Ares Capital Corp 10-K Filing

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share ARCC The NASDAQ Global Select
• $20.84 — ed on the closing price on that date of $20.84 on The NASDAQ Global Select Market, was
• $28.3 billion — et capitalization and had approximately $28.3 billion of total assets. We are externally ma
• $10 million — to companies with annual EBITDA between $10 million and $250 million. As used herein, EBITD
• $250 million — h annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents net
• $30 million — orate borrowers generally range between $30 million and $500 million each. However, the inv
• $500 million — generally range between $30 million and $500 million each. However, the investment sizes may
• $20 million — control equity investments of less than $20 million (usually in conjunction with a concurre

Filing Documents

• arcc-20241231.htm (10-K) — 22035KB
• arccq4-24ex435descriptiono.htm (EX-4.35) — 42KB
• arccq4-24exhibit211.htm (EX-21.1) — 32KB
• arccq4-2024ex231xconsent.htm (EX-23.1) — 3KB
• arccq4-2024exhibit311.htm (EX-31.1) — 16KB
• arccq4-2024exhibit312.htm (EX-31.2) — 16KB
• arccq4-2024exhibit321.htm (EX-32.1) — 9KB
• arccq4-24ex972insidertradi.htm (EX-97.2) — 39KB
• arccq4-2024ex991xreportons.htm (EX-99.1) — 4KB
• arcc-20241231_g1.jpg (GRAPHIC) — 7KB
• arcc-20241231_g2.jpg (GRAPHIC) — 114KB
• 0001287750-25-000007.txt ( ) — 64085KB
• arcc-20241231.xsd (EX-101.SCH) — 211KB
• arcc-20241231_cal.xml (EX-101.CAL) — 90KB
• arcc-20241231_def.xml (EX-101.DEF) — 1209KB
• arcc-20241231_lab.xml (EX-101.LAB) — 1559KB
• arcc-20241231_pre.xml (EX-101.PRE) — 1142KB
• arcc-20241231_htm.xml (XML) — 13433KB

Risk Factors

Item 1A. Risk Factors 24

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 52

Cybersecurity

Item 1C. Cybersecurity 52

Properties

Item 2. Properties 54

Legal Proceedings

Item 3. Legal Proceedings 54

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 54 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55

[Reserved]

Item 6. [Reserved] 66

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 67

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 98

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 100

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 100

Controls and Procedures

Item 9A. Controls and Procedures 100

Other Information

Item 9B. Other Information 101

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 101 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 102

Executive Compensation

Item 11. Executive Compensation 102

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 102

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 102

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 102 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 103

Form 10-K Summary

Item 16. Form 10-K Summary 110

Signatures

Signatures 2 PART I

Business

Item 1. Business GENERAL Ares Capital Corporation Ares Capital Corporation, a Maryland corporation (together with its subsidiaries, where applicable, "Ares Capital" or the "Company," which may also be referred to as "we," "us" or "our"), is a specialty finance company that is a closed-end, non-diversified management investment company. We have elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder, the "Investment Company Act." We were founded on April 16, 2004, were initially funded on June 23, 2004 and completed our initial public offering ("IPO") on October 8, 2004. As of December 31, 2024, we were the largest publicly traded BDC by market capitalization and had approximately $28.3 billion of total assets. We are externally managed by Ares Capital Management LLC ("Ares Capital Management" or our "investment adviser"), a subsidiary of Ares Management Corporation ("Ares Management" or "Ares"), a publicly traded, leading global alternative investment manager, pursuant to our investment advisory and management agreement. Ares Operations LLC ("Ares Operations" or our "administrator"), a subsidiary of Ares Management, provides certain administrative and other services necessary for us to operate. Our investment objective is to generate both current income and capital appreciation through debt and equity investments. We invest primarily in U.S. middle-market companies, where we believe the supply of primary capital is limited and the investment opportunities are most attractive. However, we may from time to time invest in larger or smaller companies. We generally use the term "middle-market" to refer to companies with annual EBITDA between $10 million and $250 million. As used herein, EBITDA represents net income before net interest expense, income tax expense, depreciation and amortization. We invest primarily in first lien senior secured lo

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