Do I understand that ACAS has a higher percentage of investment in the equities of it's portfolio companies than its peer BDC Group? If so, I presume that if the Market falters to any degree the company may be faced with significant quarterly write-offs under mark to market. Is that assumption wrong?
I think that is partially correct. I believe some of their privately held companies are valued based on their EBITDA (adjusted earnings), rather than the stock market movements. So, if those companies are growing earnings, their value should go up not down, regardless of what the stock markets are doing.