Ann: URFPA conversion and final distribution, page-4

Post conversion, even if you haircut reported NAV and add a discount for mgmt, I think this one is still worth $0.40+ from here on the low side and $0.50 on a good day like you said Henry

I don’t see this thing operating for the long-term, so it probably gets wound down in 12-18 months and/or Brooksville/Pinnacle figure out a transaction given they have a good idea on the asset values at this point. Assuming they do becoming the managers “by the end of the year”, it looks like they will be incentivised to have URF sold over the negotiated hurdle rate (something like $0.38?) pretty quickly so they still get a bit of incentives fees

I’d be pretty happy to be outta here in the mid 40’s by EOY 2023 but maybe that’s optimistic