I think I am a little wrong as well as there is nothing unusual about paying dividends out of debt or buying stock back using debt. CIM clearly has the cash/debt facilities to do both.
I just have a "bs" feeling about this... if your debt facilities do not need to be repaid anytime soon, why not just pay the dividend as ordinary not wait months and months into the future... why are they drawing upon debt facilities and just hoarding cash... what are the terms of those debt facilities etc and why was CIM so concerned about funding lines they opted to draw on them and keep the proceeds in cash.
I hope it does "add up" because I got stock, sold puts (very no-convex haha) and long calls!
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