Ares Capital Corporation
Description
Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors. The fund will also consider investments in industries such as restaurants, retail, oil and gas, and technology sectors. It focuses on investments in Northeast, Mid-Atlantic, Southeast and Southwest regions from its New York office, the Midwest region, from the Chicago office, and the Western region from the Los Angeles office. The fund typically invests between $20 million and $200 million and a maximum of $400 million in companies with an EBITDA between $10 million and $250 million. It makes debt investments between $10 million and $100 million The fund invests through revolvers, first lien loans, warrants, unitranche structures, second lien loans, mezzanine debt, private high yield, junior capital, subordinated debt, and non-control preferred and common equity. The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically considers the purchase of stressed and discounted debt positions. The fund prefers to be an agent and/or lead the transactions in which it invests. The fund also seeks board representation in its portfolio companies.
About
CEO
Mr. Robert Kipp DeVeer III
Employees
0
Instrument type
Closed-end Fund
Sector
Financial Services
Industry
Asset Management
MIC code
XNGS
Address
1800 Avenue of the Stars, Los Angeles, CA 90067-4733, United States
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![Enlarged Chart]()
Oscillators
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Summary
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Moving Averages
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Oct 28, 2025 | — | — | — | — |
| Jul 28, 2025 | — | — | — | — |
| Apr 29, 2025 | — | — | — | — |
| Feb 5, 2025 | 0.58 | — | — | — |
| Oct 30, 2024 | 0.60 | 0.58 | -0.02 | -3.33% |
Earnings estimate
| Number of analysts | — | — | — | — |
|---|---|---|---|---|
| Average estimate | — | — | — | — |
| Low estimate | — | — | — | — |
| High estimate | — | — | — | — |
| Last year EPS | — | — | — | — |
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Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 1.64B | 789.00M | 1.68B | 541.00M | 824.00M |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 42.00M | 38.00M | 39.00M | 38.00M | 45.00M |
| Other operating expenses | 52.00M | 96.00M | 43.00M | 36.00M | -30.00M |
| Operating income | — | — | — | — | — |
| Non operating interest income | |||||
| Income | — | — | — | — | — |
| Expense | — | — | — | — | — |
| Other income expense | — | — | — | — | — |
| Pretax income | 1.54B | 655.00M | 1.60B | 503.00M | 809.00M |
| Tax provision | 20.00M | 55.00M | 29.00M | 19.00M | 16.00M |
| Net income | 1.52B | 600.00M | 1.57B | 484.00M | 793.00M |
| Basic EPS | 2.75 | 1.21 | 3.51 | 1.14 | 1.86 |
| Diluted EPS | 2.68 | 1.19 | 3.51 | 1.14 | 1.86 |
| Basic average shares | 554.00M | 498.00M | 446.00M | 424.00M | 427.00M |
| Diluted average shares | 554.00M | 498.00M | 446.00M | 424.00M | 427.00M |
| EBITDA | — | — | — | — | — |
| Net income from continuing op. | 1.52B | 600.00M | 1.57B | 484.00M | 793.00M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | — | — | — | — | — |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 535.00M | 303.00M | 372.00M | 254.00M | 167.00M |
| Other short term investments | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| Other receivables | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | — | — | — | — | — |
| Restricted cash | — | — | — | — | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | — | — | — | — | — |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | — | — | — | — | — |
| Construction in progress | — | — | — | — | — |
| Leases | — | — | — | — | — |
| Accumulated depreciation | — | — | — | — | — |
| Goodwill | — | — | — | — | — |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | — | — | — | — | — |
| Investments and advances | 22.87B | 21.78B | 20.01B | 15.52B | 14.43B |
| Other non current assets | — | — | — | — | — |
| Total liabilities | — | — | — | — | — |
| Current liabilities | |||||
| Accounts payable | 373.00M | 294.00M | 427.00M | 179.00M | 177.00M |
| Accrued expenses | — | — | — | — | — |
| Short term debt | — | — | — | — | — |
| Deferred revenue | — | — | — | — | — |
| Tax payable | — | — | — | — | — |
| Pensions | — | — | — | — | — |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 11.94B | 12.32B | 11.14B | 8.57B | 7.09B |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | — | — | — | — | — |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | — | — | — | — | — |
| Shareholders equity | |||||
