Vault-13

ARES CAPITAL CORP ARCC 4.625 03.01.24

NOTE 4.625% 3/0 · US DOMESTIC · CUSIP 04010LAW3

71 institutional holders +5 vs Q4 2022
39,087,73439.1m shares reported held*
$372.4mreported value*
6 new 12 added 13 reduced 1 sold out net bought ≈ $4.2m (+5.9m shares)

* 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. Holder counts are more reliable. Implied quarter-end price ≈ $9.53.

Trends to Q1 2023

Institutional holders

Managers reporting a position, each quarter

0255075Q3 22: 65Q4 22: 66Q1 23: 7171Q3 22Q4 22Q1 23
Numbers
QuarterHolders
Q3 202265
Q4 202266
Q1 202371

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q4 22: 17 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 18 bought or addedQ1 23: 14 cut or sold outQ1 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221717
Q1 20231814

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$100k$200k$300k$400kQ3 22 calls: $0Q3 22 puts: $339.3kQ3 22P/C —Q4 22 calls: $0Q4 22 puts: $0Q4 22P/C —Q1 23 calls: $0Q1 23 puts: $0Q1 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$339.3k—
Q4 2022$0$0—
Q1 2023$0$0—

Biggest buyers

ZAZOVE ASSOCIATES LLC Added +12,500,000+12.5m
WELLS FARGO & COMPANY/MN Added +4,580,000+4.6m
RATIONAL ADVISORS, INC. New +3,700,000+3.7m
TRUIST FINANCIAL CORP Added +1,210,000+1.2m
JANE STREET GROUP, LLC New +1,000,000+1.0m
PIER 88 INVESTMENT PARTNERS LLC Added +530,000+530.0k
CITADEL ADVISORS LLC New +500,000+500.0k
GOLDMAN SACHS GROUP INC Added +200,000+200.0k
MORGAN STANLEY Added +147,000+147.0k
Russell Investments Group, Ltd. Added +144,000+144.0k

Biggest sellers

RWC Asset Management LLP Reduced -3,900,000-3.9m
VICTORY CAPITAL MANAGEMENT INC Reduced -3,895,000-3.9m
CREDIT SUISSE AG/ Reduced -3,000,000-3.0m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -2,827,000-2.8m
Invesco Ltd. Reduced -2,000,000-2.0m
BlackRock Inc. Reduced -1,500,000-1.5m
STATE STREET CORP Reduced -1,500,000-1.5m
CITIGROUP INC Sold out -973,000-973.0k
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Reduced -500,000-500.0k
BANK OF AMERICA CORP /DE/ Reduced -330,000-330.0k

