{"id":40567,"date":"2020-03-22T00:00:00","date_gmt":"2020-03-22T05:00:00","guid":{"rendered":"http:\/\/prefblog.com\/?p=40567"},"modified":"2020-03-22T00:00:00","modified_gmt":"2020-03-22T05:00:00","slug":"sbc-pr-a-semi-annual-report-19h1","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40567","title":{"rendered":"SBC.PR.A : Semi-Annual Report, 19H1"},"content":{"rendered":"<p>Brompton Split Banc Corp. has released its <a href=\"http:\/\/www.bromptongroup.com\/wp-content\/uploads\/2019\/08\/SBC-2019-INTERIM.pdf\">Semi-Annual Report to June 30, 2019<\/a>.<\/p>\n<p>Figures of interest are:<\/p>\n<p>MER: &#8220;The MER per unit, excluding Preferred share distributions, agents\u2019 fees and issuance costs, was 1.02% for the first six months of 2019, compared to 0.98% in 2018.&#8221;<\/p>\n<p>Average Net Assets: We need this to calculate portfolio yield. There was <a href=\"http:\/\/prefblog.com\/?p=38188\">issuance of units in early 2019<\/a>, so our first estimate is calculated as [162.0-million (NAV at beginning of period) + 192.1-million (NAV at end of period)] \/ 2 = 177.0-million. The second estimate is based on total preferred share dividends of 2.177-million divided by 0.25\/share, implies 8.708-million units outstanding, with an initial NAVPU of 20.66 and a final NAVPU of 22.06, average 21.36, implies average assets of 186.0-million, which is surprisingly good agreement! Call it average Net Assets of $182-million.<\/p>\n<p>Underlying Portfolio Yield: (3.689-million dividends + negligible securities income) times two because it&#8217;s only half a year divided by average net assets of 182-million is 4.05%<\/p>\n<p>Income Coverage: Net Investment Income (excluding capital gains and issuance costs; and after expenses) of 2.798-million divided by Preferred Share Distributions of 2.177-million is 129%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2019. Figures of interest are: MER: &#8220;The MER per unit, excluding Preferred share distributions, agents\u2019 fees and issuance costs, was 1.02% for the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-40567","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40567"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40567\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}