Long 2,300 shares of ALDW @ $14.46
Short 1,600 shares of ALJ @11.15
Feels like the market is currently pricing in an annual distribution of $1.50 (10% yield) for ALDW which would represent a 50% cut from Q3 distribution of $0.71. Happy to play the distribution / dividend yield differential of 19.6% - 2.2% (downside case 10.0% - 2.2%). Any recovery value of ALDW going forward would be an added bonus.