Ares Capital
Provides direct loans and investments to private U.S. middle-market companies.
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Profile
Provides direct loans and other investments to private U.S. middle-market companies, focusing on senior secured credit alongside subordinated debt and equity. An external Ares adviser originates, underwrites, and monitors the portfolio, while BDC rules shape leverage, distributions, and access to capital.
Provides direct loans and other investments to private U.S. middle-market companies, with a portfolio centered on senior secured loans and complemented by subordinated debt and equity. Income comes mainly from borrower interest, fees, and investment gains.
Operates as an externally managed business development company. Ares Capital Management supplies origination, underwriting, monitoring, and capital-markets resources, while a separate Ares affiliate provides administration. This structure extends the broader Ares credit platform to a publicly traded balance sheet.
Execution rests on direct sourcing, credit selection, secured positioning, and ongoing portfolio monitoring. Results depend on borrower repayment, collateral recovery, non-accrual levels, and continued access to debt and equity markets. BDC and regulated-investment-company rules also shape leverage, distributions, and retained capital.
Company facts
Categories
Key statistics
Year to date −2.4% · Average volume (30d) 4.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jun 12, 2026 | Wells Fargo | Downgrade | Overweight | Equal Weight | $21 | $19 |
| Oct 29, 2025 | RBC Capital | Reiterate | Outperform | $22 | $23 | |
| Oct 29, 2025 | Wells Fargo | Reiterate | Overweight | $21.50 | $21 | |
| Oct 14, 2025 | UBS | Reiterate | Neutral | $22 | $21 | |
| Oct 10, 2025 | Capital One Financial | Target | $22.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $0.47 | $0.47 | −0.7% | $770.2M | $768.0M | −0.3% | +0.64% |
| Apr 28, 2026Q1 FY26 | $0.48 | $0.47 | −2.1% | $778.0M | $763.0M | −1.9% | −1.32% |
| Feb 4, 2026Q4 FY25 | $0.50 | $0.50 | 0.0% | $793.0M | $793.0M | 0.0% | −3.94% |
| Oct 28, 2025Q3 FY25 | $0.50 | $0.50 | −0.6% | $768.1M | $655.0M | −14.7% | +0.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $446.0M | $579.0M | $655.0M | $540.0M | $349.0M | $768.0M | |
| Gross profit | $274.0M | $407.0M | $460.0M | $344.0M | $151.0M | $595.0M | |
| Operating income | $248.0M | $378.0M | $431.0M | $319.0M | $124.0M | $581.0M | |
| Net income | $241.0M | $361.0M | $404.0M | $293.0M | $92.0M | $171.0M | |
| Diluted EPS | $0.36 | $0.52 | $0.57 | $0.41 | $0.13 | $0.24 | |
| Gross margin | 61.4% | 70.3% | 70.2% | 63.7% | 43.3% | 77.5% | |
| Operating margin | 55.6% | 65.3% | 65.8% | 59.1% | 35.5% | 75.7% |
Fiscal years (4-quarter sums)FY21 $2.05B · FY22 $1.20B · FY23 $2.17B · FY24 $2.35B · FY25 $2.22B
Balance sheet, Jun 30, 2026Cash & short-term investments $383.0M · Total debt $15.77B · Total assets $30.50B · Shareholders' equity $13.89B
Dividends
Raised for 2 straight years — most recently to $0.48 from $0.41 in Mar 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.48 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.48 | |
| Dec 15, 2025 | Dec 15 | Dec 30 | $0.48 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.48 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.48 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.48 | |
| Dec 13, 2024 | Dec 13 | Dec 30 | $0.48 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $0.48 |
Ownership
Shares outstanding 718.02M · Float 713.78M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stanley | 17.02M | 2.37% | 13F | Aug 13, 2026 |
| UBS Group AG | 13.78M | 1.92% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 13.31M | 1.85% | 13F | Aug 14, 2026 |
| STRS Ohio | 10.66M | 1.48% | 13F | Jul 30, 2026 |
| Bank of America Corp /DE/ | 8.94M | 1.24% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 9, 2026 | Jana Markowicz | officer: Chief Operating Officer | +15,000 | $19.20 |
| Feb 5, 2026 | Michael Kort Schnabel | officer: Chief Executive Officer | +12,500 | $19.13 |
| Feb 5, 2026 | Mary Beth Henson | director | +4,000 | $19.14 |
| Feb 6, 2026 | Scott C. Lem | officer: CFO and Treasurer | +5,186 | $19.29 |
| Oct 31, 2025 | Michael Kort Schnabel | officer: Chief Executive Officer | +13,000 | $20.39 |
Peers
- Blue Owl Capital
Large direct-lending BDC focused on U.S. middle-market borrowers
- Blackstone Secured Lending Fund
Large first-lien lender backed by Blackstone's private-credit platform
- FS KKR Capital
Scaled middle-market credit BDC advised by FS and KKR
- Golub Capital BDC
Core middle-market specialist in sponsor-backed first-lien loans
- Main Street Capital
Debt-and-equity provider to lower-middle-market private companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Main Street Capital | $58.45 | −0.18% | $5.44B | 11.8 | 15.4 | 7.8 | −26.1% |
| Median | 19.9 | 9.5 | 4.7 | −14.2% |