Opened at $34.40 today, first full session since they announced the $1B at-the-market offering yesterday. Last filed NAV was $21.70 (that's the 6/30 number, filed 8/28 so it's not even that stale). So yeah, 1.6x.
Here's the part I don't see people talking about enough. An ATM isn't a one-time raise, it's a tap the fund can turn on whenever the stock's running hot. And it's running hot right now. So every day this premium holds, they can just... sell into it. No board meeting, no press release needed, just steady supply hitting a stock that's already 60% above what it's actually worth.
And it's not a small tap either. $1B against a fund that's reporting something like $650-700M in net assets isn't a rounding error, that's potentially doubling the float if they lean into it.
Feels like the same move DXYZ made, and that ATM has been quietly doing work on their premium for months now. Not saying it plays out identically but the mechanism's the same: management now has both the incentive and the tool to keep supply flowing exactly where the stock is most stretched.
Not telling anyone what to do, just laying out what I'm seeing.
DYOR.
(disclosure: I've been long since before it went public, I'm hedged on the downside, still figuring out my next move here)