Sure enough, right after I posted about the special dividend, I saw your post 1155 which explained it in detail. But I think I disagree with your conclusion re the year-end special dividend.
I understood that the $20,000,000 excess distribution was being paid quarterly also. It reduces CCA E&P not if it exceeds 95% of taxable income (min tax distrib), but only to the extent it exceeds current year E&P (earnings). You can see this in the 3/31 balance sheet which accompanies the 1st qtr press release. It shows $60,595,000 of accumulated (1st quarter) income and $64,323,000 of distributions, so almost $4,000,000 of the distribution in March was part of this $20 million excess, I believe.
If this is correct, then the special dividend at the end of the year will indeed be $1.54, assuming no further equity issues.