Ares Capital Management LLC

• A percentage of assets under your management
• Performance-based fees

Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ

See the firm's brochure (dated March 27, 2026) for its fees and any account minimum, on the SEC's IAPD site.

$97,616,716,509 as of October 2026, filing dated August 26, 2026.

A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means

A firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.

• Portfolio management for investment companies (and business development companies)
• Portfolio management for pooled investment vehicles (other than investment companies)
• Portfolio management for businesses (other than small businesses) or institutional clients

Registration

SEC-registered investment adviser. Status as filed: Approved.

Registered since

2004 (22 years)

Employees

Total: 634. Performing investment advisory functions: 411.

Wrap fee program participation

No.

Custodians (Schedule D, Section 5.K(3))

Bank of New York MellonState Street Bank and Trust Company

Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.

Other offices (Schedule D, Section 1.F)

9 other offices, as of the September 2026 filing

Atlanta, GABoston, MAChicago, ILDenver, COLondonMiami Beach, FLMumbaiNew York, NYWaterloo, IL

States registered or notice-filed

14 states or jurisdictions

CACODEFLGAILINKSMAMDMONYOHTX

SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration

3 Reports 3 disclosure items on Form ADV Item 11. View on IAPD.

Questions answered yes on this filing

Regulatory matters Items 11.C to 11.G

• 11.C(2) Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
• 11.C(4) Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
• 11.C(5) Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. What happened, and who was involved, is on the Disclosure Reporting Pages of the IAPD record. Reading a firm's disclosures

Regulatory assets under management: $43,695,235,063 in the October 2021 data and $97,616,716,509 in the October 2026 data, up 123%.

Total employees: 264 in October 2021 and 634 in October 2026.

As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.

1. April 2026
   • Employees performing advisory functions went from 477 to 411.
   • Regulatory assets under management went from $85,086,073,401 to $97,616,716,509 (+15%).
   • Added an office in Denver, CO.
   • Added an office in London.
   • Added an office in Miami Beach, FL.
   • No longer lists an office in Amsterdam.
   • No longer lists an office in Dallas, TX.
   • No longer lists an office in Frankfurt.
   • No longer lists an office in Los Angeles, CA.
   • No longer lists an office in Luxembourg.
   • No longer lists an office in Madrid.
   • No longer lists an office in Paris.
   • No longer lists an office in Stockholm.
   • No longer lists an office in Tarrytown, NY.
   • Registered or notice-filed in CO, FL, KS.

Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.