6% non-deductible dividend is the coupon. AND this CONVERTIBLE preferred at $16.15. Redeemable by BOFI at a premium to the issue price. Probably would have been a rate of 8% or so without the conversion feature.
Obviously, they're running into capital adequacy issues, or foresee this is in the future.
They're having to pay a high price for this growth. This should be negative to EPS for the common shareholders.
Sorry, privately placed with a non-deductible underwriter's fee of $225,000.
Unfortunately, I think that this is a real negative for the common shareholders.