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Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Ares Capital (NASDAQ:ARCC) tops this list of companies with the highest valuation, a cool $7.95 billion. Sporting a $2.7 billion market cap, Main Street Capital's stock just edged out the gains made … Ares Capital's NAV, Dividend, And Valuation Vs. 14 BDC Peers - Part 2 (Including 2020 Dividend Projections) Returns as of 10/15/2020. ARES CAPITAL CORPORATION is a specialty finance company that is a closed-end, non-diversified management investment company. It focuses on generating both current income and capital appreciation through debt and equity investments. Broad diversification in types of businesses and industries mitigates risk should any one industry hit headwinds. Sales of portfolio companies can cause choppy earnings, too, because of timing and the varying sizes of the companies. Sporting a $2.7 billion market cap, Main Street Capital's stock just edged out the gains made by the S&P 500 index this year, gaining 25% year to date. Second lien senior secured loans, the next loans in line to be repaid, comprised 7% of Ares Capital's portfolio. Ares Capital Corporation invests primarily in first and second lien senior loans and mezzanine debt, which in some cases includes an equity component, and, to a lesser extent, in equity investments in private U.S. middle market companies. This may turn out to have been a savvy move in the event of an economic slowdown. As of June 30, 2020, Ares Capital Corporation’s (“Ares Capital” or “ARCC”) portfolio had a fair value of approximately $13.8 billion, and consisted of 352 portfolio companies backed by 167 different private equity sponsors. If a recession hits and the economy slows, will the portfolio companies be able to repay? On the positive side, each BDC referenced in this article invests in more than 100 companies from diverse industries, which should mitigate risk due to a specific company or industry setback. Additionally, Main Street provides debt capital to middle-market companies that have revenues in the $150 million to $1.5 billion range. Investors should peruse the latest 10-Q to see the portfolio companies, ranging from a commercial security and alarm company to a manufacturer of sportfishing boats to healthcare equipment dealers, a crane company, several specialized software companies, and oil and gas exploration outfits. Does size matter? Net investment income was $35.7 million and $130.2 million, respectively, in those same periods. For the quarter and 12 months ending Sept. 30, Apollo hauled in investment income of $70.3 million and $262.3 million, respectively. It has earned that through impressive investor returns and consistent risk management. BDC investors should keep in mind that the timing and size of investments can fluctuate dramatically from quarter to quarter. The BDC is required to maintain an equity ratio under the restrictive covenants of its lending facilities. Please check your download folder. Goldman's portfolio touts 102 companies across 35 industries. Ares' BDC has long held the title of the best "big" BDC. The investment strategy focuses on illiquid debt and equities for lower middle market private businesses with revenues ranging from $10 million to $150 million. The next BDC up for consideration is Main Street Capital (NYSE:MAIN). Oddly enough, this is the smallest BDC on this list. As a shareholder of an externally managed BDC like Ares Capital or Prospect Capital, you know exactly how much you give up to the management, and you don't have to worry about stock dilution. Ares, Apollo, and Goldman primarily focus on first-lien loans, which provide protection to get paid before other debtors and equity owners in the event the company receiving the loan gets into serious financial difficulties. Apollo Investment (NASDAQ:AINV) is focused on providing capital to middle-market companies with annual revenues ranging from $50 million to $2 billion. After-tax income was $19 million and $60.3 million for the same periods, respectively. First-lien loans now comprise 77% of the loans. Ares manages to combine the talent and scale associated with being the largest BDC … I also provide a list of the BDC stocks I currently believe are undervalued (a buy recommendation), overvalued (a sell recommendation), or appropriately valued (a hold recommendation). A year and a half ago, first-lien investments made up 33% of the portfolio. During the quarter, Apollo reduced its exposure to second-lien loans to 22% of the loan portfolio. Part 2 of this article compares ARCC’s recent dividend per share rates, yield percentages, and several other highly unique dividend sustainability metrics to fourteen BDC peers. Let's conquer your financial goals together...faster. Main Street generally invests in smaller companies than Ares Capital and holds more equity positions. See you at the top! Based on its lending, Ares Capital dividends currently yield around 8.6%. Further, the board authorized a $250 million share buyback plan. Find the latest dividend history for Ares Capital Corporation Common Stock (ARCC) at Nasdaq.com. First lien senior secured loans, which are loans that have priority to get repaid first, made up 90% of this quarter's commitments. BDC #1: Ares Capital Corporation (ARCC) Ares Capital Corporation is a specialty finance BDC. Ares is an exception with an attractive but reasonable 9.3% yield. Market data powered by FactSet and Web Financial Group. BDCs, as you might know, generally have to … Historical daily share price chart and data for Ares Capital since 2020 adjusted for splits. New commitments in the last quarter totaled $172.5 million for 10 new portfolio companies and seven existing ones. If you're trying to feel like a private equity fat cat, pay attention to the portfolio you will indirectly own if you buy Ares Capital's stock. BDCs make loans to and/or buy equity stakes in mostly private businesses of all shapes and sizes. The focus of this two-part article is a very detailed analysis comparing Ares Capital Corp. (NASDAQ:ARCC) to some of the company's business development company ("BDC") peers (all sector peers I, The #1 REIT Service Measured By Total Returns. This includes a comparative analysis of ARCC’s cumulative undistributed taxable income ratio, percentage of floating-rate debt investments, recent weighted average annualized yield, and weighted average interest rate on outstanding borrowings. My current buy, sell, or hold recommendation, price target, and dividend sustainability projection for ARCC is stated in the “Conclusions Drawn” section of the article. Real time Ares Capital (ARCC) stock price quote, stock graph, news & analysis. Investment income was $36.9 million and $111.8 million, respectively, for the three and nine months ending Sept. 30. Fewer shares should lead to greater per-share value for investors. Investment income for the quarter and first nine months of the year were $60 million and $182 million, respectively. Apollo paid investors $1.80 per share in dividends over the past year, yielding a very attractive 11% return. Ares Capital - Stock Price History | ARCC, The all-time high Ares Capital stock closing price was, The Ares Capital 52-week high stock price is, The Ares Capital 52-week low stock price is, The average Ares Capital stock price for the last 52 weeks is. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Ares Capital Management LLC, an SEC-registered investment adviser, is the investment adviser to Ares Capital Corporation, a publicly traded closed-end, non-diversified specialty finance company that is regulated as a business development company, or a BDC, under the Investment Company Act of 1940. As of Sept. 30, Apollo had 139 companies in its portfolio. The next BDC up for consideration is Main Street Capital . Only 2% of its investments take the form of equity. In the third quarter, Ares Capital committed $2.4 billion in new capital to 18 new and 32 existing portfolio companies. Further, these businesses primarily provide loans. Apollo committed $377 million to 22 investments in the third quarter. Not unlike Apollo, Goldman Sachs BDC continues to reduce its exposure to subordinated loans. That's attractive enough for 40% of the shares to be owned by institutional shareholders, primarily funds seeking income. Its investment objective is to generate both current income and capital appreciation through debt and equity investments. Everyday investors, unfortunately, are generally not given the opportunity to invest in these types of funds. The all-time high Ares Capital stock closing price was 20.46 on February 22, 2007.; The Ares Capital 52-week high stock price is 19.33, which is 36.8% above the current share price. Main Street usually monetizes its stakes through dividends paid or from a portfolio company sale. Stock Advisor launched in February of 2002. The market, however, can't tell if the BDC …

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