Vault-13

ARES CAPITAL CORP ARCC 4.625 03.01.24

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

78 institutional holders +7 vs Q1 2023
37,706,83737.7m shares reported held*
$369.0mreported value*
13 new 9 added 14 reduced 7 sold out net sold ≈ $4.2m (-4.0m 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 ≈ $9.79.

Trends to Q2 2023

Institutional holders

Managers reporting a position, each quarter

050100Q3 22: 65Q4 22: 66Q1 23: 71Q2 23: 7878Q3 22Q4 22Q1 23Q2 23
Numbers
QuarterHolders
Q3 202265
Q4 202266
Q1 202371
Q2 202378

Buyers vs sellers

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

Bought or addedCut or sold out
40040Q4 22: 17 bought or addedQ4 22: 17 cut or sold outQ4 22Q1 23: 18 bought or addedQ1 23: 14 cut or sold outQ1 23Q2 23: 22 bought or addedQ2 23: 21 cut or sold outQ2 23
Numbers
QuarterBought or addedCut or sold out
Q4 20221717
Q1 20231814
Q2 20232221

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 —Q2 23 calls: $0Q2 23 puts: $0Q2 23P/C —
Numbers
QuarterCallsPutsP/C
Q3 2022$0$339.3k—
Q4 2022$0$0—
Q1 2023$0$0—
Q2 2023$0$0—

Biggest buyers

Parallax Volatility Advisers, L.P. New +9,500,000+9.5m
Walleye Capital LLC New +7,400,000+7.4m
Lombard Odier Asset Management (Europe) Ltd Added +6,024,000+6.0m
MORGAN STANLEY Added +5,852,000+5.9m
ZAZOVE ASSOCIATES LLC Added +3,192,000+3.2m
BARCLAYS PLC New +526,000+526.0k
JPMORGAN CHASE & CO Added +514,000+514.0k
Cutler Capital Management, LLC New +315,000+315.0k
Jefferies Financial Group Inc. New +275,000+275.0k
Russell Investments Group, Ltd. Added +165,000+165.0k

Biggest sellers

MacKay Shields LLC Reduced -7,875,000-7.9m
RWC Asset Management LLP Sold out -6,100,000-6.1m
ADVENT CAPITAL MANAGEMENT /DE/ Reduced -5,049,000-5.0m
WELLS FARGO & COMPANY/MN Reduced -4,035,000-4.0m
BNP PARIBAS FINANCIAL MARKETS Sold out -3,551,000-3.6m
VICTORY CAPITAL MANAGEMENT INC Reduced -3,399,000-3.4m
GOLDMAN SACHS GROUP INC Reduced -2,300,000-2.3m
TRUIST FINANCIAL CORP Reduced -1,593,000-1.6m
AEGON USA Investment Management, LLC Reduced -1,070,000-1.1m
JANE STREET GROUP, LLC Sold out -1,000,000-1.0m

