Pinned straw:
Good to see some valuation uplifts for a few of Bailador's holdings -- although the internal process behind these are not disclosed, it seems at least they are driven by improving fundamentals. And, as they highlight, "...there has never been a third party transaction in the history of the fund at a lower value than our holding value at the time, and that our average valuation uplift on realisation is 39%.."
So it seems reasonable to assume they are conservative in their assumptions.
Worth noting that ~half of their NTA is derived from cash and ASX market pricing, and only 24% of the NTA calculation relies on their own internal valuations.
They still have a $40m war chest.
Marking their own homework doesn't appear to be impressing the market all that much, only a modest SP bump.
I see the valuation increases as a positive even if there isn't much transparency on how the figures are derived. The issue is that the SiteMinder share price still is the main driver of NTA. The increases in Updoc and Mosh have basically been offset by SiteMinder and operating expenses.
And unless there are any third-party transactions between now and mid 2025, the only movement will continue to be from SiteMinder.