Ares Capital Corporation
ARCC 5.5Price and target zones价格与目标区间
What the company does公司做什么
A business development company (BDC) lends to mid-size private companies and passes almost all the interest to shareholders as dividends, paying no corporate tax as long as it distributes most of its income. Ares Capital is the largest BDC. It is externally managed by Ares Management.商业发展公司（BDC）把钱借给中型私营公司，并把几乎全部利息以股息形式发给股东；只要它把大部分收入分配出去，就不用交公司税。Ares Capital是最大的BDC。它由Ares Management外部管理。
Earns from营收来源 interest on senior secured loans to middle-market companies.向中型市场公司发放的优先担保贷款的利息。
Read the full description查看完整介绍
Ares Capital Corporation is a business development company specializing in growth capital, 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 sports, media & entertainment, industrials & business services, infrastructure & power, financial institution groups, software & technology, specialty healthcare, consumer, retail & services, energy and the basic and growth manufacturing, consumer products, health care products, and information technology service sectors. The fund will also consider investments in industries such as restaurants, retail, oil and gas, and technology sectors. It invests in the United States based companies. 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 $30 million and $500 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.
What the company sells公司卖什么
Plus:此外： What it lends它放什么贷 — Mostly first-lien and unitranche senior secured loans to companies with $10-250 million of earnings, across software, healthcare, industrials, and consumer. It holds about $6 billion of spare liquidity. At 31 March 2026, net asset value was about $19.36 per share, down slightly on wider credit spreads rather than defaults. The dividend is about 10.2% and is at coverage — met by net investment income, slightly above core earnings, and backed by stored-up spillover income大多是向息税前收益在$10-250 million之间的公司提供的第一留置权和unitranche（统一档）优先担保贷款，涵盖软件、医疗、工业和消费领域。它持有约$6 billion的备用流动性。截至2026年3月31日，每股净资产值约为$19.36，略有下降，原因是信用利差走阔而非违约。股息约为10.2%，处于刚好覆盖的水平——由净投资收益支付（略高于核心盈利），并有积累的溢出收益作后盾.
Company facts公司资料
- Industry行业
- Asset Management
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
🔒 HOLD — DO NOT ADD. Coverage broke below 1.0x. Largest listed BDC. Core NII $1.88 vs a $1.92 payout = 0.98x, and coverage has fallen in a straight line for ten quarters (1.21x→1.15x→1.04x×4→0.98x×2). GAAP NII reads $0.50 and looks covered — that is a capital-gains-incentive-fee credit with nothing actually payable, which inflates NII because the book is being marked down; derived $0.471 ties to management's $0.47 Core EPS. Gap filled by realised gains + $1.38/sh spillover management itself called a "bridge" (call-sourced, not in the 10-Q — softest input). 