Blackstone/GSO Strategic Credit Fund (BGB)

Industry: Asset Management Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
MFICL	372	MidCap Financial I	173	15.49	15.49	15.49	15.49	-	15.49
BK-PA.TO	373	Canadian Banc Corp	171	1.95	1.30	6.26	6.26	5.83	1.73
UTIAMC.BO	374	UTI Asset Manageme	171	28.42	24.47	17.81	15.23	25.04	16.51
DGS.TO	375	Dividend Growth Sp	169	1.77	0.90	63.62	63.62	2.75	2.01
SLRC	376	SLR Investment Cor	167	9.26	9.26	21.67	21.67	20.94	21.67
NAS.L	377	North Atlantic Sma	166	4.63	4.59	11.85	13.09	2.80	4.39
8595.T	378	JAFCO Group Co., L	164	20.13	22.34	10.49	12.38	93.00	10.39
BGB	379	Blackstone/GSO Str	164	4.65	4.65	5.44	5.44	8.51	5.44
CGBD	380	Carlyle Secured Le	164	12.32	12.32	28.62	28.62	22.19	28.62
JCH.L	381	JPMorgan Claverhou	164	3.85	3.50	9.62	9.62	2.08	3.65
TPOU.L	382	Third Point Invest	163	3.72	4.28	-	-	2.15	3.68
HM1.AX	383	Hearts and Minds I	162	5.12	5.12	43.94	43.94	6.06	2.73
QQQX	384	Nuveen Nasdaq 100	161	3.50	3.50	3.50	3.50	-	3.50
MLCI	385	Mount Logan Capita	159	-	-	0.16	0.16	-	-
MUC	386	BlackRock MuniHold	158	-	-	-	-	12.05	14.33
NAVF.L	387	Nippon Active Valu	155	3.35	3.35	3.14	3.14	3.35	3.14

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	3.85	4.28	10.49	12.38	4.59	3.66
Full Range Median Multiple	4.63	4.59	11.85	13.09	5.95	4.03
Industry Multiple	8.73	8.49	18.17	18.21	16.52	9.42
Market Implied Multiple	4.57	4.57	5.38	5.38	8.41	5.38
Company (BGB) Multiple	4.65	4.65	5.44	5.44	8.51	5.44
(*) Net Income / EBITDA / Revenue	116	116	158	158	101	158
Winsorized Enterprise Value	N/A	N/A	1,662	1,962	465	580
Full Range Median Enterprise Value	N/A	N/A	1,878	2,074	602	639
(-) Net Debt	320	320	320	320	320	320
Winsorized Equity Value	448	499	1,342	1,642	145	260
Full Range Median Equity Value	539	534	1,558	1,754	282	319
(/) Shares Outstanding	45	45	45	45	45	45
Winsorized Fair Value	$10.02	$11.16	$30.06	$36.77	$3.24	$5.83
Full Range Median Fair Value	$12.06	$11.96	$34.89	$39.26	$6.32	$7.15
Current Price	$11.91	$11.91	$11.91	$11.91	$11.91	$11.91
Upside / Downside	-15.83%	-6.26%	152.37%	208.73%	-72.78%	-51.08%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.02	$7.81	$21.04	$25.74	$2.27	$4.08
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy