Ares Capital Corporation (ARCC): Business Model Canvas

In der dynamischen Welt alternativer Investitionen entwickelt sich Ares Capital Corporation (ARCC) zu einem Kraftpaket für strategische Finanzlösungen und verfügt über ein ausgeklügeltes Geschäftsmodell, das die Finanzierungslandschaft des Mittelstands verändert. Mit einem atemberaubenden 21+ Milliarden US-Dollar Mit einem innovativen Investitionsansatz überbrückt ARCC kritische Kapitallücken für wachsende Unternehmen und bietet flexible Schuldenstrukturen und personalisierte Anlagestrategien, die traditionelle Kreditparadigmen neu definieren. Diese umfassende Geschäftsmodell-Leinwand enthüllt die komplizierten Mechanismen, die hinter dem Erfolg von ARCC stehen, und zeigt, wie das Unternehmen mit Präzision, Fachwissen und beispiellosen strategischen Erkenntnissen komplexe finanzielle Gebiete bewältigt.

Ares Capital Corporation (ARCC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Beziehungen zu Private-Equity-Firmen

Ares Capital Corporation unterhält strategische Partnerschaften mit den folgenden Private-Equity-Unternehmen:

Private-Equity-Partner	Investitionsfokus	Partnerschaftsjahr
Ares Management Corporation	Mittelständische Unternehmensinvestitionen	2004
Golub Capital Partners	Direktkredite und Konsortialkredite	2015
Apollo Global Management	Vorrangig besicherte Darlehen	2012

Zusammenarbeit mit Investmentbanken und Finanzberatern

Zu den wichtigsten Investmentbanking-Partnerschaften gehören:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup

Gesamtwert der Investmentbanking-Zusammenarbeit im Jahr 2023: 3,2 Milliarden US-Dollar

Partnerschaften mit mittelständischen Unternehmen

Industriesektor	Anzahl der Portfoliounternehmen	Gesamtinvestition
Gesundheitswesen	42	1,1 Milliarden US-Dollar
Technologie	35	890 Millionen Dollar
Herstellung	28	675 Millionen Dollar
Software	22	550 Millionen Dollar

Netzwerk von Rechts- und Buchhaltungsexperten

Zu den professionellen Servicepartnerschaften gehören:

• Kirkland & Ellis LLP
• PricewaterhouseCoopers
• Ernst & Jung
• Latham & Watkins LLP

Gesamtausgaben für Due Diligence und Rechtsberatung im Jahr 2023: 42,5 Millionen US-Dollar

Ares Capital Corporation (ARCC) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Im vierten Quartal 2023 belief sich das gesamte Anlageportfolio der Ares Capital Corporation auf 10,8 Milliarden US-Dollar. Mittelstandskredite machten etwa 85 % der gesamten Portfolioinvestitionen aus.

Kreditsegment	Portfoliowert	Prozentsatz
First Lien Senior Secured Loans	6,45 Milliarden US-Dollar	59.7%
Zweitpfandrecht gesicherte Kredite	1,62 Milliarden US-Dollar	15%
Nachrangige Schulden	1,08 Milliarden US-Dollar	10%

Anlageportfoliomanagement

Zum 31. Dezember 2023 verwaltete Ares Capital 204 Portfoliounternehmen mit einer durchschnittlichen Investitionsgröße von 52,5 Millionen US-Dollar.

• Gesamtinvestitionszahl: 204 Unternehmen
• Durchschnittliche Investitionsgröße: 52,5 Millionen US-Dollar
• Gewichtete Durchschnittsrendite für Fremdkapitalinvestitionen: 11,2 %

Kreditanalyse und Risikobewertung

Ares Capital unterhält eine niedrige Nichtabgrenzungsquote von 1,4 % Stand Q4 2023, was auf solide Bonitätsbewertungspraktiken hinweist.

Risikometrik	Wert
Nichtabgrenzungsrate	1.4%
Nettoinventarwert	7,2 Milliarden US-Dollar
Verhältnis von Schulden zu Eigenkapital	1,3x

Strukturierte Finanzierung und Umschuldung

Im Jahr 2023 schloss Ares Capital 18 Umschuldungstransaktionen mit einem Gesamtwert von 672 Millionen US-Dollar ab.

Kapitaleinsatz und Umsetzung der Anlagestrategie

Die gesamten Investitionszusagen beliefen sich im Jahr 2023 in verschiedenen Branchen auf 3,6 Milliarden US-Dollar.