Holders, Q1 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VICTORY CAPITAL MANAGEMENT INC 0.12% of their portfolio San Antonio, TX 104,586,000104.6m $104.7m $104.7m 0.12% Reduced -3.9m -3,895,000
2 ADVENT CAPITAL MANAGEMENT /DE/ 0.47% of their portfolio NEW YORK, NY 24,112,00024.1m $24.4m $24.4m 0.47% Reduced -2.8m -2,827,000
3 MacKay Shields LLC 0.65% of their portfolio New York, NY 23,305,00023.3m $23.6m $23.6m 0.65% Unchanged
4 INCOME RESEARCH & MANAGEMENT 10.40% of their portfolio Boston, MA 20,000,00020.0m $20.1m $20.1m 10.40% Unchanged
5 ZAZOVE ASSOCIATES LLC 1.73% of their portfolio INCLINE VILLAGE, NV 19,021,00019.0m $19.0m $19.0m 1.73% Added +12.5m +12,500,000
6 Lombard Odier Asset Management (Europe) Ltd 0.94% of their portfolio LONDON, X0 18,169,00018.2m $18.2m $18.2m 0.94% Unchanged
7 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 16,310,00016.3m $16.4m $16.4m 0.00% Added +200.0k +200,000
8 PIER 88 INVESTMENT PARTNERS LLC 3.27% of their portfolio SAN FRANCISCO, CA 13,425,00013.4m $13.5m $13.5m 3.27% Added +530.0k +530,000
9 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,740,00012.7m $12.8m $12.8m 0.00% Reduced -330.0k -330,000
10 SSI INVESTMENT MANAGEMENT LLC 0.83% of their portfolio Los Angeles, CA 11,684,00011.7m $11.8m $11.8m 0.83% Reduced -215.0k -215,000
11 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 11,489,00011.5m $11.5m $11.5m 0.00% Unchanged
12 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 9,600,0009.6m $9.7m $9.7m 0.00% Reduced -2.0m -2,000,000
13 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 8,078,0008.1m $8.1m $8.1m 0.00% Reduced -1.5m -1,500,000
14 CONNING INC. 0.25% of their portfolio HARTFORD, CT 7,510,0007.5m $7.5m $7.5m 0.25% Unchanged
15 Thrivent Financial for Lutherans 0.02% of their portfolio Minneapolis, MN 6,295,0006.3m $6.3m $6.3m 0.02% Unchanged
16 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 6,142,0006.1m $6.1m $6.1m 0.03% Added +35.0k +35,000
17 SHENKMAN CAPITAL MANAGEMENT INC 0.47% of their portfolio NEW YORK, NY 6,137,0006.1m $6.2m $6.2m 0.47% Unchanged
18 RWC Asset Management LLP 0.19% of their portfolio LONDON, X0 6,100,0006.1m $6.1m $6.1m 0.19% Reduced -3.9m -3,900,000
19 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 5,810,0005.8m $6.1m $6.1m 0.01% Reduced -3.0m -3,000,000
20 Ameritas Investment Partners, Inc. 0.21% of their portfolio LINCOLN, NE 5,161,0005.2m $5.2m $5.2m 0.21% Unchanged
21 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 4,620,0004.6m $4.6m $4.6m 0.00% Added +4.6m +4,580,000
22 DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio FRANKFURT AM MAIN, 2M 4,000,0004.0m $4.0m $4.0m 0.01% Reduced -500.0k -500,000
23 RATIONAL ADVISORS, INC. 0.30% of their portfolio San Juan, PR 3,700,0003.7m $3.7m $3.7m 0.30% New
24 BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio PARIS, I0 3,551,0003.6m $3.6m $3.6m 0.01% Added +143.0k +143,000
25 BlackRock Inc. 0.00% of their portfolio New York, NY 2,385,0002.4m $2.4m $2.4m 0.00% Reduced -1.5m -1,500,000
26 AEGON USA Investment Management, LLC 0.61% of their portfolio CEDAR RAPIDS, IA 2,140,0002.1m $2.2m $2.2m 0.61% Unchanged
27 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.29% of their portfolio Miamisburg, OH 2,000,0002.0m $2.0m $2.0m 0.29% Unchanged
28 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 1,746,0001.7m $1.8m $1.8m 0.00% Added +1.2m +1,210,000
29 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,446,0001.4m $1.5m $1.5m 0.00% Added +144.0k +144,000
30 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,060,0001.1m $1.1m $1.1m 0.00% Added +147.0k +147,000
31 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 1,000,0001.0m $1.0m $1.0m 0.00% New
32 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 638,000638.0k $642.4k $642.4k 0.02% Unchanged
33 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 500,000500.0k $501.1k $501.1k 0.00% Unchanged
34 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 500,000500.0k $500.3k $500.3k 0.00% New
