In reply to your question, it looks like .45 will NOT be maintain next year. However, by collecting the "special dividend" you will more than make up for a .20 reduction in dividend going forward into next year. Also, it is my opinion that the dividend was reduced to .40 (which I believe will be the dividend going forward in 2013), in order to move some of what would have otherwise be paid next year into this year. This has be done be several companies and may well be done by several more as we move towards the likelihood of higher tax rates on high income earners. The down side is the likelihood of a lower share price once CYS goes Ex-dividend, but I don't think that the lower share price will continue for very long. (This may actually afford an excellent opportunity to add to a CYS position.)
Don't buy. The management never gets back to emails or phone calls. Also it goes straight to voice mail. The company underperforms agnc, mtge, two. Buy those instead. I sold half of my cys yesterday at close. I am looking to sell the other half Monday. I had 45,000 shares. The CEO is full of #$%$ and his conference calls show he doesn't know what he is talking about and has no insight into what is really happening or going to happen to his investments. The hedge book is also way under hedged and true NAV is probably close to 13.30. (Not including the next dividend to be distributed which I estimate will be 0.45)
I am completely out of CYS now. I sold my last 20,000 shares at $13 this morning. I sold the MTGE $25 puts for 0.55 for 194 contracts today. I am also short the AGNC put spread of 30/29 dec for net credit of 0.33 on 160 contracts each side.