That's my key concern too. The fact of the matter is the units have only traded at a premium to NAV when interest rates are at 100 year lows.
Already we are seeing Bank's offering 3% term deposit rates (e.g. Westpac 5 year term deposit) which is dramatically higher than what was on offer 6 months ago.
he inflation data out last month was an absolute shocker at 4.9% and it seems certain that interest rates are headed materially higher from here over the year ahead. The discounts you provided are very modest. At times they have traded in the teens, I recall up to 15% discount to NTA at one point and may have been higher going way back.
Buying KFL warrants on the assumption that the premium to NAV will remain where it is today feels like skating on very thin ice to me.