I have derived these equations, someone correct me if I'm wrong:

RIA = (your) Reward In Ada

PFF = Percentage (of rewards) From Fees / 100

PFI = 1 - PFF = Percentage (of rewards) From Inflation / 100

UCS = Unstaked/Circulating Supply (percentage of unstaked / 100)

EAG = RIA * (PFF + PFI * UCS) = Extra Ada Got (against inflation, raising the percentage of circulation supply you own)

Fees are not inflationary, you are getting those as extra against inflation.

But only those inflationary Ada that the unstaked are missing out on are redistributted to the staked as extra against balanced inflation.

VOA = V*lue Of Ada (absolute, not inflationary pairing)

BAG = RIA - EAG = Balanced Ada Got (distributed inflation, not raising the percentage of circulation supply you own)

MCPI = MC (M****t Cap) Percentage Increase / 100 = (MC After - MC Before) / MC Before

NIVG = VOA * (EAG + BAG * MCG) = Non Inflationary V*lue Gain (true gain)

You get extra v*lue from EAG in it's entirety.

But from the distributed inflation only if the MC rises with them - if it doesn't, then you got nothing from the inflationary part.