i have to agree with Schwab. At 40, the stock becomes too pricey and subject to the variances (of risk) in the market. I sense "frothing" with the price on this stock and a quick two to three dollar pullback if it goes much further.
It may be buying in advance of the formation of one or more ETFs..... the reit ETFs drove reits higher so smart money may want in at lower prices perhaps holding longer term or selling into the ETF wave which could drive ACAS and other BDCs higher.
If ACAS were smart they would sign on to an ETF and do a 2ndary directly to the ETF.... lower offering costs for direct placement. If an ETF comes around don't be surprised to see several BDCs try to do direct 2ndary offerings. Existing shareholders get an advantage.... generally the price drop is less in a direct offering to an ETF versus a private offering versus a public offering.