ACSF trades at $11.10 per share (as of 1/25/2018), which is a 15% discount to its $13.12 net asset value as of 9/30/2017. ACSF is externally managed by Ivy Hill Asset Management, a wholly-owned portfolio company of Ares Capital Corp. (NASDAQ: ARCC), which is part of the broader Ares Management investment platform. Relative Value PartnersACSF’s balance sheet is small, with $237 million in assets and $131 million in equity. Since taking over the management of ACSF, they have repositioned and improved the quality of ACSF’s portfolio. Given ACSF’s small scale, liquid portfolio and 15% discount to net asset value, we believe ACSF should either be liquidated or merged into the larger ARCC platform at its book value of $13.12 per share.

Source: Forbes January 28, 2018 14:26 UTC