What do you mean by that? This term can describe wildly different situations; here are some possibilities.

1) Total Assets less non interest-bearing liabilities (i.e. Net Assets).
2) Total Assets less Current Liabilities.
3) Total Assets less Total Liabilities (i.e. Equity or Net Worth).

And all of these terms are different from Net Asset Value. Make sure you agree on the meaning!

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Full it flag term list.