Valuing Small Company Phantom Equity

I work at a company with ~350 people and was granted a decent chunk of change in phantom equity. I'm trying to figure out what that equity is worth. I have less visibility into overall profitability than I'd like, but we have been growing quickly (added 80 or so people over the past year and looking to continue growing). We're a consulting company of sorts, so our workforce scales more or less linearly with work/revenue.  One thing that concerns me is that twice we have taken on debt and immediately issued dividends - once for ~10% of the company's value and a second time for ~60% of the company's value. The second round of dividends was secret and only went to the most senior leadership. Have any of you seen this sort of thing before?  Is this "equity" a scam?

I have other job offers so I'm trying to figure out if I should leave or not.  Thanks!

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