CPTA: We purchased CPTA in our Special Situations portfolio. PREMISE: The BDC will be reporting IVQ 2017 results on Tuesday after the close. Based on our review of the portfolio - and positive updates on a couple of troubled companies - as well as preliminary information supplied by CPTA itself earlier in the year, we expect both NAV and earnings will be better than the market expects in the short term. We still expect earnings in future periods to drop, but not as drastically as the current price envisages. CPTA was trading at $7.20 just (1%) off it's All Time Low of $7.11 and at a (50%) discount to IIIQ 2017 book value. The current prices envisages an eventual distribution of $0.70 to $0.75, far below the just reduced $1.00 current distribution. If we're right, we envisage the market potentially increasing to $8.0 or higher in the short term. If we're wrong and the price remains at the current level or drops, we anticipate $2.6 a share in the next 3 years in distribution, which would cut our basis in the stock to $4.6. On a Total Return basis, we surmise that we would still - over time - be able to exit without any loss.