The total offer size is 10 million shares. This represents a 12% increase over currently issued shares. Normally a change in supply of 10% or more can have a significant impact on the stock price, HOWEVER, since so many shares will be "borrowed", (which may compete with existing shorts for shortable shares),this effect may be minimized. At this point, just consider me CONFUSED!
Don't forget that shares sold in the open market are immediately accretive (not dilutive) to the book value as long as they are sold above the book value price. This concept is often difficult for people who deal in regular stocks to perceive. The principle holds true for all REITs, M-REITs, and BDCs.