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Ares Capital Corporation
Key Statistics
Fund Size
$29,300M
Annualized Return
13.0%
Launch Year
2004
Structure
BDC
Product Category
Publicly listed
Domicile
United States
GP Type
Single
Liquidity Level
High (<1 year)
Management Fee
1.5%
Carry
20%
Hurdle Rate
7%
High Water Mark
No
Catch-Up Mechanism
100% catch-up
Ticker
ARCC
CUSIP
04010L103
Currencies
USD
Investor Eligibility
Retail
Liquidity Options
Public market trading
Highlights
US Fund Metrics
NAV per Share
$19.35
Market Price
$19.51
Discount/Premium
-1.96%
At discount
Market Yield
9.84%
Expense Ratio
1.50%
Distribution Frequency
Quarterly
Redemption Notice
N/A - publicly traded
Tax Form
1099-DIV
Liquidity Terms
Publicly listed on Nasdaq (ARCC); shares trade daily.
Allocations
Geographic Focus
Investment Strategy
Industry Focus
Performance Summary
Performance: 2024-01-01 to 2025-06-30
Common Stock (ARCC) — Performance from 2024-01-01 to 2025-06-30
Performance Comparison
Year to Date
2.21%
1-Year Return
10.54%
3-Year Return
12.46%
5-Year Return
18.86%
Annual Total Returns
| Year | Total Return |
|---|---|
| 2025 | 2.21% |
| 2024 | 19.78% |
| 2023 | 20.03% |
| 2022 | -3.84% |
| 2021 | 36.13% |
| 2020 | 0.85% |
Quarterly NAV Per Share
| Year | Q1 (Mar) | Q2 (Jun) | Q3 (Sep) | Q4 (Dec) |
|---|---|---|---|---|
| 2025 | $19.82 | $19.90 | — | — |
| 2024 | $19.53 | $19.61 | $19.77 | $19.89 |
Information about fund
The Listed Way into Ares Direct Lending
Ares Capital Corporation (ARCC) is the largest business development company in the United States and the listed way to own Ares’ direct-lending book. At 30 June 2026 it held a $29.3 billion portfolio of loans to 619 companies, the vast majority first-lien senior and unitranche loans to US middle-market businesses. Net investment income was $0.50 per share in the second quarter of 2026 against a quarterly dividend of $0.48, while net asset value per share slipped to $19.35 from $19.94 at the end of 2025 as credit stress rose. Externally managed by Ares since its 2004 Nasdaq listing, it charges a 1.5% base fee and a 20% incentive fee — and its shares trade daily, unlike every other fund in this category.
Key Figures (30 June 2026)
Portfolio
$29.3B
619 companies
NAV / Share
$19.35
$19.94 at end-2025
Q2 2026 NII
$0.50
Per share
Dividend
$0.48
Quarterly (Q3 2026 declared)
Fees
1.5% + 20%
Base + incentive
Liquidity
Daily
Nasdaq: ARCC
Deepdive & Related Funds
Ares Private Markets Fund (APMF) Deep Dive: A Smart Entry into Private Equity?
The Ares Private Markets Fund (APMF) is Ares’ take on a flexible, institutional-quality private equity investment for individual investors.
Ares European Strategic Income Fund (AESIF)
Ares European Strategic Income Fund (AESIF) is Ares’ evergreen European direct-lending vehicle: a perpetual-life Luxembourg Part II SICAV (inception January 2024) holding senior secured, floating-rate loans to Western European mid-market companies. €4.7 billion across 358 investments by January 2026, 9.5% annualized net return since inception with ~1% volatility, monthly dealing with 2%/5% gates, 1.25% management fee plus 12.5% performance fee over a 5% hurdle, from €25,000.
Other Ares Management Funds
Ares Private Markets Fund (APMF)
Ares Private Markets Fund (APMF) is a diversified private equity investment vehicle designed to provide investors with exposure to private markets through a mix of secondary transactions, GP-led deals, primary commitments, structured solutions, and co-investments. By focusing heavily on secondaries, the fund seeks to acquire mature private equity assets, offering investors faster capital deployment and reduced early-stage investment drag. It targets a broad range of industries, with a core focus on buyout strategies and selective exposure to growth equity. Geographically, the fund is primarily North America-focused, with additional allocations in Europe and other global markets. Ares Management is a global leader in alternative investments, with deep expertise across private equity, private credit, real estate, and infrastructure. The firm’s dedicated secondaries team has a strong track record in sourcing, evaluating, and structuring transactions, providing access to high-quality private market opportunities. Through its expansive network and disciplined investment approach, Ares aims to generate strong risk-adjusted returns while offering liquidity features that make private equity more accessible to investors.
Ares Strategic Income Fund (ASIF)
Ares Strategic Income Fund (ASIF) is a perpetual-life non-traded BDC managed by Ares Capital Management with $10.3 billion of net assets and a $21.9 billion portfolio of first lien senior secured loans to 812 US middle-market companies (92% floating rate). Monthly subscriptions at NAV, quarterly tenders capped at 5% (prorated in 2026), 1.25% management fee, 12.5% incentive fee over a 5% hurdle.
Comparable Funds
Blackstone Secured Lending Fund (BXSL)
Blackstone Secured Lending Fund (BXSL) is the listed business development company of Blackstone. It holds a $13.3 billion portfolio of loans made to 313 private US companies, with 96.8% of the portfolio comprised of first lien senior secured loans and over 96% floating rate as of June 2026. The shares of the fund trade daily on the NYSE and pay a quarterly dividend of $0.77 per share.
Andera Dette Privée
Andera Dette Privée is an evergreen French FCPR managed by Andera Partners as an ELTIF 2.0 structure. It is distributed as unit-linked products within MACSF insurance products. The fund is invested in sponsorless mezzanine debt of French and neighboring countries’ SMEs and mid-cap companies by following the investment strategy of the Andera Acto fund.
Aubley Vastrentende Obligaties
Fixed-rate bond programme giving Dutch private investors exposure to PennantPark's US private credit funds. Two variants: 6% over 3 years and 7% over 5 years, with interest paid monthly and a minimum investment of EUR 100,000. Secured by a pledge with a minimum 110% coverage ratio. The issue is exempt from prospectus requirements and not supervised by the AFM or DNB.
BB Capital Private Credit Fund
Evergreen private credit fund-of-funds from Dutch manager BB Capital, launched in June 2024. Invests in specialised private credit funds providing direct, predominantly senior secured lending to mid-sized companies outside traditional banking channels. Targets a stable 6-8% net per year with quarterly dividends, no capital calls and day-one deployment. Managed by AFM-licensed BB Capital Management B.V.
NLI Bedrijfsleningen fonds II
Dutch private debt fund from SME financing platform NLInvesteert, investing in 60 to 80 diversified, collateralised loans to established Dutch SMEs. Targets a net return above 7% with monthly interest payments, a EUR 100,000 minimum and a 3+3 year structure (reinvestment phase followed by a distribution phase). Loans are secured by mortgages, pledges and personal guarantees; the AFM-licensed platform reports a strong multi-year track record with very limited write-offs.
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