Ares Capital Corporation (ARCC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la inversión alternativa, Ares Capital Corporation (ARCC) emerge como una potencia de soluciones financieras estratégicas, ejerciendo un modelo de negocio sofisticado que transforma los paisajes financieros del mercado medio. Con un asombroso $ 21+ mil millones En los activos y un enfoque innovador de la inversión, ARCC une las brechas de capital críticas para empresas en crecimiento, ofreciendo estructuras de deuda flexibles y estrategias de inversión personalizadas que redefinen los paradigmas de préstamos tradicionales. Este lienzo integral de modelo de negocio presenta la intrincada maquinaria detrás del éxito de ARCC, revelando cómo navegan por terrenos financieros complejos con precisión, experiencia y una visión estratégica incomparable.

ARES Capital Corporation (ARCC) - Modelo de negocios: asociaciones clave

Relaciones estratégicas con empresas de capital privado

ARES Capital Corporation mantiene asociaciones estratégicas con las siguientes empresas de capital privado:

Socio de capital privado	Enfoque de inversión	Año de asociación
ARES Management Corporation	Inversiones corporativas del mercado medio	2004
Golub Capital Partners	Préstamos directos y crédito sindicado	2015
Apolo Global Management	Préstamos para personas mayores aseguradas	2012

Colaboraciones con bancos de inversión y asesores financieros

Las asociaciones de banca de inversión clave incluyen:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup

Valor de colaboración de banca de inversión total en 2023: $ 3.2 mil millones

Asociaciones con compañías de mercado medio

Sector industrial	Número de compañías de cartera	Inversión total
Cuidado de la salud	42	$ 1.1 mil millones
Tecnología	35	$ 890 millones
Fabricación	28	$ 675 millones
Software	22	$ 550 millones

Red de profesionales legales y de contabilidad

Las asociaciones de servicio profesional incluyen:

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

Diligencia debida total y gasto de asesoramiento legal en 2023: $ 42.5 millones

ARES Capital Corporation (ARCC) - Modelo de negocio: actividades clave

Préstamos directos a empresas de mercado medio

A partir del cuarto trimestre de 2023, la cartera de inversiones totales de Ares Capital Corporation era de $ 10.8 mil millones. Los préstamos del mercado medio representaban aproximadamente el 85% de las inversiones totales de cartera.

Segmento de préstamos	Valor de cartera	Porcentaje
Primer gravamen préstamos asegurados	$ 6.45 mil millones	59.7%
Segundo gravamen préstamos asegurados	$ 1.62 mil millones	15%
Deuda subordinada	$ 1.08 mil millones	10%

Gestión de la cartera de inversiones

Al 31 de diciembre de 2023, Ares Capital administró 204 compañías de cartera con un tamaño de inversión promedio de $ 52.5 millones.

• Conteo total de inversiones: 204 empresas
• Tamaño de inversión promedio: $ 52.5 millones
• Rendimiento promedio ponderado en inversiones de deuda: 11.2%

Análisis de crédito y evaluación de riesgos

Ares Capital mantiene un Baja tasa no acritiva del 1.4% A partir del cuarto trimestre de 2023, que indica prácticas sólidas de evaluación de crédito.

Métrico de riesgo	Valor
Tarifa no accrube	1.4%
Valor de activo neto	$ 7.2 mil millones
Relación de deuda/capital	1.3x

Finanzas estructuradas y reestructuración de la deuda

En 2023, Ares Capital completó 18 transacciones de reestructuración de la deuda con un valor total de $ 672 millones.

Ejecución de implementación de capital y estrategia de inversión

Los compromisos de inversión totales en 2023 alcanzaron los $ 3.6 mil millones en varios sectores de la industria.

