I think you mean the spin ratio by your example. NRF will distribute 100% of nsam stock to NRF common and unit owners as of the record date which has not been announced.
She spin ratio is 1 for 1. Immediately prior to the spin, nrf will reverse split 1 for 2 with cash for fractions. So, if you own 1,000 shares of nrf on the record date, that reverse splits to 500 shares of nrf and then you get 500 shares of nsam.
The Feb presentation materials ignore the reverse split in calculating per share items. I expect the same for May.