Tokarz is a crook, specifically with respect to the portfolio marks. I'm not saying I do, but someone I respect said that about MCGC's management recently, citing the fact that it didn't mark its stuff down during the crash but instead is now (finally?) marking stuff down.
It popped into my head that MVC has done the same thing -- no down marks to speak of during the crash and some small negative marks post crash. And they never seem to exit anything.
I do know that one of their portfolio companies (a small one) was a complete fraud.
I find it hard to believe how little the NAV fluctuated before, during and after one of the greatest market crashes in history. I dont buy the NAV number and there's no way to verify it independtly. The finances of this company is very "opaque" and the stock has done very little, badly underperforming the SP500 in the last year.
I've owned this since early 2008 and I have a decent gain plus I've collected the dividends but I'm thinking about selling because I just don't see where there's much obvious upside unless one of their equity investments really hits a home run and has a hot IPO. I would feel better about a company this size if the owners had a much larger percentage of their own money in the company. Normally with small companies I like to see insider ownership a lot higher than 5%.
This one is a bit of a mystery. If there is any hanky-panky here we will probably read about it and by then it will be too late. M. Tokarz KKR background was what intrigued me about this company originally. Good luck.