As a former ALD shareholder, Ares Capital could not have timed the acquisition of ALD at a better time, or at a better price.
With a near 10% yield, strong earnings, and the prospect of future dividend increases ... I am surprised ARCC stock is selling at this price. IMHO, ARCC should be selling at $20.00 on the strength of the earnings report and actual dividend... and the long term benefits of the merger.
Further, with the benefits of qualified dividends being hammered away by the Democrats, there is at least a silver lining for the REIT's and BDC's treating dividends as ordinary income. High BDC dividend yields, even though non qualified, will get increasing attention.