Ares Capital Corporation (ARCC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do investimento alternativo, a Ares Capital Corporation (ARCC) surge como uma potência de soluções financeiras estratégicas, empunhando um sofisticado modelo de negócios que transforma paisagens de financiamento do mercado médio. Com um impressionante US $ 21+ bilhões Em ativos e uma abordagem inovadora do investimento, o ARCC preenche as lacunas de capital críticas para as empresas em crescimento, oferecendo estruturas de dívida flexíveis e estratégias de investimento personalizadas que redefinem os paradigmas de empréstimos tradicionais. Essa tela abrangente de modelo de negócios revela o intrincado maquinaria por trás do sucesso do ARCC, revelando como eles navegam em terrenos financeiros complexos com precisão, experiência e insight estratégico incomparável.

Ares Capital Corporation (ARCC) - Modelo de Negócios: Principais Parcerias

Relações estratégicas com empresas de private equity

A Ares Capital Corporation mantém parcerias estratégicas com as seguintes empresas de private equity:

Parceiro de private equity	Foco de investimento	Ano de parceria
ARES Management Corporation	Investimentos corporativos do mercado intermediário	2004
Golub Capital Partners	Empréstimos diretos e crédito sindicado	2015
Apollo Global Management	Empréstimos garantidos sênior	2012

Colaborações com bancos de investimento e consultores financeiros

As principais parcerias bancárias de investimento incluem:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Citigroup

Valor total de colaboração de banco de investimento em 2023: US $ 3,2 bilhões

Parcerias com empresas de mercado intermediário

Setor da indústria	Número de empresas de portfólio	Investimento total
Assistência médica	42	US $ 1,1 bilhão
Tecnologia	35	US $ 890 milhões
Fabricação	28	US $ 675 milhões
Software	22	US $ 550 milhões

Rede de profissionais legais e contábeis

Parcerias de serviço profissional incluem:

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

Total Due Diligence e Gase Jurídico Gastes em 2023: US $ 42,5 milhões

Ares Capital Corporation (ARCC) - Modelo de negócios: Atividades -chave

Empréstimos diretos para empresas de mercado intermediário

A partir do quarto trimestre de 2023, o portfólio total de investimentos da Ares Capital Corporation era de US $ 10,8 bilhões. Os empréstimos do mercado intermediário representaram aproximadamente 85% do total de investimentos de portfólio.

Segmento de empréstimo	Valor do portfólio	Percentagem
Primeira garantia empréstimos garantidos sênior	US $ 6,45 bilhões	59.7%
Segundo empréstimos garantidos por garantia	US $ 1,62 bilhão	15%
Dívida subordinada	US $ 1,08 bilhão	10%

Gerenciamento de portfólio de investimentos

Em 31 de dezembro de 2023, a Ares Capital administrou 204 empresas de portfólio com um tamanho médio de investimento de US $ 52,5 milhões.

• Contagem total de investimentos: 204 empresas
• Tamanho médio do investimento: US $ 52,5 milhões
• Rendimento médio ponderado em investimentos em dívida: 11,2%

Análise de crédito e avaliação de risco

Ares Capital mantém um baixa taxa não acrual de 1,4% A partir do quarto trimestre 2023, indicando práticas robustas de avaliação de crédito.

Métrica de risco	Valor
Taxa não acrual	1.4%
Valor líquido do ativo	US $ 7,2 bilhões
Índice de dívida/patrimônio	1.3x

Finanças estruturadas e reestruturação da dívida

Em 2023, a Ares Capital concluiu 18 transações de reestruturação da dívida com um valor total de US $ 672 milhões.

Execução de implantação de capital e estratégia de investimento

Os compromissos totais de investimento em 2023 atingiram US $ 3,6 bilhões em vários setores do setor.