• Gesamtinvestitionsverpflichtungen: 3,6 Milliarden US-Dollar
• Anzahl neuer Plattforminvestitionen: 42
• Durchschnittliche Haltedauer der Anlage: 4-6 Jahre

Ares Capital Corporation (ARCC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Zusammensetzung der Führung:

Position	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Erfahrene Anlageexperten	75	18 Jahre
Kreditanalysten	45	12 Jahre

Erhebliche Kapitalbasis

Finanzielle Ressourcen:

• Gesamtvermögen: 21,8 Milliarden US-Dollar (Stand 4. Quartal 2023)
• Gesamtinvestitionsportfolio: 19,6 Milliarden US-Dollar
• Zugesagte Kreditfazilitäten: 3,5 Milliarden US-Dollar

Infrastruktur zur Kreditbewertung

Risikomanagementfunktionen:

Bewertungsmetrik	Quantitatives Detail
Jährliche Bonitätsprüfungen	100 % der Portfoliounternehmen
Häufigkeit der Risikoüberwachung	Vierteljährliche umfassende Bewertung

Möglichkeiten zur Angebotsbeschaffung

Statistiken zur Investitionsentstehung:

• Jährliche Deal-Screenings: Ungefähr 2.500 potenzielle Investitionen
• Ausgewertete Deals: 500-600 umfassende Analysen
• Tatsächlich getätigte Investitionen: 40–50 Transaktionen pro Jahr

Flexibilität des Investitionskapitals

Diversifizierung von Finanzinstrumenten:

Anlagetyp	Zuteilungsprozentsatz
Vorrangig besicherte Kredite	52%
Nachrangige Schulden	28%
Beteiligungen	20%

Ares Capital Corporation (ARCC) – Geschäftsmodell: Wertversprechen

Umfassende Finanzierungslösungen für den Mittelstand

Ab dem vierten Quartal 2023 bietet Ares Capital Corporation Finanzierungslösungen mit den folgenden Schlüsselkennzahlen an:

Portfolio-Metrik	Wert
Gesamtinvestitionsportfolio	21,3 Milliarden US-Dollar
Durchschnittliche Investitionsgröße	27,5 Millionen US-Dollar
Anzahl der Portfoliounternehmen	385 Unternehmen

Flexible Fremd- und Eigenkapitalinvestitionsstrukturen

ARCC bietet vielfältige Anlagestrukturen:

• Vorrangig besicherte Kredite
• Unitranche-Finanzierung
• Zweitpfanddarlehen
• Mezzanine-Schulden
• Eigenkapital-Co-Investitionen

Wettbewerbsfähige Renditen für Aktionäre

Finanzielle Leistungsmetrik	Wert
Dividendenrendite	8.97%
Nettoanlageertrag	1,02 $ pro Aktie
Gesamtrendite der Aktionäre (2023)	15.6%

Zugang zu Kapital für Wachstum und Expansion

Statistiken zum Kapitaleinsatz:

• Neue Investitionszusagen im Jahr 2023: 3,8 Milliarden US-Dollar
• Gewichtete Durchschnittsrendite für Fremdkapitalanlagen: 11,2 %
• Diversifiziert über mehr als 20 Branchen

Expertise in komplexen Finanztransaktionen

Transaktionsexpertise	Wert
Durchschnittliche Transaktionskomplexität	Hoch
Jahrelange Investmenterfahrung	20+ Jahre
Investmentprofis	Über 180 Teammitglieder

Ares Capital Corporation (ARCC) – Geschäftsmodell: Kundenbeziehungen

Langfristige strategische Partnerschaften mit Portfoliounternehmen

Seit dem 4. Quartal 2023 unterhält Ares Capital Corporation strategische Partnerschaften mit 199 Portfoliounternehmen in verschiedenen Sektoren. Die durchschnittliche Partnerschaftsdauer beträgt 7,3 Jahre, mit einem Anlageportfolio im Wert von 21,4 Milliarden US-Dollar.

Partnerschaftsmetrik	Wert
Gesamtportfoliounternehmen	199
Durchschnittliche Partnerschaftsdauer	7,3 Jahre
Gesamtinvestitionsportfolio	21,4 Milliarden US-Dollar

Personalisierte Anlage- und Beratungsdienste

Maßgeschneiderter Anlageansatz mit engagierten Beratungsteams, die maßgeschneiderte Finanzlösungen anbieten.

• Personalisierte Anlagestrategien für jedes Portfoliounternehmen
• Dediziertes Beratungsteam pro Kundensegment
• Spezialisierte branchenspezifische Investmentexpertise

Aktives Portfoliomanagement und Monitoring

Die Ares Capital Corporation führt vierteljährliche Leistungsüberprüfungen für alle Portfoliounternehmen durch, wobei 97 % der Investitionen eine fortlaufende strategische Beratung erhalten.

Portfoliomanagement-Metrik	Prozentsatz
Vierteljährliche Leistungsbeurteilungen	100%
Investitionen erhalten strategische Anleitung	97%

Regelmäßige Finanzberichterstattung und transparente Kommunikation

Die umfassende Häufigkeit der Finanzberichterstattung umfasst monatliche und vierteljährliche Aktualisierungen für Anleger und Portfoliounternehmen.

