Ares Capital Corp
arescapitalcorp.comWhat Do They Do?
Makes loans and equity investments in U.S. middle-market companies, including senior secured loans, subordinated debt and preferred equity.
10-K for FY2025, filed Feb 4, 2026Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest…View ↗
We invest primarily in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and…View ↗
To a lesser extent, we also make common equity investments, which have generally been non-control equity investments of less than $20…View ↗
How Do They Make Money?
Its subordinated debt investments generate interest payments; it also earns fees for arranging financing, usually at closing, and fees for services as they are provided.
10-K for FY2025, filed Feb 4, 2026Structurally, subordinated debt usually ranks junior in priority of payment to senior secured loans and is often unsecured. However…View ↗
In pursuit of the Company’s investment objective, the Company’s investment adviser seeks to provide assistance to its portfolio companies…View ↗
Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are…View ↗
$1.5B
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10-K for FY2025, filed Feb 4, 2026
$1.5B ↗
Who Are Their Customers?
Invests primarily in U.S. middle-market companies, generally originating investments itself and directing the investment process.
10-K for FY2025, filed Feb 4, 2026
Do Revenues Turn Into Profits?
Yes. It kept 89 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 4, 2026
10-K for FY2025, filed Feb 4, 2026
$1.3BView ↗
How Are They Changing?
Growing. Revenue grew 89% in 4 years, from $770M in FY2021 to $1.5B in FY2025, about 17% a year.
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