Our sector trackers include ratios applicable to value companies with no analyst coverage and the more typical EV/ Revenues and EV/ EBITDA measures. For each valuation measure, we present the values for the lowest 25% of companies, the median, and the highest 25%. This gives investors a better understanding of the spread of values than a simple average, often presented but frequently seriously flawed by outliers. One of the most interesting stats in the chart is the decline in valuation levels of Real Estate sector companies, which are lenders and providers of sale-leaseback transactions to the industry. The median market-to-book value for the 11 Real Estate sector companies in the Viridian Capital database was .55x on 1/6/23, down from .64x at year-end 2022 and 1.43x at year-end 2021. Some factors may be responsible for this discount to book value. One is that portfolios were built in a lower-rate environment, and it is reasonable to assume some mark-to-market discount purely due to rising rates. Another reason is that investors are more concerned about defaults in the loan portfolios of these lenders.