5年平均ROE约为32%[4] - Blackstone的基本面改善尚未完全反映在其股价中,股价仍有上涨空间[6][7] - 房地产和私募股权市场已经到达拐点,有望受益于经济进入新的货币宽松周期[8] 公司概况 - Blackstone在过去30年中交付了16%的净内部收益率,展现了出色的资本部署能力[9] - Blackstone正在加大对住宅房地产、数据中心和能源转型等领域的投资,看好这些领域的供给短缺带来的资产价格上涨和丰厚收益[9] - Blackstone在数据中心领域的早期投资已经开始产生回报,行业需求持续加速[9] 行业趋势 - 私募股权和房地产行业交易活动正在反弹,四大私募巨头在2022年第二季度共部署了1620亿美元资本[8] - 数据中心行业供需失衡,主要市场的空置率持续下降,新增供给仍难以满足不断增长的需求[9]

Blackstone Inc. (BX) remains well-poised for growth on the back of rising assets under management (AUM), a solid revenue mix and improving fee income. However, a rising expense base and a tough macroeconomic backdrop triggering fund outflows remain concerns.Blackstone’s solid global presence enables broad diversification and organic growth prospects. While segment revenues dipped in 2023, the metric reflected a six-year (2017-2023) compound annual growth rate (CAGR) of 5.3%. The growth was primarily driven ...

Henrik Sorensen Blackstone Secured Lending (NYSE:BXSL) easily managed to cover its second quarter dividend pay-out with net investment income, and the business development company maintained high credit quality in its portfolio in 2Q24 as well. With a non-accrual ratio, based on fair value, of 0.3%, Blackstone Secured Lending has one of the most attractive credit profiles that I have seen in the business development company sector. Investors have to pay a premium of 10% for the BDC’s net asset value, bu ...

ST. LOUIS and NEW YORK, Aug. 13, 2024 /PRNewswire/ -- Emerson (NYSE: EMR) announced today that it has completed the sale of its remaining interest in the Copeland joint venture, the 40% common equity ownership stake, to private equity funds managed by Blackstone ("Blackstone").As a standalone company focused on serving the global HVAC and refrigeration market, Copeland's product portfolio includes market-leading compressors, controls, thermostats, valves, software and monitoring solutions for residential, c ...

vaeenmaIntroduction With anticipation surrounding rate cuts coming soon, some BDCs have started to experience a pullback in their share price. The sector has enjoyed some nice capital appreciation over the past two years with many trading at high premiums above their NAVs. For me personally, I haven't added to any of my BDC holdings for over a year, but with Blackstone Secured Lending's (NYSE:BXSL) price below $30, I think the stock offers a decent entry point here. In this article, I discuss the compan ...