I agree myson. However, let's see what the NII looks like after they make whatever accounting adjustment. For all we know it could go up, but I doubt it. I think it dips below $6.80 today on panic selling, and is a bargain, even if the dividend goes to $.16-$.18/quarter. Buy @ or below $7.01. I will be.
"As a result of these reclassifications, the amounts of net income, total stockholders’ equity/net asset value, earnings per share, net asset value per share and tax-basis distributable income previously reported by the Company will not be impacted by the correction of this error.
The Audit Committee of the Company’s Board of Directors has determined that the error in accounting for investment income from its equity investments in CLOs was not material to the Company’s previously filed consolidated financial statements."
I read this to mean that they 'might' be obligated to reclassify previous dividends although I am not an Accountant.
This is a bargain for the investor at these prices and is part of the reason why the PPS is depressed.
My take. From an investor who took a position today @ $7.01.
I have looked at the SEC filings for the last two months. I noticed Virginia Retirement has been reducing holdings in the convertible from 5 million + shares. I wonder if that has anything to do with the PPS going down.