According to recent filings they earned net investment income of $20 million for 6 months from dividends and interest less all expenses. The auction rate securities are paying only $1MM annual rate of dividends vs $13MM last year. So this is an annual rate of income of $39MM for common equity and they are paying out $95MM or $.14/mo. on 53.6MM shares. If the auction rate securities were earning the normal rate of $10MM the distribution actually earned is $30MM annually or $.56 or $.047/mo.

Why are they doing this crazy distribution policy? They are not bound. Tell me why I am wrong? and tell me why the dividend will not be cut