Subject: IV by the stock repurchase method
The stock repurchase method simply says that IV is at least 5% above the highest repurchase price (or 7% above or 10% above. You decide.). Using 5%, IV is at least 5% above $627K/A-share, or $660K/A-share ($418/B-share). That price corresponds to 1.61x the BV at the beginning of Q2 and 1.58x the BV at the end of Q2.