{
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  "slug": "ares-capital-corp",
  "name": "ARES CAPITAL CORP",
  "updatedAt": "2026-10-02T12:36:48.106345Z",
  "sections": [
    {
      "type": "OVERVIEW",
      "text": "Ares Capital Corporation is a specialty-finance company and business development company (BDC) that provides financing to U.S. middle-market businesses. Its investment objective is to generate current income and capital appreciation through debt and equity investments. [P66489][P59002184] Its financing includes senior secured loans, unitranche and subordinated debt, and preferred and common equity. [P79018146]\n\nThe company was founded in 2004 and focuses primarily on U.S. middle-market companies, generally defined as businesses with $10 million to $250 million in EBITDA. [P83897253] Ares Capital is externally managed by Ares Capital Management, a subsidiary of Ares Management. [P109801099]\n\nAt June 30, 2026, its investment portfolio had a reported fair value of $29.349 billion across 619 portfolio companies. [T18943218] For 2025, total investment income was $3.052 billion, a relevant income measure for the investment company. [T13844201]\n[P66489][P59002184][P79018146][P83897253][P109801099][T18943218][T18943218][T13844201]",
      "updatedAt": "2026-10-02T12:36:48.106345Z"
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      "type": "PRODUCTS",
      "text": "Ares Capital provides financing to middle-market companies through investments including first-lien and second-lien senior secured loans, senior subordinated loans, preferred equity and other equity. Its first-lien investments include unitranche loans, which combine senior and subordinated debt in a generally first-lien position, as well as revolving and term loans. Loan terms may include floating- or fixed-rate coupons, benchmark-linked spreads, PIK interest and equity co-investments. [P162776629][P144128990][P144129046][P144129745]\n\nAt June 30, 2026, the portfolio’s fair-value mix was 59% first-lien senior secured loans, 4% second-lien senior secured loans, 4% investments in the Senior Direct Lending Program, 6% senior subordinated loans, 8% preferred equity, 10% Ivy Hill Asset Management and 9% other equity. The company also reported weighted-average yields of 10.5% on debt and other income-producing securities and 9.4% on total investments, both at fair value. [T18943218] Its filings describe investment and financing products rather than a separate customer-facing service menu. [P144128990]\n[P162776629][P144128990][P144129046][P144129745][T18943218]",
      "updatedAt": "2026-10-02T12:36:48.106345Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "Ares Capital Corp. focuses on lending to and investing in middle-market companies in the United States. Its 2025 annual filing notes that BDC rules generally require at least 70% of total assets to be invested in qualifying assets, which include certain U.S. companies; the filing also allows up to 30% in non-qualifying assets, including companies located outside the United States. These are regulatory limits, not a disclosure of the company’s actual geographic portfolio mix. [https://arcc.ares.com/][P71932128]\n\nThe company is headquartered at 245 Park Avenue, 44th Floor, New York, New York 10167. It leases office facilities and reports no materially important owned real estate. [P84850931]\n\nThe 2025 filing identifies one operating and reporting segment and does not provide revenue or portfolio percentages by country or region. [P62819009]\n[P71932128][P84850931][P62819009][https://arcc.ares.com/]",
      "updatedAt": "2026-10-02T12:36:48.106345Z"
    },
    {
      "type": "SEGMENTS",
      "text": "Ares Capital reports one operating and reporting segment, rather than separate business segments. Its stated investment focus is generating current income and capital appreciation through debt and equity investments. [P144130523][P110625026]\n\nNo percentage contribution by business segment is disclosed: the company assesses performance on a consolidated basis and does not report separate segment revenue or income. Portfolio categories such as loan types and portfolio-company industries are investment breakdowns, not reported business segments. [P144130523][T16494793][T16494816]\n\nThis segment reporting is confirmed in the company’s FY2025 annual filing and Q2 2026 quarterly filing. [P110625026][P144130523]\n[P144130523][P110625026][T16494793][T16494816]",
      "updatedAt": "2026-10-02T12:36:48.106345Z"
    },
    {
      "type": "HISTORY",
      "text": "Ares Capital Corp. was organized in Maryland on April 16, 2004, and began material operations on October 8 of that year, following its initial public offering of 11 million shares at $15 per share. The company was sponsored by Ares Management; the available sources do not identify individual founders of Ares Capital itself. [https://www.sec.gov/Archives/edgar/data/1287750/000110465925000820/arcc-20250102xn2.htm][https://www.sec.gov/Archives/edgar/data/1287750/000104746904030487/a2144514z497ad.htm][https://www.sec.gov/Archives/edgar/data/1287750/000110465905004156/a05-2870_1ex99d1.htm]\n\nA major expansion came with the completion of its merger with Allied Capital on April 1, 2010. In 2016, Ares Capital and Varagon launched the Senior Direct Lending Program, broadening their direct-lending activity; the program received initial funding in July. Ares Capital completed its acquisition of American Capital on January 3, 2017. [https://www.sec.gov/Archives/edgar/data/1287750/000110465910018070/a10-7435_1ex99d1.htm][https://www.businesswire.com/news/home/20160803005529/en/Senior-Direct-Lending-Program-Launches][https://www.sec.gov/Archives/edgar/data/1287750/000104746917000808/a2230898z10-k.htm][https://www.sec.gov/Archives/edgar/data/1287750/000110465917000290/a16-23870_18k.htm]\n\nKipp deVeer was promoted to chief executive officer in 2014. He stepped down in April 2025 and was succeeded by Kort Schnabel; a 2026 second-quarter filing identifies Schnabel as CEO. [https://www.businesswire.com/news/home/20140805005361/en/Ares-Capital-Corporation-Announces-Management-Promotions][https://www.sec.gov/Archives/edgar/data/1287750/000110465925009302/tm255336d1_ex99-1.htm][P144130957]\n[P144130957][https://www.sec.gov/Archives/edgar/data/1287750/000110465925000820/arcc-20250102xn2.htm][https://www.sec.gov/Archives/edgar/data/1287750/000104746904030487/a2144514z497ad.htm][https://www.sec.gov/Archives/edgar/data/1287750/000110465905004156/a05-2870_1ex99d1.htm][https://www.sec.gov/Archives/edgar/data/1287750/000110465910018070/a10-7435_1ex99d1.htm][https://www.businesswire.com/news/home/20160803005529/en/Senior-Direct-Lending-Program-Launches][https://www.sec.gov/Archives/edgar/data/1287750/000104746917000808/a2230898z10-k.htm][https://www.sec.gov/Archives/edgar/data/1287750/000110465917000290/a16-23870_18k.htm][https://www.businesswire.com/news/home/20140805005361/en/Ares-Capital-Corporation-Announces-Management-Promotions][https://www.sec.gov/Archives/edgar/data/1287750/000110465925009302/tm255336d1_ex99-1.htm]",
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