Why I Recently Sold Ares Capital Corp Stock (NASDAQ:ARCC)

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Ares Capital Corp (NASDAQ:ARCC) used to be my favorite overall Business Development Company (i.e., “BDC”) due to its phenomenal long-term track record of generating outsized total returns as well as sustaining and even growing NAV per share while also paying

Company Name (Ticker Symbol) Expense Ratio (%)
Main Street Capital Corporation (MAIN) 7.38
Capital Southwest Corporation (CSWC) 9.99
Hercules Capital (HTGC) 10.47
Blackstone Secured Lending Fund (BXSL) 11.25
Goldman Sachs BDC (GSBD) 12.15
Golub Capital BDC (GBDC) 12.74
FS KKR Capital Corp (FSK) 13.22
Owl Rock Capital Corporation (OBDC) 14.07
Prospect Capital Corporation (PSEC) 14.24
Ares Capital Corporation 14.37
Oaktree Specialty Lending Corporation (OCSL) 15.14
Sixth Street Specialty Lending (TSLX) 18.23

Ticker % Portfolio Debt
GSBD 99.10%
BXSL 97.80%
GBDC 96.90%
HTGC 95.70%
TSLX 95.10%
OCSL 92.10%
CSWC 91.40%
OBDC 87.90%
BCSF 84.20%
MAIN 82.50%
BBDC 81.70%
ARCC 80.90%
NMFC 80.50%
FSK 79.60%
PSEC 74.30%

Ticker % 1st / 2nd Lien
GSBD 97.50%
BXSL 97.30%
HTGC 93.40%
TSLX 93.30%
GBDC 93.20%
CSWC 87.10%
OCSL 83.00%
OBDC 82.60%
FSK 75.50%
PSEC 73.70%
BBDC 73.50%
NMFC 71.40%
MAIN 68.80%
BCSF 65.80%
ARCC 64.90%

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