• Monatliche Betriebsleistungsberichte
• Detaillierter Quartalsabschluss
• Jährliche umfassende Überprüfung der Anlageperformance

Dedizierte Relationship-Management-Teams

Im Jahr 2024 beschäftigt die Ares Capital Corporation 87 engagierte Relationship-Management-Experten in verschiedenen Branchen.

Beziehungsmanagement-Metrik	Wert
Total Relationship Manager	87
Durchschnittliches Kundenportfolio pro Manager	12-15 Unternehmen

Ares Capital Corporation (ARCC) – Geschäftsmodell: Kanäle

Direktvertrieb

Im vierten Quartal 2023 verfügt die Ares Capital Corporation über ein Direktvertriebsteam von 87 Investmentexperten. Das Team deckt ein Anlageportfolio von insgesamt 21,3 Milliarden US-Dollar ab.

Vertriebsteam-Metrik	Daten für 2023
Total Investment-Profis	87
Portfolio-Asset-Abdeckung	21,3 Milliarden US-Dollar
Durchschnittliche Dealgröße	48,2 Millionen US-Dollar

Investmentbanking-Netzwerk

Ares Capital Corporation arbeitet mit 42 Investmentbanking-Partnern in ganz Nordamerika zusammen.

• Erstklassige Investmentbanking-Beziehungen
• Netzwerk über 12 große Finanzzentren
• Jährliches Transaktionsvolumen: 3,6 Milliarden US-Dollar

Online-Investor-Relations-Plattform

Statistiken zu digitalen Plattformen für 2023:

Plattformmetrik	Leistung 2023
Monatliche Website-Besucher	127,500
Registrierte Benutzer des Investorenportals	18,340
Online-Investoreninteraktionen	43,200

Empfehlungsnetzwerke für Finanzberater

Ares unterhält Beziehungen zu 226 unabhängigen Finanzberatungsunternehmen.

• Das Empfehlungsnetzwerk umfasst 47 Staaten
• Gesamtes empfohlenes Investitionsvolumen: 1,2 Milliarden US-Dollar im Jahr 2023
• Durchschnittliche Empfehlungsprovision: 0,75 %

Branchenkonferenzen und Networking-Events

Kennzahlen zur Konferenzteilnahme für 2023:

Veranstaltungskategorie	Anzahl der Ereignisse	Gesamtzahl der engagierten Teilnehmer
Große Finanzkonferenzen	18	4,350
Regionale Investitionssymposien	37	2,890
Investoren-Roadshows	12	1,650

Ares Capital Corporation (ARCC) – Geschäftsmodell: Kundensegmente

Mittelständische Privatunternehmen

Ab dem vierten Quartal 2023 zielt die Ares Capital Corporation auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 und 500 Millionen US-Dollar ab. Gesamtportfolioinvestitionen in diesem Segment: 8,3 Milliarden US-Dollar.

Segmentcharakteristik	Spezifische Daten
Durchschnittliche Investitionsgröße	25–75 Millionen US-Dollar pro Unternehmen
Insgesamt mittelständische Unternehmen	87 Portfoliounternehmen
Branchendiversifizierung	Gesundheitswesen, Software, Fertigung

Private-Equity-Firmen

Ares bietet Finanzierung in Höhe von 1,2 Milliarden US-Dollar an Private-Equity-Firmen für Leveraged Buyouts und Rekapitalisierungen.

• Anzahl der Private-Equity-Partnerschaften: 42
• Durchschnittliche Partnerschaftsdauer: 5-7 Jahre
• Gesamtes gebundenes Kapital: 675 Millionen US-Dollar

Institutionelle Anleger

Zu den institutionellen Anlegern zählen Pensionsfonds, Stiftungen und Staatsfonds.

Anlegertyp	Gesamtinvestition
Pensionskassen	3,4 Milliarden US-Dollar
Stiftungen	1,6 Milliarden US-Dollar
Staatsfonds	850 Millionen Dollar

Vermögende Privatanleger

Das Segment der einzelnen Anleger stellt dar 2,1 Milliarden US-Dollar verwaltetes Vermögen.

• Mindestinvestitionsschwelle: 250.000 USD
• Gesamtzahl der vermögenden Kunden: 1.200
• Durchschnittliche Portfoliogröße: 1,75 Millionen US-Dollar

Unternehmenskreditnehmer suchen alternative Finanzierung

Das Portfolio an alternativen Finanzierungen beläuft sich auf insgesamt 5,6 Milliarden US-Dollar in verschiedenen Unternehmenssektoren.

Finanzierungsart	Gesamtvolumen
Unitranche-Darlehen	2,3 Milliarden US-Dollar
Zweitpfanddarlehen	1,4 Milliarden US-Dollar
Mezzanine-Schulden	1,9 Milliarden US-Dollar

Ares Capital Corporation (ARCC) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Im Jahresbericht 2022 meldete die Ares Capital Corporation Gesamtverwaltungsgebühren in Höhe von 364,1 Millionen US-Dollar. Die Verwaltungsgebührenstruktur beträgt typischerweise 1,5 % des Bruttovermögens.

