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Headlines of Interest


Pyxis Tankers Announces Date for the Release of the Third Quarter 2023 Results and Related Conference Call & Webcast

Embassy Bancorp, Inc. Announces Results of Operations as of and for the Three and Nine Months ended September 30, 2023


SL Green Realty Corp. Announces Common Stock Dividend

Oxford Park Income Fund, Inc. Announces October Net Asset Value and Increases Distribution Rate by 20%

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Mortgage Rates Trend Down

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Ellsworth Growth and Income Fund Ltd. Declares Distribution of $0.13 Per Share


Gabelli Healthcare & WellnessRx Trust Declares Fourth Quarter Distribution of $0.15 Per Share


Gabelli Global Small and Mid Cap Value Trust Declares Fourth Quarter Distribution of $0.16 Per Share

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Gabelli Multimedia Trust 10% Distribution Policy Reaffirmed And Declared Fourth Quarter Distribution Of $0.22 Per Share


Bancroft Fund Ltd. Declares Distribution of $0.32 Per Share


Gabelli Equity Trust 10% Distribution Policy Reaffirmed and Declared Fourth Quarter Distribution of $0.15 Per Share

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Gamco Natural Resources, Gold & Income Trust Declares Monthly Distributions of $0.03 Per Share

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GAMCO Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.03 Per Share

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The GDL Fund Declares Fourth Quarter Distribution of $0.12 Per Share

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Gabelli Convertible and Income Securities Fund Declares Fourth Quarter Distribution of $0.12 per Share


Gabelli Dividend & Income Trust Continues Monthly Distributions, Declares Distributions of $0.11 Per Share

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Gabelli Global Utility & Income Trust Continues Monthly Distributions, Declares Distributions of $0.10 Per Share


Gabelli Utility Trust Continues Monthly Distributions, Declares Distributions of $0.05 Per Share

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Certain Virtus Closed-End Funds Announce Three Monthly Distributions: NCV, NCZ, CBH

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AM Best Downgrades Credit Ratings of Lincoln Benefit Life Company; Affirms Credit Ratings of United Life Insurance Company, Guaranty Income Life Insurance Company and Kuvare Life Re Ltd.

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Popular, Inc. Declares a Cash Dividend of $0.62 per Common Share, an Increase of $0.07 from its Prior Quarterly Common Stock Dividend of $0.55

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Energy Transfer Announces a Heads of Agreement With TotalEnergies for Crude Offtake From Its Blue Marlin Offshore Project

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Brookfield Reinsurance Completes $1.1 Billion Acquisition of Argo Group

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PennyMac Mortgage Investment Trust Declares Fourth Quarter 2023 Dividends for Its Preferred Shares

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Synovus announces early tender results in connection with previously announced tender offer and extends early tender payment to apply through expiration time

7 thoughts on “Headlines of Interest”

  1. pp – Does https://www.sec.gov/ix?doc=/Archives/edgar/data/1578987/000110465923095210/tm2323914d1_ncsrs.htm help? Maybe the notes on p 11 help. I readily admit that if understanding what they do and how they get it done is quintessential to owning a stock/cef/or whatever then I shouldn’t be in on this one at all. I know that I do not want to put myself out there as being an expert worthy of following on this one. As mentioned I bot this when they were managed by community bank experts but stayed around when Arrowmark bot and changed their focus…. Historically I know Arrowmark had already established their chops in this world of regulatory capital relief securities so I’ve given them a chance. Throughout the banking crisis this year, including the Credit Suisse takeover that I would have thought could have consequences for what I thought might include regulatory capital relief securities, BANX’ performance has been comparably stable imho.

    I do not see where you come up with 13% of fees and distributions based on cefconnect. It might be more visible on the link…. I would note though that it looks like the average coupon on what they own probably exceeds 13% so maybe that makes it more understandable if your number is accurate. Also of note, using cefconnect data, is the relative stability of the NAV despite what you point out,… Assuming one can have confidence in their NAV calculation, if they can generate that much to pay out to shareholders on a quarterly basis, plus having an additional payout of long term cap gain distribution of .42 plus increasing the quarterly dividend by 15% without impacting the NAV, then they must be doing something right, yes? If their structure was non-sustainable, wouldn’t that show up in the form of a declining NAV?

