"Represents the impact of different share amounts used in calculating per share data as a result of calculating per share data based upon the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of period end or transaction date, including the temporary dilutive effect from issuance of common stock attributable to the increase in shares outstanding relative to the time to deploy offering proceeds received into interest earning assets"
Clear as rain, no?
It refers to the negative number for "Earnings Dilution from Issuance of Common Stock (5)". Somehow, SPOs lost us 15 cents a share. But above that they also gained 9 cents a share, owing to what footnote 2 says:
"Net book value accretion from issuance of common stock calculated as the net book value as of Sept 30 plus capital raised from issuance of common stock, divided by ending shares outstanding, less Sept 30 net book value"
So SPOs in Q4 netted minus 6 cents to BV, taken in a vaccuum and using choppy if accurate accounting practices. Over time the accounting part will even-out (it could be positive skew in other quarters, or the skew effect could create additional income from investments) and the capital surplus part will remain.
That SPO contribution to BV was overwhelmed by investment income, which is why, even with -.15 from accounting and -1.40 from dividends, the BV went up by .81 (3.0%) in one quarter.
I don't know what his problem with it was, other than the byzantine opacity.