Dec. 10 at 10:59 PM
$NEXT $NXDT $TPVG The market maintains this discount due to:
1. Complexity: The portfolio is a mix of legacy assets (from its closed-end fund days) and new REIT assets, making it hard to value.
2. Liquidity/Debt: High leverage and limited cash flow coverage have forced them to pay dividends partly in stock (as discussed yesterday), which investors often penalize.
Bottom Line: You are buying roughly
$13.32 worth of real estate equity for ~
$2.83, but realizing that value requires management to successfully sell assets and pay down debt without further diluting shareholders
