ACAS Earnings Underwhelming

ACAS announced their earnings this morning. They were not as good as expected as they are tangentially impacted by reduced revenues from mortgage REITs they provide services to.  This is another classic value play though. Their NAV is now 19.28.  But they will likely be trading this morning a bit over $13.00  the beauty of their business model is they have funds to invest in most attractive opportunities out there. And at buying $19 for $13 seems like a good deal, they are doing that with their funds. So while shrinking is not a path to greatness, I suspect it can be a path to above average returns for the next 18 months.