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I was involved with ACAS since 2004. It was a good income provider for me until the world was disrupted in 2007-8-9.

I started investing in ACAS around 2007-2008, which would have been a few years after you, b&w. I accumulated throughout the dark days until it became my largest position in my taxable and Roth accounts. I couldn't resist the heavy discount to NAV, which was marked-to-depressed-market as required by GAAP. The double-discount and the fact that they were in technical default because the market value of their assets had dropped and NOT because they weren't paying their creditors in full and on time.

I didn't mind getting my gains in capital appreciation instead of dividends from 2008 onward. ACAS was the oddball in the BDC world because it stopped paying a dividend when it stopped being a RIC to make use of a massive tax asset, but it was my oddball! <g>

With ARCC gobbling up ACAS, I realized my long-term capital gains in ACAS and parked more and more of proceeds into deeper and deeper discounted ACSF.

Now with ACSF liquidating its assets to unlock shareholder value, I'm looking at ARCC again.

With the potential increase in leverage from 1:1 to 2:1, a proven BDC like ARCC would be a good buy. It would be a great buy if the price were to drop meaningfully below book. <g> Being a former ACAS shareholder and a current ACSF shareholder, it no longer feels right unless I buy at a discount!

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