Ann: June 2023 FUM, Revenue Update and Credit Facility, page-7

A fund target is to optimize the performance of the fund (including dividend).
As an investor, one of the key element (apart from the performance) is to understand if the fund shows a discount to its NAV.
For example, RF1 share price is now $ 2.63, while its last disclosed NAV* was $ 2.94. So at this share price, you can buy RF1 at a discount to its NAV.
The difficulty with listed funds is that they often trade with a discount and this discount is not necessarily stable.

An asset manager target is to optimize its earnings, which are coming from 2 main elements (management fees and performance fees, both charged on the funds that they manage).
It is much more difficult to value an asset manager (and in particular Regal) as it largely depends on the PE multiple you put on their earnings. Regal is also tough to value as they mainly depend on performance fees, which are by nature very volatile.

* NAV is supposed to be the value of the fund if it was to be liquidated at the date of the valuation. However, you would have to check is this NAV is before taxes.