ARCC.NASDAQAres Capital CORP
10-K/A: Ares Capital Corporation Amends 10-K to Include Audited Financials of Ivy Hill Asset Management
Sentiment:
10-K/A Amendment
Ares Capital Corporation files an amendment to its 2024 annual report to include the audited financial statements of its wholly-owned portfolio company, Ivy Hill Asset Management, L.P. (IHAM).
Summary
- Ares Capital Corporation (ARCC) is filing an amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
- The amendment includes the audited financial statements of Ivy Hill Asset Management, L.P. (IHAM), ARCC's unconsolidated, wholly-owned portfolio company, for the year ended December 31, 2024.
- IHAM's consolidated financial statements for the year ended December 31, 2024, are included in Part IV, Item 15 of this filing.
- KPMG LLP is ARCC's independent registered public accounting firm.
- IHAM has met the conditions of a significant subsidiary under Rule 1-02(w) of Regulation S-X, requiring separate audited financial statements to be attached to ARCC's Form 10-K.
- The separate audited financial statements of IHAM are being filed as an amendment to the Form 10-K within 90 days after the end of IHAM's fiscal year, December 31, 2024, in accordance with Rule 3-09(b).
- The amendment also revises Part IV, Item 15 of the Form 10-K to correct the exhibit number of Exhibit 19.1 and include the filing of new Exhibits 31.1, 31.2 and 32.1, certifications of ARCC's CEO and CFO, and new Exhibit 23.2, consent of Independent Auditors.
- No other changes have been made to the Form 10-K, and the amendment does not reflect subsequent events after the original filing date of February 5, 2025.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The document is a regulatory filing, and the inclusion of audited financials adds transparency, which is generally viewed favorably. There are no explicit positive or negative statements about performance, so the score reflects the informational nature of the filing.
Positives
- The filing of audited financial statements for IHAM provides greater transparency into ARCC's portfolio holdings.
- The inclusion of CEO and CFO certifications reinforces the accuracy and reliability of the financial information presented.
Future Outlook
Forward-looking statements made in the original Form 10-K have not been revised to reflect events that occurred or facts that became known after the filing of the Form 10-K and should be read in their historical context.
Industry Context
As a business development company (BDC), ARCC's performance is closely tied to the credit markets and the health of middle-market companies. Providing audited financials for IHAM offers investors a clearer picture of ARCC's investment strategies and risk exposures within its asset management operations.
Comparison to Industry Standards
- Blackstone, Apollo Global Management, and The Carlyle Group are examples of alternative investment managers that are comparable to Ares Capital Corporation.
- These firms also manage CLOs and other credit-related assets.
- The level of detail provided in the IHAM financial statements is consistent with industry standards for transparency and disclosure.
Stakeholder Impact
- Shareholders benefit from increased transparency due to the inclusion of IHAM's audited financial statements.
- The filing ensures compliance with SEC regulations, maintaining investor confidence.
Key Dates
| Date | Description |
|---|---|
| 2004-09-28 | Filing of Form of Stock Certificate |
| 2004-09-17 | Filing of Trademark License Agreement |
| 2007-06-01 | Amended and Restated Administration Agreement |
| 2007-08-09 | Filing of Amended and Restated Administration Agreement |
| 2008-04-09 | Filing of Form of Subscription Certificate |
| 2009-05-15 | Amended and Restated Custodian Agreement |
| 2009-05-28 | Filing of Amended and Restated Custodian Agreement |
| 2010-01-22 | Amended and Restated Purchase and Sale Agreement, Second Tier Purchase and Sale Agreement, and Amended and Restated Sale and Servicing Agreement |
| 2010-01-25 | Filing of Amended and Restated Purchase and Sale Agreement, Second Tier Purchase and Sale Agreement, and Amended and Restated Sale and Servicing Agreement |
| 2010-05-06 | Amendment No. 1 to the Amended and Restated Sale and Servicing Agreement |
