RE: Tax jayem13, that is a good summary and provides additional meaningful details. You are agreeing with my last post. Had they remained a partnership then of course they could pass through return of capital directly to us.
Having acknowledged what you say, wouldn't it make more sense for them to only distribute as dividend up to the GAAP net income numbers they report, or some approximation of that? Instead of taxing us on our own investment, they could instead increase their payback of debt. That would return value to shareholders using pre-tax money, and it would have follow on benefits by further reducing interest payments in future quarters. That would put $10 to work instead of us getting tax 25% (15% federal + 10% state) on the same $10.