0001628280-26-020560
SEC filingAres Capital Corporation (ARCC), a Maryland corporation and business development company, filed this Amendment No. 1 to its Form 10-K on March 23, 2026, for the fiscal year ended December 31, 2025. The amendment includes audited consolidated financial statements of Ivy Hill Asset Management, L.P. (IHAM), ARCC's unconsolidated wholly owned portfolio company, deemed significant under Rule 3-09 of Regulation S-X. IHAM reported total assets of $12,363 million as of December 31, 2025, compared to $9,276 million as of December 31, 2024, with investments at fair value of $95 million held by the Partnership and $11,504 million in Consolidated IHAM Vehicles. IHAM's total revenues were $949 million for 2025, down from $1,036 million in 2024, driven by investment income of $936 million. Net income was $221 million, with $251 million attributable to IHAM, versus $281 million attributable in 2024. ARCC had 718,022,845 common shares outstanding as of March 20, 2026, and non-affiliate voting stock market value of $15,415,428,367 on June 30, 2025, at $21.96 per share. No changes were made to ARCC's original financial statements filed February 4, 2026; this filing enhances transparency on IHAM without updating forward-looking information.
This 10-K/A is Amendment No. 1 to ARCC's Annual Report for FY ended December 31, 2025, filed originally on February 4, 2026. No changes were made to ARCC's consolidated financial statements, which include Balance Sheet as of December 31, 2025 and 2024, Statements of Operations for 2025, 2024, and 2023, and related schedules. The amendment adds IHAM's audited consolidated financial statements for the year ended December 31, 2025 (Exhibit 99.3), as IHAM qualifies as a significant subsidiary under Rule 1-02(w). IHAM's total assets grew to $12,363 million from $9,276 million YoY, with equity at $1,667 million versus $1,740 million. ARCC shares outstanding: 718,022,845 as of March 20, 2026. Non-affiliate market value: $15,415,428,367 on June 30, 2025.
No ARCC revenue breakdown provided in this amendment. For IHAM, total revenues were $949 million in 2025 (investment income $936 million, management fees/other $2 million, IHAM Vehicles investment income $930 million, other $11 million), down from $1,036 million in 2024 ($1,021 million investment income, $3 million management fees/other, IHAM Vehicles $1,014 million investment income, $12 million other) and $1,110 million in 2023. Revenues from Consolidated IHAM Vehicles represent the majority.
IHAM net operating income $331 million in 2025 versus $354 million in 2024. Total other income (loss) ($110 million) in 2025, compared to ($78 million) in 2024. Net income $221 million in 2025, with $251 million attributable to IHAM after non-controlling interests adjustment. Expenses include interest $551 million ($64 million Partnership, $487 million Vehicles) and other $25 million ($17 million Partnership, $8 million Vehicles post-eliminations).
IHAM cash flows: operating ($3,190 million) used in 2025, investing ($15 million) used, financing $2,836 million provided, net change ($369 million). Cash and equivalents $607 million end-2025. Balance sheet shows IHAM debt $893 million (Partnership), Vehicles debt $8,622 million, subordinated notes $336 million (Vehicles post-eliminations). Total liabilities $10,696 million. ARCC's debt details listed in exhibits (e.g., 3.875% Notes due 2026, 5.250% Notes due 2031), but no balances stated.
No management guidance or outlook provided in this amendment. Forward-looking statements from original 10-K unchanged and should be read in historical context. Amendment filed within 90 days post-IHAM fiscal year-end per Rule 3-09(b). No subsequent events reflected post-original filing.