I have watched this stock for quite a few years, and it has always paid a big dividend and sold at a premium. The company is religious about paying the dividend.
Buyers know that part of the dividend is a return of capital. But people buy this stock anyway.
CLM had a reverse split several months ago. 1 for 4. Prior to the split, CLM had sold for 6 or 7. It went down to 2 during the crash last November.
If CLM returned to pre split prices, it would be at 24 or above.
But, what is the real value of the portfolio? I do not know. The NAV, I guess, reflects the real value.
CLM is committed to paying the current dividend this year. My guess is that they will continue to pay the dividend next year, and the NAV will go lower. I presume that they will sell assets to pay the dividend.
Eventually, the stock price would go down, and maybe they will do another reverse split to bring the price back up.
I know nothing. This is just the way it appears to me. I own a few hundred shares.