NAV October 25~$14.34. Discount on capital shares: ~$0.31. Distance from threshold: ~$6.28%.
A looming recession is a near certainty and the financial sector will take the brunt of the hit as mortgages renew at ever higher rates and the number of delinquences begin to rise. The number of negative amortizations are at crazy levels right now while the real estate market remains as one of the most expensive on the planet.
We always seem to get out of every predicament, so I suppose the only question is how long it will take this time. The capacity to spend is limited without unintended consequences.