Boomer, I think what you're trying to say can be best...

Boomer, I think what you're trying to say can be best illustrated by an extract from WAM's Financial Statements 2022 as per below.

Although WAM made a net loss of $294m last year, they still transferred $63m to the profit reserve.
An accounting anomoly allows WAM to transfer profits (both realised and unrealised) for a given month to the Profits Reserve, even if it has net losses for the year as a whole.
Most Investment Managers only transfer profits in a given month when previous accumulated losses have been covered.
This results in WAM increasing it's "Profit Reserve" in an FY even if it has made a loss overall.

What does this mean? There is no profit in real terms to pay the dividend from so WAM effectively pays it out of the capital of the Fund. This is why the NTA of the Fund is nosediving. It's getting eaten away by a dividend that is unsustainable out of profit generated.