Ares Capital
20 named things its latest annual report says its results depend on, each in the company's own words. 9 of them are also named by other companies we've read.
Suppliers
Credit Facilities (Revolving Credit Facility, SMBC Funding Facility, BNP Funding Facility)
depends on · approximately $4.5 billionnamed as a riskA failure to renew the Credit Facilities or to add new or replacement credit facilities or to issue additional debt securities or other evidences of indebtedness could have a material adverse effect on our business, financial condition and results of operations.Risk factors (Item 1A)
Also named by TKO
Deutsche Bank AG New York Branch
depends on · $218 millionAs of December 31, 2025, the DB Issuer had $218 million in letters of credit issued under the Letter of Credit Facility.Risk factors (Item 1A)
Partners and platforms
Senior Direct Lending Program (SDLP)
concentrated in · $1.4 billionAs of December 31, 2025, we and Varagon and its clients had agreed to make capital available to the SDLP of $6.2 billion in the aggregate, of which $1.4 billion is to be made available from us.Business (Item 1)
Varagon Capital Partners
87.5% and 12.5%As of December 31, 2025, we and a client of Varagon owned 87.5% and 12.5%, respectively, of the outstanding SDLP Certificates.Business (Item 1)
Ares Capital Management LLC
depends onnamed as a riskIn addition, we cannot assure you that Ares Capital Management will remain our investment adviser or that we will continue to have access to Ares’ investment professionals or its information and deal flow.Risk factors (Item 1A)
Ares Management Corporation
depends onnamed as a riskConsequently, we and our investment adviser and administrator rely heavily on Ares Management’s financial, accounting and other data processing systems.Risk factors (Item 1A)
Other companies
Ivy Hill Asset Management, L.P. (IHAM)
concentrated in · approximately 9.8% of our total investment incomenamed as a riskIn addition, for the year ended December 31, 2025, approximately 9.8% of our total investment income was earned from our investment in IHAM.Risk factors (Item 1A)
Software and Services industry
concentrated in · 23.8%The industrial and geographic compositions of our portfolio at fair value as of December 31, 2025 were as follows:Business (Item 1)
Ares Direct Lending CLOs (ADL CLO 1, 4, 7)
named as a riskWe have formed and may in the future form CLOs, which subject us to certain structured financing risks.Risk factors (Item 1A)
Places
U.S. Midwest
concentrated in · 22.9%The industrial and geographic compositions of our portfolio at fair value as of December 31, 2025 were as follows:Business (Item 1)
Also named by CFG
Commodities and inputs
Secured Overnight Financing Rate (SOFR)
exposed to its price · 72%named as a riskAs of December 31, 2025, 72% of the investments at fair value in our portfolio bore interest and dividends at variable rates (including our investment in the SDLP Certificates which accounted for 4% of our total investments at fair value), 12% bore interest at fixed rates, 9% were non-income producing, 1% were on non-accrual status and 6% was our equity investment in IHAM which generally pays a quarterly dividend.Market risk (Item 7A)
Also named by ABR, ADBE, AGM, AMG, BCSF, BRO, CAT, CGBD and 21 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskAs a BDC, we are prohibited under the Investment Company Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, of the SEC.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARES, BAM, BCSF, BEN and 44 more
Laws and programs
Investment Company Act of 1940
subject to · 189%named as a riskAs of December 31, 2025, our asset coverage calculated in accordance with the Investment Company Act was 189%.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARES, BAM, BCSF, BEN, BX and 28 more
Regulated investment company (RIC) status under Internal Revenue Code
subject to · at least 90%named as a riskTo maintain our RIC status, we must timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short term capital gains) to our stockholders (the “Annual Distribution Requirement”).Risk factors (Item 1A)
U.S. tariffs
subject tonamed as a riskAny of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Corporate Sustainability Reporting Directive (CSRD)
subject tonamed as a riskOne or more of our portfolio companies may fall within scope of CSRD and this may lead to increased management burdens and costs.Risk factors (Item 1A)
SEC Co-Investment Exemptive Order
subject tonamed as a riskCo-investments made under the Co-Investment Exemptive Order are subject to compliance with certain conditions and other requirements, which could limit our ability to participate in co-investment transactions.Business (Item 1)
Rule 18f-4
subject tonamed as a riskWe currently operate as a “limited derivatives user” which may limit our ability to use derivatives and/or enter into certain other financial contracts.Risk factors (Item 1A)
Regulation S-P
subject tonamed as a riskThe adopted rule requires compliance as of December 2025 and applies to us as it includes investment companies and registered investment advisers.Risk factors (Item 1A)