Since BDCs don't really have "Retained Earnings", business expansion must come from new stock sales. This is fine as long as the new sales are priced above book value. As of 6/30/13 ARCCs book value was $16.21.
I don't own this but saw it on CNBC this morning. What is the offering priced at? I guess it will go down
to that price. It's tempting to buy on this dip, but i'll wait and see. Someone's selling 12K at 17.05.