2nd dividend will be on a full quarter of production, not 2/3's of the 1st Q of operation
ACSF paid $0.18 in it's 1st quarter which it operated 2 of 3 months, and was initially funding the investment portfolio. I would think that a reasonable 2Q dividend would be minimum $0.25 In addition there's the real potential for capital gains. Today simple yahoo math .... $0.18 x 4 = $0.72 @13.50 yields 5.3%. Up the dividend to $1.00 with 5.3% yield the stock price goes to $18.75 /// up dividend to $1.28 with 5.3% yield stock goes to $24.
Holly .. re: " Up the dividend to $1.00 with 5.3% yield the stock price goes to $18.75"
I don't think it's that simple. There is a portion of the current PPS which is valuing the face that Q1's numbers weren't a full Q as well as the balance sheet wasn't fully levered and thus not producing at full throttle. I doubt that ACSF will trade to a 5.3% return near term.
I think you have to look at a target return of 6%-7% .. looking at competitors .. so as I posted previously that gets you to mid $15's.
what caught my attention was nicholas marshi's comment in his ACSF article on SA in which he wrote, "we believe (ACSF) may ultimately generate a dividend yield north of 10.0% on Net Asset Value, once maximum portfolio size is reached." ...that would be sweet for those of us in under $14