BlackRock Floating Rate Income Trust (BGT) Enterprise Value

Enterprise Value is not a meaningful metric for BlackRock Floating Rate Income Trust: for banks and insurers, enterprise value adds debt and subtracts cash, but those are operating inputs rather than structural leverage, so the multiple isn't comparable. These companies are valued on book value (P/B), return on equity (ROE), and P/E instead. We show an honest "not meaningful" rather than a misleading number.