Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors. The fund will also consider investments in industries such as restaurants, retail, oil and gas, and technology sectors. It focuses on investments in Northeast, Mid-Atlantic, Southeast and Southwest regions from its New York office, the Midwest region, from the Chicago office, and the Western region from the Los Angeles office. The fund typically invests between $20 million and $200 million and a maximum of $400 million in companies with an EBITDA between $10 million and $250 million. It makes debt investments between $10 million and $100 million The fund invests through revolvers, first lien loans, warrants, unitranche structures, second lien loans, mezzanine debt, private high yield, junior capital, subordinated debt, and non-control preferred and common equity. The fund also selectively considers third-party-led senior and subordinated debt financings and opportunistically considers the purchase of stressed and discounted debt positions. The fund prefers to be an agent and/or lead the transactions in which it invests. The fund also seeks board representation in its portfolio companies.

	Dec '13	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23
net income	488.52M -	590.95M 20.97%	378.67M 35.92%	474M 25.17%	667M 40.72%	858M 28.64%	793M 7.58%	484M 38.97%	1.57B 223.76%	600M 61.71%	1.52B 153.67%
depreciation and amortization	802K -	805K 0.37%	734K 8.82%	1M 36.24%	1M 0%	18M 1,700%	18M 0%	23M 27.78%	29M 26.09%	26M 10.34%	26M 0%
deferred income tax
stock based compensation
change in working capital	10.30M -	-590K 105.73%	-30.86M 5,130.51%	-2M 93.52%	3M 250%	16M 433.33%	-39M 343.75%	78M 300%	208M 166.67%	-147M 170.67%	31M 121.09%
accounts receivables							-26M -	37M 242.31%	56M 51.35%	-114M 303.57%	-65M 42.98%
inventory							26M -	-37M 242.31%	-56M 51.35%	114M 303.57%	96M 15.79%
accounts payables	13.77B -	13.24B 3.83%	-23.80B 279.70%		-122M -	-66M 45.90%	27M 140.91%	3M 88.89%	27M 800%	11M 59.26%	24M 118.18%
other working capital	-13.76B -	-13.24B 3.76%	23.77B 279.46%		125M -	82M 34.40%	-66M 180.49%	75M 213.64%	181M 141.33%	-158M 187.29%	-24M 84.81%
other non cash items	-1.80B -	-1.25B 30.46%	11.84M 100.95%	234M 1,876.35%	-2.72B 1,261.97%	-588M 78.37%	-1.98B 237.07%	-1.14B 42.38%	-4.26B 273.29%	-1.84B 56.88%	-1.07B 41.89%
net cash provided by operating activities	-1.30B -	-658.55M 49.25%	360.38M 154.72%	707M 96.18%	-2.05B 389.67%	304M 114.84%	-1.21B 498.03%	-557M 53.97%	-2.46B 341.47%	-1.36B 44.73%	511M 137.60%
investments in property plant and equipment
acquisitions net					-2.38B -
purchases of investments	-3.49T -	-4.54T 29.82%	-3.82T 15.89%		-7.23B -	-7.11B 1.66%	-6.80B 4.40%	-6.76B 0.54%	-13.64B 101.86%	-9.85B 27.79%	-5.80B 41.09%
sales maturities of investments	1.72T -	3.41T 98.05%	3.69T 8.22%		7.05B -	6.75B 4.26%	4.91B 27.30%	5.47B 11.48%	10.25B 87.45%	7.75B 24.42%	5.32B 31.39%
other investing activites
net cash used for investing activites	-1.77T -	-1.13T 36.51%	-123.78B 89.00%		-2.56B -	-362M 85.88%	-1.89B 422.38%	-1.29B 31.73%	-3.39B 162.90%	-2.10B 37.98%	-489M 76.77%
debt repayment	-5.65B -	-3.96B 30.04%	-3.70B 6.51%	-10.10B 173.25%	-11.23B 11.12%	-6.24B 44.42%	-11.42B 83.02%	-6.74B 41.02%	-16.83B 149.80%	-6.82B 59.49%	-5.60B 17.82%
common stock issued	833.48M -	257.67M 69.09%			1.84B -		64M -	4M 93.75%	819M 20,375%	1.00B 22.22%	1.16B 15.38%
common stock repurchased			-1.69M -	-5M 196.74%				-100M -			6.44B -
dividends paid	-411.45M -	-464.37M 12.86%	-487.37M 4.95%	-477M 2.13%	-642M 34.59%	-656M 2.18%	-694M 5.79%	-679M 2.16%	-694M 2.21%	-912M 31.41%	-1.03B 13.05%
other financing activites	6.41B -	4.87B 24.10%	3.89B 20.07%	9.85B 153.16%	12.17B 23.64%	6.57B 46.00%	13.14B 99.94%	8.22B 37.46%	19.32B 135.10%	7.94B 58.91%	-1.24B 115.63%
net cash used provided by financing activities	1.18B -	703.47M 40.29%	-297.88M 142.34%	-741M 148.76%	2.14B 388.93%	-324M 115.13%	1.09B 436.42%	707M 35.14%	2.62B 270.44%	1.21B 53.80%	-284M 123.47%
effect of forex changes on cash	1.77T -	1.13T 36.51%	123.78B 89.00%		2.56B -	362M 85.88%	1.89B 422.38%	1.29B 31.73%	3.39B 162.90%	2.10B 37.98%	489M 76.77%
net change in cash	-119.41M -	44.93M 137.62%	62.50M 39.12%	-34M 154.40%	93M 373.53%	-20M 121.51%	-120M 500%	150M 225%	160M 6.67%	-149M 193.13%	227M 252.35%
cash at beginning of period	269.04M -	149.63M 44.38%	194.56M 30.02%	257M 32.10%	223M 13.23%	316M 41.70%	296M 6.33%	176M 40.54%	326M 85.23%	486M 49.08%	337M 30.66%
cash at end of period	149.63M -	194.56M 30.02%	257.06M 32.13%	223M 13.25%	316M 41.70%	296M 6.33%	176M 40.54%	326M 85.23%	486M 49.08%	337M 30.66%	564M 67.36%
operating cash flow	-1.30B -	-658.55M 49.25%	360.38M 154.72%	707M 96.18%	-2.05B 389.67%	304M 114.84%	-1.21B 498.03%	-557M 53.97%	-2.46B 341.47%	-1.36B 44.73%	511M 137.60%
capital expenditure
free cash flow	-1.30B -	-658.55M 49.25%	360.38M 154.72%	707M 96.18%	-2.05B 389.67%	304M 114.84%	-1.21B 498.03%	-557M 53.97%	-2.46B 341.47%	-1.36B 44.73%	511M 137.60%

NASDAQ:ARCC

Ares Capital Corporation

Last Close

21.15

17/05 20:00

Market Cap

11.71B

Beta: 1.06

Volume Today

4.35M

Avg: 3.47M

PE Ratio

8.75

PFCF: 22.31

Dividend Yield

9.61%

Payout:79.11%