DDM Analysis: BGB

Valuation Snapshot

Stable Growth	$26.53 - $41.95	$33.57
Multi-Stage	$43.39 - $47.48	$45.39
Blended Fair Value	$39.48
Current Price	$12.12
Upside	225.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.15%	0.00%	1.14	1.12	0.89	0.87	1.13	1.56	1.26	1.34	1.26	1.26
YoY Growth	-	-	1.97%	25.68%	1.72%	-22.47%	-27.96%	23.56%	-5.88%	6.67%	0.00%	0.00%
Dividend Yield	-	-	9.30%	9.86%	8.39%	6.47%	9.02%	10.87%	9.39%	8.56%	8.21%	9.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	116.39
(-) Cash Dividends Paid (M)	100.94
(=) Cash Retained (M)	15.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.28	14.55	8.73
Cash Retained (M)	15.45	15.45	15.45
(-) Cash Required (M)	-23.28	-14.55	-8.73
(=) Excess Retained (M)	-7.83	0.90	6.72
(/) Shares Outstanding (M)	44.66	44.66	44.66
(=) Excess Retained per Share	-0.18	0.02	0.15
LTM Dividend per Share	2.26	2.26	2.26
(+) Excess Retained per Share	-0.18	0.02	0.15
(=) Adjusted Dividend	2.08	2.28	2.41
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	0.12%	1.12%	2.12%
Fair Value	$26.53	$33.57	$41.95
Upside / Downside	118.89%	177.02%	246.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	116.39	117.69	119.00	120.33	121.68	123.03	126.72
Payout Ratio	86.72%	87.38%	88.03%	88.69%	89.34%	90.00%	92.50%
Projected Dividends (M)	100.94	102.84	104.77	106.72	108.71	110.73	117.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.98%	7.98%	7.98%
Growth Rate	0.12%	1.12%	2.12%
Year 1 PV (M)	94.29	95.24	96.18
Year 2 PV (M)	88.08	89.85	91.63
Year 3 PV (M)	82.27	84.76	87.30
Year 4 PV (M)	76.84	79.96	83.17
Year 5 PV (M)	71.76	75.42	79.22
PV of Terminal Value (M)	1,524.59	1,602.26	1,683.08
Equity Value (M)	1,937.83	2,027.48	2,120.58
Shares Outstanding (M)	44.66	44.66	44.66
Fair Value	$43.39	$45.39	$47.48
Upside / Downside	257.97%	274.54%	291.73%

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5819.KL	Hong Leong Bank Berhad	1.25%	$0.28	13.43%
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600850.SS	CETC Digital Technology Co.,Ltd.	1.25%	$0.37	49.83%
603329.SS	Shanghai Ace Investment & Development Co., Ltd.	1.25%	$0.14	79.14%
603920.SS	Olympic Circuit Technology Co., Ltd	1.25%	$0.61	53.40%
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9717.T	JASTEC Co., Ltd.	1.25%	$24.25	22.00%
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Financial Statements

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Blackstone/GSO Strategic Credit Fund (BGB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener