BagsYour logic makes sense. However, it may prove to be optimistic to expect sustainable distributions for six months per year unless the portfolio manager does an exceptional job investing and rebalancing. The dividends being collected are nowhere near the amounts being paid to preferred shareholders, let alone those invested in the capital shares.
Every month, the manager has to sell portfolio holdings to generate enough cash to pay the distributions, and this reduces the portfolio size and impairs its ability to grow as quickly as it would otherwise. This is a serious problem when markets are depressed and holdings are sold at low valuations.
It is no wonder that most, if not all, split funds end up trading well below their IPO price after a few years.