ARES CAPITAL CORP ARCC
COM · Common Stock · CUSIP 04010L103 · ISIN US04010L1035
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.0m this quarter). Holder counts are more reliable. Shares outstanding: 582.3m as of 2024-02-01, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $20.03. Options: 15 managers hold calls ($64.3m notional), 19 hold puts ($143.6m).
Trends to Q4 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 633 |
| Q4 2022 | 648 |
| Q1 2023 | 642 |
| Q2 2023 | 662 |
| Q3 2023 | 660 |
| Q4 2023 | 711 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 340 | 221 |
| Q1 2023 | 329 | 232 |
| Q2 2023 | 310 | 248 |
| Q3 2023 | 317 | 249 |
| Q4 2023 | 333 | 245 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $65.7m | $204.5m | 3.11 |
| Q2 2023 | $63.1m | $124.2m | 1.97 |
| Q3 2023 | $69.6m | $138.3m | 1.99 |
| Q4 2023 | $64.3m | $143.6m | 2.23 |
Biggest buyers
| MORGAN STANLEY | Added | +15.5m |
| JPMORGAN CHASE & CO | Added | +2.2m |
| FMR LLC | Added | +997.2k |
| CITADEL ADVISORS LLC | Added | +953.1k |
| VAN ECK ASSOCIATES CORP | Added | +840.8k |
| UBS Group AG | Added | +692.6k |
| Partners Group Holding AG | Added | +580.3k |
| Edge Capital Group, LLC | Added | +501.9k |
| GOLDMAN SACHS GROUP INC | Added | +475.4k |
| Legal & General Group Plc | Added | +360.9k |
Biggest sellers
| ROYAL BANK OF CANADA | Reduced | -898.2k |
| NORTHERN TRUST CORP | Reduced | -744.2k |
| TUDOR INVESTMENT CORP ET AL | Reduced | -545.1k |
| Bank of New York Mellon Corp | Reduced | -510.7k |
| OSAIC HOLDINGS, INC. | Reduced | -488.0k |
| Clearstead Advisors, LLC | Reduced | -474.5k |
| Merit Financial Group, LLC | Reduced | -441.0k |
| OMERS ADMINISTRATION Corp | Reduced | -382.1k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -300.8k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -253.5k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $26.7m1.3m shares |
| CITADEL ADVISORS LLC | Reduced | $8.7m431.9k shares |
| Walleye Trading LLC | Added | $7.4m369.8k shares |
| GROUP ONE TRADING LLC | Added | $6.4m320.5k shares |
| SIMPLEX TRADING, LLC | Added | $4.7m233.2k shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $2.0m100.0k shares |
| Caption Management, LLC | Unchanged | $2.0m100.0k shares |
| WOLVERINE TRADING, LLC | Added | $1.9m92.5k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $1.7m84.0k shares |
| JANE STREET GROUP, LLC | Reduced | $1.5m74.4k shares |
Biggest puts
| Parallax Volatility Advisers, L.P. | Unchanged | $37.1m1.9m shares |
| MILLENNIUM MANAGEMENT LLC | Added | $31.2m1.6m shares |
| UBS Group AG | Unchanged | $10.4m520.0k shares |
| Centiva Capital, LP | Unchanged | $10.0m500.0k shares |
| NOMURA HOLDINGS INC | Unchanged | $10.0m499.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $8.0m401.6k shares |
| WELLS FARGO & COMPANY/MN | Unchanged | $6.0m300.0k shares |
| Quinn Opportunity Partners LLC | Unchanged | $5.3m267.0k shares |
| CITADEL ADVISORS LLC | Added | $5.2m261.2k shares |
| PEAK6 Investments LLC | Added | $4.1m202.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales in Q4 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2022 | 1 | $120.3k | 0 | — | — |
| Q2 2022 | 4 | $6.5m | 0 | — | — |
| Q3 2022 | 2 | $719.8k | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 1 | $104.8k | 0 | — | — |
| Q2 2023 | 1 | $267.6k | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| MORGAN STANLEY 0.02% of their portfolio | 27.4m $548.1m | Added +15.5m |
| ROYAL BANK OF CANADA 0.06% of their portfolio | 11.3m $225.7m | Reduced -898.2k |
| VAN ECK ASSOCIATES CORP 0.30% of their portfolio | 8.3m $165.9m | Added +840.8k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 5.9m $118.8m | Added +155.7k |
| Legal & General Group Plc 0.03% of their portfolio | 4.8m $95.6m | Added +360.9k |
| TWO SIGMA ADVISERS, LP 0.22% of their portfolio | 4.7m $93.6m | Reduced -159.5k |
| TWO SIGMA INVESTMENTS, LP 0.21% of their portfolio | 4.3m $86.7m | Reduced -253.5k |
