The >>$6 NAV sure looks good. With unlevered ICR yielding over 8% one could posit that the refunding / refinancing could earn a 9%+ payout on RQI NAV.
Looking at the September payout as still a bit clunky, a 9% payout on a $6+ NAV is 0.13/0.14. It's delevered some but was spinning off that a month in cash before Lehman came down.
Starting the $8 NAV watch. Need a 20% or so move in RE to get there. ICF @ $65 is 40% from here and that's chart resistance. Would put RQI at $10 NAV and maybe as much at $0.25/qtr after this banking panic clears - 2/3rds of pre-LEH.