BGT

Blackrock Floating Rate

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Financial Services

industry

Asset Management

Exchange

NYSE

County of HQ

United States

Next Earnings Date

Business Summary

BGT BlackRock Floating Rate operates as a publicly traded asset management vehicle focused on floating rate credit instruments, generating cash primarily through interest income on senior secured loans. Its revenue stream is tied to portfolio yield and credit performance rather than product innovation cycles. The moat is rooted in BlackRock’s credit research infrastructure, institutional underwriting discipline, and access to deal flow in leveraged loan markets. Scale, credit analytics, and portfolio diversification create switching costs and risk-adjusted income stability that smaller managers struggle to replicate.

VALUATION

P/E

15.6

Market Cap ($M USD)

$333

Forward P/E

-

PEG

-

PRICE TO SALES

16.8

PRICE TO BOOK

0.9

EV / EBITDA

-

5-Year Average P/E

DIVIDEND

Yield

13.00%

Annual Payout

$1.44

Payout Ratio

203.30%

Consecutive Years of Dividend Growth

-

5-Year Dividend Growth Rate

13.20%

Financial Health & Profitability

Earnings Per Share

$0.71

Next Year EPS Growth Estimate

-

Next Year Revenue Growth Estimate

-

Return on Equity (ROE)

5.50%

Operating Margin

-

Debt-to-Equity

0.2

Piotroski F-Score

-

Altman Z-Score

-

Return on Invested Capital (ROIC)

5.50%%

Current Ratio

-

Quick Ratio

Gainseekers Quantitative Analysis

Summary

At a $333M market cap, BGT trades at 15.6x earnings with a Price/Book of 0.9, signaling a discounted valuation relative to its net assets. However, the absence of a Forward P/E and Altman Z-Score removes critical visibility into forward growth and balance sheet safety, which is unacceptable for a Financial Services vehicle in a rate-sensitive environment. Operating Margin and ROIC both sit at 5.50%, indicating modest capital efficiency rather than elite asset management economics. The market is pricing this as a stable but low-growth vehicle, and without forward metrics, this looks more like a balance sheet discount play than a clear growth mispricing.

AI Exposure / Tech Reliance

As an Asset Management vehicle, its resilience to AI disruption is relatively high because portfolio construction and credit selection remain expertise-driven. AI can enhance risk modeling and credit surveillance, potentially improving operational efficiency within its floating rate strategy. However, technology will be incremental rather than transformative to core returns.

The Bull Case

A deep value investor is immediately drawn to the 0.9 Price/Book ratio, implying the fund trades below its underlying asset value. The 5.50% ROIC and 5.50% Operating Margin, while not spectacular, demonstrate positive capital efficiency and operating profitability in a niche fixed-income strategy. A 15.6 P/E in Financial Services is not demanding, especially if EPS Next Year is estimated at $0.71, suggesting earnings continuity. With a 13.00% Dividend Per Share USD figure and a TTM Yield of 0.2, income-focused investors may view this as a structurally cash-generating vehicle trading at a discount to book.

The Bear Case

The red flags are clear: Short % of Float at 13.20% signals meaningful skepticism from sophisticated investors. The absence of Forward P/E, PEG Forward, Debt/Equity, Altman Z-Score, Piotroski F-Score, and Current Ratio removes critical solvency and growth diagnostics, which materially increases underwriting risk. Operating Margin at 5.50% is thin for Asset Management, leaving little buffer if credit spreads widen or defaults rise. With no Sales Growth Next Year data and no Consensus Target Price, the stock lacks visible catalysts and may remain a value trap rather than a re-rating candidate.

Market Sentiment & Smart Money

Short Interest %

-

Analyst Consensus

-

Average Analyst Price Target

-

Institutional Ownership %

-

1-Year Beta

0.28

Insider Buying % (6 Mo)

-%

Distance to 52-Week High

86.80%%

Distance to 52-Week Low

108.30%%