Marble Point Loan Financing


$88.5m market cap

$0.43 last close

MPLF’s investment objective is to generate stable current income and to grow net asset value by earning a return on equity in excess of the amount distributed as dividends, through exposure to a diversified portfolio of US dollar denominated, broadly syndicated, floating rate senior secured corporate loans. MPLF has no official benchmark but performance is compared with US leveraged loan and high-yield bond indices.

Investment summary

Marble Point Loan Financing (MPLF) is temporarily suspending its dividend due to the impact of COVID-19.The recent economic disruption has resulted in rating agencies downgrading the underlying collateral of MPLF’s collateralised loan obligations (CLOs) at a pace that could trigger its need to make provisions. The heightened risk is above that modelled by MPLF and could affect cash flow. MPLF’s policy is to maintain a well-funded dividend. In the last five quarters cash distributions have exceeded dividends by a good margin. With the total impact of COVID-19 uncertain, management believes it is prudent to preserve cash now, which will provide more flexibility for when dislocations in the credit market provide good investment opportunities.

Share price graph
Price performance
Actual (2.3) (44.9) (47.6)
Relative* (8.3) (31.2) (36.4)
52-week high/low US$0.8/US$0.4
*% relative to local index
Key management
Robert Brown Chairman
Corey Geis Director of Capital Markets
Thomas Majewski Non-executive director
Thomas Shandell CEO & CIO

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