# Ares Capital Management LLC

> Ares Capital Management LLC is an SEC-registered investment advisory firm in Los Angeles, CA, registered since 2004, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated August 26, 2026.

- CRD: 131619
- Filed as: ARES CAPITAL MANAGEMENT LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Los Angeles, CA
- Filing period: October 2026
- Form ADV filing dated: August 26, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/131619
- AdvisorCensus page: https://advisorcensus.com/firm/ares-capital-management-llc-los-angeles-ca-131619

## Quick answers

**How is Ares Capital Management LLC compensated?**
On its Form ADV (Item 5.E, October 2026), Ares Capital Management LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**Where is Ares Capital Management LLC located?**
Ares Capital Management LLC's principal office is in Los Angeles, CA, according to its Form ADV; the September 2026 filing also lists 9 other offices (Schedule D, Section 1.F).

**Is Ares Capital Management LLC registered with the SEC or a state?**
Ares Capital Management LLC is an SEC-registered investment advisory firm, registered since 2004. Status as filed: Approved. CRD 131619.

**How much does Ares Capital Management LLC manage?**
Ares Capital Management LLC reports $97,616,716,509 in regulatory assets under management in its Form ADV filing dated August 26, 2026 (94% discretionary).

**How have Ares Capital Management LLC's assets and staff changed since 2021?**
In the Form ADV data for Ares Capital Management LLC: 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. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Ares Capital Management LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (37); insurance companies (7); business development companies (2).

**Which custodians does Ares Capital Management LLC use?**
Ares Capital Management LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Bank of New York Mellon and State Street Bank and Trust Company as custodians holding 10% or more of its separately managed account assets.

**Does Ares Capital Management LLC report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/131619

**What changed in Ares Capital Management LLC's recent Form ADV filings?**
In the April 2026 filing data: 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.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Custodians (Schedule D, Section 5.K(3))
- Bank of New York Mellon
- State 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.

### Regulatory assets under management (Item 5.F)
- Total: $97,616,716,509
- Discretionary: $91,277,314,453
- Non-discretionary: $6,339,402,056

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Banking or thrift institutions | Fewer than 5 | $2,200,837,489 |
| Business development companies | 2 | $53,944,138,112 |
| Pooled investment vehicles (other than investment companies and business development companies) | 37 | $31,377,117,512 |
| State or municipal government entities (including government pension plans) | Fewer than 5 | $405,014,433 |
| Other investment advisers | Fewer than 5 | $1,023,250,912 |
| Insurance companies | 7 | $2,601,885,927 |
| Sovereign wealth funds and foreign official institutions | Fewer than 5 | $5,057,506,670 |
| Other | Fewer than 5 | $1,006,965,454 |

### Advisory services (Item 5.G)
- 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

### Firm details
- Registered since: 2004 (22 years)
- Employees: 634 total, 411 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: CA, CO, DE, FL, GA, IL, IN, KS, MA, MD, MO, NY, OH, TX
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 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. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/131619

### Other offices (Schedule D, Section 1.F), as of the September 2026 filing
- Atlanta, GA
- Boston, MA
- Chicago, IL
- Denver, CO
- London
- Miami Beach, FL
- Mumbai
- New York, NY
- Waterloo, IL

### Websites listed on Form ADV (Item 1.I)
- [arescapitalcorp.com](https://arescapitalcorp.com)
- [aresfoundation.org](https://aresfoundation.org)
- [aresfoundationreport.aresmgmt.com](https://aresfoundationreport.aresmgmt.com)
- [aresmgmt.com](https://aresmgmt.com)
- [arespublicfunds.com](https://arespublicfunds.com)
- [areswms.com](https://areswms.com)
- Instagram @ares_mgmt
- LinkedIn @ares-management
- LinkedIn @michael-arougheti
- X @Ares_Management
- YouTube @ares_management

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $43,695,235,063 | 264 | March 31, 2021 |
| October 2022 | $55,367,821,017 | 295 | August 23, 2022 |
| October 2023 | $60,279,517,690 | 438 | August 22, 2023 |
| October 2024 | $68,586,996,767 | 654 | August 27, 2024 |
| October 2025 | $85,086,073,401 | 699 | May 30, 2025 |
| October 2026 | $97,616,716,509 | 634 | August 26, 2026 |

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.

## Changes in the filing (last 12 months)

### 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.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Ares Capital Management LLC (CRD 131619): Form ADV filing data as of October 2026.