| 2010-05-10 | Filing of Amendment No. 1 to the Amended and Restated Sale and Servicing Agreement |
| 2010-10-21 | Indenture between Ares Capital Corporation and U.S. Bank National Association |
| 2010-10-22 | Filing of Indenture between Ares Capital Corporation and U.S. Bank National Association |
| 2011-01-18 | Amendment No. 2 to the Amended and Restated Sale and Servicing Agreement |
| 2011-01-19 | Filing of Amendment No. 2 to the Amended and Restated Sale and Servicing Agreement |
| 2011-10-13 | Amendment No. 3 to the Amended and Restated Sale and Servicing Agreement |
| 2011-10-14 | Filing of Amendment No. 3 to the Amended and Restated Sale and Servicing Agreement |
| 2012-01-18 | Amendment No. 4 to the Amended and Restated Sale and Servicing Agreement |
| 2012-01-19 | Filing of Amendment No. 4 to the Amended and Restated Sale and Servicing Agreement |
| 2012-01-20 | Loan and Servicing Agreement and Purchase and Sale Agreement for Ares Capital JB Funding LLC |
| 2012-01-24 | Filing of Loan and Servicing Agreement and Purchase and Sale Agreement for Ares Capital JB Funding LLC |
| 2012-06-07 | Amendment No. 1 to Amended and Restated Purchase and Sale Agreement, Amendment No. 5 to the Amended and Restated Sale and Servicing Agreement |
| 2012-06-08 | Filing of Amendment No. 1 to Amended and Restated Purchase and Sale Agreement, Amendment No. 5 to the Amended and Restated Sale and Servicing Agreement |
| 2012-06-11 | Revolving Credit and Security Agreement and Purchase and Sale Agreement for ARCC FB Funding LLC |
| 2012-06-16 | Filing of Revolving Credit and Security Agreement and Purchase and Sale Agreement for ARCC FB Funding LLC |
| 2012-09-14 | Omnibus Amendment No. 1 among Ares Capital JB Funding LLC |
| 2012-09-17 | Filing of Omnibus Amendment No. 1 among Ares Capital JB Funding LLC |
| 2013-01-25 | Amendment No. 6 to Loan and Servicing Agreement |
| 2013-01-28 | Filing of Amendment No. 6 to Loan and Servicing Agreement |
| 2013-04-26 | Filing of Form of Indemnification Agreement |
| 2013-12-20 | Omnibus Amendment No. 2 among Ares Capital JB Funding LLC |
| 2013-12-23 | Filing of Omnibus Amendment No. 2 among Ares Capital JB Funding LLC |
| 2014-05-14 | Omnibus Amendment among Ares Capital CP Funding LLC |
| 2014-05-15 | Filing of Omnibus Amendment among Ares Capital CP Funding LLC |
| 2014-12-19 | Amendment No. 1 to the Amended and Restated Custodian Agreement |
| 2015-02-26 | Filing of Amendment No. 1 to the Amended and Restated Custodian Agreement |
| 2015-06-30 | Omnibus Amendment No. 3 among Ares Capital JB Funding LLC |
| 2015-07-01 | Filing of Omnibus Amendment No. 3 among Ares Capital JB Funding LLC |
| 2017-01-03 | Amendment No. 8 to the Loan and Servicing Agreement |
| 2017-01-04 | Filing of Amendment No. 8 to the Loan and Servicing Agreement |
| 2017-08-24 | Omnibus Amendment No. 4 among Ares Capital JB Funding LLC |
| 2017-08-28 | Filing of Omnibus Amendment No. 4 among Ares Capital JB Funding LLC |
| 2017-10-02 | Amendment No. 9 to Loan and Servicing Agreement |
| 2018-01-11 | Eighth Supplemental Indenture |
| 2018-02-12 | Filing of Third Amended and Restated Bylaws |
| 2018-09-12 | Omnibus Amendment No. 5 among Ares Capital JB Funding LLC |
| 2018-09-13 | Filing of Omnibus Amendment No. 5 among Ares Capital JB Funding LLC |
| 2018-10-02 | Amendment No. 10 to Loan and Servicing Agreement |
| 2018-10-03 | Filing of Amendment No. 10 to Loan and Servicing Agreement |
| 2018-12-14 | Amendment No. 11 to Loan and Servicing Agreement |
| 2018-12-17 | Filing of Amendment No. 11 to Loan and Servicing Agreement |
| 2019-06-06 | Second Amended and Restated Investment Advisory and Management Agreement |
| 2019-06-07 | Filing of Second Amended and Restated Investment Advisory and Management Agreement |
| 2019-06-18 | Amendment No. 12 to Loan and Servicing Agreement |
| 2019-06-19 | Filing of Amendment No. 12 to Loan and Servicing Agreement |
| 2019-09-10 | Omnibus Amendment No. 6 among Ares Capital JB Funding LLC |
| 2020-01-15 | Eleventh Supplemental Indenture |
| 2020-01-31 | Amendment No. 13 to Loan and Servicing Agreement |
| 2020-02-03 | Filing of Amendment No. 13 to Loan and Servicing Agreement |
| 2020-06-10 | Fourteenth Supplemental Indenture |
| 2020-06-11 | Revolving Credit and Security Agreement and Purchase and Sale Agreement for ARCC FB Funding LLC |
