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Q4 earnings. Still using fair value adjustments on loans to prop up net investment income. I'd like to see their taxable income.
Look at fair value adjustments vs realized sell prices (slide 8 from Q4 pres). Almost no variance meaning fair value appears to be correct.
True, but I can't be sure that
isn't cherry picking its best NPLs to sell and marking up the real scratch and dent stuff.
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