| CONFLUENCE INVESTMENT MANAGEMENT LLC 1.19% of their portfolio | 4.2m $84.5m | Reduced -73.6k |
| OMERS ADMINISTRATION Corp 1.00% of their portfolio | 4.0m $79.6m | Reduced -382.1k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 3.8m $75.6m | Reduced -10.5k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 3.5m $71.0m | Added +2.2m |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 3.1m $62.5m | Added +67.7k |
| UBS Group AG 0.02% of their portfolio | 3.0m $61.0m | Added +692.6k |
| LPL Financial LLC 0.04% of their portfolio | 3.0m $59.9m | Added +73.7k |
| Advisors Capital Management, LLC 1.17% of their portfolio | 2.9m $57.6m | Reduced -167.3k |
| STIFEL FINANCIAL CORP 0.05% of their portfolio | 2.1m $43.1m | Added +29.4k |
| CCLA Investment Management 0.67% of their portfolio | 2.0m $41.1m | Added +24.3k |
| Border to Coast Pensions Partnership Ltd 1.00% of their portfolio | 2.0m $41.0m | Reduced -100.0k |
| Sound Income Strategies, LLC 3.26% of their portfolio | 2.0m $39.2m | Added +66.9k |
| ARES MANAGEMENT LLC 0.95% of their portfolio | 1.9m $38.5m | Added +93.1k |
| Progeny 3, Inc. 4.71% of their portfolio | 1.9m $38.0m | Added +106.1k |
| LSV ASSET MANAGEMENT 0.08% of their portfolio | 1.7m $34.9m | Reduced -53.2k |
| OSAIC HOLDINGS, INC. 0.06% of their portfolio | 1.6m $32.3m | Reduced -488.0k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 1.6m $31.5m | Added +953.1k |
| NOMURA ASSET MANAGEMENT CO LTD 0.13% of their portfolio | 1.5m $30.8m | Added +157.3k |
| BlackRock Inc. 0.00% of their portfolio | 1.5m $30.4m | Added +36.9k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.5m $29.4m | Added +181.8k |
| BRUNI J V & CO /CO 3.48% of their portfolio | 1.4m $28.0m | Added +6.0k |
| Gilbert & Cook, Inc. 3.93% of their portfolio | 1.4m $27.7m | Added +85.6k |
| Rockefeller Capital Management L.P. 0.09% of their portfolio | 1.3m $26.0m | Added +7.2k |
| Allen Investment Management, LLC 0.33% of their portfolio | 1.2m $25.0m | Added +192.1k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.2m $24.6m | Added +475.4k |
| CAPITAL ADVISORS INC/OK 0.53% of their portfolio | 1.2m $23.5m | Added +124.8k |
| Clearbridge Investments, LLC 0.02% of their portfolio | 1.2m $23.3m | Reduced -1.4k |
| Partners Group Holding AG 1.16% of their portfolio | 1.2m $23.2m | Added +580.3k |
| STEPHENS INC /AR/ 0.36% of their portfolio | 1.1m $21.0m | Reduced -44.1k |
| McGowan Group Asset Management, Inc. 3.33% of their portfolio | 1.0m $20.7m | Reduced -10.5k |
| BAILLIE GIFFORD & CO 0.02% of their portfolio | 1.0m $20.1m | Reduced -41.6k |
| FMR LLC 0.00% of their portfolio | 998.2k $20.0m | Added +997.2k |
| Naviter Wealth, LLC 3.92% of their portfolio | 973.3k $19.5m | Added +175.0k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.03% of their portfolio | 887.9k $17.8m | Added +81.4k |
| 1832 Asset Management L.P. 0.03% of their portfolio | 886.6k $17.8m | Reduced -103.5k |
| HighTower Advisors, LLC 0.03% of their portfolio | 849.2k $17.0m | Reduced -2.2k |
| Janney Montgomery Scott LLC 0.05% of their portfolio | 832.2k $16.7m | Reduced -19.2k |
| Cambridge Investment Research Advisors, Inc. 0.07% of their portfolio | 828.8k $16.6m | Added +36.6k |
| Muzinich & Co., Inc. 14.10% of their portfolio | 811.0k $16.2m | Reduced -2.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 797.8k $16.0m | Reduced -287 |
| Cliffwater LLC 4.47% of their portfolio | 780.0k $15.6m | Reduced -98.6k |
| RAYMOND JAMES & ASSOCIATES 0.01% of their portfolio | 749.9k $15.0m | Added +11.3k |
| Melia Wealth LLC 7.35% of their portfolio | 698.5k $14.0m | First filing |
| Edgemoor Investment Advisors, Inc. 1.42% of their portfolio | 679.3k $13.6m | Reduced -6.0k |
| LGT CAPITAL PARTNERS LTD. 0.40% of their portfolio | 667.5k $13.4m | Added +37.5k |
| D.A. DAVIDSON & CO. 0.13% of their portfolio | 652.7k $13.1m | Reduced -76.6k |
| Baird Financial Group, Inc. 0.03% of their portfolio | 634.4k $12.7m | Reduced -24.0k |