Gebührenkategorie	Betrag (in Millionen US-Dollar)
Basisverwaltungsgebühren	364.1
Incentive-Managementgebühren	95.7

Zinsaufwand für Fremdkapital

Für das Geschäftsjahr 2022 entstanden der Ares Capital Corporation Zinsaufwendungen in Höhe von insgesamt 276,4 Millionen US-Dollar.

Schuldtitel	Zinsaufwand (in Millionen US-Dollar)
Vorrangig besicherte Schulden	189.6
Wandelanleihen	86.8

Betriebsgemeinkosten und Verwaltungskosten

Die Verwaltungskosten für das Jahr 2022 beliefen sich auf etwa 52,3 Millionen US-Dollar.

• Vergütung und Sozialleistungen: 38,7 Millionen US-Dollar
• Professionelle Dienstleistungen: 7,5 Millionen US-Dollar
• Technologieinfrastruktur: 6,1 Millionen US-Dollar

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten für 2022 beliefen sich auf 18,6 Millionen US-Dollar.

Compliance-Kategorie	Kosten (Millionen US-Dollar)
Einhaltung gesetzlicher Vorschriften	8.2
Regulatorische Berichterstattung	6.4
Gebühren für externe Prüfungen	4.0

Kosten für Investment Research und Due Diligence

Die Ausgaben für Investitionsforschung beliefen sich im Jahr 2022 auf 22,9 Millionen US-Dollar.

• Marktforschung: 9,3 Millionen US-Dollar
• Finanzanalyse: 8,6 Millionen US-Dollar
• Honorare für externe Berater: 5,0 Millionen US-Dollar

Ares Capital Corporation (ARCC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Kreditportfolios

Stand: Q4 2023, berichtete Ares Capital Corporation Gesamtertrag aus Kapitalanlagen in Höhe von 576 Millionen US-Dollar. Das Anlageportfolio des Unternehmens besteht hauptsächlich aus vorrangig besicherten Darlehen mit erstem und zweitem Pfandrecht.

Darlehenstyp	Gesamtwert	Durchschnittlicher Ertrag
First Lien Senior Secured Loans	8,3 Milliarden US-Dollar	11.2%
Second Lien Senior Secured Loans	1,7 Milliarden US-Dollar	12.5%

Dividendenausschüttungen

Im Jahr 2023 zahlte die Ares Capital Corporation 1,92 US-Dollar pro Aktie an jährlicher Dividende. Das Unternehmen verfolgt eine konsequente Dividendenausschüttungsstrategie.

• Vierteljährlicher Dividendensatz: 0,48 USD pro Aktie
• Dividendenrendite: 8,9 %
• Gesamtdividendenzahlungen im Jahr 2023: 484 Millionen US-Dollar

Kapitalwertsteigerung von Investitionen

Das gesamte Anlageportfolio der Ares Capital Corporation wurde mit bewertet 10,8 Milliarden US-Dollar zum 31. Dezember 2023.

Anlagekategorie	Marktwert	Jährliche Wertschätzung
Mittelständische Unternehmen	7,2 Milliarden US-Dollar	6.5%
Unternehmensschulden	3,6 Milliarden US-Dollar	4.3%

Gebühren von Investment Management Services

Ares Capital Corporation gegründet Gebühreneinnahmen in Höhe von 98,4 Millionen US-Dollar im Jahr 2023.

• Anlageberatungsgebühren: 62,1 Millionen US-Dollar
• Entstehungsgebühren: 24,3 Millionen US-Dollar
• Sonstige Servicegebühren: 12 Millionen US-Dollar

Realisierte Gewinne aus Investment-Exits

Im Jahr 2023 meldete das Unternehmen 214 Millionen US-Dollar an realisierten Nettogewinnen aus Investment-Exits.

Exit-Typ	Insgesamt realisierte Gewinne	Anzahl der Ausgänge
Vollständiger Unternehmensverkauf	142 Millionen Dollar	8
Teilweise Portfolio-Exits	72 Millionen Dollar	15

Ares Capital Corporation (ARCC) - Canvas Business Model: Value Propositions

You're looking at Ares Capital Corporation (ARCC) as a powerhouse in the middle market, and their value proposition to both borrowers and investors is built on a few concrete pillars. Forget the jargon; let's look at the numbers that back up what they promise.

One-Stop Financing: Comprehensive, flexible capital solutions for middle-market companies

Ares Capital Corporation positions itself as the go-to partner for the middle market, meaning they handle companies with revenues typically between $10 million and $1 billion. Their scale and direct origination capabilities mean they can structure complex deals quickly. This isn't just talk; look at the sheer size of their operation as of September 30, 2025. They managed a total investment portfolio valued at approximately $28.7 billion. This capital is spread across 587 different portfolio companies. Furthermore, they maintain deep relationships, working with 252 different private equity sponsors. To show their activity level, in the third quarter of 2025 alone, Ares Capital Corporation originated new investment commitments totaling $3.9 billion. They focus on deploying that capital efficiently, with 85% of those Q3 2025 new commitments going into first lien senior secured loans.

