Monitor subsequent prospectus supplements for actual share issuance pace. BDCs frequently use ATM programs opportunistically; heavy utilization could signal capital needs or acquisition funding.
Price Chart
Executive Summary
ARCC entered into new at-the-market (ATM) equity distribution agreements with Mizuho, SMBC Nikko, and Truist, each authorizing up to $1.5 billion in common stock sales, and terminated the prior February 2025 EDA with Truist and Mizuho. These are routine capital raising facilities that provide flexibility but signal potential future dilution.
Key Financial Metrics
Key Facts
- New ATM agreements allow sale of up to $1.5B in common stock per manager (aggregate $4.5B across three managers, but overall limit is $1.5B).
- Terminated prior 2025 EDA with Truist and Mizuho; replaced with new agreements.
- Compensation to agents is up to 1.5% of gross sales price.
- No actual sales have occurred; filing establishes the shelf mechanism.
Financial Impact
Potential dilution of up to ~11% of market cap if fully utilized at current prices; no immediate impact.
Risk Factors
- Dilution if shares sold below net asset value (NAV) per share (subject to shareholder approval).
- Increased share count may pressure EPS and ROE.
- Overhang from potential issuance may cap short-term price appreciation.
Market Snapshot
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-050503 |
| Document: tm2612790d1_ex10-5.htm | 0001104659-26-050503 |
| Document: tm2612790d1_ex10-1.htm | 0001104659-26-050503 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 9, 2026 7w ago | Institutional Cluster | $19.98 $19.74 | ▼ −1.23% | ▼ −0.31% | $18.86 (−5.61%) |
Jul 22, 2026 10w ago | 8-K | $18.61 $19.78 | ▲ +6.29% | ▲ +2.98% | $18.86 (+1.34%) |
Jun 22, 2026 14w ago | 8-K | $17.89 $18.98 | ▲ +6.09% | ▲ +4.93% | $18.86 (+5.42%) |
Jun 6, 2026 16w ago | 8-K | $18.77 $18.56 | ▼ −1.12% | ▼ −2.75% | $18.86 (+0.48%) |
May 26, 2026 18w ago | 8-K | $18.82 $18.05 | ▼ −4.09% | ▼ −2.14% | $18.86 (+0.21%) |
May 15, 2026 20w ago | DEFA14A | $18.72 $18.62 | ▼ −0.53% | ▼ −2.12% | $18.86 (+0.75%) |
May 15, 2026 20w ago | DEFA14A | $18.72 $18.62 | ▼ −0.53% | ▼ −2.12% | $18.86 (+0.75%) |
May 11, 2026 20w ago | 8-K | $18.77 $18.57 | ▼ −1.09% | ▲ +0.64% | $18.86 (+0.48%) |
Apr 28, 2026 22w ago | 8-K | $18.67 $18.86 | ▲ +1.02% | ▼ −4.44% | $18.86 (+1.02%) |
Apr 28, 2026 22w ago | 8-K | $18.92 $18.86 | ▼ −0.32% | ▼ −5.77% | $18.86 (−0.32%) |
US Market Status
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