BP（Blue Rock Private）是一个绝佳的布局：该基金收益率为7.5%，交易价格较持仓价值低40%，因此买家能获得接近14%的收益率。内部人士正在买入；现金正投入直接持有的房地产，接近底部；如果折价不收敛，Sabre Capital可能会发起代理权争夺。
逐段跳播
你们还记得上次Tim Melvin跟我们提到的那只股票的名字吗？就是我们看到那些Empire内部人士买入的那只。
You guys remember the name of the stock that Tim Melvin told us about last time that we saw those Empire insiders buying on?
那只股票是BPRE，Blue Rock Private。嗯，所以是BP。我们现在去问问他。我们会告诉他，我们看到内部人士在买入，一直在盯着它。
bore BPRE was the stock. Blue Rock Private. Um, so it's BP. We'll ask him about it now. We'll tell them we saw insiders buy spying on it.
所以上次是BPR。对。然后我们看到，好像第二天我们在Benzinga Pro上看内部人士的买入和卖出，它就是排名第一的股票。对。然后我就想，等等，我们刚才是在哪儿听到这个的？然后我就想，Tim，Tim昨天跟我们说过这个。
so BPR last time. Yeah. And then we saw like the next day we're looking at insider buying and selling on Benzinga Pro and it was the number one stock. Yeah. And and I was like, wait, where did we just hear about that?
And I was like, Tim Tim told us about that yesterday.
顺便说一句，他们已经持有不少了。内部人士已经持有相当大一部分了。但他们的进展——上周我们上节目之前，我旁听了他们进展报告的讨论——他们正在逐步从那些原本是其持仓支柱的机构房地产基金中撤出，开始把相当一部分现金直接投入到直接持有的房地产上。
所以他们在买工业园区，在买酒店，在买租约更长的商业地产。现在，稍微想一下，好吗？他们正在非常接近底部的时候把现金直接投入房地产。好吗？好。而且他们有相当不错的过往业绩。他们以前做过很多房地产交易。
嗯，他们在创造价值方面有很好的记录。所以再加上一点：这只基金的收益率为7.5%，但我们买入的价格比基金持仓价值低40%。所以我们获得的收益率接近14%。内部人士在买入。我跟你说，对于我喜欢称之为“有耐心的激进投资者”的人来说，这是一个绝佳的布局。
然后还有Sabre Capital，那是Boaz Weinstein，我们可以花一个小时聊Boaz和他的各种运作，但他们是封闭式基金市场上的800磅大猩猩。如果折价不开始收窄，他们实际上会等着发起代理权争夺战。他们对此毫无畏惧。
And they already own a lot, by the way. The insiders own, you know, a pretty substantial slug of this already. But their progress and I sat in on the the discussion of their progress report um before we came on last week and they're kind of transitioning away from these institutional real estate funds that were the backbone of their holdings originally and they're starting to deploy quite a bit of this cash in directly owned real estate.
So they're buying industrial parks, they're buying hotels, they're buying, you know, commercial real estate properties with longer leases. Now, think this through a little bit, okay?
They're deploying cash directly into real estate really close to the bottom. Okay? Okay. So, and they have a pretty good track record. They've done a lot of real real estate deals before.
Um, they have a great track record of um building value. So add in the fact that the fund's yielding seven and a half, but we're paying 40% below the value of the holdings of the fund.
So we're collecting close to a 14% yield. The insiders are buying. I'm telling you, for what I like to call patient aggressive investors, this is a fantastic setup. And then you've got Sabre Capital who is that's Boaz Weinstein and we could talk an hour about Boaz and his wheelings and dealings, but they're the 800 pound gorilla in the closed end fund market.
And if the discount does not begin to close, they will in fact um wait to proxy fight. They have no fear of that