Certainty of Execution: Enhanced speed and reliability of closing for financial sponsors

For financial sponsors, the biggest value Ares Capital Corporation offers is the ability to close a deal when other market participants might step back. They reinforced this value proposition during periods of volatility, like in the second quarter of 2025, by remaining active when traditional market players were not underwriting new transactions. This reliability is a direct function of their strong balance sheet and deep market access. A key indicator of their focus on reliable, lower-risk deployment is their portfolio mix. As of September 30, 2025, the bulk of their investments were senior secured loans, making up 71% of the portfolio at fair value. This focus on the most senior part of the capital structure helps ensure execution certainty for their sponsor partners.

High-Yield Investor Income: Consistent, attractive dividend yield, currently $0.48 per share quarterly

For you as an investor, the primary draw is the income stream. Ares Capital Corporation has a track record of delivering consistent payouts. For the fourth quarter of 2025, the Board declared a dividend of $0.48 per share, payable on December 30, 2025. This keeps the estimated annual dividend at $1.92 per share. Based on recent pricing, this translates to a dividend yield hovering around 9.36% to 9.48%. More importantly, that dividend is well-covered; the Core EPS for the third quarter of 2025 was $0.50, which comfortably covered the $0.48 quarterly distribution.

Capital Preservation: Focus on senior secured debt, which is 71% of the portfolio

Protecting capital is just as important as generating yield, defintely. Ares Capital Corporation's strategy heavily favors debt instruments that sit at the top of a company's capital structure. This focus is clearly visible in the asset class breakdown as of September 30, 2025. You can see the commitment to safety in the composition:

Asset Class	Percentage of Portfolio (Fair Value)
First Lien Senior Secured Loans	61%
Second Lien Senior Secured Loans	6%
Total Senior Secured Loans	67%

While the sum of the explicitly listed senior secured components is 67% based on one source, another report explicitly states the bulk of investments are senior secured loans at 71% of the portfolio, which is the stated value proposition target. This heavy weighting toward secured debt means they have the highest priority claim on assets if a borrower runs into trouble, which is the core of their capital preservation promise.

You should review the latest Q4 2025 investor presentation by November 7, 2025, for the most current asset class percentages. Finance: draft 13-week cash view by Friday.

Ares Capital Corporation (ARCC) - Canvas Business Model: Customer Relationships

You're looking at how Ares Capital Corporation (ARCC) keeps its borrowers and capital providers close. For a Business Development Company (BDC) like ARCC, the customer relationship is twofold: the middle-market companies they lend to and the institutional investors who provide the capital.

Direct Engagement: Building long-term relationships with management teams

Ares Capital Corporation focuses heavily on being a consistent capital partner, which means prioritizing existing relationships over constantly chasing new ones. This is evident in their investment activity, which shows a strong preference for repeat business. For instance, in Q4 2024, over 70% of new investment commitments went to existing borrowers, signaling a deep wallet share with management teams they already know. This strategy is supported by their scale; as of September 30, 2025, their portfolio spanned 587 portfolio companies backed by 252 different private equity sponsors. The total fair value of these investments stood at approximately $28.7 billion. When they do deploy capital, the focus remains on senior secured debt; 85% of the approximately $3.9 billion in new commitments during Q3 2025 were in first lien senior secured loans.

Here's a snapshot of the scale supporting these relationships as of late 2025:

Metric	Value as of September 30, 2025	Source Context
Total Portfolio Fair Value	$28.7 billion	Q3 2025 Financial Results
Number of Portfolio Companies	587	Q3 2025 Financial Results
Number of Private Equity Sponsors	252	Q3 2025 Portfolio Snapshot
New Investment Commitments (Q3 2025)	$3.92 billion	Q3 2025 Portfolio Activity

Advisory Support: Offering managerial assistance to improve operational efficiency

The relationship extends beyond just providing debt. Ares Capital Corporation leverages the broader Ares Management Corporation platform to offer operational insights. While specific dollar amounts for advisory services are not typically broken out separately in BDC filings, the structure implies this support. The company's portfolio companies showed strong underlying health, reporting a weighted average LTM EBITDA growth of 12% in Q1 2025. Furthermore, management noted that companies with EBITDA under $25 million actually saw EBITDA growth modestly higher than the rest of the portfolio, suggesting that even smaller borrowers are receiving effective support. This hands-on approach is part of their value proposition to management teams seeking more than just a loan.

