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No. of Recommendations: 2
The latest 10-Q is out, showing $25.50 in tangible book value (TBV) and a 2% decrease in the diluted share count since the last 10-Q. Some recent historical data:

Reporting Change Diluted Change in
Period TBV in TBV Shares Diluted Shares
2017 $20.62 -- 370,701 --
2018 $23.26 12.8% 351,275 -5.2%
Q1 2019 $25.23 8.5% 318,752 -9.3%
Q2 2019 $25.50 1.1% 312,527 -2.0%

All moving in the right direction, but only small movements during this quarter.

They repurchased 7.75 million shares this quarter at an average price of $19.33/share, slightly less than last quarter's 9.6 million at an average price of $20.28/share. They had $155.5 million left on the repurchase agreement. After the end of the quarter, they approved repurchase of 9.25 million shares to offset the 9.3 million shares issued in the HomeFed merger.

At the annual meeting, Handler said: "We view the stock as an extreme value anywhere in the low $20s." Coupled with the need to offset the issue for HomeFed, expect buybacks to continue or accelerate even at higher prices that remain below TBV.
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