100% base dividend, no supplementals, 68 straight stable-or-rising quarters. Non-accruals rising 3 straight years and accelerating: 1.3→1.7→1.8→2.1→2.4%, Grade-2 assets +61% in 6mo, first lien 59% (BXSL 97.6%), PIK 15.8% of investment income against a 100%-cash dividend. Fee drag is the largest number in the file: 2.54% of gross assets, 5.6% of NAV — in 1H26 Ares was paid $307M while shareholders earned $263M. Stress: −200bp + non-accruals to 5% → 0.83x, implying a ~17% cut (OBDC already cut 16%, Golub 15%) — a 2027+ risk; FOMC held 9–3 on 7/29 with all three dissents hawkish. Counter-evidence, not buried: spreads +20bp, fees +50bp, new money at 10.2% vs 8.3% exits, and CEO/President/CFO/COO + 2 directors all bought with cash at $19.13-19.29, zero sales in 18mo (verified row-by-row per the RSU pitfall). FV $17.50-19.50 (NAV $19.35, P/NAV 0.99x). Add $16.50-17.75. Trim $20.30+ — = 1.05x NAV; dollar-form because the site derives multiple-trims off GAAP EPS, and for a BDC the denominator must be NAV. Re-set the 1.05x judgment at each /analyze. Break: coverage <0.95x 2 qtrs non-accruals >3.5% NAV <$18.50 any base-dividend cut. A2026-08-03
🔒 持有 — 不要加仓。覆盖率已跌破 1.0x。 最大的上市 BDC。核心 NII $1.88 对应 $1.92 派息 = 0.98x，且覆盖率已连续 10 个季度直线下滑（1.21x→1.15x→1.04x×4→0.98x×2）。GAAP NII 显示 $0.50、看起来是覆盖的 — 那是一笔实际上不需要支付的资本利得激励费抵免，它之所以推高 NII，恰恰是因为资产在被减记；推导出的 $0.471 与管理层公布的 Core EPS $0.47 完全吻合。缺口由已实现收益 + $1.38/股的结转收益（spillover）填补，管理层自己称之为「过桥」（来自电话会议，不在 10-Q 中 — 全文最脆弱的输入）。100% 基础股息、无补充派息，连续 68 个季度持平或上升。不良资产连续 3 年上升且在加速：1.3→1.7→1.8→2.1→2.4%，二级评级资产 6 个月内 +61%，第一留置权仅占 59%（BXSL 为 97.6%），PIK 占投资收入 15.8%，而股息是 100% 现金支付。费用拖累是全文最大的数字：占总资产 2.54%，占 NAV 5.6% — 2026 上半年 Ares 拿到 $307M，而股东只赚到 $263M。 压力测试：−200bp 且不良升至 5% → 0.83x，意味着约 17% 的减派（OBDC 已减 16%，Golub 减 15%）— 属 2027 年以后的风险；7/29 FOMC 以 9–3 维持不变，且三张反对票全部偏鹰。反面证据，不予掩盖：利差 +20bp，费用 +50bp，新投放收益率 10.2% 对应退出的 8.3%，且 CEO/总裁/CFO/COO + 2 名董事全部以现金在 $19.13-19.29 买入，18 个月内零卖出（已按 RSU 陷阱逐行核实）。合理估值 $17.50-19.50（NAV $19.35，P/NAV 0.99x）。加仓区间 $16.50-17.75。$20.30+ 减仓（= 1.05x NAV）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 7%
- Revenue growth营收增长
- +3%
- Dividend yield股息率
- 10.23%
Competitors竞争对手
Why customers stay客户为什么留下
Scale. As the biggest BDC it can lead and hold deals others cannot, sees the most deal flow, borrows cheaply, and has a long record of low bad loans through cycles.规模。作为最大的BDC，它能牵头并持有别家吃不下的交易，看到最多的交易机会，借钱成本低，并且有着穿越多个周期、坏账率很低的长期记录。
Related companies相关公司 🟠 BDC / credit
Rate cuts compress NII; spread widening erodes NAV. All four have now cut or broken base-dividend coverage — ARCC fell to 0.98x on 8/3.
MAIN is the quality anchor. ARCC no longer "fills the external slot" — it is a hold, not an add, and its 0.99x NAV is a premium to OBDC 0.77x / BXSL 0.90x / FSK 0.59x with none of the downside priced.
Recent news近期新闻 last 7 days近7天
- Ares BDC moves 5 borrowers to non-accrual in Q2, led by AmeriVetPitchbook
- Ares Private-Credit Fund Reports Rising Defaults, and New DealsThe Wall Street Journal
- Ares Capital's Q2 Earnings Call Highlights Market StrengthZacks
- Ares Capital Just Extended Its Dividend Streak to 17 Years -- Here's What Its Latest Earnings ShowMotley Fool
- ARCC Stock Dips as Q2 Earnings Meet Estimates & Expenses Rise Y/YZacks
- What a Credit Downturn Would Do to Ares Capital's Big DividendMotley Fool