I have to say that although CT makes a nice, contrarian play, I like American Capital a little more.
Although ACAS is further up the recovery curve at almost $9, it's also further up the curve operationally/financially as well with no re-fi "gotchas" scaring people as much.
What I also like about ACAS is John Paulson's sponsorship as he owns waaayy more of ACAS than Zell owns of Capital Trust. ACAS is also more of a diversified BDC whereas CT is more concentrated in commercial RE finance.
Does ACAS have some of the many landmines CT has, which could *reverse* in the not so distant future propelling this one much higher, like large excess charges to equity? Beauty is in the eye of the beholder. Money might be there too.