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Thanks Lon, I may have figured it out. Since the reverse split coincided with a spinoff, as your news posting described, the market value of the spun-off GPMT shares is "absent" from the market value of the TWO shares post-split.

Here's my logic. I figured my pre-split day-of value. Then tallied-up the combined value of resulting holdings in both companies post-split and special dividend distribution. Added in the cash-in-lieu for both, and came up with an actual gain from the actions. When figured this way, I end up showing an 18% improvement in the combined result vs what I owned in only TWO previously.

It really threw me, when looking only at the share price of TWO. I later realized that the "dividend as shares of GPMT" should be included in the post-split calculation, since that's value I now own, that previously was owned by TWO.

I'm no longer puzzled, thanks.

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