Ann: Net Tangible Asset Backing July 2024 with commentary, page-4

I agree that the current share price is disappointing. One factor some might overlook is as follows.
"The team continues to actively monitor the unlisted investments, which currently represent around 30% of the portfolio. We believe that we’ve adopted an appropriate level of conservatism with respect to carrying values. "

The carrying value might be anywhere from cost to a recent cap raise price or other value at which the subject business has traded. In most cases this is likely to significantly understate the ultimate price realised.
A good example is to look back at the whole history of the Bailador NTA, Market price of shares over time. Also read up their basis for carrying values and some might realise that unlisted investments can understate the NTA.
There is therefore a lack of transparency as to the underlying value of the portfolio. This lack of transparency creates a lack of confidence and hence further selling. The short term supply and demand for shares (sellers verses buyers) is therefore slanted towards the sellers, particularly in this market.
I am not saying this explains the whole difference, but it is some part.