Holders, Q2 2023

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VICTORY CAPITAL MANAGEMENT INC 0.11% of their portfolio San Antonio, TX 101,187,000101.2m $101.4m $101.4m 0.11% Reduced -3.4m -3,399,000
2 Lombard Odier Asset Management (Europe) Ltd 1.17% of their portfolio LONDON, X0 24,193,00024.2m $24.4m $24.4m 1.17% Added +6.0m +6,024,000
3 ZAZOVE ASSOCIATES LLC 2.04% of their portfolio INCLINE VILLAGE, NV 22,213,00022.2m $22.3m $22.3m 2.04% Added +3.2m +3,192,000
4 INCOME RESEARCH & MANAGEMENT 11.92% of their portfolio Boston, MA 19,250,00019.2m $19.2m $19.2m 11.92% Reduced -750.0k -750,000
5 ADVENT CAPITAL MANAGEMENT /DE/ 0.38% of their portfolio NEW YORK, NY 19,063,00019.1m $19.1m $19.1m 0.38% Reduced -5.0m -5,049,000
6 MacKay Shields LLC 0.43% of their portfolio New York, NY 15,430,00015.4m $15.5m $15.5m 0.43% Reduced -7.9m -7,875,000
7 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 14,010,00014.0m $14.0m $14.0m 0.00% Reduced -2.3m -2,300,000
8 PIER 88 INVESTMENT PARTNERS LLC 3.31% of their portfolio SAN FRANCISCO, CA 13,425,00013.4m $13.4m $13.4m 3.31% Unchanged
9 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 12,297,00012.3m $12.3m $12.3m 0.00% Reduced -443.0k -443,000
10 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 12,003,00012.0m $12.1m $12.1m 0.00% Added +514.0k +514,000
11 SSI INVESTMENT MANAGEMENT LLC 0.82% of their portfolio Los Angeles, CA 11,662,00011.7m $11.7m $11.7m 0.82% Reduced -22.0k -22,000
12 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 9,600,0009.6m $9.6m $9.6m 0.00% Unchanged
13 Parallax Volatility Advisers, L.P. 0.33% of their portfolio San Francisco, CA 9,500,0009.5m $9.5m $9.5m 0.33% New
14 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 8,078,0008.1m $8.3m $8.3m 0.00% Unchanged
15 CONNING INC. 0.25% of their portfolio HARTFORD, CT 7,510,0007.5m $7.6m $7.6m 0.25% Unchanged
16 Walleye Capital LLC 0.13% of their portfolio NEW YORK, NY 7,400,0007.4m $7.4m $7.4m 0.13% New
17 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 6,912,0006.9m $6.9m $6.9m 0.00% Added +5.9m +5,852,000
18 Calamos Advisors LLC 0.03% of their portfolio NAPERVILLE, IL 6,154,0006.2m $6.2m $6.2m 0.03% Added +12.0k +12,000
19 SHENKMAN CAPITAL MANAGEMENT INC 0.49% of their portfolio NEW YORK, NY 6,137,0006.1m $6.2m $6.2m 0.49% Unchanged
20 CREDIT SUISSE AG/ 0.01% of their portfolio ZURICH, V8 5,810,0005.8m $6.1m $6.1m 0.01% Unchanged
21 Thrivent Financial for Lutherans 0.01% of their portfolio Minneapolis, MN 5,495,0005.5m $5.5m $5.5m 0.01% Reduced -800.0k -800,000
22 Ameritas Investment Partners, Inc. 0.19% of their portfolio LINCOLN, NE 5,161,0005.2m $5.1m $5.1m 0.19% Unchanged
23 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% Unchanged
24 RATIONAL ADVISORS, INC. 0.31% of their portfolio San Juan, PR 3,700,0003.7m $3.7m $3.7m 0.31% Unchanged
25 COMERICA BANK 0.00% of their portfolio DALLAS, TX 2,660,0002.7m $0 $0 0.00% First filing
26 BlackRock Inc. 0.00% of their portfolio New York, NY 2,285,0002.3m $2.3m $2.3m 0.00% Reduced -100.0k -100,000
27 EUBEL BRADY & SUTTMAN ASSET MANAGEMENT INC 0.27% of their portfolio Miamisburg, OH 2,000,0002.0m $2.0m $2.0m 0.27% Unchanged
28 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,611,0001.6m $1.6m $1.6m 0.00% Added +165.0k +165,000
29 AEGON USA Investment Management, LLC 0.61% of their portfolio CEDAR RAPIDS, IA 1,070,0001.1m $1.1m $1.1m 0.61% Reduced -1.1m -1,070,000
30 FIRST HAWAIIAN BANK 0.02% of their portfolio HONOLULU, HI 616,000616.0k $614.1k $614.1k 0.02% Reduced -22.0k -22,000
31 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 585,000585.0k $590.2k $590.2k 0.00% Reduced -4.0m -4,035,000
32 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 526,000526.0k $530.7k $530.7k 0.00% New
33 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 500,000500.0k $507.2k $507.2k 0.00% Unchanged
34 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 500,000500.0k $503.7k $503.7k 0.00% Unchanged
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 $403.6k $403.6k 0.00% Unchanged
37 Cutler Capital Management, LLC 0.15% of their portfolio WORCESTER, MA 315,000315.0k $314.0k $314.0k 0.15% New
38 Jefferies Financial Group Inc. 0.01% of their portfolio NEW YORK, NY 275,000275.0k $282.0k $282.0k 0.01% New
