What exactly is negative about the results that ACAS reported?
Do you think they'll ever get PPS above NAV before reinstating dividends? If they're not paying a dividend, why would PPS growth ever outpace NAV growth? I think a reasonably good point has been made on this board that we shouldn't expect PPS > NAV until dividends are reinstated, but management is not going to do that until PPS < NAV. Catch-22, no?
Since the debt covenants no longer have net worth requirements, what do you see being the risk from mark-to-market? The 1:1 requirement for BDCs?
Yeah, they got hammered in 08/09, but understanding why things weren't as bad as they seemed (thank you Jaded Consumer) and the way that they positioned themselves with respect to their lenders impressed me enough that I trust their ability to manage things.