 Bhāvavevika’s second thesis is that at the level of ultimate truth, all phenomena are intrinsically unreal (niḥsvabhāvataḥ), therefore Madhyamaka rejects intrinsic reality ultimately. Bhāvavevika’s Tarkajvālā 3.26 offers three ways to interpret the compound paramārtha “ultimate domain” or “ultimate object” literally. In the first, both the terms “ultimate” (param) and “domain” (artha) stands for the object—emptiness (śūnyatā)—because it is both the “ultimate” or “final” as well as an “object to be known,” “analysed” (parīkṣaṇīya / brtag par bya ba) and “understood” (pratipādya / go bar bya ba). In the second compound, paramārtha stands for “object of the ultimate” (paramasya artha / dam pa’i don) where “object” refers to emptiness and “ultimate” refers to a non-conceptual exalted cognition (nirvikalpajñāna / rnam par mi rtog pa’i ye shes) of the meditative equipoise (samāhita / mnyam bzhag). In the third compound paramārth stands for a concordant ultimate (rjes su mthun pa’i shes rab), a cognition that accords with the knowledge of the ultimate since it has the ultimate as its domain.