DS differenceUnlike BK and others who are in split funds, with DS the NAV is based only on the portfolio , and is not a UNIT NAV that includes the value of preferreds shares. SO the NAV does climb more slowly for DS. However, DS shareholders do get all of the dividend income received , as well as capital gains, there is nothing paid out to preferreds (DS has no preferred share component), as with most of the other funds out there. This makes the fund much more sustainable.
Others like DFN, DGS and FFN, have done many offerings , fattening up the kitty , to keep enough cash to continue paying to common shareholders, while the income received from dividends probably doesnt even cover the payments to preferreds.
DFN just did another one. Last week it was PIC.a from Strathbridge doing an offering.