We pay monthly dividends, we pay dividends basically in line with earnings, our earnings projections, and we’ve just declared $0.0958 the next three months; or actually through July, August and September. To date we’ve declared almost $5 in dividends, since our IPO. I personally have bought all of my shares, I’m one of the largest shareholders, and I brought that all 2 million shares; there’s no such thing as a granted equity or options in a strongly managed BDC. There’s the right button.
So versus the SPY, versus the [Exelis] on a total return basis, we’ve done really well. But I will tell, we probably have underperformed our expectations. We’ve underperformed our expectations for a couple of reasons, one we haven’t efficiently used our capital structure, two our 2007 assets have been disastrous, and it took us a long time to clean that portfolio. And number three, we did do one equity raise below book value to fund the SBA because we were forced by them to put $75 million in bank to get our first license at a time where the market was in (inaudible) and that was a great way to destroy $1 of a NAV. So absent those three things, I think we would have done extremely well and probably had a much better return than you’re seeing on this chart.
However, we are one of the dominant lenders in our space. I would tell you we were top three in something called the one stop or unitranche transaction. This areas is there is ups in gallop, I think we’re ahead of gallop, gallop things are ahead of us. We see gallop down there but for not just from us though. They would like to show tranche towards ahead of us which is not really true.
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