Blackrock Floating Rateome Trust (Blackrock Floating Rateome Trust) Beneish M-Score

: 0.00 (As of Today)

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Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Blackrock Floating Rateome Trust's Beneish M-Score or its related term are showing as below:

During the past 7 years, the highest Beneish M-Score of Blackrock Floating Rateome Trust was 1.98. The lowest was -3.53. And the median was -3.23.

Blackrock Floating Rateome Trust Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Blackrock Floating Rateome Trust for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $6.97 Mil.
Revenue was $39.39 Mil.
Gross Profit was $39.39 Mil.
Total Current Assets was $6.97 Mil.
Total Assets was $393.73 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.27 Mil.
Total Current Liabilities was $7.63 Mil.
Long-Term Debt & Capital Lease Obligation was $98.25 Mil.
Net Income was $39.10 Mil.
Gross Profit was $0.00 Mil.
Cash Flow from Operations was $20.62 Mil.

Total Receivables was $5.69 Mil.
Revenue was $-5.67 Mil.
Gross Profit was $-5.67 Mil.
Total Current Assets was $7.25 Mil.
Total Assets was $371.98 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.23 Mil.
Total Current Liabilities was $2.88 Mil.
Long-Term Debt & Capital Lease Obligation was $91.06 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(6.968 / 39.393)	/	(5.691 / -5.67)
	=	0.176884	/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(-5.67 / -5.67)	/	(39.393 / 39.393)
	=		/	1
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (6.968 + 0) / 393.731)	/	(1 - (7.246 + 0) / 371.983)
	=	0.982303	/	0.980521
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	39.393	/	-5.67
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0.27 / 39.393)	/	(0.232 / -5.67)
	=	0.006854	/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((98.246 + 7.628) / 393.731)	/	((91.06 + 2.878) / 371.983)
	=	0.268899	/	0.252533
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(39.1 - 0	-	20.623)	/	393.731
	=	0.046928

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Blackrock Floating Rateome Trust Beneish M-Score Related Terms

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Blackrock Floating Rateome Trust (Blackrock Floating Rateome Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Blackrock Floating Rate Income Trust (NYSE:BGT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

100 Bellevue Parkway, Wilmington, DE, USA, 19809

Website

https://www.blackrock.com

Blackrock Floating Rate Income Trust is a closed-end management investment company. Its investment objective is to provide a high level of current income. The company's secondary investment objective is to seek the preservation of capital. The Trust seeks to achieve its investment objectives by investing mainly, under normal conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities.

Executives

Arthur Philip Steinmetz	director	50 HUDSON YARDS, NEW YORK NY 10001
Aaron David Wasserman	officer: Chief Compliance Officer	50 HUDSON YARDS, NEW YORK NY 10001
Lorenzo Flores	director	2100 LOGIC DRIVE, SAN JOSE CA 95124
James Phillip Holloman	director	P.O. BOX 625737, 6800 CINTAS BOULEVARD, CINCINNATI OH 45262
Stayce D. Harris	director	1999 S. BASCOM AVE., SUITE 700, CAMPBELL CA 95008
Trent Walker	officer: Chief Financial Officer	C/O PIMCO, 650 NEWPORT CENTER DRIVE, NEWPORT BEACH CA 92660
Robert Glenn Hubbard	director	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Richard Cavanagh	director	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Frank Fabozzi	director	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Blackrock Internationl, Ltd.	other: Investment Adviser	800 SCUDDERS MILL ROAD, PLAINSBORO NJ 08536
James Keenan	other: Portfolio Manager	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Abigail Apistolas	other: Portfolio Manager	55 EAST 52ND STREET, NEW YORK NY 10055
Henry Gabbay	officer: Treasurer	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Mitchell Garfin	other: Portfolio Manager	100 BELLEVUE PARKWAY, WILMINGTON DE 19809
Carly Wilson	other: Portfolio Manager	55 EAST 52ND STREET, NEW YORK NY 10055