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BIT: Paying Out More Than It Earns (Rating Downgrade)
BlackRock Multi-Sector Income Trust (BIT) is rated a sell due to ongoing NAV erosion and unsustainable distributions. BIT trades at a 7.05% discount to NAV, near multi-year lows, reflecting persistent structural challenges and high leverage in a tough rate environment. The fund's 11.8% yield is not covered by earnings, forcing asset sales and further NAV decline; a 25% distribution cut is recommended.
Seekingalpha | 3 months ago
