The important point is about unrelated business taxable income (UBTI). There is no UBTI on a 1099 while the K1 must recognize this item. The tax is 50% of the amount of this income and requires the custodian must file the tax form and pay the tax out of the IRA. This must be paid by the IRA in the year the UBTI was received if a taxable amount. If owning a small amount of stock in an MLP it is unlikely that this amount will exceed the first $1000 of exclusion for this tax, but it is accumulative among all MLP's owned by an IRA, so it makes sense to use the LNCO vehicle in an IRA or an MLP fund that is not itself an MLP. Also, if there is a loss on the K1, it may be important to file the special tax form for the IRA since this loss will offset all or part of a future year UBTI. It is more trouble than it is worth for the average investor. Note I hold CODI in my IRA's and it is subject to this tax but it has never been a problem and the advantages of holding in my IRA offsets the possibility of UBTI which I believe is less likely in a business development company partnership.
Since 2007, total debt has increased by around 50 million while total assets have increased by 200 million. During this time the company has paid out 230 million in dividends or over $8.25 per share. What CPA wouldn't like those numbers?
Are you getting your information of "75% topline impact" from the same people that canceled the White House tours? That is outlandish poppycock. Regarding private equity, sounds like you have an axe to grind. Doubt that you understand business development companies. This company has thrived and paid ever increasing dividends during the tenure of the previous CEO. It continues to do so now. The existing management has placed their bets on this company with their own dollars. That is generally a meaningful indicator.