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. The median market-to-tangible book value for the 10 Real Estate sector companies in the Viridian Capital database is now .88x. These companies are lenders and sales leaseback providers to the cannabis industry. It makes sense that their loan portfolios should trade at a slight discount to book value, reflecting that market rates have increased since making most of the loans in their portfolio. The lowest quartile of companies trades at .44x and below, most likely due to the lending spread deterioration stemming from the inverted yield curve.