Effect on ANAR when dealing with distressed notes

[edward]

Refresh my memory -- when trading in distressed notes on Folio, I seem to remember discussion on here that the Adjusted Net Annualized Return (ANAR) does not accurately report that, since it doesn't account for the gains from the sale. Thus, I seem to remember that some members with significant distressed notes volume were reporting decreasing and even negative ANARs. Do I have that right? Thanks.

[rawraw]

That was before they changed how it calculates it.  Now I think it captures it