ARES
Ares just turned the BDC aisle into a clearance rack
Ares Management’s latest Q1 2026 13F reads like a manager who walked into the credit store, saw a bunch of discounted tags, and said, “Yep, I’ll take the lot.” The firm added meaningfully to a pile of business development companies and direct-lending names, including MSDL, HTGC, ECC, RWAY, NCDL, GSBD, MSIF, FSK, OTF, ARCC, GBDC, OCSL, CCAP, OXLC, BBDC, and BXSL.
That’s not a casual nibble. That’s a full-on buffet.
Why this matters to you
Ares isn’t some tourist wandering through the credit market on a weekend whim. It’s one of the firms that helped build the modern direct-lending playbook. So when it aggressively adds to the space, investors tend to pay attention — not because it guarantees upside, but because it’s a pretty loud signal that the firm thinks prices have gotten too cheap for the risk.
A few names stand out:
- MSDL: Ares nearly quadrupled its stake.
- HTGC: Another huge add, with the stock still trading below where Ares bought.
- ECC and RWAY: Both got chunky increases while the shares kept sliding.
- CGBD and TCPC: Fresh positions, which is usually Ares saying, “We’d like a seat at this table now.”
- NMFC: The one full exit, which is the market’s version of a face-turn and a hard no.
The bigger tell
The most interesting new position may not even be a BDC. Ares also bought $55.5 million in principal value of Integer Holdings convertible notes. That’s classic credit-desk behavior: not just buying the stock story, but digging into the capital structure and picking the piece it likes best.
And then there’s the elephant in the room: the sector has gotten even cheaper since quarter-end. So if you were waiting for the perfect entry, Ares basically just shrugged and started buying anyway.
Big picture: when a firm with Ares’ credit pedigree is buying this broadly and this aggressively, it’s not making a vibe trade. It’s making a thesis trade.