Ares Capital Corporation

Ares Capital Corporation is a specialty finance company structured as a closed-end, non-diversified management investment company. Founded on April 16, 2004, and initially funded on June 23, 2004, the company completed its initial public offering on October 8, 2004. Ares Capital operates as a business development company (BDC) under the Investment Company Act of 1940. As of December 31, 2025, it was the largest publicly traded BDC by market capitalization, with approximately $31.2 billion of total assets. The company is externally managed by Ares Capital Management LLC, a subsidiary of Ares Management Corporation, a global alternative investment manager. Ares Operations LLC, also a subsidiary of Ares Management, provides administrative services. Ares Capital's investment objective is to generate current income and capital appreciation through debt and equity investments. It primarily invests in U.S. middle-market companies, generally defined as those with annual EBITDA between $10 million and $250 million, though it may also invest in larger or smaller companies. The company's investments primarily consist of first lien senior secured loans (including unitranche loans) and second lien senior secured loans. Additionally, it invests in subordinated debt (mezzanine debt), which can include an equity component, and preferred equity.