According to the quarterly report the NAV is the investment in securities value less the "preferred debt." NAV is the Net Value. If the 06/30/2008 Quarterly is correct the NET ASSET VALUE is $19.07. All debt was substracted from investments value i.e. the preferred money is in the total investments purchased. I talked with C&S and that is what they told me also.
Yes, the NAV has come down significantly but so has the "prerred debt" i.e. the leverage. My point was that NAV is net of all debt. On the 06/30/2008 report it shows 48,270,000 common shareholders. Therefore, at an NAV of $ 5.20, as of 11/21/2008 RNP has $ 5.20 times 48,270,000 or a NET ASSET VALUE of $ 251,000,000. I was trying to show what RNP is worth. If there are still $225,000.000 preferreds of leverage still held then the ASSET Value is $251,000 + $ 225,000 or $476,000,000. NAV takes out the "leverage."