| 2020-06-16 | Filing of Revolving Credit and Security Agreement and Purchase and Sale Agreement for ARCC FB Funding LLC |
| 2020-07-15 | Twelfth Supplemental Indenture |
| 2020-11-13 | Amendment No. 14 to Loan and Servicing Agreement |
| 2020-12-21 | First Amendment to the Revolving Credit and Security Agreement |
| 2021-01-13 | Thirteenth Supplemental Indenture |
| 2021-05-28 | Amendment No. 8, among Ares Capital JB Funding LLC |
| 2021-06-29 | Second Amendment to the Revolving Credit and Security Agreement |
| 2021-07-01 | Filing of Second Amendment to the Revolving Credit and Security Agreement |
| 2021-11-04 | Fifteenth Supplemental Indenture |
| 2021-12-29 | Amendment No. 15 to Loan and Servicing Agreement |
| 2022-01-03 | Filing of Amendment No. 15 to Loan and Servicing Agreement |
| 2022-01-13 | Sixteenth Supplemental Indenture |
| 2022-06-30 | Amendment No. 16 to Loan and Servicing Agreement |
| 2022-07-01 | Filing of Amendment No. 16 to Loan and Servicing Agreement |
| 2022-08-17 | Third Amendment to the Revolving Credit and Security Agreement |
| 2023-01-09 | Fourth Amendment to the Revolving Credit and Security Agreement |
| 2023-04-20 | Fifth Amendment to the Revolving Credit and Security Agreement |
| 2023-04-25 | Filing of Fifth Amendment to the Revolving Credit and Security Agreement |
| 2023-04-28 | Amendment No. 9, among Ares Capital JB Funding LLC |
| 2023-05-04 | Filing of Amendment No. 9, among Ares Capital JB Funding LLC |
| 2023-05-11 | Uncommitted Continuing Agreement for Standby Letters of Credit and Demand Guarantees |
| 2023-05-17 | Filing of Uncommitted Continuing Agreement for Standby Letters of Credit and Demand Guarantees |
| 2023-08-03 | Seventeenth Supplemental Indenture |
| 2023-12-14 | Sixth Amendment to the Revolving Credit and Security Agreement |
| 2023-12-19 | Filing of Sixth Amendment to the Revolving Credit and Security Agreement |
| 2024-01-23 | Eighteenth Supplemental Indenture |
| 2024-03-28 | Amendment No. 10, among Ares Capital JB Funding LLC |
| 2024-04-03 | Filing of Amendment No. 10, among Ares Capital JB Funding LLC |
| 2024-04-12 | Fifteenth Amended and Restated Senior Secured Credit Agreement and Seventh Amendment to the Revolving Credit and Security Agreement |
| 2024-04-17 | Filing of Fifteenth Amended and Restated Senior Secured Credit Agreement and Seventh Amendment to the Revolving Credit and Security Agreement |
| 2024-05-13 | Indenture and First Supplemental Indenture |
| 2024-05-24 | Indenture and Security Agreement, Collateral Administration Agreement, Asset Management Agreement, Master Purchase and Sale Agreement, and Contribution Agreement |
| 2024-05-31 | Filing of Indenture and Security Agreement, Collateral Administration Agreement, Asset Management Agreement, Master Purchase and Sale Agreement, and Contribution Agreement |
| 2024-06-30 | Amendment No. 16 to Loan and Servicing Agreement |
| 2024-07-25 | Eighth Amendment to the Revolving Credit and Security Agreement |
| 2024-07-30 | Equity Distribution Agreements |
| 2024-08-03 | Seventeenth Supplemental Indenture |
| 2024-10-08 | Amendment No. 17 to Loan and Servicing Agreement |
| 2024-10-11 | Filing of Amendment No. 17 to Loan and Servicing Agreement |
| 2024-11-19 | Indenture and Security Agreement, Class A Credit Agreement, Class B Credit Agreement, Collateral Administration Agreement, Asset Management Agreement, Master Purchase and Sale Agreement, and Contribution Agreement |
| 2024-11-25 | Filing of Indenture and Security Agreement, Class A Credit Agreement, Class B Credit Agreement, Collateral Administration Agreement, Asset Management Agreement, Master Purchase and Sale Agreement, and Contribution Agreement |
| 2024-12-06 | Amendment No. 11, among Ares Capital JB Funding LLC |
| 2024-12-11 | Filing of Amendment No. 11, among Ares Capital JB Funding LLC |
| 2024-12-31 | End of fiscal year |
| 2025-01-08 | Second Supplemental Indenture |
| 2025-02-05 | Original filing date of Form 10-K |
| 2025-03-20 | Date of outstanding common stock shares |
| 2025-03-24 | Date of Amendment No. 1 filing |
Keywords
Ares Capital Corporation, Ivy Hill Asset Management, Financial Statements, Form 10-K/A, Amendment, Audited Financials, ARCC, IHAM
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