Strong market position compared with other business development companies (BDCs) we rate Diverse portfolio in terms of asset class and number of borrowers Good funding sources Predominantly illiquid investments that are not publicly traded in small to midsize companies Pressure on yields Lower-than-peers' adjusted capital ratios as a result of increased investment in the Senior Secured Loan Program Our ratings on Ares Capital Corp. (Ares) reflect the company's good market position, which includes its total investments of $7.8 billion across 195 portfolio companies as of March 31, 2014, as well as $2.8 billion of assets under management (AUM) that its Ivy Hill Asset Management L.P. (IHAM) portfolio company manages. The company's diversified funding profile and portfolio in terms of asset
