A couple more tidbits.
I misread the shares outstanding in the letter released last year.
The shares decreased by 23,418 in 2021. Based on the change in the cost of treasury stock, the shares were purchased at $20/share exactly. I wonder who the lucky bastard was that got to sell shares at that price. Any chance they'll buy mine for $20/share if I ask nicely?
It looks like the financials in the letter applied the 7% interest rate from 2017 onwards (even though the change happened on 12/31/20 and was applied retroactively beginning in 2017).
G&A was running at about $7 million back when they were actually filing financials. It's averaged $17 million the last 6 years. That's $60 million down the tubes (without including what are sure to be astronomical fees in 2022). And to top it off, I didn't receive a thank you card from a single damn lawyer.
They have no shame regarding the advisory fees. Still apparently paying themselves 1.5% of the equity per year plus miscellaneous expenses. You'd think for $6 million per year they could at least get an audit done.
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