We go ahead and syndicate out all our debt investments and now we are left with no fixed income to help the noi out. Why couldn't we have issued 1 billion in unsecured debt at 4.0 % for 10 years back in the spring (when our debt was upgraded) and just lent it out on a secured basis this year at 10-12% yields? Debt was at the cheapest it could get for a company this size. I just don't know why we didn't leverage out like 0.3 to 1. That is still not that much.
What you suggest would be appropriate for a conventional BDC (and there are many of those to buy if you so choose). ACAS is being managed to increase NAV and minimize debt, creating necessary conditions for it to be split into 2 or possibly 3 separate companies: an asset-management company, a traditional BDC and possibly one more. Hopefully, the conditions will established to make that possible some time next year.