EschCollection Investment Thesis Ares Capital (NASDAQ:ARCC) is a business development company (BDC) that specializes in buying debt and equity of private middle market companies. As of Q3 of 2023, Ares Capital had a portfolio of over $21.9 billion, consisting of ~66$11.5 billion. 2023 has been a great year for BDCs as a whole with high interest rates leading to record ...