• Compromissos totais de investimento: US $ 3,6 bilhões
• Número de novos investimentos em plataforma: 42
• Período médio de investimento: 4-6 anos

Ares Capital Corporation (ARCC) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

Composição de liderança:

Posição	Número de profissionais	Experiência média
Profissionais de investimento seniores	75	18 anos
Analistas de crédito	45	12 anos

Base de capital substancial

Recursos financeiros:

• Total de ativos: US $ 21,8 bilhões (no quarto trimestre 2023)
• Portfólio de investimentos totais: US $ 19,6 bilhões
• Linhas de crédito comprometidas: US $ 3,5 bilhões

Infraestrutura de avaliação de crédito

Recursos de gerenciamento de riscos:

Métrica de avaliação	Detalhes quantitativos
Revisões anuais de crédito	100% das empresas de portfólio
Frequência de monitoramento de risco	Avaliação abrangente trimestral

Capacidades de fornecimento de negócios

Estatísticas de originação de investimento:

• Triações anuais de ofertas: aproximadamente 2.500 investimentos em potencial
• Ofertas avaliadas: 500-600 análises abrangentes
• Investimentos reais executados: 40-50 transações por ano

Flexibilidade de capital de investimento

Diversificação de instrumentos financeiros:

Tipo de investimento	Porcentagem de alocação
Empréstimos garantidos sênior	52%
Dívida subordinada	28%
Investimentos em ações	20%

Ares Capital Corporation (ARCC) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de financiamento para empresas de mercado intermediário

A partir do quarto trimestre 2023, a Ares Capital Corporation fornece soluções de financiamento com as seguintes métricas importantes:

Métrica do portfólio	Valor
Portfólio total de investimentos	US $ 21,3 bilhões
Tamanho médio de investimento	US $ 27,5 milhões
Número de empresas de portfólio	385 empresas

Estruturas flexíveis de dívida e investimento em ações

O ARCC oferece diversas estruturas de investimento:

• Empréstimos garantidos sênior
• Financiamento unitranche
• Segundo empréstimos de garantia
• Dívida do mezanino
• Co-investimentos de ações

Retornos competitivos para os acionistas

Métrica de desempenho financeiro	Valor
Rendimento de dividendos	8.97%
Receita de investimento líquido	US $ 1,02 por ação
Retorno total do acionista (2023)	15.6%

Acesso ao capital para crescimento e expansão

Estatísticas de implantação de capital:

• Novos compromissos de investimento em 2023: US $ 3,8 bilhões
• Rendimento médio ponderado em investimentos em dívida: 11,2%
• Diversificado em mais de 20 setores da indústria

Experiência em transações financeiras complexas

Experiência em transações	Valor
Complexidade média da transação	Alto
Anos de experiência em investimento	Mais de 20 anos
Profissionais de investimento	Mais de 180 membros da equipe

Ares Capital Corporation (ARCC) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias estratégicas de longo prazo com empresas de portfólio

A partir do quarto trimestre de 2023, a Ares Capital Corporation mantém parcerias estratégicas com 199 empresas de portfólio em vários setores. A duração média da parceria é de 7,3 anos, com um portfólio de investimentos no valor de US $ 21,4 bilhões.

Métrica de Parceria	Valor
Empresas totais de portfólio	199
Duração média da parceria	7,3 anos
Portfólio total de investimentos	US $ 21,4 bilhões

Serviços personalizados de investimento e consultoria

Abordagem de investimento personalizado com equipes de consultoria dedicadas que fornecem soluções financeiras personalizadas.

• Estratégias de investimento personalizadas para cada empresa de portfólio
• Equipe de consultoria dedicada por segmento de cliente
• Experiência especializada em investimentos específicos do setor

Gerenciamento de portfólio ativo e monitoramento

A Ares Capital Corporation realiza revisões trimestrais de desempenho para todas as empresas de portfólio, com 97% dos investimentos recebendo orientação estratégica contínua.

Métrica de gerenciamento de portfólio	Percentagem
Revisões trimestrais de desempenho	100%
Investimentos recebendo orientação estratégica	97%

Relatórios financeiros regulares e comunicação transparente

A frequência abrangente de relatórios financeiros inclui atualizações mensais e trimestrais para investidores e empresas de portfólio.

