If AM decided to retain dividends for 6mos to do a massive expansion, are the shares now worth 0? 50%? What?

Dividends are not the only driver of price, thus dividend yield is an incomplete way to factor it. 5% mgmt fee on divs cannot be directly converted into a 5% less valuable share.

It ignores so many factors. How long do you intend to hold the shares? What will the price be when you sell? How much will you have collected in dividends by then? None of those things are absolute, nor is the yield %.

You would need to hold the shares for a considerable amount of time to realize a 5% loss in gains (respective to share price) from the mgmt fee.

Maybe an extreme example will help. If AM shares go up to 100btc each, but the dividends stay at about .025 per week. Is a 5% mgmt fee still going to justify TAT.AM selling for 95btc? Of course not.