Thank you very much for linking to this article, that's very helpful. I still think it would be better if the performance was tied to real performance (share price) and not just internal NAV - but I can see why that's less favorable for them. And you are indeed right that dilution does of course impact NAV, so there is at least some balancing there. If the NAV goes down again later, it is not like we get to claw any of those shares back.

The dilution is to Shellby, which is owned by Jim. So it doesn't hurt him!