BKT: Not An Attractive Entry Point After The Decrease In Rates (Rating Downgrade) [Seeking Alpha]
BlackRock Income Trust Inc. (The) (BKT)
US:NYSE Investor Relations:
blackrock.com/investing/products/240196/blackrock-income-trust-inc-usd-fund
Company Research
Source: Seeking Alpha
Follow Summary BKT has delivered a 9% total return, outperforming the S&P 500, but the current pricing is no longer appealing, prompting a downgrade to 'Hold'. Significant rate narrowing has benefited BKT due to its high sensitivity to rates, but the fund's effective duration has now decreased to 7.3 years. BKT remains a leveraged proxy for mortgage REITs with high correlation to names like NLY and AGNC, but lacks active duration management. The fund's 8.5% dividend yield is unsupported and primarily for marketing; BKT should be viewed as a NAV accreting play on lower rates. MicroStockHub Thesis At the beginning of the year we saw a piece on the BlackRock Income Trust ( NYSE: BKT ) which did not seem to correctly grasp what the CEF was doing and its risk factors. Thus, we wrote an article entitled 'BKT: Understand What You Are Buying, MBS Will Likely Deliver'. And BKT has certainly delivered since, with a total return in excess of 9%: Prior Rating (Seeking Alpha)
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Sec Filings
- 10/30/24 - Form 4
- 9/5/24 - Form N-CSRS
- 8/27/24 - Form N-PX
- BKT's page on the SEC website