• Relatórios mensais de desempenho operacional
• Demonstrações financeiras detalhadas trimestrais
• Revisão anual de desempenho de investimento anual

Equipes de gerenciamento de relacionamento dedicadas

A partir de 2024, a Ares Capital Corporation emprega 87 profissionais de gerenciamento de relacionamento dedicados em várias verticais do setor.

Métrica de Gerenciamento de Relacionamento	Valor
Gerentes totais de relacionamento	87
Portfólio médio de clientes por gerente	12-15 empresas

Ares Capital Corporation (ARCC) - Modelo de Negócios: Canais

Força de vendas direta

A partir do quarto trimestre 2023, a Ares Capital Corporation mantém uma força de vendas direta de 87 profissionais de investimento. A equipe cobre US $ 21,3 bilhões em ativos totais de portfólio de investimentos.

Métrica da equipe de vendas	2023 dados
Total de profissionais de investimento	87
Cobertura de ativos do portfólio	US $ 21,3 bilhões
Tamanho médio de negócios	US $ 48,2 milhões

Rede de banco de investimento

A Ares Capital Corporation colabora com 42 parceiros bancários de investimentos em toda a América do Norte.

• Relações bancárias de investimento de primeira linha
• Rede abrangendo 12 principais centros financeiros
• Volume anual de transação: US $ 3,6 bilhões

Plataforma de Relações com Investidores Online

Estatísticas da plataforma digital para 2023:

Métrica da plataforma	2023 desempenho
Visitantes mensais do site	127,500
Usuários registrados no portal do investidor	18,340
Interações com investidores on -line	43,200

Redes de referência de consultor financeiro

A ARES mantém relacionamentos com 226 empresas de consultoria financeira independentes.

• A rede de referência cobre 47 estados
• Volume total de investimento referido: US $ 1,2 bilhão em 2023
• Comissão Média de Referência: 0,75%

Conferências do setor e eventos de rede

Métricas de participação na conferência para 2023:

Categoria de evento	Número de eventos	Total de participantes envolvidos
Principais conferências financeiras	18	4,350
Simpósios de investimento regional	37	2,890
Roadshows de investidores	12	1,650

Ares Capital Corporation (ARCC) - Modelo de negócios: segmentos de clientes

Empresas privadas do mercado intermediário

A partir do quarto trimestre de 2023, a Ares Capital Corporation tem como alvo as empresas de médio porte com receita anual entre US $ 50 milhões e US $ 500 milhões. Investimento total do portfólio neste segmento: US $ 8,3 bilhões.

Característica do segmento	Dados específicos
Tamanho médio de investimento	US $ 25-75 milhões por empresa
Total de empresas de mercado intermediário	87 empresas de portfólio
Diversificação da indústria	Saúde, software, fabricação

Empresas de private equity

Ares fornece US $ 1,2 bilhão em financiamento às empresas de private equity para compras e recapitalizações alavancadas.

• Número de parcerias de private equity: 42
• Duração média da parceria: 5-7 anos
• Capital total comprometido: US $ 675 milhões

Investidores institucionais

A Base Institucional de Investidores inclui fundos de pensão, doações e fundos soberanos de riqueza.

Tipo de investidor	Investimento total
Fundos de pensão	US $ 3,4 bilhões
Doações	US $ 1,6 bilhão
Fundos soberanos de riqueza	US $ 850 milhões

Investidores individuais de alta rede

O segmento de investidores individuais representa US $ 2,1 bilhões em ativos gerenciados.

• Limite mínimo de investimento: US $ 250.000
• Total de clientes de alta rede: 1.200
• Tamanho médio do portfólio: US $ 1,75 milhão

Mutuários corporativos que buscam financiamento alternativo

O portfólio de financiamento alternativo totaliza US $ 5,6 bilhões em vários setores corporativos.

