According to an investor update from HSF’s board, Shot Tower estimates the fair value of HSF’s portfolio (as of March 1, 2024) at between USD $1.80 billion and $2.06 billion (or between $1.74 billion and $2.00 billion after contingent catalog bonuses are deducted). According to the HSF board, the midpoint of Shot Tower’s valuation of HSF is $1.93 billion, which represents a reduction in value of 26.3% vs. that $2.62 billion valuation from Citrin Cooperman (as of September 30).