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  "documentTitle": "Allied Capital (ALD)",
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  "authorName": "David Einhorn",
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  "notes": "The slide highlights a potential regulatory misalignment between Allied's valuation practices and SEC requirements.",
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      "text": "Greenlight observes that a portion of Allied’s stated accounting policy in its 10-K appears to reflect SBA rather than SEC accounting principles.",
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      "text": "The SEC has issued two accounting series releases (“ASR”) that amplify the SEC’s interpretation of requirements under the 1940 Act.",
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      "text": "The Commission has stated that, as a general principle, the fair value of a portfolio security is the price which the fund might reasonably expect to receive upon its current sale...",
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      "text": "[O]ur net asset value is based upon fair value estimates for the securities in our portfolios. We have a consistent process we’ve used to determine fair value...",
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      "text": "\"The Commission has stated that, as a general principle, the fair value of a portfolio security is the price which the fund might reasonably expect to receive upon its current sale.\" — Douglas Scheidt, Associate Director and Chief Counsel in the SEC’s Division of Investment Management",
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      "text": "3 “December 1999 Letter to the ICI Regarding Valuation Issues,” from Douglas Scheidt Associate Director and Chief Counsel of the SEC Division of Investment, December 8, 1999.",
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