CODI is a publicly traded partnership. That's a tax advantaged structure that has to pay out substantially all of their income to unitholders. One side effect of that structure is that acquisitions eventually have to be funded with equity offerings.
This is a verbose way of saying 'yes' to your question, but that's not the whole answer. The whole answer is that CODI will continue to make acquisitions and finance them with equity offerings. We are trusting that, given the cost of equity, management will make transactions that are accretive to our invested dollars.
Brennus: I hope you know by now we are usually on the same side of these issues, but I have a question. Can give you me some authority for this portion of your statement: " ... that has to pay out substantially all of their income to unitholders." And, yes, I know that CODI is a trust that has elected to be taxed as a partnership. However, I am not aware of any requirement that MLPs or other publicly traded partnerships have to pay out any portion of their income, let alone substantially all. Thanks.