I believe the mgt has stated they won't restore the dividend as long as the large discount of share price to NAV remains, because they believe that it's better for shareholders than a dividend. I agree. NAV per share goes up very fast, and lifts the price with it, because their profits are not reduced by either taxes or a dividend, and they're mostly done refinancing out of the bad debts they took on in the '08 crash. Hence they can buy back a *lot* of stock, which they have been doing, and through them, those who hold are getting the stock for 70 or 80 cents on the dollar of NAV. So you're really getting a big twofer.
But when the NOL's are used up, and the market catches up with the NAV, then restoring a dividend makes sense and I imagine they'll do so. At the same time, they may reorganize the company again, sorting the various operating units into different boxes and perhaps turning the toplevel holding company back into an RIC, if that makes sense to them at the time.
Let just add to lenyw's comment. Indeed the company can pay a divvy anytime, there are no rules forbidding that under what ever tax status they are currently or in the future choosing to file under. Like wise without the RIC status their is no rule to compel them to pay a divvy.
The C corp status at the moment allows the tax write downs against the NOL,
robbie, you got the first part of your statement right and the second part wrong. The company is in normal corporate tax status which allows it to offset NOI with NOL's. The company has no intention of returning to RIC status for which they cannot offset NOI with NOL's until the existing NOL's are completely offset. But there is nothing stopping the company from declaring dividends under the current tax status while also offsetting the NOL's against NOI.