Ares Capital Corporation Appoints Kort Schnabel as Chief Executive Officer

Ares Capital Corporation (NASDAQ: ARCC) recently disclosed a significant leadership change in a Form 8-K filing with the Securities and Exchange Commission. The company announced that its board of directors appointed Kort Schnabel, age 48, as the new Chief Executive Officer, effective April 30, 2025. Simultaneously, R. Kipp deVeer, the current Co-President, will step down as CEO but will continue to serve as a Class III director of the Board and an officer of Ares Capital. James R. Miller will remain in his role as President of the company.

Kort Schnabel, who has an extensive background in private credit investment, currently holds the position of Partner and Co-Head of the U.S. Direct Lending strategy at Ares Management Corporation. As an executive officer, Schnabel will not receive any compensation from Ares Capital. The full details of Schnabel’s background can be found in Ares Capital’s definitive proxy statement on Schedule 14A.

In explaining the leadership change, the company issued a press release on February 5, 2025, confirming Schnabel’s appointment as CEO and DeVeer’s transition to a board role. The press release highlighted Schnabel’s leadership experience and Mr. DeVeer’s continued involvement with Ares Capital as a director and a member of the Investment Committee.

Mitchell Goldstein and Michael Smith, Co-Chairmen of Ares Capital, expressed confidence in the company’s management team and its ability to continue achieving success under Kort Schnabel’s leadership. Schnabel, in his statement, expressed gratitude for the support and mentorship and outlined his commitment to maintaining the company’s culture of teamwork and value creation.

Ares Capital, established in 2004, is a prominent specialty finance company that focuses on providing direct loans and investments to private middle-market companies in the United States. The company aims to support high-quality borrowers in achieving their business objectives, contributing to economic growth and employment opportunities.

Investors and interested parties can learn more about Ares Capital and its operations by visiting their official website. The company is externally managed by a subsidiary of Ares Management Corporation, a globally recognized alternative investment manager.

The Form 8-K filing disclosed that the information provided, including the press release, is being furnished and should not be considered as “filed” under the Securities Exchange Act of 1934 or incorporated by reference into future filings, except as specifically referenced.

The company has not updated its forward-looking statements, and individuals seeking further information can contact the investor relations or media teams.

The content of the Exhibit 99.1 press release announcing Schnabel’s appointment as CEO is incorporated into this report.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ares Capital’s 8K filing here.

Ares Capital Company Profile

Ares Capital Corporation is a business development company specializing in acquisition, recapitalization, mezzanine debt, restructurings, rescue financing, and leveraged buyout transactions of middle market companies. It also makes growth capital and general refinancing. It prefers to make investments in companies engaged in the basic and growth manufacturing, business services, consumer products, health care products and services, and information technology service sectors.