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NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. Since our IPO in 2007, we have increased our monthly dividends per share by 127% and we've declared cumulative total dividends to our shareholders of almost $45 per share or approximately three times our IPO price of $15 per share.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. Since our IPO in 2007, we have increased our monthly dividend per share by 118%. The question there is, I think, you've discussed it before, one of the possibilities eventually could be a fee cut there in connection with other things.
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