When we adjust in October CLM should be paying well into a 15% yield. My guess is the PPS will eventual move back up to about $8.50 which will still be a premium to NAV but the yield backs the premium payout.
By october the NAV will have moved up a bit on a short term rally.
I am not sure where the dividend will end up. That depends on the NAV in October when they set the dividend amount. Nor do I know how low the price will go in the coming 10 days. I do know that for the last few weeks this stock has gone down when the market goes up and vice versa. Today several large trades moved the price significantly. If the market goes higher for a few days, this stock will be somewhat cheaper to buy than it closed at today. I am puting in a buy order at about 6.50 and we will see if it fires.