39 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 274,141274.1k $274.1k $274.1k 0.00% Added +21.4k +21,414
40 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 235,000235.0k $234.3k $234.3k 0.00% Unchanged
41 TRUIST FINANCIAL CORP 0.00% of their portfolio CHARLOTTE, NC 153,000153.0k $152.5k $152.5k 0.00% Reduced -1.6m -1,593,000
42 REGIONS FINANCIAL CORP 0.00% of their portfolio BIRMINGHAM, AL 123,000123.0k $122.6k $122.6k 0.00% Unchanged
43 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 111,000111.0k $112.0k $112.0k 0.00% Reduced -31.0k -31,000
44 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 100,000100.0k $99.7k $99.7k 0.00% New
45 River Wealth Advisors LLC 0.02% of their portfolio CAMP HILL, PA 95,00095.0k $97.8k $97.8k 0.02% Unchanged
46 Endurance Wealth Management, Inc. 0.01% of their portfolio Providence, RI 90,00090.0k $90.0k $90.0k 0.01% Unchanged
47 Integrated Advisors Network LLC 0.01% of their portfolio DALLAS, TX 85,00085.0k $87.5k $87.5k 0.01% Unchanged
48 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 80,00080.0k $80.0k $80.0k 0.00% Unchanged
49 Merit Financial Group, LLC 0.00% of their portfolio ALPHARETTA, GA 70,00070.0k $69.8k $69.8k 0.00% Unchanged
50 HighTower Advisors, LLC 0.00% of their portfolio CHICAGO, IL 60,00060.0k $60.0k $60.0k 0.00% New
51 Wealthstar Advisors, LLC 0.03% of their portfolio Plano, TX 60,00060.0k $59.8k $59.8k 0.03% Unchanged
52 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 50,00050.0k $50.6k $50.6k 0.00% New
53 DUDLEY CAPITAL MANAGEMENT, LLC 0.03% of their portfolio Middleburg, VA 48,00048.0k $47.9k $47.9k 0.03% New
54 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 45,00045.0k $45.7k $45.7k 0.00% Unchanged
55 Northside Capital Management, LLC 0.01% of their portfolio Hood River, OR 40,00040.0k $40.6k $40.6k 0.01% Unchanged
56 Goldstein Advisors, LLC 0.01% of their portfolio Madison, WI 34,00034.0k $33.9k $33.9k 0.01% Added +15.0k +15,000
57 EXCALIBUR MANAGEMENT CORP 0.01% of their portfolio WALTHAM, MA 25,00025.0k $24.9k $24.9k 0.01% Unchanged
58 AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio DALLAS, TX 25,00025.0k $24.9k $24.9k 0.00% Unchanged
59 Realta Investment Advisors 0.01% of their portfolio WILMINGTON, DE 25,00025.0k $24.9k $24.9k 0.01% Unchanged
60 FLPUTNAM INVESTMENT MANAGEMENT CO 0.00% of their portfolio PORTLAND, ME 20,00020.0k $19.9k $19.9k 0.00% New
61 PFG Private Wealth Management, LLC 0.01% of their portfolio LUTZ, FL 20,00020.0k $19.9k $19.9k 0.01% Unchanged
62 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 16,00016.0k $15.9k $15.9k 0.00% Unchanged
63 Stonegate Investment Group, LLC 0.00% of their portfolio BIRMINGHAM, AL 16,00016.0k $15.9k $15.9k 0.00% Unchanged
64 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 15,00015.0k $15.0k $15.0k 0.00% Unchanged
65 GRIMES & Co WEALTH MANAGEMENT, LLC 0.00% of their portfolio WESTBOROUGH, MA 15,00015.0k $15.0k $15.0k 0.00% Unchanged
66 Johnson Midwest Financial, LLC 0.01% of their portfolio GLIDDEN, IA 15,00015.0k $15.0k $15.0k 0.01% Unchanged
67 Ayrshire Capital Management LLC 0.01% of their portfolio WESTPORT, CT 15,00015.0k $15.2k $15.2k 0.01% Unchanged
68 Strait & Sound Wealth Management LLC 0.01% of their portfolio SAN FRANCISCO, CA 15,00015.0k $15.0k $15.0k 0.01% Unchanged
69 Sightline Wealth Advisors, LLC 0.01% of their portfolio GROTON, CT 12,00012.0k $12.1k $12.1k 0.01% New
70 Mayflower Financial Advisors, LLC 0.00% of their portfolio BOSTON, MA 12,00012.0k $12.0k $12.0k 0.00% Unchanged
71 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 10,00010.0k $10.0k $10.0k 0.00% Unchanged
72 BBJS FINANCIAL ADVISORS, LLC 0.00% of their portfolio SEATTLE, WA 7,0007.0k $7.1k $7.1k 0.00% Unchanged
73 LAFFER TENGLER INVESTMENTS, INC. 1.09% of their portfolio Scottsdale, AZ 3,9453.9k $4.1m $4.1m 1.09% Added +1.2k +1,211
74 FIFTH THIRD BANCORP 0.00% of their portfolio CINCINNATI, OH 2,0002.0k $199.4k $199.4k 0.00% Unchanged
75 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 1,0001.0k $99.7k $99.7k 0.00% New
76 Steward Partners Investment Advisory, LLC 0.00% of their portfolio STAMFORD, CT 1,0001.0k $997 $997 0.00% Unchanged
77 Activest Wealth Management 0.01% of their portfolio AVENTURA, FL 892892 $15.9k $15.9k 0.01% New
78 CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio BIRMINGHAM, AL 00 $0 $0 0.00% Unchanged