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 .64x at year-end 2022 compared to 1.43x at year-end 2021. Most of the assets of these companies are loans and leased assets, and it is surprising that these financial assets would be marked down so significantly by the market. Part of this is probably attributable to the impact of rising rates on fixed-rate loan assets. Still, part is also the market’s judgment that the credit quality of borrowers has deteriorated.