Yes, but this is only a clip towards the end of my explanation. In summary: - I don’t understand why people are using a non-standard definition of enterprise value to calculate mNAV. - I don’t understand how selling equity for cash (especially below NAV) to fund dividend obligations is non-diluti

Yes, but this is only a clip towards the end of my explanation. In summary: - I don’t understand why people are using a non-standard definition of enterprise value to calculate mNAV. - I don’t understand how selling equity for cash (especially below NAV) to fund dividend obligations is non-diluti

Yeah, @stephanlivera this was my question at the conference. From what I can tell, the mNAV displayed on the website does not use a conventional enterprise value framework. Instead, it appears to use an “as-converted” methodology that treats securities as equity even when they are out of the money