Ann: NTA & Portfolio Update - May 2024, page-11

@vivRookie. Lets hope that truck is serviced by Maxiparts Ltd, I hear they need the extra revenue.
OK. So lets take a look at the underlying companies that are actually driving the NTA and SP.
This list is almost 1 year old. As far as I know NAOS only provide this information in their annual report.

APL (formerly Contango Asset Management). No dividends. Previously 25% ownership. Sold 21/5/23. Most likely at a loss.
BRI - Pays regular FF dividend. Current ownership = 36% of the company.
BTC - No dividends. Current ownership = 25% of the company.
BSA - No dividends. Current ownership = 38% of the company.
COG - Pays regular FF dividend. Current ownership = 31% of the company.
FFT (now ASV) - Possibly sold. Most likely at a loss. Might retain a very small %.
SND - Pays regular FF dividend. Current ownership = 24% of the company.
SNL - Possibly sold. Very likely at a significant profit. Might retain a very small %.
WNR - No dividends. Current ownership = 46% of the company.
MitchCap (unlisted) - No dividends. % ownership not disclosed. Declared valuation within in NTA unknown.
Ordermentum (unlisted) - No dividends. % ownership not disclosed. Declared valuation within in NTA unknown.

Only 3 x companies in the above list pay a regular dividend.
The current cash weighting in the portfolio is a very low 0.36%. So where are these $0.0375 dividends coming from?
The only conclusion is from the profit reserve which is included in the NTA figure. So you are effectively receiving (at least in part) a return of your capital as income in the dividend.
DYOR on the underlying companies. Have a look at the SP charts.