BCF's NAV=9.17?BCF's NAV maybe even lower according to this:
"As at March 31, 2018, the Company has recognized a specific impairment provision of $200,000 (December 31, 2017 - $228,000), which is related to three specific mortgages with balances totalling $3,053,639. Each of these mortgages is a conventional first mortgage, which may be collected through foreclosure proceedings. Two of these mortgages were originally due in 2017 and one was originally due in 2015. In determining impairment, the primary consideration is the value of the security compared to the value of the outstanding mortgage. Consideration is also placed on an assessment of the current state of the market and of the borrower’s efforts to sell the property. The three mortgages considered to be impaired at period-end each have loans to value which exceed 85% which, combined with other concerns regarding the borrowers has caused the Company to record an impairment loss in an amount calculated to reduce the net carrying value of the loans to their realizable value. In each case, the construction is either almost complete, and the homes have failed to sell at least in part due to downturns in the local real estate markets. Interest and fees continuing to accrue have made full collection of our loan balance on eventual sale unlikely."