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Ares Capital Corporation is a specialty finance company organized as a closed-end, non-diversified management investment company and regulated as a business development company under the Investment Company Act of 1940. Established in 2004, it is externally managed by Ares Capital Management LLC, a subsidiary of Ares Management Corporation. As of December 31, 2025, Ares Capital was the largest publicly traded business development company by market capitalization, with approximately $31.2 billion in total assets. The company’s investment objective is to generate current income and capital appreciation primarily through debt and equity investments in U.S. middle-market companies, typically those with annual EBITDA between $10 million and $250 million. Its principal investments include first and second lien senior secured loans, subordinated debt (including mezzanine debt with equity components), preferred equity, and, to a lesser extent, common equity investments. Investment sizes generally range from $30 million to $500 million. Ares Capital seeks to self-originate and lead investments, focusing on below investment grade instruments. The company utilizes the resources and investment platform of Ares Management, which has over 25 years of experience and thousands of investment and operations professionals worldwide. Up to 30% of its portfolio may be invested in non-qualifying assets as permitted by regulations.