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Ares Capital

Ares Management · Q4 2025 (3 months ago)

SEC EDGAR ↗
$16.8BPortfolio FV
2674Positions(1902 debt, 755 equity)
98.8¢Avg Mark
211Stressed

Portfolio Quality

Portfolio Healthⓘ

A100/ 100

Non-accrual: 0.0%

Stressed: 5.8%

Avg mark: 98.8¢

Grade: A (90+) · B (80-89) · C (70-79) · D (60-69) · F (<60)|Factors: distressed non-accruals (mark <95%), stressed positions, avg mark, first lien %

Data Quality

95%
Fair Value
95%
Spread
90%
Lien
100%
Mark
96%

Avg Spread

560bps

Fair-value weighted

Avg Mark

98.8¢

111 stressed (<90¢)

First Lien

91%

Senior secured positions

PIK Income

12%

Deferred interest yield

Non-Accrual

0.0%

Of portfolio FV

Portfolio Mix

1902debt

772 equity positions

Key Financials

NAV / Share

19.94$

↓
Net Asset Value per share

Dividend Coverage

1.03x

Tight coverage

NII per share ÷ Dividend per share

Leverage

1.05x

Debt ÷ Equity

Total Assets

31.2B

Total portfolio value

NII / Share

0.49$

Annual

Net Investment Income per share

Dividend / Share

0.48$

Quarterly

Most recent quarterly dividend

Est. Div Yield

9.6%

Annualized

Estimated annual dividend yield

Total Debt

16.0B

Total debt outstanding

Equity

15.2B

Total assets - Total debt

Historical Trends

NAV Per Share — 8 Quarters

+2.1% over period

NAVAnnualized Div

NII vs Dividend Coverage

NII/shareCoverage

Portfolio Composition

Investment Type

2674positions
First Lien1738
Equity755
Subordinated91
Second Lien64

+2 more

Rate Type

SOFR1572
Fixed975
Base/Prime39
CORRA29

+12 more

Maturity Profile

Avg: 3.5 years

1893 debt positions with maturity data

Top Sectors

Top Borrowers by FV

Excluding 772 equity/SPV positions

Fair Value Mark Distribution

1.1% stressed(<80¢, $64M)5.3% watchlist(80–95¢, $300M)93.6% healthy(≥95¢, $5321M)
Weighted median mark: 100.0¢

Fair value mark — cents on dollar (debt positions only, weighted by fair value)

Schedule of Investments2674 positions

PIK = Payment-in-Kind (deferred interest)NA = Non-accrual (not collecting interest)⚠ = Stressed (mark <90¢)
Company #Sector Total FV ▼Avg Mark Status(PIK● NA● ⚠)
▶Ivy Hill Asset Management, L.P.
5Financials$4.4B100.0¢
▶Senior Direct Lending Program, LLC
6Financials$2.3B97.7¢
▶Apex Clean Energy TopCo, LLC
5Utilities$467.8M—
▶Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC
8Industrials$381.9M98.0¢
▶High Street Buyer, Inc. and High Street Holdco LLC
19Financials$372.8M100.0¢
▶Potomac Intermediate Holdings II LLC
2Utilities$351.0M—
▶Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC
9Materials$336.4M97.8¢
PIK: 1⚠ 1
▶Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP
4Health Care$253.3M99.0¢
PIK: 2
▶Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc.
4Information Technology$252.0M100.0¢
▶Cloud Software Group, Inc., Picard Parent, Inc., Cloud Software Group Holdings, Inc., Picard HoldCo, LLC and Elliott Alto Co-Investor Aggregator L.P.
4Information Technology$246.5M104.8¢
▶Visual Edge Technology, Inc.
6Information Technology$229.3M100.9¢
PIK: 1
▶Creek Parent, Inc. and Creek Feeder, L.P.
5Health Care$217.4M100.0¢
▶Mimecast Borrowerco, Inc. and Magnesium Co- Invest SCSp
7Information Technology$209.9M102.3¢
▶CoreLogic, Inc. and T-VIII Celestial Co-Invest LP
2Information Technology$190.5M97.0¢
⚠ 1
▶Production Resource Group, L.L.C. and PRG III, LLC
9Industrials$189.0M100.3¢
PIK: 5
▶Centric Brands LLC, Centric Brands TopCo, LLC, and Centric Brands L.P.
10Consumer Discretionary$187.8M106.5¢
PIK: 2
▶Imaging Business Machines, L.L.C. and Scanner Holdings Corporation
6Information Technology$165.7M100.8¢
PIK: 2
▶GHX Ultimate Parent Corporation, Commerce Parent, Inc. and Commerce Topco, LLC
3Health Care$162.7M100.0¢
▶Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.
10Information Technology$160.9M99.7¢
⚠ 3
▶IRI Group Holdings, Inc. and Circana, LLC
2Communication Services$159.9M100.1¢
Page 1 of 36 (707 companies, 2674 positions)

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