Tipo de financiamento	Volume total
Empréstimos unitranche	US $ 2,3 bilhões
Segundo empréstimos de garantia	US $ 1,4 bilhão
Dívida do mezanino	US $ 1,9 bilhão

Ares Capital Corporation (ARCC) - Modelo de negócios: estrutura de custos

Taxas de gestão e consultoria

A partir de 2022, Relatório Anual, a Ares Capital Corporation registrou taxas de gerenciamento total de US $ 364,1 milhões. A estrutura das taxas de gerenciamento é tipicamente 1,5% dos ativos brutos.

Categoria de taxa	Valor (US $ milhões)
Taxas de gerenciamento base	364.1
Taxas de gerenciamento de incentivos	95.7

Despesas de juros em capital emprestado

Para o ano fiscal de 2022, a Ares Capital Corporation sofreu despesas de juros, totalizando US $ 276,4 milhões.

Instrumento de dívida	Despesa de juros (US $ milhões)
Dívida sênior garantida	189.6
Notas conversíveis	86.8

Custos gerais operacionais e administrativos

As despesas administrativas do ano de 2022 foram de aproximadamente US $ 52,3 milhões.

• Compensação e benefícios: US $ 38,7 milhões
• Serviços profissionais: US $ 7,5 milhões
• Infraestrutura de tecnologia: US $ 6,1 milhões

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2022 totalizaram US $ 18,6 milhões.

Categoria de conformidade	Custo (US $ milhões)
Conformidade legal	8.2
Relatórios regulatórios	6.4
Taxas de auditoria externas	4.0

Pesquisa de investimento e custos de due diligence

As despesas de pesquisa de investimento para 2022 foram de US $ 22,9 milhões.

• Pesquisa de mercado: US $ 9,3 milhões
• Análise financeira: US $ 8,6 milhões
• Taxas de consultor externo: US $ 5,0 milhões

Ares Capital Corporation (ARCC) - Modelo de negócios: fluxos de receita

Receita de juros de carteiras de empréstimos

A partir do quarto trimestre 2023, relatou a Ares Capital Corporation US $ 576 milhões em receita total de investimento. O portfólio de investimentos da empresa consiste principalmente em empréstimos garantidos de primeira e segunda garantia.

Tipo de empréstimo	Valor total	Rendimento médio
Primeira garantia empréstimos garantidos sênior	US $ 8,3 bilhões	11.2%
Segunda garantia empréstimos garantidos sênior	US $ 1,7 bilhão	12.5%

Distribuições de dividendos

Em 2023, a Ares Capital Corporation paga US $ 1,92 por ação em dividendos anuais. A empresa mantém uma estratégia de distribuição de dividendos consistente.

• Taxa trimestral de dividendos: US $ 0,48 por ação
• Rendimento de dividendos: 8,9%
• Pagamentos totais de dividendos em 2023: US $ 484 milhões

Apreciação de capital dos investimentos

O portfólio total de investimentos da Ares Capital Corporation foi avaliado em US $ 10,8 bilhões em 31 de dezembro de 2023.

Categoria de investimento	Valor de mercado	Apreciação anual
Empresas do mercado intermediário	US $ 7,2 bilhões	6.5%
Dívida corporativa	US $ 3,6 bilhões	4.3%

Taxas de serviços de gerenciamento de investimentos

Ares Capital Corporation gerado US $ 98,4 milhões em receita de taxa durante 2023.

• Taxas de consultoria de investimento: US $ 62,1 milhões
• Taxas de originação: US $ 24,3 milhões
• Outras taxas de serviço: US $ 12 milhões

Ganhos realizados com saídas de investimento

Em 2023, a empresa relatou US $ 214 milhões em ganhos líquidos realizados de saídas de investimento.

Tipo de saída	Ganhos totais realizados	Número de saídas
Vendas completas da empresa	US $ 142 milhões	8
Saídas parciais do portfólio	US $ 72 milhões	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.