| SAGE ADVISORS, LLC 12.45% of their portfolio | 625.5k $12.5m | First filing |
| CHARTWELL INVESTMENT PARTNERS, LLC 0.43% of their portfolio | 609.0k $12.2m | Reduced -4.2k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 604.6k $12.1m | Reduced -10.6k |
| MCKINLEY CAPITAL MANAGEMENT LLC 1.53% of their portfolio | 596.1k $11.9m | Added +16.9k |
| NEW SOUTH CAPITAL MANAGEMENT INC 0.51% of their portfolio | 588.3k $11.8m | Reduced -15.7k |
| TCW GROUP INC 0.13% of their portfolio | 587.0k $11.8m | Reduced -97.9k |
| Raymond James Financial Services Advisors, Inc. 0.02% of their portfolio | 552.9k $11.1m | Added +122.2k |
| Qube Research & Technologies Ltd 0.02% of their portfolio | 532.5k $10.7m | Added +83.3k |
| Edge Capital Group, LLC 0.59% of their portfolio | 526.3k $10.5m | Added +501.9k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 520.0k $10.4m | Reduced -300.8k |
| EVERGREEN CAPITAL MANAGEMENT LLC 0.42% of their portfolio | 517.3k $10.4m | Added +13.1k |
| CIBC Private Wealth Group LLC 0.02% of their portfolio | 499.8k $10.0m | Added +8.3k |
| Skandinaviska Enskilda Banken AB (publ) 0.06% of their portfolio | 481.4k $9.6m | Unchanged |
| Bell Bank 0.93% of their portfolio | 481.2k $9.6m | Added +7.0k |
| Graypoint LLC 0.73% of their portfolio | 452.1k $9.1m | Unchanged |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 447.5k $9.0m | Reduced -251.7k |
| EMFO, LLC 8.32% of their portfolio | 446.3k $8.9m | Reduced -15.6k |
| CREDIT SUISSE AG/ 0.01% of their portfolio | 442.8k $8.9m | Unchanged |
| PALISADE CAPITAL MANAGEMENT, LP 0.23% of their portfolio | 436.2k $8.7m | Unchanged |
| Greenwich Investment Management, Inc. 6.22% of their portfolio | 413.5k $8.3m | Reduced -6.3k |
| Northeast Financial Consultants Inc 0.45% of their portfolio | 408.5k $8.2m | Added +74.4k |
| SFMG, LLC 0.74% of their portfolio | 398.1k $8.0m | Added +10.1k |
| Chicago Partners Investment Group LLC 0.37% of their portfolio | 389.2k $7.9m | Added +20.2k |
| Clearstead Advisors, LLC 0.40% of their portfolio | 377.4k $7.6m | Reduced -474.5k |
| Invesco Ltd. 0.00% of their portfolio | 376.5k $7.5m | Reduced -15.2k |
| Steward Partners Investment Advisory, LLC 0.10% of their portfolio | 368.4k $7.4m | Added +4.5k |
| Baltimore-Washington Financial Advisors, Inc. 0.51% of their portfolio | 367.9k $7.4m | Added +16.1k |
| AE Wealth Management LLC 0.03% of their portfolio | 327.2k $6.7m | Added +43.8k |
| Cetera Investment Advisers 0.05% of their portfolio | 326.3k $6.5m | Added +46.1k |
| OPPENHEIMER & CO INC 0.12% of their portfolio | 325.2k $6.5m | Reduced -13.2k |
| Advisors Asset Management, Inc. 0.13% of their portfolio | 322.6k $6.5m | Reduced -44.6k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 319.6k $6.4m | Reduced -32.2k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.02% of their portfolio | 316.6k $6.3m | Added +31.0k |
| ROMANO BROTHERS AND COMPANY 0.89% of their portfolio | 297.1k $6.0m | Added +597 |
| Jump Financial, LLC 0.19% of their portfolio | 296.5k $5.9m | Added +73.2k |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ 0.04% of their portfolio | 294.9k $5.9m | Reduced -56.2k |
| Creative Planning 0.01% of their portfolio | 294.3k $5.9m | Added +2.6k |
| BLAIR WILLIAM & CO/IL 0.02% of their portfolio | 293.2k $5.9m | Added +86.7k |
| Wealthcare Advisory Partners LLC 0.23% of their portfolio | 291.3k $5.8m | Added +278.8k |
| MGO ONE SEVEN LLC 0.33% of their portfolio | 286.4k $5.7m | Added +272.5k |
| SALEM INVESTMENT COUNSELORS INC 0.19% of their portfolio | 283.2k $5.7m | Reduced -3.3k |
| HRT FINANCIAL LP 0.04% of their portfolio | 275.2k $5.5m | New |
| Sargent Investment Group, LLC 1.21% of their portfolio | 275.0k $5.5m | Added +11.4k |
| CAPTRUST FINANCIAL ADVISORS 0.02% of their portfolio | 274.8k $5.5m | Added +1.4k |
| DAVENPORT & Co LLC 0.04% of their portfolio | 272.5k $5.5m | Reduced -7.2k |
| Evercore Wealth Management, LLC 0.09% of their portfolio | 263.5k $5.3m | New |