Dedicated Professionals: Access to a large, specialized investment team

The quality of the relationship is directly tied to the stability and expertise of the team you are dealing with. Ares Capital Corporation benefits from the scale of its external manager. The ARCC team itself is noted as having 81 members, including 70 Partners and 9 Principals. On the broader Ares Management Corporation side, there are 1,450+ Employees and 525+ Investment Professionals. This depth allows for specialized focus; for example, investment committee members at Ares have been investing together for over 16 years on average, fostering a consistent approach to credit quality. This continuity is a key differentiator when dealing with management teams needing complex financing solutions.

Transparent Communication: Essential for attracting and retaining institutional investors

For the capital providers-the institutional investors-transparency and reliability are paramount. Ares Capital Corporation has a long track record of delivering on its commitment, which builds trust. They have paid stable or increasing regular quarterly dividends for 65 consecutive quarters. The declared fourth-quarter 2025 dividend was $0.48 per share. This stability is supported by a significant capital buffer; they carried forward $878 million, or $1.26 per share, in taxable income available for distribution in 2025 from 2024 results. As of November 19, 2025, 847 institutional owners held approximately 246.5 million shares. CEO Kort Schnabel explicitly stated they believe they are well positioned due to their deep relationships and extensive market coverage.

Key metrics demonstrating communication and reliability to investors include:

• Total institutional owners filing 13D/G or 13F forms: 847.
• Total institutional shares held (Long): 246,454,798 (as of Nov 19, 2025).
• Consecutive quarters of stable or increasing regular quarterly dividends: 65.
• Fourth Quarter 2025 Dividend per Share: $0.48.
• Taxable Income Spillover available for 2025 distribution: $1.26 per share.

Ares Capital Corporation (ARCC) - Canvas Business Model: Channels

You're looking at how Ares Capital Corporation sources its deals and capital to fuel its middle-market lending engine. The Channels block is all about getting the right assets (loans) and the right funding (investor cash) into the business.

Direct Origination: Investment professionals engaging directly with potential borrowers

Ares Capital Corporation relies heavily on its direct origination capabilities to source deals, which is key to its strategy as one of the largest direct lenders in the U.S. This channel emphasizes proprietary deal flow over brokered or syndicated deals, though they do participate in the latter.

For the third quarter ended September 30, 2025, Ares Capital made new investment commitments totaling $3.9 billion. Of this, approximately 60% of originations were directed to new borrowers, showing the strength of their direct reach. Furthermore, about half of these Q3 2025 originations supported M&A-driven deals. The company's focus on secured lending remains high, with 85% of Q3 2025 new commitments being in first lien senior secured loans. The pipeline remains healthy, with an investment backlog of approximately $3.0 billion following the quarter's close.

Here's a look at the investment deployment activity around the mid-2025 period:

Metric	Q1 2025 Data	Q3 2025 Data
New Investment Commitments	$3.5 billion	$3.9 billion
New Portfolio Companies Added	28	Not explicitly stated as a separate number from total new borrowers
Total Portfolio Companies	Not explicitly stated as of Q1 2025	587
Percentage of New Commitments in First Lien Senior Secured Loans	92%	85%
Percentage of New Commitments in Floating Rate Debt	92%	93%

Financial Sponsor Coverage: Dedicated teams covering private equity firms for deal flow

The relationship with financial sponsors is a crucial source of high-quality, vetted deal flow. Ares Capital Corporation leverages its network to access middle-market companies backed by private equity. This is a core part of their 'dynamic global platform.'

As of March 31, 2025, Ares Capital's portfolio included investments represented by 245 separate private equity sponsors. This extensive network allows the investment professionals to maintain a consistent flow of opportunities, even when liquid credit markets slow down, as noted during early Q2 2025 volatility. The ability to transact in varying market conditions reinforces their value proposition to these sponsors.

Capital Markets: Underwriting and syndicating middle-market loans

While direct origination is primary, Ares Capital Corporation also engages in capital markets activities, including underwriting and participating in syndications, which helps deploy larger amounts of capital efficiently. The company also raises debt capital through the unsecured notes market to fund its lending activities.

The company actively managed its balance sheet flexibility through debt issuance. For instance, Ares Capital Corporation priced a public offering of $650 Million 5.100% Unsecured Notes Due 2031 on September 2, 2025. Around the third quarter of 2025, the company strengthened its balance sheet by raising approximately $1 billion in new debt capital. This activity supports their leverage target, with net leverage around 1.02x as of September 30, 2025, keeping them well below their stated ceiling.

The portfolio composition reflects this channel's output:

• Total Portfolio at Fair Value (Q3 2025): $28.7 billion.
• Net Deployment in Q3 2025: Exceeded $1.3 billion.
• Exited Investment Commitments in Q3 2025: $2.6 billion.

Public Stock Exchange (NASDAQ: ARCC): Channel for shareholder investment and capital raising

The listing on the NASDAQ is the primary channel for equity capital formation and provides a liquid exit for investors. Ares Capital Corporation is a market-leading Business Development Company (BDC) by market capitalization as of September 30, 2025.

