When mutual funds and related investment companies are unable to compute an accurate net asset value, unintended wealth transfers will occur between buyers, sellers, and long-term investors in the funds. Previous research has found this effect to be limited to daily horizons. By focusing on an investment account involved with direct real estate ownership, we find evidence that this same phenomenon can occur on monthly frequencies as well. By comparing this situation to those analyzed previously, we are able to estimate the magnitudes of the asset mispricing and resulting wealth transfers. Abstract When mutual funds and related investment companies are unable to compute an accurate net asset value, unintended wealth transfers will occur between buyers, sellers, and long-term investors in the funds. Previous research has found this effect to be limited to daily horizons. By focusing on an investment account involved with direct real estate ownership, we find evidence that this same phenomenon can occur on monthly frequencies as well. By comparing this situation to those analyzed previously, we are able to estimate the magnitudes of the asset mispricing and resulting wealth transfers.