Each time ARR has had a secondat=ry they have put the " new funds" to work immediately and have not cut the dividend at all. When the offering is priced it may drop the share price under the offering. Always the best time to buy ARR.
These REITs use mostly accretive secondaries as part of their business plan. Of course, the big one at the beginning was dilutive, but each one thereafter has been pretty appropriate.Worry whether the business model will survive, not about the secondaries.
Excellent advice! The offering is accretive and not dilutive. It's almost always that way for REITS. It's how they get money to put into play for investors. A lot of people don't understadn that. It's the business model that is the long term concern, not secondaries. What will happen to ARR and other agency mREITS when interest rates rise?