Let's see, ACG earned $.23 in first qtr. If they can continue for 4 quarters, that's $.92 for the year. How is that earning half of their dividend which is now $.99? Most gov't bonds in secondary market are selling for premium. Stands to reason, ACG which is mostly gov't bonds should be selling for premium.
My mistake... .23 it is. Still declining NAV is reason for concern. However, if you look at their non-government bond exposure you can easily see why the NAV has declined the way it has. Will these investments recover? It sure seems likely.
Just for the sake of discussion I assume you are getting your 31 cents by adding the 8 cents realized or unrealized loss from same period last year to the 23 cent gain this time frame. I also see a 23 cent gain for the quarter just reported and a 15cent gain for the quarter before. A 19 cent per share average for the past 2 quarters. And needing 33cents a quarter. With that you get a 14 cent or nearly half what they need for the dividend. Are not links wonderful???