Strong market position and revenue diversification compared with other BDCs we rate Diverse portfolio in terms of asset class and industry Good funding sources Predominantly illiquid investments that are not publicly traded in small to midsize companies Declining adjusted capital ratios as a result of increased investment in the Senior Secured Loan Program Standard&Poor's Ratings Services' ratings on ARES Capital Corp. (Ares) reflect the company's good market position, which includes its total investments of $5.2 billion as of March 31, 2012, as well as $3.4 billion of committed capital that its Ivy Hill Asset Management L.P. (IHAM) portfolio company manages. Ares generates both interest and dividend income and fees from its investments in IHAM and the Senior Secured