• Compromisos de inversión total: $ 3.6 mil millones
• Número de nuevas inversiones en plataforma: 42
• Período promedio de retención de inversión: 4-6 años

ARES Capital Corporation (ARCC) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

Composición de liderazgo:

Posición	Número de profesionales	Experiencia promedio
Profesionales de inversión senior	75	18 años
Analistas de crédito	45	12 años

Base de capital sustancial

Recursos financieros:

• Activos totales: $ 21.8 mil millones (a partir del cuarto trimestre de 2023)
• Portafolio de inversión total: $ 19.6 mil millones
• Facilidades de crédito comprometidas: $ 3.5 mil millones

Infraestructura de evaluación de crédito

Capacidades de gestión de riesgos:

Métrico de evaluación	Detalle cuantitativo
Revisiones de crédito anuales	100% de las compañías de cartera
Frecuencia de monitoreo de riesgos	Evaluación integral trimestral

Capacidades de abastecimiento de acuerdos

Estadísticas de origen de inversión:

• Proyecciones de acuerdos anuales: aproximadamente 2,500 inversiones potenciales
• Ofertas evaluadas: 500-600 análisis integrales
• Inversiones reales ejecutadas: 40-50 transacciones por año

Flexibilidad de capital de inversión

Diversificación de instrumentos financieros:

Tipo de inversión	Porcentaje de asignación
Préstamos para personas mayores aseguradas	52%
Deuda subordinada	28%
Inversiones de renta variable	20%

ARES Capital Corporation (ARCC) - Modelo de negocio: propuestas de valor

Soluciones de financiación integrales para empresas de mercado medio

A partir del cuarto trimestre de 2023, ARES Capital Corporation proporciona soluciones de financiación con las siguientes métricas clave:

Métrico de cartera	Valor
Cartera de inversiones totales	$ 21.3 mil millones
Tamaño de inversión promedio	$ 27.5 millones
Número de compañías de cartera	385 empresas

Estructuras de inversión de deuda y capital flexible

ARCC ofrece diversas estructuras de inversión:

• Préstamos para personas mayores aseguradas
• Financiamiento unitranche
• Segundo préstamos de gravamen
• Deuda de entrepiso
• Coinversiones de capital

Rendimientos competitivos para los accionistas

Métrico de desempeño financiero	Valor
Rendimiento de dividendos	8.97%
Ingresos de inversión netos	$ 1.02 por acción
Retorno total de los accionistas (2023)	15.6%

Acceso al capital para el crecimiento y la expansión

Estadísticas de implementación de capital:

• Nuevos compromisos de inversión en 2023: $ 3.8 mil millones
• Rendimiento promedio ponderado en inversiones de deuda: 11.2%
• Diversificados en más de 20 sectores de la industria

Experiencia en transacciones financieras complejas

Experiencia en transacciones	Valor
Complejidad de transacciones promedio	Alto
Años de experiencia de inversión	Más de 20 años
Profesionales de la inversión	Más de 180 miembros del equipo

ARES Capital Corporation (ARCC) - Modelo de negocios: relaciones con los clientes

Asociaciones estratégicas a largo plazo con compañías de cartera

A partir del cuarto trimestre de 2023, Ares Capital Corporation mantiene asociaciones estratégicas con 199 compañías de cartera en varios sectores. La duración promedio de la asociación es de 7,3 años, con una cartera de inversiones valorada en $ 21.4 mil millones.

Métrico de asociación	Valor
Compañías de cartera totales	199
Duración promedio de la asociación	7.3 años
Cartera de inversiones totales	$ 21.4 mil millones

Servicios de inversión y asesoramiento personalizados

Enfoque de inversión personalizado con equipos asesores dedicados que proporcionan soluciones financieras personalizadas.

• Estrategias de inversión personalizadas para cada compañía de cartera
• Equipo asesor dedicado por segmento de clientes
• Experiencia de inversión especializada sobre el sector

Gestión y monitoreo de la cartera activa

ARES Capital Corporation realiza revisiones trimestrales de desempeño para todas las compañías de cartera, con el 97% de las inversiones que reciben orientación estratégica en curso.