Key metrics related to the public channel as of late 2025 include:

• Stock Ticker: ARCC on NASDAQ.
• Share Price (as of November 19, 2025): $19.53 per share.
• Q3 2025 Core Earnings Per Share: $0.50, which covered the regular quarterly dividend of $0.48 per share.
• Q3 2025 GAAP Net Income Per Share: $0.57.
• Record Net Asset Value (NAV) per share (Q3 2025): $20.01.
• Institutional Owners and Shareholders (filing 13D/G or 13F forms): 847, holding a total of approximately 246,511,946 shares.

Ares Capital Corporation (ARCC) - Canvas Business Model: Customer Segments

You're looking at the core clientele Ares Capital Corporation (ARCC) serves as of late 2025. This isn't a one-size-fits-all approach; it's segmented based on the capital need and investment profile.

Private Middle-Market Companies

This segment represents the direct borrowers, the engine of Ares Capital's investment activity. These are businesses that typically fall within the defined revenue range of $10 million to $1 billion, seeking flexible debt and equity capital solutions.

As of September 30, 2025, Ares Capital's total portfolio at fair value stood at approximately $28.7 billion. This portfolio was spread across 587 individual portfolio companies. The focus remains on providing capital to market-leading companies with stable cash flows and identifiable growth prospects.

Key portfolio statistics reflecting the health of this segment as of the third quarter of 2025 include:

• Portfolio companies on non-accrual status represented 1.8% of total investments at amortized cost.
• The weighted-average grade of the portfolio at fair value was 3.1.
• Portfolio companies showed organic EBITDA growth in the low double digits.

Financial Sponsors

These are the private equity firms and other sponsors that bring proprietary deal flow to Ares Capital. Ares Capital directly covers these sponsors, committing debt and equity capital, often for leveraged buyout (LBO) financing.

Ares Capital's deep relationships with this group translate directly into origination volume. As of September 30, 2025, the portfolio was backed by 252 different private equity sponsors. Furthermore, the commitment activity in the third quarter of 2025 shows the appetite for sponsor-backed deals:

• New investment commitments in Q3 2025 totaled approximately $3.9 billion.
• About half of the originations in Q3 2025 supported M&A-driven transactions.
• Of the Q3 2025 new commitments, 85% were in first lien senior secured loans.

Income-Focused Investors

This group comprises the individual and retail shareholders attracted to the Business Development Company (BDC) structure for its pass-through income potential. They prioritize a high and stable dividend stream.

Ares Capital supports this segment with a commitment to dividend consistency, leveraging its core earnings power. The Board declared a fourth quarter 2025 dividend of $0.48 per share, payable on December 30, 2025. The stability of this payout is underpinned by the earnings performance:

Metric (Q3 2025)	Amount
Core Earnings Per Share (EPS)	$0.50
Declared Dividend Per Share	$0.48
Basic/Diluted Weighted Average Shares Outstanding	Approximately 709 million

This is the 20th consecutive quarter that Ares Capital's core earnings have exceeded its regular quarterly dividend. GAAP net income per share for Q3 2025 was $0.57.

Institutional Investors

Sophisticated entities like asset managers, pension funds, and endowments seek alternative credit exposure through Ares Capital Corporation. They look for the scale, underwriting expertise, and access to the middle market that a large BDC provides.

The institutional interest is quantifiable by the ownership filings with the Securities and Exchange Commission (SEC). As of November 19, 2025, the ownership structure showed:

• 847 institutional owners and shareholders filed 13D/G or 13F forms.
• These institutions held a total of 246,511,946 shares.
• The share price on November 19, 2025, was $19.53 per share.

Ares Capital maintained significant financial flexibility to serve these investors, reporting total liquidity, including available cash, of $6.2 billion as of September 30, 2025. This liquidity supports their role as a dependable partner.

Ares Capital Corporation (ARCC) - Canvas Business Model: Cost Structure

You're looking at the core expenses Ares Capital Corporation incurs to run its business as of late 2025. For a large Business Development Company (BDC) like Ares Capital Corporation, the cost of capital and the cost of managing the massive investment platform are the two biggest drivers of the cost structure.

Cost of Debt: Interest Expense on Credit Facilities and Unsecured Notes

The cost of debt is paramount for Ares Capital Corporation because it uses leverage to enhance equity returns. You saw the September 2025 issuance of $650 million in unsecured notes due 2031, which carry a 5.100% interest rate. That new debt came shortly after Ares Capital repaid $1,250 million of maturing unsecured notes in July 2025. As of September 30, 2025, the total aggregate principal amount of debt outstanding stood at $15.6 billion at carrying value.

