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IBM raised its quarterly cash dividend from $1.65 to $1.66 per share.
Including the special cash dividend of $0.10 per share, we ended the quarter with an NAV of $484.6 million or $19.39 per share.
It had been up 55 per cent in the morning before the decision was published, after the company announced it would pay a special cash dividend to shareholders and anticipated a future potential payout from the Apple case.
Net debt decreased by $55 million from the end of the third quarter, even with the execution of $55 million share buybacks and $9 million towards our recently reinstated quarterly cash dividend.
Our Board of Directors approved a cash dividend of $0.025 per share for the fourth quarter of 2022, which is effectively all of our net income.
The company also a regular quarterly cash dividend on common stock of $1.02 per share.
There is even a degree of inflation protection built in through upfront cash dividend growth.