That's the million dollar question. It isn't an error, so the question is how did it happen. The same management runs ARR, and the management has managed to produce a lower book value in both ARR and JMI during Q1 when other mREIT's are pulling book value increases in Q1. JMI's management is notorious for poor decision making. I expect a sell-off in the next two weeks, if not before the ex-date then certainly after it, bringing us down to the $12.50 share price range. If we drop there, I'll be a buyer. GLTY.
If you are a dividend investor, keep your eye on PSEC, BDCL, KCAP, TICC and other Business Development Companies (BDCs) in mid to late June. The share prices should take somewhat of a hit and provide a nice entry for longs. Cheers to you.
joel, you do realize, the big firms are divesting their BDC index shares as we speak don't you? And you do realize, that they are simply being removed from the index funds.....general funds are still able to buy them....and you do realize that a lot of the big fund companies have both index and non-index funds don't you? What's happening is sleight of hand.....big fund manager A says to big fund manager B.....I've got to sell this one even though i don't want to....would be a good addition over here. big fund manager B says, Ok. That's a fine idea. Bubba did have a fine idea.