The dilution helps raise the market cap and help them obtain better financing terms, but the dilution followed closely on the heels of the raised dividend. Now that they have achieved their $100million market cap objective, there is no reason to continue the high dividend. I won't be surprised if the dividend is substantially reduced and if the stock price heads back down to the high 10's. Bimini is not known for being shareholder friendly in the way they manage companies (think ARR); ORC looks like it is doomed to follow the same course as Armour, though I hope it doesn't.
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