| Common stock | 1.00M | 1.00M | — | — | — |
| Retained earnings | 462.00M | -2.00M | 315.00M | -480.00M | -293.00M |
| Other shareholders equity | — | — | — | — | — |
| Total shareholders equity | 11.20B | 9.56B | 8.87B | 7.18B | 7.47B |
| Additional paid in capital | 10.74B | 9.56B | 8.55B | 7.66B | 7.76B |
| Treasury stock | — | — | — | — | — |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||
| Net Income | 1.52B | 600.00M | 1.57B | 484.00M | 793.00M | 858.00M | 667.00M | 474.00M | 379.00M | 591.00M | 488.52M | 508.18M | 319.45M | 691.83M | 202.69M | -139.46M | 90.83M | 69.70M | 41.85M | — |
| Depreciation | — | — | — | — | — | — | — | — | — | — | — | — | 876,000 | 923,000 | 672,000 | 503,000 | 410,000 | 2.08M | 465,398 | — |
| Deferred Taxes | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | -158.00M | -77.00M | -106.00M | -127.00M | -65.00M | -57.00M | -2.44B | -34.00M | 16.00M | 16.00M | 3.45M | -11.66M | -2.44M | -1.01B | -65.66M | -31.91M | -15.64M | -5.14M | -2.73M | -188.17M |
| Accounts Receivable | -60.00M | -34.00M | 14.00M | -26.00M | -26.00M | 2.00M | 28.00M | 26.00M | 23.00M | -37.00M | -14.98M | -9.92M | -26.53M | -4.08M | -8.17M | 6.18M | -13.61M | -4.29M | -4.69M | -1.14M |
| Accounts Payable | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -207,410 | 11.39M | — | — |
| Other Assets & Liabilities | -22.00M | 53.00M | 6.00M | -26.00M | 3.00M | 37.00M | 32.00M | -11.00M | 19.00M | -2.00M | -8.33M | 19.04M | 2.44M | 12.55M | -709,000 | -2.01M | 599.02M | -4.67M | 77,418 | -321,155 |
| Operating Cash Flow | 1.28B | 542.00M | 1.48B | 305.00M | 705.00M | 840.00M | -1.72B | 455.00M | 437.00M | 568.00M | 468.66M | 505.65M | 293.80M | -313.33M | 128.83M | -166.69M | 660.81M | 69.06M | 34.97M | -189.63M |
| Investing Activities | ||||||||||||||||||||
| Capital Expenditures | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Purchase of Investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -1.31B | -1.03B | -498.80M | -243.86M |
| Sale of Investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Investing Cash Flow | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing Activities | ||||||||||||||||||||
| Long-Term Debt Issuance | 5.22B | 7.96B | 19.39B | 8.28B | 13.20B | 6.59B | 12.21B | 9.86B | 3.90B | 4.88B | 6.43B | 3.21B | 2.46B | 1.74B | 477.40M | 951.00M | 713.35M | 977.00M | 123.50M | — |
| Long-Term Debt Payments | -5.60B | -6.82B | -16.83B | -6.74B | -11.42B | -6.24B | -11.23B | -10.10B | -3.70B | -3.96B | -5.65B | -3.09B | -1.74B | -2.15B | -392.14M | -721.20M | -513.00M | -513.00M | -161.00M | -778,223 |
| Other Financing Charges | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing Cash Flow | -264.00M | 1.23B | 2.68B | 767.00M | 1.15B | -305.00M | 2.18B | -731.00M | -292.00M | 717.00M | 1.20B | 443.58M | 442.29M | 683.19M | 4.78M | 380.39M | -68.37M | 88.24M | 466.10M | 54.72M |
| Other Cash Details | ||||||||||||||||||||
| End Cash Position | 564.00M | 337.00M | 486.00M | 326.00M | 176.00M | 296.00M | 316.00M | 223.00M | 257.00M | 195.00M | 149.63M | 269.04M | 120.78M | 100.75M | 99.23M | 89.38M | 21.14M | 91.54M | 16.61M | 26.81M |
| Income Tax Paid | — | — | — | — | — | — | — | — | — | — | — | — | 9.11M | 1.32M | 818,000 | 1.60M | 1.27M | — | — | — |
| Interest Paid | — | — | — | — | — | — | — | — | — | — | — | — | 87.42M | 53.12M | 19.96M | 34.42M | 31.75M | — | — | — |
| Free Cash Flow | 511.00M | -1.36B | -2.46B | -580.00M | -1.24B | 304.00M | -2.05B | 707.00M | 360.00M | -659.00M | -1.30B | -250.93M | -396.91M | -656.49M | 12.26M | -309.01M | -514.16M | -518.26M | -349.97M | -187.75M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| VanEck ETF Trust -VanEck BDC Income ETF | Nov 30, 2024 | 12,942,113 | 308.15M | 2.00% |
| Fidelity Dividend Growth Fund | Nov 30, 2024 | 3,190,827 | 75.97M | 0.49% |
| Fidelity Advisor Dividend Growth Fund | Nov 30, 2024 | 715,526 | 17.04M | 0.11% |
| Putnam BDC ETF | Oct 31, 2024 | 620,781 | 14.78M | 0.10% |
| Columbia Fds Ser Tr II-Columbia Flexible Capital Income Fd | Nov 30, 2024 | 575,000 | 13.69M | 0.09% |
| Columbia Fds Ser Tr II-Columbia Dividend Opportunity Fd | Nov 30, 2024 | 516,400 | 12.30M | 0.08% |
| Tri-Continental Corp | Sep 30, 2024 | 475,000 | 11.31M | 0.07% |
| Bridge Builder Tr-Bridge Builder Large Cap Value Fd | Sep 30, 2024 | 393,900 | 9.38M | 0.06% |
| Invesco ETF Tr-Invesco Global Listed Private Equity ETF | Nov 30, 2024 | 385,750 | 9.18M | 0.06% |
| Advisors Inner Circle Fund-CIBC Atlas Income Opportunities Fund | Oct 31, 2024 | 318,623 | 7.59M | 0.05% |
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