Ares Capital Corporation (NASDAQ:ARCC) is providing additional details on its new financing commitments closed during the third quarter, which totaled approximately $1.5 billion. In addition to the over $200 million committed to the Senior Direct Lending Program, Ares Capital committed approximately $1.3 billion across 27 transactions. "Our third quarter transaction activity was supported by a number of scaled financing solutions to high-quality companies, including our role in leading the $1 billion unitranche financing for Qlik Technologies," said Kipp deVeer, Chief Executive Officer of Ares Capital. "This quarter's activity demonstrates how we are able to drive selectivity, aggregate high-quality assets, maintain a diverse portfolio and generate meaningful fee income." Below is a description of 12 transactions that closed during the third quarter. Qlik / Thoma Bravo Ares Capital served as administrative agent, collateral agent, joint lead arranger and joint bookrunner for a $1.0 billion term loan to support the acquisition of Qlik by Thoma Bravo. Ares Capital also made an $8.0 million equity co-investment in connection with the transaction. Qlik is a leader in visual analytics. Its portfolio of products meets customers' growing needs from reporting and self-service visual analysis to guided, embedded and custom analytics. Approximately 41,000 customers rely on Qlik solutions to gain meaning out of information from varied sources, exploring the hidden relationships within data that lead to insights that ignite good ideas. OTG Management Ares Capital served as administrative agent and collateral agent for a $460.0 million senior secured credit facility to support a refinancing of OTG Management. Ares Capital also made a $50.0 million investment in mezzanine and preferred equity securities led by Harvest Partners SCF, LP. Since 1996, OTG has been redefining the guest experience in airports, transforming the way passengers interact with the terminal. The company is currently one of the leading airport food and beverage operators in North America with more than 300 restaurant and retail locations across 11 airports.
Before you invest in business development companies (BDCs) holding loans with real estate or other hard assets and mortgage real estate investment trusts (mREITs), understand these differences between the two instruments.