Ik vind het toch op het tweede gezicht minder logisch dan het lijkt. Want ze baseren het dividend nu op NII, maar bevestigen tevens dat a) ze minimaal 90% van het taxable income moeten uitkeren en b) TI hoger is dan NII en dat gerekend over het hele leven van PSEC ook in het verleden is geweest. Waardoor ze weer speciale dividenden gaan uitkeren. Wat is de logica daarvan ?
Uiteindelijk gaat het natuurlijk om wat ze verdienen, dat verandert niet door wat meer of wat minder dividend uit te keren.
Ze zijn overigens ook gestopt met het uitgeven van aandelen onder NAV, terwijl 72% van de aandeelhouders hun steunde in het mandaat. Net als bij het dividend gewoon de markt zijn zin geven ?
"As a tax-efficient regulated investment company, our shareholder dividend payout requirement is based on taxable income rather than GAAP net investment income ("NII"). Taxable income can decouple meaningfully from such NII. In the September 2014 quarter, we generated taxable income of $0.44 per weighted average share (approximately $0.11 per share more than aggregate dividends paid out during that quarter). From the initial public offering through September 30, 2014, Prospect's taxable income was $70.5 million in excess of dividends to shareholders, a current excess of $0.20 per share."
"While we have more than covered our prior dividends out of taxable earnings, we are reducing the next three declared dividends from past levels because we believe we should pay a dividend that is no more than our minimum expected net investment income, based on our expectations over the next twelve months."
"We believe there may be upside to our new reduced dividend level, a dividend level we believe we can sustain over the next year and longer even with no dividends or fees from portfolio companies. We also believe we should wait for upside events to occur before committing to any increase in our dividend. If we earn one penny per quarter or more in dividends or fees from portfolio companies, we expect to earn $1.00 per share or more in NII over the next twelve months (25 cents per share or more on average each quarter). As a result, we believe 8.333 cents per share per month is a sustainable payment from NII over the next 12 months. To the extent our taxable earnings continue to exceed NII as well as our regular dividends, we may need to declare additional special dividends to meet our requirement as a tax-efficient regulated investment company to distribute 90% of our taxable income to shareholders."