RFF Management Fee Analysis, page-14

A better example is I have farm land but there is no water. So effectively it's worth nothing, $0k, as farm land. So I build a $100k dam. Now I can rent it to a bloke with some sheep for cash. The land is now worth the rental income, plus it has some value if I want to sell it to someone else and let them rent it. Maybe $100k, or much more or much less. But it has some value. As a reward, I pay myself 1% of the value of the asset.

So long as that valuation isn't a ridiculous over estimation of what I could probably sell the land for, there is no problem with collecting my 1%.

There is no evidence in what B & B have presented in their reports. These aren't intangible bluesky dreaming type assets. You can go and value them yourself if you like, by taking a look over the fence.