Business Context and Reporting Period
This Form 13F-HR filing is submitted by Ares Management LLC, an institutional investment manager, for the reporting period ended December 31, 2007. The report was signed on February 14, 2008, by Michael D. Weiner, Vice President, General Counsel, and Secretary. The filing represents a complete holdings report for the manager.
Key Financial Metrics
The filing discloses equity holdings rather than the operating financials of Ares Capital Corp. Key metrics from the report include:
- Total Portfolio Value: $631,986,000 (reported in thousands).
- Total Number of Holdings: 9 positions.
- Total Shares Reported: 26,018,626 shares.
- Voting Authority: Sole voting authority for all reported positions.
Material Changes and Portfolio Composition
As a quarterly snapshot, this filing does not provide comparative data against the prior period to calculate material changes. However, the portfolio composition is heavily concentrated in a single position:
- SandRidge Energy, Inc. represents the largest holding with a value of $478,133,000 (approximately 75.7% of the total reported value).
- Maidenform Brands, Inc. is the second-largest holding at $50,566,000.
- Exco Resources Inc. is the third-largest holding at $50,826,000.
- The remaining six positions (including Ares Capital Corporation, Liberty Global, and Virgin Media) each represent less than 3% of the total portfolio value.
Guidance, Outlook, and Risks
This Form 13F filing is a regulatory disclosure of equity holdings and does not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The filing text does not provide a clear value for any operational outlook or risk assessment.
Important Facts for Investor Verification
- Verify the concentration risk: Over 75% of the reported portfolio value is tied to a single issuer (SandRidge Energy, Inc.).
- Confirm the distinction between the reporting manager (Ares Management LLC) and the holding of Ares Capital Corporation (valued at $17,788,000), which is a minor position within this specific portfolio.
- Note that the total value reported ($631.9 million) reflects only the equity holdings disclosed in this specific 13F report and may not represent the total assets under management for Ares Management LLC.
- All reported positions are held with sole voting authority, indicating direct control over these specific equity stakes.