Jimmy C, aware of and agree with everything you've said re committed and undeployed capital. However I'm not sure it explains the point I was trying to make (prob my fault).
To be more specific, one point I'm trying to understand is:
- BLA reports "fee earning" AUM as $3.9b;
- Glaucus says (based on comments from BLA) that approx half of fee earning AUM is real estate;
- therefore BLA is reporting fee earning AUM of c. $2b being real estate;
- BLA says it reports market value (ie debt plus equity) of real estate in its AUM, in line with peers;
- Is BLA therefore implying that it is earning fees on the full $2b of real estate at market value? To Jimmy C's point, shouldn't BLA be earning fees on committed capital (ie deployed equity only)?
Unless there is some funny coincidence on the figures, I'm clearly missing something.
If Jimmy C or others are able to clarify that would be helpful to me and perhaps other readers? Many thanks
BLA
Price at posting:
$8.58 Sentiment: None Disclosure: Not Held
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