[KDuff]

Several things to consider:

1) This is Maryland chartered small business and its financial reports are not prepared with the same rigor as other corporations you might be used to reading.

2) It seems like this is like some sort of private investment vehicle for a few friends/associates. BXL has 10 employees, non of whom are full-time yet they are paid well. All of the principals are connected professionally and work in the same building as the BXL is headquartered. Be aware of conflicts of interest as previously mentioned.

3) Another post mentioned their focus on building book value. Management holds about 30% of the stock and doesn't seem to be in a hurry to make an acquisition. They're willing for the company to be discovered and appreciated by other investors.

4) Last year they fired Deloitte as their accountant and hired a no-name firm.

5) The price action and dividend payments are a little odd looking considering BXL rarely issues press releases. Be aware of insiders and the stock options they issue themselves.

There probably isn't much downside considering their investment portfolio, but it would be tough to know when the stock will appreciate. This could be an example of a value trap.