Métrica de gestión de cartera	Porcentaje
Revisiones trimestrales de rendimiento	100%
Inversiones que reciben orientación estratégica	97%

Información financiera regular y comunicación transparente

La frecuencia integral de informes financieros incluye actualizaciones mensuales y trimestrales de inversores y compañías de cartera.

• Informes mensuales de rendimiento operativo
• Estados financieros detallados trimestralmente
• Revisión anual de rendimiento de inversión integral

Equipos dedicados de gestión de relaciones

A partir de 2024, ARES Capital Corporation emplea a 87 profesionales dedicados de gestión de relaciones en múltiples verticales de la industria.

Métrica de gestión de relaciones	Valor
Gerentes de relaciones totales	87
Portafolio de cliente promedio por gerente	12-15 empresas

ARES Capital Corporation (ARCC) - Modelo de negocio: canales

Fuerza de ventas directa

A partir del cuarto trimestre de 2023, Ares Capital Corporation mantiene una fuerza de ventas directas de 87 profesionales de inversión. El equipo cubre $ 21.3 mil millones en activos de cartera de inversiones totales.

Métrica del equipo de ventas	2023 datos
Profesionales de inversión totales	87
Cobertura de activos de cartera	$ 21.3 mil millones
Tamaño de trato promedio	$ 48.2 millones

Red de banca de inversión

ARES Capital Corporation colabora con 42 socios de banca de inversión en América del Norte.

• Relaciones de banca de inversión de primer nivel
• Red que abarca 12 centros financieros importantes
• Volumen de transacción anual: $ 3.6 mil millones

Plataforma de relaciones con inversores en línea

Estadísticas de plataforma digital para 2023:

Métrica de plataforma	2023 rendimiento
Visitantes mensuales del sitio web	127,500
Usuarios registrados por portal de inversores	18,340
Interacciones de inversores en línea	43,200

Redes de referencia de asesores financieros

Ares mantiene relaciones con 226 empresas de asesoramiento financiero independientes.

• La red de referencia cubre 47 estados
• Volumen de inversión total referido: $ 1.2 mil millones en 2023
• Comisión de referencia promedio: 0.75%

Conferencias de la industria y eventos de redes

Métricas de participación de la conferencia para 2023:

Categoría de eventos	Número de eventos	Asistentes totales comprometidos
Grandes conferencias financieras	18	4,350
Simposios de inversión regional	37	2,890
Roadshows de inversores	12	1,650

ARES Capital Corporation (ARCC) - Modelo de negocio: segmentos de clientes

Empresas privadas de mercado medio

A partir del cuarto trimestre de 2023, ARES Capital Corporation se dirige a compañías de mercado medio con ingresos anuales de entre $ 50 millones y $ 500 millones. Inversión total de cartera en este segmento: $ 8.3 mil millones.

Característica de segmento	Datos específicos
Tamaño de inversión promedio	$ 25-75 millones por empresa
Compañías totales del mercado medio	87 compañías de cartera
Diversificación de la industria	Atención médica, software, fabricación

Empresas de capital privado

Ares proporciona $ 1.2 mil millones en financiamiento a empresas de capital privado para compras y recapitalizaciones apalancadas.

• Número de asociaciones de capital privado: 42
• Duración promedio de la asociación: 5-7 años
• Capital total comprometido: $ 675 millones

Inversores institucionales

La base de inversores institucionales incluye fondos de pensiones, dotaciones y fondos de riqueza soberana.

Tipo de inversor	Inversión total
Fondos de pensiones	$ 3.4 mil millones
Dotación	$ 1.6 mil millones
Fondos de riqueza soberana	$ 850 millones

Inversores individuales de alto nivel de red

El segmento de inversores individual representa $ 2.1 mil millones en activos administrados.