35 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 400,000400.0k $400.8k $400.8k 0.00% Unchanged
36 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 400,000400.0k $401.3k $401.3k 0.00% Unchanged
37 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 252,727252.7k $252.7k $252.7k 0.00% Added +35.3k +35,300
38 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 235,000235.0k $236.6k $236.6k 0.00% Unchanged
39 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 142,000142.0k $148.0k $148.0k 0.00% Unchanged
40 REGIONS FINANCIAL CORP 0.00% of their portfolio BIRMINGHAM, AL 123,000123.0k $124.0k $124.0k 0.00% Unchanged
41 River Wealth Advisors LLC 0.02% of their portfolio CAMP HILL, PA 95,00095.0k $95.6k $95.6k 0.02% Reduced -25.0k -25,000
42 Endurance Wealth Management, Inc. 0.01% of their portfolio Providence, RI 90,00090.0k $91.0k $91.0k 0.01% Unchanged
43 Integrated Advisors Network LLC 0.01% of their portfolio DALLAS, TX 85,00085.0k $85.5k $85.5k 0.01% Unchanged
44 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 80,00080.0k $80.0k $80.0k 0.00% Unchanged
45 Merit Financial Group, LLC 0.00% of their portfolio ALPHARETTA, GA 70,00070.0k $70.5k $70.5k 0.00% Unchanged
46 Wealthstar Advisors, LLC 0.03% of their portfolio Plano, TX 60,00060.0k $60.4k $60.4k 0.03% Unchanged
47 DUDLEY CAPITAL MANAGEMENT, LLC 0.03% of their portfolio Middleburg, VA 48,00048.0k $48.3k $48.3k 0.03% Unchanged
48 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 45,00045.0k $45.1k $45.1k 0.00% Unchanged
49 Northside Capital Management, LLC 0.01% of their portfolio Hood River, OR 40,00040.0k $40.1k $40.1k 0.01% Added +5.0k +5,000
50 Sowell Financial Services LLC 0.00% of their portfolio NORTH LITTLE ROCK, AR 30,00030.0k $30.0k $30.0k 0.00% New
51 HOHIMER WEALTH MANAGEMENT, LLC 0.01% of their portfolio SEATTLE, WA 30,00030.0k $30.2k $30.2k 0.01% Unchanged
52 EXCALIBUR MANAGEMENT CORP 0.01% of their portfolio WALTHAM, MA 25,00025.0k $25.2k $25.2k 0.01% Added +10.0k +10,000
53 AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio DALLAS, TX 25,00025.0k $25.2k $25.2k 0.00% Unchanged
54 Realta Investment Advisors 0.01% of their portfolio WILMINGTON, DE 25,00025.0k $25.2k $25.2k 0.01% Unchanged
55 PFG Private Wealth Management, LLC 0.01% of their portfolio LUTZ, FL 20,00020.0k $20.1k $20.1k 0.01% Unchanged
56 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 19,00019.0k $19.1k $19.1k 0.00% Reduced -6.0k -6,000
57 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 16,00016.0k $16.1k $16.1k 0.00% Unchanged
58 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 16,00016.0k $16.1k $16.1k 0.00% New
59 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 15,00015.0k $15.1k $15.1k 0.00% Unchanged
60 GRIMES & Co WEALTH MANAGEMENT, LLC 0.00% of their portfolio WESTBOROUGH, MA 15,00015.0k $15.1k $15.1k 0.00% Unchanged
61 Johnson Midwest Financial, LLC 0.02% of their portfolio GLIDDEN, IA 15,00015.0k $15.1k $15.1k 0.02% Unchanged
62 Ayrshire Capital Management LLC 0.01% of their portfolio WESTPORT, CT 15,00015.0k $15.0k $15.0k 0.01% Unchanged
63 Strait & Sound Wealth Management LLC 0.02% of their portfolio SAN FRANCISCO, CA 15,00015.0k $15.1k $15.1k 0.02% Unchanged
64 Mayflower Financial Advisors, LLC 0.00% of their portfolio BOSTON, MA 12,00012.0k $12.1k $12.1k 0.00% Unchanged
65 BRC Group Holdings, Inc. 0.00% of their portfolio LOS ANGELES, CA 10,00010.0k $10.1k $10.1k 0.00% New
66 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,00010.0k $10.1k $10.1k 0.00% Unchanged
67 BBJS FINANCIAL ADVISORS, LLC 0.00% of their portfolio SEATTLE, WA 7,0007.0k $7.1k $7.1k 0.00% Unchanged
68 LAFFER TENGLER INVESTMENTS, INC. 0.75% of their portfolio Scottsdale, AZ 2,7342.7k $2.8m $2.8m 0.75% Reduced -17 -17
69 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 2,0002.0k $201.4k $201.4k 0.00% Unchanged
70 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,0001.0k $1.0k $1.0k 0.00% Unchanged
71 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged