Has anyone dug into CD2's huge exposure to Chicago Pacific Founders Funds "CPF"?
CPF makes up $30m of the $80m of investment assets of CD2, a huge exposure.
They've written up their investments 4x yet only realised 0.6x of that. So most of it is mark to mark gains, which are the worst type of gains.
I've also just found that one of CPF's investments is P3 Health Partners, a SPAC that got listed recently and is a complete dumpster fire of an unprofitable med tech company. That investment also recently received a deslisting notice from the NYSE.
This does not fill me with any confidence that CPF has marked their investments correctly and that $30m may be worth substantially less and erodes a large part of the discount in CD2's share price.
CD3 Price at posting:
$1.43 Sentiment: Hold Disclosure: Held
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