Historically, for shareholders participating in the DRIP, American Stock Transfer & Trust Company, LLC (the «Plan Agent») used cash
dividends to purchase shares of NHF in the secondary market when the price of NHF's shares, plus estimated brokerage commissions, was
less than NAV, or
distributed newly issued common shares when the price of NHF's shares, plus estimated brokerage commissions, was equal to or greater than NAV.
However, if the Toyota Industries» GAAP income account is adjusted to pick up Toyota Industries» share of the portfolio companies» retained earnings (i.e., earnings not
distributed as
dividends), then Toyota Industries Common is selling at
less than 10 times earnings.