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American Capital: Is It Time To Get Out?

American Capital (NASDAQ:ACAS) recently released financial results and this article is a follow up to both "BDC Risk Profiles: Part 12 - American Capital" and "American Capital: Is It Good?" Two things stood out in the June 30, 2013, results including non-performing loans as percentage of investments at all-time highs which is most likely from the continued decline in credit quality of the underlying portfolio companies. The other was the continued slowing growth of Net Asset Value ("NAV") per share which is one of the few good things ACAS has going for it. In this article I will identify the key risks for ACAS that are driving the poor performance and slowing NAV growth

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