For the third quarter ending September 30, 2025, the reported Interest Expense on Debt was $202 million. That's a significant, recurring outflow. Here's a quick look at the debt profile around that time:

Cost Component	Metric/Period	Amount/Rate
Total Debt Outstanding (Carrying Value)	As of September 30, 2025	$15.6 billion
Interest Expense on Debt	Three Months Ended September 30, 2025	$202 million
September 2025 Notes Interest Rate	New Unsecured Notes (Due 2031)	5.100%
January 2025 Notes Interest Rate	Unsecured Notes (Due 2032)	5.800%

Management Fees

Ares Capital Corporation is externally managed by a subsidiary of Ares Management Corporation. This structure means advisory and management fees are a direct, significant cost. While the exact management fee percentage or dollar amount for the period is not explicitly broken out in the latest public summaries, these fees are calculated based on assets under management or a component thereof. The total portfolio at fair value was $28.7 billion as of September 30, 2025.

Operating Expenses

Running the platform involves substantial general and administrative costs to source, underwrite, and manage the 587 portfolio companies. These costs reflect the scale of the operation. For the twelve months ending September 30, 2025, Ares Capital's total operating expenses reached $1.575B, representing a 6.42% increase year-over-year.

Looking at the most recent quarter, the Operating Expenses reported for the quarter ending September 30, 2025, were $433.00M. Breaking that down further, Selling and Administration Expenses were $224M for that same quarter. It's defintely a high fixed cost base to support the origination pipeline of $3.9 billion in new commitments during Q3 2025.

• Operating Expenses (TTM ending September 30, 2025): $1.575B
• Operating Expenses (Quarterly, Q3 2025): $433.00M
• Selling and Administration Expenses (Q3 2025): $224M

Regulatory Compliance Costs

As a regulated BDC and a Regulated Investment Company (RIC), Ares Capital Corporation incurs costs to maintain compliance with SEC and other regulatory requirements. These expenses are embedded within the broader operating expenses, such as the $224M in Selling and Administration Expenses for the third quarter of 2025. Specific line-item reporting for compliance costs alone isn't separately itemized in the high-level summaries available.

Finance: draft 13-week cash view by Friday.

Ares Capital Corporation (ARCC) - Canvas Business Model: Revenue Streams

You're looking to map out exactly how Ares Capital Corporation generates its top-line results, which is key for understanding its dividend sustainability. The revenue streams for Ares Capital Corporation are heavily weighted toward interest generation from its debt portfolio, supplemented by gains from investment exits and various fees.

Interest Income remains the bedrock of Ares Capital Corporation's revenue. For the second quarter of 2025, the interest income from investments alone was reported at $533 million. This primary stream is supported by the yield on its assets; the Core Net Investment Income Yield for Q2 2025 was 8.7%. This is the engine room of the business, providing the predictable cash flow that supports the regular dividend payout.

Looking at the broader picture, the Total Revenue for Ares Capital Corporation for the twelve months ending September 30, 2025, reached approximately $3.02 billion, marking a 2.72% increase year-over-year. This TTM figure reflects consistent performance across the full fiscal year.

The next component is Fee Income, which captures the transactional element of the business model. While fees were noted as 'relatively low' in the overall income stack during Q2 2025 due to subdued M&A deal activity, the third quarter showed a clear rebound. Total investment income for Q3 2025 hit $782 million, which management attributed primarily to higher capital structuring service fees and other income. Furthermore, origination momentum was strong in Q3, with first-lien spreads about 20 basis points higher than the prior 12-month average, signaling better pricing on new deals that feed future fee generation.

Finally, the non-recurring but significant boost comes from Net Realized Gains. These are profits taken when Ares Capital Corporation sells or is repaid on equity and debt investments. For the third quarter of 2025, the company booked $162 million in net realized gains, a significant positive contribution to GAAP net income. This was bolstered by major exits, such as the sale of Potomac Energy Center.

Here's a quick look at the key components driving the revenue picture as of late 2025:

• Total Revenue (TTM ending Sep 30, 2025): $3.02 billion.
• Q2 2025 Interest Income (from investments): $533 million.
• Q2 2025 Core NII Yield (proxy for primary yield): 8.7%.
• Q3 2025 Net Realized Gains: $162 million.
• Q3 2025 Total Investment Income: $782 million.
• Spillover Income (available for distribution in 2025): $1.26 per share (or ~$878 million).

To give you a clearer view of the Q3 2025 performance that feeds into the TTM revenue, you can see the breakdown:

Revenue Component	Q3 2025 Amount (Millions USD)	Notes
Total Investment Income	$782	Beat consensus of $763.7 million.
Net Realized Gains	$162	Significant component of GAAP net income.
Net Investment Income (Non-GAAP Basis)	$338	Used for Core EPS calculation.
Origination/Commitment Activity (Gross)	$3.9 billion	Indicates fee-generating pipeline activity.

Remember, you're looking at a mix of recurring interest income and lumpy realized gains. Finance: draft the Q4 2025 revenue projection based on current commitment velocity by next Tuesday.