Begin with the premise that we are under more normal economic circumstances. Can someone explain what constitutes Royce dividends when issued. I know some is interest on the interest bearing assets they hold and some is capital gains on assets they sell. Does Royce simply pay out a portion of the capital gains earned and retain some of the capital gains for reinvestment? I assume this must be the case because, otherwise, how could they pay out all the capital gains earned and still have their net asset value increase over time?