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BlackRock Floating Rate Income Strategies Fund, Inc.
FRAFinancial ServicesNYSEUS
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We review the CEF market valuation and performance through the third week of April and highlight recent market action. CEFs had a strong week in response to positive news relating to the Iran conflict with MLPs underperforming. Loan CEFs face NII pressure from falling short-term rates, with funds like VVR, FCT, FRA, and BGT most vulnerable to distribution cuts as they haven't already adjusted.
GraniteShares Advisors LLC purchased a new stake in shares of BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE: FRA) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 229,783 shares of the investment management company's stock, valued at approximately $2,707,000. BlackRock
BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE: FRA - Get Free Report) crossed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $11.85 and traded as low as $10.91. BlackRock Floating Rate Income Strategies Fund shares last traded at $11.0150, with a
BlackRock Floating Rate Income Strategies Fund (FRA) is downgraded to a sell due to persistent NAV erosion and unsustainable distributions. FRA trades at a 5% discount to NAV and yields 13.5%, but pays out more than twice its net investment income, accelerating NAV decline. High leverage (22.75% of assets) and elevated default rates amid persistent high interest rates increase downside risk for FRA holders.
