Pete, you are missing it again. The fact that they paid a dividend in excess of earnings for the 3rd quarter means that they funded the 3rd Q dividend of 80 cents out of the proceeds of the secondary offering. As I showed you in two separate posts, they earned about 66 cents in the fourth quarter which is why the divy was 65 cents. This is not due to the spo proceeds not being fully invested. They said in the 3rd q earnings presentation that $14.33 billion was invested. That's the number I used to calculate the 66 cents. Apparently, Zacks and FBR and the other firms that you rely on so heavily, could not do the same.
I am not holder and I am not basher but 65 cents divy is not bad for $15.00 stock. The only ones that are bleeding are bag holders who didnt take loses and sold. Some buyers will get in at $14.50 and sell for dollar more ex divy and make good profit.
The growth rate is really mute since earnings are paid in dividends and growth with increased shares which dilute earnings.What matters then is long term rates which have been coming down and short term rates which are low.This spread is profits for shareholders which has been declining dispite what anyone wants you to believe(hedging etc.)The real risk is when short term rates go up and long term rates go down,then the profits would vanish,not a pretty picture.