Bought in Today $6.59
My thesis is this, they were $1 higher a few months ago ($7.60 july 24), all their loans are really shorter term in Nature. The bad loan they ran into is a first mortage, and it sounds like there is a buyer for the property.
With a return in 10.5% and there is really a strong opportunity for capital appreciation. Their current NAV is $8.33 and they are trading significantly below net asset value.
If they lost 1/2 of the investment, they would still have a NAV of around $7.50.
With the current NAV of $8.33 the investment was made into residential property, the last time I checked we had a property shortage, i think its looks like a reasonable risk return.
They have been in business for more than 7 years and are at a pretty well all time low.
IMHO
IMHO