"By "risky" I mean riskier that the dividend will be cut."

ACAS is projected, by management, to pay $4.19/share in dividends this year.  It should pay it regardless of whether the share price is $26, or $52.  That is, a company usually doesn't pay a certain dividend depending on it's share price!  It is the only company that I know of that projects future dividends!  Usually, you assume current dividends will be paid

"In my analysis of the markets, I focus on stocks with yield higher than the average (2%+), history of consistent dividend increases ( prefer 25 years, but could settle for 10+ too ) and postivie 10 year dividend growth. A sound DPR is also important ( I look for 50% and below, but based off of industry specific might reconsider it and just check the current DPR versus a 10 year trend of DPR).

I invite you to review the URL above, and give me your impressions of the ACAS dividend history.  Then we can talk!

I also invite you to also review the dividend percentage yield history for ACAS.

"And what is your opinion on ACAS?"

It is almost 5% of my portfolio.  It has 1, 3, and 5 year dividend growth rates of 12%, 9%, and 8%.  At a 15% current yield, it's projected TR is over 20%, with no change to it's P/E ratio (no speculative return, in Bogle's words!)  It's price/book ratio is under 1 (0.9), meaning that the market values it's assets below book value (admitedly, it's almost 300 investments are nor publically traded!)

At a share price of $26, I believe it's more likely for the stock to revert to a mean by increasing, rather then decreasing, further increasing the TR, going forward.  Nevertheless, it's a tremendous individual stock.

Regarding DPR, ACAS is a BDC, paying out over 90% of it's earnings, for which it gets a tax break.  ALD (another BDC that I hold) is the same, as are REITs.