TWO is a WKSI, so they can file and issue at the same time. No advance notice, meaning these shares will almost certainly hit the street at dawn. We will probably see an updated pricing release around market open.
Because management doesn't care about the short term and thats not true anyways, you dont realize this but the earnings for Q1 where probably $0.25 and the dividend they are paying is 0.32. and they are using undistributed income to pay that from last year.. there was at least 10m left sitting there.. so they used it up. And with the offering they will improve the spread and net interest margin will give them about $0.30 going forward. so I see future dividends at 0.30 and maintainable there for now. MSRs will help.