Ares Capital Corporation (NASDAQ: ARCC) is a leading specialty finance company that provides one-stop solutions to meet the distinct and underserved financing needs of private middle-market companies across diverse industries. We invest primarily in first and second lien loans (including unitranche loans) and mezzanine debt, which in some cases includes an equity component like warrants. To a lesser extent, we also make equity investments. We seek current income and capital appreciation through our debt and equity investments. We seek to originate investments in market-leading companies with a history of stable cash flows, proven competitive advantages and experienced management teams. We seek to serve as a lead agent or investor in order to optimize due diligence and capital structure as well as enable active monitoring of the investment. Our strategy is to maximize risk-adjusted returns throughout economic cycles. As of June 30, 2019, our portfolio had a fair value of approximately $13.0 billion and consisted of 345 portfolio companies backed by 163 different private equity sponsors.
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