    Again – this is a pure DYODD company. Decide if you want to own it based solely on that. I would not want anyone to jump in solely based on my owning and mentioning it. I think it’s worth exploring, but I also suspect that I probably do not fully understand the risks involved…. perhaps the DD I’ve done on this one could better be described as dumb diligence for all I know..

    1. 2WR,
      I thought it was worth exploring as well. Thanks for your reply. To answer one of your questions, I just added what cefconnect put on their site as fees charged (5.64% —-this includes interest charged on their leverage) + their NAV distro (currently listed as 7.83%). I get a little skeptical when I see numbers those high. Have no idea if that’s actually what it is or if there was another place to grab that info. Arrowmark’s website wasn’t helpful in that regard. Again, thanks for detailed reply. Its an interesting holding.

  2. Speaking of all the Gabelli Funds, a reminder that GLU-B has a PUT option that expires on 12/26/23. I know the cutoff dates to submit a put request on this 5.20% paying, $50 “par” issue is 12/22 @ Fidelity and 12/21 @ TDAmeritrade. If anyone chooses not to put, you get another chance on 12/26/24.

    Also reporting monthly NAV yesterday was BANX – https://ir.arrowmarkfinancialcorp.com/news-releases/news-release-details/arrowmark-financial-corp-releases-month-end-estimated-net-14
    DENVER, Nov. 16, 2023 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of October 31, 2023, was $21.45.
    BANX closed yesterday @ 17.06, a 20.6% discount to NAV and is paying .45 quarterly (last paid on 9/29), increased from .39 the previous quarter, or 10.55% annualized. This does not include an additional long term cap gain distribution of .42 that was paid on Oct 27 representing the LT cap gain generated in year ending 12/31/22.

    1. Can you share your thesis on BANX? Are you expecting the discount to narrow?

      What are the tax characteristics of the regular distributions?

      1. David, as far as the regular distributions go, my 2022 1099-DIV shows all nonqualified and qualified dividends, about 90% of them being the former.

      2. Ha, David! You flatter me to think I have a “thesis” on BANX. What I can tell you is that as a security it is definitely one that requires your own due diligence….. I merely was pointing out the facts as they are right now and considered it to be cheap….. Experience wise, I’ve owned BANX since it was a specialist fund that focused on community banks prior to Arrowmark taking it over… Since they have managed, the focus is on a more opaque product they describe as “regulatory capital relief securities issued by large, global banks, and community bank securities.” I suspect the opaqueness of what that actually entails and/or doesn’t entail contributes to that large discount to NAV so who knows if it will ever narrow dramatically. I will not attempt to describe what I think it means and will leave that to you DD.. Obviously, it’s a bank related odd duck of a closed end fund… Observationally over the course of this year’s disruptions in the banking industry, BANX’s performance has been relatively steady, especially when measured by dividends paid as opposed to share price… I think their concentration on investments issued by large global banks may have contributed to the relative stability but that’s opinion only…. Bottom line, BANX is the epitome of a DYODD investment… I hold it and I feel it’s attractively priced given its increasing dividends and special payout (now paid), but only point it out as something worth looking into…. Because of it’s odd duck status, it is imho a relatively overlooked fund.
        NOTE – See https://ir.arrowmarkfinancialcorp.com/static-files/1a0baca7-3596-40d8-844b-5b2ab3154a39 p 12 for their description of Regulatory Capital Relief securities.

        1. 2WR, have you been able to get any accurate information on their fee structure for this fund? I mean other than what we can see on CEF Connect? Perusing their various Fact Sheets on their home site doesn’t result in success for me. If what is shown in CEF Connect is actual true then the fees are exorbitant and explains the hefty discount. NAV distro + fees go over 13%. That seems unsustainable to me. I’m probably missing something though, wondered in your DD if you ran across anything different?

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