This year's follow on offering was not dilutive to book value. It added 36 cents a share to book value. You can figure this out for yourself if you want. It may prove to be dilutive to earnings, but that's not what happened after last years capital raise. So returning to your "bad for investors equation", we currently have a 33% bigger dividend based on a 17% capital raise last year. What part of that bigger dividend increase is bad for investors?
And as we look forward in a year that has already had a 14% capital raise, what part of the at 20% or greater increase in the dividend that we are likely to see this year is bad for investors?