That is a good point and why investors will calculate value going forward. IMHO at some point KFN pps will have a premium of 2.5 X BV as the value players continue to take positions going forward as they see the value of the company improving greatly each quarter. That leaves at a true value (again IMHO, you can disagree, that is fine) of $8.31 X 2.5 or $20.78. I am still to the belief that by the end of the year KFN could trade at $26 per share. Now I know that is pretty aggressive but keep in mind that KFN had a pretty aggressive move down in a short time frame also.
Now we could see tomorrow a sell on the news type of activity and that is just fine with me because it just gives longs another opportunity. But if people crunch the numbers moving to $10 should come soon, keep in mind IMHO true value is 2.5 X BV.