Dividend Rate is Temporarily Reduced
As noted in the Company's news release announcing the dividend for August, the actions by central banks to significantly raise interest rates has affected the business climate generally and has temporarily compressed our net interest margins. As contemplated in that news release, management and our directors conducted a thorough evaluation of our portfolio performance and various interest rate scenarios on our profitability and concluded that a temporary adjustment to our dividend rate was warranted in order to proactively address this period of macroeconomic uncertainty. "This temporary measure will allow us to conserve capital and focus on various growth opportunities in the near term that will ultimately enhance long-term shareholder value," said
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