When you look at the change in NTA for HML, it has been pretty much all the uplift in the value of JB Financial and Barth Roberts. I worked out that the NTA for HML excluding the uplift in JBF and BR was about $1.07ps. The increase in HML's NTA is pretty much all the uplift in JBF and BR valuations and only a small amount from the listed securities and cash.
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