Uncovering Trusts by Edison Group
Sep 16, 2026 · 15 min · 10 segments
In this episode, our director of content for investment companies, Milosz Papst, talks about Baker Steel Resources Trust (BSRT), a closed-end investment company targeting long-term capital growth…
Milosz PapstGuest
Liam O'ByrneHost
So the board introduced a capital allocation policy in April targeting a 5% return of capital each year.
The core element is a 3% annual dividend based on NAV paid semi-annually with the balance of the 5% target available for buybacks or additional dividends.
The first interim dividend is intended to be declared this month, followed by a payment in April 2027 based on the FY26 audited results.
The board expects the dividend to become progressive as royalty income streams mature.
BSRT committed to allocate at least 50% of profits from significant asset realizations to return of capital, either through a tender offer if it's discounted or maybe exceeds 25% and subject to sufficient cash level, or through enhanced share buybacks or dividends.
Importantly, the policy remains subject to board discretion, including portfolio liquidity and follow-on funding requirements.
On buybacks, the program began in February, and by the end of August, the Trust has repurchased more than 1.2 million shares at a volume-weighted average price of 160.4 pence.
Because the buybacks were completed below the prevailing NAV, they have been not accretive.
So the board introduced a capital allocation policy in April targeting a 5% return of capital each year.
The core element is a 3% annual dividend based on NAV paid semi-annually with the balance of the 5% target available for buybacks or additional dividends.
The first interim dividend is intended to be declared this month, followed by a payment in April 2027 based on the FY26 audited results.
The board expects the dividend to become progressive as royalty income streams mature.
BSRT committed to allocate at least 50% of profits from significant asset realizations to return of capital, either through a tender offer if it's discounted or maybe exceeds 25% and subject to sufficient cash level, or through enhanced share buybacks or dividends.
Importantly, the policy remains subject to board discretion, including portfolio liquidity and follow-on funding requirements.
On buybacks, the program began in February, and by the end of August, the Trust has repurchased more than 1.2 million shares at a volume-weighted average price of 160.4 pence.
Because the buybacks were completed below the prevailing NAV, they have been not accretive.
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