your discusssion is at odds with what the company says, and at odds with economics. if taxable income frontloads earnings and results in higher dividend payouts now at the expense of later (which is what the company says), then valuation based on front-loaded earnings is as follows: dividend in excess of economic earnings has a multiple of 1; economics earnings a bigger multiple. so sure, it's nice to get cash early, but it results in a reduction in the stock price.
click.