Ares Capital Corporation Appoints Kort Schnabel as Co-President and Michael Smith Joins Board of Directors
October 25 2022 - 07:05AM
Business Wire
Ares Capital Corporation (“Ares Capital”) (NASDAQ: ARCC)
announced today that Kort Schnabel was appointed as Co-President.
Concurrently, Michael Smith stepped down as Co-President and has
been appointed to the Ares Capital Board of Directors. Mr. Smith
will continue to serve as a member of the Investment Committee of
Ares Capital’s investment manager. Mitchell Goldstein will continue
in his role as Co-President of Ares Capital alongside Mr.
Schnabel.
Mr. Schnabel was a founding member of the Ares U.S. direct
lending strategy in 2004 and has been at the firm since 2001. Mr.
Schnabel currently serves as a Partner and Co-Head of the Ares U.S.
direct lending strategy and is a member of the Investment Committee
of Ares Capital’s investment manager. Mr. Schnabel holds a B.A.,
cum laude, from the University of Pennsylvania in Economics.
“Over the last 18 years, Kort has been instrumental in
supporting the growth and investing success of Ares Capital,” said
Kipp deVeer, Chief Executive Officer of Ares Capital. “Our ability
to name a long-term, high-performing professional like Kort as
Co-President reflects the deep bench of talent that Ares Management
possesses as the manager of the company. Along with the rest of the
management team, I look forward to Kort’s future contributions as
we continue to execute against our goal of generating attractive
investment returns and creating value for all our
stakeholders.”
“On behalf of the Board, we are very excited to have Michael
join the Board, and we are grateful for his many years of service
as Co-President. Since our initial public offering in 2004, Ares
Capital has delivered nearly double the total stock-based returns
of the S&P 500. Given his leadership in the industry and at our
company, I believe the Board is further strengthened with his
addition,” said Michael Arougheti, Co-Chairman of Ares Capital.
ABOUT ARES CAPITAL CORPORATION
Founded in 2004, Ares Capital is a leading specialty finance
company focused on providing direct loans and other investments in
private middle market companies in the United States. Ares
Capital’s objective is to source and invest in high-quality
borrowers that need capital to achieve their business goals, which
often leads to economic growth and employment. Ares Capital
believes its loans and other investments in these companies can
generate attractive levels of current income and potential capital
appreciation for investors. Ares Capital, through its investment
manager, utilizes its extensive, direct origination capabilities
and incumbent borrower relationships to source and underwrite
predominantly senior secured loans but also subordinated debt and
equity investments. Ares Capital has elected to be regulated as a
business development company (“BDC”) and is the largest publicly
traded BDC by market capitalization as of September 30, 2022. Ares
Capital is externally managed by a subsidiary of Ares Management
Corporation (NYSE: ARES), a publicly traded, leading global
alternative investment manager. For more information about Ares
Capital, visit www.arescapitalcorp.com.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking
statements,” which relate to future events or Ares Capital’s future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties, including the impact of rising
interest rates in response to inflation, the war in Russia and
Ukraine and the ongoing COVID-19 pandemic, which have resulted in
significant market volatility impacting our business, our portfolio
companies, our industry and the global economy. Actual results and
conditions may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in Ares Capital’s filings with the
Securities and Exchange Commission. Ares Capital undertakes no duty
to update any forward-looking statements made herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20221024006071/en/
Investors Carl G. Drake or John Stilmar (888) 818-5298
irarcc@aresmgmt.com
Media Priscila Roney, +1 212-808-1185 or Jacob Silber, +1
212-301-0376 Media@aresmgmt.com
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