If you are good at what you do in this field, you'll get a...

If you are good at what you do in this field, you'll get a superior return vs the risk profile of the underlying securities. Spotting a mismatch between price and risk is what they are supposed to be doing. So if they are any good, the SP should always be higher than the NTA of the underlying securities. Raising at NTA is accepting mediocrity.

Your "the discounted price is considerably higher that any VWAP over any period greater than a month" analysis doesn't account for what has happened with interest rates over the past two years. That's a pretty big omission.

$66m from those buying $1.155 for $1.10 is simple opportunism. Not a vote of confidence. I don't think anyone would struggle to achieve this.

Anyway, each to their own, but I may come back with an "I told you so" when the SP tracks below $1.10 prior to the UPP closing ....