The Public Investment Corporation (PIC) has faced significant challenges with its investment in GRIT, a former JSE-listed property group.GRIT, listed on the London Stock Exchange, has struggled for eight years, with a total shareholder return of -91% since its 2018 IPO.The PIC injected $48.5m in 2024 as a bailout, but the company's debt-to-Ebitda ratio of 13.81 and high interest expenses of $52.34m in 2024 highlight its financial distress.GRIT's shares trade at a 84% discount to net asset value, with the EPRA net reinstatement value per share dropping to 50.7 US cents.The company's suspension on the LSE due to delayed financial statements and a potential transaction underscores its ongoing struggles.Despite restructuring efforts led by Michael Dorn, GRIT faces a critical debt trap, with its debt 14 times its annual cash earnings.The PIC's investment, while intended to stabilize GRIT, has not prevented its decline, raising concerns about investor risks.