Well to be honest given their very opaque structure its hard to make a definitive call. The reason the NTA has been coming off in the first places is that AXQ must mark to market their loan book and given current credit markets any existing books are getting valued down. I agree with you that should AFG fall over or sell the trust out then the NTA will either get paid out or the price should recover.
AXQ
allco max securities and mortgage trust