• Umbral de inversión mínima: $ 250,000
• Total de clientes de alto nivel de red: 1,200
• Tamaño promedio de la cartera: $ 1.75 millones

Prestatarios corporativos que buscan financiamiento alternativo

La cartera de financiación alternativa totaliza $ 5.6 mil millones en varios sectores corporativos.

Tipo de financiamiento	Volumen total
Préstamos unitarios	$ 2.3 mil millones
Segundo préstamos de gravamen	$ 1.4 mil millones
Deuda de entrepiso	$ 1.9 mil millones

ARES Capital Corporation (ARCC) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del informe anual de 2022, Ares Capital Corporation informó tarifas de gestión total de $ 364.1 millones. La estructura de la tarifa de gestión es típicamente 1.5% de los activos brutos.

Categoría de tarifa	Cantidad ($ millones)
Tarifas de gestión base	364.1
Tarifas de gestión de incentivos	95.7

Gastos de intereses sobre capital prestado

Para el año fiscal 2022, Ares Capital Corporation incurrió en gastos de intereses por un total de $ 276.4 millones.

Instrumento de deuda	Gastos de intereses ($ millones)
Deuda senior asegurada	189.6
Notas convertibles	86.8

Gastos generales operativos y costos administrativos

Los gastos administrativos para el año 2022 fueron de aproximadamente $ 52.3 millones.

• Compensación y beneficios: $ 38.7 millones
• Servicios profesionales: $ 7.5 millones
• Infraestructura tecnológica: $ 6.1 millones

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2022 ascendieron a $ 18.6 millones.

Categoría de cumplimiento	Costo ($ millones)
Cumplimiento legal	8.2
Informes regulatorios	6.4
Tarifas de auditoría externa	4.0

Investigación de inversiones y costos de diligencia debida

Los gastos de investigación de inversiones para 2022 fueron de $ 22.9 millones.

• Investigación de mercado: $ 9.3 millones
• Análisis financiero: $ 8.6 millones
• Tarifas de consultores externos: $ 5.0 millones

ARES Capital Corporation (ARCC) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

A partir del cuarto trimestre de 2023, Ares Capital Corporation informó $ 576 millones en ingresos por inversiones totales. La cartera de inversiones de la Compañía consiste principalmente en préstamos garantizados por alto contenido de la primera y segunda gravamen.

Tipo de préstamo	Valor total	Rendimiento promedio
Primer gravamen préstamos asegurados	$ 8.3 mil millones	11.2%
Segundo gravamen de préstamos asegurados	$ 1.7 mil millones	12.5%

Distribuciones de dividendos

En 2023, Ares Capital Corporation pagó $ 1.92 por acción en dividendos anuales. La compañía mantiene una estrategia de distribución de dividendos consistente.

• Tasa de dividendos trimestrales: $ 0.48 por acción
• Rendimiento de dividendos: 8.9%
• Pagos de dividendos totales en 2023: $ 484 millones

Apreciación de capital de las inversiones

La cartera de inversión total de Ares Capital Corporation fue valorada en $ 10.8 mil millones al 31 de diciembre de 2023.

Categoría de inversión	Valor comercial	Apreciación anual
Empresas del mercado intermedio	$ 7.2 mil millones	6.5%
Deuda corporativa	$ 3.6 mil millones	4.3%

Tarifas de los servicios de gestión de inversiones

Ares Capital Corporation generó $ 98.4 millones en ingresos por tarifas durante 2023.

• Tarifas de asesoramiento de inversiones: $ 62.1 millones
• Tarifas de origen: $ 24.3 millones
• Otras tarifas de servicio: $ 12 millones

Ganancias realizadas por salidas de inversión

En 2023, la compañía informó $ 214 millones en ganancias realizadas netas de salidas de inversión.

Tipo de salida	Ganancias totales realizadas	Número de salidas
Ventas de compañía completas	$ 142 millones	8
Salidas de cartera parcial	$ 72 millones	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.