Current price cannot be justified by anything but panic. NAV is over $10 now, before the 3rd Quarter earnings statement. Even if they limited the calculation of NAV to their strongest holdings; that is, write off all their investments and loans that are questionable (a situation which is improbable), their NAV would be over $5.00. Since they have to pay out 90 percent of their earnings and 98 percent of capital gains to their shareholders, we can expect some dividends for 2009.
Panic can make a company insolvent and put it out of business, no matter what its NAV was in a prior period.